Full text of Federal Reserve Bulletin : June 1943
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FEDERAL RESERVE
BULLETIN
JUNE 1943
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
PAGE
Review of the Month—Decline in Consumer Credit. .
485-491
Treasury Bills for Smaller Banks. . .
491
Law Department:
U. S. Obligations as Collateral for Federal Reserve Notes .
493
Stabilization Fund Legislation
493
Foreign Funds Control—Treasury Department Releases . .
493-496
Loans for Purchasing or Carrying Government Obligations . ,
496
Currency in Circulation. . .
497-499
Member Bank Earnings in 1 9 ^
500
Postwar International Monetary Stabilization . .
501-511
Current Events
52.2.
National Summary of Business Conditions
523-524
Financial, Industrial, Commercial Statistics, U. S. (See p . 525 for list of t a b l e s ) . .
525-570
International Financial Statistics (See p . 571 for list of tables)
571—583
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
584
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . ,
585
M a p of Federal Reserve Districts
586
Federal Reserve Publications QSee inside, of back cover)
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FEDERAL RESERVE BULLETIN
VOLUME 19
NUMBER 6
June 1943
DECLINE IN CONSUMER CREDIT
During the past year and a half the volume of consumer credit outstanding has
been reduced by 4 ^ billion dollars. Several
factors have been responsible for this decline. The most important has been the
decline in the supply of consumer goods
available for purchase; thus current purchases on which new credits could be extended were limited. Another factor is the
enlarged income of consumers which has
enabled them to reduce indebtedness previously incurred. To these economic factors working toward a reduction of consumer credit was added the influence of
governmental policy exercised through the
operation of Regulation W by the Board of
Governors of the Federal Reserve System.
This regulation was put into effect in September 1941, when the total volume of
consumer credit was at its all-time maximum. In May 1942., through Amendment
4 of the Regulation, its scope was enlarged
and its terms were made more restrictive.
Experience during the past 18 months has
been contrary to the usual trend in periods
of expanding incomes. As incomes have
grown, the number of persons incurring
debt has declined and those who have obtained credit have retired their obligations
more promptly than was customary at other
times. The background of policy in regard
to consumer credit in wartime was the fact
that, since increased incomes were not
accompanied by expansion in consumer
goods, restriction of consumer buying on
JUNE 1943
credit diminished pressure for higher prices.
The regulation of consumer credit has
diverted current income that otherwise
might have increased inflationary pressures
into liquidation of consumer debt.
EVIDENCES OF DEBT LIQUIDATION
That consumers are repaying their obligations more rapidly than heretofore is evidenced in various ways. The volume of
consumer credit outstanding at the end of
April 1943 was 5.x billion dollars, which
represented a decrease of 4.5 billion since
September 1941. Most of this decline—
about 3.3 billion dollars—occurred during
the calendar year 1941. According to
current estimates almost one-half of the
reduction was attributable to declines in
credit on motor vehicles alone, but substantial liquidation has occurred also in the
amounts outstanding on all the other principal types of consumer indebtedness. All
instalment cash lenders are reporting a gradual shortening of maturities. At department stores it now appears that the average
instalment contract is completed in five or
six months, whereas a year ago it was eight
or nine months. Instalment accounts at
furniture stores, which formerly had been
relatively long-dated, also appear much
shorter now. Even at jewelry stores, where
the typical terms have always been shorter
than the maximum maturity established
under regulation, there has been some
shortening of maturities. Charge-account
485
REVIEW OF THE MONTH
sales and receivables declined after they be expected during the remainder of this
became subject to regulation. Although year.
charge-account sales subsequently increased
CHANGES .IN CONSUMER CREDIT OUTSTANDING,
B Y QUARTERS
along with other sales, the average period
[Estimates of short-term credit. In millions of dollars]
of collection of such accounts has continued
Total
Instalment Single- Charge
shorter than before regulation, and accounts
payconacment
sumer1
outstanding have declined.
credit c?edft Loans* loans counts
Rapid reduction in consumer indebtedness
Increase or decrease durhas been accompanied by an expansion in
ing quarter ending:
cash buying by consumers. Early partial Dec. 31. 1941
- 2 2 6 -262
-59
+52
+31
returns from the 1942. Retail Credit Survey,
1942
-87
-18
31
-905 -644 - 1 6 9
conducted by the Federal Reserve System, Mar.
-247
-61
June 30
-1,081 -629 - 1 5 2
-110
-30
- 9 5 6 -612 - 2 1 1
Sept. 30
show that cash buying has increased in all Dec. 31
+193
-23
-401
367 - 2 1 4
lines of trade, whether subject to the regu1943
-170
-41
- 8 0 5 -424 - 1 7 6
Mar. 3 1 . . .
lation, as in the case of department and
Amount outstanding:
1,712
Sept. 30, 1941
9,725 4,009 2,233 1,173
furniture stores, or largely free of such regu1,343
Mar. 31, 1943
5,351 1,071 1,252 1,031
1,331
1,206
1,020
Apr.
30,
1943
5,216
1,004
lation, as in the case of grocery stores. The
1
Includes service credit not shown separately.
increase in cash buying was under way even
2
Includes repair and modernization loans.
NOTE.—April 1943 figures preliminary and subject to revision.
prior to last spring, but the movement was
given a substantial boost by the term limiSlackening in the rate of consumer debt
tation imposed on charge accounts by liquidation is inevitable as the hard core of
Amendment 4 to Regulation W. At department stores, for example, cash sales in 1941
CONSUMER CREDIT
were less than half of total sales. In the
early months of 1942. cash buying advanced
V
to about half of total sales. At present the
J
\
proportion is almost three-fifths.
J
\
TOTAL
CHANGES I N V O L U M E OF CONSUMER CREDIT
486
~y^
6
Since the end of 1942. there has been some
slackening in the rate of decline in the total
volume of consumer credit. The course of
the major kinds of credit is shown in the
following table and chart. During 1941
the monthly average rate of decline was
nearly x8o million dollars. In the first
quarter of 1943 the average was about x65
million dollars. Since the first quarter,
for seasonal reasons, usually shows more
decline or less increase than other quarters
of the year this represents an appreciable
slackening in the rate of decline. Some
further decrease in the rate of decline may
J
V
i
STALMENT
C R E D I T / ^
3
2
'
°
—_^^
CHARGE ACCOUNTS
SERVICE CREDIT
^
^
i
Estimates of short-term consumer credit outstanding, by type
of credit. For the period 1929 through August 1942 these estimates
were prepared by the Bureau of Foreign and Domestic Commerce,
United States Department of Commerce, and were based to some extent on data prepared by the National Bureau of Economic Research.
Currently basic data are collected and end-of-month estimates made
by the Division of Research and Statistics of the Board of Governors
of the Federal Reserve System.
indebtedness is approached. Liquidation
that has already occurred in some lines is
considerable. For example, total credit on
FEDERAL RESERVE
BULLETIN
REVIEW OF THE MONTH
motor vehicles at the end of April was only
one-ninth of the amount outstanding at the
peak. Other types of instalment sale credit
have declined nearly three-fifths. Instalment cash loans have also declined substantially and are now more than 45 per cent
below the peak level. Charge-account
credit, after sharp declines in the middle
months of 1941 following its inclusion in
Regulation W by Amendment 4, has stabilized temporarily at the low levels of recent
months and hereafter is expected to follow
the general pattern of retail trade. Singlepayment loans have been declining slightly,
while service credit has increased somewhat.
As a result of differences in rate of liquidation there has been a radical change in the
composition of consumer credit outstanding. At the peak in 1941 durable goods
were the basis, directly or indirectly, of
approximately two-thirds of total consumer
indebtedness. This proportion has shrunk
to one-third and by the end of the year it
may decline to something like one-sixth.
INSTALMENT SALE CREDIT
Vendor
Automobile dealers
Other—total 1
D e p a r t m e n t stores a n d mail-order houses
F u r n i t u r e stores
Household appliance stores
Jewelry stores
T o t a l instalment sale credit
Outstanding
Apr. 30,
1943 (in
millions of
dollars)
Percentage
decline,
Sept. 30,
1941 to
Apr. 30,
1943
249
755
89
58
187
319
79
51
58
49
77
47
1,004
75
1
Includes miscellaneous vendors not shown separately.
NOTE.—April 1943 figures preliminary and subject to revision.
The decline in instalment sale credit,
while considerable in amount, has proved
smaller than might have been expected
early last year, when many limitation and
conversion orders were issued to prohibit
or greatly curtail the manufacture of most
of the durable goods on which the greater
part of such credit is based. That sales of
such goods have not declined as much as
might have been expected has been due to
INSTALMENT CREDIT
INSTALMENT SALE CREDIT
At the end of April 1943 instalment sale
credit was slightly more than one billion
dollars, a decline of three-fourths from the
peak of over 4 billion dollars in the autumn
of 1941. Credit on motor vehicles, as
shown in the next chart, has accounted for
a major part of this decline but the decrease
of the remainder has also been sharp, about
4 per cent per month. Furniture dealers
have become the most important originators
of instalment sale credit. This is largely
due to the fact that production has been
curtailed less in the case of furniture than
for other types of consumer durable goods.
JUNE 1943
Estimates of consumer instalment credit outstanding, by principal
classes of lender and vendor.
several factors: ( i ) inventories of fabricated
consumer goods in the hands of retailers
and others were greater than was believed
at the time and permitted continued retail
sales at higher levels than had been expected; 0 0 inventories of semifabricated
487
REVIEW OF THE MONTH
materials permitted the production of more
consumer goods than had been expected;
(3) manufacturers of many lines worked
with extraordinary ingenuity and diligence
to stretch scarce materials over a larger
volume of production; and (4) price rises
have made for a greater dollar volume of
sales on a basis of diminished physical
transactions.
Most of these factors, however, are such
that they can not continue to be an influence
in maintaining sales of goods. As the
accumulated inventories are exhausted, a
further considerable decline of instalment
sale credit may be expected. Credit extended on automobiles and household appliances will almost disappear by the end of
the year. In fields such as furniture,
production is likely to be sharply reduced,
and in the case of jewelry, limitations on
supplies of precious metals, together with
difficulties of securing merchandise, are
likely to reduce sales. The use of substitute materials and the introduction of
new lines can be only a partial offset to the
other factors tending to reduce sales.
INSTALMENT CASH LOANS OUTSTANDING
Outstanding
Apr. 30,
1943 (in
millions of
dollars)
Lender
Commercial banks
Small loan companies
[ndustrial banking companies
Credit unions
Total 1
Percentage
decline,
Sept. 30,
1941 to
Apr. 30,
1943
299
378
179
122
59
29
41
46
1,206
46
1
Includes miscellaneous lenders and repair and modernization
loans not shown separately.
NOTE.—April 1943 figures preliminary and subject to revision.
Part of the decline in instalment loans
outstanding has been due to the shorter
maturities but part has been due to the decrease in volume of new loans made.
Some of the lenders have been affected more
by maturity limitations, others more by a
decline in loan volume. As shown in the
following table, commercial banks have
had very large decreases in the volume of
loans made but only a slight decrease in
average maturity. On the other hand,
small loan companies appear to have been
influenced more by shortened maturities
than by diminished loan volume. Since
the comparison is made between the first
quarter of this year and the first quarter of
1942., the differences are not due to changes
INSTALMENT CASH LOANS
in the volume of direct automotive loans,
At the end of April 1943 instalment cash
which had nearly stopped at the beginning
loans of the principal consumer lending
of 1942.. Differences in the decline of loan
agencies had fallen to i,zoo million dollars,
volume
may be due in part to the extent to
representing a decline of about 45 per cent
from the 1941 peak. The rate of decline which the various classes of lenders have
during the first four months of 1943 was succeeded in promoting new business and
roughly 4 per cent per month. Instalment possibly, in part, to differences in the income
cash loans for the first time have become groups with which they typically deal.
relatively more important than instalment The reduction in average maturity is presale credit. The extent of decline of instal- sumably due largely to the influence of regument loans outstanding at various types lation but evidence to support this point is
of lending institutions since September 1941 not conclusive. In addition to limiting
is shown below. As has been true for the maturity of new loans and renewals,
some time the fastest decline among cash the regulation requires that monthly paylenders has been at commercial banks and ments on revised loans be maintained at
the former rate.
the slowest at small loan companies.
488
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
INSTALMENT LOANS
ment stores declined and the volume of
charge accounts receivable was reduced.
Since September, however, charge-account
First First
First First
Lender
quar- quar- Per- quar- quar- Persales have shared in the increase in total
ter
ter
centter
ter
cent1943 1942
1943 1942
age
age
sales, and the ratio of charge-account sales
(in millions change (in months) change
of dollars)
to the total, although continuing less than
124
Commercial banks
226
-45
9.7 11.0
-11
before May 1942., has shown no further
Small loan companies. ... 181
217
-17
9.8 12.6
-22
Industrial banking companies
89
117
-24
9.5 11.9
-20
decline. The period of collection, howCredit unions
46
62
- 2 6 11.8 13.4
-12
ever, has remained much shorter so that
1
Derived by formula: two times geometrical reciprocal of ratio of
repayments to amount outstanding minus one.
charge accounts outstanding are considerTo some extent instalment cash loans ably reduced. The average period of outhave declined for the same reasons that standing department store charge accounts
instalment sale credit has decreased, the is now around 48 days. This means that a
more important among them being that majority of customers, probably around
there are fewer goods to purchase and more two-thifds, pay their accounts promptly
cash income with which to purchase them and in full when billed.
In the following table there is shown a
or to repay debt. Nevertheless, the volume
division
of department store sales by type,
of cash lending is still large, far in excess of
collection
ratios for both instalment and
that in 19x9 or in any depression or postcharge-account
credit, and the derived madepression year until 1936. The sizeable
volume of instalment loans to pay Federal turities for each type of credit.
income taxes in March this year, estimated
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE,
AND COLLECTIONS
at 75 million dollars, is evidence that many
persons still borrow to meet large unit
Ratio of collections to Average period
Ratio to total sales
payments.
accounts
outstanding
(percentage)
receivable
(percentage)
Year and
There is likely to be a continued decline
month
Inin cash loans, owing in part to regulatory
Charge
In- Charge InstalCash stal- Chargement
acaccount stalac- accounts
ment
counts
limitations, but particularly to a dwindling
sales
sales sales ment counts (mos.)2 (days)8
demand. All factors considered, a con10
8
43
1941—January. 49
18
49
62
65
10
19
46
47
9
44
tinued decline of instalment loans seems
April
July....
65
10
18
46
49
10
41
9
19
8
44
October.
64
48
47
likely; probably at a slower rate than for
9
20
50
7
43
50
60
instalment sale credit for a time but also 1942—January.
64
8
21
47
50
7
43
April
8
5
36
23
60
59
50
J
u
l
y
.
.
.
.
probably not tending to level off quite so
46
6
29
65
6
36
October. 58
Loan volume
Maturity 1
1943—January.
April
soon.
CHARGE-ACCOUNT CREDIT
Charge-account credit is one field in
which the hastening of collections has been
the most influential factor in the decline of
the amount outstanding. Last year following the adoption of Amendment 4 and
roughly through August 194X5 the ratio of
charge-account sales to total sales at departJUNE 1943
59
60
5
5
36
35
28
31
61
63
6
5
50
48
1
Ratio of collections during the month to accounts receivable at
the42beginning of the month.
Derived by formula: two times geometrical reciprocal of collection3 ratio minus one.
Derived by dividing collection ratio into 30 days.
Evidence from the 1941 Retail Credit
Survey suggests that the decline in chargeaccount credit was largely the result of
Regulation W. Unlike instalment sale
credit and instalment cash loans the charge-
489
REVIEW OF THE MONTH
account field is one in which the influence of
regulation may be to a large extent separated statistically from other influences.
It appears that the regulated trades had
much larger declines in charge accounts outstanding than those not regulated. It also
appears that the influence of Regulation W
was mainly to expedite collection, rather
than to discourage sales transactions on this
basis.
RECENT TRENDS IN RETAIL TRADE
Although instalment sales are well below
the levels of prior years and charge-account
sales at about early 1942. levels, the total
volume of retail trade in dollar terms has
been larger this year than in the corresponding period of 1942.. The increase has been
in cash sales. Greater cash sales have
occurred in all lines of trade. In department stores, where monthly figures are
available, current levels are almost a third
above those of last year and almost threefourths above the level of 1941.
Increase in total value of retail sales has
been due in large part to price advances and
represents little change in quantity of goods
sold. As would be expected, sales of consumer durable goods have decreased sharply
owing to curtailment or complete cessation
in the production of most such items during
the past year. Sales of nondurable goods
have increased on balance, reflecting to a
considerable extent price advances. During February there was a sharp rise in sales
of clothing, particularly women's apparel
and piece goods, when a buying wave swept
the country after the sudden announcement
of shoe rationing early in the month. The
buying wave subsided somewhat after a
490
few weeks but sales in March, April, and
May continued above the levels of previous
years.
Data available on department store sales
by departments indicate the changes that
occurred through the first quarter of this
year as compared with the corresponding
period last year. As the table shows,
sales of women's clothing and accessories
during the first quarter of the year were Z9
per cent larger than in the corresponding
period of last year and those of piece goods
were 47 per cent larger. On the other hand,
sales of men's clothing were 3 per cent
smaller than in the first quarter of 1942.,
reflecting the fact that during the early part
of last year there was a buying wave that
was particularly marked in these items,
whereas the buying wave this year was
much less apparent in men's clothing and
furnishings than in women's clothing.
The table also shows the marked decline
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR
DEPARTMENTS
[Percentage change from corresponding period a year ago]
Department
Grand total—entire store
Main store
Women's apparel and accessories
Men's and poys' wear
Home furnishings:
Furniture, beds, mattresses, springs
Draperies, curtains, upholstery
Major household appliances
Domestics, blankets, linens
Piece goods
Small wares
Miscellaneous
Basement store
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Sales in
first
quarter
1943
(value)
Stocks on
Mar. 31,
1943
(value)
+14
-17
+29
-3
-3
+14
-72
+1
+47
+15
+17
-11
-14
+18
+6
-7
-18
-23
-13
+33
-22
-14
-66
-23
-18
-16
-24
that took place in sales of major household
appliances.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
DEPARTMENT STORE SALES, STOCKS, AND ORDERS
Based on data for 296 independent department stores. Figures
for stocks and orders are as of the end of the month; those for sales and
receipts are monthly totals. The "Receipts" series is derived from
sales and changes in stocks and represents approximately the new
merchandise received by the stores in each month. The data shown
are not adjusted for seasonal variation. Latest figures shown are for
April.
JUNE 1943
Accompanying the large sales this year
stocks at department stores have not shown
the customary seasonal increase and there
has been a sharp rise in the amount of outstanding orders for merchandise. As is
shown on the chart, at the end of April
outstanding orders were at record levels
and in relation to sales were about three
times larger than is customary at this time
of year. Stocks of merchandise were 2.6
per cent smaller than a year ago and approximated a xJ4 months' supply at the
April rate of sales as compared with about
a 3 % months' supply last year and a customary ratio of about 1.% months' supply.
Decreases in stocks over the past year have
been general throughout all departments,
as is shown in the table. The principal
factors accounting for these decreases have
been the continuing large volume of sales
this year, the difficulties encountered in
obtaining merchandise, and to some extent,
reductions in stocks by some stores in anticipation of the consumer goods inventory
limitation order which, for most department stores, became effective at the beginning of May.
491
TREASURY BILLS FOR SMALLER BANKS
For the purpose of promoting a wider
distribution of Treasury bills among smaller
banks the Treasury, beginning with the
issue dated May iz, inaugurated the
practice of allotting in full at a fixed price
all subscriptions to bills in amounts not
exceeding $100,000. The price was established at 99.905, which gives a return of
about ^g of 1 per cent, or $3,750 a year for
a million dollars invested in Treasury bills.
This practice is expected to be more convenient for smaller banks, many of which
do not have ready access to current information regarding the money market, are not
familiar with the process of bidding, and
have felt in this respect at a disadvantage in
competition with larger banks. Under the
new procedure all banks can purchase on
subscription $100,000 a week, or a total of
$1,300,000 over a 13-week period, with
assurance of obtaining the full amount at
a fixed price. In the first week full allotments of Treasury bills at the fixed price
totaled over 80 million dollars. The
amount is expected to increase substantially
in succeeding weeks.
It will be recalled that under arrangements put into effect last year the Federal
Reserve Banks stand ready to purchase at
a rate of % of 1 per cent all the Treasury
bills offered to them, and the sellers have
the privilege of retaining an option to re-
491
purchase these bills at any time prior to
maturity at the same rate. Many banks
have found this provision to be very helpful
in making adjustments to fluctuations in
their reserve positions. When they lose
funds they sell Treasury bills to the Federal
Reserve Bank and when they gain funds
they repurchase the bills at the same rate.
With Treasury bills left in safekeeping at
the Federal Reserve Bank these transactions
can be arranged on short notice. By this
method banks are able to operate without
difficulty with a small amount of excess
reserves.
In the present circumstances it is desirable
both from the point of view of the individual bank and in the public interest for all
banks to keep their funds fully invested.
This can be achieved now without inconvenience by investing a portion of available
funds in Treasury bills which for all practical purposes are equivalent to excess reserves. The Board consequently urges all
banks to place tenders for Treasury bills up
to the extent consistent with their position
with the objective of keeping their funds
invested as fully as possible.
The Federal Reserve Banks and branches
will gladly furnish more detailed information on Treasury bills and provide subscription forms.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
United States Obligations as Collateral
for Federal Reserve Notes
[PUBLIC L A W 42.—78TH CONGRESS]
There is set forth below the text of an Act of
Congress approved May 2.5, 1943, extending
until June 30, 1945, the period during which
direct obligations of the United States may be
used as collateral security for Federal Reserve
notes.
[S. 991]
[PUBLIC L A W 58—78TH CONGRESS]
[CHAPTER 76—IST SESSION]
AN ACT
To extend the time within which the powers relating to
the stabilization fund may be exercised.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress
assembled, That subsection (b) of section 10 of
the Gold Reserve Act of 1934, approved January 30, 1934, as amended, is amended by inserting
after the second sentence thereof the followAN ACT
ing
new sentence: "Such fund shall not be used
To extend the period during which direct obligations of
in
any
manner whereby direct control and custhe United States may be used as collateral security
tody thereof pass from the President and the
for Federal Reserve notes.
Secretary of the Treasury."
Be it enacted by the Senate and House of RepreSEC. 2.. Subsection (c) of section 10 of the Gold
sentatives of the United States of America in Congress
Reserve
Act of 1934, approved January 30,
assembled, That the second paragraph of section
1934,
as
amended,
is amended to read as follows:
16 of the Federal Reserve Act, as amended, is
"(c)
All
the
powers
conferred by this section
hereby amended by striking therefrom the
words "until June 30, 1943" and by inserting in shall expire June 30, 1945, unless the President
lieu thereof the words "until June 30, 1945." shall sooner declare the existing emergency
Approved, May 2.5, 1943.
ended and the operation of the stabilization
fund terminated."
Stabilization Fund Legislation
Approved April 2.9, 1943.
There is set forth below the text of an Act of
Congress approved April Z9, 1943, extending the
Foreign Funds Control
time within which the President may exercise
Treasury Department Releases
his powers relating to the stabilization fund
under the Gold Reserve Act of 1934, and adding
The following releases relating to transaca new provision to the Act which, according to tions in foreign exchange, etc., in addition to
the report of the Committee on Coinage,
those heretofore published in the Federal ReWeights, and Measures of the House of Represerve BULLETIN, have been issued by the Office
sentatives "will carry out the view expressed
by the Secretary of the Treasury that the stabi- of the Secretary of the Treasury under authority
lization fund should not be included in any of the Executive Order of April 10, 1940, as
international fund without the approval of the amended, and the Regulations issued pursuant
Congress."
thereto:
[CHAPTER 102.—IST SESSION]
[S. 1041]
JUNE
1943
493
LAW
DEPARTMENT
Blocked Nationals", or (ii) any blocked country
or national thereof not within the generally licensed
trade area;
May 18, 1943
(b) Such transaction does not involve property in which
GENERAL LICENSE N O . 2.9, AS AMENDED
(i) any person whose name appears on "The Proclaimed List of Certain Blocked Nationals", or (ii)
Under Executive Order No. 8389, as Amended, Executive Order
any blocked country or national thereof not within
No. 9193, Sections 3(0) and / ( £ ) of the Trading with the Enemy
the generally licensed trade area, has at any time on
Act, as Amended by the First War Powers Act, 1941, Relating
or since the effective date of the Order had any
to Foreign Funds Control*
interest; and
Application of Certain General Licenses to General Ruling
(c) Any banking institution within the United States,
No. 6 Accounts
prior to issuing, confirming or advising letters of
The provisions of the following general licenses are hereby
credit, or accepting or paying drafts drawn, or reimmade applicable to General Ruling No. 6 accounts:
bursing themselves for payments made, under letters
(a) General License No. 2. only with respect to the
of credit, or making any other payment or transfer
payment or reimbursement for normal service
of credit, in connection with any importation or
charges (as therein defined) other than interest due;
exportation pursuant to this general license, or en(b) General License No. 4;
gaging in any other transaction herein authorized,
(c) General License No. 5 only with respect to the payshall satisfy itself (from the shipping documents
ment of withholding taxes on income derived from
or otherwise) that: (i) any such transaction is insecurities in General Ruling No. 6 accounts; and
cident to a bona fide importation or exportation and
(d) General License No. ±7;
is customary in the normal course of business, and
provided, however, that this general license shall not be deemed
that the value of such importation or exportation
to authorize the removal of any coupons for collection or
reasonably corresponds with the sums of money inotherwise from any General Ruling No. 6 account unless the
volved in financing such transaction; and (ii) such
bonds to which such coupons relate are in such General
importation or exportation is or will be made purRuling No. 6 account.
suant to all the terms and conditions of this license.
RANDOLPH PAUL,
(2.) Subject to all other terms and conditions of this
Acting Secretary of the Treasury.
general license any national of a blocked country doing business within the United States pursuant to a license is also
Treasury Department
hereby authorized, while so licensed, to engage in any transOffice of the Secretary
action referred to in paragraph (1) to the same extent that
May 18, 1943
such national is licensed to engage in such transaction involving persons within the generally licensed trade area who
GENERAL LICENSE N O . 53, AS AMENDED
are not nationals of a blocked country.
Under Executive Order No. 8389, as Amended, Executive Order No.
(3) This General License shall also authorize any transac9193, Sections 3(^0) and j(Jf) of the Trading with the Enemy Act,
tion engaged in by a bank within the generally licensed
as Amended by the First War Powers Act, 1941, Relating to
trade area pursuant to the order of or for the account of any
Foreign Funds Control*
national of a blocked country within the generally licensed
(1) A general license is hereby granted licensing all trans- trade area to the same extent, and under the same circumactions ordinarily incident to the importing and exporting stances, as though such transaction were solely for the
of goods, wares and merchandise between the United States account of such bank; provided, however, that this paraand any of the members of the generally licensed trade area graph shall not be deemed to permit any payment, transfer or
or between the members of the generally licensed trade area
withdrawal from any blocked account; and provided further
if (i) such transaction is by, or on behalf of, or pursuant to
that the following terms and conditions are complied with:
the direction of any national of a blocked country within the
(a) Such transaction is not by, or on behalf of, or purgenerally licensed trade area, or (ii) such transaction involves
suant to the direction of (i) any person whose name
property in which any such national has at any time on or
appears on ' 'The Proclaimed List of Certain Blocked
since the effective date of the Order had any interest, provided
Nationals", or (ii) any blocked country or national
the following terms and conditions are complied with:
thereof not within the generally licensed trade area;
(a) Such transaction is not by, or on behalf of, or pur(b) Such transaction does not involve property in which
suant to the direction of (i) any person whose
(i) any person whose name appears on "The Proname appears on "The Proclaimed List of Certain
claimed List of Certain Blocked Nationals", or (ii)
any blocked country or national thereof not within
*Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10,
the generally licensed trade area, has at any time on
1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832,
July 26, 1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec.
or since the effective date of the Order had any inTreasury Department
Office of the Secretary
26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as
amended June 14, 1941, and July 26, 1941.
494
FEDERAL RESERVE BULLETIN
LAW
DEPARTMENT
(4) As used in this general license:
(a) The term "generally licensed trade area" shall
mean the following:
(i) the American Republics, i.e., (1) Argentina,
CO Bolivia, C3) Brazil, C4) Chile, (5) Colombia, (6) Costa Rica, (7) Cuba, (8) The Dominican Republic, C9) Ecuador, (10) El Salvador,
(11) Guatemala, (ix) Haiti, (13) Honduras,
(14) Mexico, CX5) Nicaragua, (16) Panama,
(17) Paraguay, (18) Peru, (19) Uruguay, and
(2.0) Venezuela;
(ii) the British Commonwealth of Nations, i.e.,
(1) the United Kingdom CEngland, Wales,
Scotland and Northern Ireland), CO t n e British
Dominions CCanada, Australia, New Zealand,
the Union of South Africa and Newfoundland),
C3) Eire, C4) the Isle of Man, (5) India, CO
Egypt, (j) Anglo-Egyptian Soudan, C8) Iraq,
C9) all colonies and protectorates under the
British Crown, and Cio) all mandated territories
administered by the United Kingdom or by any
British Dominion;
(iii) the Union of Soviet Socialist Republics;
Civ) the Faroe Islands;
Cv) the Netherlands West Indies;
Cvi) the Belgian Congo and Ruanda-Urundi;
Cvii) Greenland;
Cviii) Iceland;
(ix) CO Syria and Lebanon; and CO t n e New Hebrides Islands; and
Cx) CO French Equatorial Africa, including the
Cameroons; CO New Caledonia; C3) Tahiti;
C4) the French Establishments in India;
Provided, however, that the term "generally
licensed trade area" shall not include any territory
which is controlled or occupied by the military,
naval or police forces or other authority of Japan,
Germany, or Italy, or allies thereof.
Cb) The term "member" of the generally licensed trade
area shall mean any of the foreign countries or
political subdivisions comprising the generally
licensed trade area.
CO The term "any national of a blocked country within
the generally licensed trade area" shall mean any
national of a blocked country who was situated
within and doing business within such area on and
since June 14, 1941 except that with respect to
transactions authorized by paragraph C3) hereof,
such term shall mean any national of a blocked
country who is situated within such area.
Cd) The term "The Proclaimed List of Certain Blocked
Nationals" shall mean "The Proclaimed List of
Certain Blocked Nationals" as amended and supplemented promulgated pursuant to the proclamation
of July 17, 1941.
RANDOLPH PAUL,
Acting Secretary of the Treasury.
JUNE 1943
Treasury Department
Office of the Secretary
May 18, 1943
GENERAL RULING N O . 6, AS AMENDED
Under Executive Order No. 8$8g, as Amended, Executive Order No.
9193. Sections $(a) and $(b) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control*
CO The provisions of General Ruling No. 5 of June 6,
1940, and all instructions issued pursuant thereto, are hereby
continued in full force and effect,-provided,that any Federal
Reserve Bank to whom securities or evidences thereof (hereinafter referred to as securities) have been forwarded under
such general ruling may, as fiscal agent of the United States,
deliver the securities, at any time, under appropriate arrangements with the addressee of the securities, to a domestic
bank.
( 0 Prior to such delivery by a Federal Reserve Bank of
any such security, a complete description of the security shall
be made or received and retained by such Federal Reserve
Bank, and in any case in which a security bears a stamp, seal
or other mark not lending itself to precise description, a
photostat of such mark shall be made at the expense of the
addressee and retained by such Federal Reserve Bank. This
requirement may be dispensed with in any case in which appropriate arrangements are entered into for furnishing such
Federal Reserve Bank with this description within a reasonable time after such delivery.
C3) Upon the delivery of any such security by a Federal
Bank to any domestic bank, such bank shall execute such
form of receipt as may be prescribed by the Secretary of the
Treasury.
C4) Any domestic bank to which any such security shall
be delivered by a Federal Reserve Bank shall place such
security in a General Ruling No. 6 account in such bank.
C5) Any outstanding account in which securities or the
proceeds thereof have been placed pursuant to the provisions
of General Ruling No. 6 prior to this amendment shall be
deemed to be a General Ruling No. 6 account.
(6) Federal Reserve Banks shall release any security re
ferred to in paragraph CO hereof, or shall authorize the release of the contents of any General Ruling No. 6 account, if
and wThen the Treasury Department is satisfied that no
blocked country, or national thereof, has, at any time, on or
since the effective date of the Order, had any interest in such
security or in such account.
C7) Any application for a license authorizing any transaction or dealing with respect to a General Ruling No. 6 account (including the contents thereof) shall specifically indicate that such account is a General Ruling No. 6 account.
*Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10,
1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832,
July 26, 1941, Ex. Order 8963, 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.
495
LAW
DEPARTMENT
(8) As used in this general ruling and in any other rulings,
licenses, instructions, etc., the term "General Ruling No. 6
Account" shall mean an account of the type referred to in
paragraphs (4) and (5) hereof, and no payments, transfers,
or withdrawals may be made from, and no other transaction
or dealing may be effected with respect to, any such account
except pursuant to paragraph (6) above or pursuant to license,
provided, that:
(a) No license shall be deemed to authorize transactions with respect to a General Ruling No. 6 account
unless the provisions of such license are specifically made
applicable to a General Ruling No. 6 account.
(b) In the event that any security placed in a General
Ruling No. 6 account is sold or otherwise dealt with
under license, except a license of the type referred to in
paragraph (8) (c) below, the proceeds thereof shall be
placed in a General Ruling No. 6 account in the same
domestic bank and in the same name in which the
security sold or otherwise dealt with was held.
(c) The contents of a General Ruling No. 6 account
can not be transferred to a blocked account, except pursuant to a license specifically authorizing such transfer.
Applications for licenses authorizing the transfer of the
contents of any General Ruling No. 6 account to a
blocked account shall be accompanied by adequate evidence respecting the interest therein of blocked countries
or nationals thereof.
(9) Domestic banks maintaining General Ruling No. 6
accounts in which securities, the proceeds of securities, or
income derived from securities are held, shall keep detailed
records with respect to each such General Ruling No. 6
account which will indicate clearly and accurately the specific security or securities with respect to which each payment or transfer to or from such General Ruling No. 6 account is made, except that the foregoing requirement shall
not be applicable to payments or transfers representing service charges.
RANDOLPH PAUL,
Acting Secretary of the Treasury.
LOANS FOR PURCHASING OR CARRYING GOVERNMENT
OBLIGATIONS
Beginning with March 31, 1943, weekly reporting member banks in New York City have
reported separate figures on loans made to brokers and dealers for the purpose of purchasing or
carrying United States Government obligations.
This information was first published in the
weekly member bank condition statement dated
May 13, 1943, and it will be shown hereafter in
the BULLETIN tables for weekly reporting member banks (see page 540 of this BULLETIN).
The figures for loans to brokers and dealers
496
reported by New York City banks since March
31 are shown below.
[In millions of dollars]
Wednesday
March 31
April 7.
14.
21.
28.
May 5 . .
12.
19.
Total loans
to brokers
and dealers
497
536
665
1,262
1,396
1,330
1,188
1,020
For purchasing or
carrying
Government
obligations
For purchasing or
carrying
other
securities
194
217
328
910
303
319
337
352
365
389
400
436
1,031
941
788
584
FEDERAL RESERVE BULLETIN
CURRENCY IN CIRCULATION
At the end of April the amount of currency in
circulation—that is, outside the Treasury and
Federal Reserve Banks—reached the all-time
high of iG% billion dollars. This figure reflects
an increase of almost 5 billion dollars, or about
40 per cent, over the amount in circulation a
year before, and is double the amount in circulation in the middle of 1940. The magnitude of
this increase is impressively shown by the
accompanying chart. A similar rise occurred
during World War I, when currency in circulation rose from 3 billion dollars in 1915 to 5
CURRENCY IN CIRCULATION
END OF MONTH FIGURES
billions in 1918. After reaching a peak of 5.4
billion dollars in 19^0, money in circulation
fell to 4.1 billions in 192.x and then for nine
years remained almost constant, varying little
except for seasonal fluctuations. In the latter
part of 1931 at the time of widespread bank
suspensions, it rose substantially, going above 5
billions for the first time in ten years. Beginning in 1934 there has been a steady increase,
which has been greatly accentuated by the
spectacular rise during the past four years.
The amount of currency in circulation depends entirely on the demands of the public.
JUNE 1943
These demands include a supply or inventory
for current business and personal needs, that is,
for meeting transactions settled in cash. This
supply consists largely of pocket money of
individuals, till money of businesses, and a
large part of the vault cash of banks. Changes
in transaction needs for currency are reflected
mainly in the denominations of under $50,
shown as a separate line on the chart. The
extremely rapid increase during the past four
years in this small denomination currency can
be associated for the most part with the growth
in income payments, particularly factory pay
rolls and farm income. (The Bureau of Labor
Statistics index of factory pay rolls, 1939 = 100,
rose to 2.91 at the end of 1942.. Cash farm income, which was estimated at 8.7 billion dollars
in 1939 and 9.1 billions in 1940, totaled about 16
billion dollars in 1942..)
Beyond the requirements of the public for
money to take care of current transactions
settled in cash, there is a varying demand for
currency as a store of value. In this connection
it is important to bear in mind that bank
deposits and currency are alternative forms of
liquid funds. Uninvested income may be held
as currency or bank deposits. Thus, broadly
speaking, "money" in the sense of cash or its
equivalent consists of currency and deposits
together. 1 Currency, when regarded in this
light, excludes that held by banks in their
vaults, and the accompanying chart of Demand
Deposits and Currency shows currency outside
banks and demand deposits in banks. Roughly,
currency held by banks has varied between %
of a billion and i j ^ billion dollars during the
period covered by the chart, being highest
before 1917, when member banks of the Federal
Reserve System were permitted to keep part of
their legal reserves in the form of cash in vault,
and again during the past two years. The chart
1
Demand deposits in banks are meant primarily. Time deposits,
share deposits in savings and loan associations and credit unions, and
other highly liquid claims to cash have most of the characteristics of
' 'money, "and for some purposes should be classed as such. See article
on "Money System of United States" in Banking Studies, a publication
of the Board of Governors.
497
CURRENCY IN CIRCULATION
shows that currency outside banks increased
more and at a faster rate during the period
1914-1910 than "currency in circulation."
The chart of Demand Deposits and Currency
has been drawn on ratio-ruled paper so as to
show changes on a relative basis. Thus, the
increase in currency during the period 1915-1918
is seen to have been somewhat greater relative
to the amount outstanding prior to the increase
than that which has taken place in the four
years 1939-1941, a fact which is not revealed
in the chart on the preceding page. A further
interesting fact revealed by the chart of deposits
and currency is that demand deposits and currency outside banks have moved in the same
direction, and generally rather closely together,
during the entire period with the exception of
the depression years 1931-1933, when there
were widespread bank suspensions and consequent hoarding of currency. Between 1930 and
1933 demand deposits fell, while currency
increased; since then demand deposits have
DEMAND DEPOSITS AND CURRENCY
ALL BANKS IN THE UNITED STATES
(RATIO, SCALE:)
BILLIONS OF DOLLARS
JUNE
30
DATES
(RATIO S C A L E )
BILLIONS OF DOLLARS
Latest figure is December 1942. Demand deposits include U. S.
Government deposits.
risen steadily, while currency increased little
until 1936.2 Since 1939 currency has increased
at a more rapid rate than demand deposits.
The accompanying chart of salaries and wages
compared with currency in circulation since
2
There was a sharp increase in currency during the bank holiday,
but most of it soon returned from circulation after the banks were
reopened on an unrestricted basis. This fluctuation is shown in the
first chart, which is based on monthly data.
498
1934 shows a close relationship between these
two series. While the chart indicates the
important role played by pay roll needs in
explaining the currency growth, it reflects also
that a considerable part of income saved by
individuals out of salaries and wages is being
held in the form of cash. This is believed to
MONEY IN CIRCULATION AND SALARIES AND WAGES
PE
PER CEN
600
. 3
/ j
200
/
MONE
Y IN CIR ; U L A T I O N ^ * ^
—""
SALARIES
^ND WAG ES
0
1935
1936
1937
1938
1939
1940 1941
1942 1943
be true also of increased income payments
going to farmers. These two groups contain a
relatively large number of persons who have no
banking connections or, because of inaccessibility of banking facilities, keep relatively
large amounts of cash on hand. While there is
little statistical data available to support
these conclusions, it is known from reports
made by banks in certain industrial centers that
cash paid out for pay roll purposes, which in
more normal times finds its way back to the
banks in almost equivalent amount, has been
returning only in part. Moreover, from studies
of currency shipments and receipts made by
Federal Reserve Banks it is known that the largest net outflow has been in communities where
increased income payments to industrial workers
have been greatest and that the largest net outflow percentagewise has been in farming communities. 3
No discussion of currency in circulation is
complete without the mention of hoarding.
According to the dictionary a hoard is a store
3
See pp. 208-211, Federal Reserve BULLETIN, March 1943.
FEDERAL RESERVE BULLETIN
CURRENCY IN CIRCULATION
laid up, or a hidden supply. While these are
rather vague definitions for purposes of analyzing money in circulation, they do afford a
possible basis for breaking down the increase
iri currency circulation occurring since 1930.
As indicated in the preceding discussion, a substantial part of the increase in currency during
the past four years can be accounted for by
increased income payments to industrial workers
and farmers. That part of this income being
held in the form of currency represents the use
of money as a store of value, instead of bank
deposits, and might more accurately be termed
currency "holding." It reflects a tendency on
the part of a sector of the public to use currency
rather than bank checks as a means of effecting
money payments and also to some extent a
tendency to hold substantial amounts of savings
in the form of currency. The more important
contributory causes of this phenomenon are as
follows:
1. Banks now impose service charges on
checking accounts and pay a smaller rate
of interest on savings deposits than
formerly.
2. Many people among the low income groups
(which are now receiving a larger proportion of the national income than formerly)
have never had bank accounts and continue to get along without the benefits
thereof.
3. There has been a considerable shifting of
the population, beginning in the depression years and intensified by the establishment of military camps and war industries,
with consequent disruption of banking
connections.
The use of currency as a "hidden supply"—
the second dictionary definition—is "hoarding"
JUNE 1943
in the popular sense. This sort of currency
holding is usually done to conceal wealth, for
the purpose of avoiding taxes or otherwise;
to conceal illegal transactions; or through fear—
fear of bank failures, etc. While there is evidence of an increase in currency holding of this
type in recent years, mostly traceable to vague
fears generated by uneasiness due to the war,
the increase is not believed to bulk large in
aggregate amount. For the three years prior to
the bank holiday in 1933, currency holding of
the "fear type" was probably a large factor in
the increase in currency in circulation which
occurred during that period.
Various aspects of the subject of hoarding
were discussed in the Federal Reserve BULLETINS
of April and May 1941 and need not be repeated
here.4 However, it may be said that those who
should be the most concerned about currency
hoarding are the hoarders themselves. They
are taking unnecessary risks with their savings,
putting themselves to considerable inconvenience, and are losing the income their savings
could otherwise be earning. The individual
holding excess currency would be far better
off investing it in War Savings Bonds or other
Government securities. To the extent that
currency is needlessly kept idle in a pocketbook
or in some hideaway, it is contributing nothing
toward the war effort.
In conclusion, it may be said that as long as
incomes increase and the wartime factors
encouraging the increased holding of currency
are present, the amount of currency in circulation will expand further, although the recent
rapid rate of expansion may not continue.
4
See p. 312, Federal Reserve BULLETIN, April 1942, and p. 453,
Federal Reserve BULLETIN, May 1942.
499
MEMBER BANK EARNINGS IN 1942
Member bank earnings, expenses, and net
current earnings were higher in 1942. than in
any year since the depression, but net profits
declined slightly from 1941. As shown in the
accompanying table, larger gross earnings were
only partially offset by larger expenses, and net
current earnings increased xx million dollars, or
5 per cent. Profits on securities declined considerably. Losses and charge-offs also declined
to the lowest point since 1918 but the decline
was not sufficient to offset the decline in profits
and recoveries, with the result that net profits
showed a small decline as compared with 1941.
Reversing the trend of the past few years the
proportion of total earnings accounted for by
interest on loans declined in 1942.. The volume
of loans held by banks declined during the year
and the rate of return also declined. The decline in rate of return was due at least partly to
the decrease in holdings of consumer instalment
paper, which generally carries a relatively high
interest rate. The proportion of earnings from
securities increased, and the amount of earnings
from securities and banks' holdings of securities
were the highest in history. The rate of return
on securities declined further in 194Z to 1.7 per
cent. As compared with predepression years,
income from loans is small and income from
securities very large in relation to total earnings.
Other items of income showed little change.
Salaries and wages paid to officers and employees continued to increase and were higher
than in any other year since 192.9. Interest
payments on deposits continued to decline, and
in 1941 were at a rate of about 1.0 per cent on
aggregate time deposits. Taxes increased by 10
million dollars and other items of expenses were
also larger than in other recent years.
Net current earnings, at 451 million dollars,
were larger than in any year since 1931 but net
profits declined slightly as compared with 1941.
For the past several years the margin between
losses and charge-offs, and recoveries, profits on
securities, etc., had narrowed with the result
that a greater proportion of net current earnings
was being carried through to net profits. In
194.x the margin increased and net losses and
charge-offs were 2.9 million dollars higher than
in 1941. Dividends in 1942. declined somewhat
and amounted to 3.4 per cent of total capital
accounts and to 8.6 per cent of capital stock.
Detailed figures of member bank earnings and
related items together with selected ratios
will appear in the July BULLETIN.
MEMBER BANK EARNINGS, CALENDAR YEARS, 1929-1942
[Amounts in millions of dollars]
Item
Earnings
Interest and dividends on securities
Interest and discount on loans
Service charges on deposit accounts
All other earnings
Expenses
Salaries and wages
Interest on time deposits2
Interest on interbank deposits
Interest on demand deposits (excl. interbank). ...
Taxes
All other expenses
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
2,399 2,158 1,841 1,554 1,237 1,244 1,207 1,271 1,321 1,274 1,296 1,323 1,417 1,487
473
472
540
480 458
445
426
474 467 487
481
448
444
431
1,563 1,349
640
665
1,073
604 540 498
513
544 560
595
553
1
1851
1
1
C
)
C
)
65
68
21
28
36
39
51
54
59
45
C
)
C)
336
245
288
186
202
205
231
232
237
238
242
239
243
363
1,684 1,604 1,335 1,143 859
833 872 902 890
988 1,036
849
895
921
452
464
413
461
357
306
327
334 352
372
388 400
426
380
451
445
232
227
175
174
159
140
128
387
302
196
171
147
2
73
13
3
2
2 (2) (2) (2) (2)
68
53
35
3
(2) (2) (2)
100
85
129
273
262
293
246
112
348
225
113
290
141
86
256
98
67
285
43
58
207
12
62
216
9
64
226
7
81
255
5
86
263
(2)
82
257
Net current earnings..
715
554
506
410
378
394
374
399
419
384
401
402
429
451
Recoveries, profits on securities, etc
Losses and charge-offs
Net profits
137
295
118
365
127
620
376
538
508
442
327
380
303
356
278
318
188
256
307
212
465
255
338
337
279
398
557
254
113
125
873
778
858
12 -255 -356 -225
265
347
349
390
383
Gash dividends declared 3 ...
387
367
187
199
201
198
207
210
211
203
Number of banks4
335
245
150
173
()
149
298
8,522 8,052 7,246 6,816 6,011 6,442 6,387 6,376 6,341 6,338 6,362 6,486 6,619 6,679
1
Included in " a l l other e a r n i n g s . "
Beginning with 1938 "interest on time d e p o s i t s " comprises all interest on deposits except interest (if any) on demand deposits.
4
Includes interest on capital notes and debentures.
At end of y e a r .
N O T E . — T h e a m o u n t s in this table are rounded to the nearest million and consequently do not balance exactly. Details will be shown in t h e
July B U L L E T I N ; for prior figures see p. 711 of the July 1942 B U L L E T I N and p . 465 of the May 1940 B U L L E T I N ) .
2
3
5OO
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
On April 6, 1943 the United States Treasury
Department made public a provisional outline
of a plan for postwar international monetary
stabilization drafted by American technical experts. The next day the British Government
issued in London tentative proposals drafted by
British experts with the same general objective.
The texts of these two plans (currently referred
to as the White plan and the Keynes plan)—
are presented below together with brief introductory statements issued with the plans
by the Treasury Department and the British
Government respectively. Both plans were
drawn up as a basis for discussion and exchange of views; neither Government is committed to the proposals put forward by its experts. These plans have been submitted to the
Governments of the other United and Associated
Nations, and are now being discussed with
technical experts from these countries. A number of modifications are under consideration.
A. PLAN SUBMITTED BY UNITED STATES EXPERTS
INTRODUCTORY STATEMENT
It is still too soon to know the precise form
and magnitude of postwar monetary problems.
But it is certain that we shall be confronted with
the task of dealing with three inseparable monetary problems: to prevent the disruption of
foreign exchanges, to avoid the collapse of some
monetary systems, and to facilitate the restoration and balanced growth of international trade.
Clearly, such a formidable task can be successfully handled only through international action.
The creation of instrumentalities adequate to
deal with the inevitable postwar monetary
problems should not be postponed until the end
of hostilities. It would be ill-advised if not
dangerous to leave ourselves unprepared at the
end of the war for the difficult task of international monetary cooperation. We should
begin now to devise an international monetary
agency, for the task is certain to take many
months at least. Specific and practical proposals must be formulated by the experts and
must be carefully considered by the policyshaping officials of the various countries. In
each country acceptance of a definitive plan can
follow only upon legislative or executive action.
And even when a plan is finally adopted, much
time will be consumed in gathering personnel
and in establishing an organization before an
international institution for monetary cooperation can begin effective work.
There is another important reason for initiating now concrete discussions of specific proposals. A plan for international monetary cooperation can be a factor in winning the war.
JUNE 1943
It has been suggested, and with much cogency,
that the task of assuring the defeat of the Axis
powers would be made easier if the victims of
aggression, actual and potential, could have
greater assurance that a victory of the United
Nations will not mean in the economic sphere a
repetition of the exchange instability and monetary collapse that followed the last war. That
assurance should be given now. The people in
all of the United Nations must be encouraged to
feel themselves on solid ground. They must be
given to understand that a victory of the United
Nations will not usher in another two decades
of widespread economic disruption. The people
must know that we at last recognize the fundamental truth that prosperity, like peace, is
indivisible.
One of the appropriate agencies to deal with
international economic and monetary problems
would be an international stabilization fund
with resources and powers adequate to the task
of helping to achieve monetary stability and to
facilitate the restoration and balanced growth
of international trade. A proposal drafted by
American technical experts is appended. The
draft presents only the essential elements of an
international stabilization fund. The provisions
of the proposal are in every sense tentative,
intended as a basis for discussion and exchange
of views. Obviously, there are many details
that have b~en omitted and that can be better
formulated after there is agreement on the
general principles.
It is recognized that an international stabilization fund is only one of the instrumentalities
501
POSTWAR INTERNATIONAL MONETARY STABILIZATION
which may be needed in the field of international
economic cooperation. Other agencies are also
needed to provide capital for postwar reconstruction and development, to provide funds for
rehabilitation and relief, and to promote stability in the prices of primary international commodities. There is a strong temptation to
embrace within a single international agency the
responsibility for dealing with these and other
international economic problems. We believe,
however, that international economic institutions can operate more effectively if they are not
burdened with important but extraneous duties
for which they have not been devised and for
which they are unsuited. For example, the
highly specialized nature of international monetary stabilization and the provision of longterm capital would seem to call for separate
institutions, each designed to deal with its distinct problems.
It should be emphasized that the appended
draft deals only with an international stabilization fund. It is anticipated that there will
also be submitted for consideration a preliminary
draft of a proposal for an international agency
whose function will be to provide capital for
reconstruction and development. It is hoped
that the appended draft will call forth from the
experts of the United Nations, critical comment
and constructive suggestions. It is our belief
that a workable and acceptable plan can emerge
only from the joint efforts of the United Nations.
PRELIMINARY DRAFT OUTLINE OF PROPOSAL FOR A
UNITED AND ASSOCIATED NATIONS
STABILIZATION FUND
I. Purposes of the Fund
1. T o stabilize t h e foreign exchange rates of
the currencies of the United Nations and nations
associated w i t h them.
2. T o shorten the periods and lessen the degree
of disequilibrium in the international balance of
payments of member countries.
3. T o help create conditions under w h i c h the
smooth flow of foreign trade and of productive
capital among t h e member countries will be
fostered.
4. To facilitate the effective utilization of the
abnormal foreign balances accumulating in some
countries as a consequence of the w a r situation.
5. T o reduce the use of foreign exchange controls that interfere w i t h world trade and the
international flow of productive capital.
6. T o help eliminate bilateral exchange clearing arrangements, multiple currency devices, and
discriminatory foreign exchange practices.
5 OX
II. Composition of the Fund
1. The Fund shall consist of gold, currencies
of member countries, and securities of member
governments.
2.. Each of the member countries shall subscribe a specified amount which will be called
its quota. The aggregate of quotas of the member countries shall be t h e equivalent of at least
5 billion dollars.
The quota for each member country shall be
determined by an agreed upon formula. T h e
formula should give due weight t o the important
factors relevant to t h e determination of quotas,
e.g., a country's holdings of gold and foreign
exchange, t h e magnitude of t h e fluctuations in
its balance of international payments, and its
national income.
3. Each member country shall provide the
Fund w i t h 50 per cent of its quota on or before
the date set by the Board of Directors of t h e
Fund on which the Fund's operations are t o
begin.
4. The initial payment of each member country (consisting of 50 per cent of its quota) shall
be 12.5 per cent of its quota in gold, 12.5 per
cent in local currency, and 2.5 per cent in its
own (i.e., government) securities. However,
any country having less than 300 million dollars
in gold need provide initially only 7.5 per cent
of its quota in gold, and any country having
less than 100 million dollars in gold need provide initially only 5 per cent of its quota in gold,
the contributions of local currency being increased correspondingly. A country may, at
its option, substitute gold for its local currency
or securities in meeting its quota requirement.
5. The member countries of the Fund may be
called upon to make further provision toward
meeting their quotas pro rat a at such times, in
such amounts, and in such form as the Board of
Directors of the Fund may determine, provided
that t h e proportion of gold called for shall n o t
exceed the proportions indicated in II-4 above,
and provided that a four-fifths vote of the Board
shall be required for subsequent calls t o meet
quotas.
6. Any changes in the quotas of member
countries shall be made only w i t h t h e approval
of a four-fifths vote of the Board.
III. Powers and Operations
The Fund shall have the following powers:
1. T o buy, sell, and hold gold, currencies,
bills of exchange, and government securities of
member countries; t o accept deposits and t o
earmark gold; to issue its own obligations, and
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
to discount or offer them for sale in member
tions prescribed by the Board of Directors.
countries; and to act as a clearing house for the
This provision does not apply to currencies
settling of international movements of balances,
acquired under III-9 below.
bills of exchange, and gold.
d. When a member country is exhausting its
All member countries agree that all of the
quota more rapidly than is warranted in
local currency holdings shall be free from any
the judgment of the Board of Directors,
restrictions as to their use. This provision does
the Board may place such conditions upon
not apply to abnormal war balances acquired in
additional sales of foreign exchange to
accordance with the provisions of III-9, below.
that country as it deems to be in the general
2.. To fix the rates at which it will buy and
interest of the Fund.
sell one member's currency for another, and the
e. A charge at the rate of 1 per cent per
rates in local currencies at which it will buy
annum, payable in gold, shall be levied
and sell gold. The guiding principle in the
against any member country on the amount
fixing of such rates shall be stability in exchange
of its currency held by the Fund in excess
relationships. Changes in these rates shall be
of the quota of that country. Abnormal
considered only when essential to correction of a
war balances acquired by the Fund (in
fundamental disequilibrium and be permitted
accordance with III-9 below) shall not be
only with the approval of four-fifths of member
included in the computed balance of local
votes.
currency used as a basis for this charge.
3. To sell to the Treasury of any member
/. When the Fund's holdings of the local
country (or stabilization fund or central bank
currency of a member country exceed the
acting as its agent) at a rate of exchange dequota of that country, upon request by the
termined by the Fund, currency of any member
member country, the Fund shall resell to
country which the Fund holds, provided that:
the member country the Fund's excess
holdings of the currency of that country
a. The foreign exchange demanded from the
for gold or acceptable foreign exchange.
Fund is required to meet an adverse balance
of payments on current account with the
4. The right of a member country to purchase
country whose currency is being demanded. foreign exchange from the Fund with its local
b. The Fund's holdings of the currency of any currency for the purpose of meeting an adverse
member country shall not exceed during balance of payments on current account is recogthe first year of the operation of the Fund, nized only to the extent of its quota, subject to
the quota of that country; it shall not the limitation in III-3 above and III-7 below.
exceed during the first two years 150 per
5. With the approval of four-fifths of the
cent of such quota; and thereafter it shall member votes, the Fund in exceptional circumnot exceed 200 per cent of such quota; stances may sell foreign exchange to a member
except that upon approval by four-fifths country to facilitate transfer of capital, or reof the member votes, the Fund may pur- payment or adjustment of foreign debts, when
chase any local currency in excess of these in the judgment of the Board such a transfer is
limits, provided that at least one of the desirable from the point of view of the general
following two conditions is met:
international economic situation.
i. The country whose currency is being
6. When the Fund's holdings of any particular
acquired by the Fund agrees to adopt currency drop below 15 per cent of the quota of
and carry out measures recommended that country, and after the Fund has used for
by the Fund designed to correct the additional purchases of that currency,
disequilibrium in the country's balance
(a) Gold in an amount equal to the country's
of payments, or
contribution of gold to the Fund, and
ii. It is believed that the balance of pay(b) The country's obligations originally conments of the country whose currency is
tributed,
being acquired by the Fund will be such the Fund has the authority and the duty to
as to warrant the expectation that the render to the country a report embodying an
excess currency holdings of the Fund analysis of the causes of the depletion of its
can be disposed of within a reasonable holdings of that currency, a forecast of the
time.
prospective balance of payments in the absence
c. When the Fund's net holdings of any local of special measures, and finally, recommencurrency exceed the quota for that country, dations designed to increase the Fund's holdings
the country shall deposit with the Fund a of that currency. The Board member of the
special reserve in accordance with regula- country in question should be a member of the
JUNE I943
5°3
POSTWAR INTERNATIONAL MONETARY STABILIZATION
9. To buy from the governments of member
Fund committee appointed to draft the report.
This report should be sent to all member coun- countries, abnormal war balances held in other
countries, provided all the following conditions
tries and, if deemed desirable, made public.
Member countries agree that they will give # are met:
a. The abnormal war balances are in member
immediate and careful attention to recommendacountries and are reported as such (for the
tions made by the Fund.
purpose of this provision) by the member
7. Whenever it becomes evident to the Board
government on date of its becoming a
of Directors that the anticipated demand for any
member.
particular currency may soon exhaust the Fund's
holdings of that currency, the Board of Direcb. The country selling the abnormal war
tors of the Fund shall inform the member counbalances to the Fund agrees to transfer
tries of the probable supply of this currency and
these balances to the Fund and to repurof a proposed method for its equitable distribuchase from the Fund 40 per cent of them
tion, together with suggestions for helping to
(at the same price) with gold or such free
equate the anticipated demand and supply for
currencies as the Fund may wish to accept,
the currency.1
at the rate of 2. per cent of the transferred
balances each year for 2.0 years beginning
The Fund shall make every effort to increase
not later than 3 years after the date of
the supply of the scarce currency by acquiring
transfer.
that currency from the foreign balances of member countries. The Fund may make special
c. The country in which the abnormal war
arrangements with any member country for the
balances are held agrees to the transfer to
purpose of providing an emergency supply under
the Fund of the balances described in (F)
appropriate conditions which are acceptable to
above, and to repurchase from the Fund
both the Fund and the member country.
40 per cent of them (at the same price)
with gold or such currencies as the Fund
The privilege of any country to acquire an
may wish to accept, at the rate of z per
amount of other currencies equal to or in excess
cent of the transferred balances each year
of its quota shall be limited by the necessity of
for 10 years beginning not later than 3
assuring an appropriate distribution among the
years after the date of transfer.
various members of any currency the supply of
which is being exhausted. The Fund shall
d. A charge of 1 per cent, payable in gold,
apportion its sales of such scarce currency. In
shall be levied against the country selling
such apportionment, it shall be guided by the
its abnormal war balances and against the
principle of satisfying the most urgent needs
country in which the balances are held.
from the point of view of the general interIn addition a charge of 1 per cent, payable
national economic situation. It shall also conin gold, shall be levied annually against
sider the special needs and resources of the
them on the amount of such balances reparticular countries making the request for the
maining to be repurchased by each country.
scarce currency.
e. If the country selling abnormal war bal8. In order to promote the most effective use
ances to the Fund asks for foreign exchange
of the available and accumulating supply of
rather than local currency, the request will
foreign exchange resources of member countries,
not be granted unless the country needs the
each member country agrees that it will offer
foreign exchange for the purpose of meeting
to sell to the Fund, for its local currency or for
an adverse balance of payments not arising
foreign currencies which it needs, all foreign
from the acquisition of gold, the accumulaexchange and gold it acquires in excess of the
tion of foreign balances, or other capital
amount it possessed immediately after joining
transactions.
the Fund. For the purpose of this provision,
/. Either country may, at its option, increase
including computations, only free foreign exthe amount it repurchases annually. But,
change and gold are considered. The Fund may
in the case of the country selling abnormal
accept or reject the offer.
war balances to the Fund, not more than
2. per cent per annum of the original sum
To help achieve this objective each member
taken over by the Fund shall become free,
country agrees to discourage the unnecessary
and only after 3 years shall have elapsed
accumulation of foreign balances by its nationsince the sale of the balances to the^Fund.
als. The Fund shall inform any memb*er country when, in its opinion, any further growth of
g. The Fund has the privilege of disposing of
privately-held foreign balances appears unany of its holdings of abnormal war balwarranted.
ances as free funds after the 2.3-year period
504
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
is passed, or sooner under the following
conditions:
i. its holdings of the free funds of the
country in which the balances are held
fall below 15 per cent of its quota; or
ii. the approval is obtained of the country
in which the balances are held.
h. The country in which the abnormal war
balances are held agrees not to impose any
restrictions on the use of the instalments
of the 40 per cent portion gradually repurchased by the country which sold the
balances to the Fund.
i. The Fund agrees not to sell the abnormal
war balances acquired under the above
authority, except with the permission or
at the request of the country in which the
balances are being held. The Fund may
invest these balances in ordinary or special
government securities of that country.
The Fund shall be free to sell such securities in any country provided that the approval of the issuing government is first
obtained.
j . The Fund shall determine from time to
time what shall be the maximum proportion of the abnormal war balances it will
purchase under this provision.
Abnormal war balances acquired under
this provision shall not be included in
computing the amount of foreign exchange
available to member countries under their
quotas.
10. To buy and sell currencies of nonmember
countries, but shall not be authorized to hold
such currencies beyond sixty days after date of
purchase, except with the approval of four-fifths
of the member votes.
11. To borrow the currency of any member
country, provided four-fifths of the member
votes approve the terms of such borrowing.
12.. To sell member-country obligations
owned by the Fund provided that the Board
representative of the country in which the
securities are to be sold approves.
To use its holdings to obtain rediscounts or
advances from the central bank of any country
whose currency the Fund requires.
13. To invest any of its currency holdings in
government securities and prime commercial
paper of the country of that currency provided
four-fifths of the member votes approve, and
provided further that the Board representative
of the country in which the investment is to be
made approves.
14. To lend to any member country its local
currency from the Fund for one year or less up
JUNE 1943
to 75 per cent of the currency of that country
held by the Fund, provided such loan is approved
by four-fifths of the member votes.
15. To levy upon member countries a pro
rata share of the expenses of operating the Fund,
payable in local currency, not to exceed ^ per
cent per annum of the quota of each country.
The levy may be made only to the extent that
the earnings of the Fund are inadequate to meet
its current expenses, and only with the approval
of four-fifths of the member votes.
The Fund shall make a service charge of
3^ per cent or more on all exchange and gold
transactions.
16. The Fund shall deal only with or through
a. The treasuries, stabilization funds, or fiscal
agents of member governments;
b. The central banks, only with the consent
of the member of the Board representing
the country in question; and
c. Any international banks owned predominantly by member governments.
The Fund may, nevertheless, with the approval
of the member of the Board representing the
government of the country concerned, sell its
own securities, or securities it holds, directly to
the public or to institutions of member countries.
IV. Monetary Unit of the Fund
1. The monetary unit of the Fund shall be the
Unitas (UN) consisting of 137 \ grains of fine
gold (equivalent to $10 U.S.). The accounts of
the Fund shall be kept and published in terms of
Unitas.
2.. The value of the currency of each member
country shall be fixed by the Fund in terms of
gold or Unitas and may not be altered by any
member country without the approval of fourfifths of the member votes.
3. Deposits in terms of Unitas may be accepted by the Fund from member countries upon
the delivery of gold to the Fund and shall be
transferable and redeemable in gold or in the
currency of any member country at the rate
established by the Fund. The Fund shall maintain a 100 per cent reserve in gold against all
Unitas deposits.
4. No change in the value of the currencies of
member countries shall be permitted to alter
the value in gold or Unitas of the assets of the
Fund. Thus if the Fund approves a reduction
in the value of the currency of a member country
(in terms of gold or Unitas) or if, in the opinion
of the Board, the currency of a member country
had depreciated to a significant extent, that
country must deliver to the Fund when
5°5
POSTWAR INTERNATIONAL MONETARY STABILIZATION
consist of not less than eleven members. The
Chairman of the Board shall be Chairman of the
Executive Committee, and the Managing Director of the Fund shall be an ex officio member
of the Executive Committee.
The Executive Committee shall be continuously available at the head office of the Fund
and shall exercise the authority delegated to it
by the Board. In the absence of any member
of the Executive Committee, his alternate shall
act in his place. Members of the Executive
Committee shall receive appropriate remuneration.
V. Management
4. The Board of Directors may appoint such
1. The administration of the Fund shall be other committees as it finds necessary for the
vested in a Board of Directors. Each govern- work of the Fund. It may also appoint adment shall appoint a director and an alternate, visory committees chosen wholly or partially
in a manner determined by it, who shall serve from persons not employed by the Fund.
for a period of three years subject to the pleasure
5. The Board of Directors may at any meeting,
of their government. Directors and alternates by a four-fifths vote, authorize any officers or
may be reappointed.
committees of the Fund to exercise any specified
In all voting by the Board, the director or powers of the Board. The Board may not
alternate of each member country shall be en- delegate, except to the Executive Committee,
titled to cast an agreed upon number of votes. any authority which can be exercised only by a
The distribution of voting power shall be closely four-fifths vote.
related to the quotas of member countries, alDelegated powers shall be exercised only until
though not in precise proportion to the quotas. the next meeting of the Board, and in a manner
An appropriate distribution of voting power consistent with the general policies and practices
would seem to be the following: Each country of the Board.
shall have 100 votes plus 1 vote for the equiva6. The Board of Directors may establish
lent of each 100,000 Unitas (1 million dollars) procedural regulations governing the operations
of its quota.
of the Fund. The officers and committees of the
Notwithstanding the approved formula for Fund shall be bound by such regulations.
distributing voting power, no country shall be
7. The Board of Directors shall hold an anentitled to cast more than one-fourth of the nual meeting and such other meetings as it
aggregate votes regardless of its quota. All may be desirable to convene. On request of
decisions, except where specifically provided member countries casting one-fourth of the
otherwise, shall be made by a majority of the votes, the chairman shall call a meeting of the
member votes.
Board for the purpose of considering any matters
2.. The Board of Directors shall select a Man- placed before it.
aging Director of the Fund and one or more
8. A country failing to meet its obligations
assistants. The Managing Director shall be- to the Fund may be suspended provided a macome an ex officio member of the Board and shall jority of the member votes so decides. While
be chief of the operating staff of the Fund. under suspension, the country shall be denied
The Managing Director and the assistants shall the privileges of membership but shall be subject
hold office for two years, shall be eligible for to the same obligations as any other member of
reelection, and may be removed for cause at any the Fund. At the end of two years the country
time by the Board.
shall be automatically dropped from memberThe Managing Director of the Fund shall ship unless it has been restored to good standing
select the operating staff in accordance with by a majority of the member votes.
regulations established by the Board of DirecAny country may withdraw from the Fund
tors. Members of the staff may be made avail- by giving notice, and its withdrawal will take
able, upon request of member countries, for effect two years from the date of such notice.
consultation in connection with international During the interval between notice of witheconomic problems and policies.
drawal and the taking effect of the notice, such
3. The Board of Directors shall appoint from country shall be subject to the same obligations
among its members an Executive Committee to as any other member of the Fund.
requested an amount of its local currency equal
to the decreased value of that currency held by
the Fund. Likewise, if the currency of a particular country should appreciate, the Fund must
return to that country an amount (in the currency of that country) equal to the resulting
increase in the gold or Unitas value of the Fund's
holdings. The same provisions shall also apply
to the government securities of member countries held by the Fund. However, this provision shall not apply to currencies acquired
under III-9 (abnormal war balances).
506
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
A country which is dropped or which withdraws from membership shall have returned to
it an amount in its own currency equal to its
contributed quota, plus other obligations of the
Fund to the country, and minus any sum owed
by that country to the Fund. Any losses of the
Fund may be deducted pro rata from the contributed quota to be returned to the country that
has been dropped or has withdrawn from membership. The Fund shall have five years in
which to liquidate its obligation to such a
country. When any country is dropped or
withdraws from the Fund, the rights of the
Fund shall be fully safeguarded.
9. Net profits earned by the Fund shall be
distributed in the following manner:
a. 50 per cent to reserves until the reserves
are equal to 10 per cent of the aggregate
quotas of the Fund.
b. 50 per cent to be divided each year among
the members in proportion to their quotas.
Dividends distributed to each country shall
be paid in its own currency or in Unitas
at the discretion of the Fund.
VI. Policies of Member Countries
Each member country of the Fund undertakes
the following:
1. To maintain by appropriate action exchange rates established by the Fund on the
currencies of other countries, and not to alter
exchange rates except with the consent of the
Fund and only to the extent and in the direction
approved by the Fund. Exchange rates of member countries may be permitted to fluctuate
within a specified range fixed by the Fund.
z. To abandon, as soon as the member country
decides that conditions permit, all restrictions
and controls over foreign exchange transactions
(other than those involving capital transfers)
with other member countries, and not to impose
any additional restrictions without the approval
of the Fund.
The Fund may make representations to member countries that conditions are favorable for
the abandonment of restrictions and controls
over foreign exchange transactions, and each
member country shall give consideration to such
representations.
3. To cooperate effectively with other member
countries when such countries, with the approval of the Fund, adopt or continue controls
for the purpose of regulating international
movements of capital. Cooperation shall include, upon recommendation by the Fund,
measures that can appropriately be taken:
a. Not to accept or permit acquisition of
deposits, securities, or investments by nationals of any member country imposing
restrictions on the export of capital except
with the permission of the Government
of that country and the Fund;
b. To make available to the Fund or to the
Government of any member country full
information on all property in the form
of deposits, securities and investments of
the nationals of that member country; and
c. Such other measures as the Fund shall
recommend.
4. Not to enter upon any new bilateral foreign
exchange clearing arrangements, nor engage in
multiple currency practices, except with the
approval of the Fund.
5. To give consideration to the views of the
Fund on any existing or proposed monetary or
economic policy, the effect of which would be
to bring about sooner or later a serious disequilibrium in the balance of payments of other
countries.
6. To furnish the Fund with all information
it needs for its operations and to furnish such
reports as it may require in the form and at the
times requested by the Fund.
7. To adopt appropriate legislation or decrees
to carry out its undertakings to the Fund and
to facilitate the activities of the Fund.
B. PLAN SUBMITTED BY BRITISH EXPERTS
INTRODUCTORY STATEMENT
In Parliament on February 2., the Chancellor
of the Exchequer mentioned the need, after the
war, of "an international monetary mechanism
which will serve the requirements of international trade and avoid any need for unilateral
action in competitive exchange depreciation . . .
a system in which blocked balances and unilateral clearances would be unnecessary . . . an
orderly and agreed method of determining the
JUNE
1943
value of national currency units . . . we want to
free the international monetary system from
those arbitrary, unpredictable and undesirable
influences which have operated in the past as a
result of large scale speculative movements of
short-term capital.''
On the directions of H. M. Government, this
problem has been under close examination by
the Treasury in consultation with other Departments. The present paper has been prepared,
5°7
POSTWAR INTERNATIONAL MONETARY STABILIZATION
If the principles of these measures and the
form of institutions to give effect to them can
be settled in advance, in order that they may
be in operation when need arises, it is possible
that taken together they may help the world
to control the ebb and flow of the tides of economic activity which have, in the past, destroyed security of livelihood and endangered
international peace.
All these matters will need to be handled in
due course. The proposal that follows relates
only to the mechanism of currency and exchange
in international trading. It appears on the
whole convenient to give it priority, because
some general conclusions have to be reached
under this head before much progress can be
made with other topics.
In preparing these proposals care has been
taken to regard certain conditions, which the
groundwork of an international economic system to be set up after the war should satisfy
if it is to prove durable.
(1) There should be the least possible interference with internal national policies, and the
plan should not wander from the international
terrain. Since such policies may have important
repercussions on international relations they
cannot be left out of account. Nevertheless, in
PROPOSALS FOR AN INTERNATIONAL
the realm of internal policy, the authority of
CLEARING U N I O N
the governing board of the proposed institution
PREFACE
should be limited to recommendations, or, at
Immediately after the war, all countries which most, to imposing conditions for more extended
have been engaged will be concerned with the enjoyment of the facilities which the institution
pressure of relief and urgent reconstruction. offers.
(2.) The technique of the plan must be capable
The transition out of this into the normal world
of the future cannot be wisely effected unless we of application irrespective of the type and
know into what we are moving. It is therefore principle of government and the economic policy
not too soon to consider what is to come after. existing in the prospective member States.
(3) Management of the institution must be
In the field of national activity occupied by
production, trade and finance, both the nature genuinely international, without preponderant
of the problem and the experience of the period power of veto or enforcement lying with any
between wars suggest four main lines of ap- country or group. And the rights and privileges
of smaller countries must be safeguarded.
proach.
(4) Some qualification of the right to act at
i. The mechanism of currency and exchange.
2.. The framework of a commercial policy pleasure is required by any agreement or treaty
regulating conditions for exchange of goods, between Nations. But in order that such artariffs, preferences, subsidies, import regulations rangements may be fully voluntary so long as
they last and terminable when they have become
and the like.
3. Orderly conduct of production, distribution irksome, provision must be made for voiding the
and price of primary products so as to protect obligation at due notice. If many member
both producers and consumers from the loss and States were to take advantage of this, the plan
risk for which extravagant fluctuations of would have broken down, but if they are free
market conditions have been responsible in to escape from its provisions if necessary, they
may be more willing to go on accepting them.
recent times.
4. Investment aid, both medium and long
(5) The plan must operate not only to the
term, for countries whose economic develop- general advantage but also to the individual
ment needs assistance from outside.
advantage of each of the participants, and must
and the Government has decided that it should
be published, as a preliminary contribution to
the solution of one of the problems of international economic co-operation after the war.
H. M. Government is not committed to the
principles or details of the scheme. Any proposals for a satisfactory international monetary
mechanism after the war can only be framed
after full consideration of all aspects of a very
difficult problem. It is hoped that these proposals will afford a basis for discussion, criticism
and constructive amendment, together with
similar plans having similar objectives which
may be prepared by experts of other Governments.
On these terms it has been presented for
technical examination by experts of the U. S.
Government. On these terms also it has been
discussed in an informal and exploratory manner
with officials of the Governments of the Dominions and of India. These discussions were
on the expert plane, and did not commit the
Governments concerned in any way. It has
also been discussed with representatives of the
European Allies, and has been communicated to
representatives of the other United Nations.
508
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
not require a special economic or financial sacrifice from certain countries. No participant
must be asked to do or offer anything which is
not to his own true long-term interest.
It must be emphasized that it is not for the
Clearing Union to assume the burden of long
term lending which is the proper task of some
other institution. It is also necessary for it to
have the means of restraining improvident borrowers. But the Clearing Union must also seek
to discourage creditor countries from having
unused large liquid balances which ought to be
devoted to some positive purpose. For excessive credit balances necessarily create excessive
debit balances for some other party. In recognising that the creditor as well as the debtor
may be responsible for av want of balance, the
proposed institution would be breaking new
ground.
is exercised on any country whose balance
of payments with the rest of the world is
departing from equilibrium in either
direction, so as to prevent movements
which must create for its neighbours an
equal but opposite want of balance.
(e) We need an agreed plan for starting off
every country after the war with a stock
of reserves appropriate to its importance
in world commerce, so that without due
anxiety it can set its house in order during
the transitional period to full peace-time
conditions.
(f) We need a central institution, of a purely
technical and non-political character, to
aid and support other international institutions concerned with the planning and
regulation of the world's economic life.
(g) More generally, we need a means of reassurance to a troubled world, by which
I. The Objects of the Plan
any country whose own affairs are conducted with due prudence is relieved of
About the primary objects of an improved
anxiety, for causes which are not of its
system of International Currency there is, toown making, concerning its ability to
day, a wide measure of agreement:—
meet its international liabilities; and
(a) We need an instrument of international
which will, therefore, make unnecessary
currency having general acceptability
those methods of restriction and disbetween nations, so that blocked balances
crimination which countries have adopted
and bilateral clearings are unnecessary;
hitherto, not on their merits, but as
that is to say, an instrument of currency
measures of self-protection from disrupused by each nation in its transactions
tive outside forces.
with other nations, operating through
2.. There is also a growing measure of agreewhatever national organ, such as a
Treasury or a Central Bank, is most ap- ment about the general character of any solution
propriate, private individuals, businesses of the problem likely to be successful. The
and banks other than Central Banks, each particular proposals set forth below lay no
continuing to use their own national claim to originality. They are an attempt to
reduce to practical shape certain general ideas
currency as heretofore.
(F) We need an orderly and agreed method belonging to the contemporary climate of ecoof determining the relative exchange nomic opinion, which have been given publicity
values of national currency units, so that in recent months by writers of several different
unilateral action and competitive ex- nationalities. It is difficult to see how any
plan can be successful which does not use these
change depreciations are prevented.
(/) We need a quantum of international cur- general ideas, which are born of the spirit of
rency, which is neither determined in an the age. The actual details put forward below
unpredictable and irrelevant manner as, are offered, with no dogmatic intention, as the
for example, by the technical progress of basis of discussion for criticism and improvethe gold industry, nor subject to large ment. For we cannot make progress without
variations depending on the gold reserve embodying the general underlying idea in a
policies of individual countries; but is frame of actual working, which will bring out
governed by the actual current require- the practical and political difficulties to be faced
ments of world commerce, and is also and met if the breath of life is to inform it.
3. In one respect this particular plan will be
capable of deliberate expansion and contraction to offset deflationary and infla- found to be more ambitious and yet, at the same
tionary tendencies in effective world time, perhaps more workable than some of the
variant versions of the same basic idea, in that
demand.
(d) We need a system possessed of an internal it is fully international, being based on one
stabilising mechanism, by which pressure general agreement and not on a multiplicity of
JUNE 1943
5°9
POSTWAR INTERNATIONAL MONETARY STABILIZATION
bilateral arrangements. Doubtless proposals
might be made by which bilateral arrangements
could be fitted together so as to obtain some of
the advantages of a multilateral scheme. But
there will be many difficulties attendant on such
adjustments. It may be doubted whether a
comprehensive scheme will ever in fact be
worked out, unless it can come into existence
through a single act of creation made possible
by the unity of purpose and energy of hope for
better things to come, springing from the victory of the United Nations, when they have
attained it, over immediate evil. That these
proposals are ambitious is claimed, therefore to
be not a drawback but an advantage.
4. The proposal is to establish a Currency
Union, here designated an International Clearing
Union, based on international bank-money,
called (let us say) bancor, fixed (but not unalterably) in terms of gold and accepted as the
equivalent of gold by the British Commonwealth and the United States and all the other
members of the Union for the purpose of settling
international balances. The Central Banks of
all member States (and also of non-members)
would keep accounts with the International
Clearing Union through which they would be
entitled to settle their exchange balances with
one another at their par value as defined in terms
of bancor. Countries having a favourable
balance of payments with the rest of the world
as a whole would find themselves in possession
of a credit account with the Clearing Union,
and those having an unfavourable balance would
have a debit account. Measures would be
necessary (see below) to prevent the piling up
of credit and debit balances without limit, and
the system would have failed in the long run if
it did not possess sufficient capacity for selfequilibrium to secure this.
5. The idea underlying such a Union is simple,
namely, to generalise the essential principle of
banking as it is exhibited within any closed
system. This principle is the necessary equality
of credits and debits. If no credits can be removed outside the clearing system, but only
transferred within it, the Union can never be in
any difficulty as regards the honouring of
cheques drawn upon it. It can make what
advances it wishes to any of its members with
the assurance that the proceeds can only be
transferred to the clearing account of another
member. Its sole task is to see to it that its
members keep the rules and that the advances
made to each of them are prudent and advisable
for the Union as a whole.
510
II. The Provisions of the Plan
6. The provisions proposed (the particular proportions and other details suggested being
tentative as a basis of discussion) are the
following:—
(1) All the United Nations will be invited to
become original members of the International
Clearing Union. Other States may be invited
to join subsequently. If ex-enemy States are
invited to join, special conditions may be
applied to them.
(z) The Governing Board of the Clearing
Union shall be appointed by the Governments of
the several member States, as provided in (12.)
below; the daily business with the Union and
the technical arrangements being carried out
through their Central Banks or other appropriate authorities.
(3) The member States will agree between
themselves the initial values of their own currencies in terms of bancor. A member State
may not subsequently alter the value of its
currency in terms of bancor without the permission of the Governing Board except under
the conditions stated below; but during the first
five years after the inception of the system the
Governing Board shall give special consideration to appeals for an adjustment in the exchange
value of a national currency unit on the ground
of unforeseen circumstances.
(4) The value of bancor in terms of gold shall
be fixed by the Governing Board. Member
States shall not purchase or acquire gold,
directly or indirectly, at a price in terms of their
national currencies in excess of the parity which
corresponds to the value of their currency in
terms of bancor and to the value of bancor in
terms of gold. Their sales and purchases of
gold shall not be otherwise restricted.
(5) Each member State shall have assigned
to it a quota, which shall determine the measure
of its responsibility in the management of the
Union and of its right to enjoy the credit facilities provided by the Union. The initial quotas
might be fixed by reference to the sum of each
country's exports and imports on the average of
(say) the three pre-war years, and might be
(say) 75 per cent of this amount, a special assessment being substituted in cases (of which there
might be several) where this formula would be,
for any reason, inappropriate. Subsequently,
after the elapse of the transitional period, the
quotas should be revised annually in accordance
with the running average of each country's
actual volume of trade in the three preceding
years, rising to a five-year average when figures
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
for five post-war years are available. The determination of a country's quota primarily by
reference to the value of its foreign trade seems
to offer the criterion most relevant to a plan
which is chiefly concerned with the regulation
of the foreign exchanges and of a country's
international trade balance. It is, however, a
matter for discussion whether the formula for
fixing quotas should also take account of other
factors.
(6) Member States shall agree to accept payment of currency balances, due to them from
other members, by a transfer of bancor to their
credit in the books of the Clearing Union.
They shall be entitled, subject to the conditions
set forth below, to make transfers of bancor to
other members which have the effect of overdrawing their own accounts with the Union,
provided that the maximum debit balances thus
created do not exceed their quota. The Clearing Union may, at its discretion, charge a small
commission or transfer fee in respect of transactions in its books for the purpose of meeting
its current expenses or any other outgoings approved by the Governing Board.
(7) A member State shall pay to the Reserve
Fund of the Clearing Union a charge of 1 per
cent per annum on the amount of its average
balance in bancor, whether it is a credit or a
debit balance, in excess of a quarter of its quota;
and a further charge of 1 per cent on its average
balance, whether credit or debit, in excess of a
half of its quota. Thus, only a country which
keeps as nearly as possible in a state of international balance on the average of the year will
escape this contribution. These charges are
not absolutely essential to the scheme. But if
they are found acceptable, they would be
valuable and important inducements towards
keeping a level balance, and a significant indication that the system looks on excessive credit
balances with as critical an eye as on excessive
debit balances, each being, indeed, the inevitable
concomitant of the other. Any member State
in debit may, after consultation with the
Governing Board, borrow bancor from the
balances of any member State in credit on such
terms as may be mutually agreed, by which
means each would avoid these contributions.
The Governing Board may, at its discretion,
remit the charges on credit balances, and increase correspondingly those on debit balances,
if in its opinion unduly expansionist conditions
are impending in the world economy.
(8)—(a) A member State may not increase
its debit balance by more than a quarter of its
quota within a year without\he permission of
JUNE 1943
the Governing Board. If its debit balance has
exceeded a quarter of its quota on the average
of at least two years, it shall be entitled to
reduce the value of its currency in terms of
bancor provided that the reduction shall not
exceed 5 per cent without the consent of the
Governing Board; but it shall not be entitled to
repeat this procedure unless the Board is satisfied
that this procedure is appropriate.
(F) The Governing Board may require from
a member State having a debit balance reaching
a half of its quota the deposit of suitable collateral against its debit balance. Such collateral shall, at the discretion of the Governing
Board, take the form of gold, foreign or domestic currency or Government bonds, within the
capacity of the member State. As a condition
of allowing a member State to increase its debit
balance to a figure in excess of a half of its
quota, the Governing Board may require all or
any of the following measures:—
(i) a stated reduction in the value of the
member's currency, if it deems that to
be the suitable remedy;
(ii) the control of outward capital transactions if not already in force; and
(iii) the outright surrender of a suitable proportion of any separate gold or other
liquid reserve in reduction of its debit
balance.
Furthermore, the Governing Board may recommend to the Government of the member State
any internal measures affecting its domestic
economy which may appear to be appropriate
to restore the equilibrium of its international
balance.
(V) If a member State's debit balance has exceeded three-quarters of its quota on the average
of at least a year and is excessive in the opinion
of the Governing Board in relation to the total
debit balances outstanding on the books of the
Clearing Union, or is increasing at an excessive
rate, it may, in addition, be asked by the
Governing Board to take measures to improve
its position, and, in the event of its failing to
reduce its debit balance accordingly within two
years, the Governing Board may declare that
it is in default and no longer entitled to draw
against its account except with the permission
of the Governing Board.
(d) Each member State, on joining the system, shall agree to pay to the Clearing Union
any payments due from it to a country in default
towards the discharge of the latter's debit
balance and to accept this arrangement in the
event of falling into default itself. A member
State which resigns from the Clearing Union
511
POSTWAR INTERNATIONAL MONETARY STABILIZATION
without making approved arrangements for the
discharge of any debit balance shall also be
treated as in default.
(9) A member State whose credit balance
has exceeded half of its quota on the average of
at least a year shall discuss with the Governing
Board (but shall retain the ultimate decision
in its own hands) what measures would be
appropriate to restore the equilibrium of its
international balances, including—
(a) Measures for the expansion of domestic
credit and domestic demand.
(F) The appreciation of its local currency in
terms of bancor, or, alternatively, the
encouragement of an increase in money
rates of earnings.
(V) The reduction of tariffs and other discouragements against imports.
(tf) International development loans.
(10) A member State shall be entitled to obtain a credit balance in terms of bancor by paying
in gold to the Clearing Union for the credit of
its clearing account. But no one is entitled to
demand gold from the Union against a balance
of bancor, since such balance is available only
for transfer to another clearing account. The
Governing Board of the Union shall, however,
have the discretion to distribute any gold in
the possession of the Union between the members possessing credit balances in excess of a
specified proportion of their quotas, proportionately to such balances, in reduction of their
amount in excess of that proportion.
(11) The monetary reserves of a member
State, viz., the Central Bank or other bank or
Treasury deposits in excess of a working balance, shall not be held in another country
except with the approval of the monetary
authorities of that country.
(12.) The Governing Board shall be appointed
by the Governments of the member States,
those with the larger quotas being entitled to
appoint a member individually, and those with
smaller quotas appointing in convenient political or geographical groups, so that the members
would not exceed (say) 12. or 15 in number.
Each representative on the Governing Board
shall have a vote in proportion to the quotas
of the State (or States) appointing him, except
that on a proposal to increase a particular quota,
a representative's voting power shall be measured by the quotas of the member States appointing him, increased by their credit balance
or decreased by their debit balance, averaged
in each case over the past two years. Each
member State, which is not individually represented on the Governing Board, shall be en511
titled to appoint a permanent delegate to the
Union to maintain contact with the Board and
to act as liaison for daily business and for the
exchange of information with the Executive of
the Union. Such delegates shall be entitled to
be present at the Governing Board when any
matter is under consideration which specially
concerns the State he represents, and to take
part in the discussion.
(13) The Governing Board shall be entitled
to reduce the quotas of members, all in the same
specified proportion, if it seems necessary to
correct in this manner an excess of world purchasing power. In that event, the provisions of
6 (8) shall be held to apply to the quotas as so
reduced, provided that no member shall be
required to reduce his actual overdraft at the
date of the change, or be entitled by reason of
this reduction to alter the value of his currency
under 6 (8) (a), except after the expiry of two
years. If the Governing Board subsequently
desires to correct a potential deficiency of world
purchasing power, it shall be entitled to restore
the general level of quotas towards the original
level.
(14) The Governing Board shall be entitled
to ask and receive from each member State any
relevant statistical or other information, including a full disclosure of gold, external credit
and debit balances and other external assets
and liabilities, both public and private. So far
as circumstances permit, it will be desirable that
the member States shall consult with the
Governing Board on important matters of policy
likely to affect substantially their bancor balances or their financial relations with other
members.
(15) The executive offices of the Union shall
be situated in London and New York, with the
Governing Board meeting alternately in London
and Washington.
(16) Members shall be entitled to withdraw
from the Union on a year's notice, subject to
their making satisfactory arrangements to discharge any debit balance. They would not, of
course, be able to employ any credit balance
except by making transfers from it, either
before or after their withdrawal, to the Clearing
Accounts of other Central Banks. Similarly,
it should be within the power of the Governing
Board to require the withdrawal of a member,
subject to the same notice, if the latter is in
breach of agreements relating to the Clearing
Union.
(17) The Central Banks of non-member States
would be allowed to keep credit clearing accounts with the Union; and, indeed, it would be
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
advisable for them to do so for the conduct of
their trade with member States. But they
would have no right to overdrafts and no say
in the management.
(18) The Governing Board shall make an
annual Report and shall convene an annual
Assembly at which every member State shall be
entitled to be represented individually and to
move proposals. The principles and governing
rules of the Union shall be the subject of reconsideration after five years' experience, if a
majority of the Assembly desire it.
III. What Liabilities Ought the Plan to Place
on Creditor Countries?
7. It is not contemplated that either the debit
or the credit balance of an individual country
ought to exceed a certain maximum—let us say,
its quota. In the case of debit balances this
maximum has been made a rigid one, and, indeed, counter-measures are called for long before
the maximum is reached. In the case of credit
balances no rigid maximum has been proposed.
For the appropriate provision might be to
require the eventual cancellation or compulsory
investment of persistent bancor credit balances
accumulating in excess of a member's quota;
and, however desirable this may be in principle,
it might be felt to impose on creditor countries
a heavier burden than they can be asked to
accept before having had experience of the
benefit to them of the working of the plan as a
whole. If, on the other hand, the limitation
were to take the form of the creditor country
not being required to accept bancor in excess of
a prescribed figure, this might impair the general acceptability of bancor, whilst at the same
time conferring no real benefit on the creditor
country itself. For, if it chose to avail itself
of the limitation, it must either restrict its
exports or be driven back on some form of bilateral payments agreements outside the Clearing Union, thus substituting a less acceptable
asset for bancor balances which are based on the
collective credit of all the member States and
are available for payments to any of them, or
attempt the probably temporary expedient of
refusing to trade except on a gold basis.
8. The absence of a rigid maximum to credit
balances does not impose on any member State,
as might be supposed at first sight, an unlimited
liability outside its own control. The liability
of an individual member is determined, not by
the quotas of the other members, but by its
own policy in controlling its favourable balance
of payments. The existence of the Clearing
Union does not deprive a member State of any
JUNE 1943
of the facilities which it now possesses for receiving payment for its exports. In the absence
of the Clearing Union a creditor country can
employ the proceeds of its exports to buy goods
or to buy investments, or to make temporary
advances and to hold temporary overseas balances, or to buy gold in the market. All these
facilities will remain at its disposal. The difference is that in the absence of the ClearingUnion, more or less automatic factors come intoplay to restrict the volume of its exports after
the above means of receiving payment for them
have been exhausted. Certain countries become
unable to buy and, in addition to this, there is
an automatic tendency towards a general slump
in international trade, and, as a result, a reduction in the exports of the creditor country.
Thus, the effect of the Clearing Union is to give
the creditor country a choice between voluntarily curtailing its exports to the same extent
that they would have been involuntarily curtailed in the absence of the Clearing Union, or,,
alternatively, of allowing its exports to continue
and accumulating the excess receipts in the form
of bancor balances for the time being. Unless
the removal of a factor causing the involuntary
reduction of exports is reckoned a disadvantage,
a creditor country incurs no burden but is, on
the contrary, relieved, by being offered the
additional option of receiving payment for its
exports through the accumulation of a bancor
balance.
9. If, therefore, a member State asks what
governs the maximum liability which it incurs
by entering the system, the answer is that this
lies entirely within its own control. No more
is asked of it than that it should hold in bancor
such surplus of its favourable balance of payments as it does not itself choose to employ in
any other way, and only for so long as it does
not so choose.
IV. Some Advantages of the Plan
10. The plan aims at the substitution of an
expansionist, in place of a contractionist, pressure on world trade.
11. It effects this by allowing to each member
State overdraft facilities of a defined amount.
Thus each country is allowed a certain margin
of resources and a certain interval of time within
which to effect a balance in its economic relations with the rest of the world. These facilities are made possible by the constitution of the
system itself and do not involve particular indebtedness between one member State and
another. A country is in credit or debit with
the Clearing Union as a whole. This means
POSTWAR INTERNATIONAL MONETARY STABILIZATION
that the overdraft facilities, whilst a relief to
some, are not a real burden to others. For the
accumulation of a credit balance with the
Clearing Union would resemble the importation
of gold in signifying that the country holding it
is abstaining voluntarily from the immediate
use of purchasing power. But it would not
involve, as would the importation of gold, the
withdrawal of this purchasing power from
circulation or the exercise of a deflationary and
contractionist pressure on the whole world,
including in the end the creditor country itself.
Under the proposed plan, therefore, no country
suffers injury (but on the contrary) by the fact
that the command over resources, which it does
not itself choose to employ for the time being,
is not withdrawn from use. The accumulation
of bancor credit does not curtail in the least its
capacity or inducement either to produce or
to consume.
i i . In short, the analogy with a national
banking system is complete. No depositor in
a local bank suffers because the balances, which
he leaves idle, are employed to finance the
business of someone else. Just as the development of national banking systems served to offset
a deflationary pressure which would have prevented otherwise the development of modern
industry, so by extending the same principle
into the international field we may hope to offset
the contractionist pressure which might otherwise overwhelm in social disorder and disappointment the good hopes of our modern world.
The substitution of a credit mechanism in place
of hoarding would have repeated in the international field the same miracle, already performed in the domestic field, of turning a stone
into bread.
13. There might be other ways of effecting
the same objects temporarily or in part. For
example, the United States might redistribute
her gold. Or there might be a number of bilateral arrangements having the effect of providing international overdrafts, as, for example,
an agreement by the Federal Reserve Board to
accumulate, if necessary, a large sterling balance
at the Bank of England, accompanied by a great
number of similar bilateral arrangements,
amounting to some hundreds altogether, between these and all the other banks in the
world. The objection to particular arrangements of this kind, in addition to their greater
complexity, is that they are likely to be influenced by extraneous, political reasons; that
they put individual countries in a position of
particular obligation towards others; and that
the distribution of the assistance between dif-
5*4
ferent countries may not correspond to need and
to the real requirements, which are extremely
difficult to foresee.
14. It should be much easier, and surely more
satisfactory for all of us, to enter into a general
and collective responsibility, applying to all
countries alike, that a country finding itself in a
creditor position against the rest of the world as a
whole should enter into an arrangement not to
allow this credit balance to exercise a contractionist pressure against world economy and, by
repercussion, against the economy of the creditor
country itself. This would give everyone the
great assistance of multilateral clearing, whereby (for example) Great Britain could offset favourable balances arising out of her exports to
Europe against unfavourable balances due to
the United States or South America or elsewhere. How, indeed, can any country hope
to start up trade with Europe during the relief
and reconstruction period on any other terms?
15. The facilities offered will be of particular importance in the transitional period
after the war, as soon as the initial shortages of
supply have been overcome. Many countries
will find a difficulty in paying for their imports,
and will need time and resources before they
can establish a readjustment. The efforts of
each of these debtor countries to preserve its
own equilibrium, by forcing its exports and by
cutting off all imports which are not strictly
necessary, will aggravate the problems of all
the others. On the other hand, if each feels
free from undue pressure, the volume of international exchange will be increased and everyone will find it easier to re-establish equilibrium
without injury to the standard of life anywhere.
The creditor countries will benefit, hardly less
than the debtors, by being given an interval of
time in which to adjust their economies, during
which they can safely move at their own pace
without the result of exercising deflationary
pressure on the rest of the world, and by repercussion, on themselves.
16. It must, however, be emphasized that
the provision by which the members of the
Clearing Union start with substantial overdraft
facilities in hand will be mainly useful, just as
the possession of any kind of reserve is useful,
to allow time and method for necessary adjustments and a comfortable safeguard behind which
the unforeseen and the unexpected can be faced
with equanimity. Obviously, it does not by
itself provide any long-term solution against a
continuing disequilibrium, for in due course the
more improvident and the more impecunious,
left to themselves, would have run through
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY
STABILIZATION
their resources. But, if the purpose of the over- some disturbances of trade and unforeseen
draft facilities is mainly to give time for adjust- situations requiring special remedies.
ments, we have to make sure, so far as possible,
that they will be made. We must have, there- V. The Daily Management of the Exchanges
under the Plan
fore, some rules and some machinery to secure
19. The Clearing Union restores unfettered
that equilibrium is restored. A tentative attempt to provide for this has been made above. multilateral clearing between its members.
Perhaps it might be strengthened and im- Compare this with the difficulties and complications of a large number of bilateral agreeproved.
17. The provisions suggested differ in one ments. Compare, above all, the provisions by
important respect from the pre-war system be- which a country, taking improper advantage of
cause they aim at putting some part of the a payments agreement (for the system is, in fact,
responsibility for adjustment on the creditor a generalized payments agreement), as Germany
country as well as on the debtor. This is an did before the war, is dealt with not by a single
attempt to recover one of the advantages country (which may not be strong enough to
which were enjoyed in the nineteenth century, act effectively in isolation or cannot afford to
when a flow of gold due to a favourable balance incur the diplomatic odium of isolated action),
in favour of London and Paris, which were then but by the system as a whole. If the argument
the main creditor centres, immediately produced is used that the Clearing Union may have difan expansionist pressure and increased foreign ficulty in disciplining a misbehaving country
lending in those markets, but which has been and in avoiding consequential loss, with what
lost since New York succeeded to the position of much greater force can we urge this objection
main creditor, as a result of gold movements against a multiplicity of separate bilateral
failing in their effect, of the breakdown of inter- payments agreements.
national borrowing and of the frequent flight
2.0. Thus we should not only obtain the adof loose funds from one depository to another. vantages, without the disadvantages, of an
The object is that the creditor should not be international gold currency, but we might enjoy
allowed to remain entirely passive. For if he is, these advantages more widely than was ever
an intolerably heavy task may be laid on the possible in practice with the old system under
debtor country, which is already for that very which at any given time only a minority of
reason in the weaker position.
countries were actually working with free ex18. If, indeed, a country lacks the productive changes . In conditions of multilateral clearing,
capacity to maintain its standard of life,' then exchange dealings would be carried on as freely
a reduction in this standard is not avoidable. as in the best days of the gold standard, without
If its wage and price levels in terms of money its being necessary to ask anyone to accept
are out of line with those elsewhere, a change in special or onerous conditions.
the rate of its foreign exchange is inevitable.
2.1. The principles governing transactions are:
But if, possessing the productive capacity, it first, that the Clearing Union is set up, not for
lacks markets because of restrictive policies the transaction of daily business between indithroughout the world, then the remedy lies in vidual traders or banks, but for the clearing
expanding its opportunities for export by re- and settlement of the ultimate outstanding
moval of the restrictive pressure. We are too balances between Central Banks (and certain
ready to-day to assume the inevitability of un- other super-national Institutions), such as
balanced trade positions, thus making the would have been settled under the old gold
opposite error to those who assumed the standard by the shipment or the earmarking of
tendency of exports and imports to equality. gold, and should not trespass unnecessarily
It used to be supposed, without sufficient reason, beyond this field; and, second, that its purpose
that effective demand is always properly ad- is to increase freedom in international commerce
justed throughout the world; we now tend to and not to multiply interferences or compulsions.
assume, equally without sufficient reason, that
2.2.. Many Central Banks have found great
it never can be. On the contrary, there is great advantage in centralising with themselves or
force in the contention that, if active employ- with an Exchange Control the supply and dement and ample purchasing power can be sus- mand of all foreign exchange, thus dispensing
tained in the main centres or the world trade, with an outside exchange market, though conthe problem of surpluses and unwanted exports tinuing to accommodate individuals through the
will largely disappear, even though, under the existing banks and not directly. The further
most prosperous conditions, there may remain extension of such arrangements would be
JUNE 1943
POSTWAR INTERNATIONAL MONETARY STABILIZATION
consonant with the general purposes of the Clearing Union, inasmuch as they would promote
order and discipline in international exchange
transactions in detail as well as in general. The
same is true of the control of capital movements,
further described below, which many States are
likely to wish to impose on their own nationals.
But the structure of the proposed Clearing
Union does not require such measures of centralisation or of control on the part of a member
State. It is, for example, consistent alike with
the type of Exchange Control now established
in the United Kingdom or with the system now
operating in the United States. The Union
does not prevent private holdings of foreign
currency or private dealings in exchange or
international capital movements, if these have
been approved or allowed by the member
States concerned. Central Banks can deal
direct with one another as heretofore. No
transaction in bancor will take place except
when a member State or its Central Bank is
exercising the right to pay in it. In no case is
there any direct control on capital movements
by the Union, even in the case of 6 (8) (F) (ii)
above, but only by the member States themselves
through their own institutions. Thus the
fabric of international banking organisation,
built up by long experience to satisfy practical
needs, would be left as undisturbed as possible.
i3. It is not necessary to interfere with the
discretion of countries which desire to maintain
a special intimacy within a particular group of
countries associated by geographical or political
ties, such as the existing sterling area, or
groups, like the Latin Union of former days,
which may come into existence covering, for
example, the countries of North America or
those of South America, or the groups now
under active discussion, including Poland and
Czechoslovakia or certain of the Balkan States.
There is no reason why such countries should
not be allowed a double position, both as
members of the Clearing Union in their own
right with their proper quota, and also as
making use of another financial centre along
traditional lines, as, for example, Australia
and India with London, or certain American
countries with New York. In this case, their
accounts with the Clearing Union would be in
exactly the same position as the independent
gold reserves which they now maintain, and.
they would have no occasion to modify in any
way their present practices in the conduct of
daily business.
2.4. There might be other cases, however, in
which a dependency or a member of a federal
516
union would merge its currency identity in that
of a mother country, with a quota appropriately
adjusted to the merged currency area as a whole,
and not enjoy a separate individual membership
of the Clearing Union, as, for example, the
States of a Federal Union, the French colonies
or the British Crown Colonies.
15. At the same time countries, which do not
belong to a special geographical or political
group, would be expected to keep their reserve
balances with the Clearing Union and not with
one another. It has, therefore, been laid down
that balances may not be held in another
country except with the approval of the monetary authorities of that country; and, in order
that sterling and dollars might not appear to
compete with bancor for the purpose of reserve
balances, the United Kingdom and the United
States might agree together that they would not
accept the reserve balances of other countries in
excess of normal working balances except in
the case of banks definitely belonging to a
Sterling Area or Dollar Area group.
VI. The Position of Gold under the Plan
2.6. Gold still possesses great psychological
value which is not being diminished by current
events; and the desire to possess a gold reserve
against unforeseen contingencies is likely to
remain. Gold also has the merit of providing
in point of form (whatever the underlying
realities may be) an uncontroversial standard
of value for international purposes, for which it
would not yet be easy to find a serviceable substitute. Moreover, by supplying an automatic
means for settling some part of the favourable
balances of the creditor countries, the current
gold production of the world and the remnant
of gold reserves held outside the United States
may still have a useful part to play. Nor is it
reasonable to ask the United States to demonetise the stock of gold which is the basis
of its impregnable liquidity. What, in the
long run, the world may decide to do with gold
is another matter. The purpose of the Clearing
Union is to supplant gold as a governing factor,
but not to dispense with it.
2.7. The international bank-money which we
have designated bancor is defined in terms of a
weight of gold. Since the national currencies
of the member States are given a defined exchange value in terms of bancor, it follows that
they would each have a defined gold content
which would be their official buying price for
gold, above which they must not pay. The
fact that a member State is entitled to obtain a
credit in terms of bancor by paying actual gold
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
to the credit of its clearing account, secures a
steady and ascertained purchaser for the output
of the gold-producing countries, and for countries holding a large reserve of gold. Thus the
position of producers and holders of gold is
not affected adversely, and is, indeed, improved.
28. Central Banks would be entitled to retain
their separate gold reserves and ship gold to
one another, provided they did not pay a price
above parity; they could coin gold and put it
into circulation, and, generally speaking, do
what they liked with it.
2.9. One limitation only would be, for obvious reasons, essential. No member State
would be entitled to demand gold from the
Clearing Union against its balance of bancor;
for bancor is available only for transfer to
another clearing account. Thus between gold
and bancor itself there would be a one-way
convertibility, such as ruled frequently before
the war with national currencies which were
on what was called a "gold exchange standard."
This need not mean that the Clearing Union
would only receive gold and never pay it out.
It has been provided above that, if the Clearing
Union finds itself in possession of a stock of gold,
the Governing Board shall have discretion to
distribute the surplus between those possessing
credit balances in bancor, proportionately to
such balances, in reduction of their amount.
30. The question has been raised whether
these arrangements are compatible with the
retention by individual member States of a full
gold standard with two-way convertibility, so
that, for example, any foreign central bank acquiring dollars could use them to obtain gold
for export. It is not evident that a good purpose would be served by this. But it need not
be prohibited, and if any member State should
prefer to maintain full convertibility for internal
purposes it could protect itself from any abuse
of the system or inconvenient consequences by
providing that gold could only be exported
under licence.
31. The value of bancor in terms of gold is
fixed but not unalterably. The power to vary
its value might have to be exercised if the stocks
of gold tendered to the Union were to be excessive. No object would be served by attempting
further to peer into the future or to prophesy
the ultimate outcome.
VII. The Control of Capital Movements
32. There is no country which can, in future,
safely allow the flight of funds for political
reasons or to evade domestic taxation or in
anticipation of the owner turning refugee.
JUNE 1943
Equally, there is no country that can safely
receive fugitive funds, which constitute an
unwanted import of capital, yet cannot safely
be used for fixed investment.
33. For these reasons it is widely held that
control of capital movements, both inward and
outward, should be a permanent feature of the
post-war system. It is an objection to this
that control, if it is to be effective, probably requires the machinery of exchange control for all
transactions, even though a general permission
is given to all remittances in respect of current
trade. Thus those countries which have for
the time being no reason to fear, and may
indeed welcome, outward capital movements,
may be reluctant to impose this machinery,
even though a general permission for capital,
as well as current transactions reduces it to being
no more than a machinery of record. On the
other hand, such control will be more difficult
to work by unilateral action on the part of those
countries which cannot afford to dispense with
it, especially in the absence of a postal censorship, if movements of capital cannot be controlled at both ends. It would, therefore, be of
great advantage if the United States, as well as
other members of the Clearing Union, would
adopt machinery similar to that which the
British Exchange Control has now gone a long
way towards perfecting. Nevertheless, the
universal establishment of a control of capital
movements cannot be regarded as essential to
the operation of the Clearing Union; and the
method and degree of such control should
therefore be left to the decision of each member
State. Some less drastic way might be found
by which countries, not themselves controlling
outward capital movements can deter inward
movements not approved by the countries from
which they originate.
34. The position of abnormal balances in
overseas ownership held in various countries
at the end of the war presents a problem of considerable importance and special difficulty.
A country in which a large volume of such
balances is held could not, unless it is in a
creditor position, afford the risk of having to
redeem them in bancor on a substantial scale,
if this would have the effect of depleting its
bancor resources at the outset. At the same
time, it is very desirable that the countries
owning these balances should be able to regard
them as liquid, at any rate over and above the
amounts which they can afford to lock up under
an agreed programme of funding or long-term
expenditure. Perhaps there should be some
special over-riding provision for dealing with
POSTWAR INTERNATIONAL MONETARY STABILIZATION
the transitional period only by which, through
the aid of the Clearing Union, such balances
would remain liquid and convertible into
bancor by the creditor country whilst there
would be no corresponding strain on the bancor
resources of the debtor country, or, at any rate,
the resulting strain would be spread over a
period.
35. The advocacy of a control of capital
movements must not be taken to mean that the
era of international investment should be
brought to an end. On the contrary, the
system contemplated should greatly facilitate
the restoration of international loans and credits
for legitimate purposes in ways to be discussed
below. The object, and it is a vital object,
is to have a means—
(a) of distinguishing long-term loans by
creditor countries, which help to maintain
equilibrium and develop the world's
resources, from movements of funds out
of debtor countries which lack the means
tofinancethem; and
(F) of controlling short-term speculative
movements or flights of currency whether
out of debtor countries or from one
creditor country to another.
36. It should be emphasised that the purpose
of the overdrafts of bancor permitted by the
Clearing Union is, not to facilitate long-term,
or even medium-term, credits to be made by
debtor countries which cannot afford them, but
to allow time and a breathing space for adjustments and for averaging one period with
another to all member States alike, whether in
the long run they are well-placed to develop a
forward international loan policy or whether
their prospects of profitable new development
in excess of their own resources justifies them
in long-term borrowing. The machinery and
organisation of international medium-term and
long-term lending is another aspect of post-war
economic policy, not less important than the
purposes which the Clearing Union seeks to
serve, but requiring another, complementary
institution.
VIII. Relation of the Clearing Union to Commercial Policy
37. The special protective expedients which
were developed between the two wars were
sometimes due to political, social or industrial
reasons. But frequently they were nothing
more than forced and undesired dodges to protect an unbalanced position of a country's
overseas payments. The new system, by helping to provide a register of the size and where518
abouts of the aggregate debtor and creditor
positions respectively, and an indication whether
it is reasonable for a particular country to adopt
special expedients as a temporary measure to
assist in regaining equilibrium in its balance of
payments, would make it possible to establish
a general rule not to adopt them, subject to
the indicated exceptions.
3 8. The existence of the Clearing Union would
make it possible for member States contracting
commercial agreements to use their respective
debit and credit positions with the Clearing
Union as a test, though this test by itself would
not be complete. Thus, the contracting parties, whilst agreeing to clauses in a commercial
agreement forbidding, in general, the use of
certain measures or expedients in their mutual
trade relations, might make this agreement
subject to special relaxations if the state of
their respective clearing accounts satisfied an
agreed criterion. For example, an agreement
might provide that, in the event of one of the
contracting States having a debit balance with
the Clearing Union exceeding a specified proportion of its quota on the average of a period,
it should be free to resort to import regulation,
to barter trade agreements, or to higher import
duties of a type which was restricted under
the agreement in normal circumstances. Protected by the possibility of such temporary indulgences, the members of the Clearing. Union
should feel much more confidence in moving
towards the withdrawal of other and more
dislocating forms of protection and discrimination and in accepting the prohibition of the
worst of them from the outset. In any case,
it should be laid down that members of the
Union would not allow or suffer among themselves any restrictions on the disposal of receipts
arising out of current trade or "invisible"
income.
IX. The Use of the Clearing Union for Other
International Purposes
39. The Clearing Union might become the instrument and the support of international
policies in addition to those which it is its
primary purpose to promote. This deserves
the greatest possible emphasis. The Union
might become the pivot of the future economic
government of the world. Without it, other
more desirable developments willfindthemselves
impeded and unsupported. With it, they will
fall into their place as parts of an ordered
scheme. No one of the following suggestions
is a necessary part of the plan. But they are
illustrations of the additional purposes of high
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
importance and value which the Union, once
established, might be able to serve:—
( i ) The Union might set up a clearing account
in favour of international bodies charged with
post-war relief, rehabilitation and reconstruction. But it could go much further than this.
For it might supplement contributions received from other sources by granting preliminary overdraft facilities in favour of these
bodies, the overdraft being discharged over a
period of years out of the Reserve Fund of the
Union, or, if necessary, out of a levy on surplus
credit balances. So far as this method is
adopted it would be possible to avoid asking
any country to assume a burdensome commitment for relief and reconstruction, since the
resources would be provided in the first instance
by those countries having credit clearing accounts for which they have no immediate use
and are voluntarily leaving idle, and in the
long run by those countries which have a
chronic international surplus for which they
have no beneficial employment.
(2.) The Union might set up an account in
favour of any supernational policing body
which may be charged with the duty of preserving the peace and maintaining international
order. If any country were to infringe its
properly authorised orders, the policing body
might be entitled to request the Governors of
the Clearing Union to hold the clearing account
of the delinquent country to its order and
permit no further transactions on the account
except by its authority. This would provide
an excellent machinery for enforcing a financial
blockade.
(3) The Union might set up an account in
favour of international bodies charged with the
management of a Commodity Control, and
might finance stocks of commodities held by
such bodies, allowing them overdraft facilities
on their accounts up to an agreed maximum.
By this means the financial problem of buffer
stocks and "ever-normal granaries" could be
effectively attacked.
(4) The Union might be linked up with a
Board for International Investment. It might
act on behalf of such a Board and collect for
them the annual service of their loans by automatically debiting the clearing account of the
country concerned. The statistics of the clearing accounts of the member States would give
a reliable indication as to which countries were
in a position to finance the Investment Board,
with the advantage of shifting the whole
system of clearing credits and debits nearer to
equilibrium.
JUNE 1943
(5) There are various methods by which the
Clearing Union could use its influence and its
powers to maintain stability of prices and to
control the Trade Cycle. If an International
Economic Board is established, this Board and
the Clearing Union might be expected to work
in close collaboration to their mutual advantage.
If an International Investment or Development
Corporation is also set up together with a
scheme of Commodity Controls for the control
of stocks of the staple primary products, we
might come to possess in these three Institutions
a powerful means of combating the evils of
the Trade Cycle, by exercising contractionist
or expansionist influence on the system as a
whole or on particular sections. This is a
large and important question which cannot be
discussed adequately in this paper; and need
not be examined at length in this place because
it does not raise any important issues affecting
the fundamental constitution of the proposed
Union. It is mentioned here to complete the
picture of the wider purposes which the foundation of the Clearing Union might be made to
serve.
40. The facility of applying the Clearing
Union plan to these several purposes arises out
of a fundamental characteristic which is worth
pointing out, since it distinguishes the plan
from those proposals which try to develop
the same basic principle along bilateral lines
and is one of the grounds on which the Plan
can claim superior merit. This might be described as its "anonymous" or "impersonal"
quality. No particular member States have to
engage their own resources as such to the
support of other particular States or of any
of the international projects or policies adopted.
They have only to agree in general that, if they
find themselves with surplus resources which
for the time being they do not themselves wish
to employ, these resources may go into the
general pool and be put to work on approved
purposes. This costs the surplus country nothing because it is not asked to part permanently,
or even for any specified period, with such
resources, which it remains free to expend and
employ for its own purposes whenever it
chooses; in which case the burden of finance is
passed on to the next recipient, again for only
so long as the recipient has no use for the
money. As pointed out above, this merely
amounts to extending to the international
sphere the methods of any domestic banking
system, which are in the same sense "impersonal" inasmuch as there is no call on the
particular depositor either to support as such
POSTWAR INTERNATIONAL MONETARY STABILIZATION
the purposes for which his banker makes
advances or to forgo permanently the use of
his deposit. There is no countervailing objection except that which applies equally to
the technique of domestic banking, namely
that it is capable of the abuse of creating excessive purchasing power and hence an inflation
of prices. In our efforts to avoid the opposite
evil, we must not lose sight of this risk, to
which there is an allusion in 39 (5) above. But
it is no more reason for refusing the advantages
of international banking than the similar risk
in the domestic field is a reason to return to the
practices of the seventeenth century goldsmiths
(which are what we are still following in the
international field) and to forgo the vast expansion of production which banking principles
have made possible. Where financial contributions are required for some purpose of general
advantage it is a great facility not to have to
ask for specific contributions from any named
country, but to depend rather on the anonymous
and impersonal aid of the system as a whole.
We have here a genuine organ of truly international government.
X. The Transitional Arrangements
41. It would be of great advantage to agree
the general principles of the Clearing Union
before the end of the war, with a view to
bringing it into operation at an early date
after the termination of hostilities. Major
plans will be more easily brought to birth in the
first energy of victory and whilst the active
spirit of united action still persists, than in
days of exhaustion and reaction from so much
effort which may well follow a little later.
Such a proposal presents, however, something
of a dilemma. On the one hand, many countries will be in particular need of reserves of
overseas resources in the period immediately
after the war. On the other hand, goods will
be in short supply and the prevention of inflationary international conditions of much more
importance for the time being than the opposite.
The expansionist tendency of the plan, which is
a leading recommendation of it as soon as
peace-time output is restored and the productive
capacity of the world is in running order, might
be a danger in the early days of a sellers' market
and an excess of demand over supply.
41. A reconciliation of these divergent purposes is not easily found until we know more
than is known at present about the means to be
adopted to finance post-war relief and reconstruction. If the intention is to provide
resources on liberal and comprehensive lines
510
outside the resources made available by the
Clearing Union and additional to them, it
might be better for such specific aid to take the
place of the proposed overdrafts during the
"relief" period of (say) two years. In this
case credit clearing balances would be limited
to the amount of gold delivered to the Union,
and the overdraft facilities created by the
Union in favour of the Relief Council, the
International Investment Board or the Commodity Controls. Nevertheless, the immediate
establishment of the Clearing Union would not
be incompatible with provisional arrangements,
which could take alternative forms according
to the character of the other "relief" arrangements, qualifying and limiting the overdraft
quotas. Overdraft quotas might be allowed
on a reduced scale during the transitional
period. Or it might be proper to provide that
countries in receipt of relief or Lend-Lease
assistance should not have access at the same
time to overdraft facilities, and that the latter
should only become available when the former
had come to an end. If, on the other hand,
relief from outside sources looks like being
inadequate from the outset, the overdraft
quotas may be even more necessary at the outset
than later on.
43. We must not be over-cautious. A rapid
economic restoration may lighten the tasks
of the diplomatists and the politicians in the
resettlement of the world and the restoration
of social order. For Great Britain and other
countries outside the "relief" areas the possibility of exports sufficient to sustain their
standard of life is bound up with good and
expanding markets. We cannot afford to wait
too long for this, and we must not allow excessive caution to condemn us to perdition.
Unless the Union is a going concern, the problem
of proper "timing" will be nearly insoluble.
It is sufficient at this stage to point out that
the problem of timing must not be overlooked,
but that the Union is capable of being used so
as to aid rather than impede its solution.
XI. Conclusion
44. It has been suggested that so ambitious
a proposal is open to criticism on the ground
that it requires from the members of the Union
a greater surrender of their sovereign rights
than they will readily concede. But no greater
surrender is required than in a commercial
treaty. The obligations will be entered into
voluntarily and can be terminated on certain
conditions by giving notice.
45. A greater readiness to accept superFEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
national arrangements must be required in the
post-war world. If the arrangements proposed
can be described as a measure of financial disarmament, there is nothing here which we need
be reluctant to accept ourselves or to ask of
others. It is an advantage, and not a disadvantage, of the scheme that it invites the
member States to abandon that licence to pro-
JUNE 1943
mote indiscipline, disorder and bad-neighbourliness which, to the general disadvantage, they
have been free to exercise hitherto,
46. The plan makes a beginning at the future
economic ordering of the world between nations
and "the winning of the peace." It might
help to create the conditions and the atmosphere
in which much else would be made easier.
52.1
CURRENT EVENTS '
Federal Reserve Meetings
A meeting of the Federal Open Market Committee was held on May 15, 1943.
The Federal Advisory Council held its second
meeting of the year on May 2.3-2.4, 1943. On
May 14 the members of the Council met with the
Board of Governors.
Appointment of Class C Director
The Board of Governors of the Federal Reserve
System on May 10, 1943 announced the appointment of Mr. Lyle L. Hague, Cherokee, Oklahoma, as Class C Director of the Federal Reserve
Bank of Kansas City for the unexpired portion
of the term ending December 31, 1945. Mr.
Hague owns and operates a farm in Alfalfa
County, Oklahoma.
Election of Class B Director
The Federal Reserve Bank of Chicago on May
18, 1943 announced the election of Mr. William
C. Heath, President, A. O. Smith Corporation,
Milwaukee, Wisconsin, as a Class B director of
the Federal Reserve Bank of Chicago to fill the
unexpired portion of the term ending December
31* 1945Appointment of Branch Directors
On May 17, 1943 the Board of Governors of
the Federal Reserve System announced the appointment of Mr. Charles S. Lee of Oviedo,
Florida, as a director of the Jacksonville Branch
of the Federal Reserve Bank of Atlanta for the
unexpired portion of the term ending December
31, 1945. Mr. Lee is engaged in farming and
cattle raising.
The Board on May 14, 1943 announced the
appointment of Mr. W. C. Arthur, President
of Talon, Inc., Meadville, Pennsylvania, as a
director of the Pittsburgh Branch of the Federal
Reserve Bank of Cleveland for the unexpired
portion of the term ending December 31, 1944.
Admissions of State Banks to Membership
The following State banks were admitted to
membership in the Federal Reserve System dur-
ing the period April 16, 1943 to May 15, 1943,
inclusive:
District of Columbia
Anacostia—The Anacostia Bank, Anacostia,
D. C.
Illinois
Chicago—Austin State Bank
Forest Park—First State Bank of Forest Park
Melvin—Commercial State Bank of Melvin
Sidell—Sidell State Bank
Indiana
New Albany—Mutual Trust and Deposit Company
Michigan
Leslie—The Peoples Bank of Leslie
Montana
Havre—The Hill County State Bank of Havre
New York
Gouverneur—Bank of Gouverneur
Ohio
And over—The And over Bank
Delta—The Farmers State Savings Bank
Elyria—The Lorain County Savings & Trust
Company
Fayette—The Farmers State Bank Company
McClure—The Farmers State Bank of McClure, Ohio
Stryker—The Farmers State Bank of Stryker
Wauseon—The Peoples State Bank
Pennsylvania
Walnutport—Walnutport State Bank
Texas
Avinger—The First State Bank
Utah
Tremonton—Bear River State Bank
Virginia
Boydton—Farmers Bank of Boydton
Clarksville—Citizens Bank and Trust Company
of Clarksville
Washington
Chelan—Miners' and Merchants' Bank
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled May ig and released for -publication May 22. Figures shoivn on
charts may differ from preliminary figures used in text.
in April, while output of dairy products and
other manufactured food products was maintained. Volume of output in chemical plants
continued to gain. Production of other nondurable manufactures showed little change.
There was a decline in bituminous coal production in the last week of April, following the
breaking off of negotiations for a new wage
contract, but output increased in the early part
of May. Production of coal in March had been
at an exceptionally high level. Stocks on May
1 were considerably higher than a year ago and
for bituminous coal were estimated to be
equivalent to 55 days' supply for industrial purposes. In May the Government took over the
bituminous coal mines.
Value of construction contracts awarded declined in April, reflecting reductions in contracts
for Federal work, according to the F. W. Dodge
Corporation. Total residential awards in
March and April were at the lowest levels for
these months in a number of years.
Industrial activity in April and the early part
of May increased somewhat further, and retail
trade was maintained in large volume.
INDUSTRIAL PRODUCTION
The Board's index of total industrial output
rose slightly in April, reflecting further increases
in activity in war industries, while output in
most other lines showed little change.
Production of armaments in the machinery
and transportation equipment industries rose to
new high levels. Activity at steel mills increased somewhat further. Lumber production
showxd the usual seasonal rise in April and was
at a level about 10 per cent less than a year ago,
when problems of maintaining an adequate labor
supply in the industry began to develop, la
the cement industry, where production usually
advances sharply during the spring months,
production has shown little change this year,
reflecting chiefly the restricted volume of current
construction activity.
Total output of manufactured foods in April
continued below the seasonally adjusted peak
level reached at the end of last year. Meatpacking and flour production showed decreases
INDUSTRIAL
PER CENT
PHYSICAL
VOLUME
SEASONALLY
DISTRIBUTION
Sales at department and variety stores increased in April, but the rise was less than
DEPARTMENT STORE SALES AND STOCKS
PRODUCTION
ADJUSTED, 1935 - 39 • 100
ER CENT
f
PER
220
220
180
200
200
|60
180
160
140
f
1 20
1 00
\
/
J
/
/
180
1 60
120
1 40
100
1 20
80
1 00
60
/
8Q
80
1937
1
1938
1939
1940
1941
1942
1943
Federal Reserve index. Monthly figures, latest shown is for April.
JUNE
140
1943
1937
1938
1939
1940
1941
1942
Federal Reserve indexes. Monthly figures, latest shown are for April.
NATIONAL SUMMARY OF BUSINESS CONDITIONS
usually occurs when Easter falls late in the
month. Mail-order sales, principally to persons in small towns and rural areas, showed
about the usual seasonal rise. Value of sales
in April continued at a level substantially higher
than a year ago but, with prices higher, the
physical volume of goods sold was probably
about the same as in the corresponding period
last year.
Carloadings of revenue freight were maintained in large volume in April and the first
week of May. Ore shipments showed a seasonal
rise beginning in the last half of April, a month
later than in 1941 when the movement was
unusually early.
COMMODITY PRICES
Wholesale prices of most commodities showed
little change from the middle of April to the
middle of May. Retail food prices continued
to advance sharply in the latter part of March
and the early part of April and the indexes
showed increases of 6 per cent as compared with
January. Retail prices of most other items in
the cost of living showed smaller increases in
that period. Plans for more effective enforcement of price ceilings have been announced.
BANK CREDIT
During May, as the Treasury made disbursements out of war loan accounts, which had been
built up during the recent drive, there was a
growth of bank deposits subject to reserve requirements and a decrease in member bank excess
reserves. Continued withdrawals of currency
also reduced bank reserves. Nevertheless, the
reserves of member banks were sufficient to enable them to make substantial repurchases of
bills which had been sold to the Reserve Banks
under option. In addition, the Federal Reserve
System sold some bonds in response to a market
demand.
Government security holdings at reporting
member banks in 101 leading cities increased by
4.3 billion dollars in the four weeks ending
May ix. These increases reflected purchases of
new issues during the War Loan Drive, as well
as substantial market purchases.
In New York City, loans to brokers and dealers for purchasing or carrying securities increased
by 860 million dollars during the three weeks of
the War Loan Drive, and subsequently declined
in the first three weeks of May; these changes
reflected almost entirely activity in loans for
purchasing or carrying Government securities,
which on May 19 amounted to 580 million
dollars of the total 1,02.0 million dollars outstanding; other loans to brokers and dealers by
New York City banks rose by 90 million dollars
from the end of March to May 19.
COST OF LIVING
MEMBER BANK RESERVES
60
-
150
-
14
40
140
J
130
12
j
/
20
10
y
120
/f A -L
REQUIRE 0 RESERVES}
8
FOODS ,
10
-
130
110
ITEMS
6
100
i90
1
80
1937
1938
1940
1941
1942
1943
Bureau of Labor Statistics' indexes. Last month in each calendar
quarter through September 1940, monthly thereafter. Mid-month
figures, latest shown are for April.
4
2
- s**
-
s
-
(CESS RESERVE
1E>
Breakdown between required and excess reserves partly estimated.
Wednesday figures, latest shown are for May 19.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items
517
Federal Reserve Bank discount rates; rates on time deposits, reserve
requirements, margin requirements
Federal Reserve Bank statistics
e
Guaranteed war production loans
5x8
52-9—533
533
Reserve position of member banks; deposits in larger and smaller
centers
534
M o n e y in circulation
535
Gold stock; Postal Savings System; bank suspensions; bank d e b i t s . . .
All banks in the United States, number, deposits, loans and investments
536
Condition of all member banks
537
538—539
e
Weekly reporting member banks
54°~543
Commercial paper, bankers* acceptances, and brokers' balances...
544
Money rates and bond yields
545
,
Security markets
546-547
Corporate profits
548
Treasury finance
Government corporations and credit agencies
549—551
552.
Business indexes
553~5^ 1
Department store statistics
562.-563
Consumer credit statistics
564-565
Wholesale prices
566
Employment in nonagricultural establishments. . .
567
Current statistics for Federal Reserve chart book
568-569
Condition of insured commercial banks in United States and possessions, Dec. 31, I 942. and June 30, 1941
570
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.
JUNE 1943
515
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
24
24
16
12
1937
1938
1939
1940
1941
1942
1943
Latestfiguresfor May 19. See page 527.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Keserve tfanK credit out standing
U. S. Government
securities
Date
Bills
discounted
Treasury
bills
and
certificates
All
other
2,249
2,252
29
2,2755,753 2,013
6,105 2,871
6,372 3',346
7
16
13
13
2,262
2,244
2,357
5,871
5,919
6,455
3
3
4
5
5
5
12
19
26
Sept. 2
Sept. 9
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Nov. 4
Nov. 11
Nov. 18
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
Gold
stock
TreasOther
deTreas- ury
Fedposits Nonury
eral
with
memcash Federal
Reber de- serve
holdReposits
ings
acserve
counts
Banks
Treasury
currency
outstanding
Money
in circulation
3,263
3,272
3,281
3,897
3,975
4^002
11,328
11,507
11,645
15,837
16,148
16^448
2,189
2,172
2,178
2,211
2 217
2^231
377
244
197
212
g
276
1,292
1,318
1,428
1,177
1 164
1,'296
All
other i
Total
2,249
2,252
2,246
3,740
3,234
3,026
136
134
151
330
372
373
2,389
2,393
2,432
6,094
6,487
6*, 758
22,729
22,696
22,679
22,648
22,618
22,511
2,264
2,936
3,427
2,262
2,244
2,265
3,607
2,983
3,028
144
102
105
410
260
378
2,412
2,355
2,468
6,296
6.191
6,846
22,705
22,687
22,691
22,644
22,576
22,473
3,268
3,277
3,289
3,946
3,989
4,012
11,485
11,566
11,767
16,088
16,250
16,660
2,172
2,190
2,182
2,221
2,224
2,235
567
289
201
131
55
557
2,728
2,909
3,038
3,047
3,110
391
553
673
679
743
2,337
2,356
2,365
2,367
2,367
142
157
185
144
122
2,873
3,069
3,227
3,196
3,237
22,739
22,740
22,742
22,745
22,746
3,314
3,315
3,319
3,321
3,322
12,416
12,489
12,502
12,546
12,647
2,195
2,190
2,201
2,223
2,224
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
9
13
10
9
8
3,388
3,502
3,573
3,395
3,567
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
8
11
1,104
1,101
1,111
1,137
2,488
2,708
3,114
3,304 i
184
222
261
9
3,592
3,809
4,225
4,441
3,784
4,042
4,494
4,578
22,756
22,758
22,745
22,739
11
10
8
10
4,551
4,658
4,695
4,843
1,064
1,113
1,091
1,117
3,486 ! 119
256
3,545
343
3,603
3,725 I 229
4,680
4,925
5,045
5,083
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
311
3,923
4,051 ! 258
508
4,077
655
4,112
435
4 133
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
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3 . . . . . . .
Mar. 10
Mar. 17
Mar. 24......
Mar. 31
9
13
9
11
5,475
5,719
5,795
5,931
1,588
1,939
2,083
2,275
12
9
10
10
13
5,800
6,090
6,266
5,950
5,919
Apr.
Apr.
Apr.
Apr.
7..
14
21
28
13
12
11
26
May 5 . . . . . . .
May 12
May 19
15
25
10
Monthly averages of
daily figures:
1942—Feb....
Mar.........
Apr
1943—Feb....
Mar..
Apr.
End of month figures:
1942-Feb. 28 . . . .
Mar. 31
Apr. 30
1943—Feb. 27 . . . . .
Mar. 31
Apr. 30
Wednesday figures:
1942-July 1
Julv 8
July 1 5 . . . . . .
July 22
July 29
Aug.
Aug.
Aug.
Aug.
1943—Jan.
Jan.
Jan.
Jan.
6.
13
20
27
4
6
7
11
10
14
5
9
7
Member
bank reserve
balances
Total
Excess2
288
291
295
270
287
303
12,908
12,827
12,649
12,933
13 2S5
12//17
3,309
3,147
2,951
1,712
1 884
l',949
1,255
1,405
1,345
1,111
1,166
1,369
287
296
295
269
303
306
12,619
12,575
12,658
13,067
12,759
12,204
2,969
3,073
2,791
1,925
1,518
2,315
485
548
946
298
183
1,341
1,353
1,302
1,347
1,411
297
297
295
295
296
12,192
12,246
12,042
12,551
12,545
2,259
2,322
2,065
2,296
2,196
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
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
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
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
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
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
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
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
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
6,531
6,172
6,038
3,617
3,341
3,260
2,914
2,831
2,778
304
328
386
6,850
6,526
6,434
22,473
22,454
22,455
4,014
4,033
4,051
16,683
16,741
16,795
2,245
2,252
2,264
722
630
379
1,468
1,272
1,307
310
312
313
11,909
11,805
11,882
2,128
1,733
1,638
Total
91
996
127
1
Includes industrial advances shown separately in subsequent tables.
End of month and Wednesday figures estimated.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together
with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves
in BULLETIN for August 1935, pp. 499-500.
2
JUNE 1943
52-7
FEDERAL RESERVE B A N K D I S C O U N T RATES
[In effect May 31. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Federal Reserve Bank
Rate
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.. m
San Francisco
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
discounts of and
[Sec. 10(b)]
advances secured by
eligible paper 1
(Sees. 13 and 13a)
Effective
Rate
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Sept.
Aug.
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Mar.
Apr.
Rate
Effective
Rate
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
21, 1942
28, 1942
14, 1942
28, 1942
11, 1942
21, 1942
4, 1942
To nonmember banks
27,
30,
17,
12,
28,
15,
29,
14,
30,
27,
17,
28,
Effective
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
To others
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
1
Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations ofif 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 RATES ON INDUSTRIAL ADFEDERAL RESERVE B A N K B U Y I N G RATES O N BILLS
VANCES AND COMMITMENTS UNDER SECTION 13b
[Per cent per annum]
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
Previous
In effect beRate
on
Maturity
[In effect May 31. Per cent per annum!
rate
ginningMay 31
.
-
_
.
_
.
j
.
,
.
•
—.
Treasury bills 1
Bankers' acceptances :2
1- 90 days
91-120 days
121-180 days
—
—
.
•
.
t
1
. . «
A
I
AM/4
inf/M4/\n4-
KIT
4-UA
I
tMf/\H
vrnfon
AI*
To industrial or
commercial
businesses
Apr. 30, 1942
Oct. 20, 1933
do
Federal Reserve
Bank
Net demand deposits 1
CentraF Reserve
Country
reserve
city
city
banks
banks
banks
1917-Aug. 15, 1936
1936-Feb. 28, 1937
Aug.
1937-Apr. 30, 1937
Mar.
May
1937-Apr. 15, 1938
Apr.
1938-Oct. 31, 1941
Nov.
1941-Aug. 19, 1942
Aug.
1942-Sept. 13, 1942
Sept.
1942-Oct. 2, 1942
Effective Oct. 3, 1942
13
19K
22^
26
22^
26
24
22
20
10
15
17^
20
173^
20
20
20
20
Time
deposits
(all
member
banks)
7
wy2
12H
14
12
14
14
14
14
1
See footnote to table on p. 534 for explanation of method of computing
net demand deposits.
MARGIN REQUIREMENTS1
[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....
1 Regulations T and U limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
^Requirement under Regulation T was the margin "customarily required" by the broker. 3 Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
To financing institutions
Discounts o
purchases
On
MEMBER B A N K RESERVE R E Q U I R E M E N T S
[Per cent of deposits]
21,
16,
1,
1,
16,
1,
20,
14,
AHIW
do
1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered.
2 Minimum buying rates on prime bankers acceptances.
June
niT
On
On comportion
On re- mitments
for which maining
instituportion
tion is
obligated
Boston
New York
Philadelphia.
Cleveland...
(3)
(3)
(3)
(3)
Richmond
Atlanta
Chicago
St. Louis
()
23^-5
i-iy2
Minneapolis
Kansas City
Dallas
San Francisco
(03)
A
V2-I
()
(J)
(2)
1
2
3
4
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
May charge same rate as charged borrower by financing institution, if
lower.
5
Financing institution is charged M per cent on undisbursed portion of
loan under commitment.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
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 d a y s . . . .
Feb. 1, 1935Dec. 31, 1935
Effective
Jan.1,1936
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 A N D LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
Wednesday figures
1943
May 19
May 5
May 12
Apr. 28
1942
1943
Apr. 21
Apr. 14
Apr. 7
ar. 31
Apr.
Apr.
Mar.
Assets
Gold certificates on hand and
due from U. S. Treasury
20,234,915 20,234,912 20,255,915 20,258,915 20,274,915 20,294,417 10,337,416 20,371,412 20,257,915 10,371,412 10,495,411
46,950
42,245
45,612
40/ " "
41,990
44,846
47,187
41,083
41,990
Redemption fund—F. R. notes..
45,298
14,551
359,266
354,831
365,092
357,756
361,702
353,514
371,270
371,270
Other cash
352,111
353,263
314,130
20,644,853 20,636,693 20,655,213 20,662,283 20,669,512 20,695,928 20,739,826 20,784,672 20,656,476 20,784,672 10,824,092
Total reserves.
Bills discounted:
For member banks
For nonmember banks, etc.
10,083
25,170
Total bills discounted....
10,083
25,170
15,043
25,743
11,133
10,938
1,000
12,280
1,000
10,221
2,500
13,163
10,221
2,500
7,024
1
25,743
11,133
11,938
13,280
12,721
13,163
12,721
7,025
Industrial a d v a n c e s . . . .
14,590
13,771
13,047
13,333
13,773
12,795
12,947
12,658
12,668
12,658
9,948
U.S. Government securities:
Direct:
Bonds
1,790,451 1,831,051 1,907,351 2,016,551 2,016,551 2,034,351 2,027,251 1,983,651 2,016,551 1,983,651 1,569,124
933,800
956,700 956,700 956,700
953,200
Notes
946,600
954,700
957,100
957,100
692,500
956,700
Certificates:
Special one-day
1,099,200 1,099,200 1,066,150
Other
997,375
983,375
997,375
997,375
849,675
997,375
849,675
Bills:
Under repurchase option
1,199,029 1,232,596 1,436,326 1,270,613 1,182,459 1,545,071 1,473,027 1,240,286 1,377,02? l,240,28€
Other
961,592 1,009,389 1,114,214 1,052,173 1,122,338 1,117,690 1,059,977
846,22" 1,052,572
91,302
846,22
53,491
53,491
Guaranteed
52,116
53,491
53,616
53,616
52,191
42,191
3,600
54,49:
42,19:
Total U.S. Government
securities, direct and
guaranteed
6,037,688 6,172,452 6,530,857 6,346,903 6,328,914 6,704,678 6,549,021 5,919,131
Other Reserve Bank credit outstanding ,
272,514
373,474
360,237
373,357
246,94
290,308
269,629
314,711
Total m Reserve Bank
credit outstanding... 6,434,292 6,525,666 6,849,981 6,655,070 6,714,874 7,103,744 6,847,762 6,191,45:
6,454,718 5,919,13C
2,356,526
246,942
94,796
365,317
2,468,295
6,845,866 6,191,45
Liabilities
F.R. notes in actual circulation. 13,254,742 13,200,501 13,158,375 13,068,002 12,969,906 12,905,494 12,839,092 12,758,49i 13,127,755 12,758,496 8,821,063
Deposits:
Member bank—reserve account
,
11,882,033 11,805,329 11,909,223 12,148,981 12,318,156 13,143,680 13,110,156 12,759,30C 12,204,316 12,759,300 12,657,628
U. S. Treasurer—general
471,488
442,690
account
721,
128,040
379,051
630,214
213,257
54,843
54,843
200,908
556,867
911,865
910,841
Foreign
994,295
915,25f
929,595
902,319
876,420
879,39=
958,995
899,756
879 395
Other deposits
460,489
499,269
460,874
377,860
369, 700 473,490
298,964
287,085
386,471
469,704
287,
13,568,539 13,707,562 14,098,875 14,001,781 14,161,998 14,647,846 14,498,797 13,980,62;* 14,130,643 13,980,623 14,204,002
Total deposits..
Ratio of total reserves to deposit
and F.R. note liabilitiescombined (per cent)
77.C
76.7
75.8
76.3
76.2
77.
75.1
77.7
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6 months
to
lyear
lyear
to
2>ears
2 years
to
5 years
Bills discounted:
Apr 21
Apr 28
May 5
May 12
May 19
11,133
25,743
15,043
25,170
10,083
7,703
24,788
14,018
19,275
5,113
2,630
255
50
4,880
3,955
100
700
700
700
740
275
315
275
[ndustrial advances:
Apr 21
Apr. 28
May 5
May 12
May 19
14,590
12,795
13 773
13,333
13,047
11,330
9,670
9,939
6,327
10,389
156
157
149
4,194
39
239
192
218
224
221
218
238
1,456
667
654
992
989
391
355
351
827
701
782
749
579
650
670
665
661
658
178
178
173
156
156
6,328,914
6,346,903
6,530,857
6,172,452
J,037,688
489,839
606,067
438,040
413,165
272,055
947,743
865,785
463,130
879,423
841,831
453,965
317,824 1,146,963 1,014,923
778,968
188,100 1,244,997
806,103
445,795 1,009,238
314,250
317,450
500,340
491,855
502,530
571,400
571,400
544,100
570,100
570,100
351,100
351,100
349,100
342,600
336,000
883,221
883,221
886,121
886,521
880,321
.
.
U. S. Government securities, direct
and guaranteed:
Apr. 21
Apr 28
May 5
May 12
May 19
JUNE 1943
Over
5 years
700
1,442,446
1,442,446
1,333,446
1,256,146
1,215,546
5x9
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
1,322,128
,293,226
,330,373
1,297,
1 ,269,908
1,893,885
1,890,227
1,890,"""
849
',834, 863
1 ,851,478
1,067,044
1,072,034
1,069,485
1,091,171
1,049,763
2,:
3,186
3,129
3,081
2,948
1,723
1,470
1,171
1,921
1,626
5,832
5,700
5,581
5,471
5,348
584
510
446
384
283
7,542
6,825
8,185
2,605
6,959
2,019
1,963
2,905
2,866
2,752
1,279
1,200
1,130
1,069
998
10,845
15,819
15,797
15,775
15,739
320
313
306
301
281
596
581
566
552
523
638
622
607
594
579
7,457
7,423
7,364
7,331
6,810
33,271
34,414
33,345
33,138
32,393
88,667
90,421
87,845
87,789
88,161
23,730
25,842
26,840
25,357
24,582
39,366
37,184
38,600
35,163
36,599
18,247
19,599
20,187
35,473
33,976
17,080
17,883
17,250
17,277
16,367
44,479
45,353
44,524
42,671
40,664
16,077
15,529
14,318
14,127
13,696
7,703
7,947
8,074
7,897
8,341
11,409
11,974
10,735
10,271
19,256
9,593
10,283
10,228
10,458
11,095
43,892
41,327
40,165
35,210
39,962
,262,305 5,554,427
,261,277 5,663,611
,267,120 5,556,952
,249,837 5,700,961
,215,952 5,786,516
1,351,690
1,324,768
1,362,794
1,328, ""
1,299,838
1,933,835
1,927,921
1,929,895
1,870,410
1,888,560
1,092,833
1,098,458
1,097,857
1,134,249
1,090,698
763,939 606,351
740,781 596;237
840, 152 629,133
793,123 617,126
778,183 607 ,681
2,320,590
2,271,788
2,264,480
2,235,242
2,296,064
125
125
225
225
225
30
30
125
125
225
225
225
30
30
,226,786
,223,677
,230,646
,213,618
,180,611
Redemption F u n d Federal Reserve notes:
Apr. 21
Apr. 28
May 5
May 12
May 19
41,083
' 45,612
47,187
46,950
44,846
Other cash:
Apr. 21..
Apr. 28.
May 5 . .
May 12.
May 19.
353,514
357,756
352,111
354,831
365,092
Bills discounted:
Secured by U. S. Government obligations, direct and guaranteed:
Apr. 21
Apr. 28
May 5
May 12
May 19
San
Francisco
464,037
,571,720
,467,936
,611,251
,696,729
20,274,915
20,258,915
20,255,915
20,234,912
20,234,915
20,669,512
20,662,283
20,655,213
20,636,693
20,644,853
Kansas
City
Richmond
New
York
Total reserves:
Apr. 21
Apr. 28
May 5
May 12
May 19
Minneapolis
Cleveland
Boston
Assets
Gold certificates on hand
and due from U. S.
Treasury:
Apr. 21
Apr. 28
May 5
May 12
May 19
St.
Louis
Philadelphia
Total
Atlanta
Chicago
884,732 3,697,950
883,537 3,707,962
901,792 3,608,440
917,584 3,620,022
",654,494
905, 283 3
903,831 3,743,708
903,383 3,754,515
921,947 3,654,094
,663,762
937, 727
" 3,
924,402 3,696,156
11,133
25,743
15,043
25,170
10,083
1,750
850
950
3,330
3,165
4,528
12,618
7,548
17,798
4,958
385
320
225
547
515
250
200
100
2,100
50
55
10,993
5,900
500
500
4,000
342
Total bills discounted:
Apr. 21
Apr. 28
May 5
May 12
May 19
11,133
25,743
15,043
25,170
10,083
1,750
850
950
3,330
3,165
4,528
12,618
7,548
17,798
4,958
385
320
225
547
515
250
200
100
2,100
50
55
10,993
5,900
500
500
4,000
342
Industrial advances:
Apr. 21
Apr. 28
May 5
May 12
May 19
14,590
12,795
13,773
13,333
13,047
1,548
1,548
1,747
1,747
1,747
606
606
606
606
605
4,495
4,389
4,451
4,909
4,818
1,202
1,063
1,137
1,090
893
491
511
490
490
489
353
320
309
276
291
2,042,567
2,042,567
1,936,467
1,861,667
1,821,067
148,954
148,944
141,211
135,738
132,765
511,634
510,605
484,403
463,669
452,224
155,064
154,894
146,902
140,895
137,602
196,195
196,123
185,959
178,634
174,648
126,935
127,150
120,477
116,244
113,986
103,376
103,613
98,156
94,829
93,067
265,571
266,016
252,058
243,199
238,472
71,769 246,522
71,766 246,026
71,294 244,572
70,694 241,487
69,755 '237,603
74,715
74,633
74,167
73,379
72,299
94,533
94,500
93,888
93,039
91,759
61,162
61;262
60,827
60,542
59,888
49,811
49,923
49,559
49,390
48,897
634,698 466,,360
621,071 458,865
621,560
',734
586,431481 ,097
566,345 456!.,601
661,620 474,383
652, •
,125
651,675 479,,114
,295
616,333 489,
,223
595,
Dallas
751,934 596, 120 2 ,269,241
728,226 585, 332 2 ,223,038
828,851 618,298 2,216,951
782,300
,074 2,192,701
758,404 5 9 6 ,007
" " 2,,249,292
500
500
Other bills discounted:
Apr. 21
Apr. 28
May 5
May 12
May 19
U. S. Government securities, direct and guaranteed:
Bonds:
Apr. 21
Apr. 28
May 5
May 12
May 19
Notes:
Apr.
Apr.
May
May
May
21
28
5
12
19
984,175
984,175
977,700
969,600
956,800
250
500
500
1,563
43
833
42
42
97,038
97,077
92,023
88,543
86,661
61,001
60,993
57,827
55,576
54,353
97,620
97,619
92,548
88,969
87,027
81,264
81,298
77,066
74,156
72,584
197,915
198,235
187,837
181,215
177,678
127,960
128,176
127,264
126,664
125,296
46,757
46,774
46,458
46,115
45,534
29,393
29,388
29,198
28,949
28,559
47,037
47,035
46,728
46,338
45,722
39,157
39,175
38,908
38,623
38,134
95,359
95,517
94,837
94,380
93,354
39,680
39,697
42,430
43,784
43,812
96,641
96,797
103,417
106,996
107,247
Certificates:
Apr. 21
Apr. 28
May 5
May 12
May 19
997,375
997,37.
1,066,150
1,099,200
1,099,200
72,734
72,729
77,746
80,145
80,137
249,828
249,326
266,695
273,768
272,963
75,717
75,634
80,879
83,190
83,056
95,801
95,766
102,382
105,473
105,418
61,982
62,087
66,331
68,635
68,802
50,478
50,594
54,041
55,991
56,176
129,677
129,894
138,774
143,594
143,942
47,383
47,402
50,665
52,279
52,309
29,787
29,783
31,837
32,814
32,808
47,667
47,666
50,953
52,531
52,530
Bills:
Under repurchase
option:
Apr. 21
Apr. 28
May 5
May 12
May 19
1,182,459
1,270,613
1,436,326
1,232,596
1,199,029
4,673
6,538
11,560
15,735
19,150
770,645
824,395
924,769
701,919
667,319
15,330
10,180
9,180
32,180
29,210
3,825
3,175
13,325
7,100
2,325
10,952
12,222
10,529
7,104
15,541
7,180
7,180
7,180
7,380
1,480
171,950
207,150
222,200
184,830
186,096
132,403
134,873
155,673
176,578
188,193
1,415
9,515
965
745
8,770
22,786
16,945
13,245
12,195
7,245
53°
4,025
4,025
4,025
4,025
4,025
210
193
78
60
49
41,300
38,440
67,700
86,830
73,700
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Other bills:
Apr. 21
Apr. 28
May 5
May 12
May 19
1,122,338
1,052,173
1,114,214
1,009,389
961,59:
Boston
81,737
76,266
81,247
73,487
70,105
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
280,754
261,452
278,706
251,026
238,791
85,089
79,312
84,522
76,279
72,659
107,660
100,42^
106,993
97,711
92,220
71,034
65,106
69,318
62,934
60,189
56,727
53,054
56,475
51,840
49,143
145,729
136,212
145,024
131,666
125,922
St.
Louis
53,369
49,708
52,946
47,936
45,760
Minneapolis
33,474
31,231
33,321
30,088
28,701
Kansas
City
53,568
49,985
53,248
48,167
45,954
Dallas
San
Francisco
44,593
41,628
44,340
40,147
38,327
108,604
107,795
108,074
98,108
93,821
U. S. Government securities, direct and guaranteed—Total:
Apr. 21
Apr. 28
May 5
May 12
May 19
6,328,914
6,346,903
6,530,857
6,172,452
6,037,688
379,867 2,059,383
376,243 2,091,804
383,058 2,199,145
375,799 ,931,869
371,912 1,868,900
405,915
394,653
395,650
405,923
394,826
498,014
489,988
502,547
481,957
466,370
332,065
327,827
327,482
315,459
318,406
267,572
264,364
265,411
259,430
248,763
840,887
867,448
885,320
829,953
819,728
376,950 155,070
375,834 160,910
397,765 153,148
411,451 148,172
418,457 153,191
268,678 204,694
259,250 201,798
256,722 202,744
248,200 196,710
238,478 192,857
539,819
536,784
561,865
567,529
545,800
Total bills and securities:
Apr. 21
Apr. 28
May 5
May 12
May 19
6,354,637
6,385,441
6,559,673
6,210,955
6,060,818
383,165 2,064,517
378,641 2,105,028
385,755 2,207,299
380,876 1,950,273
376,824 1,874,463
410,795
399,362
400,326
411,379
400,159
499,256
491,096
503,729
483,087
467,303
332,
328,538
328,072
318,049
318,945
267,980
275,677
271,620
260,206
249,554
844,956
867,859
885,389
830,522
820,297
376,950 155,280
375,834 61,353
397,765 53,226
411,501 .48,232
418,507 153,240
270,241 204,847
259,293 201 ,951
257,605 202,997
248,292 196,954
238,570 193,101
543,844
540,809
565,890
571,584
549,855
Due from foreign banks:
Apr. 21
Apr. 28
May 5
May 12
May 19
1
J18
,18
1
108
1
108
Federal Reserve notes of
other banks:
Apr. 21
Apr. 28
May5
May 12
May 19
54,183
59,678
62,018
57,536
57,"""
1,059
1,354
1,109
1,266
1,238
8,562
8,853
10,057
9,450
9,07:
2,039
2,271
2,465
2,109
2,038
2,629
2,717
2,790
2,99;
3,06;
5,638
5,702
5,612
5,765
5,085
5,143
6,031
6,661
5,864
5,058
6,214
7,018
7,051
6,534
6,153
4,838
6,096
5,582
4,513
4,503
1,694
1,765
1,526
1,391
1,762
6,690
7,190
6,786
6,836
7,400
2,945
2,510
2,817
2,904
2,686
6,732
8,171
9,562
7,907
9,027
1,660,233
1,564,092
1,560,090
1,527,714
1,622,501
153,931
136,651
144,881
134,932
143,316
333,664
328,243
320,609
318,718
363,670
81,525
90,43:
94,246
94,439
92,468
193,693
195,745
171,986
170,821
185,313
114,989
110,464
104,894
104,163
109,361
104,515
92,486
96,595
94,610
96,155
248,303
225,243
233,217
216,709
232,418
77,927
70,092
61,393
71,738
71,094
35,368
37,469
35,070
29,809
31,343
73,779
72,111
72,324
81,326
85,765
69,232
63,043
52,251
60,746
63,500
173,307
142,113
172,624
149,703
148,098
Bank premises:
Apr. 21
Apr. 28
May 5
May 12
May 19
38,991
38,970
38,916
38,916
38,916
2,708
2,703
2,703
2,703
2,703
9,768
9,768
9,750
9,750
9,750
4,719
4,719
4,708
4,708
4,708
4,289
4,289
4,289
4,289
4,289
3,030
3,024
3,024
3,024
3,024
1,684
1,682
1,682
1,682
1,681
2,902
2,902
2,896
2,896
2,896
2,099
2,'"""
2,095
2,095
2,095
1,302
1,302
1,300
1,300
1,300
2,784
2,784
2,778
2,778
2,778
1,033
1,033
1,025
1,025
1,026
2,673
2,666
2,666
2,666
2,666
Other assets:
Apr. 21
Apr. 28
May 5
May 12
May 19
74,291
75,190
71,993
71, "
71,879
4,817
4,908
4,727
4,749
4,734
17,963
18,209
17,269
17,401
17,461
5,451
6,174
5,264
5,09"
4,922
8,44!
8,604
8,495
8,194
8,356
4,967
4,789
4,548
4,653
4,611
3,560
3,631
3,524
3,603
3,577
9,308
9,598
9,455
9,550
9,236
3,406
3,486
3,308
3,326
3,337
2,279
2,268
2,283
2,293
2,343
3,476
3,509
3,463
3,363
3,379
3,038
3,090
3,042
2,973
3,094
7,579
6,924
6,615
6,684
6,829
Total assets:
Apr. 21...
Apr. 28
May 5
May 12
May 19
28,851,894
28,785,70
28,947,950
28,543,83'
28,496,193
Uncollected items:
Apr. 21
Apr. 28
May 5
May 12
May 19
,807,988 7,988,919 1,856,224 2,642,153 1,554,265 1,286, 715 4 ,855,397 1,126,841 670,306 1,120,910 887,,447 3,054,729
,785,537 8,133,730 1,827,731 2,630,376 1,550,977 1,282,892 4,867,141 1,110,026 671,282 1,085,669 867,
",972,475
,806,298 8,121,~~
954 1,869,808 2,621,188 1,544,009 1,302,031 4,792,108 1,121,819 672,519 1,183,109 891,266 3,021,841
,774,366 8,006,661 1,846,365 2,539,802 1,569,90. 1,303,
,729,979 1,109,507 672,320 1,135,719 881,729 2,973,790
,744,770 8,061,040 1,804,138 2,556,692 1,531,726 1,280,429 4:;, 767,1621,095,317 655,211 1,116,076 871,089 3,012,543
Liabilities
Federal Reserve notes in
actual circulation:
12,969,906
Apr. 21
13,068,002
Apr. 28
13,158,37;
May 5
13,200,50:
May 12
13,254,74:
May 19
952,635 2,863,376
957,138 2,868,866
960, 729
"' 2,885,201
963,241 2,895,811
956,
,920,097
921,012 1,197,313
925,100 1,200,619
926,452 1,200,644
930,785 1,209,582
936,998 1,213,697
831,441
838,861
849,595
849,880
851,221
626,597
644,868
659,633
662,809
661,634
,559,890
,573,517
,587,505
,596,786
,616,833
547,695 329,325
552,085 330,755
556,071 330,317
557,058 331 ,257
558,596 332!,811
458,453 281 ,753 1,400,416
463,107 287 ,589 1,425,497
469,792 296,314 1,436,122
1,438,729
469,969 294,594
294
471,038 292,497 1,442,356
Deposits:
Member bank—reserve
account:
Apr. 21
Apr. 28
May 5
May 12
May 19
640, 534 3,,930,936
612,551 4,032,669
610,985 3,892,268
594,646 3,909,11
592,613 3,966,489
705,181 1,115,575
678,983 1,082,696
675,029 1,054,749
663,742 1,022,857
637,465 1,052,934
523,464
516,282
508,261
513,322
492,015
514,096 1,877,297
505,746 1,882,146
497,028 1,761,915
490,305 1,713,410
463,725 1,782,994
427,767 252,644
411,241 247,422
413,253 253,379
408,349 235,317
396,582 245 ,727
526,858 492 ,154 1,311,650
490,700 465,704 1,222,841
550,583 474,786 1,216,987
531,257 473,548 1,249,462
518,566 463,722 1,269,201
12,318,15*
12,148,98:
11,909,2211,805,325
11,882,03.
U. S. Treasurer—general
account:
April 21
Apr. 28
May 5
May 12
May 19
471,48*
442,69C
721,86/
630,21
379,05
33,464
39,243
49,17
36,083
26,563
133,092
122,236
215,823
155,648
76,321
30,736
17,387
50,76.
42,69'
15,67
42,87!
41,05:
67,39,
47,44i
26,27.
30,786
24,701
23,425
55,434
24,505
17,356
10,736
18,075
28,989
31,052
47,891
44,414
78,512
72,752
41,433
25,521
21,760
37,116
37,861
26,583
20,553
24,105
19,615
44,324
15,440
21,141
19,514
47,942
36,567
22,92^
16,073
25,198
35,449
30,969
21,524
51,997
52,341
78,581
41,447
50,757
* Less than $500.
After deducting $29,000 participations of other Federal Reserve Banks.
1
JUNE 1943
531
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
New
York
Total
Foreign:
Apr.
Apr.
May
May
May
21........
28
5
12.....
19........
Cleveland
Richmond
Atlanta Chicago
St.
Louis
23,996
23,457
26,105
23,448
24,186
Minneapolis
438,375
75,
74,281
82,666
74,253
76,589
73,587
71,935
80,056
71,908
74,170
34,394
33,622
37,417
33,609
34,666
27,995
27,367
30,456
27,356
28,217
97,583
95,392
106,161
95,356
98,356
257,633
290,857
300,537
254,078
267,788
17,953
15,369
16,833
12,909
11,004
36,784
46,039
38,608
16,583
12,589
15,490
16,345
15,315
11,780
11,233
8,381
8,376
4,435
2,653
1,
8,500
8,914
5,852
4,405
2,913
706,
,749,583
685, 834 4, ' ',720
692, 858 4,,876,552
661, 740 4.
,747,452
653,
,748,973
829,857
786,020
825,293
793,598
740,729
1,268,824
1,241,725
1,240,806
1,158,794
1,165,968
604,134
590,950
584,418
614,145
562,419
567,828
552,225
549,994
549,303
524,,
2,031,271
2,030,866
1,952,440
1,885,923
1,925,696
505,583
486,415
497,832
480,027
461,150
304,619
302,191
304,662
306,603
289,314
911,865
910,841
994,295
902,319
929,595
25,388
27,575
27,463
25,64
28,990
Other deposits:
Apr. 21
Apr. 28
May 5
May 12
M a y 19
460,489
499,269
473,490
369,700
377,860
7,512
6,465
5,239
5,364
5,624
T o t a l deposits:
Apr. 21
Apr. 28
May 5
May 12
M a y 19
14,161,998
14,001,781
14,098,875
13,707,562
13,568,539
Deferred
items:
Apr.
Apr.
May
May
May
*427,922
434,958
*467,924
Philadelphia
2
1
Kansas
City
Dallas
San
Francisco
17,597
17,202
19,144
17,195
17,736
22,396
21,893
24,365
21,885
22,574
23,894
23,457
26,105
23,448
24,186
61,126
59,702
66,433
59,602
61,550
28,299 13,825
29,957 13,462
21,358 12,524
10,369 9,767
13,799 10,411
8,670
6,894
7,199
3,660
3,489
3,663
4,127
3,381
2,504
3,267
53,779
52,464
42,209
35,628
33,848
579,065
539,001
630,089
593,369
567,556
535,784
518,486
539,721
530,469
512,699
1,478,552
1,387,348
1,404,210
1,386,139
1,415,356
68,958 56,824
69,123 48,660
69,176 42,128
58,723 43,497
63,809 52,666
144,480
128,302
150,135
117,377
123,207
availability
21
28
5
12
19
1,300,043
1,294,510
1,269,829
1,213,140
1,249,164
119,403
113,428
123,538
120,108
104,645
233,423
241,585
217,325
219,946
247,870
67,598
78,173
80,234
83,849
88,23!
136,966
148,875
140,515
131,989
137,504
99,977
102,308
91,226
86,888
99,126
76,827
70,290
76,895
75,987
78,278
210,424
208,742
198,154
193,018
170,346
59,783
57,707
53,992
58,377
61,502
25,380
27,317
26,511
23,381
21,973
7,319
8,355
6,979
7,071
6,934
728
787
742
734
765
1,804
1,704
1,796
1,868
1,941
446
1,104
460
626
587
478
559
565
632
615
476
604
458
237
273
227
243
233
841
1,016
838
201
214
251
289
170
197
189
185
190
28,439,266
28,372,648
28,534,058
28,128,274
28,079,379
779,664
,757,187
,777,867
,745,823
,716,164
,848,186
,992,875
,980,874
,865,077
,918,881
,818,913 ,603,581
,790,397 ,591,778
,832,439 ,582,530
,808,858 ,500,997
,766,552 2,517,784
,536,028
,532,723
,525,697
,551,501
,513,249
Capital paid in:
Apr. 21
Apr. 28
May 5
May 12
May 19
146,995
147,014
147,060
147,071
147,371
9,519
9,519
9,519
9,520
9,520
53,660
53,660
53,662
53,659
53,905
11,685
11,687
11,687
11,679
11,679
15,281
15,282
15,295
15,298
15,310
5,937
5,943
5,943
5,943
5,961
5,285
5,285
5,285
5,285
5,285
16,435
16,439
16,457
16,455
16,471
4,612
4,612
4,622
4,626
4,630
3,167
3,169
3,169
3,174
3,178
4,795
4,796
4,796
4,799
4,799
4,493
4,494
4,495
4,495
4,495
12,126
12,128
12,130
12,138
12,138
Surplus (section 7):
Apr.21
Apr. 28
May 5
May 12
May 19
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
22,975
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):
Apr. 21
Apr. 28
May 5
May 12
May 19
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
533
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:
Apr. 21
Apr. 28
May 5
May 12
May 19
78,393
78,799
79,592
81,252
82,203
4,771
4,797
4,878
4,989
5,052
22,002
22,124
22,347
22,854
23,183
5,563
5,584
5,619
5,765
5,844
7,517
7,542
7,589
7, 733
7,824
3,820
3,831
3,
3,981
4,036
3,499
3,509
3,555
3,625
3,668
12,182
12,207
12,360
12,55'
12,683
3,471
3,497
3,555
3,634
3,661
3,424
3,432
3,450
3,499
3,524
3,507
3,551
3,624
3,697
3,686
3,004
3,064
3,047
3,105
3,141
5,633
5,661
5,679
5,813
5,901
28,851,894
28,785,701
28,947,950
28,543,837
28,496,193
1,807,988
1,785,537
1,806,298
1,774,366
1,744,770
7,988,919
8,133,730
8,121,854
8,006,661
8,061,040
1,856,224
1,827,731
1,869,808
1,846,365
1,804,138
2,642,153
2,630,376
2,621,188
2,539,802
2,556,692
1,554,265
1,550,977
1,544,009
1,569,905
1,531,726
1.286,715
1,282,89:
1,302,031
1,303, '"
1,280,429
4,855,39!
4,867,141
4,792,108
,729,979
4,767,162
11,660
13,468
12,31,
12,88'
13,04.
918
917
717
717
717
2,052
2,144
2,206
1,905
1,986
240
362
262
263
435
1,14
1,172
1,190
1,219
1,17.
;
Other liabilities, including
accrued dividends:
Apr. 21
Apr. 28
May 5
M a y 12
May 19
T o t a l liabilities:
Apr. 21
Apr. 28
May 5
May 12
May 19
^ Capital
1,382
1,341
882
199
182
171
179
201
357
374
400
429
420
,271,489 4,802,426 1 ,113,262 659,494 1,107,858 874,560
,267,656 ,814,141 1,096,421 660,460 1,072,572 854,917
,286,749 ,738,937 1,108,146
,679 1,169,939
334
,288,342 ,676,613 1,095,751 661,426 1,122,473 868,,739
,265,034 4,713,654 1,081,530
,288 1,102,841 858,063
3,023,805
2,941,521
2,990,867
2,942,674
2,981,339
282;
412
438
accounts
Total liabilities and capital
accounts:
Apr. 21.....
Apr. 28
May 5
May 12
May 19
Commitments to make industrial advances:
Apr. 21
Apr. 28
May 5
May 12
May 19
1,126,841 670,306 1,120,910
1,110,026 671,282 1 ,085,669
1,121,819 6722,519 1,183,109
1,109,
2,320 1,135,719
1,095,317 6555,211 1,116,076
1,783
1,783
1,679
1,864
1,824
1,510
3,030
2,240
3,030
3,030
887,447 3,054,729
867,865 ,972,475
891,266 3,021,841
973,790
881,7
871,089 3,012,543
3,878
3,930
3,906
3,777
3, 766
1
After deducting $480,319,000 participations of other Federal Reserve Banks on Apr. 2 1 ; $469,942,000 on Apr. 28; $521,434,000 on M a y 5 ; $471,865,000 on M a y 12; and $486,390,000 on M a y 19.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes:
Issued to F . R. Bank by
F. R. Agent:
Apr. 21
Apr. 28
May 5
May 12
May 19
Held by Federal Reserve
Bank:
Apr. 21
Apr. 28
May 5
May 12
May 19
In actual circulation: 1
Apr. 21
Apr. 28
May 5
May 12
May 19
Collateral held by agent as
security for notes issued to
Bank*
Gold certificates on hand
and due from U. S.
Treasury:
Apr 21
Apr. 28
May 5
May 12
# May 19
Eligible paper:
Apr. 21 .
Apr. 28
May 5
May 12 . .
. .
May 19
U. S. securities:
Apr. 21
Apr. 28
May 5
May 12
May 19
Total collateral:
Apr. 21
Apr. 28
Mav 5
May 12
May 19
1
3, 491, 418 990, 565
13, 602, 616 998, 946
13, 664, 442 997, 265
13, 739, 998 1,010, 986
13, 792, 909 1,001, 600
12
13
13
13
13
521, 512
534, 614
506,067
539, 497
538, 167
37, 930
41, 808
36, 536
47, 745
44, 636
969, 906
068, 002
952, 635
957, 138
960, 729
963, 241
956, 964
158 375
200 501
254 742
13
13
13
13
13
146,000
264
297
356
378
New
York
Boston
6 91
14 23
8 87
23 ,87
8 ,78
1 750
850
950
3 330
3 165
525 00
550 ,00
550 00
560 00
590 ,00
50 000
50 000
50 000
50 000
50 ,000
13 ,677 ,91
13 ,828 ,23
13 ,855 ,87
13 ,939 ,87
13 ,976 ,78
Richmond Atlanta Chicago
2, 974, 222
2, 985, 349
2, 995, 216
3» 009, 947
3, 018, 583
946, 472
951, 825
955, 214
959,552
964, 830
t 237, 530
f 240, 296
( 246, 421
t 246, 858
110, 846
116, 483
110,015
114, 136
98, 486
25, 460
26, 725
28, 762
28, 767
27, 832
863, 376
868, 866
885, 201
895, 811
920, 097
921, 012
925, 100
926, 452
930, 785
936, 998
2
2
2
2
2
941 000 3 000
961 000 3 000
961 000 3 020
976,000 3 040
966,000 3 ,040
000
000
00
00
Phila- Clevedelphia land
000
000
000
000
000
850
875
875
875
875
4 528
12 618
h
548
17 798
4 958
000
000
000
000
000
1
1
1
1
1
Kansas
City
Dallas
San
Francisco
676, 737
692, 868
707, 075
708, 536
711, 917
,612,972
,625, 981
,630, 578
,647, 851
,663, 109
574, 574
587, 454
587, 962
589, 388
594, 157
335, 298
338, 840
338, 269
339, 386
339,823
474, 325
480, 836
482, 410
486, 991
489, 526
311, 599
317, 597
325, 243
327, 388
329, 040
496, 582
508, 277
518, 070
529, 415
541, 247
40, 217
39, 677
45, 777
37, 276
39, 831
29, 101
35, 486
31, 124
33, 820
34, 328
50, 140
48, 000
47, 442
45, 727
50 283
53, 082
52, 464
43, 073
51, 065
46, 276
26, 879
35, 369
31, 891
32, 330
35, 561
5, 973
8, 085
7, 952
8 129
7 012
15, 872
17 729
12 618
17 022
18 488
29, 846
30, 008
28 929
32 794
36 543
96, 166
82, 780
81, 948
90, 686
98, 891
197, 313
200, 619
200, 644
209, 582
831, 441
838, 861
849, 595
849, 880
626,597 2,559, 890
644 868 2,573, 517
659 633 2,587, 505
662 809 2,596 786
213 697 851 221 661 634 2,616 833
547, 695 329 325 458 453 281 753
552, 085 330 755 463 107 287 589
556, 071 330 317 469 792 296 314
400, 416
240,000 757 000 660 000 2,640 000
250,000 757 000 660 000 2,670 000
250 000 767 000 660 000 2,670 000
250 000 777 000 660 000 2,670 000
260 000 777 000 660,000 2,700 000
400
400
400
400
370
385
320
225
547
515
250
200
100
2 100
50
100.000
125 000
125 000
125 000
125 ,000
125 ,000
950 ,385
975 ,320
975 ,225
975 ,54
975 ,51
Minneapolis
860, 542
874, 347
880, 719
883, 700
253, 528 885, 549
100 000
100 000
100 ,000
100 ,000
992 ,750 3 ,004 ,528
1,011 ,850 3 ,012 ,618
1,011 ,950 3 ,027 ,548
1,029 ,330 3 ,057 ,798
1,019 ,165 3 ,044 ,95
St.
Louis
1 ,240 ,00
1 ,250 ,00
1 ,250,00
1 ,250 ,00
1 ,260 ,00
882 ,250
882 ,200
892 ,100
904 ,10
902 ,05
557 058 331 257 469 969 294 594
558 596 332 811 471 038 292 197
000
000
000
000
000
340 000
340 ,000
340 ,000
340 ,000
340 ,000
475 ,000
480 ,000
480 ,000
490 ,000
490 ,000
425
436
438
442
497
122
729
356
319 000
327 ,000
330 ,000
334 ,000
336 ,000
1 524 ,000
1 ',544 ,000
1 ,544 ,000
1 ,544 ,000
1 ,564 ,000
319 ,00
327 ,000
330 ,00
334 ,00
336 ,000
1 ,524 ,000
1 ,544 ,000
1 ,544 ,000
1 ,544 ,000
1 ,564 ,000
250
50
50
50
50
50
195 000
220 000
220 000
220 ,000
250 ,000
5 ,000
5 ,000
5 ,000
5 ,000
5 ,000
710 ,000 2,640 ,000 595 ,000
710,000 2,670 ,000 620 ,00
710 ,000 2,670 ,00 620,000
720,00 2,670 ,00 620 ,05
720,000 2,700 ,00 620 ,05
340 ,000 480 ,000
340 ,250 485 ,000
340,00 485 ,050
340 ,00 495 ,05
340 ,00 495 ,050
50 ,000
50 ,000
50 ,000
60 ,000
60 ,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)
ApAdCommitproved
ments
but not vances
outoutcom2
standing
pleted 1 standing
Amount (amount) (amount) (amount)
Applications
approved
Number
Participations
outstanding
(amount
1934
1935
1936
1937
1938
1939
1940
984
1,993
2,280
2,406
? 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
3,432
3,440
3,443
3,447
434,638
446,319
459,296
467,733
6,672
5,882
5,164
3,732
12,897
13,717
13,182
13,188
12,160
12,117
13,143
13,438
23,915
23,177
20,316
20,333
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial advances past due 3 months or more, which are not
included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and the
sum of the following four columns represents repayments of advances, and
applications for advances and commitments withdrawn or expired.
JUNE 1943
WAR P R O D U C T I O N LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION T H R O U G H FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
Additional
amount
available to
borrowers
under guarPortion antee agreements
guaranoutstanding
teed
Guaranteed loans
outstanding
Date
Total
amount
Number
Amount
1942
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
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
1943
Jan. 31
Feb.28
Mar. 31
Apr. 30
2,961
3,198
3,534
3,773
974,083 768,249
2,999,731
3,479,172 r 1,040,828 r 828,221
3,725,241 l,245,711 999,394
4,058,731 1,338,429 1,073,275
(*)
81,108
151,154
294,720
427,918
527,186
644,558
803,720
t1)
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
r
1,440,943
1,706,849
l,865,606
2,018,233
r
1
Revised.
Not available.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and amounts available to borrowers under guarantee
agreements outstanding represents amounts repaid, guarantees available
but not completed, and authorizations expired or withdrawn.
533
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANK
[Averages of daily figures. In millions of dollars]
RESERVE POSITION OF MEMBER BANKS, APRIL 1943
[Averages of daily figures. In millions of dollars]
Gross Net
Time
dededemand mand
de- 1 posits
deposits posits
Classes of banks
and districts
Reserves with
Federal Reserve
Banks
Required
Held
Excess
All member banks
66,469 53,403 13,343 L0,769
Central reserve city banks:
772 3,606
20,711 17,798
New York
458
4,445 3,
Chicago
785
2,717
,949
3,657
814
51
29
43
7
78
Reserve city banks:
Boston district
New York district
Philadelphia district
1,936
397
2,137
1,608
333
1,764
92
150
131
327
76
361
370
83
438
Cleveland district
Richmond district
Atlanta district
3,318
1,494
1,550
2,703
1,201
1,211
736
251
188
585
255
254
786
324
301
201
68
48
Chicago district
St Louis district
Minneapolis district
3,041
1,578
785
2,368
1,274
176
85
525
265
125
642
279
142
118
14
17
Kansas City district
Dallas district
San Francisco district ...
2,010
1,483
5,095
4,262 2,323
138
310
232
992
371
297
1,158
61
65
166
24,823 19,942 5,284
4,306
5,191
Total
600
1,501
1,116
166
Country banks:
Boston district
New York district
Philadelphiajdistrict
1,757
2,570
1,217
1,352
615
2,034 1,608
930
879
226
381
183
311
523
264
85
141
81
Cleveland district
Richmond district
Atlanta district
1,429
1,35.
1,340
1,029
932
909
809
430
278
193
156
144
332
217
211
139
60
67
Chicago district
St. Louis district.^
Minneapolis district
2,0
919
684
1,490
635
492
989
271
313
268
105
402
153
127
134
48
40
Kansas City district
Dallas district
San Francisco district...
1,022 , 652
795
1,235
624
881
162
97
381
16,491 11,875 6,830
101
117
110
164
193
159
63
76
48
2,072
3,054
982
Total
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and cash
items in process of collection.
NOTE.—See tables on p. 528 for percentages of deposits required to be
held as reserves.
Central reserve
city banks
All
member
banks
Total reserves held:
1942—April
,
May
June
July
August
September
October
November
December
1943—January
February
March.
April
Week ending (Friday):
1943—Apr. 2
Apr. 9
Apr. 16
Apr. 23.
Apr 30
May 7
May 14
Excess reserves:
1942—April
May
June
July
August
September
October
November
December
1943—January
February
March
April
Week ending (Friday):
1943— Apr. 2
Apr. 9 . . . . . . . . . . . .
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
New
York
Chicago
-12,649
12,510
12,624
12,409
12,623
12,299
12,234
12,618
13,152
13,344
12,933
13,255
12,717
5,028
4,870
4,859
4,609
4,616
4,150
4,093
4,086
4,303
4,352
3,999
4,001
3,657
1,140
1,049
12,857
12,946
13,150
12,550
12,229
12,098
12,017
Reserve
city
banks
Country .,
banks 1
944
834
859
877
898
875
892
814
4,293
4,325
4,448
4,447
4,574
4,676
4,711
4! 990
5,122
5,190
5,141
5,319
5,191
2,188
2,265
2,338
2,353
2,423
2,529
2,597
2,684
2,850
2,905
2,918
3,042
3,054
3,961
3,916
3,803
3,^434
3 393
3^329
3,341
834
832
841
825
811
779
773
5,115
5,212
5 357
5^054
5,018
4,'862
4,878
2,947
2,985
3,149
3,'237
3,006
3*128
3,025
2,951
2,667
2,704
2,237
2,248
2,300
2,328
2,362
2,376
2,132
1,712
1,884
1,949
795
546
556
269
286
302
557
455
416
337
97
96
51
262
178
89
64
60
73
27
45
35
22
10
34
29
1,175
1,171
1,232
1,105
1,091
1,069
718
772
827
799
812
857
823
827
904
860
820
903
982
1,560
1,678
2,042
2,179
1,987
p
2,034
p
l,849
55
39
50
66
50
43
57
35
37
24
50
45
20
11
670
758
931
876
887
793
979
1,000
1,009
921
1,035
1,020
913
784
852
886
757
799
844
1,038
1,187
1,006
p
l
,l78
p
l,025
p
1
Preliminary.
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
DEPOSITS OF MEMBER BANKS I N LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers
(places over 15,000)
All member banks
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta .
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
...
Total
1
Gross demand
Apr.
Mar.
3,693
23,678
3,354
4,747
2 849
2,890
9,568
2,497
1 468
3,032
2,718
5,976
3,555
23,153
3,230
4,646
2,828
2,860
9,620
2,502
1,459
3,031
2,694
5,842
66,469
65,420
Gross demand
Time
Apr.
706
Mar.
Apr.
Mar.
Apr.
3,468
12,428
2,878
4,199
2,424
2,546
14,323
1,956
1,124
2,433
2,058
5,692
3,329
12,446
2,753
4,106
2,404
2,522
14,350
1,963
1,119
2,332
2,025
5,561
577
11,197
543
1,168
574
11,194
542
1,135
225
459
374
453
381
2,575
13,214 135,529
!34,910
19,279
701
2,518
1,003
1,506
681
467
673
472
2,295
2,266
447
397
328
235
444
392
326
233
2,703
Gross demand
Apr.
Mar.
2,530
1,010
1,544
13,343
Time
Member banks in smaller centers
(places under 15,000)
2,679
Mar.
226
Time
Apr.
129
Mar.
128
539
476
543
477
562
467
556
461
2,552
548
424
344
800
541
344
599
660
283
540
424
338
800
539
340
699
669
281
376
221
93
396
124
189
109
40
129
371
219
91
390
124
186
110
40
127
19,183
5,784
5,875
2,834
2,804
11,441
11,417
323
209
219
195
320
207
216
192
Excluding central reserve city banks, for which figures for latest month are shown in table above.
534
FEDERAL RESERVE BULLETIN
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
Gold
certificates
Silver
dollars
Silver
certificates
Treasury
notes
of 1890
1942—February..
March
April
May
Tune
July
August....
September
October...
November.
December.
11,485
11,566
11,767
12,074
12,383
12,739
13,200
13,703
14,210
14,805
15,410
61
60
60
60
59
59
59
59
59
58
58
61
62
64
65
66
67
69
71
73
74
76
1,695
1,697
1,707
1,745
1,754
1,764
1,786
1,754
1,704
1,731
1,751
1
1
1
1
1
1
1
1
1
1
1
1943—January...
February..
March. . .
April
15,590
16,088
16,250
16,660
58
58
58
77
1,700
1,703
1,674
1,667
1
1
1
1
End of month
57
78
79
81
Subsidiary
silver
coin
Federal
Reserve
Bank
notes
National
bank
notes
Minor
coin
United
States
notes
Federal
Reserve
notes
475
482
488
496
504
510
521
537
.551
565
575
206
208
209
211
213
215
218
222
225
227
228
309
307
309
316
317
315
321
324
326
327
317
8,514
8,587
8,76^
9,022
9,310
9,650
10,068
10,580
11,118
11,667
12,082
19
19
19
19
19
19
18
18
18
18
188
143
142
141
140
139
138
138
137
136
136
135
567
573
583
593
226
226
228
230
312
317
316
318
12,152
12,523
12,643
13,023
362
474
534
135
134
134
133
557
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 circulation 1
Total
Coin
$1 3
$2
$5
$10
$20
Total
$50
$100
$500
July
August
September....
October
November... .
December
11,566
11,767
12,074
12,383
12,739
13,200
13,703
14,210
14,805
15,410
8,396
8,560
8,841
9,083
9,398
9,795
10,207
10,629
11,122
11,576
752
757
771
783
793
809
830
848
867
880
673
680
696
704
712
731
754
764
782
801
42
43
44
45
45
48
50
51
53
55
1,351
1,362
1,402
1,427
1,464
1,517
1,555
1,597
1,647
1,693
2,834
2,898
3,004
3,099
3,234
3,379
3,532
3,684
3,887
4,051
2,744
2,820
2,924
3,024
3,149
3,310
3,487
3,686
3,885
4,096
3,174
3,204
3,235
3,301
3,343
3,409
3,500
3,584
3,686
3,837
779
792
801
824
840
868
904
940
972
1,019
1.528
1,549
1,566
1,602
1,628
1,663
1,715
1,762
1,824
1,910
268
268
260
262
263
266
268
274
278
287
561
558
570
576
574
575
576
570
575
586
9
9
9
8
8
g
9
9
9
9
29
29
28
29
30
29
29
30
28
25
S
1
1
2
2
4
4
3
3
3
1943 — J a n u a r y . . . . . . .
February
March
April..........
15,590
16,088
16,250
16,660
11,665
12,065
12,121
12,428
869
877
890
904
773
786
791
804
54
56
56
58
1,678
1,718
1,713
1,741
4,107
4,279
4,280
4,391
4,183
4,349
4,391
4,531
3,928
4,026
4,129
4,232
1,047
1,079
1,104
1,131
1,962
2,013
2,069
2,128
293
298
306
312
592
599
616
621
10
11
11
15
25
25
23
26
3
3
1
1
E n d of month
1942—March........
April
May
June
Large denomination currencv 2
Coin and- small denomination currency 2
$1,000 $5,000 $10,000
Lnassorted 2
1
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).
2
STOCK OF UNITED STATES MONEY, APRIL 30, 1943
[On basis of circulation statement of United States money.
In millions of dollars]
Money held in the Treasury
Kind of money
Gold
Gold certificates.
Federal Reserve notes
Treasury currency—total..
Total
outstanding
22,473
20,360
13,646
4
4,012
20,360
547
1,518
429
1,518
s
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890...
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National bank notes
Total—Apr. 30, 1943.
Mar. 31, 1943....
Apr. 30, 1942....
As security
against gold
and silver
certificates
Treasury
cash
2
For Federal
Reserve
Banks and
agents
17,488
1,947
642
241
347
584
37
5
2
40,131
39,879
35,219
5
22,307
22 429
22,535
57
13,023
3,580
279
12
1 ^ 668
4
3
S
4
3
3
4
2,235
2,224
2,182
1
593
230
318
557
133
3,749
3,808
3,576
16,660
16,250
11,767
6
26
27
134
z
2,815
580
353
81
2
3
Money in
circulation 1
2,112
43
79
1,947
Money held
by Federal
Reserve
Banks and
agents
17,488
17,598
17,694
1
Includes any paper currency held outside the continental limits of the United States; figures for other end-of-month dates shown in table above
and totals by weeks are shown in table on page 527.
2
Includes $1,800,000,000 Exchange Stabilization Fund, $143,675,211 balance of increment resulting from reduction in weight of the gold dollar, and
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total of all forms of money outstanding,
since gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion.
4
Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the table on p. 527.
5
Less than $500,000.
NOTE.—There is maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii)
as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as
security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal
Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured
by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible
under the terms of the Federal Reserve Act, or, until June 30, 1943, of direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including
the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and National
bank notes are in process of retirement.
JUNE 1943
535
POSTAL SAVINGS SYSTEM
[In millions of dollars]
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Period
2
Gold
stock
at end
of period
Increase
in gold
stock
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
3.3
23.6
22.3
7.6
11.4
-1.3
-14.3
3.3
-17.2
—20.1
-38.2
-14.8
—24.4
-21.8
-27.8
-56.4
-10.8
-31.0
11.4
11.2
10.5
12.8
10.2
11.8
12.0
7.8
6.2
22,683
22,644
22,576
22,473
-43.3
-39.3
-68.0
—103.1
-76.1
-63.4
-59.0
5
-101.0
22,473
—253.6
5
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—April
May
June
July
August
September...
October
November...
December....
22,691
22,714
22,737
22,744
22,756
22,754
22,740
22,743
22,726
1943—January
February.. ..
March
April
1934
1935
1936
1937
1938
1939
1940
1941
1942
Jan .-Apr
Assets
Ear.
marked DomesNet gold gold: de- tic gold
crease
import
producor intion1
crease (—)
p
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
(4)
-299.5
End of month
Depositors'
balances
4.1
4.5
'4.5
?17.8
r
f1 Figure carried forward.
Preliminary.
Revised.
Annual figures are estimates of the United States Mint. Monthly figures
are those published in table on p. 573, adjusted to exclude Philippine
Islands production received in United States.
2 Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a
fine
ounce thereafter.
3
Includes gold in the Inactive Account amounting to 27 million dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
4 The net gold import figures for months subsequent to December 1941
have
not been released for publication.
5
Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 2,973.3 million dollars on Apr. 30, 1943.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).
Total
rect
Guaranteed
Di-
Cash
reserve
funds
etc. 2
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
L,236
L,237
L, 265
1,296
1,307
1,308
1,290
1,291
L,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—Apr
May
June
J
J
July
A
Aug
Sept.
Oct
Nov
Dec
1,306
1,307
1,316
1,329
1,344
1,358
1,377
1,396
1,417
1,483
1,504
1,525
1,554
1,575
,415
,429
,444
,464
25
24
24
21
20
19
18
17
16
1,272
1,272
1,272
1,271
1,271
1,267
1,266
1,266
1,345
1,126
1,126
1,146
1,146
1,146
1,141
1,140
1,140
1,220
146
146
126
126
126
126
126
126
126
186
208
229
262
283
129
146
161
102
1,445
l 469
1,493
14
1,381
1,255
126
98
1934—June
Dec
1935—June
r
4.7
r
Total
U. S. Government
securities
Cash
in depository
banks
1943—Jan
Feb.
Mar
Apr
p
"1,517
p
1
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.
Backfigures.—See BULLETIN for August 1935, pp. 501-502,
BANK SUSPENSIONS*
Total,
all
banks
Member
banks
National
dumber of banks suspended:
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943—Jan.-Apr
57
34
44
59
55
42
22
8
9
3
1
4
1
4
1
4
1
4
Deposits of suspended banks
(in thousands of dollars): 3
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943—Jan.-Apr
36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
1,702
2,103
40
5,313
507
7,379
36
1,341
256
3,144
1
Nonmember
banks
State
2
1
3
i
""862*
1,708
211
24,629
Insured 2
.Not
insured
8
22
40
47
47
25
18
3
6
2
48
8
3
6
6
10
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
3
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.
Backfigures.—-SeeAnnual Report for 1937 (table 76).
536
BANK DEBITS
Debits to deposit accounts except interbank accounts
[In millions of dollars]
Year and month
Total,
all
reporting
centers
New
York
City
140
other
centers 1
133
other
reporting
centers 2
1929
1937
1938
1939
1940
1941
1942
982,531
469,463
405,929
423,932
445,863
537,343
607,071
603,089
197,836
168,778
171,382
171,582
197,724
210,961
331,938
235,206
204,745
218,298
236,952
293,925
342,430
47,504
36,421
32,406
34,252
37,329
45,694
53,679
1942—March
April
May
June
July
August
September..
October. .
November..
December..
1943—January
February...
March....
April..
49,161
46,613
48,342
50,107
50,087
49,179
52,712
55,056
50,673
64,991
54,779
51,875
r
62,228
70,137
17,056'
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
27,764
26,451
27,241
28,292
28,505
27,847
29,530
31,627
29,040
35,562
30,263
28,005
34,707
37,533
4,341
4,138
4,116
4,421
4,472
4,282
4,589
5,105
4,616
5,508
4,639
4,235
r
5,148
5,430
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
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such
private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935,
private banks which, pursuant to the provisions of sec. 21 (a) of the Eanking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of
private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535.
Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
[In millions of dollars]
NUMBER OF B A N K S
Call date
Member ban ks2
Nonmember
banks
Total
National
State
Other
Mutual nonsavings membanks
ber
banks
Nonmember
banks
Member banks
National
tate
Mutual
savings
banks
Other
nonmember
banks
Call date
Total
Total
All
banks
1929—June 29
Dec. 31
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
611
609
15,792
15,499
1929—June 29
Dec. 31
53,852
55,289
32,284
33,865
19,411
20,290
12,873
13,575
8,983
8,916
12,584
12,508
1933—June 30
Dec. 30
14,519
15,011
5,606
6,011
4,897
5,154
709
857
576
579
8,337
8,421
1933—June 30
Dec. 30
37,998
38,505
23,338
23,771
14,772
15,386
8,566
8,385
9,713
9,708
4,946
5,026
1938—June 30
Dec. 31
15,287
15,206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8,312
1938—June 30
Dec. 31
52,195
54,054
34,745
36,211
22,553
23,497
12,193
12,714
10,296
10, 365
7,153
7,478
1939—June 30
Dec. 30
15,082
15,037
6,330
6,362
5,203
5,187
1,127
1,175
553
552
8,199
8,123
1939—June 30
Dec. 30
55,992
58,344
38,027
39,930
24,534
25, 661
13,493
14,269
10,521
10,613
7,444
7,801
1940—June 29
Dec. 31
14,953
14,895
6,398
6,486
5,164
5,144
1,234
1,342
551
551
8,004
7,858
1940—June 29
Dec. 31
60,582
65,021
42,039
46,007
26,931
29,214
15,108 310,631
16,793 10,658
37,912
8,356
1941—Apr. 4...
June 30
Sept. 24
Dec. 31
14,871
14,855
14,852
14,825
6,528
6,556
6,596
6,619
5,138
5,130
5,125
5.117
1,390
1,426
L,471
L,502
550
547
546
545
7,793
7,752
7,710
7,661
1941—Apr. 4
June 30
Sept. 24
Dec. 31. . . . .
65,211
67,172
68,449
70,792
46,179
48,076
49,160
51,192
29,467
30,684
31,500
32,672
16,712
17,392
17,660
18,520
10,684
10,641
10,643
10,525
8,347
8,456
8,646
9,075
1942—June 30
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. 31
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]
Nonmember banks
Member banks2
All banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
Total
Loans
Investments
1929—June 29
Dec. 31
58,474
58,417
41,531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
1933—June 30
Dec. 30
40,076
40,319
22,203
21,977
17,872
18,342
24,786
25,220
12,858
12,833
11,928
12,386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
1938—June 30
Dec. 3H
47,381
48,929
21,130
21,354
26,252
27,575
30,721
32,070
12,938
13,208
17,783
18,863
10,196
10,255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
3,234
3,387
1939—June 30...
Dec. 30
49,616
50,885
21,318
22,169
28,299
28,716
32,603
33,941
13,141
13,962
19,462
19,979
10,342
10,314
4,931
4,961
5,411
5,353
6,671
6,630
3,245
3,246
3,425
3,384
1940—June 29
Dec. 31..
51,335
54,188
22,341
23,741
28,995
30,448
34,451
37,126
13,969
15,321
20,482
21,805
310,188
10,248
4,926
4,959
5,262
5,289
36,696
6,815
3,445
3,461
3,251
3,353
1941—Apr. 4
June 30
Sept. 24
Dec. 31
56,147
57,945
59,296
61,098
24,322
25,312
26,187
26,616
31,825
32,633
33,109
34,483
38,983
40,659
41,943
43,521
15,878
16,729
17,546
18,021
23,104
23,930
24,397
25,500
10,276
10,314
10,348
10,372
4,954
4,955
4,949
4.903
5,322
5,360
5,399
5,470
6,889
6,972
7,005
7,205
3,490
3,628
3,692
3,692
3,399
3,344
3,313
3,513
1942—June 30 5
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, subsequent to Apr. 4, 1941, two mutual savings banks in Wisconsin and one in Indiana.
3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior
to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column.
4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respectively.
5
Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942.
NOTE.—Beginning with the Apr. 4, 1942 call, spring and fall figures are not being compiled for "All banks."
Back figures.—Set Annual Report for 1937 (tables 48-49).
JUNE 1943
537
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Call date
Total
loans
m and
investments
lotal
Commer- Open- Agricial mar- culket
paper
and
industrial2
tural 2
1
Investments 1
U S. Government obligations
Loans for
purchasing
or carrying
1
sccur ' ti^c
To
brokers
and
dealers
To
oth-
Direct
Real
estateloans
Other
loans 4
Certificates
Total
Total
Bills
of
in-
debt-
ers
Guaran-
Notes B o n d s
teed
ed-
Obligations
of
States
Othe
and
politi- securities
cal
subdivisions
ness
Total—All
Member Banks
35,934
24,786
33,941
34,451
37,126
40,659
43,521
44,287
46,800
26,150
12,858
13,962
13,969
15,321
16,729
18,021
17,834'
16,928
59,263
16,088
31
30
30
29
31
30
31
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
31
30
30
29
31
30
31
4
30
1,757
1,287
2,105
2,205
2,377
2,707
2,760
2,806
3,116
1,448
Dec. 31
3,973
1929—Dec.
1933—June
1939—Dec.
1940—June
Dec.
1941—June
Dec.
1942—Apr.
June
31
30
30
29
31
30
31
4
30 . . . .
Dec. 31
583
595
455
450
456
537
607
5^386'
5,538
6,204
7,270
8,064
"73O'
736
865
738
972
2,463 7,685 3,191
953 3,752 2,372
700 2,957
790
668 3,069
447
652 3,228
642
635 3,365
575
598 3,494
594
7,888 "495' "726' "554' "562' 3,'50l'
s
Y
1,089
7,387
934
538 3,423
12,229
5,187
2,944
3,062
3,273
3,609
3,692
9,784
11,928
19,979
20,482
21,805
23,930
25,500
26,453
3,203' 29,872
3,863
97
6,887
554
14,328
563
14,722
797
15,823
652
18,078 1,127
19,539
971
20,449
24,098 1,509
2,717 43,175 37,546 4,363
520
3,094
3^ 144
3,121
3,486
3,839
3,832
3,471
14,485' 2,685
1,393
1,744
2,692
2,888
3,013
2,984
3,090
3,173
2,934
4,528
3,297
2,959
2.873
2.970
2,867
2,871
2,831
2,840
6,285 5,409 18,948 2,540
2,965
2,664
889
926
2,385 1^275
1,092 2,650 1,324
1,245 2,977 1,615
1,526 3,415 1,751
1,623 3,652 1,679
1,515
1 ^ 746 4,572 1,166
222
478
579
634
695
651
729
773
623
758
680
693
695
788
796
830
796
781
593
701
96
87
162
177
188
190
182
207
164
96
138
170
167
186
188
193
187
188
152
559
2,049 3,725
2,223 8,398
2.543 8,261
2,594 9,091
2,631 10 481
3,007 11,729
1,872' 3,546'
New York
City*
1929—Dec.
1933—June
1939—Dec.
1940—June
Dec.
1941—June
Dec.
1942—Apr.
1^ 768"
1,801
2,025
2,405
2,716
195
364
120
103
100
97
91
•••y
6
2i775"
66
• -9"
2,546
2,145
1.044
188
188
190
186
169
169
157
133
137
130
129
123
2,917
1,099
469
458
468
536
554
6
3
8
"430' '" 167
121
"499'
2,091
3,709
6,043
6,815
7,527
8,715
8,823
8,950
9,953
34
330
315
421
207
577
311
1,112
2,551
4,772
5,486
6,044
7,268
7,265
7,381
8,550
"402'
"663'
451 13,841 12,547
1,855
2,144 2,056
116
384
1,203
l;258
1,307
1,483
1,430
1,490
1,858
1
149
153
254
297
417
256
2
57
22' " " 9 0 '
309
610
1,536
1,602
1.681
1,861
1,806
1,883
2,210
"357'
23
80
3,141
2,789
664 2,775 1,538
108 1,340 1,131
222 1,335
119
210 1,372
87
115
207 1,436
198 1,477
100
194 1,527
114
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
1,368
2,483
5,194
4,947
5,204
5,700
6,467
6,832
8,188
1,257
611
320
465
422
412
21
787
193
117
21
30
13
16
19
20
22
23
309
166
987
797
5,420 1,071
City of
Chicago^
1929—Dec.
1933—June
1939—Dec.
1940—June
Dec.
1941—June
Dec.
1942—Apr.
June
677
569
603
696
846
954
923
906
365'
417
476
609
711
19
69
17
16
17
21
21
"6
8
5
5
6
251
61
41
23
42
36
48
533
251
66
61
54
55
52
697
15
" "3'
"29
"56'
34
32
J
s>
Reserve City
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—Tune 30
Dec. 31
1942—Apr. 4
June 30
832
6
658
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
Dec. 31
16,419
5,038
1
v
168
126
155
156
153
202
250
2^100'
2,134
2,436
2,879
3,206
3,103
"215
v
2,957
1J51
1,187
1,267
1,377
1,431
1,314
v
y
1,226
"221'
176
263
175
300
"
623
267
60
62
84
101
96
152" ' " 7 8 " "177" 1,524'
i, iis
290
153 1,486
1,119
14,813
291 2,231 1,462
25 1,117 1.055
20
224 1,477
17
208 1,544
21
201 1,644
17
195 1,739
20
183 1,823
4,750
2,043
1,238
1,311
1,400
1,507
1,530
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
97
201
35
163
174
187
216
245
495
546
590
555
659
198
562
16
169 1,834
772
17
161 1,797
1,299
1,066
19
82
176
161
145
125
153
94
97
701
710
752
803
903
181
162
1^068
172'
134
112
138
119
108
90
397
637
391
1,282
83
166
186
25
73
63
87
103
73
295
66
131
165
681
819
839
771
606
751
"674" " 9 8 1 '
1,112
1,597
3,339
972
3,052
969
3,281 1,049
3,858 1,162
4,248 1,173
1,051
806
5J49
448
598
890
981
984
979
956
941
925
1,128
930
860
868
893
836
820
844
858
2,253 1,723
6,810
811
954
821
171
299
431
451
433
374
481
1,106
1,972
1,849
2,081
2,404
2,926
657
3^696
725
695
710
788
861
797
624
627
581
1,061
1,097
1,146
1,165
1,222
1,253
1,222
2,546
1,549
1,236
1,144
1,102
1,047
1,028
1,005
1,013
1,251 1,240
5,436
574
1,252
956
579'
13,038 1,441
37
2
31
36
45
60
110
59
63
'in'
355'
671
999
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).
538
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Call date
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
Balances
with
domestic
banks 1
Time deposits,
except interbank
Interbank
deposits
Demand
U.S.
deCertiIndiIndiposits viduals, States
fied
viduals, States GovU. S. partnerand
adernand
and
2 partnerGovpolit- ment
justed
ships, political offiships,
and
ern- and cor- ical
and cor- subdicers'
subdiporavisions checks ment
pora- visions postal
savetc.
tions
tions
ings
Domestic
banks
Borrowings
Capital
accounts
Foreign
banks
Demand 3
Time
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
Dec. 31
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
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
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
6
118
109
82
698
146
759
703
706
688
678
e
641
752
816
879
191
3
3
3
3
4
14
6
5
6,709
4,837
5,522
5,608
5,698
5,800
5,886
5,930
5,991
6,101
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
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
e
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
20
332
74
67
48
32
866
967
863
4,186
1,112
671
693
732
768
778
778
751
717
711
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
«576
683
736
179
8
2,105
1,582
1,592
1,599
1,615
1,625
1,648
1,655
1,698
1,727
City of
Chicago4
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
e
285
220
164
957
912
1,739
1,898
1,941
2,205
2,215
1,919
2,379
2,557
1,041
870
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
332
358
483
489
496
480
476
455
460
453
58
1
10
15
8
17
2
6
3
5
5
5
310
259
879
949
997
1,010
1,027
e
l,253
1,028
1,105
19
33
2
9
7
8
8
8
eg
10
12
41
316
204
250
260
270
279
288
289
293
304
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
2,705
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
1,139
1,144
1,313
1,304
1,319
300
108
190
147
228
209
286
202
218
385
76
312
435
422
327
341
491
633
422
1,982
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
H, 235
4,052
4,831
30
59
117
105
106
108
103
e
90
82
62
64
15
53
44
51
55
55
C
54
57
65
292
16
2,029
1,533
1,828
1,873
1,904
1,940
1,967
1,981
1,985
2,028
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
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
c
3,093
3,168
3,699
5,711
3,054
6,866
6,969
7,845
8,374
9,661
9,726
10,360
13,265
5,091
2,576
5,896
5,960
6,846
7,282
8,500
8,376
9,141
11,989
742
555
1,090
1,115
1,184
1,269
1,370
r,473
1,429
1,558
169
72
172
164
187
190
239
202
196
272
39
116
154
143
151
151
225
269
237
1,090
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
7
26
29
29
30
30
e
28
27
20
3
1
2
2
2
2
2
e
2
3
4
......
4
3
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
e
Partly estimated.
1 Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated $629,000,000. 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.
Rackfigures.—See.Annual Report for 1937 (tables 52-58),
JUNE 1943
539
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS A N D INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Lc ans
Date or month
Total
loans
and
invest- Total
ments
Investments
Loans for purchasing
Com- or carrying securities
mercial,
To brokers
Real- Loans Other
indusand dealers
to
estate
Total
trial,
banks loans
loans
and
To
agriU.S. others
culGovt.
tural 1 Total obli-
U. S. Government obligations
Tota
Certi
Other
ficate
secuof in- Notes Bonds GuarBills debtrities
anteed
edness
gations
Total—101 Cities
1942—April
31,095
11,288
7,323
434
402
1,244
28
1,857
19,80
16,09
1,000
365 2,360
9,684
2,681
3,717
1942—December..
39,717
10.36C
6,382
828
391
1,203
34
1,528
29,35
26,06
3,760 3,729 4,202
12,440
1,932
3,288
1943—January....
February...
March
April
41,383
41,475
41,784
43,449
9,826
9,724
9,502
10,013
6,183
6,097
5,981
5,822
604
624
574
1,153
360
350
339
422
1,191
1,180
1,170
1,160
33
56
58
88
1,455
1,417
1,380
1,368
28,270 4,226 5,012 4,113
31,55
31,751 28,484 4,255 5,049 4,080
32,282 29,021 4,340 5,006 4,146
33,436 30,217 4,419 5,507 4,199
12,999 1,920
13,192 1,908
13,602 1,927
14,123 1,969
3,287
3,267
3,261
3,219
1943—Feb. 24
41,353
9,643
6,012
607
346
1,176
71
1,401
31,710 28,438 4,153 5,003 4,075
13,294
1,913
3,272
342
333
335
342
344
1,176
1,176
1,168
1,169
1,162
57
56
74
50
54
1,394
1,384
1,383
1,369
1,367
13,394
13,487
13,583
13,726
13,821
1,919
1,913
1,926
1,935
1,940
3,296
3,265
3,296
3,222
3,229
31,953
32,373
32,639
32,511
31,935
28,657
29,108
29,343
29,289
28,706
4,244
4,557
4,692
4,452
3,755
5,001
5,034
4,996
5,007
4,993
28,998
29,475
30,487
31,909
3,911
4,149
4,773
4,842
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
41,470
41,861
42,198
42,004
41,391
9,517
9,488
9,559
9,493
9,456
5,963
6,030
6,027
5,975
5,912
585
509
572
588
617
Apr.
Apr.
Apr.
Apr.
7
14
21
28
41,646
42,250
44,127
45,772
9,435
9,564
10,414
10,637
5,825
5,806
5,805
5,850
665
814
1,482
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
5,007 4,220
5,140 4,192
5,353 4,195
6,530 4,187
13,913 1,947
14,040 1,954
14,182 1,984
14,358 1,992
3,213
3,211
3,226
3,226
May 5
May 12
May 19
46,108
47,289
47 368
10,674
10,394
10 074
5,808 1,586
5,767 1,394
5 745 1,198
• 617
585
553
1,156
1,155
1,153
121
118
75
1,386
1,375
1,350
35,434 32,331 4,949 6,706 4,185
36,895 33,799 5,345 6,812 4,179
37 294 34,215 5,585 6,877 4,200
14,656 1,835
15,629 1,834
15,728 1,825
3,103
3,096
3 079
4,099
4,117
4,146
4,169
4,197
.Vew York City
1942—April
12,592
3,851
2,812
316
147
103
26
447
8,741
7,273
347
162
1,461
3,846
1,457
1,468
1942—December...
15,888
3,893
2,527
699
171
101
27
368
11,995
10,842
1,737
1,478
1,965
4,657
1,005
1,153
1943—January
February....
March
April
16,409
16,163
16,230
17,025
3,545
3,556
3,441
3,906
2,428
2,430
2,379
2,298
486
506
456
965
161
158
146
195
99
98
98
98
32
38
44
36
339
326
318
314
12,864
12,607
12,789
13,119
11,703 1,976
11,460 1,851
11,635 1,814
12,007 1,641
2,074
2,010
1,966
2,175
1,890
1,821
1,845
1,888
4,768
4,794
5,010
5,285
995
984
1,000
1,018
1,161
1,147
1,154
1,112
1943—Feb 24
15 968
3 502
2 405
484
154
97
39
323
12,466 11,319
1,720
1,962
1,793
4,855
989
1,147
97
98
97
99
98
44
50
45
40
39
324
318
318
317
315
12,546
12,824
12,966
12,886
12,724
11,374
11,672
11,779
11,757
11,593
1,693
1,935
1,964
1,877
1,601
1,956
1,957
1,960
1,956
2,004
1,801
1,818
1,856
1,866
1,883
4,921 1,003
4,971
991
5,001
998
5,057 1,001
5,100 1,005
1,172
1,152
1,187
1,129
1,131
12,753 11,632
12,786 11,667
13,278 12,172
13,658 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
12,727 1,816 2,507
13,235 2,045 2,484
13,334 2,152 2,500
1,869
1,868
1,874
5,582
5,890
5,878
953
948
930
995
992
981
622
Mar.
Mar.
Mar.
Mar.
Mar.
3
10. ..
17
24
31
15,994
16,243
16,415
16,335
16,164
3,448
3,419
3,449
3,449
3,440
2,370
2,418
2,393
2,373
2,340
464
395
454
471
497
'"194"
149
140
142
149
151
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
2,301
2,286
2,301
536
665
1,262
1,396
217
328
910
1,031
151
152
234
242
98
98
98
99
41
26
49
27
315
312
317
315
May 5
May 12
May 19
18,144
18,472
18,330
4,422
4,245
4,015
2,272
2,252
2,243
1,330
1,188
1,020
941
788
584
337
327
312
98
99
98
69
63
26
316
316
316
13,722
14,227
14,315
18,503
7,437
4,511
118
255
1,141
2
1,410
11,066
899
5,838
1,224
2,249
6,473
3,855
129
220
1,102
7
1,160
17,356 15,221 2,023 2,251 2,237
7,783
927
2,135
3,755
3,667
3,602
3,524
118
118
118
188
199
192
193
227
1,092
1,082
1,072
1,062
1
18
14
52
1,116
1,091
1,062
1,054
18,693
19,144
19,493
20,317
2,250 2,938 2,223
2,404 3,039 2,259
2,526 3,040 2,301
2,778 3,332 2,311
8,231
8,398
8,592
8,838
925
924
927
951
2,126
2,120
2,107
2,107
Outside
New York City
1942—April
1942—December...
23,829
1943—January
February....
March
April
24,974
25,312
25,554
26,424
6,281
6,168
6,061
6,107
1943—Feb 24
8,817
16,567
17,024
17,386
18,210
653
203
25 385
6 141
3 637
123
192
1,079
32
1,078
19 244 17,119 2,433
3,041 2,282
8,439
924
2,125
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
25,476
25,618
25,783
25,669
25,227
6,069
6,069
6,110
6,04-4
6,016
3,593
3,612
3,634
3,602
3,572
121
114
118
117
120
193
193
193
193
193
1,079
1,078
1,071
1,070
1,064
13
6
29
10
15
1,070
1,066
1,065
1,052
1,052
19,407 17,283
19,549 17,436
19,673 17,564
19,625 17,532
19,211 17,113
2,551
2,622
2,728
2,575
2,154
3,045 2,298
3,077 2,299
3,036 2,290
3,051 2,303
2,989 2,314
8,473
8,516
8,582
8,669
8,721
916
922
928
934
935
2,124
2,113
2,109
2,093
2,098
Apr.
Apr.
Apr.
Apr.
7
14
21
28
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 17,366 2,312 3,059 2,308
19,900 17,808 2,690 3,088 2,294
20,435 18,315 2,987 3,201 2,318
21,477 19,352 3,122 3,981 2,324
8,748
8,792
8,850
8,962
939
944
959
963
2,092
2,092
2,120
2,125
May 5
May 12
Mav 19
27,964
28,817
29,038
6,252
6,149
6,059
3,536
3,515
3,502
256
206
178
280
258
241
1,058
1,056
1,055
52
55
49
1,070
1,059
1,034
21,712 19,604 3,133 4,199 2,316
22,668 20,564 3,300 4,328 2,311
22,979 20,881 3,433 4,377 2,326
9,074
9,739
9,850
882
886
895
2,108
2,104
2,098
1
Includes open-market paper no longer reported separately.
N O T E . — F o r description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for J u n e 1937 (pp. 530-531). For back figures
see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67), and corresponding
tables in previous Annual Reports.
54°
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES A N D LIABILITIES
[Monthly data are averages of Wednesday figures**In millions of dollars]
Demand deposits
except interbank
Date or month
Reserves
with
Fed- Cash
in
eral
vault
Reserve
Banks
Balances
with
domestic
banks
Demand
deposits
adjusted 1
Individuals,
partnerships,
and
corporations
Interbank
deposits
Time deposits,
except interbank
Certified
U.S.
polit- and
Govical
offiernsub- cers' ment
divi- checks
sions etc.
Individuals,
partnerships,
and
corporations
States
and
U.S.
States Govand
ernpolit- ment
ical
and
sub- postal
divisavsions
ings
Domestic
banks
Foreign
De- Time banks
mand
Borrowings
Cap- Bank
ital
debaccounts its»
Total 101 Cities
1942-April
9,936
514
3,277
24,845
24,304
1,963
533
1,810
4,942
173
20
8,739
91
639
5
3,935
9,166
1942—December....
9,704
548
2,741
28,749
28,840
1,782
586
4,746
5,109
100
26
9,315
65
727
4
4,014
11,773
1943—January
February
March
April
9,786
9,412
9,476
9,020
524
516
519
522
2,679
2,557
2,589
2,594
29,215
30,412
31,956
31,591
29,143
30,290
31,837
31,659
1,781
1,854
1,861
1,855
612
577
626
706
5,794
4,240
2,708
4,271
5,218
5,284
5,344
5,382
101
108
96
107
28
28
29
30
9,361
9,204
9,448
9,372
61
59
57
55
727
729
739
728
8
35
51
83
4,026
4,042
4,054
4,067
10,856
10,579
11,716
13,372
1943—Feb. 24
9,445
539
2,592
31,129
31,150
1,842
578
3,366
5,305
106
29
9,286
56
722
41
4,046
9,702
3
10
17
24
31
9,351
9,550
9,781
9,472
9,224
502
524
544
523
500
2,572
2,603
2,723
2,561
2,488
31,305
32,116
32,385
32,128
31,848
31,162
31,917
32,338
31,954
31,815
1,858
1,850
1,855
1,831
1,913
668
584
668
597
614
2,964
2,716
2,778
2,817
2,266
5,333
5,340
5,333
5,352
5,361
105
99
97
88
89
29
29
29
29
29
9,453
9,505
9,800
9,342
9,139
56
57
59
58
56
734
723
742
745
750
29
31
66
26
102
4,053
4,048
4,052
4,057
4,059
12,302
9,809
12,150
11,771
12,550
Apr. 7
Apr. 14
Apr. 21
Apr. 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 5
May 12
May 19
8,284
8,333
8,419
510
527
508
2,542
2,567
2,491
29,528
30,051
30,652
29,423
30,293
30,719
1,761
1,767
1,766
856
682
740
8,496
9,342
8,861
5,381
5,406
5,435
116
118
117
31
31
31
9,112
8,935
8,869
52
54
54
724
734
742
92
134
71
4,088
4,092
4,099
14,669
11,597
12,304
1
1,541
3,557
Mar.
Mar.
Mar.
Mar.
Mar.
New York City
1942—April
4,682
78
111
10,519
10,687
282
281
940
680
20
3,250
573
1942—December....
3,934
86
29
10,949
11,283
229
290
2,915
637
15
3,174
650
3
1,568
4,794
1943—-January
February
March
April. .
3,973
3,655
3,610
3,271
78
80
78
80
28
23
38
31
11,091
11,574
12,444
12,219
11,370
11,850
12,748
12,556
216
218
217
217
349
313
319
390
3,326
2,372
1,436
2,083
656
663
673
674
19
22
18
19
3,161
3,052
3,101
3,096
651
650
657
646
5
33
39
79
1,566
1,576
1,578
1,581
4,406
4,486
4,687
5,792
1943—Feb. 24
'"i"
i
3,596
83
24
11,845
12,160
206
304
1,844
662
22
3,042
642
40
1,575
3,848
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
3,542
3,544
3,671
3,653
3,638
76
12,002
12,356
12,425
12,562
12,875
12,252
12,640
12,726
12,811
13,311
214
197
226
224
226
377
297
323
304
293
1,597
1,453
1,475
1,483
1,170
660
673
675
678
681
21
16
16
19
19
3,101
3,146
3,283
3,079
2,894
i
I
l
652
643
661
663
666
27
82
79
78
76
28
24
29
42
68
30
63
23
50
1,580
1,577
1,577
1,578
1,579
4,891
3,942
4,869
4,808
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
I
l
l
l
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 5 . . . . . 2,973
May 12
3,027
May 19
3,085
78
82
77
23
24
27
11,140
11,250
11,450
11,342
11,617
11,764
230
219
219
565
418
486
4,124
4,385
4,143
668
668
677
17
19
19
2,968
2,937
2,924
I
I
641
652
659
88
116
66
1,592
1,593
1,601
6,638
5,266
5,250
i
Outside
New York City
1942-April
5,254
436
3,166
14,326
13,617
1,681
252
870
4,262
153
20
5,489
91
66
4
2,394
5,609
1942—December
5,770
462
2,712
17,800
17,557
1,553
296
1,831
4,472
85
26
6,141
65
77
1
2,446
6,979
1943—January
February
March
April
5,813
5,757
5,866
5,749
446
436
441
442
2,651
2,534
2,551
2,563
18,124
18,838
19,512
19,372
17,773
18,440
19,089
19,103
1,565
1,636
1,644
1,638
263
264
307
316
2,468
1,868
1,272
2,188
4,562
4,621
4,671
4,708
82
86
78
88
28
28
29
30
6,200
6,152
6,347
6,276
61
59
56
54
76
79
82
82
3
2
12
4
2,460
2,466
2,476
2,486
6,450
6,093
7,029
7,580
1943—Feb. 24
5,849
456
2,568
19,284
18,990
1,636
274
1,522
4,643
84
29
6,244
56
80
1
2,471
5,854
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
5,809
6,006
6,110
5,819
5,586
426
442
465
445
424
2,544
2,579
2,694
2,519
2,420
19,303
19,760
19,960
19,566
18,973
18,910
19,277
19,612
19,143
18,504
1,644
1,653
1,629
1,607
1,687
291
287
345
293
321
1,367
1,263
1,303
1,334
1,096
4,673
4,667
4,658
4,674
4,680
84
83
81
69
70
29
29
29
29
29
6,352
6,359
6,517
6,263
6,245
56
57
58
57
55
82
80
81
82
84
2
1
3
3
52
2,473
2,471
2,475
2,479
2,480
7,411
5,867
7,281
6,963
7,626
Apr.
Apr.
Apr.
Apr.
7
14
21
28
5,950
5,933
5,611
5,501
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
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
7,224
5,311
5,306
5,334
432
445
431
2,519
2,543
2,464
18,388
18,801
19,202
18,081
18,676
18,955
1,531
1,548
1,547
291
264
254
4,372
4,957
4,718
4,713
4,738
4,758
99
99
98
31
31
31
6,144
5,998
5,945
51
53
53
83
82
83
4
18
5
2,496
2,499
2,498
8,031
6,331
7,054
May 5 . .
May 12
May 1 9 . .
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.
JUNE 1943
541
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)
Apr. 21
„
Apr. 28
May 5
May 12
May 19
New York (8 cities)*
Apr. 21
,
Apr. 28
May 5
May 12
May 19
Philadelphia (4 cities)
Apr. 21
Apr. 28
May 5
May 12.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.
May 19
Cleveland (10 cities)
Apr. 21
Apr. 28
May 5
May 12
May 19
Richmond (12 cities)
Apr. 21
Apr. 28.
May 5
Mgy 12
May 19
Atlanta (8 cities)
Apr. 21
Apr. 28
May 5
. ..
May 12
Mav 19
Chicago (12 cities)*
Apr. 21
Apr. 28
May 5
May 12
May 19
St. Louis (5 cities)
Apr. 21
Apr. 28
May 5
May 1 2 . . .
May 19
Minneapolis (8 cities)
Apr. 21
Apr. 28
May 5
May 12
May 19
Kansas City (12 cities)
Apr. 21
Apr. 28
May 5
May 12
Mav
19
ITA <XJ
*. . . .
Dallas (9 cities)
Apr. 21
Apr. 28
May 5
May 12
May 19..
San Francisco (7 cities)
Apr. 21
Apr. 28
May 5
May 12
May 19
City of Chicago*
Apr. 21
Apr. 28
May 5
May 12
May 19
-S
Total
loans
Commercial,
industrial,
and
agricultural 1
Investments
Loans for
purchasing
or carrying
securities
U. S. Government obligations
Real- Loans Other
estate
To
loans banks loans
brokers
To
and others
dealers
Certificates
of
Guarin- Notes Bonds anteed
debtedness
investments
Total
2,448
2,542
2,572
2,599
2,613
663
659
650
634
628
395
390
389
386
385
36
39
33
21
19
14
12
12
12
71
71
70
70
70
29
25
27
27
26
120
120
119
118
116
1,785
1,883
1,922
1,965
1,985
1,814
1,858
1,878
308
326
335
331
330
325
389
419
426
441
191
188
189
184
184
784
801
808
852
858
70
72
63
65
65
107
107
108
107
107
18,928
19,518
19,627
20,029
19,893
4,585
4,725
4,758
4,580
4,348
2,426
2,443
2,414
2,392
2,383
1,271
1,408
1,333
1,193
1,024
266
275
370
359
344
182
183
182
183
182
49
27
69
63
26
391
389
390
390
389
14,343
14,793
14,869
15,449
15,545
13,136
13,591
13,774
14,357
14,465
1,923
1,877
1,965
2,200
2,316
2,291
2,732
2,707
2,692
2,708
2,010
1,996
2,003
2,002
2,008
5,845
5,915
6,112
6,481
6,468
1,067
1,071
987
982
965
1,207
1,202
1,095
1,092
1,080
1,971
2,057
2 060
2*. 124
2,136
453
461
458
456
448
241
244
246
244
243
38
39
41
38
35
11
12
12
12
11
44
44
44
44
44
3
5
116
117
115
115
115
1,518
1,596
1,602
1,668
1,688
1,293
1,371
1,393
1,459
1,480
280
308
302
280
290
184
232
258
297
301
121
122
118
118
118
635
635
645
694
698
73
74
70
70
73
225
225
209
209
208
3,340
3,478
3,505
3,573
3,596
753
774
793
771
760
375
385
390
386
384
25
48
36
31
14
14
15
14
14
173
173
173
173
173
156
156
158
153
149
2,587
2,704
2,712
2,802
2,836
2,315
2,431
2,443
2,542
2,576
310
330
320
341
355
316
400
418
431
429
297
297
287
293
298
1,254
1,266
1,282
1,345
1,362
138
138
136
132
132
272
273
269
260
260
1,360
1,414
1*432
1^486
1,476
268
273
267
264
250
126
128
125
122
119
18
18
18
19
12
52
52
51
51
51
62
64
64
63
61
1,092
1,141
1,165
1,222
1,226
1,026
1,075
1,098
1,155
1,161
157
170
170
179
175
132
162
191
207
215
133
136
135
139
138
552
555
555
583
585
52
52
47
47
48
66
66
67
67
65
1,256
1,316
1,337
1,392
1 408
315
320
325
312
302
185
187
190
185
181
11
12
15
12
12
26
26
26
25
25
86
86
86
83
78
941
996
1,012
1,080
1,106
830
883
902
964
994
114
108
108
129
141
189
244
262
263
261
130
130
130
130
134
347
351
355
395
407
50
50
47
47
51
111
113
110
116
112
1,253
1,265
1,276
1,256
1,252
865
872
876
875
880
72
71
74
53
46
62
64
66
66
65
136
135
135
135
135
8
12
12
12
12
110
111
113
115
114
5,238
5,466
5,536
5,757
5,821
4,658
4,884
4,947
5,167
5,235
727
729
756
830
883
1,004
1,203
1,232
1,246
1,258
585
585
588
589
590
2,094
2,119
2,153
2,287
2,291
248
248
218
215
213
580
582
589
590
586
1,371
1,422
1 419
1^442
1*,438
353
356
352
349
349
212
213
211
209
210
4
5
5
5
4
9
9
9
9
9
66
68
66
66
66
2
1
60
60
61
60
60
1,018
1,066
1,067
1,093
1,089
898
945
946
972
969
160
170
164
170
163
178
214
224
220
221
114
110
111
110
110
403
408
412
437
440
43
43
35
35
35
120
121
121
121
120
782
770
806
865
864
193
186
182
190
184
113
104
101
113
111
3
3
4
2
2
5
5
5
5
5
14
14
14
14
14
4
4
4
4
2
54
56
54
50
589
584
624
675
680
540
541
582
633
639
111
92
108
124
120
101
120
135
137
137
59
59
60
60
59
249
250
261
291
302
20
20
18
21
21
49
43
42
42
41
1,385
1,437
1*443
1,506
1,527
340
340
324
323
319
233
233
218
218
214
3
3
3
3
3
8
8
8
8
8
33
33
33
33
33
63
63
62
61
61
1,045
1,097
1,119
1,183
1,208
917
968
990
176
191
199
205
219
172
200
214
221
215
163
168
168
168
170
349
352
358
405
415
57
57
51
57
58
128
129
129
127
131
1,061
1,125
1,121
1,178
l|l92
289
293
292
284
285
207
209
205
199
199
2
2
3
2
2
17
18
18
18
18
19
19
19
19
19
44
45
47
46
47
111
832
829
894
907
713
774
772
836
851
107
115
109
125
128
133
184
190
197
200
106
107
107
107
109
318
319
319
358
365
49
49
47
49
49
59
58
57
58
56
3, 734
3,962
3*974
4,082
4*, 152
949
985
997
975
949
427
442
443
438
436
11
25
25
25
19
54
55
69
51
43
343
343
343
342
341
114
120
117
119
110
2,785
2,977
2,977
3,107
3,203
2,483
2,670
2,670
2,800
2,890
400
426
413
431
465
328
450
456
475
491
286
289
289
279
282
1,352
1,387
1,396
1,501
1,537
117
118
116
114
115
302
307
307
307
313
4,151
4,305
4,356
4,484
4,511
833
839
839
822
820
630
630
631
632
636
66
65
64
45
41
51
54
54
54
53
23
23
24
24
23
55
55
54
55
55
3,318
3,466
3,517
3,662
3,691
2,934
3,080
3,126
3,270
3,299
483
463
494
563
590
662
803
399
399
399
400
400
1,304
1,329
1,353
1,426
1,426
86
86
67
67
66
384
386
391
392
392
6,491
6,731
6,812
7,013
7,073
37
10
9
9
7
7
9
8
7
12
3
10
9
9
9
9
8
12
12
12
12
52 -
Total
Total
1,678
1,776
1,056
1,077
Bills
813
814
817
Other
securities
* 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
York1 and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
Includes open-market paper no longer reported separately.
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[ In millions of dollars ]
Time deposits,
except interbank
Demand deposits,
except interbank
Federal Reserve
district and date
(1943)
Boston (6 cities)
Apr. 21
Apr. 28..
May 5
May 12
May 19
New York (8 cities)*
Apr. 21
...
Apr. 28
May 5
May 12
May 19
Philadelphia (4 cities)
Apr. 21
Apr. 28
May 5
May 12
May 19
Cleveland (10 cities)
Apr. 21
Apr. 28
May 5
May 12
May 19
...
Richmond (12 cities)
Apr. 21
...
Apr. 28
May 5
May 12
May 19
Atlanta (8 cities)
Apr. 21
Apr. 28
May 5...
...
May 12
May 19
Chicago (12 cities)*
Apr. 21
.
Apr. 28
May 5
May 12
May 19
St. Louis (5 cities)
Apr. 21
Apr. 28
May 5
.
May 12
May 19
Minneapolis (8 cities)
Apr. 21
Apr. 28
May 5
May 12
May 19
Kansas City (12 cities)
Apr. 21
Apr. 28
May 5
May 12
May 19
Dallas (9 cities)
Apr. 21
Apr. 28
May 5
May 12
May 19
San Francisco (7 cities)
Apr. 21
Apr. 28
May 5
May 12
May 19
City of Chicago*
Apr. 21
Apr. 28
May 5
May 12
May 19..
ReIndiserves
DeBalvidwith Cash ances mand
deuals,
with
Fedin
eral vault
do- posits partmestic ad- 1 nerRebanks justed ships,
serve
Banks
and
corporations
States Certiand
fied U . S .
polit- and
Govical
offiernsub- cers' ment
divi- checks
sions etc.
Individuals,
partnerships,
and
corporations
I
Interbank
deposits
Domestic
banks
.S.
Bank
States U
Bor- CapGovand
row- ital
ac- debernFor- ings counts
polit- ment
its 2
ical
eign
and
subbanks
Dedivi- postal
sav- mand Time
sions ings
445
419
416
414
412
59
60
57
57
55
150
155
143
136
127
1,843
1,837
1,839
1,839
1,867
1,848
1,830
1,827
1,834
1,855
99
98
99
108
38
34
27
23
25
445
544
562
589
555
243
243
243
244
245
1
1
328
312
304
290
296
2
1
1
3
4
258
257
259
260
260
1,016
700
738
674
685
3,235
3,321
3,175
3,221
3,279
109
117
108
113
107
12,465
12,402
122 12,165
136 12,307
133 12,532
12,646
12,584
12,241
12,548
12,692
368
408
385
389
399
431
401
594
454
515
3,311
4,103
4,360
4,659
4,402
1,042
1,059
1,053
1,054
1,065
23
22
20
22
21
3,111
3,091
3,038
3,006
2,993
645
649
642
654
661
104
83
91
1,710
1,707
1,721
1,722
1,730
8,293
5,060
7,098
5,563
5,597
446
431
423
428
407
29
30
27
29
28
129
147
100
101
100
1,583
1,587
1,505
1,554
1,562
1,538
1,521
1,504
1,555
1,556
160
171
95
102
101
12
14
12
12
13
290
371
383
423
399
161
160
160
160
161
2
2
2
2
2
364
370
385
368
371
6
6
6
6
6
221
221
222
223
222
670
496
825
477
499
827
791
758
745
775
66
70
65
69
65
316
309
285
280
276
2,536
2,494
2,446
2,489
2,561
2,575
2,532
2,468
2,547
2,603
105
105
106
116
111
48
49
35
35
33
304
459
482
512
486
746
745
746
748
750
49
49
49
48
49
539
526
518
499
496
2
2
2
2
2
416
417
417
418
418
1,059
! 882
I 872
| 698
805
292
297
292
288
276
35
37
34
35
33
176
193
185
180
179
970
975
963
984
979
938
938
929
963
955
102
96
90
92
95
17
21
22
17
17
156
237
243
271
257
210
210
210
211
212
2
2
2
2
2
397
388
395
391
390
108
108
108
108
108
444
364
381
299
335
292
304
281
280
258
24
27
24
24
24
201
184
194
205
209
869
859
855
874
832
828
814
849
853
122
126
129
125
127
10
100
189
201
243
231
209
209
205
212
212
2
2
2
2
2
508
486
485
485
481
104
104
105
105
105
391
321
358
306
336
1,351
1,368
1,251
1,246
1,285
94
95
91
461
451
442
441
426
4,581
4,570
4,464
4,560
4,717
4,498
4,496
4,357
4,521
4,628
361
381
369
352
347
750
1,046
1,102
1,244
1,176
1,036
1,037
1,042
1,047
1,052
3
3
3
3
3
1,573
1,551
1,543
1,495
1,481
460
462
463
463
463
2,376
1,900
2,078
1,668
1,886
269
261
257
260
254
19
20
17
19
18
131
127
124
129
114
830
821
810
825
817
852
858
831
861
849
60
60
60
63
59
127
190
191
219
209
197
197
198
198
199
1
1
544
530
527
516
105
104
105
104
104
438;
326
352
284
341
147
147
146
132
142
10
11
10
10
10
101
103
106
102
507
459
470
502
511
479
442
440
476
485
72
75
73
74
74
104
150
164
187
178
113
112
113
113
113
250
244
255
243
238
69
69
69
69
69
274
249
256
196
204
336
321
346
349
341
19
21
K>
20
20
321
300
331
317
306
956
953
956
986
1,006
961
947
941
977
988
121
123
121
119
124
110
150
150
190
185
149
148
149
150
150
1
1
1
1
1
118
118
119
119
119
482
399
410
360
401
913
899
875
905
917
906
887
878
917
926
73
74
60
59
56
78
157
164
204
194
131
130
130
131
132
7
6
7
7
7
736
719
773
755
743
451
435
443
447
436
282
271
271
278
271
18
22
18
19
19
291
282
282
291
277
96
96
96
96
96
340
328
337
255
307
720
677
668
692
719
37
40
37
37
38
260
237
228
249
255
2,260
2,242
2,180
2,226
2,298
2,297
2,249
2,193
2,245
2,329
146
172
175
177
165
220
448
494
601
589
1,130
1,131
1,132
1,138
1,144
27
27
30
29
29
447
440
446
440
436
404
404
404
405
405
932
964
817
908
843
849
763
744
787
40
42
41
43
41
190
181
184
171
166
2,806
2,791
2,720
2,781
2,901
2,809
2,811
2,711
2,817
2,901
160
167
168
160
160
507
701
735
821
775
463
463
465
466
467
,149
,125
,127
,076
,065
300 1,543
301 1,077
302 1,281
303
955
303 1,121
92
128
66
* See note on preceding page.
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.
JUNE 1943
543
COMMERCIAL PAPER A N D BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Held by
Commercial
paper
out- 1 Total
outstanding standing
Based on
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Exports
from
United
States
Imports
into
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1942—January
February
March
April
May
June
July
August..
September
October
November
December
381
197
190
183
177
174
163
156
139
123
119
116
118
154
144
146
139
133
122
119
108
97
94
90
93
103
92
89
86
82
78
77
71
64
63
61
60
52
53
57
53
51
44
42
37
33
31
29
34
43
46
37
38
41
41
38
31
26
25
26
25
116
112
103
97
101
94
92
78
66
60
17
51
388
384
373
354
315
305
297
282
271
261
230
57
57
18
17
17
16
13
8
8
6
6
6
9
44
45
48
43
52
45
41
41
40
39
38
11
13
16
14
13
4
11
11
10
12
12
14
1943—January
February
March
April
220
209
201
179
120
127
130
128
95
102
101
99
60
64
62
61
35
38
39
38
24
25
29
29
57
60
69
71
12
14
12
9
38
41
39
38
12
12
10
11
©
(3)
3(3)
(3)
1
2
3
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, A N D PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit #
Customers' balances in balances in
partners'
debit
firm
investment investment
balances
and trading and trading
(net) 1
accounts
accounts
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
Other credit balances
In partners'
investment
and trading
accounts
In firm
investment
and trading
accounts
I n 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
298
305
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
1940—June
December
653
677
12
12
58
99
223
204
376
427
267
281
62
54
22
22
11
5
6
7
5
5
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
1942—April
May
June
July
515
502
496
491
8
8
9
68
79
86
95
195
177
180
172
300
300
309
307
247
238
240
238
61
59
56
57
16
16
16
16
5
3
4
4
196
194
189
185
e
310
e
310
«320
378
240
e
25O
e
250
270
54
15
4
182
e
c
1939—June
December
1943
e
....
September
October
N o vember
December
*500
«510
e
520
543
Tanuarv
February
March
April
e
540
e
550
e
610
€
670
7
7
154
160
290
e
320
e
350
e
410
280
277
e
280
e
310
6
340
e
350
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
l Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
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).
544
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Yields on U. S. .
Government securities
Stock
Prime
Prime bankexcomchange
ers'
9- to 12mercial acceptcall
month
paper, ances,
loan
5certifi- 3-to
34- to 6reyear
90
cates taxable
monthsi daysl
new- month
billsB of in- notes
als2
debtedness
1940 average
1941 average
1942 average
1942—April
May
June
July
August..
September.. ..
October
November . . . .
December
.56
.54
.66
.63
.63
.69
.69
.69
.69
.69
.69
.69
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1943—January.......
February
March.......
April.....
Week ending:
Apr. 2 4 . . . . . . .
May 1
May 8
May I S . . . . . . . .
May 2 2 . . . . . . . .
.69
.69
.69
.69
.44
.44
.44
.44
*A-%
%-*A
5
A-H
5
A-U
%>
I
1.00
1.00
1.00
1.00
.014
.103
.326
.299
.364
.363
.368
.370
.370
.372
.371
.363
.367
.372
.373
.373
4.80
.76
.75
.80
.80
.76
.73
.75
.78
.76
1.13
.98
1.03
1.15
1.20
1.25
1.27
1.28
1.28
1.34
1.29
1.24
1.33
1.39
1.00
1.00
1.00
1.00
1.00
.372
.373
.372
.373
.373
.77
.78
5.81
.80
.77
1.38
1.39
1.39
1.38
1.34
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.
5
Number of issues included increased from 1 to 2 on May 3.
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 PRINCIPAL CITIES
[Per cent per annum]
7 Other 11 SouthNorthern and
ern and Western
Eastern
cities
cities
Total
19 cities
New
York
City
1934 average 11
1935 average 1
1936 average 1
1937 average1
1938 average ..........
3.45
2.93
2.68
2.59
2.53
2.45
1.76
1.72
1.73
1.69
3.71
3.39
3.04
2.88
2.75
4.32
3.76
3.40
3.25
3.26
1939 average
1940 average
1941 average
1942 average
1939—March...........
June
September....
December.....
1940—March
June
September
December
1941—March..
June
September
December..
1942—March.
June
September
December
2.78
2.63
2.54
2.61
2.95
2.91
2.68
2.59
2.65
2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.07
2.04
1.97
2.07
2.13
2.15
2.04
1.96
2.03
2.00
2.14
2.00
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
3.05
3.05
2.78
2.59
2.67
2.49
2.56
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
3.51
3.38
3.19
3.26
3.77
3.62
3.31
3.32
3.35
3.38
3.43
3.36
3.25
3.23
3.29
2.99
3.20
3.34
3.25
3.26
2.76
2.36
2.76
3.24
1943—March...
..j
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 *
[Per cent per annum]
U.S.
Government2
Year, month, or week
Partially
taxTaxable
exempt
Number of issues
2-6
2
Corporate (Moody's) 5
Municipal
(high
grade) 3
Corporate
(highgrade)4
Aaa
15
5
By groups
By ratings
Total
Aa
A
30
Baa
Industrial
Railroad
Public
utility
120
30
30
30
40
40
40
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
1940 average
1941 average
1942 a v e r a g e . . . . . . . . . .
2.21
1.95
2.02
2.35
2.50
2.10
2.36
2.77
2.67
2.75
3.55
3.34
3.34
2.84
2.77
2.83
1942—April
May
June
July
August
September
October
November......
December.......
1.98
1.97
1.97
2.00
2.02
2.03
2.05
2.06
2.09
2.34
2.35
2.33
2.34
2.34
2.34
2.33
2.34
2.36
2.44
2.45
2.38
2.32
2.28
2.25
2.22
2.20
2.26
2.77
2.76
2.75
2.74
2.73
2.73
2.72
2.71
2.72
3.34
3.36
3.37
3.35
3.34
3.33
3.31
3.31
3.32
2.83
2.85
2.85
2.83
2.81
2.80
2.80
2.79
2.81
2.98
3.00
3.01
2.99
2.99
2.98
2.95
2.94
2.96
3.30
3.31
3.31
3.28
3.27
3.26
3.24
3.24
3.23
4.26
4.27
4.33
4.30
4.28
4.26
4.24
4.25
4.28
2.96
2.97
2.97
2.94
2.94
2.95
2.94
2.93
2.94
3.95
3.97
4.03
4.02
3.98
3.95
3.92
3.93
3.96
3.13
3.13
3.12
3.09
3.09
3.08
3.07
3.06
3.07
1943—January
. 2.06
February
2.06
March
2.08
April...........
2.02
2.32
2.32
2.33
2.32
2.27
2.22
2.21
2.20
2.70
2.68
2.70
2.68
3.27
3.23
3.20
3.19
2.79
2.77
2.76
2.76
2.93
2.89
2.88
2.88
3.20
3.17
3.14
3.14
4.16
4.08
4.01
3.96
2.90
2.88
2.87
2.87
3.86
3.78
3.73
3.69
3.05
3.02
3.00
3.01
Week ending:
Apr.. 24
May 1
May 8 . . . . . . . . . .
May 15
May 22
.
2.31
2.31
2.31
2.30
2.30
2.19
2.17
2.14
2.14
2.12
2.68
2.68
2.66
2.65
2.65
3.19
3.18
3.18
3.17
3.16
2.76
2.75
2.75
2.75
2.74
2.88
3.14
3.14
3.14
3.14
3.13
3.97
3.95
3.93
3.91
3.91
2.86
2.87
2.86
2.86
2.86
3.69
3.68
3.66
3.65
3.63
3.01
3.01
3.01
3.00
3.00
1.99
1.99
1.96
1.92
1.90
0 88
Z.oo
88
L9 .00
2.88
2.87
1
2
3
4
5
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Average of yields on all outstanding issues due or callable in more than 12 years.
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 4 and 10 to 5 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively.
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.
JUNE 1943
545
SECURITY MARKETSl
Stock prices 5
Bond prices
Corporate 4
Vear, month, or week
U . S . Municipal
Gov(high
ernHighment4 grade) 3 grade
Number of issues.
Medium and lower-grade
Total
2-6
Volume
of trading?
[in thousands of
Public shares)
utility
Common (index, 1935-39 = 100)
Industrial
Railroad
Demlted
Public
utility
Preferreds
Total
Industrial
Railroad
20
20
15
15
402
354
20
28
1940 average
1941 average
1942 average
107.2
111.0
109.9
123.6
130.9
126.2
115.9
117.8
118.3
94.8
98.9
100.1
97.3
103.9
109.1
83.8
86.9
86.6
103.5
106.1
104.8
14.0
21.9
27.2
169.2
171.9
162.4
88
80
69
88
80
71
71
71
66
96
81
61
767
629
466
1942—April
May
June
July
August
September
October
November
December
110.5
110.7
110.7
110.2
109.9
109.8
109.5
109.4
108.9
124.5
124.5
125.7
126.7
127.6
128.1
128.6
129.0
127.8
117.8
117.7
118.0
118.9
118.7
119.0
119.3
119.5
118.9
99.3
98.9
98.1
98.9
99.3
100.7
102.1
103.2
103.6
107.1
107.4
107.7
108.4
108.7
109.8
111.2
113.8
115.3
88.4
87.1
83.0
83.9
85.2
86.4
88.0
87.6
86.5
102.3
102.2
103.5
104.5
104.1
105.8
107.1
108.3
109.1
26.7
26.4
24.0
25.5
27.1
29.4
30.3
29.6
29.9
154.8
156.3
159.2
162.0
164.0
164.0
165.5
165.4
166.9
63
68
68
69
74
75
76
65
65
68
71
71
72
77
77
79
61
60
59
63
65
67
73
73
69
57
57
59
58
59
60
64
66
65
336
323
316
346
321
418
693
686
818
1943—January
Fi"ebruary.
*
March
April
109.4
109.4
109.1
109.9
127.7
128.6
128.7
129.1
119.5
120.0
119.8
119.9
105.4
106.4
108.0
109.2
115.7
115.9
116.7
116.3
89.9
92.0
95.3
97.8
110.5
111.4
112.1
113.4
31.7
33.5
39.9
44.7
168.0
170.8
171.5
171.5
80
85
88
91
82
88
91
94
74
78
86
93
69
73
76
79
820
1,247
1,504
1,485
Week ending:
Apr. 2 4 . .
May 1. ..
May 8. ..
May 15. .
May 22. .
110.4
110.4
110.8
111.4
111.7
129.2
129.6
130.1
130.1
130.5
120.0
120.0
120.1
120.0
120.1
109.1
109.3
109.9
109.9
110.0
115.7
116.0
116.4
116.0
115.9
97.9
98.4
99.9
100.1
100.2
113.6
113.6
113.5
113.6
113.8
44.9
47.5
49.9
48.5
48.6
171.6
172.0
172.0
172.0
172.0
91
91
95
95
95
93
94
97
97
97
93
93
99
96
97
80
80
84
84
84
1,062
1,181
2,392
1,673
1,097
50
63
66
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 partiaHy tax-exempt U. S. Government bonds due or callable in more than 12 years on basis
of a31% 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.
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
6
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 ior 1937 (table 79).
NEW SECURITY ISSUES
[In millions of dollars]
?
Year or month
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
Total
(new Total
and
(doremestic
fund- and
ing)
for- Total
eign)
1,063
2,160
4,699
. . . . 6,214
3,937
4,449
5,842
4,803
„.„.„.,.... 5,546
2,109
720
708
1,386
1,457
1,972
2,138
2,360
2,289
1,951
2,854
1,069
1,386
1,409
1,949
2,094
2,325
2,239
1,948
2,852
1,069
1942 ADril
May
June
July
August
September .
October
November..
December..
266
182
201
142
162
100
115
98
145
159
130
97
41
103
45
28
29
37
159
130
97
41
103
45
28
29
37
1943—January
February...'
March
April
176
102
200
160
7
7
58
87
38
58
90
38
For refunding
or new capital
Domestic
State
and
municipal
Federal
agen-1
cies
483
803
855
735
712
971
931
751
64
405
150
22
157
481
924
461
518 1,272
342
108
52
10
3
23
2
18
11
3
45
17
26
7
9
4
47
33
10
17
Corporate
Total
161
178
404
1,192
1,225
873
383
736
1,062
618
. - 22
eign
Bonds
and Stocks
notes
40
144
334
839
817
807
287
601
889
500
97
104
91
94
69
59
28
2
5
11
57
18
5'
9
3
11
55
21
3
11
47
16
77
28
F or
27
120
35
69
352
408
67
97
135
173
118
12
48
23
44
35
50
2
1
6
10
8
2
10
2
2
7
4
2
Total
(domestic
and
for- Total
eign)
Domestic
State Fedand
mu- eral
e n 1nici- a gcies
pal
37
343
774
3,242
4,242
1,799
2,089
3,553
2,852
2,693
1,040
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,040
107
52
105
102
59
55
87
69
108
107
52
105
102
59
55
87
69
108
8
8
15
37
3
170
44
110
122
80
44
110
122
283
765
136
365
382
191
129
195
482
26
317
987
353
281
665
Corporate
Bonds
Total and Stocks
notes
219
312
187
312
1,782
3,187
12
10
9
698
440
81
39
28
32
50
18
31
46
34
1,864
3,387
1,209
1,267
1,733
2,026
1,557
418
19
6
62
33
6
30
44
14
65
45
11
17
13
27
32
55
35
8
2
38
75
8
2
32
73
435
181
7
1,537
344
856
1,236
1,596
1,834
1,430
410
19
6
55
33
6
30
44
13
65
32
81
200
352
31
137
193
126
8
Foreign2
60
9
26
119
119
28
88
4
7
90
7
2
1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
2 Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to
revision.
Back figures.—See Annual Report for 1937 (table 78).
546
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES*
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated
net
proceeds 3
Estimated
gross
proceeds'*
Retirement of securities
New money
Total
Plant and
equipment
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
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
226
190
87
59
128
100
28
84
170
154
111
215
69
174
144
133
11
23
49
36
7
26
19
28
35
1941—May . . . .
Tune
July
August
September
October....
November
December
269
250
122
417
182
204
155
144
262
246
119
413
180
201
152
142
67
87
51
185
27
91
92
57
54
75
35
167
17
64
61
36
13
12
16
17
10
27
31
21
189
142
56
210
150
92
37
62
188
131
54
194
148
91
37
52
1
10
2
15
2
1
10
6
16
12
14
3
14
22
17
5
1942—January
February....
March
April
164
78
102
161
76
100
71
40
39
38
34
35
80
12
41
11
5
11
15
80
23
46
9
2
15
70
59
72
14
39
33
5
4
57
11
33
17
23
2
8
2
1934
1935
1936
1937
1938
1939
1940
1941
1942
. .
. .
.
. .
121
126
142
53
89
May
June
July.
........
August
September
October
November
December
118
124
139
52
88
62
18
1943—January
February
March
April
60
27
27
26
27
26
2
8
9
49
98
91
8
49
96
88
1
12
39
9
12
11
60
29
34
55
33
15
3
6
71
12
11
55
29
34
28
15
7
17
24
13
4
10
6
3
1
2
32
6
6
34
48
76
6
34
42
74
7
2
26
15
24
5
6
36
53
5
8
3
1
5
15
1
2
1
1
2
1
2
12
8
2
3
1
3
8
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
.
1941—May
June . .
July
August
September
October
November
December . . . .
1942—January
February
March
April *
120
774
338
54
182
319
361
47
21
120
57
139
228
24
85
115
253
32
54
558
110
30
97
186
108
15
45
45
58
23
24
42
25
1
51
23
24
7
21
1
1943—January
February
March
April
31
10
77
1
"18"
130
1,250
1,987
751
1,208
1,246
1,180
1,340
441
77
1,190
1,897
611
943
1,157
922
993
279
42
30
63
89
180
43
245
317
135
134
1
4
11
6
12
13
138
35
4
114
79
59
6
11
46
106
63
11
2
5
1
3
46
12
9
43
6
3
38
46
107
102
61
11
25
59
49
51
12
3
9
4
14
2
2
2
97
26
169
62
10
10
107
18
80
4
6
4
6
3
6
25
8
11
10
17
10
40
9
34
48
11
21
69
2
2
1
9
2
2
9
3
2
68 ' 34
44
7
3
1
34
28
2
15
19
14
3
17
39
2
34
1
8
15
3
8
5
3
25
74
439
616
469
188
167
244
272
141
28
4
62
774
1,280
1,079
831
584
961
828
497
113
39
307
28
4
30
27
50
86
47
13
30
27
7
May
June
July
. .
August
September
October
November
December
Other
Industrial
Total
Total
Retire- All
Retire- All
Retire- All Total
Total
RetireAll
New ment of other
net
net
New ment of other
net
New ment of other
net
New ment of other
money
propro- money securiprosecuripursecurimoney
propurmoney
securipurceeds
ties
poses* ceeds
ties
ties poses* ceeds
poses4! ceeds
ties
poses*
172
...
Public utility
10
22
58
1
1
5
49
20
55
9
3
1
3
76
16
34
550
761
373
226
353
738
463
85
54
2
20
150
80
90
136
43
56
121
140
122
390
71
16
102
155
94
2
46
218
57
8
9
42
55
2
72
152
7
7
88
9
18
10
6
6
1
1
1
22
6
1
10
4
75
48
76
24
9
22
38
29
40
13
10
14
23
75
85
13
49
41
9
13
24
15
1
14
21
6
46
46
18
15
5
25
43
1
8
2
2
59
27
33
5
14
6
12
6
6
29
13
15
36
48
4
19
4
20
7
1
5
104
21
2
5
12
2
6
5
1
1
1
1
8
15
1
3
10
1
6
2
18
22
8
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 flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
Source.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN.
JUNE 1943
547
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
N e t profits, 1 by industrial groups
Year or quarter
Total
Number of companies.
Iron
and
steel
Machinery
Other
transportation
equipment
Automobiles
Nonferrous
metals
and
products
Other
durable
goods
Foods,
beverages,
and
tobacco
Oil
prod,
and
refining
Other
nondurable
goods
Industrial
chemicals
Miscellaneous
services
629
47
69
15
68
77
49
45
30
80
74
1,465
1,818
2,169
r
l,792
146
278
325
r
226
115
158
193
r
159
223
242
274
r
209
102
173
227
**202
119
133
153
138
70
88
113
r
90
151
148
159
r
151
98
112
174
r
152
186
194
207
164
134
160
187
r
136
122
132
159
r
165
1939—1
2
3
4
284
311
320
550
13
14
35
85
20
25
26
44
64
61
12
86
23
21
20
39
25
22
30
42
8
16
23
23
31
36
44
41
14
21
26
37
36
40
45
66
28
29
32
45
1940-1
2
3
4
422
412
396
588
47
51
79
101
33
39
34
52
69
53
17
103
41
36
63
33
29
30
40
14
21
25
28
34
38
33
43
34
30
25
24
46
45
52
51
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
1942—1
2
3
4
419
364
45l
r
557
52
52
51
r
72
38
35
36
r
49
46
25
46
r
92
51
36
32
34
36
19
18
22
r
30
32
32
42
r
44
35
27
42
1943—1
437
51
39
45
37
18
41
1939
1940
1941
1942
K"
Dividends
Net
profits 1
Preferred
Common
152
152
152
847 1,028
1,144
r
883
90
90
92
88
564
669
705
554
24
27
29
42
173
185
167
321
21
22
21
26
114
119
125
207
41
41
39
39
29
30
29
44
246
230
211
342
21
21
22
25
136
158
158
217
49
53
52
52
44
48
49
46
29
36
46
48
286
297
284
276
22
23
23
24
150
165
170
221
r49
39
35
41
r
48
39
27
35
r
35
32
34
52
r47
204
174
211
r
294
21
23
21
23
134
136
126
158
37
41
36
37
213
21
127
Quarterly
r
7
749
r7
54
7
55
r
r
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Year or quarter
Operating
revenue
N e t income 1
Income
before
income
tax 4
All roads ^road's 1 1 1
Dividends
Number of c o m p a n i e s . . . .
1939
1940
1941 . . .
1942
1939_1
2
3
4
1940—1
2
3
1941—1
2
3
4
1942—1
2
3
4
....
. . .
1943—1
Income
before
income
Net
income1
Dividends5
Operating
revenue
Net
income 1
Dividends
28
28
28
28
32
32
32
126
249
674
1,718
93
189
500
959
-102
-73
23
173
126
159
186
196
692
735
799
847
159
177
202
228
137
142
133
120
116
118
115
98
1,067
1,129
1,235
r
l,362
191
194
178
163
175
178
172
163
898
906
1,058
1,133
-38
-43
68
139
-43
-47
58
126
i
21
23
21
61
175
166
167
184
46
37
34
43
39
32
30
36
19
19
19
22
259
267
266
274
44
49
47
51
42
42
43
48
li
-29
-33
-14
3
25
29
29
78
187
176
177
194
48
42
41
47
41
34
31
37
19
19
19
20
274
281
281
294
49
50
45
50
44
44
44
46
1,010**
1,130
1,171
92
145
-12
3
71
127
1,152
1,272
1,468
1,454
96
145
267
166
69
103
189
138
—5
0
23
5
28
36
34
87
201
191
196
211
59
48
46
50
43
33
25
34
18
24
18
19
295
308
311
321
43
44
45
46
44
45
44
40
1,483
1,797
2,047
2,139
179
389
556
594
90
199
283
387
12
37
60
64
29
35
34
98
216
202
208
221
63
53
57
56
33
25
28
35
19
19
19
19
324
336
344
r
358
47
48
46
8
22
44
42
39
38
2,091
513
209
52
28
230
73
36
19
366
42
40
986A
4
Operating
revenue
3,995
4,297
5,347
7,466
Quarterly
....
Telephone3
Electric power
Railroads
.
r
Revised.
" N e t profits" and "net 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 data are not available for all companies in the group and, therefore, do not add to the yearly totals shown.
6
N o t available.
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 a t 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 d a t a and back figures, see pp.
214-217 of the March 1942 BULLETIN.
1
2
548
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions cf dollars]
End of month
1940—June
Dec
1941—June
Dec
m Total
interestbearing
direct
debt
Total
gross
direct
debt
42,968
45,025
48,961
57,938
42,376
44,458
48,387
57,451
Marketable public issues 1
Total2
34,436
35 645
37,713
41 562
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtedbonds
bills
notes
ness
1,302
1,310
1,603
2 002
6,383
6,178
5,698
5 997
26,555
27 960
30,215
33 367
Total2
U.S.
savings Treasury
bonds tax notes
3,166
3 444
4,555
8 907
Special
issues
4,775
5,370
6,120
6.982
2,905
3 195
4 314
6 140
Fully
guaran. Noninte rest- teed interestbearing
bearing
debt
securities
591
566
574
487
5,498
5,901
6,360
6,317
2 471
64,961
64,496
7,358
465
1942—Apr
35,910
2,744
45,137
1,953
5,666
1,507
5,571
12,002
8,951
May
462
38,085
12,976
9,569
3,100
7,518
5,667
68,571
68,108
47,615
2,257
1,507
5.571
454
June
38,085
13,510
10,188
3,015
7,885
4,548
72,422
71,968
50,573
2,508
3,096
6,689
442
July
40,182
14,743
11,078
3,357
8,125
4,551
77,136
76,694
53,826
3,663
3,096
6,689
441
41,418
15,805
11,751
3,739
8,262
4,567
Aug
81,685
81,244
57,176
4,168
4,705
6,689
637
41,418
16,936
12,479
4,137
8,509
4,552
Sept
86,483
85,847
60,402
4,619
6,211
7,958
639
43,381
18,672
13,381
4,964
8,585
4,243
Oct
92,904
92,265
65,008
5,126
6,211
10,095
3
657
43,381
20,117
14,079
5,703
8,7.87
4,244
Nov
96,116
95,458
66,554
5,721
7,161
10,095
862
49,268
21,788
15,050
6,384
9,032
4,283
Dec
108,170 107,308
76,488
6,627
10,534
9,863
3
1943—Jan
49,273
23,356
16,246
6,749
9,172
1,045
4,277
111,069 110,024
77,496
7,423
10,741
9,863
Feb
49,273
24,560
17,067
7,125
9,565
1,173
4,275
114,024 112,851
78,726
8,232
11,161
9,863
49,273
24,622
17,891
6,346
10,004
1,219
4,350
Mar
115,507 114,287
79,662
9,234
11,161
9,797
55,201
27,456
19,267
7,783
9,795
1,206
4,363
Apr
129,849 128,643
91,392
10,044
16,154
9,797
1
Including amounts held by Government agencies and trust funds, which aggregated $2,792,000,000 on Mar. 31, and $3,142,000,000 (preliminary) on
Apr.2 30, 1943.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary
bonds not shown separately.
3
Including special one-day certificates of indebtedness not shown separately amounting to $422,000,000 on Nov. 30 and $202,000,000 on Jan. 31.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, APRIL 30, 1943
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue
Amount
Treasury bonds 1
June 15, 1943-47
Oct. 15, 1943-45
Apr. 15, 1944-46
Dec. 15, 1944-54
Sept. 15, 1945-47
Dec. 15, 1945
Mar. 15, 1946-56
June 15, 1946-48
June 15, 1946-49........
Oct. 15, 1947-52
Dec. 15, 1947
Mar. 15, 1948-50
Mar. 15, 1948-51
June 15, 1948
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
June 15, 1952-55
June 15, 1953-55
June 15, 1954-56
Mar. 15, 1955-60
Mar. 15, 1956-58
Sept. 15, 1956-59
June 15, 1958-63
Dec. 15, 1960-65
June 15, 1962-67
Dec. 15, 1963-68
June 15, 1964-69
Sept. 15, 1967-72
Postal Savings bonds...
Conversion bonds
Panama Canal loan
Treasury notes
June 15, 1943
Sept. 15, 1943
Dec. 15, 1943
Mar. 15, 1944
June 15, 1944
1
Issue
Amount
Treasury notes—Continued
454
Sept. 15, 1944.
283
1,401
Sept. 15, 1944
635
1,519
718
Mar. 15, 1945
1,037
1,606
Mar. 15, 1945
1,214
531
Dec. 15, 1945
541
503
Mar. 15, 1946
489
Dec. 15, 1946
3,261
1,036 Cert, of indebtedness.
819
May 1, 1943
1,506
759
Aug. 1, 1943
1,609
701
Nov. 1, 1943
2,035
1,115
3,800
Dec. 1, 1943
1,223
2,211
Feb. 1, 1944
3,062
4,993
Apr. 1, 1944
451
571 Treasury bills
May 5, 1943
702
1,014
May 12, 1943
708
1,292
May
19,
1943
703
2,098
May 26, 1943
701
491
701
June 2, 1943
1,786
705
June 9, 1943
1,963
802
June
16,
1943
1,186
802
June 23, 1943
2,368
805
June 30, 1943
1,627
July 7, 1943
755
July
14,
1943
1,118
July 21, 1943...
905
510
July 28, 1943
1,024
902
Total direct issues..
1,501
91,392
725 Guaranteed securities
681
Commodity Credit Corp.
2,611
May 1, 1943
1,449
Feb. 15, 1945
982
Fed.
Farm Mortgage Corp.
919
Mar.
15, 1944-64
1,485
May
15, 1944-49
2,118
Fed.
Public
Housing
2,831
Authority
3,560
Feb.
1,
1944
2,716
Home Owners' Loan Corp.
117
May 1, 1944-52
29
June 1, 1945-47.
50
Reconstruction Fin. Corp.
July 15, 1943
629
Apr. 15, 1944
279
Jan. 1, 1945
421
Federal
Housing Admin.
515
Various
416
Total guaranteed issues
UNITED STATES SAVINGS BONDS
[In millions ordollars]
Month
1941—May
June
July
Aug
Sept
Oct
Nov
Dec........
Amount
outstanding
at end of
month1
Funds received from sales during
month
All
series
Redemptions
Series
E
Series
F
Series
G
All
series
4,008
4,314
4,649
4,908
5,132
5,394
5,620
6,140
370
315
342
266
232
271
234
529
101
103
145
118
105
123
110
341
38
29
27
20
18
23
19
33
211
183
170
128
109
125
105
154
14
15
18
13
14
14
13
16
1942—Jan
Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
7,198
7,893
8,436
8,951
9,569
10,188
11,078
11,751
12,479
13,381
14,079
15,050
1,061
667
398
338
327
422
433
508
454
510
665
542
726
78
52
41
40
43
41
74
52
61
61
45
66
316
253
179
164
170
160
319
191
184
210
148
222
15
16
22
21
22
23
25
32
34
40
43
55
1943—Jan
Feb
Mar
Apr
16,246
17,067
17,891
19,' 267
77
348
205
180
353
63
76
131
103
703
558
531
634
634
901
697
755
935
735
1,014
1,240
887
944
1,470
815
634
720
1,007
48
44
110
1
At current redemption values except Series G, which is stated at par.
Difference between "Funds received" and month to month changes in
"Amounts outstanding" represents the difference between accrued increases
in redemption values and redemptions of bonds during the month.
Called for redemption on June 15, 1943.
JUNE 1943
549
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
i
. Total
interestbearing
securities
End of month
1940-- J u n e . . December, . .
1941-- J u n e . . .
December . .
1942—June
August.
September,.
October. . . .
November..
December. .
1943—January. .
February. .
March
[IPrivately held1
Held by U. S. Government agencies
and trust funds
47,874
50,360
54,747
63, 768
76,517
85,811
90,399
96,509
99,702
111,591
114,301
117,126
118,637
Special
issues
Public
issues
4,775
5,370
6,120
6,982
7,885
8,262
8,509
8,585
8,787
9,032
9,172
9,565
10,004
2,295
2,250
2,362
2,547
2,726
2,884
2,900
2,922
2,922
3,207
3,195
3,126
3,130
Held
by
Federal
Reserve
Banks
2,466
2,184
2,184
2,254
2,645
3,426
3,567
4,667
5,399
6,189
5,969
5,871
5,919
Other investors
Total
38,338
40,556
44,081
51,985
63,261
71,239
75,423
80,335
82,594
93,163
95,965
98,564
99,584
Commercial
banks
16,552
17,763
20,098
21,789
26,388
30,250
32,590
35,240
36,700
41,346
42,970
43,450
44,090
Mutual
savings
banks
Marketable
issues
Nonmarketable
issues
9,400
9,600
9,400
10,000
11,100
12,100
12,600
12,900
12,600
15,200
14,700
15,400
16,100
2,800
3,100
4,200
8,500
13,000
15,200
16,300
18,100
19,500
21,100
22,600
23,800
23,900
3,110
3,220
3,430
3,700
3,890
4,130
4,200
4,280
4,180
4,560
4,630
4,710
4,630
1
Estimated 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 T H E UNITED STATES*
[Public marketable securities. Par values in millions of dollars]
1 U.S.
JOV-
MuTotal ern- FedComment eral
tual
out- agen- Re- mercial savstand- cies serve banks 1 ings
ing
and Baftiks
banks
trust
unds
Total: 2
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
Treasury bills:
1942—June,
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
Certificates:
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
Treasury notes:
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
Guaranteed securities:
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
55,122
64,916
69,204
70,750
80,685
81,691
82,921
83,934
In surance Otl ler
companies
j
645
567
667
399
189
969
871
919
24,939
30,707
33,084
34,480
38,759
40,281
40,649
41,317
3,830
4,114
4,199
4,091
4,471
4,519
4,589
4,511
8, 748
9 513
9 626
9 351
10 766
10, 806
10 909
10 667
12, 237
14, 138
14, 634
14, 510
17, 297
16, 927
17, 784
18 395
2,508
4,619
5,126
5,721
6,627
7,423
8,232
9,234
243
1
657
2
481
383
5
11 1 010
9
689
12
475
19 2 087
1,557
2,884
3,468
4,216
4,497
5,568
5,302
5,069
28
17
18
14
10
21
24
65
91
123
126
93
26
45
63
157
590
937
1 031
1, 010
1 073
1, 091
1 355
1, 837
3,096
6,211
6,211
7,161
10,534
10,741
11,161
11,161
11
66
19
504
22
726
16 1 187
17 1 041
19 1 317
29
789
850
19
1,971
3,978 •
3,782
4,389
6,470
6,594
6,837
6,845
74
92
90
99
129
136
206
183
191
271
265
114
180
157
261
266
782
1, 346
1 326
1, 356
2 696
2 518
3, 039
2 997
6,689
7,958
10,095
10,095
9,863
9,863
9,863
9,797
76
75
79
85
92
81
86
67
714
678
1 ,297
1 ,343
1 ,324
1 ,275
1 ,190
957
3,725
4,507
5,830
5,828
5,670
5,698
5,699
5,850
138
181
204
196
167
174
183
182
266
276
295
290
283
294
298
297
1
2
2
2
2
2
2
2
4,549
4,515
4,195
4,195
4,196
4,196
4,196
4,272
281
293
304
310
311
311
294
332
5
15
17
22
37
50
49
42
2,847
2,893
2,637
2,660
2,665
2,650
2,664
2,712
148
132
122
116
108
108
107
102
433
369
349
338
333
329
329
328
2,723
2,877
2,993
2,918
3,202
3,189
3,119
3,124
2
3
4
5
6
5
5
5
1
i
770
241
391
354
327
341
407
444
835
814
766
750
743
748
753
756
U.S.
Govern- Fed[Total ment eral Commer! out- agen- Recial
stand- cies
ing
and
trust
:
unds
Treasury bonds:
Total:
1942—June. .
.......
38,085
Sept..
41,418
Oct...
43,381
Nov..........
.43,381
Dec
49,268
1943—Jan
.. 49,273
Feb
49,273
Mar..
49,273
Maturing within 5 years:
1942—June
3,915
Sept
5,129
Oct
5,129
Nov
5,129
D e c . . . . . . . . . . . . . . . 5,830
1943—Jan
5,830
Feb
5,830
Mar
5,830
Maturing in 5-10 years:
1942—June
9,436
Sept
11,506
Oct
14,229
Nov
14,229
Dec
17,080
1943—Jan
17,
Feb...
.17,080
Mar
17,080
Maturing in 10-20 years:
1942—June
18,731
Sept
17,545
Oct
16,786
Nov
16,786
Dec
16,295
1943—Jan
16,295
Feb
16,295
Mar
16,295
Maturing after 20 years:
1942—June
6,002
Sept
7,238
Oct
7,238
Nov
7,238
Dec
10,065
1943—Jan
10,065
Feb
10,069
Mar
10,065
2,321
2,456
2,554
2,468
2,739
2,736
2,665
2,652
1,617 14,828
1,713 16,433
2,145 17,357
2,464117,377j
2,777)19,445
2,637 19,760
2,367 20,136
1,984 20,829
336
472
528
610
754
757
665
672
1,599!
2,137
2,100
2,071!
2,5651
4, O 77
1 i
Mutual
sav-
3,442!
3,693!
3,765|
3,666
4,055
4,080
4,067
3,979
224
274
264
254
253
ance
com- Other
7,766 8,110
8,474j 8,649
8,591 8,969
8,515 8,891
9,944 10,308
9,981 10,079
9,958 10,081
9,618 10,212
581
781
771
748
726
726
715
664
1,173
1,464
1,465
1,445
1,531
1,521
1,526
1,532
2,686
2,737
235
846
916
1,284
1,439
1,574
1,521
1,420
1,317
4,959
6,446
7,717
7,676
9,353
9,536
9,505
9,672
750
932
1 ,110
1 ,084
1 ,129
1,145
1 ,165
1 ,113
1,347
1,458
1,710
1,736
2,101
2,142
2,236
2,189
1,536
1,756
2,409
2,293
2,920
2,737
2,758
2,789
2,168
2,061
2,124
2,133
2,165
2,090
1,948
1,680
7,009
6,596
6,310
6,377
6,240
6,364
6,635
6,955
1,957
1 ,854
1 ,756
1 ,712
1 ,580
1 ,555
1 ,538
1 ,500
3,510
3,163
3,037
2,990
2,778
2,756
2,651
2,613
4,086
3,871
3,558
3,581
3,531
3,529
3,520
3,545
593
721
764
750
1,021
1,004
998
965
1,258
1,253
1,231
1,255
1,286
1,284
1,310
1,463
512
631
634
618
1 ,095
1 ,131
1 ,131
1 ,141
2,326
3,073
3,072
3,042
4,339
4,356
4,354
4,153
1,315
1,560
1,539
1,574
2,323
2,293
2,275
2,346
* 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 Mar. 31, 1943, commercial banks reporting to the Treasury held $13,995,000,000 of United States Government securities due or callable within
one year out of a total of $25,035,000,000 outstanding.
2
Including $196,000,000 of Postal Savings and prewar bonds not shown separately below.
55°
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
Income
taxes 1
Fiscal year ending:
June 1941
June 1942
3,470
7,960
1942—April
May
[une
July
August
September...
October
November...
December
1943—January
February....
March
April
335
216
2,086
273
155
2,126
206
199
1,972
306
380
4,732
1,000
Miscellaneous
internal
revenue 1
2,967
932
3,847 1,194
305
270
298
416
362
309
350
337
630
365
352
374
346
43
222
42
53
232
43
48
248
50
52
343
50
50
Period
Net
receipts
Investments
Expenditures
Change
in
General
Fund
balance
-5,103
-19,598
-148
-3,506
+742
+358
5,994
23,461
-3,058
-3,391
-2,037
-4,413
-4,628
-3,404
-5,331
-5,761
-3,799
-126
-257
-1,635
-4
-54
-245
-496
+736
-794
-135
-122
-549
+48
-642
-39
+179
+296
-134
+1,148
+594
-1,814
+7,461
-2,819
-2,331
-1,213
+8,438
2,542
3,609
3,852
4,714
4,549
4,798
6,420
3,212
12,054
2,899
2,954
1,483
14,342
Net
receipts 2
Interest
on
debt
War
activities
Transfers to
trust
accounts,
etc.
Other
900
666
8,269
13,668
7,607
12,799
1,111
1,260
6,301
26,011
331
381
4,968
4,745
12,711
32,397
49
56
67
52
48
49
45
45
50
100
115
51
159
732
764
2,494
794
797
2,528
695
563
2,492
747
587
2,527
607
601
2,701
788
955
5,206
1,514
77
19
390
35
7
224
70
28
353
54
35
262
3,238
3,560
3,829
4,498
4,884
5,384
5,481
6,042
5,825
5,947
5,770
6,744
6,974
48
.....
390
375
310
378
305
317
330
291
297
337
312
347
366
3,753
3,953
4,530
5,160
5,215
5,931
5,937
6,363
6,500
6,372
6,119
7,354
7,466
648
830
2,702
824
1,190
5.207
1,555
249
19
5
56
3
25
35
2
1
38
Details of trust accounts, etc.
Social Security
accounts
Total
Trust
budacget ex- Deficits counts,
pendietc. s
tures
Total
receipts
Social
secur- Other
ity
taxes
Net expenditures
in checking accounts of
GovernRement
ceipts
agencies
c ,
-5,164
-2,147
-5,952
Increase
gross
debt
General Fund of the Treasury (end of period)
Balance in
General Fund
Assets
Other
Investments
penditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
Other
assets
Total
liabilities
WorkTotal
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
179
452
2,633
2,991
1,885
2,229
1942—April
May
June
July
August
September..
October
November..,
December...
1943—January
February
March
April
112
422
136
212
433
30
126
471
75
110
498
36
111
15
196
297
117
184
214
49
170
350
43
230
272
35
59
54
51
53
52
45
38
34
33
35
35
36
33
189
430
1,417
78
262
25
583
-449
548
186
370
300
17
73
53
110
192
62
83
96
65
99
74
52
82
92
9
13
69
124
24
37
26
32
37
47
40
53
58
39
40
48
36
28
37
21
13
3,216
3,198
3,443
3,782
3,695
4,688
5,313
3,557
11,032
8,200
5,895
4,758
13,112
522
382
603
553
569
1,021
619
512
1,516
465
623
643
1,215
1,579
1,666
1,679
2,014
1,880
2,411
3,373
1,695
8,166
6,367
3,892
2,694
10,485
365
386
452
494
541
386
416
475
489
477
503
579
495
2,851
2,812
2,991
3,288
3,154
4,302
4,896
3,082
10,543
7,724
5,392
4,179
12,617
2,089
2,050
2,229
2,525
2,392
3,540
4,134
2,320
9,780
6,961
4,630
3,416
11,854
1
2
3
-3
7
12
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]
Miscellaneous internal revenue
Income taxes
Period
Current
corporation
Back
taxes
Excessl
profits
taxes
Other
profits
taxes
Total
1,314
3,108
1,649
2,764
306
460
164
1,618
37
57
2,955
3,838
132
12
715
53
31
662
19
19
556
48
167
1,951 ""2"
298
362
44
84
766
83
53
781
109
67
753
37
95
1,026
73
73
33
55
29
26
23
27
24
36
69
55
79
73
44
68
584
53
49
641
58
73
644
136
113
1,791
200
3
7
11
2
3
17
7
2
11
5
4
21
1
Total
Current
individual
Fiscal year ending:
June 1941
June 1942
3,471
8,007
1942—April
May
June
July
August
September
October
November....
December....
1943—January
February
March
April
295
205
2,131
222
164
2,123
220
185
2,000
296
434
4,868
1,008
1
Victory
tax
Alcoholic ToCapital Estate
and
beverage bacco
stock
gift
taxes
tax
taxes
taxes
Stamp
taxes
Manufacturers'
Misand
cellanretailers' eous
excise
taxes
taxes
407
433
820
1,048
698
781
39
42
617
852
207
401
43
294
25
277
25
284
46
459
30
340
....28
315
35
348
27
478 " * i 8 S "
30
496
143
47
379
29
331
62
379
40
345 • l _ 2 "
81
84
86
114
123
111
119
104
129
137
128
121
113
63
66
71
74
74
77
83
79
81
81
68
80
77
3
3
3
3
3
3
3
3
3
4
4
4
5
70
63
56
62
60
56
66
47
64
68
51
47
49
33
35
42
160
51
39
42
32
46
42
50
65
64
167
282
i"
Correction of December 1942 collection.
JUNE 1943
551
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 interage ncy items
interagency items
Securities
End of month
Total
Loans
Preferred
stock,
etc.
U. S.
Govt. Other
direct Govt.
agenand
guaran- cies 1
teed
Cash
Accounts
and
other
receivables
Business
property
Property
held
for
sale
Bonds, notes,
and debentures
Other
assets
Fully
guaranteed
by
Other*
PriU.S.
Govern- vately
ment
owned
Other
liabili- interest interest
ties
U.S.
1941- -June
13,277
December.
1942—March
April
May
June
July
August
September..
October
November..
December. .
1943—January
February...
March
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
15,750
16,656
17,343
17,962
18,482
19,401
19,974
20,534
20,992
21,715
22,643
23,437
24,151
8,407
8,567
8,356
8,379
8,307
8,233
8,190
8,159
8,158
8,127
8,086
8,022
8,003
658
650
649
648
642
626
623
622
621
620
605
565
562
621
645
732
403
407
609
625
581
563
553
605
590
597
1,060
1,076
1,088
1,097
1,113
1,144
1,197
1,219
1,222
1,272
1,284
1,375
1,424
54
54
55
57
58
57
56
60
52
33
32
27
26
632
621
733
774
773
853
1,065
1,088
1,069
1,085
1,205
1,440
1,303
792
815
833
859
879
924
952
976
1,001
1,020
1,041
1,359
1,408
2,262
2,717
3,067
3,512
3,808
4,177
4,287
4,710
4,701
5,187
5,638
5,883
6,074
1,264
1,511
1,830
2,233
2,495
2,778
2,979
3,119
3,605
3,818
4,147
4,176
4,754
5,690
5,688
5,687
4,568
4,581
4,592
4,574
4,265
4,264
4,301
4,291
4,332
4,365
1,433
1,431
1,440
1,442
1,443
1,445
1,434
1,413
1,404
1,414
1,413
1,383
1,375
2,497
2,656
2,950
3,265
3,457
3,691
4,154
4,185
4,601
4,630
4,829
5,076
5,109
5,694
6,444
6,828
8,249
8,562
9,234
9,373
10,230
10,281
10,931
11,671
12,206
12,860
435
436
437
438
438
439
439
442
443
439
439
440
441
LOANS, OTHER THAN INTERAGENCY LOANS
Home mortgage and
housing
3
Farm mortgage loans
agencies
End of month
Total
loans2
Reconstruction Home Feder- R F C
Fial
OwnMortnance
ers' Home gage
Corp. Loan Loan
ComCorp. banks pany
Other farm credit loans
Fed.
Fed. Feder- Fed.
NaFarm
tional Public
al
MortHousMortland
gage
ing
gage
banks
Corp.
Assoc. Auth.
Rural
ElecFed.
trifica •
inter- Banks Com- Farm Farm
tion
medi- for co- modity Credit Secur- Adate
Ad- ity Ad- min.
opera- Credit
credit
tives Corp.
banks
ExportImport
Bank
Other
1941—June
December..
1,106
!,487
1,082
1,433
,870
,777
170
219
65
72
194
207
316
367
1,818
1,764
630
597
255
235
74
113
244
233
263
250
461
467
289
323
114
139
261
291
1942—March
April
May
June
July
August
September..
October...
November..
December ..
1943—January... .
February...
March
1,407
1,567
1,356
!,379
!,3O7
5,233
5,190
5,159
5,158
5,127
5,086
5,022
!,003
1,470
1,469
1,468
1,473
1,479
1,496
1,527
1,533
1,566
1,557
1,554
1,527
1,530
,724
,709
,692
,676
,657
,640
,622
,603
,587
1,568
1,548
1,532
1,507
192
185
181
193
174
160
145
131
122
129
113
96
79
75
77
79
82
83
85
88
91
93
94
96
96
97
213
215
216
216
215
215
215
214
213
211
210
209
206
379
371
365
384
388
357
360
377
372
366
379
378
381
1,731
1,721
1,715
1,706
1,692
1,679
1,663
1,645
1,625
1,603
1,579
1,564
1,540
580
575
567
562
554
547
539
528
518
507
496
490
483
267
280
282
289
291
287
270
248
238
238
237
248
266
106
102
99
101
104
104
112
130
140
145
132
121
111
218
393
230
231
201
181
173
188
214
242
258
270
276
258
260
258
258
256
254
250
244
241
237
237
240
244
436
450
456
460
458
457
456
453
448
446
446
454
463
334
336
340
342
343
344
344
344
345
346
345
345
345
137
137
112
113
115
117
117
119
119
122
122
121
121
287
287
296
293
297
310
309
311
317
316
334
331
354
SELECTED ASSET ITEMS,'OTHER THAN INTERAGENCYIITEMS
Loans by Reconstruction
Finance Corporation
End of month
Total
1941—June
December.
1942—March
April
May
June
July
August
September.
October....
November.
December.
1943—January...
February..
March
Loans
to fi- Loans
to
nancial
railinstiroads
tutions
Accounts and other
receivables
Preferred stock held
Property held for sale
ReconFed. land ComRecon- Home
banks and modity struction
struc- Owners'
War
Finance
tion
Loan
Other Fed. Farm Credit
Other
Other corpoFinance CorpoMortgage Corpo- Corp. and
rations
war corration
Corp.
ration porations
J Corp.
ComHome
modity Owners'
Credit Loan
Corpo- Corporation
ration
Other
1,082
1,433
193
165
480
473
409
795
429
401
183
175
86
104
219
219
79
34
68
80
232
241
257
703
753
749
319
288
168
151
1,470
1,469
1,468
1,473
1,479
1,496
1,527
1,533
1,566
1,557
1,554
1,527
1,530
149
149
146
144
143
144
153
153
169
167
161
159
155
475
477
473
472
472
472
473
472
471
460
463
449
444
846
843
849
857
864
880
901
908
926
930
930
919
931
388
381
379
378
377
372
369
368
367
366
364
361
359
167
167
167
167
162
153
152
152
152
152
140
110
109
103
102
103
103
103
101
102
102
102
102
101
94
94
216
221
222
225
226
231
226
225
213
207
203
205
195
80
40
83
96
107
35
61
80
65
57
129
103
75
82
90
121
151
144
238
484
490
497
531
519
659
677
254
270
307
302
296
349
294
293
294
290
354
473
356
1,224
1,460
1,690
2,041
2,285
2,561
2,619
2,921
3,221
3,469
3,793
3,928
4,041
612
843
972
1,068
1,126
1,226
1,286
1,415
1,109
1,363
1,495
1,614
1,700
280
276
270
262
258
252
244
238
231
227
223
219
216
146
138
135
141
139
138
138
136
140
128
127
122
117
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 $1,839,000,000 on Mar. 31, 1943,
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
i
Year and
month
Income
payments
(value) 1
1935-39
= 100
Manufactures
Total
Durable
Adjusted
1919
1920.,
1921
1922
1923
1924
1925
1926
1927. . . .
1928
1929
. .
1930
1931
1932
1933........
1934
1935
1936
1937
1938
1939
1940
1941
1942
1939
December..
1940
January
February...
March..
April
May
June
July
August
September .
October....
November..
December..
1941
January....
February...
March
April
May
June
July
August
September..
October...
November..
December..
1942
January
February...
March
April
May
June
July
August
September..
October....
November..
December..
1943
January
February...
March
April
May
Construction
contracts
awarded (value)3
1923-25 = 100
Industrial production
(physical volume) 2 *
1935-39 = 100
Nondurable
Minerals Total
Residential
All
other
Employment 4
1939 = 100
Nonagricultural
Factory
DepartFreight ment Wholesale Cost of4
car
store
com- living
loadsales modity
19354
4
ings*
(valrolls
39 =
1939 = 1935-39 ue)*5 prices
100
1926
100
= 100 1923-25 = 100
•• 1 0 0
Factory
Ad- Unad- AdAd- Unad- UnadAdAdAdAdAd- Adjusted justed justed justed justed iusted justed justed justed justed justed justed
105.5
113.8
137.3
171.9
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
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
90.1
96.8
102.7
95.1
100.0
104.2
115.6
124.2
110.8 I 125
122
138
117
114
86
60
107
103.4
110.4
110.7
110.4
110.8
112.4
112.5
113.1
114.1
115.6
117.1
117.7
120.6
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
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
57
62
64
69
77
82
82
85
87
90
93
68
66
66
65
77
91
98
101
103
130
136
121.3
123.5
125.4
128.2
133.7
138.9
140.3
143.2
144.4
146.3
147.5
153.9
140
143
147
144
154
159
160
160
161
164
167
167
136
140
145
144
155
160
159
163
167
168
167
164
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
84
76
74
80
88
101
115
112
105
87
74
69
155.5
157.4
159.3
163.3
165.4
169.5
172.6
176.0
177.9
182.8
189.4
193.7
171
172
172
173
174
176
178
183
187
191
195
197
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
r
127
118
128
125
128
158
193
206
182
179
185
198
175
196.7
201.0
204.9
199
202
202
194
197
199
291
295
298
149
150
147
r
125
r
145
102
85
72
75
58
73
88
82
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
107.7
131
133
2*131
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
Adjusted
Adjusted
Unadjusted
Unadjusted
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
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
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
124
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
107.0
107.0
113.4
110
95
79.2
99.6
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
100.5
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
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
79
56
42
198
140
119
130.4
130.5
130.1
129.3
167.1 164.8
167.7 166.2
168.4 167.3
168.2 *>167.4
290.9
297.2
304.4
135
141
136
141
e
140
143
168
136
128
101.9
102.5
103.4
103.7
e
104.0
120.7
121.0
122.8
124.1
106.0
98.1
88.3
77.6
78.6
86.3
66.4
78
94
87
r
100.4
100.2
100.1
100.7
p
2
3
4
Preliminary. * Average per working day. r Revised. e Estimated. J Department of Commerce series on value of payments to Individuals.
For indexes by groups or industries, see pp. 554-557; for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771.
Based on F. W. Dodge Corporation data; for'description, see p. 35S of BULLETIN for July 1931; by groups, see p. 560 of this BULLETIN.
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and post of living are compiled by or based on data of the^ Bureau
of Labor Statistics. Figures prior to 1939 for
1938 figures and the 1939 base period averages
employment
and pay rolls for 1941 and 1942 arc _.
,,
x __
5
For sales comparisons by cities and by departments see pp. 562-563 of this BULLETIN.
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.
JUNE
1943
553
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1943
Industry
Mar.
Apr.
May
Industrial Production—Total
172
173
174
176 ' 178
183
187
Manufactures—Total
180
182
183
184
188
193
230
234
239
Durable
Nondurable 1
June
July Aug.
Nov.
Dec.
Jan.
Feb.
Mar.
191
195
197
199
202
202
v
197
203
207
210
212
215
215
P216
265
275
144
279
148
285
291
295
151
298
147
p
142
Sept.
Oct.
Apr.
203
139
138
244
136
249
138
258
139
200
199
200
198
196
197
199
207
203
200
204
208
210
209
192
218
182
477
192
219
181
487
192
219
182
488
194
216
178
489
192
216
175
506
190
218
177
507
194
219
179
503
199
229
186
536
199
224
182
527
197
221
179
523
197
226
182
542
201
231
185
560
202
233
188
559
197
235
186
580
268
273
279
287
289
299
310
320
329
340
348
352
359
P362
330
350
372
396
425
458
479
507
525
547
559
572
583 P592
105
104
107
112
116
124
129
135
141
146
151
155
158
Nonferrous Metals and Products
181
177
180
186
188
191
193
192
197
202
200
199
192 P194
Nonferrous metal smelting
Copper smelting
Zinc smelting
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
157
147
184
134
208
161
155
185
132
195
163
161
184
205
148
145
146
134
132
130
131
133
129
125
129
128
127
124
129
124
P125
128
147
127
142
124
143
127
139
130
137
125
136
119
136
123
141
122
139
119
144
116
139
121
144
114
144
P143
158
154
155
147
140
145
152
152
153
148
163
155
149
PJ44
161
133
187
43
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
163
38
162
37
169
39
171
39
208
38
199
153
157
156
152
154
154
156
156
158
156
157
143
169
175
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
148
70
196
161
143
167
153
34
203
173
164
177
150
5
201
172
168
179
151
46
194
165
166
172
160
43
208
175
176
184
154
27
206
173
173
177
155
34
198
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
124
130
126
121
116
113
111
117
117
117
122
127
140
92
120
122
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
136
136
134
138
143
143
101
98
105
102
106
145
147
108
177
198
150
160
110
180
187
142
145
138
145
105
168
168
143
154
108
169
164
*
Iron and Steel
Pig iron . .
Steel
Open hearth and Bessemer
Electric
Machinery
...
140
149
149
r
300
Government Arsenals and Quartermaster Depots
Transportation Equipment
Aircraft
Automobile bodies, parts, and assembly
Railroad cars
Locomotives
Shipbuilding
Private yards
Government yards
Lumber and Products
Lumber
Furniture
.
Stone Clay and Glass Products
Cement
Unglazed brick
Glass containers
Polished plate glass
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen yarn .
Worsted yarn
Woolen and worsted cloth
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers.
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese
Canned and dried milk
r
1
....
111
178
178
p
r
146
134
197
39
194
42
157
"158
150
171
181
147
166
181
166
182
166
39
230
190
177
187
164
39
231
189
172
183
r
U8
HI
r
118
136
93
89
r
118
113
126
92
93
110
^140
P155
P152
"150
121
40
160
r
148
*146
105
101
108
115
126
129
130
126
143
153
108
165
172
*>140
*>139
P136
*>140
*>141
PI 42
2*141
102
100
145
168
98
141
156
103
156
167
138
169
107
148
166
110
148
166
110
148
159
*>157
^159
109
146
158
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.
554
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1943
1942
Industry
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
Other manufactured foods
May June July Aug. Sept. Oct.
Mar.
Apr.
144
161
132
98
128
138
142
156
134
96
119
137
140
163
121
94
105
136
153
177
137
103
104
140
146
168
130
103
116
147
153
174
136
113
127
146
159
187
129
127
137
153
145
157
133
129
141
152
Nov.
Dec.
147
167
122
128
156
159
158
193
119
107
156
165
Jan. Feb. Mar.
Apr.
145
170
126
76
122
165
153
180
134
76
117
161
154 143
189 179
127 113
73
61
108 111
156 ^156
Alcoholic Beverages ...
119
HI
111
104
122
135
139
126
122
111
105
123
112 P103
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
120
62
44
201
117
63
53
153
116
55
80
158
104
63
61
163
118
96
83
183
133
82
71
223
147
49
35
238
134
14
62
226
146
131
122
146
133
62
159
37
159
42
159
63
161
35
157
141
125
127
120
122
126
130
133
141
136
160
140
131
131
133
121
137
94
120
140
97
108
137
89
112
136
94
109
146
89
112
152
88
107
159
91
116
166
102
98
167
98
200
166
94
127
162
94
116
153
86
101
159
87
108
160
87
152
148
143
134
125
131
132
135
135
132
133
135
135
158
189
138
155
239
181
154
168
150
106
140
164
151
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
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
137
149
107
r
95
200
142
135
143
123
r 93
128
r
170
129
137
146
103
91
199
137
136
150
120
90
122
170
127
121
117
112
104
106
111
109
116
118
114
113
r
110 Pill
103
98
100
97
103
108
101
102
110
106
102
99
97
122
118
116
115
118
121
122
123
123
119
117
120
118
116
112
122
131
112
162
152
504
111
104
123
126
106
162
152
514
109
103
122
122
100
163
153
508
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
112
104
137
113
99
166
156
498
109
99
137
111
104
166
157
485
113
102
143
114
117
169
158
543
110
99
137
118
118
169
158
546
161
165
167
172
174
173
179
187
197
205
210
213
211 P217
26
26
27
25
25
27
126
125
126
127
126
130
131
129
130
131
133
122
121
121
121
121
126
129
127
130
126
124
131
133
140
116
115
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 P129
122
153
152
157
159
155
152
145
139
133
133
184
219
162
134
184
217
164
132
193
232
174
199
236
197
241
196
239
189
227
183
218
181
211
106
109
106
104
98
99
88
82
74
Tobacco Products
Cigars
Cigarettes
Manufactured tobacco and snuff
Paper and Paper Products*- .
Paper and pulp
Pulp.. ..
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp. . .
Paper
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Printing and Publishing2
Newsprint consumption
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
Chemicals
•
114
123
150
"89'
100
JJJQ2
P169
P158
^540
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
r
127
r
r
125
r
r
P131
132
r
133 P133
187
223
189
232
r
193 P194
235 235
73
73
132
194
234
72
p
Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
x
Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported.
1
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.
JUNE
1943
555
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
Industrial Production—Total
Manufactures—Total
1943
1942
Industry
Mar. Apr. May
June July
Aug. Sept. Oct. Nov. Dec.
168
177
187
172
175
180
193
195
195
194
Jan.
Feb. Mar. i Apr.
194
197
199
p
V
201
215
203
205
206
207
208
211
212
267
151
276
148
279
147
283
146
287
143
r
292
146
296
144
197
199
207
203
200
204
208
210
209
192
216
175
506
190
218
177
507
194
219
179
503
199
229
186
536
199
224
182
527
197
221
179
523
197
226
182
542
201
231
185
560
202
233
188
559
197
235
186
580
287
289
299
310
320
329
340
348
352
359
372
396
425
458
479
507
525
547
559
572
583 ^592
104
107
112
116
124
129
135
141
146
151
155
158 PIS9
181
177
180
186
188
191
193
192
197
202
200
199
192 P194
156
147
184
131
208
148
162
155
185
135
195
145
164
161
184
205
Lumber and Products..
129
132
135
138
140
138
135
135
125
116
107
114
119 P125
Lumber
Furniture
Stone, Clay, and Glass Products
120
147
127
142
131
143
138
139
141
137
139
136
134
136
131
141
118
139
91
139
140
151
163
158
151
160
163
163
157
101
144
139
138
99
144
132
106 PI 16
144 P143
133 P141
141
90
176
43
153
161
116
176
43
157
178
118
190
35
183
115
171
37
195
104
167
30
200
202
186
156
139
126
187
38
184
40
154
167
37
156
159
39
152
166
38
156
171
39
156
186
111
151
32
154
158
156
157
160
194
42
157 P158
143
169
175
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
147
166
181
148
70
196
161
143
167
153
34
203
173
164
177
150
5
201
172
168
179
151
46
194
165
166
172
160
43
208
175
176
184
154
27
206
173
173
177
155
34
198
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
164
39
231
189
172
183
129
131
124
116
114
115
112
117
115
114
120
127
141
91
119
130
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
121
123
130
139
156
165 P181 P156
P151 P150
P140
98
92
96
95
105
106
124
113
96
157
194
152
154
109
189
211
193
197
143
242
257
210
232
147
241
249
207
259
132
205
200
192 ^143 2*109
248
119
101
88
185
158
134
134
154
177
Durable
Nondurable1..
Iron and Steel.
Pig iron
Steel
Open hearth and Bessemer.
Electric
..
Machinery
177
181
183
185
189
196
228
137
234
138
240
137
246
136
251
139
260
144
200
199
200
198
196
192
218
182
477
192
219
181
487
192
219
182
488
194
216
178
489
268
273
279
330
350
105
r
^146
'
m
Government Arsenals and Quartermaster Depots.
Transportation Equipment
Aircraft
Automobile bodies, parts, and assembly....
Railroad cars
Locomotives
Shipbuilding
Private yards
Government yards
Nonferrous Metals and Products....
Nonferrous metal smelting..
Copper smelting
Zinc smelting
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
Cement
Unglazed brick
Glass containers
Polished plate glass.
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers...
Goat and kid leathers..
Shoes
Manufactured Food Products..
Wheat flour
Cane sugar meltings
Manufactured dairy products..
Ice cream
Butter
Cheese
Canned and dried milk
146
116
118
119
78
106
109
r
r
r
126
128
185
39
123
114
128
151
98
93
119
113
127
90
93
114
166'
^182
P135 P134 P135
121
130
129
^88
P89
P102
82
101
117
86
107
126
94
119
141
123
114
PU1
"98'
132
156
108
153
179
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.
556
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1943
Industry
Mar.
Apr.
May June July
Aug.
Sept. Oct.
Nov. Dec.
Apr.
Jan.
Feb.
171
221
126
73
128
145
147
180
121
67
117
140
136
140
170
171
115
105
69
61
105
108
138 ^137
Mar.
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
Other manufactured foods
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
90
110
105 P107
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
100
128
46
159
27
159
38
161
123
23'
157
130
130
159
117
119
123
132
131 135
144
149
141
137
132
122
123
125
111
127
96
114
130
96
107
142
89
120
150
96
113
153
91
115
160
89
123
170
98
140
169
104
117
167
97
154
147
83
103
159
91
101
144
85
93
148
89
103
149
86
155
151
144
133
122
130
134
138
134
129
132
137
137
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
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
r9g
,206
146
138
143
132
92
r
132
r
177
129
139
150
110
94
203
140
138
150
129
90
126
172
127
126
123
115
103
96
103
109
120
121
114
111
r
114 P117
107
105
104
98
90
95
102
109
115
108
97
98
101
122
118
117
115
117
121
122
123
123
119
116
120
118
116
112
122
130
115
162
152
504
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
546
166
168
166
166
167
170
181
192
199
206
209
213
216 P220
26
26
27
25
25
27
Minerals—Total..
118
126
131
132
131
136
137
134
132 r119
122
124 P124
Fuels....
122
121
121
121
121
126
129
127
130
126
124
131
133 P131
140
116
115
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
97
155
190
195
192
194
184
176
143
r
r
r
94
23
165
131
195
237
169
135
259
372
174
266
382
264
393
264
388
249
358
239
335
192
229
93
19
110
110
105
100
97
97
89
82
75
73
131
145
120
93
.. •. 124
121
113
Alcoholic Beverages...
M a l t liquor
Whiskey
Other distilled spirits
Rectified spirits
.
..
...
112
77
. •. 29
191
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
161
194
148
160
243
. . 185
156
168
160
106
145
166
151
Printing and Publishing1.
Newsprint consumption.
Petroleum and Coal Products
Petroleum refining
Gasoline.. •
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
Chemicals...
186
249
119
101
148
158
ll5
141
150'
89
107
p
102
^169
^158
Rubber Products
Rubber consumption
Tires and tubes.<
Pneumatic tires
Inner tubes
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver
r
....
79
r
116
68
r
p
m
69
69
80
85
85 p\n
60
73
73
P85
v
Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
1
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.
JUNE
1943
557
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
(Index numbers of the Bureau ot Labor Statistics, 1939 = 100)
Factory employment
Industry and group
Factory pay rolls
1943
Mar. i Apr
Dec
Jan
Feb
1942
Mar
167.3
144.3 146.3 164.5 r164.8 '166.2
r
Total
Durable goods
Nondurable goods..
Apr
Feb
1943
Mar.
Jan,
Feb.
Mar
167.4 208.2 215.1 221A 287.9 r290.9 297.2 304.4
225.5 265.8 276.2 287.2 391.6 399.8 r 409.
420.4
121.6 151.9 155.4 157.0 186. 184.5 1 8 7 . C
191.0
175.8
119.4
180.0
119.8
215.5 218.1 221.2
124.3 122.9 122.9
224.1
122.6
156.9
140
232
120
136
107
163
140
159
215
243
158.3
141
238
116
132
106
161
137
165
220
251
169.1 170.7
134
135
276
273
88
89
119
118
113
113
189
187
143
139
190
192
255
252
288
287
173.3 173.
135
281
91
123
115
194
154
194
263
292
Electrical Machinery
197.,
200.5 250.3 255.1
Machinery, except Electrical
Machinery and machine shop products
Tractors
Agricultural excluding tractors
Pumps
Refrigerators
194.6
193
141
136
246
198.3
198
138
137
257
Nonferrous Metals and Products
Primary smelting and refining..
Clocks and watches
Lighting equipment
315.4 392. 400.2 r410,
417.7
r
402
311
395
413
422
181
225
223
242
239
194
181
196
228
215
479
581
583
614
602
202
237
153
220
250
111
113
1,343. 1 1,378. 1,405.2 1,144.61,237.0
2.348.0
2,486.,
1,370.7
2,583.3
2,406.6
721,
787.4 1,259.,1,302.,
159.5 161,
255.1
282.,
163.0 167.1 167.4
169.8
283.9
104.7 106.5 152.5 156.;
277.1
312.1
179.6 178.8 177.8 228.7 237.5 240. 303. r305.
308,
162.8 161.6 176. 178.
170
154
234
252
245
156
167
170
152
127
239
128
155
r
r
212
127
232
238
240
125
127
131
197
205
239
132
129
158
108
189
189
187
112
166
165
110
120
184
109
' 111
Lumber and Timber Basic Products..
Sawmills
Planing and plywood mills
129.
106
119
Furniture^ and Lumber
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans and other tin-ware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus...
Stamped and enameled ware
Structural and ornamental metal work
Forgings— #
Screw machine products
225.. 227.5
232
230
154
156
114
110
293
285
138
131
172.1
135
279
90
120
113
193
149
193
259
293
260.8 267.
r
268.9
219.8
187
344
163
203
136
255
196
222
339
374
226.6
190
355
149
210
139
261
201
233
348
390
288.0 296.3
230.5
188
368
144
208
143
263
199
242
365
405
278.
204
453
134
215
179
327
247
324
476
516
288 S
212
283.5
209
464
130
215
181
313
256
309
478
519
495
533
295.9
215
495
138
229
190
339
278
334
503
545
303.6 415.5 427.4 441,
453.7
476
135
223
184
336
263
324
230.8
236
155
120
299
145
233.
239
158
124
307
149
130.6 122.. 116.3
r
92
98
107
115
119
119
113.8
90
114
114.0 113.4
91
113
163.5 165.6 170.6 181.9
141
144
135
137
149
145
145
177
121.
117
118.1 111.4 110.,
106
107
112
111.0
107
111.0 109.8
107
159.9 161.7 161.2 170.6 165.9 171.8
153
160
164
166
158
157
Stone, Clay, and Glass Products
Glass
Cement.
Brick, tile, and terra cotta
Pottery and related products
127.3
126
116
115
137
128.8
125
120
119
137
123.,
119
115
98
135
122.4
121
109
94
135
122.0 122.2
123
105
92
136
159.9
160
136
142
175
162.2
159
142
146
177
165.3
159
146
151
174
181.2
166
156
150
188
Textile-Mill and Fiber Products
Cotton goods except small wares...
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Knitted underwear
Dyeing and finishing textiles
Carpets and rugs, wool
113.
127
86
120
85
118
109
98
r
114.0 112.5 111.3
129
127
128
82
83
87
118
119
121
77
78
83
116
117
119
108
109
109
93
93
90
111.3
127
82
117
110.8 109.2
126
82
117
77
114
107
94
153.7
186
119
169
99
153
138
131
155.1
187
122
171
97
161
140
125
157.
190
127
177
94
167
145
116
180.8
218
134
208
107
184
166
145
Apparel and Other Finished Textiles
Men's clothing, n.e.c.
Shirts, collars, and night wear
Women's clothing, n.e.c
Millinery
121.4
119
102
102
109
120.6 112.2 112.0
108
108
119
90
101
92
91
100
91
83
99
73
114.4 112.3
111
89
93
96
155.1
150
135
134
120
161.5
158
138
137
131
156.8
156
144
128
105
154.0
146
144
124
76
101.9
103
90
r
151.3 156.7 154.8 159.5 158.9
146
154
158
145
147
146
145
145
143
149
Transportation Equipment, except
Autos..
Automobiles
Furniture
Products...
125.4
118
121
104
137
77
116
108
94
113.7
mo
Leather and Leather Products
Leather
Boots and shoes
90
93
94
112.9 111.3 104.9 103.1 '103.3
104
105
113
111
106
r
r
92
93
94
103
102
Food and Kindred Products
Slaughtering and meatpacking
Flour
'
Baking
Sugar, beet
Confectionery
Beverages, nonalcoholic
Malt liquors
Canning and preserving
104.2
133
100
103
37
111
104
106
64
Tobacco Manufactures
Cigarettes
Cigars
101.3 99.7
101
102
104
102
106.3 r 102.4 100.
121
126
130
90
91
96
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes
123.2
120
124
117
116.4
110
127
114
104.5
133
98
103
41
106
107
110
69
122.7
120
124
115
119.1
155
108
114
219
129
114
113
r
85
112.9
154
111
112
82
r
121
112
112
71
116.6
110
129
114
109.5
147
113
109
48
117
112
115
r
67
117.8
109
132
117
234.8
99.7
107.7 105.9
138
114
110
38
117
115
118
59
119
91
118.0
109
131
119
97.4
295.9
289
181
178
417
149
126.3
152
121
119
51
129
112
114
101
307.8
301
184
190
453
154
125.3
149
115
119
52
135
114
122
86
126.5
151
113
119
56
128
120
128
92
165.4
214
155
149
300
184
128
136
138
166.9 r173.\
131
139
167
167
156.9
159
147
140
154.3
156
147
138
175.2
170
178.5
168
150
138
185
179.2
174
139
138
186
181.9
176
137
137
189
r
l79.6
216
134
208
106
185
162
145
180.7
216
132
207
108
184
166
148
184.0
222
134
208
111
184
165
150
155.9
150
136
125
103
169.3
159
140
140
136
179.5
169
142
151
144
156.9
154
142
157.6
152
143
155.6 150.7
203
185
169
169
144
142
110
67
164
164
124
126
134
144
r
U5
113
151.3
180
172
146
57
167
129
147
99
122.7 119.4 124.7 159.6 r147.l
125
182
172
125
111
128
133
148
125
129
156.0
158
145
141
179.4
144
171
r
138.5
144
136
168.5 167.6 171.3
162
164
165
175
173
178
160
162
167
143.8
148
144
173.1
166
179
172
r
Revised.
NOTE.—Figures for April 1943 are preliminary. Indexes for major groups and totals have been revised for 1941 and 1942 and are adjusted to final
Social Security data through 1941 and to preliminary data for 1942. Back data and data for industries not here shown are obtainable from the Bureau
of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only.
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT A N D PAY ROLLS, BY
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939
100]
Factory employment
Industry and group
1942
Factory pay rolls
1943
Mar.
Apr. Dec.
Jan. Feb.
Printing and Publishing
Newspapers and periodicals
Book and job
101.7
99
101
100.9
99
100
104.3
100
106
102.2 103.0
96
95
105
107
Chemical and Allied Products
Paints, varnishes, and colors
Drugs, medicines, and insecticides....
Rayon and allied products
Chemicals, n.e.c
Cottonseed oil
Fertilizers
191.1
115
133
108
157
103
157
199.7
113
133
107
158
86
147
243.7
103
152
106
160
143
109
248.0 250.3
103
104
154
156
106
106
r
r
160
161
138
128
115
138
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
117.5
108
120
118.4
108
122
117.4
107
119
116.0 115.2
106
106
119
118
Rubber Products
Rubber tires and inner tubes
Rubber boots and shoes
Rubber goods, other
121.0
107
128
124
117.0
107
126
115
149.0 151.6
147
150
145
148
135
137
Miscellaneous Industries
Photographic apparatus
Games, toys, and dolls
145.4
131
123
147.7 156.7
131
151
122
79
r
1942
Mar.
Apr.
Feb. Mar.
1943
Apr.
Dec.
Mar.
Jan. Feb.
101.8 100.8 112.9 112.5
106
106
95
113
116
105
111.8
106
112
126.5 121.8 122.5
113
107
107
133
130
131
121.9
108
130
252.2 256.8 245.4
103
140
159
153
107
140
162
200
141
117
159
184
263.4
142
157
141
207
127
209
282.1
140
159
140
211
110
214
383.4
139
197
149
241
234
173
391.2 399.2
140
137
212
203
151
149
*"247 r250
198
219
224
185
407.6
141
220
154
255
181
265
115.6 114.9
108
117
144.3 145.4
132
133
154
153
144.9
132
151
165.1
152
161
162.8 165.3
152
149
169
168
167.7
155
170
152.8
151
150
139
153.8 153.3
153
146
140
149.8
130
165
166
156.5
136
171
172
149.9
135
159
155
228.6 234.6 238.3
229
220
227
238
241
241
r
209
212
220
246.2
240
239
225
157.0 159.5
152
157
75
79
162.1 164.1
161
81
186.6 195.8
177
176
143
158
206.1
178
158
261.3 r263.1 rr270.6
241
230
231
134
134
124
281.4
251
140
Revised.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939
too]
1943
1942
Group and year
Mar.
Total .
Durable
Nondurable
145.3
176.5
120.6
. .
Apr.
147.1
180.2
121.0
May
149.1
184.2
121.4
June
July
Aug.
153.4
193.9
121.4
150.9
188.9
121.0
Oct
Sept.
156.9
201.6
121.6
155.1
198.5
120.9
158 9
205 6
122 0
Nov.
Jan
Dec.
164.4
215.4
124.3
160.9
209.6
122.5
r
r
167 1
219 3
126. 0
Feb
Mar
Apr.
H67 7
168. 4
224. 8
123. 9
168.2
225.8
122.8
r
222
r
3
l24 7
NOTE.—Figures for April 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 A N D EARNINGS OF WAGE EARNERS I N MANUFACTURING
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Average hours worked per week
Industry and group
Mar. Nov. Dec
44.8
80.3
81.1
90.5
90.7
91.9
92.4
93.4
45.9
46.2
46.4
89.2
89.9
100.5
100.4
101.7
'102.0
103.0
45.0
47.0
49.6
45.7
45.7
46.9
49.6
r
46.0
46.0
47.1
49.6
45.7
89.6
87.3
91.4
115.4
90.4
87.5
91.9
115.4
98.4
94.2
100.3
120.2
98.6
94.3
101.1
119.8
99.8 rr 99.7
95.1
94.9
102.2 103.0
122.2 121.1
100.8
95.3
103.8
121.7
46.7
46.8
46.6
42.4
43.9
42.4
104.0
85.8
59.7
62.9
74.9
104.3
86.9
60.5
63.6
75.2
116.3
95.9
68.5
68.5
81.0
114.2
97.6
67.9
68.9
81.0
114.4
r
98.5
68.1
r
69.6
81.9
116.6
99.0
70.0
71.5
82.9
42.7
44.0
44.4
44.2
....,.,,...
44.5
45.0
46.1
46.1
43.0
45.6
49.2
43.1
43.5
46.0
49.7
44.5
44.8
47.0
49.5
45.5
45.3
47.0
49.6
45.5
48.0
43.8
40.0
40.9
40.1
47.9
44.1
40.0
41.1
40.3
47.7
46.0
41.7
42.8
41.4
47.5
46.1
41.3
43.7
41.8
Nondurable Goods
Textiles—Mill and Fiber Products...
Apparel and other Finished Products
Leather and Manufacturers
Food and Kindred Products
Tobacco M anufac tures
Paper and Allied Products
Printing, Publishing, and Allied Industries
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries
Feb. Mar
Feb.
44.5
42.4
Iron and Steel and Products............
Electrical Machinery
„ #t
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
Jan.
F e b . Mar,
,n.
Mar. Nov. Dec
„.„...«...,,.«.„
Durable Goods
1943
1942
1942
Feb.
All Manufacturing
INDUSTRIES
46.9
46.0
39.8
r
42.8
41.7
r
r
45.9
r
41.9
43.6
42.0
115.2
r
98.6
r
68.7
r
70.6
82.2
39.9
40.1
41.3
42.1
r
41.8
42.0
42.5
68.9
69.6
75.6
76.2
76.8
77.4
78.2
40.1
36.8
39.9
40.5
37.0
42.3
38.4
41.7
39.2
40.0
42.9
40.1
37.5
40.0
40.7
36.6
42.3
38.0
42.1
39.0
40.8
43.2
40.8
37.0
39.0
42.4
40.6
44.0
39.5
43.9
41.8
43.4
45.3
41.5
37.4
40.3
43.9
41.2
44.9
40.2
44.7
41.8
44.5
46.1
41.3
r
37.4
40.3
43.2
r
39.6
44.2
39.8
44.5
41.1
r
44.4
45.7
41.5
r
38.4
40.2
43.0
38.6
44.5
r
42.1
38.9
40.5
43.4
39.4
44.9
39.9
45.2
42.5
45.1
46.5
57.1
62.4
65.3
70.2
55.0
71.4
92.2
79.9
102.3
87.4
72.5
57.3
62.8
65.8
70.7
54.3
71.6
96.1
81.0
102.4
89.0
73.5
64.2
64.8
71.3
75.1
61.1
77.2
97.6
86.7
109.3
95.5
82.9
64.4
64.9
71.9
76.1
61.3
77.1
98.0
87.8
109.2
96.6
82.7
r
65.2
r
65.5
r
72.1
r
76.9
r
r
65A
r
68.0
r
65.8
70.0
72.9
77.7
61.3
78.2
98.5
89.2
110.7
99.2
85.6
2,9.1
45.0
42.3
44.6
46.0
61.3
77.4
r
97.3
r
88.6
110.5
r
97.1
83.8
71.9
^77.1
r
60.3
78.1
r
97.3
r
88.8
110.2
r
97.7
r
84.6
r
Revised.
NOTE —Revised data based on the classification of the 1939 Census of Manufactures.
Back figures are available from the Bureau of Labor Statistics.
(Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 567.)
JUNE 1943
559
CONSTRUCTION CONTRACTS AWARDED, BY TYPES 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
1942
January
February
March
April
May
June
July. . .
August
September
October
November
December
316.8
433.6
610.8
498.7
673.5
1,190.3
943.8
721.0
723 2
780.4
654 2
708.7
Year
Educational
1943
1942
1943
1942
1943
1942
1943
1942
1943
1942
1943
1942
1943
102.8
168.0
219.3
162.1
148.0
185.5
127.4
100.6
126.7
161.2
156 7
159.7
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
17.7
21.8
36.8
30.9
23.8
46.2
34.7
21.3
6.1
18.9
14.1
30.0
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
2,227.5
1,817.7
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
iFigures for 37 States east of the Rockv Mountains. £is reported by the
F. W. Dodge Corporation . Value of contracts in millions of dollars]
302.2
147.9
1,219.1
2,540.6
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F.
W. Dodge'Corporation. Value of contracts in thousands of dollars]
Private ownership
Public ownership
1943
1942
Federal Reserve district
Month
January
February
March
April
May
June
July
August
September....
October
Nfovember
December....
1941
1942
1943
1941
1942
1943
1941
1942
1943
305
270
480
407
549
539
577
760
623
606
459
432
. 317
434
611
499
674
1,190
944
721
723
780
654
709
351
394
340
124
105
269
184
267
314
348
520
403
371
298
288
198
310
473
355
569
1,105
876
633
661
710
592
664
316
364
304
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
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
. . 6,007 8,255
Year..
Title I Loans
Year or month
Total
Property
improvement
Small
home
construction
320
557
495
694
954
1,026
1,186
1,137
224
246
60
160
208
251
262
141
1942—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
83
92
96
97
89
95
99
92
97
13
15
13
11
10
10
11
10
9
2
2
2
1
1
1943—Jan
Feb
Mar
Apr
80
64
73
59
7
5
6
7
*
*
1
.
13
25
26
21
15
1
1
1
March
April
7,567
26,518
17,572
26,446
37,278
41,248
42,072
56,411
5,591
25,285
37,383
7,424
27,376
24,740
28,211
60,621
43,078
58,207
21,604
1,619
50,821
15,997
49,414
100,130
39,729
48,414
91,138
35,516
58,032
41,145
5,314
10,574
19,336
303,371
339,698
498,742
INSURED FHA HOME MORTGAGES (TITLE II) HELD I N
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
Rental
1- to 4and
War
family
group housing
houses housing (Title
(Title
(Title
VI)
II)
II)
94
309
424
473
669
736
877
691
2
2
11
48
51
13
13
6
55
60
66
63
52
48
44
39
39
1
1
*
31
20
19
16
2
' '*'
13
284
11.
14
16
21
25
37
42
43
49
42
39
47
37
* 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.
56O
April
1,109
2,515
3,492 7,146
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
935
936 . . .
1937
1938
1939
1940
1941
1942
Other
350.7
393.5
339.7
303.4
8,255.1
Total
Commercial
Public works
and public
utilities
SavMuings Insur- Fedtual
eral
ance
and
savOther2
com- agenloan
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
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.
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.
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports2
Merchandise exports1
Excess of exports
Month
1939
1940
1941
1942
1943
1939
1940
1941
1942
1943
178
158
190
242
200
217
229
234
268
254
254
272
P228
P
234
P248
35
61
77
128
147
134
96
69
89
226
225
339
^470
P445
P682
695
525
618
186
202
179
212
211
211
287
297
280
234
191
215
45
47
57
111
112
138
100
88
50
461
335
403
^627
694
^718
169
176
182
232
221
195
278
282
262
P2U
*184
PI 96
61
74
107
84
130
101
87
178
162
P412
P510
p
522
3666
492
653
*>776
P75O
p
853
215
235
247
207
224
253
304
281
344
PI 99
P174
P
356
117
57
121
137
104
69
3362
211
309
P577
p
576
P497
984
1,569
527
659
730
779
173
409
254
790
1939
1940
1941
1942
January
February
March
213
219
268
370
347
351
325
303
357
479
478
611
April
May
June
231
249
236
323
324
350
387
385
330
July
August
September
230
250
289
317
351
295
365
460
425
October
November
December
332
292
368
344
328
322
Jan .-Mar
699
1,068
1943
*>698
p
679
*>931
p
p
2,308
^711
p
l,597
p
1
2
3
Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months.
Source.—Department of Commerce.
Back figures.See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT CAR LOADINGS, BY CLASSES
[Index numbers; 1935-39 average=100]
Total
Annual
1939..
1940..
1941..
1942 .
101
109
130
138
Forest
Coal Coke Grain Livestock products
98
111
123
135
102
137
168
181
107
101
112
121
100
114
139
155
96
96
91
104
REVENUES, EXPENSES, A N D INCOME OF CLASS I
RAILROADS
[In millions of dollars]
MiseelOre laneous
110
147
183
206
101
110
136
146
SEASONALLY
ADJUSTED
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
r
Total
railway
expenses
3 406
3 614
4 348
r
5 985
Net
railway
operating
income
589
682
r
r
r
l,481
m Net
income
r
93
r
189
r
500
r
959
SEASONALLY
ADJUSTED
1942—February. .
March
April
May
June
July
August
September.
October...
November..
December..
139
137
143
143
141
142
143
136
133
134
134
116
122
160
164
160
155
154
135
121
125
116
150
168
200
197
199
205
208
188
180
176
177
131
119
117
115
113
95
106
126
130
126
143
95
97
101
98
103
90
106
102
110
114
117
1943—January....
February...
March
April
135
141
136
141
119
127
140
158
161
154
182
208
157
170
152
145
1942—February. .
March
April
May
June
July
August
September.
October
November..
December..
129
129
136
138
139
142
144
152
150
140
126
132
125
135
139
135
132
136
142
138
139
132
184
175
176
181
179
177
175
184
180
186
193
1943—January..
February.
March
April
124
130
130
132
135
145
144
133
193
189
189
183
159
149
160
155
159
172
165
154
149
140
137
187
292
289
289
183
180
176
174
221
221
210
151
143
141
142
144
149
152
146
144
144
146
100 1942—February...
92
March
80
April
62
May
60
June
'
57
July
57
August
55
September..
56
October.. ..
58
November..
59
December ..
519
542
584
618
627
643
669
663
661
722
708
102
113
117
118
130
135
133
138
202
193
216
205
149
153
141
142
57 1943—January
61
February...
61
March
62
April
710
744
740
110
102
100
99
111
138
129
139
139
123
130
76
77
90
89
81
76
100
135
169
144
113
153
149
160
161
165
173
173
167
158
138
122
47
76
218
303
318
325
308
304
260
206
59
135
139
142
144
145
148
152
162
163
150
135
1942—February...
March
April
May
June
July
August
September..
October
November...
December ..
462
540
573
601
624
665
684
698
746
690
703
138
142
131
124
98
90
92
105
117
129
133
138
50
48
56
106
132
137
138
143
1943—January
February
March
April
671
664
756
r
UNADJUSTED
r
56
r
53
r
423
447
471
487
500
519
539
535
533
563
554
96
94
113
131
128
124
130
128
128
159
155
577
591
616
134
153
124
92
111
398
450
470
491
505
532
549
543
561
541
532
64
91
102
110
119
133
135
155
185
149
171
r
22
47
58
64
78
90
89
105
136
111
137
566
557
627
105
106
130
63
62
r
r
7l
88
85
79
85
82
81
r
121
r
110
r
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.
JUNE 1943
561
DEPARTMENT STORE STATISTICS
.Based on value figures
WEEKLY INDEX OF SALES
M O N T H L Y I N D E X E S O F SALES A N D STOCKS
[Weeks ending on dates shown. 1935-39 average = 100]
[Daily average sales; end-of-month stocks. 1923-25 average = 100]
Seasonally adjusted
SALES
January
February
March
April
May
June
July
August
September
October
November
December
1940
1941
1942
92
90
89
89
89
91
92
98
97
94
100
101
101
103
103
104
105
104
115
134
116
105
116
111
138
126
124
117
108
104
121
130
123
128
138
125
1943
1940
1941
1942
1943
143
168
136
128
71
71
86
86
89
87
64
77
105
101
114
179
79
82
93
106
105
100
79
106
125
112
133
197
108
99
118
115
108
100
83
103
133
137
157
222
111
132
121
133
94
110
124
r
Year
STOCKS
January
February
March
April
May
June
July
August
September
October
November
December
68
71
70
68
68
68
68
69
70
70
72
71
95
102
109
118
127
136
140
137
124
114
105
100
71
73
73
73
74
76
82
87
91
97
95
92
Without seasonal adjustment
Unadjusted
102
93
r
91
61
68
71
71
70
64
61
66
73
79
83
66
64
69
75
76
75
73
74
84
95
108
no
87
1940
1939
Nov. 4
.123 Nov. 2 . . . ..117
11
.116
9 . . . ..122
18
.115
16... ..130
25
.107
2 3 . . . ..116
Dec. 2
.139
30... ..147
9 . . . . .188 Dec. 7 ... ..197
16 . . . . .235
14... .232
23 . . . .242
21. .. ..258
30 . . . . . 79
28... ..124
1940
1941
..82 Jan. 4 . . . . ...85
Jan. 6
13
85
97
111
r
123
130
129
126
131
129
127
121
94
91
89
92
..83
. .79
10
. .80
..82
..82
Mar.
Apr.
May
Year
69
82
117
1
Revised.
P Preliminary.
Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subsequent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent
issues.
r
86
20
27
Feb. 3
June
17
24
2
9
16
23
30
6
13
20
27
4
11
18
25....
1
8
15
22
29
.86
.95
. 98
. 99
.113
. 88
.112
. 97
. 99
. 98
.108
.114
..99
..97
. 90
.120
.107
. 92
. 89
11
99
25
89
8
95
1 8 . . . . ...90
Feb.
1.... ...94
1 5 . . . . ...97
2 2 . . . . ...88
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
M a y 3 . . . ..124
10... ..128
17... ..110
24... ..117
31. . . ..109
June 7.. . ..127
14. . . ..120
21. . . ..107
28. . . .109
1941
Nov. 1 . . . . .138
8 . . . . .139
1 5 . . . . .148
2 2 . . . . .128
2 9 . . . . .169
Dec. 6.. .. .215
1 3 . . . . .236
2 0 . . . . .277
2 7 . . . . .174
1942
Jan. 3
.107
10
.130
17
.131
24
.119
31
.121
Feb. 7
.114
14
.116
21
.110
28
.119
Mar. 7
.125
14
.131
21
.140
28
.147
Apr. 4
.160
1 1 . . . . .120
1 8 . . . .135
2 5 . . . . .129
M a y 2 . . . . .134
9.... .136
1 6 . . . .115
2 3 . . . . .114
3 0 . . . . . 95
June 6
.135
13
.117
2 0 . . . . .116
2 7 . . . . .100
1942
Oct. 3 1 . . .
Nov. 7 . . .
14...
21...
28...
Dec. 5 . . .
12...
19...
26...
1943
Jan. 2...
9
16!;;
23
Feb.
Mar.
Apr.
May
June
.158
.166
.167
.166
.166
.236
.274
303
.199
.112
138
;i32
119
30.'.'.' .121
6
.136
13;;; ;i68
20... .146
27... .150
6 . . . .142
13... .134
20... .137
27... ..143
3 . . . ..149
10... ..153
17... . 154
24... . 166
1... . 128
8 . . . . 152
15... . 133
22... . 137
29...
5...
12...
19...
26...
Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Apr. Mar. Four
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
Philadelphia
Trenton
Lancaster
Philadelphia....
Reading
Wilkes-Barre...
York
Cleveland
Akron
Cincinnati
Cleveland
Columbus
Toledo
+16 +7 +13
+15 +7 +7
0
-5
+7
+40 +52 +43
+13
+7
+15
+13
1?+6
+11
+6
+8 +1 +4
+2 -r-91 0 - 3c
+5 r
-10
+10
+11
-10
-16 — 16
-6
+9
+3 +10
-11
-4
+37 r+28 +33
+10 +4 +5
+1 +1
+7 +12
+18 —5
+10 +4
0
+6
+5
+7
+6
0
+13
+25 +8 +18
+28 - 1 2 +7
+12 +3 +7
+16 +2 +8
+19 rr _ 4 +8
+23 +2 +10
+6
0
+7
+12 +16 +19
+11 +1 +9
-5
—2
+2
+30 +17 +29
+15 +5 +13
^pr. Mar. Four
943 1943 mos.
1943
Cleveland
(cont.)
Youngstown....
Erie
Pittsburgh
Wheeling
Richmond
Washington
Baltimore
Winston-Salem...
Charleston, S. C.
Greenville, S. C .
Lynchburg
Norfolk
Richmond
Charleston.W.Va.
Clarksburg
Huntington
Atlanta
Birmingham
Montgomery
Jacksonville
Miami.
Tampa
Atlanta
Macon
Baton Rouge
New Orleans
Jackson
Chattanooga
Knoxville
Nashville
Chicago
Chicago
+13
+16
+3
+11
+16
+8
+18
+35
+40
+41
+25
+14
+29
+13
+6
+15
+30
+24
+22
+57
+29
+41
+33
+30
+50
+24
+2 +11
+9 +13
-7
-1
+1
+7
+4 +13
-1
+6
+4 +15
0
+25
*
+2
+10
+11
-6
-10
-5
+14
-2
+19
+38
+14
+30
+17
+32
+18
+10
+4 +11
+22 +5
+15 - 2
+42 +24
r
+12 +2
+3
Apr. Mar. Four
1943 1943 mos.
1943
Chicago (cont.)
Peoria
Fort Wayne....
Indianapolis...
Des Moines
Sioux City
Detroit
Flint
Grand Rapids..
Lansing
Milwaukee
+17
+32
+41
+18 St. Louis
+15
Fort Smith
+24
Little Rock....
+5 Quincy
+1 Evansville
+10
Louisville
St. Louis
+26
Springfield....
+13
Memphis
+29
+48 Minneapolis
+19
+37
City
+33 Kansas
Denver
+43
Hutchinson....
+47
Topeka
+22
Wichita
+16
Joplin
+17
Kansas City...
+15
St. Joseph
+35
Omaha
+9 Oklahoma City
+7 Tulsa
+4
r
-2
+12 - 2
+25 + 1 1
+24 +17
+26 +21
+12 +1
+16 r +5
+10 +3
+3
—5
+13
+15 +3
+36 +13
+31 +22
+21 - 4
+48 +38
+17 +5
+3
-6
+25 +15
+40 +19
+22
+9
+32
+25
+36
+34
+28
+22
+30
+31
+29
+28
+5
+27
+31
+36
+57
+39
-8
+11
+16
+26
+38
+3
Dallas
Shreveport
Dallas
Fort Worth
+22
Houston
+17
San Antonio
+28
+10
+23 San Francisco..
+7 Phoenix
+3 Tucson
+8 Baker sfield
Fresno
+13
Long Beach
Los Angeles
+35
Oakland and
+42
Berkeley
+10
Sacramento
+48
San Diego
+15
+3 San Francisco
San Jose
+20
Santa Rosa
+29
Stockton
+17
Vallejo and Napa
Boise and
+32
Nampa
Portland
+33
+37
Salt Lake City..
Bellingham
+36
Everett
+38
+5 Seattle
Spokane
+27
Tacoma
+25
Walla Walla
+29
Yakima
+55
+25
0
+6
Apr. Mar.
1943 1943
+42
+15
+52
+54
+32
+36
+27
+33
+48
+33
+21
+30
+25
+27
+15
+25
+261
+18
+31
+31
+43
+21
+8
+27
+36
+26
+31
+39
+9
+42
+45
+30
+48
'+20
+22
+48
+38
+15
+181
r
+10;
+25
+32
+49
+37
+18
+30
+18
r
+16J +25
+18! +20
+19| +23
+16| +28
+18! +19
+18 +25
+441 +48
+281 +46
'+49! +44
+31 +331 +29
+42 +40j +44
+12 -4-5| +11
+17 +111 +15
+22 M-27
+22
+38ir+37 +40
' " • +23 +23
+21
+43 +53 +48
+19 +21 +21
r
Revised.
* Data not available.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Number
of stores
reporting
Department
Sales during m o n t h (value)
Stocks a t end of m o n t h (value)
Percentage change
Percentage change
Ratio of stocks
to sales
lK
M a r . 1943 M a r . 1943 M a r . 1942 M a r . 1943 M a r . 1943 Mar. 1942
from
from
from
from
from
from
M a r . 1942 F e b . 1943 F e b . 1942 M a r . 1942 F e b . 1943 F e b . 1942
+5
+14
2.6
-17
+5
+14
2.7
3.6
+50
+85
+55
-11
-5
+11
+10
+32
+12
+3
+6
1.8
0.8
1.2
2.4
0.9
1.3
-5
+47
+118
+45
+26
+13
+14
+25
+79
+62
+21
+22
+5
+17
+8
+20
+8
+17
+22
+21
+16
+21
+10
+6
1.8
1.4
1.9
1.5
2.2
2.6
2.5
3.2
3.6
2.0
2.2
1.3
3.3
2.4
4.2
3.1
3.6
4.3
3.8
3.4
+13
+4
+22
+10
+13
4.2
4.2
4.4
3.3
6.5
4.1
+14
+8
+20
+15
4.3
4.1
4.7
4.0
5.4
5.3
6.4
5.4
+9
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
348
328
333
+15
+7
+19
310
297
301
282
319
327
341
319
237
259
+22
+1
+35
+36
+38
+5
+9
+4
+74
-25
-22
+4
0
319
226
299
274
167
-17
—37
-4
— 11
-6
+17
-14
—3
-20
-18
-15
+3
-19
-13
+55
+77
+13
+126
+22
311
232
232
287
-3
+2
+5
-24
-22
-22
-14
clothing
furnishings, h a t s , caps
clothing a n d furnishings
and boys' shoes and slippers
Home furnishings
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves,
etc.)
Domestics, blankets, linens, etc.;
China and glassware
Housewares
....
+13
+3
+6
+16
-4
-1
+9
+21
0
-7
-1
+8
+19
+5
-1
-15
-19
+16
+24
+16
+30
+15
-13
203
288
222
221
+35
+2
+1
+10
-7
-7
+23
Piece goods (dress and coat yard goods, all
materials)...
Cotton wash goods
281
117
+35
+46
-11
Small wares
Notions
Toilet articles, drug sundries, prescriptions
Jewelry and silverware
328
212
317
262
+26
+29
+26
+25
+6
+18
+1
+8
Miscellaneous
292
+13
+10
BASEMENT STORE—total
215
201
163
118
53
130
0
+5
+6
+8
Women's apparel and accessories
M e n ' s a n d b o y s ' clothing a n d furnishings
H o m e furnishings
Piece goods
Shoes
.
. .
—73
-15
+9
+29
-30
3.4
-17
+28
+8
350
Men's
Men's
Boys'
Men's
1942
+30
350
Men's and boys' wear
1943
+2
+1
+1
GRAND TOTAL—entire store ..
MAIN STORE—total
knit
March
-8
+10
+7
+1
+6
-24
— 16
-28
-12
-24
-22
-8
-4
+7
+6
+7
+5
+8
+7
-1
-3
-3
+2
2.7
6.4
3.3
6.7
—10
+1
+1
-2
+21
+10
+16
3.8
3.9
6.6
3.8
3.0
6.8
7.8
+21
-66
-23
-14
-28
+25
+31
-18
-21
+5
+3
+10
+10
2.2
2.1
3.6
+1
-16
-18
-16
-15
+7
+3
+5
+8
+17
+22
+16
+16
3.3
2.8
3.1
4.0
4.9
4.4
4.6
5.8
+25
-24
+6
+15
3.2
4.8
+47
+56
+55
+17
+20
+55
-14
-7
-18
-23
-13
g
+7
+12
+4
+17
+18
+15
+21
+17
+11
2.4
1.7
3.7
3.2
2.6
2.7
1.9
3.8
4.5
3.8
4.6
3.6
-4
+14
-9
+14
-1
+10
+12
5.3
3.9
N O T E . — G r o u p totals include sales in d e p a r t m e n t s not shown separately. Figures for basement store are n o t strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer d e p a r t m e n t s a n d somewhat different types of merchandise. T h e ratio of stocks t o sales is obtained
by dividing stocks a t t h e end of t h e m o n t h by sales during t h e m o n t h a n d hence indicates t h e number of m o n t h s ' supply on h a n d a t t h e end of t h e m o n t h
in terms of sales for t h a t m o n t h .
SALES, ACCOUNTS RECEIVABLE, A N D COLLECTIONS
Percentage of tota 1 sales
[ndex numbers, without seasonal adjustment, 1941 average = 100
1942—February
March
April
May
June
July
August
September
October
November
December..
:
1943—January
February
March
April
Accounts receivable
at end of month
Sales during month
Year and month
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
Total
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
85
111
109
97
95
79
98
120
133
135
208
87
113
113
108
111
97
117
140
160
162
263
85
107
95
66
54
50
73
76
89
89
112
83
108
108
92
84
66
81
105
113
114
166
98
97
94
86
77
70
67
63
62
62
64
104
106
107
99
83
64
64
76
83
84
109
106
114
112
111
104
94
92
90
99
96
103
115
104
107
116
120
109
81
83
106
113
116
49
50
50
53
56
59
58
56
57
58
61
9
8
6
5
5
6
6
6
6
5
42
42
43
41
39
36
36
38
37
36
34
100
116
120
129
123
140
147
161
63
70
67
75
82
99
100
104
58
55
51
49
83
78
77
78
96
89
93
86
142
109
105
104
59
58
59
60
5
5
5
5
36
37
36
35
7
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.
JUNE
1943
563
CONSUMER CREDIT STATISTICS
T O T A L CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
Singlepayment
loans 2
Sale credit
Total
instalment
credit
Loans
Automotive
Total
1
Charge
accounts
Service credit
Other
7,089
6,341
5,177
3,846
3,717
4,159
5,148
6,396
7,054
6,618
7,518
8,767
9,499
6,156
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
4R2
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
8,594
8,364
7,952
7,513
7,007
6,719
6,557
6,403
6,169
6,156
5,103
4,886
4,611
4,327
3,103
2,919
2,705
2,474
2,247
2,032
1,862
1,704
1,571
1,495
1,513
1,369
1.239
1,120
1,004
874
769
664
573
4S2
1.593
1,550
1.465
1,354
1,243
1,158
1,093
1,040
998
1,013
2.005
1,967
1.90)
1,85.5
1,789
1.716
1,642
1,551
1.483
1,428
1,186
1,171
1,151
1,125
1,112
1,102
1,095
1.088
1,085
1,072
1.677
1,682
1,561
1,430
1,225
1,232
1,320
1,419
1,386
1,513
623
625
629
631
634
637
638
641
644
648
5,7O3
5,490
P5.351
^5,216
2,661
2,465
2,323
p
2,210
l,315
1,190
l,071
Pi,004
404
351
P287
p
249
1,058
1,038
^1,031
PI,020
1,333
1,333
PI,343
PI,331
651
654
P654
P655
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
1943
4,03'J
3,748
3,504
3,255
3,051
2,923
r
r
Jan
Feb
Mar
Apr
!
r
P
p
|
!
r
!
!
I
i
911
839
P784
*755
I
i
|
1
1
1,346
1,275
^1,252
PI,206
!
r
P Preliminary.
Revised.
1
Includes repair and modernization loans.
2
An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers.
NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign
and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a
description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce,
were made at the Board of Governors of the Federal Reserve System.
CONSUMER .INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOTIVE
ated amounts outstanding.
Department
stores
and
mailorder
houses
Furniture
stores
1,197
1,104
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
1,590
1,550
1,466
1,354
1,243
1,158
1,093
1,040
998
1,013
406
396
367
332
300
277
261
253
247
254
Total,
End of month excluding
or year
automotive
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
[n millions of dollars]
Household
appliance
stores
Jewelry
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
56
47
45
30
29
35
40
56
68
70
93
110
120
78
133
141
136
110
97
115
132
174
210
220
246
271
284
160
567
561
543
512
475
449
428
408
392
391
272
258
240
218
201
183
169
154
141
130
95
91
85
79
71
67
63
61
61
78
250
244
231
213
196
182
172
164
157
160
All
other
retail
stores
1942
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
:
1943
r
Jan
Feb
Mar
Apr
9il
839
P784
P755
p
r
228
210
P196
P187
Preliminary.
Revised.
564
359
338
P322
P
3l9
116
102
P90
P79
r
65
57
P53
p
5\
r
143
132
P123
P119
End of
month or
year
Total
Commercial
banks 1
Small
loan
companies
Industrial
Credit
banking
comunions
panies
Repair
Misceland
laneous modernlenders ization
loans
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
652
674
619
516
459
529
794
1,030
1,167
1,226
1,559
1,984
2,174
1,428
43
45
39
31
29
39
71
130
215
248
380
586
687
370
263
287
289
257
232
246
267
301
350
346
435
505
535
424
219
218
184
143
121
125
156
191
221
230
257
288
298
202
32
31
29
27
27
32
44
66
93
113
147
189
217
141
95
93
78
58
50
60
79
102
125
117
96
99
102
91
1942
Mar
Apr
May
Tune
July
Aug
Sept
Oct
Nov
Dec
2,005
1,967
1,906
1,853
1,789
1,716
1,642
1,551
1,483
1,428
601
586
564
546
521
491
460
421
393
370
521
517
504
493
481
466
452
437
428
424
282
277
268
261
253
246
236
222
211
202
196
190
184
179
173
166
160
152
145
141
101
100
99
98
97
95
94
92
91
91
304
297
287
276
264
252
240
227
215
200
1,346
1,275
PI,252
Pi.206
345
319
312
299
403
387
387
378
193
185
184
179
132
126
127
122
89
88
87
87
184
170
P155
P141
"H
"
111
240
163
172
244
317
335
200
f
1943
Jan.
Feb
Mar
Apr
•
p
Preliminary.
1
These figures for amounts outstanding include only personal instalment
cash loans and retail automotive direct loans, which are shown on the following page and a small amount of other retail direct loans (13 million
dollars a t the end of April 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]
Automotive
retail
Month or year
Total
PurDirect
chased loans
Outstanding at end of
period:
1939
1940
1941
1942
1942-March
April
May
June
July
August
September
October...
November
December....
.
1943—January
February
March
April
Volume extended during
month:
1942—March
April
May
....
June
July
August
September
October
November
December
Other Repair
Perretail,
and
sonal
instal
modchased erniza- ment
cash
and
tion
direct loans 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
1,403
1,338
1,273
1,211
1,139
1,072
998
922
860
787
331
308
283
265
242
227
203
190
166
136
245
235
224
211
196
182
167
148
136
122
267
254
243
223
208
189
175
159
151
143
221
207
201
196
187
182
176
168
165
154
339
334
322
316
306
292
277
257
242
232
726
662
619
581
116
101
87
78
111
100
95
91
136
121
108
100
144
135
125
117
219
205
204
195
138
125
110
102
95
93
82
77
64
69
27
19
17
15
16
23
14
11
7
6
22
20
18
16
16
14
13
11
9
10
23
28
25
16
13
11
12
14
14
15
9
10
9
9
9
9
8
9
7
6
57
48
41
46
41
36
35
32
27
32
59
52
74
64
6
6
8
9
9
9
13
12
14
8
9
10
4
4
5
5
26
25
39
28
1943—January
February
March
April
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]
1929
1930
1931
1932
1933
1934
1935..'
1936
1937
1938...
1939
1940
1941
1942
Item
Apr. Mar.
1943 1943
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, at end of
month:
Total
Instalment
Collections during month:
Total
Instalment
...
Inventories, end of month, at
retail value
Feb.
1943
Small loan
companies
Industrial
banking
companies
Credit
unions
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
76
82
104
43
41
45
25
23
25
80
66
80
71
61
64
58
52
49
44
37
45
66
65
86
72
58
68
63
60
60
59
59
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
55
53
41
45
50
86
62
25
26
38
31
11
13
22
15
705
1941
October
November....
December
1942
January
February
March
April
May
Tune
July
August
September
October
November
December
1943
January
February
March
April
n
1
These figures for loans made include only personal instalment cash
loans and retail automotive direct loans, which are shown elsewhere on
this page, and a small amount of other retail direct loans (one million
dollars in April 1943), which are not shown separately.
RATIO OF COLLECTIONS T O ACCOUNTS RECEIVABLE 1
FURNITURE STORE STATISTICS
Percentage
change from
preceding
month
nmercial
banks 1
Month or year
Percentage
change from
corresponding
month of
preceding year
Apr. Mar.
1943 1943
+8 +2 - 6
+49 +53
+5
-19
+11 +5 +11
+8
Department
stores
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
1942
January
February...
March
April
May
June
July
August
September..
October
November. .
December...
20
19
22
21
22
22
23
24
25
29
29
31
12
11
13
13
13
14
14
16
16
18
17
18
12
12
13
13
13
13
13
13
14
15
15
15
19
18
19
19
20
22
22
25
26
30
31
45
50
45
46
47
50
56
60
59
60
65
63
65
1943
January
February
March
April
28
28
31
31
17
17
19
20
15
16
18
30
29
29
30
61
61
62
63
Feb.
1943
+12
+11
+18
+13
+14
+8
+20
+18
-1
-1
-4
-5
-6
-6
-40
-40
-40
-41
-39
-39
-1
o
+7
+7
-10
-8
-6
-9
-3
-6
-5
-7
-3
+5
-1
-10
-4
-3
-4
+53
-14
+4
Charge
accounts
t accounts
17
1
Ratio of collections during month to accounts receivable at beginning
of month.
JUNE 1943
565
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 = 100]
Other commodities
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941.
1942
.
,
. .
.
. .
All
commodities
Farm
products
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
64.2
48,?
51.4
65.:
78.£\
80.9
86.4
68.5
65.3
67/ 1
82.4
105.9
Foods
Total
lides and Textile Fuel and Metals Building
lighting and metal
leather
products products materials products materials
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
102. 4
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
103.5
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
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
74 6
61. 0
60 ,5
70 5
7
8? 1
85 5
6
70 4
71 3
8? 7
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
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
99 6
90.5
Miscellaneous
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
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
99. 9
ChemiHousecals and furnishallied
ing
goods
products
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
1942—January.
February.. .
March
April
May
June
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
1943—January
February
March
April
101.9
102.5
103.4
103.7
117.0
119.0
122. I
123. ?
105.2
105.8
107 4
108 4
96.0
96.2
96.5
96.6
117.8
117.8
117.8
117.8
97.3
97.3
97.3
97.4
79.3
79.8
80.3
80.6
103.8
103.8
103.8
103.8
109.8
110.2
110.4
110.3
100.2
100.3
100.0
100.1
102.5
102,6
102 6
102 6
90.7
90.9
91.4
91.6
Week ending
1943—Feb 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar 13
Mar. 20
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
102.0
102.1
102.4
102.7
102.9
103.2
103.0
103.3
103.4
103.5
103.5
103.4
103.5
103.7
103.8
103.8
118. 2
118. 6
120. 0
121. 2
122. 0
123. 5
122.4
124.2
124.7
124.3
124.4
123.9
124.3
124. 8
125. 7
125. 8
105 .1
105 .5
105 7
106.0
106.4
107.0
107 .1
107 .6
107 .8
107 .9
r
108 .4
108 .5
108 7
109 .4
110 .2
110 .3
96.4
96.4
96.4
96.5
96.6
96.6
96.6
96.6
96.7
96.7
96.8
96.8
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
118.4
96.8
96.8
96.8
96.8
96.8
96.8
96.8
96.8
96.8
96.9
96.9
96.9
96.9
96.9
96.9
96.9
80.4
80.4
80.5
80.7
80.9
80.7
80.8
80.8
80.8
81.1
81.1
81.1
81.5
81.6
81.5
81.3
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
103.9
110.1
110.1
110.0
110.0
110.1
110.4
110.4
110.4
110.4
110.3
110.3
110.2
110.3
110.4
110.4
110.3
99.5
100.0
100.3
100.3
99.9
100 0
100.0
100.0
100.1
100.1
100.1
100.1
100 1
100.2
100.2
100.2
104 .1
104 .1
104 1
104.1
104.1
104-2
104 .2
104 .2
104 .2
104 .2
104 .2
104 .2
104
104 2
104 12
104 .2
90.5
90.6
90.7
90.9
91.0
91.2
91.2
91.2
91.2
91.3
91.4
91.4
91.4
91.4
91.4
91.7
1943
1942
1942
Farm Products:
Grains
Livestock and poultry...
Other farm p r o d u c t s . . . .
Foods:
Dairy products
Cereal products.
Fruits and vegetables.. .
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins.
Leather
Other leather products..
Textile Products:
Clothing
Cotton goods
Hosiery and underwear..
Silk . ...
....
Rayon
Woolen and worsted goods
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
1943
Subgroups
Subgroups
Apr.
Jan.
Feb.
Mar.
91.5
118.3
99.0
107 3
129^.2
111.5
108.6
132.8
112.6
112.2
135 7
117 1
94.1
90.2
97.7
112.8
90.4
113.4
90.6
102.6
115 5
96.2
113.3
92.2
108.5
115.5
94.5
113 2
126.7
123.5
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
107.8
113.8
70.6
107.0
112.5
70.5
107.0
112.6
70.5
107. 0
112. 6
70. 5
30.3
111.0
98.5
30.3
112.4
97.7
30.3
112.4
97.7
30. 3
112. 4
97. 5
83.7
108.2
122.1
64.4
78.1
58.4
88.5
112.5
122.1
89.7
113.9
89.
115 7
1?7 3
1?? 4
73.2
60.8
7.s .8
61 .2
75. 6
61. 5
93 5
115 6
96. 3
Apr.
Metals and Metal Products:
Agricultural implements...
Farm machinery
Iron and steel
Motor vehicles
113.3
Nonferrous metals
93.7
Plumbing and heating
123.2 Building Materials:
115 8
Brick and tile
96.0
Gement
Lumber
126.4
Paint and paint materials..
116.0
Plumbing and heating
101.3
Structural steel
115 2
Other building materials
Chemicals and Allied Products:
Chemicals
107.0
Drugs and Pharmaceuticals
112.6
Fertilizer materials
70.5
Mixed fertilizers
Oils and fats
30.3
112.5 Ilousefurnishing Goods:
Furnishings
98 7
Furniture
89.8 Miscellaneous:
Auto tires and tubes
115 6
Cattle feed
122 4
112.5
134.0
120.0
62.0
Rubber, crude
Other miscellane ous
Apr.
Jan.
Feb.
96.9
98.0
97.1
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
98 0
94.1
131.8
100.6
98.5
107.3
103.8
98.7
94.2
133.3
100.6
90.4
107.3
102.2
96.4
126.7
79.2
82 8
108.8
Mar.
Apr.
96
90 .4
96.9
98.0
97.2
112.8
86,0
93.4
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
10? 0
93.7
94.2
134.7
102.5
90.4
107.3
101.6
96.9
165.4
79.0
85 3
101.5
96.9
165.5
79.0
85 8
101.5
96
165
79
85
101
4
0
0
5
96.4
165.1
80.0
85 8
101.5
108.0
97.5
107.3
97.4
107.3
97.7
107
97 7
107.3
97.7
72.5
140 4
102 9
46.3
93.4
73.0
142 8
100 1
46.3
94.9
73 0
142 1
101 1
46.3
94.9
0
148
102 7
46
94 9
73 0
150 9
102 9
46.2
95.1
Q
98 .0
97 1
.8
m
86 0
r
Revised.
Back figures.—Bureau of Labor Statistics. Department of Labor.
566
FEDERAL RESERVE BULLETIN
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Mining
Construction*
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local government
14,081
14,220
14,382
14,640
14,819
15,006
15,162
15,349
15,687
938
933
929
929
918
900
888
883
J.826
1,791
,768
,851
,916
,959
,902
,889
,004
3,408
3,435
3,446
3,471
3,490
3,482
3,466
3,508
3,535
6,690
6,695
6,610
6,609
6,607
6,523
6,619
6,673
6,635
4,257
4,257
4,266
4,296
4,317
4,313
4,324
4,333
4,331
4,863
4,943
5,060
5,255
5,366
5,462
5,601
5,690
5,766
15,932
15,975
16,043
16,030
870
873
864
856
,843
,748
,564
,330
3,549
3,545
3,551
3,562
6,513
6,458
6,424
6,432
Total
Manufac
turing
1942—April
May
June
July
August
September
October
November
December
36,063
36,274
36,461
37,051
37,433
37,645
37,962
38,325
38,842
1943—January
February
March
April
38,791
38,821
38,725
38,478
Year and month
SEASONALLY ADJUSTED
r
r
4,350
4,356
4,347
4,334
r
5,734
5,866
5,932
5,934
UNADJUSTED
1942—April
May
June
July
August
September
October
November
December
35,908
36,346
36,666
37,234
37,802
38,348
38,478
38,533
38,942
14,019
14,133
14,302
14,641
14,980
15,233
15,313
15,434
15,684
929
928
921
923
918
910
902
894
885
,771
,909
,991
2,108
2,181
2,185
2,028
1,896
1,674
3,389
3,442
3,485
3,519
3,533
3,542
3,539
3,520
3,502
6,679
6,667
6,606
6,504
6,496
6,561
6,697
6,771
7,107
4,265
4,309
4,324
4,355
4,371
4,397
4,327
4,295
4,279
1943—January
February
March
April
37,862
37,958
38,184
38,341
15,743
15,851
15,958
15,963
867
867
861
849
1,470
1,386
1,357
1,295
3,463
3,456
3,475
3,544
6,371
6,291
6,328
6,422
4,259
4,270
4,281
4,339
4,856
4,958
5,037
5,184
5,323
5,520
5,672
5,723
5,811
r
5,689
5,837
5,924
5,929
r
Revised.
* Includes contract construction and Federal force account construction.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, sefi-employed persons,
domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for April 1943
are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are-shown on p. 1156 of the November 1942 BULLETIN.
JUNE
1943
567
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK
Revised Edition of Chart Book*
Chart
book
page
1943
Apr.
21
In billions of dollars
WEEKLY FIGURES*
2, 4 6.33 6.35 6.53 6.1 6.04
4 2.04 2.04 1.94 1.86 1.82
.97 .96
.98
.98
.98
4
1.10 1.10
1.00 1.00
4
2.30 2.32 2.55 2.24 2.16
4
4
.03
'' .03
2
.o:
2 22.48 22.47 22.47 22.45 22.46
2 16.50 16.59 16.68 16.74 16.80
1.37 1.41 1.4' 1.27 1.31
2
.38
.63
.47
.44
2
.72
12.15 11.91 11.81 11.88
3 12.32
r
1.64
1.73
2.29
2.22
3
2.1. p
3 2.18 1.99 p 2.03 1.85
.06
.05
.07
3
.04
.01
.04
.05
3
.02
.76
.89
.88
.79
3
1.19 1.01 PI. 18 ^1.02
3
14
14
14
14
15
15
15
15
44.13
'30.31
30.49
10.41
5.60
2.24
3.36
C
1.26
45.77
30.10
31.91
10.64
5.65
2.25
3.39
1.40
46.11
29.53
32.33
10.67
5.61
2.23
3.38
1.33
47.29 47.37
30.05 30.65
33.80 34.22
10.39 10.07
5.57 5.55
2.20 2.19
3.36 3.35
1.19
Reserve bank credit
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Reserve balances
Required reserves
Excess reserves, total
New York City
Chicago
Reserve city banks
Country banks
Money in circulation, total
Bills of $50 and over
$10 and $20 bills
Coins, $1, $2, and $5 bills
5
5
5
5
5
5, 8
8
8,9
9
9
9
9
10
10
10
10
Apr.
6.09
22.65
15.84
2.21
6.49
22.62
16.15
2.22
12.93
11.22
1.71
13.26
11.37
1.88
16.09
4.03
8.63
3.44
16.25
4.13
8.67
3.45
5.49
1.04
1.33
^5.35
PI. 03
PI. 34
P.65
P2.32
PI.
25
p
l ."07
P.29
P.78
P5.22
Pl.02
PI. 33
P.66
P2.21
PI.21
PI. 00
117.13 118.64
49.27 49.27
29.26 30.19
9.86
9.80
11.16 11.16
8.23
9.23
24.56 24.62
17.07 17.89
7.12
6.35
9.57 10.00
133.01
55.20
36.00
9.80
16.15
10.04
27.46
19.27
7.78
9.79
12.69
5.87
43.45
13.13
5.92
44.09
P13.28
6.46
55.11
4.71
11.20
39.20
15.40
55.49
4.63
10.90
40.00
16.10
.21
.10
.01
.78
.82
.01
.10
.03
.85
.90
6.76
22.51
16.45
2.23
.28
12.72
10.77
1.95
.05
.03
.89
.98
16.66
4.23
8.92
3.51
.65
2.47
1.28
1.19
.35
.84
P.25
P.76
TREASURY FINANCE
U. S. Govt. obligations outstand12.17 12.56 12.73 13.24 13.33
ing, total interest-bearing
5.88
5.33 5.40 5.58 5.
Bonds (marketable Treasury) ..
2.90 2.89 2.82 2.82 2.80
Notes, cert., and bills, total....
2.15 2.55 2.51 2.48 2.50
Notes
1.79 1.72 1.82 2.05 2.15
Certificates
18.32 19.35 19.60 20.56 20.88
Bills
8.85 8.96 9.07 9.74 9.85
Savings bonds, tax notes, etc..
3.28 3.29 3.20 3.20 3.22
Savings bonds
4.20 4.33 4.38
3.20 3.
Tax notes
2.99 3.12 3.13 3.30 3.43
Special issues
Holdings of U.S. Govt. obligations:
Fed. agencies and trust funds
Per cent per annum
Federal Reserve Banks
Commercial banks
373
372
Private holders other than
25 .372 .373
1.34
.39
.38
commercial banks, total
1.38
1.39
25
i
i
Mutual savings banks
1.90
1
.92
1.99
.96
1.99
!
Insurance companies
25, 33
Other investors, total
25, 33 2.31 2.31 2 .31 2 .30 2.30
2.74
2
.75
2
.75
Marketable issues
2.76
2.75
33
33 3.97 3.95 3 .93 3.91 3.91
Treasury bills (new issues)
Treasury notes (taxable)
U. S. Govt. bonds:
Partially tax-exempt
Taxable
Corporate Aaa bonds
Corporate Baa bonds
Mar.
CONSUMER CREDIT
'onsumer credit, total
18
Single-payment loans
18
18
Charge accounts
18
Service credit
Instalment credit, total
18, 19
Instalment loans
19
Instalment sale credit, total
19
Automotive
19
Other
19
15
17
17
17
17
15
17
17
17
17
MONEY RATES, ETC.
Feb.
RESERVES AND CURRENCY
MEMBER BANKS IN LEADING CITIES
Loans and investments
Demand deposits adjusted
U. S. Govt. obligations
Total loans
Commercial loans, total
New York City
100 cities outside New York
Brokers' loans—New York City
U. S. Govt. obligations:
New York City, total
Bonds
. . . ..
Notes and guar. securities ...
Certificates
Bills
100 cities outside New York, total.
Bonds
...
Notes and guar. securities
Certificates
Bills
1943
In billions of dollars
MONTHLY FIGURES
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 e
Excess reserves (weekly average),total*.
New York City
Chicago .
Reserve city banks.
Country banks*
Chart
book
page
Apr. May May May
28
5
12
19
Per cent per annum
In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
.
35
35
35
35
35
91.2
93.4
93.2
79.8
1.06
91.3
93.5
92.9
79.8
1.18
94.9
96.9
98.5
83.8
2.39
94.7
96.7
96.1
83.9
1.67
MONEY RATES, ETC.
95.1
97.2
97.1
83.9
1.10
BUSINESS CONDITIONS
Steel production (per cent of capacity)..
Electric power prod. (mill. kw. hrs.)... .
Freight car loadings (thous. cars):
Total
Miscellaneous
Department store sales (1935-39 = 100)...
F.H.A. home mortgages,
new construction (thous.) 2 .
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food ...
50 99.1 100.0
50 3,925 3,867 3,904 3,969 3,992
F. R. Bank discount rate, N. Y....
27
Treasury bills (new issues)
27
Treasury notes (taxable)
27
Commercial paper
29
U. S. Govt. bonds:
Partially tax-exempt
33
Taxable
33
Corporate Aaa bonds
29, 33
Corporate Baa bonds
33
51 794.2 788.8 816.6 848.5 843.3
51 377.2 383.8 389.7 383.4 380.8 Stock prices (1935-39 = 100):
133
137
166
128
152
52
Total
Industrial
52
Railroad
Public
utility
63 103.4 103.5 103.7 103.8 103.8 r olume of trading (mill, shares)...
63 123.9 124.3 124.8 125.7 125.8 Brokers' balances (mill, dollars):
63 96.8 96.9 96.9 96.9 96.9
Credit extended customers....
Money borrowed
Customers' free credit balances.
.373
.69
1 .33
.69
.50
.373
1.39
.69
2.06
2.32
2.77
4.08
2 .08
2 .33
2 .76
4 .01
2.02
2.32
2.76
3.96
.50
.372
1.24
.50
In unit indicated
35
35
35
35
35
37
37
37
e
1
2
4
v
r
c
Estimated.
Preliminary.
Revised.
Corrected.
Figures for other than Wednesday
dates are shown under the Wednesday included in the weekly period.
3
Publication discontinued.
Adjusted for seasonal variation.
Figures available for June and December dates only.
* Copies of the revised edition of the Chart Book may be obtained at a price of 50 cents each.
568
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Revised Edition of Chart Book
Chart
book
page
1943
Feb.
1943
Mar.
Apr.
In unit indicated
MONTHLY FIGURES (cont.)
11,252
7,894
3,358
1,205
11,470
7,983
3,487
1,402
756
900
410
92
370
79
202
202
111.9
73.2
22.8
15.9
r
70.5
20.7
r
11.6
20.8
17.4
r
19.9
113.1
74.6
23.1
15.3
69.0
20.2
11.3
20.2
r
17.3
20.2
231
156
121
151
121
171
184
135
r
118
147
161
233
r
146
114
154
122
166
182
136
113
148
156
p
i1,582
^8,104
2*3,478
PI, 349
P917
^367
p
U3.7
P
75A
23.0
P15.3
Apr.
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
P678.9 P930.7
*>234.3 P248.5
P444.6 ^682.2
P—35.4 P-29.6
102.5 103.4
119.0 122.8
96.2
96.5
r
121.0 122.8
133.6 137.4
r
126.2
127.6
108.0 108.0
P69.3
P20.3
llA
P19.9
P17.7
P20.0
1942
103.7
123.9
96.6
124.1
140.6
127.8
1943
p
235
134
PUS
P146
P123
166
P142
P156
52.3
50.9
42.1
52.0
51.0
42.0
8.8
9.0
35.9
15.0
35.8
15.2
38.8
16.8
38.7
16.9
6.5
5.9
3.5
6.4
5.9
3.6
1.6
P16.9
PGA
p
5.9
P3.6
PI.3
297.2
166.2
304.4
167.3
P167A
41.12
92.4
44.5
41.84
93.4
44.8
1.7
Mar.
In unit indicated
MONTHLY FIGURES (cont.)
BUSINESS CONDITIONS
Income payments (mill, dollars), total 3
38
Salaries and wages
38
Other
38
Cash farm income (mill, dollars),total..
39
Livestock and products
39
Crops
39
Govt. payments.. .
...
39
I n d u s t r i a l production: 3
Total (1935-39 = 100)
41, 42
Groups (points in total index)
Durable manufactures
41
Machinery, etc
42
Iron and steel
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquor, and tobacco
42
Other nondurable
42
Minerals
41, 42
Primary products (1935-39 = 100):
Steel
43
Cement
43
Lumber
43
Coal
43
Crude petroleum
43
Cotton consumption
43
Wool yarn
43
Paper
43
Leather
43
Meats and dairy products
43
Other manufactured foods
43
Labor force and employment (mill,
persons):
Labor force
44
Employment, total
44
Nonagricultural
44
Agricultural
44
Male
44
Female
44
Nonagricultural
employment (mill.
persons), total 3
45
Manufacturing and mining
45
Trade
45
Government
45
Transportation and utilities
45
Construction
45
Factory employment and pay rolls
(1939 = 100):
Pay rolls
47
Employment
47
Hours and earnings a t factories:
Weekly earnings (dollars)
48
Hourly earnings (cents)
48
Hours worked (per week)
48
New orders. shipments,ancl inventories
(1939 = 100):
New orders, total
49
Durable
49
Nondurable
49
Shipments, total
49
Durable
49
Nondurable
49
Inventories, total
49
Durable . .
49
Nondurable
49
Residential contracts (mill, dollars): 3
Total
53
Public
53
Private, total
53
1- and 2-family d w e l l i n g s . . . .
53
Other
53
Construction contracts (3-mo. moving
av., mill, dollars): 3
Total
55
Residential
55
Other
,
55
Freight car loadings: 3
Total (1935739 = 100)
57
Groups (points in total index)
Miscellaneous
57
Coal
57
All other
_ . . 57
Department stores (1923-25 = 100) : 3
Sales
'....
59
Stocks
59
Feb.
52.1
51.2
41.6
9.6
36.0
15.2
Jan.Mar.
JulySept.
In millions of dollar:
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
36
36
36
36
36
200
70
76
27
13
6
4
3
1,735
774
1,114
616
19,845
18 ,460
6 ,950
6 ,686
3 ,364
2 ,234
1,323
1,088
18,800
17,348
3,909
3,727
1,789
6
43
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
2.63
2.09
2.63
3.26
2.76
2.36
2.76
3.2*
Apr•4, June 30, Dec. 31,
1942
1942
1942
In billions of dollars
CALL DATE FIGURES
ALL BANKS I N THE U . S.
242
327
179
255
337
192
176
210
146
100
72
28
22
5
420
103
317
Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
P254
i>355
P179
P249
P328
^186
PI 75
P210
P144
43
24
18
6
269
P66
P215
141
136
141
83.8
27.1
29.6
77.4
29.7
29.4
77.8
33.7
29,3
r
168
93
136
r
91
e
80 00
40 00
e
e
27 20
e
10.40
81.93
41.84
27.31
10.94
99.67
48.85
28.40
13.95
46.80
24.10
5.77
2.93
2.69
59.26
37.55
5.63
2.97
MEMBER BANKS
68 •
347
78
11
11
11
11
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
12
12
12
13
13
13
12
13
13
13
16
16
16
16
16
16
16
16
16
44 29
20 45
6 00
3 17
)
.43
2.66
16.09
8.48
3.42
.79
8.55
1.86
8.19
5.50
12.55
2.79
13.04
9.17
14.49
3.55
1.87
1.51
2.69
18.95
5.41
6.29
4.36
2.54
.15
17 83
)
(
'
(
'
V(
7 38
1 49
6.83
75
4
4
(
(
)
4
V
3 47
16.93
9.11
3.50
For footnotes see preceding page.
JUNE 1943
569
CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS,
DECEMBER 31, 1942 AND JUNE 30, 1942
[Amounts in thousands of dollars]
Dec. 31,1942
All
banks
Assets
Loans, discounts, and overdrafts (including rediscounts).
United States Government obligations, direct and fully
guaranteed
Other bonds, stocks, and securities
Total loans and securities
Customers' liability on account of acceptances
Total bank premises, furniture and fixtures, and other
real estate
Reserve with Federal Reserve Banks
Coin and currency
Balances with other banks 3
Cash items in process of collection
Income accrued but not yet collected
Prepaid expenses
Other assets
Total assets..
National
banks
members
Federal
Reserve
System
18,905,525 10,183,351
June 30, 1942
State
banks
members
Federal
Reserve
System 1
Total liabilities, including capital accounts
Number of banks
All
banks 2
National
banks
members
Federal
Reserve
System
State
banks
members
Federal
Reserve1
System
Banks
not
members
Federal
Reserve2
System
5,901,924
2,820,250 19,922,804 10,880,073
6,045,009 2,997,722
40,711,697 23,744,082 13,799,428
6,632,557 3,648,427 1,978,763
3,168,187 25,936,082 14,877,737
1,005,367 6,790,346 3,705,955
9,218,383 1,839,962
2,066,234 1,018,157
66,249,779 37,575,860 21,680,115
6,993,804 52,649,232 29,463,765 17,329,626 5,855,841
40,808
23,285
17,222
1,348,246
13,071,533
1,306,806
9,098,277
4,116,759
133,493
12,498
79,568
691,035
8,204,834
721,246
4,704,048
2,553,839
440,714
4,866,699
297,253
1,454,253
1,475,974
51,683
5,768
26,293
74,604
5,435
36,753
301
59,333
1,400.
12,294!
"288,307 1,290!
2,939,976 8,119;
86,946 2,677,
115,
7,206
12,
1,295
90,
16,522
216,497
32,306
711,950
7,464,826
715,044
4,422,732
1,671,543
63,349
5,576
33,244
26,524
503
455,642
232,583
4,829,679
306,587
269,114
1,358,650 2,337,723
949,971
55,991
45,999
6,471
5,067
1,852
44,771
12,526
95,457,767 54,590,939 30,315,974 10,550,854 78,709,455 44,584,335 25,352,516 S,772,604
Liabilities
Demand deposits of individuals, partnerships, and
corporations
47,128,273 26,669,426 15,469,810
t i m e deposits of individuals, partnerships, and corporations
15,704,991 8,259,153 4,098,114
Public funds of states and political subdivisions
4,393,493 2,682,316
967,599
U. S. Govt. and postal savings deposits
8,228,698 4,788,641
Deposits of other banks; cash letters of credit; certified
3,191,021
3
officers, and travelers' checks outstanding, etc.
12,363,628 8,068,926
Bills payable, rediscounts, and other liabilities for bor4,072,994
rowed money
9,748
3,516
Acceptances executed by or for account of reporting banks
1,291
and outstanding
46,478
25,999
20,176
Dividends declared but not yet payable
39,915
22,776
14,710
Income collected but not yet earned
58,030
30,114
16,400
Expenses accrued and unpaid
127,390
75,036
41,711
Other liabilities
300,889
235,678
51,627
Total liabilities, excluding capital accounts
88,401,533 50,861,581 27,945,453
Capital stock, notes, and debentures..
Surplus
Undivided profits
Reserves
Banks
not
members
Federal
Reserve
System
2,848,630
2,801,594
972,042
433,968
1,499,882
1,435,949
540,071
253,456
878,712
1,062,330
306,657
122,822
4,989,037 39,266,281 21,899,019 13,747,282 3,619,980
3,347,724 14,889,560
743,578 4,337,016
249,036 1,827,528
7,806,098
2,731,251
1,159,389
3,858,971 3,224,491
898,989
706,776
613,982
54,157
221,708 10,842,046
6,937,910
3,743,533
160,603
4,941
11,509
2,014
3,993
5,502
303
2,429
11,516
10,643
13,584
68,844
41,840
77,844
132,799
261,368
37,222
25,865
42,035
73,375
199,552
31,101
14,392
20,290
48,453
52,517
521
1,583
15,519
10,971
9,299
9,594,499 71,756,635 40,913,730 23,033,503 7,809,402
470,036
303,315
125,314
57,690
2,858,709
2,741,404
935,727
416,980
1,503,870
1,408,751
515,619
242,365
875,251
1,036,661
289,935
117,166
479,588
295,992
130,173
57,449
95,457,767 54,590,939 30,315,974 10,550,854 78,709,455 44,584,335 25,352,516 8,772,604
13,347
5,081
1,595
6,671
13,403
5,101
1,543
6,759
1
Excludes 3 mutual savings banks members of the Federal Reserve System; figures, therefore, differ from those published in the Member Bank Call
Report.
2
Revised to include 4 insured State banks not members of the Federal Reserve System which do not accept deposits.
3
Beginning June 30, 1942 excludes reciprocal interbank demand deposits with banks in the United States, except private banks and American branches
of foreign banks. On June 30, 1942, and Dec. 31, 1942, respectively, reciprocal balances were as follows: all insured commercial banks, |614,029,000 and
$525,324,000; national banks members of the Federal Reserve System, $409,596,000 and $348,964,000; State banks members of the Federal Reserve System,
$190,175,000 and $164,207,000; banks not members of the Federal Reserve System, $14,258,000 and $12,153,000. June 30, 1942 figures for national banks
have been revised.
57°
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments...
571
Gold production...
573
Gold movements...
, s e.
Net capital movements to United States since January 1, 1935...
Central banks
573
574
575—578
Money rates in foreign countries....
579
Commercial banks
580
Foreign exchange rates
581
Price movements:
Wholesale prices
581
Retail food prices and cost of living
583
Security prices
583
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 arc reported to the Board directly. Figures
on international capital transactions of the United States arc collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12., 1934. 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*
JUNE 1943
571
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 - D e c
11,258
12,760
14,512
17,644
21,995
22,737
501
469
431
466
1
353
354
632
597
581
609
734
734
25
32
32
40
51
70
275
274
274
274
274
274
20
24
24
24
24
24
188
184
192
1942—May..
22,714
22,737
22,744
22,756
22,754
22,740
22,743
22,726
22,683
22,644
22,576
22,473
355
355
354
354
354
354
354
354
354
354
354
734
735
735
735
'735
735
735
735
734
734
76
78
79
81
82
113
114
115
120
121
274
274
274
274
274
274
274
274
274
24
24
25
25
25
25
25
25
7
5
8
9
8
5
6
6
7
6
6
5
End of month
June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan. .
Feb
Mar
Apr
End of month
Hungary
Iran
Italy
(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—May
24
24
24
24
24
24
24
24
24
26
26
June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
2
208
210
193
144
120
Brazil
British
India
Sweden
Switzerland
5
Chile
55
55
55
55
52
52
2,995
2,564
2,430
2,709
2,000
2,000
30
31
31
31
36
36
36
36
38
42
46
16
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
52
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
Norway
Peru
Nether- New
lands Zealand
46
24
29
32
47
47
491
933
998
692
617
575
23
23
23
23
23
23
216
30
32
33
34
34
36
37
39
70
90
110
126
533
528
526
522
518
514
510
506
501
497
23
23
23
23
23
23
23
23
23
23
23
Yugoslavia
B.I.S.
98
82
94
94
4 84
20
21
20
20
20
21
Poland Portugal
75
83
85
4 84
21
21
21
24
24
24
25
25
25
25
25
25
Other
countries 7
240
244
321
308
160
223
657
650
701
549
502
665
26
29
29
29
88
92
1942—May
308
309
311
316
321
326
331
335
340
342
344
344
795
795
800
800
801
805
813
824
832
p
842
^851
P859
111
110
111
111
111
116
r
117
114
124
124
June
July
Aug
Sept
Oct
Nov
Dec...
1943—Jan
Mar
Apr
2,584
2,689
2,690
8 1
1
L
77
74
69
68
90
100
59
52
52
52
9 29
41
97
97
97
97
95
94
92
89
56
56
56
56
60
64
64
68
68
70
72
76
P89
1
48
51
57
59
82
4
83
11
5
14
7
12
12
183
185
142
153
145
142
15
19
21
19
20
21
21
21
22
143
150
151
r
151
r
151
r
152
r
152
r
160
r
160
1Or
182
r
182
182
r
r
p
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 s nee t h a t 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 M a r . 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.
NOTE.—For description of table and back figures see BULLETIN for September 1940, p p .
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.
Germany
Greece
27
28
29
29
29
29
26
24
27
28
28
4
28
Ruma- South
nia
Africa
203
68
69
69
69
59
59
114
120
133
152
158
182
189
220
249
367
366
59
59
59
59
59
59
59
59
59
59
205
210
215
219
225
234
239
241
241
242
447
468
502
527
551
582
610
634
572
523
Spain
5718
5
525
"•42"
42
Government gold reserves1 not included
in previous figures
End of month
1936—Dec
1937—Dec
1938—Dec.
1939—Dec
1940—Dec
1941—Dec
France
54
53
53
53
52
44
60
79
80
90
140
235
Venezuela
Egypt
91
92
83
56
58
61
463
261
164
164
164
6
164
Uruguay
Denmark
19
16
24
21
17
16
Mexico
United
Kingdom
Czecho
CoSlolombia
vakia
29
30
30
30
30
30
Java
4
Turkey
Canada
Japan
Mar
Apr
End of month
Bulgaria
1936—]Dec. . . .
1937— [une . . .
Dec
Mar....
1938— Tune.. .
Dec. . . .
Mar. . . .
1939— M a y . , .
June...
Sept....
Dec
1940— Mar. ...
June...
Sept....
Dec . . .
1941— Mar. ...
Tune...
Sept....
Dec
1942— Mar....
Tune. ..
Sept....
Dec
United
States
169
44
80
154
85
164
156
145
86
105
48
88
89
24
25
12
8
7
12
United
BelKing- France2 gium
dom
93
115
81
3 934
4 1,395
1,489
4 759
1,732
331
559
477
62
44
17
'5876'
17
17
292
17
6151
17
l Reported a t infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c N o . 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes F u n d ; Belgium—Treasury.
2 For complete monthly series from October 1938May 1939, see BULLETIN for F e b i u a r y 1941,
p. 1703 Figure for end of March 1937,first date reported.
J Figure for end of September.
Reported figure for total British gold reserves on
Aug. 31, 1939, less reported holdings of Bank of England on t h a t 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
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
.-..
Estimated
world
production
outside 1
U.S.S.R.
Total
South
Africa
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297,349
1,288,945
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
966,614
1 366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
100,485
85,346
80,263
80,943
79,106
83,202
77,255
76,692
C
78,149
70,269
68,261
42,618
41,491
42,539
42,005
42,784
41,454
40,559
41,023
39,144
38,616
37,687
r
38,835
25,489
1942—Mar..
Apr...
May.
June..
July.
Aug..
Sept..
Oct...
Nov..
Dec...
1943—Jan...
Feb...
Mar..
(1)
P
65,241
^64,908
61
P
Production reported monthly
Africa
North and South America
Other
British
West {Belgian United 1
Rhol Colom-1
! xNicara- Austra-1
Africa2 I C6ngo3 States* 1Canada 51 Mexico | b i a | Chile
desia
lia8 I India*
$1 = 15fa
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
26,611
2,275
2,320
2 288
2,210
2,226
2,253
2,175
C
2,160
2,089
2,146
' 2 146
'2,146
'2,146
grains of gold f0 fine; i.e., an ounce of fine gold = $35
12,153
6,549 108,191 104,023 23,135 12,045
13,625
7,159 126,325 114,971 23,858 11,515
16,295
7,3$6 152,509 131,181 26,465 13,632
20,784
8,018 168,159 143,367 29,591 15,478
24,670
8,470 178,143 165,379 32,306 18,225
28,564
8,759 196,391 178,303 29,426 19,951
32,163 3 8,862 210,109 185,890 30,878 22,117
32,414
209,175 187,081 6 27,969 22,961
29,225
130,933 168,008 30,000 20,882
2,625
2,555
2,520
2,450
2,450*
2,345
2,310
2,275
2,240
2,135
'2,135
'2,135
'2,135
11,316
11,415
11,164
10,504
12,754
10,163
11,837
12,013
7,828
6,209
r
4,654
r
4,121
4,520
15,372
14,728
14 881
14,852
14,864
14,100
13,212
13,365
12,693
12,597
11,708
11,459
'11,459
3,457
1 916
1,865
1 719
1,579
2,006
1,730
1,710
1,659
1,614
1,433
2,055
1 380
'1,380
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
596
540
570
611
647
531
441
401
432
544
'544
'544
'544
621
624
677
905
816
722
634
669
659
906
672
647
'647
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
3,675
3,815
3,745
3,325
3,990
3,360
3,185
4,165
3,045
2,940
'2,940
'2,940
'2,940
875
910
840
665
665
595
630
420
525
735
700
700
'700
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
v
Preliminary. r Revised. c Corrected.
' Figure carried forward.
1
Annual figures through 1940 are estimates of U. S. Mint. Annual figure for 1941 and monthly figures are based on estimates of American Bureau
of Metal Statistics given in thousands of fine ounces; this series discontinued by A.B.M.S. with estimate for March 1942.
2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.
3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.
4
Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent
estimates of the American Bureau of Metal Statistics, those for 1942 having been revised by adding to each monthly figure $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.
8
Beginning
December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia.
9
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; and April 1933, pp. 233-235,
For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1966,
pp. 108-109,
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) t o :
Year or
month
19341
1935
1936
1937
1938
1939
1940
1941
1941
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Total
net
imports
United
Kingdom
France
Belgium
Netherlands
Philip- AusSwitzMexico Colompine
bia
erland Canada
Islands tralia
Sweden
1,131,994 499,870 260,223
8, 902 94, 348
3 227, 185
1,739,019 315,727 934,243
2
1,116,584 174,093 573,671
3, 351 71, 006
6
1,585,503 891,531 -13,710 90, 859
6, 461
1,973,569 1,208,728 81,135 15, 488 163, 049 60 146
3,798 165, 122 341, 618 28 715
3,574,151 1,826,403
977 63, 260 161 489
4,744,472 633,083 241,778
3,779
1
1 747
1
982,378
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
1
86,829
968
95,171
7,511
72,648
54,452 111,480
1,363
76,315
86,987 612,949
90,320 2,622,330
899 412,056
30,270
13,667
39,966
38,482
36,472
33,610
29,880
16,791
16,944
10,899
11,911
18,397
10,557
23,239
23,999
24,448
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
3,168
12,402
563
337
814
866
1,147
969
800
1,080
843
495
1,020
6,336
1,273
11
2,232
2,934
2,794
7
2,128
2,230
2,488
2,107
2,110
2,238
12
15
21
25
27
35
38
42
South
Africa
1,029
038
335
3,498
513 23,280
427 34,713
880 39,162
636 74,250 22
627 103,777 184
678 67,492 292
3 185
2 772
3 984
3 587
3 384
2 114
4, 970
5, 098
3 107
3 141
1 830
5 506
12
65
8
181
401
862
756
893
11,136 149 735
96
6,738
2 788
6,262
4,720 132,261
3 594
4,194
69
4,593
88
5,199
137
6,742
3 694
2,064
200
6,151
40
5,980
190
3,713
Japan
246
168
165
111
9
4 76, 820
75, 268
77, 892
464 50, 762
740 16, 159
605 50, 956
739 49, 989
444 9,665
6,085
AH
other
countries
British
India
4, 501
3, 046
313
iii
i, 995
2, 327'
711
32,304
46,989
39,735
29,998
2
67,975
102,404
4
388,463
5
100,4SS
6,062
15,093
2,951
6,793
3,589
5,009
3,811
6
9,008
6
11,041
!9,365
, 9,039
6
l8,726
6
1
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $31,830,000 from Argentina.
3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other
countries.
4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000
from5 Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
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.
JUNE 1943
573
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
From Jan. 2, 1935, through—
Increase in foreign banking
funds in U. S.
Total
Total
1
Official
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securi ties:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1,412.5
2,608.4
3,410.3
603.3
930.5
1,168.5
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
,436.2
,686.5
1,927.3
,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,115.9
5,440.7
5,748.1
5,727.6
2,539.0
2,830.1
3,092.8
3,159.0
539.1
922.3
1,112.3
1,200.8
1,999.9
,907.8
,980.5
,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept. (Oct. 1)
Dec. 31
5,526.5
5,575.4
5,510.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
1,307.7
1,375.1
1,321.7
1,053.7
,841.0
1,818.2
L.817.7
11,802.6
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.4
Feb. 11
Feb. 18
Feb.25
5,098.2
5,081.6
5,035.7
5,069.0
2,703.5
2,687.5
2,646.2
2,675.5
936.7
926.4
866.1
879.4
1,766.8
1,761.1
L, 780.2
L, 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.
Mar.
Mar.
Mar.
Apr.
4
11
18
25
1
5,105.8
5,112.1
5,070.3
5,051.7
5,082.4
2,706.1
2,714.6
2,672.5
2,654.4
2,684.0
941.0
955.6
917.8
908.1
932.0
,765.1
1,759.0
1,754.7
1,746.3
L, 752.0
814.6
815.8
817.5
817.2
819.7
855.4
852.7
851.6
851.4
849.6
627.0
626.6
625.6
625.0
624.9
102.6
102.4
103.1
103.7
104.3
Apr.
Apr.
Apr.
Apr.
8
15
22
29
5,079.5
5,300.8
5,317.1
5,309.6
2,675.1
2,893.6
2,912.9
2,906.1
918.2
1,132.1
1,129.7
1,106.7
1,756.9
1,761.6
1,783.2
,799.4
827.3
830.1
829.1
829.8
847.2
845.3
844.4
843.2
625.2
627.1
626.6
626.6
104.7
104.6
104.1
103.9
May 6
May 13
May 20
May 27
June 3
5,375.2
5,358.6
5,358.4
5,384.8
5,413.4
2,971.0
2,951.4
2,948.5
2,974.7
2,996.8
1,160.1
1,140.1
1,153.3
1,153.5
1,144.0
L,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
10
17
24
302
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
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
5,542.6
5,599.9
5,654.9
5,694.7
5,761.6
5,835.0
3,121.4
3,184.8
3,212.6
3,204.2
3,250.2
3,320.3
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
1,536.1
1,667.3
3 1,918.1
889.8
890.5
761.3
751.9
1943—Jan. 30
Feb.27
r
5,907.0
6,010.2
3
3,470.4
3,585.4
3
1,934.3
3
r
678.5
676.0
107.0
106.4
3
Revised.
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
Amounts outstanding on Feb. 27, in millions of dollars: total foreign banking funds in United States, 4,252.6, including official funds, 2,281.8, and
other funds, 1,970.8; United States banking funds abroad, 245.0; and brokerage balances (net due "foreigners") 29.6.
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, p. 98; April 1939.
pp. 284-296; and May 1937, pp. 394-431.
574
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
Assets of issue
department
Gold1
Assets of banking department
Cash reserves
Other
assets
Coin
Notes
Discounts
and advances
25.
31.
30.
28.
27.
26.
25.
30.
29.
28.
27.
25.
31.
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5
630.0
5 780.0
.2
.6
.6
.8
1.0
.5
.6
.6
.8
.8
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
1942—May 27.
June 24..
July 29.
Aug. 26.
Sept. 30
Oct. 28..
Nov. 25.
Dec. 30.
.2
830.0
830.0
5
880.0
880.0
880.0
880.0
880.0
5
950.0
L.2
L.3
L.2
L.2
L.4
:L.4
L.I
.9
41.6
34.2
56.1
51.7
42.2
29.1
10.2
26.8
6.6
5.5
7.1
6.7
2.4
2.5
1943—Jan. 27..
Feb. 24.
Mar. 31.
Apr. 28.
.2
.2
.2
.2
950.0
950.0
950.0
.5
.8
1.2
1L.O
42.2
32.8
15.7
46.8
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
h, ooo.o
Liabilities of banking department
Securities
Note
circulation3
Deposits
Bankers'
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
616.9
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
2.7
3.5
170.5
165.8
146.9
158.4
169.6
178.6
206.6
267.9
788.6
796.0
824.1
828.6
838.0
851.2
870.0
923.4
146.6
133.6
136.9
146.0
135.7
141.1
148.8
223.4
4.4
5.1
9.9
5.3
208.0
218.5
198.4
196.2
908.1
917.4
934.5
953.4
175.9
178.2
144.3
170.1
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—May 30
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1943—Jan. 30
Feb. 27
Mar. 31
Apr. 30
Gold
180.5
179.4
179.8
185.9
225.7
Sterling
and United
States
dollars
Public
Other
Other
liabilities
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
9.0
47.8
47.3
47.8
46.8
51.5
48.9
46.3
48.8
17.8
17.8
17.9
18.0
18.1
17.7
17.8
17.9
4.7
7.1
5.9
8.3
56.6
53.9
56.8
53.1
17.9
18.0
18.1
17.7
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
7.6
8.0
8.7
7.3
10.3
3.8
7.7
Liabilitiei
Dominion and provincial government
securities
Deposits
Other
assets
Note
circulation?
Chartered
banks
Dominion
government
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
12.9
26.2
36.7
14.7
22.1
21.7
17.8
31.3
528.6
541.2
563.8
592.6
625.4
657.6
666.3
693.6
186.0
221.3
271.6
225.4
246.0
304.6
273.2
259.9
17.6
18.5
16.2
34.2
677.6
691.7
719.1
744.1
237.7
258.5
261.0
284.5
Shortterm6
Other
4.2
9.1
14.9
28.4
64.3
38.4
200.9
30.9
61.3
82.3
144.6
181.9
448.4
391.8
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
187.4
.9
33.7
1.0
.8
.5
.5
.5
430.8
493.7
501.0
518.7
628.7
797.5
780.6
807.2
223.8
322.1
338.8
351.3
284.7
199.3
204.2
209.2
.3
.3
.3
.6
768.0
722.2
752.5
850.4
231.8
263.8
276.4
278.0
Other
liabilities
Other
.8
2.1
3.5
3.1
7.7
13.4
14.4
17.9
9.5
6.0
13.3
28.5
35.1
96.7
31.3
26.0
15.5
18.5
19.3
24.6
51.6
23.4
26.7
15.7
28.1
24.7
12.2
13.8
19.1
20.1
22.4
33.0
24.1
21.6
25.3
25.2
24.0
14.8
21.5
21.2
56.5
61.3
15.3
24.7
35.5
26.3
17.9
19.4
42.6
9.3
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.
J4 Notes issued less amounts held in banking department.
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.
JUNE 1943
575
CENTRAL BANKS—Continued
Liabilities
Assets
B a n k of F r a n c e
1929—Dec. 27
1930—Dee. 26
1931—Dec. 30
1932—Dec. 30
1933—Dec. 29
1934-Dec. 28
1935—Dec. 27
1936—Dec. 30
1937—Dec. 30
1938—Dec. 29
1939—Dec. 28
1940—Dec. 26
1941—Dec. 31
Advances to
Government
Domestic bills
(Figures in millions
of francs)
Gold 1
41,668
53,578
68,863
83.017
i
77,098
1 82.124
66,296
60,359
58,933
87,265
5
97,267
5
84,616
84,598
Foreign
exchange
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
Open
market 2
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
Special 2
....'.....
1,379
652
1,797
2,345
661
12
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
'5,368
1
1942—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 25
July 30.
Aug. 27
Sept. 24
Dec. 31 6
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
42,071
42,043
42,314
42,651
42,804
42,699
43,743
43,427
43,869
43,661
16
18
16
13
11
9
9
4"
169
For occupation
costs 3
Deposits
Other
assets
Other 2
Note
circulation
Government
Other
liabilities
CA.R.4
Other
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,713
2,925
3,586
3,894
3,900
3,469
4,493
3,391
4,040
4, 753
3,985
4,111
5,293
4,461
72,317
142,507
17,698
31,909
20,627
34,673
63,900
69,500
8,1249,510
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
"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
149,562
149,754
156,386
162,898
168,930
174,938
180,678
180,999
183,758
210,965
64,700
67,400
67,000
68,300
66,250
62,950
57,650
63,850
67,500
68,250
20,138
20,086
20,056
21,365
19,953
19,486
20,740
19,607
19,818
21,749
273,281
278,392
282,848
291,654
296,903
304,379
315,617
323,494
334,370
382,774
1,350
1,173
852
775
755
768
726
V68
717
770
59,649
59,203
- 56,396
59,668
54,410
48,093
39,908
35,371
31,100
16,857
27,797
27,287
30,251
28,955
30,653
30,724
31,963
33,298
32,142
29,935
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Total
reserves
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
31
31
31
31
30
31
31
31
31
31
30
31
31
2,687
2,685
1,156
920
396
84
88
72
76
76
78
78
77
Gold
2,283
2,216
984
806
386
79
82
66
71
71
7
Liabilities
Securities
Bills (and
checks),
including
Treasury
bills
Security
loans
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
251
256
245
176
183
146
84
74
60
45
30
38
32
Deposits
Other
liabilities
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
Other
Other
assets
Note
circulation
259
445
349
221
106
557
804
32
107
92
102
161
398
322
319
315
303
286
298
393
357
283
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
Eligible
as note
cover
1942—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 30
June 30
July 31
Aug. 3 1 . . . . .
Nov. 3 0 8 . . . .
Dec. 31
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
25,449
29,283
28
23
23
19
19
21
17
14
13
25
151
144
72
17
16
18
21
34
71
87
288
288
227
202
204
202
205
204
210
210
1,406
1.343
1,751
2,212
2,344
2,180
2,162
2,262
2,146
1,664
18,987
19,443
19,774
20,047
20,548
20,954
21,344
21,808
23,052
24,375
2,417
2,426
2,762
2,701
2,840
2,990
2,804
2,864
3,241
5,292
1,431
1,464
1,287
1,308
1,366
1,402
1,448
1,530
1,673
1,680
*943— Jan. 30
Feb.27
77
77
26,270
26,758
22
21
51
49
185
180
2,477
2,370
23,664
24,266
3,892
3,820
1,526
1,369
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
Figures for October and November not available.
7
Gold not shown separately on Reichsbank statement after June 15,1939.
8
Figures for September and October not available.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
576
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Negotiable Government bonds
Rediscounted paper
Other assets
Note circulation.
Deposits—Member bank
Government
Other
Foreign exchange sold forward
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
National Bank of Belgium and
Bank of Issue
of Brussels (millions of belga) .-1
Gold
Foreign exchange
Credits to State and public bodies.
Credits to private economy
Reichskreditkasse
Other assets
Note circulation
Demand deposits
Postal Checking Office
Other liabilities
National Bank of Bohemia and Moravia (millions of koruny):
Gold.
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad .
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 3
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
Note circulation
1943
Apr.
Mar.
1942
Feb.
Apr.
1,076
1,192
1,077
1,090
1,077
529
376
240
246
1,624
1,609
827
285
37
2
101
799
237
31
2
100
223
1,472
588
30
24
368
365
33,891 32,641
106,779 103,796
88
24,954
78,453
6,702
5,164
6,360
47,595 45,357 29,148
28,864 26,814 29,447
207,160 191,139 103,213
188,187 172,834 122,222
131,356 127,106 95,864
(Jan.)2
4,332
5,774
4,126
148
733
541
13,861
756
811
225
(Jan.)2
1,515
728
875
17^084
13,809
3,524
2,869
(Dec.2
1942)
497,407
438,353
230,625
536,565
40,623
58,537
818,299
797,779
186,032
222
150
725
952
679
2,000
335
120
273
52,653
78,701
11,331
56,223
36,280
93,524
4,332
2,506
4,223
159
766
498
10,725
750
796
215
1,514
779
917
13,684
9,917
3,449
3,528
379,519
308,492
332,113
479,199
11,170
50,327
669,348
733,143
158,329
204
168
725
950
538
1,903
308
114
260
148
317
733
836
93
1,579
211
120
217
49,757
77,377
15,462
55,213
36,153
98,977
28 288
28*, 213
31,124
58,245
32,528
75,695
Central Bank
(Figures as of last report
date of month)
Bank of the Republic of Colombia— Cont.
Deposits
Other liabilities
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account4
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador5 (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 5 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands
of colones):
Gold6
Foreign exchange
Loans and discounts
Government debt and securities ..
Other assets
Note circulation
Deposits
. ..
Other liabilities
3
Bank of Finland
Bank of Greece3
National Bank of Hungary (millions
of pengo):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of 1931.
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and a b r o a d . . . .
Sterling securities
Indian Govt. securities
Rupee coin...
Note circulation
Banking department:
Notes of issue department....
Balances abroad
Treasury bills discounted
Loans to Government
Other assets
Deposits
Other liabilities
1943
Apr.
1942
Mar.
Feb.
Apr.
92,503
44,162
88,105
46,882
59,021
43,682
(Jan.)2
97
18
1,168
37
88
125
1,407
939
590
1,124
288
/Dec.\2
98
21
952
42
45
125
994
835
114
1,095
230
V1942 )
133,445 71,205
73,412 68,305
76,124 86,960
38,963 34,761
169,340 126,862
125,461 101,547
27,143 32,823
(Dec.
1942)2
6,251
6,251
8,604
4,372
5,983
2,185
140,090 111,159
5,853
5,741
75,347 52,736
26,551 20,281
52,908 44,357
11,975 12,333
24,202
21,911
24,206
20,460
15,241
11,738
6,824
6,765
522
678
32,815
15,688
5,721
32,312
15,047
5,678
7,224
2,327
22,904
10,064
3,985
766
928
(Jan.)2
422
100
4
100
15
2,065
1,166
2,973
2,038
480
18
760
345
23
370
725
500
31
806
(Jan.)2
444
760
276
36
468
444
3,558
1,894
2,419
1,382
5,932
4,426
109
852
19
4
93
891
186
,. 114
' 416
146
295
10
117
145
586
215
1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration
on June
27, 1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office.
2
Latest month for which report is available for this institution.
3
For last available reports from the central banks of Bulgaria (May 1941), Finland (May 1941), and Greece (March 1941), see BULLETIN for March 1942,
pp. 280-281.
4
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942,
5
Items for issue and banking departments consolidated.
6
Gold revalued June 30, 1942, at 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value cf the colon.
JUNE 1943
577
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central B a n lk of Ireland (thousands
of pounds) :
Gold
\JI \J XVX
,
Sterling funds
Note circulation
Bank of Japan2
Bank of Java 2
Bank of Mexico (thousands
of pesos):
Metallic reserve 3
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of guilders):
Gold
Silver (including subsidiary coin).
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand (thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits .
Other liabilities
Bank of Norway 2
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
escudos):
Gold 5
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets..
Note circulation
Other sight liabilities
.
Other liabilities
National Bank of Rumania (millions
of lei):
Gold
Special exchange accounts
Loans and discounts
Special loans (in liquidation)
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
;
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits.
Other liabilities.
1942
1943
Apr.
Mar.
Feb.
2,646
20,329
22,975
Apr.
2,646
20,143
22,789
336,687 311,776 205,831
938,697
130,644
71,389
823,552
523,196
130,668
866,594
130,548
65,163
789,693
457,412
126,976
550,058
115,340
54,781
563,073
260,251
102,686
(Jan.)4
895
4
1,817
244
160
239
958
8
934
210
168
234
3,059
2,251
231
71
198
63
2,802
22,231
2,802
31,262
2,802
20,614
32,444
10,458
2,350
30,348
36 757
3,180
34,217
4,458
2,393
30,033
41,967
3,131
31,191
4,146
118,660
18 182
275^746
25,865
285 981
132^748
19,687
(Sept.4
1942)
1,380
2,720
5,356
67,254
C
27 112
208^330
c
\1,069
222 437
70^331
20,996
861
24,077
32,592
2',945
1,365
1,715
4,560
258
299
1,028
1,355
4,944
5,942
1,211
(Nov.
1942)4
45,109
30,065
37,849
1,028
1^238
4,458
4,641
1,106
6
364
38,216
14,029
33,864
471
21,229
45,900
112,307
42,446
25,762
9,323
46,191
95,889
34,856
11,348
63,533
5,619
52,036
1,060
167
25
83,022
40,333
106,448
5,560
53,493
28,567
73,599
4,448
Central Bank
(Figures as of last report
date of month)
1942
1943
Apr.
Mar.
Feb.
Apr.
Bankiof Spain2
Bank of Sweden (millions of kronor):
758
753
757
616
Gold
Foreign assets (net)
554
584
567
620
Swedish Govt. securities and ad-7
vances to National Debt Office ..
1,236
1,132
1,176
119 >
136
128
Other domestic bills and advances..
913
Other assets
802
814
808
1,094
Note circulation
1,916
1,931
1,923
1,638
884
653
653
409
Demand deposits—Government....
211
151
244
681
Other
579
570
608
Other liabilities
495
Swiss National Bank (millions of
francs):
Gold
3,642
3,682
3,443
3,717
Foreign exchange
47
56
56
'l29
345
111
Loans and discounts
223
U1
8
/8\
281
Other assets
(8)
Note circulation
2,605
2,579
2,532
2 241
Other sight liabilities
1,522
L370
l' 535
1^308
300
Other liabilities
(8)
Central Bank of t h e Republic of
Turkey (thousands of pounds):
(Jan.)4
Gold
155,539 134,176
Foreign clearing accounts
76,281 67,867
Loans and discounts
742,513 544,856
Securities
192,191 191,824
Other assets
41,645 18,815
Note circulation
699,' 787 590 704
Deposits—Gold
79,358 79*358
Other
239,438 116,098
Other liabilities
189,586 171,377
Bank of t h e Republic of Uruguay
(thousands of pesos):
(Dec.
Issue department:
1942)4
Gold and silver
90,875 92 305
112^764 113^376
Note circulation
Banking department:
Gold and silver
55,451 66,839
Notes and coin
36,805 38,979
Advances to State and to
government bodies
41,135 29,467
Other loans and discounts... .
102,301 105,230
Other
assets
113,316
119 006
>—'I.A1W1 C i O O V I f O . .
130^584 127]800
Deposits
218,425
231,722
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
Gold
233,144 220,784 214,604 170,677
Foreign exchange (net)
37,025 32,091 24,534 17,925
Credits to national banks
31,230 31,230 31,230 35,230
Other assets
6,210
6,492
7,785 13,473
Note circulation—Central Bank.. 201,075 201,339 191,648 141,155
National banks.. 34,269 34,616 35,497 50,298
Deposits. ..
65,681 48,139 44,869 39,811
Other liabilities
6,584
6,503
6,139
6,041
National Bank
of
the
Kingdom
of
Yugoslavia 2
Bank for International Settlements
(Sept.4
(thousands of Swiss gold francs 9 ):
1942)
Gold in bars
61,916 45,493
Cash on hand and on current account with banks
39,692 33,729
Sight funds at interest
15,644 15,942
Rediscountable bills and acceptances (at cost)
141,486 147,553
Time funds at interest
20,936 21,050
Sundry bills and investments
200,434 212,383
39
142
Other assets
Demand deposits (gold)
33,832 29,026
Short-term deposits (various currencies):
Central banks for own account
15,464 16,135
Other
6,938
5,955
Long-term deposits: Special accounts
229,001 229,001
Other liabilities
194,912 196,176
c
1
Corrected.
The Central Bank of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943,
pp. 2122-127.
For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, pp. 281-282; from Bank of Java (January 1942), see BULLETIN for March 1943, p. 278; and from Bank of Spain (December 1942), see
BULLETIN for May 1943, p. 414.
3
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
4 Latest month for which report is available for'this institution.
56 Valued at average cost beginning October 1941
Includes advances to the Government shown in the bank's statement under "Other assets" prior to June 1942,
7
Includes small amount of non-Government bonds.
8
Figure
not available.
9
See BULLETIN for December 1936, p. 1025.
578
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective
In effect Oct. 2,
1936
Oct. 9
Oct. 16
Oct. 20
Nov. 26
Dec. 3
Jan. 28, 1937
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939
Apr 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941
United
GerKing- France many
dom
3
2
2
Belgium
2
4
3
Switzerland
Sweden
2
m
...
2
"23^ '
"iy2"
" 2 " "
4
6
5
4
3
4
"2X"
Central
bank of—
Rate
May
31
Albania
Argentina
Belgium
Bohemia and
Moravia
2
2
Date
effective
Central
bank of—
Rate
May
31
Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940
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
6
Bolivia
British India..
3
Bulgaria
5
Canada
Chile
3-43|
Colombia
4
Nov.
Nov.
Dec.
Mar.
Dec.
July
8, 1940
28, 1935
1, 1940
11, 1935
16, 1936
18, 1933
Netherlands
New Zealand
Norway
Peru
5
Portugal.... 3
July
May
Aug.
Apr.
26, 1941
13, 1940
1, 1940
8, 1943
Denmark
Ecuador
El Salvador...
Estonia
Finland
4
7
3
Oct.
May
Mar.
Oct.
Dec.
16, 1940
26, 1938
30, 1939
1, 1935
3, 1934
Rumania....
South Africa
Spain
Sweden
Switzerland.
3
3
4
3
Sept.
June
Dec.
May
Nov.
12, 1940
2, 1941
1, 1938
29, 1941
26,1936
France
Germany
Greece
Hungary
Italy
l6H
Mar.
Apr.
Mar.
Oct.
May
17, 1941
9, 1940
1, 1942
22, 1940
18, 1936
Turkey......
United Kingdom
U. S. S. R . . .
Yugoslavia..
4
July
1, 1938
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
3
June 27, 1941
3
4
3
4
2
4
3
3
2
"3""
"iii"
2
"3ji"
TVTav 9Q
June 27
In effect May 31,
1943
Netherlands
2
2
IK
z
2
3
3
NOTE.—Changes since April 30: none.
3
OPEN-MARKET RATES
[ Per cent per annum J
United Kingdom
Germany
Netherlands
Sweden
Switzerland
Month
1929—Mar
1930—Mar
1931—Mar
1932—Mar
1933—Mar
1934—Mar
1935—Mar
1936—Mar
1937—Mar
1938—Mar
L939-Mar
1940—Mar
1941—Mar
L942—Mar
1942—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan.
Feb
Mar
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-to-day
5.33
2.78
2.60
2.59
5.30
2.55
2.56
2.28
4.51
3.20
2.20
2.40
.62
95
.57
.56
.55
.53
.63
.46
.84
.50
.52
.51
.50
.70
.64
.88
.72
.75
.75
.75
.75
.99
1.03
1.03
1.03
1.02
1.01
1.00
1.00
1.03
L.03
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.01
1.01
1.00
1.00
1.00
1.03
1.00
1.00
1.00
1.05
1.04
1.00
1.00
1.08
1.10
.03
L.03
.03
L.03
L.03
L.03
L.03
L.03
L.03
L.03
1.03
.90
Bankers'
allowance
on deposits
3y2
23^-13^
1
3-134
y&
y&
34
y&
y&
y&
y2
y2
y&
ly2
A
y2
\/
1/
vz
1/
X
Private
discount
rate
6.31
5.12
4.76
6.10
3.88
3 88
3.3S
3.00
3.00
2.88
2.88
2.50
2.25
2.13
6.97
5.57
5.00
7.76
4.97
4.89
3.94
2.99
3.10
2.86
2.70
2.16
1.83
1.95
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
1.96
1.71
1.90
1.75
1.68
1.83
1.80
1.75
1.96
1 84
Private
discount
rate
Money
for
1 month
Loans
up to 3
months
Private
discount
rate
4.64
2.50
1.09
1.22
5.05
2.61
1.04
1.06
1.11
1 07
1.00
1.68
1.00
43/2-6H
3.39
2.60
.64
1.24
.60
1.11
.19
.13
.29
1.35
2.07
.50
.50
2.49
2.75
4-6
3-5
5-7
334~534
234-5
234"434
23^-5
214-5
3-5
.99
1.50
1.50
1 50
1.50
2.26
1.00
1.00
1.00
1.25
1.25
1.25
1.25
[ 25
.25
25
L 25
25
9*
1.25
1 25
1 25
1 25
1.25
NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
JUNE 1943
579
COMMERCIAL BANKS
(11 London clearing banks.
Figures in millions of
pounds sterling)
Liabilities
Assets
United Kingdom1
Cash
reserves
Money at
Treasury
call and Bills dis- deposit
counted
short
receipts
notice
Securities
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
660
635
635
609
771
999
1942—May
June
July
August....
September
October...
November.
December.
1943—January...
February..
March
326
355
342
351
349
350
367
390
379
373
377
133
147
132
133
127
136
135
142
146
154
139
291
292
273
283
277
271
241
198
197
148
173
471
543
607
634
693
744
804
896
935
933
884
1,049
1,058
1,075
1,082
1,097
1,108
1,117
1,120
1,112
1,109
1,132
Deposits
Loans to
customers
Other
assets
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
822
814
807
795
785
785
774
794
773
775
789
277
289
261
257
263
263
269
325
271
272
283
3,131
3,263
3,264
3,305
3,358
3,424
3,472
3,629
3,577
3,525
3,542
2,036
2,141
2,138
2,161
2,218
2,261
2,287
2,429
2,369
2,324
2,362
1,095
1,122
1,126
1,143
1,140
1,163
1,185
1,200
1,207
1,201
1,180
238
234
232
231
233
232
234
236
237
237
235
Assets
Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Entirely in Canada
Cash
Security
loans
Other
loans
and discounts
Note
circulation
Other
assets
Deposits payable in Canada
excluding interbank deposits
Total
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December
240
255
263
292
323
356
114
76
65
53
40
32
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
940
1,088
1,108
1,169
1942—May
June
July
August
September
October...
November.
December.
1943—January...
February..
March
285
327
369
333
366
413
395
387
347
357
377
29
28
26
24
27
25
29
31
29
29
24
1,215
1,137
1,096
1,064
1,050
1,078
1,236
1,168
1,100
1,044
1,003
175
181
182
183
185
194
194
231
242
239
223
1,878
1,883
1,958
2,192
2,340
2,379
2,304
2,293
2,302
2,380
2,689
601
639
614
595
594
602
618
657
582
589
599
71
72
73
71
69
68
64
60
58
57
54
791
Time 3
Other
liabilities
Liabilities
Security
loans
abroad
and net Securities
due from
foreign
banks
862
Demand3
Total
85
Demand
Other
liabilities
Time
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
1,660
1,741
1,641
1,669
837
850
843
963
846
962
3,118
3,121
3,174
3,311
3,486
3,604
3,680
3,657
3,494
3,533
3,816
1,562
1,523
1,521
1,612
1,738
1,895
2,050
1,984
1,772
1,738
1,927
1,556
1,598
1,654
1,700
1,748
1,709
1,630
1,673
1,723
1,796
1,890
993
1,002
999
1,008
1,006
1,018
1,032
1,049
1,050
1,048
1,044
Assets
Liabilities
France
(End of month figures in
millions of francs)
Cash
reserves
Due from
banks
Bills discounted
Loans
Other
assets
Deposits
Total
II Demand
Time
Own
acceptances
529
600
537
571
473
661
721
844
Other
liabilities
4 large banks
1936—December
1937—December
1938—December
1939—December4
3,100
3,403
3,756
4,599
2,975
4,116
4,060
3,765
17,582
18, 249
21, 435
29, 546
1939—December
1940—December
4,499
6,258
3,520
3,546
27,512
44,243
7,155
7,984
2,170
1,999
39,647
58,890
39,271
58,413
375
477
786
535
4,423
4,604
1941—May
June
July
August
September
October
November
December
1942—May5
June
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
1,371
1,526
1,431
1,464
1,571
1,693
1,744
1,127
1,249
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
7,631
7,624
7,592
7,546
1,957
2,134
1,940
2,440
28,484 !
30,348 !
33,578
42,443
27,955
29, 748
33, 042
41, 872
4,289
4,517
4,484
4,609
3 large banks
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 ty% 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.
5
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.
58O
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Australia
(pound)
Argentina
(peso)
Year or month
Official
Special
Export
33.579
32.659
33.137
32.959
32.597
30.850
29.773
29.773 '223!704'
23.704
29.773
1934
1935
1936
1937
1938
1939
1940
1941
1942
Official
Free
322.80
322.80
322.80
400.95
388.86
395.94
393.94
389.55
353.38
305.16
321.27
321.50
2
Belgium
(belga)
23.287
18.424
16.917
16.876
16.894
16.852
2
16.880
Brazil
(cruzeiro1)
Official
Free
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
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
30.122
I n cents per u n i t of foreign currency]
Bulgaria
(lev)
Canada (dollar)
Official
Free
90.909
90.909
101.006
99.493
99.913
100.004
99.419
96.018
85.141
87.345
88.379
1.2852
1.2951
1.2958
1.2846
1.2424
2
1.2111
July
Aug
Sept
Oct
Nov
Dec
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
321.50
321.50
321.50
321.50
321.50
321.50
321.50
321.50
6.0580
6.0580
6.0580
6.0580
6.0580
6.0592
6.0600
6.0593
5.1387
5.1435
5.1450
5.1450
5.1423
5.1480
5.1526
5.1520
30.122
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
90.909
88.557
89.958
89.943
89.523
87.820
87.631
88.087
87.883
1943—Jan
Feb
Mar
Apr
29.773
29.773
29.773
29.773
23.704
23.704
23.704
24.332
322.80
322.80
322.80
322.80
321.50
321.50
6.0586
6.0586
6.0586
6.0586
5.1316
5.1292
5.1275
5.1275
30.122
30.122
30.122
30.122
90.909
90.909
90.909
90.909
89.640
90.037
89.923
90.199
1942—May
June
Colom- Czecho- Denbia slovakia mark
(peso) koruna) (krone)
Year or month
61.780
56.011
57.083
56.726
55.953
57.061
57.085
57.004
57.052
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942—May..*
June
July.
Aug
Sept
Oct
Nov.
Dec
1943—j a n
Feb
Mar
Apr
2.2277
2.1627
2.1903
2.1811
2.1567
1.9948
1.8710
2
2.0101
6.5688
6.6013
6.1141
4.0460
2.8781
2.5103
2
2.0827
39.375
40.258
40.297
40.204
40.164
40.061
40.021
2
39.968
.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
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
10.1452
5.0833
5.1240
5.1697 24 ^ 6666
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
...
Neth- New
Mexico erlands Zea(peso) (guild- land
(pound)
er)
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
20.567
20.568
20.567
20.568
20.573
20.573
20.573
20.573
322.78
322.78
322.78
322.78
322.73
322.78
322.78
322.78
57.222
57.220
57.233
57.280
20.573
20.573
20.573
20.574
322.78
323.30
324.42
324.42
25.316
24.627
24.974
24.840
, .. 24.566
23.226
2
22.709
1942—May
Tune
J U ly
Aug.
Sept
Oct
Nov.
Dec.
1943—Jan
Feb.
22.500
21.883
22.189
22.069
21.825
20.346
2
19.308
Hungary
(pengo)
Official
China
(yuan
ShangExport hai)
57.005
57.037
57.059
57.186
57.064
57.023
57.030
57 177
Norway Poland
(krone) (zloty)
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
4.2424
4.1642
4.0078
3.4930
3.4674
2
3.4252
FinGerland Franc e many Greece Hong
Kong
(mark- (franc) (reichs- (drachma)
(dollar)
mark)
ka)
Chile (peso)
. .
Mar
Apr
18.846
18.882
18.875
18.923
18.860
2
18.835
Portu- Ruma- South Spain Straits
Settle- Sweden Switzgal
nia Africa
erland
(krona) (franc)
(escudo) (leu) (pound) (peseta) ments
(dollar)
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
2
4.0023
1.0006
.9277
.7382
.7294
.7325
.7111
2
.6896
United Kingdom
(pound)
Uruguay
(peso)
Yugoslavia
Free
Controlled
Non- (dinar)
controlled
403!50'
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
3o!789 2.2716
37.601 2.2463
43.380 22.2397
52.723
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
52.740
52.744
52.740
52.744
52.722
52.720
52.733
52.734
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
52.754
52.803
52.805
52.749
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
59.005
57.173
58.258
57.973
56.917
51.736
46.979
29A3Q 47.133
2
46 919
25.982
25.271
25.626
25.487
25.197
23.991
23.802
2
23.829
32.366
32.497
30.189
22.938
22.871
22.525
22.676
2
23.210
Official
2
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.
JUNE 1943
581
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
France
(1913=100)
(1926=100)
100
100
124
695
134
86
73
65
66
75
80
81
86
79
77
79
87
99
87
72
67
67
72
72
75
85
79
75
83
90
96
100
88
86
86
88
89
94
109
101
103
137
153
159
554
500
427
398
376
338
411
581
653
681
125
111
97
93
98
102
104
106
106
107
110
112
114
99
99
99
99
99
100
100
100
101
102
103
103
104
95
95
96
96
96
96
97
97
97
97
98
99
pgg
160
161
160
160
159
159
160
161
161
162
162
162
^163
1930.
1931
1932
1933.
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942—April
May
. ..
. .
(1930=100)
1
(1913=100)
Germany
(1926=100)
1926.. .
June
July
August
September
October
November
December
1943—January
February
March
April
United
Kingdom
Canada
States
Year or month
2
Italy
Japan
Netherlands
Sweden
Switzerland
(1928=100)
(October
1900=100)
(1926-30
=100)
(1935=100)
(July 1914
=100)
237
106
1126
144
181
153
161
180
178
186
198
238
251
278
311
329
90
76
65
63
63
62
64
76
72
74
88
i 103
l 94
1 92
i 90
1 96
100
102
114
111
115
146
172
189
126
110
96
91
90
90
96
111
107
111
143
184
186
187
188
193
192
192
193
195
195
196
208
209
210
212
211
212
85
75
70
63
62
68
76
89
95
99
116
132
114
114
114
115
115
115
115
115
115
116
116
116
3
P353
P
357
^358
P215
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 was 89.
Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
Canada
United Kingdom
Germany
(1926=100)
(1926=100)
(1930=100)
(1913=100)
Year or m o n t h
Other
Farm
commodproducts
ities
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Industrial
products
Agricultural
products
IndusIndustrial raw trial finand semiished
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
105
104
104
105
106
108
109
111
114
117
119
123
124
99
99
99
99
101
102
103
104
104
105
106
107
108
96
96
96
96
96
96
96
96
96
96
96
97
97
80
80
82
81
81
84
86
86
87
88
89
91
p
92
89
89
91
90
90
91
93
93
93
93
94
96
92
92
92
92
92
92
92
92
93
93
93
93
160
163
160
159
155
154
156
158
159
160
160
160
159
159
159
160
160
161
162
162
162
163
r
163
163
113
115
115
116
117
117
116
116
117
119
118
118
102
102
102
102
102
102
102
102
102
102
103
103
133
133
134
134
134
134
134
134
134
134
134
135
1942—April
May
. . . .
June
July
August
September
October
November
December
1943—January
February
March
April.
r
Revised.
p
P97
Foods
Preliminary
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
5 8z
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS INr PRIN CIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
Year or m o n t h
CanUnited
ada
States
(1935-39 (1935-39
=100)
=100)
1932
1933
1934
1935
1936
1937
1938 .
1939
1940
1941
1942
87
84
94
100
101
86
85
93
95
98
105
1942—April
May
United
SwitzGerKingNetherdom
many
lands erland
(July (1913-14 (1911-13 (June
1914
1914
=100)
=100)
=100)
=100)
97
106
124
103
104
101
106
116
127
126
120
122
125
130
139
141
141
164
168
161
116
113
118
120
122
122
122
123
128
129
132
120
122
123
125
126
127
130
131
133
133
134
137
141
124
124
126
130
130
129
130
132
133
127
127
128
129
160
160
159
160
160
160
162
163
164
164
164
165
165
132
134
136
139
136
129
128
129
129
131
132
133
133
98
95
June
July
Aug ust
September.
Octobe r
November.
December.
1943—January...
February..
March
Aoril
COST OF LIVING
[Index numbers]
119
125
117
115
114
120
124
118
120
127
130
130
2
140
120
130
130
132
146
175
197
199
199
203
202
203
*>209
United
CanStates
ada
(1935-39 (1935-39
=100)
=100)
Year or m o n t h
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
....
.
..
1942-April
May
June
July
August
September ..
October
November
December...
1943-January
February
March
April
United
Kingdom
(July
1914
= 100)
Germany
(1913-14
=100)
141
139
140
136
98
92
96
98
99
103
101
99
100
105
117
99
94
96
96
98
101
102
102
106
112
117
144
140
141
143
147
154
156
158
184
199
200
121
118
121
123
125
125
126
126
130
133
137
115
116
116
117
118
118
119
120
120
121
121
123
124
116
116
117
118
118
117
118
119
119
117
117
117
199
200
199
200
201
200
200
200
200
199
199
199
198
137
138
139
140
139
135
135
135
136
137
137
138
138
118
Netherlands
(1911-13
=100)
1132
137
139
140
3148
Switzerland
(June
1914
=100)
138
131
129
128
130
137
137
138
151
174
191
192
193
196
195
195
2>197
PI 99
P901
P1 Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
2
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
3
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
United
States
(derived
price)1
United
Kingdom
(December
1921=100)
Number of issues
15
87
1926
90.1
110.0
57.4
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
84.4
91.2
98.2
105.5
109.5
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
P
98.7
67.1
82.5
90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
i° p103.0
117.8
117.7
118.0
118.9
118.7
119.0
119.3
119.5
118.9
119.5
120.0
119.8
119.9
127 5
126.8
126.7
127.7
127.5
127.8
128.1
127 5
127.3
129.0
128.9
128.8
99.5
100.2
103.5
103.5
Year or month
1942—April
May
1
.
June
July
August
September
October
November
December
1941 Tanuarv
February
March
April
...
Germany
France
(average2
(1913=100)
price)
36
2
139
5
Netherlands 3
8
94.8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
8 77.9
United
States
(1935-39
=100)
(1926=100)
United
Kingdom
France
Netherlands
Germany (1930=100)
278
300
(4)
105.6
100.0
100.0
100.0
51.2
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
105.2
99.6
83.3
79.7
77.2
97.4
89.7
98.3
7
120.6
11
289.7
^476
63.3
63.2
66.1
68.2
68.3
69.4
74.2
75.2
75.9
72.5
73.0
73.7
73.8
74.4
75.7
78.4
80.4
80.1
82.4
82.2
82.6
454
466
P455
P455
*518
?511
p
5O7
p
529
402
79.7
84.8
88.2
91.3
5
50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
lop
136.8
100
46
52
55
55
66
104.2
95.8
89.7
9
95.0
142.5
142.7
143.2
142.2
142.4
*>583
l Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
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
both series. >«n;e.-Standard and Poor's Corporation.
L____
1937, P . 373; June 1935, p . 394; and February 1932, p. 121.
JUNE 1943
583
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
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 SECURITY LOANS
CARL E. PARRY, Chief
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F. LEONARD, Director
OFFICE OF ADMINISTRATOR
LOANS COMMITTEE
FOR WAR
EDWARD L. SMEAD, Acting Administrator
GARDNER L. BOOTHE, II, Assistant Adminis-
trator
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Chief
C. E. CAGLE, Assistant Chief
WILLIAM B. POLLARD, Assistant Chief
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
WM. A. DAY
ERNEST G. DRAPER
R. M. EVANS
M. J. FLEMING
JOHN K. M C K E E
W. S. MCLARIN
W. W. PADDOCK
RONALD RANSOM
M. S. SZYMCZAK
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
MALCOLM H. BRYAN, Associate Economist
KENNETH H. MACKENZIE, Associate Economist
OLIVER P. WHEELER, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
584
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
Federal
Reserve
Bank of
Boston
Chairman and
Federal Reserve
Agent
Deputy Chairman
Albert M. Creighton. Henry S. Dennison.
New York... Beardsley Ruml
President
W. W. Paddock.
Allan Sproul
Philadelphia.. Thomas B. McCabe.. Warren F. Whitticr.. Alfred H. Williams.
Cleveland....
Geo. C. Brainard.... R. E. Klages.
M. J. Fleming.
Richmond. . . Robt. Lassitcr.
W. G. Wysor.
Hugh Leach.
Atlanta
Frank H . N e e l y . . .
J. F. Porter
W.S. McLarinJr.
Chicago
Simeon E. Leland..
W. W. Waymack.... C. S. Young
St. Louis
Wm. T. Nardin.
Oscar G. Johnston . . Chester C. Davis.
Minneapolis..
W. C. Coffey.
Roger B. Shcpard. . . J. N. Peyton.
Kansas City.. R. B. Caldwcll.
Dallas
Jay Taylor
San Francisco Henry F. Grady
Robert L. Mchornay. H. G. Lccdy..
J. B. Cozzo
R. R. Gilbert.
St. George Holdcn... Wm. A. Day..
Vice Presidents
First Vice President
K. K. Carrick
E. G. Hult
Carl B. Pitman1
R. M. Gidney
L. R. Rounds...
L. W. Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
W. J. Davis
Frank J. Drinnen.
E. C. Hill
C. A. Mcllhenny2
C. A. Sienkiewicz
C. W. Arnold
F. J. Zurlinden...
Wm. H. Fletcher
R. B. Hays
J. W. Kossin
A. H. Laning1
B. J. Lazar
K. H. MacKenzic
W. F. Taylor
J. G. Fry
J. S. Waldcn,Jr
Geo. H. Keesee1
R. W. Mercer
Malcolm H. Bryan.. L. M. Clark
H. F. Conniff
Allan M. Black1
H. P. Preston
J.'H. Dillard
Charles B. Dunn
E. C. Harris
A. J. Mulroney
Alfred T. Sihler
O. M. Attebery
F. Guy Hitt.
Henry H. Edmiston
C. M. Stewart
A. W. Mills1
O. S. Powell.
Otis R. Preston
E. W. Swanson
A. R. Upgren
Harry I. Ziemer
Henry O. Koppang Raymond W. Hall
D. W. Woolley
R. B. Coleman
E. B. Stroud
W. J. Evans
W. O. Ford
W. D. Gentry2
C. E. Earhart
Ira Clerk.
W. M. Hale
H. N. Mangels1
R. B. West
William Willctt. .
MANAGING OFFICERS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of
New York:
Buffalo Branch
Cleveland:
Cincinnati Branch
Pittsburgh Branch
Richmond:
Baltimore Branch
Charlotte Branch
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch
New Orleans Branch
Chicago:
Detroit Branch
St. Louis:
Little Rock Branch
Louisville Branch
Memphis Branch
1
Cashier.
JUNE 1943
Managing Director
R. B. Wiltse
3
B. J. Lazar
J. W. Kossins
W. R. Milford
W. T. Clements
P. L. T. Beavers
Geo. S. Vardeman, Jr.
Joel B. Fort, Jr.
E. P. Paris
E. C. Harris*
A. F. Bailey
C. A. Schacht
W. H. Glasgow
2
Also Cashier.
Federal Reserve Bank of
Managing Director
Minneapolis:
Helena Branch
R. E. Towle
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
J. L. Hermann4
E. B. Austin4
L. G. Pondrom4
San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch
1
8
Vice President.
Manager.
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
585
OO
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR
s
=
—
^fL
(•)
•
O
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF T H E FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
BRANCH TERRITORIES
JUNE
I, 1942
BOARD OF GOVERNORS OF THE. FEDERAL RESERVE SYSTEM
@FedFRASER