Full text of Federal Reserve Bulletin : March 1943

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FEDERAL RESERVE




BULLETIN
MARCH 1943

OF THE FEDERAL RESERVE SYSTEM

PAGE

Review of the Month—Changing Distribution of Bank Funds .

107-2.14

Law Department:
Loans to Executive Officers

2.15

Foreign Funds Control

115-117

Annual Report of the Bank of Canada.

118-110

Current Events

2.11

National Summary of Business Conditions

=

111-113

Financial, Industrial, Commercial Statistics, U. S. (See p . 115 for list of tables) . .

115-169

International Financial Statistics (See p . 171 for list of tables) .

271-183

Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council

184

Senior Officers of Federal Reserve Banks; Managing Officers of Branches.

2.85

M a p of Federal Reserve Districts

186

Federal Reserve Publications (see inside of back cover)

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FEDERAL RESERVE BULLETIN
VOLUME 2.9

March

NUMBER 3

CHANGING DISTRIBUTION OF BANK FUNDS
During 1942. bank deposits in this country
expanded by a larger amount than in any
previous year. The increase amounted to
about 17 billion dollars at all commercial
banks, or nearly 30 per cent of the volume
outstanding at the end of 1941. This
growth was due entirely to purchases by
banks of United States Government obligations; loans and other investment holdings
of banks declined, and gold imports, which
in the latter part of the 1930's were largely
responsible for expanding bank deposits,
have not been a factor since 1940. In
addition to the growth in bank deposits the
amount of currency in the hands of the
public increased by an unprecedented
amount last year.
In view of the large amount of Treasury
borrowing that will be required to finance
the war, there will be further expansion of
bank deposits and currency this year. The
amount of growth will depend upon the
volume of Government securities that
banks are called upon to purchase. Between 60 and 70 billion dollars of securities
are likely to be sold during the year; the
larger the volume purchased by nonbank
investors, the less will be the new bank
credit created.
Ability of banks in 1942. greatly to expand their holdings of United States
Government obligations and at the same
time to meet the growing currency demand
was predicated on their obtaining addiMARCH 1943




tional reserves from the Federal Reserve
Banks. In January 1941 reserves of member banks exceeded legal requirements by
3.4 billion dollars. During the following
twelve months the banks met currency demands of 4.3 billion dollars, and an increase
in required reserves of 1.7 billion. This
increase in required reserves occurred as
the result of deposit growth and notwithstanding a decrease in reserve requirements
at central reserve city banks, which released about 1.3 billion dollars of reserves.
Federal Reserve Bank purchases of Government securities supplied about 3.7 billion
dollars of reserves and issuance of Federal
Reserve Bank notes and silver currency
added about 500 million dollars more.
Other items adding to member bank reserves were changes in Treasury and other
nonmember deposits and in uncollected
cash items at the Reserve Banks. As the
net result of all these developments excess
reserves declined by about 1.3 billion dollars
to an average of 2..1 billion in January 1943.
The growth in bank deposits has been
widespread throughout the country, but
the rate of increase has varied considerably
among the different regions and groups of
banks. In dollar amounts the largest increases have occurred in those areas where
the volume of outstanding deposits was
already largest. The rate of growth, however, has been least in the large money
centers—New York and Chicago—and also
107

REVIEW OF THE MONTH

in Boston and Philadelphia. The largest eral Government through taxation and
percentage increases have occurred at banks borrowing to meet these expenditures are
in the southern and western districts— shifted from one region to another in the
and more particularly at small-town banks course of being used.
in those areas. The growth has been relaTo the extent that Government securities
tively greater in agricultural areas than in have been purchased by banks, new deposits
those areas that are predominantly indus- have been created, and nearly all banks have
trial or commercial.
obtained some of these new deposits.
Little is known about the types of de- These operations, however, do not create
positors who are the ultimate owners of new reserves, and the transfer of funds about
these funds. It is not known to what ex- the country results in a considerable shifting
tent the increase has occurred in working of reserves, as well as of deposits. Some
balances or excess cash holdings of busi- banks have increased their holdings of
nesses, nor to what extent the growth has securities by more than their deposits have
been in large or in small balances of indi- increased, while others have received more
viduals. It would appear, however, from new funds on deposit than they have utiavailable information regarding cash bal- lized for the purchase of securities. The
ances of large corporations and regarding former have lost reserves, while the latter
the geographical distribution of the deposit have gained them, for deposits may be a
growth, that the bulk of the increase was in source of reserves for an individual bank
deposits of individuals and small businesses, though not for the banking system as a
although corporations have also shown
whole.
substantial
percentage increases. The
The expanding volume of cash in the
sharp growth in currency represents largely
form of bank deposits and currency reincreased holdings of individuals.
flects an excess of current income of businesses,
wage- and salary-earners, farmers,
EFFECT OF WAR FINANCING
Changes in the volume and distribution of and others over amounts spent or invested.
bank deposits and bank reserves have re- These funds are available for future spendsulted largely from the distribution of in- ing or for investment. A portion of the
dividual incomes and business earnings growth, no doubt, reflects the accumulation
arising from the operation and financing of by persons formerly having inadequate cash
the war program. In turn, changes in the holdings of amounts that they may consider
location of funds have a bearing upon war as desirable minima, and these may be exfinance in that they indicate whence tax pected to remain near current levels until
revenues and money for the purchase of urgently needed. A large portion, howGovernment securities may be drawn. ever, may seek other uses. Since the supply
War expenditures in 1942. comprised of goods and services available for purchase
about a third of the total value of all goods and that of new corporate securities availand services produced in the year and more able for investment is limited, employment
than accounted for all of the increase in of surplus funds for these purposes would
that total as compared with 1941. Early result in inflationary pressure on prices. For
in 1943 war expenditures were about half this reason efforts are being made to direct
of the total. Funds obtained by the Fed- as much as possible of these funds into the




FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

voluntary purchase of Government securities. Consideration is also being given
by Congress to the President's recommendation that additional funds be collected
through increased taxes and savings in
order to obtain for the use of the Government a larger portion of current income
and to reduce correspondingly the amount
available for spending.
INCREASE IN INDIVIDUAL SAVINGS

Individuals had an exceptionally large
margin of income over expenditures in 194:1
and increased not only their holdings of
cash but also their purchases of securities.
Estimates made by the Securities and Exchange Commission, shown in detail in
a table at the end of this review, indicate
that the volume of bank deposits and currency held by individuals and unincorporated businesses increased by 11 billion
dollars in 194.x, double the 1941 increase.
Some 4 billion dollars of this amount was
in currency and the remainder in deposits.
Most of the growth occurred in the latter
half of the year.
In addition to augmenting their cash
holdings by exceptional amounts, individuals last year also substantially increased
other types of savings. On balance they
added over 10 billion dollars to their holdings of securities, compared with an increase of only 2. billion in the previous year,
and repaid about 3 billion dollars of consumer debt, whereas in other recent' years
they had increased indebtedness. Payments for insurance and pensions were also
somewhat larger in 1942. than in previous
years.
Most of the savings of individuals during
1941, in contrast to previous years, were
employed in the relatively liquid channels
mentioned above, since purchases of durMARCH 1943




able goods and of dwellings were considerably reduced. Gross savings during the
year amounted to 38 billion dollars, of
which three-fourths were in liquid form,
whereas in 1941, out of a smaller gross, less
than half were liquid savings. Of the 2.9
billion dollars of liquid savings in 194X5
about xo billion was accumulated in the
latter half of the year.
DEPOSIT GROWTH AND WAR BOND SALES

Although little information is available
about the types of persons or businesses that
have shared in the growth of cash holdings
and other forms of saving, some significant
generalizations may be derived from an
analysis of regional information. The following table shows, by Federal Reserve
districts, the volume of deposits of individuals, partnerships, and corporations
at all banks at the end of 1942., changes in
these deposits since the end of 1941, and
sales of the various issues of United States
BANK DEPOSITS AND SALE OF WAR BONDS
By Federal Reserve Districts
[Amounts in millions of dollars]

Federal Reserve
district

Demand and
time def >osits of
individuals,
partnerships, Sales of
United
and corporaStates
tions1
Savings
bonds
Out2
stand- Increase 1942
ing
in 1942
Dec. 31,
1942

Percentage of
United States total

InDeposits crease Savings
bond
outin
sales
standdeposits
ing

Boston
New York
Philadelphia
Cleveland

7,063
24,014
4,502
5,584

599
1,133
408
793

691
1,853
612
789

9.5
32.3
6.1
7.5

5.6
10.7
3.8
7.5

7.8
20.9
6.9
8.9

Richmond
Atlanta
Chicago.
St. Louis

3,667
2,681
10,026
2,721

694
718
2,034
590

599
440
1,540
408

4.9
3.6
13.5
3.7

6.5
6.8
19.1
5.6

6.7
5.0
17.4
4.6

Minneapolis
Kansas City
Dallas..
San Francisco....

1,765
2,485
2,182
7,629

375
724
609
1,954

300
376
336
921

2.4
3.3
2.9
10.3

3.5
6.8
5.7
18.4

3.4
4.2
3.8
10.4

United States...

74,318

10,630

8,865

100.0

100.0

100.0

1

Including deposits of all commercial banks and of mutual savings
banks, compiled by the Treasury Department from county tabulations
prepared by the Comptroller of the Currency, the Federal Deposit
Insurance Corporation, and the Federal Reserve Banks.
2
Including sales of Series E, F, and G bonds. District figures
are partially estimated. Sales of E bonds are on basis of sales reported
to the Treasury. Sales of F and G bonds are on basis of cash deposits.

REVIEW OF THE MONTH

Savings bonds during 1941. The deposit
figures include those of businesses as well
as of individuals, while the bond sales
shown are largely to individuals.
In dollar volume the largest increases in
deposits and the largest sales of War
Savings bonds were, as might be expected,
in the New York, Chicago, and San Francisco districts, which also led in volume of
deposits,, although the proportions were
much different in each case. The Minneapolis, Kansas City, and Dallas districts
are at the bottom of the list with respect to volume of deposits and sales of
Savings bonds, but increases of deposits in
the Kansas City and Dallas districts exceeded those of several other districts. The
relationships among the various districts
are fairly similar in each comparison, except that the northeastern districts rank
lower and the southwestern districts higher
in increase in deposits than they do in
volume of deposits or in sales of Savings
bonds. In the eastern districts, i.e., in
those areas where in the past accumulation
of savings has been most common, sales
of Savings bonds were larger than the
growth in deposits, whereas in the western
districts more of the excess income went
to build up cash balances than to buy
Savings bonds.
DEPOSIT GROWTH BY DISTRICTS

Relative increases in deposit growth during 194.x by classes of banks and districts
are in some respects more significant than
changes in dollar volume. These comparisons for demand deposits, together with
percentage increases in Federal Reserve
notes by districts, are given in the table.
These figures show that the smallest percentage increases were in the cities of New
York, Boston, Philadelphia, and Chicago.
Among both reserve city and country banks
2.10




the four northeastern districts showed the
smallest percentage increases and the San
Francisco district showed the largest.
There were also large increases at country
banks in the Kansas City, Dallas, and
Minneapolis districts, and at reserve city
banks in the Chicago district.
In nearly every district percentage increases in deposits were greater at country
banks than at city banks. Other data for
country member banks classified by size of
place in which located show relatively
larger increases at banks in smaller places
than at those in cities.
PERCENTAGE INCREASE IN DEMAND DEPOSITS AND CURRENCY

By Federal Reserve Districts
Dec. 31, 1941-Dec. 31, 19421
D e m a n d deposits of
individuals, p a r t n e r s h i p s
a n d corporations

Federal Reserve district

Reserve Country
All
city
member member member
banks
banks
banks

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis

22
29
21
28

14
24
18
23

29
27
26
39

31
32
48
46

35
46
235
37

27
43
50
30

44
49
45
48

83
96
41
60

47
50
45
56

43
42
38
53

51
61
52
73

46
62
85
83

26

35

41

49

Minneapolis
Kansas City
Dallas
San Francisco
United States

Federal
Reserve
notes*

2

1 Based on preliminary figures for December 31, 1942.
2
Figures for all member banks, for New York and Chicago districts,
and for the United States include figures for central reserve city banks
not shown separately; these banks showed increases of 6 per cent in
New York and 20 per cent in Chicago. Percentage increases for all
member banks in the United States and in the New York district and
for central reserve city banks in New York have been adjusted to exclude deposits on December 31, 1942, of one large bank t h a t became
a member in 1942.
3
Includes Federal Reserve notes held b y United States Treasury
and by Federal Reserve Banks other than issuing bank.

Increases in Federal Reserve notes in
circulation show differences by districts
somewhat similar to those in deposit
changes at banks in smaller places. The
smallest percentage increases occurred in the
Boston and New York districts and the
largest in the southern districts of Atlanta,
Dallas, and Richmond, and also in the
San Francisco district.
FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

These comparisons by districts and by
class of bank, as well as more detailed comparisons by States classified as to economic
characteristics, indicate that agricultural
areas have shown substantially larger percentage increases in deposits than have
the wealthier areas devoted more largely to
manufacturing activities. This is true notwithstanding the stimulus to manufacturing
and to industrial and commercial communities resulting from the rapidly expanding
output of munitions.
In 1941 rates of growth had also been
larger in agricultural than in industrial and
commercial regions, but the differences were
not as great as in 1942.. In 1941 the Atlanta
and Richmond districts had led in percentage increases in deposits and currency, with
St. Louis and San Francisco also showing
large increases in deposits. The Boston and
Philadelphia districts showed the smallest
increases in 1941, and were also at or near
the bottom of the list in 1942-. In 1941, in
contrast to 1942., the Kansas City and Minneapolis districts showed relatively small
rates of growth.
These various sets of figures indicate in

general a widespread growth of funds in the
hands of individuals and corporations, with
the largest increases in dollar amounts of
deposits and currency in areas that have the
largest outstanding volume of deposits-—
the financial and industrial centers. The
relative growth, or rate of growth, however, was larger in country towns and rural
areas than in regional and national industrial and financial centers.
RELATION

BETWEEN

SECURITY

PURCHASES,

DEPOSITS, AND RESERVES

Those regions which have shown the
largest rates of growth in bank deposits
during the past year, as a rule, have also
shown larger increases in bank holdings of
Government securities and also in bank
reserves. Country banks in some of the
southern and western districts now have a
larger proportion of excess to required reserves than they had a year ago, whereas for
most groups of banks this proportion declined substantially during the year.
The accompanying chart shows the principal items of assets and liabilities of major
groups of banks for the past two years.

BANKING DEVELOPMENTS BY GROUPS OF BANKS
BILLIONS

OF

DOLLARS

IONS Of

18

DOLLARS

18

. DEMAND DEPOSITS .
ADJUSTED
f+S/

18

<•

Jo 0
1941

1942

43

194!

1942

'43

1941

1942

'43

1941

1942

U. S. Government obligations include both direct and guaranteed issues. Demand deposits at country banks estimated for December
31, 1942. Some banks included in the 99 other cities chart are also included among country banks. Latest weekly figures are for February 17,
MARCH

1943




2.II

REVIEW OF THE MONTH
OF MEMBER BANKS BY CLASS OF BANK
New York City banks increased their hold- RESERVE POSITION
AND FEDERAL RESERVE DISTRICT
ings of Government securities in the period,
[Monthly averages of daily figures]
but showed little increase in deposits, with
Excess
Ratio of excess to required
reserves (in
the result that reserves declined. A similar
millions of
reserves (percentages)
dollars)
result was shown in Chicago where deFederal Reserve district January 1943 January 1943 January 1942
posits increased but not as much as holdings
ReReReof Government securities. At banks in 99
serve Counserve Counserve Country
try
try
city banks
city banks
city banks
banks
other leading cities, the increase in deposits
banks
banks
was roughly commensurate with that in Boston
53
72
16
32
59
47
8
10
134
34
22
New York
57
64
71
18
Government securities, and reserve balances Philadelphia
39
52
53
32
177
103
68
56
76
Cleveland
73
52
28
34
56
53
showed little change. Country banks' de- Richmond
54
63
22
23
46
47
Atlanta
124
130
24
51
52
66
Chicago
posits were greatly increased and they actu- St.
32
44
11
35
43
53
Louis
11
15
33
20
38
43
ally gained reserves, while almost tripling Minneapolis
58
46
19
33
42
47
Kansas City
80
69
35
61
34
57
Dallas
their holdings of Government securities.
175
43
18
41
34
San Francisco
37
Total
913
860
The rapid growth in Government se21
44
42
57
reserve city
curity holdings at both city and country Central
banks:
New York
337
i
26
banks outside New York and Chicago
22
3
26
Chicago
during 1942- was made possible in part by All member banks
2,132
19
36
the rapid growth in their deposits and in
part by substantial declines in their loans,
In January 1943, as shown in the table,
which are not shown on the chart. These the ratio of excess to required reserves for
declines amounted to a billion dollars at
all member banks was 19 per cent, comreserve city banks and to nearly 900 million
pared with 36 per cent in January 1941.
dollars at country banks—about 15 per cent
The ratios for New York City and Chicago
in each case.
banks declined sharply from z6 per cent to
Analysis of these developments by Fed8 and 3 per cent respectively. For reserve
eral Reserve districts for the year 1942.
city and country banks, changes varied
shows that the largest percentage increases
in holdings of United States Government considerably among the districts. Reserve
securities—170 to 190 per cent-—occurred at city banks in the Philadelphia, Cleveland,
country banks in the San Francisco, Dallas, Richmond, and Chicago districts, which a
and Atlanta districts, and at reserve city year ago had excess reserves amounting to
banks in the Kansas City district. These half or more of their required reserves, now
same groups of banks also had substantial show ratios ranging between a fifth and a
increases in deposits and reserves. The third and in most other districts ratios were
smallest increases in Government security substantially reduced. Country banks in
holdings—around 70 per cent—were at city the Kansas City, Dallas, and San Francisco
banks in the New York, Philadelphia, districts, and reserve city banks in the
Cleveland, and Richmond districts, and at Dallas district, on the other hand, actually
country banks in the first two of these dis- show larger ratios of excess to required retricts. In general these banks showed rela- serves this year than last and the Atlanta
tively small changes in deposits and re- district is close to last year's level. Ratios
of over 50 per cent are shown by country
serves.

ZI2.




FEDERAL RESERVE BULLETIN

REVIEW OF THE MONTH

banks in the Dallas, Cleveland, and Chicago
districts.
CONCLUSION

It would appear from this analysis that,
as a rule, the largest percentage increases in
holdings of Government securities during
194.x were at banks with the largest percentage increases in deposits, and that,
nevertheless, many of these banks showed
increases in excess reserves. Banks with
the smallest percentage increases in deposits
also showed the smallest percentage increases in Government security holdings but
continued to buy securities even though
their reserves declined. In dollar volume
there are still substantial amounts of excess
reserves in nearly all districts.
By way of summary, it may be said that
the banking system in 1942. absorbed a large
volume of United States Government securities issued to finance the war and
thereby created a large volume of deposits;
that to a large extent reserves necessary to
meet requirements against these deposits
were supplied by the Federal Reserve Banks;
that the net effect of receipts and disbursements by the Government and subsequent
respending of these funds resulted in widespread distribution of deposits and reserves
throughout the country, particularly in
smaller towns and in rural districts. As a
consequence, banks in these localities were
enabled not only to make relatively large
purchases of Government securities but at
the same time to improve their reserve
positions.
RECENT CHANGES IN BANK RESERVES

Trends in banking that became evident
during 1941 continued during the first two
months of 1943. United States Government deposits, which had been sharply increased during the Victory Fund drive in
MARCH 1943




December, were drawn down in January
and February, and other deposits increased
considerably. By the middle of February
demand deposits, other than Government
and interbank deposits, at reporting member banks in leading cities were larger than
they had been at the end of November prior
to the Victory Fund drive. In New York
City the decline in Government deposits
was greater than the increase in other deposits; these banks reduced their loans and
investments and also showed a decline in
reserves. Banks outside New York, both
city and country banks, gained deposits.
City banks, for which current figures are
available, continued to increase their holdings of Government securities by substantial amounts, while their loans declined. These trends are shown in the
chart on page x n .
Excess reserves of member banks, which
had been maintained at around z.5 billion
dollars during December, declined somewhat in January and the first half of
February. During January Treasury withdrawals from its deposits at Reserve Banks
supplied member banks with funds, which,
however, were partly absorbed by a decline in Reserve Bank security holdings.
This decline reflected in part resales of
Treasury bills that were purchased at the
end of December, and in part sales of bonds
and notes, for which there was a strong
market demand.
In February a renewal of the increase in
currency, following the post-Christmas lull,
caused a decline in excess reserves. As the
result of Treasury withdrawals from their
deposits, New York City banks lost funds
to the rest of the country and sold securities
in order to maintain their reserves. Reserve Bank holdings of securities, which
declined early in February, subsequently
increased and this in part offset the drain

"3

REVIEW OF THE MONTH

on bank reserves resulting from the currency demand. Reserve Banks purchased
Treasury bills, mostly under resale agreements, but continued to sell bonds, notes,
and certificates in response to market demands for such issues.
Excess reserves of all member banks
generally fluctuated during February between 1.6 and 2_.o billion dollars, compared

were a little above a billion dollars during
most of the latter half of 1942., declined to
around 800 million dollars in February.
At country banks excess reserves, which
were close to 800 million dollars during
most of 1942., have recently been at a somewhat higher level, notwithstanding the
decline for the country as a whole.
ESTIMATED GROSS SAVINGS or INDIVIDUALS IN THE UNITED STATESI

EXCESS RESERVES OF MEMBER BANKS

1940-1942
[Billions of dollars]

WEEKL* AVERAGES OF DAILY

ALL

\

\

1

NEW YORK CITY \

1

I »\

CHICAGO

—-f

1
RESERVE CITY BANI^^-v^-^

L

1

|

VTVy^^A

COUNTRY BANKS

Figures for all member banks and for country banks are partly
estimated. Latest figures are for the week ending February 19, 1943.

with an average of x.i billion in January.
Weekly fluctuations in excess reserves by
classes of banks are shown in the chart.
At New York City banks excess reserves
averaged about ioo million dollars in February, compared with over 300 million in
January and 400 million in December. At
Chicago banks reserves have continued close
to the legal minimum for several months.
At reserve city banks excess reserves, which




1941

1940

Gross saving
Liquid saving2

38.2
28.9

24.7
10.3

16.1
4.3

Gross saving by type
Currency and bank deposits3.
Savings and loan associations...
Insurance and pension reserves .
Securities: total 4

11.0
.3
4.8
10.4

5.6
.3
3.8
2.2

3.0
.3
2.9
.1

10.3
.2

3.0

-•7

.7
-.6

1.6
.4
1.2

3.0
1.1
1.9

2.5
9
1.7

7.6

11.4

9.3

2.8

-.6

-1.1

*r

v\ 1/^

Z14

1942
A / \

MEMBER BANKS /

Federal
Corporate, municipal, and other
Nonfarm dwellings6
PurchasesS
Increase in debt
Saving (purchases minus debt change).
Automobiles and other durable consumers'
goods7
Liquidation of debt, not elsewhere classifieds

NOTE.—Estimates of the Securities and Exchange Commission,
compiled from many different sources; current data are subject to
revision. Figures are rounded and will not necessarily add to totals.
1 Includes unincorporated business saving of the types specified.
Does not include corporate or Government saving.
2 Gross saving minus purchases of homes and of automobiles and
other durable consumers' goods.
3 Includes currency, deposits in checking accounts, and deposits
in savings accounts.
4 Does not include purchases by brokers and dealers financed by
bank loans.
5 One- to four-family nonfarm homes.
6 All new construction less net acquisition of properties by nonindividuals.
7 Purchases. The figures shown above include all new passenger
cars sold in the United States. No adjustment has been made for
dealers' overallowances on trade-ins.
8 Largely attributable to purchases of automobiles and other
durable consumers' goods, although including some debt arising from
purchases of consumption goods. The other segments of individuals'
debt have been allocated to the assets to which they pertain, viz.,
saving in savings and loan associations, insurance, securities, and
homes. Changes in the commercial indebtedness of unincorporated
business and in consumers' indebtedness to unincorporated business
are not included in these figures. Minus sign ( —) indicates increase
in debt.

FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Loans to Executive Officers
Inactive Officer Serving as Director and
Member of Discount Committee
The Board has been requested to render an
opinion with regard to the application of
Regulation O to inactive officers of smaller
member banks who are also directors and serve
as members of the discount committee.
As stated in a ruling by the Board published
at page 1087 °f t n e I 94 I Federal Reserve BULLETIN, a person who is an inactive officer and
director of a member bank and with respect to
whom a resolution has been adopted by the
board of directors providing that he is not
authorized to participate in the operating
management of the bank will not be considered
an executive officer because of his service on
the discount committee where the by-laws of
the bank or resolution of the board of directors
requires the service in rotation of every director
as a member of the discount committee and the
directors do in fact serve as members of the
committee in accordance with such by-laws or
resolution. The difficulty was pointed out in
applying this principle to small member banks
having usually only five directors all of whom
are also serving as members of the discount
committee.
In the circumstances, the ruling referred to
above is hereby extended so that, in addition
to the rule enunciated therein, an officer of a
member bank with respect to whom a resolution
described above has been adopted who is also
serving as a director and as a member of the
discount committee where all of the members of
the board of directors are also members of, and
do in fact serve on, the discount committee,
will not be considered an executive officer
within the meaning of Regulation O.
MARCH 1943




Foreign Funds Control
Treasury Department Releases
The following General Rulings and General
Licenses relating to transactions in foreign
exchange, etc., in addition to those heretofore
published in the BULLETIN, have been issued
by the Office of the Secretary of the Treasury
under authority of the Executive Order of
April 10, 1940, as amended, and the Regulations
issued pursuant thereto:
Treasury Department, Office of the Secretary
February 4, 1943
GENERAL RULING N O . 15
Under Executive Order No. 8389, as Amended, Executive Order No.
pip^, Sections $Qa) and j(f>) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control*

(1) Unless authorized by license issued by the Secretary
of the Treasury expressly referring to this general ruling:
(a) No person shall exercise within the United States
any right, remedy, power, or privilege (by self-help,
judicial process, or otherwise), directly or indirectly
against or with respect to any Mexican railroad property; and
(b) Any seizure by attachment or otherwise of Mexican railroad property, and any judgment, decree, lien,
execution, garnishment, or other judicial process against
or with respect to such property is null and void.
(2.) The provisions of ( 0 ( a ) and (i)(b) above shall not
apply to claims arising out of, or with respect to, current
repair, maintenance, and similar charges, in connection with
the operation or servicing, within the United States, of
Mexican railroad property on or after the date of this general
ruling.
(3) As used in this general ruling, the term "Mexican railroad property" shall include:
(a) All railroad rolling stock and equipment brought
into the United States from Mexico or acquired in the
* 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.

LAW DEPARTMENT
United States by a railroad in Mexico, and with respect
to which Mexico or a national thereof has an interest;
(b) All earnings, income, or other rights, payable to,
or in favor of, Mexico or a national thereof and created
by reason of, or otherwise resulting from, the employment or use of such rolling stock or equipment within
the United States after the date hereof.
RANDOLPH PAUL,

Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary
February 9, 1943
GENERAL RULING NO. 12.A
Under Executive Order No. 8589, as Amended, Executive Order No.
9193, Sections $(a) and j(Z>) of the Trading with the Enemy Act,
as Amended by the First War Poivers Act, 1941, Relating to
Foreign Funds Control*

(2.) Except as otherwise provided by regulations, rulings,
licenses, or instructions expressly referring to this general
ruling, no license will be required to validate the authority
of any person to act or purport to act in a transaction directly
or indirectly for the benefit or on behalf of any blocked
country or any national thereof, provided, that the transaction in which such person acts or purports to act is licensed
or authorized by the Secretary of the Treasury or is not prohibited pursuant to Section 5(b) of the Trading with the
enemy Act, as amended.
(3) As used in this general ruling, the term "blocked account" shall have the same meaning as that prescribed in
General Ruling No. 12..
RANDOLPH PAUL,

Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary
February 9, 1943

(1) Reference is made to transfers of property in a blocked
GENERAL LICENSE N O . 32., AS AMENDED
account which are null and void, or unenforceable, by virtue
Under Executive Order No. 8389, as Amended, Executive Order No.
of the provisions of General Ruling No. 12.. Such transfers
919}, Sections 3(0) and j(J?) of the Trading with the Enemy Act,
shall not be deemed to be null and void, or unenforceable,
as Amended by the First War Powers Act, 1941, Relating to
under General Ruling No. ix, as to the person with whom
Foreign Funds Control*
such blocked account was held or maintained (and as to
General License No. 32. is hereby amended by the deletion
such person only) in cases in which such person is able to
of paragraph (i)(a) thereof and the substitution of the folestablish each of the following:
lowing paragraph in lieu thereof:
(a) Such transfer did not represent a wilful violation
4
'(a) Such remittances are made only for the necessary
of the Order by the person with whom such blocked
living
expenses of the payee and his household and do
account was held or maintained;
not
exceed
$500 in any one calendar month to any one
(b) The person with whom such blocked account
household; provided, however, that if the payee is within
was held or maintained did not have reasonable cause
Portugal, Spain, Finland, Sweden, or Switzerland and
to know or suspect, in view of all the facts and circumsuch payee is a national of any blocked country other
stances known or available to such person, that such
than Portugal, Spain, Finland, Sweden or Switzerland,
transfer was not licensed or authorized by the Secretary
the total of all remittances effected in any calendar
of the Treasury, or if a license did purport to cover the
month under this general license may not exceed $100
transfer, that such license had been obtained by misto such payee and his household, except that additional
representation or the withholding of material facts or
sums not exceeding $2.5 in any one calendar month may
was otherwise fraudulently obtained; and
be remitted for each member of such payee's household
(c) Promptly upon discovery that such transfer was
in addition to the payee, provided that in no case shall
in violation of the Order, or was not licensed or authora sum in excess of $2.00 per calendar month be remitted
ized by the Secretary of the Treasury, or if a license did
to any such payee and his household;"
purport to cover the transfer, that such license had been
RANDOLPH PAUL,
obtained by misrepresentation or the withholding of
Acting Secretary of the Treasury.
material facts or was otherwise fraudulently obtained,
the person with whom such blocked account was held
Treasury Department, Office of the Secretary
or maintained filed with the appropriate Federal Reserve Bank a report on Form TFR-ixA in triplicate
February 9, 1943
setting forth in full the information called for therein,
GENERAL LICENSE NO. 71, AS AMENDED
•provided, however, that such report should not be regarded
as evidence of compliance with subdivisions (a) and (V) Under Executive Order No. 8389, as Amended, Executive Order No.
of this paragraph.
9193, Sections $Qa) and j(f>) of the Trading with the Enemy Act,
* Sec. 5(b), 40 Stat. 415 and966; 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.

2.16




* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 40 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress, 55 Stat. 638; 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.

FEDERAL RESERVE BULLETIN

LAW DEPARTMENT
as Amended by the First War Powers Act, 1941, Relating to
Foreign Funds Control.*

as Amended by the First War Powers Act, 1941, Relating to

General License No. 71 is hereby amended by the deletion
of paragraph (4) of such general license.

General License No. 74 is hereby amended by the deletion
of the following language from paragraph (3) of such general
license:
"and shall file promptly with the appropriate Federal
Reserve Bank separate monthly reports in triplicate on

RANDOLPH PAUL,

Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary
February 9, 1943
GENERAL LICENSE N O . 74, AS AMENDED
Under Executive Order No. 8389, as Amended, Executive Order No.

Foreign Funds

Control*

Form T F R - I I I respecting the transactions for the ac-

count of each such citizen."
RANDOLPH PAUL,

Acting Secretary of the Treasury.

9195, Sections 3(0) and SQJ) of the Trading with the Enemy Act,
* 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.

MARCH 1943




• 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.

2.17

ANNUAL REPORT OF THE BANK OF CANADA
The Annual Report of the Bank of Canada for the
year 1942 was submitted to the Canadian Minister
of Finance, the Honorable J. L. Ilsley, on February
9, 1945, by Mr. Graham F. Towers, Governor of the
Bank. Excerpts from the Report are given herewith:1

The major changes which took place in our
various asset and liability accounts during the
course of the year are indicated in the following
table, which shows the effect of these changes
on the cash reserves of the chartered banks.
[In millions of Canadian dollars]

Calendar year 1942

Changes
producing a
decrease in
chartered
banks' cash

Decrease in sterling and U.S.A. dollars
Increase in Dominion and Provincial Government securities
Decrease in other assets
Increase in rest fund
Increase in active note circulation
Decrease in Dominion Government deposits.
Increase in other deposits.
Decrease in all other liabilities

2.2
.9
192.9
13.1

Changes
producing
an increase
in chartered
banks' cash

407.9

18.0
' 16.1 "
442.0
409.5

Deduct..
Increase in chartered banks' cash reserves.

32.5

NOTES IN CIRCULATION

At December 31 last, Bank of Canada note
issue was $693,617,931, an increase of
$197,661,699 from the preceding year. Of the
total amount of our notes outstanding, 12.1.1
million dollars were held by the chartered banks
and 572-5 million in the hands of the general
public. The amount of Bank of Canada and
chartered bank notes in public hands at the end
of each of the last five years is shown in the
next table.
In previous annual reports I have referred to
various factors which explain the large and
continued increase in publicly-held note circulation. Broadly speaking, this expansion is the
result of the growth in employment and incomes
which has taken place during the war. Most
1
The full Report contains, in addition, notes on personnel matters,
bank rate, the profit and loss accounts of the Bank, and other items in
the year-end balance sheet. Summary figures from this balance are
shown on page 275 of this issue of the BULLETIN. For previous reports,
see BULLETIN for March 1942, May 1940, May 1939, June 1938, April
1937, and April 1936.

Zi8




of this increase has been in the armed services
and industry where the proportion of income
payments by means of currency is quite high.
[In millions of Canadian dollarsl
Decem- Decem- Decem- Decem- December 31, ber 31, ber 31, ber 31, ber 31,
1942
1940
1941
1939
1938
Bank of Canada notes...
Chartered bank notes
Total

118.4
88.3

162.2
84.6

261.6
79.8

379.6
70.6

572.5
60.3

206.7

246.8

341.4

450.2

632.8

RESERVES

In last year's annual report, I referred to the
fact that the Foreign Exchange Control Board
found it necessary during the latter part of 1941
to sell sterling exchange to the Bank of Canada
under a repurchase agreement. This acquisition
of sterling by the Bank continued in the first
quarter of 1942. and the amount so held reached
a total of 474 million dollars on March 7.5.
Following the passing of the War Appropriation
(United Kingdom Financing) Act on March 2.7,
1942. the Bank's holdings of sterling exchange
were repurchased by the Foreign Exchange Control Board and sold to the Government. This
transaction took place in two main stages.
At the end of March, the Government used part
of the proceeds of the Second Victory Loan to
repurchase sterling and in June the Government
sold 193 million dollars of short term securities
to the Bank of Canada to obtain funds for the
same purpose. The total of "Sterling and
U.S.A. Dollars" shown on our balance sheet
on December 31 last was $499,192..
INVESTMENTS

Our holdings of Dominion and Provincial
Government securities were $1,016,400,72.x on
December 31 last, having increased $407,9x8,857
during the year. All of this increase was in the
category of securities maturing within two
years. In January and February of 1942., the
Bank sold about 175 million dollars of short
term Dominion securities to the chartered banks
in order to offset an increase in chartered banks'
cash reserves which otherwise would have
taken place, due to the increase at that time
FEDERAL RESERVE BULLETIN

ANNUAL REPORT OF THE BANK OF CANADA

in our sterling exchange holdings to which I
have already referred. Early in March, these
securities were repurchased from the chartered
banks, offsetting the effect on cash reserves of
the transfer of Dominion Government balances
to the Bank of Canada pending the purchase of
sterling by the Government. On June i, the
Bank bought from the Government $191,831,000
of short term securities the proceeds of which
were used by the Government to purchase sterling exchange as I mentioned in the preceding
section.
In the latter half of 1942., chartered banks*
Canadian deposit liabilities increased because
of Government financing requirements to which
I shall refer later. During this period we
bought a considerable amount of securities on
the market in order to maintain the cash reserve
position of the banks at the usual ratio to their
deposit liabilities.
On the basis of the Wednesday figures published in our weekly statement, our total investments averaged 165 million dollars more in
1941 than in 1941.
SECURITY MARKETS

The year was marked by two large public
security offerings. The Second Victory Loan
issued in February and March receive'd total
cash subscriptions of 843 million dollars and
was participated in by 1,681,167 subscribers.
The Third Victory Loan issued in October and
November brought cash subscriptions totalling
992. million dollars and a total of 1,041,610
subscribers. These figures show the broad
measure of support which these loans have
obtained from the public; since the Government's borrowing requirements have increased,
an even greater degree of public participation
will be needed in 1943.
Our estimate of net new bond issues during
1941 is shown in the appended table. The
Dominion Government's net new borrowing
from the Canadian public as a result of increased
war expenditures again reached a new high.
On the whole, provincial and municipal governments and corporations continued to effect a
net reduction in their bonded debt.
Although the Canadian bond market conMARCH 1943




tinued to absorb a large amount of new money
during the year, high-grade bond prices remained firm and even rose fractionally in some
cases. In the United States and United Kingdom, long-term government securities also
remained relatively unchanged over the year.
CREDIT EXPANSION

During 1941, Canadian deposit liabilities of
the chartered banks increased 499 million
dollars; in addition total active note circulation
rose 183 million. The total expansion in bank
deposits and notes, therefore, was 681 million
dollars during the year.
In view of the pressure on our human and
material resources brought about by war requirements, it has not been necessary or desirable
for some time to provide a further stimulus to
the economy through monetary expansion.
But the Government's war expenditures have
mounted more rapidly than receipts from greatly
increased taxation and purchases of securities
by the public, making it necessary to borrow
the remaining requirements from the banking
system. That monetary expansion during the
past year has been associated with Government
fiscal needs is shown by the fact that the increase
in banking security portfolios has been greater
than the rise in the volume of money.
Chartered bank holdings of Dominion and
Provincial Government securities rose 485 million dollars during 1941. The major part of
this increase was accounted for by the Government selling Deposit Certificates to the banks,
starting in the last week of July and continuing
on a weekly basis in varying amounts until the
proceeds of the Third Victory Loan began to
come in during October. At that time 645
million dollars of Deposit Certificates were
outstanding but the Government subsequently
by arrangement took up 105 million from the
banks in November, leaving the amount
presently outstanding at 440 million. Deposit
Certificates were issued for a term of six months
at a rate of three-quarters of one per cent per
annum.
GENERAL

Over the past four years, total Government
expenditure (including provincial and munici-

ANNUAL REPORT OF THE BANK OF CANADA

pal) has increased from about i billion dollars a necessary and important feature but even
a year to about 5 billion a year. At the same more important has been the unity of national
time, unemployment has virtually disappeared purpose which has produced such remarkable
and the gross value of Canada's output of goods economic results over the past four years.
After the war is over, the present driving
and services has increased from about 5 billion
dollars a year to more than 9 billion. Even stimulus to maximum employment and producafter allowing for an over-all price increase of, tion will be removed. If we are to maintain
say, xo per cent, the figures indicate that the full employment in peace time, we must subvolume of output has shown a tremendous stitute other objectives for the current will to
win the war. Broadly speaking, our goals
expansion, which has not yet ceased.
At the beginning of this period, much surplus should be to provide a rising standard of living
capacity was available and rising war expendi- and to contribute to the establishment of a
tures did not at first entail any net decrease in world economy which will remove the threat
the volume of things which civilians could buy. of war. However, concrete and detailed conIndeed, the production (and consumption) of sideration and approval of the specific measures
these things expanded somewhat in response which must be taken to implement a general
to the increased demand of those whose incomes programme are necessary before broad policies
were rising because of the war expenditures. can be effectively translated into action. Proper
In terms of employment and, to a smaller financial and economic policies can play an
degree, standards of living, the contrast with important part in the attainment of such peace
the depressed years before the war was striking. time objectives. But if we are to achieve
In the later stages, of course, war expenditure success, I feel that we must have the same
has increased more rapidly than national produc- broad measure of public support behind those
tion and average living standards are therefore objectives that is now back of our efforts to
declining. But the experience of the last four win the war.
years has shown that Government war expendiESTIMATED NET NEW BOND ISSUES OR RETIREMENTS
ture on a sufficient scale can produce full em[Par values in millions of Canadian dollars]
ployment.
Private
Dominion
These developments undoubtedly have made
corporaand
Provinces
Calendar year
Total
tions
C. N . R.
a deep impression upon the public mind. There
may be a tendency to conclude that GovernPayable in Canada only
374
125
66
ment expenditure for other purposes, at a high 1936
183
182
25
82
75
1937
182
91
60
31
enough level, is all that is required to prevent 1938
222
74
96
52
1939
487
21
74
434
depression in peace time. Such a conclusion 1940
698
3
731
30
1941
1,822
3
1,830
does not give sufficient weight to the other 1942
Payable abroad, only or optionally
important conditions which have existed during
139
1936...
27
205
39
the war period.
87
1937...
24
125
14
45
1938...
11
77
21
The need for war goods and services has by 1939...
29
127
194
96
15
34
205
156
common consent been given preference over 1940...
1941...
18
26
227
183
1942...
42
380
290
every other interest. The public has been
Available information concerning issues and retirements by
willing to do whatever is necessary to obtain municipalities
and religious institutions was not sufficiently comprehensive to justify including such classifications of bonds in the table.
the maximum output for military purposes. However,
the net reduction in total municipal bonded debt less sinking
has been (in millions of dollars) approximately 25, 30, 39, 30, 47
Individuals have worked, have shouldered tax funds
and 45 respectively, in the years 1937 to 1942.
The table includes War Savings Certificates, but takes no account
burdens, and have put up with limitations upon
of Treasury bills, Deposit Certificates or Dominion of Canada shorttheir freedom as producers and consumers to a term issues sold to the banks, of which the amount outstanding increased (in millions of dollars) 57, nil, 5, 200, *325, 290 and **633 redegree that would have been regarded as un- spectively in the calendar years 1936 to 1942.
* 250 million dollars of 1 percent 1-year notes and 75 million of
Treasury bills issued to the Bank of Canada in connection with the
thinkable before the war. The Government's
Foreign Exchange Acquisition Order of April 30, 1940.
** Including 193 million dollars sold to Bank of Canada, proceeds
willingness to spend the large amounts of
of which were used by the Foreign Exchange Control Board to repurchase sterling exchange sold to the Bank in 1941.
money involved in the war programme has been
2

1

1

2

2_2_O




FEDERAL RESERVE BULLETIN

CURRENT EVENTS
Meeting of the Federal Advisory Council

The Federal Advisory Council met in Washington on February 14-15. The annual organization meeting was held on February 14, at
which Edward E. Brown, President of the First
National Bank of Chicago, and George L.
Harrison, President of the New York Life
Insurance Company, were reelected as President
and Vice President, respectively, of the Council.
Walter Lichtenstein was reappointed as Secretary. The Council met with the Board of
Governors of the Federal Reserve System on
February 15.

Director, thereby providing the same arrangement as at the Head Office where the chief
executive officer is not a member of the board of
directors. The former Managing Directors continue as chief operating officers of the branches
with the title of Manager.
On February 11 the Federal Reserve Bank of
Dallas appointed Mr. James A. Elkins, President of the City National Bank, Houston,,
Texas, and Mr. Robert D. Barclay, President
of the National Bank of Commerce, San Antonio, Texas, directors of the Houston and Sam
Antonio Branches, respectively, for the unexpired portion of the terms ending December

Changes in Branch Directors
The Board of Governors accepted, effective
February 1, 1943, the resignation of Mr. W. H.
Schellberg, as a director of the Omaha Branch
of the Federal Reserve Bank of Kansas City.
Mr. Schellberg has served the Branch as a
director since January 1, 1937.
On February 19 the Board of Governors
announced the appointment of Mr. W. S. Byrne,
General Manager, Omaha Metropolitan Utilities District, Omaha, Nebraska, as a director
of the Omaha Branch of the Federal Reserve
Bank of Kansas City, for the unexpired portion
of the term ending December 31, 1945.
The Board of Governors, on March 2., 1943,
announced the appointment of Mr. William A.
Alexander, Vice President, Denver Tramway
Corporation, Denver, Colorado, as a director
of the Denver Branch of the Federal Reserve
Bank of Kansas City, for the unexpired portion
of the term ending December 31, 1945.
In February the by-laws of the three branches
of the Federal Reserve Bank of Dallas were
amended to eliminate the position of Managing

MARCH 1943




Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System
during the period January 16, 1943, to February
15, 1943, inclusive:
Illinois
Camp Point—Farmers State Bank of Camp
Point
Gillespie—Peoples State Bank of Gillespie
.Grayslake—First State Bank of Grayslake
Hammond—The State Bank of Hammond
Neiv Jersey

Gladstone—Peapack-Gladstone Bank
New York
Seneca Falls—The State Bank of Seneca Falls,
N. Y.
Ohio

Seville—The Seville State Bank

2.2.1

NATIONAL SUMMARY OF BUSINESS CONDITIONS
Corn-piled February 22 and released for -publication February 25. Figures shown on
charts may differ from preliminary figures used in text.

ary, reflecting a small reduction in output of
crude petroleum. Output at coal and metal
mines showed little change. Anthracite production in the first half of January was reduced
by an industrial dispute, but for the month of
PRODUCTION
January as a whole, output was only 3 per cent
Volume of industrial production showed lower than in December.
another marked gain in January reaching a
Value of construction contracts awarded,
level of xoo per cent of the 1935-1939 average, according to figures of the F. W. Dodge Corporaaccording to the Board's adjusted index, com- tion, was much smaller in January than in other
pared with 197 in December. The increase recent months, but was still slightly higher
reflected largely a growth in activity in the
munitions industries, including production of
INDUSTRIAL PRODUCTION
chemicals for war purposes.
<^oo
— ~ y 200
|
!
Activity at shipyards and in aircraft and
-- y
180
machinery plants continued to expand sharply. 180
Deliveries of completed merchant ships in
1
160
160
1
January were somewhat less than in December
.
_
but were still at the high level of over 1 million 140
14 0
deadweight tons. Total iron and steel pro—
duction rose to the level of last November, 120
- —J
but was still slightly below the October peak, 100 /^
I
and electric steel output, important for muniI
tions manufacturing, reached a record level 8 0
80
1
5! times as large as in the 1935-1939 period.
1936
1937
1938
1939
1940
1941
1942
Operations at steel mills were near capacity
Federal Reserve monthly index of physical volume of production,
adjusted for seasonal variation, 1935-39 average = 100. Latest figures
during the first three weeks of February.
shown are for January 1943.
Nondurable manufactures, as a group, continued to show little change. Production than a year ago. Reductions occurred in all
of meats under Federal inspection, except beef, types of public awards, which now account for
declined sharply from the high level in De- most of the total. A decline has been indicated
cember. Output of most other foods was for some time as a result of actions of the War
maintained; production for military and lend- Production Board designed to limit construction
lease needs, particularly of highly processed activity to projects that are essential. On
foods, rose further and there was a correspond- October 2.3, 1942., it had established a committee
ing decline in output of these products for to review proposals for new construction;
civilians. Newsprint consumption declined in through February 12., work on projects estimated
January as a result partly of a Federal order to cost 1.3 billion dollars was stopped either
restricting newsprint use.
by the War Production Board or by the GovernMineral production declined slightly in Janu- ment agencies initiating them.
Industrial activity rose further in January
and the first half of February. Retail sales
continued in large volume in January and were
at an exceptionally high level early in February.

PER CENT

T

2.2.2-




FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
DISTRIBUTION

BANK CREDIT

Distribution of commodities to consumers
was in large volume in January and the first
half of February. Retail sales of merchandise
declined less than seasonally in January and rose
sharply in the first half of February when a
buying wave developed, particularly in clothing.
At department stores, sales increased con-

Excess reserves of member banks declined
from an average level of about ±.2. billion dollars
in the last half of January to 1.6 billion early in
February, but increased somewhat around the
middle of the month. Increases in currency in
circulation continued to be the major factor
responsible for the decline, although substantial
fluctuations occurred in Treasury balances and
Reserve Bank credit. Most of the decline in
excess funds was at banks in New York City and

DEPARTMENT

STORE SALES AND STOCKS

MEMBER BANK RESERVES AND RELATED ITEMS
VCTORS USING RESERVE FUNDS

FACTORS SUPPLYING RESERVE FUNDS

KtShKVt.

BALAIMOCO

/

X-/1/H1
f^~

T~

1

l4

h-V*-4p- 12

-

/

Federal Reserve monthly indexes of value of sales and stocks,
adjusted for seasonal variation, 1923-25 average = 100. Latest
figures shown are for January 1943.

siderably in the first week of February and then
reached an exceptionally high level during the
second week, stimulated partly by the announcement of shoe rationing.
Freight carloadings declined somewhat less
than seasonally in January and the adjusted
index increased i per cent. Miscellaneous
loadings accounted for most of the rise. Substantial increases in loadings of most types of
commodities occurred in the first two weeks of
February.
COMMODITY

PRICES

The average level of wholesale commodity
prices continued to advance in January and the
early part of February. Prices of most farm
products showed further increases. Maximum
wholesale and retail prices were raised for a
number of miscellaneous commodities including
coal, while reductions were effected in maximum
prices for some items like rayon tops and waste.
Retail prices of foods continued to rise from
mid-December to mid-January with increases
largely in meats, dairy products, and processed
fruits and vegetables.
MARCH

1943




TREASUR

V

f CURRENCY

RE.SER

1940

1941

1942

1940

1941

1942

Wednesday figures. Latest figures shown are for February 24, 1943

Chicago, where reserves have recently been close
to legal minimum requirements. Over the
five-week period ending February 17, the currency drain amounted to 510 million dollars,
bringing total currency in circulation to 15.8
billion on February 17.
Holdings of Government obligations at reporting banks in leading cities outside New York
and Chicago increased by 640 million dollars
over the five-week period ending February 17.
At banks in New York and Chicago, holdings of
Government securities declined by 360 million,
principally through sales to the Reserve Banks
for the purpose of restoring reserves. Government deposits at banks were reduced in the
period, while other deposits increased.
UNITED STATES GOVERNMENT

SECURITY PRICES

Following a rise in the first half of January,
prices of United States Government securities
have been steady.
2.2.3

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES

Member bank reserves, Reserve Bank credit, and related items. .

2.2.7

Federal Reserve Bank discount rates; rates on time deposits, reserve
requirements, margin requirements..
Federal Reserve Bank statistics..

12.8
22.9-2.33

Guaranteed w a r production loans

2.33

Reserve position of member banks; deposits in larger and smaller
centers
Money in circulation

234
13 5

Gold stock; Postal Savings System; bank suspensions; bank debits. .
All banks in t h e United States, number, deposits, loans and investments

136
137

Condition of all member b a n k s . .

2.38-2.39

Weekly reporting member banks

2.40-243

Commercial paper, bankers' acceptances, and brokers' balances..
Money rates and bond yields
Security markets.
Corporate profits..
Treasury finance
Government corporations and credit agencies...

2.44
2.45
246-247
248
2.49—2.51
252

Business indexes

253-261

Department store statistics..

262-263

Consumer credit statistics..

264-265

Wholesale prices
Current statistics for Federal Reserve chart book..

266
267-269

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.

MARCH 1943




22.5

MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY

BILLIONS OF DOLLARS

FIGURES

BILLIONS OF DOLLARS

24

24

22
20

MEMBER BANK
RESERVE BALANCES

**•>*"'

MONEY IN CIRCULATION

TREASURY CASH AND DEPOSITS

NONMEMBER DEPOSITS
1936

1937

1938

1939

1940

1941

1942

10

10
i

8
-

REQUIRED

RESERVES

/•^** 1

6

A

^ Z

i

-

*r<X*~fji

jf

_,

JA

Vn

n

EXCESS RESERVES

r

2

*v *
0
1936

1937

1938

1939

1940

1941

1942

Latest figures for February 24. See page 227.

1X6




FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities

Monthly averages of
daily figures:
1941—Nov
Dec
1942—Jan
Nov

Dec
1943—Jan
End of month figures:
1941—Nov. 29
Dec. 31
1942—Jan. 31
Nov. 30
Dec. 31
1943—Jan. 30
Wednesday figures:
1942—Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29

Bills
discounted

Total

Treasury
bills
and
certificates

All
other

6
5
4
9
9
8

2,184
2,219
2,251
4,746
5,549
5,953

10
7
1,151
1,485
1,852

Gold
stock

Treasury
currency
outstanding

Money
in circulation

TreasOther
deFedTreas- ury
posits Noneral
ury
with
memRecash Federal ber deserve
holdReposits
acings
serve
counts
Banks

All
other 1

Total

2,184
2,209
2,244
3,595
4,064
4,102

121
180
148
286
478
360

2,311
2,404
2,402
5,041
6,035
6,321

22,786
22,759
22,741
22,741
22,740
22,706

3,225
3,239
3,252
3,374
3,472
3,724

10,496
10,985
11,105
14,473
15,119
15,399

2,194
2,189
2,209
2,247
2,199
2,192

669
592
467
219
307
310

1,774
1,531
1,389
1,323
1,210
1,250

2,184
2,254 " " i o '
2,243
5,399 1,570
6,189 2,051
5,969 2,007

2,184
2,244
2,243
3,829
4,138
3,962

122
104
123
308
484
356

2,312
2,361
2,369
5,714
6,679
6,339

22,785
22,737
22,747
22,743
22,726
22,683

3,231
3,247
3,259
3,381
3,648
3,830

10,640
11,160
11,175
14,805
15,410
15,590

2,188
2,215
2,196
2,236
2,191
2,199

429
867
361
6
799
4

9
7
9
4
7

2,244
2,243
2,254
2,296
2,350

"io

48
89

2,244
2,243
2,244
2,247
2,261

86
134
152
100
86

2,339
2,384
2,415
2,400
2,443

22,672
22,675
22,678
22,686
22,689

3,277
3,279
3,280
3,284
3,286

11,593
11,610
11,624
11,642
11,723

2,187
2,177
2,166
2,189
2,186

6
3
4
7
6
14

Member
bank reserve
balances

Total

Excess 2

290
292
291
276
261
256

12,900
12,812
12,936
12,618
13,152
13,344

3,611
3,390
3,446
2,362
2,376
2,132

1,644
1,360
1,428
1,320
1,278
1,171

288
291
289
263
256
258

13,140
12,450
12,927
13,208
13,117
13,630

3,828
3,085
3.347
2,909
1,988
2,387

362
190
301
243
128

1,354
1,350
1,485
1,531
1,421

295
295
295
296
297

12,496
12,715
12,502
12,470
12,662

2,999
3,169
2,886
2,752
2,815

May
May
May
May

6 ...
13
20
27

8
8
5
6

2,436
2,484
2,445
2,489

137
185
145
183

2,299
2,299
2,299
2,306

128
119
128
89

2,572
2,612
2,578
2,584

22,703
22,706
22,709
22,712

3,291
3,294
3,299
3,302

11,845
11,861
11,888
11,971

2,193
2,191
2,188
2,197

376
158
304
239

1,413
1,440
1,427
1,430

295
295
293
293

12,444
12,667
12,486
12,467

2,691
2,925
2,565
2,535

June
June
June
June

3
10
17
24 ...

6
6
5
5

2,532
2,568
2,579
2,583

226
252
257
254

2,306
2,316
2,322
2,329

185
135
220
110

2,723
2,708
2,803
2,698

22,715
22,717
22,729
22,735

3,306
3,310
3,311
3,313

12,141
12,176
12,208
12,231

2,188
2,213
2,189
2,191

110
92
160
139

1,358
1,333
1,277
1,358

293
293
304
303

12,653
12,629
12,706
12,523

2,783
2,782
2,791
2,648

July
July
July
July
July

1
8
15
22
29

3

2,728
2,909
3,038
3,047
3,110

391

157
185
144
122

2,873
3,069
3,227
3,196
3,237

22,739
22,740
22,742
22,745
22,746

3,314
3,315
3,319
3,321
3,322

12,416
12,489
12,502
12,546
12,647

2,195
2,190
2,201
2,223
2,224

485

553
673
679
743

2,337
2,356
2,365
2,367
2,367

142

548
946
298
183

1,341
1,353
1,302
1,347
1,411

297

3
4
5
5

297
295
295
296

12,192
12,246
12,042
12,551
12,545

2,259
2,322
2,065
2,296
2,196

Aug.
Aug.
Aug.
Aug.

5
12
19
26

5
5
4
5

3,303
3,387
3,448
3,389

928
1,012
1,073
1,011

2,374
2,375
2,375
2,378

137
120
163
131

3,446
3,512
3,615
3,525

22,739
22,742
22,744
22,747

3,328
3,332
3,333
3,337

12,794
12,870
12,956
13,057

2,204
2,206
2,206
2,219

285
174
240
176

1,333
1,331
1,344
1,338

295
296
294
293

12,602
12,709
12,653
12,526

2,246
2,381
2,103
2,342

Sept.
Sept.
Sept.
Sept.
Sept.

2
9
16
23
30

9
13
10
9
8

3,388
3,502
3,573
3,395
3,567

996
1,100
1,212
1,025
1,161

2,392
2,403
2,361
2,370
2,407

144
188
274
178
199

3,542
3,703
3,857
3,581
3,774

22,756
22,745
22,747
22,750
22,754

3,341
3,343
3,346
3,349
3,353

13,250
13,389
13,440
13,519
13,703

2,216
2,205
2,206
2,200
2,222

146
214
6
485
661

1,318
1,290
1,239
1,292
1,407

291
290
299
298
296

12,418
12,402
12,760
11,886
11,592

2,262
2,348
3,039
2,034
1,690

Oct. 7
Oct. 14
Oct. 21
Oct 28

8
11
7
9

3,592
3,809
4,225
4,441

1,104
1,101
1,111
1,137

2,488
2,708
3,114
3,304

184
222
261
127

3,784
4,042
4,494
4,578

22,756
22,758
22,745
22,739

3,356
3,359
3,363
3,366

13,830
13,932
13,995
14,082

2,235
2,228
2,238
2,249

393
123
521
372

1,342
1,283
1,254
1,448

295
291
290
286

11,801
12,303
12,304
12,246

2,291
2,713
2,352
2,158

Nov.
Nov.
Nov.
Nov.

4
11
18
25

11
10
8
10

4,551
4,658
4,695
4,843

1,064
1,113
1,091
1,117

3,486
3,545
3,603
3,725

119
256
343
229

4,680
4,925
5,045
5,083

22,739
22,741
22,741
22,742

3,369
3,373
3,375
3,377

14,312
14,408
14,465
14,648

2,260
2,234
2,249
2,239

361
234
300
68

1,363
1,391
1,252
1,233

283
278
274
267

12,211
12,493
12,622
12,746

2,118
2,402
2,489
2,518

Dec
Dec.
Dec.
Dec.
Dec.

2
9
16
23
30

9

5,140
5,546
5,537
5,627
5,989

1,217
1,495
1,460
1,515
1,856

3,923
4,051
4,077
4,112
4,133

311

258
508
655
435

5 460
5,813
6,055
6,292
6,428

22,743
22,743
22,744
22,735
22,726

3,381
3,383
3,440
3,569
3,628

14,848
14,986
15,092
15,329
15,407

2,243
2,192
2,184
2,182
2,194

94

60
13
497
811

1,300
1,183
1,163
1,191
1,315

259

9
9
10
5

252
269
268
266

12,840
13,267
13,517
13,129
12,788

2,504
2,804
2,637
2,192
1,656

1943—Jan
Jan.
Jan.
Jan.

6
13
20
27

4
7
10
10

6,032
5,975
5,818
5,729

1,895
1,841
1,701
1,690

4,138
4,134
4,117
4,039

341

292
367
252

6,378
6,274
6,195
5,992

22,712
22,712
22,703
22,692

3,660
3,697
3,747
3,793

15,393
15,322
15,354
15,438

2,192
2,190
2,196
2,199

329
374
122

273

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

Feb.
Feb.
Feb.
Feb.

3
10
17
24

9
13
9
11

5,475
5,719
5,795
5,931

1,588
1,939
2,083
2,275

3,887
3,780
3,712
3,656

283
250
410
281

5,766
5,983
6,214
6,223

22,663
22,642
22,642
22,643

3,846
3,885
3,915
3,925

15,666
15,798
15,845
15,952

2,200
2,209
2,221
2,223

49
280
188
258

1,156
1,213
1,158
1,171

262
264
268
270

12,942
12,747
13,093
12,917

1,700
1,640
1,992
1,788

. .

1
2

Includes industrial advances shown separately in subsequent tables.
End of month and Wednesday figures estimated.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together
with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves
in BULLETIN for August 1935, pp. 499-500.

MARCH

1943




FEDERAL RESERVE BANK DISCOUNT RATES
[In effect February 28. Per cent per annum]
Discounts for and advances to member banks

Advances to individuals, partnerships, or corporations other than member banks secured
by direct obligations of the U. S. (maturities
not exceeding 90 days—last par. Sec. 13)

Advances secured by
Advances secured by other Government secuGovernment securities rities, and discounts of Other secured advances
maturing or callable and advances secured by [maturities not exceedwithin one year (ma- eligible paper (maturi- ing 4 mos.—Sec. 10(b)]
turities not exceeding
ties not exceeding 90
90 days—Sec. 13)
days—Sec. 13 and 13a)1

Federal Reserve Bank

Rate
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas C i t y . .
Dallas
San Francisco

Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,

Effective

Rate

Rate

Sept. 1, 1939
Aug. 25, 1939
Mar. 21, 1942
Apr. 11, 1942
Mar. 14, 1942
Mar. 21, 1942
Feb. 28, 1942
Mar. 14, 1942
Mar. 28, 1942
Apr. 11, 1942
Mar. 21, 1942
Apr. 4, 1942

1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942

To nonmember banks

Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.

27,
30,
17,
12,
28,
15,
29,
14,
30,
27,
17,
28,

Effective

Rate

Effective

To others

Sept. 1, 1939
Aug. 25, 1939
Mar. 21, 1942
Apr. 11, 1942
Mar. 14, 1942
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Mar. 28, 1942
Sept. 16, 1939
Sept. 16, 1939
Apr. 4, 1942

1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942

Effective

Rate

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

2

\A
2
2
fA

2

27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,

1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942

1
Discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding six months and nine months, respectively,
with maturities not exceeding 15 days secured by obligations of Federal Intermediate Credit Banks maturing within
Rates shown also apply to
to advances
ad
six months.

FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceedingfiveyears
[In effect February 28. Per cent per annum]

FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum]
Maturity
Treasury billsi
Bankers' acceptances :2
1- 90 days
91-120 days
121-180 days

Rate on
Feb. 28

In effect beginning-

y8
V2

Apr. 30, 1942

Previous
rate

To industrial or
commercial
businesses

1
1
134

Oct. 20, 1933
do
do

N e t demand deposits
Central
reserve
city
banks
June 21, 1917-Aug. 15, 1936
Aug. 16, 1936-Feb. 28, 1937
Mar. 1, 1937-Apr. 30, 1937
May 1, 1937-Apr. 15, 1938
Apr. 16, 1938-Oct. 31, 1941
Nov. 1, 1941-Aug. 19, 1942
Aug. 20, 1942-Sept. 13, 1942
Sept. 14, 1942-Oct. 2, 1942
Effective Oct. 3, 1942

13
19^
22M
26
22^
26
24
22
20

Reserve
Country
city
banks
banks
10
15
173^
20
17^
20
20
20
20

103^
1234
14
12
14
14
14
14

Time
deposits
(all
member
banks)

3
43^
53i
6
5
6
6
6
6

1
See footnote to table on p. 234 for explanation of method of computing
net demand deposits.

MARGIN REQUIREMENTS*
[Per cent of market value]
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U . . . .




On
On
On comcommitportion
ments for which On re- mitments
maining
institu-

Boston
New York
Philadelphia
Cleveland

23^-5
23^-5
2^-5
234-5

l3^-1
lA-VA

Richmond
Atlanta
Chicago
St. Louis

2^-5
23^-5
23^-5
23^-5

34-134
3^-134

Minneapolis
Kansas City
Dallas
San Francisco

23^-5
2^-5
234-5
2M-5

34-1^

A-VA

l

/2-VA

H-iM

1

portion

4

2
()
2

(2)
(2)
23^-5
1-1H
(2)

34-1

(3)
(3)
(3)
(3)

VT-VA

8

MAM
A-i}4

bl

y^M

©

?(2) ?(3)

yz-\y±
Vi-VA

Including loans made in participation with financing institutions.
bl
Rate charged borrower less commitment rate.
A-iH
Rate charged borrower.
4
May charge same rate as charged borrower by financing institution, if
lower.
5
Financing institution is charged 34 per cent on undisbursed portion of
loan under commitment.
2
3

MAXIMUM RATES ON TIME DEPOSITS
Apr. 1,
1936Oct.31,
1937

Effective
Nov. 1,
1937

55
,( 2 )
55

40
50
40

3

I R e g . T a n d U limit the amount of credit that may be extended on a
security by prescribing a .maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
2
Requirement under Reg. T was the margin "customarily required"
by the broker. 3 Reg. U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
" o m n i b u s " accounts and loans to brokers and dealers.

2.Z8

On
advances

tion is
obligated

MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
1

Discounts or
purchases

Federal Reserve
Bank

1 Established rate at which Federal Reserve Banks stand ready to b u y
all Treasury bills offered.
2Minimum buying rates on prime b a n k e r s ' acceptances.

To financing institutions

Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum ]
Nov. 1,1933Jan.31,1935
Savings deposits
^
Postal savings deposits...
Other deposits payable:
In 6 months or more
In 90 days to 6 months.
In less than 90 days

Feb. 1, 1935Dec. 31,1935

Effective
Jan.1,1936

23^

2y
2H
iy2

NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F . D. I. C , effective February 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.

FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands cf dollars]
End of month

Wednesday figures
1943

1943
Feb. 24

Feb. 17

Feb. 10

Feb. 3

Jan. 27

Jan. 20

Jan. 13

Jan. 6

Jan.

Dec.

Jan.

Assets
Gold certificates on hand and
,493,279 20,498,281 20,510,282 20,511,278 20,,487,782 20,523,281 20,522,014
20,441,281 20,442,282 20 ,443,277 20 ,463,780 20.
due from U. S. Treasury
36,296
34,606
33,980
32,248
32,677
35,177
30,449
11,162
35.889
32,205
31,645
Redemption fund—F. R. notes..
398,570 393,404 396,930 424,309 428.608 404,205
360,151
411,036
354,084 369,320
Other cash
382,063
20,859,233 20,877,148 20,871,287 20,895,887 20,951,568 20,-959,094 20,946,132 20,903,677 20,931,495 20,907,814 20,902,496

Total reserves.
Bills discounted:
For member banks
For nonmember banks, etc.
Total bills discounted....
Industrial advances
U.S. Government securities:
Direct
Bonds
Notes
Certificates
Bills
Guaranteed

4,813
4,000

6,398
4,000

7,237
3,000

13,358

8,813

10,398

10,237

14,087

13,955

11,906

12,473

5,435
4,000

9,358
4,000

11,314

9,435

13,749

13,885

7,314
4,000

1,985
2,500

9,858
4,000

6,987

4,485

13,030

12,311

2,987
4,000

3,071
2,500

3,646

13,858

5,571

3,646

12,373

13,649

8,968

2,411,145 2,452,124 2,517,462 2,582,068 2,693,072 2,748,633 2,770,209 2,777,059 2,637,104 2,777,059 1,546,555
1,195,125 1,210,125 1,212,725 1,253,554 1,300,054 1,323,799 1,323,799 1,323,799 1,275,254 1,323,799
692,500
796,375
859,665 1,079,400 1,048,000 1,041,000 1,041,000 1,317,200 1,041,000
785,87
812,875
728,004 610,974 652,818
1,489,450 1,287,039 1,126,393
853,530
799,951
689,447 1,009,995
49,476
45,976
49,476
51,476
36,782
49,476
44,682
36,782
40,182
49,976
3,600

Total U.S. Government
securities, direct and
guaranteed
5,931,071 5,795,139 5,718,931 5,474,767 5,729,476 S,817,932 5,975,141 6,032,170 5,968,981 6,188,635 2,242,655
Other Reserve Bank credit outstanding
266,866
113,782
236,376 268,658 239,866 354,845 278,640 329,095
395,987
344,056 470,794
Total Reserve Bank
credit outstanding.. 6,223,000 6,214,446 5,982,752 5,766,193 5,991,646 6,195,487 6,273,798 6,378,061 6,339,268 6,678,649 2,369,051
Liabilities
F.R. notes in actual circulation 12,511,483 12,428,930 12,395,552 12,302,229 12,156,645 12,118,294 12,109,279 12,177,457 12,265,372 12,192,986 8,302,935
Deposits:
Member bank —reserve ac12,917,205 13,092,939 12,746,877 12,941,697 13,277,860 13,156,283 13,279,089 13,463,733 13,630,417 13,116,809 12,926,838
count
U. S. Treasurer—general
258,178
188,130 280,343
122,352 373,741
account
48,883
360,595
3,883 799,449
328,736
273,057
793,547
793,661
Foreign
801,531
802,332 805,906
710,465
836,040 829,435
792,790
792,213
802,606
361,972
387,564
Other deposits
407,051
717,078
368,971
356,165
474,516 478,376 369,828
378,703
485,147

14,345,885 14,439,566 14,240,177 14,146,099 14,581,437 14,840,580 14,915,636 14,909,224 14,805,216 15,194,195 14,714,976

Total deposits...
Ratio of total reserves to deposit
and F .R. note liabilities combined (per cent)

77.7

77.7

78.4

79.0

78.4

77.7

77.5

77.2

77.3

76.3

90.8

MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total

Within
15 days

16 to 30
days

31 to 60
days

61 to 90
days

91 days
to 6
months

6 months
to
1 year

1 year
to
2 years

2 years
to
5 years

Bills discounted:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

10,398
8,813
13,358
9,435
11,314

5,498
3,603
3,903
2,438
7,320

1
1,598
5,389
3,703
1,300

2,351
816
2,776
2,104
1,956

2,528
2,778
1,274
1,180
729

Industrial advances:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

11,906
13,955
14,087
13,885
13,749

7,516
7,886
8,537
8,219
8,494

304
348
388
488
455

273
270
235
101
121

953
2,088
1,690
1,705
1,323

588
1,062
1,056
1,067
1,045

,302
,333
,242
,369
,335

865
866
837
834
788

105
102
102
102
188

5,729,476
5,474,767
5,718,931
5,795,139
5,931,071

564,882
154,315
182,177
190,704
220,947

76,127
140,896
222,665
269,510
325,753

293,060
282,913
407,742
393,231
249,891

86,805
438,780
479,114
661,594
896,138

353,582
415,207
565,452
512,450
554.371

642,100
489,240
403,300
379,800
352,100

241,575
241,575
241,575
247,085
245,085

1,292,534
1,244,734
1,212,905
1,204,795
1,187,895

U. S. Government securities, direct
and guaranteed:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

I

MARCH

1943




Over
5 years

2,178,811
2,067,107
2,004,001
1,935,970
1,898,891

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates on hand
and due from U. S.
Treasury:
Jan. 27
Feb. 3
Feb- 10
Feb. 17
Feb. 24

20,493,279
20,463,780
20,443,277
20,442,282
20,441,281

Redemption Fund—
Federal Reserve notes:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

Boston

1,116,849 6,704,608
1,149, 278 6,628,910
1,121,038 6,432,025
1,145,981 6,169,420
,151,759 6,077,731

33,980
35,177
34,606
36,296
35,889

2,953
2,896
2,848
2,796
2,734

424,309
396,930
393,404
398,570
382,063

40,374
37,982
36,516
35,905
34,383

20,951,568
20,895,887
20,871,287
20,877,148
20,859,233

,160,176
,190,156
,160,402
,184,682
,188,876

Bills discounted:
Secured by U. S. Govern• ment obligations, direct and guaranteed:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

6,365
4,780
9,330
5,410
7,290

810
110

Other bills discounted:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

4,033
4,033
4,028
4,025
4,024

Other cash:
Jan. 27..
Feb. 3...
Feb. 10..
Feb. 17..
Feb. 24..
Total reserves:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

New
York

30
520

95,953
82,047
81,886
82,877
85,471

Philadelphia

Cleveland

Richmond

1,171,729 1,757,071 973,331
1,158,390 1,761,914 998,052
1,197,255 1,772,577 1,020,215
1,202,826 1,829,516 1,015,104
1,212,469 1,825,201 1,020,114

St.
Minne
Louis apolis

Kansas
City

796,179 3,593,884
826,792 3,495,190
851,838 3,441,164
860,377 3,534,909
847,565 3,634,615

682,767 433,302
707,542 427,090
733,414 449,739
734,570 450,291
736,736 455 ,741

668,239 521,144 2,074,176
680,508 546.882 2,083,232
711,860 557,258 2,154,894
715,681 573,133 2,210,474
719,184 563,445 2,196,721

918
848
797
733
663

7,472
6,846
6,325
7,676
6,968

1,666
1,617
1,580
1,528
2,476

1,186
1,108
1,050
985
914

4,123
5,102
5,086
5,068
5,045

177
170
159
153
147

302
786
776
762
746

316
305
793
777
765

8,153
8,122
8,094
8,065
8,035

26,982
28,078
23,301
23,584
22,822

55,068
53,528
50,202
46,488
46,505

23,973
23,001
23,962
21,305
18,742

27,687
21,210
19,293
20,536
18,251

47,013
48,832
61,816
66,611
61,054

21,556
19,588
17,721
17,759
16,824

9,391
9,271
9,231
9,138
8,994

12,306
12,833
11,730
13,089
13,109

15,547
13,511
12,139
12,302
11,518

48,459
47,049
45,607
48,976
44,390

801,977 ,204,009 813,057 1,004,776
712,153 1,192,649 1,816,290 ,027,899
514,926 1,226,639 1,823,576 1,050,502
254,092 1,232,368 1,876,737 1,044,085
164,
:,763 1,241, 126 1,872,369 1,045,824

825, 532 3,642,083
849,619 3,545,130
872,711 3,504,030
882,441 3,602,505
868,292 3,696,583

708,446 442 ,870
732,232 436 ,531
756,221 459,129
757,397 459 ,582
758,605 464 ,882

10
10

115
215
200
100
200

540
540
540
640
790

35
25
25
25
125

1,708
1,708
1,708
1,708
1,708

380
380
380
380
380

401
401
396
393
392

172
172
172
172
172

140
140
140
140
140

488
488
488

120
120
120
120
120

112
112
112
112
112

120
120
120
120
120

304
304
304
304
304

495
595
580
480
580

941
941
936
1,033
1,182

207
197
197
197
297

140
140
140
140
140

488
488
488
488
488

120
120
120
120
120

137
1,112
112
112
112

120
245
245
245
245

314
314
304
304
304

25
1,000

810
110
30
520

6,538
4,463
10,148
6,198
7,238

Industrial advances:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

11,906
13,955
14,087
13,885
13,749

457
449
949
968
966

611
608
608
608
608

4,488
4,426
4,552
4,208
4,511

850
1,230
1,153
1,278
1,254

675
657
585
585
585

465
435
457
431
397

105
105
104
109
103

2,717,788
2,606,784
2,542,178
2,476,840
2,435,861

200,530
192,440
187,701
182,877
179,830

726,541
693,655
675,520
658,114
647,963

214,330
205,078
199,8,51
194,710
191,602

257,364
246,159
239,855
233,680
229,972

164,836
159,144
155,505
151,523
148,778

121,727
117,128
114,334
111,401
109,472

334,823
322,626
315,062
306,987
301,567

130,076
125,068
122,058
118,926
116,887

79,561
76,150
74,217
72,304
71,147

Notes:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

1,321,314
1,280,314
1,237,485
1,234,885
1,219,

97,491
94,518
91,368
91,180
90,057

353,224
340,
328,834
328,117
324,503

104,201
100,725
97,286
97,075
95,954

125,121
120,898
116,754
116,504
115,172

80,140
78,165
75,700
75,547
74,508

59,180
57,525
55,654
55,539
54,822

162,781
158,456
153,368
153,055
151,026

63,242
61,427
59,414
59,291
58,537

38,682
37,402
36,124
36,051
35,630

Certificates:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

1,079,400
859,665
812,875
796,375
785,875

79,643
63,463
60,019
58,800
58,018

288,554
228,753
216,001
211,602
209,050

85,124
67,631
63,903
62,605
61,816

102,215
81,178
76,695
75,135
74,195

65,467
52,483
49,723
48,719
48,000

48,345
38,626
36,559
35,819
35,319

132,979
106,396
100,743
98,705
97,294

51,661
41,245
39,029
38,238
37,711

Bills:
Jan. 27
Feb. 3
Feb.10
Feb. 17
Feb. 24

610,97'
728,00'
1,126,393
1,287,039
1,489,450

35,058
47,08
51,698
56,923
59,155

101,518
142,224
390,913
548,728
648,883

30,905
34,847
44,321
46,749
57,445

28,276
42,142
48,117
49,948
69,940

28,028
25,586
33,330
38,719
46,513

18,652
21,184
22,724
24,316
30,408

223,554
265,138
396,208
361,409
357,928

38,318
38,004
37,538
36,502
52,055




680,
,007 2,130,788
694,127 560,698 2 ,138,403
2,208,595
70,
724, 366 570,190
,267,515
729,532 586,
733,039 575,728 2,249,146

4,830
2,755
8,440
4,490
5,530

10,398
8,813
13,358
9,43.
11,314

L3O

Dallas

5,298
6,181
6,083
5,958
5,835

Total bills discounted:
Jan. 27
Feb.3
Feb. 10
Feb. 17
Feb. 24

U. S. Government securities, direct and guaranteed:
Bonds:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

San
Francisco

Chicago

Atlanta

88

368
372
402
382
369

125
125
125
125

3,071
3,711
3,711
3,711
3,711

780
1,926
1,530
1,569
1,209

129,184 106,567
123,848 102,319
120,761 99,813
117,657 97,248
115,723 95,615

252,249
243,169
237,501
231,413
227,305

62,808
60,828
58,784
58,659
57,957

51,808
50,253
48,588
48,488
47,886

122,636
119,432
115,611
115,379
113,833

31,598
25,112
23,731
23,248
22,954

51,307
40,843
38,614
37,830
37,335

42,324
33,743
31,916
31,268
30,848

100,183
80,192
75,942
74,406
73,335

15,737
22,615
14,343
15,830
26,886

19,291
25,752
28,616
28,733
41,783

11,698
13,142
15,560
18,695
24,266

59,939
50,283
43,025
60,487
74,188

FEDERAL RESERVE BULLETIN

Federal Reserve Banks—Continued
[In thousands of dollars]
New
York

Boston

Total

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

[Dallas

San
Francisco

U. S. Government securities, direct and guaranteed: Total
Jan. 27
Feb. 3
Feb.10
Feb. 17
Feb. 24

5, 729, 476
5, 474, 767
5, 718, 931
5, 795, 139
5, 931, 071

412, 722
397, 508
390, 786
389, 780
387, 060

469, 837
405, 317
611, 268
746, 561
830, 399

434, 560
408, 281
405, 361
401 139
406 817

512, 976
490, 377
481, 421
475, 267
489, 279

338,471
315,378
314,258
314,508
317,799

247,904
234,463
229,271
227,075
230,021

854,137
852,616
965,381
920,156
907,815

283,297
265,744
258,039
252,957
265,190

165,578
161,279
148,415
147,433
156,617

262,590
251,271
246,775
242,879
252,798

212,397
199,457
195,877
195,699
198,615

535,007
493,076
472,079
481,685
488,661

Total bills and securities:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

5, 751, 780
5, 497, 535
5, 746, 376
5, 818, 459
5, 956, 134

413, 989 476, 986
398, 067 410, 388
391, 735 622, 024
390, 778 753, 367
388, 546 1.' 838, 245

439, 543
413, 302
410, 493
405 827
411, 908

514, 767
492, 548
483, 510
477, 578
491, 715

339,353
316,232
315,040
315,290
318,681

248,509
235,038
229,868
227,646
230,558

854,730
853,209
965,973
920,753
908,406

283,424
265,871
258,166
253,084
265,317

166,034
161,739
148,905
147,903
157,074

263,507
254,309
248,417
244,560
254,119

212,546
199,731
196,151
195,973
198,889

538,392
497,101
476,094
485,700
492,676

Due from foreign banks:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

47
47
47
47
47

3
3
3
3
3

*18
*18
*18
*18
*18

5
5
5
5
5

4
4
4
4
4

2
2
2
2
2

2
2
2
2
2

6
6
6
6
6

1
1
1
1
1

1
1
1
1
1

1
1
1
1
1

4
4
4
4
4

52
48
46
44
45

499
835
537
258
307

971
963
1 011
1 040
663

3 779
2, 637
3, 293
3, 863
5, 756

1
1
1
1
1

230
075
123
202
074

1, 482
1, 127
1, 819
1, 818
2, 108

17,190
15,451
13,436
10,856
10,413

4,294
3,272
4,668
4,010
3,693

4,316
4,140
4,193
4,266
3,560

2,924
3,398
3,287
3,875
3,176

1,318
1,307
747
1,146
1,448

6,551
5,955
6,665
5,384
5,685

1,462
1,404
1,205
1,222
1,111

6,982
7,106
5,090
5.576
6,620

318
363
227
696
521

162
442
729
301
463

126, 484
124 419
122 249
135 098
146,927

Bank premises:
Jan. 27
Feb. 3
Feb.10
Feb. 17
Feb. 24

39
39
39
39
39

256
199
196
195
179

2
2
2
2
2

722
717
717
717
717

Other assets:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

92
90
91
91
90

961
639
025
109
538

6
6
6
6
6

370
251
203
144
155

Total assets:
Jan. 27
Feb. 3
Feb 10
Feb. 17
Feb. 24

28 ,206 ,273
27 ,935 584
28 ,022 197
28 ,566 ,517
28 ,511 901

1,710
1,722
1,684
1,720
1,733

715
576
320
462
887

Federal Reserve notes of
other banks:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Uncollected items:
Jan. 27
Feb. 3
Feb. 10
Feb 17
Feb. 24

1
1
1
1
1

284
296
255
377
363

122
379
171
626
819

77
87
69
103
75

918
841
012
353
932

175, 358
158, 605
135, 414
200, 101
171, 836

91,727
105,558
88,981
117,561
94,437

60,686
67,015
65,656
74,152
58,475

176,063
194,181
171,992
269,138
219,949

62,531
62,331
57,912
73 444
65,026

31,583
26,942
28,936
32,068
34,834

54,097
64,210
61,237
71,083
93,591

46,980
48,064
52,349
68 889
70,108

130,613
127,897
118,820
173,788
126,529

9
9
9
9
9

823
805
805
805
805

4
4
4
4
4

755
743
743
743
743

4, 317
4, 317
4 317
4, 317
4 308

3,040
3,040
3,040
3,040
3,034

1,722
1,722
1,722
1,722
1,722

2,911
2,911
2,911
2,911
2,911

2,110
2,109
2,106
2,105
2,104

1,309
1,307
1,307
1,307
1,307

2,802
2,796
2,796
2,796
2,796

1,054
1,047
1,047
1,047
1,047

2,691
2,685
2,685
2,685
2,685

23,892
23 116
23 350
23 357
23 329

6
6
6
6

7 387

843
867
878
914

9 653
9 424
9 474
9 543
9, 572

5,728
5,594
5,687
5,640
5,630

3,974
3,928
3,900
3,948
3,918

11,219
11,074
11,148
11,213
11,142

4,427
4,381
4,394
4,379
4,275

2,838
2,782
2,788
2,816
2,744

4,565
4,507
4,516
4,518
4,511

3,724
3,567
: 195
3,592
3,588

9,184
9,172
9,203
9,081
8,760

597
496
587
128
735

1,734
1,706
1,718
1,754
1,741

847
458
882
376
702

2 ,518
2 ,483
2 458
2 ,570
2 ,551

638
315
114
098
912

1 ,461,816
1 ,473,776
1 ,476,688
1 ,496,474
1 ,478,021

1 ,063,863 645,952
1 ,070,323 630,608
1,082 087 641,812
1 ,094,285 644,822
1 ,098,504 662,289

1 ,012,370
I ,025,905
1 047 998
1 ,057,874
1 ,093,742

802,774
814,512
824,438
856,936
850,742

2 ,818,654
2 ,782,368
2 ,820,491
2 ,944,349
2 ,886,420

8 ,600
8 ,454
8 ,428
8 ,422
8 ,405

1,144,719 4, 691,328
1,160,596 4, 610,651
1,178,527 4, 660,253
1,193,921 4, 810,792
1,166,660 4, 842,557

Liabilities
Federal Reserve notes in
actual circulation:
Jan. 27
12 ,156 ,645
Feb. 3
12 ,302 ,229
Feb. 10
12 ,395 ,552
Feb. 17
12 ,428 ,930
Feb. 24
12 ,511 ,483

883 ,425
895 ,684
903 ,964
910 ,529
923 ,026

2 ,731 871
2 ,744 518
2 ,761 094
2 ,769 038
2 ,780 ,128

854 ,112
862 ,100
872 ,430
875 ,835
887 ,477

1 ,142
1 ,145
1 ,156
1 ,160
1,171

808
420
027
650
514

779,823
790,294
797,855
795,837
801,086

544,909
567,257
566,372
568,733
566,928

2 434,512
2! 450,362
2, 472,023
2, 479,164
2, 496,671

513,035
521,489
522,392
523,417
524,922

306,482
310,480
311,862
313,064
314,994

425,183
434,563
435,575
435,858
437,654

244,802
260,731
259,772
258,730
260,410

,295,683
1 ,319,331
1 ,336,186
1 ,338,075
1 ,346,673

Deposits:
Member bank—reserve
account:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

13 ,277 ,860
12 ,941 ,69
12 ,746 ,877
13 ,092 ,939
12 ,917 ,205

672 ,744
670 ,102
618 ,102
649 ,363
648 ,155

4 ,803
4 ,788
4 ,574
4 ,616
4 ,553

158
707
416
459
177

696 ,025
656 ,630
663 880
670 547
666 ,640

1 ,076
1 ,044
1 ,016
1 ,086
1 ,057

027
252
543
091
148

543,698
529,671
524,299
533,790
528,018

508,951
499,047
508,905
507,902
495,207

1, 960,817
1 830,352
1 880,358
1 978,029
1, 974,322

450,491
447,230
449,964
451,725
454,694

278,190
259,875
263,592
265,542
265,124

504,605
499,485
512,806
507,904
522,971

485,351
479,471
474,878
496,815
480,106

1 ,297,803
1 ,236,875
1 ,259,134
1 ,328,772
1 ,271,643

122 ,352
48 ,883
280 ,343
188 ,130
258 ,178

42
512
15 ,956
4 ,561
430

114 802
43 170
116 813
53 ,972
66 852

613
527
9 ,787
10 ,343
11 ,265

575
671
19 858
16 838
19 111

618
378
17,762
14,296
13,992

507
218
14,054
15,961
17,241

759
539
22,630
15,359
30,647

267
674
308
602
12,585 13,349
11,549 13,974
19,148 13,931

2,433
1,183
14,263
12,236
37,539

U. S. Treasurer—general
account:
Jan. 27
Feb. 3
Feb. 10
Feb. 17...
Feb. 24..

* Less than $500.
x
After deducting $29,000 participations of other Federal Reserve Banks.

MARCH 1943




538
524
486
289
12,816 10,470
11,318 7,723
12,703 15,319

Federal Reserve Banks—Continued
[In thousands of dollars]

Total

Foreign:
Jan.27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

793,661
793,547
805,906
802,332
801,531

Other deposits:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

387,564
361,972
407,051
356,165
368,971

Total deposits:
Jan. 27
Feb. 3
Feb. 10
Feb.17
Feb. 24

14,581,437
14,146,099
14,240,177
14,439,566
14,345,"""

Deferred
Jan.
Feb.
Feb.
Feb.
Feb.

availability items:
27
1,078,343
1,094,831
3
991,400
10
1,300,361
17
1,254,644
24

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St..
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

23,633 1X37l,065
22,920 1 373,371
23,118 378,392
24,511 ^77,069
26,351 1367,704

66,111
65,781
67,007
66,378
67,528

64,023
63,704
64,891
64,282
65,396

29,924
29,774
30,330
30,045
30,565

24,35
24,235
24,68
24,455
24,879

84,900
84,477
86,051
85,243
86,721

20,877
20,773
21,160
20,961
21,325

15,310
15,234
15,517
15,372
15,638

19,485
19,388
19,749
19,564
19,903

20,87
20,773
21,160
20,961
21,325

53,099
53,117
53,844
53,491
54,196

211,219
136,989
250,258
198,140
201,768

9,762
13,480
6,764
5,362
6,293

61,242
69,522
57,182
55,872
57,821

9,045
16,996
10,268
9,317
9,409

5,499
4,025
4,471
3,449
4,666

6,728
36,305
2,747
3,334
3,470

13,029
15,569
12,685
12,211
14,019

13,483
11,964
10,559
10,460
11,083

3,241
9,060
7,154
8,304
10,92.

3,241
3,560
3,230
4,289
4,376

45,394
40,437
37,929
40,671
39,672

772,511 1,201,867
736,418 178,149
747,438 1,158,474
752, 630 1,223,083
751,726 1,199,476

583,285
576,819
582,659
587,448
581,984

5,681
4,065
3,804
4,756
5,469

702,,100 5 ,500,244
697,,599 5,342,237
660,1,980 5 ,319,879
683,191 5,245,640
680,405 5 ,189,501

539,314 2,053,204
527,525 1,951,673
552,117 1,991,786
551,767 2,081,965
541,993 2,095,160

484,935 307,507
484,058 287,362
496,62. 300,138
496,215 299,097
502,741 307,164

528,005 509,736 1,398,729
528,535 504,112 ,331,612
552,294 512,61 1,365,170
547,321 536,039 1,435,170
572,947 519,738 1,403,050

98,219
102,074
92,030
99,226
102,753

234,949
233,402
212,511
271,380
299,525

72,512
72,321
63,131
89,808
66,207

137,644
123,218
106,805
149,296
143,610

81,561
89,332
78,742
95,559
77,240

46,206
51,425
45,549
58,928
43,160

153,190
157,909
145,309
198,306
199,062

53,489
52,198
50,367
61,900
57,952

21,767
22,499
19,464
22,241
29,624

47,154
50,600
47,805
62,298
70,619

36,158
37,477
39,832
49,823
57,880

95,494
102,376
89,855
141,596
107,012

3,833
3,464
4,147
4,404
4,921

527
597
583
562
603

533
549
737
930
910

547
261
372
384
563

387
297
393
398
477

399
391
390
449
433

195
155
180
195
211

478
460
653
567
674

135
102
138
87
119

165
149
167
160
190

182
219
227
340
349

154
141
95
125
158

131
143
212
207
234

27,820,258
27,546,623
27,631,276
28,173,261
28,116,933

,684,271
,695,954
,657,557
,693,508
,706,787

8,467,597
8,320,706
8,294,221
8,286,988
8,270,064

,699,682
,671,100
,683,371
,718,657
,705,973

,482,706
,447,084
,421,699
,533,427
,515,077

,445,068
,456,836
,459,646
,479,293
,460,743

,130,624
,146,362
,164,218
,179,623
,152,292

4,641,384
4,560,404
4,,609,771
4,760,002
4,791,567

,051,594 635 ,921
,057,847 i20,490
,069,522 631,631
,081,619 34,562
,085,734 651,972

,000,524
,013,917
,035,901
,045,817
,081,569

790,
',850
302,461
312,316
344,717
338,186

2,790,037
2,753,462
2,791,423
2,915,048
2,856,969

Capital accounts
Capital paid in:
Jan. 27
Feb. 3
Feb.10
Feb. 17
Feb. 24

146,765
146,721
146,772
146,813
146,822

9,523
9,523
9,523
9,529
9,529

53,680
53,674
53,685
53,681
53,672

11,739
11,686
11,687
11,687
11,688

15,206
15,206
15,216
15,233
15,235

5,920
5,927
5,927
5,929
5,932

5,232
5,238
5,238
5,233
5,234

16,386
16,375
16,387
16,400
16,406

4,578
4,584
4,583
4,586
4,587

3,151
3,153
3,158
3,161
3,163

4,775
4,780
4,787
4,788
4,788

4,475
4,475
4,475
4,475
4,476

12,100
12,100
12,106
12,111
12,112

Surplus (section 7):
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

160,411
160,411
160,411
160,411
160,411

11,160
11,160
11,160
11,160
11,160

58,001
58,001
58,001
58,001
58,001

15,670
15,670
15,670
15,670
15,670

14,767
14,767
14,767
14,767
14,767

5,236
5,236
5,236
5,236
5,236

5,725
5,725
5,725
5,725
5,725

22,925
22,925
22,925
22,925
22,925

4,966
4,966
4,966
4,966
4,966

3,221
3,221
3,221
3,221
3,221

3,613
3,613
3,613
3,613
3,613

4,083
4,083
4,083
4,083
4,083

11,044
11,044
11,044
11,044
11,044

Surplus (section 13b):
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

26,829
26,829
26,829
26,829
26,829

2,874
2,874
2,874
2,874
2,874

7,070
7,070
7,070
7,070
7,070

4,393
4,393
4,393
4,393
4,393

1,007
1,007
1,007
1,007
1,007

3,244
3,244
3,244
3,244
3,244

717
717
717
717
717

1,429
1,429
1,429
1,429
1,429

530
530
530
530
530

1,000
1,000
1,000
1,000
1,000

1,137
1,137
1,137
1,137
1,137

1,307
1,307
1,307
1,307
1,307

2,121
2,121
2,121
2,121
2,121

Other capital accounts:
Jan. 27
Feb. 3
Feb- 10
Feb. 17
Feb. 24

52,010
55,000
56,909
59,203
60,906

2,887
3,065
3,206
3,391
3,537

14,249
15,045
15,610
16,388
16,928

3,363
3,609
3,761
3,969
3,978

4,952
5,251
5,425
5,664
5,826

2,348
2,533
2,635
2,772
2,866

2,421
2,554
2,629
2,623
2,692

2,195
2,396
2,486
2,584
2,687

2,659
2,744
2,802
2,878
2,933

2,321
2,458
2,560
2,519
2,635

2,059
2,186
2,257
2,354
2,420

3,352
3,641
3,797
4,025
4,174

Total liabilities and capital
accounts:
28,206,273 1,710, 715 8,600,597
Jan. 27
27,935,584 1,722, 576 8!,454,496
Feb. 3
28,022,197 1,684, 320 8,428,587
Feb. 10
28,566,517 1,720, 462 8 ,422,128
Feb. 17
28,511,901 1,733 887 8,405,735
Feb. 24

1,734,847
1,706
1,718,882
1,754,
1,741,702

2,518,638
483,315
2,458,114
,570,098
2,551,912

1,596
1,594
1,441
1,679
2,175

330
446
515
384
398

Other liabilities, including
accrued dividends:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
:
Feb- 24
Total liabilities:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

9,204
9,518
9,741
10,036
10,230

,691,328 1 ,063,863 645,952 1,012,370 802,774 2,818,654
1,461,816 1,144,
473,776 1,160,596 4,610,651 1,070,323 630,608 1,025,905 814,512 2,782,368
1,476,688 1,178,527 4,660,253 1,082,08' 641,81 1,047,998 824,438 2,820,491
1,496,474 1,193,921 4,810,792 1,094,285 644,822 1,057,874 856,936 2,944,349
.2,289 1,093,74: 850,472 2,886,420
,478,021 1,166,660 4,842,557 1,098,504 662

Commitments to make industrial advances:

Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

12,170
10,314
10,617
10,763
11,573

119
114
114
92
92

211
39
39
39
39

1,006
1,006
1.00J
1,005
1,005

118
118
118
150
113

1,633
1,627
1,627
1,702
1,702

2,296
1,150
,546
1,506
1,866

4,861
4,220
4,212
4,206
4,183

1

After deducting $421,924,000 participations of other Federal Reserve Banks on Jan. 27; $419,393,000 on Feb. 3; $426,625,000 on Feb. 10; $423,679,000
on Feb. 17; and $430,467,000 on Feb. 24.

z3i




FEDERAL RESERVE BULLETIN

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]

Federal Reserve Notes:
Issued to F. R. Bank by
F. R. Agent:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Held by Federal Reserve
Bank:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
In actual circulation:1
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Collateral held by agent as
security for notes issued to
bank:
Gold certificates on hand
and due from U. S.
Treasury:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Eligible ]aaper:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
U. S. Gov't. securities:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Total collateral:
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
1

System

Boston

New
York

Philadelphia

Cleveland

Richmond

12 ,710 ,200
12 ,780 ,477
12 ,861 ,069
12 ,926 ,993
13 ,017 ,248

914 ,462
925 ,158
931 ,794
941 ,140
952 ,264

2 ,891 ,486
2 ,891 ,635
2 ,892 ,843
2 ,899 ,340
2 ,906 ,206

876 ,259
880 ,357
889 ,909
897 ,313
909 ,407

1 ,176 ,706
1 ,182 ,254
1 ,188 ,577
1 ,194 ,794
1,207 ,752

826 ,867
830 ,956
834 ,416
833 ,534
835 ,964

553 ,555
478 ,248
465 ,517
498 ,063
505 ,765

31 ,037
29 ,474
27 ,830
30 ,611
29 ,238
2
2
2
2
2

313,510
315,594
318,827
320,102
322,630

440,031
445,610
444,429
447,619
450,678

279,848
280,980
281,431
285,981
288,582

1 ,386,885
1 ,392,051
1 ,411,814
1 ,422,813
1,430,302

36 ,916
41 ,385
42 ,389
43 ,616
42 ,893

044
662
561
697
878

46 ,488
29 ,956
36 ,350
39 ,476
53 570

731
744
761
769
780

871
518
094
038
128

1,142
1 145
[ 156
160
171

808
420
027
650
514

779
790
797
795
801

823
294
855
837
086

544 909
567 257
566 372
568
566!928

2,434
2,450
2,472
2,479
2! 496

565
575
575
590
600

2 500 000
2! 500 000
2,530 000
2,560 000
2,560 000

868 000 915 000 795
888 000 2 915, 000 795
896 000 915, 000 795
906,000 2 915, 000 820
916,000 915, 000 820

000
000
000
000
000

918, 810
938, 110
946, 000
956, 030
966, 520

541 ,321
546 ,922
546 895
553 368
553 401

47
40
36
37
34

000
000
000
000
500

2, 864 815
2, 925, 105
2, 992, 665
3, 108, 645
3, 141, 875

2,471 ,428
2,491 ,747
2,514 ,412
2,522 ,780
2,539 ,564

898
834
550
144
238

474
526
589
709
740

50, 000
50, 000
50 000
50, 000
50 000

591 ,397
597 ,213
602 ,722
608 ,209
620 ,498

33
36
32
34
36

112
100
430
835
477

385, 000
395, 000
395, 000
395, 000
395, 000

San
Francisco

147
257
479
478
930

854
862
872
875
887

30
520

Dallas

22
18
17
21
21

883 ,425
895 684
903 964
910 529
923 026

810
110

Minne- Kansas
apolis
City

615
117
749
302
078

645
229
552
930
483

5 815
4, 105
8, 665
4, 645
6, 375

St.
Louis

159
147
131
130
126

12 ,156
12 302
12 395
12 428
12 511

12
12
12
12
12

Chicago

Atlanta

4, 830
2, 755
8 440
4, 490
5, 530

919, 830
917, 755
923, 440
919, 490
920, 530

180 000
190 000
190 000
200 000
210,000

727 000
727! 000
727, 000
727, 000
727 000

115
215
200
100
200

35
25
25
25
125

100, 000
100, 000
100, 000
100, 000
100, 000

125, 000
125, 000
125 000
125,' 000
125, 000

895, 115
895, 215
895, 200
920, 100
920, 200

180, 000
190, 000
190, 000
200,000
210,000

852 035
852^ 025
852. 025
852, 025
852, 125

000
000
000
000
000

512
362
023
164
671

28
25
24
29
28

286
433
503
951
479

7,028
5,114
6,965
7,038
7,636

14,848
11,047
11,854
11,761
13,024

35,046
20,249
21,659
27,251
28,172

91,202
72,720
75,628
84,738
83,629

513
521
522
523
524

035
489
392
417
922

306,482
310,480
311,862
313 064
314',994

425,183
434,563
435,575
435 858
437!654

244,802
260,731
259,772
258,730
260,410

,295,683
,319,331
,336,186
,338 075
,346',673

480 000
480 000
480,000
480 000
480 000

315 000
320!000
320 000
325,000
325,000

440 000
445!000
450,000
450,000
450,000

285,000
287,000
287,000
292,000
293,500

,404,000
,404!000
,424,000
,444,000
,444,000

285,000
287,000
287,000
292,000
293,500

404 000
404 ,'000
424,000
444,000
444,000

25
1,000

30
30
30
30
30

75 000
85, 000
85 000
85! 000
85, 000

000
000
000
000
000

595 000
605! 000
605, 000
620, 000
630 000

2,500 000
2 ,'500 000
,530, 000
,560, 000
,560,000

555, 000
565! 000
565, 000
565, 000
565, 000

5,000
5,000
5 000
5! 000
5,000
315 000
320!000
320,000
325,000
325,000

445,025
451 ,'000
455,000
455,000
455,000

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 dav of
period)
1934
1935
1936
1937
1938
1939
1940

ApAdCommitproved
ments
vances
but not
outoutcom2
1 standing standing
pleted
Amount (amount) (amount) (amount)

Applications
approved
Number
984
1,993
2,280
2,406
2,653
2,781
2,908

49,634
124,493
139,829
150,987
175,013
188,222
212,510

20,966
11,548
8,226
3,369
1,946
2,659
13,954

13,589
32,493
25,526
20,216
17,345
13,683
9,152

8,225
27,649
20,959
12,780
14,161
9,220
5,226

Participations
outstanding
(amount)

WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]

Date

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
Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 30
Dec. 31

3,224
3,241
3,261
3,300
3,337
3,352
3,376
3,388
3,394
3,399
3,415
3,423

281,617
292,905
297,945
313,660
325,507
338,822
344,770
352,675
364,916
377,306
393,679
408,737

7,612
15,751
17,698
18,473
22,480
26,346
22,323
12,024
8,199
7,536
5,430
4,248

9,752
9,227
9,312
10,699
11,464
11,265
12,619
14,833
15,882
14,934
15,465
14,126

14,272
14,921
14,364
11,673
14,378
16,832
15,989
16,720
12,187
11,572
10,876
10,661

19,388
19,924
19,086
22,710
23,384
26,430
25,284
25,295
23,180
20,983
18,880
17,305

1943
Jan. 30

3,432

434,638

6,672

12,897

12,160

23,915

Number

MARCH 1943




Amount

1942
C1)

C1)

May 31

282

100,290

June 30

565

310,680

932

509,012

151,154

131,097

158,340

1,329

705,842

294,720

244,532

206,609

July 31

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.

Additional
Guaranteed loans
amount
outstanding
available to
borrowers
under guarPortion antee agreeTotal
ments
guaranamount
outstanding
teed

Guaranteed loans
authorized

August 31

81,108

137,888

69,674

427,918

September 30

1,658

944,204

October 31

2,023

2,227,704

r

527,186

r

439,989

r

November 30

2,327

2,367,297

r

644,558

r

520,869

r

1,383,394

r

632,474

r

l,430,121

December 31

2,665

2,688,397 '"803,720

1943
January 31..

2,961

2,999,731

973,930

356,677

768,111

230,720
l,308,168

1,440,733

T
Revised.
1
Not available.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and amounts available to borrowers under guarantee
agreements outstanding represents amounts repaid, guarantees available
but not completed, and authorizations expired or withdrawn.

2-33

MEMBER BANK RESERVE BALANCES BY CLASSES OF B A N K

RESERVE P O S I T I O N OF MEMBER BANKS, JANUARY, L943
[Averages of daily figures. In millions of dollars]
Gross
demand
deposits

Classes of banks
and districts

Net
deTime
mand
de :
deposits
posits 1

[Averages of daily figures.

Reserves with
Federal Reserve
Banks
Required

Total reserves held:
1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January
Week ending (Friday):
1943—Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb.12
Feb.19
Excess reserves:
1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January
Week ending (Friday):
1943—Jan. 8
Jan. 15
Jan 22
Jan. 29
Feb. 5
Feb. 12
Feb. 19

64,654 55,710 12,936 11,212 13,344 2,132
All member banks
Central reserve city banks:
20,727 19,852
751 4,015 4,352
337
New York
4,589 4,244
876
898
22
Chicago
455
Reserve city banks:
Boston district
New York district
Philadelphia district

1,782
394
1,955

1,650
344
1,749

88
145
128

335
78
357

388
86
421

52
8
64

Cleveland district
Richmond district
Atlanta district

3,038
1,429
1,492

2,590
1,221
1,203

709
245
180

560
259
251

737
332
305

177
73
54

Chicago district
St. Louis district.
Minneapolis district

2,936
1,580
781

2,394
1,352
668

804
173
84

527
281
139

651
313
154

124
32
15

Kansas City district
Dallas district
San Francisco district . . .

1,912
1,468
4,805

1,440
1,100
4,145

160
131
2,251

298
228
964

356
307
1,139

59
80
175

23,570

19,854

5,097

4,277

5,190|

913

Country banks:
Boston district
New York district
Philadelphia district

1,649
2,557
1,173

1,350
2,146
946

593
1,571
856

225
395
184

297
528
255

72
134
71

Cleveland district
Richmond district
Atlanta district

1,322
1,294
1,253

985
919
869

771

418
280

184
154
138

287
206
202

103
52
63

Chicago district
St. Louis district
Minneapolis district

1,958
883
679

1,432
612
500

949
266
305

257
102
88

388
146
121

130
44
33

Kansas City district
Dallas district
San Francisco d i s t r i c t . . .

972
1,175
852

632
772
596

164
97
362

98
114
105

144
183
148

46
69
43

15,769 11,760

6,632

2,044

2,905

860

Total

,

...

Total

Central reserve
city banks

Reserve
city
banks

Country
banks 1

1,085
1,086
1,157
1,140
1,049
979
1,000
1,009
944
834
859
877
898

4,365
4,356
4,279
4,293
4,325
4,448
4,447
4,574
4,676
4,711
4,990
5,122
5,190

2,238
2,199
2,204
2,188
2,265
2,338
2,353
2,423
2,529
2,597
2,684
2,850
2,905

4,504
4,368
4,253
4,261
4,202
4,002
3,973

884
892
886
908
891
875
877

5,048
5,192
5,203
5,284
5,132
5,061
5,190

2,953
2,875
2,888
2,927
2,918
2,896
2,944

3,446
3,309
3,147
2,951
2,667
2,704
2,237
2,248
2,300
2,328
2,362
2,376
2,132

1,083
1,071
962
795
546
556
269
286
302
557
455
416
.337

225
204
255
262
178
89
64
60
73
27
45
35
22

1,330
1,279
1,190
1,175
1,171
1,232
1,105
1,091
1,069
921
1,035
1,020
913

809
755
740
718
772
827
799
812
857
823
827
904
860

2,182
2,106
2,025
2,139
1,841
1,641
Pi,781

443
338
272
280
187
82
98

15
16
11
26
12
12
15

805
911
907
960
806
744
818

919
841
835
874
836
803

All
member
banks 1

Excess

Held

In millions of dollars]

New
York

Chicago

12,936
12,908
12,827
12,649
12,510
12,624
12,409
12,623
12,299
12,234
12,618
13,152
13,344

5,248
5,266
5,188
5,028
4,870
4,859
4,609
4,616
4,150
4,093
4,086
4,303
4,352

13,389
13,327
13,230
13,380
13,143
12,834
12,984

P851

p
Preliminary.
1
Weekly figures of excess reserves of all member banks and of country
banks are estimates.

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 . 228 for percentages of deposits required to be held
as reserves.

DEPOSITS OF MEMBER BANKS I N LARGER A N D SMALLER CENTERS
[Averages of daily figures. In millions of dollars]

Federal Reserve district

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City..
Dallas.....
San Francisco.
Total..
1

Gross demand

Time
Dec.

3,354
22,891
3,047
4,200
2,666
2,580
9,109
2,354
1,407
2,790
2,533
5,461

680
2,468
984
1,480
663
459
2,208
439
389
324
228
2,613

670
2,416
967
1,456
656
453
2,151
435
382
321
228
2,561

62,392

12,936

12,695

Dec.

3,431
23,678
3,128
4,360
2,722
2,745
9,482
2,463
1,460
2,885
2,643
5,657
64,654

Jan.

Dec.

Jan.

3,215
2,427
2,669
3,847
2,316
2,431
X
4,152
1,934
1,126
2,212
2,003
5,387

,3,147
X
2,289
2,605
3,716
2,268
2,291
X
3,967
1,855
1.090
2,158
1,919
5,194

557
1,173
530
1,112
445
369
1
1,372
314
206
211
187
2,489

^2,500

^,965

2

X

33,719

Gross demand

Time

Gross demand

Jan.

Jan.

Member banks in smaller centers
(places under 15,000)

Member banks in larger centers
(places over 15,000)

All member banks

1

Jan.

Dec.
548

H.isi
518
1,094
440
363
1
1,324
311
201
210
185
2,435

^so

Dec.

Time

Jan.

Dec.

215
523
459
513
407
314
742
529
334
673
640
270

207
498
442
483
398
289
705
499
317
632
614
266

124
544
454
368
218
91
381
124
183
113
41
123

123
536
449
362
216
89
374
124
180
111
43
126

5,619

5,351

2,764

2,734

Excluding central reserve city banks, for which figures for latest month are shown in table above.

^34




FEDERAL RESERVE BULLETIN

K I N D S OF MONEY I N C I R C U L A T I O N
[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of month

Gold
certificates

Total

Silver
dollars

Silver
certificates

Treasury
notes
of 1890

Subsidiary
silver

United
States
notes

Minor
coin

Federal
Reserve
Bank
notes

Federal
Reserve
notes

1941—December.

11,160

61

60

1,733

481

209

313

8,138

19

1942—January...
February..
March
April
May.......
July
August....
September
October...
November.
December.

11,175
11,485
11,566
11,767
12,074
12,383
12,739
13,200
13,703
14,210
14,805
15,410

61
61
60
60
60
59
59
59
59
59
58
58

61
61
62
64
65
66
67
69
71
73
74
76

1,657
1,695
1,697
1,707
1,745
1,754
1,764
1,786
1,754
1,704
1,731
1,751

471
475
482
488
496
504
510
521
537
551
565
575

206
206
208
209
211
213
215
218
222
225
227
228

302
309
307
309
316
317
315
321
324
326
327
317

8,253
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
19
18
18
18
18
r
188

1943—January...

15,590

58

77

1,700

567

226

312

12,152

362

June

National
bank
notes
144
143
143
142
141
140
139
138138
137
136
136
r
135

r
Revised.
Back figures—Set Annual Report tor 1937 (table 35).

PAPER CURRENCY, BY D E N O M I N A T I O N S , A N D C O I N I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation 1

Total

Coin

$13

$2

$5

$10

$20

11,160

8,120

751

695

44

1,355

2,731

2,545

11,175
1942—January
11,485
February
11,566
March
11,767
April
12,074
May
12,383
June
12,739
July
13,200
August
September.. . . 13,703
14,210
October
November
14,805
15,410
December

8,053
8,326
8,396
8,560
8,841
9,083
9,398
9,795
10,207
10,629
11,122
11,576

738
743
752
757
771
783
793
809
830
848
867
880

656
668
673
680
696
704
712
731
754
764
782
801

42
42
42
43
44
45
45
48
50
51
53
55

1,309
1,344
1,351
1,362
1,402
1,427
1,464
1,517
1,555
1,597
1,647
1,693

2,713
2,825
2,834
2,898
3,004
3,099
3,234
3,379
3,532
3,684
3,887
4,051

15,590

11,665

869

in

54

1,678

4,107

End of month

1941—December

1943—January

Coin and small denomination currency 2

Large denomination currency 2

Unassorted 2

Total

$50

$100

3,044

724

1,433

261

556

24

46

4

2,595
2,704
2,744
2,820
2,924
3,024
3,149
3,310
3,487
3,686
3,885
4,096

3,126
3,163
3,174
3,204
3,235
3,301
3,343
3,409
3,500
3,584
3,686
3,837

745
767
779
792
801
824
840
868
904
940
972
1,019

1,481
1,511
1,528
1,549
1,566
1,602
1,628
1,663
1,715
1,762
1,824
1,910

265
266
268
268
260
262
263
266
268
274
278
287

566
565
561
558
570
576
574
575
576
570
575
586

24
21
9
9
9
8
8
8
9
9
9
9

46
33
29
29
28
29
30
29
29
30
28
25

4
4
5
1
1
2
2
4
4
3
3
3

4,183

3,928

1,047

1,962

293

592

10

25

3

$500

$1,000 $5,000 $10,000

1

Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Backfigures.—SeeAnnual Report for 1937 (table 36).
STOCK OF U N I T E D STATES MONEY, JANUARY 3 1 , 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

3

22,683
20,578
12,741
4
3,830

20,578

547
1,516
1,968
608
234
347
442
136

452
1,516

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—Jan. 31, 1943
Dec. 31, 1942
Jan. 31, 1942...

As security
against gold
and silver
certificates

2

55"
39

17JO5

16
20
2

h(5)

3

Z

3

Z

3

3

22,547
22,586
22,548

Money held
by Federal
Reserve
Banks and
Agents

Money in
circulation 1

2,815
533
411

58
12,152
3,379

2,105

1,968"

3

39,253
39,047
34,703

Treasury
cash

For Federal
Reserve
Banks and
Agents

4

2,199
2,193
2,196

17,705
17,738
17,718

3

77

267
22
6
33
80
1

1,701
567
226
312
362
135

3,760
3,706
3,615

15,590
15,410
11,175

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 227.
2
Includes $1,800,000,000 Exchange Stabilization Fund, $143,622,732 balance of increment resulting from reduction in weight of the gold dollar, and
$156,000,000 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 page 227.
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.

MARCH 1943



POSTAL SAVINGS SYSTEM
[In millions of dollars]

ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]

Period

19342
1935
1936
1937
1938
1939
1940
1941
1942

.

1942—January
February....
March
April
May

June
July

August
September...
October
November...
December
1943—January .

Gold
stock
at end
of period

Assets

Earmarked DomesNet gold gold: de- tic gold
crease
producimport
or intion1
crease ( - )

Increase
in gold
stock

8,238
10 125
HI, 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

22,747
22,705
22,687
22 691
22 714
22,737
22,744
22,756
22,754
22,740
22,743
22,726

10.6
-42.4
-17.3

22,683

-43.3

82.6

1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4

-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
126.3

-38.5
-109.3
-65.5
-20.1
-38.2
-14.8
-24.4
-21.8
-27.8
-56.4
-10.8
-31.0

14.7
10.0
11.0
11.1
10.8
10.1
12.3
9.8
11.5
11.7
7.5
5.9

.2

3.3

23.6
22.3
7.6
11.4
-1.3
— 14.3
3.3
-17.2

5

—76.1

1
Annual figures through 1941 are estimates of the United States Mint.
Annual and monthly figures for 1942 are those published i^ table on page
273, 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 2,749.9 million dollars on Jan, 30, 1943.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).

BANK SUSPENSIONS*
Total,
all
banks
Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943—January

57
34
44
59
55
42
22
8
9

Deposits of suspended banks3
(in thousands of dollars):
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943—January

36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
1,702

Member
banks
National
1
4
1
4
1
4
1
4

Depositors'
balances 1 Total

U. S. Government
Cash
securities
in depository
Di- Guaranbanks Total rect
teed

Cash
reserve
funds
etc. 2

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
: ,236
,237
,265
,296
,307
,308
,290
,291
,304
1,319
,337
1,348
L,356
1,396

695
540
385
287
203
145
136
130
115
86
68
53
43
36
30
26

453
597
777
853
967
L,058
,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
L,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—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

1,310
1,307
1,305
1,306
1,307
1,316
1,329
1,344
1,358
1,377
?1,397
P
1,415

1,421
L,444
1,463
1,483
1,504
1,525
1,554
1,575
1,415
1,429

25
25
25
25
24
24
21
20
19
18

1,274
1,274
1,272
1,272
1,272
1,272
1,271
1,271
1,267
1,266

1,128
1,128
[,126
1,126
1,126
1,146
1,146
1,146
1,141
1,140

146
146
146
146
146
126
126
126
126
126

122
145
166
186
208
229
262
283
129
146

1943__j an

^1,445

1934—June...'
Dec
1935—June
Dec
1936—June
Dec
1937—June
Dec
1938—June
Dec
1939—June..
Dec
1940—June
Dec
1941—June
Dec

v
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.
Back figures.—See BULLETIN for August 1935, pp. 501-502.

Nonmember
banks

State

Insured 2
8
22
40
47
47
25
18
3
6

48
g
3
6
6
10
3
1
3

40
1,912
5,313
3,763
507
10,207
7,379 "i,'708' 10,156
36
211 11,721
1,341 24,629
6,589
256
5,341
3,144
503
1,375

34,985
939
592
480
1,044
2,439
346
79
327

2
1
3

BANK DEBITS
Debits to deposit accounts except interbank accounts
[In millions of dollars]

m Not
insured

1
Represents banks which, during the periods shown, closed temporarily
or permanently on account of financial difficulties; does not include banks
whose deposit liabilities were assumed by other banks at the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
loans).
2
Federal deposit insurance became operative Jan. 1, 1934.
3
Deposits of member banks and insured nonmember banks suspended are
as of dates of suspension, and deposits of noninsured nonmember banks
are based on the latest data available at the time the suspensions were
reported.
Back figures.—See Annual Report for 1937 (table 76).




_ End of 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—January
February....
March
April
,
May
June
July
August
September...
October
November
December
1943—January

48,605
41,545
49,161
46,613
48,342
50,107
50,087
49,179
52,712
55,056
50,673
r
64,991
54,779

17,247
14,242
17,056
16,023
16,985
17,394
17,110
17,051
18,593
18,323
17,016
23,921
19,877

Year and month

27,028
4,330
23,543
3,760
27,764
4,341
26,451 . 4,138
27,241
4,116
28,292
4,421
28,505
4,472
27,847
4,282
29,530
4,589
31,627
5,105
29,040
4,616
r
35,562
5,508
30,263
4,639

r
Revised.
1 National series, for which bank debit figures are available beginning
with
1919.
2
Except that 1929 figure is for 128 centers only.
Back figures.—Annual Report for 1937, page 157. Annual totals, beginning with 1919, by Federal Reserve districts and for individual centers, are
available for distribution and will be furnished upon request.

FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such
private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935,
private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of
private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p . 883, and July 1936, p. 535.
pri
Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.
Fi

DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
[In millions of dollars]

N U M B E R OF B A N K S
Nonmember
banks

Me mber bar ks 2
Call date

Member banks 2

National

State

Mutual
savings
banks

Other
nonmember
banks

Call date

Total

Total

All
banks

Nonmember
banks

Total

National

State

Mutual
savings
banks

Other
nonmember
banks

1929—June 29
Dec. 31

25,110
24,630

8,707
8,522

7,530
7,403

1,177
1,119

611
609

15,792
15,499

1929—June 29
Dec. 31

53,852
55,289

32,284
33,865

19,411
20,290

12,873
13,575

8,983
8,916

12,584
12,508

1933—June 30
Dec. 30

14,519
15,011

5,606
6,011

4,897
5,154

709
857

576
579

8,337
8,421

1933—June 30
Dec. 30

37,998
38,505

23,338
23,771

14,772
15,386

8,566
8,385

9,713
9,708

4,946
5,026

1938—June 30
Dec. 31

15,287
15,206

6,338
6,338

5,242
5,224

1,096
1,114

563
556

8,386
8,312

1938—June 30
Dec. 31

52,195
54,054

34,745
36,211

22,553
23,497

12,193
12,714

10,296
10,365

7,153
7,478

1939—June 30
Dec. 30

15,082
15,037

6,330
6,362

5,203
5,187

1,127
1,175

553
552

8,199
8,123

1939—June 30
Dec. 30

55,992
58,344

38,027
39,930

24,534
25,661

13,493
14,269

10,521
10,613

7,444
7,801

1940—June 29
Dec. 31

14,953
14,895

6,398
6,486

5,164
5,144

1,234
1,342

551
551

8,004
7,858

1940—June 29
Dec. 31

60,582
65,021

42,039
46,007

26,931
29,214

15,108 310,631
16,793 10,658

37,912
8,356

1941—Apr. 4
June 30
Sept. 24
Dec. 31

14,871
14,855
14,852
14,825

6,528
6,556
6,596
6,619

5,138
5,130
5,125
5.117

1,390
1,426
1,471
1,502

550
547
546
545

7,793
7,752
7,710
7,661

1941—Apr. 4
June 30
Sept. 24
Dec. 31

65,211
67,172
68,449
70,792

46,179
48,076
49,160
51,192

29,467
30,684
31,500
32,672

16,712
17,392
17,660
18,520

10,684
10,641
10,643
10,525

8,347
8,456
8,646
9,075

1942—June 30

14,773

6,647

5,101

1,546

544

7,582

1942—June 30 5

72,382

53,434

34,036

19,397

10,387

8,562

For footnotes see table below.

For footnotes see table below.

LOANS AND INVESTMENTS
[ In millions of dollars]
Member banks2

All banks

Nonmember banks
Mutual savings banks

Call date
Total

Loans

Investments

Total

Loans

Investments

Total

Other nonmember banks

Loans

Investments

Total

Loans

Investments

1929—June 29
Dec. 31

58,474
58,417

41,531
41,918

16,943
16,499

35,711
35,934

25,658
26,150

10,052
9,784

9,556
9,463

5,892
5,945

3,664
3,518

13,207
13,020

9,981
9,823

3,227
3,197

1933—June 30
Dec. 30

40,076
40,319

22,203
21,977

17,872
18,342

24,786
25,220

12,858
12,833

11,928
12,386

10,044
9,985

5,941
5,906

4,103
4,079

5,246
5,115

3,404
3,238

1,841
1,877

1938—Junef30
Dec. 314

47,381
48,929

21,130
21,354

26,252
27,575

30,721
32,070

12,938
13,208

17,783
18,863

10,196
10,255

4,961
4,930

5,235
5,325

6,465
6,604

3,231
3,217

3,234
3,387

1939—June 30
Dec. 30

49,616
50,885

21,318
22,169

28,299
28,716

32,603
33,941

13,141
13,962

19,462
19,979

10,342
10,314

4,931
4,961

5,411
5,353

6,671
6,630

3,245
3,246

3,425
3,384

1940-June~29
Dec. 31

51,335
54,188

22,341
23,741

28,995
30,448

34,451
37,126

13,969
15,321

20,482
21,805

310,188
10,248

4,926
4,959

5,262
5,289

36,696
6,815

3,445
3,461

3,251
3,353

1941—Apr. 4
June 30
Sept. 24
Dec. 31

56,147
57,945
59,296
61,098

24,322
25,312
26,187
26,616

31,825
32,633
33,109
34,483

38,983
40,659
41,943
43,521

15,878
16,729
17,546
18,021

23,104
23,930
24,397
25,500

10,276
10,314
10,348
10,372

4,954
4,955
4,949
4.903

5,322
5,360
5,399
5,470

6,889
6,972
7,005
7,205

3,490
3,628
3,692
3,692

3,399
3,344
3,313
3,513

1942—June 30 5

63,976

25,078

38,897

46,800

16,928

29,872

10,353

4,819

5,534

6,822

3,331

3,492

1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that
date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank
abstracts.
2 Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana.
3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior
to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember b a n k s " column.
4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respectively.
5
Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942.
NOTE.—Beginning with the April 4, 1942 call, spring and fall figures are not being compiled for "All banks."
Back figures—See Annual Report for 1937 (tables 48-49).

MARCH

1943




CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollarsj
Investments 1

Loan si

Call date

Total
loans
and
investments

Commer- Agricial
culand
turndusal 2
trial 2
j. i &

Total 1

i

i

U. S. Government obligations

Loans for
purchasing
or carrying
3pen
marTo
ket
paper brokers
and
dealers

To
others 3

Direct
Real Other
state loans 4
oans

Total
Total
Bills

Certificates
of
in- Notes
debtedness

Obligations
of
States
Other
and
Guar- politi- securities
ancal
Bonds teed
subdivisions

Total—All
Member Banks
1929—Dec.
1933—June
1939—Dec.
1940—June
Dec.
1941—June
Dec.
1942—Apr.
June
Dec.

35,934
31
30
24,786
30
33,941
29
34,451
37,126
31
30
40,659
31
43,521
4
44,287
30 . . . . 46,800
3 1 * . . . . 59,234

New York
Cityt>
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 p

26,150
12,858
13,962
13,969
15,321
16,729
18,021
17,834
16,928
16,062

5^386' "730"
5,538
736
6,204
865
7,270
738
8,064
972

583 2,463 7,685 3,191 12,229 9,784 3,863
97
595
953 3,752 2,372 5,187 11,928 6,887
554
455
790
700 2,957 2,944 19,979 4,328
563
450
447
668 3,069 3,062 20,482 4,722
797
456
652 3,228 3,273 21,805 5,823
652
642
537
575
635 3,365 3,609 23,930 8,078 1,127
607
594
598 3,494 3,692 25,500 9,539
971
26,453 20,449
495 "554'
562 3,501 3,203 29,872 24,098 1,509
43,173 37,544

7^888

726

1,768
1,801
2,025
2,405
2,716

• y
6
6
3
8

2,775

9

66

"430

"365
417
476
609
711

"6
8
5
5
6

19
69
17
16
17
21
21

697

3

15

195 1,257
364
759
120
611
103
320
100
465
97
422
91
412

8,774
7,133
9,339
9,829
10,910
12,493
12,896
13,123
14,019
17,957

6,683
3,424
3,296
3,014
3,384
3,778
4,072
4,173
4,066
4,116

City of
Chicago^
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 3 1 . . . .
1942—Apr. 4
June 30
Dec. 3 1 p . . .

1,757
1,287
2,105
2,205
2,377
2,707
2,760
2,806
3,116
3,973

1,448
677
569
603
696
846
954
923
906
832

Reserve City
Banks
1929—Dec. 3 1 . . . .
1933—June 3 0 . . . .
1939—Dec. 3 0 . . .
1940—June 2 9 . . . .
Dec. 3 1 . . .
1941—Tune 30... .
Dec. 3 1 . . . .
1942—Apr. 4 . . . .
June 30 ...
Dec. 3 1 p . . .

12,029
8,492
12,272
12,160
13,013
14,013
15,347
15,605
16,535
20,901

9,084
4,482
5,329
5,365
5,931
6,498
7,105
6,989
6,564
6,089

2J00
2,134
2,436
2,879
3,206

221
176
263
175
300

168
126
155
156
153
202
250

3,103

' 152

"215

Country
Banks
1929—Dec. 3 1 . . . .
1933—June 30.. '
1939—Dec. 30
1940—June 29... .
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 3 1 * \ . . .

13,375
7,873
10,224
10,257
10,826
11,446
12,518
12,753
13,130
16,404

8,936
4,275
4,768
4,987
5,309
5,607
5,890
5,749
5,393
5,024

1 151
i; 187
1,267
1,377
1,431

495
546
590
555
659

201
35
163
174
187
216
245

1,314

562

198

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

167"

121

499

251
61
41
23
42
36
48

533
251
66
61
54
55
52

21
30
13
16
19
20
22

623
267
60
62
84
101
96

29

50

22

90

664 2,775 1,538
108 1,340 1,131
119
222 1,335
87
210 1,372
115
207 1,436
100
198 1,477
114
194 1,527

3,937
1,777
1,177
1,230
1,322
1,466
1,512

""78

"l77

1,' 524'

291 2,231 1,462
25 1,117 1.055
224 1,477
20
17
208 1,544
201 1,644
21
195 1,739
17
20
183 1,823
16

169

1,834

1,315

4,750
2,043
1.238
1,311
1,400
1,507
1,530
1,299

520
3,094
152
559 2,049 3,725
2,223 8,398
2,543 8,261
2,594 9,091
2,631 0,481
3,007 11,729
1,872

3,144
3,121
3,486
3,839
3,832
3,471
3,546' 14," 485' 2,685

34
330
315
421
207
577
311

23
309

"402'

663

1,746

116
384
1,203
1,258
1,307
1,483
1,430
1,490
1,858
2,789

1
149
153
254
297
417
256

2
57

19
82
176
161
145
125
153

94
97
701
710
752
803
903

357

"181

162

K068

2,944 1,368
4,011 2,483
6,943 5,194
6,795 4,947
7,081 5,204
7,515 5,700
8,243 6,467
8,616 6,832
9,971 8,188
14,811 13,037

25
73
63
87
103
73
295

66
131

165
681
819
839
771
606
751

579

"674

981

1,112
1,597
3,339
972
3,052
969
3,281 1,049
3,858 1,162
4,248 1,173
1,051
5^149
806

4,439
3,598
5,456
5,270
5,517
5,839
6,628
7,004
7,737
11,379

37
2
31
36
45
60
110

59
63

171
299
431
451
433
374
481

999
1,106
1,972
1,849
2,081
2,404
2,926

"in

"355

2,091 1,112
3,709 2,551
6,043 4,772
6,815 5,486
7,527 6,044
8,715
7,268
8,823 7,265
8,950 7,381
9,953 8,550
13,841 12,547

309
610
1,536
1,602
1.681
1,861
1,806
1,883
2,210
3,141

1,267
1,469
3,159
3,030
3,269
3,627
4,377
4,746
5,502
9,171

166
987
797
1,092
1,245
1,526
1,623

"657'

889
926
2,385
2,650
2,977
3,415
3,652

1,275
1,324
1,615
1,751
1,679
1,515
'i;572' 1,166

"172'
134
112
138
119
108
90

"725'
695
710
788
861
797
3^696
624

1,393
1,744
2,692
2,888
3,013
2,984
3,090
3,173
2,934
2,963

4,528
3,297
2,959
2,873
2,970
2,867
2,871
2,831
2,840
2,666

222
478
579
634
695
651
729
773
623
593

758
680
693
695
788
796
830
796
781
701

96
87
162
177
188
190
182
207
164
166

96
138
170
167
186
188
193
187
188
186"

448
598
890
981
984
979
956
941
925
952

1,128
930
860
868
893
836
820
844
858
823

627
581
1,061
L,097
1,146
L,165
1,222
1,253
1,222
1,252

2,546
1,549
1,236
1,144
1,102
1,047
1,028
1,005
1,013
956

v

Preliminary.
1
Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April, 1939,
pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only.
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
with earlier figures.
6
Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 52-58).




FEDERAL RESERVE BULLETIN

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank

Call date

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?
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 p
City of
Chicago*
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—Tune 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31*
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. 3IP
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 P

Reserves
with
Cash
Federal
in
Revault
serve
Banks

2,374
2,235
11,604
13,751
13,992
12.959
12,396
12,725
12,295

558
405
841
789
991
999

1,087
884

1,022

827
846

5,915
7,072
7,057
5,857
5,105
5,236
4,762

169
232
993

1,187
1,051
1,062
1,021
1,088
973

751
705

3,118
3,759
4,027
4,125
4,060
4,221
4,254

627
452

1,578
1,733
1,857
1,914
2,210
2,180
2,306

68
46
89
88
102
136
93
81
88

13
34
42
39
42
41
43
27
43

Balances
with
dobanks 1

16,647
12,089
25,681
27,877
30,429
32,678
33,754
34,670
36,966

17,526
11,830
24,604
26,397
29,576
31,429
33,061
32,602
35,646
42,124

1,335
1,087
2,321
2,529
2,724
2,940
3,066
3,285
3,230

179
101
125
119
122
131
141

4,750
4,358
8,899
10,235
11,062
11,619
10,761
11,335
11,711

5,847
4,676
9,030
10,283
11,357
11,895
11,282
11,235
12,014
12,501

128
96
251
258
370
319
319
296
271

1,180
461
178
147
471
306
450
154
273

957

1,041

42
87
167
199
174
213
233
203
226

423
349
813
956
995

192
103

e

133
203
283
242
319
262
298

285
220

156
122
348
334
396
385
425
348
357

1,002
2,485
2,679
2,741
2,793
2,590
e
2,7O5
2,279

321
203
363
328
452
437
526
429
533

2,614
2,711
3,002
3,106
3,216
e
3,093
3,168

947

908
702

Interbank
deposits

Demand
deCertiIndiIndi- States U.S.
posits viduals,
Govfied
ad- 2 partner- States
U S viduals, and
and
and
partner- polit- ernjusted
Govment
ships, political offiern- and cor- ical
and
and cor- subdi- cers' ment
subdi- postal
pora- visions checks
pora- visions
savetc.
tions
tions
ings

2,168
2,008
5,506
5,751
6,185
6,293
6,246
e
6,276
5,770

e

Time deposits,
except interbank

912

870

1,739
1,898
1,941
2,205
2,215
1,919
2,379

1,676
1,782
1,905
2,109
2,152
1,886
2,292
..2,588

5,229
3,764
8,176
8,774
9,581
10,480
11,117
11,689
12,515

5,547
3,708
8,002
8,372
9,468
10,142
11,127
11,105
12,199
15,058

5,711
3,054
6,866
6,969
7,845
8,374
9,661
9,726
10,360

5,091
2,576
5,896
5,960
6,846
7,282
8,500
8,376
9,141
11,977

1,139
1,144
1,313
1.304

742
555

1,090
1,115
1,184
1,269
1,370
1,473
1,429

1,681

Demand 3

Time

12,267
7,803
11,215
11,459
11,687
11,898
11,878
11,520
11,673

595
300
432
410
435
397
418
395
400

122
788
51
59
56
55
50
49
49

3,517
3,057
8,507
8,852
9,581
9,610
9,714
e
9,650
9,110

20
332
74
67
48
32
866
967
863

1,112

33
4
43
29
51
27
29
25

18
110

1,198
1,255
3,542
3,840
4,032
3,948
3,595
e
3,383
3,284

40
22
1

32
16
24
17
27
33
34
31
24

8
46
80
79
90
95
127
296
201

332
358
483
489
496
480
476
455
460

58
1
10
15
8
17

310
259
879
949
997

19

6
3
5
5
5

300
108
190
147
228
209
286
202
218

76
312
435
422
327
341
491
633
422

4,433
2,941
4,362
4,422
4,506
4,590
4,542
4,366
4,454

371
208
240
219
226
211
243
224
239

41
388
14
18
19
19
20
18
18

1,604
1,315
3,516
3,526
3,919
4,000
4,302
e
4,235
4,052

30
59
117
105
106
108
103
e
90
82

169
72
172
164
187
190
239
202
196

39
116
154
143
151
151
225
269
237

6,390
3,833
5,677
5,816
5,917
6,049
6,082
5,948
6,042

133
86
140
147
150
143
146
145
143

61
285
35
37
33
31
31
30
31

405
228
571
538
633
652
790

6
7
26
29
29
30
30
e
28
27

657
563
475
913
738

143
806
743
711
616
619

1,009 1,709
589 2,164
711 1,724

671
693
732
768
778
778
751
717

17

2

Bor- Capital
rowacings counts

Domestic
banks

e

95
89
144
134
135
138
133

118

109

779
747

879
191
3
3
3
3
4
14
6

6,709
4,837
5,522
^,608
5,698
5,800
5,886
5,930
5,991

597
128
695
650
646
623
612

179
8

576

4
3

2,105
1,582
1,592
1.599
,615
,625
1,648
,655

698
146
759
703
706
688
678

e

641
752

e

683

33
2
9

698

41

316
204
250
260
270
279
288
289
293

64
15
53
44
51
55
55
e
54
57

292
16

2,029
1,533
1,828
1,873
1,904
1,940
1,967
1,981
1,985

3
1
2
2
2
2
2
e
2
3

367
167
3
3
3
3
4
4
3

7

8
8
8
eg
10

1,010
1,027
e
l 253
1,028

e

Foreign
anks

5

2.258
1,517
1,851
1,876
1,909
1,956
1,982
2,005
2,014

* Preliminary. 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, les.s cash items reported as m process of collection and, prior to Dec. 31, 1935, less
cash items reported on hand but not in process of collection.
3 Beginning June 30, 1942, excludes reciprocal bank balances.
4 Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 52-58).

MARCH 1943




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]
Loans

Date or month

Total
loans
and
investments

Total

Invesstments

U. S. Government obligations

Loans for
purchasing
or carrying

Commercial,
industrial,
and
agricultural

Open
market
paper

securities
Real Loans
Other
to
estate
To
banks loans
loans
brokTo
ers
and others
dealers

Total—101 Cities
1942—January

30,229

11,271

6,737

425

483

408

1,251

43

1,924

1942-September...
October
November...
December.

34,888
36,787
37,865
39,717

10,342
10,300
10,254
10,366

6,280
6,337
6,301
r
6,137

299
269
257
245

489
484
533
828

377
370
364
r
391

1,225
1,217
1,211
1,203

36
29
30
34

1,636
1,594
1,558
r
l,528

Total

Certificate
of inTotal Bills debtNotes Bonds
edness

Guaranteed

Other
securities

15,285 1,098

2,456

8,891

2,840

3,673

24,546 21,048 2,323 2,567
26,487 23,011 2,674 2,984
27,611 24,288 3,083 3,368
29,351 26,063 3,760 3,729

2,824
3,878
4,263
4,202

11,234
11,470
11,662
12,440

2,100
2,005
1,912
1,932

3,498
3,476
3,323
3,288

18,958

1943—January

41,383

9,826

5,955

226

604

361

1,191

33

1,456

31,557

28,270 4,226 5,012

4,113

12,999

1,920

3,287

1942—Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30

38,387
38,444
39,829
40,457
41,469

10,295
10,304
10,229
10,68:
10,321

6,192
6,157
6,105
6,165
r
6,065

248
247
245
244
239

700
751
743
1,099
850

389
383
394
409
r
382

1,207
1,204
1,204
1,200
1,199

22
22
26
47
53

1,537
1,540
1,512
1,519
r
l,533

28,092
28,140
29,60.0
29,774
31,148

24,808
24,843
26,317
26,510
27,835

3,570
3,617
3.851
3,974
3,786

3,429
3,388
3,418
3,452
4,958

4,241
4,228
4,194
4,178
4,169

11,634
11,683
12,921
12,975
12,985

1,934
1,927
1,933
1,931
1,937

3,284
3,297
3,283
3,264
3,313

1943—Jan.
Jan.
Jan.
Jan.

6
13
20
27

41,344
41,239
41,361
41,588

10,035
9,811
9,722
9,738

r
6,010
r
5,955
r

230
228
226
229

718
578
552
567

r

381
370
350
342

1,195
1,192
1,188
1,189

20
31
25
54

r

5,936
5,920

l,481
l,457
l,445
1,437

31,309
31,428
31,639
31,850

28,025
28,142
28,347
28,564

4,019
4,136
4,309
4,440

4,977
4,996
5,016
5,060

4,127
4,118
4,101
4,106

12,979
12,969
13,002
13,044

1,923
1,923
1.919
1,914

3,284
3,286
3,292
3,286

Feb.3
Feb. 10
Feb. 17
Feb. 24

41,708
41,475
41,365
41,353

9,790
9,781
9,681
9,643

5,902
5,904
5,856
5,816

229
227
225
226

637
636
616
607

358
350
347
346

1,184
1,182
1,179
1,176

46
58
50
71

1,434
1,424
1,408
1,401

31,918
31,694
31,684
31,710

28,648
28,428
28,424
28,438

4,476
4,239
4,154
4,153

5,059
5,060
5,074
5,003

4,088
4,085
4,072
4,075

13,117
13,133
13,224
13,294

1,908
1,911
1,900
1,913

3,270
3,266
3,260
3,272

New York City
1942—January

12,212

3,761

2,600

81

335

146

102

39

458

8,451

6,984

408

1,517

3,516

1,543

1,467

1942—September...
October
November...
December...

13,588
14,353
14,851
15,888

3,649
3,677
3,696
3,893

2,551
2,611
2,592
2,490

51
42
38
37

373
369
421
699

140
138
137
171

104
102
102
101

32
27
28
27

398
388
378
368

962
735
9,939 8,616
929 1,124
10,676 9,376
11,155 9,979 1,278 1,289
11,995 10,842 1,737 1,478

1,518
1,911
1,997
1,965

4,282 1,119
4,351 1,061
4,419
996
4,657 1,005

1,323
1,300
1,176
1,153

r
r

r
r

1943—January

16,409

3,545

2,386

42

486

161

99

32

339

12,864

11,703 1,976

2,074 1,890

4,768

995

1,161

1942—Dec.
Dec.
Dec.
Dec.
Dec.

2
9
16
23
30

15,253
15,316
15,858
16,372
16,642

3,815
3,840
3,781
4,171
3,859

2,538
2,529
2,467
2,493
2,422

35
34
37
37
41

584
631
621
952
709

166
160
171
179
178

101
101
101
100
101

18
17
17
39
44

373
368
367
371
364

11,438
11,476
12,077
12,201
12,783

10,286
10,321
10,933
11,060
11,611

1,589
1,632
1,766
1,880
1,818

1,329
1,322
1,351
1,376
2,012

1,974
1,971
1,976
1,959
1,948

4,387
4,390
4,834
4,842
4,831

1,007
1,006
1,006
1,003
1,002

1,152
1,155
1,144
1,141
1,172

1943—Jan.
Jan.
Jan.
Jan.

6
13
20
27

16,500
16,353
16,303
16,478

3,669
3,518
3,470
3,522

2,392
2,375
2,384
2,393

41
42
42
42

591
461
434
457

178
171
152
145

100
99
99
99

19
30
24
53

348
340
335
333

12,831
12,835
12,833
12,956

11,666
11,673
11,669
11,803

1,900
1,947
1,977
2,079

2,035
2,053
2,074
2,134

1,911
1,894
1,885
1,872

4,815 1,005
4,778 1,001
4,742
991
4,736
982

1,165
1,162
1,164
1,153

Feb.3
Feb. 10
Feb. 17
Feb. 24

16,422
16,214
16,047
15,968

3,599
3,580
3,544
3,502

2,402
2,403
2,385
2,360

42
43
44
45

517
522
500
484

164
157
156
154

98
98
98
97

45
31
37
39

331
326
324
323

12,823
12,634
12,503
12,466

11,674 2,038 2,043 1,856
11,489 1,909 2,021 1,824
11,357 1,736 2,014 1,811
11,319 1,720 1,962 1,793

4,756
4,749
4,815
4,855

981
986
981
989

1,149
1,145
1,146
1,147

Outside
New York City
1942—January

18.017

7,510

4,137

344

148

262

1,149

4

1,466

10,507

8,301

690

1942—September. .
October
November...
December...

21,300
22,434
23,014
23,829

6,693
6,623
6,558
6,473

3,729
3,726
3,709
r
3,647

248
227
219
208

116
115
112
129

237
232
227
r
220

1,121
1,115
1,109
1,102

4
2
2
7

1,238
1,206
1,180
r
l,160

14,607
15,811
16,456
17,356

12,432
13,635
14,309
15,221

1,588
1,745
1,805
2,023

1943—January

24,974

6,281

3,569

184

118

200

1,092

1

1,117

1942—Dec.
Dec.
Dec.
Dec.
Dec.

2
9
16
23
30

23,134
23,128
23,971
24,085
24,827

6,480
6,464
6,448
6,512
6,462

3,654
3,628
3,638
3,672
r
3,643

213
213
208
207
198

116
120
122
147
141

223
223
223
230
r
204

1,106
1,103
1,103
1,100
1,098

4
5
9
8
9

1,164
1,172
1,145
1,148
r
l,169

16,654
16,664
17,523
17,573
18,365

14,522
14,522
.15,384
15,450
16,224

1,981
1,985
2,085
2,094
1,968

2,100
2,066
2,067
2,076
2,946

2,267
2,257
2,218
2,219
2,221

1943—Jan.
Jan.
Jan.
Jan.

6
13
20
27

24,844
24,886
25,058
25,110

6,366
6,293
6,252
6,216

r
3,618
r
3,580
r

127
117
118
110

r

203
199
198
197

1,095
1,093
1,089
1,090

1
1
1
1

r

3,552
3,527

189
186
184
187

l]lO4

18,478
18,593
18,806
18,894

16,359
16,469
16,678
16,761

2,119
2,189
2,332
2,361

2,942
2,943
2,942
2,926

Feb.3
Feb. 10
Feb. 17
Feb. 24

25,286
25,261
25,318
25,385

6,191
6,201
6,137
6,141

3,500
3,501
3,471
3,456

187
184
181
181

120
114
116
123

194
193
191
192

1,086
1,084
1,081
1,079

1
27
13
32

1,103
1,098
1,084
1,078

19,095
19,060
19,181
19,244

16,974
16,939
17,067
17,119

2,438
2,330
2,418
2,433

3,016
3,039
3,060
3,041

r
r

l,133

939

5,375 1,297

2,206

1,306
1,967
2,266
2,237

6,952
7,119
7,243
7,783

981
944
916
927

2,175
2,176
2,147
2,135

18,693 16,567 2,250 2,938 2,223

8,231

925

2,126

7,247
7,293
8,087
8,133
8,154

927
921
927
928
935

2,132
2,142
2,139
2,123
2,141

2,216
2,224
2,216
2,234

8,164
8,191
8,260
8,308

918
922
928
932

2,119
2,124
2,128
2,133

2,232
2,261
2,261
2,282

8,361
8,384
8,409
8,439

927
925
919
924

2,121
2,121
2,114
2,125

1,605
1,860
2,079
2,251

r
Revised.
NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures
see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding
tables in previous Annual Reports.

2.40




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

Total 101 Cities
1942—January
1942—September....
October
November....
December....

Reserves
with
Fed- Cash
in
eral
vault
Reserve
Banks

Balances
with
domestic
banks

Demand
deposits
adjusted 1

Time deposits,
except interbank

Individuals,
partnerships,
and
corporations

States Certified
and
U.S.
and
politGovoffiical
erncers' ment
subdivi- checks
etc.
sions

Individuals,
partnerships,
and
corporations

.S.
States U
Govand
ernpolit- ment
ical
and
subdivi- postal
savsions
ings

Interbank
deposits
Domestic
banks
Foreign
banks

Demand

Time

Borrowings

Capital
accounts

Bank
debits2

10,324

558

3,313

24,307

23,942

1,701

558

1,518

5,089

182

21

9,060

101

645

1

3,917

9,114

9,155
9,031
9,296
9,704

493
517
518
548

2,668
2,614
2,711
2,741

27,637
28,268
29,361
28,749

27,429
28,154
29,236
28,840

1,824
1,874
1,912
1,782

496
517
553
586

1,180
2,084
2,031
4,746

5,031
5,074
5,117
5,109

116
109
103
100

26
26
25
26

8,732
8,878
9,200
9,315

76
72
68
65

679
683
697
727

16
8
6
4

3,971
3,983
4,004
4,014

10,007
10,032
10,192
11,773

9,786

524

2,679

29,215

29,143

1,781

612

5,794

5,218

101

28

9,361

61

727

8

4,026

10,856

1942-Dec.
Dec.
Dec.
Dec.
Dec.

2
9
16
23
30

9,483
9,845
.10,106
9,660
9,428

516
556
551
556
559

2,768
2,733
2,834
2,771
2,598

28,852
29,011
29,120
28,504
28,257

28,733
28,765
29,350
28,644
28,709

1,867
1,793
1,766
1,723
1,759

581
513
535
,562
742

3,092
3,388
4,857
5,636
6,757

5,102
5,098
5,107
5,108
5,130

100
100
100
100
100

26
26
26
26
26

9,389
9,334
9,420
9,354
9,077

65
66
65
65
64

709
712
733
743
735

1
11
1
6
1

4,018
4,014
4,014
4,011
4,012

12,794
10,107
11,760
12,835
11,371

1943—Jan.
Jan.
Jan.
Jan.

6
13
20
27

9,933
9,778
9,675
9,756

537
544
498
515

2,697
2,690
2,658
2,670

28,367
28,964
29,472
30,056

28,357
29,001
29,393
29,823

1,722
1,751
1,784
1,866

661
562
530
694

6,742
5,944
5,360
5,129

5,188
5,204
5,232
5,247

100
99
103
102

26
28
28
28

9,425
9,347
9,330
9,343

63
61
60
60

732
737
725
716

1
1
16
13

4,027
4,027
4,025
4,026

12,172
10,158
10,778
10,315

Feb.
Feb.
Feb.
Feb.

3
10
17
24

9,418
9,276
9,508
9,445

494
529
500
539

2,512
2,494
2,631
2,592

29,743
30,157
30,620
31,129

29,434
29,877
30,699
31,150

1,888
1,855
1,829
1,842

598
544
587
578

5,245
4,410
3,940
3,366

5,268
5,276
5,289
5,305

112
107
106
106

28
28
28
29

9,136
9,071
9,322
9,286

61
59
59
56

740
723
731
722

12
71
17
41

4,037
4,042
4,044
4,046

12,603
9,779
10,232
9,702

New York City
1942—January

4,991

80

93

10,300

10,428

254

313

811

714

23

3,465

581

1,533

3,699

1942—September....
October
November.. ..
December....

3,763
3,627
3,698
3,934

75
80
82
86

31
30
27
29

10,935
11,095
11,526
10,949

11,159
11,279
11,733
11,283

239
306
309
229

251
270
301
290

595
1,051
1,080
2,915

639
642
652
637

16
15
18
15

3,109
3,127
3,191
3,174

608
611
622
650

14
4
4
3

1,551
1,555
1,567
1,568

3,893
3,784
3,865
4,794

5

1943—January

1943—January

3,973

78

28

11,091

11,370

216

349

3,326

656

19

3,161

651

1942-Dec.
Dec.
Dec.
Dec.
Dec.

2
9
16
23
30

3,743
3,936
4,156
3,940
3,894

79
87
87
90
86

28
26
28
30
31

11,016
11,073
11,036
10,863
10,757

11,269
11,283
11,374
11,204
11,285

245
228
218
207
245

288
251
227
267
417

2,030
2,230
2,914
3,474
3,927

647
638
641
634
628

14
14
15
16
16

3,187
3,185
3,264
3,165
3,068

635
639
656
664
657

1943—Jan.
Jan.
Jan.
Jan.

6
13
20
27

4,196
3,979
3,884
3,832

80
80
74
80

28
27
30
27

10,803
10,970
11,161
11,430

11,080
11,254
11,443
11,704

' 227
217
213
206

381
307
270
437

3,897
3,420
3,070
2,916

650
649
659
666

17
17
20
22

3,191
3,142
3,147
3,165

659
663
644
639

Feb.
Feb.
Feb.
Feb.

3
10
17
24

3,776
3,619
3,630
3,596

76
86
75
83

23
21
'24
24

11,373
11,479
11,598
11,845

11,578
11,709
11,953
12,160

229
225
211
206

324
302
321
304

2,976
2,479
2,191
1,844

671
658
659
662

21
22
22
22

3,084
3,020
3,061
3,042

Outside
New York City
1942—January

5,333

478

3,220

14,007

13,514

1,447

245

707

4,375

159

21

5,595

1942—September . . .
October
November....
December.. .

5,392
5,404
5,598
5,770

418
437
436
462

2,637
2,584
2,684
2,712

16,702
17,173
17,835
17,800

16,270
16,875
17,503
17,557

1,585
1,568
1,603
1,553

245
247
252
296

585
1,033
951
1,831

4,392
4,432
4,465
4,472

100
94
85
85

26
26
25
26

5,623
5,751
6,009
6,141

1943—January..

5,813

446

2,651

18,124

17,773

1,565

263

2,468

4,562

82

28

1942—Dec.
Dec.
Dec.
Dec.
Dec.

2
9
16
23
30

5,740
5,909
5,950
5,720
5,534

437
469
464
466
473

2,740
2,707
2,806
2,741
2,567

17,836
17,938
18,084
17,641
17,500

17,464
17,482
17,976
17,440
17,424

1,622
1,565
1,548
1,516
1,514

293
262
308
295
325

1,062
1,158
1,943
2,162
2,830

4,455
4,460
4,466
4,474
4,502

86
86
85
84
84

26
26
26
26
26

1943—Jan.
Jan.
Jan.
Jan.

6
13
20
27

5,737
5,799
5,791
5,924

457
464
424
435

2,669
2,663
2,628
2,643

17,564
17,994
18,311
18,626

17,277
17,747
17,950
18,119

1,495
1,534
1,571
1,660

280
255
260
257

2,845
2,524
2,290
2,213

4,538
4,555
4,573
4,581

83
82
83
80

3
10
17
24...

5,642
5,657
5,878
5,849

418
443
425
456

2,489
2,473
2,607
2,568

18,370
18,678
19,022
19,284

17,856
18,168
18,746
18,990

1,659
1,630
1,618
1,636

274
242
266
274

2,269
1,931
1,749
1,522

4,597
4,618
4,630
4,643

91
85
84
84

Feb.
Feb.
Feb.
Feb.

1,566

4,406

1,573
1,569
1,569
1,566
1,561

5,586
3,881
4,647
5,144
4,713

10
10

1,565
1,566
1,567
1,564

5,031
4,150
4,364
4,080

660
647
653
642

10
67
16
40

1,575
1,576
1,577
1,575

5,800
4,181
4,115
3,848

101

64

1

2,384

5,415

76
72
68
65

71
72
75
77

2
4
2
1

2,420
2,428
2,437
2,446

6,114
6,248
6,327
6,979

6,200

61

76

3

2,460

6,450

6,202
6,149
6,156
6,189
6,009

65
66
65
65
64

74
73
77
79
78

1
1
1
1
1

2,445
2,445
2,445
2,445
2,451

7,208
6,226
7,113
7,691
6,658

26
28
28
28

6,234
6,205
6,183
6,178

63
61
60
60

73
74
81
77

1
1
6
3

2,462
2,461
2,458
2,462

7,141
6,008
6,414
6,235

28
28
28
29

6,052
6,051
6,261
6,244

61
59
59
56

80
76
78
80

2
4
1
1

2,462
2,466
2,467
2,471

6,803
5,598
6,117
5,854

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.

MARCH 1943




"10"
'"5"

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]

Federal Reserve
district and date
(1943)

Boston (6 cities)
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
New York (8 cities)
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Philadelphia (4 cities)
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Cleveland (10 cities)
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Richmond (12 cities)
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Atlanta (8 cities)
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Chicago (12 cities)*
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
St. Louis (5 cities)
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Minneapolis (8 cities)
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Kansas City (12 cities)
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Dallas (9 cities)
Jan. 27
Feb. 3 ...
Feb. 10
Feb. 17
Feb. 24
Sau Francisco (7 cities)
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
City of Chicago*
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24

Loans

Investments

Loans for
purchasing
or carrying
securities

U . S. Government obligations

Total

Commercial,
industrial,
and
agricultural

2,159
2,160
2,190
2,176
2,194

643
640
659
641
649

354
352
350
346
348

67
67
65
65
65

14
13
13
14

14

13
12
12
12
12

72
72
72
72
72

1
1
27
13
18

122
122
120
120
120

1,516
1,520
1,531
1,535
1,545

1,406
1,412
1,422
1,428
1,437

199
197
190
190
189

285
279
288
289
291

185
190
186
187
189

683
696
699
704

675

62
63
62
63
64

110
108
109
107
108

17,877
17,840
17,637
17,477
17,397

3,862
3,939
3,922
3,883
3,841

2,531
2,540
2,541
2,523
2,497

43
43
44
45
46

461
521
529
505
489

176
195
188
187
186

185
184
183
183
182

53
45
31
37
39

413
411
406
403
402

14,015
13,901
13,715
13,594
13,556

12,738
12,629
12,447
12,325
12,286

2,202
2,164
2,027
1,854
1,838

2,270
2,199
2,190
2,192
2,141

2,007
1,991
1,959
1,946
1,928

5,230
5,250
5,242
5,309
5,349

1,029
1,025
1,029
1,024
1,030

1,277
1,272
1,268
1,269
1,270

1,770
1,804
1,814
1,818
1,813

448
447
454
450
448

221
222
230
227
225

18
18
17
17
16

28
28
27
26
28

12
11
12
11
11

48
47
47
47
46

121
121
121
122
122

1,322
1,357
1,360
1,368
1,365

1,087
1,122
1,130
1,137
1,135

153
164
168
173
170

137
159
159
164
162

110
112
113
116
117

618
618
621
615
617

69
69
69
69
69

235
235
230
231
230

3,063
3,081
3,106
3,101
3,134

743
746
752
734
740

380
378
377
371
369

14
14
14
13
14

13
15
14
14
14

14
14
13
13
13

176
176
177
177
177

146
149
157
146
144

2,320
2,335
2,354
2,367
2,394

2,046
2,063
2,081
2,096
2,121

145
141
154
168
177

314
335
342
344
333

279
280
280
277
286

1,170
1,181
1,179
1,180
1,195

138
126
126
127
130

274
272
273
271
273

1,274
1,285
1,291
1,295
1,301

266
264
262
262
264

131
128
128
128
129

6
6
6
6
6

3
4
3
3
4

11

11
11
11
11

51
51
51
51
51

64
64
63
63
63

1,008
1,021
1,029
1,033
1,037

940
955
962
966
970

107
116
119
121
123

129
130
130
128
129

119
121
131
131
131

533
534
527
531
532

52
54
55
55
55

68
66
67
67
67

1,190
1,203
1,210
1,214
1,225

330
328
324
323
321

203
199
197
197
196

7
7
7
7

8

3
3
3
3
3

7
7
7
7
7

26
26
26
25
26

84
86
84
84
81

860
875
886
891
904

748
763
771
779
791

96
92
91
98
105

164
170
171
177
177

138
141
141
140
145

303
312
319
315
315

47
48
49
49
49

112
112
115
112
113

6,312
6,339
6,232
6,238
6,240
1,341
1,331
1,338
1,346
1,346

1,220
1,214
1,215
1,213
1,216

847
837
846
843
842

33
33
33
33
32

29
35
30
35
35

45
45
45
44
44

141
140
139
139
138

125
124
122
119
120

5,092
5,125
5,017
5,025
5,024

4,525
4,561
4,453
4,463
4,458

769
783
670
681
676

907
923
924
926
924

581
579
578
575
573

2,031
2,042
2 046
2^047
2,052

237
234
235
234
233

567
564
564
562
566

390
385
385
381
376

238
233
233
230
225

10
10
10
9
9

3

9
9
9
9
9

65
65
65
65
65

65
65
65
65
65

951
946
953
965
970

828
824
832
844
845

121
120
120
130
129

187
177
176
176

175

110
110
111
112
113

374
380
387
390
391

36
37
38
36
37

123
122
121
121
125

767
786
774
776
768

199
197
193
192
191

119
118
116
115
114

1

1
1
1
1

5
4
4
4
4

15
15
15
15
15

58
58
55
56
55

568
589
581
584
577

529
549
540
544
537

102
126
118
120
113

106
102
102
103
104

58
59
58
59
58

243
242
242
242
242

20
20
20
20
20

39
40
41
40
40

1,302
1,313
1,324
1,337
1,342

363
361
360
355
353

236
235
235
231
230

17
17
16
16
15

2
2
2
2
2

8
8
8
8
8

34
34
34
33
33

66
65
65
65
65

939
952
964
982
989

811
826
837
854
861

156
157
162
177
184

149
156
157
152
148

148
148
151
151
153

298
303
305
312
314

60
62
62
62
62

128
126
127
128
128

1,001
1,009
1,016
1,017
1,028

294
290
287
286
285

215
212
210
209
207

1
1
1
1
1

1
1
1
2
2

13
13
12
12
1-2

19
19
19
19
19

45
44
44
43
44

707
719
729
731
743

648
660
670
672
684

84
91
97
98
108

124
124
123
124
120

108
104
104
104
105

293
295
300
306
307

39
46
46
40
44

59
59
59
59
59

3,532
3,557
3,543
3,570
3,565

980
979
968
961
959

445
448
441
436
434

12
12
12
12
12

9
10
10
9
12

29
29
29
29
29

357
355
354
353
352

128
125
122
122
120

2,552
2,578
2,575
2,609
2,606

2,258
2,284
2,283
2,316
2,313

306
325
323
344
341

288
305
298
299
299

263
253
273
274
277

1,276
1,277
1^269
1,278
1,276

125
124
120
121
120

294
294
292
293
293

4,125
4,144
4 015
4,026
4,016

805
798
798
799
803

635
626
633
631
628

17
17
17
17
17

26
28
24
29
29

40
40
39
39
39

24
24
23
24
24

63
63
62
59
61

3,320
3*346
3,217
3'227
3,213

2,955
2^981
2,853
2^865
2,846

586
595
466
479
462

601
616
616
617
615

396
391
391
392
390

1 283
l',295
1,295
1^293
1,295

89
84
85
84
84

365
365
364
362

Total
loans
and
investments

Open
market
paper

1
2
1
2

Real Loans Other
Total
estate
to
To
loans banks loans
brokTo
ers
and others
dealers

3
3
3
3

•9

•"•5"

""5"

CertiOther
ficates
Guar- secuof
Total Bills in- Notes Bonds an- rities
debtteed
edness

367

* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New
York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.

2-42.




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank

Federal Reserve
district and date
(1943)

Boston (6 cities)
J a n . 27
Feb. 3
Feb. 10
Feb.17
Feb. 24
New York (8 cities)*
Jan 27
Feb. 3
Feb 10
Feb. 17
Feb. 24
Philadelphia (4 cities)
J a n . 27
Feb 3
Feb 10
Feb 17
Feb. 24
Cleveland (10 cities)
Jan. 27
Feb 3
Feb. 10
Feb. 17
Feb 24
Richtnond (12 cities)
Jan 27
Feb 3
Feb. 10
Feb 17
Feb 24
Atlanta (8 cities)
Jan 27
Feb 3
Feb 10
Feb 17
Feb 24
Chicago (12 cities)*
Jan 27
Feb 3
Feb 10
Feb. 17
Feb 24
St. Louis (5 cities)
Jan 27
Feb 3
Feb 10
Feb. 17
Feb 24
Minneapolis (8 cities)
J a n 27
Feb 3
Feb 10
Feb. 17
Feb. 24
Kansas City (12 cities)
Jan 27
Feb 3
Feb 10
Feb 17
Feb. 24
Dallas (9 cities)
Jan. 27
Feb. 3
Feb 10
Feb 17
Feb. 24
San Francisco (7 cities)
Jan. 27
Feb. 3
Feb 10
Feb 17
Feb. 24
City of Chicago*
Jan. 27
Feb.
Feb
Feb.
Feb.

3
10
17
24

Reserves
with
Federal
Reserve
Banks

Cash
in
vault

500
492
442
471
463

65
61
64
62
66

143
139
124
135
136

1,796
1,789
1,804
1,850
1,894

1,778
1,760
1,787
1,841
1,876

99
117
96
95
97

25
31
27
27
34

261
266
224
200
168

235
236
237
237
238

4,055
4,013
3,841
3,870
3,832

109
104
117
103
114

150
123
118
130
122

12,529
12,469
12,585
12,739
12,991

12,584
12,452
12,596
12,860
13,075

465
478
488
488
478

462
349
321
344
327

3,042
3,107
2,589
2,301
1,937

1,041
1 046
1,035
1,036
1,040

33
36
37
37
37

463
422
435
433
433

27
26
29
27
29

115
102
106
104
116

1,507
1 496
1,552
1,545
1,573

1,490
1,483
1,522
1,545
1,567

102
108
119
97
101

14
13
12
15
11

159
160
134
125
109

163
164
165
165
166

806
784
757
814
796

65
62
64
62
67

307
292
291
314
327

2,423
2,398
2,431
2,488
2,541

2,444
2,396
2,432
2,526
2,576

114
120
116
117
116

32
31
29
36
36

179
182
154
137
119

325
314
305
313
309

33
32
32
32
35

186
167
171
174
184

958

924
918
934
948
982

94
92
89
92
94

14
15
13
16
14

308
293
299
296
293

23
21
22
21
24

210
199
193
205
185

828
813
838

851
856

791
786
799
825
839

112
109
114
114
114

1,462
1 338
1,395
1,462
1,498

94
92
100
93
101

472
435
434
463
458

4,601
4,499
4,560
4,643
4,740

4,451
4,342
4,427
4,573
4,661

299
297
297
300
305

18
16
18
17
18

135
128
128
133
129

847

177
157
163
163
162

9
9
9
9
10

86
77
73
76
76

549
534
540

341
347
356
347
362

19
18
19
18
19

3,19

939

311
314
343

929
963
978

299
295
288
307
290

18
17
18
18
20

296
297

876
871

292
306

878
899

288

721
666
698
732
702

35
36
37
38
36

251
242
250

905
816
873
904
909

40
40
42
41
43

174
155
168

IndiDeBalvidances mand
uals,
dewith
posits partdoad- 1 nermestic
banks justed ships,
and
corporations

329

248

242

176
161

Interbank
deposits

Time deposits,
except interbank

States Certiand
fied
U.S.
politand
Govical
offiernsubcers'
divi- checks, ment
sions
etc.

Individuals,
partnerships,
and
corporations

U.S.

Domestic
banks

States Govand
ernpolit- ment
ical
and
subpostal Dedivisav- mand
sions
ings

2
2
2
2
2

338
321
317
317
317

7
7
7
7
7

3,237
3 161
3,094
3,133
3,115

2
2
2
2
2

370
356
357
370

727
728
731
732
735

16
21
22
22
22

526

102
104
88
80
70

205
206
207
208
208

2
2
2
2
2

6

9
8
8
9
7

123
125
107
97
85

201
202
203
204
204

2
3
3
3
3

2
2
2

404
392
366
360
372

52
65
55
58
59

703
717
608
543
474

1,008
1 013
1,018
1,021
1,023

3
3
3
3
3

7

873
861
880
902
921

62
64
64
67
69

12
11
9
8
9

89
90
76
68
60

192
193
194
195
194

1
1
1
1
1

512
505
513
525
531

76
68
65
66
67

7
7

68
76
65
58
49

112
113
113
113
113

918
913
944
983
987

115
116
113
113
119

15
14
14
15

99
109
93
84
73

145
145
146
146
146

73
77
79
74
74

14
16

903

858
854
860
900
899

110
110
94
84
74

2,203
2,156
2,177
2,218
2,198

2,200
2,164
2,183
2,271
2,236

150
147
146
146
141

2,833
2,785
2,807
2,850
2,874

2,809
2,742
2,774
2,859
2,882

185
187
168
165
170

948
962
977
1,008

841
867
880
895

552
548

982

7

6
7

17

12
13

16
38
38
37
40

41
24
32
29
30
33

Time

2

255
255
256
256
257

554
623
527
529
501

4
4
4
4
4

640
662
648
655
644

12
10
70
16
40

1,692
1 703
1,704
1,704
1,703

4,379
6 180
4,464
4,415
4,168

1
1
1
1

6
6
6
7

220
221
221
220
220

505
544
464
460
401

2
2
2
2
2

413
413
412
413
413

787
617
719
663

16

519
512
543
539

16
16
16
16

425

5

5
5
5
5

1
1

106
107
106
106
107

499
492
492

1
1
1

3
3
3
3
3

103
102
102
103
103

1
1

7
7
7
7

1,590
1,539
1,539
1,613
1,625

6

1

574

1
1
1
1
1
1
1

6
6
6
6

557
553
562
558
244
240
237

3
3
3

1
1

236
241

3
2

1
1
1
1
1

1

690

5

698
703
729

6
5
5
5

127
128
128
129
129

5
7

1
1

425
432

1
1
2

436
458

194
199
178
163
148

1,091
1,094
1,099
1,103
1,109

37
36
29

425
411
415

19
19
18

28
28

439

431

18
17

510
520
438
390
343

460
461
462
463
463

7
7

7

1
1
1

1

2

2
2
2
2

7

410
416
421
412

743

440

1,149
1,100
1,101
1,154
1,160

* 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.
MARCH 1943




1
1
1
1
1

501
498

2

Cap- Bank
ital
deb-2
acits
counts

26
26
25
26
26

367

6
6
6
6

Foreign
banks

Borrowings

718

323

347
298
310
298
299
310
278

312
293

454 1 665
455 2 018
455 1 419
456 1,632
456 1,593

13
14
14
13
14
1
1

103
103
104
104
104

2
2
1
1
1

68
68
68
68
69

170
212

116
116
117
117
117

364

2
2
2
2
2

94
94
95
95
95

286
309

21
21
22
22
22

402
400
402
402
402 '

12
12
12
12
12

948
297
298 1,215
841
298
947
298
969
298

1

309

335
269
302
275

165

157
153
383
336
372

351

240
272

262
743
555
702
752

744

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Commercial
paper
outstanding 1

End of month

Held by

Based on

Accepting banks

Total
outstanding
Total

Own
bills

Others

Bills
bought

Imports
into
United
States

2

Exports
from
United
States

Dollar
exchange

Goods st<ired in or
shipped
poin tsin
United
States

Foreign
countries

1941—October
November
December.

378
387
375

185
194
194

138
144
146

90
93
92

47
51
54

47
50
49

109
116
116

12
14
15

4
5
4

48
48
48

11
12
11

1942—January
February
March
April
May

381
388
384
373
354
315
305
297
282
271
261
230

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

17

3
2
2
1
1
(3)
(»)

51
44
45
48
43
52
45
41
41

11

18
17
17
16
13
8
8
6

220

120

95

60

35

24

57

June

July
August
September
October
November
December

.

1943—January

78
66
60
57
57

ft
ft
(33)
()

6
6
9

12

13
16
14
13
4
11
11
10

12
12
14

40
39
38
38

12

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, M O N E Y B O R R O W E D , A N D P R I N C I P A L RELATED ITEMS O F STOCK EXCHANGE
FIRMS CARRYING M A R G I N ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
Debit

End of month

Customers'
credit balances 1

Debit

Customers' balances in balances in
partners'
firm
debit
investment investment
balances
and trading and trading
(net) 1

Cash on
hand
and in
banks

Money
borrowed 2

Other credit balances

Free

Other
(net)

accounts

In firm
In partners'
investment investment
and trading and trading
accounts
accounts

In capital
accounts
(net)

1,267
1,395

67
64

164
164

219
249

985
1,048

276
342

86
103

24
30

14
12

420
424

1937—June
December

1,489
985

55
34

161
108

214
232

1,217
688

266
278

92
85

25
26

13
10

397
355

1938 Tune
December

774
991

27
32

88
106

215
190

495
754

258
247

89
60

22
22

11

5

298
305

2939—June
December

834
906

25
16

73
78

178
207

570
637

230
266

70
69

21
23

6

280

7

277

1940—June
December

653
677

12
12

58
99

223
204

376
427

267
281

62
54

22
22

5
5

269
247

616
600

11
8

89
86

186
211

395
368

255

65
63

17
17

7

5

222
213

547
534
531
515
502
496
491
c
490
e
500
e
510

8
8
8
8
8
9

219
203
195
195

18
18
16
16
16
16
16

209

5
4
5
3
4
4

206
201
196
194
189
185

7

154

160

262
249
247
238
240
238
e
240
e
240
r
250
r
250
270

72
66
67
61
59
56
57

543

308
307
306
300
300
309
307
e
300
e
310
e
310
e
320
r
378

6

7

74
74
70
68
79
86
95

54

15

4

182

e

e

1941—June
December
1942—Tanuarv
February
March
April
May
Tune

July

.. .

.. .

....

Sentember
October
November
December
1943 Tanuarv

e

540

177
180
172

290

to

1936—j une
December

to

accounts

Credit balances

280

e
Estimated. Complete reports now collected semiannually; monthly figuresjfor three items estimated on basis of reports from a small number of
large firms. ^Revised.
1 Excluding balances with reporting firms (1) of member firms]of New York Stock Exchange and other national securities exchanges and (2) of firms'
artners.

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).

M4




FEDERAL RESERVE BULLETIN

O P E N - M A R K E T M O N E Y RATES I N N E W Y O R K C I T Y
[Per cent per annum]

Year,
month, or
week

Yields on U S.
Government securities
Stock
Prime
Prime bankexcomchange
ers'
9-to 12mercial accept- call
month
loan
to 5paper, ances,
certifi- 3-year
3re4- to 690
month
cates taxable
newmonthsl daysl
bills3 of ina l
debted- notes
ness

1940 average
1941 average
1942 average
1942—January
February
March
April
May
June
July
August
September....
October
November . . . .
December
1943—January
Week ending:
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
'

.56
.54
.66

.44
.44
.44

.56
.63
.63
.63
.63
.69

.44
.44
.44
.44
.44
.44

.69
.69

.44
.44

.69
.69
.69
.69

.44
.44
.44
.44

.69

.44

%>
%-%
%-%

H-H

1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

.014
.103
.326
.214
.250
.212
.299
.364
.363
.368
.370
.370
.372
.371
.363
.367

1.00
1.00
1.00
1.00
1.00

.369
.372
.373
.374
.369

.76

1.13
.96
.93
.93
.98

.76

1.03
1.15
1.20
1.25
1.27
1.28
1.28
1.34
1.29

.72
.73
.75
.72
.73

1.26
1.24
1.24
1.25
1.25

4

" .80"
.76
.75
.80
.80

1 Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day stock exchange time loans was 1.25 per
cent
during the entire period.
3
Rate on new issues offered within period. Tax-exempt bills prior to
March
1941; taxable bills thereafter.
4
Average for Aug. 15 to 31.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
on Treasury bills and Treasury notes available on request.

COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
Total
19 cities

New
York
City

7 Other
Northern and
Eastern
cities

11 Southern and
Western
cities

1934 average 11
1935 average 1
1936 average 1
1937 average
1938 average 1

3.45
2.93
2.68
2.59
2.53

2.45
1.76
1.72
1.73
1.69

3.71
3.39
3.04
2.88
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

l Prior to March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See November 1939 BULLETIN, pp. 963-969 for description
and for back figures.

B O N D YIELDS 1
[Per cent per annum]
Corporate (Moody's) 5

U. S.
Government 2
Year, month, or week
Partially
taxTaxable
exempt
Number of issues

Municipal 3

Highgrade
corpo-4
rate

By ratings

By groups

Total
Aaa

Aa

A

Baa

Industrial

Railroad

Public
utility

2

15

5

120

30

30

30

30

40

40

40

2.21
1.95
2.02

2.35

2.50
2.10
2.36

2.77
2.67
2.75

3.55
3.34
3.34

2.84
2.77
2.83

3.02
2.94
2.98

3.57
3.30
3.28

4.75
4.33
4.28

3.10
2.95
2.96

4.30
3.95
3.96

3.25
3 11
3.11

2.01
2.09
2.00
1.98
1.97
1.97
2.00
2.02
2.03
2.05
2.06
2.09

2.37
2.39
2.35
2.34
2.35
2.33
2.34
2.34
2.34
2.33
2.34
2.36

2.33
2.55
2.58
2.44
2.45
2.38
2.32
2.28
2.25
2.22
2.20
2.26

2.76
2.80
2.80
2.77
2.76
2.75
2.74
2.73
2.73
2.72
2.71
2.72

3.35
3.35
3.37
3.34
3.36
3.37
3.35
3.34
3.33
3.31
3.31
3.32

2.83
2.85
2.86
2.83
2.85
2.85
2.83
2.81
2.80
2.80
2.79
2.81

2.96
2.98
3.00
2.98
3.00
3.01
2.99
2.99
2.98
2.95
2.94
2.96

3.30
3.29
3.32
3.30
3.31
3.31
3.28
3.27
3.26
3.24
3.24
3.23

4.29
4.29
4.30
4.26
4.27
4.33
4.30
4.28
4.26
4.24
4.25
4.28

2.97
2.98
3.00
2.96
2.97
2.97
2.94
2.94
2.95
2.94
2.93
2.94

3.93
3.94
3.94
3.95
3.97
4.03
4.02
3.98
3.95
3.92
3.93
3.96

3.13
3.15
3 17
3.13
3.13
3.12
3.09
3.09
3.08
3.07
3.06
3.07

1943—January

. 2.06

2.32

2.27

2.70

3.27

2.79

2.93

3.20

4.16

2.90

3.86

3.05

Week ending:
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27

2.06
2.06
2.06
2.06
2.05

2.32
2.31
2.32
2.32
2.32

2.26
2.24
2.23
2.21
2.20

2.69
2.69
2.68
2.68
2.68

3.25
3.23
3.23
3.23
3.22

2.78
2.77
2.77
2.77
2.77

2.91
2.90
2.89
2.89
2.88

3.18
3.17
3.17
3.16
3.16

4.11
4.09
4.09
4.07
4.06

2.88
2.88
2.88
2.88
2.88

3.82
3.80
3.80
3.78
3.76

3.04
3.03'
3.02
3.01
3.01

1940 average
1941 average
1942 average

2-6

,.

1942—January
February
March
April
May

June

July
August
September
October
November
December

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, pages
21-24. Figures for U. S. Government bonds available on request.

MARCH

1943




SECURITY MARKETSi
Stock price s 6

Bond prices
Corporate
Year, month, or week

U. S.
Governmenr

Municipal3

4

Common (index 1935-39 = 100)

Medium and lower-grade
Highgrade

Railroad

Industrial

Total

Defaulted

Public
utility

Preferred5

Total

Industrial

Railroad

Public
utility

Volume
of trading1?
^in thousands of
shares)

2-6

15

15

10

20

20

15

15

402

354

20

28

1940 average
1941 average
1942 average

107.2
111.0
109.9

r
123.6
r
130.9
r

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—January
February
March
April
May
June
July
August
September
October
November
December

110.1
108.9
110.2
110.5
110.7
110.7
110.2
10.. 9
109.8
109.5
109.4
108.9

r
126.7
r
122.6
r
122.2
r
124.5
r
124.5
r
125.7
r
126.7
r
127.6
r
128.1
r
128.6
r
129.0
r

127.8

117.5
117.1
116.7
117.8
117.7
118.0
118.9
118.7
119.0
119.3
119.5
118.9

99.2
99.6
98.8
99.3
98.9
98.1
98.9
99.3
100.7
102.1
103.2
103.6

106.7
106.9
106.1
107.1
107.4
107.7
108.4
108.7
109.8
111.2
113.8
115.3

86.9
87.7
88.6
88.4
87.1
83.0
83.9
85.2
86.4
88.0
87.6
84.5

104.1
104.4
101.8
102.3
102.2
103.5
104.5
104.1
105.8
107.1
108.3
109.1

24.1
25.6
27.6
26.7
26.4
24.0
25.5
27.1
29.4
30.3
29.6
29.9

166.3
165.1
159.8
154.8
156.3
159.2
162.0
164.0
164.0
165.5
165.4
166.9

73
70
66
63
63
66
68
68
69
74
75
76

74
71
67
65
65
68
71
71
72
77
77
79

69
68
65
61
60
59
63
65
67
73
73
69

66
65
61
57
57
59
58
59
60
64
66
65

565
404
363
336
323
316
346
321
418
693
686
818

1943—January

109.4

127.7

119.5

105.4

115.7

89.9

110.5

31.8

168.0

80

82

74

69

820

Week ending:
Jan 30
Feb. 6
Feb. 13
Feb 20
Feb. 27

109 4
109.4
109.4
109.4
109.5

127 9
128.3
128.4
128.8
129.0

119.9
119.9
120.0
120.0
119.9

106.1
106.1
106.1
106.6
107.2

115.8
115.6
115.6
116.0
116.5

91.7
91.5
91.4
92.1
93.2

110.9
111.1
111.2
111.6
111.8

32.7
33.1
33.1
33.3
34.5

169.1
169.9
170.3
171.2
171.6

82
83
84
86
87

85
86
87
89
89

75
76
76
77
81

71
71
72
74
76

1,055
951
1,216
1,235
1,654

Number of issues

....

126.2

50

r
1
2

Revised.
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis
of a32% per cent, 16 year bond. Prices expressed in decimals.
Revised price series. Prices derived from average yields, as computed by Standard and Poor's Corporation. The revised series represents the
price4 equivalent for a 4 per cent 20-year bond; series published previously represented that of a 3% per cent 22-year bond.
Prices
derived from averages of median yields, as computed by Standard and Poor's Corporation.
5
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
6
Standard
and Poor's Corporation.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79).
N E W SECURITY ISSUES
[In millions of dollars]
?

Year or month

Total
(new
and
refunding)

1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,803
r
5,546
r
2,109

1933
1934
1935
1936
1937
1938
1939
1940
1941
1942

1942—January
February....
March
April
May
June
July
August
September . .
October
November...
December...
1943—January

or new capital

For refunding

Domestic
Total
(domestic
and
Total
foreign)

720
1,386
1,457
1,972
2,138
2,360
2,289
1,951
r
2,854
r
l,069

r

320
180
197
r
266
r
182
201
142
162
100
115
98
145
176

708
1,386
1,409
1,949
2,094
2,325
2,239
1,948
r
2,852
r
l,069

r

r

r

r

168
123
110
r
159
r
l30
r
97
41
103
45
28
29
37
7

168
123
110
r
159
r
130
r
97
41
103
45
28
29
37
7

State
and
municipal

Domestic
Corporate

Federal
agencies 1

Total

Bonds
and

64
483
803
405
150
855
735
22
712
157
971
481
924
931
751
461
r
518 1,272
r
342
108

161
178
404
1,192
1,225
873
383
736
r
l,062
618

40
144
334
839
817
807
287
601
889
500

r

11
84
30
37
22
9
r
52
10
r
23
3
2
18
3
11
r
45
17
26 . . . . . .
7
9
17
4

r

73
56
79
97
r
104
77
28
59
28
2
5
11
3

Foreign 2
Stocks

Total
(domes t ic
and
Total
foreign)

notes

r
40
33
19
37
18
62
91
6
r
94
10
69
8
27
57 ""2"
18
10
2
5'
9
2

r
r

120
35
69
352
408
67
97
135
r
173
118

3

12
• • •

4

8

23
44
35
50
2
1

"

343
774
3,242
4,242
1,799
2,089
3,553
2,852
r
2,693
r
l,040
r

283
765
3,216
4,123
1,680
2,061
3,465
2,852
r
2,689
r
l,040
r

152
57
88
r
107
52
105
r
102
59
55
87
69
108

152
57
88
r
107
52
105
r
102
59
55
87
69
108

170

80

Corporate

State
and
municipal

Federal
agencies 1

Total

37
136
365
382
191
129
195
482
r
435
r
181

26
317
987
353
281
665
1,537
344
698
440

219
312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
418

36
11
27
r
8
8
15
r
37
3
7
12
10
9

34
27
21
81
39
28
32
50
18
31
46
34

83
19
39
19
6
62
33
6
30
44
14
65

45

27

8

r

Foreign2

Bonds

and Stocks
notes
187
312
1,782
3,187
856
1,236
1,596
1,834
1,430
410

32
"81"
200
352
31
137
193
126
8

60
9
26
119
119
28
88

""4"

82
1
19
39
19
6
55 • • • y
33
6
30
44
13
65
8

90

r

Revised.
1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
2 Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle', for foreign issues, U. S. Department of Commerce. Monthly figures subject to
revision.
Back figures—See Annual Report for 1937 (table 78).

146




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**

Estimated
gross
proceeds z

New money
Plant and
equipment

Working
capital

Total

Bonds and
notes

208
858
r
991
r
681
325
r
569
868
441

32
111
380
574
504
170
424
661
268

26
96
478
r
417
177
155
145
207
173

r
23l
1,865
r
3,368
1,100
1,206
1,695
1,854
1,583
r
380

r
231
1,794
3,143
r911
1,119
1,637
1,726
1,483
352

Total
1934
1935
1936
1937
1938
1939
1940
1941
1942

. .

r
384
2,266
4,431
r
2,239
r
2,110
r
2,115
r
2,615
r
2, 623
r
987

r
397
'"2,332
r
4,572
r
2,310
r
2,155
r
2,164
'"2,677
r
2,667
1,008

r

r

r

Retirement of securities

57

r

r

1941-March
April
May
June
July
August
September
October
November
December

262
184
269
250
122
417
182
r
204
155
144

258
181
262
246
119
413
180
r
201
152
142

68
42
67
87
51
185
27
91
92
57

56
26
54
75
35
167
17
64
61
36

12
17
13
12
16
17
10
27
31
21

172
132
189
142
56
210
150
r
92
37
62

163
110
188
131
54
194
148
r9l
37
52

1942—January
February
March
April
May
June
July
August
September
October
November
December

164
78
102
121
126
142
53
89
62
18
27
26

161
76
100
118
124
139
52
88
60
17
27
26

71
40
39
70
59
72
14
39
23
2
2
8

38
34
35
15
27
57
11
33
8
2

33
5
4
55
33
15
3
6
15
1
2
1

80
23
46
12
11
60
29
34
28
15
24
r
17

80
12
41
12
11
55
29
34
26
15
24
13

9

8

1

1

6

6

1943—January

r

7""

Repayment
of
other debt

Other
purposes

71
226
190
87
59
128
100
r
28

84
170
154
111
r
215
69
174
144
133

11
23
49
r
36
7
26
19
28
35

9
21
1
10
2
15
2
1
1
10

14
2
6
16
12
14
3
14
22
17

Preferred
stock

11
5
5""
2
H""

3
5
1
5"
5
6

9
2
15
36
53
5
8
3
1
r

ii

i
2
"12"
8

0
2

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—March
April
May

June
July

August
September
October
November
December
1942—January
February
March
April
May

172
120
774
338
54
182
319
361
47

21
57
139
228
24
85
115
253
32

120
54
558
110
30
97
186
108
15

8
2
45
58
23
24
42
25
1
28

3

5
2

45
51
23
24
7
21
1
28

10
4
6

10
4
6
.

""g"

June
July
August
September
October
November
December

Public utility

All
RetireTotal
New ment of other
net
pro- money securi- purposes*
ties
ceeds

7
35
4

...„.

6
2
2
1
9
4

1943—January...

2
2
1
9
4

31
10
77
1
18

Total
net
proceeds
130
1,250
1,987
751
1,208
1,246
1,180
1,340
441

11
30
63
89
180
43
245
317
135

177
82
141
113
39
307
114
79
59
62

47
18
6
12
13
138
6
11
46
3

107
34
48
11
21
69
3
68
44
3
15
19

18
25
8
11
10
17
2
34
7
•

•

•

-

•

Total
net
proceeds

Retire- All
Retire- All Total
New ment of other
net
New ment of other
money securi- purpro- money securipurties poses^ ceeds
ties
poses4

42
30
27
50
86
47
13
30
27

62
774
1,280
1,079
831
584
961
828
497

25
74
439
616
469
188
167
244
272

34
550
761
373
226
353
738
463
85

2
150
80
90
136
43
56
121
140

1
129
1
64
1
134
4
97
26
169 ""2"
106
5
63
1
11
12
46

72
88
76
75
48
76
23
75
85
46

17
16
16
24
9
22
13
49
41
25

39
66
54
38
29
40
9
13
24
15

17
7
6
13
10
14
1
14
21
6

43
38
46
107
102
61
46
18
15
5
12
3

43
11
25
59
49
51
9
4
14
2
2
2

8

1

77
1,190
1,897
611
943
1,157
922
993
279

•

Other

Industrial

All
RetireNew ment of other
money securipurposes
ties

80
10
40

9

5
49
1
34
28
2
14
17

6
3
9

r
20
122
390

r

16
102
155
r
94
2

218
r
57
r
8
9
r
42
55
2

1
8

1
8

r

r

6
1
22
6
6
1

6
12
6
6
29
3"
10
1
6

13
15
36
48
4
8
15
1

r

••••-"
1
1
10
4

0r

n

152
r7
r
7
r
88
rg
18

19
4

1°
1
5
104
21

1

i

""2"
5

2
5

1

.......
1

2

r
1
2
3
4

Revised.
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.
NOTE.—Data published by Securities and Exchange Commission. Series revised by the Commission to exclude issues maturing in exactly one year
from date of issue and those issues of Federal agencies which have been included in the corporate series, that is, issues which are not guaranteed by the
United States. In the distribution by major groups of issuers, these issues of Federal agencies were shown in the "Other" group. For a description of
data, see pp. 217-19 of the March 1942 BULLETIN.
MARCH

1943




147

QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends

Net profits,1 by industrial groups

Year or quarter
Total

Iron
and
steel

Machinery

Automobiles

Other
transportation
equipment

Nonferrous
metals
and
products

Other
durable
goods

Foods,
beverages,
and
tobacco

Oil
prod,
and
refining

Other
nondurable
goods

Industrial
chemicals

Miscellaneous
services

Dividends
Net
profits 1

Preferred

Common

629

47

69

15

68

77

75

49

45

30

80

74

152

152

152

1,465
1,818
2,169

146
278
325
P22S

115
158
193
*161

223
242
274

102
173
227

119
133
153

70
88
113

151
148
159

98
112
174

186
194
207
Pi 72

134
160
187

122
132
159

847
1,028
1,144

90
90
92
88

564
669
705
554

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

24
27
29
42

173
185
167
321

21
22
21
26

114
119
125
207

1940—1
2
3
4

422
412
396
588

47
51
79
101

33
39
34
52

69
53
17
103

41
36
33
63

33
29
30
40

14
21
25
28

34
38
33
43

34
30
25
24

46
45
52
51

41
41
39
39

29
30
29
44

246
230
211
342

21
21
22
25

136
158
158
217

1941—1
2
3
4

510
549
560
550

86
84
81
72

44
48
46
55

79
73
60
61

53
56
56
62

39
36
38
40

23
28
30
32

36
43
44
37

29
42
56
46

49
53
52
52

44
48
49
46

29
36
46
48

286
297
284
276

22
23
23
24

150
165
170
221

423
369
467

52
52
51
P71

38
35
36
^52

46
25
46

855
8
53
58

36
32
34

35
27
42

39
35
41
P56

204
174
218

21
23
21
23

Number of companies
1939
1940
1941
1942
Quarterly

1942—1
2
3
4

r

r

r

r8

r

19
18
22

r

32
32
42

r

r

r

39
27
35

r

32
34
59

r

r

134
136
126
158

PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroads
Year or quarter

Operating
revenue

Telephone3

Electric power
1

Income

Net income

income
tax 4

All roads Insolvent
roadsS

Dividends

Operating
revenue

Income
before
income
tax 4

Net
income 1

Dividends 5

28

Operating
revenue

Net
income1

Dividends

32

32

32

3,995
4,297
5,347
7,466

126
249
672
1,718

93
189
502
959

-102
-73
24
173

126
159
186
196

692
735
799

159
177
202

137
142
133

116
118
115

1,067
1,129
1,235
1,365

191
194
178
161

175
178
172
163

1939—1
2
3
4

898
906
1,058
1,133

-38
-43
68
139

-43
-47
58
126

(7)
—4

00
(7)

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

1940—1
2
3
4

986
1,010
1.130
1,171

-3
15
92
145

-12
3
71
127

-29
-33
-14
3

25
29
29
78

187
176
177
194

48
42
41
47

41
34
31
37

19
19
19
20

274
281
281
294

49
50
45
50

44
44
44
46

1941—1
2
3
4

1,152
1,272
1,468
1,454

94
144
267
167

69
101
190
142

-4
2
25
1

22
36
31
97

201
191
196
211

59
48
46
50

43
33
25
34

18
24
18
19

295
308
311
321

43
44
45
46

44
45
44
40

1942—1
2
3
4

1,483
1,797
2,047
2,139

179
389
556
594

90
199
283
387

12
37
60
64

29
35
34
98

216
202
208

63
53
54

33
25
28

19
19
19
19

324
336
344
360

47
48
46
20

44
42
39
38

Number of companies....
1939
1940
1941
1942
Quarterly

9

r

Revised.
^Preliminary.
"Net profits" and "net income" refer to income after all charges and taxes, and before dividends.
Class I line-haul railroads.
3
Series revised to reflect operations more accurately. The group now excludes American Telephone and Telegraph Company, the greater part of
whose income consists of dividends received on stock-holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public.
4
After all charges and taxes except Federal income and excess profits taxes.
5
Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown.
6 Includes roads in receivership or trusteeship at beginning of the year.
7 Not available.
8
Partly estimated.
9
Unlike other industrial groups in this table, net income of telephone companies in the first three quarters of 1942 included provision for Federal income and excess profits taxes at rates specified in the Revenue Act of 1941. Most of the increase in taxes for the year is therefore reflected in the fourth
quarter figure.
Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages
1
2

214 to 217 of the March 1942 BULLETIN.

Z48




FEDERAL RESERVE

BULLETIN

UNITED STATES GOVERNMENT DEBT-VOLUME AND K I N D OF SECURITIES
[On basis of daily statements of United States Treasury.

Total
gross
direct
debt

End of month

1939—June
Dec
1940—June
Dec
1941—June
Dec
1942—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan

40,440
41,942
42,968
45,025
48,961
57,938
62,381
62,419
64,961
68,571
72,422
77,136
81,685
86,483
92,904
96,116
108,170
111,069

Total
interestbearing
direct
debt
39,886
41,445
42,376
44,458
48,387
57,451
61,895
61,940
64,496
68,108
71,968
76,694
81,244
85,847
92,265
95,458
107,308
110,024

Marketable public issues

Total2

33,965
34,735
34,436
35,645
37,713
41,562
43,700
43,329
45,137
47,615
50,573
53,826
57,176
60,402
65,008
66,554
76,488
77,496

CertifiTreasury cates of
indebtedbills
ness
1,308
1,455
1,302
1,310
1,603
2,002
2,002
1,652
1,953
2,257
2,508
3,663
4,168
4,619
5,126
5,721
6,627
7,423

"

1

Nonmarketable public issues

Treasury
notes

Treasury
bonds

7,243
6,203
6,383
6,178
5,698
5,997
5,591
5,571
5,571
5,571
6,689
6,689
6,689
7,958
10,095
10,095
9,863
9,863

25,218
26,881
26,555
27,960
30,215
33,367
35,912
35,910
35,910
38,085
38,085
40,182
41,418
41,418
43,381
43,381
49,268
49,273

1,507"
1,507
3,096
3,096
4,705
6,211
6,211
3
7,161
10,534
3
10,741

In millions of dollars]

Total 2

2,151
2,480
3,166
3,444
4,555
8,907
11,004
11,278
12,002
12,976
13,510
14,743
15,805
16,936
18,672
20,117
21,788
23,356

U.S.
savings
bonds

Treasury
tax notes

1,868
2,209
2,905
3,195
4,314
6,140
7,893
8,436
8,951
9,569
10,188
11,078
11,751
12,479
13,381
14,079
15,050
16,246

2,471
2,807
2,536
2,744
3,100
3,015
3,357
3,739
4,137
4,964
5,703
6,384
6,749

Special
issues

3,770
4,231
4,775
5,370
6,120
6.982
7,190
7,333
7,358
7,518
7,885
8,125
8,262
8,509
8,585
8,787
9,032
9,172

Fully
guaranNoninte rest- teed interestbearing
bearing
debt
securities
554
497
591
566
574
487
486
480
465
462
454
442
441
637
639
657
862
1,045

5,450
5,621
5,498
5,901
6,360
6,317
5,673
5,666
5,666
5,667
4,548
4,551
4,567
4,552
4,243
4,244
4,283
4,277

1
Including amounts held by Government agencies and trust funds, which aggregated $2,891,000,000 on Dec. 31, 1942, and $2,878,000,000 (preliminary)
on Jan. 31, 1943.
2
Total marketable public issues includes Postal Savings and pre-war bonds, and total nonmarketable public issues includes adjusted service and
depositary bonds not shown separately.
3
Including special one-day certificates of indebtedness not shown separately amounting to $422,000,000 on Nov. 30, and $202,000,000 on Jan. 31.

U N I T E D STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, JANUARY 3 1 , 1943
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue

Amount

Issue

U N I T E D STATES SAVINGS BONDS
[In millions of dollars]

Amount
Month

Treasury bonds
June 15, 1943-47
Oct. 15, 1943-45
Apr. 15, 1944-46
Dec. 15, 1944-54
Sept. 15, 1945-47
Dec. 15, 1945
Mar. 15, 1946-56
June 15, 1946-48
June 15, 1946-49
Oct. 15, 1947-52
Dec. 15, 1947
Mar. 15, 1948-50
Mar. 15, 1948-51
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
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
Sept. 15, 1967-72
Postal Savings bonds..
Conversion bonds
Panama Canal loan
Treasury notes
Mar. 15, 1943
June 15, 1943
Sept. 15, 1943
Dec. 15, 1943
Mar. 15, 1944
June 15, 1944

454
1,401
1,519
1,037
1,214
541
489
1,036

819
759
701
1,115
1,223
3,062
451
571
1,014
1,292
2,098
491
1,786
1,963
1,186
1,627
755
1,118
510
1,024
1,501
725

MARCH 1943




681

2,611
1,449
982
919
1,485
2,118
2,831
2,716
117
29
50
66
629
279
421
515
416

Treasury notes—Continued
283
Sept. 15, 1944
635
Sept. 15, 1944
718
Mar. 15, 1945
1,606
Mar. 15, 1945
531
Dec. 15, 1945
503
Mar. 15, 1946
3,261
Dec. 15, 1946
Cert, of i n d e b t e d n e s s .
202
Feb.l, 1943, Special series..
1,588
Feb. 1, 1943
1,506
May 1, 1943
1,609
Aug. 1, 1943
2,035
Nov. 1, 1943
3,800
Dec. 1, 1943
T r e a s u r y bills
Feb. 3, 1943
500
501
Feb. 10, 1943
502
Feb. 17, 1943
501
Feb. 24, 1943
503
Mar. 3, 1943
Mar. 10, 1943
505
Mar. 17, 1943
601
Mar. 24, 1943
601
Mar. 31, 1943
603
Apr. 7, 1943
600
Apr. 14, 1943
602
Apr. 21, 1943
702
Apr. 28, 1943
702
Total direct i s s u e s . . . . 77,496
G u a r a n t e e d securities
Commodity Credit Corp.
May 1, 1943
Feb. 15, 1945
Fed. Farm Mortgage Corp.
Mar. 15, 1944-64
May 15, 1944-49
Fed. Public
Housing
Authority
Feb. 1, 1944
Home Owners' Loan Corp.
May 1, 1944-52
June 1, 1945-47.
Reconstruction Fin. Corp.
July 15, 1943
Apr. 15, 1944
. .
Federal Housing Admin.
Various
Total guaranteed issues

289
412

Amount
outstanding
at end of
month 1

Funds received from sales during
month
Series
E

Series
F

Series
G

All
series

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

All
series
2

Redemptions

1941—May
June
July
Aug
Sep..
Oct
Nov
Dec

4,008
4,314
4,649
4,908
5,132
5,394
5,620
6,140

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
703
558
531
634
634
901
697
755
935
735
1,014

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. .

16,246

1,240

815

77

348

63

1
At current redemption values except Series G, which is stated at p a r .
Difference between "Funds received" and month to month changes in
"Amounts outstanding" represents the difference between accrued increases
in redemption values and redemptions of bonds during the month.
2
Includes series D not shown separately; this series has not been sold
since April 1941.

95
835

779
755
324
571
22
4,196

M9

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT A N D FULLY GUARANTEED
[In millions of dollars]

Total
interestbearing
securities

End of month

Held by U. S. Government agencies
and trust funds
Special
issues

Public
issues

3,770
4,231
4,775
5,370
6,120
6,982
7,885
8,125
8,262
8,509
8,585
8,787
9,032

2,116
2,300
2,295
2,250
2,362
2,547
2,726
2,741
2,884
2,900
2,922
2,922
3,207

45,336
47,067
47,874
50,360
54,747
63,768
76,517
81,245
85,811
90,399
96,509
99,702
111,591

1939—June
December
1940—June
December
1941—June
December
1942—June
July p ...
Augusts
September?
October?
November?
December?

Privately held1
Held
Federal
Reserve
Banks

Total

Member
banks

2,551
2,484
2,466
2,184
2,184
2,254
2,645
3,153
3,426
3,567
4,667
5,399
6,189

36,899
38,052
38,338
40,556
44,081
51,985
63,261
67,226
71,239
75,423
80,335
82,594
93,163

13,777
14,328
14,722
15,823
18,078
19,539
24,098
25,930
27,600
29,750
32,020
33,380
37,544

Other
commercial
banks

Mutual
savings
banks

Insurance
companies

1,920
1,970
1,830
1,940
2,020
2,250
2,290
2,500
2,640
2,820
3,180
3,290
3,750

3,040
3,100
3,110
3,220
3,430
3,680
3,890
4,010
4,130
4,200
4,280
4,180
4,560

5,900
6,300
6,500
6,900
7,000
8,000
8,900
9,000
9,600
9,700
9,800
9,600
11,000

Other investors
Marketable
issues

Nonmarketable
issues

10,400
10,200
9,400
9,600
9,400
10,000
11,100
11,600
12,100
12,700
13,000
12,600
15,200

1,900
2,200
2,800
3.100
4,200
8,500
13,000
14,200
15,200
16,300
18,100
19,500
21,100

p

Preliminary estimates.
1 Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 million dollars and for insurance companies and other investors to nearest 100 million.
Back figures.—See July 1941 BULLETIN, p. 664.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES*
[Public marketable securities. Par values in millions of dollars]
U.S.
GovernTotal ment
out- agenitand- cies
ing
and
trust
funds
Totals
1941—June
Dec
1942—June
Aug
Sept
Oct
Nov
Dec
Treasury bills:
1941—June
Dec
1942—June
Aug
Sept
Oct
Nov
Dec
Certificates:
1942—June
Aug
Sept
Oct
Nov
Dec
Treasury notes:
1941—June
Dec
1942—June
Aug
Sept
Oct
Nov
Dec
Guaranteed securities:
1941—June
Dec
1942—June
Aug
Sept
Oct
Nov
Dec

44,072
47,878
55,122
61,691
64,916
69,204
70,750
80,685

2,360
2,547
2,723
2,881
2,877
2,993
2,918
3,202

1,60;
2,002
2,508
4,168
4,619
5,126
5,721
6,627
3,096
4,705
6,211
6,211
7,161
10,534
5,699
5,997
6,689
6,689
7,958
10,095
10,095
9,863
6,360
6,317
4,549
4,51
4,515
4,195
4,195
4,196

FedMueral
Com- tual
Re- mercial1 savserve banks ings
banks
Banks

2,184
2,254
2,645
3,426
3,567
4,667
5,399
6,189

19,014
20,589
24,939
28,548
30,707
33,084
34,480
38,759

3,342
3,641
3,830
4,057
4,114
4,199
4,091
4,471

10
243
696
657
481
383
1,010

1,112
1,037
1,557
2,648
2,884
3,468
4,216
4,497

23
34
28
25
17
18
14
10

66 1,971
341 3,008
504 3,978
726 3,782
1,187 4,389
1,041 6,470

74
78
92
90
99
129

191
184
271
265
114
180

782
1,074
1,346
1,326
1,356
2,696

2,931
3,246
3,725
3,602
4,507
5,830
5,828
5,670

191
166
138
139
181
204
196
167

259
265
266
265
276
295
290
283

1,452
1,490
1,770
1,880
2,241
2,391
2,354
2,327

4,107
4,119
2,847
2,902
2,893
2,637
2,660
2,665

233
243
148
134
132
122
116
108

589 1,158
547 1,123
433
835
371
810
369
814
349
766
338
750
333 743

820
45
53
777
76
714
79
725
75
678
79 1,297
85 1,343
92 1,324
268
280
281
292
293
304
310
311

Insurance
com- Other
panies

5
5
5
5
15
17
22
37

6,841 10,332
7,858 10,990
8,748 12,237
9,419 13,360
9,
,138
9,626 14 ,634
9,351 14,510
10,766 17,297
459
10
710
210
590
91
721
78
937
123
126 1 ,031
93 1 ,010
26 1 ,073

U.S.
Govern- FedMument eral Com- tual Insuragen- Re- mer- sav- ance Other
cial ings comcies serve banks
panies
and Banks
banks
trust
funds

Total
outstanding

Treasury bonds:
Total:
1941—June
Dec
1942—June
Aug
Sept
Oct
Nov
. Dec
Maturing within 5 years:
1941—June
Dec
1942—June
Aug
Sept
Oct
Nov
Dec
Maturing in 5-10 years:
1941—June
Dec
1942—June
Aug
Sept
Oct
Nov
Dec
Maturing in 10-20 years:
1941—June
Dec
1942—June
Aug
Sept
Nov
Dec
Maturing after 20 years:
1941—June
Dec
1942—June
Aug
Sept
Oct
Nov
Dec

30,215
33,367
38,085
41,418
41,418
43,381
43,381
49,268

2,015
2,182
2,321
2,456
2,456
2,554
2,468
2,739

3,508
3,461
3,915
3,915
5,129
5,129
5,129
5,830

10,851
12,174
14,828
16,376
16,433
17,357
17,377
19,445

2,895
3,197
3,442
3,682
3,693
3,765
3,666
4,055

5,983
6,836
7,766
8,520
8,474
8,591
8,515
9,944

7,112
7,517
8,110
8,725
8,649
8,969
8,891
10,303

291
289
336
330
472
528
610
754

1,370
1,398
1,599
1,627
2,137
2,100
2,071
2,565

197
191
224
217
274
264
254
253

526
531
581
566
781
771
748
726

1,124
1,053
1,173
1,174
1,464
1,465
1,445
1,531

776
757

1,359
1,462
1,617
1,660
1,713
2,145
2,464
2,777

7,585
7,584
9,436
11,534
11,506
14,229
14,229
17,080

1,284
1,439
1,574

3,367
718 1,236 1,489
685 1,257 1,432
3,452
750 1,347 1,536
4,959
886 1,468 1,954
6,344
932 1,458 1,756
6,446
7,717 1,110 1,710 2,409
7,676 1,084 1,736 2,293
9,353 1,129 2,101 2,920

16,719
17,253
18,731
18,731
17,545
16,786
16,786
16,295

2,091
2,116
2,168
2,182
2,061
2,124
2,133
2,165

5,549
6,044
7,009
7,146
6,596
6,310
6,377
6,240

1,856
1,856
1,957
1,948
1,854
1,756
1,712
1,580

3,191
3,309
3,510
3,427
3,163
3,037
2,990
2,778

4,036
3,924
4,086
4,025
3,871
3,558
3,581
3,531

2,404
5,070
6,002
7,238
7,238
7,238
7,238
10,065

219
482
593
721
721
764
750
1, 021

566

126

462
1,282
512
1,258
630
1,260
631
1,253
634
1,231
618
1,255
1,286 1,095

1,029
1,737
2,326
3,058
3,073
3,072
3,042
4,339

1,107
1,315
1,570
1,560
1,539
1,574
2,323

846
883
916

465

* 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 non-reporting 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.
lOn Dec. 31, 1942, commercial banks reporting to the Treasury held $12,524,000,000 of United States Government securities due or callable within
one year
out of a total of $21,142,000,000 outstanding.
2
Including $196,000,000 of Postal Savings and pre-war bonds not shown separately below.




FEDERAL RESERVE BULLETIN

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, A N D RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]

Income
taxes 1

Period

Fiscal vear ending:
June 1941
June 1942
1942—January
February
March
April
May
June

3,470
7,960

Miscellaneous
internal
reve-1
nue

932
2,967
3,847 1,194

900
666

53
257
49
43
222
42
53
232
43
48
248
50
52

59
58
52
49
56
67
52
48
49
45
45
50
100

133
283

369
340
364
305
270
298
416
362
309
350
337
630
365

3,083

335
216
....

July
August
September....
October
November
December
1943—January

Social
secur- Other
ity
taxes

2,086

273
155

2,126

206
199

1,972

306

Total
receipts

Net
receipts 2

TransInter- War fers to
est
activi- trust Other
acon
ties
counts
debt
etc.

8,269

7,607
12,799

1,111
1,260

6,301
26,011

331
381

4,968
4,745

578
758

32
12
205

2,104
2,208
2,809

42
9
22
48

451
400
385
390
375
310
378
305
317
330
291
297
337

L3,668

614
937

3,548

3,547

732
764

695
563

2,494

2,492

2,528

2,527

2 702
'824

2 701
'788

794
797

648
830

747
587

607
601

77

3] 238

3,560
3,829
4,498
4,884
5,384
5,481
6,042
5 825
5^947

19
390
35
7
224
70
28
353
54

1
249
19
5
56
3
25
35

Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts

ExInvest- pendiments tures

Fiscal year ending:
June 1941
June 1942

1,958
2,327

1 ,200
1,705

741
614

1942—January
February
March
April
May
June
July
August
September....
October
November....
December....
1943—January

144
383
31
112
422
136
212
433
30
126
471
75
110

50
177
139
15
196
297
117
184
214
49
170
350
43

64
59
67
59
54
51
53
52
45
38
34
33
35

Net expenditures
in checking accounts of
GovernRement
ceipts
agencies

218

3,625
681
35
75
189
430

1,417

78
262
25
583

-449

548
186

Change in
Total
Trust
budacGenget ex- Deficits
eral
counts,
pendiGross
3
Fund
etc.
tures
debt
balance
-5,103
12,71
32,397 — 19,598

-145

+742 +5,994
+358 +23,461

-633

+2,073
+612 +2,369
69
+39
542 +2,542
- 3 9 +3,609
+179 +3,852
+296 +4] 714
- 1 3 4 +4^549
+1,148 +4,798
+594 +6,420
1^814 +3,212
+7,461 +12,054
-2,819 +2,899

2,628
2,629
3,42

-2,050
— 1,871

3^95:
4,530
5,160
5,21.
5,931
5,93;
6,363
6,500
6',372

12f
—3,058
-3,391
-257
—2,037 — 1,635
—1
—4,413
-4,628
-54
-3,404
-245
-5,331
-496
—5,761
+736
—3* 799
-5,'584
-135

+126

+114

-610

General Fund of the Treasury (end of period)
Other

Investments

Balance in
General Fund

Assets

Expenditures

Total

Deposits
in
Federal
Reserve
Banks

Deposits
in
special
depositaries

Other
assets

661

Total
liabilities

Total

Working
ance

680
863

138
221

490
533

2,812
3,443

1,024

603

1,679

1,127
1,162

179
452

2,633
2,991

1,885
2,229

57
50
84
73
53
110
192
62
S3
96
65
99
74

9
5
9
9
13
69
124
24
37
26
32
37
47

30
44
59
39
40
48
36
28
37
21
13

3,232
3,867
3,857
3,216
3,198
3,443
3,782
3,695
4,688
5,313
3,557
11,032
8,200

391
748
525
522
382
603
553
569

1,750
2,054
2,231
1,579
1,666
1,679
2,014
1,880
2,411
3,373
1,695
8,166
6,367

1,090
1,064
1,101
1,115
1,150
1,162
1,215
1,246
1,256
1,321
1,350
1,350
1,368

282
305
365
365
386
452
494
541
386
416
475
489
477

2,950
3,562
3,493
2,851
2,812
2,991
3,288
3,154
4,302
4,896
3,082
10,543
7,724

2,191
2,802
2,732
2,089
2,050
2,229
2,525
2,392
3,540
4,134
2,320
9,780
6,961

8

1,021
619
512

1,516
465

1

Details on collection basis given in table below.
?3 Total receipts less social security employment taxes which are appropriated'directly to the Federal old-age and survivors insurance trust fund.
Excess of receipts (+) or expenditures (—).

INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollarsl
Miscellaneous internal revenue

Income taxes
Period
Total

Current Current
indivi- corporation
dual

Back
taxes

Excess
profits
taxes

Other
profits
taxes

37
57
3
2
11
3
7
11
2
3
17
7
2
11
6

Fiscal year ending:
June 1941
June 1942

3,471
8,007

1,314
3,108

1,649
2,764

306
460

164
1,618

1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January

143
337
3,073
295
205
2,131
222
164
2,123
220
185
2,000
296

38
210
1,457
132
12
715
53
32
662
19
19
556
48

23
48
832
44
84
766
83
53
781
109
67
753
37

61
51
56
73
33
55
29
26
23
27
24
36
69

18
25
717
44
68
584
53
49
641
58
73
644
136

MARCH

1943




Total

2,955
3,838

Capital
stock
tax

167
282
3
1

370
324
355
294
277
284
459
340
315
1
348
478 " '"185""
496
143
379

Estate Alcoholic Toand beverage bacco
gift
taxes
taxes
taxes

407
433

820
1,048

37
36
105
43
25
25
46
30
28
35
27
30
47

101
78
85
81
84
86
114
123
111
119
104
129
137

698
781
70
60
62
63
66
71
74
74
77
83
79
81
81

Manufacturers' MiscelStamp
and
taxes retailers' laneous
taxes
excise
taxes
39
42
5
3
3
3
3
3
3
3
3
3
3
3
4

617
852

207
401

103
81
64
70
63
56
62
60
56
66
47
64
68

52
66
36
33
35
42
160
51
39
42
32
46
42

2.51

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS A N D LIABILITIES
Liabilities, other than
\ssets, other than interagency item
interagency items
Bonds, notes,
and debentures

Securities
Total
assets,
other
than
interagency

Loans

1941—June
December

13,277
14,660

8,106
8,487

698
680

376
496

925
999

1942—January
February....
March .. .
April
May. . . . . . . .
June
July
August
September...
October
November...
December. ..

14,908
15,224
15,750
16,656
17,343
17,962
18,482
19,401
19,974
20,534
20,992
21,715

8,388
8,396
8,407
8,567
8,356
8,379
8,307
8,233
8,190
8,159
8,158
8,127

675
663
658
650
649
648
642
626
623
622
621
620

560
582
621
645
732
403
407
609
625
581
563
553

1,027
1,058
1,060
1,076
1,088
1,097
1,113
1,144
1,197
1,219
1,222
1,272

End of month

Preferred
stock,
etc.

Accounts
and
other
receivables

Business
property

Property
held
for
sale

Other
assets

18
46

598
574

636
714

1,497
1,891

52
53
54
54
55
57
58

604
600
632
621
733
774
773
853

751
782
792
815
833
859
879
924
952
976

1,964
2,017
2,262
2,717
3,067
3,512
3,808
4,177
4,287
4,710
4,701
5,187

1,073
1,264
1,511
1,830
2,233
2,495
2,778
2,979
3,119
3,605
3,818

U.S.
Govt. Other
direct Govt.
and
agenguaran- cies1
teed

Cash

57
56
60
52
33

1,065
1,088
1,069
1,085

1,001
1,020

u. s. PriGovern- vately
ment
owned
Other
liabili- interest interest
ties

Fully
guaranteed
by
U.S.

Other1

423
773

6,370
6,324

1,443
1,392

1,604
2,049

3,436
4,464

424
431

887

5,705
5,697
5,690
5,688
5,687
4,568
4,581
4,592
4,574
4,265
4,264
4,301

1,402
1,396
1,433
1,431
1,440
1,442
1,443
1,445
1,434
1,413
1,404
1,414

2,111
2,325
2,497
2,656
2,950
3,265
3,457
3,691
4,154
4,185
4,601
4,630

5,256
5,372
5,694
6,444
6,828
8,249
8,562
9,234
9,373
10,230
10,281
10,931

432
434
435
436
437
438
438
439
439
442
443
439

LOANS, OTHER THAN INTERAGENCY LOANS
Farm
gage
ReconstrucTotal2 tion Home Feder- RFC Fed. Fed.
Fed.
Na- Public Farm
loans
Fial
Mort- tional
nance OwnHousHome
Morters'
gage
Corp. Loan Loan Com- Morting
gage
gage Auth.
Corp.
Corp. banks pany Assoc.
Home mortgage and
housing
agencies 3

End of month

1941—June
December

8,106
8,487

1,082
1,433

L,870
1,777

170
219

1942—January
February....
March
April
May
June
July
August
September.. .
October
November.. .
December .. .

8,388
8,396
8,407
8,567
8,356
8,379
8,307
8,233
8,190
8,159
8,158
8,127

1,417
1,464
1,470
1,469
1,468
1,473
1,479
1,496
1,527
1,533
1,566
1,557

1,758
1,742
1,724
1,709
1,692
1,676
L,657
,640
1,622
1,603
,587
,568

206
197
192
185
181
193
174
160
145
131
122
129

194
207
210
211
213
215
216
216
215
215
215
214
213
211

65
72
74
75
75
77
79
82
83
85
88
91
93
94

mortloans

Other farm cr°dit loans

Rural ExElecFed.
trifica- portImFeder- inter- Banks Com- Farm Farm tion port
medi- for co- modity Credit Secur- Adal
Bank
ate opera- Credit Ad- ity Ad- min.
land
banks credit tives Corp. min. min.
banks

Other

316
367

630
597

1,818
1,764

255
235

74
113

244
233

263
250

461
467

289
323

114
139

261
291

388
352
379
371
365
384
388
357
360
377
372
366

590
586
580
575
567
562
554
547
539
528
518
507

1,753
1,746
1,731
1,721
1,715
1,706
1,692
1,679
1,663
1,645
1,625
1,603

238
251
267
280
282
289
291
287
270
248
238
238

111
110
106
102
99
101
104
104
112
130
140
145

240
230
218
393
230
231
201
181
173
188
214
242

249
253
258
260
258
258
256
254
250
244
241
237

398
420
436
450
456
460
458
457
456
453
448
446

327
330
334
336
340
342
343
344
344
344
345
346

140
141
137
137
112
113
115
117
117
119
119
122

289
288
287
287
296
293
297
310
309
311
317
316

SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End of month
Total

Accounts and other
receivables

Preferred stock held

Property held for sale

ReconLoans Loans
Recon- Home
Fed. land ComCom- Home
War
to fistruc- Owners'
banks and modity struction
modity Owners'
to
nancial
Other
tion
Loan Other Fed. Farm Credit Finance '.Other corpo- Credit Loan
Other
railinstiFinance CorpoMortgage Corpo- Corp. and
rations Corpo- Corpotutions roads
Corp. ration
Corp.
ration war corration ration
porations

1941—June
December...

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

1942—January
February....
March
April
May
June
July
August
September...
October
November...
December. ..

1,417
1,464
1,470
1,469
1,468
1,473
1,479
1,496
1,527
1,533
1,566
1,557

150
151
149
149
146
144
143
144
153
153
169
167

472
473
475
477
473
472
472
472
473
472
471
460

795
840
846
843
849
857
864
880
901
908
926
930

398
393
388
381
379
378
377
372
369
368
367
366

173
167
167
167
167
167
162
153
152
152
152
152

104
103
103
102
103
103
103
101
102
102
102
102

216
220
216
221
222
225
226
231
226
225
213
207

65
55
80
40
S3
96
107
35
61
80
65
57

76
74
82
90
121
151
144
238
484
490
497
531

247
251
254
270
307
302
296
349
294
293
294
290

789
934

1,224
1,460
1,690
2,041
2,285
2,561
2,619
2,921
3,221
3,469

740
654
612
843
972

286
284
280
276
270
262
258
252
244
238
231
227

149
145
146
138
135
141
139
138
138
136
140
128

1,068
1,126
1,226
1,286
1,415
1,109
1,363

1
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 $1,854,000,000 on Dec. 31, 1942.

2.5 z




FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms " a d j u s t e d " and " u n a d j u s t e d " refer to adjustment of monthly figures for seasonal variation]

Income
payments
(value) J
1935-39
= 100

Year and
month

Construction
contracts
awarded (value) 3
1923-25 = 100

Industrial production
(physical volume) 2 *
1935-39 = 100

Manufactures
Total

Durable

Nondurable

Minerals

Total

Residential

Employment4
1939 = 100

Nonagricultural

All
other

Factory

Factory
payrolls 4
1939 =
100

AdUnadAdAdUnad- UnadAdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942...

122^9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
107.7
98.5
105.5
113.8
137.3
P169.4

84

71

79

72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
108
123
156
181

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

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

90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235

i6o!6'
98.1
88.3
77.6
78.6
86.3
90.1
96.8
102.7
95.1
100.0
104.2
115.6
124.2

DepartFreight- ment Wholesale Cost of
car
store
com- living
loadsales modity
1935ings*
(val4
394 =
1939 =
ue)* 5 prices
100
1926
100 1923-25 = 100
= 100

Ad-

Ad-

justed

justed

Unadjusted

Unadjusted

78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
124

138.6
154 4
97!6
96 7
100.6
98.1
103.5
100.0
95 4
96^7
95.3
86.4
73'.0
64.8
65.9
74.9
80.0
80.8
86.3
78 6
77!l
78.6
87.3
98.8

124.5
143.2
127! 7
119.7
121^9
122.2
125.4
126.4
124.0
122^6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5

100.6

106.8
107.2
82.1
90.8
103.9
96.5
99.9
101.8
99.6
99.7
106.1
92.5
78.2
66.4
73.5
85.8
91.4
99.1
108.7
91.0
100.0
107.5
132.1
152.3

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
242.2

120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138

106.2
127.1
82!o

1939
107.3
109.3
109.9
111.3

114
121
124
125

119
126
126
122

118
129
134
138

111
115
117
117

114
119
120
114

73
76
83
86

68
68
61
60

76
82
101
107

r

101.0
102.5
103.1
r
103.4

101.4
104.9
106.6
107.0

104.8
108.1
107.7
107.0

104.2
112.7
112.0
113.4

111
114
114
110

90
92
93
95

79.1
79.4
79.2
79.2

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

102.4
101.9
102.0
101.1
r
101.9
r
102.6
r
103.3
r
104.6
105.3
r
106.5
r
108.1
r
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

82
82
85
87
90

93
68
66
66
65
77
91
98
101
103
130
136

r

August
September . .
October
November
December... .

110.7
110.7
110.3
110.6
112.0
112.1
112.8
113.9
115.5
117.2
117.7
121.3

1941
January
Pebruary
March
April
May
June.
....
July
August
September
October
November
December

122.6
124.9
126.7
129.1
134.2
139.0
140.4
142.9
143.7
145.7
146.3
151.9

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

117
118
109
121
111
129
158
184
206
192
189
167

r

110.3
111.5
111.7
r
111.8
r
113.6
r
115.3
r
117.1
r
118.4
r
118.9
r
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

153.8
155.6
157.4
161.1
163.1
167.9
171.0
174.3
176.0
r
180.8
186.4
*190.4

171
172
171
173
174
176
178
183
186
r
191
194
197

166
167
168
172
175
177
180
187
192
194
194
193

221
225
230
234
239
244
249
258
264
273
279
285

143
142
139
139
138
136
138
140
142
r
144
r
147
148

134
133
126
125
126
127
125
130
131
129
r
130

118
128
125
128
158
193
206
182
179
185
198
175

82
100
95
82
76
76
74
65
70
83
90
91

147
151
149
165
226
288
313
278
268
269
286
243

120.4
120.8
121.0
r
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
164.6

139.8
142.3
144.3
146.3
148.0
149.9
153.4
157.1
159.6
160.7
161.9
164 6

200.7
208.2
215.1
221.4
228.7
234.5
242.7
254.8
261.8
270.9
280.4
287.7

140
139
136
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
P101.0

112.0
112.9
114.3
115.1
116.0
116.4
117.0
117.5
117.8
119.0
119.8
120.4

*>200

2> 1 9 4

*>290

^150

2*126

?80

*>183

135

143

P101.9
e
102.6

120.6

September
October
November
December.
1940
January
February
.March
April
May

June.
July

1942
January
February
March
April..
May

June.
July

August
September
October
November
December
1943
January
February

r

127
p

137

77

r

r

r

r
r

P130.5 P167.3

*>164.9

e

139

v
2
3
4

99^'

99^'

100.4
100.2
100.1
100.7

Preliminary. * Average per working day. r Revised. e Estimated. 1 Department of Commerce series on value of payments to individuals.
For indexes by groups or industries, see pp. 254-257; for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 260.
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau
of Labor Statistics. Figures prior to 1939 for factory employment and payrolls and nonagricultural employment are adjusted for level through 1937; the
1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Factory
employment
and payrolls for 1941 and 1942 are revised. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
5
For sales comparisons by cities and by departments see pp. 262-263 of this BULLETIN.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and Sept. 1941, pp. 933-937; for factory employment and payrolls
October 1938, pp. 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.
MARCH

1943




INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 averatge = 100]
1941

1942

1943

Industry
Apr.

May

June

171

173

174

176

178

183

186

r

180

182

183

184

188

193

196

r

225
142

230
139

234
139

239
138

244
136

249
138

258
140

264
142

192

194

200

199

200

198

196

197

189
209
176
449

189
211
178
448

192
218
182
477

192
219
181
487

192
219
182
488

194
216
178
489

192
216
175
506

190
218
177
507

243

250

259

268

273

279

287

289

278

305

314

330

350

372

396

120

118

105

105

104

107

Nonferrous Metals and Products

193

191

187

181

177

Nonferrous metal smelting
Copper smelting
Zinc smelting
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption

151
141
182
122
230

153
140
184
131
235

157
141
189
140
224

157
147
184
134
208

161
155
185
132
195

163
161
184

145
171

152

151

148

145

146

138

143

144

134

132

132
149

138
153

143
147

128
147

157

165

158

162
152
165
80

167
160
184
68

154

Industrial

Production—Total

„

Manufactures—Total
Durable
. . .
Nondurable1

.

Iron and Steel
Pig iron
Steel
Open hearth and Bessemer
Electric

Feb. Mar.

Dec.

Jan.

167

171

172

173

178

179

213
141

221
143

191
190
205
176
411

Machinery

r

July Aug.

Sept. Oct.

Nov.

Jan.

Dec.

194

197

p

202

206

209

p

273
144

279
147

285
148

^290

199

207

203

200

203

194
219
179
503

199
229
186
536

199
224
182
527

197
221
179
523

197
225
181
539

299

306

316

327

338

425

458

478

507

525

548

112

116

124

129

135

140

146 P152

186

188

196

201

noo

130

131

133

129

125

129

128

127

p

127
142

124
143

127
139

130
137

125
136

119
136

123
141

122
140

119

158

154

155

147

140

145

152

152

153

162
152
178
47

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

163
38

162
37

158

156

153

157

156

152

154

154

156

146
155
179

148
169
180

147
174
174

143
169
175

148
177
170

146
175
169

143
169
169

145
166
168

144
169
169

178
164
209
159
195
182

161
78
202
163
173
183

153
79
191
165
148
172

148
70
196
161
143
167

153
34
203
173
164
177

150
5
201
172
168
179

151
46
194
165
166
172

160
43
208
175
176
184

124

128

12l

123
135
93
117
124
137

191

r

200

213

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
Un^lazed 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 leather*
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

148
154
103
181
200

180

r

r

191

r

191

r

m

r

r

r

144

565

169
39

38

156

158

156

^160

146
172
170

147
172
174

148
171
177

145
163
178

171
180

154
27
206
173
173
177

155
34
198
175
168
179

156
43
205
178
171
175

161
43
212
182
r
175
r
180

163
45
217
184
175
185

124

130

116

112

111

117

116

116

130
148
86
119
r
127

127
139
93
120
r
124

127
139
92
120
r
122

130
147
93
115
r
130

128
147
94
104
124

122
142
88
94
120

118
143
89
79
r
115

115
139
95
70
110

114
135
96
76
108

120
143
94
81
r
115

117
138
94
81
r
116

117
138
92
84
116

139

139

136

136

134

138

143

143

149

P146

108

110

101

98

105

102

106

105

101

149
155
r
105
r
188
199

146
150
107
177
198

145
147
108
177
198

150
160
110
180
187

142
145

138
145
105
168
168

143
154
108
169
164

143
153
108
165
172

^140

111
178
178

PU0

148

r

126

125

165
171
39

125

r

p

205

r

109
r

r

r

P

102
156
167

108
PW
100
145
168

P158

P118

P

118

P159

115

126

129

P136

*14O

PU1

98
141
156

103
138
169

107
148

p
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.

2-54




FEDERAL RESERVE BULLETIN

Industrial Production, by Industries {Adjustedfor Seasonal Variation)—Continued
[Index numbers of the Board of Governors.

1935-39 average = 100]
1942

1941

1943

Industry
Dec.

Jan.

Feb.

Mar.

Apr.

Manufactured Food
Products—Continued
M e a t packing
Pork and lard
Beef
Veal
L a m b and m u t t o n .
Other manufactured foods

142
161
127
98
117
137

148
165
138
96
113
140

141
151
139
96
113
142

144
161
132
98
128
138

142
156
134
96
119
137

140
163
121
94
105
136

153
177
137
103
104
140

146
168
130
103
116
147

Alcoholic Beverages .

114

137

130

119

111

111

104

122

123
91
121
102

117
77
250
243

124
74
75
242

120
62
44
201

117
63
53
153

116
55
80
158

104
63
61
163

118
96
83
183

129

134

130

125

127

120

122

120
140
97

108
137
89

112
136
94

r

Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
Tobacco Products .
Cigars
. .
Cigarettes
Manufactured tobacco and snuff
Paper and Paper Products1
Paper and pulp
Pulp
G r o u n d w o o d pulp....
Soda pulp
Sulphate pulp.
Sulphite pulp.
Paper
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Printing and Publishing2..

June

July

Aug.

153
174
136
113
127
146

159
187
129
127
137
155
r

Oct.

Nov.

145
157
133
129
141
152

Dec.

147
167
122
128
156
159

158
193
119
107
156
165

Jan.

PU0
p
164
^80
PI 19
PI 68

139

126

122

111

134
14
r
62
226

146

131

223

147
49
r
35
238

"•'62" '
159

126

130

133

141

136

160

140

109
146
89

112
152
88

107
159
91

116
166
102

98
167
98

200
166
94

127
162
94

135

135
133
82

"37'
159

139
136
95

129
149
99

126
144
93

150

153

151

152

148

143

134

125

131

132

135

159
181
135
153
221
177
165
168
151
107
151
166
147

157
180
131
154
224
173
154
167
144
110
146
168
147

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
r
114
137
208
153
134
136
130
107
130
163
128

128

125

121

117

112

104

106

111

109

116

118

114

V112

103

98

100

101

102

110

106

102

123

119

156
179
129
153
225
171
152
166
157
106
r
146
152
r
145

115

104

103

r

U6

97

103

108

137
159
111
141
r
200
149
134
137
r
133
100
r
129
r
174
123

132
133
152
104
131
195
143
130
134
127
97
121
175
120

137"

118

121

122

123

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
r
500

112
104
137
113
99
166
156
498

"165"
^156
^489

172

174

173

174

182

192

200

P206

*
*

*

*

*

*

*

*
*
*

*
*
*

126

127

125

130

131

Petroleum and Coal Products

137

133

129

122

118

Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke

133
136
130
132
123
161
151
501

129
129
127
133
124
161
152
r
490

124
121
129
131
123
r
162
152
r
510

116
112
122
131
112
r
162
'152
r
504

111
104
123
126
106
162
152
r
514

152

156

161

161

165

167

67
67

33
32

28
28
27

26
26
27

25
25
27

126

125

Chemicals.

r

Sept.

121
137
94

130

Newsprint consumption..

May

109
103
122
122
100
r
163
r
153
r
508

115
108
101
123
123
103
164
r
153
r
539

Rubber Products..
Tires and tubes
Pneumatic tires

Min erals— Total

134

Fuels...
Bituminous coal ....
Anthracite
Crude petroleum ...
Metals
Metals other than gold and silver
Iron ore shipments
Lead
Zinc
Gold
Silver
p

134

133

129

r

130

127

*
*

PI 26

131

131

130

122

121

121

121

121

126

129

127

130

126

P124

144
98
129

144
104
129

141
121
127

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

PU5
P102
PU8

152

150

253

152

151

156

158

154

151

144

138

133

136

P139

174
205
157
122
138
125
105

179
210
161
131
138
113
105

181
214
158
140
146
118
101

184
219
162
134

184
217
164
132

193
232
174

199
236

197
241

196
239

189
227

183
218

181
211

186
223

232

106

109

106

104

98

99

88

82

r

r

Revised.

1

Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported.

2

Includes also printing paper production shown under "Paper."

Preliminary.

* Included in total and group indexes but not available for publication separately.

NOTE—For description and back figures see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 82^-882.

MARCH

1943




2-55

INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
Annual

1942

1943

Industry
1942 1941

Jan.

Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

Industrial Production—Total .

181

156

166

167

168

172

175

177

180

187

192

Manufactures—Total

190

161

173

175

177

181

183

185

189

196

202

Durable
Nondurable1..

250
141

193
135

216
137

228
137

234
138

240
137

246
136

251
139

260
144

266
150

199

186

192

221
138
194

200

199

200

198

196

197

199

193
218
179
495

180
197
175
357

189
209
176
449

189
211
178
448

192
218
182
477

192
219
181
487

192
219
182
488

194
216
178
489

192
216
175
506

190

194
219
179
5oo

291

210

250

259

273

279

287

289

299

417

234

305

314

330

350

396

425

105

105

104

Iron and Steel..
Pig iron.
Steel
Open hearth and Bessemer..
Electric
Machinery..

194

Jan.

194

193

P194

r

205

206

206

P207

275
148

279
147

283
145

P144

203

200

203

199
229
186
536

199
224
182
527

197
221
179
523

197
225
181
539

306

316

327

338 P347

458

478

507

525

548 P565

124

129

135

Government Arsenals and Quartermaster Depots.
Transportation

Equipment..

Aircraft
Automobile bodies, parts, and assembly...
Railroad cars
Locomotives
Shipbuilding
Private yards
,
Government yards

140

Nonferrous Metals and Products

188

Nonferrous metal smelting..
Copper smelting
Zinc smelting
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption

185

191

187

145
137
170
118
224

153
140
184
131
235

157
141
189
140
224

145
149

152

151

177
156
147
184
131
208

107

r

180

112

r

r

191

r

191

r

191

r

116 P152

r

196

188

135

138

140

138

135

135

125

P108

131
143

138
139

141
137

139
136

134
136

131
141

118
140

P91
PU0

157

164
161
184

162
155
185
135
195

205

145

146

Lumber and Products...

131

134

128

129

Lumber
Furniture
Stone, Clay, and Glass Products

126
141

129
145
152

112
142

118
147

138

132

120
147
140

151

158

151

160

163

163

154
141
151
126

137
97
165
68

132
83
164
47

141
90
176
43

161
116
176
43

178
118
190
35

183
115
171
37

186
111
151
32

200
195
104
167 "166
38
30

202

186

167
37

171
39

752

158

157

156

152

154

154

156

145
158
166
*
160
139
183
149
175
162
121

148
169
180

148
177
170

146
175
169
*
150
5
201
172
168
179
124

143
169
169

145
166
168

151
46
194
165
166
172

160
43
208
175
176
184

146
172
170
*
155
34
198
175
168
179

156
43
205
178
171
175

115

114

144
169
169
*
154
27
206
173
173
177
115

112

118
135
90
94
114

112
133
88
78
r
115

112
132
100
68
117

113
133
94
77
r
112

139

156

165 P182

P157

151

Cement
Unglazed brick
Glass containers
Polished plate glass...

171
169
41
156

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..

146
171
173
*
155
45
199
172
167
178

125

147
174
174
*
153
79
191
165
148
172
r
132

122
142
92
96
119

119
130
99
106
123

131
149
84
119
120

138
155
98
125
r
127

*>143

128

124

107

104

109

P143

132
136
111
141
156

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 proJucts.
Ice cream
Butter
Cheese
_
Canned and dried milk

106
166
180

r

161
78
202
163
173
183
r

100
78
r
84
r
135
178

127
140
91
119
r
130

130
147
90
119
131

121

123

92
142
187

153
34
203
173
164
177
131

109

r

127
142

143
169
175
*
148
70
196
161
143
167

92
124
113
96
157
194

152
154
109
189
211

201 P200

186

125
144
90
102
r

123
130
96
193
197
143
242
257

106
210
232
147
241
249

207
259
132
205
200

192
248
119
185
177

145
163
178
*
163
45
217
184
175
185

117

148
171
177
*
161
43
212
182
r
175
r
180
115

121
144
96
81
r
115

120
143
97
79
111

119
141
91
85
110

147
172
174

118

119

158
154

134
134

171
180

P116

^150

P91

ioi

38
P160

121

P142
130
P90

78
106
109

r
Revised. p 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
i
Figures not available for publication separately
tge industry.

1

x56




FEDERAL RESERVE BULLETIN

Industrial Production, by Industries {Without Seasonal Adjustment)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
Annual

1942

1943

Industry
Jan.

1942

1941

148
169
131
108
127
147

129
143
118
97
108
129

119

117

125

111
88
163
148

96
102
163
177

119
153
94
139

112
131
99

104
146
96

142
172
120
139
220
164
138
141
138
105
127
167
137

145
169
125
144
207
160
142
154
134
112
141
138
134

159
183
140
153
223
177
155
168
152
107
151
161
147

115

124

125

103

107

Petroleum and Coal Products

122

128

Petroleum refining...
Gasoline
Fuel oil
Lubricating oil..,
Kerosene
Coke
Byproduct coke..
Beehive coke

115
110
129
121
109
164
154
509

Feb. Mar. Apr. May June July

Aug. Sept. Oct. Nov.

Dec.

Jan.

Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
Other manufactured foods..
Alcoholic Beverages..
Malt liquor
Whiskey
Other distilled spirits..
Rectified spirits

181

Tobacco Products..

131
145
120
93
124
121

117

113

109
96
45

112
77
29
191

121

117

109
136
92

111
127
96

153

155

160
186
137
158
230
179
156
167
155
108
151
175
147

161
194
148
160
243
185
156
168
160
106
145
166
151

126

126

102

107

132

129

122

125
126
124
124
117
152
144
415

128
129
127
129
126
161
152
r
490

124
121
129
129
129
r
162
152
r
510

116
112
122
130
115
r
162
r
152
r
504

139

155

161

120
120
117

33
32
33

131

Cigars
Cigarettes
Manufactured tobacco and snuff.
Paper and Paper Products1
Paper and pulp
.....
Pulp
Groundwood pulp
,
Soda pulp
,
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
,
Newsprint production
Printing paper
Tissue and absorbent paper.,
Wrapping paper
Printing and Publishing2
News print consumption

135
151
125
84
113
124

173
214
138
93
118
123

,

Chemicals

134
148
125
95
115
121

140
163
121
98
108
123

149
172
134
104
99
133

120
124
69
32
136

114
130
96

157
187
144
152
236
178
152
157
159
109
140
172
152

138
151
131
102
110
157

132
131
137
114
125
173

133

140
152
45
r
34
223

147
150
144
140
153
200
r

249
119
101
148

P165
P
2l3
PI 20
^125
US

P

103

140

136
54

134
50
36
130

148
53
39
183

123

132

131

107
142
89

120
150
96

113
153
91

115
160

144

133

122

130

134

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
r
106
137
212
156
134
136
130
107
131
169
128

103

109

120

95

102

109

103

166
200
128
131
152
160

146
147
144
142
150
171

149
39
r
48
238

121
13
r
164
226

144

149

123
170

140
169
104

46
159
132
117
167
97

154
147
S3

103
159
91

134

129

137
159
114
141
r
200
r
151
133
137
r
129
103
r
127
r
172
123

131
147
108
127
185
139
129
134
124
98
120
168
120

r

121

114

P109

115

108

97

r

137

117

115

117

121

122

123

123

119

111
104
123
131
108
162
152
r
514

110
103
122
127
101
r
163
r
153
r
508

108
101
123
123
97
164
r
153
r
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
r
500

112

166

168

166

166

167

170

176

186

194

28
28
27

26
26
27

25
25
27

125

125

118

125

131

136

137

131

130

121

121

126

129

127

130

P124

141
121
127

154
124
121

PU5

104 p103
137
112.
102
166
156
498 ^489
201

Rubber Products..
Rubber consumption..
Tires and tubes
Pneumatic tires. .
Inner tubes
Minerals—Total.
Fuels

125

Bituminous coal..
Anthracite
Crude petroleum.
Metals....
Metals other than gold and silver..
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver
r

129

145
117
118

129
110
120

144
104
129

149

149

91

190
229

168
197
153
118
130
122
120

80
158
131
138
107
106

160
140
146
106
103

140
116
115

94
23
165
131

132

r

134

150
122
109

147
115
111

144
117
113

141
122
112

140
118
121

150
129
120

145
117
121

154

189

194

191

193

183

175

195
237
169
135

259
372
174

266
382

264
393

264
388

249
358

239
335

110

105

100

97

97

89

82

r

131

r

142

120

83

P117

P75

192
229

p

Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last
reported.
2
Includes also printing paper production shown under "Paper."
NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882.
1

MARCH 1943




157

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES

{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory payrolls

Factory employment
Industry and group
Jan.

Sept

Oct.

Nov. Dec.

Jan.

Sept.

Oct.

Nov. Dec.

Total
Durable goods
Nondurable goods
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
Electrical Machinery..
Machinery, except Electrical
Machinery and machine shop products
Tractors
Agricultural excluding tractors
Pumps
Refrigerators

282.0
278
169
173
389
138

Transportation Equipment, except Autos..
Automobiles
Nonferrous Metals and Products
Primary smelting and refining
Clocks and watches
Lighting equipment
Lumber and Timber Basic Product.
Sawmills
Planing and plywood mills.

154.5 192.2
127
141

158
168

Furniture^ and Lumber Products.
Furniture
Stone, Clay, and Glass Products
Glass
Cement
Brick, tile, and terra cotta
Pottery and related products
Textiles and Finished Products..
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
Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear..
Women's clothing, n.e.c,
Millinery
Leather and Leather Products
Leather
Boots and shoes
Food and Kindred Products
Slaughtering and meatpackin,
Flour
Baking
Sugar, beet
Confectionery.
Beverages, nonalcoholic
Malt liquors
Canning and preserving
Tobacco Manufactures
Cigarettes
Cigars...
Paper and Allied Products
Paper and pulp..
Paper goods, n.e.c
Paper boxes




tge earners only.
FEDERAL RESERVE BULLETIN

Factory Employment and Payrolls—Continued
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory payrolls

Factory employment
Industry and group

1941

1942

Jan.

Dec.

Sept.

Oct.

Nov.

1943

1941

Dec.

Jan.

Dec.

1942

Jan

Sept.

Oct.

1943

Nov.

Dec

Printing and Publishing
Newspapers and periodicals
Book and job

109 0
107
110

105.4
100
108

98.5
97
98

100.9
98
102

103.1
99
105

104.2
100
106

101. 3

124.6
120
127

115.4
106
122

111.2
108
110

116.3
109
119

122. 4 126. 8
113
Ill
134
128

Chemical and Allied Products
Paints, varnishes, and colors
Drugs, medicines, and insecticides....
Rayon and allied products
Chemicals, n.e.c.
Cottonseed oil
Fertilizers

165 5
116
129
110
152
126
100

172.2
115
130
109
153
112
113

225.1
103
139
107
159
127
103

233.4
103
142
107
159
151
103

240.3
103
149
105
160
151
104

245.7
103
152
106
161
143
109

250. 1

219.4
139
148
140
195
161
126

231 .7
136
148
141
199
137
142

338.5
129
173
146
222
179
165

351.4
131
184
145
231
237
164

365. 3 382. 9
135
139
190
197
141
149
236
242
235
235
164

Products of Petroleum and Coal
Petroleum refining
Coke and by-products

116 6
107
121

115.3
106
121

124.8
110
125

119.3
108
123

117.8 117.4
107
107
119
120

116.

141.4
129
151

138 4
127
150

160.5
144
171

160.8
146
160

165. 4 16s!
151
152
161
163

4

121.1
109
127
126

135.3
131
138
125

139.9
137
136
129

143.8 149.0
148
142
140
145
135
131

151.

159.3
138
189
177

149 1
131
167
163

189.9
179
206

177

201.9
190
209
191

213. ? ??x 6
??0
204
?S8
222
?09
196

143. 6
126
124

136.2
129
98

147.6
141
80

150.7
145
76

151.7
148
80

155. 6

179.5
167
148

176 0
175
113

227.4
200
114

236.3
209
120

247. 6 ?,61 8
?S0
Til
134
129

Rubber Products
Rubber tires and inner tubes
Rubber boots and shoes
Rubber goods, other

133.
124
138
137

...

Miscellaneous Industries
Photographic apparatus
Games, toys, and dolls

155.6
151
79

Jan.

m

FACTORY EMPLOYMENT

{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
Group and year
Total.

...

Durable.

..

Nondurable..

1941
1942
1941
1942
1941
1942

Annual

Jan

Feb.

Mar.

Apr

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

132.1
152.3
153.8
191.5
115.0
121.4

118. 9
142. 2
133. 9
170. 6
107, 1
119. 8

121.3
143.7
137.3
173.3
108.7
120.4

123.3
145.3
140.1
176.5
110.0
120.6

126. 3
147. 1
144. 8
180. 2
111. 7
121. 0

129.5
149.1
149.5
184.2
113.6
121.4

133.0
150.9
154.6
188.9
115.9
121.0

136.1
153.4
159.8
193.9
117.3
121.4

137.8
155.1
162.1
198.5
118.6
120.9

138.7
156.9
163.9
201.6
118.9
121.6

139 .7
158 .9
165 .4
205 .6
119 .4
122 .0

139.9
160 9
166 3
209 6
119 0
122 5

141.0
164.6
168.2
215.6
119.5
124.4

NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in February 1943. Preliminary seasonally adjusted indexes for January
1943 are: Total 167.3, durable 219.7, nondurable 125.9. For back figures see page 14 of January 1943 BULLETIN.
H O U R S A N D E A R N I N G S OF W A G E EARNERS I N M A N U F A C T U R I N G
[Compiled by the Bureau of Labor Statistics]

Average hourly earnings (cents per hour)

Average hours worked per week
Industry and group

Nov.

All Manufacturing
Durable Goods
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Automobiles
Transportation Equipment Except
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products.
Stone, Clay, and Glass Products
Nondurable Goods
Textiles—Mill and Fiber Products
Apparel and other Finished Products
Leather and Manufacturers
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing, and Allied Industries.
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries

Dec.

Aug.

Sept.

Oct.

1942

1941

1942

1941

INDUSTRIES

Dec.

Nov.

Dec.

Aug.

Sept.

Oct.

Nov.

77.3

78.3

87.0

89.2

89.3

90.5

90.7

40.4

41.1

43.0

42.4

44.0

44.4

42.0

42.5

45.3

44.6

45.8

46.1

46.2

85.6

86.9

96.9

99.7

99.0

100.5

100.4

41.6
43.4
45.8
39.3

42.1
44.6
47.4
37.4

43.7
46.3
49.4
45.1

43.0
46.0
48.0
44.1

44.3
46.7
49.5
45.2

44.8
47.0
49.5
45.5

45.3
47.0
49.7
45.5

87.2
83.4
87.5
111.4

88.0
85.0
89.1
113.4

95.1
91.6
97.7
116.9

98.0
95.2
99.4
118.5

97.9
93.6
99.7
117.2

98.4
94.2
100.3
120.2

98.5
94.4
101.1
120.2

43.8
41.6
38.8
40.5
38.9

46.1
43.4
34.7
41.3
39.7

47.3
44.8
41.8
41.4
40.1

46.7
44.1
41.0
41.0
39.3

47.1
45.4
42.5
42.8
41.3

47.7
46.0
41.7
42.8
41.4

47.3
45.8
41.4
43.7
41.9

100.0
81.8
58.6
61.7
73.7

100.6
83.4
58.5
62.1
74.2

112.4
93.3
67.7
66.1
78.6

116.1
95.6
68.2
67.5
79.1

113.2
95.6
69.4
68.4
81.2

116.3
95.9
68.5
68.5
81.0

114.2
97.6
67.7
68.7
81.0

38.7

39.6

40.2

39.7

40.8

41.3

42.1

67.4

68.0

73.0

74.3

75.1

75.6

76.2

38.4
34.6
36.4
40.2
38.5
42.5
38.6
41.3
37.6
39.5
42.1

39.6
35.4
38.7
40.7
39.1
42.7
39.9
41.7
38.5
39.0
42.7

40.3
36.2
38.4
41.3
39.5
41.2
38.0
43.1
39.5
42.3
43.7

39.4
34.9
36.7
41.8
38.6
40.8
38.2
42.7
39.5
41.6
43.6

40.4
37.1
38.9
41.6
40.4
43.4
38.5
43.6
40.5
42.7
44.8

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
43.7
41.2
44.9
40.3
44.5
41.9
44.4
46.3

56.4
59.8
63.9
67.8
53.8
69.0
91.4
78.7
101.3
86.2
68.8

56.8
60.2
64.4
68.7
53.6
69.5
92.8
79.6
101.9
86.3
69.5

61.6
63.4
68.3
71.8
59.3
75.7
95.2
87.6
105.4
93.3
78.7

63.4
64.5
70.2
71.5
59.7
76.7
96.0
88.1
108.8
94.5
81.8

63.9
65.2
70.8
74.4
60.2
77.1
97.3
86.6
108.1
94.7
81.1

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
76.2
61.3
77.0
98.0
87.6
109.2
96.6
83.2

43.6

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. 269.)
MARCH

1943




Dec.

Nov.

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF C O N S T R U C T I O N
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

. ..

June
July
August
September
October
Movember
December

.

. . . .

Year
1

Factories

1942

1941

1942

111.3
116.5
147.9
166.5
201.3
205.6
205.0
231.5
175.7
171.8
116.5
104.3

102.8
168.0
219.3
162.1
148.0
185.5
127.4
100.6
126.7
161.2
156.7
159.7

55.9
37.8
121.8
66.2
81.1
102.3
109.8
135.7
113.5
118.6
122.7
116.1

75.4
84.5
112.7
145.1
178.0
271.8
303.5
261.1
377.8
240.3
106.7
70.6

26.9
20.9
33.1
36.2
50.8
35.7
37.2
69.8
51.9
48.6
29.3
30.7

17.7
21.8
36.8
30.9
23.8
46.2
34.7
21.3
6.1
18.9
14.1
30.0

11.6
7.9
10.4
11.2
17.1
13.5
19.1
11.7
8.2
13.9
73
8.8

8.9

6,007.5 8,255.1 1,953.8 1,817.7 1,181.5 2,227.5

471.2

302.2

140.9

147.9

305.2
316.8
270.4
433.6
610.8
479.9
498.7
406.7
673.5
548.7
539.1 1,190.3
943.8
577.4
721.0
760.2
723.2
623.3
780.4
606.3
654.2
458.6
431.6
708.7

1941

1942

1941

1942

1941

1942

21.0
54.2
71.6
46.5
86.0
234.9
124.3
107.7
76.8
103.3
124.1
168.6

75.1
63.9
130.6
96.9
144.9
133.0
151.7
242.0
229.3
165.0
149.2
156.3

90.9
95.9
159.7
101.7
227.7
436.4
327.3
213.2
129.6
246.2
241.0
271.0

1941
24.2
23.5
36.1
29.7
53.5
49.0
54.5
69.4
44.7
88.5
33.6
15.3

9.1

9.2
10.7
12.4
10.1
15.4
26.6
17.1
6.2
10.6
11.6

522.1 1,219.1 1,738.0 2,540.6

Not strictly comparable with data for years before 1938 due to changes in classification.

C O N S T R J J C T I O N C O N T R A C T S AWARDED, BY O W N E R S H I P
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F.
W. Dodge Corporation. Value of contracts in thousands of dollars]

Public ownership 1 Private ownership 1

Total

1943

1942

1943

305
317
434
270
611
480
499
407
674
549
539 1,190
944
577
721
760
723
623
780
606
654
459
709
432

351

1941
Tanuary
February
March
April
May
June
July
August
September—
October
Movember
December

6,007 8,255

Year

1942

Federal Reserve district

Month
1941

1942

1943

1941

1942

1943

124
198
105
310
269
473
355
184
569
267
314 1,105
876
348
633
520
661
403
710
371
592
298
664
288

316

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

January
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas

>.
,
, ,.

.*

.T
..........

-.

.

...

...

Total (11 districts)

December

January

14,747
28,391
13,552
21,669
42,287
59,792
37,618
33,652
3,476
17,553
77,924

r
31,149
r

32,938
57,437
43,584
85,802
r
117,388
r
65,967
r
84,967
r
23,283
r
71,779
r
94,422

18,461
42,860
19,058
34,020
52,030
34,609
57,951
25,177
2,472
6,999
23,209

350,661

708,716

316,846

2,515 1,109

3,492 7,146

r
1

1942

Public works
and public
utilitiesi

Otherl

Educational*

Commercial

1941

1942

1941
February
March
April
May

Nonresidential building

Residential
building

Total

Revised,

Data for years prior to 1932 not available.

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION 1
[In millions of dollars]
Title I Loans
Year or month

1935
1936
1937
1938
1939
1940
1941
1942

..

1942—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan

..„..,.
. .,
,

=...

Total

Property
improvement

320
557
495
694
954
1,026
1,186
1,137

224
246
60
160
208
251
262
141

111
93
93
83
92
96
97
89
95
99
92
97

16
12
10
13
15
13
11
10
10
11
10
9

80

7

r

Small
home
construction

.......
25
26
21
15
2
1
2
2
2
2
1
1
*
1
1
r
l
*

Mortgages on
1- to 4- Rental
and
War
family group
houses housing housing
(Title
(Title (Title
VI)
ID
II)
94
309
424
473
669
736
877
691
87
71
68
55
60
66
63
52
48
44
39
39
31

2
2
11
48
51
13
13
6
*
""l"
1
1
*
2
*
*

13
284
7
8
12
11
14
16
21
25
37
42
43
49
42

Revised.
* Less than $500,000.
i Figures represent gross insurance written during the period and do not
take account of principal repayments on previously insured loans.

2.6O




INSURED FHA HOME MORTGAGES (TITLE II) HELD
IN
PORTFOLIO, BY CLASSES OF INSTITUTIONS 1
[In millions of dollars]

End of month

SavCom- Muings
tual
merand
savTotal cial
loan
ings
banks banks associations

Insurance
companies

Federal
3
agen- Other
cies^

1936—Dec
1937—Dec
1938—Dec

365
771
1,199

228
430
634

27
38

56
110
149

41
118
212

5
32
77

27
53
90

1939—June
Dec
1940—Mar
June
Sept
Dec

1,478
1,793

759
902

50
71

167
192

271
342

137
153

94
133

1,949
2,075
2,232
2,409

971
1,026
1,093
1,162

90
100
111
130

201
208
216
224

392
432
480
542

171
182
190
201

124
127
141
150

1941-Mar
June
Sept
Dec

2,598
2,755
2,942
3,107

1,246
1,318
1,400
1,465

146
157
171
186

230
237
246
254

606
668
722
789

210
220
225
234

160
154
178
179

1942—Mar
June

3,307
3,491

1,549
1,623

201
219

264
272

856
940

237
243

200
195

Gross amount of mortgages held, excluding terminated mortgages and
cases
in transit to or being audited at the Federal Housing Administration.
2
The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing
Corporation.
3
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.

FEDERAL RESERVE BULLETIN

MERCHANDISE E X P O R T S A N D IMPORTS
[In millions of dollars]
M e r c h xndise exports1

Merchandise

imports

2

E x c e s s of exports

Month
1940

1941

178
158

242
200

190

217

229
234

254
254

118
99

35
61

128
147

96
69

226
225

268

272

102

77

134

89

339

212

287

234

115

45

111

100

211

297

109

47

112

88

461
*>335

87

57

138

50

87
65
79

61
74
107

84
130
101

87
178
162

P412
^510

100
76
98

117
57
121

137
104
69

3362
211
309

*>577
^576
P497

1,134

859

1,396

11,802

1941

1942

1938

1939

January
February
March

289
262

213
219

370
347

325
303

479
478

171
163

275

268

351

357

611

173

April
May
June

274

231

323

387

186

249

324

385

695
^525

160

257

148

202

233

236

350

330

146

179

211

280

July
August
September

228
231
246

230
250
289

317
351
295

365
460
425

141
166
168

169
176
182

232
221
195

278
282
262

October
November
December

278
252
269

332
292
368

344
328
322

3666
492
653

178
176
171

215
235
247

207
224
253

304
281
344

^199

3,094

3,177

4,021

5,147

1,960

2,318

2,625

3,345

^2,743

Jan .-Dec

,.

776

1942

1939

1940

P

1941

1938

1939

*>694
^718

1940

1942

1938

P

184
^196

P

356

^5,083

p

Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
3
Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually^exported in earlier months.
Source.—Department of Commerce.
Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.

1
2

REVENUES, EXPENSES, A N D INCOME OF CLASS I
RAILROADS
[In millions of dollars]

FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1935-39 average=100]

Total

ForLive- est
Coal Coke Grain stock products

MerMiseelchanlane- dise
l.c.1.
ous

Ore

SEASONALLY
ADJUSTED
Annual
1941
1942

123
135

168
181

112
121

91
104

139
155

183
206

136
146

100
69

1941—December

137

111

167

124

101

145

246

149

100

1942—January
February
M a r c h
April
..
May
June
July
August
September....
October
November
December

140
139
136
143
143
141
142
143
136
133
134
134

119
116
122
160
164
160
155
154
135
121
125
116

140

1943—January

135

UNADJUSTED
1941—December

128

1942—January
February
March
April
May

June

July
August
September....
October
November
December
1943—January

Total
railway
expenses

Net
Net

railway
operating
income

income

73
75

33
37

SEASONALLY ADJUSTED*

130
138

„ „. „..

Total
railway
operating
revenues

150
168
200
197
199
205
208
188
180
176
177

131
119
117
115
113
95
106
126
130
126
143

99
95
97
101
98
103
90
106
102
110
114
117

156
159
149
159
155
159
172
165
154
149
140
137

186
187
282
289
289
183
180
176
174
221
221
210

152
151
143
141
142
144
149
152
146
144
144
146

97
100
92
80
62
60
57
57
55
56
58
59

119

161

157

102

130

202

149

57

125

182

113

97

129

69

138

96

129
129
129
136
138
139
142
144
152
150
140
126

136
132
125
135
139
135
132
136
142
138
139
132

184
184
175
176
181
179
177
175
184
180
186
193

153
149
159
161
165
173
173
167
158
138
122

46
47
73
218
303
318
325
308
304
260
206
59

134
135
139
142
144
145
148
152
162
163
150
135

93
96
92
81
62
60
57
57
57
58
59
56

124

135

193

117

50

132

55

r

r

154

r

r

110
102
100
99
111
138
129
139
139
123
130

95
76
77
90
89
81
76
100
135
169
144
113

138

98

l23

r

l41

Revised.
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 Association of American Railroads. Total index compiled by combining indexes for classes
with weights derived from revenue data of the Interstate Commerce Commission.

MARCH 1943




1941—November
December

476
486

403

1942—January
February
March
April
May
June
July
August
September
October
November
December

495
519
542
584
618
627
643
669
663
661
722
708

413
420
446
471
487
500
519
539
535
533
563
554

82
99
96
113
131
128
124
130
128
128
159
155

40
58
52
70
88
84
79
85
82
81
120

388
400

69
r79

29
55

412
396
448
470
491
505
532
549
543
561
541
532

69
66
92
102
110
119
133
135
155
185
149
171

r

UNADJUSTED

1941—November
December

457
480

1942—January
February...
March
April
May
June
July
August
September..
October
November..
December ..

481
462
540
573
601
624
665
684
698
746
690
703

r

26
24
47
58
64
78
90
89
105
136
111

r
Revised.
* Derived from Interstate Commerce Commission data.
NOTE.—Descriptive material and back figures may be obtained
from the Division of Research and Statistics.

DEPARTMENT STORE STATISTICS
Based on value figures
WEEKLY INDEX OF SALES
M O N T H L Y INDEXES OF 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]
Unadjusted

Seasonally adjusted
1940

1941

1942

1943

1940

1941

1942

1943

92
90
89
89
89
91
92
98
97
94
100
101

101
103
103
104
105
104
115
134
116
105
116
111

138
126
124
117
108
104
121
130
123
128
138
125

143

71
71
86
86
89
87
64

108
99
118
115
108
100
83
103
133
137
157
222

111

105
101
114
179

79
82
93
106
105
100
79
106
125
112
133
197

94

110

124

61
68
71
71
70
64
61
66
73
79
83
66

64
69
75
76
r
75
73
r
74
84
95
108
110
r
87

r

69

r

. 77
. 73
. 76
. 82
.108
. 98
.112
.107
.120
.123
Oct.
7
U.. .. . .112
.116
21
.114
28
.123
Nov. 4
11
.116
18
.115
25
.107
.139
Dec. 2
9 . . . . 188
16 . . . . .235
23 . . . 242
30 . . . . . 79
5. . . .
12. . . .
19....
26....
Sept 2
9
16
23

SALES

January
February . . .
March
April
May
June

July

August
September
October
November
December

77

Year
STOCKS

January
February
March
April
May

June
July

August
.
September
October
November
December

r

69
71
70
r
68
68
67
68
69
70
71
72
71

71
73
73
r
73
74
r
76
82
87
r
91
97
95
92
r

r
94
102
109
r
118
r
127
r
136
140
r
137
r
124
r
114
r
105
102
r

Year

r

82

84
r
98
111
122
r
l30
r
129
126
r
131
r
129
r
127
r
121
96

P93

Aug

3
.. 81
10... .. 79
17... . . 81
24. . .. 92
3 1 . . . ..118
Sept . 7. . . 1 0 9
14. . ..123
2 1 . . ..117
2 8 . . ..120
Oct. 5 . . . . 1 2 5
1 2 . . . . .115
19. . . ..123
2 6 . . . ..121
Nov. 2 . . . . .117
9 . . . .122
1 6 . . . ..130
23... .116
30... .147
Dec. 7 . . . ..197
1 4 . . . ..232
21. . . .258
28. . . ..124

6
13
20
27
3
Feb.
10
17
24
Mar. 2
9
16
23
30

117

T

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.

.82
86
.83
..79
.86
.80
.82
.82
.95
. 98
. 99
.113
. 88

1942

Aug

2 . . . . .102
9 . . . . .116
1 6 . . . . .113
2 3 . . . . .119
30
.152
Sept . 6 . . . .122
13 . . . . .133
20. . . . .131
27 . . . . .148
Oct. 4 . . . . .169
1 1 . . . . .130
1 8 . . . . .131
2 5 . . . . .130
Nov 1 . . . . .138
8 . . . . .139
1 5 . . . . .148
2 2 . . . . .128
2 9 . . . . .169
Dec. 6 . . . . .215
1 3 . . . . .236
2 0 . . . . .277
2 7 . . . . .174

1941

1940

Jan.

1941

1940

1939
Aug.

Aug.

1 . . . .. 96
8 . . . ..110
1 5 . . . . .113
22...
.116
2 9 . . . ..132
Sept. 5 . . ..153
1 2 . . .129
19. ..137
26.. . ..155
Oct. 3 . . .173
10. . . 1 5 9
17. . ..152
24... .153
.158
31...
Nov. 7... . 1 6 6
14. .. ..167
21. .. . .166
2 8 . . . .166
Dec. 5 . . . ..236
1 2 . . . ..274
19. . . . 303
2 6 . . . ..199

1942

Jan. 4 . . . . . . . 8 5

Jan. 3

11...
18....
25....
Feb. 1 . . . .
8....
15....
22....
Mar. 1 . . .
8....
15....
22....
29....

10
17
24
31
Feb. 7
14
21
28
Mar. 7
14
21
28

...99
...90
...89
...94
...95
...97
...88
..101
.. 97
..105
..111
.117

.107
.130
.131
.119
.121
.114
.116
.110
.119
.125
.131
.140
.147

Jan.

Feb.

Mar.

1943
2..
.112
9
. .138
1 6 . . . ..132
2 3 . . . r 119
30.
.121
6.
.136
13.
.168
20.. . .146
27. ..
6. . .
13
20...
27...

r
Revised.
Backfigures.—SeeBULLETIN for April 1941, p. 311, and subsequent issues.

SALES BY FEDERAL RESERVE DISTRICTS A N D BY CITIES
[Percentage change from corresponding period of preceding year]
Jan. Dec.
1943

United States..
Boston

+12
+12
+14
+20 +29
- 1 3 +9
0 +20
- 6 +14
-10
-24

Jan. Dec. Year

Year
1942

+12
+11
+12
+26
+10
+20
+13

1943 1942

Cleveland (cont.)

1942

+10
+4

+19
+8

+1 +13
+7
Washington
-5
+7
+7 Baltimore
New York
+2 +17
+14
- 1 6 "+10
+13
Winston-Salem...
Bridgeport
r
+8 +33
-13
+3
+5 Charleston, S. C. +21
Newark
o
+13
-26 r - 6
Lynchburg
Albany
+11
+21
+
5
+10
+7
Norfolk
Binghamton....
- 1 +17
- 2 +10 +14 Richmond
Buffalo
-7
+5 +11 Charleston.W.Va. +11
Elmira
Niagara Falls... +29 +26 +35 Clarksburg
-17
-9
+7
New York City.
+6 Huntington
+11
- 1
Poughkeepsie... —11 +4
+7
- 8 +10
+13 +11
Rochester
+9 Atlanta^
-5
Syracuse
+2 +2
+6 +8 Birmingham
+16
Montgomery
r
-7
+27
Philadelphia
+6 +11 Jacksonville
+2 +15 +10 Miami
Trenton
- 1 2 +11
+22 +28
Lancaster
Tampa
+16
c
+ 15 +1
Philadelphia
+1- Atlanta
r +8
- 8 +12
+33 +40
Reading
+1' Macon
c
+34 +1
Wilkes-Barre....
+9 Baton Rouge
+16 +6
- 6 +15
York
+18 New Orleans
Jackson
+4
Cleveland
+8 +U Chattanooga
+ +10
Akron
+11 +28 +24 Knoxville
Cincinnati...
+12
+8
+ r Nashville
+1'
- 9 +10
Cleveland ...
+13 Chicago....
+19
Columbus ...
+10
- 3 +7 +15 Chicago.
Toledo
+8
+14 Peoria...
Youngstown.
+
+4

+18
+18
+20
+5
+39
+11

New Haven
Portland
Boston
Springfield
Providence

r

Revised.

Erie
Pittsburgh
Wheeling

Richmond

0

Chicago (cont.)
Fort Wayne
Indianapolis
Des Moines
Sioux City
Detroit
Flint
Grand-Rapids..
Lansing
Milwaukee

+29 St. Louis
+18 Fort Smith
Little Rock....
Quincy
+10 Evansville
Louisville
+12 St. Louis
+16 Springfield
+14 Memphis

+21

Minneapolis

+19
Kansas City
+30 Denver
+12 Hutchinson
+1
Topeka
+11 Wichita
+16
+9
Kansas City...
+11 St. Joseph
+10
+6
+4

Omaha
Oklahoma City
Tulsa

Jan. Dec. Year

Jan.

1943

1943

1942

+8
+6 +17
+8
-2
+9
+13 +13
+29 +24
—4 +2
-4
+9
- 5 +16
+11

+25 +19
+26 +30

+2
+32
+8
+7 +4
+12
+8 +15
-1

+3:

+23
+22
+20
+24
+39
+24
+12

1942

r 7

+14
+34
+12
+23 +19
+8
+1
+ +14
+46 +27 +16
+20 +16 +2:
+30
+36

Year
1942

+14
+9
+8
+15
+13
+22
r
+13 +27 +22
+21 +27 +31
+31 +45 +30
+17 +26 +10
+5
+3 +10
+36
+28 +40
+5 +18 +10
+14 +26 +30
+10 +20 +21
+10 +39 +35
+21 +38 +21
+13 +20 +17
+11 +24 +?3
Santa Rosa
+38 +43 +37
Stockton
Vallejo and Napa +24 +56 +55
Boise and
+33 +30
Nampa
Portland
+ 9 +32 +31
Salt Lake City. +34 +30 +32
Bellingham
+ 4 +9 +17
Everett
+10 +31 +15
Seattle
+28 +34
+30 +31 +22
Spokane
Tacoma
+ 1 +31 +25
+29
Walla Walla
+38 +44
+6
Yakima
+ 1 +5

Dallas

+20 Shreveport
+17 Dallas
+8 Fort Worth
+7 Houston
+17 San Antonio
+2
+5 San Francisco
+9 Phoenix
+15 Tucson
Bakersrield
+12 Fresno
+33 Long Beach
+26 Los Angeles
+7 Oakland and
+23
Berkeley
+3 Sacramento
+10 San Diego.
-4
San Francisco...
+19 San Jose
+11
+17

Dec.
1942

+19
-13
+21
+18
+6
+31

+22
-1

+23
+24
+17
+33

* Data not yet available.




FEDERAL RESERVE BULLETIN

Department Store Statistics—Continued
SALES!AND STOCKS, BY MAJOR DEPARTMENTS

Number
of stores
reporting

Department

GRAND TOTAL—entire store.

353

MAIN STORE-total

353

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
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers

349
328
333

knit

Sales during month (value)

Stocks at end of month (value)

Percentage change

Percentage change

Dec. 1942 Dec. 1942
from
from
Dec. 1941 Nov. 1942

•312
290
303
277
311
329
333
319
232
261

Small wares

Notions
Toilet articles, drug sundries, prescriptions...
Jewelry and silverware

+14
+22
+35
+11
+33
+24
+32
+16
+24

+56
+47

+58
+61
+53

-21

-26

+8
+6
+5
+49

-22

-21

-22

-20

-25
-11
-20

-26
-23
-11

+8
+18

-25
-30
-28
-16
-45
-6
-17
-38
-13
-17

-24
-34
—27
-20
-40
-6
-26
-34
-15
-20

+18
+32
+12
+12
0

-27
-14
-37
-29
-22

-27
-14
—36
-29
-21

+5
+2
+22
+8

-11
-5
-7
-11

+3

-13
-11
-16
-14

+101
+27
+155
+67
+100
+22
+3
-12
-7

—44

+10
+46
+73
+34

+30
+42
+62
+50

-46

-2

+16

-1

-2

+26

+3
+23
+3

-32
-16
-36
-33

-28
-18
-31
-28

+14
+19
+11
+14
+14
+15
+18
+13
+11
+24
+19

-1

+6
-13
+29
+3
-6
+5

+5
+10

+4

-23
+14
-2

286

+22

-1

330
218
314
283

+15
+6
+18
+13
+4
+10
+14
+6
+9
+17
+6

+105
+39
+151
+105

+115
+60
+158
+127

+96

+141

-6

-44

-39

+42
+38
+79
+8

+45
+43
+74

+19
+24
+20
+22
+18
+3

-22
-25
-29
-12
-3
-19

-26
-33
-32
-11
-9
-21

297
223
195
160
130
62
126

0

-6

-2

+46

+7
+4
+9

+5
-2
+52

+12
+8
+11
+20
+13
+4

-2
-9

+19

Miscellaneous

+13
+13
+18
+27
+5
+23
+22
+34
+12
+21
+19
+19
+10
+21
+6

+11
+3
+11
+19
+13
+4
+2
+16
+10

+56
+30
+45
+65
+125
+9
+53
+95
+31
+16

198
260
211
221

BASEMENT STORE-total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes

Percentage
change from
1941

+9
+59
+28
+54
+71
+141
+25
+103
+87
+36
+21
+92
+10
+156
+61
+101
+21
-24
-9

+14

+23
+20
+73

317
220
238
292

Piece goods (dress and coat yard goods, all
materials)

+54

-2
-3

319
224
299
268
157

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

+14

Dec. 1941 Dec. 1942 Dec. 1942 Dec. 1941
from
from
from
from
Nov. 1941 Dec. 1941 Nov. 1942 Nov. 1941

Sales in 1942
(value)

—5
-11
-11

+9

NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise.
SALES, BY TYPE OF TRANSACTION
Index numbers; January 1941 = 100

Year and month

January
February
March
April
May

June
July
August
September
October
November
December

Total

Cash

Insta! ment

Percentage of total s lies
Other credit

Cash

Instalment

Other credit

1941

1942

1941

1942

1941

1942

1941

1942

1941

1942

1941

1942

1941

1942

100
96
120
135
134
122
101
136
156
147
157
250

138
116
151
149
134
131
110
135
165
184
186
285

100
94
118
131
130
121
102
126
147
147
160
275

142
119
155
154
149
153
133
161
193
220
r
223
359

100
110
127
144
138
120
114
190
162
142
143
184

121
118
148
131
92
76
70
101
107
123
124
156

100
97
121
139
137
123
97
136
165
148
r
157
234

136
113
148
147
126
117
91
112
145
156
157
228

49
47
47
47
47
48
49
45
45
48
49
53

50
49
50
50
53
56
59
58
56
57
58
61

8
10
9
9
9
8
10
12
9
8
8
6

7
9
8
7
6
5
5
6
6
6
6
5

43
43
44
44
44
44
41
43
46
44
43
41

43
42
42
43
41
39
36
36
38
37
36
34

r
Revised.
NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the
preceding page. Also, the indexes shown here are based on total monthly sales whereas those on the preceding page are based on daily average sales.

MARCH 1943




CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit

End of month
or year

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942

.

...

.

..

.

..

1941
Dec.

.. ..
1942

Jan
Feb
Mar

. ..

Apr

. . . ,i

Nov

Dec

1943

Jan

Automotive

Single
payment
loans 2

2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,495

1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482

1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,013

652
674
619
516
459
529
794
1,030
1,167
1,226
1,559
1,984
2,174
1,428

1,577
1,451
1,051
726
588
659
785
991
1,119
1,069
1,089
1,123
'"1,204

r

9,516

5,921

3,747

1,942

1,805

2,174

r
9,132
r
8,766
r
8,591
r
8,334
r

r
5,609
r
5,335
r
5,109
r
4,886
r
4,614
r
4,333
r

r
3,509
r
3,299
r
3,104
r
2,919
r

r
l,812
r

1,697
1,631
1,591
1,550
1,467
1,355
1,244
1,158
1,093
r
l,040
r
999
1,013
C

2,706

r
2,475
r

4,037
3,748

r
3,504
r
3,255
r

2,248
2,032
1,862
r
l,704
r
l,572
1,495

e

e

3,055
2,923

5,760

p

2,686

Charge
accounts

Service credit

Other

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

e

r
1
2

Total

Loans1

7,089
6,341
5,177
3,846
3,717
4,159
5,148
6,396
7,054
6,618
7,518
8,767
r
9,516
P6,076

7,961
r 7,547
7,096
r
6,761
r
6,559
r
6,337
r
6,102
2*6,076

May
June
Tulv
Aug.
Sept
Oct.

Sale credit

Total
instalment
credit

l,668
1,513
1,369
r
l,239
r
l,120
r
l,004
874
r
769
r
664
573
482

l,340

936

1,749
L,611
,381
,114
,081
,203
,292
,419
,459
,487
,544
,650
l,450

596
573
531
491
467
451
472
520
557
523
534
560
608
632

1,204

1,783

608

2,100
2,036
2,005
1 967
1,908
1 858
1,789
1,716
1,642
1,551
r
l,483
1,428

1,202
1 193

i',102
1,095
1,088
1,085

1,709
1 624
1,680
1 660
1,575
1 466
1,322
1,285
1,332
1,365
1,330

612
614
616
617
621
623
625
626
628
629
632
632

2*1,346

c

e

7K3
p

1171
1125

l,051

C

l,390

633

e

Revised.
Preliminary.
Estimated.
Includes repair and modernization loans.
An estimated total of non-instalment consumer loans; i.e., single payment loans of commercial banks and loans by pawnbrokers.
NOTE.—National estimates of consumer short-term debt for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign
and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a
description of sources of data and methods of estimation. Later ^estimates, comparable with those formerly published by the Department of Commerce,
were made at the Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. In millions of dollars]
Department
Total
stores
End of month excluding
and
autoor year
mailmotive
order
houses
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942

.. .

.

.

1,197
1,104

Furniture
stores

Household
appliance
stores

Jewelry
stores

All
other
retail
stores

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

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
129

56
47
45
30
29
35
40
56
68
70
93
110
120
79

133
141
136
110
97
115
132
174
210
220
246
271
284
160

1,752
1,805

447
469

613
619

320
313

96
120

276
284

1,697
1,631
1,591
1,550
1,467
1,355
1,244
r 1,158
l,093
r
l,040
r
999
1,013

438
416
406
396
367
332
300
277
r

590
573
567
561
543
512
475
449
428
408
392
391

294
285
272
258
241
219
202
183
169
154
142
129

108
100
95
91
85
79
71
67
63
61
61
79

267
257
251
244
231
213
196
182
172
164
157
160

958
677
663
741
865

1941
^ov

Dec
1942
Jan
Feb
Mar

Apr

May
June
July

Aug
Sept
Oct

Nov
Dec
r

261

r
253
r

247

254

Revised.

2.64




CONSUMER INSTALMENT LOANS
[Estimated (amounts outstanding. In millions of dollars]
End of
month or
year

Total

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

1941
Nov
Dec.

2,185
2,174

Commercial1
banks

43
45
39
31
29
39

Small Industrial
loan banking
comcompanies panies

Repair
and
MiscelCredit laneous modernunions lenders ization
loans

130
215
248
380
586
687
370

71

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

696
687

527
535

300
298

221
217

101
102

•••'27""

177
240
163
172
244
317
335
200
340
335

1942
2,100
Jan
290
652
205
325
527
101
313
521
285
198
101
2,036
618
Feb
521
2,005
601
282
304
196
101
Mar
Apr
517
277
190
100
1,967
586
297
1,908
564
May
504
289
268
184
99
June
261
179
1,858 " 546
493
98
281
July
264
481
253
173
97
1,789
521
1,716
491
466
246
95
252
166
Aug
240
452
236
160
94
1,642
460
Sept
1 551
Oct. ..
421
437
222
92
227
152
r
r
r
Nov
1,483
428
211
91
393
215
145
1,428
202
91
200
424
141
370
Dec
r
Revised.
1
These figures for amounts outstanding include only personal instalment
cash loans and retail automotive direct loans which are shown on the following page and a small amount of other retail direct loans (15 million
dollars at the end of December 1942) 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]
Other
retail,
purchased
Pur- Direct and
chased loans direct
Automotive
retail

Month or year

Outstanding at end of
period:
1939
1940
1941
1942
1942—January
February
March
April
May
June
July
August
September
October
November
December

Total

Repair
and
modernization
loans

Personal
instalment
cash
loans

1,020
1,340
1,588
787

210
300
396
136

160
230
303
122

150
210
279
143

220
260
246
154

280
340
364
232

1,511
1,434
1,403
1,338
1,273
1,211
1,139
1,072
998
922
860
787

367
338
331
308
283
265
242
227
203
190
166
136

280
258
245
235
224
211
196
182
167
148
136
122

275
268
267
254
243
223
208
189
175
159
151
143

234
225
221
207
201
196
187
182
176
168
165
154

355
345
339
334
322
316
306
292
277
257
242
232

148
115
138
125
110
102
95
93
82
77
64
69

39
23
27
19
17
15
16
23
14
11
7
6

21
19
22
20
18
16
16
14
13
11
9
10

Volume extended during
month:
1942—January
February
March
April
May
June
July
August
September
October
November
December

27
21
23
28
25
16
13
11
12
14
14
15

5
7

56
45
57
48
41
46
41
36
35
32

7

27
32

9
10
9
9
9
9
8
9
6

NOTE.—For descriptive material and back figures, see Bulletin for October
1942, pp. 992-994.

Item

Percentage
change from
corresponding
month of
preceding year

Decem- Novem- Decem- Novem
ber
ber
ber
ber
1942
1942
1942
1942
Net sales:
Total
...,•..,,
Cash sales
, .
Credit sales:
Instalment
Charge Account

0
+55

-3
+65

+25
+25

-9
-4
-11
-15

-12

-14

+7

+4

Accounts receivable, at end of month:
Total
Instalment

+1
0

-4
-4

-34
-34

-34
-34

Collections during month:
Total
Instalment

+3
0

-8
-9

+2
+1

+2
+2

Inventories, end of month, a t retail
value

-9

-3

+5

+10

. .

+32
+56

Month or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942

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

69
76
82
104

38
43
41
45

24
25
23
25

66
65
86
72
58
68
63
60
60
59
59
82

40
35
42
37
34
36
34
33
31
30
25
31

18
19
25
19
18
20
18
16
16
14
14
18

Small loan
Commercial
banks 1
companies

,

1941
September
October
November
December
1942
January
February
March
April
May
June
July
August
September
October
November
December

80
66
80
71
61
64
58
52
49
44
37
43

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 December 1942) which are not shown separately.

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1

FURNITURE STORE STATISTICS
Percentage
change from
preceding
month

CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollars]

Charge
accounts

Instalment accounts
Month

Department
stores

Furniture
stores

Household appliance
stores

Jewelry
stores

Department
stores

1941
September ..
October
November...
December ...

19
19
19
20

11
12
12
11

11
11
11
12

18
18
18
23

45
47
49
46

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

11
11
13
13
13
13
13
13
14
15
15
16

19
18
19
19
20
22
22
25
26
30
31
45

50
45
46
47
50
56
60
59
60
65
63
65

1
Ratio of collections during month to accounts receivable at beginning
of month.

MARCH

1943




WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.

1926 =100]
Other commodities

All
commodities

Farm
products

Foods

95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
2*98.8

104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9

99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6

91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
2*95.5

09.1
00.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
LOO.8
108.3
L17.7

90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9

83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5

100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
2*103.8

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
p
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
2*95.9

L14.9
115.3
116.7
L19.2
118.8
118.2
L18.2
118.2
118.1
117.8
117.8
L17.8

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

1943—January

2*101.9

117.0

105.2

2*96.0

117.8

97.3

99.7
99.7
100.1
100.1
100.1
100.1
100.5
100.7
101.2
2*101.2
2*101.4
2*101.6

109.1
109.8
110.7
110.9
110.8
110.6
112.0
113.3
115.2
115.4
116.1
116.6
117.2
117.7
118.2
118.6
102.0
121.2

103.0
102.9
103.0
103.3
103.6
103.3
104.0
104.2
104.6
104.2
104.4
104.8
104.7
105.0
105.1
105.5
105.7
106.0

95.7
95.7
96.1
96.1
96.1
96.1
96.2
96.2
96.2
2*96.2
2*96.2
2*96.3
2*96.3
2*96.3

L18.4
18.4
L18.4
.18.4
118.4
L18.4
118.4
118.4
118.4
118.4
L18.4
L18.4
18.4
L18.4
L18.4
L18.4
18.4
L18.4

96.6
96.6
96.6
96.6
96.6
96.6
96.6
96.6
96.6
96.7
96.7
96.7
96.8
96.8
96.8
96.8
96.8
96.8

Ye ar, m o n t h , or week

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941.
1942

.

Week ending
1942—October 31
November 7
November 14
November 21
November 28
] )ecember 5
] )ecember 12
] )ecember 19
] )ecember 26
1943— a n u a r y 2
anuary 9
a n u a r y 16
a n u a r y 23
anuary 30
r
ebruary 6
r
: e b r u a r y 13
]February 20
]February 27

2*101.8
2*102 !l
2*102.4

Total

Hides a n d Textile
leather
products products

2*96! 4
2*96.4
2*96.5

Housefurnishing goods

Miscellaneous

95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2

94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.6
97.1

94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7

103.5
103.6
103.8
103.8
103.9
103.9
103.8
103.8
103.8
103.8
103.8
2*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

79.3

2*103.8

109.8

100.2

102.5

90.7

79.6
79.6
79.7
79.7
79.7
79.8
80.0
79.9
79.9
79.9
80.0
80.1
80.1
80.1
80.4
80.4
80.5
80.7

103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
2*103.9
2*103.9
2*103.9
2*103.9
2*103.9
2*103.9
2*103.9
2*103.9
2*103.9

110.2
110.2
110.2
110.2
110.2
110.0
110.0
110.0
110.0
110.0
110.0
110.0
110.0
110.1
110.1
110.1
110.0
110.0

96.1
96.2
99.5
99.5
99.5
99.6
99.5
99.5
99.5
99.5
99.5
99.5
99.5
99.5
99.5
100.0
100.3
100.3

104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1

88.5
88.7
90.0
89.9
89.9
90.0
90.3
90.4
90.4
90.4
90.4
90.5
90.5
90.5
90.5
90.6
90.7
90.9

1943

1942

1942

1943

Subgroups

Subgroups

Jan.
Farm Products:
Grains
Livestock a n d p o u l t r y . .
Other farm products
Foods:
Dairy products
Cereal products
F r u i t s a n d vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides a n d skins
Leather
Other leather p r o d u c t s . .
Textile Products:
Clothing
Cotton goods
Hosiery a n d underwear..
Silk
Rayon
Woolen a n d worsted goods
Other textile products
Fuel and Lighting
Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products

Chemicals and
allied
products

Metals
Fuel a n d
Building
lighting and metal materials
materials products

Oct.

Nov.

Dec

Jan.

95.9
105.7
98.4

91.5
123.4
104.4

92 .8
121 .3
108.0

100. 7
173, 9
110 4

107.3
129.2
111.5

96.0
91.1
78.3
101.6
91.0

109.2
89.3
98.2
115.5
95.4

111 .2
8? .5
102 .0
112 .0
9= .9

111. 8
89 3
104. 3
113. 6
C
95 9

113.4
90.6
102.6
115.5
96.2

121.1
115.3
101.4
113.3

126.4
116.0
101.3
115.2

Uf .4
\\( .0
101 .3
.2

126. 4
116.0
101 3
115. 2

126.4
116.0
101.3
115.2

101.1
110.5
69.0

107.0
112.4
70.5

10' .0
112 .4
7C .5

107 0
112 4
70 5

107.0
112.5
70.5

30.3
103.0
97.5

30.3
111.7
97.4

30.3
111.7
97.6

30 3
112 1
97 7

30.3
112.4
97.7

85.3
108.4
122.2
67.6
76.4
59.5

85.7
111.0
122.1
61.9
79.2
60.6

85.7
111.4
12: .1
62.3
78.4
60.7

86.2
112.4
1

88.6
112.5
122.1

m

76 1
60 7

60.8

Metals and Metal Products:
Agricultural i m p l e m e n t s . . .
F a r m machinery
Iron a n d s t e e l . .
Motor vehicles
Nonferrous metals
Plumbing a n d h e a t i n e
Building
Materials:
Brick and t i l e . . .
Cement
Lumber
P a i n t a n d p a i n t materials
Plumbing and heatinj?
Structural steel
Other building m a t e r i a l s . . .
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Uousefurnishing
Goods:

Furnishings
Furniture

Miscellaneous:
Auto tires and ti b s
Cattle feed
Paper a n d p u l p .
Rubber crude
Other miscellaneous

Jan.

Oct.

Nov.

96.7
97.8
97.0
112.4
85.4
93.6

96.9
98.0
97.3
112.8
86.0
94.1

96.9
96 9
96.9
98.0
98 0
98.0
97.2
97 2
97.2
112.8 2*112.8 2*112.8
C
86.0
86.0
86. 0
c
93.2
90. 4
90.4

96.9
93.4
131.6
99.1
93.6
107.3
103.1

98.7
94.2
133.3
101.0
94.1
107.3
103.3

98.6
94.2
133.1
100.7
93.2
107.3
102.9

98. 7
94 2
133. 3
100 3
90 4
107 3
103 0

98.7
94.2
133.3
100.6
90.4
107.3
102.2

95.3
126.3
78.6
81.8
106.4

96.2
128.8
78.3
82.8
101.5

96.2
165.4
78.6
82 8
101.5

96
165
79
82
101

1
4
0
8
5

96.2
165.4
79.0
85.3
101.5

107.2
97.4

107.3
97.4

107.3
97.4

107 3
97 4

107.3
97.4

71.0
135.2
102.8
46.3
92.5

73 0
123.8
98 8
46.3
92.4

73 0
132 1
98 8
46 3
95.1

73
142
99
46
94

n
1

73 0
142 8
100 1
46 3
94.9

Dec.

n

.,
9

Jan.

Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937
(table 87).
p
r
c
Preliminary.
Revised.
Corrected.

z66




FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page

1943
Jan.
27

Feb.
3

MONTHLY FIGURES

In billions of dollars

WEEKLY FIGURES i
5 .99
5 .73

2.02

3 .55
2 .18
22 .69
3 .79
15 .44
2 .20
.12
1 .18
13 .28
2 .14
.28
.03
.96
.87

MEMBER BANKS

Total, 101 cities:
Loans and investments
Balances due to domestic banks....
Demand deposits adjusted
Time deposits
New York City:
Commercial loans
Brokers' loans
U. S. Gov't. obligations
100 cities outside New York:
Commercial loans
U. S. Gov't. obligations

16
16
16
16

41 .59
9 .40
30 .06
5 .35

17
17
17

2 .39
.46
11 .80

17
17

3 .53
16 .76

5.77

5.98

6.21

1942
Nov.

1943

Jan.

Dec.

In billions of dollars

RESERVES AND CURRENCY

RESERVES AND CURRENCY

Reserve Bank credit, total
3
U. S. Gov't. securities, by maturities, total
5
Within 1 yr
5
Within 5 yrs
5
After 5 yrs
5
Gold stock.....
3
Treasury currency
3
Money in circulation
3, 11
Treasury cash holdings
3
Treasury deposits
3
Nonmember deposits
3
Member bank reserves5
3
Excess reserves—total
9
New York City
9
Chicago...
9
Reserve city banks
9
Country banks6
9

Chart
book
page

F e b . F e b . Feb.
10
17
24

6.22

Reserve Bank credit, total
U. S. Gov't. securities
Bills discounted
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Reserve balances
Required reserves
Excess reserves
Money in circulation, total
Coins and bills under $50
Bills of $50 and over

5.48 5.72 5 80 5.93
1.92 2.26 2 41 2.60
3.41 3.71 3 86 4.03
2.07 2.00 1 94 1.90
22.66 22.64 22 64 22.64
3.85 3.89 3 92 3.93
15.67 15.80 15 85 15.95
2.20 2.21 2 22 2.2:
.05
.28
19
.26
1.16 1.21 1 16 1.1
TREASURY FINANCE
12.94 12.75 13 09 12.92
1.84 1.64 p\ 78
U. S. Government debt:
.19
.08
10
Direct obligations, total
.01
.01
.01
Bonds
.81
.74
.82
Notes
.84
.80 V .85
Bills and certificates
Special issues
Guaranteed obligations
41.71 41.48 41 37 41.35
9.20 9.13 9 38 9.3MONEY RATES, ETC.
29.74 30.16 30 .62 31.13
5.38 5.39 5 40 5.41 F. R. Bank discount
rate, N . Y.^
2.40 2.40 2 .39 2.36 Treasury bills (new issues).,
.48 Treasury notes (taxable)...
.52
.52
.50
2
11.67 11.49 11 .36 11.32 U. S. Gov't. bonds
Commercial paper..
3.50 3.50 3 .47 3.4 Corporate Aaa bonds
16.97 16.94 17.07 17.12 Corporate Baa bonds

5.04
4.75

6.03
5.55

22.74
14.47
2.25

22.74
15.12
2.20

12.62
10.26
2.36
14.81
11.12
3.69

13.15
10.78
2.38
15.41
11.58
3.84

6.32
5.95
.01
22.71
15.40
2.19
.31
13.34
11.21
2.13
15.59
11.67
3.92

95.46
57.99
15.80
12.88
8.79
4.24

107.31
64.87
16.25
17.16
9.03
4.28

110.02
66.08
16.61
18.16
9.17
4.28

2,

.01

.22

2,

..

.01

.31

Per cent per annum
23
23
23
29

.50

.50

.371

.363
1.34
2.09

1 .28
2 .06
.69
2 .79
4 .25

25, 29
29

.50
.367

1.29
2.06
.69
2.79
4.16

.69

2.81
4.28

In unit indicated
Per cent per annum
MONEY RATES, ETC.

Treasury bills (new issues)
Treasury notes (taxable)
U. S. Gov't. bonds2
Corporate Aaa bonds
Corporate Baa bonds

21
21
21, 29
29
29

.369
1.26
2.06
2.78
4.11

.372
1.24
2.06
2.77
4.09

.373
1.24
2.06
2.77
4.09

.374
1.25
2.06
2.77
4.07

In unit indicated
Stock prices
(1935-39 = 100):
Total...
Industrial
Railroad
Public utility
Volume of trading (mill, shares)

MARCH

1943




75.2
77.2
73.0
66.2
.69

31
31
31
31
31
33
33
33

e
52O
e

320

e

25O

79.7
82.3
73.7
69.3
.82

75.9
78.5
69.3
65.2
.82
r

543
378
270

5
540
c

290

J

280

BUSINESS CONDITIONS

81.8
84.5
74.9
70.8
1.06

82.7
85.6
75.8
71.1
.95

84.3
87.4
76.0
71.9
1.22

85.5
88.5
76.9
74.1
1.24

BUSINESS CONDITIONS

Wholesale prices:
All commodities (1926 = 100):
Total
Farm products
Others
Basic commodities
(Aug. 1939 = 100), total
12 foodstuffs
16 industrial materials
Steel production
(per cent of capacity)
Automobile production (thous. cars) 4 ..
Freight-car loadings (thous. cars):
Total
Miscellaneous
Electric power production (mill. kw.
hrs.)
Department store sales (1935-39 = 100)
F.H.A. home mortgages, new constr.
(thous.)

Stock prices
(1935-39=100):
Total...
.369
Industrial
1.25
Railroad
2.05
Public utility
2.77
4.06 Volume of trading (mill, shares)...
Brokers' balances (mill, dollars):
Credit extended c u s t o m e r s . . . .
Money borrowed
Customers' free credit
balances

35
35
35

p
P101.8 P102.0 ^102.1 102.4
117.7 118.2 118.6 p120.0
P96.3 P96.4 P96A 96A

36
36
36

174.3 174.5 174.7 175.2
199.3 199.6 199.8 200.3
157.4 157.6 157.8 158.3

44
44

98.6

99.5

99.3

99.5

45
45

734.6 755.4 765.0 752.4
350.5 357.6 363.8 357.0

46
46

3,977 3,960 3,940 3,949
168
136
146
121

47

1.40

1.76

3.66

2.41

86.5 Wholesale prices:
All commodities
(1926 = 100):
89.
Total 6
35, 65
100.3
81.4
*101.0
Farm products
35
110.5
113.8 117.0
75.'
Others
35
^95.9
95.8
1.65
Industrial commodities
(Aug. 1939 = 100):
P122.1
P122.3 ^122.7
Total
37
117.2 117.2
Finished
37
117.3
p
^132.6 P133.6
Raw and semifinished
37
131.8
'102.
Cost of living (1935-39 = 100):
120.4 120.6
All items
39
119.8
108.0
Rent
39
108.0
125.9 125^9
Clothing
39
125.9
132.7 133.0
Food
39
131.1
200.
158.5
e
Estimated. v Preliminary. r Revised.
R
1
98.
Figures for other than Wednesday dates are shown under the Wednesday
included
in
the
weekly
period.
2
Partially tax-exempt issues only.
3
782.
Other than farm products and foods.
4
374.
Data no longer published.
5
On advances secured by Government securities maturing or call3,892
able
within one year.
6
15C
Estimate for February is shown on page 266.
2.0i

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page

1942
Nov.

MONTHLY FIGURES (cont.)

|

Dec.

Jan.

In unit indicated

BUSINESS CONDITIONS (cont.)

197
108
22
70
16
69
20
11
21
r17
19

194
106
22
68
16
69
20
12
r
2Q
16
20
279
415
192
232
300
179
178
208
152

P200
Pi 10
22
P12
P16
P70
P21
PU
P21
P17
P19

P362
p

Nov. I Dec.

Jan.

MONTHLY FIGURES (cont.)

1926 = 100

Wholesale prices:
Canada
Germany
Japan
Sweden
Switzerland
United Kingdom

65
65
65
65
65
65

Foreign exchange rates:
Argentina (peso)
Canada (dollar)
United Kingdom (pound)

67
67
67

Sept.

29 .77
87 .88
403 .50

29.77
89.64
403.50

Oct.

Nov

In billions of dollars
134
24.8
80.2
28.8

51

90. 5

90 .7

51
59
59

44. 0
138
105

44 .4
125
102

47
47
47
47
47

159
112
48
39
9

167
129
38
33
6

49
49
49

811
166
646

717
167
550
38.8
16.6
6.6
5.8
3.5
2.0

38.3
16.2
6.7
5.7
3.5
1.9

135
25.2
81.4
28.5

Increase in U. S. gold stock: 6
Total..:...;
63
Net capital inflow: *
Total
62, 63
Inflow of foreign capital
62
Return of domestic c a p i t a l . . . .
62
Merchandise export surplus 8
63
8
Other factors
63
Short-term foreign liabilities and
7
assets of banks:
Due to foreigners
64
Due from foreigners
64
Net due to foreigners
64

1,825
897
867
61
P749.6
p
173.7
575.9

p

118
89
29
22
7

p

414

15.72

15.72

6 07
3 92
2 03
?9.60
*\06

6.11
3.92
2.08
*10.18

P-.57

6.17
3.98
2.09
P10.75
^—1.21

3 88
28
3 60

3.87
.25
3.63

3.92
.23
3.68

1942
Apr.June

JulySept.

Oct.Dec.

In billions of dollars

QUARTERLY FIGURES
Cash income and outgo of U. S. Treas.:
Cash income
Cash outgo
Excess of cash outgo
Domestic corporation security issues:
Total
.'
New
Refunding

18
18
18

4 .42
13 .18
8 .76

4 .59
16 .60
12 .02

4 .71
19 .15
14 .44

32
32
32

.36
.28
.09

.18
.11
.07

.14
.02
.12

P

38.8
l6.%
P6.5
p
5.8
P3.6

p

l,573 pl,37O
656 P479
843 P791
74

PS53.2
P356.3
p
496.9

15 .73

143

10,435 ^10,659
r
7,535
7,371
r
3,064
3,124

P

P130.&'

1942

78
*>210

164 .6
287 .7

61
61
61

29 .77
88 .09
403 .50

m

161. 9
280. 4

55
55
55
55

"129 .'9" '130^3 '

96.9

315

51, 53
51, 53

54
54
54

97.2

P

134
26.7
78.9
28.1

50
50
50
50
50
50

97.1

In cents per unit of
foreign currency

In millions of dollars




1943

P242

1923-25 = 100

Residential contracts awarded: 1
Total
Public
Private, total
1- and 2-family dwellings
Other
Construction contracts awarded: 5
Total
Residential
Other
Nonagricultural employment 1
(mill, persons):
All establishments
Manufacturing and mining
Trade
Government
Transportation a n d utilities
Construction
Income payments:!
Total
Salaries and wages
Other
Cash farm income:
Total
Crops
Livestock and products
Govt. payments
Exports and imports:
Exports
Imports
Excess of exports

1942

INTERNATIONAL FINANCE

Industrial production :l 2 3
J
Total (1935-39 = 100)
41, 42
Durable manufactures
41
Iron and steel
42
Machinery, etc
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquors, and tobacco . . .
42
Other nondurable
42
Minerals
41, 42
New orders, shipments, and
inventories:
New orders, total ( J a n . 1939 =100).
43
Durable
43
Nondurable
43
Shipments, total (1939 = 100)
43
Durable
43
Nondurable
,.
43
Inventories, total (1939 = 100) . . . .
43
Durable
43
Nondurable
43
Freight-car loadings:! 2
Total (1935-39 = 100)3
57
Coal
57
Miscellaneous
57
Allother
57

Factory employment 4
Factory payrolls 4 .
Average hourly earnings 4
(cents per hour)
Average hours worked 4
(hours per week)
Department store sales 1
Department store stocks!

Chart
book
page

Per cent per annum
Bank rates on customers' loans:
Total, 19 cities
New York City
7 other Northern and Eastern
cities
11 Southern and Western cities

25
27

2 62
2 07

2.70
2.28

2 63
2 09

27
27

2 56
3 34

2.66
3.25

2 63
3 26

P Preliminary. r Revised.
1 Adjusted for seasonal variation.
In points in total index.
3 Estimate for
for February is shown on page 253.
4
Series revised by Bureau of Labor Statistics; revised figu:ires for employment and payrolls shown on p. 258.
6 Three-month moving average, adjusted for seasonal variation.
6 Cumulated from Jan. 31, 1934.
7
For explanation of revised basis for international capital movement
statistics, see footnote 2 on page 98 of the BULLETIN for January 1943.
8
Revised back figures—Merchandise export surplus: June, P8.16.
Other factors: June, pl.65.
2

FEDERAL RESERVE BULLETIN

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued
[In billions of dollars]
Chart
book
page

Dec.
30

1942

1941

1940

Apr.
4

June
30

Dec.
31

Apr.
4

June
30

Sept. Dec.
24
31

72.43
36.10
27.90
7.78
56.15
24.32
31.83

74.15
37.32
27.88
8.20
57.95
25.31
32.63

76.09
38.68
27.90
8.56
59.30
26.19
33.11

78.25 e80.00 81.93
39.00 ce40.00 41.84
27.73 e27.2O 27.31
9.62 10.40 10.94
61.10 e62.00 63.98
26.62 «26.30 25.08
34.48 e35.70 38.90-

20.48

21.81 23.10

23.93

24.40

25.50

26.45 29.87

H3.17

?

14.24
3.84
2.98
2.72
.15
16.73
8.55
.42
.79
3.37
3.61

15.71
3.83
3.09
2.73
.14
18.02
9.64
.41
.78
3.49
3.69

16.98 21.41
3.47 2.69
3.17 2.93
(2) 2.69
.15
17.83 16.93
9.11
.43
.69
3.50
3.20

'P37.54

6.72
.32
.80
3.07

12.34 13.50
3.49 3.49
3.01 3.21
2.
.17
15.32
7.52 15.88
.47
.83
3.23
3.27

14.09
4.24
3.16

8

11.60
3.12
2.89
2.70
.17
13.97

47.87

50.36

54.75

63.77

76.52

111.59

2.30
4.77
2.47
16.55
3.11
6.50
12.20

2 25
5 37

2.36

2.55
6.98
2.25
21.79
3.68
8.00
18.50

2 .73
7 .88
2 .65
26 .39
3 .89
8 .90
24 .10

3.21
9.03
6.19
P41.29
P4.56
P11.00
^36.30

Mar.
26

June
29

Dec.
31

64.88
30.54
27.28
6.23
51.14
22.19
28.95

66.96
31.96
27.47
6.70
51.34
22.34
29.00

70.75
34.94
27.74
7.32
54.19
23.74
30.45

C1)

19.98 20.22

14
14
14
14
14
(*)
15
15
15
15
1

C)

11.18 11.31
3.14 3.11
2.69 2.90
2.77
.19
13.96
6.5 13.94
.61
.88
2.96
2.94

C1)

47.07

20
20
20
20
20
20
20

2 .30
4 .23
2 .48
16 .30
3 .10
6 .30
12 .40

CALL REPORT FIGURES
ALL BANKS IN THE U. S.

Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
Loans and investments, total
Loans
Investments

64.10
29.79
27.06
6.40
50.89
22.17
28.72

*99.90

e
49.00
e
28.50
e

13.80

MEMBER BANKS

Investments, total
U. S. Government obligations:
Direct
Guaranteed
State and local government obligations
Other domestic securities
Foreign securities
Loans, total
Commercial loans (incl. open-market paper)
Street loans (brokers' loans)
Other security loans 3
Real estate loans
All other loans

3.06

8

??0
8

SEMI-ANNUAL FIGURES

2

()
17.55

I

^2.67
P16.06

OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS

Total direct and guaranteed obligations outstanding...
Amount held by:
U. S. Government agencies and trust funds:
Public issues
Special issues
Federal Reserve Banks
Commercial banks
Mutual savings' banks
Insurance companies
Other investors
e
3

6.12
2.18
20.10
3.43
7.00
13.60

2.18

17 76
3 22
6 90

12.70

Estimated. p Preliminary. x Series not shown in Chart Book. 2 Figures available for June and December dates only.
Includes only loans made for the purpose of purchasing or carrying securities.
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BYflNDUSTRY DIVISION
[Thousands of persons]
Year and month

SEASONALLY ADJUSTED

1942—January
February
March
April
May
June
July
August
September
October
November
December

..

.

.

....
....
....

1943—January..

Total1

Manufacturing 1

r
35,819
r
35,953
r
36,002
r

May

Tune
July
August
September
October
November
December
1943—January..

....
...
....

Finance,
service,
and miscellaneous

Federal,
State, and
local government

3,365
3,351
3,366
3,408
3,435
3,446
3,471
3,490
3,482
3,466
3,508
3,535

6,907
6,862
6,812
6,690
6,695
6,610
6,609
6,607
6,523
6,619
6,673
6,635

4,271
4,263
4,260
4,257
4,257
4,266
4,296
4,317
4,313
4,324
4,333
4,331

4,605
4,719
4,803
4,863
4,943
5,060
5,255
5,366
5,462
5,601
5,690
5,766

1,828

3,563

6,535

4,344

5,775

928
921
923
918
910
902
894
885

1,662
1,594
1,625
1,771
1,909
1,991
2,108
2,181
2,185
2,028
1,896
1,674

3,288
3,270
3,295
3,389
3,442
3,485
3,519
3,533
3,542
3,539
3,520
3,502

6,756
6,686
6,711
6,679
6,667
6,606
6,504
6,496
6,561
6,697
6,771
7,107

4,179
4,180
4,194
4,265
4,309
4,324
4,355
4,371
4,397
4,327
4,295
4,279

4,558
4,692
4,794
4,856
4,958
5,037
5,184
5,323
5,520
5,672
5,723
5,811

874

1,458

3,478

6,392

4,255

5,730

Construction*

r
13,657
r

37,962
38,325
38,842

13,814
13,939
r
14,08l
14,220
r
14,382
r
14,640
r
14,819
r
15,006
r
15,162
15,349
15,687

970
953
936
938
933
929
929
918
900
888
883
884

2,044
1,991
1,886
1,826
1,791
1,768
1,851
1,916
1,959
1,902
1,889
2,004

38,833

15,910

878

34,876
35,062
35,411
r
35,908
36,346
36,666
37,234
37,802
38,348
38,478
38,533
38,942

13,468
13,693
13,859
r
14,019
14,133
1-4,302
14,641
14,980
15,233
15,313
15,434
15,684

965
947
933
929

37,906

15,719

36,063
36,274

r
36,461
r
37,O51
r
37,433
r
37,645
r

UNADJUSTED

1942—January
February
March
April

Trade

Mining

Transportation and
public
utilities

r

Revised.
*1 Includes contract construction and Federal force account construction.
Seasonal adjustments for manufacturing have been revised back to November 1941 to agree with the new adjustments made in the manufacturing
..- & e earner series. The new seasonally adjusted estimates for manufacturing and total are shown in this table.
wage
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons,
domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for January 1943 are preliminary. Seasonally adjusted estimates for back months are shown on page 1156 of the November 1942 BULLETIN.

MARCH

1943




2.69

INTERNATIONAL FINANCIAL STATISTICS

PAGE

Gold reserves of central banks and governments..

2.72.

Gold production. .

2.73

Gold movements..

173

Net capital movements to United States since January x, 1935..

2.74

Central banks...

2.75-2.78

Money rates in foreign countries..

179

Commercial banks..

2.80

Foreign exchange rates..

x8i

Price movements :
Wholesale prices. .
Retail food prices and cost of living..
Security prices. .

x8i
I&T,
2.83

Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins; some data are reported to the Board directly. Figures
on international capital transactions of the United States are collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November i i , 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.

MARCH 1943




2171

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States

Argentina

Belgium

Brazil

1936—Dec.
1937—Dec.
1938—Dec
1939—Dec.
1940—Dec...
1941—Dec

11,258
12,760
14,512
17,644
21,995
22,737

501
469
431
466
1353
354

632
597
581
609
2 734
734

25
32
32
40
51
70

275
274
274
274
274
274

20
24
24
24
24
24

1942

Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

22, 705
22,687
22,691
22,714
22,737
22,744
22,756
22,754
22,740
22,743
22 726

354
354
355
355
355
354
354
354
354
354

734
734
734
734
735
735
735
735

72
74
74
76
78
79
81
82
113
114
115

274
274
274
274
274
274
274
274
274
274
274

24
24
24
24
24

1943—Jan.

22,683

End of month

Iran
(Persia)

1936—Dec
1937—Dec
1938—Dec.
1939—Dec
1940—Dec
1941—Dec

25
25
37
24
24
24

25
25
26
26
26
26

1942—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

24
24
24
24
24
24
24
24

26
26
26
26

Chile

Colombia

Czechoslovakia

Denmark

Egypt

188
184
192
214
3
7
5

29
30
30
30
30
30

19
16
24
21
17
16

91
92
83
56
58
61

54
53
53
53
52
44

55
55
55
55
52
52

2,995
2,564
2,430
2,709
2,000
2,000

5
5
6
7
5
8
9
8
5
6
6

30
30
30
30
31
31
31
36
36
36

17
15
16
16
16
18
19
21
23
24
25

61
61
61
61
61
61
61
61

44
44
44
44
44
44
44
44

52
52
52
52
52
52
52
52
52
52

2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000

Norway

Peru

Poland

Portugal

Rumania

98
82
94
94
4 84

20
21
20
20
20
21

68
69
69
69
59
59

114
120
133
152
158
182

203
189
220
249
367
366

59
59
59
59
59
59
59
59
59
59

198
200
203
205
210
215
219

380
397
429
447
468
502
527
551
582
2*610

Canada

New
Netherlands Zealand

Japan

Java

Mexico

208
210
193
144
120

463
261
164
164
164
6
164

60
79
80
90
140
235

46
24
29
32
47
47

491
933
998
692
617
575

23
23
23
23
23
23

216

28
30
31
30
32
33
34
34
36
37
39

575
575
537
533
528
526
522
518

23
23
23
23
23
23
23
23
23
23
23

4

21
21
21
21
21
21
24
24
24
25
25

Sweden

Switzerland

Turkey

Uruguay

Venezuela

75
83
85
4 84

Yugoslavia

B.I.S.

Other
countries 7

240
244
321
308
160
223

657
650
701
549
502
665

26
29
29
29
88
92

1942—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

251
277
280
308
309
311
316
.321
326
331
335

764
784
796
795
795
800
800
801

100
100
107
111
110
111
111

1943—Jan

340

*>832

2,584
2,689
2,690
81

1
1
1
1
1

77
74
69
68
90
100

59
52
52
52
9 29
41

97
97
97
97
97
97
97
95
94

52
52
56
56
56
56
56
60
64
64
68
68

48
51
57
59
82
4
83

U
5
14
7
12
12
13
14
15
15
19
21
19
20

183
185
142
153
145
142
142
142
143
143
145
146
146
146
147
147
r
149
149

v

Preliminary. r Revised,
l Beginning April 1940, reports on certain Argentine gold reserves no longer available.
2 Change from previous December due largely to inclusion of gold formerly not reported.
3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance.
4 Figures relate to last official report dates for the respective countries, as follows: Greece—
Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Y u g o s l a v i a 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, 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 Decemberl940, figures refer to gold reserves of new Central Bank only.
NOTE.—For description of table and back figures see BULLETIN for September 1940, pp.
925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p. 926 in that issue.




Greece

27
28
29
29
29
29

26
24
27
28
28
4
28

South
Africa

Spain
5
5

718
525

Government gold reserves1 not included
in previous figures
End of month United
States

1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec

Germany

25

70

United
Kingdom

France

27

Italy

1943—Jan

End of month

Bulgaria

7

Hungary

End of month

British
India

1936- Dec
1937— June ...
169
Dec
-Mar
1938- J u n e . . .
44
Dec. . . .
80
Mar. . . .
154
1939- May
June... " " 8 5 "
164
Sept....
156
Dec
145
1940- -Mar. . . .
86
June...
105
Sept.. ..
48
Dec. . . .
88
1941- -Mar. . . .
89
June. ..
24
Sept....
25
Dec
12
1942- -Mar
8
June...
7
Sept.. . .

United
Kingdom

France2

93
115
81

3 934
4 1,395
1,489
4 759
1,732

Belgium

33i
559
477

62
44

17
17
292
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 Fund; Belgium—Treasury.
2 For complete monthly series from October 1938May 1939, see BULLETIN for February 1941,
p. 170.
3
Figure for end of Mar. 1937, first date reported.
4
Figure for end of September.
5
Figure for September 1.
NOTE.—For details
regarding
special gold
transfers in 1939-40 between the British E . E . A.
and the Bank of England, and between the French
E. S. F . and the Bank of France, see BULLETIN
for September 1940, p. 926.

FEDERAL RESERVE

BULLETIN

GOLD PRODUCTION

Year or month

1934
1935
1936
1937
1938
1939
1940
1941
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
1,088,882
p
943,032

366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439

104,370
90,335
100,485

88,598
75,653
85,031
79,926
80,603
78,453
82,857
p
77,553
^76,948
P
77,639
p
70,933

42,556
39,651
42,618
41,491
42,539
42,005
42,784
41,454
40,559
41,023
39,144
38,616

1942—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
North and South America
Africa
Other
RhoWest Belgian United Canada 5 Mexico ( I Colom-1 Chile I NicaraAustra-1
British
Africa2 Congo3 States4
I bia I
desia
lia8 I India 9
I gua 7
$1 = 154\ grains of
24,264
12,153
25,477
13,625
28,053
16,295
28,296
20,784
28,532
24,670
28,009
28,564
29,155
32,163
27,765
32,414
2*26,698 P29.330
2,282
2,186
2,275
2,320
2,288
2,210
2,226
2,253
2,175
2,161
'2,161
f
2,161

gold ft
6,549
7,159
7,386
8,018
8,470
8,759
3 8,862

fine; i.e., an ounce offinegold = $35
108,191 104,023 23,135 12,045
126,325 114,971 23,858 11,515
152,509 131,181 26,465 13,632
168,159 143,367 29,591 15,478
178,143 165,379 32,306 18,225
196,391 178,303 29,426 19,951
210,109 185,890 30,878 22,117
209,175 186,568 27,969 22,961
126,648 168,008 67,809 2*21,153
14,982
10,034
10,959
11,058
10,807
10,147
12,396
9,806
11,479
11,656
7,471
5,852

2,695
2,625
2,625
2,555
2,520
2,450
2,450
2,345
2,310
2,275
2,240
'2,240

14,198
13,147
15,372
14,728
14,881
14,852
14,864
14,100
13,212
13,365
12,693
12,597

3,790
563
3,457
6
()

2,075
1,573
1,916
1,865
1,719
1,579
2,006
1,730
1,710
1.659
'1,659
'1,659

8,350
9,251
9,018
9,544
10,290
11,376
11,999
9,259
^6,354
558
537
596
540
570
611
647
531
C
441
'441
'441
'441

1,166 30,559
868 31,240
807 40,118
848 46,982
1,557 54,264
3,506 56,182
5,429 55,878
7.525 51,039
8,273 ^45,780

11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940

3,850

840
1,260
875
910
840
665
665
595
630
420
'420
'420

772
647
663
644
694
609
827
747
442
650
714
862

430
3,675
3,815
3,745
3,325
3,990
'3,990
'3,990
'3,990
'3,990
'3,990

p

Preliminary. c Corrected.
' Figure carried forward.
estimates of American Bureau

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.
Includes Philippine Islands production received in United States. Annual figures through 1941 are estimates of United States Mint. Annual and
monthly figures for 1942 are estimates of American Bureau of Metal Statistics.
5 Figures for Canada beginning 1941 are subject to official revision.
° Figure for 1942 represents three months production only; beginning April 1942, figures no longer reported.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics 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 1936,
pp. 108-109.

GOLD MOVEMENTS

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 STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) t o :
United
Kingdom

Belgium

France

Netherlands

Switzerland

Sweden

8,902 94,348
1,131,994 499,870 260,223
3 227,185
1,739,019 315,727 934,243
3,351 71,006
1,116,584 174,093 573,671
2
1,585,503 891,531 -13,710 90,859
6,461
6
1,973,569 1,208,728 81,135 15,488 163,049 60,146
3,798 165,122 341,618 28,715
3,574,151 1,826,403
977 63,260 161,489
4,744,472 633,083 241,778
3,779
1
1
982,378
1,747
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

1,746

1

Philip- Auspine
Canada Mexico Colombia
Islands tralia

86,829
12,402
95,171
968
72,648
7,511
54,452 111,480
76,315
1,363
86,987 612,949
90,320 2,622,330
899 412,056

30,270
13,667
39,966
38,482
36,472
33,610
29,880
16,791

16,944
10,899
11,911
18,397
10,557
23,239
23,999
24,448

46,876
81,529
95,619
20,216
16,306
17,514
19,224
10,842
42,562
16,072
24,917
20,377

1,147
814
866
1,147
969
800
1,080
843
495
1,020
6,336
1,273

3,168
11
2,232
2,934
2,794
7
2,128
2,230
2,488
2,107
2,110
2,238

563
337

South
Africa

1,029
12
12,038
3,498
65
15,335
8
21,513 23,280
181
25,427 34,713
401
27,880 39,162
35,636 74,250 22,862
38,627 103,777 184,756
42,678 67,492 292,893
3,185
2,772
3,984
3,587
3,384
2,114
4,970
5,098
3,107
3,141
1,830
5,506

Japan British
India

All
other
countries

4 76,820
75,268
77,892
246,464 50,762
168,740 16,159
165,605 50,956
111,739 49,989
9,444 9,665

32,304
46,989
39,735
29,998
2
67,975
3
102,404
4
388,468
5
100,485

11,136 149,735
6,085 4,501
96
6,738
2,788 "3,046
6,262
313
4,720 132,261
3,594
4,194
69
13i
4,593
88
5,199
137
' 1,995
6,742
3,694
2,064
200
"2,327'
6,151
40
5,980
190
711
3,713

6,062
15,093
2,951
6,793
3,589
5,009
3,811
6
9,008
6
11,041
«9,365
6
9,039
bA
18.726

6

1

Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $31,830,000 from Argentina.
3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other
countries.
4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000
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. For gross import and export figures and for additional countries see table on p. 236.

MARCH

1943




Z73

NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
From Jan. 2, 1935, through—

Total

Increase in foreign banking
funds in U. S.
Total

Official

1

Other

Decrease
in U. S.
banking
funds
abroad

Foreign
securities:
Return
of U. S.
funds

Domestic
securities:
Inflow of
foreign
funds

Inflow in
brokerage
balances

1935—Dec. (Jan. 1, 1936) .
1936—Dec. 30
1937—Dec. 29

1,412.5
2,608.4
3,410.3

603.3
930.5
1,168.5

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

L,150.4
L,155.3
1,125.4
L,219.7

54.2
57.8
64.1
47.6

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)..

4,197.6
4,659.2
5,035.3
5,021.2

1,747.6
2,111.8
2,479.5
2,430.8

311.4
425.3
552.1
542.5

1,436.2
1,686.5
1,927.3
1,888.3

550.5
607.5
618.4
650.4

646.7
664.5
676.9
725.7

1,188.9
1,201.4
1,177.3
1,133.7

63.9
74.0
83.1
80.6

1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)...

5,115.9
5,440.7
5,748.1
5,727.6

2,539.0
2,830.1
3,092.8
3,159.0

539.1
922.3
1,112.3
1,200.8

1,999.9
1,907.8
1,980.5
1,958.3

631.6
684.1
773.6
775.1

761.6
785.6
793.1
803.8

1,095.0
1,042.1
987.0
888.7

88.7
98.9
101.6
100.9

1941—Mar. (Apr. 2)
June (July 2)
Sept.(Oct. 1)
Dec. 31

5,526.5
5,575.4
5,510.3
5,230.7

3,148.8
3,193.3
3,139.5
2,856.2

1,307.7
1,375.1
1,321.7
1,053.7

1,841.0
1,818.2
1,817.7
1,802.6

767.4
818.6
805.3
791.3

812.7
834.1
841.1
855.5

701.8
631.2
623.5
626.7

95.9
98.2
100.9
100.9

1942—Jan.
Jan.
Jan.
Jan.

7
14
21
28

5,225.3
5,199.1
5,178.5
5,163.7

2,841.7
2,816.9
2,787.7
2,771.6

1,052.6
1,012.3
980.3
977.6

1,789.1
1,804.6
1,807.4
1,793.9

798.5
796.5
803.0
801.6

856.2
856.7
857.8
857.5

627.6
627.0
627.9
631.0

101.4
102.0
102.0
102.0

Feb. 4
Feb. 11
Feb.18
Feb. 25

5,098.2
5,081.6
5,035.7
5,069.0

2,703.5
2,687.5
2,646.2
2,675.5

936.7
926.4
866.1
879.4

1,766.8
1,761.1
1,780.2
1,796.0

803.5
802.9
806.8
809.2

858.8
859.1
855.9
856.2

630.2
630.0
624.5
626.2

102.1
102.2
102.4
102.0

Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1

5,105.8
5,112.1
5,070.3
5,051.7
5,082.4

2,706.1
2,714.6
2,672.5
2,654.4
2,684.0

941.0
955.6
917.8
908.1
932.0

1,765.1
1,759.0
1,754.7
1,746.3
1,752.0

814.6
815.8
817.5
817.2
819.7

855.4
852.7
851.6
851.4
849.6

627.0
626.6
625.6
625.0
624.9

102.6
102.4
103.1
103.7
104.3

Apr.
Apr.
Apr.
Apr.

8
15
22
29

5,079.5
5,300.8
5,317.1
5,309.6

2,675.1
2,893.6
2,912.9
2,906.1

918.2
1,132.1
1,129.7
1,106.7

1,756.9
1,761.6
1,783.2
1,799.4

827.3
830.1
829.1
829.8

847.2
845.3
844.4
843.2

625.2
627.1
626.6
626.6

104.7
104.6
104.1
103.9

May 6
May 13
May 20
May 27
June 3

5,375.2
5,358.6
5,358.4
5,384.8
5,413.4

2,971.0
2,951.4
2,948.5
2,974.7
2,996.8

1,160.1
1,140.1
1,153.3
1,153.5
1,144.0

1,811.0
1,811.3
1,795.2
1,821.2
1,852.8

831.2
834.3
836.4
836.5
839.8

841.9
841.4
841.7
840.9
843.2

627.2
626.5
626.9
627.3
629.0

104.0
105.0
104.8
105.4
104.6

5,456.4
5,497.8
5,515.3
5,495.3

3,039.1
3,077.9
3,095.9
3,075.9

1,193.0
1,210.3
1,220.0
1,211.7

1,846.0
1,867.6
1,875.9
1,864.2

841.7
842.8
843.7
842.3

840.9
840.7
839.1
838.8

630.0
631.1
631.6
632.0

104.8
105.2
105.0
106.2

5,542.6
5,599.9
5,654.9
5,694.7
5,761.6

3,121.4
3,184.8
3,212.6
,3,204.2
3
3,250.2

1,242.7
1,293.1
1,339.1
,1,341.1
3
1,366.1

1,878.7
1,891.7
1,873.5
,1,863.2
3
1,884.1

854.9
839.9
858.2
890.0
3
901.6

829.3
828.6
830.5
842.1
844.8

633.3
642.7
646.1
654.3
661.0

103.7
103.9
107.5
1041
3
104.1

June
June
June
June

10
17
24
302

,

July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30

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
gjovernment
:
f oreign 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 November 30, in millions of dollars: total foreign banking funds in UnitedStates, 3,917.4, including official funds,1,980.6, and
other funds, 1,936.7; United States banking funds abroad, 233.9; and brokerage balances (net due "foreigners") 26.9.

pp. 284-296; and May 1937, pp. 394-431.

2-74




FEDERAL RESERVE BULLETIN

CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)

Assets of issue
department
Gold1

1929—Dec. 25.
1930—Dec. 31.
1931—Dec. 30.
1932—Dec. 28.
1933—Dec. 27.
1934—Dec. 26.
1935—Dec. 25.
1936—Dec. 30.
1937—Dec. 29.
1938—Dec. 28.
1939—Dec. 27.
1940—Dec. 25.
1941—Dec. 31.

145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7

1942-Feb. 25
Mar. 25.
Apr. 29.
May 27.
June 24..
July 29.
Aug. 26.
Sept. 30
Oct. 28.
Nov. 25.
Dec. 30.

.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2

326.4

326.4
4
.2
.2
.2

Assets of banking department
Cash reserves

Other
assets2

Coin

Notes

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

22.3
49.0
27.3
18.5
16.8

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

780.0
780.0
830.0
830.0
830.0
5
880.0
880.0
880.0
880.0
880.0
5
950.0

.3
.4
.7
1.2
1.3
1.2
1.2
1.4
1.4
1.1
.9

30.7
25.2
59.1
41.6
34.2
56.1
51.7
42.2
29.1
10.2
26.8

6

950.0

1943—Jan. 27.

Discounts
and advances

Liabilities of banking department

Securities

Note
circulation3

Deposits
Bankers'

8.5
17.5
9.2
28.5
4.3
4.0
6.4

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

6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2

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

4.2
5.1
7.5
6.6
5.5
7.1
6.7
2.4
2.5
2.7
3.5

182.8
204.8
138.4
170.5
165.8
146.9
158.4
169.6
178.6
206.6
267.9

749.6
755.1
771.2
788.6
796.0
824.1
828.6
838.0
851.2
870.0
923.4

136.8
156.8
122.6
146.6
133.6
136.9
146.0
135.7
141.1
148.8
223.4

11.5
9.3
14.0
7.6
8.0
8.7
7.3
10.3
3.8
7.7
9.0

51.7
51.4
51.4
47.8
47.3
47.8
46.8
51.5
48.9
46.3
48.8

18.0
18.1
17.7
17.8
17.8
17.9
18.0
18.1
17.7
17.8
17.9

208.0

908.1

175.9

4.7

56.6

17.9

7.6

42.2

Bank of C a n a d a
Gold

Sterling
and United
States
dollars

Other

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

Liabilities

Assets

(Figures in millions of
Canadian dollars)

Public

Other
liabilities

Dominion and provincial government
securities

Deposits
Other

Note
irculation?

Other
liabilities.

Chartered
banks

Dominion
government

Other

ShorttermS

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

99.7
135.7
165.3
175.3
232.8
359.9
496.0

181.6
187.0
196.0
200.6
217.0
217.7
232.0

17.9
18.8
11.1
16.7
46.3
10.9
73.8

2.1
3.5
3.1
17.9
9.5
6.0

7.7
13.4
14.4
9.3
13.3
28.5
35.1

1942-Feb. 28
Mar. 31
Apr. 30
May 30
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31

377.0
276.3
209.5
187.4
.9
33.7
1.0
.8
.5
.5
.5

209.5
386.6
413.1
430.8
493.7
501.0
518.7
628.7
797.5
780.6
807.2

204.6
209.4
223.5
223.8
322.1
338.8
351.3
284.7
199.3
204.2
209.2

17.6
19.7
19.1
12.9
26.2
36.7
14.7
22.1
21.7
17.8
31.3

493.2
508.9
516.7
528.6
541.2
563.8
592.6
625.4
657.6
666.3
693.6

236.8
241.9
214.7
186.0
221.3
271.6
225.4
246.0
304.6
273.2
259.9

49.4
118.8
104.5
96.7
31.3
26.0
15.5
18.5
19.3
24.6
51.6

11.1
6.1
7.3
23.4
26.7
15.7
28.1
24.7
12.2
13.8
19.1

18.2
16.3
22.0
20.1
22.4
33.0
24.1
21.6
25.3
25.2
24.0

1943—Jan. 30..

.3

768.0

231.8

17.6

677.6

237.7

14.8

61.3

26.3

1935—Dec. 31..
1936—Dec. 31..
1937—Dec. 31..
1938—Dec. 31..
1939—Dec. 30..
1940—Dec. 31.
1941—Dec. 31.

1

180.5
179.4
179.8
185.9
225.7
(8)

Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was
officially set at 168 shillings per fine ounce.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account
to Bank;
on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942; further by 70 million,
pounds on Dec. 2, 1942.
6 Securities maturing in two years or less.
7 Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940,
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.

MARCH

1943




Central Banks—Continued
Assets
Bank of France
(Figures in millions
of francs)

1929—Dec. 27
1930—Dec. 26
1931—Dec. 30.
1932—Dec. 30
1933—Dec. 29
1934—Dec. 28
1935—Dec. 27
1936—Dec. 30
1937—Dec. 30
1938—Dec. 29
1939—Dec. 28
1 9 4 0 - D e c . 26

Liabilities
Advances to
Government

Domestic bills
Gold

5

1

41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
97,267
84,616

Foreign
exchange

Open
market2

25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42

5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194

1941—Sept. 25
Oct. 30
N o v . 27..
Dec. 31

84,598
84,598
84,598
84,598

37
37
38
38

41,014
41,138
41,654
42,115

1942—Jan. 29
F e b . 26
M a r . 26
Apr. 30
M a y 28
J u n e 25
J u l y 30
Aug. 27
Sept. 24

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

42,071
42,043
42,314
42,651
42,804
42,699
43,743
43,427
43,869

Special 2

Other

1,379
652
1,797
2,345
661

8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646

1
5
12

6,896
7,849
5,348
4,517
4,855
5,588
4,433
4,581
4,176
4,000
4,744
4,525
4,038

16
18
16
13
11
9
9
4

For occupation
costs3

Deposits
Other
assets

Other2

Note
circulation

Government

" "72,317

17,698
31,909
20,627
34,673
63,900

8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179

68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383

11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984

123,578
129,518
129,568
142,507

64,700
60,500
68,900
69,500

20,846
23,555
21,016
22,121

248,993
255,684
260,772
270,144

1,279
1,272
1,371
1,517

149,562
149,754
156,386
162,898
168,930
174,938
180,678
180,999
183,758

64,700
67,400
67,000
68,300
66,250
62,950
57,650
63,850
67,500

20,138
20,086
20,056
21,365
19,953
19,486
20,740
19,607
19,818

273,281
278,392
282,848
291,654
296,903
304,379
315,617
323,494
334,370

1,350
1,173
852
775
755
768
726
768
717

C.A.R. 4

1929—Dec. 31
1930—Dec 31
1931—Dec. 31
1932—Dec 31
1933—Dec. 30
1934—Dec 31
1935—Dec. 31
1936—Dec 31
1937—Dec. 31
1938—Dec 31
1939—Dec 30
1940—Dec. 31
1941—Aug 30
Sept. 30
Oct. 31
Nov 29
Dec. 31
1942—Jan 31
Feb 28
Mar 31
Apr. 30
M a y 30
June 30
July 31
Aug. 31

. .

. .

Reserves of gold and
foreign exchange
Total
reserves

Gold

2,687
2,685
1,156
920
396
84
88
72
76
76
78
78

2,283
2,216
984
806
386
79
82
66
71
71
(6)

Bills (and
checks),
including
Treasury
bills

Other

41^400

7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202

1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586

59,715
60,932
61,073
64,580

27,208
25,999
24,431
25,272

4,402
3,309
3,479
3,894

59,649
59,203
56,396
59,668
54,410
48,093
39,908
35,371
31,100

27,797
27,287
30,251
28,955
30,653
30,724
31,963
33,298
32,142

3,900
3,469
4,493
3,391
4,040
4,753
3,985
4,111
5,293

Assets
Reichsbank
(Figures in millions of
reichsmarks)

Other
liabilities

Liabilities
Securities

Security
loans

Eligible
as note
cover

Other

Other
assets

Note
circulation

656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066

5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033

755
652
755
540
640
984
1,032
1 012
1,059
1,527
2,018
2,561

736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396

Deposits

Other
liabilities

2,848
2,572
4,242
2 806
3,226
4 066
4,552
5 510
6,131
8,244
11,392
15,419

251
256
245
176
183
146
84
74
60
45
30
38

259
445
349
221
106
557
804
32

92
102
161
398
322
319
315
303
286
298
393
357

77
77
77
77
77

17,306
18,016
18,456
18,899
21,656

25
25
26
24
32

16
24
20
58
107

384
383
335
283
283

2,343
2,260
2,364
2,395
2,311

16,502
16,918
17,432
17,793
19,325

2,326
2,511
2,470
2,493
3,649

1,323
1,357
1,377
1,450
1,493

77
77
77
77
77
77
77
77

20,884
21,458
21,673
21,529
22,093
22,848
23,114
23,611

28
23
23
19
19
21
17
14

151
144
72
17
16
18
21
34

288
288
227
202
204
202
205
204

1,406
1,343 /
1,751
2,212
2,344
2,180
2,162
2,262

18,987
19,443
19,774
20,047
20,548
20,954
21,344
21,808

2,417
2 426
2,762
2,701
2,840
2,990
2,804
2,864

1,431
1,464
1,287
1,308
1,366
1,402
1,448
1,530

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. BULLET]
TiNfor July 1940, p. 732.
r
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through Sept. 17,1942, advances of 196,000 million
francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Gold not shown separately on Reichsbank statement after June 15,1939.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.




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) r1
Gold
Foreign exchange
Credits to State and public bodies.
Credits to private economy
Reichskreditkasse
Other assets
Note circulation
Demand deposits
Postal Checking Office
Other liabilities
National Bank of Bohemia and Moravia (millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 4
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
Note circulation

1942

Jan.

Dec.

Jan.

Nov.

1,076
862
366

1,075
479
364

240
1,544
750
133
19

222
1,390
553
84
23
7
83

98

31,391
101,142

30,141
96,656

21,954
64,717

3,853
5,280
5,647
47,625 46,508 30,325
20,091 20,399 28,031
158,020 156,550 88,940
154,493 157,352 143,499
123,356 117,606 81,364
(Oct.) 2
4,337
4,538
4,590
86

749
12,441
876
789
(Sept.) 2
1,51."
753
917

4,331

1,865
3,612
178
757
606
9,867
527
747
209
1,51
786
840

11,404
2,015
(3)

12,915
9,152,896
4,005

(Aug.)2
389,214
323,185
303,788
492,816
41,234
70,157
729,079
738,071
153,244

377,246
370,294
154,209
467,675
11,198
48,956
620,767
648,157
160,65'

• • (

8

)

(Oct.) 2

47,339
71,208
16,813
55,448
36,959
97,959

43,756
64,317
13,938
59,776
32,733
103,600

174
201
729
909
293
1,654
245
136
272

148
362
733
673
57
1,442
204
130
19?

41,227
60,75'
15,018
59,758
33,646
92,931

31,863
9,786
41,109
54,244
31,487
70,853

Central Bank
(Figures as of last report
date of month)

Jan.

Bank of t h e Republic of Colombia—Cont.
Deposits
82,254
Other liabilities
47,554
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Gov't. compensation account 6
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 7 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands
of colones):
Gold 8
Foreign exchange
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities4
Bank of Finland
Bank of Greece 4
National Bank of Hungary (millions
of pengo):
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of 1931
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and a b r o a d . . . .
Sterling securities
Indian Gov't. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Treasury bills discounted
Loans to Government
Other assets
Deposits
Other liabilities

1942

1943
Dec.

69,315
41,604

Nov.

76,121
41,355
(Sept.) 2
98
16
5
l,040
50
80
125
847
469
1,033
(3)

Jan.

52,354
45,282
98
28.
801
49'
111
125914
798
189
923
217

(Oct.) :
98,154 73,049
85,897 40,786
88,005 81,514
43,063 23,539
158,714 115,253
123,819 70,091
32,586 33,545,

24,206
10,499
1,516
6,943
554
27,853
10,072
5,793

6,251
6,271
4,929

6,25f.
4,233=
4,327'

136,314
5,650
73,713
24,485
48,858
12,359

99,491'.
6,94550,167"
19,474
39,142'
12,464

24,208
9,510
1,501
7,009
547
25,045
11,963
5,766

13,237
7,648
2,245
7,240
2,059
21,688
6,371
4,369

(Sept.)2
100
1,732
761
339
33
(3)
2,470
529

100
19
1,033
790
240
37
395
1,982
419
23
189

444
3,598
1,324
153
5,404

444
2,486
415
316
3,564

116
873
8
4
85
913
172

98
548
"76
156
716
162

1
Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration
on June
27, 1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office.
2
Latest
month for which report is available for this institution.
3
Figure
not available.
4
For last available reports from the central banks of Bulgaria (May 1941), Finland (May 1941), and Greece (March 1941), see BULLETIN for March 1942,
pp. 280-281.
5
Represents gross claims on clearing account.
6
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.
7
Items for issue and banking departments consolidated.
8
Gold revalued June 30, 1942, at 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value of the colon.

MARCH

1943




177

Central Banks—Continued
Central Bank
(Figures as of last report
date of month)

1943
Jan.

Bank of J a p a n 1
Bank of Java (millions of guilders):
Gold
Foreign bills
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Bank of Mexico (thousands of pesos):
Metallic reserve 2
"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 Norwayi
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal
(millions of
escudos):
Gold5
Other reserves (net)
Non-reserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (millions
of lei):
Gold
Special exchange accounts
Loans and discounts
Special loans (in liquidation)
Government debt
Other assets
Note circulation
Demand deposits.
Other liabilities.
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets

1942
Dec.

Nov.

288,701 261,984
817,482 749,867
112,940
49,074
753,189 692,563
401,615 355,373
138,106 125,929
(Sept.)3
925
7
1,360
250
4 158
2,680
"l80

2,802
26,574

2,802
26,455

28,823
4,461
2,006
30,820
29,975
3,871

25,698
4,461
1,881
28,460
29,803
3,034
(Oct.
121,464
11,817
248,923
18,599
270,034
107,463
23,307
(Aug.);
1,376
2,764
5,031
265
1,028
1,295
4,684
5,665
1,412
(Aug.)3
41,294
22,039
34,639
421
21,230
39,935
100,477
41,503
17,578
74,040
1,003
158
70,219

Jan.

Central Bank
(Figures as of last report
date of month)

1942

1943

Jan.

Dec.

Nov.

South African Reserve Bank—Cont.
Note circulation
37,035
Deposits
102,273
40'
Other liabilities
6,071
24
171 Bank of Sweden (millions of kronor):
Gold
729
140
738
Foreign assets (net)
339
562
551
Domestic loans and investments..
366
683
692
Other assets
1,228
37
1,521
Note circulation
1,831
2,015
Demand deposits
189,778
952
931
Other liabilities
419
556
491,934 Swiss National Bank (millions of
francs):
96,817
Gold
85,316
3,599j 3,565
3,516
Foreign exchange
546,309
63
63
71
Loans
and discounts
212,781
325
247i
139
Other assets
4
104,755
()
Note circulation
2,497
2,637
2,515|
Other sight liabilities....
1 267
1,290
1,492
Other liabilities
1,026
(4)
()
8 Central Bank of t h e Republic of
Turkey (thousands of pounds):
1,012
(Aug.y
Gold
138,639
Foreign clearing accounts
154
54,415
Loans and discounts
207
603,097
Securities
2,094
189,961
Other assets
21,063
Note circulation
251
615,527
Deposits—Gold
60
79,358
Other
144,840
Other liabilities
167,449
2,802 Bank of the Republic of Uruguay
13,757
(thousands of pesos):
Issue department:
(Oct.)
28,606
Gold and silver
85,583
4,103
Note circulation
108,334
1,583
Banking department:
23,784
Gold
62,280
24,238
Notes and coin
43,720
2,829
Advances to State and to
government bodies
40,584
Other loans and discounts. . . .
99,792
Other assets
103,022
56,703
Deposits
129,036
c
21,065
Other liabilities
220,361
186,707 Central Bank of Venezuela (thouC
12,732
sands of bolivares):
208,148
Gold
208,424 206,879 196,064
48,234
Foreign exchange (net)
26,571 20,847 26,620
20,826
Credits to national banks
31,230 32,230 35,230
Other assets
10,690 12,462 12,748
Note circulation—
Central Bank
1,344
167,991 168,574 165,104
1,579
National banks
36,958 37,526 38,248
3,576
Deposits
65,824 60,099 61,055
319
Other liabilities
6,254
6,142
6,220
1,028 National Bank of the Kingdom of
993
Yugoslavial
4,382 Bank for International Settlements
3,663
(thousands of Swiss gold francs6):
(Sept.);
794
Gold in bars
61,916
Cash on hand and on current account with banks
39,692
34,332
Sight funds at interest
15,644
17,477
Rediscountable bills and accept32,860
ances (at cost)
141,486
516
Time funds at interest
20,936
9,422
Sundry bills and investments
200,434
41,417
Other assets
39
95,256
Demand deposits (gold)
33,832
30,051
Short-term deposits (various cur10,715
rencies):
Central banks for own account.
15,464
Other
6,938
44,111
Long-term deposits: Special ac348
counts
229,001
74
Other liabilities
194,912
60,653

Jan.

29,522
70,131
5,533
497
760
843
926
1,607
897
523
3,037
522
69
212
2,214
1,343
284
111,454
71,022
485,744
191,019
18,636
520,521
79,358
110,438
167,558

86,235
110,567
66,839
41,790
23,006
100,787
128,443
129,460
231,405
149,031
17,791
35,230
13,918
114,990
56,338
34,102
10,540

37,777
32,876
15,603
141,624
22,274
224,815
137
29,119
17,444
4,950
229,001
194,592

e
Corrected.
1 For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941), see BULLEr tor JVisrcli iy4zt pp* ^ol~*^o2*
2 Includes gold, silver and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
3 Latest month for which report is available for this institution.
4
Figure not available.
5 Valued at average cost beginning October 1941.

6 See BULLETIN for December 1936, p.

z78




1025.

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. .
May 29
June 27
In effect February
28, 1943

United
King- France Germany
dom
3

2

4

Belgium

2

Netherlands

Sweden

Switzerland

2

2y2

Date
effective

p

Albania
Argentina
Belgium
Bohemia and
Moravia....

2

3

Rate
February
28

Central
bank of—

Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940

3
4

"iy2"

3

3

"2y2"

"25i"

• " 4 " • • •

3

Date
effective

Japan
3.29
Java
3
Latvia
5
Lithuania. . . 6
Mexico
4H

Apr.
Jan.
Feb.
July
June

July
May
Aug.
Sept.

7,
14,
17,
15,
4,

1936
1937
1940
1939
1942

Oct.

1, 1940

6
Bolivia
3
British India..
Bulgaria
5
Canada
Chile
3-4 j !
Colombia
4

Nov.
Nov.
Dec.
Mar.
Dec.
July

8, 1940
28, 1935
1, 1940
11, 1935
16, 1936
18, 1933

Netherlands
New Zealand
Norway
3
Peru
5
Portugal....

Denmark
Ecuador
El Salvador...
Estonia
Finland

Oct.
May
Mar.
Oct.
Dec.

16, 1940
26, 1938
30, 1939
1, 1935
3, 1934

Rumania....
South Africa
Spain
Sweden
Switzerland.

3
3

Sent 12. 1940

4
3

IMar. 29, 1939
May 29, 1941
Nov. 26, 1936

1H Mar. 17, 1941

Turkey
United Kingdom
U. S. S. R...
Yugoslavia.

4

July

2
4
5

Oct. 26, 1939
July 1, 1936
Feb. 1, 1935

Sweden

Switzerland

Loans
up to 3
months

Private
discount
rate

5-7

3.15
1.18
1.75
1.50
1.50
1.50
2.50
1.25
1.00
1.00
1.25
1.25
1.25

2

4
6
5
4

Rate
February
28

Central
bank of—

4
7
3
4

4

June 27, 1941
2

26,
13,
1,
3,

1941
1940
1940
1942

Tiinp 9 1041

3

3
2

France
Germany
Greece
Hungary
Italy

3
2

ty2

2

2

z

sy2

6
3

Apr. 9, 1940
Mar. 1, 1942
Oct. 22, 1940
May 18, 1936

1, 1938

3
1
Not officially confirmed.
NOTE.—Changes since January 31: none.

3

OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Month

Bankers'
cceptances
3 months

Treasury
bills
3 months

Day-to-day

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

4.76
2.30
5.85
1.02
1.06

4.75
2.34
5.60
1.04
1.15

4.23
1.60
4.27

1942—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

L.03
L.03
L.03
L.03
1.03

L.01
L.00
L.00

.03

.00

L.03
L.03
L.03
L.03
L.03
L.03

L.00
L.00

.57
.71
.83
.75
.96

1.23

.03
.03

.47
.68
.84
.75
.93
.24
.01
.01

.01

L.00

.00

L.00
L.00
L.00

.81
.77
.70
.75
.78
.75
.80

1.03
1.00
1.03
1.04
1.04
1.03
1.00
1.03
1.00
1.00
1.00
1.05
1.04
1.00
1.01

Germany
Bankers'
allowance
on deposits

Private
discount

sy2s

I

4
l

A

Yi

l
A
X

A

Vi
Yi

y2
y2
y2
y2
Yi
i /

y2
•

\

/

y2
y2

Netherlands

Day-to-day

Private
discount
rate

Money
for
1 month

6.98
4.82
7.33
3.88
3.88
3.50
3.00
3.00
2.88
2.88
2.63
2.25
2.13

8.14
5.54
8.45
4.91
4.97
4.28
3.15
3.05
2.96
2.86
2.39
1.95
1.98

3.52
1.39
1.57

3.87
1.86
1.59
1.00
1.00
1.00
3.08
1.48

2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13

1.92
L.75
L.95
L.96
1.71

rate

.37
.52
.60

3.20

.76
.13
.13

2.25
2.25

.50
.50

2.75
2.75

L.90
L.75
1.68

31^-51^
6-73/6

3/^-53^
23^-5
23^-43^
23^-5
2H-5
23^-5
23^-5
3-5

334-53^

1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25

Y2

NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.

MARCH 1943




z79

COMMERCIAL BANKS

(11 London clearing banks.
Figures in millions of
pounds sterling)

Liabilities

Assets

United Kingdom 1
Cash
reserves

Money at
Loans to
call and Bills dis- Treasury
deposit 2 Securities customers
short
counted receipts
notice

1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December.

244
244
243
274
324
366

195
163
160
174
159
141

322
300
250
334
265
171

1942—February.
March
April
May
June
July
August
September
October...
November.
December.

318
347
319
326
355
342
351
349
350
367
390

122
137
136
133
147
132
133
127
136
135
142

112
163
258
291
292
273
283
277
271
241
198

Other
assets

Deposits
Total

Demand3

Canada

Entirely in Canada
Cash
reserves

Security
loans

Other
loans
and discounts

Other
liabilities

314
758

660
635
635
609
771
999

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

,284
,256
,398
,770
2,168

1,012
1,026
997
1,043
1,030
1,161

245
252
269
256
250
253

646
476
450
471
543
607
634
693
744
804
896

1,017
1,050
1,048
1,049
1,058
1,075
1,082
1,097
1,108
1,117
1,120

840
853
832
822
814
807
795
785
785
774
794

275
291
278
277
289
261
257
263
263
269
325

3,085
3,072
3,082
3,131
3,263
3,264
3,305
3,358
3,424
3,472
3,629

2,003
2,012
2,001
2,036
2,141
2,138
2,161
2,218
2,261
2,287

1,082
1,060
1,081
1,095
1,122
1,126
1,143
1,140
1,163
1,185

243
244
240
238
234
232
231
233
232
234
236

Liabilities

Assets

(10 chartered banks. End of
month figures in millions
of Canadian dollars)

Time 3

Security
loans
abroad
and net Securities
due from
foreign
banks

Note
circulation

Other
assets

Deposits payable in Canada
excluding interbank deposits
Total

Demand

Other
liabilities

Time

1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December

240
255
263
292
323
356

114
76
65
53
40
32

791
862
940
1,088
1,108
1,169

161
102
166
132
159
168

1,384
1,411
1,463
1,646
1,531
1,759

554
575
535
612
570
653

103
96
88
85
80
71

2,303
2,335
2,500
2,774
2,805
3,105

755
752
840
1,033
1,163
1,436

1,548
1,583
1,660
1,741
1,641
1,669

837
850
843
963
846
962

1942—February.
March
April
May
June
July
August
September
October...
November
December.

324
348
322
285
327
369
333
366
413
395
387

30
34
32
29
28
26
24
27
25
29
31

1,135
1,300
1,252
1,215
1,137
1,096
1,064
1,050
1,078
1,236
1,168

164
166
178
175
181
182
183
185
194
194
231

1,960
1,881
1,899
1,878
1,883
1,958
2,192
2,340
2,379
2,304
2,293

595
624
637
601
639
614
595
594
602
618
657

72
71
72
71
72
73
71
69
68
64
60

3,181
3,305
3,262
3,118
3,121
3,174
3,311
3,486
3,604
3,680
3,657

1,517
1,755
1,725
1,562
1,523
1,521
1,612
1,738
1,895
2,050
1,984

1,664
1,550
1,537
1,556
1,598
1,654
1,700
1,748
1,709
1,630
1,673

955
976
986
993
1,002
999
1,008
1,006
1,018
1,032
1,049

Assets

France
(End of month figures in
millions of francs)

Liabilities

Cash
reserves

Due from
banks

Bills discounted

Loans

3,100
3,403
3,756
4,599

2,975
4,116
4,060
3,765

17,582
18,249
21,435
29,546

7,631
7,624
7,592
7,546

Other
assets

Deposits
Total

Demand

Time

27,955
29,748
33,042
41,872

529
600
537
571

Own
acceptances

Other
liabilities

4 large banks
1936—December.
1937—December.
1938—December.4
1939—December

1,957
2,134
1,940
2,440

28,484
30,348
33,578
42,443

473
661
721
844

4,289
4,517
4,484
4,609

3 large banks

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—January...
February .
March
April
May
June
July
August
September.
October...
November.
December.

5,704
5,628
5,661
5,407
5,549
5,641
5,837
5,436
5,790
6,034
5,840
6,424

3,297
3,197
3,191
3,190
3,279
3,359
3,239
3,272
3,241
3,270
3,287
3,260

46,294
48,596
50,401
51,158
52,961
54,826
53,951
56,141
56,788
55,716
56,837
57,707

8,064
8,155
7,784
7,768
7,720
8,035
7,511
7,306
7,640
8,807
7,719
7,860

1,396
1,357
1,403
1,429
1,351
1,371
1,526
1,431
1,464
1,571
1,693
1,744

60,323
62,528
63,998
64,441
66,229
68,376
67,148
68,600
69,763
70,229
70,070
71,736

59,820
62,003
63,465
63,910
65,712
67,867
66,640
68,094
69,269
69,754
69,619
71,304

503
525
533
531
516
509
508
506
495
475
451
433

586
599
534
467
454
474
460
418
388
398
432
393

3,846
3,805
3,909
4,044
4,176
4,383
4,456
4,568
4,772
4,771
4,873
4,865.

1
Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by
individual
banks for days, varying from bank to bank, toward the end of the month.
2
Represent
six-month loans to the Treasury at 1| per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
3
Through December 1937, excludes deposits in offices outside England and Wales which are included in total.
4
For figures for four banks for months January-March 1940, see BULLETIN for August 1942, p. 861.
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.

z8o




FEDERAL RESERVE BULLETIN

FOREIGN EXCHAiNGE RATES
[Averages of certified noon buying rates in New York for cable transfers.

Year or month

Argentina

Australia

(peso)

(pound)

Official
1934
1935
1936
1937
1938
1939
1940
1941
1942

Special
Export

33.579
32.659
33.137
32.959
32.597
30 850
29.773
29.773 '223^704'
29.773
23.704

«.«,„

Official

2

Brazil

322.80
322.80
322.80

(cruzeiro1)

Belgium
(belga)

Free
400.95
388.86
395.94
393.94
389.55
353.38
305.16
321.27
321.50

In cents per unit of foreign currency]

British
India
(rupee)

Free

Official
23.287
18.424
16.917
16.876
16.894
16.852
2
16.880

8.4268
8.2947
8.5681
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584

Bulgaria
(lev)

5^1248
5.0214
5.0705
5.1427

5!8788~
6.1983

1.2852
1.2951
1.2958
1.2846
1.2424
2
1.2111

Official

<XL909
90.909
90.909

101.006
99.493
99.913
100.004
99.419
96.018
85.141
87.345
88.379

10.1452
5.0833
5.1240
5.1697
5.1716
5.1727
5.1668
2
5.1664

4.0000
4.0000
4.0000
4.0000
2
4.0000

34.094
36.571
29.751
29.606
21.360
11.879
6.000
2
5.313

Mexico
(peso)

Neth- New
erlands Zea(guild- land

2

23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704

322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80

321.50
321.50
321.50
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
6.0580
6.0580
6.0580
6.0592
6.0600
6.0593

5.1369
5.1369
5.1384
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
30.122
30.122
30.122

90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909

88.418
87.666
87.173
88.557
89.958
89.943
89.523
87.820
87.631
88.087
87.883

29.773

23.704

322.80

321.50

6.0586

5.1316

30.122

90.909

89.640

rance
(franc)

Ger- Greece
many (drach(reichs- ma)
mark)

Hong
Kong
(dollar)

Italy

Japan

(lira)

(yen)

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

8.5617
8.2471
7.2916
5.2607
5.2605
5.1959
5.0407
2
5.0703

29.715
28.707
29.022
28.791
28.451
25.963
23.436
2
23.439

1943—Jan

Colom- Czecho- Denbia slovakia mark

Year or month

(peso) (koruna)

(krone)

4.2424
4.1642
4.0078
3.4930
3.4674
2
3.4252

22.500
21.883
22.189
22.069
21.825
20.346
2
19.308

1934
1935
1936
1937
1938
1939
1940
1941
1942

61.780
56.011
57.083
56.726
55.953
57.061
57.085
57.004
57.052

1942—Feb
Mar
Apr
May

Dec

56.997
57.001
57.049
57.005
57.037
57.059
57.186
57.064
57.023
57.030
57.177

1943—Jan

57.222

July
Sept
Oct

Norway
(krone)

Year or month

1934
1935
1936
1937
1938
1939
1940
1941
1942

....

1942—Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct

25.316
24.627
24.974
24.840
24.566
23.226
2
22.709

Finland
(markka)
2.2277
2.1627
2.1903
2.1811
2.1567
1.9948
1.8710
2
2.01ui

r

Straits
Settle- Sweden
(pound) (peseta) ments (krona)
(dollar)

Ruma- South Spain
Poland Portugal
nia Africa
(zloty)
(escudo)

18.846
18.882
18.875
18.923
18.860
2
18.835

4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
2
4.0023

(leu)

1.0006
.9277
.7382
.7294
.7325
.7111
2
.6896

498.29
484.66
491.65
489.62
484.16
440.17
397.99
398.00
398.00

Dec
1943—Jan

398.00

,....

1

29.575
38.716
90 fin?.
48 217
31 711 ' 50 5.SR
30.694
19.779
19.727
30.457
19.238
27.454
22.958 2 18.475
2
19.770
24.592

j

398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00

.

.9402
.9386
.9289
.9055
.8958
.8153
2
.6715

Hun^ary
(pengo)

59.005
57.173
58.258
57.973
56.917
51.736
46.979
47.133
2
46.919

13.615
13.678
12.314
6.053
5.600
10.630
9.322
2
9.130

46.710

I

.1

25.982
25.271
25.626
25.487
25.197
23.991
23.802
2
23.829

Switzerland

United Kingdom
(pound)

27.742
27.778
27.760
27.750
22.122
19.303
18.546
20.538
20.569

2

er)

(pound)

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

20.562
20.571
20.574
20.567
20.568
20.567
20.568
20.573
20.573
20.573
20.573

322.78
322.78
322.79
322.78
322.78
322.78
322.78
322.78
322.78
322.78
322.78

20.573

322.78

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
36i7S9' 2.2716
37.601 2 2.2463
43.380 2.2397
52.723

403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50

403.50
403.48
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50

65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830

52.785
52.717
52.735
52.740
52.744
52.740
52.744
52.722
52.720
52.733
52.734

403.50

403.50

65.830

52.754

(franc)
Official
32.366
32.497
30.189
22.938
22.871
22.525
22.676
2
23.210

China

Free

„„.... 29.773
29.773
29.773
May
, . . . 29.773
29.773
June......
J u l y . . . . . . . . . . . 29.773
29.773
Aug
29.773
Sept
Oct. . . . . . . . . . 29.773
29.773
N o v . „ .,.«. r
29.773
Dec

1942—Feb
Mar

Chile (peso)

(yuan
Shanghai)
Export

Official
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
30.122

2

C a n a d a (dollar)

2

Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis".
2
Average of daily rates for that part of the year during which quotations were available.
NOTE.—Developments affecting averages during 1943:
Certified rates discontinued: none.
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.

MARCH

1943




PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]

Year or month

United
States

United
Kingdom

Canada

France

Germany

(1926=100)

(1926=100)

(1930=100)

(1913=100)

100

100

i 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
160

554
500
427
398
376
338
411
581
653
681

125
111
97
93
98
102
104
106
106
107
110
112

96
97
98
99
99
99
99
99
100
100
100

94
95
95
95
95
96
96
96
96
97
97
97

156
159
159
160
161
160
160
159
159
160
161
162

97

P162

1926.. . .
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January

2

(1913=100)

Italy

Japan

Netherlands

Sweden

Switzerland

(1928=100)

(October
1900=100)

(1926-30
=100)

(1935=100)

(July 1914
=100)

237

106

U26

144

181
153
161
180
178
186
198
238
251
278
311
329

90
76
65
63
63
62
64
76
72
74
88

i 103
l 94
i 92
i 90
i 96
100
102
114
111
115
146
172

126
110
96
91
90
90
96
111
107
111
143
184

182
183
184
186
187
188
193
192
192
193

202
205
207
208
209
210
212
211
212

85
75
70
63
62
68
76
89
95
99
116
132

114
113
114
114
114
114
115

3

P351
P352

P353
P
357
^358

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

(1926=100)

(1926=100)

(1930=100)

Year or month
Other
Farm
commodproducts
ities

Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods

Industrial
products

Germany
(1913=100)

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

120
103
89
88
91
92
94
96
94
95
99
100

150
136
118
113
116
119
121
125
126
126
129
133

1942—January
February
March
April
May
June
July
August
September
October
November
December

101
101
103
105
104
104
105
106
108
109
111
114

94
95
96
99
99
99
99
101
102
103
104
104

95
95
95
96
96
96
96
96
96
96
96
?96

77
78
79
80
80
82
81
81
84
86
86
87

87
88
88
89
89
91
90
90
91
93
r
93
r
93

92
92
92
92
92
92
92
92
92
92
92
93

152
157
158
160
163
160
159
155
154
156
158
159

159
159
159
159
159
159
161
161
161
162
162
162

114
113
113
113
115
115
116

102
102
102
102
102
102
102

133
133
133
133
133
134
134

1943—January

117

105

?96

88

. . . .

Foods

93

p

r
Preliminary.
Revised.
Sources.—See BULLETIN for M a y 1942,p. 451; March 1935, p . 180; and March 1931, p . 159.




FEDERAL RESERVE BULLETIN

Price Movements—Continued
RETAIL FOOD PRICES
[Index numbers]

Year or month

1932
1933
1934
1935
1936
1937
1938
1939 . .
1940
1941 ...
1942..
1942—January ...
February ..
March
April
May
June
July
August
September.
October. ..
November..
December. .
1943—January...

United
CanStates
ada
(1935-39 (1935-39
=100)
=100)

COST OF LIVING
[Index numbers]

United
King- Ger- Nether- Switzdom many lands erland
(July

1914
=100)

(1913-14 (1911-13 (June
1914
=100) =100)
=100)

87
84
94
100
101
105
98
95
97
106
P124

86
85
93
95
98
103
104
101
106
116
127

126
120
122
125
130
139
141
141
164
168
161

116
113
118
120
122
122
122
123
128
129

116
117
119
120
122
123
125
126
127
130
131
133
133

122
123
124
124
124

163
163
162
160
160
159
160
160
160
162
163
164

127
130
131
132
134
136
139

126
130
130
129
130
132
133
127

119
120
124
118
120
127
130
130
2140

Year or month

United
CanStates
ada
(1935-39 (1935-39
=100)
=100)

United
Kingdom
(July
1914
=100)

Ger- Nether,
many lands
1913-14 (1911-13
=100) =100)

125
117
115
114
120
130
130
132
146
175

1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942

98
92
96
98
99
103
101
99
100
105
117

99
94
96
96
98
101
102
102
106
112
117

144
140
141
143
147
154
156
158
184
199
200

121
118
121
123
125
125
126
126
130
133

191
194
195
197
199
199
203
202
203

1942-January ...
February..
March
April
May
June
July
August
September .
October ..
November .
December..
1943-January...

112
113
114
115
116
116
117
118
118
119
120
120
121

115
116
116
116
116
117
118
118
117
118
119
119
117

200
200
200
199
200
199
200
201
200
200
200
200
Pi 99

134
136
136
137
138
139
140

P209

Switzerland
(June
1914
=100)
138
131
129
128
130
137
137
138
151
174

141
139
140
136
*132
137
139
140
3148

186
188
189
191
192
193
196
195
195

p

201

p
1
2
3

Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds

Common stocks

United
States
(derived
price)1

United
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
?98.7

67.1
82.5
90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
i°PlO3.O

117.5
117.1
116.7
117.8
117.7
118.0
118.9
118.7
119.0
119.3
119.5
118.9
119.5

126.8
126.5
127.1
127.5
126.8
126.7
127.7
127.5
127.8
128.1
127.5
127.3

101.0
99.9
99.8
99.5
100.2

103.2
103.3
103.3
103.5
103.5

Year or month

1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January

1

p

Germany
France
(average
(1913=100)
price) 2
36

2

139

5

Netherlands3
8

94.8
105.3
113.4
107 8
109.1
3
101.8
105.9
90.9
s 77.9

United
States
(1935-39
=100)
402

(1926=100)
United
Kingdom

France

278

300

105.6

100.0

100.0

51.2
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4

67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3

105.2
99.6
83.3
79 7
77.2
97.4
89.7
98.3
i 120.6
" 289.7

72.6
69.9
66.0
63.3
63.2
66.1
68.2
68.3
69.4
74.2
75.2
75.9
79.7

76.0
73.0
72 6
72.5
73.0
73.7
73.8
74.4
75.7
78.4
80.4
80.1

386
409
454
466
P455
P455
438

*>518
*>511

Germany
(4)

Netherlands
(1930=100)
100

100.0
5

50.3
61.7
71.1
82 9
91.6
102.6
100.1
94.1
114.6
10P
136.8

46
52
55

55
66
104.2
95.8
89.7
9
95.0

139.1
141.6
141.1
142.5
142.7
143.2
142.2
142.4

Preliminary.
1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both2 series. Source.—Standard and Poor's Corporation.
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4^6 per cent. The series prior to that
date3 is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning
January
1937, January-March 1937 = 100; average yield in base period was 3.39 per cent.
,
.
4
This number originally 329 has declined as the number of securities eligible
for the index has diminished. In May 1941, it was down to 287.
5
6
Average May-Dec, only; exchange closed Jan. 1-Apr. 11.
Average Apr .-Dec. only. Average Jan .-Mar. on old basis was 95.9
7
Average based on figures for 5 months; no data available June-Dec.
° Average based on figures for 7 months; no data available May-Sept.
9
10
Average based on figures for 9 months; no data available May-July.
Average based on figures for 11 months; no data available for December.
11
Average based on figures for 10 months; no data available Jan.-Feb.
Sources— See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 193S, p . 394; and February 1932, p. 121.

MARCH 1943




BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. M C K E E

RONALD RANSOM,

Vice Chairman

ERNEST G. DRAPER
R. M. EVANS

LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman

OFFICE OF THE SECRETARY
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary

EDWARD L. SMEAD, Chief
J. R. VAN FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief

DIVISION OF SECURITY LOANS

LEGAL DIVISION
WALTER WYATT, General Counsel
J. P. DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
B. MAGRUDER WINGFIELD, Assistant General

A Homey
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
WALTER R. STARK, Assistant Director

DIVISION OF EXAMINATIONS
LEO H. PAULGER, Chief
C. E. CAGLE, Assistant Chief
WILLIAM B. POLLARD, Assistant Chief

FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice
WM. A. DAY
ERNEST G. DRAPER
R. M. EVANS
M. J. FLEMING
JOHN K. M C K E E
W. S. MCLARIN
W. W. PADDOCK
RONALD RANSOM
M. S. SZYMCZAK

DIVISION OF BANK OPERATIONS

Chairman

CARL E. PARRY, Chief

DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F. LEONARD, Director

OFFICE OF ADMINISTRATOR FOR WAR
LOANS COMMITTEE
EDWARD L. SMEAD, Acting Administrator
GARDNER L. BOOTHE, II, Assistant Adminis-

trator
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. GLFFORD,

ST. LOUIS DISTRICT

CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel

LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
W. DALE CLARK,

KANSAS CITY DISTRICT

J. P. DREIBELBIS, Assistant General Counsel

NATHAN ADAMS,

DALLAS DISTRICT

E. A. GOLDEN WEISER, Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open

Market Account
2.84




GEORGE M. WALLACE, SAN FRANCISCO DISTRICT

WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal
Reserve
Bank of

Chairman and
Federal Reserve
Agent
A. M. Creighton

Boston

Henry S. Dennison. . . W. W. Paddock. . .

New Y o r k . . . Beardsley R u m l . . . .

Philadelphia..

Thomas B. McCabe.

President

Deputy Chairman

Allan Sproul

First Vice President

Vice Presidents

William Willett. . .

K. K. Carrick
E. G. Hult
Carl B. Pitman 1
R. M. Gidney
L. W. Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
W. J. Davis
E. C. Hill
C. A. Mcllhenny 2
C. A. Sienkiewicz
C. W. Arnold
Wm. H. Fletcher
R. B. Hays
A. H. Laning 1
K. H. MacKenzie
W. F. Taylor
J. G. Fry
Geo. H. Keesee1
R. W. Mercer
L. M. Clark
H. F. Conniff
Allan M. Black1
J. H. Dillard
Charles B. Dunn
E. C. Harris
A. J. Mulroney
Alfred T. Sihler
O. M. Attebery
C. M. Stewart
A. W. Mills1
O. R. Preston
E. W. Swanson
Arthur R. Upgren
Harry I. Ziemer
Raymond W. Hall
J. W. Helm2
D. W. Woolley
R. B. Coleman
W. J. Evans
W. O. Ford 1
C. E. Earhart
W. M. Hale
H. N. Mangels 1
R. B. West

L. R. Rounds.

Frank J. Drinnen. .

Warren F. Whittier.. Alfred H. Williams.

Cleveland. . . . Geo. C. Brainard. ..

R. E. Klages

M. J. Fleming

F. J. Zurlinden.

Richmond. . . Robt. Lassiter. .

W. G. Wysor.

Hugh Leach.

J. S. Walden,Jr....

Atlanta

Frank H. N e e l y . . . .

J. F. Porter

W. S. McLarinJr..

Malcolm H. Bryan.

Chicago

Simeon E. Leland...

W. W. Waymack.

C. S. Young

H. P. Preston

St. Louis.. . . Wm T. Nardin.

Oscar Johnston

Chester C. Davis.

F. Guy Hitt. .

Minneapolis..

Roger B. Shepard. . . J. N. Peyton

O.S.Powell..

Robert L. Mehornay. H. G. Leedy..

Henry O. Koppang

J. B. Cozzo. .

R. R. Gilbert.

E. B. Stroud.

St. George Holden...

Wm. A. Day..

Ira Clerk..

W. C. Coffcy....

Kansas City.. R. B. Caldwell.
Jay Taylor..

Dallas..

San Francisco Henry F. Grady.

MANAGING OFFICERS O F 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 Branci
Nashville B r a n c h . . . .
New Orleans Branch. .
Chicago:
Detroit Branch. . .
St. Louis:
Little Rock Branch
Louisville Branch
Memphis Branch
1
Cashier.
MARCH

1943




Managing Director
R. B. Wiltse
B. J. Lazar
J. W. Kossin
W. R. Milford
W. T. Clements
P. L. T. Beavers
Geo. S. Vardeman, Jr.
Joel B. Fort, Jr.
E. P. Paris
E. C. Harris 3
A. F. Bailey
C. A. Schacht
W. H. Glasgow
2

Also Cashier.

Federal Reserve Bank of
Minneapolis:
Helena Branch

. .

Managing Director
R. E. Towle

Kansas City:
Denver Branch
Oklahoma City B r a n c h . . . .
Omaha Branch

Jos. E. Olson
G. H. Pipkin
L. H. Earhart

Dallas:
El Paso Branch
Houston Branch
San Antonio Branch

J. L. Hermann 4
W. D. Gentry 4
E. B. Austin4

San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch

W. N. Ambrose
D. L. Davis •
W. L. Partner
C. R. Shaw

3

Vice President.

1

Manager.

185

oo

FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES

I
3




sssssi

BOUNDARIES OF FEDERAL RESERVE DISTRICTS

———

BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

^L

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

<§)

FEDERAL RESERVE BANK CITIES

•

FEDERAL RESERVE BRANCH CITIES

O

FEDERAL RESERVE BANK AGENCY

JANUARY 2, 1943
BOARD OF GOVERNORS OF THE. FEDERAL RESERVE

SrSTEM