Full text of Federal Reserve Bulletin : March 1944
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FEDERAL RESERVE
BULLETIN
MARCH 1944
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
^CONTENTS:
Review of the Month—War Loan Drive and Banking Developments
Possibilities of Postwar Inflation and Suggested Tax Action
The Farm Real Estate Market
Occupational Currency in the Pacific
Correspondence—Money and Inflation
Current Events
National Summary of Business Conditions
Banking and Monetary Statistics—Announcement of New Book
Financial, Industrial, Commercial Statistics, U. S. (See p. 2.41 for list of tables).. .
International Financial Statistics (See p, Z89 for list of tables)
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
Map of Federal Reserve Districts
Federal Reserve Publications (See inside of back cover)
ii5-2.ii
ZZZ-TJLJ
ziS-^z
133
Z34-2.36
Z37
2.38-2.39
2.40
2.41-2.SJ
Z89-301
Subscription Price of Bulletin
The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System. A
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30Z
303
304
FEDERAL RESERVE BULLETIN
March 1944
VOLUME 30
NUMBER 3
WAR LOAN DRIVE AND BANKING
DEVELOPMENTS
Funds raised in the Fourth War Loan
Drive totaled 16.7 billion dollars—1.7
billion more than the 14 billion dollar goal
established for the drive. In addition, 1
billion dollars was raised in January and
February from sources not included in the
drive. These funds, together with amounts
that will be currently raised through sales
of savings bonds and savings notes and
through taxation, appear to be sufficient to
take care of the Treasury's cash needs for
the next few months.
Sales efforts in the Fourth War Loan
Drive even more than in preceding ones
were directed to obtaining funds from individuals. By obtaining funds from this
source the Government wishes to accomplish two important purposes: to effect as
wide a distribution of the debt as possible,
and to divert funds from the market for
consumers' goods where they would exert
an upward pressure on prices. In recognition of an expected reduction in sales to
corporations and institutional investors,
the total goal for the Fourth Drive was
smaller than that for the Third. Although
corporations and other institutional investors continued to take a large part of
the new offerings, sales to individuals in
the Fourth Drive were a somewhat larger
proportion of the total than was the case
in previous drives.
No bank purchases were included in
the drive and provision for such purchases
MARCH 1944
outside the drive was on a small scale
in contrast to earlier drives when banks
were permitted to subscribe for substantial amounts of new issues either during
or immediately after the drives. Bank
holdings of Government securities, however, increased considerably during the
Fourth Drive. These additions were in
part in response to offerings of short-term
paper by investors, who wished to obtain
funds with which to subscribe for new
issues, and in part represented purchases of
bills by subscription from the Treasury as
well as repurchases of bills previously sold
to Federal Reserve Banks. Nevertheless,
during recent months the increase in bank
holdings of Government securities, including both new subscriptions and market
purchases, has been a smaller portion of the
total increase in the public debt than was
the case during 194Z and a large part of
1943.
Banking developments during the drive
followed the general pattern established
during the 1943 drives, but most of the
changes were on a somewhat smaller scale.
The decrease in deposits of individuals and
corporations and the increase in Government deposits, resulting from payments for
securities purchased, were less than during
the Third Drive when the Government was
also receiving income tax payments. As a
consequence, the decline in required reserves of member banks resulting from the
2.15
REVIEW OF THE MONTH
shift of funds from deposits against which
reserves are required to reserve-exempt
deposits was also less. In addition, a
larger part of the reserve funds released was
used by the banks to repurchase bills
that they had previously sold to Reserve
Banks and to buy other short-term Government securities. Excess reserves, therefore,
showed only a small temporary increase.
Loans for the temporary carrying of
Government securities bought during the
drive were somewhat smaller in the Fourth
than in the Third Drive. Reflecting the
easing of the reserve position of banks and
their repurchases of Treasury bills, the
Reserve Bank portfolio of Government
securities declined during the drive. Some
individuals used currency to purchase securities, with the consequence that the
rate at which currency has been going into
circulation was appreciably slackened during the drive.
THE
FOURTH WAR LOAN DRIVE
The drive opened on January 18 and extended through February 15, but all of the
nonmarketable savings bonds and savings
notes issued during the entire months of
January and February were counted in the
drive. The marketable securities offered
during the drive were dated February 1 and
the books remained open for subscriptions
to February 15. Total sales of nonmarketable securities amounted to 6.4 billion
dollars, and sales of marketable securities
totaled 10.3 billion. The amounts taken by
the various groups of investors and the
amounts of the various issues sold in the
Third and Fourth Drives are shown in the
table.
Over-all State quotas were smaller in the
Fourth Drive than in the Third in order to
lessen the pressure on institutional investors
and corporations to shift holdings in order
to subscribe in the drive, but the quotas for
2.16
individuals were higher in the Fourth
Drive.
THIRD AND FOURTH WAR LOAN DRIVES
[In millions of dollars]
By classes of investors:
Individuals, partnerships, and personal trust
accounts
Insurance companies and savings banks.
Dealers and brokers
.
Other corporations
Total
By classes of securities:
Series E savings bonds
Series F and G savings bonds
Savings notes
2H per cent bonds
2 and 2}4 per cent bonds1
Certificates
Total2
.
.
Fourth
Drive
Third
Drive
5,309
3,403
433
7,585
5,377
4,128
894
7,915
16,730
18,313
3,187
1,024
2,232
1,920
3,331
5,036
2,472
831
2,483
3,298
5,109
4,120
16,730
18,313
1
Two per cent bonds were sold in the Third Drive and 2% per cent
bonds
in the Fourth Drive.
2
Total for Fourth Drive does not include 968 million dollars sold
outside the drive to Government agencies and trust funds and commercial banks, consisting of 269 million of series F and G savings
bonds, 292 million of 2% per cent bonds, 396 million of 2\i per cent
bonds, and 11 million of certificates. Total for Third Drive does not
include 479 million dollars of 2% per cent bonds and 151 million of 2
per cent bonds sold outside the drive to Government agencies and trust
funds.
Individuals, partnerships, and personal
trust accounts purchased 5.3 billion dollars
of securities, about the same amount as in
the Third Drive, but a larger portion of
the total: About 3.2. billion dollars of this
amount was in series E savings bonds.
The number of individual series E bonds
of all denominations that were sold in the
drive amounted to more than 60 million.
Insurance companies and mutual savings
banks subscribed for 3.4 billion dollars of
securities in the Fourth Drive—700 million
dollars less than in the previous drive.
These purchases were principally in the
2.3^ and %}/2 per cent bonds. Other
corporations purchased 7.6 billion dollars,
also somewhat less than in the Third Drive.
A large part of the corporate purchases
consisted of certificates of indebtedness.
Brokers and dealers purchased less in the
Fourth than in the Third Drive. The chart
shows the amount of subscriptions by the
various groups of investors.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
Nonbank holders of the securities to be refunded may elect to exchange them into
any of the three issues offered; exchanges
by commercial banks are restricted to the
1Y2 per cent notes. With the completion
of this large refunding operation, the
Treasury will have no further maturities
until September except for Treasury bills
and certificates of indebtedness.
FOURTH WAR LOAN DRIVE
BY C L A S S E S OF INVESTORS
GOVERNMENT SECURITY PURCHASES BY BANKS
INDIVIDUALS
INSURANCE COS.
OTHER
AND MUTUAL
SAVINGS BANKS CORPORATIONS
DEALERS
AND
BROKERS
EXCHANGE OFFERINGS
In addition to new money raised during
the drive, the Treasury has also arranged
for refunding of a large amount of maturing
issues. On February i a new issue of 13month Treasury notes was exchanged for
±.2. billion dollars of certificates of indebtedness maturing on that date. On
March 2. the Secretary of the Treasury
announced an exchange offering for 4.7
billion dollars of securities that mature
or have been called for payment between
March 15 and June 15. The seven issues
to be refunded include Treasury notes due
March 15 and June 15, Treasury bonds due
April 15, Federal Farm Mortgage Corporation bonds due March 15 and May 15,
Reconstruction Finance Corporation notes
due April 15, and Home Owners' Loan
Corporation bonds due May 1. Offered in
exchange for these securities are \x/i per
cent Treasury notes to be dated March 15,
1944, and due September 15, 1948, and additional amounts of the two bond issues
included in the Fourth War Loan Drive.
MARCH 1944
In view of the fact that many commercial
banks accept savings deposits and perform
in their own communities the same functions as those performed by other savings
institutions, commercial banks with savings
deposits were permitted during the drive
to subscribe for limited amounts of series
F and G savings bonds, the i?/i per cent
bonds of 1956-59, and the 2J/2 per cent
bonds of 1965-70. Each bank's subscriptions were limited in total amount to 10
per cent of its savings deposits or $2.00,000,
whichever was less, of which no more than
$100,000 could consist of savings bonds.
Under this formula, commercial banks
purchased 350 million dollars of the iJ/i
and 1-Y2 per cent bonds and 2.70 million
dollars of series F and G bonds. These
amounts were not included in the 14 billion
dollar goal for the drive or in the State and
local quotas.
Weekly reporting member banks in 101
leading cities, as shown by the chart,
added almost 2..8 billion dollars to their
holdings of Government securities between
January 19 and February 16, in contrast to
about 2. billion added during the Third
Drive, and 1.7 billion obtained by subscription to new issues in October. Some of the
increase in bank holdings represented repurchases of Treasury bills from the Reserve
Banks, and, therefore, did not mean a net
increase in holdings by the banking system
2.17
REVIEW OF THE MONTH
as a whole. During the four weeks ending
February 16 Reserve Bank holdings of
Government securities decreased by over
500 million dollars as a result of maturities
and repurchases.
LOANS, INVESTMENTS, AND DEPOSITS
REPORTING MEMBER BANKS
WEDNESDAY
FIGURES
BANK LOANS
Total loans of weekly reporting member
banks in the four-week period of the Fourth
War Loan Drive increased by 1.1 billion
dollars, most of which, as shown in the
table, were specifically for purchasing and
carrying Government securities. During
the Third War Loan Drive total loans at
weekly reporting member banks increased
by about z ^ billion dollars. Although
exactly comparable statistics are not available for the earlier period, it appears that
CHANGES IN LOANS AT WEEKLY REPORTING BANKS
DURING THIRD AND FOURTH WAR LOAN DRIVES
[In millions of dollars]
101 Cities
New York City
Fourth Third Fourth
Drive Drive Drive
-
10
NOTE.—Weekly reporting member banks in 101 leading cities.
Demand deposits adjusted exclude U. S. Government and interbank
deposits and items in process of collection. U. S. Government obligations include both direct and guaranteed issues. Latest figures are
for Feb. 23.
In general, the securities acquired by
banks during this drive were relatively
shorter in term than in the previous drive.
Holdings of Treasury bills by member
banks in leading cities increased by about
1 billion dollars and Treasury notes also increased by 1 billion, representing largely an
exchange of maturing certificates for a new
issue of notes. Notwithstanding this shift,
holdings of certificates increased by zoo
million dollars, indicating substantial purchases in the market. Holdings of bonds
increased by 650 million, of which probably less than 100 million represented
subscriptions by these banks for the longerterm bonds offered during the drive to banks
with savings deposits.
2.18
+1,109 +2,346
Total loans
Loans for purchasing or carrying
securities:
To brokers and
dealers:
Government
securities... . +310 1
\ +892*
Other securi+12 J
ties
To customers:
Government
securities.... +613 1
+774*
Other securi+55 J
ties
Commercial, industrial, and
+97 +512
agricultural
+22
+168
All other
100 Cities
Third Fourth Third
Drive Drive Drive
+740 +1,215
+369 +1,131
+195
+501
+115 1
+5
+69
+7 J
+414 1
+53
+65
+8
+475*
+322*
+199 }
\ +299*
+2 J
J
+162
+8
+32
+14
+350
+160
* Breakdown not available prior to Jan. 5, 1944.
NOTE.—The four weeks included in the Third Drive are Sept. 8 to
Oct. 6, 1943 and in the Fourth Drive, Jan. 19 to Feb. 16, 1944.
loans for purchasing and carrying Government securities may have increased by more
than 1.5 billion.
The smaller volume of loans for financing
security purchases during the Fourth Drive
followed a special request by the Treasury
that bank credit not be granted for the
purchasing and carrying of Government
securities unless the loans were to be repaid out of current income in accordance
with the policy previously adopted by bank
supervisory authorities. Likewise subscriptions of brokers and dealers, which are
large users of bank credit to carry
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
The decline in adjusted demand deposits
and the increase in Government deposits
were not as great as in the September drive,
when payments on income taxes coincided
with the drive. The way this operated in
practice was that income tax receipts provided the Treasury with funds with which
to meet current expenditures, and the
Treasury did not need to make large calls
upon its war loan deposit accounts until
after the Third Drive. During the four
weeks of that drive Treasury calls upon
depositories amounted to only 1.3 billion
dollars, whereas in the four weeks ending
February 16 calls were made for 3 billion.
Over longer periods of time during the
war increases in bank deposits and currency
have corresponded closely to increases in
combined holdings of Government securities by commercial banks and the Federal
Reserve Banks. In the year 1943 total
deposits at commercial banks and currency
outside banks increased by about zz billion
dollars, while bank holdings of Government securities increased by nearly Z5
billion.
By the end of February total deposits and
currency had risen further to a new high
BANK DEPOSITS AND CURRENCY
level; a large part of this was temporarily
Purchases of Government securities by in Government accounts, and deposits of
individuals and businesses during the drive individuals and businesses were somewhat
resulted in a sharp decline in deposits other smaller than at the end of the year, but
than U. S. Government deposits and in a as the Treasury draws upon its balances to
slackening in the rate of growth of cur- meet current expenditures, private deposits
rency in circulation. From January 19 to will increase rapidly. During the last two
February 16 adjusted demand deposits at weeks of February war loan deposits at
member banks in leading cities declined member banks in leading cities were reby 3.4 billion dollars, while U. S. Govern- duced by about a billion dollars. In the
ment deposits increased by 6.9 billion at same period adjusted demand deposits at
these banks and by 9.5 billion at all banks. these banks increased by 82.0 million.
In this period the currency outflow
CHANGES IN BANK RESERVES
amounted to zoo million dollars, compared
with nearly 500 million in the same period
Required reserves of member banks delast year.
creased by about a billion dollars during
inventories of securities, were limited to
amounts that they would be able to sell to
nonbank customers for investment and to
the amount required for investment of their
own funds. Speculative buying of the new
issues may also have been discouraged by
the experience after the previous drive when
it was difficult to dispose of such securities
at a profit. Loans made in connection
with the Third War Loan Drive.had not
been completely liquidated by the time the
Fourth War Loan Drive was initiated. The
amount of loans for purchasing and carrying
securities outstanding at the beginning of
each drive has been successively larger than
at the beginning of the previous drive.
During the Third War Loan Drive commercial loans of weekly reporting member
banks increased sharply, but in the Fourth
Drive there was comparatively little change
in such loans. This may reflect fuller
inquiry by banks into the purposes of
loans made during the recent drive, although it may also reflect in part differences in business needs for credit in the
two periods.
MARCH 1944
"9
REVIEW OF THE MONTH
the drive, as the result of the shift of
deposits. This was somewhat less than in
September because of the smaller decline in
private deposits, explained in the previous
section. The rise in excess reserves was
much less than the decline in required
reserves and was also smaller than in
September.
Excess reserves rose from I . I billion
dollars on January 19 to 1.5 billion in the
first few days of February, when the largest
purchases of Government securities occurred. This peak was temporary, however, and weekly averages were around
1.3 billion, compared with a maximum
weekly average of more than 1.6 billion in
September. Following the drive there was
a decline in excess reserves and by the end
of February the total for all member banks
was about 1.1 billion dollars.
While the increase in excess reserves
early in the drive occurred both at reserve
city and country banks, the subsequent
decline was sharper at reserve city banks,
which in the latter part of February had
somewhat less excess reserves than they
had held early in January. Banks in New
York City and Chicago and to some extent
those in reserve cities used funds made
available to them by the reduction in required reserves to purchase additional
Government securities, and the reserve
balances of these banks declined along with
their required reserves, while total reserve
balances held by country banks showed
little change in the period.
PROSPECTIVE NEEDS FOR FEDERAL RESERVE
CREDIT
Reflecting adjustments in the reserve
needs of member banks, holdings of Government securities by the Federal Reserve
Banks increased somewhat in January to
ix. 1 billion dollars at the end of the month,
12.O
declined by a billion dollars in the first 10
days of February, and subsequently
increased to 11.6 billion at the end of
February as shown in the accompanying
chart. These changes in the System's holdings reflected principally purchases and resales of Treasury bills by member banks in
adjusting their reserve positions. There
were also some purchases of certificates,
which were in supply during the period as
corporations and other investors were
selling them in the market to raise funds
GOVERNMENT SECURITY HOLDINGS
OF FEDERAL RESERVE BANKS
WEDNESDAY FIGURES
with which to subscribe in the drive.
Scattered issues of Treasury bonds were also
in supply on balance and the System purchased a small amount of these issues.
The decrease in the Reserve System portfolio during the war loan drive was
temporary; banks will need additional
reserve funds as reserve requirements increase with the shift of deposits from war
loan accounts to other accounts and as the
currency demand continues. It is possible
that with the leveling off of economic
activity the growth in bank deposits and
currency may be smaller this year than last,
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
but the amount of individual and. business
income in excess of current needs will continue large and it is difficult to know how
much of the consequent growth in liquid
assets will be held in the form of Government securities and how much in bank
deposits and currency. The course of action
pursued by the public in this matter will
largely determine the amount of funds
which the Reserve System will need to
supply during the year through purchases
of Government securities. If demands continue at the rate of recent months, such
purchases may need to be as much as 3
billion dollars in the few months before
the next war loan drive. If there are no
new offerings before the next drive, the
increase in the System's portfolio will
MARCH 1944
probably come largely from the holdings
of commercial banks, with the result that
holdings by the banking system as a whole
will show little change.
Until recently a large part of the expansion of the Federal Reserve System portfolio has been in Treasury bills and to a
lesser extent in certificates. During the
past few months the Reserve System has
held on the average more then half of the
13 billion dollars of Treasury bills outstanding. So long as the present volume
of bills outstanding remains substantially
unchanged it is probable that an increasing
portion of future additions to the System's
holdings will be in the form of certificates
or other securities, of which member banks
hold substantial amounts.
SSIBILITIES OF POSTWAR INFLATION AND
SUGGESTED TAX ACTION
by
MARRINER S. ECCLES*
Your Chairman asked me to discuss taxation
from the standpoint of controlling inflation in
the postwar period. I feel that the subject
would be incomplete unless I took account also
of the importance of taxation as a means of controlling deflation. Taxation is never neutral in
its economic effects, and since the war, it has
been more and more generally recognized that
even if levied ostensibly for revenue only, taxes
have a direct influence on those basic factors of
consumption, savings, and investment which,
by getting out of balance, produce economic ups
and downs. It is appropriate to discuss these
matters in this forum. It is important to consider what type and what amount of taxation
will best help to keep the economy moving
ahead on an even keel when the war ends and
looking to the longer future.
At the same time, it is of paramount importance not to lose sight of the stark fact that we
are still in the midst of this war. It is not yet
won. No man can say when it will end. No
man can say what it will cost in blood and resources before it ends. The imperative needs of
this hour are more determined and united effort,
more manpower, more taxation, and more restraints. If in the discussions of the postwar
world—in the debates going on all over this
country about postwar plans and problems—
we blind ourselves or others to the urgent necessities of this war, if our will as a nation to exert
every effort to achieve an early victory is in any
way weakened by thinking too much about our
dollars in the future and too little about our
duties now, we will have done our country, and
ourselves, a grave disservice.
Proper fiscal policies are, of course, essential
to the successful management of our war economy. They will be equally essential to a full
utilization of our resources later on. In bringing the problems of fiscal policy before the public
your Institute is making an important contri*An address at the Tax Institute Symposium in New York City,
Feb. 8,1944.
ZZ2.
bution towards the promotion of those policies
which should contribute to the successful financing of this war and to the maintenance thereafter of the institutions which our armed forces
are fighting to preserve.
Our home front fight against inflation will
have to continue for a considerable time after
the war ends. The eventual answer to the inflation problem must be found in the production
of goods in quantities sufficient to meet all the
demand, but that will not be possible until
industry has been able to resume full peacetime
production and has been able to supply the most
urgent backlog needs. In the meantime we
will still be confronted with a situation in
which individual and business consumers, if
permitted to buy freely, would in many fields
try to purchase greatly in excess of what is
available. Thus the pressure on many prices
will continue. In order to assure orderly transition to a high and stable level of production
and employment in the postwar period, it is
absolutely essential that further price increases
be prevented. This can not be done without
maintaining wartime taxes, wage controls and
also rationing and price controls over essential
goods until such time as the supply is sufficient
to meet demand. Also, control of goods for
export should be maintained for some time.
I shall not undertake to restate my views on
war finance, but in discussing the problems of
inflation control after the war, we must realize
that the chances for success at that time will be
vitally affected by fiscal policies during the war.
Our tax effort so far has been entirely inadequate
in relationship to our huge wartime expenditures and it has lagged far behind that of our
allies. A family man with an income of $5,000,
for instance, pays $754 of income taxes in the
United States (including State income tax at
the rate paid in New York State) as against
$1,655 *n t n e United Kingdom or $1,747 in
Canada. Not only is the present level of income taxes much higher in these two countries,
FEDERAL RESERVE BULLETIN
POSSIBILITIES OF POSTWAR INFLATION AND SUGGESTED TAX ACTION
but the increase over prewar taxes has also been
much sharper. In addition, the American
pays considerably less in sales and excise taxes
than does the taxpayer in either of the two
other countries.
A few illustrations will show the relationship
of the current war financing program to postwar developments. For every dollar of income
currently received in the United States, less than
65 cents worth of consumers' goods are currently available for purchase, and for every
dollar of disposable income which is left to the
consumer after the payment of his personal
taxes, there are less than 75 cents worth of goods
that can be bought. Our failure to accept a
substantial increase in taxes at this time thus
leaves us with an excess of consumers' income
which greatly increases the difficulties of effective rationing and of holding the line against
further wage and price increases. We should
strengthen in every way possible our stabilization program during the war period, since it
will be impossible to do so after the war, when
the impulse of the people to return to normalcy
will make it very difficult even to maintain established controls.
Another difficulty which will confront us in
the postwar period will arise from the huge
amount of purchasing power held by the public.
This will largely be the result of our heavy
reliance upon borrowing in the financing of our
war expenditures, and, in particular, upon borrowing from the banks. In the two years from
January 1, i94i to January 1, 1944, the public
debt increased by 105 billion dollars, and of this
increase the commercial banks and the. Federal
Reserve Banks have absorbed 48 billion dollars.
Of the total of 169 billion dollars of interestbearing U. S. Government securities outstanding
at the end of 1943, 72. billions were held by the
commercial banks and the Federal Reserve.
This extensive borrowing from the banks resulted in a corresponding increase in our money
supply. Including currency as well as demand
deposits, the total money supply held by the
public at the close of the year amounted to
over 80 billion dollars, or nearly twice as much
as two years ago. To this must be added over
MARCH 1944
30 billion dollars of time deposits and the
many billions of U. S. Government securities
held by the public. This huge volume of liquid
funds is the basis for the inflationary problem
in the transition period.
In turning our attention to the transition
problem, we would do well to remember what
happened after the last war. The collapse of
Germany came unexpectedly. It was followed
by an abrupt termination of war production.
Prompt abandonment of price controls after the
Armistice, record agricultural exports, heavy
inventory accumulations and high consumers'
demand led to the sharp price advances of 1919
and 1910, which, in turn, paved the way for the
postwar depression. This time the transition
problem will be immensely greater. War expenditures in 1918 amounted to only 16 billion
dollars as against 90 billion dollars now.
Then, only one-fourth of all goods produced
by the economy were for war purposes; now,
the war absorbs about one-half of our total
output. We need to be far more successful this
time in solving the problem. Early resumption
of peacetime production by some industries, if
properly planned, could help to remove bottlenecks in the reconversion of other industries
later on. A gradual demobilization of the
services would greatly reduce the danger of
flooding the labor market in the earlier stages of
reconversion. Should the Pacific war continue
for some time after the fall of Germany, a more
gradual tapering off of war production and demobilization of the armed forces would, of
course, be possible than would be the case if the
Axis were to collapse simultaneously on all
fronts.
But, we can not depend upon the Axis to time
its collapse to suit our economic convenience.
Rather, we must prepare for the most speedy
return of industry to peacetime production
whenever military requirements permit. We
must stand ready to meet inflationary pressures
while this shift is being accomplished. A
speedy conversion to peacetime production is the
most direct and effective way to cope with the
inflation problem. On industry's part, this
requires advance planning for the return to an
POSSIBILITIES OF POSTWAR INFLATION AND SUGGESTED TAX ACTION
expanded production so that a high level of
employment can be maintained with the least
possible interruption. It is important that the
expansion of industry should be only in those
fields where it is justified by the promise of a
permanent market. Expansion should be
avoided where it would merely serve to meet a
temporary high level of demand arising from
the huge backlog of deferred purchases. This
backlog should be met gradually. Otherwise,
excess capacity while being created would
accentuate the inflation danger during the transition period and the danger of deflation later on.
On the Government's part, an orderly and expeditious transition requires the setting up of
effective machinery for the prompt termination
and payment of amounts due on outstanding
contracts, for the disposition of inventories and
Government-owned facilities needed in peacetime production and for assuring an ample credit
supply. If claims against outstanding Government contracts are settled promptly, the credit
position of business on the whole will be very
strong. However, there are a few large enterprises and many small businesses which will be
in need of funds, either in the form of credit,
equity capital, or both. All necessary steps
should be taken to assure that these needs will
be met. The funds should be supplied as far as
possible from private sources with such Government assistance as may be required.
Even though we may succeed in resuming
peacetime production rapidly, there will still
be a period of heavy inflationary pressures due
to the desire of consumers to satisfy their deferred demands, and the requirements of business
for supplies to take care of deferred maintenance
and improvements and to restock inventories.
Heavy export demands will also continue.
It is most important that prices be held from the
outset and that the public be confident of this
policy. We must give assurance to the millions
of bondholders that they will not lose by delaying their purchases until ample supplies are
again available. If wartime savings are used
gradually after industry has returned to a peacetime basis, they can contribute greatly to the
maintenance of prosperity. But if spent too
124
rapidly, the savings would be dissipated in
higher prices and would undermine the foundations of the economy.
There can be no doubt, therefore, that inflation controls should be maintained during this
transition period. Continued rationing and
price controls will be needed in the domestic
market, and licensing control of exports should
be retained. Wartime taxes should be kept up,
including the excess profits tax, although it
may be desirable to reduce the present 95 per
cent rate to, say, 75 per cent, in order to encourage efficiency, economy, and increased production. The drastic reduction of expenditures
which will take place will not justify a premature reduction of taxes. On the contrary, every
attempt should be made to bring about a balanced budget at the earliest possible date after
the war. It is unlikely that the public will be
absorbing additional Government securities
during that period, but will be tending to
sell on balance some of its holdings. Unless
the budget is balanced, the banks would not
only have to absorb possible sales by nonbank
holders, but would also have to absorb the new
issues needed to finance the deficit, thus aggravating the inflationary situation by further
increasing the already excessive supply of money.
A balanced budget, on the other hand, will
encourage the owners of Government bonds to
retain their holdings because it will assure them
that the purchasing power of their money,
invested in bonds, will be preserved.
After the war is won and industry has been
fully readjusted to a peacetime basis, American
enterprise will meet its greatest challenge,
namely, to provide peacetime production on a
scale commensurate with the enormous ability
to produce which our economy has demonstrated
during the war years. This will mean the
employment of at least 55 million people, as
compared with 46 million in 1940, when more
people were employed than in any previous year.
At 1943 prices, this means a gross national
product of about 160 billion dollars, or close to
45 billion dollars more than in 1940.
To meet this challenge, we must realize that a
high level of employment and income requires a
FEDERAL RESERVE BULLETIN
POSSIBILITIES OF POSTWAR INFLATION AND SUGGESTED TAX ACTION
high level of expenditures, private or public.
We have seen during the war years how greatly
our national product can be increased if there is
sufficient demand for the country's output.
After the transition has been made, we shall be
able to maintain a high level of output only if a
vast increase in peacetime expenditures replaces
a large part of the war outlays. Business will
not be able to supply a product of 160 billion
dollars unless there is a corresponding demand by
the economy as a whole. Demand will not be
sufficient unless business distributes its income
to the people, and unless the people return their
incomes to enterprise in the purchase of its goods
and services. This means, first of all, maintenance of a high volume of wages. The aggregate of buying power must be maintained, although some wages may have to be adjusted
downward and others upward. This buying
power must then be returned to the economy
through a high level of consumption expenditures. Of course, not all income will be spent
on consumption. There will be savings both
by individuals and by business enterprises.
We can have saving and a high level of income
and employment if the savings are invested in
the improvement and expansion of our economy.
When savings are thus spent upon the production
of new facilities of all kinds, they provide income and employment. But when savings are
held idle, or used to bid up the prices of existing
assets, they are not returned to production and
other dollars must take their place if employment is to be maintained. The basic condition
for economic prosperity is thus a steady stream
of consumer, business, and public expenditures
at a volume sufficient to employ all who desire
to work. The more fully private enterprise
succeeds in providing the necessary volume of
income and expenditures, the less necessary it
will be for Government—Federal, State, and
local—to provide supplementary employment.
The contribution which monetary policy can
make to the goal of maximum production and
employment is limited. The banking system
and the capital market must provide adequate
funds to meet the credit and capital needs of the
country. Merely making funds available, howMARCH 1944
ever low the cost, will not induce expansion
unless business is assured of a market for its
increased production. On the other hand, the
impact of fiscal policies on the spending stream
is far more direct and powerful. Revenue measures and public expenditures can either increase
or decrease the income stream. The Government can so shape and time its tax and expenditure policies as to offset variations in the income
stream due to variations in the volume of private
expenditures. By wise policy, correctly timed,
Government can thus be a balance wheel and a
stabilizing influence in helping to maintain a
high level of production and employment.
Taxation, therefore, has become much more
than a problem merely of meeting the fiscal
needs of the Treasury. It is also a major
concern of national economic policy.
There is much discussion currently about
incentive taxation, as if it were a panacea.
Every taxpayer, individual or corporate, is
inclined to think that the best incentive would
be to reduce his own taxes. Thus, the argument
for tax incentives readily develops into an argument for greatly reduced taxes for everybody.
Greatly reducing everybody's taxes, however,
is not the way to maintain a balanced budget,
as we certainly should do when we have a high
level of peacetime employment. It is likely that
the Federal postwar budget will be well above 2.0
billion dollars annually. Therefore, wholesale
tax reductions are out of the question if we are to
maintain a balanced budget, and such tax reductions as we can afford must be applied in a way
that will contribute most to the maintenance of
employment.
The question is not so much one of incentives
as of objectives. If we are to have a high level
of national income, then, as I have indicated, we
must have a high level of consumption outlays.
The most important consideration, therefore, is
that taxes should interfere as little as possible
with the flow of consumer expenditures. The
first step towards this end is to reduce indirect
taxes on consumption and, if necessary, to substitute direct taxes on income. Indirect taxes
are added to the price which the consumer must
pay. The greater the sales tax, the fewer goods
POSSIBILITIES OF POSTWAR INFLATION AND SUGGESTED TAX ACTION
the customer can buy, and the less he can buy,
the less the business man can sell. That, in
turn, means less employment. At the same
time, sales taxes penalize those who consume a
large share of their income. There is thus a
strong case for a drastic reduction in Federal
sales and excise taxes just as soon as the supply
of consumer goods on the whole begins to exceed
the demand. This condition is not likely to be
reached until the backlog of deferred consumer
demand has been met. The personal income tax
should be the main source of Federal revenue in
the postwar period because it is the most flexible
and equitable type of taxation, and because
consumption is less affected by it.
Another important step in maintaining the
flow of consumption expenditures would be to
expand the social security program, including
unemployment insurance, provision for old age,
disability and other hazards. Coverage should
be broadened, payments liberalized, and in the
case of unemployment insurance, the period of
payment should be lengthened. Providing an
adequate old-age pension and extending it to
cover everyone would enable a great many more
people to retire, and this will assist in meeting
the unemployment problem. Through provisions of this kind, a feeling of security is given
to people generally and they are thus put in a
position where they will feel free to spend a
larger share of their current income, thereby
contributing to the maintenance of employment.
Postwar tax policy will also have to be
concerned with the flow of capital expenditures.
In much of the current discussion, the deterrent
effects of taxation upon business spending are
exaggerated. Low taxes on business will not
bring about a high level of capital expenditures
if the demand for the products of business does
not justify such expenditures. If demand does
justify the expenditures, even high taxes will
not keep businesses from expanding to meet the
demand, unless they are subject to excessively
high tax rates. The existence of markets for
their products, rather than taxation, is the
decisive factor, particularly in the case of
large and well established enterprises, such as
zi.6
those in the steel, oil, automobile, and chemical
industries, among others. Present corporation
tax laws have given considerable postwar protection to those concerns which have made
excess profits by providing a postwar credit of
10 per cent of their excess profits tax, as well as a
provision for the carry-back and carry-forward
for two years of unused excess profits credits and
of net operating losses. This is a tax incentive
to business which already exists.
The effect of taxes on many of the small enterprises and on the establishment of new enterprises is another matter and needs to be given
particular consideration. Perhaps the most
important tax deterrent results from the fact
that income is taxable under the corporation
income tax, and it is again taxable under the
personal income tax when it is distributed as
dividends to the owners. This procedure has a
number of harmful results. It places a premium
on fixed debt financing and a penalty upon equity
capital since the corporation may deduct interest
as a cost item in computing its taxable income,
while no such deduction is allowed for the return
to stockholders on equity capital. It would
greatly help to secure a less vulnerable business
structure if more financing were done with
equity capital and less with debt forms. Because of the existing situation, investors are
reluctant to supply equity funds, particularly to
small and new enterprises which are more risky
than the larger, well-established enterprises.
The personal income taxes upon dividends, particularly when subject to the higher surtaxes,
are an inducement to stockholders with large
incomes, who influence corporation policies, to
prevent distribution of corporate earnings.
This situation is likely to be detrimental to the
maintenance of employment because corporations are thus led to retain earnings beyond what
is needed and, therefore, they are not returned
to the spending stream.
Equity investment and the distribution of
corporate earnings would be greatly encouraged
by adopting a plan somewhat similar to the
British method of dealing with dividend income.
One effective method would be to give a tax
FEDERAL RESERVE BULLETIN
POSSIBILITIES OF POSTWAR INFLATION AND SUGGESTED TAX ACTION
credit to the person who receives the dividends.
A tax would be collected from the corporation
as now, but when dividends are distributed, the
stockholder would be permitted to take a credit
on his personal income tax of some substantial
fixed percentage of his dividend income. Another method would be to give the corporation
a similar fixed percentage credit for that portion
of its earnings which it distributes to stockholders. Either method would greatly reduce
the amount of double taxation on equity capital
and would be a strong incentive to new equity
investments.
I think we should consider whether it would
help in stabilizing the business structure to
continue, after reconversion, some form of excess
profits tax, together with more liberal provision
for carry-forward and carry-back of the excess
profits tax credit, and also make more liberal
provision for carrying forward and carrying
back losses than is now made in the tax law.
Such provisions would be particularly helpful
to small and new enterprises. We must encourage the establishment of new enterprises and
safeguard the great number of existing small
enterprises if we are to obtain a flexible and
competitive business structure and halt the
movement tending toward increasingly large
combines and monopolies. Another most important step in this connection would be the
establishment of patent pools freely available
to small and new enterprises as well as to others.
There are numerous other problems, such as
MARCH 1944
changes in the personal income tax which the
limits of time do not permit me to consider.
Our postwar tax structure must be flexible and
adaptable to the changing requirements of fiscal
policy. Tax policy must be recognized as part
of a flexible fiscal system and must be used wisely
to supplement or curtail the flow of consumer
and business spending as conditions require.
Underlying all that I have said is the fundamental purpose of avoiding either inflation or
deflation—in other words, what we would
all like to have is full and sustained production
and employment. The discussions before this
Tax Institute—very properly—center around
the role that taxation plays or should play in
seeking this goal. I want to conclude what I
have to say with this observation—nothing
that can be done now or later to the tax structure, nothing that we can do now or later in
any way, will contribute as much to the control
of inflation—and what is infinitely more important, the saving of lives—as to unite all of
our efforts and our energies to bring about victory in this war at the earliest possible moment.
That is why I undertook to emphasize at the
outset the overwhelming importance of keeping
always in the forefront of our vision our duties
now rather than our dollars later—for if we fail
in the performance of our duties now, if we fail
to do all that each of us individually and collectively as a nation can do to achieve an early
victory, our plans and our hopes will never be
realized.
2.27
THE FARM REAL ESTATE MARKET
by
E. C. JOHNSON, Chief
Economic and Credit Research Division, Farm Credit Administration
Farm real estate prices have increased greatly
during recent years, and in many sections of the
United States a farm land boom is getting under
way. There is a real danger that a rise in farm
values such as occurred in World War I, only to
be followed by a break and great distress among
farmers, may be repeated during the present war
and postwar period. In the years 1917-2.0, many
farmers purchased farms at highly inflated
values and, generally speaking, those who went
heavily into debt to buy the farms found it very
difficult to pay financial obligations in years of
low prices which followed. Distress was widespread and thousands of farmers lost their
farms. Farm tenancy increased, and under the
pressure to pay debts many farmers were forced
to reduce living standards to low levels and
deplete the soil by unwise cropping practices.
Unless increased efforts are made to prevent
inflation in farm real estate prices during the
present emergency, we may witness another farm
land boom which in the end can result only in
great hardship for many farmers.
Developments in the farm real estate market
since 1939 are strikingly similar to those which
occurred between 1914 and 1918. Farm real
estate values have advanced 2.5 per cent since
1939 compared with a similar advance of 2.5
per cent during the 1914-18 period; the average
size of farm mortgages recorded has increased
sharply, especially those recorded by individual
lenders and commercial banks; and the number
of mortgages recorded during the second and
third quarters of 1943 turned upward for the first
time in two years. It is true that farm real
estate values started the advance from a lower
level during the present war period than during
World War I, and also, the total farm mortgage
debt has steadily declined during the present
war in contrast to the increase in debt during
World War I. Both of these latter facts, however, should be viewed in perspective, taking
into consideration the severely depressed condi2.z8
tion of agriculture in the early 1930's, accentuated in some areas by severe droughts, and the
resultant large supply of institutionally held
farms which have been available for sale and
which still are available in some areas.
The Bureau of Agricultural Economics index
of average value per acre of farm real estate increased 9 per cent in the" year ended March 1,
1943, which represents the largest annual increase since 19x0. The rate of increase is practically equal to the rates of increase during the
years ended March 1, 1918, and March 1, 1919.
Between March 1 and November 1, 1943, values
rose an additional 6 per cent. Data assembled
by the Farm Credit Administration on actual
sales of farms indicate that during the first six
months of 1943 the price of real estate in most
of the important agricultural areas of the
United States on the average was over 10 per
cent above the average sale price for the full
year of 1942.. In some regions, sales prices were
30 per cent above 1941.
FARM INCOME AT RECORD LEVEL
The basic cause for the substantial rise in
sales prices of farm real estate is the sharp
increase in farm income. Both total cash income and net income to farm operators in 1942.
were higher than during any other prior year
for which records are available. Compared
with 1917, the third year of World War I, total
cash income in 1942. was up 50 per cent, and net
income to farm operators was up 35 per cent.
The previous peaks of cash income and net income in 1919 were exceeded in 1942. by 11 per
cent and 2. per cent, respectively. During the
first 11 months of 1943 cash income, including
Government payments to farmers, amounted to
17.9 billion dollars as compared with 14.5 billion dollars during the first 11 months of 1941,
or an increase of TJ\ per cent. The Bureau of
Agricultural Economics is estimating that total
cash income to farmers will approach zo billion
FEDERAL RESERVE BULLETIN
THE FARM REAL ESTATE MARKET
dollars in 1943 compared with 16.2. billion dollars in 1942. and that net income to farm operators approximated 12.. 5 billion dollars in 1943
against 9.5 billion dollars in 1941. If these
estimates were realized, cash income in 1943
exceeded the previous peak in 1919 by 35 per
cent. The peak in farm income in the World
War I period occurred during the first full year
after the end of hostilities.
These facts indicate that many farmers are using
their surplus income to retire debts.
On the other hand, while there is a large group
of farmers who are paying off or reducing their
debts, there is another group that is going more
heavily into debt. According to data collected
quarterly by the Farm Credit Administration,
the average size of farm mortgages recorded by
all lenders during the first nine months of 1943
was 12. per cent higher than mortgages recorded
during the first nine months of 1942.. The
average size of mortgages recorded during the
first nine months of 1943 compared with the
year 1940 increased from $1,310 to $3,060, an
increase of 31 per cent. Thus it is obvious that
the group of borrowers who are currently
borrowing on farm mortgage security either to
refinance an existing debt or are now recording
a new loan are acquiring larger debts on the
average than the group who borrowed during
* Real estate index as of Mar. 1, except latest figure, which is as of
Nov. 1, 1943; 1912-14 « 100.
recent
years. In addition to the larger average
Source of data.—Bureau of Agricultural Economics.
size of mortgages recorded, the number of farm
mortgages recorded during the second quarter of
TREND OF FARM MORTGAGE DEBT
1943 increased for the first time in two years
The trend of farm mortgage debt was upward
over the corresponding quarter of the preceding
throughout the entire period of World War I
year, the increase amounting to 8 per cent in
and the postwar period, but since 192.3 the trend
number and i£ per cent in amount. This upof farm mortgage debt has been downward.
ward trend in the amount of farm mortgage
The decline in the 1930's was largely the result
recordings, which was continued during the
of foreclosure and the transfer of farm mortgage
third quarter, is another factor which will
loans to farm real estate on the accounts of
retard the downward trend of total farm mortlending institutions. More recently the decline
gage debt. Moreover, there are indications
in total farm mortgage debt has been the result
that the rate of principal repayments on farm
of farmers' paying off their debts, primarily
mortgages may decline, owing to an increase
from farm income, at a more rapid rate than
in farmers' tax liability and costs and increased
they are acquiring new debts. From January 1,
war bond purchases.
1942., to September 30, 1943, the Federal land
banks and Federal Farm Mortgage Corporation
FARM MORTGAGE HOLDINGS BY TYPE OF
received principal payments on loans outstandLENDER
ing in the amount of 605 million dollars, as
compared with new loans closed amounting to
An outstanding fact during the last war
150 million. Thus, for every $1.00 loaned by was the large increase in the amount of farm
these two agencies, $4.03 was repaid. Of the mortgage loans held by individuals. Loans held
total of 605 million dollars of principal pay- by individuals and others increased from about
ments, 316 million represented loans paid 3.5 billion dollars in 1915 to over 7 billion
in full, of which approximately 57 per cent was dollars in 1911. This period includes the years
paid out of farm income. Principal payments of greatest increase in farm real estate values
are also large on loans held by other lenders. which reached a peak in 1910, and it has been
INDEX NUMBERS OF THE VALUE OF FARM REAL ESTATE PER ACRE, AND AMOUNT OF CASH
FARM INCOME INCLUDING GOVERNMENT PAYMENTS, UNITEO STATES, 1 9 1 0 - 4 3
MARCH
1944
THE FARM REAL ESTATE MARKET
said that the land boom following World War I
was to a large extent financed by individuals.
As holdings of individuals declined after 192.2.,
insurance companies and the Federal land banks
increased their holdings. In other words, many
of these loans originally made by individuals on
the basis of inflated real estate values were
refinanced during the early and middle 192.0's
by institutional lenders. The total farm mortgage debt in the United States, which reached a
peak of nearly 11 billion dollars in 192.3, has
since declined to nearly 6 billion dollars.
Since 1940, there has been a rather sharp
increase in the average size of mortgages recorded by individual lenders and commercial
banks. Comparing the average size of farm
mortgages recorded during the first nine months
of 1943 with the first nine months of 1940, it is
found that those recorded by individuals increased 55 per cent; by commercial banks, 32. per
cent; by miscellaneous lenders, 17 per cent; by
insurance companies, 15 per cent; and by the
Federal land banks, 3 per cent.
The increase in average size of mortgages
recorded by all lenders, and particularly the
relatively greater increase in average size of
mortgages recorded by individuals, is reminiscent of the pattern during World War I. The
average size of loans made by all lenders in 1918
was 9 per cent larger than in 1917. By 1919,
the average size had increased 31 per cent and by
192.0, 62. per cent above 1917. Comparing the
average size of loans made by individuals with
1917, an increase of 16 per cent had occurred by
1918, an increase of 40 per cent by 1919, and of 70
per cent by 1910 which were greater increases
than for any other lenders. Increases in the
average size of loans by commercial banks for
similar periods were 5, 19, and 46 per cent. In
this connection, it is worth while noting that
the greatest increases in average size of mortgages recorded for all lenders during the World
War I period occurred after the Armistice in
1918. Similarly, the years immediately following the close of the present war, when returning
soldiers will wish to acquire farms, are likely to
be the period when there will be present the
x3o
greatest threat of inflation in farm real* estate
prices and overexpansion of farm debts.
INVESTMENT DEMAND FOR FARMS
During the last two years, the investment
demand for farms has increased substantially.
In some areas, especially within reasonable distances of large cities, buying by city investors is
reported to be the greatest within the memory of
persons familiar with the land market. Perhaps this can be partially explained by the
comparative attractiveness of alternate outlets
for investment funds. The return on long-term
Government bonds, corporate bonds, preferred
stock, and interest rates on farm mortgage loans
has declined rather generally since the period
immediately following World War I. When
compared with 1917, average yields in 1942. were
down from 3.16 per cent to x.o2. per cent on
long-term Government bonds, from 4.99 per
cent to 2.-85 P e r c e n t o n corporate bonds, and
from 6.42. per cent to 4.31 per cent on preferred
stocks. Figures published recently1 indicate
that yields on a group of industrial common
stocks stood at 9.78 per cent in 1917 as compared
with 6.4 per cent in 1942.. Farm mortgages,
which were a haven for a large amount of funds
by individual investors during the last war
period, show a return of less than 5 per cent,
compared with 6.2. per cent in 1917. To summarize, it can be stated that the normal outlets *
for investment funds are now comparatively less
attractive than they were in World War I, while
net farm income is at a record high level. This
has attracted city investors to farm land as an
investment. However, many city investors who
have purchased farms at inflated prices may find
that the net return over a period of years on their
capital invested in farms will be comparatively low.
OTHER FACTORS
It should be pointed out that while many
factors are contributing to the rise in farm land
values, there also are some factors which are
deterring the rise. The Federal land banks are
iMoody's Stock Service, Feb. 1,1943, p. 551.
FEDERAL RESERVE BULLETIN
THE FARM REAL ESTATE MARKET
a stabilizing influence during the present war
period due to the operation of the normal value
policy in making appraisals. Another but less
important factor in some areas is the holdings of
institutionally held real estate which is still
unsold. However, these holdings are being
sold rapidly. Also, farmers, remembering the
distress during depression years, are less optimistic regarding the future of land values and less
eager to purchase farms than during World
War I.
The shortage of farm labor has been mentioned as a deterrent to an increased demand
for farms, but this factor probably is of less
importance now than it was several months ago
owing to the deferred status given to certain
agricultural workers by the Selective Service
regulations. On the other hand, reports from
the field indicate that there is a demand for farms
from purchasers who would be subject to military service if it were not for this deferment
granted by the Selective Service.
More recently the War Production Board has
provided for a substantial increase in the production of farm machinery as compared with the
sharp restriction which was in effect previously.
Therefore, the shortage of farm machinery will
not be as severe as was anticipated several
months ago, with the result that there will be
less reluctance on the part of farmers to expand
their operations through the purchase of land
than would be true if machinery were scarce.
EFFORTS TO AVOID A FARM LAND BOOM
The analysis of the farm real estate market
indicates that factors are present which are
likely to cause a further upward movement in
farm values at an accelerated rate and a grave
threat of inflation in farm real estate prices and
overexpansion of farmers' indebtedness through
the purchase of farms at abnormally high values.
In view of the great distress which followed the
land boom of the last war, it is generally agreed
that every effort should be made to avoid a
recurrence of farm land inflation during the
present emergency. Already many steps have
been taken which should operate in the direcMARCH 1944
tion of stabilizing farm values. Colleges of
agriculture, the United States Department of
Agriculture, and farm organizations are engaged
in educational activities to caution people
against buying farms at values which can not
be sustained by earnings from the farm over a
period of years. Also institutional lenders as a
group are making an effort to hold farm mortgage loans at levels which will not encourage
the purchase of farms by individuals at inflated
prices.
Over two years ago, the National Agricultural Credit Committee was organized as an
informal, unofficial committee with representatives from farm organizations, life insurance
companies, bankers' associations, the Board of
Governors of the Federal Reserve System, the
Farm Credit Administration, and other agencies
of the Government concerned with problems of
agricultural finance. This committee meets
quarterly for a discussion of the current farm
real estate situation and has been a means of
encouraging the institutional lenders to hold
farm mortgage loans to reasonable levels.
However, private individuals as previously
mentioned are becoming more active as farm
mortgage lenders, and their loans are larger in
size than in former years. The activities of individual lenders present a difficult problem in
efforts to avoid a land boom.
Various sources have mentioned credit control
as one of the measures which could be used to
prevent undue expansion in farm debts and inflation in farm real estate. Credit controls are
probably the only means by which individual
lenders could be limited in their loan activities
to a point where their loans would not be a
major factor in a land boom. Plans suggested
would set a limit on farm mortgage loans
against individual farms to a ratio of a normal
appraised value or a sale price. While credit
controls would be difficult to administer, such
measures offer possibilities for preventing an
increase in farm mortgage debt to levels which
could not be maintained without distress during
periods of lower prices for farm products.
The inflation in farm real estate values which
THE FARM REAL ESTATE MARKET
occurred during and immediately following
World War I was in a large measure due to
speculative buying of farms. Speculators became important buyers and many farms were
placed in a trading position and sold several
times as a means of obtaining a profit. Farmers
who desired to buy a farm for a home and a
business were forced to pay the inflated prices
established by speculators, and many of the
farmers who went heavily into debt to acquire
the farms lost them when prices declined.
As a means of stabilizing farm real estate
values by discouraging speculation in farms, a
bill recently has been introduced in Congress
which makes provision for a farm land boom
profits tax. Under this proposal, a tax would
be levied on the net gain from the sale of agricultural real property purchased after November
i, 1943, and prior to three years following the
close of hostilities in the present war. The
rate of the tax proposed is progressively lower
the longer the period which farms purchased
during this period are held. Thus if the farm
is held not over two years after purchase, a tax
equal to 90 per cent of the net gain would be
paid. This rate declines to 45 per cent for farms
held over four but not over five years and
there would be no tax if the property is held
over six years. Such a tax would not apply
to the first sale of a farm which had been held
for a period prior to November 1, 1943, and
132.
therefore would not penalize farmers who now
choose to sell their properties after operating
them over a period of years. Similarly, persons
who purchase farms and hold them over six
years would not be subject to the tax. However, the speculator who buys a farm with the
intent of selling it after a short period for a
speculative gain would find most of his profit
taxed away. Such a tax would discourage
speculative buying of farms and removal of this
speculative demand should be a stabilizing factor in the farm real estate market.
More drastic measures for control of farm land
inflation which have been mentioned include
permits for the sale of farms and price ceilings,
but it is doubtful if such measures would receive
general public support. Voluntary measures at
present play the important part in efforts to
prevent a land boom, but legal controls will
probably receive more consideration as the situation grows more serious. Meanwhile, farmers
individually can contribute to stability in the
farm real estate market by exercising caution in
the purchase of farms. By using surplus farm
income for the purchase of war bonds instead of
bidding up farm real estate prices, farmers can
aid in stabilizing farm values and at the same
time build up financial reserves to carry them
through years of lower income which may
lie ahead.
FEDERAL RESERVE BULLETIN
OCCUPATIONAL CURRENCY IN THE PACIFIC
currency, Hawaiian Series, could be held or
used in Hawaii without a license from the Governor of the Territory of Hawaii. On the
The American marines, sailors, and soldiers
other hand, in order to effectuate the purposes
who have been driving out the Japanese from
of its issuance, the U. S. currency, Hawaiian
their Central Pacific strongholds have brought
Series, was kept from circulating on the mainwith them for their use and for the use of the
land of the United States by virtue of a proinhabitants of these islands the "Hawaiian
hibition on its export from Hawaii.
dollar," i.e., the special Hawaiian Series of
The distinctive characteristics of the "HaU. S. currency.
waiian dollar" are of equal value for offensive
The use of this Hawaiian currency emphasizes
purposes as well as defensive. It is in the
the marked change which has been brought
interests of our Government to be able to
about in the Central Pacific theater of operations
identify easily the currency which is being used
during the last year. The introduction of the
in areas of combat, in order to facilitate the
special "Hawaiian dollar" in July 1942. was
isolation of this particular currency if it should
taken as a step towards the complete economic
fall into enemy hands.
defense of Hawaii, while today the "Hawaiian
It would have been possible, of course, to
dollar" is being used to facilitate the offensive
achieve
practically all of the advantages of the
against the Japanese-held islands thousands of
use
of
the
"Hawaiian dollar" by the use of the
miles from Hawaii in the direction of Tokyo.
yellow seal currency used in North Africa,
When the "Hawaiian dollar" was introduced,
Sicily, and Italy. It was felt, however, that
the Japanese had been recently defeated in the
since these Central Pacific islands have closer
battle of Midway but had just landed forces on
direct military and financial relations with
the Island of Kiska and responsible American
Hawaii than with the mainland and since the
naval and military leaders were pointing out
that a threat to Hawaii still existed. It was "Hawaiian dollar" has all the advantages of the
against this background that measures were yellow seal currency, it was preferable to use the
taken by the U. S. Treasury for the withdrawal "Hawaiian dollar" in the Central Pacific
of all regular U. S. currency in circulation in operations.
The rate of exchange that has been established
the Territory of Hawaii and its replacement by
for
these .liberated islands of the Central Pacific
a new series of U. S. currency. This new curis
10
Japanese military yen to one "Hawaiian
rency consists of U. S. silver certificates and
dollar."
This rate was determined in the light
Federal Reserve Bank notes bearing the distincof
present
prevailing circumstances in these
tive overprint "Hawaii" in bold open-faced
small
island
groups and will in no way be contype on each end of the face of the note and
sidered
a
precedent
for the rates that may be
the word "Hawaii" in large open-faced type
applied
to
other
areas
now occupied by the
across the reverse side of the note. After
Japanese.
August 15, 194Z, no currency other than U. S.
The Treasury, War, and Navy Departments issued
the following joint statement on February p, 1944'
MARCH 1944
CORRESPONDENCE
Money and Inflation
Following are answers to questions enclosed
in a letter addressed to the Chairman of the
Board:
i. What is "lawful money"? The term "lawful money'* is not defined by law. However,
the decisions of the courts indicate that the
term includes those classes of money which are
declared by the laws of the United States to be
legal tender. Legal tender is defined (U. S.
Code, Title 31, sec. 82.1) as follows: "All coins
and currencies of the United States (including
Federal Reserve notes and circulating notes of
Federal Reserve Banks and national banking
associations) . . . shall be legal tender for all
debts, public and private, public charges, taxes,
duties, and dues. . . . "
2.. Is there now buried at Fort Knox, Kentucky,
25 billion dollars in gold2. If not, how much! Is
this gold "lawful money'7. The total monetary
gold stock in the United States was 2.1,938 million dollars at the end of 1943. On June 30,
194Z, the latest date for which public figures are
available, 15,584 million of a total stock of
2.2.,737 million was held in Fort Knox. The
remainder was held at other points throughout
the country.
Under existing laws gold may not circulate as
money. The Treasury, however, may issue
gold certificates against its gold and deposit
them with the Federal Reserve Banks, thereby
obtaining a deposit credit upon which it can
draw or it can give the Reserve Banks a gold
certificate credit in exchange for a deposit credit.
The Federal Reserve Banks in turn hold these
gold certificates and gold certificate credits as
reserves against their deposit liabilities and
against Federal Reserve notes which they issue.
At the end of last year, 19,82.1 million dollars of
gold was held as security against certificates.
3. Can it be used to-payfor-purchasesof war material7. If not, why7. As indicated in the answer
to question (2), most of this gold has already
been put to use, in that gold certificates have
been issued against it and turned over to the
Federal Reserve Banks in exchange for deposit
credits. These credits have been expended by
the Treasury and can not be used again. A
person who has deposited currency in a bank,
and then has drawn checks to the full amount of
the deposit, has no further claim on the bank
for the currency. This, in effect, is the relation
of the Treasury to the gold at the Federal
Reserve Banks.
The Treasury has, however, in addition about
1,943 million dollars of gold in the Exchange
Stabilization Fund and in its General Fund balance that is available for such use as the Treasury and the Congress may wish to put it.
4. If certificates for it were issued, showing that
gold has been deposited in the Treasury therefor,
would those certificates be "lawful money"? As
indicated in the answer to question (2), certificates of the sort you refer to have in fact or in
effect been issued by the Treasury to the Federal
Reserve Banks for the bulk of the gold now held
by the Treasury. The certificates are lawful
money but they are not in general circulation,
being held by the Reserve Banks as a portion of
the legal backing for their note and deposit
liabilities.
5. Could they be used to pay for purchases of war
material7 If not, why7. As indicated in the
answers to previous questions, these gold certificates have already been used by the Treasury.
They were deposited with the Federal Reserve
Banks and the deposit credits obtained by the
Treasury have been expended. The certificates
are now the property of the Federal Reserve
Banks, which are not permitted to pay them
into circulation, but can and do use them as the
basis of Federal Reserve note issues.
6. If such certificates were issued, the gold could
still remain at Fort Knox, could it not7. Whatever
use may be made of any gold certificates issued,
the gold that backs them would remain in the
vaults of the Treasury.
FEDERAL RESERVE BULLETIN*
CORRESPONDENCE
7. If so, could certificates be issued without reference to gold, (or silver), but acceptable by the
Government for taxes, that would be ' 'lawful money' 7
If not, why7. The Constitution gives the Congress
power to "coin money and regulate the value
thereof." Congress has the power to order the
issuance of any amount of any type of money,
which it may deem "lawful money." Unlimited issuance of currency to finance the
Government, however, has proved to be dangerous in the past because it has resulted in inflation.
8. Could the Government, by reducing the content
of the gold dollar to one-fourth its present weight,
increase that 25 billion dollars to 100 billion dollars!
If so, would that be "lawful money'*! Could it be
used to fay for war material! Under the Gold
Reserve Act of 1934, the President was given
the power to decrease the gold content of the
dollar to 50 per cent of its previous content.
The President on the authority of this provision
decreased the gold content of the dollar to about
59 per cent of the previous content (that is he
raised the Government buying price for gold
from $10.67 to $35 a fine ounce). Last year
the power of the President to make a further
reduction in the gold content of the dollar was
rescinded by Congress. Congress, however, if
it wished, could establish any gold content
for the dollar (that is, any Government buying
price for gold), and it could use the increment
in the value of the existing gold stock for such
purposes as it might wish.
9. Would that be inflation? Such action would
be inflationary. The most generally accepted
definition of inflation is that it is an undesirably rapid rise in prices, reflecting an increase
in money payments relative to the volume of
goods available. Thus inflation is the rise in
prices which may be brought about by an
increase in the money supply, and not the
increase itself. The sort of increase in the
money supply you suggest would increase the
amount of money and the incomes of the public.
At a time when the volume of goods available
is restricted by war needs, this would tend to
MARCH 1944
bring about pressure on markets for goods and
rising prices; that would be inflation.
10. Is it inflation when 100 billion dollars of
bonds are issued by the Government! If not, why!
Does inflation consist of a surplus of buying power
over purchasable goods! If so, does such surplus
include bonds as well as currency! If so, does it also
include bank credits! As indicated by the definition of inflation given above, an increase in the
purchasing power of the public is not in itself
inflation, but it is a force which, under circumstances where this purchasing power substantially exceeds goods available, leads to inflation.
The issuance of bonds by the Government may
or may not increase the public's purchasing
power. If securities are sold to individuals
and businesses who pay for them out of funds
which might otherwise have been spent on
goods, this clearly does not increase the public's
purchasing power, but merely transfers purchasing power from the public to the Government.
If, on the other hand, the bonds are sold to
banks which pay for them by deposit credit, this
increases the funds available to the Government
without decreasing the public's buying power.
At any given time the purchasing power of
the public consists of a wide variety of assets,
including not only money but other assets, such
as Government securities, which may be fairly
easily converted into money. On the other
hand, the public virtually never attempts to
spend anything like its total supply of money
and money substitutes at once; some part of it
is held idle for various reasons, but it is available
for use. One of the major aims of current war
financing is to induce the public to invest its
highly spendable money and bank deposits in
Government securities which are less apt to be
converted into money and spent until the war
inflation danger has passed.
11. Could the Government freeze all prices and
wages! Congress could, if it wished, enact a
law which would make it illegal for any price
or wage to be charged or paid above existing
levels. How effective such a law would be,
would depend largely upon the public's
2-35
CORRESPONDENCE
cooperation in observing it and the enforcement
machinery used.
i i . Would that -prevent inflation7. If not, why'?
As you doubtless know, the anti-inflation program, which includes both direct price and wage
controls and monetary and fiscal controls, has
achieved a considerable degree of success. It is
difficult to tell which controls have played the
more important role in this success. Greatly
increased taxes and sales of Government securities to the public have held the volume of spendable funds far below what it would otherwise
have been, and have thus decreased greatly the
inflationary pressure on prices which might
otherwise have come. The wage control program has also helped to avoid an even greater
increase in the public's spendable funds than
would otherwise have occurred. At the same
2.36
time direct controls over prices have made it
easier for people to get along without spending
all their incomes and have removed an inducement to buy more goods than are currently
needed or to speculate in goods in anticipation of
rising prices. As a matter of fact, much of the
money that might have gone into bidding up
prices has been paid out in taxes, invested in
bonds, or kept as savings. Direct price and
wage controls alone probably could not prevent
inflation under present circumstances, nor could
any feasible tax and borrowing policy do the
job alone. Under circumstances such as those
now existing, both fiscal monetary measures
to hold down purchasing power and direct
controls are required if inflationary price pressures are to be minimized and resisted.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS
Absorption of Exchange Charges
In December 1943 the House Committee on
Banking and Currency held hearings regarding
Regulation Q of the Board of Governors in its
relation to the absorption of exchange charges.
In January and early February hearings were held
by the Committee on a bill (H.R. 3956) which
would specify that absorption of exchange
charges does not constitute payment of interest.
A companion bill (S. 1641) was the subject of a
report in the February 1944 issue of the Federal
Reserve BULLETIN (page 12.6). Representatives
of the Board of Governors were called on to
testify at the House Committee hearings on the
general question of absorption of exchange
charges and the proposed legislation. The
hearings were concluded February 9, and on
February 15 the Committee submitted a report
to the House in which both the majority and
minority views of the members were presented.
Copies of this report were distributed through
the Federal Reserve Banks to all banks in the
United States.
Federal Reserve Meetings
The Federal Advisory Council met in
Washington on February 13-14. The annual
organization meeting of the Council was held
on February 13, at which Edward E. Brown,
President of the First National Bank of Chicago,
was reelected as President, C. E, Spencer, Jr.,
President of the First National Bank of Boston,
was elected Vice President, and Walter Lichtenstein was reappointed Secretary. The Council
met with the Board of Governors of the Federal
Reserve System on February 14.
A meeting of the Presidents of the Federal
Reserve Banks was held February 2.6-x8, and on
February 19 and March 1 the Presidents met
with the Board of Governors.
MARCH 1944
On February X9~March 1 a meeting of the
Federal Open Market Committee was held at
which Marriner S. Eccles was reelected as
Chairman of the Committee and Allan Sproul
as Vice Chairman. The representative members
of the Committee elected by the Federal Reserve
Banks for the period of one year, beginning
March 1, 1944, are Allan Sproul, Hugh Leach,
C. S. Young, Chester C. Davis, and J. N. Peyton, Presidents of the Federal Reserve Banks
of New York, Richmond, Chicago, St. Louis,
and Minneapolis, respectively. The members
of the executive committee are Marriner S.
Eccles, Chairman; Allan Sproul, Vice Chairman;
John K. McKee, Ernest G. Draper, and Hugh
Leach.
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, 1944, to February 15,
1944, inclusive:
Louisiana
New Orleans—Progressive Industrial Bank
Michigan
Middleville—Farmers State Bank of Middleville,
Michigan
Minnesota
St. Paul—Liberty State Bank
New York
Malverne—The Bank of Malverne
Oklahoma
Buffalo—Oklahoma State Bank
2-37
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled February 25, and released for publication February 26. Figures shown on
charts may differ from preliminary figures used in text.
of 3,000 trucks was reported during the month
under the greatly enlarged civilian truck program for 1944 which calls for the production of
9X,ooo medium weight and 31,500 heavy trucks
during the year.
Output of textiles, shoes, and manufactured
INDUSTRIAL PRODUCTION
foods rose slightly in January, following small
In January the Board's seasonally adjusted declines in December. Chemicals production
index of industrial production stood at 2.42. per continued to decline, reflecting a further curtailcent of the 1935-39 average as compared with ment of small arms ammunition output. Outthe peak level of 2.47 in October and November put of petroleum and rubber products showed
1943.
little change.
Production of coal increased and crude
Steel production increased 4 per cent in January and continued to rise in the first three weeks petroleum output continued at a high level in
of February, reflecting large military require- January and the early part of February. Sunday
ments for landing craft and other invasion equip- work was instituted in anthracite mines during
ment as well as increasing use of steel for farm February as a measure to increase production,
machinery and railroad equipment. Aluminum and output for the week ending February 12. was
production was curtailed in January from the 13 per cent higher than the preceding week.
peak rate in the last quarter of 1943.
The value of construction contracts awarded
Activity in the transportation equipment in January, according to reports of the F. W.
group was 5 per cent lower in January than at Dodge Corporation, declined to the lowest level
the peak in November. The largest decline for the month since 1935.
occurred in commercial shipyards, many of
DISTRIBUTION
which were changing from the production of
Liberty ships to Victory and other types of
Value of department store sales in January and
ships. In the automobile industry production the first three weeks of February was main-
Industrial activity was maintained in January
following a decline from November to December. Commodity prices were steady and retail
sales continued in large volume in January and
the first three weeks of February.
WHOLESALE PRICES
INDUSTRIAL PRODUCTION
PER CENT
26Q
PHYSICAL VOLUME SEASONALLY ADJUSTED, 1935- 3 9 - I O f f
——
240
220
I
200
180
-
/
160
140
-
J
120
80
-
/
-
\
100
r
—1
1937
1938
1939
1940
1941
1942
1943
1944
Federal Reserve index. Monthly figures, latest shown is for
January.
z38
1942
1943
Bureau of Labor Statistics' indexes. Weekly figures, latest shown
are for week ending Feb. 19.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
tained at a high level for this season of the year.
Sales in January exceeded the large volume of a
year ago by about 6 per cent but in February
sales were somewhat smaller than last year
when a buying wave developed following the
announcement of shoe rationing.
Freight carloadings declined less than usual
in January and the first half of February, owing
chiefly to the heavy volume of coal shipments.
Movement of grain continued at the high level
of last fall and livestock and lumber shipments
were in large volume.
Purchases of securities in the Fourth War Loan
Drive by corporations and individuals resulted
in a release of required reserves of member banks
because funds were drawn from private deposit
accounts, which require reserves, to the Government war loan accounts, which are exempt from
reserve requirements. As a consequence, member banks repurchased bills from the Reserve
Banks, and the latter's holdings of Government securities declined by 520 million dollars.
At reporting member banks in 101 leading
cities, adjusted demand deposits decreased^by
3.4 billion dollars in the four weeks ending
February 16, while U. S. Government deposits
increased by 6.9 billion, reflecting purchases of
Government securities by bank customers during
the war loan drive. Government security holdings at reporting member banks increased 2.8
billion dollars over the four weeks.
Loans to brokers and dealers increased by
320 million duririg the drive which was substantially less than in either of the two previous
campaigns. Loans to others for purchasing or
carrying Government securities rose by about
610 million, two-thirds of which was at New
York City banks. Commercial loans, which
had increased substantially during the Third
War Loan Drive, showed little increase during
the current period.
MEMBER BANK RESERVES
MEMBER BANKS IN LEADING CITIES
COMMODITY PRICES
Wholesale prices of most commodities continued to show little change in January and the
early part of February. Maximum prices for
coke, wood pulp, furniture, and certain other
products were increased moderately.
The cost of living index of the Bureau of Labor
Statistics declined from 124.4 per cent of the
1935-39 average in December to 124.1 in
January.
BANK CREDIT
1944
Breakdown between required and excess reserves partly estimated.
Wednesday figures, latest shown are for Feb. 23.
MARCH 1944
Demand deposits (adjusted) exclude" U. S. Government and interbank deposits and collection items. Government securities include
direct and guaranteed issues. Wednesday figures, latest shown are
for Feb. 23.
139
BANKING AND MONETARY STATISTICS
The Board of Governors of the Federal Reserve System has ready for distribution a
volume entitled Banking and Monetary Statistics
which has been published for the purpose of
making available, in one place on a uniform
basis, statistics of banking, monetary, and other
financial developments for past years. The
statistics given in the volume include data
compiled by various agencies, governmental
and private, and cover the period ending in
1941 and extending back in many cases to
1914 and in a few cases to earlier dates. Most
of the financial series for which current data
are published in the Federal Reserve BULLETIN
are included in this volume, and some series
which are no longer shown in the BULLETIN
but which are of historical interest are also
given.
Part I of the volume, covering 682. pages,
contains statistics for the country as a whole
and is divided into 15 sections shown below,
and Part II, covering 257 pages, contains detailed member bank statistics for each Federal
Reserve district. The tables in each section
are preceded by an introductory text, which
gives some indication of the purpose of the
data, the source of the figures, the history and
methods of their compilation, and other facts
2.40
which will guide the reader in the use of the
figures. The sections in Part I are as follows:
T.
General Statistics of all Banks in the
United States
2.. Assets and Liabilities of all Member Banks
3. Assets and Liabilities of Insured Banks
4. Assets and Liabilities of Weekly Reporting Member Banks in Leading Cities
Bank
Debits and Deposit Turnover
56. Bank Earnings
7- Bank Suspensions
Branch, Group, and Chain Banking
9- Federal Reserve Banks
Member Bank Reserves, Reserve Bank
10.
Credit, and Related Items
Currency
11.
Money Rates and Security Markets
United States Government—Treasury Finance and Government Corporations and
Credit Agencies
Gold
14.
International Financial Statistics
Bound copies of the book may be obtained
through the Board at a price of $1.50 per
volume. Reprints of individual sections will
be supplied at prices which will be quoted on
request.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related i t e m s . . . .
Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions.
All banks in the United States, by classes
Condition of all member banks
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances..
Money rates and bond yields
Security markets
Corporate profits
Treasury finance .
Government corporations and credit agencies
..
Business indexes
Department store statistics
Consumer credit statistics
Wholesale prices
Employment in nonagricultural establishments
Current statistics for Federal Reserve chart book
243
244
2.45-2.49
249
Z50
151-252.
1*52.
253
254-255
256-257
258-261
262
263
264-265
266
267-269
270
271-279
280-281
282-283
284
285
286-287
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 arc compiled by the Board on the basis of material collected by other
agencies; figures for gola stock, money in circulation, Treasury finance, and operations of Government
credit agencies arc obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other scries on business activity arc obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS
and from Annual Reports of the Board of Governors for 1937 and earlier years.
MARCH 1944
2.4 *
MEMBER
BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
25
TREASURY GASH AND DEPOSITS
1938
1939
1940
1941
1942
1943
1944
Wednesday figures, latest shown are for Feb. 23. See p. 243.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances
Date
Treasury
bills
Total and
certificates
All
other
All
other*
Total
Gold
stock
Treasury
currency
outstanding
TreasOther
ury deFedMoney Treasposits Noneral
ury
in cirwith
memRecash
culaFederal ber de- serve
holdtion
Reposits
acings
serve
counts
Banks
Member
bank reserve
balances
Total
Excess2
Monthly averages of
daily figures:
1942—Nov
Dec
1943—Jan
Nov
Dec
1944—Jan
9
9
8
35
90
32
4,746 1,151
5,549 1,485
5,953 1,852
9,886 7,630
11,166 8,876
11,832 9,517
3,595
4,064
4,102
2,256
2,290
2,315
286
478
360
418
658
506
5,041
6,035
6,321
10,339
11,914
12,370
22,741
22,740
22,706
22,091
22,018
21,933
3,374
3,472
3,724
4,102
4,098
4,093
14,473
15,119
15,399
19,566
20,243
20,428
2,247
2,199
2,192
2,294
2,307
2,321
219
307
310
338
669
484
1,323
1,210
1,250
1,687
1,723
1,889
276
261
256
334
339
339
12,618
13,152
13,344
12,313
12,749
12,935
2.362
2,376
2,132
1,073
1,048
1,114
End of month figures:
1942—Nov. 30
Dec. 31
1943—Jan. 30
Nov. 30
Dec. 31
1944—Jan. 31
7
6
14
52
5
22
5,399
6,189
5,969
10,348
11,543
12,073
1,570
2,051
2,007
8,071
9,236
9,728
3,829
4,138
3,962
2,277
2,307
2,345
308
484
356
363
691
334
5,714
6,679
6,339
10,763
12,239
12,428
22,743
22,726
22,683
22,065
21,938
21,918
3,381
3,648
3,830
4,097
4,094
4,094
14,805
15,410
15,590
19,918
20,449
20,513
2,236
2,193
2,199
2,289
2,303
2,336
6
799
4
394
579
375
1,320
1,278
1,171
1,592
1,716
1,956
263
256
258
332
339
341
13,208
13,117
13,630
12,401
12,886
12,917
2,909
1,988
2,387
985
1,236
1,112
Wednesday figures:
1943—Apr. 7
Apr. 14
Apr. 21
Apr. 28
13
12
11
26
6,549
6,705
6,329
6,347
3,516
3,660
3,302
3,320
3,033
3,045
3,027
3,027
286
387
375
283
6,848
7,104
6,715
6,655
22,541
22,501
22,482
22,472
3,994
4,002
4,008
4,009
16,353
16,424
16,500
16,593
2,229
2,235
2,236
2,234
213
128
471
443
1,175
1,376
1,372
1,410
302
300
307
307
13,110
13,144
12,318
12,149
1,976
2,147
2,293
2,224
May
May
May
May
5
12......
19
26
15
25
10
21
6,531
6,172
6,038
6,181
3,617
3,341
3,260
3,463
2,914
2,831
2,778
2,717
304
328
386
291
6,850
6,526
6,434
6,493
22,473
22,454
22,455
22,425
4,014
4,033
4,051
4,072
16,683
16,741
16,795
16,902
2,245
2,252
2,264
2,267
722
630
379
345
1,468
1,272
1,307
1,323
310
312
313
314
11,909
11,805
11,882
11,838
2,128
1,733
1,638
1,498
June
June
June
June
June
2
9
16
23
30
21
13
11
19
5
6,217
6,636
6,626
6,748
7,202
3,539
3,995
4,218
4,393
4,907
2,677
2,641
2,408
2,355
2,295
297
349
451
427
369
6,535
6,998
7,088
7,194
7,576
22,427
22,407
22,407
22,387
22,388
4,075
4,078
4,080
4,079
4,077
17,196
17,237
17,189
17,154
17,421
2,272
2,277
2,278
2,268
2,268
6
175
6
294
455
1,192
1,312
1,258
1,386
1,483
315
316
332
335
328
12,057
12,165
12,511
12,223
12,085
1,634
1,514
1,632
1,299
1,212
July
July
July
July
7
14
21
28
34
10
9
13
7,676
7,645
7,577
7,951
5,448
5,419
5,378
5,752
2,228
2,226
2,199
2,199
407
495
447
453
8,117
8,150
8,033
8,418
22,388
22,362
22,347
22,334
4,085
4,086
4,084
4,090
17,607
17,658
17,706
17,799
2,278
2,267
2,271
2,272
773
616
293
559
1,492
1,466
1,544
1,571
332
331
331
331
12,108
12,260
12,319
12,309
1,229
1,310
1,188
1,020
Aug.
Aug.
Aug.
Aug.
4
11
18
25
18
24
18
40
8,165
8,317
8,156
8,777
5,967
6,119
5,957
6,572
2,199
2,199
2,199
2,205
400
377
412
320
8,582
8,718
8,586
9,137
22,335
22,306
22,291
22,292
4,093
4,091
4,092
4,098
18,014
18,101
18,214
18,303
2,281
2,281
2,279
2,282
398
295
99
304
1,650
1,651
1,388
1,605
332
331
329
331
12,336
12,456
12,660
12,702
1,030
1,199
1,288
1,106
Sept.
Sept.
Sept.
Sept.
Sept.
1
8
15
22
29. ...
69
71
31
22
13
9,187
9,336
9,653
9,204
9,168
6,956
7,084
7,432
6,983
6,947
2,231
2,252
2,221
2,221
2,221
285
336
631
491
362
9,540
9,742
10,315
9,717
9,543
22,243
22,223
22,204
22,205
22,175
4,098
4,090
4,093
4,094
4,096
18,571
18,740
18,773
18,714
18,818
2,279
2,255
2,266
2,266
2,274
213
6
6
549
682
1,574
1,374
1,500
1,662
1,649
329
329
337
338
337
12,915
13,351
13,729
12,487
12,054
1,145
1,438
2,051
1,893
1,810
6
13......
20
27
13
18
11
13
9,387
9,062
8,914
9,291
7,166
6,841
6,687
7,056
2,221
2,221
2,227
2,235
375
9,775
9,362
9,380
9,686
22,176
22,155
22.132
22,132
4,098
4,099
4,101
4,103
18,883
18,978
19,019
19,090
2,279
2,281
2,284
2,295
1,013
282
456
381
380
530
530
1,633
1,621
1,437
1,659
337
335
341
342
11,903
12,021
12,002
12,005
1,697
1,608
1,407
1,062
3
10
17
24
39
22
34
48
9,476
9,865
9,832
10,364
7,230
7,611
7,577
8,101
2,246
2,254
2,254
2,263
321
344
506
381
9,835
10,231
10,372
10,792
22,116
22,096
22,096
22,081
4,106
4,100
4,101
4,101
19,354
19,514
19,559
19,726
2,298
2,297
2,293
2,295
334
369
407
479
1,668
1,716
1,714
1,739
333
333
333
333
12,069
12,198
12,263
12,402
1,084
1,080
1,096
1,044
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
53
108
90
70
101
10,447
11,016
11,014
11,551
11,615
8,169
8,720
8,748
9,260
9,313
2,278
2,296
2,266
2,291
2,302
374
417
600
837
714
10,874
11,540
11,704
12,459
12,430
22,065
22,044
22,004
22,004
22,004
4,101
4,102
4,097
4,097
4,096
19,940
20,135
20,235
20,382
20,428
2,299
2,301
2,293
2,325
2,316
275
686
379
967
764
1,630
1,664
1,622
1,864
1,908
333
331
343
344
345
12,562
12,569
12,932
12,677
12,769
1,096
918
1,238
919
1,126
5
12
19
26
31
47
41
24
11,651
11,855
11,913
12,026
9,340
9,543
9,598
9,711
2,310
2,312
2,314
2,315
691
413
464
334
12,372
12,315
12,418
12,385
21,938
21,938
21,938
21,928
4,094
4,092
4,093
4,093
20,436
20,404
20,408
20,387
2,314
2,318
2,327
2,331
961
638
404
351
1,751
1,845
1,959
1,994
339
339
338
340
12,602
12,801
13,014
13,002
971
1,128
1,122
1,023
Feb. 2
Feb. 9
Feb. 16
Feb. 23
24
22
32
47
11,781
11,16911,394
11,816
9,162
8,560
8,782
9,237
2,618
2,609
2,612
2,579
327
319
534
377
12,132
11,511
11,961
12,240
21,910
21,836
21,802
21,742
4,093
4,094
4,093
4,090
20,534
20,586
20,610
20,696
2,322
2,315
2,335
2,336
175
8
360
646
1,916
1,707
1,968
1,944
342
341
340
340
12,847
12,482
12,244
12,109
1,538
1,444
1,269
1,077
Oct
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
1944—Jan.
Jan.
Jan.
Jan.
1
2
Includes industrial loans 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 1944
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect February 29. Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)J
discounts of and
advances secured by
eligible paper ,1
(Sees. 13 and 13a)
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Rate
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis
Kansas City
Dallas....
San Francisco
Effective
Rate
Sept. 1,
Aug. 25,
Mar. 21,
Apr. 11,
Mar. 14,
Mar. 21,
Feb. 28,
Mar. 14,
Mar. 28,
Apr. 11,
Mar. 21,
Apr. 4,
Oct. 27, 1942
Oct. 30, 1942
Oct. 17, 1942
Oct. 27, 1942
Oct. 28, 1942
Oct. 15, 1942
Oct. 17, 1942
Oct. 27, 1942
Oct. 30, 1942
Oct. 27, 1942
Oct. 17, 1942
Oct. • 28, 1942
Rate
Effective
Effective
Oct. 27,
Oct. 30,
Oct. 17,
Sept. 12,
Oct. 28,
Oct. 15,
Aug. 29,
Mar. 14,
Oct. 30,
Oct. 27,
Oct. 17,
Oct. 28,
1939
1939
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
To nonmember banks
Rate
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Effective
To others
Rate
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
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
1
Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Inter-
paragraph of Section 13 is 90 days.
FEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum ]
Maturity
Treasury bills1
Bankers' acceptances :2
1- 90 days
91-120 days
121-180 days
Rate on
February 29
In effect beginning-
H
Apr. 30, 1942
%
Oct. 20, 1933
Oct. 20,1933
Oct. 20, 1933
Previous
rate
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of 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
19H
22M
26
22%
26
24
22
20
Reserve Country
city
banks
banks
Time
deposits
(all
member
banks)
1
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U....
Apr. 1,
1936- Effectiv
1,
Oct. 31, Nov.
1937
1937
J
40
50
40
1 Regulations T and U limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
2
Requirement under Regulation T was the margin "customarily required" by the broker. * Regulation U became effective May 1,1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
2-44
On,
loans1
On
On
On comcommitportion
ments for which On re- mitments
maining
instituportion
tion is
obligated
Richmond
Atlanta
Chicago
St. Louis
1
2
3
4
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and cash
items in process of collection.
MARGIN REQUIREMENTS
[ Per cent of market value ]
Discounts or
purchases
Federal Reserve
Bank
Minneapolis
Kansas City
Dallas
San Francisco
J
14
12
14
14
14
14
20
20
20
To financing institutions
Boston
New York
Philadelphia
Cleveland
10
15
20
To industrial or
commercial
businesses
1
1
IK
l Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills,
if desired by the seller, were made on condition that the Reserve Bank,
upon request before maturity, would sell back bills of like amount and
maturity at the same rate of discount. Since May 15, 1943, all purchases
have been made subject to repurchase option.
2Minimum buying rates on prime bankers' acceptances.
Net demand deposits1
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect February 29. Per cent per annum]
()
§
Including loans made in participation with financing
(2) institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
May charge same rate as charged borrower by financing institution, if
lower.
5
Financing institution is charged XA per cent on undisbursed portion of
loan under commitment.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum ]
Nov. 1,1933Jan.31,1935
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more....
In 90 days to 6 months.
In less than 90 days
Feb. 1,1935Dec. 31,1935
Effective
Jan.1,1936
2H
2H
2H
2H
1
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under'
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS A N D LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
Wednesday figures
Feb. 23
Feb. 16
Feb. 9
Feb. 2
Jan. 26
Jan. 19
Jan. 12
Jan. 5
January December January
Assets
Gold certificates on hand and
due from U . S . Treasury
19,311,075 19,374,576 19,417,573 19,480,575 19,498,575 19,501,575 19.,500,570 19 ,512,580 19,481,578 19, 532,580 20 ,487,782
258,574
261,433
251,291
262,893
258,853
263,991
265,114
264,112
32,677
Redemption fund—F.R. notes.
263,791
233,671
360,061
353,510
350,776
336,566
355,568
366,116
Other cash
347,038
357,171
411,036
336,251
329,822
Total reserves...
19,911,117 19,985,605 20,031,242 20,102,860 20,123,544 20,120,210 20,115,513 20,100,437 20,101,258 20,096,073 20,931,495
Discounts and advances:
For member banks
For nonmember banks, etc
Total discounts and
advances
Industrial loans
U. S. Government securities:
Direct:
Bills:
Under repurchase option
Other
Certificates:
Special
Other
Notes
Bonds
Guaranteed
46,503
32,255
22,451
23,927
24,307
41,079
46,986
30,800
21,717
46,503
32,255
22,451
23,927
24,307
41,079
46,986
30,800
21,717
5,255
13,858
10,374
9,939
9,939
10,116
10,404
10,542
10,169
10,080
10,134
12,373
3,052,663 2,708,776 2,626,883 3,290,622 3,860,534 3,999,741 4,137,476 3,939,763 3,617,147 3,845,077
3,511,375 3,408,641 3,346,206 3,322,741 3,173,731 3,020,061 2,890,301 2,923,191 3,323,741 2,923,191
295,939
393,508
10,167
9,858
4,000
5,255
202,000
2,672,740 2,664,540 2,587,040 2,549,040 2,676,690 2,578,690 2,514,800 2,477,300 2,787,140 2,467,300 1,115,200
664,900
664,900
664,900
664,900
664,900
664,900
1,275,254
920,200
931,000
919,200
883.200
1,608,391 1,605,334 1,600,899 1,599,363 1,564,430 1,563,930 1,562,390 1,561,165 1,592,196 1,559,465 2,637,104
85,462
84,962
84,212
87,835
49,976
85,835
87,835
87,835
83,014
87,835
87,835
Total U. S. Government
securities, including
guaranteed securities. 11,816,204 11,394,326 11,169,063 11,780,601 12,026,120 11,912,784 11,854,829 11,650,531 12,072,959 11,542,947 5,968,981
Other Reserve Bank credit out454,619
standing
344,056
317,445
402,351
680,624
323,698
680,877
524,070
309,266
324,059
366,793
Total Res'erve Bank
credit outstanding
12,239,66' 11,961,025 11,510,719 12,131,912 12,384,602 12,418,886 12,314,7'
12,428,454 12,239.213 6,339,268
Liabilities
Federal Reserve notes
17,186,597 17,114,130 17,084,973 17,039,804 16,907,039 16,905,671 16,896,319 16,908,109|17,024,216 16,906,359j12,265,372
Deposits:
Member bank—reserve
account
U. S. Treasurer—general
account
Foreign
Other deposits
12,109,187 12,243,790 12,482,352 12,846,829 13,002,116 13,013,603 12,801,259 12,601,756 12,916,970 12,885,984113,630,417
961,279
374,591
638,332
403,756
3,883
174,6411 351,252
578,617
8,419
359,661
646,288
792,213
1,591,761 1,551,4-75 1,524,936 1,558,482| 1,530,778 1,521,555 ,444,503 1,380,613 1,500,725 1,360,488
371,025
400,477
378.703
357,393| 462,936
438,307
455,573
355,936
181,742
416,317
352,149
Total deposits...
14,699,385 14,571,243 14,197,449 14,937,345 15,347,08: 15,377,221 15,284,571 15,314,673 15,247,859 15,181,025 14,805,216
Ratio of total reserves to deposit and F.R. note liabilities
combined (per cent)
62.31
62.9
63.1
62.5
62.3
77.3
62.6
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
loiai
Within
15 days
L6 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
Over
5 years
Discounts and advances:
Jan.
Feb.
Feb.
Feb.
Feb.
26
2
9..'.'..'.'.'.'.
16
23
....'.'.'.'.'.'.'.'.'.'.'.'..'.
Industrial loans:
Jan. 26 ..
Feb. 2
Feb. 9
Feb. 16
Feb. 23
U. S. Government securities, including
guaranteed securities:
Tan. 26
Feb 2
Feb 9
Feb 1 6 . . . .
Feb 2 3 . . . .
MARCH 1944
24, 307
23, 927
22, 451
32. 255
46, 503
18, 525
14, 245
11, 338
20, 662
43, 175
375
4, 625
6, 120
6, 950
2, 355
2, 820
2, 680
2, 910
2, 710
740
2, 587
377
2 083
1 933
233
10, 116
9, 939
9, 939
10, 374
10, 167
8, 254
8, 126
8, 130
9, 427
9, 193
17
912
898
5
6
955
26
25
33
25
184
185
200
230
262
12 ,026, 120
11 ,780,601
11 ,169, 063
11 ,394 326
11 ,816 204
1
1
1
1
1
587, 633
304, 912
338, 717
569 218
743, 402
1 ,241
1 ,240
1 .128
1 ,221
1 ,189
526
067
017
191
048
2 ,545,
3 ,115,
3 ,014,
3 ,040
3 ,194
054
837
835
760
366
2 ,989
2 ,360
1 ,899
1 ,694
1 ,845
402
997
970
698
672
2, 000
137
132
136
136
90
388
378
373
372
358
349, 400 1 ,398,840
531, 640 1 .009.850
550 640 1 ,028,850
562 640 1 ,099,350
565 140 1 ,120,050
223
488
477
471
420
108
106
106
100
131
73
74
71
71
102
200
100
300
300
300
489,771
497,421
500,021
500,021
500,021
1
1
1
1
1
201,
231,
230,
235,
238,
294
777
713
148
205
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Assets
Gold certificates on
hand and due from
U. S. Treasury:
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
19, 498,575
19 480,575
19 417,573
19, 374,576
19 311,075
1,163, 487
1,167, 931
1,061, 566
1,011, 072
1,005, 889
5,109,636
5,101,241
5,138,961
5,266,645
5,266,744
1,134, 669
1,132, 803
1,112, 092
1,076, 988
1,102, 524
1,647 068
1,655, 216
1,622, 963
1,569, 069
1,579 177
1 ,085,709
1 ,089,386
1 ,096,017
1 ,064,154
1 ,065,106
I ,014, 158
L,011, 431
1 ,023, 479
1 ,018, 807
1 ,011, 580
258,853
265,114
262,893
263,991
263,791
23, 175
23, 094
22 995
22, 908
22,841
41,494
41,217
40,820
40,494
40,189
24, 611
24, 474
24, 304
24, 149
24, 519
20
20
20
20
20
590
500
380
281
189
22,751
23,932
22,926
24,045
23,252
366,116
357,171
350,776
347,038
336,251
34, 512
34, 848
34 057
33, 907
30, 755
90,846
89,572
90,695
88,822
88,120
26, 306
26, 357
26, 118
26, 572
25, 326
27
28
27
26
26
506
038
508
480
179
22,602
21,209
19,651
20,172
18,709
20, 123,544
20 102,860
20 031,242
19 985,605
19, 911,117
1,221, 174
1,225 873
1,118 618
1,067, 887
1,059, 485
5,241,976
5,232,030
5,270,476
5,395,961
5,395,053
1,185, 586
1,183, 634
1,162, 514
1,127, 709
1,152, 369
1,695
1,703
1,670
1,615
1,625
164
754
851
830
545
1 ,131,062
1 ,134,527
1 ,138,594
1 ,108,371
1 ,107,067
1,380
1,380
Redemption f u n d Federal Reserve
notes:
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
Other cash:
Jan 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
Total reserves:
Jan 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
Discounts and advances:
Secured by U. S.
Government obligations, direct and
guaranteed:
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
San
Francisco
St.
Louis
Minne- Kansas
City
apolis
Dallas
3 ,487,844
3 ,516,500
3 ,610,432
3 ,616,262
3 ,547,156
720,594
711,674
716,488
700,488
681,022
435, 205
416, 465
393, 753
408, 697
405, 439
564, 691
552, 694
525, 042
530, 109
538, 128
2,366,189
2,355,854
2,356,245
2,363,863
2,355,978
18, 442
18, 347
18, 236
18, 138
18, 050
37,311
38,211
38,075
38,957
39,859
19,598
19,564
19,524
19,491
19,464
8, 595
8, 585
8, 573
8, 565
8, 556
12
12
12
12
12
9, 728
9, 702
9 t 671
9, 644
9, 622
20,355
25,306
25,236
25^187
25,138
24, 558
22 255
20, 841
21, 805
21, 804
44,812
44,583
43,195
42,756
40,654
16,032
15,061
13,899
14,106
13,969
8, 306
8, 380
8, 597
8, 596
8, 300
13, 686
12 822
12 585
11 980
11 951
12, 561
11 331
10 577 .
10 674
10 060
44,389
42,715
43,053
41,168
40,424
1 ,057, 158 3 ,569,967
1 ,052, 033 3 ,599,294
1 ,062 556 3 ,691,702
1 ,058, 750 3 ,697,975
1 ,051 434 3 ,627,669
756,224
746,299
749,911
734,085
714,455
452, 106
433, 430
410, 923
425, 858
422, 295
50
50
50
50
500
50
2,050
1,800
1,800
1,500
50
2,050
1,800
1,800
1,500
769, 325
769, 380
760, 535
748 422
752, 332
203
182
153
132
112
586
573
545
550
557
980
727
290
427
810
2,430,933
2,423,875
2,424,534
2,430,218
2,421,540
3,510
10
10
10
15,295
1
1
1
1
522
000
000
322
322
500
500
500
500
500
3,510
10
10
10
15,295
1
1
1
1
522
000
000
322
322
500
500
500
500
500
12
12
12
12
12
4,525
4,488
4,488
4,488
4,488
795
794
785
772
776
214
384
273
534
395
24,307
23,927
22.451
32,255
46,503
2
4
1
1
478
955
825
025
510
14,042
12,027
14,268
24,353
20,608
1 135
1, 535
2 978
1 045
3, 313
640
420
20
20
125
Total discounts and advances:
Jan.26
Feb. 2
Feb. 9
Feb.16
Feb. 23
24,307
23,927
22,451
32,255
46,503
2
4
1
1
478
955
825
025
510
14,042
12,027
14,268
24,353
20,608
1
1
2
1
3
135
535
978
045
313
640
420
20
20
125
'"2;i30
2,830
50
50
50
50
500
Industrial advances:
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23.!.!!!
10,116
9,939
9,939
10,374
10,167
387
387
384
384
379
126
123
123
123
123
4
3
3
4
4
107
986
981
383
159
390
381
380
380
380
231
231
227
227
'227
120
113
113
108
107
4
4
4
4
4
2,093,578
1,756,186
1,335,219
1,339,102
1,406,120
142
105
98
132
138
994
554
329
044
593
82
56
48
54
93
910
558
552
182
152
55,051
30,202
28,472
42,602
48,392
17
17
16
19
30
057
035
667
307
643
924,158
837,974
673,282
628,587
752,552
88,869
69,309
63,627
84,512
116,709
33, 610
30, 270
31, 626
29 661
45, 516
30
29
26
33
47
640
362
757
482
130
21
23
20
19
25
086
330
172
920
633
289,608
248,638
199,616
225,341
216,613
165
173
174
177
182
904
274
434
515
767
149
155
156
159
164
641
873
850
443
062
330,160
344,017
346,192
351,956
362,181
139,918
132 932
134 863
138 762
139 120
126
119
121
124
124
208
578
267
632
880
278,456
263,916
267,652
275,124
275,684
31
44
43
43
41
963
284
743
604
873
70,521
97,736
96,547
96,253
92,439
2,130
2,830
Other:
Jan.26
Feb. 2
Feb. 9
Feb.16
Feb.23
1,380
1,380
U. S. Government securities:
Bills:
Under repurchase
option.
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
3
3
2
2
3
860,534
290,622
626,883
708,776
052,663
80,973
86 204
84 564
100 036
131 610
Other bills:
Jan.26
Feb. 2
Feb. 9
Feb.16
Feb. 23
3
3
3
3
3
173,731
322,741
346,206
408,641
511,375
243
254
256
260
268
314
525
289
983
799
699,665
737,938
743,989
760,168
784,336
247
259
261
266
274
129
197
101
170
301
349
364
367
373
384
339
767
189
628
661
213,621
222,451
223,838
227,503
234,086
178
185
186
189
194
214
303
414
350
762
339,811
356,952
359,657
366,865
378,196
156,259
163,150
164,232
167,105
172,040
100, 674
105, 294
106, 021
107, 955
111, 184
Certificates:
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb.23
2
2
2
2
2
676,690
S49 040
587,040
664,540
672,740
205 208
195 260
198 146
204 ,009
204 600
590,087
566,110
575,199
594,227
597,008
208
198
201
208
208
423
844
862
065
786
294
279
283
292
292
632
828
886
064
795
180,162
170,652
173,050
177,844
178,175
150
142
144
148
148
302
155
120
017
245
286,597
273,833
278,056
286,783
287,873
131,788
125,157
126,971
130,629
130,948
84, 909
80 775
81 968
84 ,384
84, 626
677,900
944,000
933,200
932,200
896,200
51 ,971
72 ,311
71 475
71 ,374
68 605
149,446
209,650
207,486
207,892
200,184
52
73
72
72
70
786
639
817
793
010
74
103
102
102
98
618
631
403
180
176
45,629
63,199
62,424
62,218
59,745
38
52
51
51
49
066
645
988
784
709
72,583
101,411
100,302
100,331
96,526
33,376
46,351
45,801
45,700
43,909
ATkfiAH
30
30
30
30
30
184
184
197
235
258
*
Notes:
Jan 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
±46
21
29
29
29
28
504
915
567
524
377
35
49
48
48
46
437
228
647
547
647
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Bonds:
Jan 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
1,637, 265
1,674 198
Boston
New
York
Philadelphia
Cleveland
Richmond
1,675, 734
1,680, 169
1,683, 226
125, 521
128, 245
128, 346
128, 642
128, 853
360, 943
371, 818
372, 579
374, 698
375, 982
127, 489
130, 599
130, 756
131, 199
131, 490
180, 217
183, 792
183, 883
184, 167
184, 392
110, 203
112, 084
112, 095
112, 139
112, 212
Total U.S. Government securities,
including guaranteed
securities:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
12,026, 120
ll' 780, 601
11 169, 063
11 394, 326
11 816, 204
706,987
736, 545
738,820
765, 044
802, 467
893, 719
641, 702
234, 472
276, 087
363, 630
778, 821 981, 716
767, 833 988, 576
764, 865 985, 913
810, 271 1,006,221
823, 180 1,053, 176
604, 666
598, 588
599, 879
622, 306
632, 610
Total loans and securities:
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
12 060
11 814
11 201
11 436
11 872
709 852 <t907, 887 784 063 982, 746
741 887 ; 653, 852 773 354 989, 377
741 029 248, 863 771 824 986, 313
766 453 3 300, 563 815 699 1,006,621
803 356 3 384, 361 830 652 1,053,681
606, 277
600, 199
600, 106
624, 663
635, 667
D u e from foreign banks:
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
136
136
136
136
136
10
10
10
10
10
86 307
84 616
81 699
79 296
74 916
1 781
1 412
1 393
1 480
1 562
645 859
717 819
542 618
211 079
689 567
Federal Reserve notes
of other banks:
Jan. 26
Feb 2
Feb. 9
Feb. 16
Feb. 23
Uncollected items:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
1
1
1
2
1
543
467
453
955
874
12
12
12
12
12
12
12
12
12
12
489
389
189
049
281
3 489
3 249
2 925
2,980
3 538
131 556
128 321
124 643
168 964
340 740
92 756 182 301
354 330 102 805 187 723
303 257 86 065 153 326
514 224 123 171 256,024
150,498
339 956
Bank premises:
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
35
35
35
35
35
172
112
112
112
095
1 666
1
1
1
1
661
661
661
661
Other assets:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
64
63
65
67
67
388
722
656
275
823
4
4
4
4
4
583
519
I49
149
149
i49
149
13
13
13
12
10
9
9
9
9
9
325
925
867
633
947
121
101
101
101
101
572
727
14 898
14 568
15 090
15 396
812
15 705
2
2
2
2
2
105 281
3
3
3
3
3
588
588
588
588
588
4 434
4
4
4
4
454
518
587
694
85,586
87,306
87,354
87,500
87,612
78,538
78,549
78,592
78,645
170, 323
173, 336
173, 368
173, 484
173, 616
475, 576 ,798, 451
490, 505 ,750, 024
492 543 ,591, 408
501, 791 ,563, 399
516, 721 ,696, 441
490, 903 292, 633
486, 172 299, 308
482, 876 302, 276
510, 315 304, 737
546, 076 323, 001
457, 485
472, 102
472, 055
485, 806
503, 276
406,095
421, 603
420, 581
426, 191
435, 093
139, 068
127, 643
083, 375
122, 158
120, 533
475 746 ,798, 505
490 668 ,752, 078
492 706 ,593, 212
501 949 ,565, 203
517 328 1,697,945
494, 413 292, 817
486, 182 299, 492
482, 886 302, 473
510, 325 304, 972
561, 371 323, 259
457, 515
472, 132
472, 085
485,836
503, 306
406, 629
422, 615
421, 593
427, 525
436, 427
144, 093
132, 631
088, 363
127, 146
125, 521
3
3
3
3
4
4
4
4
4
4
4
4
4
11
11
11
11
4
11
959
493
036
920
102
5,071
3,009
3,565
3,115
3,520
2,630
17,545
3,641
4,803
5,147
3,720
88, 736
89, 578
87,866
102, 223
95,460
59, 003
58,321
59, 640
76,746
66,457
178 694
193 312
167 601
963
956
956
956
956
2
2
2
2
2
023
016
016
016
016
241
151
069
253
345
6
6
6
6
448
390
175, 302
179, 854
180, 111
180, 833
181, 294
80, 611
82,205
82, 245
82,369
82,470
4
4
4
4
4
14
13
12
12
12
001
278
726
809
386
8 115
8 539
7 285
8 412
8,521
9,224
8,355
7,826
6,928
6,002
5,663
5,187
5,313
4,818
2
3
3
2
3
121
121
104
137
115
513
052
835
261
781
391 243, 633
571 252 939
74,478
92,665
71,232
87, 261
59 638
37
34
41
36
202
726
851
610
205
204
204
204
195
2
2
2
2
2
932
929
929
929
922
1 650
1 650
1 650
1 650
1 649
2
2
2
2
2
948
941
941
941
941
2
2
2
2
2
064
062
062
062
062
1
1
1
1
1
280
278
278
278
278
2, 732
2 726
2 726
2 726
2 726
7 600
7 393
7 633
7 947
7 870
4
4
4
4
4
178
084
700
3
3
3
3
7 120
7 167
7 096
7 307
7 529
2
3
3
3
3
999
049
145
020
053
2
2
2
2
2
206
215
256
190
114
3
3
3
3
3
4
4
4
4
4
766
380
77,197
51,936
53,054
53,094
53, 213
53, 298
91,937
93, 367
93, 354
93,333
93,362
17
17
17
17
17
198 089
San
Francisco
Dallas
4
4
4
4
4
7 357
95
99
106
118
92
917
050
980
431
430
535
737
3 821
242 510
380 851
246 897
3
37 058
250
302
291
386
455
3
3
3
3
3
16, 238
16 818
14 207
15,647
204 453
181 920
751
959
7 045
f
34 015
33 818
32 957
33 815
33 651
949 2 070 622 9 ,527
732 2,103 683 9 ,277
9\t 1,991 92C 8,860
458 2,011 182 9 ,247
528 2,021 ,384 9,155
996 2,072 928 2,875
855 2,070 236 2,895
703 2 030 710 2,825
927 2,076 ,815 2,893
172 2,098 877 2,892
Liabilities
Federal Reserve notes:
Jan. 26
Feb. 2
Feb. 9
Feb 16
Feb. 23
16,907
17,039
17,084
17,114
17,186
039
804
973
130
597
993
248
235
406
989
Deposits:
M e m b e r bank—reserve account:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23.
13,002 ,116
12,846 ,829
12 48? 352
12,243 ,790
12,109 ,18
1
Vlinne- Kansas
apolis
City
St.
Louis
6
6
6
6
6
Total assets:
Jan. 26
Feb. 2
Feb. 9
Feb. 16...s
Feb. 23
U . S. Treasurer—
general account...
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Chicago
Atlanta
351,25
174,64
8 .419
359 ,66
646 ,28
1,146 ,943 3,752
1,152 ,595 3,767
1,156 ,525 3 ,769
1,156 ,837 3,784
1,162 ,379 3 ,806
656 ,675 4,352 ,378
680 ,878 4,171 ,842
614 ,604 4,021 ,703
573,303 3,962 ,540
571 SOS 4,022 803
19,739
5,080
1,214
32,569
47,694
1,152 ,155
1,155 ,163
1,160 644
1,163 ,284
1,169 ,858
1,510
1,513
1,520
1,524
1,533
517 1,879,969 1,641 495 5,630 711 1,336 184 788 429 1,352 522 1,059
712 1,876 075 1,655 895 5,623 660 1,335 924 777 113 1,365 767 1,062
264 1,863 896 1,674 ,653 5,545 833 1 314 4?7 754 69 S 1 356,048 1,033
618 1,890 805 1,692 ,552 5,662 120 1,342 070 779,072 1,371 856 1,062
930 1,878 209 1,674 573 5,589 926 1,345 401 788 661 1,385 066 1,067
829 3,779
339 3 ,774
667 3 ,706
431 3 ,785
629 3 ,753
569 1,132 ,200
609 1,142 ,644
188 1 139 317
587 1,141 ,180
031 1,140 ,306
947 ,195 3,188 ,042
969 ,897 3,200 ,522
969 ,281 3,214 ,933
964 ,390 3,225 ,372
963 ,976 3,245 ,140
722 708 387 ,150
731 216 387 ,613
732,015 389 ,021
732 198 389 ,174
732,510 389 ,471
615 775
625 647
625 979
624 610
626,508
405
417
415
413
412
870 1,945 ,439
509 1,976 ,141
840 1,991 ,995
044 1,995 ,048
518 2,003 ,911
535,708
530,590
527,763 1,961 ,146
457,806 294,151
522 ,674 1,469 ,308
530 ,185 1,444 ,523
511 ,726 1,390 ,103
515,096 1,396 ,389
495 ,262 1,363 ,609
645 ,838 997 ,744
640 ,405 1,038 ,433
620 ,864 986 ,440
609 ,336 950 ,123
599 ,210 927,235
77,272
63,619
21 ,157
4 ,753
724
448
77,960
99 ,050
21 ,784
48 ,809
32,086
5,595
1,056
24,405
77,508
551 ,265
529 ,249
502 ,56:
535 ,272
558 ,192
595 ,681
509 ,389
1,956 ,094
1,907 ,927
1,864 ,202
1,8-27 ,972
449 ,988 286 ,514
446 ,406 283 ,163
443 ,160 282 ,996
435,266 281 ,742
580 ,925
582 ,105
589-959
581,715
572,633
23 ,141
12,686
107
26,633
61 ,938
19 ,499
1,190
179
32 ,262
53 ,438
50,114
16,972
17,77 19,795
14,088 12,747
18,907
17,301
572
1,136 1,067
20,625 15,356
50,696 28,911
189
12,208
33 ,529
38 ,609
57,296
20,200
9 ,370
31
14,668
39 ,029
747
473
094
010
700
31 ,571
11,240
1,696
42 ,582
48 ,390
After deducting $87,000 participations of other Federal Reserve Banks.
MARCH
1944
2-47
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
_.
Total
Foreign:
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
Boston
New
York
[In thousands of dollars ]
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
1,530,778
1,558,482
1,524,936
1,551,475
1,591,761
102,305
104,399
101,109
103,575
110,110
^17,950
!625,378
1
614,796
^22,605
^07,986
131,737
134,692
131,494
134,136
141,999
127,441
130,299
127,206
129,762
137,368
57,277
58,562
57,171
58,320
61,739
45,822
46,849
45,737
46,656
49,391
177,559
181,541
177,231
180,793
191,389
44,390
45,385
44,308
45,198
47,847
31,502
32,209
31,444
32,076
33,956
41,526
42,457
41,449
42,282
44,760
41,526
42,457
41,449
42,282
44,760
111,743
114,254
111,542
113,790
120,456
Other deposits:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
462,936
357,393
181,742
416,317
352,149
7,123
4,062
4,161
4,270
3,709
328,755
224,442
61,897
277,728
252,22'
9,797
14,851
11,152
9,894
7,520
12,536
10,251
13,068
9,374
5,413
5,238
6,240
4,030
6,033
3,699
6,948
8,232
7,735
8,821
8,052
5,975
8,826
9,279
28,464
5,723
16,007
16,062
13,443
14,565
14,060
16,988
18,215
12,305
13,014
10,791
2,397
2,712
2,623
2,665
1,590
3,131
4,905
4,145
3,497
2,994
48,041
38,595
37,904
37,992
36,371
Total deposits:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
15,347,
14,937,345
14,197,449
14,571,243
14,699,385
808,529 1,169,807
794,701 1,184,578
763,958 ,127,770
775,150 1,113,664
797,538 1,147,524
621,364
608,078
612,573
620,235
629,937
600,032
591,543
611,843
623,420
620,270
,194,794
,163,433
,095,009
,112,068
,082,380
535,974 362,436
525,52." 349,685
505,293 327,979
523,548 343,442
547,869 355
" ",400
643,755
644,575
634,220
638,870
652,512
Deferred availability
items:
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb.23
587,531 1,660,663
586,917 1,608,612
557,351 1,541,245
575,543 1,590,753
582,045 1,568,826
1,321,936
1,400,510
1,233,488
1,687,145
1,322,910
108,280
127,095
84,727
110,940
96,194
248,936
275,577
242,348
372,294
215,418
73,957
82,030
67,689
99,956
92,908
153,963
156,308
135,989
213,991
170,859
106,807
105,693
92,341
109,714
88,211
77,632
78,147
77,065
88,367
73,863
190,892
202,510
178,933
267,544
205,243
63,060
64,700
62,609
71,835
50,449
27,099
28,057
25,898
34,653
31,933
78,073
79,545
79,471
91,813
90,987
52,489
44,106
46,586
59,896
59,047
140,748
156,742
139,832
166,142
147,798
7,020
7,264
7,561
7,922
6,936
541
549
524
596
635
1,548
1,317
1,373
1,586
1,692
487
503
518
491
554
570
521
564
570
635
237
260
223
201
227
569
196
307
190
247
989
998
181
191
190
191
212
189
159
178
173
196
965
1,999
2,321
2,545
981
327
148
158
192
235
417
423
397
Other liabilities including accrued dividends:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb.23
Total liabilities:
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
785,842 5,376,355
794,419 5,085,281
721,088 4,699,120
713,717 4,940,833
733,018 4,982,066
33,583,077
33,384,923
32,523,471
33,380,440
33,215,828
799
2,041,606 9,379,832 2,035,128 ,834,909 1,860,608 1,625,428 ,574,717 ,321,923 76,874
2,074,658 9,129,423 2,032,397 ,855,016 1,856,675 1,639,783 ,567,463 ,321,630 765,514
,992,809 784,511 1,844,454 1,658,496 ,489,683 ,300,107 743,076
1,962,864 8,712,
,982,090
" 9,099,119 2,038,881 852,812 1,871,330 1,676,367 ,605,783 ,327,772 67,442
,006,165 2,060,858 852,049 1,858,681 1,658,356 ,533,661 ,331,040 77,000
1,992,
,338,568 1,046,217 3,747,267
,351,766 1,048,680 3,741,918
,341,991 1,019,935 3,673,469
,357,838 1,048,675 ,752,331
,370,< 1,053,845 ,720,959
Capital Accounts:
Capital paid in:
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
155,684
155,793
155,942
156,051
156,149
9,856
9,863
9,851
9,869
9,871
57,564
57,580
57,616
57,656
57,687
11,760
11,766
11,784
11,793
11,811
15,819
15,849
15,849
15,851
15,858
6,252
6,254
6,260
6,266
6,266
5,483
5,495
5,514
5,519
5,520
18,055
18,063
18,077
18,089
18,122
4,759
4,762
4,766
4,769
4,770
3,382
3,387
3,389
3,394
3,395
5,062]
5,068
5,070
5,078
5,080
4,711
4,713
4,761
4,761
4,761
12,981
12,993
13,005
13,006
13,008
Surplus (section 7):
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
188,09'
188,097
188,097
188,097
188,09'
13,206
13,206
13,206
13,206
13,206
70,012
70,012
70,012
70,012
70,012
17,859
17,859
17,859
17,859
17,859
16,026
16,026
16,026
16,026
16,026
5,236
5,236
5,236
5,236
5,236
5,725
5,725
5,725
5,725
5,725
26,490
26,490
26,490
26,490
26,490
6,330
6,330
6,330
6,330
6,330
3,669
3,669
3,669
3,669
3,669
4,554
4,554
4,554
4,554
4,554
4,831
4,831
4,831
4,831
4,831
14,159
14,159
14,159
14,159
14,159
Surplus (section 13b):
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
26,968
26,968
26,965
26,965
26,965
2,874
2,874
2,874
2,874
2,874
7,092
7,092
7,092
7,092
7,092
4,421
4,421
4,421
4,421
4,421
1,007
1,007
1,007
1,007
1,007
3,290
3,290
3,290
3,290
3,290
749
749
749
74'
749
1,429
1,429
1,429
1,429
1,429
530
530
530
530
530
1,003
1,003
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
2,129
2,129
2,129
2,129
2,129
Other capital accounts:
Jan. 26
Feb. 2
Feb 9
Feb. 16
Feb. 23
62,123
62,951
63,441
63;905
64,489
3,080
3,082
3,131
3,143
3,207
13,496
13,748
13,907
14,048
14,216
3,760
3,793
3,837
3,861
3,928
7,756
7,814
7,871
7,922
7,990
4,583
4,620
4,656
4,683
4,736
4.110
4,143
4,169
4,19:
4,223
2,642
2,67'
2,694
2,669
2,731
3,501
3,540
3,561
3,56'
3,597
3,201
3,242
3,296
3,249
3,307
2,763
2,
2,833
2,85
2,885
3,211
3,274
3,332
3,385
3,445
Total liabilities and
capital accounts:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
10,020
10,215
10,154
10,329
10,224
34,015,94' 2,070,622 9,527,996 2,072,928 2,875,517 1,879,969 1,641,495 5,630,711 1,336,184 788,429 ,352,522 1,059,829 3,779,747
33,818,732 2,103,683 9,277,855 2,070,236 2,895,712 1,876,07. 1,655,
5,623,660 1,335,924 777,11. 365,767 1,062,339 3,774,473
32,957,916 1,991,926 8,860,703 2,030,710 2,825,264 1,863,896 1,674,653 5,545,833 1,314,42^ 754,695 ,356,048 1,033,667 3,706,094
33,815,458 2,011,182 9,247,927 2,076,81 2,893,618 1,890,805 1,692,552 5,662,120 1,342,070 779,072 ,371,856 1,062,431 3,785,010
33,651,528 2,021,384 9,155,172 2,098,877 2,892,930 1,878,209 1,674,573 5.589,926 1,345,401 788,661 385,066 1,067,629 3,753,700
Commitments to make
industrial advances:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
10,13!
10,28
10.28:
9,67
9,94'
700
700
700
700
700
2,115
2,226
2,229
1,823
1,923
100
100
100
100
100
670
670
670
766
816
316
316
316
16
16
3,000
3,000
3,000
3,000
3,000
680
680
680
680
680
2,542
2,580
2,578
2,577
2,700
1
After deducting $910,704,000 participations of other Federal Reserve Banks on Jan. 26; $931,130,000 on Feb. 2; $909,024,000 on Feb. 9; $927,290,000
on Feb. 16; and $981,643,000 on Feb. 23.
148
FEDERAL RESERVE
BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Cleveland
Philadelphia
New
York
Boston
Federal Reserve notes outstanding (Issued to F.R.
Bank by F.R. agent):
Jan. 26
17,614,965 ,201,065 3,889,978 1,184,434 1,556,721
Feb. 2
17,661,798 ,199,565 3,899,233 1,189,627 1,558,864
Feb. 9
17,707,861 197, 262 3 ,905, 669 1,185,685 1,560,758
Feb. 16
17,717,063 192, 393 3 ,911,918 1,190,'816 1 ,563,
Feb. 23
17,770,074
8,960 3,924, 846 1,196,481 1,569,439
Collateral held by agent as
security for notes issued to
Bank:
Gold certificates on hand
and due from U. S.
Treasury:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
761
,115,000
761,000 3 ,115,000
761,000 3,340,000
761,000 3.340.000
761,000 3,340,000
12,896,00C
12,831,000
13,036,000
13,066,000
13,076,000
Eligible paper:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23..
715,000
715,000
715,000
720,
725,000
22,545
19,907
19.081
28,563
42,556
2,478
4,955
1,825
1,025
510
14,042
12,027
14,268
24,353
20.608
1,135
1.535
2,978
1,045
3,313
U. S. securities:
Jan 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
5,003,869
5,109,309
4,928,62'
4,949,512
4,981,709
450,000
450,000
450,000
450,000
450,000
800,000
800,000
600,000
600,000
600,000
475,000
475,000
475,000
475,000
475,000
Total collateral:
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
17,922,414
17,960,216
17,983,708
18,044,075
18,100,265
1,213, 478
1,215, 955
1,212,825
1,212,025
1,211,510
3 ,929,042
3 ,927,027
3,954,268
3,964,353
,960,608
1,160,000
1,160,000
1,165,000
,165,000
1,170,000
1934
1935
1936
1937.
1938
1939
1940
1941
1942
June 24
Dec. 31
1943
Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
1944
Jan. 31.
Applications
approved
Number Amount
400,000
400,000
400,000
400,000
400,000
ApLoans Commitproved
ments
outbut not
com- 1 standing 2 outpleted (amount) standing
(amount)
amount)
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20
11
8
3
1
2
13
8
966
548
226
369
946
659
954
294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8, 225
27, 649
20, 959
12, 780
14, 161
9, 220
5, 226
14, 597
3,352
3,423
338,822
408,737
26 346
4 248
11,265
14,126
16, 832
10, 661
3,432
3,440
3,443
3,447
3,448
3,452
3,455
3,458
3,460
3,464
3,466
3,471
434,638
446,319
459,296
467,733
473,399
475,468
477,681
481,288
483,608
486,098
488,422
491,342
6
5
5
3
3
3
2
4
2
672
882
164
732
045
203
883
354
860
305
401
926
12,897
13,717
13,182
13,188
13,378
13,044
12,258
12,000
12,227
12,409
11,811
10,532
12, 160
12, 117
13, 143
13, 438
12, 950
12, 132
11, 832
11, 614
11 474
9, 978
9, 920
9, 270
3,475
495,738
1 808
10,369
10 146
984
1,177,091
1,180,957
1,182,387
,181,424
1,177,405
1,017,741
1,018,301
1,016, 574
1,011,814
1,029, 349
775,000
775,000
775,000
775,000
775,000
750,),000
750,
750,000
750,000
750,),000
450,000
450,000
450,000
450,000
450,000
1,226,3
i,380 1
,226,380 1
1,225,
1,227,130
1,227,830
San
Francisco
3,260,595 761,011 396,171 639,969 445,351 2,084,838
3,264,309
,671 396,563 647,288 447,546 2',094,874
3 ,279,528 763,979 396,389 651 007 446,544 2,122,079
3,287,127
,413 396,742 648,013 443,541 2,125,896'
3 ,301,294 763,734 396,575 650 519 446,769 2,124,703
2 530,000 400,000 230,000 400,000 336,000
530,000 400,000 230,000 410,000 336 ,000
2,530,000 400,000 230, 000 410,000 311,000
2.,530, 000 400,000 230,000 410,000 311,000
2 ,530, 000 400,000 230,000 410,000 311,000
1,724,000
1,649,000
1,649,000
1,674,000
1,674,000
3,510
10
10
10
15,295
2,130
2,830
1 ,191,135 1,560,000
1,191,535 1,560,
1,192,978 1,565,000
1,196,045 1 ,565,000
1,203,313 1,570,000
1,993
2,280
2,406
2,653
2,781
2,908
3,202
Kansas
Chicago Louis Minneapolis City Dallas
1,380
1,380
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
Atlanta
Richmond
300,000
300,000
300,000
300,000
300,000
>,000 3
1751,000 250,000 125,000
175,000
i,000 250,000 125,000
175,1,000 250,000 150,000
0,000 150 ,000
175,000 250,000
175,000 250.
0,000 150,000
400,000
500,000
500,000
500,000
500,000
792,379 405,000 650,000 461,000
794,319 405,000 660,000 461,000
788,637 405,000 660,000 461,000
809,522 405,000 660,000 461,000
857,004 405,000 660,000 461,000
2,124,000
2,149,000
2,149,000
2,174,000
2,174,000
790,000 388,869
790,000 394,309
790,000 388,627
790,000 409,512
790,000 441,709
320,000
320,000
320,000
320,000
320,000
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
Guaranteed loans
outstanding
Date
Total
amount
Portion
guaranteed
Additional
O TYIAIIn 4"
ainouiii
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
565
1, 658
2, 665
310,680
944,204
2,688,397
81,108
427,918
803,720
2, 961
3, 198
3, 534
3, 773
4, 002
4, 217
4 404
4, 599
4 787
4 948
5, 123
5 347
2,999,731
3,479,172
3,725,241
4,058,731
4,554,278
4,718,818
4,900,905
5,153,941
5,452,498
5,546,555
6,234,047
6,563,048
974,083
1,040,828
1,245,711
1,339,078
1,415,777
1,428,253
1,536,296
1,646,921
1,708,022
1,815,162
1,798,272
1,914,040
5 565
6,989,682 2,020,294 1 ,691,802 3,278,822
1942
June 30
Sept 30
Dec. 31
69,674
137,888
356,677
230,720
632,474 1,430,121
1943
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
Oct. 31
Nov 30
Dec. 31
18,247
768,249
828,221
999,394
1,073,972
1 ,150,040
1 ,153,756
1 ,269,416
1 ,366,178
1 ,413,159
1 ,511,847
1 ,495,910
1 ,601,518
1,440,943
1,706,849
1,865,618
r
2,018,818
r
2,076,998
r
2,216,053
r
2,388,721
r
2,482,875
r
2,494,855
r
2,586,563
r
2,798,283
r
3,146,286
1944
Jan. 31
1
Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not included in industrial loans 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 loans and commitments withdrawn or expired.
MARCH 1944
r
Revised.
NOTE.—The difference
of loans outstanding and
agreements outstanding
but not completed, and
between guaranteed loans authorized and sum
amounts available to borrowers under guarantee
represents amounts repaid, guarantees available
authorizations expired or withdrawn.
249
DEPOSITS AND RESERVES OF MEMBER BANKS, JANUARY 1944
[Averages of daily figures. In millions of dollars]
Gross demand deposits
U.S.
Government
war loan
deposits1
Interbank
Total
Reserves
Adjusted Net dedemand mand
dedeposits2 posits 3
Other
Time
deposits4
Demand
balances
due
from
domestic
banks
Required
Held
Excess
All member banks
76,172
10,934
8,489
56,749
53,287
58,900
15,469
5,501
12,935
11,821
1,114
Central reserve city banks:
New York
Chicago
22,022
5,081
3,750
1,051
3,023
658
15,249
3,372
14,267
3,161
17,984
4,048
867
509
55
166
3,649
840
19
5
Reserve city banks—Total..
Boston district
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
#
San Francisco district
28,591
2,025
470
2,225
3,657
1,651
1,746
3,647
1,731
941
2,312
1,699
6,485
5,061
338
28
327
496
311
500
446
571
266
821
420
538
3,030
289
42
275
416
202
174
402
171
117
175
135
632
20,499
1,399
400
1,623
2,746
1,138
1.072
2,799
989
558
1,316
1,145
5,315
18,794
1 311
374
1,516
2,540
1,056
950
2,600
879
501
1,159
1,054
4,854
22,088
1,602
381
1,772
2,859
1,257
1,311
2,759
1,339
708
1,696
1,256
5,148
6,197
105
176
138
818
273
225
1,032
194
95
195
166
2,780
1,834
50
21
72
181
113
145
295
115
60
290
223
270
3,668
845
5,133
338
91
377
676
298
302
650
289
151
391
299
1,271
4,789
327
87
363
621
268
276
614
279
147
351
261
1,196
344
11
4
15
55
30
26
36
9
4
40
38
75
Country banks—Total
Boston district
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
20,478
2,077
3,179
1,498
1,760
1,624
1,628
2,652
1,141
868
1,314
1,543
1,195
1,072
100
77
12
23
191
185
73
135
67
73
108
28
1,777
228
357
163
146
128
134
260
68
65
71
83
75
17,629
1,748
2,745
1,323
1,591
1,305
1,309
2,319
937
736
1,170
1,353
1,092
17,063
1,670
2,639
1,283
1,547
1,237
1,258
2,271
906
717
1,154
1,321
1,060
14,780
1,583
2,446
1,123
1,281
1,131
1,126
1,869
804
621
869
1,052
875
7,896
695
1,855
955
948
485
342
1,193
313
363
178
105
465
3,447
195
278
177
292
310
333
482
242
166
366
386
220
3,289
316
552
273
328
238
234
448
168
144
192
215
183
2,543
263
454
215
236
187
178
333
131
109
132
154
150
746
52
98
58
92
51
56
115
36
35
59
61
33
1
Figures do not include certain other demand deposits of the V. S. Government with member banks and, therefore, differ from figures for U. S. Government
deposits shown in other published banking data. See also footnote 2.
2
Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan
accounts.
3
Demand deposits subject .to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection and
demand
balances due from domestic banks.
4
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS
[Averages of daily figures. In millions of dollars]
All
member 1
banks
Total reserves held:
1942—Dec
1943—Jan
Dec
1944-^an
Week ending (Friday):
1943—Dec. 31
1944—Jan. 7
Jan. 14
Jan. 21
Jan.28
Feb. 4
Feb. 11
Feb.18
Excess reserves:
1942—Dec
1943—Jan
1943—Dec
1944-Jan
Week ending (Friday):
1943—Dec. 31
1944—Jan. 7
Jan.14
Jan. 21
Jan 28
Feb. 4
Feb.11
Feb.18
p
1
,152
Central reserve
city banks
Reserve
city
banks
Chicago
Country ,
Federal Reserve districts
837
845
5,122
5,190
5,083
5,133
2,850
2,905
3,228
3,289
3,609
3,597
3,619
3,718
3,735
3,569
3,391
3,364
819
816
838
862
854
832
806
799
5,050
5,079
5,125
5,151
5,160
5,113
4,956
4,861
3,282
3,300
3,264
3,298
3,297
3,340
3,308
3,257
416
337
28
19
35
22
6
5
1,020
913
302
344
904
860
712
42
20
17
23
20
33
21
16
5
3
1
3
4
8
2
2
285
333
337
310
329
432
392
307
744
756
709
742
754
4,303
4,352
3,601
3,668
746
^827
Preliminary.
Weekly figures of excess reserves of all member banks and of country
banks are estimates
z5o
DEPOSITS OF COUNTRY MEMBER
BANKS IN LARGER AND
SMALL CENTERS,1 JANUARY 1944
[Averages of daily figures. In millions of dollars]
In places of 15,000
population and over
In places of under
15,000 population
Demand
deposits
except
interbank 2
Demand
deposits
except
interbank 2
Time
deposits
Time
deposits
Total
12,105
4,647
7,302
3,249
Boston
New York
Philadelphia
Cleveland
1,717
2,418
893
1,050
551
1,201
443
507
260
684
593
687
144
655
512
441
Richmond
Atlanta
Chicago
St. Louis
920
1,035
1,565
425
236
239
716
175
513
408
1,014
581
249
103
477
138
375
352
583
772
145
62
66
306
426
889
852
395
218
116
38
159
Minneapolis
Kansas City
Dallas
San Francisco
1
Includes any banks in outlying sections of reserve cities V/hich have
been given permission to carry the same reserves as country banks. All
reserve
cities have a population of more than 15,000.
2
The series published through April 1943 included interbank deposits.
The amount of such deposits for the current month at all country banks can
be derived by comparison with the first table above; banks in the small
centers held 216 million dollars during the last half of April 1943. Figures
in thistable include war loan deposits, shown separately for all country
banks in table above.
FEDERAL RESERVE BULLETIN
[UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of year and
month
Total
in circula-1
tion
Coin and small denomination currency2
Total
1933
1934
1935 .
1936
1937
1938
1939
1940
1941
1942
5,519 4,167
5,536 4,292
5,882 4,518
6,543 5,021
6,550 5^015
6,856 5,147
7,598 5,553
8,732 6,247
11,160 8,120
15,410 11,576
1943—January
February
March
April
May
15,590
16,088
16,250
16,660
17,114
17,421
17,955
18,529
18,844
19,250
19,918
20,449
20,529
June
July
August
September....
October
November....
December
1944—January
11,665
12,065
12,121
12,428
12,789
12,960
13,334
13,715
13,891
14,135
14,598
14,871
14,817
$1 3
$2
$5
442
452
478
517
537
550
590
648
751
880
402
423
460
499
505
524
559
610
695
801
33
32
33
35
33
34
36
39
44
55
869
877
890
904
914
929
943
960
970
987
1,006
1,019
1,013
773
54
56
56
58
59
61
62
64
64
65
68
70
69
Coin
786
791
804
824
834
843
858
866
872
886
909
880
Large denomination currency 2
$10
$20
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
364
337
358
399
387
409
460
538
724
1,019
1,678
1,718
1,713
1,741
1,785
1,793
1,836
1,878
1,887
1,902
1,950
1,973
1,940
4,107
4,279
4,280
4,391
4,526
4 565
4J19
4,853
4,893
4,962
5,127
5,194
5,174
4,183
4,349
4,391
4,531
4,681
4,778
4,931
5,102
5,211
5,347
5,561
5,705
5,742
3,928
4,026
4,129
4,232
4,326
4,462
4,622
4,816
4,951
5,118
5,323
5,580
5,715
1,047
1,079
1,104
1,131
1,159
1 195
l',237
1,293
1,327
1,366
1,416
1,481
1,509
Total
$50
$100
$500
618
627
707
710
770
919
1,112
1,433
1,910
125
112
122
135
139
160
191
227
261
287
237
216
239
265
288
327
425
523
556
586
1,962
2,013
2,069
2,128
2,186
2 259
2', 347
2,453
2,535
2,636
2,761
2,912
2,992
293
298
306
312
319
329
341
353
360
373
388
407
418
592
599
616
621
630
648
667
687
698
713
729
749
767
577
Unassorted
$1,000 $5,000 $10,000
6
17
20
30
24
9
16
18
12
32
32
60
46
25
8
10
5
8
7
5
2
4
4
3
10
11
11
15
10
10
10
9
11
11
10
9
9
25
25
23
26
22
21
20
22
20
20
19
22
21
3
3
1
1
1
2
2
2
2
3
2
2
3
8
5
7
7
10
7
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
destroyed.
3
Paper currency ,only; $1 silver coins reported under coin.
Back fig^es.—See Annual Report for 1937 (table 36).
UNITED STATES MONEY, OUTSTANDING A N D I N CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation1
Money held in the Treasury
Total outstanding
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
. .
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—January 31 1944
December 31, 1943
January 31 1943
As security
against
Treasury
gold and
cash
silver
certificates
2
19 801
1^810
67
136
494
1,520
1,809
703
264
347
634
129
290
1,520
107
3
3
43,671
S
43,544
3
39,253
16,930
17
6
5
2 815
721
356
21,610
*21,658
3
22,547
4
2,320
4
2,303
4
2,199
2
96
1^522
665
252
315
621
128
27
16,930
16,950
17,705
55
16,874
3,598
287
21
7
12
1
3
Jan. 31,
1944
D e c . 31,
1943
Jan. 31,
1943
2 117
21 918
2P 801
17,662
4
4,091
3
For
Federal
Reserve
Banks
and
agents
Money
held by
Federal
Reserve
Banks and
agents
3,892
3,8*2
3,760
55
16,737
3,657
95
1 ^ 567
671
254
318
624
129
58
12,152
3,379
77
"1^701
567
226
312
362
135
20,529
20,449
15,590
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for
other2 end-of-month dates shown in table above, totals by weeks in table on p. 243, and seasonally adjusted figures in table on page 252.
Includes $1,800,000,000 Exchange Stabilization Fund, $143,808,421 balance of increment resulting from reduction in weight of the gold dollar, and
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total of all forms of money outstanding,
since4 gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion.
Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the table on p. 243.
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, 1945, 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 1944
2.51
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Date
Amount—
unadjusted
for seasonal
variation
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series 1
End of year figures:
1938
1939
1940
1941
1942
1943
6,856
7,598
8,732
11,160
15,410
20,449
Monthly averages of daily
figures:
1943—February
March
April
May
June
July
August
September
October
November
December
1944—January
February
15,837
16,148
16,448
16,815
17,217
17,681
18,196
18,729
19,001
19,566
20,243
20,428
20,635
15,837
16,197
16,581
16,934
17,304
17,716
18,287
18,767
19,001
19,507
19,944
20,367
20,635
+484
+360
+384
+353
+370
+412
+571
+480
+234
+506
+437
+423
+268
Wednesday figures:
1944—Jan. 5
12
19
26
Feb. 2
9
16
23..
20,436
20,404
20,408
20,387
20,534
20,586
20,610
20,696
20,234
20,363
20,469
20,531
20,616
20,669
20,714
20,800
+187
+129
+106
+62
+85
+53
+45
+86
+306
+742
+1,134
+2,428
+4,250
+5,039
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around the
year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942.
Period
19342
1935
1936
1937
1938
1939
1940
1941
1942
1943
Gold
stock
at end
of period
Increase
in gold
stock
8,238
10,125
21,938
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
-788.5
22,683
22,644
22,576
22,473
22,426
22,388
22,335
22,243
22,175
22,116
22,065
21,938
21,918
-43.3
—39.3
-68.0
-103.1
-46.3
-38.9
-52.7
-92.0
-67.8
-59.3
-51.0
-127.0
-19.6
3
11,258
3
12,760
14,512
17,644
21,995
22,737
22,726
1943—January ..
February..
March
April
May
June
July
August. ..
September
October...
November
December.
1944—January ..
Earmarked
DomesNet gold gold: de- tic gold
crease
import
producor intion*
crease (—)
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
82.6
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-76.1
-63.4
-59.0
-101.0
-45.1
-51.7
-63.7
-91.3
-80.6
-40.6
-44.1
-87.0
5-27.6
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
47.8
4.7
4.1
4.5
4.9
4.1
3.9
3.9
3.6
3.3
3.8
3.4
3.5
v
1
Preliminary.
Annual figures through 1942 are estimates of the United States Mint.
Annual figure for 1943 and monthly figures are those published in table
on p. 291, adjusted to exclude Philippine Islands production received in
United
States.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a
fine
ounce
thereafter.
3
Includes gold in the Inactive Account amounting to 27 million dollars
on4 Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
The net gold import figures for months subsequent to December 1941
have
not been released for publication.
5
Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 3,505 million dollars on January 31, 1944.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Year and month
Total, all
reporting I
centers
New
York1
City
Other
140 other1 reporting
centers centers 2
Annual rate of
turnover of total
deposits except
interbank
New
York
City
Debits to demand
deposit accounts
except interbank
and Government
333 other
reporting
centers
New
York
City
1935
1936
1937
1938
1939
1940
1941
1942—old series3
1942—new series3
1943
402,718
461,889
469,463
405,929
423,932
445,863
537,343
607,071
641,778
792,937
184,006
2D8,936
197,836
168,778
171,382
171,582
197,724
210,961
226,865
296,368
190,165
219,670
235,206
204,745
218,298
236,952
293,925
342,430
347,837
419,413
28,547
33,283
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77,155
16.1
16.5
13.1
11.7
178,498
204,831
193,143
164,945
167,939
167,373
193,729
200,337
258,398
1943—January
February
March
April
May
June
July
August
September
October
November
December
1944—January
57,972
54,872
65,782
73,661
64,246
66,894
65,347
60,614
75,758
66,266
65,025
76,499
71,888
21,437
21,112
24,062
29,193
25,737
25,464
23,976
21,221
27,913
23,990
23,327
28,936
27,031
30,723
28,437
35,261
37,683
32,602
34,959
34,954
33,359
40,452
35,614
35,215
40,155
37,950
5,812
5,323
6,459
6,784
5,908
6,472
6,417
6,034
7,393
6,663
6,483
7,409
6,908
15.4
17.2
16.6
19.4
17.2
16.7
16.2
14.3
18.2
14.3
15.2
17.8
17.1
11.8
11.7
12.3
13.2
11.2
11.5
11.4
10.6
13.0
10.5
11.1
11.8
11.9
19,519
17,490
20,988
25,381
22,732
22,022
21,261
18,500
24,377
20,923
20,759
24,446
24,994
Annual rate of
turnover of demand
deposits except
interbank and
Government
100 other
leading
New
York
City
100 other
leading
cities
175,902
202,267
215,090
186,140
200,636
217,744
270,439
308,913
369,396
31.5
31.4
29.5
25.1
21.0
17.1
17.3
18.0
20.5
22.7
22.4
22.4
19.9
19.4
18.6
19.4
18.4
17.4
27,772
24,675
31,443
32,996
29,281
30,620
30,750
29,130
35,850
31,390
30,738
34,751
33,749
20.6
19.2
18.3
23.3
23.3
20.5
19.2
16.0
22.7
20.5
21.1
21.8
22.9
17.5
16.3
17.1
18.7
17.6
16.8
16.4
15.2
19.6
17.4
17.8
17.7
17.9
1
2
3
National series for which bank debit figures are available beginning with 1919.
Annual figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and 1943, and monthly figures, include 193 centers.
See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of
1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits, from which
rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. Debits to demand deposit
accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks
in 101 leading cities since 1935.
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
1929—June
December
55,171
54,713
26,179
26,366
51,532
51,156
22,540
22,809
1933—June
December...
1934—June
December . . .
1935—June
December . . .
1936—June
December . . .
1937—June...
December . . .
1938—June.
December . . .
1939—June
December . . .
1940—June
December . . .
1941—June
December.. .
41,680
42,548
45,961
47,985
49,881
52,182
55,052
57,351
57,258
56,639
56,565
58,955
60,943
64,099
66,952
70,761
74,153
78,231
19,172
19,817
21,353
23,114
25,216
27,032
29,002
30,999
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
45,521
48,607
36,919
37,766
41,302
43,330
45,098
47,265
49,830
51,835
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
1942—June
December.
81,963
99,701
52,806
62,862
100,900
102,000
102,100
107,400
110,900
110,161
111,900
113,500
120,600
124,100
123,800
122,900
65,500
68,700
69,800
67,100
69,600
71,853
74,100
77,500
72,800
74,400
78,200
79,600
End of month
1943- - J a n u a r y
February
March
April
May
June
July**
August3*
September**..
October**....
November*7..
December*7..
p
1
2
3
4
5
Demand
deposits
adjusted 1
United
States
Government
deposits 2
Time deposits
Currency
outside
banks
Total
Commercial
banks3 4
Mutual
savings
banks 4
Postal
Savings
System 5
381
158
28,611
28,189
19,557
19,192
8,905
8,838
149
159
14,411
15,035
16,694
18,459
20,433
22,115
23,780
25,483
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
37,317
38,992
852
1,016
1,733
1,715
811
909
1,142
991
666
824
599
889
792
846
828
753
753
1,895
21,656
21,715
22,875
23,156
23,854
24,241
24,908
25,361
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
27,879
27,729
10,849
11,019
11,988
12,213
12,820
13,170
13,706
14,046
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
15,928
15,884
9,621
9,488
9,691
9,738
9,830
9,871
9,971
10,056
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
,186
,208
,196
,205
,204
,200
,231
,259
,267
,269
,251
,251
,261
,278
,292
,303
,303
,313
3,639
3,557
4,761
4,782
4,659
4,655
4,783
4,917
5,222
5,516
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
8,204
9,615
71,027
85,755
41,870
48,916
1,837
8,402
27,320
28,437
15,610
16,349
10,395
10,673
,315
,415
10,936
13,946
86,800
87,400
87,300
92,300
95,300
94,347
95,600
96,600
103,400
106,500
105,500
104,000
51,400
54,100
55,000
52,000
54,000
56,039
57,800
60,600
55,600
56,800
59,900
60,700
6,600
4,200
3,000
10,800
11,400
8,048
7,100
4,700
16,300
17,900
13,300
10,400
28,800
29,100
29,300
29,500
29,900
30,260
30,700
31,300
31,500
31,800
32,300
32,900
16,600
16,800
16,900
17,000
17,300
17,543
17,900
18,300
18,400
18,600
18,900
19,400
10,800
10,800
10,900
11,000
11,100
11,141
11,200
11,300
11,400
11,500
11,600
11,700
,400
,500
,500
,500
,500
,576
,600
,700
,700
,700
,800
14,100
14,600
14,800
15,100
15,600
15,814
16,300
16,900
17,200
17,600
18,300
18,900
Preliminary.
Includes demand deposits, other than interbank and United States Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Excludes interbank time deposits and postal savings redeposited in banks.
Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks.
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars.
POSTAL SAVINGS SYSTEM
[In millions of dollars!
BANK SUSPENSIONS^
Total,
all
banks
Assets
End of month
Depositors'
balances 1
Total
U. S. Government
securities
Cash
in depository
banks
Total
Direct
1934—Dec
1935—Dec
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1,207
1,201
1,260
1,270
1,252
1,279
1,304
1,314
1,417
1,237
1,237
1,296
1,308
1,291
1,319
1,348
1,396
1,464
540
287
145
131
86
53
36
26
16
597
853
1,058
1,097
1,132
1,192
1,224
1,274
1,345
892
931
965
1,046
1,078
1,128
1,220
1943-Feb
Mar
Apr
May
1,468
1,493
1,517
1,546
1,577
1,620
1,660
1,683
1,716
1,752
p
l,788
1,517
1,545
1,569
1,596
1,631
1,678
1,719
1,739
1,773
1,812
14
13
12
12
12
11
11
10
10
10
1,378
1,421
1,450
1,500
1,482
1,527
1,588
1,631
1,646
1,678
1,270
1,360
1,389
1,449
1,471
1,527
1,588
1,631
1,646
1,678
June
July
Aug
Sept
Oct
Nov
Dec
1944—Jan
467
706
Guaranteed
Cash
reserve
funds
etc. 2
130
147
167
167
166
146
146
146
126
100
98
93
80
73
74
88
95
102
109
61
61
51
11
125
111
107
83
137
140
121
97
117
125
p
Number of banks suspended:
1934
1935
1936.
1937
1938
1939
1940
1941
1942
1943
1944—January
.
.
Deposits of suspended banks
(in thousands of dollars) : 3
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944—January
National
1
4
1
4
1
4
1
4
57
34
44
59
55
42
22
8
9
4
36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
1,702
6,223 "
Nonmember
banks
Member
banks
State
2
1
3
2
40
5,313
507
7,379 * i,7O8
36
211
1,341 24,629
256
3,144
4,982"
Insured8
Noninsured
8
22
40
47
47
25
18
3
6
2
48
8
3
6
6
10
3
1
3
1,912
34,985
939
592
480
1,044
2,439
346
79
327
3,763
10,207
10,156
11,721
6,589
5,341
503
1,375
1,241
Represents banks which, during the per
l 835
p
Preliminary. 1 Outstanding principal, represented by certificates of
deposit.
Does not include accrued interest or outstanding savings stamps.
2
Includes working cash with postmasters, 5 per cent reserve fund and
miscellaneous working funds with Treasurer of United States, accrued
Interest on bond investments, and accounts due from late postmasters.
Backfigures.—-SeeBULLETIN for August 1935, pp. 501-502.
MARCH 1944
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).
2-53
ALL BANKS IN THE UNITED STATES, BY CLASSES
LOANS, INVESTMENTS, DEPOSITS AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of banks, and call dates
Total
Loans
Total
U. S.
Government
obligations
Other
Other
Total 1
Inter-1
bank
Number
of banks
Demand
Time
All b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
42,552
49,565
51,336
54,170
57,946
61,101
64,009
78,137
87,881
21,306
22,410
22,340
23,751
25,311
26,616
25,081
23,915
22,241
21,246
27,155
28,996
30,419
32,635
34,485
38,928
54,222
65,640
11,278
16,954
19,666
20,983
23,521
25,488
30,301
45,932
57,748
9,968
10,201
9,330
9,436
9,114
8,997
8,627
8,290
7,892
46,435
59,222
70,770
75,963
78,120
81,780
82,706
99,796
107,224
4,560
6,332
10,188
10,941
10,948
10,989
10,287
11,318
10,895
19,527
28,118
34,336
38,518
40,530
44,316
46,357
61,395
67,569
22,348
24,773
26,246
26,504
26,641
26,476
26,062
27,083
28,760
15,929
15,539
14,955
14,895
14,855
14,825
14,775
14,682
14,618
All commercial b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30....
December 31
1942—June 30
December 31
1943—June 30
32,742
39,472
41,148
43,922
47,625
50,722
53,649
67,391
76,633
15,700
17,432
17,414
18,792
20,353
21,711
20,259
19,217
17,660
17,042
22,040
23,734
25,130
27,272
29,011
33,390
48,174
58,974
10,307
14,563
16,553
17,759
20,095
21,788
26,410
41,373
52,458
6,735
7,477
7,181
7,371
7,177
7,223
6,980
6,801
6,516
36,744
49,097
60,139
65,305
67,472
71,248
72,311
89,132
96,083
4,560
6,332
10,188
10,941
10,948
10,989
10,287
11,318
10,895
19,527
28,118
34,336
38,518
40,530
44,316
46,357
61,395
67,569
12,657
14,648
15,615
15,846
15,993
15,944
15,667
16,419
17,619
15,353
14,976
14,404
14,344
14,305
14,277
14,228
14,136
14,073
All insured commercial b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 303
December 31
1943—June 30
31,688
38,218
39,830
42,556
46,186
49,288
52,642
66,240
75,270
15,190
17,041
17,011
18,394
19,909
21,258
19,920
18,903
17,390
16,498
21,177
22,819
24,161
26,276
28,030
32,722
47,336
57,880
10,005
13,964
15,900
17,063
19,370
21,046
25,934
40,705
51,534
6,493
7,213
6,919
7,098
6,907
6,984
6,789
6,631
6,347
35,833
47,824
58,418
63,461
65,608
69,411
71,150
87,803
94,563
4,435
6,146
9,795
10,539
10,545
10,654
10,076
11,144
10,681
19,013
27,240
33,272
37,333
39,320
43,061
45,664
60,504
66,509
12,385
14,438
15,351
15,589
15,742
15,697
15,410
16,154
17,374
13,939
13,883
13,479
13,438
13,422
13,426
13,399
13,343
13,298
All member b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 302
December 31
1942—June 303
December 31
1943—June 30
27,175
32,739
34,451
37,126
40,659
43,521
46,800
59,263
67,155
12,523
14,285
13,969
15,321
16,729
18,021
16,928
16,088
14,823
14,652
18,454
20,482
21,805
23,930
25,500
29,872
43,175
52,332
9,413
12,689
14,722
15,823
18,078
19,539
24,098
37,546
46,980
5,239
5,765
5,761
5,982
5,85f
5,961
5,774
5,629
5,352
31,012
41,490
51,729
56,430
58,512
61,717
63,404
78,277
84,016
4,355
6,051
9,690
10,423
10,436
10,525
9,971
11,000
10,552
16,976
24,230
30,111
33,829
35,725
38,846
41,311
54,523
59,670
9,681
11,210
11,928
12,178
12,350
12,347
12,122
12,75'
13,794
6,375
6,357
6,398
6,486
6,556
6,619
6,647
6,679
6,703
All n a t i o n a l b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
17,011
20,893
22,038
23,648
25,818
27,571
29,464
37,576
42,805
7,681
8,796
9,156
10,004
10,897
11,725
10,880
10,183
9,173
9,331
12,097
12,882
13,6414,922
15,845
18,584
27,393
33,632
5,84
8,206
9,094
9,735
11,111
12,039
14,878
23,744
30,102
3,484
3,891
3,787
3,908
3,811
3,80b
3,706
3,648
3,529
19,896
26,716
33,014
35,787
37,273
39,458
40,53*
50,468
54,58f
2,767
3,790
6,083
6,574
6,589
6,786
6,497
7,400
7,155
10,356
15,162
18,702
20,885
22,302
24,350
25,861
34,499
38,205
6,772
7,764
8,228
8,329
8,382
8,322
8,176
8,570
9,229
5,417
5,293
5,164
5,144
5,130
5,117
5,101
5,081
5,060
10,163
11,845
12,4ir
13,47i
14,841
4,842
5,488
4,813
5,316
5,832
6,295
6,048
5,905
5,649
5,32
6,357
7,60f
8,16:
9,00?
9,6511,28*
15,78.
18,70
3,566
4,483
5,62'
6,088
6,967
7.50C
9.22C
13,802
16,87*
1,755
1,874
1,973
2,07'
2,04
2,155
1,588
2,261
3,608
3,849
3,847
3,739
3,474
3,600
3,396
6,620
9,068
11,409
12,944
13,423
14,495
15,45
20,024
21,465
2,908
3,446
3,699r
3,84
3,965
4,02=
3,94(
4,18'
56
958
1,064
1,234
1,342
1,426
1,502
1,546
1,598
1,643
S t a t e member b a n k s :
1934—June 30
1937—June 30
'
1940—June 29
December
31
1941—June 302
December 31
1942—June 303
December 31
1943—June 30
15,95C
17,33i
21,68:
24,35^
2,068
1,"1,82^
,
14,77'
18,71.
20,642
21,23?
22,25?
22,87
27,80!
29,42
1
Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated 600 million dollars at all member banks and 614 million
dollars
at all insured commercial banks.
2
Beginning June 30, 1941, member bank figures and insured mutual savings bank figures both include 3 member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. The^e banks are not included in "commercial
banks"
and are included only once in "sM banks."
3
Decreases in "Noninsured nonmember commercial banks" and "All nonmember commercial banks" figures (with corresponding Increases in member bank and all insured commercial bank figures) reflect principally the admission to ^membership in the Federal Reserve System of one large bank with
total4 loans and investments aggregating 472 million dollars on June 30, 1942.
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million dollars.
2-54
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued
LOANS, INVESTMENTS, DEPOSITS, A N D NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of banks, and call dates
Total
Loans
Total
U. S.
Government
obligations
Other
Other
securities
Total 1
Inter-1
bank
Number
of banks
Demand
Time
All nonmember commercial banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 303 4
December 31
1943—June 30
5,567
6,733
6,697
6,796
6,973
7,208
6,856
8,135
9,486
3,177
3,147
3,445
3,471
3,627
3,693
3,334
3,132
2,840
2,390
3,586
3,252
3,325
3,346
3,515
3,522
5,003
6,647
895
1,874
1,831
1,936
2,018
2,251
2,314
3,829
5,482
1,495
1,712
1,421
1,389
1,328
1,264
1,208
1,174
1,165
5,732
7,607
8,410
8,875
8,969
9,539
8,915
10,864
12,076
205
281
498
518
512
464
316
318
343
2,551
3,888
4,225
4,689
4,805
5,470
5,046
6,872
7,899
2,976
3,438
3,687
3,668
3,651
3,605
3,553
3,674
3,834
8,978
8,619
8,006
7,858
7,752
7,661
7,584
7,460
7,373
Insured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
4,513
5,479
5,379
5,429
5,534
5,774
5,849
6,984
8,123
2,667
2,756
3,042
3,074
3,183
3,241
2,995
2,818
2,570
1,846
2,723
2,337
2,356
2,350
2,533
2,854
4,166
5,553
592
1,275
1,178
1,240
1,293
1,509
1,837
3,162
4,557
1,254
1,
1,159
1,116
1,057
1,025
1,017
1,004
996
4,821
6,334
6,689
7,032
7,104
7,702
7,754
9,535
10,557
96
104
116
110
129
105
145
129
2,037
3,010
3,161
3,504
3,595
4,215
4,353
5,981
6,839
2,704
3,228
3,423
3,411
3,400
3,358
3,296
3,409
3,589
7,564
7,526
7,081
6,952
6,869
6,810
6,755
6,667
6,598
Noninsured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30 34
December 31
1943—June 30
1,054
1,254
1,318
1,367
1,439
1,434
1,007
1,151
1,363
510
391
403
397
444
452
339
314
270
544
863
915
969
996
98
668
837
1,094
303
599
653
696
725
742
477
667
925
241
264
262
273
271
239
191
170
169
911
1,273
1,721
1,843
1,865
1,837
1,161
1,329
1,519
125
185
394
402
402
335
211
173
214
514
878
1,064
1,185
1,210
1,255
693
891
1,060
272
210
264
257
251
247
257
265
245
1,414
1,093
925
906
883
851
829
793
775
9,810
10,093
10,188
10,248
10,321
10,379
10,360
10,746
11,248
5,606
4,978
4,926
4,959
4,958
4,905
4,822
4,698
4,581
4,204
5,11."
5,262
5,289
5,363
5,474
5,538
6,048
6,666
971
2,391
3,113
3,224
3,426
3,700
3,891
4,559
5,290
3,233
2,724
2,149
2,065
1,937
1,774
1,647
1,489
1,376
9,691
10,125
10,631
10,658
10,648
10,532
10,395
10,664
11,141
9,691
10,125
10,631
10,658
10,648
10,532
10,395
10,664
11,141
576
563
551
551
550
548
547
546
545
1,022
969
1,317
1,655
1,655
1,693
1,800
2,007
2,704
576
470
598
637
641
64:
692
740
1,013
446
499
719
1,018
1,015
1,050
1,108
1,267
1,691
120
252
420
548
569
629
686
861
1,264
325
247
299
470
446
421
422
405
427
1,040
1,002
1,428
1,818
1,803
1,789
1,864
2,048
2,739
1,040
1,002
1,
1,818
1,803
1,789
1,864
2,048
2,739
66
56
51
53
53
52
53
56
61
8,788
9,12'
8,871
8,59
5,030
4,508
4,328
4,322
4,317
4,263
4,130
3,958
3,568
3,758
4,616
4,543
4,271
4,348
4,424
4,430
4,781
4,975
851
2,139
2,693
2,676
2,857
3,0.71
3,205
3,698
4,026
2,908
2,477
1,850
1,595
1,491
1,353
1,225
1,084
949
8,651
9,123
9,203
8,840
8,845
8,743
8,531
8,616
8,402
8,651
9,123
9,203
8,840
8,845
8,743
8,531
8,616
8,402
510
507
500
498
497
496
494
490
484
All mutual savings banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941— June 302
December 31
1942—June 30
December 31
1943—June 30
Insured mutual|savings banks:
1934—June 30
1937—June 30
1940—June 29
December 31
\941—June 302
December 31
1942—June 30
December 31
1943—June 30
Noninsured mutual savings banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
8,666
8,686
8,560
8,739
8,544
I
For footnotes see opposite page.
MARCH 1944
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars}
Investments
Loans
Call date
Total
loans
and
investments
Total
Commercial,
including
openmarket
paper
U. S. Government obligations
Loans for
purchasing
or carrying
securities
Obligations
of
States
and Other
I Guar- politi- securities
ancal
subBonds teed
divisions
Direct
Real- ConAgriesculsumer Other
tate loans loans
To
turloans
brokal
To
ers
and others
dealers
Total
Total
Certificates
Bills of indebtedness
Total—All
Member Banks
18,863
19,462
19,979
20,482
21,805
23,930
25,500
29,872
43,17,r
52,33:
60,397
57,970
13,222
13,777
14,328
14,722
15,823
18,078
19,539
24,098
37,546
46,980
55,255
52,948
3,389
2,720
2,223
2,543
797
2.594
652
2,631
1,127
3,007
971
1,509 1,872 3,546
4,363 6,285 5,409
6,278 9,418 5,251
7,208
7,786
8,398
8,261
9,091
10,481
11,729
14,485
18,948
23,545
2,340
2,831
3,144
3,121
3,
3,839
3,832
2, '""
2,540
2,48f
3,857
158
1,142
4,483
168
908
4,772
315
797
5,486
421
1,092
6,044
207
1,245
7,268
577
1,526
7,26=
311
1,623
8,55(
402
663 1,746
12,54' 1,855 2,144 2,056
13,88' 1,985 2,818 1,656
15,734
14,563 1,328 3,409 1^829
1,663
2,284
2,385
2,650
2,977
3,415
3,652
4,572
5,420
6,454
894
1,123
1,275
1,324
1,615
1,751
1,679
1,166
1,071
974
153
5,072
5,700
6,043
6,815
7,527
8,715
8,823
9,953
13," "
14,974
16,764
15,566
14
,43C
,50'
,53i
,602
,68:
,86
,806
2,210
3,14
3,548
4,022
3,55!
1,11'
1,17.
20.
251
30'
48.
43C
85!
2,78'
3,16:
3,69;
3,23,
6,69
6,75
6,94^
6,795
7,08:
7,515
8,243
9,97
14,813
19,144
22,28'
21,32
5,01
4,99:
5,19'
4,94
5,20.
5,701
6,46'
8,18!
13,03!
17,41'
20,61(
19,68:
5,669
5,504
5,456
5,270
5,51'
5,83!
6,628
7,73'
11,380
14,66'
17,323
17,534
3,23.
3,12'
3,15!
-3,03C
3,265
3,62'
4,37'
5,50:
9,17:
12,505
15,21:
15,46.
1938—Dec. 3 1 . . . .
1939—June 30....
Dec. 3 0 . . .
1940—Tune 2 9 . . . .
b e e 31....
1941—June 30....
Dec. 3 1 . . . .
1942—June 30....
Dec. 3 1 . . .
1943—June 3 0 . . .
Oct. 18 . . . .
Dec. 31.. .
32,070
32,603
33,941
34.451
37,126
40,659
43,521
46,800
59,263
67,155
78,112
74,258
13, 208
13, 141
13, 962
13, 969
15, 321
16, 729
18, 021
16, 928
16, 088
14, 823
17, 716
16, 288
5,179
5,203
5,841
5,988
6,660
7,807
8,671
8,383
7,387
6,554
712
973
788
731
730
790
736
447
865
642
738
575
972
594
726
554
1,089
934
854 1,120
7^421
1,023 1,398 "839
New York
City1
1938—Dec. 3 1 . . . .
1939—June 3 0 . . .
Dec. 3 0 . . .
1940—June 29....
Dec. 3 1 . . . .
1941—June 3 0 . . .
Dec. 3 1 . . .
1942—June 30....
Dec. 3 1 . . .
1943—June 3 0 . . .
Oct. 18 . . . .
Dec. 3 1 . . . .
8,335
8,688
9,339
9,829
10,910
12,493
12,896
14,019
17,957
18,982
22,137
19,994
3, 262
2, 988
3 296
3 014
3 384
3 778
4 072
4 066
4 116
4 009
5 373
4 428
1,594
1,602
1,888
1,905
2,125
2,503
2,807
2,841
2,546
2,274
5
7
6
6
;
8
9
21
24
787
555
611
320
465
422
412
430
787
955
220
215
188
188
190
186
169
167
193
240
2^515 "
24 1,054
323
City of
Chicago1
1938—Dec. 3 1 . . .
1939—June 30...
Dec. 30...
1940—June 29...
Dec. 3 1 . . .
1941—June 30...
Dec. 3 1 . . .
1942—June 30...
Dec. 3 1 . . .
1943—June 30...
Oct. 1 8 . . .
Dec. 31 . .
1,969
2,052
2,105
2,205
2,377
2,707
2,760
3,116
3,973
4,332
5,045
4,554
539
544
569
603
696
846
954
906
832
784
1 023
1 004
335
344
383
432
492
630
732
712
658
612
2
43
39
41
23
42
36
48
29
34
40
70
71
66
61
54
55
52
50
32
41
6
102
52
Reserve City
Banks
1938—Dec. 3 1 . . .
1939—June 30...
Dec. 30...
1940—June 29...
Dec. 3 1 . . .
1941—June 30...
Dec. 3 1 . . .
1942—June 30...
Dec. 3 1 . . .
1943—June 30...
Oct. 18...
Dec. 31 .
11,654
11,756
12,272
12,160
13,013
14,013
15,347
16,535
20,915
24,677
28,826
27,521
4 963
5 004
5 ,329
5 365
5 931
6 498
7 105
6 564
6 ,102
5 533
6 539
6 201
2,063
2,022
2,256
2,290
2,589
3,081
3,456
3,318
2,957
2,652
207
234
221
176
263
175
300
152
290
205
119
115
119
87
115
100
114
78
97
107
242
221
222
210
207
198
194
177
153
157
1,230
1,284
1,335
1,372
1,436
1,477
1,527
1,524
1,
1,465
670
312
276
3^058
"279
"217
267
M20
"658'
301
Country
Banks
1938—Dec. 3 1 . . .
1939—June 30...
Dec. 30...
1940—June 29...
Dec. 3 1 . . .
1941—June 30...
Dec. 3 1 . . .
1942—June 30...
Dec. 3 1 . . .
1943—June 30...
Oct. 1 8 . . .
Dec. 31..
10,113
10,109
10,224
10,257
10,826
11,446
12,518
13,130
16,419
19,164
22,103
22,188
4
4
4
4
5
5
5
5
5
4
4
4
1,186
1,235
1,314
1,361
1,453
1,593
1,676
1,512
1,226
1,017
483
531
495
546
590
555
659
562
772
623
25
22
20
17
21
17
20
16
17
17
243
229
224
208
201
195
183
169
161
164
1,353
1,402
1,477
1,544
1,644
1,739
1,823
1,834
1,797
1,750
1,154
1,186
1,238
1.311
1,400
1,507
1,530
1,299
674 1 393
555 371
1,'O84
713
25
197
1,725
528
444
605
768
987
309
607
890
393
038
497
780
654
17
19
6
{
5
i
775
736
700
668
652
635
598
562
538
603
2,853
2,716
2,855
2,828
2,944
2,957
3,062
3,069
3,273
3,228
3,609
3,365
3,692
3,494
3,203
3,501
870
3,423 1,847
801
3,351 1,540
3,'274
121
130
133
137
130
129
123
121
117
113
1,484
535
481
469
458
468
536
554
499
148
303
264
140
'252'
62
60
60
62
84
101
96
90
1,101
1,128
1,177
1,230
1,322
1,466
1,512
1,315
381
286
2,448
2,554
2,692
2,888
3,013
2,984
3,090
2,934
2,965
2,876
2,818
4,360 12,071 6,906 27,'265 2,345 2,729
441
563
59
18:
153
254
297
417
256
357
397
473
291
234
176
161
181
637
795
125
153
16:
391
399
517
480
579
634
695
651
729
623
593
484
486
444
698
736
693
695
788
796
830
781
701
602
544
558
109
135
172
134
112
138
119
90
83
75
141
154
162
177
188
190
182
164
166
209
164
158
176
179
170
167
186
188
193
188
186
172
165
155
740
808
895
890
981
984
979
956
925
954
942
938
913
866
866
860
868
893
836
820
858
821
785
733
726
1,453
1,351
1,236
1,144
1,102
1,047
1,028
1,013
956
917
882
855
9S4
655
621
701
710
752
803
903
1,068
1,282
1,424
1,602
1,224
1,014
819
839
771
103
606
73
751
295
981
579
67'
1,441 2,253 1,72.
3,529
2,626
1,828
2,997
3,010
3,339
3,052!
3,281j
3,858!
4,2481
5,149
6,810
8,576|
972
969
1,049
1,162
1,173
806
811
857
1,802 4,69:
2,497
9,943
749
73?
563
431
451
433
374
481
355
657
1,251 1,240
2,276 1,368
1,893
1,870
1,972
1,849
2,081
2,404
2,926
3,696
5,436
7,091
,032| 3.094 2,096
8^705
597
982
683 1,025
725 1,061
695 1,097
710 1,146
788 1,165
861 1,222
624 1,222
574 j 1,252
581 1,241
1,229
538! 1,214
57
78
63
87
11
11
31
36
45
60
110
171
671
,194
3,192
3,131
2,959
2,873
2,970
2,867
2,871
2,840
2,664
2,476
2,324
2.294
1
Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 52-58).
156
FEDERAL
RESERVE
BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Call date
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
Balances
with
domestic
banks 1
Total—All
Member Banks
1938—Dec. 31. .
1939—June 30. .
Dec. 30.. .
1940—June 29. .
Dec. 31. •
1941—June 30. .
Dec. 31.. •
1942—June 30. .
Dec. 31. .
1943—June 30. .
Oct. 18. .
Dec. 3 1 . . .
8,694
10,011
11,604
13,751
13,992
12,959
12,396
12,295
13,072
12,093
12,128
12,835
746
712
841
789
991
999
1,087
1,022
1,019
1,142
1,150
1,132
4,240
4,674
5,506
5,751
6,185
6,293
6,246
5,770
6,147
5,S78
5,789
5,450
New York
City3
1938—Dec. 3 1 . . .
1939—June 30. .
Dec. 30. .
1940—June 29. .
Dec. 31. .
1941—June 30. .
Dec. 3 1 . . .
1942—June 3 0 . . .
Dec. 3 1 . . .
1943—June 30.. .
Oct. 18. .
Dec. 3 1 . . .
4,104
4,975
5,915
7,072
7,057
5,857
5,105
4,762
4,388
3,473
3,426
3,596
68
61
89
88
102
136
93
88
72
92
100
92
City of
Chicago6
1938—Dec. 3 1 . . .
1939—June 3 0 . . .
Dec. 30...
1940—June 2 9 . . .
Dec. 3 1 . . .
1941—June 3 0 . . .
Dec. 3 1 . . .
1942—June 30 .
Dec. 3 1 . .
1943—June 30.. .
Oct. 1 8 . . .
Dec. 3 1 . . .
884
897
993
1,187
1,051
1,062
1,021
973
902
786
785
821
Reserve City
Banks
1938—Dec. 3 1 . . .
1939—June 30.. .
Dec. 3 0 . . .
1940—June 29. ..
Dec. 3 1 . . .
1941—June 3 0 . . .
Dec. 3 1 . . .
1942—June 3 0 . . .
Dec. 3 1 . . .
1943—June 3 0 . . .
Oct. 1 8 . . .
Dec. 3 1 . . .
Country
Banks
1938—Dec. 31.. .
1939—June 3 0 . . .
Dec. 30...
1940—June 2 9 . . .
Dec. 3 1 . . .
1941—June 30. ..
Dec. 3 1 . . .
1942—June 3 0 . . .
Dec. 3 1 . . .
1943—June 3 0 . . .
Oct. 18...
Dec. 3 1 . . .
Demand
deposits
adjusted 2
Interbank
deposits
Domestic 1
Foreign
Time deposits
IndiCertividuals,
fied
U. S. States
partnerand
and
Gov- political
ships, Interoffiernsubdicers' and cor- bank
ment visions checks
porations
etc.
22,293 6,510
23,587
7,097
25,681 8,507
27,877 8,852
30,429 9,581
32,678 9,610
33,754 9,714
36,966 9,110
42,570 10,101
48,957 9,648
48,612 9,806
52,642 9,603
501
593
749
696
700
681
671
746
811
832
833
891
790
694
743
711
616
619
1,709
1,724
7,923
7,236
17,542
9,444
2,386
2,532
2,321
2,529
2,724
2,940
3,066
3,230
3,318
3,522
3,206
3,602
547
790
563
475
913
738
1,009
711
1,142
1,050
1,065
1,573
21,119
22,448
24,604
26,397
29,576
31,429
33,061
35,646
42,139
47,863
47,849
51,820
142
156
154
142
141
145
140
114
87
71
67
62
109
112
125
119
122
131
141
103
82
52
•71
61
7,168
8,012
8,899
10,235
11,062
11,619
10,761
11,711
11,899
13,543
12,750
13,899
2,687
2,992
3,542
3,840
4,032
3,948
3,595
3,284
3,209
2,939
2,914
2,867
437
516
689
646
641
618
607
679
733
744
757
810
139
84
74
67
48
32
866
863
4,186
2,820
6,566
3,395
280
288
251
258
370
319
319
271
263
249
215
252
195
472
178
147
471
306
450
273
448
404
438
710
7,273
8,281
9,030
10,283
11,357
11,895
11,282
12,014
12,501
14,001
13,149
14,373
6
9
35
26
42
39
42
41
43
43
39
39
39
38
235
235
283
242
319
262
298
220
164
173
170
158
1,688
1,666
1,739
1,898
1,941
2,205
2,215
2,379
2,557
3,002
2,885
3,050
658
746
879
949
997
1,010
1,027
1,028
1,105
1,032
1,104
972
9
12
9
8
8
8
10
12
13
13
14
83
60
80
79
90
95
127
201
665
506
1,241
713
181
197
167
199
174
213
233
226
178
202
187
174
29
22
24
17
27
33
34
24
38
36
28
44
1,597
1,565
1,676
1,782
1,905
2,109
2,152
2,292
2,588
2,981
2,901
3,097
2,354
2,735
3,118
3,759
4,027
4,125
4,060
4,254
4,940
4,848
4,800
5,116
321
318
348
334
396
385
425
357
365
395
393
391
1,940
2,210
2,485
2,679
2,741
2,793
2,590
2,279
2,202
1,892
1,930
1,758
7,214
7,654
8,176
8,774
9,581
10,480
11,117
12,515
14,849
17,403
17,251
18,654
2,719
2,920
3,516
3,526
3,919
4,000
4,302
4,052
4,831
4,749
4,843
4,770
53
63
50
41
49
53
54
55
63
71
59
63
424
415
435
422
327
341
491
422
1,982
2,383
6,223
3,373
796
917
813
956
995
1,139
1,144
1,304
1,319
1,452
1,214
1,448
170
160
190
147
228
209
286
218
385
333
329
475
7,034
7,331
8,002
8,372
9,468
10,142
11,127
12,199
15,061
17,276
17,462
18,790
1,353
1,403
1,578
1,733
1,857
1,914
•2,210
2,306
2,842
2,987
3,116
3,303
322
307
363
328
452
437
526
533
542
616
619
611
1,956
2,117
2,614
2,711
3,002
3,106
3,216
3,168
3,699
3,462
3,618
3,474
6,224
6,255
6,866
6,969
7,845
8,374
9,661
10,360
13,265
15,009
15,726
17,039
446
439
571
538
633
652
790
747
957
928
945
994
2
2
2
2
2
2
2
3
4
4
4
5
143
136
154
143
151
151
225
237
1,090
1,527
3,512
, 1,962
1,128
1,130
1,090
1,115
1,184
1,269
1,370
1,429
1,558
1,619
1,590
1,727
154
135
172
164
187
190
239
196
272
277
271
344
5,215
5,272
5,896
5,960
6,846
7,282
8,500
9,141
11,989
13,604
14,336
15,561
U. S.
Government
and
Postal
Savings
States
and
political
subdivisions
Individuals,
partnerships,
and corporations
61
59
51
59
56
55
50
49
56
71
109
120
462
441
432
410
435
397
418
400
332
341
316
327
10,846
11,063
11,215
11,459
11,687
11,898
11,878
11,673
12,366
13,382
14,176
14,822
7
5
5
6
6
4
3
4
4
4
'"'5'"'
5
3
5
5
5
Borrowings
Capital
accounts
6
5
3
3
3
3
4
6
5
18
150
39
5,424
5,496
5,522
5,608
5,698
5,800
5,886
5,991
6,101
6,252
6,389
6,475
36
46
43
29
51
27
29
17
23
21
26
26
652
653
693
732
768
778
778
717 " " 3 "
711
11
755
120
768
816
29
9
17
10
15
8
17
452
471
483
489
496
480
476
460
453
477
497
505
1.592
586
,592
L,599
1,615
L,625
1,648
1,698
1J727
1,774
1,808
1,862
257
270
250
260
270
279
288
293
304
312
317
326
2
2
2
2
.......
113
121
120
109
107
109
104
84
63
49
46
41
17
19
14
18
19
19
20
18
22
31
51
56
269
233
240
219
226
211
243
239
169
172
144
151
4,233
4,320
4,362
4,422
4,506
4,590
4,542
4,454
4,805 ""2"
5,265
6
5,605
5,902
1,777
1,812
1,828
1,873
1,904
1,940
1,967
1,985
2,028
2,071
2,112
2 135
23
26
26
29
29
30
30
27
20
17
16
17
44
40
35
37
33
31
31
31
32
37
51
56
147
145
140
147
150
143
146
143
140
148
146
149
5,509
5,619
5,677
5,816
5,917
6,049
6,082
6,042
6,397
6,886
7,306
7,599
6
5
3
3
3
3
4
3
3
7
25
10
1,798
1,828
1,851
1,876
1,909
1,956
1,982
2,014
2,042
2,094
2,151
2,153
1
Beginning June 30,1942, excludes reciprocal bank balances which on that date aggregated $600,000,000.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Central reserve city banks.
Back figures—SQQ Annual Report for 1937 (tables 52-58).
2
3
MARCH 1944
2-57
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans
Date or month
Total—101 Cities
1943—Jan
Sept
Oct..
Nov.
Dec
1944—Jan
1943—Dec.
Dec.
Dec.
Dec.
Dec.
1
8
15
22
29
1944—Jan. 5....
Jan. 12....
Jan. 19....
Jan. 26....
Feb. 2
Feb 9....
Feb. 16....
Feb. 23....
New York City
Total
loans
and
invest- Total
ments
For purchasing
or carrying securities
Commercial, To brokers
Real- Loans Other
indus- and
dealers To others estate
to
trial,
loans Total
and
loans banks
agri- u. s Other U.S. Other
cul- Govt. se- Govt. seobtural obcuricuriliga- ties liga- ties
tions
tions
1,191
33
1,455
31,557 28,270 4,226 5,012 4,113 12,999 1,920
3,287
621
1,054
824
1,142
1,135
1,127
1,117
1,106
68
78
78
93
61
1,316
1,423
1,380
1,347
1,234
38,160
40,402
40,596
39,423
39,041
35,211
37,480
37,759
36,633
36,254
4,015
4,575
4,208
3,505
3,128
8,003
8,854
9,201
8,955
8,825
4,898
4,940
4,897
4,788
4,688
16,451
17,243
17,638
17,624
17,847
1,844
1,868
1,815
1,761
1,766
2,949
2,922
2 837
2 790
2,787
1,125
1-, 123
1,123
1,108
1,108
89
83
121
111
63
1,350
1,339
1,341
1,368
1,341
40,141
39,609
39,517
38,95
38,895
37,341
36,823
36,722
36,169
36,109
3,918
3,554
3,615
3,198
3,238
9,165
9,058
8,957
8,844
8,750
4,864
4,857
4,766
4,733
4,720
17,618
17,597
17,627
17,636
17,643
1,776
1,757
1,757
1,758
1,758
2,800
2,786
2,795
2,784
2,786
1,107
1,104
1,107
1,106
60
51
60
73
1,255
1,237
1,225
1,22
38,82
38,82
39,12
39,38
36,033
36,044
36,352
36,585
3,179
3,090
3,154
3,089
8,670
8,777
8,859
8,995
4,717
4,692
4,678
4,664
17,718
17,745
17,876
18,049
1,749
1,740
1,785
1,788
2,791
2,779
2,777
2,801
304 1,099
30 1,095
355 1,092
318 1,092
86
101
92
70
1,240
1,244
1,230
1,228
40,74
41,73
41,98
41,59
37,930
38,902
39,139
38,755
3,660
4,223
4,125
3,689
8,691
8,818
9,036
9,077
5,528
5,665
5,688
5,677
18,284
18,439
18,530
18,560
1,767
1,757
1,760
1,752
2,816
2,828
2,843
2,842
9,826
6,183
48,839
52,346
52,036
50,379
49,812
10,679
11,944
11,44
10 95
10,77
5,966
6,342
6 442
6 418
6,353
1,566
1,912
1,589
1,406
846
570
51,166
50,535
50,509
49,950
49,734
11,02
10,92
10,99
10,99
10,83
6,379
6,395
6,410
6,486
6,421
1,447
1,411
1,450
1,393
1,328
49,52
49,539
49,89
50,28
10,70
10,71
10,76
10,90
6,335
6,360
6,349
6,369
743
827
843
971
563
543
589
583
337
298
290
278
303
296
300
301
52,17
53,25
53,85
53,26
11,43
11,52
11,87
11,670
6,396 1,057
959
6,393
6,446 1,153
6,412 1,109
592
602
601
603
657
831
903
838
575
301
1943—Jan
16,409
3,54
2,428
Sept.
Oct
Nov
Dec
1944—Jan
18,31
19,63
19,216
18,440
18,214
4 30
4 89
4,53
4 25
4,22
2 244
2 378
2,417
2 415
2,415
801
941
728
641
698
482
520
497
456
434
1943—Dec. 1 . . . .
Dec. 8....
Dec. 15....
Dec. 2 2 . . .
Dec. 2 9 . . .
18,78
18,49
18,45
18,25
18,21
4,28
4,23
4,30
4,29
4,18
2,402
2,413
2,403
2,438
2,418
667
649
637
646
607
456
445
497
449
431
1944—Jan.
Jan.
Jan.
Jan.
5....
12....
19....
26....
18,16
18,04
18,29
18,360
4,11
4,17
4,22
4,38
2,388
2,414
2,414
2,446
597
685
696
815
424
413
450
450
162
129
126
126
Feb. 2 . . . .
Feb. 9 . . . .
Feb. 16....
Feb. 2 3 . . . .
19,299
19,73
19,93
19,62
4,67
4,75
4,96
4,86
2,461
2,464
2,479
2,474
843
746
831
859
456
467
455
460
374
502
540
524
1943—Jan..
24,974
6,28
3,755
Sept
Oct
Nov
Dec
1944—Jan.
30,52
32,71
32,820
31,939
31 59
6,37
7,05
6,90
6,69
6 54
3,722
3,964
4,02
4,003
3 93
1943—Dec. 1 . . . .
Dec. 8....
Dec. 15....
Dec. 22....
Dec. 2 9 . . . .
32,38
32,04
32,05
31,69
31,52
6,73
6,69
6,69
6,70
6,65
3,97
3,98
4,00
4,04
4,00
1944—Jan.
Jan.
Jan.
Jan.
5....
12....
19....
26....
31,36
31,49
31,60
31,92
6,59
6,54
6,53
6,52
3,94
3,94
3,935
3,923
146
142
147
156
139
130
139
133
175
169
164
152
Feb.
Feb.
Feb.
Feb.
2....
9....
16....
23....
32,87
33,52
33,91
33,64
6,75
6,77
6,90
6,80
3,935
3,929
3,96
3,938
214
213
262
250
136
135
146
143
283
329
363
314
Outside
New York City
300
635
575
547
531
578
99
32
339
12,86
11,703 1,976 2,074 1,890
96
95
94
94
91
44
54
50
74
48
297
298
295
298
286
14,00
14,74
14,67
14,18
13,99
13,020
13,79
13,79
13,30
13,09
1,124
1,426
1,405
1,23
95
94
94
93
93
54
53
111
101
53
294
292
296
315
295
14,49
14,26
14,15
13,95
14,03
13,63
13,40
13,27
13,07
13,15
117
115
116
115
91
9
9
91
46
38
51
55
288
28
284
283
14,04
13,87
14,06
13,97
114
114
169
130
89
89
89
89
55
82
65
5
28
29
28
28
14,62
14,98
14,97
14,76
161
4 86
1 18
283
451
364
309
148
136
324
317
316
298
290
Total
CerOther
tificates
Guar- secuBills of in- Notes Bonds an- rities
debtteed
edness
360
41,383
604
UF. S. Government obligations
344
605
457
281
136
116
319
284
263
252
287
4,768
995
1,161
3,035
3,238
3,315
3,202
979 3,189
1,771
1,775
1,744
1,692
1,634
6,133
6,371
6,376
6,273
6,364
957
988
956
911
929
983
942
882
872
895
1,39
1,234
1,23
1,116
1,179
3,301
3,273
3,200
3,123
3,115
1,734
1,734
1,678
1,659
1,653
6,292
6,264
6,254
6,266
6,287
917
897
909
915
917
863
861
878
878
8-79
13,15
12,97
13,17
13,07
1,114
955
1,038
807
3,131
3,164
3,203
3,259
1,663
1,643
1,620
1,612
6,336
6,311
6,371
6,439
909
905
945
956
895
892
887
906
13,69
14,05
14,03
13,83
1,15
1,390
1,264
1,106
3,123
3,198
3,276
3,267
1,919
1,933
1,943
1,933
6,539
6,590
6,619
6,597
964
945
936
929
926
924
932
928
1 99
1,092
1,11
18,69
16,56
2,250 2,938 2,223
8,231
925
2,126
277
449
367
294
165
1,046
1,040
1,033
1,023
1,015
184
24
24
28
19
13
1,019
1,125
1,085
1,049
94
24,15
25,66
25,91
25,24
25,05
22,19
23,68
23,96
23,32
23,15
2,89
3,149
2,803
2,274
2 149
4,968
5,616
5,886
5,753
5,636
3,127
3,165
3,153
3,096
3 054
10,318
10,872
11,262
11,351
11 483
887
880
859
850
837
1,966
1,980
1,955
1,918
1 892
316
291
284
279
291
1,030
1,029
1,029
1,015
1,015
35
30
10
10
10
1,056
1,04
1,04
1,053
1,04
25,64
25,34
25,36
24,99
24,86
23,70
23,42
23,44
23,09
22,95
2,527
2,320
2,378
2,082
2,059
5,864
5,785
5,757
5,721
5,635
3,130
3,123
3,088
3,074
3,067
11,326
11,333
11,373
11,370
11,356
859
860
848
843
841
1,937
1,925
1,917
1,906
1,907
18
18
18
18
1,016
1,013
1,016
1,015
14
13
18
96
950
94
93
24,77
24,95
25,06
25,40
22,88
23,06
23,17
23,51
2,065
2,135
2,116
2,282
5,539
5,613
5,656
5,736
3,054
3,049
3,058
3,052
11,382
11,434
11,505
11,610
840
835
840
832
1,896
1,887
1,890
1,895
19
18
18
18
1,010
1,00
1,00
1,003
3
19
2
19
95
95
95
94
26,12
26,75
27,01
26,83
24,23
24,84
25,10
24,92
2,50
2,83
2,86
2,58
5,568
5,620
5,760
5,810
3,609
3,732
3,74.
3,744
11,745
11,849
11,911
11,963
803
812
824
823
1,890
1,904
1,911
1,914
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 tor 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.
FEDERAL RESERVE
BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
Re
serves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic
ad- 1
serve
banks justed
Banks
Individuals,
partnerships,
and
corporations
Time deposits,
except interbank
Interbank
deposits
IndiDomestic
vidU.S.
banks
Bor- CapStates Certiuals, States
Govital Bank
and
deband
fied U.S. partrow- acernFprpolit- and
Govner- politment
counts
ical
eign
ical
offiernships, suband
banks
subcers' ment
and
Dedivi- Postal
divi- checks
cor- sions
Sav- mand Time
sions etc.
poraings
tions
Total 101 Cities
1943—Jan
9,786
524
2,679
29,215
29,143
1,781
612
5,794
5,218
101
727
4,026 47,291
Sept
Oct
Nov
Dec
1944—Jan
9,063
8,295
8,509
8,824
8,908
546
553
548
585
557
2,314
2,270
2,230
2,193
2,216
33,418
31,062
32,416
34,111
34,429
33,629
31,459
32,706
34,444
34,574
1,775
1,656
1,757
1,721
1,758
734 7,326
693 12,639
710 10,998
867 7,718
776 6,556
5,781
5,796
5,889
5,981
6,138
122
118
118
117
120
8,984
8,725
8,747
8,687
8,890
783
772
785
802
821
4,171 60,227
4,190 52,313
4,218 51,497
4,245 59,197
4,285 58,743
1943—Dec. 1
Dec. 8.....
Dec. 15
Dec. 22
Dec. 29
8,785
8,789
8,983
8,788
8,776
545
575
593
610
601
2,194
2,155
2,284
2,171
2,163
33,651
34,075
34,750
34,185
33,895
33,970
34,147
35,287
34,521
34,297
1,766
1,717
1,708
1,716
1,696
951
721
920
831
912
9,068
7,921
7,280
7,088
7,231
5,929
5,957
5,982
6,003
6,037
114
119
117
116
118
8,710
8,668
8,843
8,667
8,549
792
801
782
809
4,236
4,240
4,255
4,243
4,249
1944—Jan.
Jan.
Jan.
Jan.
5
12
19
26
8,716
8,881
9,003
9,031
552
569
544
564
2,229
2,189
2,198
2,247
33,732
34,308
34,862
34,814
33,881
34,516
34,985
34,916
1,734
1,708
1,740
1,849
848
711
781
764
6,894
6,462
6,198
6,669
6,097
6,134
6,153
6,167
118
119
121
121
8,853
8,801
8,922
8,982
820
817
825
821
4,281 14,314
4,283 11,758
4,282 12,675
4,295 13,271
Feb. 2
Feb. 9
Feb 16
Feb. 23
8,810
8,539
8,333
8,320
536
542
529
560
2,276
2,285
2,321
2,122
31,873
31,702
31,509
31,902
32,006
31,722
32,214
32,433
1,741
1,657
1,643
1,643
792
806
657
696
11,462
12,431
13,070
12,459
6,169
6,185
6,182
6,198
123
126
128
129
8,817
8,859
8,855
8,291
814
824
810
820
9,361
58
4,305
4,309
4,308
4,313
11,808
11,624
13,267
14,036
12,183
18,675
12,826
13,184
11,131
New York City
1943—Jan
3,973
11,091
11,370
216
349
3,326
656
3,161
651
1,566 19,519
Sept
Oct
Nov
Dec
1944—Jan
3,362
3,021
3,115
3,250
3,295
12,548
11,431
11,917
12,592
12,842
12,899
11,790
12,257
12,969
13,125
205
195
254
211
198
371
379
402
487
423
3,196
5,444
4,639
3,213
2,672
698
696
710
726
747
2,899
2,753
2,742
2,752
2,837
704
695
709
722
740
1,637 20,923
1,649 20,759
1,665 24,446
1,693 24,994
12,387
12,557
12,809
12,641
12,566
12,823
12,834
13,235
12,991
12,964
236
216
212
194
194
585
394
503
442
510
3,794
3,309
3,023
2,946
2,992
712
719
730
732
737
2,759
2,702
2,794
2,739
2,764
713
724
704
729
740
1,656 4,770
1,659 4,690
1,676 5,544
1,668 5,814
1,668 4,974
1,632 24,377
76
1943—Dec
Dec.
Dec.
Dec.
Dec.
1
8
15
22
29
3,210
3,198
3,323
3,242
3,275
1944—Jan.
Jan.
Jan.
Jan.
5
12
19
26
3,183
3,256
3,365
3,378
12,521
12,671
13,090
13,084
12,794
12,962
13,345
13,399
207
192
185
207
443
372
440
435
2,849
2,661
2,548
2,632
744
746
746
752
2,832
2,814
2,844
2,859
737
737
744
1,690
1,693
1,693
1,698
6,174
4,950
5,307
5,552
Feb. 2
Feb. 9
Feb. 16
Feb. 23
3,144
3,073
3,006
3,068
11,568
11,577
11,500
11,737
11,920
11,826
11,967
12,170
181
162
161
159
460
504
327
364
4,882
5,276
5,520
5,224
750
750
743
742
2,829
2,787
2,777
2,609
730
740
727
1,704
1,705
1,705
1,705
8,221
5,718
5,376
4,490
97
100
1C5
99
Outside
New York City
1943—Jan
5,813
446
2,651
18,124
17,773
1,565
263
2,468
4,562
82
6,200
2,460 27,772
Sept
Oct
Nov
Dec
1944—Jan
5,701
5,274
5,394
5,574
5,613
461
464
455
4:
4i
2,290
2,244
2,204
2,164
2,188
20,870
19,631
20,499
21,519
21,587
20,730
19,669
20,449
21,475
21,449
1,570
1,461
1,503
1,510
1,560
363
314
308
380
353
4,130
7,195
6,359
4,505
3,884
5,083
5,100
5,179
5,255
5,391
100
97
95
97
98
6,085
5 972
6,005
5,935
6,053
2,539 35,850
2,553 31,390
2,569 30,738
2,580 34,751
2,592 33,749
1943—Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
5,575
5,591
5,660
5,546
5,501
457
478
493
505
502
2,169
2,129
2,252
2,141
2,129
21,264
21,518
21,941
21,544
21,329
21,147
21,313
22,052
21,530
21,333
1,530
1,501
1,496
1,522
1,502
366
327
417
389
402
5,274
4,612
4,257
4,142
4,239
5,217
5,238
5,252
5,271
5,300
94
99
97
96
97
5,951
5,966
6,049
5,928
5,785
2,580
2,581
2,579
2,575
2,581
7,038
6,934
7,723
8,222
7,209
1944—Jan.
Jan.
Jan.
Jan.
5
12
19
26
5,533
5,625
5,638
5,653
464
477
456
473
2,205
2,159
2,170
2,218
21,211
21,637
21,772
21,730
21,087
21,554
21,640
21,517
1,527
1,516
1,555
1,642
405
339
341
329
4,045
3,801
3,650
4,037
5,353
5,388
5,407
5,415
97
98
97
97
6,021
5,987
6,078
6,123
2,591
2,590
2,589
2,597
8,140
6,808
7,368
7,719
Feb. 2
Feb. 9
Feb. 16
Feb. 23
5,666
5,466
5,327
5,252
453
453
444
468
2,255
2,264
2,295
2,094
20,305
20,125
20,009
20,165
20,086
19,896
20,247
20,263
1,560
1,495
1,482
1,484
332
302
330
332
6,580
7,155
7,550
7,235
5,419
5,435
5,439
5,456
98
101
103
104
5,988
6,072
6,078
5,682
2,601 10,454
2,604 7,108
2,603 7,808
2,608 6,641
1
2
23
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S Government accounts.
MARCH
1944
2-59
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Total
Federal Reserve loans
district and date and
in(1944)
vest- Total
ments
Boston
Jan 26
Feb 2
Feb. 9
Feb. 16
Feb.23
New York*
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
Philadelphia
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Cleveland
Jan 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Richmond
Jan. 26
Feb 2
Feb. 9 .:
~>Feb. 16
Feb. 23
Atlanta
Jan. 26
Feb 2
Feb. 9
Feb 16
Feb 23
Chicago*
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
St. Louis
Jan 26
Feb. 2 .".
Feb. 9
Feb.16
Feb. 23
Minneapolis
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb 23
Kansas City
Jan. 26
Feb 2
Feb. 9
Feb.16
Feb. 23
Dallas
Jan. 26
Feb. 2
Feb. 9
Feb.16
Feb. 23..
San Francisco
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
City of Chicago*
Jan 26
Feb. 2
Feb. 9
Feb.16
Feb. 23
Commercial,
industrial,
and
agricultural
For purchasing or carrying securities
To brokers
and dealers
To others
U.S.
U.S.
Govt. Other Govt. Other
obli- secur- obli- securgaities ga- ities
tions
tions
U. S.Government obligations
Real- Loans Other
Total
estate
to
loans banks loans
Total
CertifiOther
cates
of
Guar- secuBills in- Notes Bonds an- rities
debtteed
ed-
ness
2,727
2,840
2,926
2,946
2,925
630
647
647
658
654
394
398
404
408
407
26
35
29
33
31
14
15
16
19
17
4
5
6
7
6
21
21
21
21
22
65
65
64
64
64
3
5
6
7
7
103
103
101
99
100
2,097
2,193
2,279
2,288
2,271
2,010
2,107
2,191
2,202
2,184
194
227
267
264
245
599
555
590
600
598
209
312
314
317
322
955
962
969
973
973
53
51
51
48
46
87
86
88
86
87
20,084
21,059
21,569
21,774
21,429
4,735
5,039
5,127
5,340
5,236
2,608
2,621
2,628
2,643
2,639
823
852
754
900
864
455
461
475
463
468
132
388
520
559
543
139
138
138
193
154
172
170
170
170
169
55
55
82
65
51
351
354
360
347
348
15,349
16,020
16,442
16,434
16,193
14,354
15,006
15,431
15,415
15,178
911
1,243
1,533
1,403
1,207
3,529
3,399
3,470
3,554
3,538
1,785
2,116
2,140
2,149
2,136
7,140
7,249
7,306
7,336
7,324
989
999
982
973
973
1,014
1,011
1.019
1,0.15
2,228
2,309
2,338
2,330
2,313
453
466
472
476
469
254
251
257
261
262
5
15
16
15
17
31
31
31
31
31
1
11
11
11
6
9
9
9
9
8
39
39
38
38
38
10
5
4
4
104
105
106
107
107
1,775
1,843
1,866
1,854
1,844
1,600
1,668
1,692
1,679
1,667
170
202
200
182
171
323
331
338
342
337
152
172
180
180
180
884
894
905
906
910
71
69
69
69
69
175
175
174
175
177
4,011
4,096
4,167
4,246
4,232
827
875
872
910
899
407
405
403
410
71
81
91
107
101
16
14
10
13
13
22
36
43
48
45
14
15
14
14
14
168
168
168
166
166
15
4
11
8
129
141
139
141
142
3,184
3,221
3,295
3,336
3,333
2,942
2,980
3,054
3,095
3,093
256
278
314
331
290
640
593
609
618
632
365
425
447
448
451
1,582
1,598
1,596
1,610
1,632
99
86
88
88
88
242
241
241
241
240
1,571
1,626
1,650
1,682
1,683
265
286
291
291
287
128
132
132
133
131
1
4
6
6
5
4
4
4
4
4
13
29
32
31
29
11
11
11
11
11
49
49
49
49
49
1
1
1
1
1
58
56
56
56
57
1,306
1,340
1,359
1,391
1,396
1,251
1,284
1,303
1,335
1,340
103
118
128
132
142
245
224
223
242
248
168
195
202
198
198
696
710
709
719
708
39
37
41
44
44
55
56
56
56
56
1,512
1,541
1,550
1,589
1,570
342
356
356
373
352
212
214
212
214
207
2
2
1
3
3
4
5
5
6
5
20
30
34
45
34
6
6
6
6
6
28
28
27
27
27
1
1
1
1
1
69
70
70
71
69
1,170
1,185
1,194
1,216
1,218
1,058
1,075
1,083
1,105
1,107
83
88
89
90
83
252
229
233
253
263
191
222
217
215
215
483
487
493
495
494
49
49
51
52
52
112
110
111
111
111
7,703
8,007
8,185
8,276
8,151
1,418
1,478
1,473
1,491
1,478
1,027
1,026
1,021
1,028
1,022
36
50
44
58
52
34
38
36
38
38
35
75
86
82
81
45
47
47
45
46
139
138
137
137
137
1
1
1
1
1
101
103
101
102
101
6,285
6,529
6,712
6,785
6,673
5,788
6,034
6,217
6,277
6,165
641
735
854
877
750
1,535
1,522
1,540
1,569
1,584
761
914
925
921
917
2,654
2,670
2,705
2,710
2,716
197
193
193
200
198
497
495
495
508
508
1,591
1,615
1,634
1,640
1,624
407
411
414
418
410
249
247
246
249
245
1
1
1
1
5
5
5
5
5
15
21
24
26
22
9
8
9
8
8
64
63
63
63
64
1
2
1
1
^
64
64
65
65
64
1,184
1,204
1,220
1,222
1,214
1,074
1,094
1,111
1,113
1,104
90
96
111
105
92
271
260
260
262
265
146
172
174
175
175
521
524
525
529
530
46
42
41
42
42
110
110
109
109
110
986
1,018
1,038
1,047
1,036
198
206
205
208
205
119
117
116
119
117
1
4
4
4
2
2
2
2
2
2
4
12
12
13
15
4
4
5
5
5
19
19
19
19
19
1
1
1
1
48
47
46
45
45
788
812
833
839
83
738
759
769
784
780
60
59
70
72
70
187
194
189
203
204
94
106
110
109
107
368
373
373
373
371
29
27
27
27
28
50
53
64
55
51
1,715
1,739
1,769
1,794
1,783
344
349
347
351
345
231
232
22<:
230
226
1
1
1
1
1
3
3
3
3
3
6
11
12
14
13
8
8
7
8
8
41
40
40
40
40
54
54
55
55
54
1,371
1,390
1,422
1,443
1,440
1,247
1,268
1,300
1,318
1,314
123
130
140
146
138
328
317
328
331
333
220
240
240
245
251
522
528
539
543
542
54
53
53
53
50
124
122
122
125
126
1,329
1,344
1,369
1,39
1,386
324
330
334
343
340
223
225
225
227
228
1
1
14
18
22
25
21
16
16
15
17
17
20
20
20
20
20
47
48
49
47
47
1,005
1,014
1,035
1,054
1,046
955
964
985
3
3
3
2
3
4
4
998
82
82
93
99
89
278
263
268
280
277
142
164
166
166
168
40"
410
413
41o
418
46
45
45
47
46
50
50
50
49
43
4,83
4,98
•5,06
5,13
5,13
959
988
988
517
528
520
524
518
4
11
12
22
29
12
12
12
13
13
12
21
29
42
23
19
21
19
18
19
302
300
300
299
299
93
95
96
95
94
3,872
3,995
4,073
4,120
4,13
3,568
3,69
3,766
3,81
3,82
376
402
424
424
412
808
804
770
782
798
431
490
550
565
557
1,83"
1,879
1,906
1,923
1,942
116
116
116
117
116
304
304
307
309
313
762
761
759
765
760
33
46
41
53
49
29
32
31
32
32
25
54
64
60
59
40
43
42
41
41
23
23
23
23
23
50
51
49
50
49
3,784
3,92
4,06
4,08
4,00
3,473 404
455
3,619
540
3,75
537
3,76
3,68 • 447
896
927
963
987
997
485
547
549
544
537
1,624
1,628
1,637
1,63.
1,639
64
62
62
62
62
4,74
4,94
5.07
5,11
5,02
1,01
99
96
1,011
1,010
1,025
1.014
[410
1
1
1
1
1
1,005
995
311
- 310
311
323
324
* 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
Newv York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
L6O
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[ In millions of dollars ]
Federal Reserve
district and date
(1944)
Boston (6 cities)
J a n . 26
Feb 2
Feb. 9
Feb.16
Feb.23
New York (8 cities)*
J a n . 26
Feb. 2
Feb. 9
F e b . 16
F e b . 23
Philadelphia (4 cities)
J a n . 26
Feb. 2
Feb. 9
Feb.16
F e b . 23
Cleveland (10 cities)
J a n . 26
Feb. 2
Feb. 9
F e b . 16
F e b . 23
Richmond (12 cities)
J a n . 26
Feb. 2
Feb. 9
Feb.16
F e b . 23
Atlanta (8 cities)
J a n . 26
Feb. 2 . .
Feb. 9
Feb.16
F e b . 23
Chicago (12 cities)*
J a n . 26
Feb. 2
Feb. 9
Feb. 16
F e b . 23
St. Louis (5 cities)
J a n . 26
Feb. 2
Feb. 9
F e b . 16
F e b . 23
Minneapolis (8 cities)
J a n . 26
Feb. 2
Feb. 9
F e b . 16
F e b . 23
Kansas City
J a n . 26
Feb. 2
Feb 9
F e b . 16
F e b . 23
Dallas (9 cities)
J a n . 26
Feb. 2
Feb. 9
F e b . 16
Feb. 23
San Francisco
J a n . 26
Feb 2
Feb. 9
Feb.16
F e b . 23
City of Chicago*
Jan.26
Feb. 2
Feb. 9
Feb.16
F e b . 23
ReIndiBalDeerves
vidwith Cash ances mand
with
deuals,
Fedin
doposits parteral
ault
mestic
ad- 1 nerRe)anks usted ships,
serve
anks
and
corporations
Interbank
deposits
Time deposits,
except interbank
Demand deposits,
except interbank
Individtates Certiuals,
fied
and
S. partpolit- and U.
neroffi- Govical
ern- ships,
sub- cers' ment
and
divi- hecks
corsions etc.
porations
Domestic
banks
U.S.
Bor- Caplank
Govow- ital
ernac- di et sb2Forngs
ment
ounts
eign
and
ostal De- Time banks
Sav- mand
ings
tates
and
political
subdivisions
18
18
19
17
17
343
289
274
265
247
36
44
47
47
28
1,831 5,892
1,838 8,797
1,840 6,083
1,839 5,760
1,840 4,806
59
57
58
57
57
120
131
123
139
112
2,084
1,856
1,841
1,819
1,838
2,061
1,845
1,821
1,831
1,844
101
98
95
91
94
44
33
27
27
27
419
837
891
930
887
278
279
280
281
282
3,601
3,394
3,287
3,236
3,313
125
115
123
116
124
119
128
115
124
117
14,390
12,821
12,816
12,739
12,971
14,504
12,967
12,858
12,999
13,202
451
422
406
417
410
459
493
530
355
387
2,796
5,178
5,608
5,873
5,561
1,189
1,187
1,188
1,179
1,182
392
382
366
362
356
30
28
29
28
30
83
81
76
84
77
1,664
1,517
1,510
1,488
1,526
1,712
1,571
1,559
1,577
1,584
54
34
34
33
t3
16
16
14
20
27
322
587
600
619
584
168
169
168
167
167
686
751
692
667
643
71
69
67
66
70
228
232
222
226
221
2,777
2,663
2,598
2,571
2,599
2,841
2,703
2,626
2,685
2,694
108
110
102
108
11
44
49
46
48
49
458
723
784
847
821
834
834
83
83
83
282
272
299
278
262
37
35
3
3
3
163
164
166
151
14
1,086
1,013
1,014
1,014
1 035
1,064
l,00§
1,00
1,01
1,02
90
79
8
7
7
19
17
18
16
28
209
36
40
41
39
23
23
23
23
23
389
360
365
357
328
11
112
112
112
112
334
474
347
380
321
297
28
30
28
27
2
2
2
2
2
146
15
15
15
14
1,017
95
96
95
96
94
89
900
91
91
15
15
15
15
15
12
16
24
25
28
27
24
25
25
25
25
45
459
46
46
43
10
10
10
10
10
368
417
329
367
329
1,39
1,34
1 32
1,27
1,27
9
9
9
9
9
40
41
39
43
38
5,35
4,93
4 92
4,87
4,90
5,29
4,84
4,86
4,94
4,94
39
36
32
32
32
5
5
5
5
5
1,03
1,71
1,83
1,94
1,86
1,21
1,21
1,21
1,21
1,21
1,50
1,52
1,53
1,55
1,44
49
49
49
49
49
2,081
2,901
1,785
2,186
1,841
29
28
27
27
27
2
1
1
1
1
11
11
11
11
10
94
86
85
86
86
99
90
90
91
91
6
6
1
1
17
27
29
31
29
22
22
22
22
22
56
55
56
54
51
u
369
479
340
341
311
16
16
16
15
15
1
1
1
1
1
8
8
8
8
59
53
54
55
54
56
53
53
54
55
16
24
26
26
24
13
13
13
13
13
28
28
29
28
27
7
268
317
224
234
197
30
30
32
31
29
1,14
1,06
1,09
1,07
1,09
1,14
1,07
1,07
1,10
1,11
18
27
29
30
28
17
17
17
17
17
79
79
81
81
79
12
12
12
12
12
428
527
406
429
398
21
21
23
23
22
1,05
1,00
98
99
99
1,06
1,01
99
1,02
1,02
14
21
24
25
24
15
15
15
15
15
41
41
43
44
41
10
10
10
10
10
365
374
333
322
315
79
78
75
74
74
2fc
26
26
26
22
2,69
2,63
2 57
2,56
2,56
2,72
2,65
2,58
2,65
2,62
17
17
15
15
14
58
80
95
1,01
99
1,31
1,31
1,32
1,32
1,33
85
82
82
81
77
r
3,22
2,97
2,96
2,93
2,90
3,25
2,98
2,99
3,03
3,00
16
15
13
13
13
68
1,10
1,20
1,30
1,24
52
52
52
52
52
37
36
37
36
36
29
30
28
29
27
2
\
19
18
2
17
1
c
1
1
12
12
12
12
12
6
6
\
2
2
26
26
27
29
27
9
9
2,925
2,895
2,854
2,845
2,670
4
4
4
493
492
490
506
465
48
51
54
55
5
\
1
1944
742
732
742
729
741
8
6
389
335
341
342
308
228
228
229
228
229
6
6
10
566
845
480
574
444
427
892
428 1,196
428
875
428
874
428
746
10
10
1
1
1
1
1
1
11
11
11
11
43
41
42
42
39
2
42
42
42
42
42
982
1,082
967
1,012
880
1,06
1,08
1,1(K
1,09
1,01
;
31
32
32
32
32
1,224
1,736
1,038
1,263
1,106
*1 See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2
Debits to demand deposit accounts except interbank and U. S. Government accounts.
MARCH
4
4
262
726
263 1,266
261
657
262
705
261
543
462
479
416
385
392
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Based on
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Accepting banks
Total
Own
bills
Imports
into
United
States
Others*
Bills
bought
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1942—October
November
December
271
261
230
119
116
118
94
90
93
63
61
60
31
29
34
25
26
25
60
57
57
6
6
9
40
39
38
12
12
14
1943—January
February
March
April
May
June
July
August
September
October
November
December
220
209
201
179
160
143
150
156
170
188
203
202
120
127
130
128
136
140
139
130
117
115
111
117
95
102
101
99
105
102
102
94
84
35
38
39
38
40
40
38
36
33
39
35
38
24
25
29
29
31
38
36
36
33
27
23
27
57
60
69
71
79
82
81
77
69
67
59
66
12
14
12
9
8
10
12
10
90
60
64
62
61
65
62
64
59
50
48
53
52
38
41
39
38
37
36
35
33
30
29
31
30
12
12
10
11
12
12
10
11
11
10
9
9
1944—January
209
120
94
55
38
7
9
11
11
29
1
2
8
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Less than $500,000.
Back figures— See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars!
Credit balances
D e b i t balances
E n d of m o n t h
1936_ j u n e
December
Customers'
debit
balances
(net)1
. . . .
Debit
Debit
balances in balances in
partners'
firm
investment investment
a n d trading and trading
accounts
accounts
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed2
Free
Other
(net)
Other c r e d i t balances
In partners' In firm
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
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
1938—June
December
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
5
298
305
1939—June
December
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
280
277
1940—June
December
1941__j une
December
653
677
12
12
58
99
223
204
376
427
267
281
62
54
22
22
6
7
5
5
616
600
11
8
89
86
186
211
395
368
255
289
65
63
17
17
7
5
222
213
1942—June
December
496
543
9
7
86
154
180
160
309
378
240
270
56
54
16
15
4
4
189
182
290
*320
e
350
«57O
e
550
529
6
530
e
490
€
77O
e
740
e
600
557
«280
e
310
«320
e
330
e
330
334
6
340
e
340
e
320
e
330
e
340
354
66
15
7
212
65
14
5
198
e
e
1937_june
1943—January
February
March
April
May
June
July
August
September
October
November
December
1944—January
e
e
540
55O
610
e
67O
e
740
761
«780
«740
e
820
e
83O
6
780
788
c
c
c
78O
9
190
ie>7
11
188
181
560
269
247
37O
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own 2 partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
FEDERAL RESERVE
BULLETIN
O P E N - M A R K E T MONEY RATES I N N E W Y O R K CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6monthsl
Yields on U.S.
Government securities
Prime Stock
exbank- change
ers'
9- to 12call
accept- loan
month
to 5ances,
3certifi- 3-year
re90
month
cates taxable
3
newdaysl
bills
of
inal
debted- notes
ness
1941 average
1942 average
1943 average
1943—January
February
March
April
May
June
July
August
September
October
November . . . .
December
.54
.66
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.103
.326
.373
.367
.372
.373
.373
.373
.374
.374
.375
.375
.375
.375
.375
.76
.73
.75
.78
.78
.70
.68
.75
.77
.78
.77
.77
.76
1.13
1.31
1.29
1.24
1.33
1.39
1.36
1.32
1.30
1.29
1.31
1.31
1.29
1.30
1944—January
Week ending:
Jan.29
Feb. 5
Feb.12
Feb 19
Feb.26
.69
.44
1.00
.374
.78
1.30
I
1.00
1.00
1.00
1.00
1.00
.374
.374
.375
.375
.375
.79
.78
.77
4
.79
.79
1.32
1.32
1.32
1.32
1.32
7
A
.75
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
Number of issues increased from 1 to 2 on Feb. 16.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
on Treasury bills and Treasury notes available on request.
COMMERCIAL L O A N RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
Total
19 cities
York
City
7 Other
Northern and
Eastern
cities
1935 average}
1936 average 11
1937 average 1
1938 average
2.93
2.68
2.59
2.53
1.76
1.72
1.73
1.69
3.39
3.04
2.88
2.75
3.76
3.40
3.25
3.26
1939 average
1940 average
1941 average
1942 average
1943 average
1939—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
2.72
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
2.30
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
2.80
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
3.13
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
1943—March
June
September
December
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
3.24
3.38
2.73
3.17
New
11 Southern and
Western
cities
1 Prior to March 1939figureswere reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See November 1939 BULLETIN, pp. 963-969 for description
and for back figures.
B O N D YIELDS 1
[Per cent per annum]
U.S.
Government2
Year, month, or week
Partially
Taxable
taxexempt
Number of issues
2-6
Corporate (Moody's) 5
Municipal
(high,
grade) d
Aa
A
Baa
Industrial
30
30
30
30
40
40
40
2~67
2.75
2.64
2.77
2.83
2.73
2.94
2.98
2.86
3^30
3.28
3.13
4.33
4.28
3.91
2.95
2.96
2.85
3.95
3.96
3.64
3.11
3.11
2.99
2.27
2.22
2.21
2.20
2.13
2.07
1.97
1.91
1.92
1.88
1.90
2.00
2.70
2.68
2.70
2.68
2.65
2.63
2.58
2.57
2.59
2.60
2.61
2.63
3.27
3.23
3.20
3.19
3.16
3.14
3.11
3.10
3.11
3.11
3.13
3.14
2.79
2.77
2.76
2.76
2.74
2.72
2.69
2.69
2.69
2.70
2.71
2.74
2.93
2.89
2.88
2.88
2.87
2.85
2.82
2.81
2.82
2.83
2.84
2.87
3.20
3.17
3.14
3.14
3.13
3.11
3.09
3.08
3.10
3.10
3.11
3.13
4.16
4.08
4.01
3.96
3.91
3.88
3.81
3.81
3.83
3.82
3.83
3.82
2.90
2.88
2.87
2.87
2.86
2.84
2.80
2.79
2.82
2.82
2.85
2.86
3.86
3.78
3.73
3.69
3.64
3.61
3.56
3.55
3.56
3.55
3.56
3.56
3.05
3.02
3.00
3.01
3.00
2.98
2.95
2.96
2.96
2.96
2.98
3.00
2.34
1.92
2.65
3.11
2.72
2.83
3.11
3.76
2.83
3.51
2.99
2.34
2.34
2.32
2.32
2.32
1.88
1.86
1.85
1.85
1.85
2.67
2.66
2.66
2.65
2.64
3.11
3.10
3.10
3.10
3.10
2.73
2.74
2.73
2.74
2.74
2.84
2.84
2.84
2.83
2.83
3.11
3.10
3.10
3.11
3.10
3.74
3.73
3.72
3.72
3.73
2.83
2.83
2.82
2.83
2.83
3.49
3.50
3.49
3.49
3.49
2.99
2.99
2.98
2.98
2.98
2TlO
2.36
2.06
1943—January
February
March
April
May
June
July
August
September
October
November
December
2.06
2.06
2.08
2.02
1.92
1.85
1.82
1.83
1.80
1.81
1.85
1.86
2.32
2.32
2.33
2.32
2.30
2.29
2.27
2.28
2.30
2.30
2.32
2.34
1944—January
1.86
Week ending:
Jan. 29
Feb. 5
Feb.12
Feb.19
Feb. 26
1.86
1.87
1.85
1.83
1.80
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.
"
•
from 1
Back
fi^i
.
t
21-24. Figures for U. S. Government bonds available on request.
MARCH
1944
Public
utility
120
15
2.35
2.31
1
Railroad
3.34
3.34
3.16
2
1.95
2.02
1.91
5
By groups
By rating
Total
Aaa
1941 average
1942 average
1943 average
1
2
3
4
Corporate
(highgrade) 4
SECURITY MARKETS 1
Stock prices5
Bond prices
Corporate4
Year, month, or week
U. S. Municipal
Gov(high 3
ernment8 grade)
Number of issues
Medium and lower-grade
Highgrade
Total
1941 average
1942 average
1943 average
1943—January
February...
March
April
May
June
July
August
September.
October
November.
- December..
DePublic faulted
utility
Railroad
Preferreds
Total
Industrial
Railroad
20
20
103.9
109.1
117.0
86.9
86.6
97.6
106.1
104.8
114.0
21.9
27.2
44.0
171.9
162.4
172.7
80
69
92
80
71
94
71
66
81
61
82
629
466
1,032
105.4
106.4
108.0
109.2
110.0
109.9
110.8
110.4
110.4
110.6
111.3
112.1
115.7
115.9
116.7
116.3
116.1
116.6
116.6
117.0
117.1
117.9
118.9
119.4
89.9
92.0
95.3
97.8
100.1
98.7
100.4
98.6
98.4
98.6
99.8
101.7
110.5
111.4
112.1
113.4
113.7
114.4
115.3
115.6
115.7
115.4
115.2
115.1
31.7
33.5
39.9
44.7
49.1
47.6
48.1
44.2
46.4
49.9
45.4
46.9
168.0
170.8
171.5
171.5
172.1
173.8
175.9
176.4
175.9
175.1
172.6
169.1
85
88
91
95
97
99
94
96
95
91
92
82
88
91
94
97
99
101
96
98
97
93
94
74
78
86
93
98
94
97
91
91
92
87
86
69
73
76
79
84
85
88
86
87
87
85
85
820
1,247
1,504
1,485
1,593
992
1,145
604
120.5
113.2
119.8
104.1
115.5
52.8
171.2
95
96
91
120.3
120.3
120.5
120.4
120.5
113.3
113.3
113.5
113.8
113.7
119.5
119.4
119.2
119.3
119.1
104.8
104.9
105.5
106.2
106.1
115.5
115.6
115.7
115.9
115.9
53.9
55.4
57.0
59.1
59.9
172.0
172.0
172.4
173.3
172.9
94
95
94
94
95
96
96
95
96
96
92
95
93
97
100
2-6
111.0
109.9
111.5
Industrial
Volume
of trading?
(in thousands of
Public shares)
utility
Common (index, 1935-39 = 100)
50
130.9
126.2
131.8
117.8
118.3
120.3
98.9
100.1
109.5
109.4
109.4
109.1
109.9
111.4
112.4
112.9
112.7
113.2
113.0
112.4
112.3
127.7
128.6
128.7
129.1
130.4
131.5
133.4
134.6
134.4
135.2
134.9
132.8
119.5
120.0
119.8
119.9
120.1
120.5
121.1
121.1
120.8
120.9
120.4
120.0
1944—January
112.3
134.4
Week ending:
Jan. 29
Feb. 5
Feb.12
Feb.19
Feb.26
112.3
112.1
112.4
112.7
113.2
135.2
135.6
135.8
135.8
135.8
354
663
633
886
807
788
87
87
87
87
87
688
790
702
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis
of a 32% per cent 16-year bond. Prices expressed in decimals.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
5
Standard and Poor's Corporation.
6
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
•Backfigures.—ForUnited States Government bonds, see November 1940 BULLETIN.
NEW SECURITY ISSUES
[In millions of dollars]
7
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1943—January
February....
March
April
May
June
July
August
September...
October
November...
December...
1944—January
Total
(new
and
refunding)
For refunding
or new capital
Domestic
Domestic
Total
(domestic
and
Total
foreign)
State
and
municipal
Corporate
For- 2
eign
Federal
agencies 1
Total
803
405
855
150
735
22
712
157
971
481
931
924
751
461
518 1,272
108
342
59
176
178
404
1,192
1,225
873
383
736
1,062
624
374
144
334
839
817
807
287
601
889
506
282
3
11
47
15
25
22
6
14
10
33
87
8
7
34
6
15
22
2,160
4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,114
2,143
1,386
1,457
1,972
2,138
2,360
2,289
1,951
2,854
1,075
611
1,386
1,409
1,949
2,094
2,325
2,239
1,948
2,852
1,075
609
176
102
200
158
157
203
169
145
109
201
357
163
7
58
90
36
44
41
31
29
20
57
165
33
7
58
87
36
44
41
31
29
20
57
165
33
4
47
33
10
12
10
7
7
10
5
21
10
11
23
10
3
11
55
19
29
30
19
22
10
'41
121
14
240
103
93
24
31
38
7
3
1
4
Bonds
Stocks
and
notes
35
69
352
408
67
97
135
173
118
92
7
'"48"
23
44
35
50
2
1
""2"
2
4
4
8
13
8
10
Total
(domestic
and
foreign)
Total
Corporate
State
and
municipal
Federal
agencies 1
Total
Bonds
and Stocks
notes
Foreign 2
774
3,242
4,242
1,799
2,089
3,553
2,852
2,693
1,039
1,532
765
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
136
365
382
191
129
195
482
435
181
259
317
987
353
281
665
1,537
344
698
440
497
312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
418
685
312
1,782
3,187
856
1,236
1,596
1,834
1,430
407
603
170
44
110
122
114
162
139
116
89
144
192
130
80
44
110
122
114
162
139
116
89
144
192
130
45
11
17
13
25
41
42
22
10
11
15
8
27
32
55
35
44
43
31
15
24
46
107
39
8
2
38
75
45
78
66
79
55
87
70
83
8
2
32
73
42
67
65
69
51
59
58
77
2
2
11
1
10
5
27
12
7
137
137
14
123
62
61
"si"
200
352
31
137
193
126
11
82
9
26
119
119
28
88
4
"96"
90
7
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).
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated
gross
proceeds 2
Estimated
net
proceeds 3
New money
Plant and
equipment
Total
1934
1935
1936
1937
1938. .
1939
1940
1941
1942
1943
Retirement of securities
Working
capital
Total
Repayment
of
other debt
Preferred
stock
Bonds and
notes
84
170
154
111
215
69
174
144
138
54
11
23
49
36
7
26
19
28
3528
36
51
10
8
1
3
4
20
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,112
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,089
57
208
858
991
681
325
569
868
474
285
32
111
380
574
504
170
424
661
287
156
26
96
478
417
177
155
145
207
187
129
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
721
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
651
135
124
152
61
43
82
46
35
34
132
123
149
60
42
80
45
34
33
75
57
75
20
38
31
4
5
16
20
25
57
17
33
12
2
1
15
55
32
4
1
21
14
61
31
4
25
41
28
17
21
14
56
31
4
24
41
28
13
8
49
96
88
81
97
74
103
68
127
197
100
1
12
39
9
32
25
3
15
11
3
122
14
6
34
48
76
49
70
59
80
50
101
69
79
6
34
42
74
49
51
40
79
42
97
64
75
2
3
1
3
"91"
3
1
2
32
6
18
15
3
3
5
3
31
10
7
2
August
September
October
November.
December
9
49
98
91
83
99
76
106
69
130
200
103
' 19
19
1
9
4
5
4
2
8
5
22
6
3
1944—January...
154
150
34
23
11
114
54
60
2
1942—April
May
June
July
August
September
October
November
December
1943—January
February
March
April
May
June
July
1
19
5
2
10
6
3
14
10
n""
6
71
226
190
87
59
128
100
30
70
5""
Other
purposes
2
1
4
8
2
10
"
"2"
1
"5'
1
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
1943
Total
net
proceeds
New
money
172
120
774
338
54
182
319
361
47
159
21
57
139
228
24
85
115
253
32
46
Retire- All
ment of other
securi- purties
poses
120
54
558
110
30
97
186
108
15
113
1942—April
May
June
July
August
September
October
November
December
1943—Tanuary
February..
March
April
May
June
July
August
September
October
November
December
1944—January..
Q
2
2
1
9
3
2
2
1
4
8
15
3
14
46
7
6
4
28
26
3
8
5
3
14
8
6
9"
4
10
46
7
"6
4
" " 3 "
3
8
Industrial
Public utility
""28"
23
31
10
77
1
""is"
Total
New
net
money
proceeds
130
1,250
1,987
751
1,208
1,246
1,180
1,340
464
439
11
30
63
89
180
43
245
317
145
8
17
30
70
6
38
40
29
17
27
13
12
17
3
34
6
i"
10
Other
Retire- All
Total
Retire- All Total
RetireAll
ment of other
net
New ment of other
New ment of other
net
securi- purpro- money securi- pur- 4 pro- money securi- purties
poses* ceeds
ties
poses ceeds
ties
poses4
77
1,190
1,897
611
943
1,157
922
993
292
414
4
13
50
2
4
25
29
16
17
42
30
27
50
86
47
13
30
27
17
5
3
9
39
2
22
1
58
1
38
1
26
46 . . . . . .
49
50
37
75
34
3
20
1
55
3
38
1
24
46 . . . . . .
41
49
37
70
'"s"
61
61
62
774
1,280
1,079
831
584
961
828
527
468
25
74
439
616
469
188
167
244
293
219
34
550
761
373
226
353
738
463
89
187
2
150
80
90
136
43
56
121
146
62
20
122
390
71
16
102
155
94
4
23
115
93
70
52
2
38
6
17
3
62
45
55
15
2
23
4
4
2
17
1
6
29
36
47
10
8
1
1
8
2
59
27
17
50
40
49
14
48
134
19
1
2
33
5
11
25
3
9
3
2
119
7
6
2
'18
22
7
23
26
35
9
24
9
9
8
12
7
2
11
6
3
22
6
3
81
26
53
2
46*
218
57
8
9
42
55
4
12
""72
152
7
7
88
9
18
19
4
20
7
1
5
104
21
7"
15
3
12
1
" " l "
"2"
3
1
4
2
2
"i"
1
3" " " 3 "
1
2
3
4
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
Source.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN.
MARCH 1944
165
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollarsl
Profits and
dividends
Net profits, 1 by industrial groups
Year or quarter
Total
Iron
and
steel
Machinery
Other
Nontrans- ferrous
porta- metals
tion
and
equip- prodment
ucts
Automobiles
Other
durable
goods
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco ing
Other
nondurable
goods
Dividends
Miscellaneous
services
Net
profits1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,169
1,792
146
278
325
226
115
158
193
159
223
242
274
209
102
173
227
202
119
133
153
138
70
88
113
90
151
148
159
151
98
112
174
152
186
194
207
164
134
160
187
136
122
132
159
165
847
1,028
1,144
883
90
90
92
88
564
669
705
552
284
311
320
550
13
14
35
85
20
25
26
44
64
61
12
86
23
21
20
39
25
22
30
42
8
16
23
23
31
36
44
41
14
21
26
37
36
40
45
66
28
29
32
45
24
27
29
42
173
185
167
321
21
22
21
26
114
119
125
207
422
412
396
588
47
51
79
101
33
39
34
52
69
53
17
103
41
36
33
63
33
29
30
40
14
21
25
28
34
38
33
43
34
30
25
24
46
45
52
51
41
41
39
39
29
30
29
44
246
230
211
342
21
21
22
25
136
158
158
217
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
170
221
52
52
51
72
38
35
36
49
46
25
46
92
J51
4
419
364
451
557
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
32
34
52
47
204
174
211
294
21
23
20
23
134
135
125
158
1943—1
2
3
442
442
452
53
48
50
39
42
43
47
49
52
34
32
32
19
22
19
39
40
39
36
42
49
42
41
40
36
36
36
42
38
41
211
221
225
21
22
21
127
132
127
Number of companies...
1939
1940
1941
1942
Quarterly
1939—1
2
3.
4
1940—1
2
3
4
1941—1 . ..
2
3
4
1942—1
2
3
7
48
7
54
I 54
7
53
PUBLIC UTILITY CORPORATIONS
[ In millions of dollars ]
Railroad2
Year or quarter
Operating
revenue
Income
before
income
Net income1
All roads Insolvent
roads
Dividends
Number of companies..
1939
1940
1941
1942
....,
Operating
revenue
Income
before
income
tax4
Net
income1
Dividends5
Operating
revenue
e Net
incomes-
Dividends
28
28
28
28
32
32
32
126
159
186
r
202
692
735
799
848
159
177
202
226
137
142
133
118
116
118
115
98
1,067
1,129
1,235
1,362
191
194
178
163
175
178
172
163
21
23
21
61
175
166
167
184
46
37
34
43
19
19
19
22
259
267
266
274
44
49
47
51
42
42
43
-29
-33
— 14
3
25
29
29
78
187
176
177
194
42
41
47
39
32
30
36
41
34
31
37
19
19
19
20
274
281
281
294
49
50
45
50
44
44
44
46
69
103
189
138
-5
0
23
5
28
36
34
87
201
191
196
211
59
48
46
50
43
33
25
34
18
24
18
19
295
308
311
321
43
44
45
46
44
45
44
40
179
389
556
594
90
199
283
387
12
37
60
64
29
35
34
98
216
202
208
221
63
53
55
56
33
25
26
35
19
19
19
19
324
336
344
358
47
48
22
44
42
39
38
513
605
653
209
239
249
52
56
55
28
49
39
229
221
225
71
62
60
34
29
29
19
18
19
366
383
389
42
44
45
40
42
43
3,995
4,297
5,347
7,466
126
249
674
r
l,658
93
189
500
r
902
906
1,058
1,133
-38
—43
68
139
-43
-47
58
126
1940—1
2
3
4
986
1,010
1,130
1,171
-3
15
92
145
-12
3
71
127
1941—1
2
3
4
1,152
1,272
1,468
1,454
96
145
267
166
1942—1
2
3
4..
1,483
1,797
2,047
2,139
1943—1
2
3
2,091
2,255
2,368
1939—1
2
3
4
Telephone3
Electric power
-102
-73
23
r
147
Quarterly
o
46
8
r
1
2
3
Revised Quarterly revisions not yet available.
" N e t profits" and " n e t income" refer to income after all charges and taxes and before dividends.
Class I line-haul railroads.
Series 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
Not available.
7
Partly estimated.
8
Unlike other industrial groups in this table, deductions for Federal income and excess profits taxes in the first three quarters of 1942 were 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, especially for war producers whose contracts are
under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
2.66
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions cf dollarsl
Marketable public issues 1
Total
Total
gross
direct
debt
bearing
direct
debt
Total2
Dec
42,968
45,025
48,961
57,938
72,422
108,170
111,069
114,024
115,507
129,849
135,913
136,696
141,524
144,059
158,349
165,047
166,158
165,877
42,376
44,458
48,387
57,451
71,968
107,308
110,024
112,851
114,287
128,643
134,675
135,380
140,238
142,721
157,053
163,589
164,781
164,508
34,436
35,645
37,713
41,562
50,573
76,488
77,496
78,726
79,662
91,392
95,382
95,310
98,613
99,935
111,426
115,944
115,909
115,230
1,302
1,310
1,603
2,002
2,508
6,627
7,423
8,232
9,234
10,044
10,853
11,864
12,460
12,846
13,054
13,064
13,074
13,072
1944—Jan
170,659
167,043
115,259
13,101
End of month
1940—June
Dec
1941—June
Dec
1942—June
Dec
1943—Jan.. ..
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
bills
indebtednotes
bonds
ness
Total2
U. S.
savings
bonds
Treasury
tax and
savings
notes
Fully
guaranNonSpecial interest- teed inissues bearing
terestbearing
debt
securities
3,096
10,534
3
10,741
11,161
11,161
16,154
16,561
16,561
16,561
17,497
21,136
23,199
23,103
22,843
6,383
6,178
5,698
5,997
6,689
9,863
9,863
9,863
9,797
9,797
9,797
9,168
11,875
11,875
11,596
11,596
11,596
11,175
26,555
27,960
30,215
33,367
38,085
49,268
3,166
3,444
4,555
8,907
13,510
21,788
2,905
3,195
4^314
6,140
10*188
15,050
49,273
49', 273
49,273
55,201
57,975
57,520
57,520
57,520
65,444
67,889
67,940
67,944
23,356
24,560
24,622
27,456
29,095
29,200
30,169
30,879
33,910
35,776
36,595
36,574
16 246
17',067
17,891
19,267
20,507
21,256
22,030
22,694
24,478
26,056
26,697
27,363
6,346
7,783
8,163
7,495
7,678
7,703
8,851
9,109
9,278
8,586
4,775
5,370
6,120
6,982
7,885
9,032
9,172
9,565
10,004
9,795
10,198
10,871
11,456
11,907
11,717
11,868
12,278
12,703
22,843
11,175
67,944
38,911
28,901
9,384
12,873
2,471
3,015
6,384
6 749
7425
5,498
5,901
6,360
6,317
4,548
4,283
4 277
4', 275
4,350
4,363
4,082
4,092
3,782
3,934
3,964
4,113
4,154
4,225
591
566
574
487
454
862
1,045
l|219
1,206
1,238
1,316
1,286
1,338
1,296
1,458
1,377
1,370
4
4,269
3,616
1
Including amounts held by Government agencies and trust funds, which aggregated $3,783,000,000 on Dec. 31, 1943, and $3,784,000,000 (preliminary) on Jan. 31,1944.
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary
bonds not shown separately.
3
Including special short-term certificates of indebtedness not shown separately amounting to $202,000,000.
including prepayments amounting to $2,193,000,000 on securities dated Feb. 1, 1944, sold in the Fourth War Loan Drive beginning Jan. 18, 1944.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, JANUARY 3 1 , 1944
lOn basis of daily statements of United States Treasury. In millions
of dollarsl
Amount
Issue
Amount
Issue
Treasury bills
Feb. 3, 1944
Feb. 10, 1944
Feb. 17, 1944
Feb. 24, 1944
Mar. 2, 1944
Mar. 9, 1944
Mar. 16, 1944
Mar. 23, 1944
Mar. 30, 1944
Apr. 6,1944
Apr. 13,1944
Apr. 20, 1944
Apr. 27, 1944
Cert, of indebtedness
Feb. 1, 1944
Apr. 1, 1944
May 1, 1944
Aug. 1, 1944
Sept. 1, 1944
Oct. 1, 1944
Dec. 1, 1944
Treasury notes
Mar. 15, 1944
June 15, 1944
• Sept. 15, 1944
Sept. 15, 1944
Mar. 15, 1945
Mar. 15, 1945
Dec. 15, 1945
Mar
15 1Q46
Dec. 15, 1946
Sept. 15,1947
Treasury bonds
Apr. 15, 1944-461
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
1
1944
Amount
2,211
5,251
1,655
2,545
4,122
3,519
3,540
515
416
283
635
718
1,606
503
3,261
2,707
1,519
1,037
1,214
541
489
1,036
819
759
701
1,115
1,223
3,062
451
571
June 15, 1949-51
Sept. 15, 1949-51
Dec. 15, 1949-51
Dec. 15, 1949-52
Dec. 15, 1949-53
Mar. 15, 1950-52
Sept. 15, 1950-52
Sept. 15, 1950-52
June 15, 1951-54
Sept. 15, 1951-53
Sept. 15, 1951-55
Dec. 15, 1951-53
Dec. 15, 1951-55
Mar. 15, 1952-54
June 15, 1952-55
June 15, 1953-55
June 15, 1954-56
Mar. 15, 1955-60
Mar. 15, 1956-58
Sept. 15, 1956-59
June 15, 1958-63
Dec. 15, 1960-65
June 15, 1962-67
Dec. 15, 1963-68
June 15, 1964-69
Dec. 15, 1964-69
Sept. 15, 1967-72
Postal Savings bonds
Conversion bonds
Panama Canal loan
Total direct issues
Guaranteed securities
Commodity Credit Corp.
Feb. 15, 1945
Fed. Farm Mortgage Corp.
Mar. 15, 1944-64
May 15, 1944-49
Fed. Public Housing
Authority
Feb. 1, 1944
Home Owners' Loan Corp.
May 1, 1944-52
June 1, 1945-47m
Reconstruction Fin. Corp.
Apr. 15, 1944
Jan. 1, 1945 .^
Federal Housing Admin.
Various
Total guaranteed issues
1,014
1,292
2,098
491
1,786
1,963
1,186
4,939
1,627
7,986
755
1,118
510
1,024
1,501
725
681
2,611
1,449
982
919
1,485
2,118
2,831
3,762
3,838
2,716
117
29
50
115,259
412
95
835
114
779
755
571
495
23
4,078
Funds received from sales during
month
outstanding
at end of
month 1
All
series
1942—Oct
Nov
Dec.
13,381
14,079
15,050
1,014
1943—Jan
Feb
Mar
Apr
May
16,246
17,067
17,891
19,267
20,507
21 256
22,030
22,694
24,478
26,056
26,697
27,363
Month
Treasury bonds—Cont.
1,003
1,005
1,001
1,009
1,006
1,011
1,000
1,006
1,011
1,015
1,000
1,017
1,017
Called for redemption on Apr. 15,1944.
MARCH
U N I T E D STATES SAVINGS B O N D S
[In millions of dollars]
June
July
Aug
Sept
Oct
Nov
Dec
1944—Jan
28,901
Series
Series
Series
G
All
series
935
735
665
542
726
61
45
66
210
148
222
40
43
55
1,240
77
798
853
815
634
720
1,007
995
696
683
661
1,400
1,340
665
728
48
44
110
86
35
38
28
139
93
23
24
348
205
180
353
254
144
169
112
387
275
109
101
63
76
131
103
104
141
138
152
155
144
170
207
1,698
1,085
127
487
188
887
944
1,470
1,335
876
890
802
1,927
1,708
E
Maturity
Date of issue
Series A—1945
Series B—1946
Series C—1947
Series C—1948
Series D—194S
Series D—195C
Series D—1951
Series D—1951
Series E—1951
Series E—1952
Series E—1953
Series F—1953
Series G—1953
Series E—1954
Series F—1954
Series G—1954
Series F—1955
Series G—1955
Series F—1956
Series G—1956
From Mar. 1, 1935
From Jan. 1, 1936
From Jan. 1, 1937
From Jan. 1, 1938
]From Jan. 1, 1939
From Jan. 1, 1940
From Jan. 1 to Feb. 28, 1941
From Mar. 1 to Apr. 30, 1941
From May 1, 1941
From Jan. 1, 1942
]From Tan. 1, 1943
From May 1, 1941
From May 1, 1941
]From Jan 1, 1944
From Jan. 1, 1942
From Jan. 1, 1942
]From Jan. 1, 1943
]From Jan. 1, 1943
]From Jan 1, 1944
From Jan 1, 1944
Series unclassified
Total
Redemptions
Amount
outstanding
Jan.31, 1944
177
315
406
488
801
992
333
112
1,252
5,473
9,353
221
1,228
653
627
2,427
722
2,579
121
461
159
28,901
1
At current redemption values except Series G, which is stated at par.
Difference between "Funds received" and month to month changes in
"Amounts outstanding" represents the difference between accrued increases
in redemption values and redemptions of bonds during the month.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
End of month
47,874
50,360
54,747
63,768
76,517
111,591
138,757
139,472
144,020
146,655
161,018
167,701
168,935
168,732
1940—June
December. .
1941—June
December..
1942—June
December..
1943—May
June
July
August
September.
October
November..
December..
Held by U. S. Goveminent agencies
and trust funds
Special
issues
Public
issues
4,775
5,370
6,120
6,982
7,885
9,032
10,198
10,871
11,456
11,907
11,717
11,868
12,278
12,703
2,295
2,250
2,362
2,547
2,726
3,207
3,562
3,440
3,401
3,425
4,073
4,125
4,157
4,231
Privately held1
Held
by
Federal
Reserve
Banks
2,466
2,184
2,184
2,254
2,645
6,189
6,222
7,202
8,187
9,088
8,919
9,354
10,348
11,543
Total
38,338
40,556
44,081
51,985
63,261
93,163
118,775
117,959
120,976
122,235
136,309
142,354
142,152
140,255
Commercial
banks
Mutual
savings
banks
16,553
17,759
20,095
21,788
26,410
41,373
52,800
52,458
54,800
56,000
59,200
62,600
62,200
60,800
3,113
3,224
3,426
3,700
3,891
4,559
5,200
5,290
5,300
5,100
5,900
6,000
6,000
6,100
Other investors
Insurance
companies
Marketable
issues
Nonmarketable
issues
9,400
9,600
9,400
10,000
11,100
15,100
19,800
19,000
18,800
18,400
24,100
24,700
24.000
23,200
2,800
3,100
4,200
8,500
13,000
21,100
28,300
28,400
29,300
30,000
32,900
34,700
35,500
35,500
6,500
6,900
7,000
8,000
8,900
11,000
12,700
12,800
12,800
12,700
14,200
14,400
14,500
14,700
i Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates and figures for commercial banks
and mutual savings banks have been rounded to nearest 100 millionj|dollars for all dates exeept June and December for which call report data are
available.
Backfigures.—SeeJuly 1941 BULLETIN, p. 664.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED O R GUARANTEED
BY THE UNITED STATES*
[Public marketable securities. Par values in millions of dollars]
End of month
Total:*
1942—June
Dec... .....
1943—June
Aug
Sept
Oct
Nov
Dec
Treasury bills:
1942—June
1943—June.'.'.'.'.'.!".!
Aug
Sept
Oct
Nov
Dec
Certificates:
1942—June
Dec
1943—June
Aug
Sept
Oct
Nov
Dec
Treasury notes:
1942—June
Dec
1943—June
Aug
Sept
Oct
Nov.
Dec
Guaranteed securities:
1942—June
Dec
1943—June
Aug
Sept
Oct
Nov
Dec
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
MuFedCom- tual
eral
Re- mercial1 savserve banks ings
banks
Banks
Insurance Other
companies
2,723 2,645
3,202 6,189
3,434 7,202
3,417 9,088
4,065 8,919
4,118 9,354
4,150 10,348
4,224 11,543
24,939
38,759
48,665
51,429
54,457
57,468
56,761
55,360
2,508
243
6,627 " l l 1,010
11 3,815
11,864
11 5,701
12,846
2 5,351
13,054
6 5,547
13,064
8 6,163
13,074
20 6,768
13,072
1,557
4,497
6.502
5,233
6,448
6,227
5,643
4,716
28
10
21
122
9
10
9
12
91
26
154
245
3
2
19
72
1,073
1,361
1,534
1,242
1,272
1,232
L.484
1,971
6,470
9,823
11,000
11,936
13,357
13,159,
12,684
74
129
184
183
169
172
189
226
191
180
305
315
271
277
280
367
2,696
5,106
4,801
7,373
7,777
7,520
7,050
774
721
687
686
693
665
3,725
5,670
5,500
7,533
7,603
7,569
7,546
7,383
138
167
155
244
198
195
198
204
266
283
276
362
288
289
279
275
1,770
2,327
2,402
2,959
2,762
2,797
2,816
2,583
5
37
54
33
33
50
76
83
2,847
2,665
2,602
2,481
2,556
2,521
2,486
2,465
148
108
76
49
42
42
42
39
433
333
309
293
287
284
282
283
835
743
751
713
651
673
684
709
55,122
80,685
99,333
103,796
115,313
119,867
119,867
119,250
3,096
10,534
16,561
17,497
21,136
23,199
23,103
22,843
11
17
51
38
40
51
48
50
6,689
9,863
9,168
11,875
11,596
11,596
11,596
11,175
76
92
61
56
57
58
63
66
4,549
4,196
4,023
3,861
3,888
3,923
3,959
4,020
281
311
231
292
318
352
388
441
66
1,041
1,092
1,160
1,347
1,565
1,908
2,467
714
1,324
3,830 8,748 12,237
4,471 10,766 17,297
5,161 12,486 22,385
5,016 12,427 22,419
5,811 13,950 28,111
5,866 14,134 28,927
6,100 14,228 28,280
6,152 14,386 27,586
590
782
End of month
Treasury bonds:
Total:
1942—June
Dec
1943—June
Aug
Sept
Oct
Nov
# Dec....
Maturing within 5 years
1942—June
Dec
1943—June
Aug
Sept
Oct
Nov
Dec
Maturing in 5-10 years:
1942—June
Dec
1943—June
Aug
Sept
Oct
Nov
Dec
Maturing in 10-20 years:
1942—June
Dec
1943—June
Aug
Sept
Oct
Nov
Dec
Maturing after 20 years
1942—June
Dec
1943—June
Aug
Sept
Oct
Nov
Dec.
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
38,085
49,268
57,520
57,520
65,444
67,889
67,940
67,944
Federal
Reserve
Banks
Commercial
banks
Mutual
savings
banks
Insurance Other
companies
2,321 1,617 14,828 3,442 7,766 8,110
2,739 2,777 19,445 4,055 9,944 10,308
3,045 ,468 24,226 4,725 11,442 12,615
2,986 ,473 25,168 4,418 11,211 12,264
3,614 ,500 25,900 5,393 13,100 15,936
3,616 ,506 27,781 5,447 13,280 16,259
3,609 ,508 27,913 5,661 13,367 15,882
3,614 1,559 28,099 5,671 13,389 15,613
3,915
5,830
9,474
9,474
9,925
8,524
8,524
8,524
336
754
867
851
853
668
665
665
1,599
2,565
5,122
5,272
5,831
5,074
5,068
5,040
224
253
298
266
226
214
217
216
581
726
991
927
860
839
836
828
1,173
1,531
2,195
2,156
2,151
1,728
1,738
1,775
9,436
17,080
17,921
17,921
21,883
25,430
25,453
28,360
846
1,574
776
796
974
1,162
1,160
1,495
4,959
9,353
10,107
10,585
10,606
13,153
13,390
15,610
750
1,129
1,308
1,094
1,838
1,908
1,968
2,067
1,347
2,101
2,326
2,290
2,919
3,024
3,067
3,254
1,536
2,920
3,401
3,154
5,541
6,183
5,866
5,934
18,731
16,295
17,214
17,214
17,214
17,214
17,214
14,310
2,168
2,165
1,645
1,587
1,584
1,587
1,591
1,270
7,009
6,240
7,611
7,839
7,949
8,015
7,961
5,973
1,957
1,580
1,405
1,348
1,315
1,303
1,390
1,297
3,510
2,778
2,896
2,809
2,794
2,761
2,740
2,571
4,086
3,531
3,657
3,636
6,002
10,065
12,912
12,912
16,422
16,720
16,749
16,751
593
1,021
1,221
1,222
1,702
1,704
1,701
1,745
1,258
1,286
1,385
1,474
1,514
1,538
1,495
1,478
512
1,095
1,713
1,711
2,014
2,020
2,086
2,093
2,326
4,339
5,229
5,188
6,524
6,658
6,723
6,737
1,315
2,323
3,366
3,317
4,667
4,802
4,743
4,699
3,576
3,547
3,534
3,203
* 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 by nonreporting banks and insurance companies as well as by other investors. Estimates of total
holdings (including relatively small amounts of nonmarketable issues) by all commerical banks, all mutual savings banks, and all insurance companies
for certain dates are shown in the table above.
1 On Dec. 31, 1943, commercial banks reporting to the Treasury held $20,647,000,000 of United States Government securities due or callable within
one year
out of a total of $42,831,000,000 outstanding.
2
Including $196,000,000 of Postal Savings and prewar bonds not shown separately below.
2.68
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Period
MisIncome taxes 1 cellaneous Social
inter- security Other
nal
With-2 Other reve-1 taxes
nue
held
Fiscal year ending:
J u n e 1942
J u n e 1943
12,799
22,282
1,230
13,668
23,385
306
380
52
343
50
50
282
57
48
310
53
46
292
60
100
115
51
159
160
356
234
403
285
256
255
251
1,190
5,207
1,555
1,742
4,569
2,048
3,005
5,448
2,069
2,37C
5,737
5,206
1,514
1,480
4,569
2,007
2,721
5,447
2,030
2,099
5,736
54
35
262
89
42
609
68
46
311
131
47
497
5,947
5,770
6,744
6,974
7,092
7,469
6,432
7^ 232
6,952
6,989
7,541
6,718
35
2
1
38
1
1
344
15
2
36*
2
2
337
312
347
366
300
4247
49
590
2,779
2,747
87
7,138
37
508
•
August
September....
October... : ..
November
1,010
December
713
4,327
574
1,153
412
940
19
548
674
557
3,803
1,236
1,016
4,091
746
449
824
788
955
Details of trust accounts, etc
Social Security
accounts
Period
Net
receipts
Fiscal year ending:
June 1942
J u n e 1943
1943—Tanuary
February
March
April
May
June
July....
August
September. ..
October
November
December....
1944—January
1
2
3
4
4 , ' 745
3,827
1,194
1,508
4,732
1,000
1,260 26,011
1,808 72,109
381
435
3,847
4,553
365
352
374
346
359
353
512
729
344
464
363
386
1944—January
TransInter- War fers to
Total
Net
est
budget Defireactivi- trust
Other expendacon
cit
ceipts* debt
ties counts,
itures
etc.
7,960
16,094
1943—January
February
March
April
May
June
July
666
Total
receipts
ExInvest- pendi
ments tures
Net expenditures
in checking accounts of
GovernRement
ceipts
agencies
324
169
500
248
136
32,397 19,598
78,179 55,897
6,372
6,119
7,354
7,466
7,435
8,327
7,112
7* 617
7,535
7,456
7,839
7,452
5,584
5,164
2,147
5,952
5,955
3,758
5,105
4^896
2,087
5,426
5,740
1,716
7,570
4,823
Trust
accounts
etc. 4
Change
in
Ingen- crease
eral
in
fund
gross
baldebt
ance
+358 23,461
3?50(
-1,'861 +6,515 64,274
-135 - 2 , 8 1 9 2,899
-122 - 2 , 3 3 1 2,954
-549 - 1 , 2 1 3 1,483
+48 +8,438 14,342
-39
+70 6,064
-3,180
784
912 4 828
—635
+131 —2,231 2*, 534
- 4 1 C +11,794 14,291
- 1 3 2 +1,139
6,697
1,112
+29C -4,338
-281
-667 -2,664
-14
-55
4,781
General fund of the Treasury (end of period)
Investments
Balance in
general fund
Assets
Other
Expenditures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
deposi-
Total
]labilities
Other
assets
Working
balance
Total
taries
2,327
2,810
1,705
2,350
614
456
3,625
2,194
1,117
221
655
533
133
3,443
10,149
603
1,038
1,679
7,667
1,162
1 ,444
452
643
2,991
9,507
2,229
8,744
110
498
36
111
539
169
245
596
32
109
562
87
43
230
272
35
258
428
179
292
296
50
277
308
35
35
36
33
31
31
29
30
30
29
29
30
186
370
300
17
356
-82
726
148
146
199
-64
427
74
52
82
92
81
152
315
101
116
139
75
114
47
40
53
58
57
119
252
75
72
86
96
81
8
-3
12
-41
30
9
21
14
16
8
22
8,200
5,895
4,758
13,112
13,152
10,149
9,127
6,845
18,734
19,838
15,492
12,878
465
623
643
1,215
651
1,038
979
1,076
1,538
1,095
1,245
1,408
6,367
3,892
2,694
10,485
11,117
7,667
6,790
4,362
15,676
17,280
12,770
9,942
1 ,368
: ,381
,421
,412
,383
,444
,358
,406
,519
,462
,477
,528
477
503
579
495
465
643
532
481
576
541
534
584
7,724
5,392
4,179
12,617
12,687
9,507
8,595
6,364
18,158
19,297
14,958
12,294
6,961
4,630
3,416
11,854
11,924
8,744
7,832
5,601
17,395
18,534
14,196
11,532
102
83
32
165
164
81
-80
12,873
1,098
10,314
,461 1 634
12,239
11,476
863
7
Details on collection basis given in table below.
Withheld by employers (Current Tax P a y m e n t Act of 1943).
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 ofjlollars]
Miscellaneous internal revenue
Income taxes
Period
Total
Fiscal year ending:
J u n e 1942
June 1943
1943—January
February
March
April
May
June
July
August
September
October
November
December
1944—January
r
1
8,007
16,299
296
434
4,868
1,008
753
4,026
1,231
814
4,192
1,644
1,471
4,591
1,584
Current With- Vicindi- held* tory
tax
vidual
3,108
5,771
629
Back
taxes
Excess
profits
taxes
Other
profits
taxes
Total
2,764
4,137
460
557
1,618
5,064
57
84
3,838
4,571
69
55
79
73
74
41
33
44
103
r
35
r
32
r
49
136
113
5
2
298
381
5
333
438
6
3
2
1
37
95
1,026
73
89
970
142
111
877
181
84
r
l,012
1
16
184
'086
48
167
1,951
362
103
1,800
527
55
1
1,963
1
r
74 1,006
r
46 1,087
r
2,158
14
396
Current
corporation
1,228
\l
l,352
16
r
5
379
331
379
345
373
329
652
595
394
421
376
388
352
6
382
1,791
200
103
4
21
1
1,203
186
162
r
337
204
10
Capi- Estate
tal
and
stock
gift
tax
taxes
282
329
1
136
188
35
20
ManufacAlcoMisholic To- Stamp turers'
and
cellabever- bacco taxes retailers'
neous
age
taxes
excise
taxes
taxes
taxes
433
447
1,048
1,423
781
924
42
45
852
670
401
732
47
29
62
37
46
29
48
25
28
41
34
36
137
128
121
113
109
115
125
129
117
122
117
120
81
68
80
80
87
90
86
90
93
87
4
4
4
5
5
5
4
5
4
4
4
4
68
51
47
49
60
39
59
56
53
59
56
64
42
50
65
64
80
61
193
103
71
86
70
76
52
108
77
4
68
72
77
71
Revised.
Withheld by employers (Current Tax P a y m e n t Act of 1943).
MARCH 1944
2.69
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items
Securities
End of month
Total
Loans
Preferred
stock,
etc.
Cash
U.S.
Govt. Other
direct Govt.
and
agenguaran- cies 1
teed
Accounts
and
other
receivables
Bonds, notes,
and debentures
Business
property
Property
held
for
sale
Other
assets
Fully
guaranteed
by
U.S.
Other 1
u. s. PriGovern- vately
ment
owned
Other
liabili- interest interest
ties
17,962
1942—June
December. .. 21,715
8,379
8,127
648
620
403
553
1,097
1,272
57
33
774
1,085
859
1,020
3,512
5,187
2,233
3,818
4,568
4,301
1,442
1,414
3,265
4,630
8,249
10,931
438
439
1943—January
February
March . . . .
April
May
June
July
August
September...
October
November...
December
8,086
8,022
8,003
8,092
7,949
7,685
7,615
7,580
7,557
7,487
7,459
7,444
605
565
562
560
557
556
524
498
497
493
492
486
605
590
597
536
504
515
538
539
501
486
493
524
1,284
1,375
1,424
1,510
1,549
1,565
1,638
1,691
1,722
1,784
1,833
1,895
32
27
26
24
24
22
16
11
1,205
1,440
1,303
1,464
1,514
1,788
1,514
1,450
1,487
1,850
1,963
1,926
1,041
:1,359
1,408
1,428
1,475
1,674
1,561
1,966
1,470
1,602
1,611
1,624
5,638
5,883
6,074
6,081
6,167
6,310
6,750
7,019
7,234
7,115
7,309
7,512
4,147
4,176
4,754
5,011
5,066
5,343
5,399
5,681
5,809
6,395
6,622
7,191
4,291
4,332
4,365
4,372
4^092
4,101
3,936
4,046
4,081
4,125
4,180
4,239
1,413
1,383
1,375
1,366
1^340
1,333
1,276
1,271
1,274
1,285
1,308
1,342
4,829
5,076
5,109
5,648
5J46
6,022
5 757
5,'972
5,560
5,867
5,788
5,874
11,671
12,206
12,860
12,880
13,188
14,812
14,146
14,706
14,929
15,501
16,073
16,732
439
440
441
440
440
440
441
440
441
440
439
438
22,643
23,437
24,151
24,706
24,805
26,708
25,555
26,435
26,284
27,218
27,788
28,625
7
6
6
23
LOANS, OTHER THAN INTERAGENCY LOANS
Home mortgage and housing
agencies 3
Reconstruction
Home Feder- RFC
Fial
Mortnance Owners'
Home gage
Corp.
Loan Loan
ComCorp. banks pany
Farm mortgage loans
t loans
Rural ExElec- portFed.
Fed. Fed.
trificaFed. inter- Banks Com- Farm Farm tion
Lm- Other
Na- Public Feder- Farm
port
medi- for co- modity Credit Secu- Adtional
al
Bank
Mort- Hous- land Mort- ate opera- Credit Adrity
min.
ing
banks gage credit tives Corp. min. Admin.
gage
Corp. banks
Assoc. Auth.
End of month
Total
loans 2
1942—June
December .
1943—January...
February..
March
April
May
June
8,379
8,127
1,473
1,557
1,676
1,568
193
129
82
94
216
211
384
366
1,706
1,603
562
507
289
238
145
m
231
242
258
237
460
446
342
346
113
122
293
316
8,086
8,022
8,003
8,092
7,949
7,685
7,615
7,580
7,557
7,487
7,459
7,444
1,554
1,527
1,530
1,512
1,487
1,483
1,459
1,463
1,460
1,432
1,427
1,413
1,548
1,532
1,507
1,480
1,460
1,441
1,419
1,400
1,383
1,366
1,354
1,338
113
96
79
87
79
90
92
81
130
127
116
110
96
96
97
97
98
98
97
100
99
100
99
101
210
209
206
204
202
73
71
69
67
66
65
65
379
378
381
371
374
317
317
317
317
317
318
318
1,579
1,564
1,540
1,520
1,502
1,489
1,472
1,452
1,431
1,406
1,381
L,358
496
490
483
475
468
463
455
447
437
423
412
403
237
248
266
280
287
296
296
284
269
251
240
243
132
121
111
106
102
102
107
111
148
189
215
235
258
270
276
408
304
228
225
225
222
228
278
330
237
240
244
245
246
245
244
242
237
232
229
226
446
454
463
457
454
447
443
441
433
427
421
416
345
345
345
344
344
344
344
344
345
345
345
347
122
121
121
122
126
129
132
136
136
140
136
136
334
331
354
384
416
440
442
468
443
438
423
405
July
August
September.
October...
November.
December.
SELECTED ASSET ITEMS, OTHER T H A N INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End of month
Total
Loans
to fi- Loans
to
nancial
railinstiroads
tutions
Accounts and other
receivables
Preferred stock held
Fed. land
Recon- Home
banks and
struc- Owners'
Other
Other Fed. Farm
tion
Loan
Mortgage
Finance CorpoCorp.
Corp.
ration
ReconCommodity struction
Finance
Credit
Corpo- Corp.and
war corration porations
Property held for sale
Other
ComHome
modity Owners'
War
corpo- Credit Loan
rations Corpo- Corporation
ration
Other
1942—June
1,473
December. .. 1,557
144
167
472
460
857
930
378
366
167
152
103
102
225
207
96
57
151
531
302
290
2,041
3,469
1,068
1,363
262
227
141
128
1943—January
February.. ..
March
April
May
June
July
August
September...
October
November...
December ...
161
159
155
153
150
148
145
141
138
136
134
131
463
449
444
437
434
426
423
423
423
406
405
398
930
919
931
922
903
909
891
899
899
890
888
884
364
361
359
358
355
354
351
346
345
343
341
338
140
110
109
109
109
108
80
64
64
63
63
63
101
94
94
93
93
94
93
88
88
87
88
85
203
205
195
197
192
193
192
193
187
186
174
168
129
103
75
209
187
350
210
177
196
489
533
488
519
659
677
700
763
800
825
790
832
778
734
728
354
473
356
358
372
445
287
290
272
397
522
542
3,793
3,928
4,041
4,442
4,703
4,963
5,241
5,528
5,784
6,016
6,231
6,423
1,495
1,614
1,700
1,316
1,153
1,045
1,223
1,220
1,196
865
873
897
223
219
216
212
203
191
182
169
152
136
111
96
127
122
117
111
108
111
104
102
102
98
94
96
1,554
1,527
1,530
1,512
1,487
1,483
1,459
1,463
1,460
1,432
1,427
1,413
1
Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation.
ng investments
Excluding
investments in
in preferred
preferred stock,
stock, the
the amount
amount of
of which
which is
is shown
shown in
in the
the lower
lower section
section cofthis 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 1,916 million dollars on Dec. 31, 1943.
2
3
xyo
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variationl
Year and
month
Income
payments
(value) i
1935-39
= 100
Construction
contracts
awarded (value)3
1923-25 = 100
Industrial production
(physical volume)2*
1935-39 = 100
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Employment4
1939 = 100
Nonagricultural
Factory
Depart- WholeFreight ment
sale
of
carload- store
com- Cost
living4
sales modity
4
ings*
rolls 1935-39 (val- 5 prices4 1935-39
= 100
1939 = = 100 ue)*
100
1923-25 =1926
100
100
Factory
Ad- Unad- AdAd- Unad- UnadAdAdAdAdAdAdAdAdjusted justed 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
1943
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
107.7
98.5
105.5
113.8
137.3
171.9
P
211A
1940
October
132
117.1
November
136
117.7
December
140
120.6
1941
January
121.3
143
February
123.5
147
March
125.4
152
April
128.2
149
133.7
160
May
138.9
164
June
140.3
166
July
143.2
167
August
144.4
169
September
146.3
172
October
147.5
174
November
153.9
176
December
1942
January
155.2
181
157.1
183
February
159.1
186
March
163.4
189
April
165.4
191
May
169.6
193
June
172.8
197
July
176 .-2 204
August
178.4
208
September
183.0
215
October
189.2
220
November
193.4 223
December
1943
196.5
227
January
200.6
232
February
204.4
235
March
April
207.3 237
208.7
238
May
211.3
236
June
213.1 240
July
August
215.5
242
September.... 215.6
245
October
218.0
247
November.... 221.5
247
December
^224.8 241
1944
^242
January
February
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
P
361
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
p
l32
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
106.0
98.1
88.3
77.6
78.6
86.3
90.1
96.8
102.7
95.1
100.0
104.2
115.6
124.2
128.5
137
138
139
156
159
166
119
123
126
114
119
119
95
111
115
85
87
90
103
130
136
106.5
108.1
109.7
139
144
149
149
160
165
165
170
174
176
175
173
172
178
184
186
198
203
208
209
212
219
220
225
127
131
133
137
142
144
144
146
146
148
151
150
120
119
126
96
121
127
126
128
132
134
133
134
103
99
94
103
101
117
139
152
161
145
138
123
84
76
74
80
88
101
115
112
105
87
74
69
117
118
109
121
111
129
158
184
206
192
189
167
177
180
182
187
192
195
199
207
213
218
220
221
235
241
250
257
264
272
278
290
299
311
319
328
152
153
153
154
153
152
154
158
161
165
168
169
133
133
126
125
126
127
126
130
131
129
130
127
118
128
125
128
158
193
206
182
179
185
198
175
100
95
82
76
76
74
65
70
83
90
91
223
229
232
235
239
238
241
245
248
249
247
239
336
344
351
356
359
358
361
366
370
375
377
367
171
174
174
175
176
177
176
177
178
179
179
173
125
131
133
131
129
117
134
135
138
136
133
137
145
102
85
63
52
45
60
59
65
49
60
61
79
56
42
33
31
32
36
35
35
34
37
35
P238
p
366
P
56
Adjusted
Unad- Unadjusted justed
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
168.7
106.2
127.1
82.0
88.0
111.6
104.1
109.7
113.1
111.0
112.3
119.8
96.9
73.5
50.7
54.4
70.0
80.4
93.0
111.2
85.1
100.0
114.5
167.5
242.3
316.4
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
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
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
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
123.6
112.0
114.6
116.8
114.8
116.0
117.4
126.9
127.5
134.1
111
116
117
94
100
101
78.7
79.6
80.0
100.2
100.1
100.7
110.3
111.5
111.7
111.8
113.6
115.3
117.1
118.4
118.9
119.2
119.8
120.3
118.8
120.9
122.9
126.3
129.8
133.3
136.6
137.8
138.8
139.5
139.9
140.6
116.9
120.0
122.7
125.8
128.6
132.0
135.5
138.4
141.2
141.8
141.3
141.1
132.6
140.3
145.9
150.2
161.3
170.5
172.0
178.8
184.8
190.2
188.6
195.1
120
122
127
112
129
131
132
136
134
134
137
138
101
103
103
104
105
104
115
134
116
105
116
111
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.3
110.2
110.5
147
151
149
165
226
288
313
278
268
269
286
243
120.4
120.8
121.0
121.2
121.9
122.5
124.5
125.8
126.5
127.6
128.8
130.2
141.6
143.2
144.8
147.0
148.7
150.8
153.2
155.8
157.4
159.6
161.5
164.2
139.8
142.3
144.3
146.3
148.0
149.9
153.4
157.1
159.6
160.7
161.9
164.5
200.7
208.2
215.1
221.4
228.7
234.5
242.7
254.8
261.8
270.9
280.4
287.9
140
138
138
138
136
134
137
140
140
140
136
135
138
126
124
117
108
104
121
130
123
128
138
125
96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
112.0
112.9
114.3
115.1
116.0
116.4
117.0
117.5
117.8
119.0
119.8
120.4
198
140
119
87
68
55
80
79
89
61
78
81
r
130.0
r
164.8
166.4
167.6
167.7
167.2
168.8
169.8
170.8
170.1
170.5
170.9
169.3
290.9
297.5
304.5
309.7
313.5
317.1
315.6
322.2
328.0,
P
332.6
336.2
328.5
135
139
138
136
135
127
141
140
140
137
139
144
143
167
136
128
125
129
142
142
132
140
158
r
131
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2
120.7 I
121.0
122.8
124.1
125.1
124.8
123.9
123.4
123.9
124.4
124.2
124.4
103.3
103.6
124.1
130.3
129.8
129.3
r
128.3
128.6
128.6
127.9
126.8
127.5
128.3
128.2
P127.1 p167.3 ^166.4
145
148
e
r
152
e
•Average per working day. p Preliminary. r Revised. e Estimated. c Corrected. * Department of Commerce series on value of payments
to individuals.
2
For indexes by groups or industries, see pp. 272-275.
3
Based on F . W. Dodge Corporation data; forldescription, see p . 358 of BULLETIN for July 1931; by groups, see p. 278 of this BULLETIN.
4
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau
of Labor Statistics. Figures prior to 1939 for factory employment and pay rolls 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. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
5
For sales comparisons by cities and by departments see pp. 280-281 of this BULLETIN.
Back figures in B U L L E T I N — F o r industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory
employment and pay rolls, October 1938, pp. 839-866, February 1941, p . 166, and January 1943, p . 13; for department store sales, October 1938, p . 918, and
J a n u a r y 1941, p . 65.
MARCH 1944
2-7 1
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1943
1942
1944
Industry
Industrial
Production—Total..
Manufactures—Total...
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
Dec.
Jan.
223
227
Feb. Mar. Apr. May June
232
235
237
238
236
July Aug. Sept. Oct. Nov. Dec,
240
242
245
247
247
241
260
240
245
250
253
256
258
258
259
262
264
267
268
328
336
344
351
356
359
358
361
366
370
375
377
200
204
208
210
209
208
201
203
209
213
214
197
221
179
523.
198
226
182
542
200
231
185
560
202
233
188
559
198
235
186
580
196
233
184
584
190
227
177
583
191
229
180
577
202
235
184
598
205
239
189
593
202
241
190
607
426
436
441
443
441'-
445
451
458
407
r
210
200
236
r
186
592
r
Jan.
P242
367
r
200
208
198
222
r
178
536
200
231
186
556
r
463
453
p
765
V748
248
240
^235
450
Manufacturing Arsenals and Depots*
Transportation Equipment.
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1
Nonferrous Metals and Products
630
651
671
692
718
728
743
756
763
767
r
191
198
203
204
206
211
215
220
232
239
r
256
257
266
264
266
273
288
295
255
262
270
275
278
279
294
303
260
262
270
285
292
242
Smelting and refining
^
;
(Copper smelting; Lead refining; 1Zinc smelting;
m Aluminum; Magnesium; Tin)
Fabricating
_
.
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium prodx
ucts; Tin consumption)
r
251
241
243
r
255
252
257
255
782
247
r
294
*286
308
p
r
306
289
Lumber and Products
130
123
127
129
130
133
128
128
130
129
128
136
137
Lumber
Furniture.
Stone, Clay, and Glass Products..
122
146
113
142
117
147
119
149
121
149
126
147
118
148
118
148
119
152
118
149
115
152
127
131
150
173
180
178
175
175
175
175
173
173
168
171
P133
152
169
P172
168
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products....
Other stone and clay products1
136
35
172
171
144
191
293
150
35
191
171
148
193
301
149
36
189
166
144
196
305
146
35
185
154
142
202
308
153
39
194
135
142
204
313
159
43
200
130
136
203
320
158
41
199
127
139
204
325
162
45
203
119
132
198
•326
162
49
202
114
132
203
327
159
53
196
112
125
194
321
169
47
212
107
124
194
326
Nondurable Manufactures
169
171
174
174
175
176
177
176
177
178
179
157
158
162
158
157
155
148
145
150
152
152
143
P148
148
163
178
149
171
180
152
171
181
149
166
181
147
166
181
146
160
183
139
153
183
136
147
177
141
156
181
143
156
186
142
153
191
133
142
189
153
186
154
39
205
172
176
166
171
142
36
186
159
161
156
160
Textiles and Products...
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1 ...
Wool textiles
Carpet wool consumption...
Apparel wool consumption.
Woolen and worsted yarn...
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products...
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers..
Shoes
Manufactured Food Products..
Wheat flour
>
Cane sugar meltings1
Manufactured dairy products..
Butter
Cheese
Canned and dried milk....
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
r
Revised.
p
Preliminary.
XJ2.
163
44
218
180
184
175
185
154
29
208
172
176
167
177
117
123
163
40
228
181
187
172
182
157
38
214
173
179
165
177
158
32
222
177
181
171
177
160
30
226
181
186
174
179
146
24
207
164
168
159
164
150
33
210
168
176
158
166
151
29
206
172
178
163
169
"154
37
201
173
175
171
172
117
119
118
114
112
HI
110
110
r
122
131
91
90
166
117
p
105
r
105
114
122
86
86
162
114
111
116
85
84
169
112
106
109
80
82
174
114
105
107
81
88
164
114
104
102
76
95
173
114
98
101
67
r
90
r
146
109
96
97
68
82
162
105
141
141
144
144
143
97
102
127
139
93
89
170
119
120
128
92
93
160
115
143
141
141
142
120
134
126
118
103
144
137
2*134
107
145
141
108
147
145
106
147
149
103
145
150
106
150
161
143
168
123
79
121
154
183
131
76
115
151
183
127
74
107
147
187
112
62
111
162
216
111
60
123
159
222
96
63
109
r
122
132
92
90
164
115
130
141
95
89
185
118
"54
173
f
126
141
93
84
154
110
145
103
135
143
176
156
189
119
108
151
x
166
39
230
184
190
177
187
149
169
185
165
54
204
98
124
196
329
169
55
209
101
122
192
319
143
149
148
P150
110
117
128
128
P
104
154
171
96
150
157
95
150
154
2*146
87
144
137
P159'
88
143
132
P139
86
147
131
186
260
110
73
140
182'
241
119
109
154
178
221
130
131
161
168
193
135
151
173
185
221
145
150
166
173
206
139
121
158
124
2*229
Series included in total a n d group indexes b u t not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1943
1942
Industry
Dec.
Jan. Feb. Mar. Apr. M a y June
July
Aug. Sept. Oct. Nov. Dec.
Manufactured Food Products—Continued
Other manufactured foods"
Processed fruits and vegetables.
Confectionery
Other food products
Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits.,
Rectified liquors
Industrial
P
144
121
152
148
142
119
144
148
141
114
134
149
142
126
123
150
141
120
120
150
141
121
120
150
145
121
123
155
104
96
106
106
111
135
130
141
143
131
124
0
31
141
113
0
21
139
127
0
22
144
127
0
23
144
131
0
40
157
164
0
77
156
155
0
90
158
169
0
62
178
172
0
42
.189
160
0
47
162
129
132
123
124
134
136
134
139
148
143
126
93
159
89
103
160
86
104
144
85
102
149
78
99
166
84
96
169
92
101
165
87
100
173
93
101
186
100
90
181
99
87
157
88
140
141
141
142
140
135
143
143
140
140
131
139
153
107
98
206
146
137
143
131
131
172
129
92
139
148
103
94
203
140
138
150
129
126
174
127
90
138
150
101
93
204
144
136
150
130
124
167
125
88
140
154
104
92
211
147
137
150
133
122
168
130
89
136
143
106
84
184
142
135
152
123
122
176
118
91
133
141
111
87
193
131
132
143
126
117
158
127
91
141
153
115
93
214
139
139
151
135
126
169
130
90
140
150
112
93
211
134
138
155
124
125
174
126
88
138
153
112
93
213
141
135
148
127
124
163
128
83
137
147
103
93
212
131
136
151
126
122
r
160
130
86
131
142
107
103
196
127
129
135
116
122
163
127
82
112
113
111
115
111
110
106
105 P106
97
101
102
105
103
97
96
90
89
165
166
171
173
177
182
193
202
207
213
216
164
102
143
114
117
166
99
137
118
118
171
101
144
114
121
174
104
137
116
122
180
109
138
120
126
185
109
145
121
118
196
116
153
123
107
206
122
156
123
115
in
111
123
159
137
117
111
123
159
120
120
166
157
485
169
158
543
169
158
551
169
159
519
166
157
481
157
152
318
162
153
453
170
159
523
171
161
538
169
158
535
163
155
459
172
161
519
344
355
361
370
382
389
399
402
404
395
390
365 P360
126
123
196
319
125
125
196
332
127
127
200
332
126
124
204
341
129
124
210
350
130
122
214
356
135
123
213
366
139
120
222
371
140
124
223
382
137
123
221
383
140
129
223
398
137
131
226
394
230
144
122
135
152
144
121
137
151
143
121
139
149
145
122
145
150
144
124
153
148
111
105
121
112
131
0
42
159
111
0
42
159
142
0
63
161
133
0
35
157
146
132
128
154
160
94
103
159
93
101
153
88
133
135
132
149
107
127
192
140
130
134
124
120
175
120
100
135
148
103
96
201
140
133
137
129
125
175
125
92
111
115
103
104
101
156
158
155
104
137
113
99
157
99
137
111
104
166
156
501
152
nn
Alcohol from Beverage Plants1
Tobacco Products
.'
Cigars
Cigarettes....
Other tobacco products..
Paper and Paper
Products...
Paper and pulp..
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint #
Paperboard containers (same as P a p e r b o a r d ) . .
Printing and
Publishing.
Newsprint consumption
Printing paper (same as shown under P a p e r ) . . .
Petroleum and Coal Products.
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1 .
Coke
By-product coke
Beehive coke
Chemical
Products.,
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1 ..
Other chemical products 1
227
231
234
241
135
138
136
133
115
136
137
140
97
103
74
124
150
155
129
128
148
153
128
131
150
155
129
136
123
124
184
223
188
223
215
218
222
222
224
127
125
131
133
131
129
126
124
131
133
131
129
136
143
105
121
136
145
102
118
151
157
129
121
154
161
128
122
146
151
129
124
139
143
124
125
133
130
131
131
130
129
128
187
223
185
223
189
223
188
223
189
223
186
223
187
223
Metals.
Metals other than gold and silver...
Iron ore
(Copper; Lead; Zinc)1
Gold
Silver
138
120
225
396
229
212
Minerals—Total..
Coal..
Bituminous coal.
Anthracite
Crude petroleum
r
134
Rubber Products
Fuels
111
151
134
113
188
223
79
p
174
PUS
P240
137
140 P142
P151
P161
125
131
102
139
P137
r
P124
125
187
223
186
223
26
72
r
r
p
1
Revised
Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,
pp. 753-771 and 825-882.
MARCH
1944
2-73
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1943
1944
Industry
Industrial
Production—Total.
Manufactures—Total...
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
DecJan |
Dec. Jan.
Feb. Mar. Apr. M a y June July Aug. Sept. Oct. Nov.
221
223
229
232
235
239
238
241
245
248
249
247
239
p
239
242
247
251
255
258
259
260
264
267
269
268
258
p
327
334
342
350
356
360
359
362
367
371
376
377
366
200
204
208
210
209
208
201
203
209
213
214
r
r
200
208
197
221
179
523
198
226
182
542
200
231
185
560
202
233
188
559
198
235
186
580
196
233
184
584
190
227
177
583
191
229
180
577
202
235
184
598
205
239
189
593
202
241
190
607
200
r
236
r
186
592
198
r
222
r
178
536
200
231
186
556
407
417
426
436
441
443
441
440
445
451
458
463
453
p
630
651
671
692
718
728
743
756
763
767
r
765
V
r
210
238
257
450
1
Manufacturing Arsenals and Depots ...
Transportation Equipment
Automobiles
.
(Aircraft; Railroad cars; Locomotives;
Shipbuilding
—Private and Government)1
782
248
748
198
203
204
206
211
215
220
232
239
251
252
256
257
266
264
266
273
288
295 r294
241
253
255
262
271
275
276
279
294
308
255
252
257
255
264
260
262
270
285
120
112
119
123
130
136
135
135
137
136
133
133
106
146
104
147
110
149
120
149
128
148
130
152
129
149
124
152
124
152
166
168
172
130
147
180
128
148
169
96
142
170
177
173
179
174
178
172
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products1
Other stone and clay products
127
35
160
156
149
194
293
147
35
187
139
139
187
301
145
36
184
126
137
188
305
146
35
185
126
136
196
308
153
39
194
128
138
202
313
169
43
214
137
136
205
320
157
41
197
136
137
208
325
156
45
195
131
132
198
326
168
49
210
129
135
204
327
162
53
200
130
129
198
321
174
47
218
124
131
199
326
166
54
206
r
106
129
198
329
158
55
195
92
126
196
319
Nondurable Manufactures
168
168
171
171
173
175
177
177
180
182
182
180
172
157
158
162
158
157
159
155
148
145
152
143
P148
148
163
178
149
171
180
152
171
181
149
166
181
147
166
181
149
169
185
146
160
183
139
153
183
136
147
177
142
153
191
133
142
189
153
186
154
39
205
172
176
166
171
142
36
186
159
161
156
160
106
101
10l
105
69
r
87
r
155
109
95
97
66
83
154
Nonferrous Metals and Products.
243
Smelting and refining
(Copper smelting, Lead refining 1 Zinc smelting;
Aluminum; Magnesium; Tin)
Fabricating
(Copper products; Lead shipments; Zinc ship-1
ments; Aluminum products;Tin consumption)
Lumber and Products...
Lumber
Furniture
Stone, Clay, and Glass
Textiles
and
Products....
Products...
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 1 ...
Wool textiles
Carpet wool consumption...
Apparel wool consumption.
Woolen and worsted yarn...
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings1
Manufactured dairy products..
Butter
Cheese
.•••••-.
Canned and dried milk —
Ice cream
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
r
Revised.
p
Preliminary.
2-74
191
c
Corrected.
1
r
242
243
r
163'
44
218
180
184
175
185
154'
29
208
172
176
167
177
166
39
230
184
190
177
187
163
40
228
181
187
172
182
116
123
126
117
157
38
214
173
179
165
177
158
32
222
177
181
171
177
160
30
226
181
186
174
179
146
24
207
164
168
159
164
118
113
110
125
141
91
85
146
110
130
144
93
89
172
118
137
151
98
93
188
119
119
128
90
93
155
115
121
131
88
93
162
117
122
132
112
117
177
115
139
131
127
128
128
116
105
118
134
127
95
81
97
110
98
186
249
119
101
148
^87
86
107
111
P99
94
119
127
98
132
142
171
221
126
73
128
147
180
121
67
117
140
171
115
69
105
150
33
210
168
176
158
166
141
156
181
247
240,
p
286
P307
f
289' P27S
143
156
186
151
29
206
172
178
163
169
154
37
201
173
175
171
172
110
110
r
r
r
p
120
114
150
P
162
160
114
105
109
84
83
157
112
105
105
84
80
180
114
103
105
80
89
161
114
104
103
78
95
173
114
135
141
152
159
160
152
151
145
93
98
129
126
67
107
95
68
106
101
206
259
150
160
166
'205
271
139
113
102
109
121
124
108
153
168
^203
133
146
194 213
208 223
127
189
198
P179
106
167
161
H53
91
153
142
P120
75
130
111
136
170
105
61
108
162
216
111
62
126
170
229
111
73
134
154
185
120
107
151
160
175
140
144
173
168
181
147
172
180
158
222
94
63
111
6
mi
p
196
3l7
P
p
104
mo
P219
P300
PU0
^107
p
Ul
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1944
1943
1942
Industry
May
Nov. Dec. Jan
June
July
130
79
117
134
91
107
146
148
110
161
214
133
165
222
155
157
155
157
151 PU6
111 101
145 ^139
142
146
149
152
153
153
158
163
158
Dec.
Jan.
Feb.
Mar.
Apr.
142
95
137
133
79
141
130
76
140
129
67
135
128
75
127
155
145
142
144
Aug.
Sept. Oct.
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Puo
^82
94
90
110
105
107
106
127
126
122
•138
132
119
120
111
105
100
128
123
130
129
161
159
150
166
144
130
137
0
46
159
0
27
159
0
38
161
0
23
157
0
19
141
0
13
139
0
13
144
0
13
144
0
21
157
0
105
156
0
234
158
0
130
178
0
47
189
131
0
31
162
137
132
122
123
125
123
128
138
140
141
144
151
132
126
102
156
99
175
84
96
177
89
101
176
93
100*
179
99
101
190
103
90
167
87
157
86
134
143
143
140
140
Industrial Alcohol from Beverage Plants1
Tobacco Products.......
Cigars
....
Cigarettes
Other tobacco products
103
159
91
101
144
85
93
148
89
103
149
86
132
135
140
141
141
142
Printing and Publishing
Newsprint consumption
Printins DaDer (same as shown under PaDer)
Petroleum and Coal Products.
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products1
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1
Other chemical products1
Rubber Products
.
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
..
132
140
140
138
138
151
101
93
148
99
93
152
104
93
148
109
93
130
142
107
84
140
99
87
211
147
184
142
193
131
214
139
211
134
213
141
212
131
196
127
137
150
130
124
137
150
133
122
136
152
123
122
131
143
126
117
139
151
135
126
138
155
124
125
135
148
127
124
128
135
116
122
174
127
90
168
125
89
168
130
90
180
118
92
152
127
89
169
130
89
174
126
88
165
128
83
136
151
126
122
r
114
116
114
111
104
no
112
91
93
98
132
135
140
139
139
140
149
108
127
149
107
96
154
111
98
150
110
94
152
112
93
155
113
92
137
143
192
140
201
140
206
146
203
140
204
144
129
134
124
120
133
137
129
125
138
143
131
131
138
150
129
126
170
120
98
173
125
92
179
129
92
114
HI
115
158
127
82
79
112
110
108
P102
101
98
93
83
97
98
101
107
106
156
158
165
166
171
173
177
182
193
202
207
213
216
155
104
137
164
157
99 . 102
143
137
166
99
137
171
101
144
174
104
137
180
109
138
185
109
145
196
116
153
206
122
156
212
122
151
221
123
159
222
123
159
112
102
108
106
113
123
117
118
124
121
124
120
119
120
121
137
118
102
123
114
134
110
113
120
124
166
156
501
166
157
485
169
158
543
169
159
519
166
157
481
157
152
318
i62
170'
158
551
153
453
159
523
161
538
158
535
346
354
362
372
384
389
396
398
400
396
126
123
196
319
123
123
196
332
125
125
200
332
126
124
204
341
130
122
210
350
134
119
214
356
139
120
213
366
137
119
222
371
139
126
223
382
135
128
221
383
212
215
218
222
222
224
230
229
227
231
234
126
119
124
125
131
120
169
127
133
127
132
131
129
172
P
155
161
519
P
400 392
367
P358
138
126
225
396
13*7
^135
P\26
^225
^392
r
459
138
130
223
398
131
226
394
174
^164
498
241
240
P240
132
131
P133
140
140 143 140
115
136
137
140 138
134
140 P142
97
103
74
150
155
129
148
153
128
150
155
129
141
144
127
125
131
102
147
156
114
P\S2
P\6\
P\\6
^137
121
136
145
102
151
157
129
154
161
128
121
118
121
122
124
125
124
128
131
136
137
79
88
90
90
105
148
159
163
161
160
149
93
114
121
121
147
223
243
250
249
247
139
143
124
2*126
163
169
136
143
105
146
151
129
144
160
130
87
108
19
73
77
79
132
298
341
365
363
351
55
74
45
77
40
79
40
79
38
75
37
76
34
80
32
86
31
78
' "3i
(Conner* Tparl* 7inr^1
Gold
Silver
108
103
101
119
Minerals—Total
.
131
140
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
.
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
.
87
80
Paper and Paper Products...
Fuels
154
147
83
104
144
86
70
139
136
116
78
*84
228
170
106
P117
310
182
48
31
72
31
83
r
r
r
p
x
Revised.
Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,
pp. 753-771 and 825-882.
MARCH
1944
2-75
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry and group
1942
Dec.
Factory pay rolls
1942
1943
Jan. I Sept.
Oct.
Nov.
Dec.
Jan.
1943
Jan.
Nov. Dec.
Sept.
Oct.
164.5 164.8 170.1 170.5 rr170.9 169.3 166.4 280.4 287.9
215.5
124.3
218.1
122.9
230.4
122.6
290.9 328.0 r332.6
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus..
Stamped and enameled ware
Structural and ornamental metal work
Forgings
_.
Screw machine products
169.1
135
273
89
118
113
187
139
192
252
290
170.7
134
276
89
119
113
189
143
194
255
292
173.6
132
271
111
128
124
195
165
202
260
289
Electrical Machinery
250.3 255.1 279.8
Machinery, except Electrical
Machinery and machine shop products
. Tractors
Agricultural, excluding tractors
Pumps
225.1
230
156
110
285
131
Total
Durable goods
Nondurable goods
232.3
121.7
234.0
121.2
232.5
119.5
228.9
117.1
382.8
180.3
391.6 399.8
186.4 184.5
460.7
198.3
468.8
199.6
174.6,
131
269
107
131
128
197
168
204
261
289
175.9 175.1
131
130
267
267
105
106
133
134
132
136
198
198
170
168
208
209
264
263
291
290
172.9
270.1
204
446
128
211
170
319
231
314
442
507
278.7
204
453
134
215
179
327
247
320
476
516
283.5
209
464
132
216
181
313
256
326
478
519
312.8
233
476
178
254
219
364
315
372
489
549
318.6
233
483
175
266
232
365
331
384
514
561
108.6
105
109.4
106
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
125.4 123.2 119.8
128
119
118
115
121
96
99
104
85
135
137
128
112.5 111.3 103.6
119
127
129
78
82
83
107
118
119
71
77
78
102
116
117
97
108
109
83
93
93
Apparel and Other Finished Textiles
Men's clothing, n.e.c.
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
112.2 112.2
108
108
91
92
85
91
91
80
83
73
Leather and Leather Products
Leather
Boots and shoes
1,259.2
Automobiles
152.5
Nonferrous Metals and Products
Primary smelting and refining
Clocks and watches
Lighting equipment
Lumber and Timber Basic Products
Sawmills
Planing and plywood mills
176.7
152
127
110
Furniture and Lumber Products
122.5
98
119
227.5
232
154
114
293
138
r
110.1 108.9
106
105
107.8
165.0 170.6
164
158
165.9
160
183.2
177
191.0
184
119.3
129
94
83
127
103.8
119
78
108
71
103
97
83
119.5
131
91
82
128
119.7
132
88
82
127
116.5
179.2 181.2
166
161
156
169
150
152
188
188
178.5
168
150
138
185
193
140
128
186
194.0
202
141
130
193
104.0
120
79
108
71
103
97
83
103.9
120
79
108
71
102
97
82
101.5
175.4 180.8
218
213
134
131
208
201
107
105
184
179
166
158
145
139
179.6
216
134
208
106
185
161
145
172.0 174.4
205
205
132
136
195
198
105
109
172
177
151
152
131
136
104.6
102
80
86
77
104.2
101
80
85
73
103.2
100
79
85
75
154.0
146
138
124
76
155.9
150
130
125
103
163.4 164.1
154
158
130
134
136
132
114
106
104.9 104.5 90.8
89
105
106
94
82
93
90.5
88
81
90.9
87
82
90.2
87
81
153.4 159.5
158
153
145
137
160.0
154
147
143.1 143.2
135
135
131
130
Food and Kindred Products
Slaughtering and meat packing
Flour...
Baking
Sugar, beet
Confectionery
Beverages, nonalcoholic
Malt liquors
Canning and preserving
119.1 112.9 129.0
154 132
155
117
111
108
109
112
114
74
219
82
108
129
121
114
112 140
133
113
112
184
85
71
122.3
132
120
112
167
115
133
133
127
118.5
136
121
114
195
121
129
131
92
115.9
142
120
114
126
122
125
130
81
112.5
160.5 165.4
214
181
155
148
149
144
300
379
184
182
128
128
136
137
138
163
155.6
203
169
144
110
164
125
133
115
184.8
192
180
155
100
164
172
187
304
Tobacco Manufactures
Cigarettes
Cigars
106.3 102.4 94.8
126
130
126
91
96
79
95.5
128
78
96.3
130
78
96.4
131
78
94.2
157.4 159.6
182
179
148
146
147.8
172
133
154.1
180
140
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes
116.4
110
127
114
119.1
109
127
r
124
119.1
109
126
124
117.7
163.5 168.5
161
164
166
173
162
154
167.6
162
175
160
176.7 r183.0
168
174
179
187
r
177
184
Furniture
Stone, Clay, and Glass Products
Glass
Cement
Brick, tile, and terra cotta
Pottery and related products
474.0
201.4
461.6
198.2
320.1 316.7
224
227
483
486
175
169
266
269
246
239
369
365
332
340
394
395
519
531
562
570
286.4 286.2 285.1 402
415.5 427.4 487.7 494.7 502.2 495.9
239.0 238.0 236.4 381
392.9 400.2 435.2 441.4 445.7 440.5
382
447
247
441
402
450
395
457
247
212
279
184
225
270
223
289
288
187
172
288
151
181
196
284
294
296
154
r
556
694
335
678
581
709
583
695
340
190
171
202
220
309
288
173
296
306
1,464.3rl,472.4 l
1,302.2 1,448.6
2,901.1
1,427.9 2,275.92,348.02,406.0
460.5
2,933.12,947.6 '3,020.6
182.5
261.4
339.7
255.1 277.9
186.7 189.5
156.7
185.2
189.4
339.3 359.5 356.2
178.1 181.8 184.3 185.6
183.7 292.2 303.2 305.8 336.8 338.2 343.9 335.7
183.3
169
228
300
172
234
239
170
154
306
305
301
124
232
246
232
125
239
123
172
127
249
242
242
125
223
183
189
184
131
130
126
108
233
223
227
128
116.3 111.0 110.2 110.1 107.9 103.5 188.7 181.9 166.9 197.7 200.9 197.4 188.6
144
88
89
86
153
131
88
92
151
160
164
162
110
108
177
109
174
109
167
179
115
181
182
176
237.6
246
180
148
r
325
166
Refrigerators
336.2 328.5
r
283.4
236.2
245
177
145
323
161
Transportation Equipment, except Autos..
Nov. Dec.
111.4
107
116.6
110
129
114
117.1
108
126
120
r
118.0
108
127
123
r
152.7
145
143
123
76
r
182.2
201
194
159
206
178
161
184
224
191.1 189.3
183
185
195.2
192.2
r
2O7
207
134
127
127
126
195
185
r
176.2 175.9
207
207
138
139
199
198
110
110
180
177
154
154
138
134
165.6 163.5
157
162
134
135
133
133
100
92
146.1 147.3
141
135
133
133
r
186.0 182.9
239
232
197
197
163
164
283
162
190
189
r
160
157
r
182
179
164
149
r
160.2
191
141
162.5
196
141
161.1
190
143
184.8
175
187
r
188
183.7
175
185
186
r
r
Revised.
NOTE.—Figures for January 1944 are preliminary. Indexes for major groups and totals have been adjusted to final data for 1941 and preliminary
data for the second quarter of 1942 made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month
and cover wage earners only.
2.76
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT A N D PAY ROLLS, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics 1939 = 100]
Factory pay rolls
Factory employment
Industry and group
Jan.
Dec.
Nov.
Oct.
Sept.
r
r
Dec.
383.4
139
197
149
241
234
173
391.2
137
203
149
247
219
185
438.4
156
242
170
286
244
214
H37.6
160
251
169
290
274
216
118.9
113
108
117.2
165.4
151
165
165.1
152
164
162.8
149
169
195.0
182
187
197.7
186
183
164.9
170
146
147
167.1
173
146
148
167.2
213.3
205
222
196
228.6
220
238
209
234.6
227
241
212
273.4
277
247
239
166.7
176
91
164.2
174
161.7
247.6
223
129
261.3
230
134
263.1
231
124
297.1
271
142
119.0
113
108
151.6
150
148
137
161.2
169
144
140
161.3
166
143
144
757.0
152
75
165.1
178
84
166.0
176
256.1
105
169
109
171
134
105
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
117.4
107
119
115.0
106
119
Rubber Products
Rubber tires and inner tubes . . . .
Rubber boots and shoes
Rubber goods, other
149.0
147
145
135
Miscellaneous Industries
Photographic apparatus
Games, toys, and dolls
156.7
151
79
Nov.
r
365.3
135
190
141
236
243
164
119.3
113
110
248.0
103
154
106
160
138
115
Oct.
232.1
119.0
113
111
243.7
103
152
106
160
143
109
102.6
95
106
Sept.
131.0
114
138
238.9
106
178
110
173
142
118
Chemical and Allied Products
Paints, varnishes, and colors
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Cottonseed oil
Fertilizers
r
Jan.
128.9
115
133
253.0
106
177
107
174
147
113
100.7
95
102
Dec.
121.0
107
128
256.9
106
172
110
173
144
107
102.2
96
105
Nov.
126.5
113
133
104.4
95
109
104.3
100
106
Jan.
122.4
111
128
104.2
95
108
Printing and Publishing
Newspaper periodicals
Book and job
r
1942
1943
1942
Dec.
133.7
115
142
134.9
116
144
428.6
161
258
166
292
281
223
403.4
159
259
168
289
274
227
196.3
186
176
197.3
186
181
278.0
279
244
248
287.7
289
252
257
285.5
286
246
257
301.3
278
158
307.6
284
156
300.8
273
150
r
r
Revised.
FACTORY EMPLOYMENT
{Adju s ted for Sea sona I Va ria tion)
[Index numbers of the Board of Governors, 1939 = 100]
1942
1943
1944
Group and year
Total
Durable
Nondurable..
Dec.
Jan.
Feb.
Mar.
164.2
215.5
123.7
165.8
218.6
124.1
167.4
222.1
124.3
168.1
224.7
123.5
April
168.4
225.8
123.2
May
June
July
Aug.
167.9
225.9
122.2
169.0
228.3
122.3
169.7
229.4
122.6
169.6
230.0
121.9
Sept.
168.3
230.0
119.6
Oct.
Dec.
Nov.
r
170.1
232.2
121.1
170.8
r
233.8
121.2
r
169.0
r
232.6
r
118.9
Jan.
^167.3
^229.4
*>118.3
p
Preliminary.
NOTE.—Revised indexes based on new Bureau of Labor Statistics data released in February 1943.
For back figures see p . 14 of January 1943 BUL-
LETIN, and p . 1187 of December 1943 B U L L E T I N .
HOURS A N D EARNINGS OF WAGE EARNERS I N MANUFACTURING INDUSTRIES
(Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry and group
Average hourly earnings (cents per hour)
1942
1943
1942
Nov.
Dec.
Aug.
Sept.
Aug.
Sept.
All Manufacturing
44.0
44.4
45.1
44.7
45.4
45.5
44.9
90.5
90.7
96.5
99.3
Durable Goods
46.1
46.1
46.5
'47.2
'47.1
46.2
100.5
100.4
106.0
109.7
44.8
47.0
49.5
45.3
47.0
49.6
46.6
46.9
46.1
46.8
48.6
47.1
47.1
49.6
47.1
47.1
49.6
46.6
46.2
48.9
98.4
94.2
100.3
98.6
94.3
101.1
103.7
97.4
106.4
106.6
99.3
109.5
47.7
45.5
46.0
41.7
42.8
41.4
47.5
45.5
46.1
41.3
43.7
41.8
47.0
47.1
46.6
45.2
44.6
43.4
47.1
46.3
46.7
43.5
43.5
42.4
47.6
'46.5
47.1
"43.4
44.4
43.6
46.5
44.6
46.5
42.8
44.3
43.0
116.3
120.2
95.9
68.5
68.5
81.0
114.2
119.8
97.6
67.9
68.9
81.0
119.9
121.9
101.7
74.6
75.0
85.4
125.0
126.2
104.4
76.8
77.2
87.3
41.3
42.1
42.6
42.2
42.7
r
43.1
42.8
75.6
76.2
81.1
82.3
40.8
37.0
39.0
42.4
40.6
44.0
39.5
43.9
41.8
43.4
45.3
41.5
37.4
40.3
43.9
41.2
44.9
40.2
44.7
41.8
44.5
46.1
41.3
37.8
40.0
44.1
41.1
45.6
40.6
45.6
46.2
44.3
45.8
41.0
37.5
39.2
43.3
41.3
44.6
40.4
45.6
45.4
44.9
45.6
41.6
37.8
39.5
44.1
42.6
45.7
40.2
45.8
r
46.4
45.4
46.1
41.8
38.1
r
39.9
45.5
42.5
45.8
40.5
r
45.6
46.0
45.7
'46.5
41.7
37.6
40.1
45.5
42.1
45.3
40.5
45.1
46.0
44.9
45.6
64.2
64.8
71.3
75.1
61.1
77.2
97.6
86.7
109.3
95.5
82.9
64.4
64.9
71.9
76.1
61.3
77.1
98.0
87.8
109.2
96.6
82.7
66.5
72.7
75.0
80.4
65.8
80.4
100.2
92.8
113.7
101.5
88.5
67.5
74.3
76.5
80.1
67.0
81.1
103.3
93.7
115.5
105.7
90.7
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except
Automobiles
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic P r o d u c t s . . .
Furniture and Finished Lumber Products.
Stone, Clay, and Glass Products
Nondurable
Goods
Textiles—Mill and Fiber Products
Apparel and other Finished Products . .
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing, and Allied Industrie;
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries
Oct. Nov. Dec.
r
47.5
47.6
46.9
44.2
44.7
43.8
r
r
Revised.
NOTE.—Revised data based on the classification of the 1939 Census of Manufactures.
Nov.
Dec
Oct. N o v .
r
99.6
99.5
'108.6
'109.7
109.3
105.6
98.6
108.6
105.6
99.0
"109.2
106.2
99.6
110.0
123.1
'125.0
102.9
77.3
77.7
r
87.1
"126.0
"125.2
103.3
77.4
78.0
87.7
124.1
124.6
103.5
76.6
78.3
87.8
82.9
83.2
67.7
r
74.0
76.9
82.9
67.3
81.2
"102.6
r
93.2
r
114.8
106.6
91.7
67.7
74.4
77.3
83.4
67.2
81.7
103.7
93.7
115.3
106.5
92.5
98.8
r
Dec.
r
82.4
r
67.4
73.7
76.5
81.5
67.0
r
81.2
"102.8
93.1
r
114.2
105.9
90.8
r
Back figures are available from the Bureau of Labor Statistics.
(Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 285.)
MARCH 1944
2-77
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
Factories
1943
January
February
March
April
May
June
July
August.
September
October
November
December
Year
1943
1944
1944
Commercial
1944
1943
1943
1944
Educational
1943
1944
Public works
and public
utilities
Other
1943
1943
1944
1944
350.7
393.5
339.7
303.4
234.4
229.6
183.7
413.8
175.1
213.5
184.4
252.2
110.8
93.3
71.8
79.4
63.3
61.5
71.8
67.5
54.1
69.7
58.4
66.2
73.1
87.7
63.8
40.7
24.2
53.7
31.9
234.8
31.1
34.5
29.0
62.0
7.2
22.7
25.2
6 6
9.3
6.9
5.3
7.4
5 1
11.2
7 9
6.0
5.6
4 2
4.5
5.9
5 3
7.9
4.8
4 2
5 8
5 7
3 3
5 1
68.2
72.7
51.5
43.0
36.5
26 3
19.9
26.4
29.0
28.9
26.9
45.7
85.8
113.0
123.0
127.7
95.8
73 3
50.0
73.4
50.1
63.5
59.0
67.4
3 274 0
867.8
766.2
120.7
62.4
474.9
981.9
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
Public ownership
Total
Private ownership
Month
1942
January
317
February....
434
March
611
499
April
674
May
June
. . . . 1,190
July
944
721
August
September...
723
October . . . . .
780
November...
654
December ...
709
Year
1943
1944
159
351
394
340
303
234
230
184
414
175
214
184
252
1942
1943
198
310
473
355
569
1,105
876
633
661
710
592
664
316
364
304
253
192
183
122
351
120
157
135
198
1942
1944
119
123
138
144
105
85
68
88
62
71
62
45
35
30
36
50
42
46
61
62
56
56
50
54
1,109
579
122
7,146 2,695
8,255 3,274
1943
Title I Loans
Year or month
1943—Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Property
improvement
Total
Small
home
construction
37
1- to 4family
houses
(Title
II)
224
246
60
160
208
251
262
141
80
64
73
59
72
78
84
90
88
85
92
77
7
5
6
31
20
19
7
7
8
7
16
18
19
21
10
12
8
10
9
20
20
20
21
18
94
309
424
473
669
736
877
691
Rental
and
War
group housing
housing (Title
(Title
VI)
II)
*
2
11
48
51
13
13
6
13
284
42
39
47
37
47
51
56
60
55
57
60
50
* Less than $500,000.
NOTE.—Figures represent gross insurance written during the period and
do not take account of principal repayments on previously insured loans.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
December
January
7 537
16 091
9,869
14 798
32,500
16,220
20,000
9 021
1,564
14,816
16,822
15,986
20,052
10,466
24 520
35,324
34,401
35,448
10,461
1,978
24,883
38,704
14,146
28,992
13,843
20,811
42,327
59,423
36,217
34,998
3,457
17,526
78,921
159,238
252,223
350,661
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
320
557
495
694
954
1,026
1,186
1,137
13
25
26
21
15
January
1944
LOANS INSURED BY FEDERAL HO USING ADMINISTRATION
[In millions of dollars]
1935
1936
1937
1938
1939
1940
1941
1942 ;
1943
1944
Federal Reserve district
End of month
Total
Commercial
banks
SavMuings Insur- Fedtual
eral
ance
and
Other2
savcom- agenloan
ings associpanies cies 1
banks ations
1936—Dec
1937—Dec
1938—Dec
365
771
1,199
228
430
634
8
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June
Dec
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar.
June
Sept
Dec.
1,949
2,075
2,232
2,409
9X1
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.
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—Mar
June
Dec
3,307
3,491
3,620
1,549
1,623
1,669
201
219
236
264
272
276
856
940
1,032
237
243
245
200
195
163
1943—June
3,700
1,700
252
284
1,071
235
158
June
The R F C Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding
terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports2
Merchandise exports1
Excess of exports
Month
1939
1940
1941
1942
January
February
March
213
219
268
370
347
351
325
303
357
481
480
628
April
May
231
249
717
535
June.
236
350
July
August
September
230
250
289
October
November
December
323
324
387
385
r
1939
1940
1941
1942
1943
1939
1940
1941
1942
1943
P730
P719
P988
178
158
190
242
200
217
229
234
268
254
254
272
P228
p
234
P249
35
61
77
128
147
134
96
69
89
228
226
355
P502
P485
P739
P980
p
l,085
PI,002
186
202
212
211
287
297
235
191
111
112
100
88
482
344
211
280
215
P258
P281
P295
45
47
179
57
138
50
433
P722
P804
*706
1943
r
330
648
317
365
650
232
278
213
84
87
437
703
732
176
182
221
195
282
262
186
196
300
P315
P285
61
460
425
PI,262
PI,204
PI,233
169
351
295
74
107
130
101
178
162
517
536
P962
P888
P948
332
292
368
344
328
322
666
492
653
801
787
873
PI,193
PI,074
PI,249
215
235
247
207
224
253
304
281
344
200
168
358
P329
p
317
r
274
117
57
121
137
104
69
362
211
309
602
619
515
P864
P757
P974
Janua r y-D e cembe r 3,177
4,021
5,147
8,035
P12.717
2,318
2,625
3,345
2,742
3,365
859
1,396
1,802-
5,293
P9.352
p
p
r
P1 Preliminary.
Revised.
Including both domestic and foreign merchandise
2
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers; 1935-39 average= 100 ]
Total
Coal Coke
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
ForLive- est
stock products
Ore
Mis- Mercel- chan-
Total
railway
operating
revenues
dise
l.c.1.
Total
railway
expenses
Net
railway
operating
income
. Net
income
Annual
Annual
1939
1940
1941
1942
1943
102
137
168
181
186
107
101
112
120
146
96
96
91
104
117
100
114
139
155
141
110
147
183
206
192
101
110
136
146
145
186
184
126
139
114
118
140
137
190
190
145
144
SEASONALLY
ADJUSTED
1942—November
December
139
132
1943—January
February
March
April
May
June
July
August
September....
October
November
December
135
145
144
133
132
100
146
145
152
140
127
147
184
178
187
186
181
166
184
191
195
195
186
192
138
145
142
140
140
137
143
147
137
167
161
153
102
113
117
118
112
113
113
117
114
119
132
122
130
135
133
138
138
140
150
148
139
137
150
154
202
193
193
163
163
192
202
208
209
191
191
209
1944—January
150
185
159
121
147
203
144
146
145
145
143
142
146
145
143
140
147
148
97
96
100
69
63
1939..
1940..
1941..
1942..
1943..
3,995
4,297
5,347
7,466
9,055
3,406
3,614
4,348
5,985
7,693
589
682
998
1,481
1,362
93
189
500
959
P898
128
159
159
81
121
110
134
153
124
144
159
120
108
115
82
73
92
50
92
111
82
101
118
78
68
75
41
33
52
Pll
185
149
174
136
111
137
105
106
130
127
128
110
121
125
110
113
96
77
63
62
85
83
86
71
82
84
70
76
63
P73
SEASONALLY
ADJUSTED1
1942—October.. ..
November..
December..
661
722
708
1943—January
February...
March
April
May.
710
744
740
767
783
749
761
779
738
731
776
786
June...
July...
August
September..
October
November..
December ..
r
533
563
549
577
591
616
623
624
629
653
663
655
658
684
736
r
UNADJUSTED
UNADJUSTED
1942—November....
December
140
126
139
132
186
193
124
131
143
114
138
122
206
59
150
136
1943—January
February
March
April
May
June
July
August
September....
October
November
December....
124
130
130
132
137
132
146
145
151
147
142
133
135
145
144
133
132
100
146
145
152
140
127
147
193
189
189
183
179
162
178
183
193
191
186
202
138
142
131
124
123
140
172
158
153
167
157
144
90
92
105
101
86
97
111
151
183
166
118
117
129
133
138
143
145
150
156
150
144
147
138
50
48
56
106
269
297
323
312
314
274
193
65
132
137
138
143
145
146
147
147
154
153
153
139
194
159
116
133
1944—January
136
1942—October
November...
December ..
746
690
703
1943—January
February...
March
April
May...
June
July
August
September.,
October
November..
December .
671
664
756
749
759
747
791
800
777
796
762
782
561
541
529
r
566
557
627
622
631
638
671
676
666
683
666
705
r
P1 Preliminary. r Revised.
Series in process of revision.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for NOTE.—Descriptive material and back figures may be obtained
June 1941. Based on daily average loadings. Basic data compiled by Associa- from the Division of Research and Statistics. Basic data compiled
tion of American Railroads. Total index compiled by combining indexes for classes by the Interstate Commerce Commission.
with weights derived from revenue data of the Interstate Commerce Commission
MARCH
1944
DEPARTMENT STORE STATISTICS
fBased on value figures]
WEEKLY I N D E X O F SALES
[Weeks ending on dates shown. 1935-39 average = 100]
M O N T H L Y INDEXES O F SALES A N D S T O C K S
[Daily average sales; end-of-month stocks. 1923-25 average = 100]
Seasonally adjusted
1941
1942
Unadjusted
Without seasonal adjustment
July
January
February
March
April
May
June
July
August
September
October
November
December
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
r
167
136
128
125
129
142
142
132
140
158
r
131
152
95
102
109
118
127
136
142
138
125
115
106
100
102
93
91
87
90
98
110
114
110
104
98
^104
119
PH9
Year.
STOCKS
January
February
March
April
May
June
July
August
September
October
November
December
1941
1940
1943 . 1944
SALES
6
67
1 3 . . . . . 78
2 0 . . . . . 72
' 2 7 . . . . . 69
81
Aug. 3
1 0 . . . . . 79
1 7 . . . . . . 81
24
92
31. . . . 118
..109
Sept. 7'....
14
123
2 1 . . . . ..117
2 8 . . . . .120
125
Oct. 5
1 2 . . . . ..115
1 9 . . . . ..123
2 6 . . . . ..121
Nov. 2 . . . . ..117
9 . . . . ..122
1 6 . . . .130
2 3 . . . . .116
3 0 . . . . ..147
Dec. 7 . . . . .197
14..
.232
2 1 . . . . .258
124
28
Year.
Feb.
Revised.
Preliminary.
Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subsequent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent
ssues.
Mar.
r
p
4 . . . . . 85
1 1 . . . . . 99
1 8 . . . . . 90
2 5 . . . . . . 89
1
94
8
95
1 5 . . . . ...97
2 2 . . . . . . 88
2 9 . . . . ..101
8 . . . . . . 97
July
4 . . . . . . 84
1 1 . . . . ..102
1 8 . . . . . . 93
2 5 . . . . . . 92
Aug. 1 . . . . . . 96
8 . . . . ..110
1 5 . . . . ..113
22
. .116
132
29
..153
Sept. 5
12 .
129
1 9 . . . . ..137
26
..155
173
Oct. 3
10
..159
..152
17
..153
24
31
..158
N o v . 7 . . . . ..166
1 4 . . . . ..167
2 1 . . . . . ..166
2 8 . . . . ..166
Dec. 5 . . . . ..236
12
274
303
19
199
26
1942
1941
Jan.
1943
1942
J u l y 5 . . . . . . 86
1 2 . . . . . . 93
1 9 . . . . . . 89
2 6 . . . . . . 87
Aug. 2 . . . . ..102
9 . . . . ..116
1 6 . . . . ..113
23
119
30
. .152
Sept. 6
122
133
13..
2 0 . . . . ..131
148
27
169
Oct. 4
..130
11
18
..131
..130
25
Nov. 1
..138
8 . . . . . . 139
1 5 . . . . ..148
2 2 . . . . ..128
2 9 . . . . ..169
Dec. 6 . . . . ..215
13
..236
20
..277
27
..174
July
Aug.
Sept.
Oct.
Nov.
Dec.
1944
1943
Jan. 3 . . . . ..107
1 0 . . . . ..130
1 7 . . . . ..131
2 4 . . . . ..119
3 1 . . . . ..121
114
Feb 7
1 4 . . . . .116
21 . . . . ..110
28 . . . . ..119
Mar. 7 . . . . ..125
2 . . . . ..112
9 . . . . ..138
1 6 . . . . ..132
2 3 . . . . ..119
3 0 . . . . ..121
136
Feb 6
1 3 . . . . ..168
20 . . . . ..146
27 . . . . ..150
Mar. 6 .... ..142
Jan.
.116
.101
.111
.109
.107
1.... .117
1 4 . . . . .118
21
132
2 8 . . . . .133
4
.154
11
142
.161
18
2 5 . . . . . 158
2
161
9
.173
16
.171
23
.171
30
.174
6
.183
1 3 . . . . .191
2 0 . . . . .201
2 7 . . . . .188
4
.251
11
.273
18
.289
2 5 . . . . .245
3....
10....
17....
24....
31....
Jan.
1 . . . . .105
8 . . . . .134
1 5 . . . . .137
2 2 . . . . .136
2 9 . . . .130
5
.138
1 2 . . . .132
19 . . . . .133
2 6 . . . . .134
4....
Feb
Mar.
Back figures.—See BULLETIN 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]
1944 1943
1944 1943
United States..
Boston
New Haven
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Albany
Binghamton
Buffalo
Elmira
Niagara Falls..
New York City
Poughkeepsie...
Rochester
Schenectady.. .
Syracuse
Utica
Philadelphia
Trenton
Lancaster
Philadelphia....
Reading
Wilkes-Barre.. .
York
Cleveland
Akron
Cincinnati
Cleveland
Columbus
Toledo
Youngstown...
+5 +4
+1
-3
+3
+5
+2
-13
—16
-6
-10
+6
+3 +4
+5 +7
+5 r - 5
-6
+6
+3
0
+19 +7
+2
0
o
-4
+15 +3
+1 +7
+9
+11
+12 +3
4-6 —4
+7 +4
+20 +13
+11 +6
< +3
-4
+2
-1
+8
+16
+8
+11
+4
+1
3
+12
+6 Cleveland—Cont.
+2 Erie
+20 Pittsburgh
+6 Wheeling
+5
+ 6 *Uchmond
Washington
+6 Baltimore
-6
-2
—4
+14
+11
r
+23
+7
+9
+6
Jan. Dec. Year
1944 1943 1943
Jan. Dec. Year
Jan. Dec. Year
Winston-Salem...
Charleston, S. C.
Greenville, S. C .
Lynchburg
Norfolk
Richmond
Charleston.W.Va.
Clarksburg
Huntington
Chicago—Cont.
+1 +10
+3 + 5
+9 +16 +15
+7 +3 +11
+6
0 -1
+10 +3 +10
+7 +6 +20
+22 +10 +25
+23 +21 +35
+22 +22 +23
+3 + 8 +12
+15 +6 |-20
+8
-4
+20 +10 +10
+10 +7 +11
—2
0
r
+6 +7
+17 +9
+11 +11
Louis
Fort Smith
Little Rock
Quincy
Evansyille
Louisville
St. Louis
Springfield
Memphis
+8 +6
+7 +18
+5 +12
+21 +16
+19 +9
0
+8
+6 +2
St.
+
r
+2 Atlanta
+18 +21
+11 Birmingham.
+17 +15
+20 +19
+13 Montgomery
Jacksonville
'+13
+23
+6
+26 +18
+16 Miami
+19
Tampa
+23
6 -r-iy
+10 Atlanta
+44 r + 1 3
+5 Macon
+11
" +9
+9 Baton Rouge
- 5 +13
+12 New
Orleans
+14 +12
+10
Jackson
+22 +20
+9 Chattanooga.. .. +22 +21
+54 +45
+14 Knoxville
+36 +35
+11 Nashville....
+5 Chicago.
+25
+3 +2
0
+14 Chicago
- "
+3
+12 r +10
+14 Peoria
Fort Wayne....
Indianapolis...
Terre Haute...
Des Moines
Sioux City
Detroit
Flint
Grand RapidsLansing
Milwaukee
Green Bay
+18
+28
+37
+26
+37 Minneapolis
+32
+32 Kansas City
+30 Denver
,
+23 Hutchinson
+24 Topeka
+23 Wichita
+34 Joplin
+36 Kansas City
St. Joseph
r +8 Omaha
+S Oklahoma City
+8 Tulsa
i
+7
+9
+17 +23
-4
-9
-6
+3
+11
+2
+7
r_
4
+7
+14 +22
+41 +30
+13 +16
+8 +12
r
+6 +9
+6 +2
+10 +13
+10 +6
+17 +14
+4
+2
+5
+5
+14 +12
+6 r + 9
4-15 +25
- 3 +11
Dallas
:.
+6 Shreveport
+21 Dallas
Fort Worth
+11 Houston
+17
+28 San Antonio
+3
' + 1 6 San Francisco
Phoenix
+17 Tucson
+2 Bakersfield
+11 Fresno
«.
+11
Long Beach
+13 Los Angeles
+27 Oakland and
Berkeley
+25
+17 Sacramento
+28 San Diego
+13 San Francisco....
+7 San Jose
+28 Santa Rosa
+24 Stockton
Vallejo and Napa
+18 Boise and
Nampa
+23 Portland
+20 Salt Lake City..
+27 Bellingham
+25 Everett
+29 Seattle
+10 Spokane
+19 Tacoma
+27 Yakima
+22
+45
+25
Jan.
Dec.
1944 1943
+21
+17
+24
+23
+9 +14
+9 +25
+12
+24
+17
+13
+9
+11
*
+22
+24
+10
+12
+19
+24
+41
+34
+29
+21
r
+19
+6
+14
+27
+25
+29
+8
+10
+22
+16
+17
*
r+3
+4
- 2 +12
+16 +22
+7
*
*
*
+35
+17
+43
+41
+30
+33
+7
r
+5 +4
+5 r+2
+2
+5 r +6
+11
+12
*
+21
Year
1943
+8
+4
r +7
-1
+31 +32
+15
+14
+14
+18
r
+17
+21
+32
+35
+35
+16
+26
+14
+13
+16
+19
+10
+25
r
Revised.
* Data not yet available.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Sales during month (value)
Stocks at end of month (value)
Ratio of stocks
to sales
Percentage change
Percentage change
December
Number
of stores
reporting
Department
Dec. 1943 Dec. 1943 Dec. 1942 Dec. 1943 Dec. 1943 Dec. 1942
from
from
from
from
from
from
Dec. 1942 Nov. 1943 Nov. 1942 Dec. 1942 Nov. 1943 Nov. 1942
GRAND TOTAL—entire store
MAIN STORE—total
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
. . .
knit
1942
351
+4
+30
+53
_3
-18
-22
1.4
1.6
351
+5
+32
+56
-4
-18
-22
1.4
1.6
349
326
331
+14
+19
+20
+30
+47
-21
+9
+13
-22
-14
-14
-25
-25
+20
+46
+49
1.3
2.2
1.1
1.2
1.8
0.9
310
292
300
284
320
327
343
322
241
258
+19
+21
+12
+13
+12
+41
+17
+21
+48
+78
+56
+29
+44
+66
+125
+63
+48
+18
+44
+25
+9
+10
+54
+55
-17
-23
-11
-16
-42
0
-25
-42
-4
-20
-29
-28
-15
-44
-6
-16
-38
-12
-16
1.4
1.2
1.2
1.6
0.6
2.7
1.1
0.7
3.2
1.6
1.0
1.0
1.1
1.3
0.7
3.7
1.4
1.1
2.7
1.4
-25
-11
-38
-21
-12
-27
-13
-36
-29
-21
1.4
3.0
0.9
1.3
2.8
1.7
3.9
1.1
1.5
2.2
-6
-11
-5
3.4
4.2
5.5
3.4
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's aiid boys' shoes and slippers
319
229
302
Home furnishings
313
229
237
289
in
173
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves,
etc.)
Domestics, blankets linens, etc.
China and glassware
Housewares
1943
+7
+2
+8
0
-23
-15
-29
-11
-21
+18
+5
+5
+53
+94
+32
+16
0
—1
-1
+13
-25
+63
+12
+96
+43
+43
+101
+27
+154
+66
+98
-18
-24
-20
-3
+2
+21
+3
+2
-7
-26
-15
-48
-27
-7
-10
2.7
3.8
3.0
2.4
-69
-27
-26
-9
-7
-10
-18
-4
-14
-9
-16
-13
3.7
1.9
2.0
3.7
3.8
2.9
2.9
3.0
-4
-24
+2
-1
+10
2.9
2.5
3.9
4.4
Q
-8
—7
-3
+1
-11
-26
-20
-69
-18
-14
+9
+30
i
-7
193
284
219
219
+12
+6
-27
+21
+41
+12
+9
+45
+73
+35
Piece goods (dress and coat yard goods, all
materials)
.
. .
Cotton wash goods
283
118
+26
+30
-16
-13
-2
+3
Small wares
Notions
Toilet articles, drug sundries, prescriptions
Jewelry and silverware
330
218
314
269
+65
+22
+95
+73
+106
+38
+151
+108
+14
+22
+13
+10
-24
-10
-26
-29
-31
-15
-36
-33
1.2
2.7
1.0
1.2
1.2
2.3
1.0
1.1
Miscellaneous
293
+9
+3
+12
+6
-11
+40
+99
+10
-27
-43
0.9
0.8
—2
+27
+25
+56
+40
+37
+77
+4
+22
+4
-7
+20
-18
-21
-22
-9
-2
-7
-22
-25
-29
-11
-3
-19
1.6
1.3
1.4
2.2
2.4
3.6
1.4
1.1
1.4
2.8
3.2
2.0
„
215
205
166
123
54
134
BASEMENT STORE—total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
+4
c
-3
+22
-33
+3
p
+23
+8
+46
-3
-24
+4
NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained
by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month
in terms of sales for that month.
SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Percentage of total sales
Index numbers, without seasonal adjustment, 1941 average = 100
Accounts receivable
at end of month
Sales during month
Year and month
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
113
117
58
61
6
5
36
34
75
81
82
142
109
105
106
105
100
103
85
84
104
116
121
59
58
59
60
60
60
62
62
61
61
61
64
5
5
5
5
4
4
5
5
5
5
5
4
36
37
36
35
36
36
33
S3
34
34
34
32
77
143
*>65
P4
*>31
Total
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
1942—November
December. .
135
208
162
262
90
112
115
166
62
64
84
109
95
103
1943—Jan uary
February
March
April
May
June
July
100
116
119
128
117
120
96
107
131
147
166
217
123
139
146
159
145
150
125
138
167
187
210
289
63
70
66
75
61
56
53
64
58
55
51
49
45
42
39
38
38
40
44
48
83
78
77
78
75
76
64
63
74
81
90
109
96
89
91
85
84
92
100
82
98
99
103
96
100
72
82
104
115
130
159
P106
P144
*>52
p
43
82
August
September
October
November
December
.
1944—January...
p
70
82
79
72
70
67
67
,
Preliminary.
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.
MARCH 1944
CONSUMER CREDIT STATISTICS
T O T A L CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941 .
1942
1943
....
.
Sale credit
Total
instalment
credit
Loans
Automotive
Total
1
Singlepayment
loans 2
Charge
accounts
Service credit
Other
7,089
6,341
5,177
3,846
3,717
4,159
5,148
6,396
7,054
6,618
7,518
8,767
9,499
6,155
P5 095
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
2,922
p
l,869
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,494
P816
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
P175
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
P
641
652
674
619
516
459
529
794
,030
,167
,226
,559
,984
5,174
,428
V ,053
1,577
1,451
1,051
726
588
659
785
991
1,119
1,069
1,089
1,123
1,204
1,072
PI,034
1,749
1,611
1,381
1,114
1,081
1.203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
PI,498
596
573
531
491
467
451
472
520
557
523
534
560
610
648
P
694
5,703
5,491
5,353
5,243
5,079
5,065
4,844
4,770
4,863
r
4,960
5,059
P5.095
2,660
2,465
2,323
2,226
2,116
2,046
1,956
1,899
1,869
r
l,837
1,821
PI, 869
1.314
1,190
1,071
1,020
955
896
838
807
786
r
777
404
351
287
260
235
208
196
190
186
181
P816
PI 75
910
839
784
760
720
688
642
617
600
r
596
601
P641
1,346
L.275
1,252
1,206
1,161
1,150
1,118
1,092
1,083
,060
1.043
PI,053
1,058
1,038
1,031
1,029
1,027
1,014
994
996
1,038
1,073
1,084
Pl.034
1.333
1,333
1,343
1,331
1,275
1,338
1,222
L.198
1,275
1,366
L466
Pl,498
652
655
656
657
661
667
672
677
681
684
688
P694
P4.747
PI,755
P742
P169
P573
PI,013
P985
PI,308
P699
1943
Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
.
.
778
177
1944
Jan.
r
P1 Preliminary.
Revised.
Includes repair and modernization loans.
2
An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers.
NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign
and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a
description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce,
were made at the Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. In millions of dollarsl
Department
Total,
stores
End of month excluding
and
or year
automailmotive
order
houses
1929
1930
1931
1932
1933
1934
1935
1936
1937..
1938
1939
1940
1941
1942
1943
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
P66
133
141
136
110
97
115
132
174
210
220
246
271
284
160
P101
P29
64
56
51
50
48
47
45
44
44
r
45
48
P66
143
132
124
120
114
108
101
97
94
94
95
p
101
P25
P54
P90
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
P641
160
155
138
103
119
146
186
256
314
302
377
439
469
254
PI 74
583
539
454
313
299
314
336
406
469
485
536
599
619
391
P271
265
222
185
121
119
131
171
255
307
266
273
302
313
130
P29
910
839
784
760
720
688
642
617
600
r
596
601
P641
228
210
196
190
178
168
155
149
148
151
160
PI 74
359
338
322
319
308
301
286
279
272
269
266
P271
116
103
91
81
P573
P157
P247
56
47
45
30
29
35
40
56
68
70
93
110
120
77
1943
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
72
64
55
48
42
137
32
1944
P Preliminary.
r
Revised.
CONSUMER I N S T A L M E N T LOANS
[Estimated amounts outstanding. In millions of dollarsl
End of
month or
year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
Total
IndusCom- Small
trial
Credit
loan banking
mercial comunions
banks* panies
companies
652
674
619
516
459
529
794
1,030
1,167
1,226
1,559
1,984
2,174
1,428
PI,053
43
45
39
31
29
39
71
130
215
248
380
586
687
370
r
272
263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
1,346
1.275
1,252
1,206
1,161
1,150
1,118
1,092
1,083
1,060
1,043
PI,053
345
319
312
299
290
287
283
278
277
273
270
r
272
PI,013
266
Repair
Misceland
laneous modernlenders ization
loans
95
219
218
184
143
121
125
156
191
221
230
257
288
298
202
165
32
31
29
27
27
32
44
66
93
113
147
189
217
141
r
110
93
78
58
50
60
79
102
125
117
96
99
102
91
P86
27
177
240
163
172
244
317
335
200
P48
403
387
387
378
366
371
363
357
358
354
355
372
193
185
184
179
174
174
170
168
169
167
165
165
132
126
127
122
118
118
114
112
113
111
109
r
110
89
88
87
87
85
86
85
84
85
84
84
P86
184
170
155
141
128
114
103
93
81
71
60
P48
360
161
106
P85
P35
'
1943
Jan
Feb
Mar..
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
1944
P1 Preliminary. r Revised.
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 (9 million
dollars at the end of January 1944), 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]
Repair
and
modernization
loans
Personal
instalment
cash
loans
150
210
279
143
67
220
260
246
154
86
280
340
364
232
r
180
Other
retail,
purchased
PurDirect
and
chased loans direct
Automotive
retail
Month or year
Total
Outstanding at end of
period:
1939
1940
1941
1942
1943
1,020
1,340
1,588
787
r
469
210
300
396
136
54
160
230
303
122
82
1942—December
787
136
122
143
154
232
1943—January
February
March
April
May
June
July...
August
September
October
November
December
726
662
619
580
551
529
515
498
489
480
r
470
r
469
116
101
87
77
69
65
60
58
57
57
55
54
111
100
95
91
89
85
82
82
82
82
82
82
136
121
108
100
93
84
80
74
70
67
66
67
144
135
125
117
111
105
103
98
95
92
89
86
219
205
204
195
189
190
190
186
185
182
r
178
r
180
82
176
1944—January
459
Volume extended during
month:
1942—December
1943—January
February
March
April
May
June
July
August
September
October
November
December
32
,
1944—January
9
9
13
12
12
13
13
14
14
13
13
14
9
10
11
12
9
8
9
11
12
13
26
25
39
28
27
35
30
30
33
29
28
32
14
13
27
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING I N S T I T U T I O N S
[Estimates of volume made in period. In millions of dollars]
Month or year
Small loan
companies
Commercial
banks 1
Industrial
banking
companies
Credit
unions
705
524
463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
413
380
340
250
202
234
288
354
409
417
489
536
558
408
364
42
41
38
34
33
42
67
105
148
179
257
320
343
215
193
1942
June
July
August
September
October
November
December
64
58
52
49
44
37
43
68
63
60
60
59
59
82
36
34
33
31
30
25
31
20
18
16
16
14
14
1943
January
February
March
April
May
June
July
August
September
October
November
December
36
35
53
41
40
50
44
45
47
43
42
48
45
50
86
62
58
80
62
64
70
67
70
95
25
26
38
31
29
35
30
29
32
28
29
32
11
13
22
15
14
19
15
15
18
16
15
20
27
13
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
January.
42
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 January 1944), which are not shown separately.
r
Revised.
NOTE.—For descriptive material and back figures, see BULLETIN for
October 1942, pp. 992-994.
R A T I O OF COLLECTIONS T O ACCOUNTS RECEIVABLE 1
FURNITURE STORE STATISTICS
Item
Percentage
change from
corresponding
month of
preceding year
Percentage
change from
preceding
month
Jan. Dec. Nov.
1944 1943 1943
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
-42 '+15
—46 r+34
—43
-35
r
+8
+13
r
Accounts receivable, at end of
month:
Total
Instalment
-9
-9
+2
+2
Collections during month:
Total
Instalment
-3
-6
r
-4
r
Inventories, end of month, at
retail value
+1
r
r
Revised.
0
+8
Jan.
1944
Dec. Nov.
1943 1943
-2
+6
+22
+8
-15
-10
—1
0
r
-5
-9
r
+17
-21
-29
-29
Month
1942
October
November
December
—1
1943
+11 January
-30
-18
-11
-14
-22
-21
Charge
accounts
Instalment accounts
February
March
April
May
June
July
August
September
October
November
December
January
r
1
Department
stores
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
29
29
31
18
17
18
15
15
15
30
31
45
65
64
65
28
28
31
31
30
29
30
32
33
37
37
35
17
17
19
20
22
21
22
22
21
22
23
22
16
16
18
18
20
21
21
21
21
22
23
22
31
30
30
31
33
33
34
34
33
37
r
39
r
55
60
61
62
63
63
62
62
62
62
65
66
63
30
20
23
31
61
1944
Revised.
Ratio of collections during month to accounts receivable at beginning
of month.
MARCH
1944
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 =100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941.
1942
1943
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
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
122.6
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
106.6
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
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
97.4
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
80.8
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
1943—January
February
March
April
May
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103,1
103.1
103.0
102.9
103.2
117.0
119.0
122.8
123.9
125.7
126.2
125.0
123.5
123.1
122.2
121.4
121.8
105.2
105.8
107.4
108.4
110.5
109.6
107.2
105.8
105.0
105.1
105.8
105.6
96.0
96.2
96.5
96.6
96.7
96.8
96.9
97.1
97.2
97.3
97.4
97.6
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
116.5
117.0
97.3
97.3
97.3
97.4
97.4
97.4
97.4
97.4
97.5
97.6
97.7
97.7
79.3
79.8
80.3
80.6
80.8
81.0
81.0
80.9
81.0
81.0
1944—January
103.3
121.8
104.9
97.8
117.2
97.7
Week ending
1943—October 30
November 6
November 13
November 20
November 27
December 4
December 11
December 18
December 25
102.8
102.9
102.8
102.6
102.6
102.8
102.9
102.9
102.9
122.2
122.8
122.1
121.2
121.2
121.8
122.0
121.8
122.0
105.0
105.7
105.5
105.6
105.8
105.6
105.9
105.7
105.7
97.5
97.5
97.5
97.5
97.5
97.6
97.8
97.8
97.8
118.4
118.4
118.4
118.4
116.9
117.5
117.5
117.9
117.9
103.0
102.9
103.0
103.0
103.1
103.1
103.1
103.3
103.6
122.1
121.9
122.1
121.9
122.6
122.1
121.9
122.8
124.2
105.1
104.6
104.8
104.6
104.7
104.2
104.0
104.1
104.6
97.8
97.8
97.9
97.9
98.0
98.0
98.1
98.2
98.3
117.9
117.9
117.9
117.9
117.8
\ 17.7
117.8
117.7
L17.5
Year, month, or week
June
July
August
September
October
November
December
1944—January 1
January 8
J a n u a r y 15
J a n u a r y 22
J a n u a r y 29
February 5
February 12
February 19
February 26
....
...
....
Total
Annual
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
111.4
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
100.3
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
102.7
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
92.2
103.8
103.8
103.8
103.8
103.8
103.8
103.7
103.7
103.7
103.7
103.8
103.8
109.8
110.2
110.4
110.3
110.5
110.6
110.7
112.2
112.5
112.7
113.1
113.4
100.2
100.3
100.0
100.1
100.2
100.0
100.1
100.2
100.3
100.4
100.3
100.4
102.5
102.6
102.6
102.6
102.7
102.8
102.6
102.6
102.6
102.6
102.8
102.8
90.7
90.9
91.4
91.6
91 9
91.8
92.3
92.6
93 0
93.1
93.2
93.3
82.3
103.7
113.5
100.4
104.5
93.2
97.2
97.2
97.2
97.2
97.2
97.2
97.2
97.2
97.2
81.6
81.6
81.6
81.6
81.7
82.1
82.4
82.6
82.6
103.8
103.8
103.8
103.8
103.8
103.9
103.9
103.9
103.9
112.8
113.0
113.0
113.0
113.0
113.1
113.4
113.4
113.5
100.4
100.4
100.4
100.4
100.4
100.4
100.3
100.3
100.3
104.2
104.2
104.2
104.2
104.2
104.2
104.2
104.4
104.4
92.9
92.9
93.0
93.0
93.0
93 o
93 0
93.0
93.0
97.2
97.2
97.2
97.2
97.2
97.2
97.2
97.2
97.2
82.6
82.6
82.7
82.8
83.1
83.2
83.5
83.7
83.7
103.9
103.9
103.8
103.8
103.8
103.8
103.8
103.8
103.8
113.5
113.4
113.4
113.4
113.5
113.5
113.7
113.7
113.7
100.3
100.3
100.4
100.4
100.4
100.4
100.4
100.4
100.4
104.4
104.4
104.4
104.4
104.4
104.4
104.4
106.2
106.2
93.0
93.0
93 0
93.0
93.0
93.0
93.0
93.3
93.3
Fuel and
Metals
lighting and metal Building
materials products materials
2>g2 \
p
1944
1943
Annual
1943
1944
Subgroups
Subgroups
1942
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
...
Cotton goods
Hosiery and underwear
Silk...
Rayon
Woolen and worsted goods
Other textile products
Fuel and Lighting Materials:
Anthracite
. . .
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Chemicals and
allied
products
Hides and
Textile
leather
products products
1943
Jan.
Dec.
Jan.
92.9
117.8
101.6
116.3
128.7
119.8
107.3
129-2
111 S
128 2
119 s
6
129.5
120.8
119.5
100.0
89.2
95.5
111.8
92.3
111.1
93.7
121.3
110 3
97.3
n:
90.6
102.6
115.5
96.2
110 6
1
119 3
105 Q
98
110.6
95.1
118.4
106 0
96.1
125.7
117.6
101.3
114.9
126.4
114.7
101.3
115.2
126.4
116.0
101.3
115.2
126
111
101
115
4
6
3
2
126.4
112.9
101.3
115.2
106.9
112.4
70.5
107.0
112.7
70.8
107.0
112.5
70.5
107 0
112 9
71 7
107.0
112.9
71.7
30.3
110.4
97.9
30.3
112.5
98.8
30.3
112 .4
Q' 7
30 ^
112 5
100 S
30.3
112.5
100.5
85.5
109.7
122.1
63.8
78.4
59.8
90.4
116.1
122.7
.5
IV .5
\T 1
62
72
6C .8
95 0
118 8 P119!8
124 S 126.2
76.5
62.5
4
63. 5
63.5
Metals and Metal Products:
Agricultural i m p l e m e n t s . . .
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building
Materials:
Brick and tile
Cement
Lumber
Paint and paint materials..
Plumbing and heating
Structural steel
Other building m a t e r i a l s . . .
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furni ture
Miscellant 7ous:
Auto tires and tubes
Cattle •fppH
Paper and pulp.
Rubber crude
Other miscellaneous
1942
1943
Jan.
Dec.
Jan.
96.9
98.0
97.2
112.7
85.7
95.4
96.9
98.0
97.2
112.8
86.0
90.7
96.9
98.0
97.2
112.8
86.0
90.4
96 9
Q8 1
97 1
112.8
86,0
91 8
97.0
98 1
97.1
112.8
85 9
91.8
98.0
94.0
132.8
100.3
95.4
107.3
103.5
99.1
93.8
138.5
102.3
90.7
107.3
102.0
98.7
94.2
133.3
100.6
90.4
107.3
102.2
100 o
93
144.0
103.3
91.8
107.3
102.8
100 2
93 6
144.1
103.5
91.8
107.3
102.8
96.2
133.8
78.7
82 7
105.1
96.5
165.2
80.0
86.1
101.9
96.9
165.4
79.0
85.3
101.5
96.3
165.2
81.3
10? 0
96.3
165.2
81.3
86 5
102 0
107.3
97.4
107.2
98.1
107.3
97.4
107 1
98 4
107.1
102.0
72.5
134 4
100.8
46 3
93.4
73.0
152 7
104.1
46 2
95.8
73.0
142 8
100.1
46 3
94.9
73 0
1 so
106 0
46
96 7
73.0
159 6
106.0
46 2
96.7
s
Back figures.—Bureau of Labor Statistics, Department of Labor.
2.84
FEDERAL RESERVE BULLETIN
ESTIMATED EMPLOYMENT IN N ONAGRI CULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Year and month
SEASONALLY ADJUSTED
Total
Mining
Construction*
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local government
16,076
16,124
16,145
r
16,030
16,171
r
16,222
16,054
870
873
864
858
842
842
835
825
817
810
801
813
1,843
1,748
1,564
1,363
1,213
1,123
1.065
1,023
957
910
865
863
3,549
3,545
3,551
3,572
3,577
3,610
3,630
3,645
3,641
3,626
3,673
3,706
6,513
6,458
6,424
6,433
6,357
6,373
6,388
6,335
6,248
6,345
6,474
6,382
4,350
4,356
4,347
4,331
4,302
4,297
4.300
4,282
4,258
4,300
r
4,310
4,315
5,734
5,866
5,863
5,896
5,933
5,961
5,919
5,812
5,774
5,780
r
5,830
6,003
Manufacturing
1943—January
February
March
April
May
June
July
August
September
October
November
December
r
38,678
r
38,776
r
38,615
r
38,472
r
38,190
r
1944—January...
37,829
15,873
811
836
3,728
6,420
4,326
5,835
1943—January
February
March
April
May
June
July
August
September
October
November
December
37,862
37,958
38,115
38,336
38,262
38,484
38,364
38,245
38,227
38,273
38,298
38,478
15,743
15,851
15,958
15,956
15,911
16,056
16,136
16,245
16,179
16,205
16,229
16,078
867
867
861
850
837
835
830
823
825
819
809
815
1,470
1,386
1,357
1,328
1,299
1,277
1,218
1,162
1,066
974
871
773
3,463
3,456
3,475
3,552
3,587
3,653
3,683
3,695
3,708
3,705
3,687
3,661
6,371
6,291
6,328
6,423
6,331
6,371
6,290
6,218
6,285
6,419
6,569
6,832
4,259
4,270
4,281
4,337
4,349
4,355
4,359
4,331
4,334
4,300
4,272
4,271
5,689
5,837
5,855
5,890
5,948
5,937
5,848
5,771
5,830
5,851
r
5,861
6,048
1944—January.
37,229
15,800
808
677
3,629
6,279
4,245
5,791
38,282
38,261
38,067
37,725
37,942
r
38,175
38,136
r
r
15,8l9
15,930
r
16,002
r
16,019
r
15,966
r
UNADJUSTED
r
* Includes contractconstruction and Federal force account construction.
Revised.
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,
1944 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN.
MARCH 1944
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page
WEEKLY FIGURES
1944
Jan. Feb. Feb. Feb.
26
1
2
9
16
In billions of dollars
Reserve Bank credit
2, 4 12.03
4
7.03
4 2.68
4
.68
4
1.64
4
2 "!02
2 21.93
2 20.39
2
1.99
2
.35
3 13.00
1.02
3
1.11
3
.02
3
3 <*)
.33
3
.75
3
14
14
14
14
15
15
15
15
15
17
17
17
17
15
17
17
17
17
MONEY RATES, ETC.
Treasury bills (new issues)
Treasury notes (taxable)
V. S. Govt. bonds:
Partially tax-exempt
Taxable
Corporate Aaa bonds
Corporate Baa bonds
11.78 11.17 11.39 11.82 Gold stock
6.61 5.97 6.12 6.56 Money in circulation
2.55 2.59 2.66 2.67 Treasury cash
.93
.90 Treasury deposits
.94
.93
1.67
1.68 1.68 1.68 Reserve balances
Required reserves
" !02
21.91
20.53
1.92
.18
12.85
1.54
^1.31
.03
.01
.43
P.84
!02
21.84
20.59
1.71
.01
12.48
1.44
Pi. 28
.02
52.18
31.87
37.93
11.43
6.40
2.46
3.94
1.30
53.26
31.70
38.90
11.53
6.39
2.46
3.93
1.21
C2)
.39
P . 86
"".03
.05 Excess reserves, total
New York City
21.80 21.74
Chicago
20.61 20.70
Reserve city banks
1.94
1.97
Country
banks
.36
.65
12.24 12.11 Money in circulation, total....
Bills
of
$50
and over
1.27
1.08
$\0 and $20 bills
Pi. 15
Coins,
$1,
$2,
and $5 bills
.02
t2.31
)
25
25
25, 33
25,33
33
33
50.29
34.81
36.59
10.90
6.37
2.45
3.92
1.27
5
5
5
5
5
5, 8
8
8, 9
9
9
9
9
10
10
10
10
10.34
22.09
19.57
2.29
.34
12.31
11.24
1.07
.02
.01
.33
.71
19.92
5.32
10.69
3.91
Dec
Jan.
11
11
11
11
123.80
P59.90
P32.30
P18.30
11.91
22.02
20.24
2.31
.67
12.75
11.70
1.05
.03
.01
.30
.71
20.45
5.58
10.90
3.97
12.37
21.93
20.43
2.32
.48
12.94
11.82
1.11
.02
<*)
.34
.75
20.53
5.71
10.92
3.90
ALL BANKS IN U . S.
P.83
Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
p
122.90
P60.70
P32.90
^18.90
CONSUMER CREDIT
53.85
31.51
39.14
11.87
6.45
2.48
3.97
1.35
53.27 Consumer credit, total
18
31.90
Single-payment loans
18
38.76
Charge
accounts
18
11.67
Service credit
18
6.41
Instalment credit, total
18, 19
2.47
Instalment loans
19
3.94
Instalment sale credit, total
19
1.3:
Automotive
Other
13.07 13.70 14.06 14.04 13.83
6.44 6.54 6.59 6.62 6.60
TREASURY FINANCE
2.57 2.88 2.88 2.88 2.86
3.26 3.12 3.20 3.28 3.27 U. S. Govt. obligations outstanding, total interest-bearing
1.39
1.26 1.11
.81 1.15
Bonds (marketable T r e a s u r y ) . .
23.51 24.23 24.85 25.10 24.92
Notes, cert., and bills, t o t a l . . .
11.61 11.75 11.85 11.91 11.97
Notes
3.88 4.41 4.54 4.57 4.57
Certificates
5.74 5.57 5.62 5.76 5.81
Bills
2.28 2.51 2.83 2.86 2.58
Savings bonds, t a x notes, e t c . .
Savings bonds
T a x notes
Per cent per annum
Special issues
Holdings of U . S . G o v t . obligations:
Fed. agencies a n d t r u s t funds
.374 .374 .375 .375 .375
Federal Reserve B a n k s
1.32
1.32
1.32
1.32
1.32
Commercial b a n k s
P r i v a t e holders other t h a n
1.85
1.86
1.83
1.80
1.87
commercial banks, total
2.34 2.34 2.32 2.32 2.32
M u t u a l savings b a n k s
2.73 2.74 2.73 2.74 2.74
Insurance companies
3.74 3.73 3.72 3.72 3.73
Other investors, total
Marketable issues
P5.10
PI.03
19
19
5.06
1.08
1.47
.69
1.82
1.04
.78
.18
.60
P. 69
PI.87
PI.05
P.82
P.18
P.64
P4.75
PI.00
PI.31
P.70
PI. 76
PI .01
P.74
P.17
P.57
20
20
20
21
21
21^
20"
21
21
20
168.93
67.94
47.77
11.60
23.10
13.07
36.59
26.70
9.28
12.28
168.73
67.94
47.09
11.17
22.84
13.07
36.57
27.36
8.59
12.70
171.31
67.94
47.12
11.17
22.84
13.10
38.91
28.90
9.38
12.87
22
22
22
16.44
10.35
62.20
16.93
11.54
60.80
P17.10
12.07
22
23
23
23
23
80.00
6.00
14.50
59.50
24.00
79.50
6.10
14.70
58.70
23.20
In unit indicated
Stock prices (1935-39 - 100):
Total
Industrial
Railroad
Public utility
,
Volume of trading (mill, shares)
Nov.
RESERVES AND CURRENCY
MEMBER BANKS IN LEADING CITIES
Loans and investments
Demand deposits adjusted
U. S. Govt. obligations
Total loans
Commercial loans, total
New York City
100 cities outside New York
Brokers* loans—New York City
>U. S. Govt. obligations:
New York City, total
Bonds
; v
Notes and guar. securities
Certificates
Bills
100 cities outside New York, total..
Bonds
Notes and guar. securities
Certificates
Bills
1943
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
Reserve Bank credit:
U. S. Govt. securities, total
Bills
Certificates
Notes
Bonds
Special certificates
Discounts and advances
Gold stock
Money in circulation
Nonmember deposits
Treasury deposits
Member bank reserves
Excess reserves'5
Excess reserves (weekly average), total e
New York City
Chicago
Reserve city banks
Country banks*
Chart
book
page
Feb.
23
p
1.50
Per cent per annum
MONEY RATES, ETC.
35
35
35
35
35
94.1
95.8
92.2
86.5
.69
94.6
96.1
94.7
86.9
.79
93.6
95.1
93.1
86.5
.70
94.4
95.7
96.9
87.0
.81
94.9
96.1
99.8
87.3
.90
F. R. Bank discount rate, N . Y . . . .
27
Treasury bills (new issues)
27
Treasury notes (taxable)
27
Commercial paper
29
U. S. Govt. bonds:
Partially tax-exempt
33
Taxable
33
Corporate Aaa bonds
29, 33
Corporate Baa bonds
33
.50
.375
1.29
.69
.50
.375
1.30
.69
.50
.374
1.30
.69
1.85
2.32
2.71
3.83
1.86
2.34
2.74
3.82
1.86
2.34
2.72
3.76
BUSINESS CONDITIONS
Steel production (per cent of capacity) 3 .
Electric power prod. (mill. kw. hrs.)...
Freight carloadings (thous. cars):
Total
Miscellaneous
Department store sales (1935-39 = 100)...
F.H.A. home mortgages,
new construction (thous.) 4
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food
50
50
96.5 96.8 97.2 97.7
4,524 4,524 4,533 4,512
51
51
52
811.1 806.1 795.3 775.7 782..
376.0 373.6 365.7 360.4 366.'
130
138
132
133
13-
52
63
63
63
In unit indicated
97.
103.1 103.1 103.1 103.3 103.6
122.6 122.1 121.9 122.8 124.2
98.0 98.0 98.1 98.2 98.3
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)...
Brokers' balances (mill, dollars):
Credit extended customers....
Money borrowed...._
Customers' free credit balances.
35
35
35
35
35
91.4
93.0
86.5
85.1
.89
91.8
93.6
85.6
85.2
.81
94.6
96.4
91.0
86.7
.79
37
37
37
e
78O
e
600
e
788
557
354
c
780
e
560
€
340
37O
For footnotes see following page.
z86
FEDERAL RESERVE
BOIXETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1944
Nov.
Dec.
Chart
book
page
Jan.
In unit indicated.
MONTHLY FIGURES—Cont.
Income payments (mill, dollars), total: 5
38
Salaries and wages
38
Other
38
Cash farm income (mill, dollars), total.
39
Livestock and products
39
Crops
39
Govt. payments
39
Industrial production: 5
Total (1935-39 = 100)
41, 42
Groups (points in total index)
Durable manufactures
41
Machinery, etc
42
Iron and steel
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquor, and tobacco
42
Other nondurable
42
Minerals
41,42
Primary products (1935-39 = 100):
Steel
43
Cement
43
Lumber
43
Coal
43
Crude petroleum
43
Cotton consumption
43
Wool yarn
43
Paper
43
Leather
43
Meats and dairy products
43
Other manufactured foods......
43
Labor force6 and employment (mill,
persons) :
Labor force
44
Employment, total
44
Nonagricultural
44
Agricultural
44
Male
44
Female
44
Nonagricultural 5 employment (mill.
persons), total
45
Manufacturing and mining
45
Trade
45
Government
45
Transportation and utilities
45
Construction
45
Factory employment and pay rolls
(1939 = 100):
Pay rolls
47
Employment
47
Hours and earnings at factories:
Weekly earnings (dollars)
48
Hourly earnings (cents)
48
Hours worked (per week)
48
New orders, shipments, and inventories
(1939 = 100):
New orders, total
49
Durable
49
Nondurable
49
Shipments, total
49
Durable
49
Nondurable
49
Inventories, total
49
Durable
49
Nondurable
49
Residential contracts (mill, dollars): 6
Total
53
Public
53
Private, total
53
1- and 2-family dwellings
53
Other
53
Construction contracts
(3-mo. moving
5
av., mill, dollars):
Total
55
Residential
55
Other
55
Nov.
1944
Dec.
Jan.
In unit indicated
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS
1943
BUSINESS CONDITIONS—Cont.
12,402
8,834
3,568
2,043
1,059
12,582
^8,959
^3,623
1,741
Pi,653
^940
P644
946
38
967
725
49
247
241
P242
143.1
100.7
'23.1
r
19.3
84.1
19.4
139.3
98.2
22.0
19.1
81.1
18.4
10.9
20.5
31.2
20.9
^138.8
^96.9
P22.9
P19.0
P81.4
P19.0
*11.1
*»20.5
^30.9
*>21.2
r
r
p
11.2
20.7
32.7
20.2
r
P69
98
127
125
136
r98
136
142
159
129
96
172
145
*>148
139
153
172
153
156
" P152
9.8
35.3
16.0
^37.8
38.2
17.0
38.1
16.9
6.5
5.8
3.7
6.4
6.0
3.7
0.9
0.9
P16.7
^6.4
2>5.8
*3.7
P0.8
336.2
170.9
328.5
169.3
P166.4
45.32
99.6
45.5
44.68
99.5
44.9
183
270
373
189
180
213
150
59
59
158
98
61
61
61
61
63
63
63
65
65
65
65
nn
371
p
P196
PI 79
*214
P
148
35
27
8
45
35
10
244
67
177
249
65
184
29
102.9
121.4
97.4
124.2
137.3
133.5
108.0
1943
81.8
31.9
30.9
152
103." 2
121.8
97.6
124.4
137.1
134.6
108.1
JulySept.
1943
103.3
121.8
97.8
124.1
136.1
134.5
Oct.Dec.
1943
In millions of dollars
QUARTERLY FIGURES
Budget receipts and expenditures:
Expenditures, total
War activities
Net receipts
Internal revenue collections, total
Corporate income taxes
Individual income taxes
Misc. internal revenue
Corporate security issues:
Net proceeds.
New money, total
Industrial
Railroad
Public utility
Bank rates on customers* loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities
24
24
24
24
24
24
24
36
36
36
36
36
29
31
31
31
49
16
33
27
6
P230
*>55
ms
23,228
21,535
7,563
6,834
2,781
3,007
1,046
22,264
20,616
10,176
7,877
2,806
3,431
1,640
22,747
21,248
9,866
8,890
3,293
4,412
1,185
245
424
139
29
128
14
7
10
17
1
1
4
Per cent per annum
266
66
41
3.00
2.70
2.98
3.38
2.48
2.05
2.71
2.73
2.65
2.10
2.76
3.17
June 30, Oct. 18, Dec. 31,
1943
1943
1943
In billions of dollars
MEMBER BANKS
239
P
323
^176
74
80.9
31.3
31.3
'1,073. 6 p l ,248.6
P316.5
P274.3
p
757.O p 974.3
Apr.June
CALL DATE FIGURES
p
60
25
145
80.6
27.0
31.1
?137
51.9
51.3
41.5
317
57
57
57
57
222
231
101
•
•
^
1
25
131
?152
147
236
239
Freight car loadings: 5
Total (1935-39 = 100)..._
Groups (points in total index)
Miscellaneous
Coal
All other
Department stores (1923-25 = 100) *
Sales
Stocks
Exports and imports (mill, dollars):
Exports
Imports
Excess of exports
Excluding Lend-Lease exports
Wholesale prices, total (1926 = 100)....
Farm products
Other than farm and food
Cost of living, all items (1935-39 = 100)
Food
Clothing
Rent
Loans and investments, total
U. S. Govt. obligations
Other securities
State and local obligations
Other domestic securities
Foreign securities
Loans, total
Commercial loans
Real-estate loans
Street loans (brokers'loans)
Holdings of U. S. Govt. securities:
By classes of banks:
New York City
Chicago
Reserve city banks
Country banks
By kinds of securities:
Bonds
Notes
Certificates
Bills
Guaranteed
12
12
12
13
13
13
12
13
13
13
67.16
46.98
5.35
2.88
16
16
16
16
16
16
16
16
16
78.11
55.25
5.14
2.82
74.26
0
©
52.95
5.02
2.73
2.29
16.29
8.44
3.27
1.05
13.89
3.17
17.42
12.51
15.73
3.69
20.62
15.21
14.56
3.24
19.68
15.47
23.55
5.25
9.42
6.28
2.49
0
27.27
6.91
12.07
4.36
2.35
2.48
2.32
14.82
7.41
3.35
17.72
.96
co
w
/7\
/7\
e
p
r
Estimated.
Preliminary.
Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Less than 5 million dollars.
Figures for earlier weeks of 1944
have been revised as follows: Jan. 5,93.1; Jan. 12,96.7; Jan. 19, 96.1 per cent.
5
Publication discontinued.
Adjusted
for seasonal variation.
7
Series in process of revision.
Figures available for June and December dates only.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
2
3
4
6
March 1944
187
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments...
290
Gold production . .
291
Gold movements...
.
Net capital movements to United States since January 2, 1935. .
Central banks
291
291
293-296
Money rates in foreign countries . .
297
Commercial banks. ..
298
Foreign exchange rates. .
299
Price movements:
Wholesale prices...
300
Retail food prices and cost of living . .
301
Security prices...
301
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures
on international capital transactions of the United States arc collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November n , 1934. Backfiguresmay in most cases be obtained from earlier BULLETINS and from
Annual Reports of the Board of Governors for 1937 and earlier years.
MARCH 1944
2.89
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argen- 1
tina
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
14,512
17,644
21,995
22,737
22,726
431
466
353
354
1943—Feb.
Mar.
Apr..
May.
June
July.
Aug.
Sept.
Oct..
Nov.
Dec,
1944—Jan.
22,644
22,576
22,473
22,426
22,388
22,335
22,243
22,175
22,116
22,065
21,938
21,918
End of month
Belgium
Brazil British
India
581
609
734
734
735
32
40
51
70
115
274
274
274
274
274
354
354
355
354
354
353
353
353
353
734
734
734
734
734
734
734
734
734
121
127
143
153
166
182
202
223
243
254
254
274
274
274
274
274
274
274
274
274
274
Hungary
Iran
Persia")
Italy
Japan
Java
1938—Dec...
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
37
24
24
24
24
26
26
26
26
,
7
34
193
144
120
164
164
164
«164
1943—Feb...
Mar...
Apr...
May..
24
24
24
24
24
24
24
24
34
59
End of month
June..
July..
Aug...
Sept..
Oct...
Nov..
Dec...
1944—Jan...
End of month
Sweden
Switzerland
2
Turkey
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
321
308
160
223
335
701
549
502
665
824
29
29
88
92
114
1943—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1944—Jan
342
344
344
346
347
368
371
374
378
384
842
851
859
866
867
876
880
887
900
p
903
P964
^973
124
124
145
158
158
158
161
161
161
80
90
140
235
4
216
Bulgaria
24
24
24
24
25
4
25
Canada Chile
192
214
»7
5
6
6
6
5
5
6
7
7
6
5
7
5
6
42
46
47
48
49
50
54
54
54
51
28
30
42
43
45
51
53
55
56
58
59
76
61
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
2,000
Nor-
Peru
94
94
484
20
20
20
21
25
23
23
23
23
23
23
23
23
23
23
23
52
52
1129
41
68
89
1
89
1
89
1
96
1
101
1
101
1
103
1
1 P108
1
1
1
1
70
72
76
80
80
80
84
84
84
84
89
57
59
82
4
83
B.I.S.
14
7
12
12
21
24
25
25
25
26
26
26
26
27
27
45
Ruma- South
Poland Portugal
Africa
85
4 84
25
25
25
26
26
26
26
26
26
31
31
31
Other
coun-9
tries
142
153
145
142
160
12182
182
184
185
185
13192
192
192
192
193
193
193
p
Preliminary.
1
Figures through March 1940 and figure for December 1942 include, in addition to gold of the
Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine
Stabilization Fund.
2 Change from previous December due largely to inclusion of gold formerly not reported.
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: B u l g a r i a Tan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; P o l a n d July 5 31, 1939; Yugoslavia—Feb. 28, 1941.
Figure for December 1938 is that officially reported on Apr. 30, 1938.
6
Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
7
Beginning
December 1942, includes gold reserves abroad, formerly not reported.
8
Increase over reserves reported at end of 1941 and 1942 due primarily to inclusion for first time
of gold
held for Foreign Exchange Institute.
9
These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo,
Bolivia, China, Qosta Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador,
Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia, Lithuania,Morocco,
and Thailand (Siam). Figures for certain of these countries have been carried forward from last
previous
official report.
10
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange
Equalization Account during 1939.
11
Beginning December 1940, figures refer to gold reserves of new Central Bank only.
12
Beginning
February 1943, figure also includes gold reserves of new Central Bank of Ireland.
13
Beginning July 1943, figure also includes gold reserves of National Bank of Costa Rica.
NOTE.—For description of table and back figures see BULLETIN for September 1940, pp.
925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p. 926 in that issue.
Z9CX
27
28
28
4
28
2,430
2,709
2,000
2,000
2,000
497
496
496
496
496
?500
*500
*500
P500
69
68
90
100
89
29
29
29
29
29
55
55
52
52
52
90
110
126
125
126
125
174
200
200
202
203
205
2,690
»1
1
1
1
Greece
53
53
52
44
44
23
23
23
23
23
Yugoslavia
Germany
83
56
58
61
61
998
692
617
575
506
Venezuela
France
24
21
17
16
25
29
32
47
47
39
Uruguay
Egypt
30
30
30
30
36
New
Mexico Netherlands Zealand
United
Kingdom
DenCo- Czechoslomark
lombia vakia
69
69
59
59
59
133
152
158
182
241
220
249
367
366
634
59
59
59
59
59
59
59
242
246
252
261
262
271
282
P282
^289
523
537
558
571
583
611
628
644
667
685
Spain
6
525
42
42
85
Government gold reserves1 not included
in previous figures
End of month United
States
United
King- France2
dom
1937—June ...
Dec
1938—Mar....
June...
Dec. ...
1939—Mar. ...
May....
June...
Sept....
Dec
1940—Mar. ...
June...
Sept....
Dec. ...
1941—Mar. ...
June...
Sept....
Dec
1942—Mar....
June...
Sept....
Dec
1943—Mar....
June..
Sept..
3 934
4 1,395
1,489
169
44
80
154
85
164
156
145
4 759
1,732
5
Bel115
81
331
559
477
17
876
ii
86
105
48
88
89
24
25
12
8
7
12
14
11
7
62
44
17
292
6151
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2 For complete monthly series from October 1938May
1939,
see
BULLETIN for
February
1941,
p. 170.
3 Figure for end of March 1937, first date reported.
45 Figure for end of September.
Reported figure for total British gold reserves on
Aug. 31, 1939, less reported holdings of Bank of England
on that date.
6
Figure for Sept. 1. 1941.
NOTE.—For details regarding special gold
transfers in 1939-40 between the British E. E. A.
and the Bank of England, and between the French
E. S. F. and the Bank of France, see BULLETIN
for September 1940, p. 926.
FEDERAL RESERVE
BULLETIN
GOLD P R O D U C T I O N
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or month
1934..
1935..
1936..
1937..
1938..
1939..
1940..
1941..
1942..
1943..
Estimated
world
production
outside
U.S.S.R.1
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297,349
1,288,945
1943—Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept
Oct
Nov
Dec
Production reported monthly
South
Africa
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
968,112
2738,214
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
448,153
64,862
63,904
61,871
C
63,548
62,984
* 62,107
61,590
60,189
p
60,060
?60,014
^58,608
^58,477
37,687
38,835
35,489
37,604
38,367
37,424
37,962
37,297
36,783
37,162
36,889
36,653
Other
North and South America
Africa
Total
reported
monthly
INicara- Austra- I British
lia 8 I India 9
$1 = 15 A grains of gold fG
12,153
6,549
24 264
13,625
7,159
25 477
28 053
16,295
7,386
20,784
8,018
28 296
28 532
24,670
8,470
28,564
8,759
28 009
29 155
32,163 3 8,862
32,414
27 765
29,225
26 641
p
^19,775
23 252
1 985
1 902
1 987
2 004
1 987
. i 956
1 907
1 862
1, 920
n, 893
n, 925
/PI
925
2,135
1,855
1,610
1,645
1,645
1,645
1,540
1,540
1,540
1,540
1,540
A , 540
fine; i.e., an ounce offinegold = $35
108,191 104,023 23,135 12,045
8,350
126,325 114,971 23,858 11,515
9,251
152,509 131,181 26,465 13,632
9,018
168,159 143,367 29,591 15,478
9,544
178,143 165,379 32,306 18,225 10,290
196,391 178,303 29,426 19,951 11,376
210,109 185,890 30,878 22,117 11,999
209,175
9,259
187,081 27,969 22,961
130,963 169,446 630,000 20,882
6,409
p
19,793 p 6,415
47,783 127,833
4,654
4,121
4,520
4,891
4,065
3,945
3,945
3,634
3,306
3,814
3,366
3,520
2,055
1,380
1,661
c
l,645
1,599
1,540
1,763
1,704
1,659
1,672
1,512
^1,603
11,708
11,459
12,169
11,309
10,975
11,442
10,246
10,268
r
9,877
9,802
9,373
9,205
440
450
558
548
566
455
454
549
598
'598
'598
'598
1 ,166
868
807
848
1 ,557
3 ,506
5 ,429
7 .525
8 ,624
7,699
30,559
31,240
40,118
46, 982
54,264
56, 182
55, 878
51,039
42,525
p
28,727
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
P8.785
672
647
622
646
700
724
622
430
770
628
605
633
2,827
2,555
2,450
2,450
2,345
2,240
2,380
2,170
P2.870
P2.17O
*>2,135
'*2,135
700
700
805
805
735
735
770
735
735
735
665
'665
Gold production in U. S. S. R.: N o regular Government statistics on gold production in U. S. S. R. are available, "but data of percentage changes,
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating a n n u a l
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
? Preliminary. ' Figure carried forward. c Corrected. r Revised.
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics.
2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.
3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the y e a r .
4
Includes Philippine Islands production received in United States. Annual figures through 1942 are estimates of United States Mint. Annual figure
for 1943 and monthly figures are estimates of the American Bureau of Metal Statistics.
5 Figures for Canada beginning 1943 are subject to official revision.
0
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three
months of year.
« Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
° Beginning December 1941, figures are those reported by 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, p p . 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 1942, pp. 103-104, and 1936,
pp. 108-109.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) t o :
Year or
month
19341
1935
1936
1937
1938
1939
1940
1941
1941
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Total
net
imports
United
Kingdom
France
Belgium
Netherlands
Sweden
Switzerland
499,870 260,223
8,902 94,348
1,131,994
3 227,185
1,739,019 315,727 934,243
174,093 573,671
3,351
1,116,584
71,006
2
1,585,503 891,531 -13,710 90,859
6,461
6
1,973,569 1,208,728 81,135
15,488 163,049 60,146
3,574,151 1,826,403
3,798 165,122 341,618 28,715
633,083 241,778
4,744,472
977 63,260 161,489
982,378
3,779
1
1
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
1,746
i
Canada Mexico
PhilipColom- pine
bia
Islands
86,829
12,402
95,171
968
72,648
7,511
111,480
54,452
76,315
1,363
612,949
86,987
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
Australia
South
Africa
12
1,029
12,038
3,498
65
15,335
8
21,513 23,280
181
25,427 34,713
27,880 39,162
401
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
11,136 149,735
6,738
96
6,262
2,788
4,720 132,261
4,194
3,594
4,593
69
5,199
88
6,742
137
2,064
3,694
6,151
200
5,980
40
3,713
190
Japan
British
India
All
other
countries
4 76,820
32,304
75,268 , 46,989
77,892
39,735
246,464 50,762
29,998
168,740 16 159 2 67,97S
165,605 50,956 3102, 404
4
111,739 49,989 388,468:
9,444 9,665 5 100,485,
6,085
4,501
3,046
313
131
1,995
2,327
711
6,062
15,093
2,951
6,793
3,589
5,009
3,811
69,008
6
11,041
6
9,365
6
9,039
6
18,726
6
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, $59,07>2,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000
from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
5
Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries.
6
Includes imports from U. S. S. R. as follows: February—$11,236,000, August—$3,407,000, September—$5,652,000, October—$5,550,000, November—
$5,615,000, December—$13,460,000.
NOTE.—Figures for months subsequent to December 1941 have not been released for publication.
MARCH 1944
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
From Jan. 2, 1935, through—
Total
Increase in foreign banking
funds in U. S.
Total
Official1
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1,412.5
2,608.4
3,410.3
603.3
930.5
1,168.5
9.8
81.1
243.9
593.5
849.4
924.6
361.4
431.5
449.1
125.2
316.2
583.2
316.7
917.4
1,162.0
6.0
12.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
3,207.2
3,045.8
3,472.0
3,844.5
949.8
786.2
1,180.2
1,425.4
149.9
125.9
187.0
238.5
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
1,150.4
1,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
•.
June 28
. Sept. 27
Dec. (Jan. 3, 1940)
4,197.6
4,659.2
5,035.3
5,021.2
1,747.6
2,111.8
2,479.5
2,430.8
311.4
425.3
552.1
542.5
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
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.l)
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. 7
Jan.14
Jan. 21...
Jan. 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
June 10
June 17
June 242
June30
5,456.4
5,497.8
5,515.3
5,495.3
3,039.1
3,077.9
3,095.9
3,075.9
1,193.0
1,210.3
1,220.0
1,211.7
1,846.0
1,867.6
1,875.9
1,864.2
841.7
842.8
843.7
842.3
840.9
840.7
839.1
838.8
630.0
631.1
631.6
632.0
104.8
105.2
105.0
106.2
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
5,542.6
5,599.9
5,654.9
5,694.7
5,761.6
5,835.0
3,121.4
3,184.8
3,212.6
3,204.2
3,250.2
3,320.3
1,242.7
1,293.1
1,339.1
1,341.1
1,366.1
1,412.0
1,878.7
1,891.7
1,873.5
1,863.2
1,884.1
1,908.3
854.9
839.9
858.2
890.0
901.6
829.3
828.6
830.5
842.1
844.8
848.2
633.3
642.7
646.1
654.3
661.0
673.3
103.7
103.9
107.5
104.1
104.1
104.4
1943—Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 29
June 30
July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
5,907.7
6,014.9
6,147.1
6,212.3
6,282.6
6,506.4
6,556.0
6,726.3
6,771.3
6,904.6
7,073.6
3,471.1
3,590.1
3,643.4
3,690.5
3,769.6
4,002.6
4,056.4
4,107.9
4,130.6
4,284.4
3
4,435.7
1,536.6
1,671.8
1,723.1
1,801.8
1,871.6
2,071.4
2,103.4
2,122.6
2,190.9
2,312.9
S
2,450.0
1,934.5
1,918.3
1,920.3
1,888.6
1,898.0
1,931.2
1,953.0
1,985.3
1,939.7
1,971.5
3
1,985.7
890.5
898.7
909.9
905.1
896.9
901.9
909.4
888.6
870.5
3
882.6
761.3
751.9
810.5
809.5
807.0
806.8
792.9
907.8
929.3
928.3
929.8
678.5
676.0
685.9
692.9
692.5
687.9
692.3
687.0
708.1
707.4
710.1
107.0
106.4
108.6
109.5
108.5
112.1
112.6
114.3
114.8
114.1
3
115.4
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
.
1
This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning
Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of
New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to
government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by
foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic
and 2consular establishments, etc.).
R d
fi
f capital
i l movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certai:
Reported
figures
for
:rtain significant mo
novements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation,
: BULf
LETIN
tor January 1943, p. 98.
3
Amounts outstanding on Nov. 30, in millions of dollars: total foreign banking funds in United States 5,093.1, including official funds, 3,087.6, and
other funds, 2,005.5; United States banking funds abroad, 252.9; and brokerage balances (net due "foreigners") 38.5.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been publishedm earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to
and claims on foreigners as reported by banks and brokers. For description of the statistics, see BULLETIN for January 1943, p. 98: April 1939.
pp. 284-296; and May 1937, pp. 394-431.
192.
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Assets of banking department
Other
assets'1
Gold1
Cash reserves
Coin
Notes
.2
.6
.6
.8
1.0
.5
.6
.6
.8
.8
1.0
.9
22.3
49 0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
1941—Dec. 31
1942—Dec. 30
145.8
147 6
120.7
119.S
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
.2
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5
630.0
5
780.0
5
950.0
1943—Feb. 24
Mar. 31
Apr. 28
May 26
June 30
July 28
Aug. 25
Sept. 29
Oct 27
Nov. 24
Dec. 29
.2
2
.2
.2
.2
.2
.2
.2
.2
.2
.2
950.0
950.0
1,000.0
1,000.0
1,000.0
1,000.0
1,000.0
1,000.0
5
1,050.0
1,050.0
5
1,100.0
.8
1.2
1.0
.9
.9
1.3
1.4
1.7
1.8
1.7
.9
1944—Jan. 26...
.2
1,100.0
.6
.2
.3
5
Discounts
and advances
Liabilities of banking department
Securities
Note
circulation 3
Deposits
Bankers'
Public
Other
Other
liabilities
3.5
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
17.9'
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9'
17.9"
17.9
32.8
15.7
46.8
55.3
53.9
32.1
25.3
13.8
51.8
31.2
11.6
5.1
9.9
5.3
4.6
4.9
7.3
3.4
1.9
1.6
6.0
2.5
218.5
198.4
196.2
185.3
261.0
208.4
218.3
238.7
211.3
222.1
307.9
917.4
934.5
953.4
945.0
946.3
968.1
974.9
986.5
998.5
1,019.0
1,088.7
178.2
144.3
170.1
174.1
238.1
169.9
166.8
173.4
190.3
183.2
234.3
7.1
5.9
8.3
3.2
9.5
6.6
7.2
9.3
5.4
6.8
10.3
53.9
56.8
53.1
51.0
55.3
54.6
56.6
55.1
53.1
53.3
60.4
18.0
18.1
17.7
17.8
17.8
17.9
18.0
18.1
17.7
17.8
17.9
33.0
4.4
229.0
1,067.3
187.8
8.5
52.7
17.9
6.4
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Feb. 27
Mar. 31 .
Apr 30
May 31..
June 30
July 31
Aug. 31
Sept. 30
Oct 30
Nov. 30
Dec. 31
1944—Jan. 31
Gold
180.5
179.4
179.8
185.9
225.7
(8)
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Note
circulation?
Other
liabilities
Chartered
banks
Dominion
government
Other
Shortterm6
Other
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
30.9
61.3
82.3
144 6
181.9
448.4
391.8
807.2
83.4
99.0
91.6
40 9
49.9
127.3
216.7
209.2
8.6
82
21.7
5 2
5.5
12.4
33.5
31.3
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
17.9
18.8
11.1
16 7
46.3
10.9
73.8
51.6
.8
21
3.5
3.1
17.9
9.5
6.0
19.1
7.7
13 4
14.4
93
13.3
28.5
35.1
24.0
.3
.3
.6
11.8
47.2
.5
37.6
31.0
68.5
26.5
.6
722.2
752.5
850.4
826.1
816.7
800.7
798.8
786.7
787.4
797.1
787.6
263.8
276.4
278.0
302.5
313.0
333.1
340.8
360.7
434.0
466.7
472.8
18.5
16.2
34.2
24.9
20.8
22.1
29.2
19.0
22.1
30.6
47.3
691.7
719.1
744.1
746.8
758 4
776.1
796.7
815.1
836.6
844.6
874.4
258.5
261.0
284.5
313.1
301 1
295.0
308.6
305.7
339.2
360.6
340.2
21.5
21.2
56.5
46.8
90 1
48.4
59.7
36.2
88.9
66.1
20.5
15.3
24.7
35.5
34.2
19.2
13.2
10.3
11.4
15.6
16.1
17.8
17.9
19.4
42.6
24.4
28.9
23.7
31.0
29.1
31.7
33.6
55.4
.4
799.9
486.8
25.4
860.6
360.9
34.8
22.3
33.4
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was
officially set at 168 shillings per fine ounce.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account
to bank;
on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds
on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8,1943.
6 Securities maturing in two years or less.
7 Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940,
pp. 677-678).
p. 8183.
headings in
in the
the table
table for
for the Bank
Bank of
of
NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp.
81-83. The
The headings
Canada correspond
to the items in
liabilities" iinclude
nl
certain small
ll asset
C
p
n that Bank's statements, except that the headings "Other assets" and "Other liabilities"
d libilit i
h
l i th
t t
and liability items shown separately in the statements.
MARCH 1944
z 93
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
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.
1942—Dec.
Gold 1
Open
market 2
27
26
30
30
29
28
27
30
30
29
28
26
31
31
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
5
97,267
5
84,616
84,598
84,598
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
1943—Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27.
June 24
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
37
37
37
37
37
37
38
37
37
37
37
43,448
43,103
42,938
42,884
42,930
42,998
43,261
43,108
43,412
44,591
44,860
.
Advances to
Government
Domestic bills
Foreign
exchange
Special 2
1,379
652
1,797
2,345
661
12
169
108
105
23
26
6
1
35"
Other
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
4,517
5,368
5,061
7,533
6,108
6,686
6,200
5,573
6,456
6,908
4,968
4,799
6,472
For occupation
costs 3
Deposits
Other
assets
Other 2
Note
circulation
Government
72,317
142,507
210,965
17,698
31,909
20,627
34,673
63,900
69,500
68,250
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
382,774
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
1,517
770
216,334
230,911
230,740
248,320
260,919
260,927
271,371
288,308
295,807
306,689
320,843
62,600
57,800
69,250
57,650
56,900
63,550
61,150
53,500
69,500
65,500
55,950
20,698
21,458
20,181
21,072
21,768
21,042
21,472
21,078
23,519
21,000
21,457
387,748
397,319
405,416
413,567
419,530
426,974
440,291
448,270
468,015
475,868
484,060
725
1,521
698
713
734
837
754
743
"627"
755
C.A.R.
"41,400'
64,580
16,857
9,051
9,521
8,429
8,749
10,.166
14,670
11,170
14,674
6
49,470
12,191
14,083
Assets
Reichsbank
Reserves of gold and
foreign exchange
(Figures in millions of
reichsmarks)
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec
1933—Dec.
1934—Dec
1935 - D e c .
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec
1942—Dec.
31
31
31
31
30
31
31
31
31
31
30
31
31
31
1943—Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
Oct. 30
Nov. 30
Dec. 3 1 . .
. .
4
Other
Other
liabilities
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
29,935
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
3,894
4,461
30,654
32,886
33,776
34,186
37,750
29,574
31,864
29,615
4,705
4,299
5,556
4,058
5,177
6,669
4,267
4,235
4,355
4,417
4,220
34,111
31,133
Liabilities
Securities
Total
reserves
Gold
Bills (and
checks),
including
Treasury
bills
2,687
2,685
1,156
920
396
84
88
72
76
76
78
78
77
76
2,283
2,216
984
806
386
79
82
66
71
71
71
71
71
71
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
251
256
245
176
183
146
84
74
60
45
30
38
32
25
77
77
77
77
77
77
77
77
77
77
77
77
(7)
26,270
26,758
27,869
28,603
29,592
30,890
32,317
34,570
35,010
36,117
37,870
41,342
22
21
18
18
16
29
34
17
22
17
66
27
Security
loans
Eligible
as note
cover
259
445
349
221
106
557
804
32
107
87
51
49
41
1
17
1
'.
Other
assets
Note
circulation
92
102
161
398
322
319
315
303
286
298
393
357
283
210
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
1,664
185
180
85
78
121
67
100
107
105
136
79
65
2,477
2,370
2,345
2,319
2,268
2,178
2,003
1,569
2,436
2,583
2,733
2,337
Other
Deposits
Other
liabilities
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
5,292
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
1,680
23,664
24,266
24,697
25,442
25,922
26,650
27,597
29,029
30,099
30,922
31,772
33,683
3,892
3,820
4,340
4,226
4,606
4,881
5,199
5,456
5,601
5,967
6,951
8,186
1,526
1,369
1,397
1,427
1,563
1,711
1,735
1,857
1,951
2,040
2,104
1,980
1
Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940. pp. 406-407; January 1939,
p. 29; September 1937, p . 853; and November 1936, pp. 878-880.
2
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through Sept. 30, 1943, advances of 321,000 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 F r a n c e ;
in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
T o t a l deposits-^-distribution not available.
7
*Gold not shown separately in weekly Reichsbank statement after June 15,1939.
N O T E . — F o r further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p . 463.
2-94
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...
Government securities
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Certificates of participation in
Government securities
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):*
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 (millions
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 3
Central Bank of Chile (millions
of pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities.
Bank of the Republic of Columbia
1944
Jan.
(thousands of pesos):
132,62
Gold
80,35
Foreign exchange
1,78
Loans and discounts
Government loans and securities.. 56,82
27,70
117,43
Note circulation
131,58
Deposits
50,27
Other liabilities
1943
Dec.
Nov.
Jan.
1,091
2,026
887
1,074
1,977
488
1,076
1,036
467
156
1,886
1,116
448
106
151
1,798
1,088
477
107
171
1,594
815
185
30
444
160
99
120
26
99
41,793 40,543 31,391
130,422 123,927 102,056
6,128
7,823
6,798
60,455 45,544 45,894
17,880 17,761 21,916
239,571 240,080 164,859
180,840 171,923 155,317
163,762 156,012 124,106
(Oct.) 2
4,331
9,130
3,503
193
721
1,125
16,135
1,123
1,413
329
4,332
5,774
4,126
148
733
541
13.S61
756
811
225
Sept.) 2
1,515
772
1,202
1,515
728
875
26,727 "17^084
20,086 13,809
4,392
3,524
5,738
2,869
103,60
98,14
4,75
56,87
27,30
125,43
114,89
50,37
556
364
372
533
4
8
1,029
83
8
498
480
216
538
42
73
827
858
161
25
10
72
85
97
2,11
31
17
29
187
276
725
959
406
1,874
279
141
259
100,95
93,35
2,37
56,51
27,77
113,17
118,33
49,45
47,339
71,208
16,813
55,448
36,959
97,959
82,254
47,554
Central Bank
(Figures as of last report
date of month)
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account4
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands
of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 5 (thousands
of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other Gov
vernment securities
Other assets
*
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold.
Foreign exchange
Loans and discounts
Government debt and securities...
Other assets
Note circulation
Deposits
Other liabilities
Bank of Finland3 3
Bank of Greece
National Bank of Hungary (millions
of pengo):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of
1931
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation...
Banking department:
Notes of issue department
Balances abroad
Treasury bills discounted
Loans to Government
Other assets
Deposits
Other liabilities
Central Bank6 of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
3
1943
1944
Jan.
Dec.
Nov.
Sept.) 2
97
20
1,658
46
56
125
2,065
1,193
833
1,718
322
June) 2
97
18
1,168
37
88
125
1,407
939
1,124
590
288
148,652
122,092
81,560
64,310
200,076
185,158
31,380
136,712
69,034
74,660
51,277
168,857
134,433
28,393
6,241
11,248
5,470
6,251
7,168
5,713
202,639
10,998
94,161
58,043
71,330
13,061
143,427
5.231
74,487
28,255
51,968
13,080
27,224
25,551
1,336
6,720
846
38,306
17,484
5,886
27,113
24,876
1,506
6,754
718
34,577
20,467
5,924
24,204
15,274
1,428
6,926
100
4
3,586
575
1,035
100
100
4
3,501
591
954
2,065
1,449
4,392
912
1,395
4,170
1,009
2,973
15
1,439
15
1,359
18
760
(Oct.) 2
444
6,74
58
13
7,82
3,558
1,894
9
1,40
10
1,42
17
2,64
24,79
27,44
Jan.
2,64
26,05
28,70
500
30,219
12,346
5,767
725
500
31
806
480
444
146
5,932
109
852
19
4
93
891
186
2,64
24,91
27,55
Bank of J a p a n
Bank of Java 3
1
Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration
on June
27, 1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office.
2
Latest
month for which report is available for this institution.
3
For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (December 1942), see BULLETIN for October 1943, p. 1039; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, pp. 281-282; and of Java (January 1942),
see BULLETIN for March 1943, p. 278.
4
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.
Items for issue and banking departments consolidated.
The Central Bank of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943, pp.
122-127.
5
6
MARCH 1944
195
CENTRAL BANKS—Continued
1943
Central Bank
date of month)
Jan.
Dec.
Nov.
Jan.
Central Bank
(Figures as of last report
date of month)
1944
Jan.
1943
Dec.
Nov.
Jan
Bank of Spain (millions of pesetas):
Sept.)2
Gold
927
Silver
626
Government loans and securities...
16,117
833
1,289
Other loans and discounts
3,074
126
163
Other assets
2,282
66
65
15,610
Note circulation
759
1,082
3,114
Deposits—Government
420
742
3,500
Other
141
149
802
Other liabilities
2
Bank
of
Sweden
(millions
of
kronor):
Sept.)
846
750
Gold
895
932
609
535
Foreign asets (net)
4
1
Swedish Govt. securities and ad1,817
2,778
1,174
1,149
vances to National Debt Office6.
244
84
104
Other domestic bills and advances
160
" 139
866
836
Other assets
239
76
2,085
1,913
Note circulation
3,059
3,041
734
514
Demand deposits—Government...
100
136
J92
Other
675 ' ' ' ' 2 3 1
625
556
Other liabilities
71
110
Swiss National Bank (millions of
francs):
3,908 3,599
4,211
Gold
4,173
2,802
2,802
2,802
63
Foreign exchange
75
53
91
33,616 30,432 28,752
325
Loans and discounts
64
fi116 6 ill
292
337
Other
assets
41,314 38,402 31,236
2,515
3,048
2,922
Note circulation
2,914
4,458
10,324 10,324
1,492
1,189
Other sight liabilities
1.368
1,239
1,846
2,062
3,444
274
289
Other liabilities
37,719 35,423 29,992
Central
Bank
of
t
h
e
Republic
of
50,341 44,342 36,026
Turkey (thousands of pounds):
Oct.) 2
3,075
4,257
3,441
Gold.
201,69: 155,539
Foreign claring accounts
75,032 76,281
Loans andediscounts
688,891 742,513
Securities
20
193,776 192,191
173
Other assets '.
23,379 41,645
2,265
2,498
Note circulation
760,422 699,787
112
110
Deposits—Gold
79,358 79,358
1,951
1,999
Other
171,368 239,438
2,092
2,044
189,586
171,62"
Other
liabilities
2,531
2,599
Bank of t h e Republic of Uruguay
620
876
(thousands
of
pesos):
1,852
1,935
Issue department:
(Oct.)2
1,438
1,415
90,19! 90,875
Gold and silver
2
124,57 108,691
Note circulation
(Oct.)
Banking
department:
141,994 121,289
55,396
88,61
11,002 15,604
Gold and silver
Notes and coin
336,610 261,096
24,521 40,976
Advances to State and to gov20,490 22,336
37,425
28,67
ernment bodies
329,686 283,261
93,08 104,037
155,650 119,725
Other loans and discounts.
125,997
186,02/
Other
assets
24,760 17,339
173,16i 134,119
Deposits
247,75' 229,762
Other liabilities
(June)2
Central Bank of Venezuela (thou1,392
1,39
3,226
3,600
sands of bolivares):
273,31' 257,864 208,424
Gold
6,290
6,930
218
40,24' 42,325 26,571
23
Foreign exchange (net)
1,060
1,02
27,871 31,23C 31,230
Credits to national banks
10,690
14,58
1,41
933
10,72
Other assets
246,01 234,06. 167,991
Note circulation—Central Bank....
5,289
5,67
36,958
26,8126,25!
National
banks.
6,983
7,60
846
73,74! 77,75; 65,824
1,31
Deposits
6,142
7,3"
6,12!
Other liabilities
(Aug.)
National Bank
of
t
h
e
Kingdom
of
3
Yugoslavia
45,551
53,26
31,277 Bank for International Settlements
30,64
37,699
46,44
(thousands of Swiss gold francs 7 ):
25
325
81,49- 67,421
137,14
Gold in bars
20,961
20,75
Cash on hand and on current ac22,72' 29,626
20,ll<
46,891
57,01
count with banks
IS,629
38,88'
6,97
133,71 115,727
Sight funds at interest
50,09
41,116
Undiscountable bills and accept106,27' 126,2;? 145,653
25,861
24,57
ances (at cost)
21,017
21,075 21,0'
South African Reserve Bank( thouTime funds at interest
194,544 195,68 199,761
Sundry bills and investments
sands of pounds):
107
296
Other assets
69,376
83,10
Gold
85,62
34,973
49,9C
50,56
21,032
13,22
Foreign bills
13,35
Demand deposits (gold)
195
1,15
Other bills and loans
1,47
Short-term deposits (various cur88,65
Other assets
92,68
64,784
rencies) :
16,505
7,0
6,3(
39,397
47,72
Note circulation
51,02
Central banks for own accoun
Deposits
3,015
136,63 133,88 110,971
2,9^
3,0!
Other
Other liabilities
5,48
4,52
5,020
Long-term deposits: Special ac229,00 229,00 229,001
counts
196,9
197,89 195,720
Other liabilities
1
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
1
Latest month for which report is available for this institution.
3
For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, pp. 281-282.
Valued at average cost beginning October 1940.
5
Includes small amount of non-Government bonds.
6
Figure not available.
7
Bank of Mexico (millions of pesos):
Metallic reserve 1
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of
guilders):
Gold
Silver (including subsidiary coin)..
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
,
Reserve Bank of New Zealand (thousands of pounds'):
Gold.
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway 3
Bank of the Republic of Paraguay
(millions of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
Note circulation
Demand deposits—Government... .
Other
Other liabilities
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of es
cudos):4
Gold
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
; ...
National Bank of Rumania (million
of lei):
Gold
Special exchange accounts
Loans and discounts
Special loans (in liquidation)
Government debt
Other assets..
Note circulation
Demand deposits
Other liabilities
456
295
See BULLETIN for December 1936, p. 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 Feb. 29,
1944
United
King- France Germany
dom
3
2%
2
Netherlands
Belgium
3
2
4
SW2- Switzerden
land
2
"2"
4
6
5
4
3
2y2
2
Albania
Argentina
Belgium
Bohemia and
Moravia....
6
3
5
4
4
7
3
Denmark
Ecuador
El Salvador...
Estonia
Finland
4
3
4
Date
effective
Central
bank of—
Rate
Feb.
29
Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940
Japan
Java
Latvia
Lithuania. ..
Mexico
3.29
3
5
6
Oct.
Bolivia
British India..
Bulgaria
Canada
Chile
Colombia
4
"3""
Rate
Feb.
29
Central
bank of—
4
1, 1940
Date
effective
Apr.
Jan.
Feb.
July
June
7, 1936
14, 1937
17, 1940
15, 1939
4, 1942
Nov. 8, 1940
Nov. 28, 1935
Dec. 1, 1940
Feb. 8, 1944
Dec. 16, 1936
July 18, 1933
Netherlands
New Zealand
Norway
Peru
5
P o r t u g a l . . . . 2y2
July
May
Aug.
Jan.
26, 1941
13, 1940
1, 1940
12, 1944
Oct.
May
Mar.
Oct.
Dec.
16,
26,
30,
1,
3,
1940
1938
1939
1935
1934
Rumania....
South Africa
Spain
Sweden
Switzerland.
3
3
4
3
Sept.
June
Dec.
May
Nov.
12, 1940
2, 1941
1, 1938
29,1941
26, 1936
Mar.
Apr.
Mar.
Oct.
May
17,
9,
1,
22,
18,
1941
1940
1942
1940
1936
Turkey
United Kingdom
U. S. S. R...
Yugoslavia.
4
July
1, 1938
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
June 27, 1941
3
3
2
France
Germany
Greece.
Hungary
Italy
3
2
"
sy2
"w"
3
6
3
2
NOTE.—Ch*mges since Jan. 31: Canada—Feb. 8, down f rom 2 A to \lA
per cent.
2
3
2
IK
Hi
OPEN-MARKET RATES
(Per cent per annum]
United Kingdom
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
4.76
2.30
Bankers'
Day-to-day allowance
money
on deposits
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
1942—Dec
5.85
1.02
1.06
.57
.71
I .83
.75
.96
1.23
.03
.03
.03
4.75
2.34
5.60
1.04
1.15
.47
.68
.84
.75
.93
1.24
1.01
1.01
1.01
4.23
1.60
4.27
.81
.77
.70
.75
.78
.75
.80
.03
.00
.03
.00
1943—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
.03
1.01
1.00
1.00
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.01
.10
.90
.03
.07
.06
.04
.11
.07
.00
.00
.00
Germany
Netherlands
Sweden
Switzerland
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
Loans
up to 3
months
Private
discount
rate
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
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
1.96
3.52
1.39
1.57
.37
.52
3.87
1.86
1.59
1.00
1.00
1.00
3.08
1.48
.50
.50
2.75
2.75
5-7
3H-5M
6-73^
3H-5H
2M-S
2H-4H
2J4-5
21/2-5
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
1.25
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
1.84
1.82
1.94
1.81
1.91
1.90
1.86
1.89
1.93
.60
3.20
.76
.13
.13
2.25
2.25
3-5
3H-5V2
3-sy2
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
MARCH
1944
2-97
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
counted receipts
short
notice
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
244
244
243
274
324
366
390
195
163
160
174
159
141
142
322
300
250
334
265
171
198
314
758
896
1943—January...
February..
March
April
May
June
July
August....
September
October...
November.
December.
379
373
377
375
377
387
375
383
389
394
403
422
146
154
139
142
158
165
160
156
148
151
155
151
197
148
173
128
154
236
244
232
209
181
184
133
935
933
884
964
924
859
900
957
1,045
1,135
1,187
1,307
660
635
635
609
771
999
1,120
1,112
1,109
1,132
1,137
1,150
1,159
1,162
1,162
1,160
1,158
1,167
1,154
Deposits
Total
Demand3
Time3
890
984
971
1,015
924
823
794
249
256
263
290
293
324
325
2,315
2,330
2,254
2,441
2,800
3,329
3,629
1,288
1,284
1,256
1,398
1,770
2,168
2,429
1,012
1,026
997
1,043
1,030
1,161
1,200
245
252
269
256
250
253
236
773
775
789
767
769
758
753
739
741
749
732
761
271
272
283
268
268
305
279
285
293
289
283
349
3,577
3,525
3,542
3,545
3,566
3,630
3,628
3,670
3,737
3,813
3,865
4,032
2,369
2,324
2,362
2,350
2,380
2,432
2,428
2,456
2,504
2,556
2,588
2,712
1,207
1,201
1,180
1,195
1,185
1,199
1,200
1,214
1,233
1,256
1,277
1,319
237
237
235
235
234
238
245
244
248
245
245
245
Assets
Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Entirely in Canada
Cash
reserves
Security
loans
Other
loans
and discounts
Other
liabilities
Other
assets
Liabilities
Security
loans
abroad
and net Securities
due from
foreign
banks
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Other
liabilities
Time
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
240
255
263
292
323
356
387
114
76
65
53
40
32
31
791
.862
'940
1,088
1,108
1,169
1,168
161
102
166
132
159
168
231
1,384
1,411
1,463
1,646
1,531
1.759
2,293
554
575
535
612
570
653
657
103
96
88
85
80
71
60
2,303
2,335
2,500
2,774
2,805
3,105
3,657
755
752
840
1,033
1,163
1,436
1,984
1,548
1,583
,660
,741
,641
,669
,673
837
850
843
963
846
962
1,049
1943—January...
February..
March
April..
May
June
July
August....
September
October...
November.
December.
347
357
377
400
442
421
406
434
427
460
496
471
29
29
24
25
33
42
36
35
34
38
44
48
1,100
1,044
1,003
971
1,224
1,214
1,194
1,121
1,045
1,038
1,259
1,156
242
239
223
218
212
204
185
242
198
202
233
250
2,302
2,380
2,689
2,818
2,728
2,687
2,652
2,681
2,881
2,870
2,938
2,940
582
589
599
660
632
665
626
641
679
659
669
744
58
57
54
52
50
49
48
46
46
45
43
42
3,494
3,533
3,816
3,984
4,152
4,101
3,959
3,978
4,085
4,107
4,454
4,395
1,772
1,738
1,927
2,058
2,419
,723
,796
,890
,926
,732
,782
1,050
1,048
1,044
1,056
1,068
1,084
1,094
1,131
1,133
1,115
1,141
1,172
Assets
France
(4 large banks. End of month
figures in millions
of francs)
2,31%
2,133
2,062
2,096
2,146
2,572
2,447
,826
,916
1,989
1,961
1,883
1,948
Liabilities
Cash
reserves
Due from
banks
Bills discounted
1936—December.
1937—December.
1938—December.
1939—December 4.
1940—December
1941—December.
3,100
3,403
3,756
4,599
6,258
6,589
2,975
4,116
4,060
3,765
3,546
3,476
17,582
18,249
21,435
29,546
44,243
61,897
7,631
7,624
7,592
7,546
7,984
8,280
1942—February..
March
April
May
June
July
August
September.
October...
November.
December
1943—January...
6,321
6,166
6,085
5,928
6,061
6,200
6,224
5,998
6,331
6,579
7,810
7,538
3,367
3,122
3,153
3,236
3,211
3,221
3,272
3,325
3,320
3,515
3,458
3,672
62,308
63,506
64,463
67,539
68,897
70,427
71,963
74,016
75,722
73,078
73,917
76,928
9,301
9,674
9,570
9,496
10,185
10,259
10,265
10,158
10,751
10,493
10,625
11,054
Loans
Deposits
Total
Demand
Time
Own
acceptances
Other
liabilities
1,957
2,134
1,940
2,440
1,999
2,033
28,484
30,348
33,578
42,443
58,890
76,675
27,955
29,748
33,042
41,872
58,413
75,764
529
600
537
571
477
912
473
661
721
844
535
413
4,289
4,517
4,484
4,609
4,604
5,187
1,237
1,297
1,371
1,421
1,550
1,784
1,842
1,990
2,269
2,393
2,622
1,525
77,759
78,777
79,430
82,239
84,405
86,180
87,753
89,462
91,856
89,387
91,549
94,996
76,873
78,382
79,051
81,879
84,044
85,835
87,423
89,151
91,552
89,078
91,225
94,665
887
395
379
361
362
346
330
312
304
309
324
331
377
298
302
344
349
392
383
370
465
455
462
451
4,398
4,691
4,910
5,037
5,150
5,318
5,429
5,654
6,071
6,215
6,422
5,270
Other
assets
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 \Y% 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
Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941.
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.
Z98
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certifiec noon buying rate 5 in New York for cable transfers.
Year or month
Argentina
(peso)
Official
1936
1937
1938
1939
1940
1941
1942
1943
. .
1943—Feb
Mar
Apr
May
June
July
Aug...
Sept
Oct
Nov
Dec
1944—Jan
Year or month
1936
1937
1938
1939
1940
1941
1942
1943
33.137
32.959
32.597
30.850
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
57.083
56.726
55.953
57.061
57.085
57.004
57.052
57.265
1943_Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1944—Jan
57.220
57.233
57.280
57.280
57.280
57.278
57.277
57 277
57.277
57.277
57.277
57.277
1936
1937
1938
1939
1940
1941
1942
1943
Official
23!704
23.704
24.732
' 2322I8O'
322.80
322.80
322.80
23.704
23.704
24.332
25.188
25.188
25.188
25.188
25.147
25.125
25.125
25.125
25.125
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
2
Colom- Czecho- D e n bia slovakia m a r k
(peso) (koruna) (krone)
. .
Year or month
Special
Export
Australia
(pound)
4.0078
3.4930
3.4674
2
3.4252
1943—Feb
Mar
Apr
May
June
Tulv
Aug
Sept
Oct
Nov
Dec
1944—Jan
395.94
393.94
389.55
353.38
305.16
321.27
321.50
2
321.50
Brazil
(cruzeiro1)
Free
Official
16.917
16.876
16.894
16.852
2
16.880
321.50
321.50
8.5681
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0586
6.0586
6.0586
6.0587
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
2
5.8788
6.1983
British
India
(rupee)
5^1248
5.0214
5.0705
5.1427
5.1280
37.523
37.326
36.592
33.279
30.155
30.137
30.122
30.122
5.1292
5.1275
5.1275
5.1276
5.1275
.5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
30.122
30.122
30.122
30.123
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
FinGerHong
land France many Greece Kong
(mark- (franc) (reichs- (drachma)
(dollar)
mark)
ka)
2.1903
2.1811
2.1567
1.9948
1.8710
2
2.0101
6.1141
4.0460
2.8781
2.5103
2
2.0827
40.297
40.204
40.164
40.061
40.021
2
39.968
.9289
.9055
.8958
.8153
2
.6715
31.711
30.694
30.457
27.454
22.958
2
24.592
Bulgaria
(lev)
1.2958
1.2846
1.2424
Chile (peso)
Canada (dollar)
Official
Official
Free
99.913
100.004
99.419
96.018
' 2 90i909' 85.141
90.909
87.345
90.909
88.379
90.909
89.978
Export
5.1240
5.1697 24.6666
5.1716 4.0000
5.1727 4.0000
5.1668 4.0000
2
5.1664 24.0000
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.037
89.923
90.199
90.137
90.099
90.585
90.638
90.150
89.426
89.422
89.404
89.554
Hungary
(pengo)
Italy
(lira)
Japan
(yen)
29.558
19.779
19.727
19.238
18.475
2
19.770
7.2916
5.2607
5.2605
5.1959
5.0407
2
5.0703
29.022
28.791
28.451
25.963
23.436
2
23.439
18.875
18.923
18.860
2
18.835
Straits
Portu- Ruma- South Spain Settle- Sweden SwitzAfrica
nia
gal
ments (krona) erland
(peseta)
(franc)
(escudo) (leu) (pound)
(dollar)
4.5130
4.4792
4.4267
4.0375
3.7110
2
4 0023
.7382
.7294
.7325
.7111
2.6896
491.65
489.62
484.16
440.17
397.99
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
12.314
6.053
5.600
10.630
9.322
29.130
58.258
57.973
56.917
51.736
46.979
47.133
2
46.919
25.626
25.487
25.197
23.991
23.802
2
23.829
30.189
22.938
22.871
22.525
22.676
2
23.210
United Kingdom
(pound)
Official
27.760
27.750
22.122
19.303
18.546
20.538
20.569
20.577
403^50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
497.09
494.40
488.94
443.54
383.00
403.18
403.50
2
403.50
403.50
403.50
-
•
•
•
•
•
(yuan
Shanghai)
29.751
29.606
21.360
11.879
6.000
2
5.313
64.481
55.045
55.009
53.335
2
53.128
398.92
396.91
392.35
354-. 82
306.38
322.54
322.78
324.20
323.30
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
Uruguay
(peso)
Controlled
Free
China
Neth- New
Mexico erlands Zea(peso) (guild- land
er)
(pound)
20.573
20 573
20.574
20.580
20.580
20.577
20.575
20 578
20.580
20.580
20.582
20.582
Norway Poland
(krone) (zloty)
24.974
24.840
24.566
23.226
2
22.709
22.189
22.069
21.825
20.346
2
19.308
Free
Belgium
(belga)
!n cents per unit of foreign currency]
Yugoslavia
Non- (dinar)
controlled
79.874
79.072
64.370
62.011 236^789
65.830 37.601
65.830 43.380
65.830 52.723
65.830 52.855
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
2.2965
2.3060
2.3115
2.2716
2.2463
2
2.2397
52.803
52.805
52.749
52.710
52.829
52.866
52.871
52.929
52.978
53.003
52.969
52.946
1
2
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified.
NOTE.—Developments affecting averages during 1944:
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 1944,
see BULLETIN for February 1944, p. 209; 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 1944
2-99
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL
COMMODITIES
[Index numbers]
Year or month
United
States
Canada
United
Kingdom
France
Germany
(1926=100) (1926=100) (1930 = 100) (1913 = 100) (1913 = 100)
1926
100
100
i 124
695
134
65
66
75
80
81
86
79
77
79
87
99
67
67
72
72
75
85
79
86
86
88
89
94
109
101
103
137
153
159
163
427
398
376
338
411
581
653
681
97
93
98
102
104
106
106
107
110
112
114
1932 .
1933 . . . .
1934
1935
1936
1937
1938
1939
1940
1941 .
1942
1943
103
1943—January
February
March
April
May
June
July
August
September
October
November
December
1944—January
102
103
103
104
104
104
103
103
103
103
103
103
103
75
83
90
96
100
2
162
162
162
163
163
163
164
162
163
163
163
163
^164
97
98
99
99
99
100
100
100
101
102
102
103
Netherlands
Japan
Jtaly
(October
(1928 = 100) (1900 = 100)
70
63
62
68
76
89
95
99
116
132
116
116
116
116
116
116
117
117
116
(1926-30
= 100)
Sweden
Switzerland
(1935 = 100)
(July 1914
=100)
237
106
i 126
144
161
180
178
186
198
238
251
278
311
329
65
63
63
62
64
76
72
74
88
l 92
i 90
i 96
100
102
114
111
115
146
172
189
196
96
91
90
90
96
111
107
111
143
184
210
196
197
197
197
197
197
196
195
195
195
195
195
195
215
3
*>365
P
381
P382
116
117
217
217
218
218
218
218
218
220
220
220
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
and October
Oci
1935, p . 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
United States
(1926=100)
Year or month
Other
Farm
commod- products
ities
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
100
100
100
100
100
100
48
51
65
79
81
86
69
65
68
82
106
123
61
61
71
84
82
86
74
70
71
83
100
107
70
71
78
78
80
85
82
81
83
89
96
97
48
51
59
64
69
87
74
64
67
71
82
96
55
57
64
66
71
84
73
67
75
82
90
99
70
70
73
73
74
81
78
75
82
89
92
93
117
119
123
124
126
126
125
124
123
122
121
122
122
105
106
107
108
111
110
107
106
105
105
106
106
105
96
96
97
97
97
97
97
97
97
97
97
98
98
88
89
91
92
93
94
96
98
98
104
104
105
93
94
96
97
98
99
100
101
101
103
104
104
93
93
93
93
93
93
93
93
94
94
94
94
. .
:
1943—January
February
March
April
May
July
August
SeDtember
October
November
December
1944—January
Industrial
products
Agricultural
products
IndusIndustrial raw
finand semi- trial
ished
finished
products products
129
130
150
97
133
146
158
160
85
87
90
90
96
112
104
106
138
156
160
164
91
87
96
102
105
105
106
108
111
112
115
89
88
91
92
94
96
94
95
99
100
102
118
113
116
119
121
125
126
126
129
133
134
160
160
160
161
162
161
164
158
159
157
157
158
163
163
163
163
163
164
164
164
165
165
165
166
119
118
118
119
119
119
121
121
119
102
103
103
103
102
102
102
102
102
134
134
135
134
134
135
135
119
119
103
103
136
136
O O>
1926
1932 .
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
ON
Foods
Foods
OO OO OO OO
Farm
products
.
Germany
(1913 = 100)
United Kingdom
(1930=100)
[1926=100)
136
136
Sources.—See BULLETIN for May 1942, p . 451; March 1935, p. 180; and March 1931, p . 159.
3OO
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
Year or month
1933
1934 .
1935
1936
1937
1938
1939
1940
1941
1942
1943
. .
1943—January
February ...
March
April
May
June
July
August
September ..
October
November...
December...
1944—January
United
CanUnited
King- Ger- Nether- SwitzStates
ada
dom many lands (June
1914
(1935-39 (1935-39 (July
1914 (1913-14
= 100)
= 100)
= 100) (1911-13
= 100) = 100)
= 100)
84
94
100
101
105
98
95
97
106
124
138
85
93
95
98
103
104
101
106
116
127
131
120
122
125
130
139
141
141
164
168
161
166
113
118
120
122
122
122
123
128
129
132
133
134
137
141
143
142
139
137
137
138
137
137
136
127
127
128
129
130
131
132
133
134
133
133
133
164
164
165
165
165
165
168
167
166
168
168
168
168
131
132
133
133
134
136
140
139
133
132
133
^132
120
124
118
120
127
130
130
2140
Year or month
CanUnited
States
ada
(1935-39 (1935-39
= 100)
= 100)
United
Kingdom
(July
1914
= 100)
Ger- Nether. Switzmany lands (June
(1913-14 (1911-13 1914
= 100) = 100) = 100)
117
115
114
120
130
130
132
146
175
200
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
92
96
98
99
103
101
99
100
105
117
124
94
96
96
98
101
102
102
106
112
117
118
140
141
143
147
154
156
158
184
199
200
199
118
121
123
125
125
126
126
130
133
137
209
210
210
210
210
211
211
211
212
212
213
1943—January...
February..
March....
April
May
June
July
August. . .
September.
October...
November.
December.
1944—January...
121
121
123
124
125
125
124
123
124
124
124
124
124
117
117
117
118
118
119
119
119
119
119
119
119
199
199
199
198
199
198
200
199
198
199
199
199
199
137
137
138
138
139
139
142
141
138
138
138
P119
139
140
136
H32
137
139
140
3148
131
129
128
130
137
137
138
151
174
193
^203
201
201
201
203
203
203
204
204
204
205
205
?205
p
1
2
3
Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Average based on figures for 3 months; no data available since March 1940, when figure^was 141.
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p . 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
(derived
price)1
United
Kingdom
(December
1921 = 100)
Number of issues
15
87
1926
90.1
110.0
57.4
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
91.2
98.2
105.5
109.5
110.2
111.1
113.8
115.9
J17.8
118.3
120.3
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.3
127.8
81.3
82.1
83.5
76.3
75.1
77.3
83.9
6
84.7
P
98.7
6
100.1
119.5
120.0
119.8
119.9
120.1
120.5
121 1
121.1
120.8
120.9
120.4
120 0
120.5
129.0
128.9
128.8
129.0
127.1
127.0
127 8
127.2
126.9
127.4
127.1*
127.2
Year or month
1943—January
rebruary
March
April
May
June
July....
August
September
October
November
December
1944—January
1
Common stocks
Germany
(average2
(1913 = 100)
price)
France
36
2
139
82.5
90.7
95.1
95.8
98.7
99.9
99.0
100.7
103 0
6
103.3
5
Netherlands3
8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
7
77.9
United
States
(1935-39
= 100)
(1926=100)
United
Kingdom
Netherlands
(1930=100)
France
Germany
278
300
(4)
105.6
100.0
100.0
100.0
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80 0
69.4
91.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
84.5
99.6
83.3
79.7
77.2
97.4
89.7
98.3
6
120.6
9
289.7
p
476
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
136.8
142.1
52
55
55
66
104.2
95.8
89.7
8
95.0
129.0
131.5
145.1
145.3
145.1
144.9
145.1
145.1
144.9
144.6
144.7
143.5
156.2
155.0
156.7
157.5
402
79.7
84.8
88.2
91.3
95.2
96.7
98.5
94.4
95.6
94.8
91.4
91 8
94.6
82.4
82.2
82.6
83.7
84.3
84.1
85 6
86.0
86.6
86.3
85.0
85.3
100
p
151.9
p
151.7
p
152A
145.0
v
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>£ per cent. The series prior to that
date 3is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929 = 100; average yield in base year was 4.57 per cent. For new index beginning
January
1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.
4
This
number, originally 329, has declined as the number of securities eligible for
the index has diminished. In May 1941, it was down to 287.
5
6
Average
Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9.
Average based on figures for 5 months; no data available June-Dec.
7
8
Average
based
on
figures
for
7
months;
no
data
available
May-Sept.
Average
based on figures for 9 months; no data available May-July.
9
Average based on figures for 10 months; no data available Jan.-Feb.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
MARCH 1944
301
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 T H E SECRETARY
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
LEGAL DIVISION
WALTER WYATT, General Counsel
J. P . DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Director
C. E. CAGLE, Assistant Director
WILLIAM B. POLLARD, Assistant Director
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
CHESTER C. DAVIS
ERNEST G. DRAPER
R. M. EVANS
HUGH LEACH
JOHN K. M C K E E
J. N . PEYTON
RONALD RANSOM
M. S. SZYMCZAK
C. S. YOUNG
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
HENRY H. EDMISTON, Associate Economist
E. A. KINCAID, Associate Economist
JOHN K. LANGUM, Associate Economist
ARTHUR R. UPGREN, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
DIVISION OF BANK OPERATIONS
EDWARD L. SMEAD, Director
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
DIVISION OF SECURITY LOANS
CARL E. PARRY, Director
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F . LEONARD, Director
OFFICE OF ADMINISTRATOR FOR WAR
LOANS COMMITTEE
EDWARD L. SMEAD, Acting Administrator
GARDNER L. BOOTHE, II, Assistant Administrator
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, J R . , BOSTON DISTRICT
Vice President
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
B. G. HUNTINGTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
KEEHN W. BERRY,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
RALPH C. GUTORD,
ST. LOUIS DISTRICT
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
A. E. BRADSHAW,
KANSAS CITY DISTRICT
E D . H. WINTON,
DALLAS DISTRICT
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, D E P U T Y CHAIRMEN, A N D SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman1
Deputy Chairman
President
First Vice President
Vice Presidents
Boston
Albert M. Creighton
Henry S* Dennison
W. W. Paddock
William Willctt
K. K. Carrick
E. G. Hult
J. C. Hunter 2
Carl B. Pitman
New York.
Beardsley Ruml
William I. Myers
Allan Sproul
L. R. Rounds
R. M. Gidncy
J. W. Jones
L. W. Knokc
Walter Sk Logan
A. Phelan
J. M. Rice
Robert G. Rouse
John H. Williams
V. Willis
Philadelphia
Thomas B. McCabe
Warren F. Whittier
Alfred H. Williams
Frank J. Drinnen
W. J. Davis
E. C. Hill
C. A. Mcllhenny*
C. A. Sienkiewicz
Cleveland
G. C. Brainard
R. E. Klages
M. J. Fleming
R. B. Hays
Wm. H. Fletcher
J. W. Kossin
A. H. Laning 3
B. J. Lazar
K. H. MacKenzic
W. F. Taylor
Richmond
Robert Lassiter
W. G. Wysor
Hugh Leach
J. S. Walden, Jr.
J. G. Fry
Geo. H. Keesec2
R. W. Mercer
Edw. A. Wayne
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarin, Jr.
Malcolm H. Bryan
L. M. Clark
H. F. ConnifF
Chicago
Simeon E. Lei and
W. W. Waymack
C. S. Young
H. P. Preston
Allan M. Black2
Neil B. Dawes
J. H. Dillard
Charles B. Dunn
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihlcr
St. Louis
Wm. T. Nardin
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
O. M. Attebery
Henry H. Edmiston
C. M. Stewart
Minneapolis
W. C. Coffey
Roger B. Shepard
J. N. Peyton
O. S. Powell
A. W. Mills2
Otis R. Preston
E. W. Swanson
Sigurd Ueland
A. R. Upgren
Harry I. Ziemcr
Kansas City
Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry O. Koppang
L. H. Earhart
Raymond W. Hall
C O. Hardy
Jos. E. Olson
G. H. Pipkin
D. W. Woolley*
Dallas
Jay Taylor
J. R. Parten
R. R. Gilbert
E. B. Stroud
E. B. Austin
R. B. Coleman
W. J. Evans
W. O. Ford
W. D. Gentry*
L. G. Pondrom
San Francisco...
Henry F. Grady
Harry R. Wellman
Wm. A. Day
Ira Clerk
C. E. Earhart
W. M. Hale
H. N. Mangels*
R. B. West
OFFICERS I N CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
1
Branch
Chief Officer
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
R. B. Wiltse4
B. J. Lazar 5
J. W. Kossin5
W. R. Milford4
W. T. Clements4
P. L. T. Beavers4
Geo. S. Vardeman, Jr. 4
Joel B. Fort, Jr. 4
E. P. Paris 4
E. C. Harris 5
A. F. Bailey4
C. A. Schacht 4
W. H. Glasgow 4
Also Federal Reserve Agent.
MARCH 1944
2
Cashier.
3
Also Cashier.
Federal Reserve
-Bank of
Chief Officer
Branch
Minneapolis....
Helena
R. E. Towle 4
Kansas C i t y . . . .
Denver
Oklahoma City
Omaha
Jos. E. Olson5
G. H. Pipkin*
L. H. Earhart 5
Dallas
El Paso
Houston
San Antonio
J. L. Hermann 6
E. B. Austin 5
L. G. Pondrom 5
San Francisco...
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose 4
D. L. Davis 4
W. L. Partner 4
C. R. Shaw 4
4
Managing Director.
5
Vice President.
6
Manager.
303
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR
I
=
^L
(§)
•
O
BOUNDARIES O F FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS O F T H E FEDERAL RESERVE SYSTEM
F E D E R A L R E S E R V E BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
BRANCH TERRITORIES
JANUARY
2.
1943
BOARD OF GOVERNORS OF THE. FEDERAL RESERVE SrSTEM
FEDERAL RESERVE PUBLICATIONS
The -publications listed below may be obtained from the Board
of Governors of the Federal Reserve System, Washington, D. C.
Federal Reserve Bulletin. Released about the ixth of the month. The
subscription price is $2_.oo per annum, or zo cents per single copy, in the United
States (including insular possessions), Canada, Chile, Colombia, Costa Rica,
Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama,
Paraguay, Peru, El Salvador, Uruguay, and Venezuela. In all other countries
the subscription price is $z.6o yearly, or Z5 cents per single copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per
month, or $1.50 for 12. months.
The Federal Reserve System—Its Purposes and Functions. Obtainable
in cloth cover at 50 cents per copy. iz8 pages.
Digest of Rulings—to October 1, 1937. Digests of Board rulings, opinions
of the Attorney General and court decisions construing the Federal Reserve
Act, with compilation showing textual changes in the Act. $1.15 per copy.
683 pages.
Chart Book I, Federal Reserve Charts on Bank Credit, Money Rates,
and Business. New edition, revised March 1943. 71 pages. Space for plotting through 1944. 50 cents per single copy; in quantities of 10 or more, 45
cents per copy.
Chart Book II, Federal Reserve Charts on Industrial Production.
February 1941 edition. £33 pages. Space for plotting through 1946. $1.00
per single copy; in quantities of 10 or more, 85 cents per copy.
Banking Studies—Comprising 17 papers on banking and monetary subjects
by members of the Board's staff. August 1941. 496 pages. $1.50 per single
copy; in quantities of 10 or more5 75 cents per copy.
Banking and Monetary Statistics—Statistics of banking, monetary, and
other financial developments. November 1943. 979 pages. $1.50 per copy.
@FedFRASER