Full text of Federal Reserve Bulletin : May 1943
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE
BULLETIN
MAY
IPTPm?
H7T17 F^TG*TU A IT
CONTENTS
PAGE
Review of the Month—War Loan Drive and the Money Market .
3^9~377
Guaranteed War Loans .
377
Law Department:
Amendments to Federal Reserve Act—War Loan Deposit Accounts .
Reserves—Amendment to Regulation D . .
378
378-379
War Loan Financing:
Guarantee Agreement
379-388
National Bank Loan Limitations. .
Executive Order No. 9336 .
389
389-390
Foreign Funds Control:
Revocation of Special Regulation Issued by Federal Reserve Bank of
San Francisco
Treasury Department Releases . .
390
39O-392-
War Bonds, Taxes, and Economic Stability . .
393~39^
Expansion of Federal Reserve Branch Activities .
397~398
Report of the Bank of Spain .
399-414
...
Correspondence—Relation Between Currency and Bank Deposits . .
415-416
Consumer Loans of Insured Banks, December 31, 1942.. .
417-418
Current Events
419
National Summary of Business Conditions
410-411
Financial, Industrial, Commercial Statistics, U. S. (See p. 413 for list of tables)..
413-467
International Financial Statistics (See p. 469 for list of tables)
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
469-481
481
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . .
483
Map of Federal Reserve Districts
484
Federal Reserve Publications {See inside of back cover)
Subscription Price of Bulletin
The Federal Reserve BULLETIN is issued Monthly by the Board of Governors of the Federal Reserve System.
It is sent to member banks without charge. The subscription price in the United States and its 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, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy.
Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months.
FEDERAL RESERVE BULLETIN
VOLUME
May 1945
NUMBER 5
WAR LOAN DRIVE AND THE MONEY MARKET
In the Second War Loan Drive, which
extended from April ix to May 1, preliminary figures indicate that nearly 18 billion
dollars of United States Government securities were sold, 5 billion dollars more than
the goal announced originally. Securities
allotted to banks were restricted to 5 billion
dollars, although subscriptions far exceeded
this amount, while sales to other investors
were nearly 13 billion. The bulk of these
sales was to corporations and institutional
investors, but preliminary reports indicate
that sales to individuals were larger in number and in amount than during the December drive. During the first four months of
this year, including all sales made during
the April drive, the Treasury raised Z5
billion dollars through the sale of securities.
This amounts to over a third of the Treasury's estimated borrowing needs for this
year. In order to meet its needs the Treasury will require other large-scale sales
drives, in addition to large continuous sales
of Treasury bills, Savings Bonds, and tax
notes.
Banks participated in the campaign not
only by subscribing to the securities offered
to them, but also by actively selling securities to their depositors. Ability of member
banks to purchase securities was increased
during the month by a sharp rise in excess
reserves, which resulted principally from
the recently enacted exemption of Treasury
war loan deposit accounts from reserve requirements. Under this arrangement,when
MAY 1943
depositors pay for securities purchased from
the Treasury by drawing on their deposit
accounts, funds are transferred on the banks'
books from deposits that require reserves to
war loan accounts that now require no reserves. In April such a shift of deposits
resulted in a decline of more than a billion
dollars in required reserves.
Early in the month some additional reserves were supplied to member banks by
Reserve Bank purchases of Government
securities in the open market. Later, as
their excess reserves were increased further,
banks subscribed heavily for new issues of
Government securities and also increased
their holdings of outstanding issues, partly
through repurchase of Treasury bills previously sold to Federal Reserve Banks.
Increases in currency demand and in Treasury deposits at Reserve Banks caused some
decline in bank reserves. Nevertheless,
member banks generally held about z.3 billion dollars of excess reserves during the
latter half of April, compared with an
average of less than 2. billion in the preceding two months.
THE APRIL DRIVE
Investors other than banks subscribed to
nearly 13 billion dollars of United States
Government securities during the Second
War Loan Drive, according to reports for
the period up to May 3. Additional sales
of Savings Bonds were reported later.
To the extent that the securities were
369
REVIEW OP THE MONTH
purchased by individuals, and particularly
to the extent that they were paid for out of
current income, thus diminishing the volume of funds available for bidding up commodity prices, these subscriptions contribute to the fight against inflation.
Preliminary returns on the drive indicate
that sales of about 3 billion dollars were
made to individuals, partnerships, and personal trust accounts, including 400 million
dollars obtained from approximately 2.6
million individuals through regular and
continuous pay roll deductions. These
sales compare with 1.6 billion dollars, including pay roll deductions, sold to individuals in the December drive. During April
insurance companies and mutual savings
banks together purchased over 3 billion
dollars, other corporations more than 5
billion, and dealers and Government agencies over a billion dollars. The largest
percentage increases compared with the
December drive were in sales to corporations, other than insurance companies, and
to individuals. Increased response by individuals to the latest drive is encouraging,
but even more progress in this direction is
necessary if enough current income is to be
diverted into the war effort.
In both drives a variety of issues were
offered in order to meet the needs of various
groups of investors. The table shows the
kinds and amounts of issues sold in the two
drives; the figures given for the April drive
are preliminary and do not include sales of
Savings Bonds reported after May 3. The
larger sales of zj^ per cent bonds and of
Savings Bonds reflected principally increased sales to individuals and nonfmancial
corporations. Insurance companies in both
periods bought large amounts of the z}^ per
cent bonds. Sales of certificates to nonbanking investors, principally corporations
370
with temporarily idle funds, were substantially larger than in December and those of
z per cent bonds were more than double
December sales of 1 % per cent bonds. Sales
of tax notes, most of which were purchased
by corporations, were somewhat larger in
April than in December.
FIRST AND SECOND WAR LOAN DRIVES
[In millions of dollars]
Types of securities
Funds from nonbanking sources:
J^% certificates .
1M% bonds
2% bonds
2H% bonds
Savings Bonds (Series E, F, and G)
Tax savings notes2
Second
First
War Loan1 War Loan
(April
(Decem1943)
ber 1942)
3,077
1,682
1,004
"'2^757"
3,738
1,573
1,697
2,830
1,014
1,335
12,842
7,865
Total
Funds from commercial banking sources:
Treasury bills . .
14% certificates
1%% bonds
2% bonds
800
897
2,138
2,117
2,058
32,039
4,977
Total
Total from nonbanking and banking
sources
5,072
17,819
12,937
NOTE.—Figures include only sales made in connection with the
purposes of this classification.
notes in April.
3
Estimated allotment; to be delivered in May.
ies C
Allotments to banks during the drive
were limited to 5 billion dollars, consisting
of 2..1 billion each of the certificates and
the 2. per cent bonds and 800 million dollars
of additional Treasury bills. Subscriptions
from banks greatly exceeded these amounts,
reaching approximately 10 billion dollars
each for the certificates and the z per cent
bonds. Banks were requested in the offering circular not to purchase the z per cent
bonds and the certificates from nonbanking
investors during the drive, and banks are
not permitted to hold the 2.J^ per cent bonds
until ten years after the issue date.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
ORGANIZATION FOR THE DRIVE
The Second War Loan Drive was conducted under the auspices of the new War
Finance organization which was set up early
in March to sell all types of Government
securities. The new organization combined the War Savings Staff and the Victory
Fund Committees in a unified effort to increase and widen the distribution of Government securities. A corps of approximately one million volunteer workers
participated in the sales campaign. The
work of the sales organization was directed
by W. M. Robbins, as Chairman of the
Treasury War Finance Committee, directly
under the Secretary of the Treasury and the
Under Secretary, and in the twelve Federal
Reserve districts by the Presidents of the
Federal Reserve Banks who were Chairmen of the district organizations.
Many forms of publicity were used during
the drive. This publicity was carried out
through the press, the radio, theaters,
posters, and personal solicitation. By that
means the attention of the public was focused on the large amount of funds that will
be necessary to finance the war and on the
importance of securing a wide participation
by the public in financing the war.
THE YEAR'S FINANCING PROGRAM
Treasury financing during the first four
months of this year was somewhat less than
the amount raised in the last four months of
1942. but exceeds in amount the probable
needs for each of the next two fourmonth periods. Including securities sold
in the April drive but not paid for by the
end of April, the Treasury obtained about
Z5 billion dollars in the January-April
period. The program for the year 1943, on
the basis of the January budget estimates
and existing tax laws, contemplates about
MAY 1943
70 billion dollars of new borrowing, not
including refunding of maturing obligations.
It is expected that an increasing proportion of the needed funds will be raised from
nonbanking investors, particularly from
individuals. Part will be obtained through
continuing sales of Savings Bonds and tax
notes and by a limited amount of financing
in the market between drives. The larger
part, however, is expected to be raised
through special large-scale drives similar to
that in April.
With X5 billion dollars of additional
securities sold in the first four months of
this year, it is estimated that commercial
banks increased their holdings by about 10
billion dollars, including allotments of 2.
per cent bonds to be paid for in May. Holdings of Federal Reserve Banks increased
slightly in the period. Bank purchases,
therefore, absorbed about 40 per cent of the
increase in the public debt in the first third
of 1943, compared with about half of the
increase in the last four months of 1942.. It
is the aim of the financing program that
bank purchases in the future constitute
much less than 40 per cent of the total.
To achieve this aim it will be necessary
to sell to nonbanking investors about twice
as much as in I^-L. With the rapid growth
of national income, growing out of expanding war activities, and the diminishing
supply of goods available for civilian purchase, this volume of sales to the public
can be reached or surpassed. Personal and
business savings will be on a large scale and
Government security offerings will be the
only large-scale new outlet for investment
funds.
Treasury estimates indicate that in the
last six months of i^/\i. individuals invested
in Government securities about 47 per cent
371
REVIEW OF THE MONTH
ize banks to pay for United States Government securities purchased for their own
account and for account of their customers
by giving the Treasury credit in so-called
war loan accounts. This practice is convenient both for the Treasury and for th*e
banks and tends toward greater stability in
the money market. It avoids large transfers
of funds from the money market to the
Reserve Banks at the time that the securities
are sold. The Treasury gradually calls
upon depositary banks for such amounts as
it requires, and since these calls correspond
closely to current disbursements by the
Treasury, the effect of Treasury transactions
on the money market is greatly diminished.
Commercial banks have been encouraged
by the Treasury and the Federal Reserve
authorities to make full use of war loan
accounts. Until recently, however, a great
many banks had not qualified for cattying such accounts. In order to encourage
their use, legislation was enacted by Congress during April exempting war loan
deposit accounts from Federal reserve requirements and from Federal deposit insurance assessments. This amendment became effective on April 13. These deposits,
prior to the Banking Act of 1935, had been
exempt from reserve requirements.
On April 14, in a radio address, the full
text of which is published in this BULLETIN,
Chairman Eccles said,
''Every banker who does not already
have a war loan account for the Government should arrange for one through the
Federal Reserve Bank of his district. He
can then deposit to the Government's
credit in his bank the proceeds from the
Government securities purchased by his
CHANGED STATUS OF WAR LOAN DEPOSIT
customers as well as by his bank. The
ACCOUNTS
Treasury draws on these accounts graduBeginning with the first World War it has
ally as the Government spends the
been the practice of the Treasury to authormoney. The money is thus returned to
of their personal savings remaining after
payments for life insurance, reduction in
debt, and increase in savings bank deposits.
This proportion increased to more than the
55 per cent goal set for the first four months
of 1943, and the Treasury's tentative program calls for increases to 65 in the second
four months and to 75 per cent in the last
four months of the year. Under this schedule individuals will add to their holdings in
1943 about Z5 billion dollars, including
Savings Bonds and tax notes.
The Treasury similarly has estimated that
corporations, other than banks and insurance companies, invested in Government
securities 71 per cent of their newly available accumulations in the last six months of
1941. In the first four months of the current year they increased this proportion
substantially, and the Treasury program
calls for further increases, reaching 85 per
cent in the last four months of the year.
For the year as a whole corporations are expected to add about 13 billion dollars to
their holdings of Government securities.
These purchases of Government securities
by individuals and businesses, added to
about 5 billion dollars expected from insurance companies and mutual savings banks
and more than 4 billion from Government
investment accounts, would total 48 billion
dollars from nonbanking sources in the calendar year, leaving 2.2. billion to be bought
by commercial banks. For the purpose of
combating inflation, as well as for obtaining
a wide distribution of the public debt, every
effort should be made not only to achieve
but to surpass this goal.
371
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
the community and is in turn redeposited in war loan deposits resulting from purin the banking system as rapidly as the chases of securities for account of customers,
Government draws it out of the banking being accompanied by a decline in other
system."
deposits, have the effect of reducing reserve
The number of banks qualified to handle requirements, while increases due to pursuch accounts has increased substantially chases for banks' own accounts have no
in recent months and particularly since the effect on the volume of required reserves.
new legislation was first recommended to When the Treasury draws upon war loan
Congress. On April 2.4 a total of 8,475 accounts for the purpose of making disbursebanks—or three-fifths of all commercial ments, there will be a transfer of deposits
banks—had qualified for war loan ac- from accounts that require no reserves to
counts. This compares with 5,033 banks on accounts that do and consequently an
December 31, 19421, and only 3,2.53 banks on increase in required reserves and a decrease
October 31, 1942.. The maximum amount in excess reserves.
of war loan deposits which banks were
One result of the new law, therefore, is
qualified to hold had increased to 14.4 that the amount of reserves which banks
billion dollars on April Z4, compared with are required to hold decreases sharply
8.9 billion on December 31, 1942., and 6.1. during a large-scale drive for the sale of
billion on October 31, 1942.. Data on banks Government securities, as the result of
qualified for war loan deposits by Federal purchases for nonbank investors, and subseReserve districts are shown in the table at quently increases gradually as war loan
the end of this Review.
accounts are reduced. Under the former
procedure sharp increases in required reEFFECT ON EXCESS RESERVES
serves occurred during the drive as the reIncreases or decreases in war loan deposits sult of bank purchases of securities on war
under the new legislation have a different loan accounts. In the long run, the effect
effect on the reserve position of banks than of Government financing on the money
they previously had. Before the recent market under the old and under the new
amendment to the Act, when all types of law depends on whether the securities are
deposits were subject to reserve require- bought by banks or by others. In both
ments, an increase in war loan deposits cases borrowing by the Treasury from banks
resulting from purchases of securities for increases bank deposits and sooner or later
the account of customers generally caused increases reserve requirements, while borno change in required reserves, because rowing from nonbanking investors shifts
deposits of the customers were correspond- funds about, but has little effect on the
ingly reduced and there was no change in total volume of deposits, of reserve requiretotal deposits; an increase resulting from ments, or of excess reserves.
purchases of securities for the account of
RECENT CHANGES IN EXCESS RESERVES
banks caused an increase in total deposits
and, therefore, in reserve requirements.
Excess reserves of member banks, which
Decreases in war loan accounts in the past have gradually declined since early 1941,
generally resulted in corresponding in- in February of this year fell below 1.7 bilcreases in other deposits and, therefore, no lion dollars. As shown in the chart, there
change in the total amount of required was a temporary increase in the first half of
reserves. Under the amended Act, increases March, primarily as a result of purchases
MAY
1943
373
REVIEW OF THE MONTH
by the Reserve Banks from the Treasury of reflecting cash payments for new securities,
special one-day certificates issued to meet and by repurchases on the part of member
Treasury payments prior to heavy tax re- banks of Treasury bills previously sold to
ceipts. As these certificates were paid off the Reserve Banks under repurchase options.
in the latter half of March, excess reserves As a result of all these various factors, excess
declined to less than 1.6 billion dollars at reserves of member banks during most of
the end of March. Early in April, prior the War Loan Drive were close to z.3 billion
to the Second War Loan Drive, the Federal dollars.
Reserve Banks increased their holdings of
An increase in war loan deposits on April
Government securities, thereby raising ex- 2,1. and again early in May, resulting from
cess reserves to about 2. billion dollars.
bank purchases of Government securities
The change in the status of war loan de- for their own account, had no effect on the
posit accounts and the transfer of several reserve position of member banks. In coming weeks, however, as the Treasury makes
EXCESS RESERVES OF MEMBER BANKS
withdrawals from war loan accounts, other
deposits will expand and required reserves
will increase and excess reserves decrease.
WEEKLY AVERAGES OF DAILY FIGURES
.LIONS OF DOLI
.IONS OF DOLLARS
EXCESS RESERVES BY CLASSES OF BANKS
Figures for all member banks and for country banks are partly
estimated. Latest figures are for week ending Apr. 16, 1943.
billion dollars from other deposits to those
accounts in the latter half of April caused a
decline of more than a billion dollars in
required reserves, but the effect of this was
partially offset by additions to deposits
resulting from large increases in bank loans,
principally to security dealers, and purchases of securities by banks in the market.
In addition bank reserves were reduced by
increases in currency in circulation and in
Treasury deposits at the Reserve Banks,
374
During recent weeks member banks in
New York City and Chicago have followed
the practice of maintaining their reserves
close to requirements. As a result practically all the excess reserves, as shown in
the chart, have been held by banks outside
these centers. Even though a considerable
amount of reserves was released to New
York and Chicago banks, as well as to other
banks, by the changed status and expansion
of war loan deposit accounts in April, these
funds were promptly put to use, in part to
meet withdrawals and in part to repurchase
Treasury bills from the Reserve Banks.
Excess reserves of New York and Chicago
banks, therefore, continued at a lowT level
during most of April.
Since the beginning of the year New York
City banks have lost funds on balance, reflecting withdrawals of Government deposits, which were only partially offset by
increases in other deposits. These banks
have had a gradual decline in loans, except
for temporary fluctuations in loans to
brokers and dealers in securities, and also
have reduced their holdings of Treasury
FEDERAL RESERVE
BULLETIN
REVIEW OF THE MONTH
bills, but have increased their bond holdings. There was little net change in the
position of Chicago banks between the end
of December and the middle of April.
Banks in leading cities outside New York
and Chicago, in contrast, have gained deposits since the beginning of the year and
have substantially increased their holdings
of Government securities. Excess reserves
of these banks declined somewhat up to the
middle of April, as required reserves increased more than the gain in total reserves.
In most districts, however, banks in large
cities continued to hold substantial amounts
of excess reserves, which were further increased by the shift of funds to war loan
deposits in the latter half of April. Reserve city banks in the Cleveland, Dallas,
Chicago, and Richmond Districts in the
latter half of March had excess reserves
amounting to more than xo per cent of their
required reserves, while such banks in the
Boston, St. Louis, and Minneapolis Districts held relatively small amounts of excess reserves. The movements in excess
reserves of city banks outside New York
and Chicago are illustrated in the chart by
the curve for reserve city banks.
At country banks, available information
indicates a continued substantial growth in
deposits, exceeding a billion dollars in the
first three months of this year. These
banks showed only a small gain in reserve
balances, corresponding approximately to
the increase in their required reserves, and no
increase in balances due from correspondent
banks; it may be estimated that the total
of their loans and investments increased by
about a billion dollars in the period.
Country banks shared in the increase in
excess reserves during April, and their excess reserves of more than a billion dollars
in the latter part of April were larger than
at any previous time. These excess reserves, which represent substantial capacity
MAY
1943
for further expansion of loans and investments, are widely distributed throughout
the country. In the latter half of March
country banks in the Federal Reserve Districts of Cleveland, Dallas, and Kansas City
had excess reserves amounting to more than
50 per cent of their required reserves, and
those in every district showed corresponding ratios of a third or more.
FEDERAL RESERVE SECURITY OPERATIONS
In view of the large volume of excess
reserves that was made available to banks as
the result of exemption of war loan accounts
from reserve requirements, the Federal
Reserve Banks had no occasion during the
April drive to make large security purchases
as they had during December. Banks had
enough reserves to enable them to purchase
not only the volume of new securities offered
to them but also to buy additional outstanding securities in the market.
The Government securities market was
generally firm throughout the period of
the drive. There was a continued demand
for long-term partially tax-exempt bonds,
and shorter issues after being in supply early
in the month were also in demand in the
second half of the month. The yield on
long-term partially tax-exempt bonds declined from 2..05 to 1.98 per cent during the
drive, and yields on other securities were
generally steady.
Some purchases of Treasury certificates
and short bonds were made by the Federal
Reserve Banks early in the month, but subsequently the System discontinued such
purchases, while continuing to sell longer
bonds. The System's holdings of bills,
which increased sharply in the latter part
of March and early April, also declined in
the latter part of April, as banks repurchased bills previously sold to the Reserve
Banks under repurchase agreements.
During the first four months of this year,
375
REVIEW OF THE MONTH
total holdings of Government securities
by the Federal Reserve Banks showed only a
small increase. In this period, however,
there were important changes in the composition of the System's portfolio. These
are shown in the accompanying chart. In
response to a market demand, bonds and
notes were sold from the System account.
Holdings of certificates were also reduced,
largely as a result of a maturity in February.
In March the System's portfolio was temporarily increased by Treasury borrowing
on one-day certificates in anticipation of
tax receipts. The principal changes were
in holdings of Treasury bills.
GOVERNMENT SECURITY HOLDINGS
OF FEDERAL RESERVE BANKS
BILLIONS OF DOLLARS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
1943
U.S. Government security holdings include both direct and guaranteed issues. Other bills include those purchased under regular authority and those purchased at the buying rate, not under option. Special
one-day Treasury certificates of indebtedness shown only for Sept. 16,
1942, Mar. 10,17, and 24,1943; there were 38 such certificates of varying
amounts on dates other than Wednesdays through Apr. 28, 1943, the
latest date shown.
TREASURY BILLS WITH REPURCHASE OPTION
Banks throughout the country, but more
particularly in New York and Chicago,
have made increasing use of sales and repurchases of Treasury bills to keep their funds
376
more fully employed. By selling Treasury
bills to the Federal Reserve Banks under
option to repurchase, banks can obtain
reserves promptly as needed and reacquire
the bills if later they have more reserves
than they need. Federal Reserve transactions in Treasury bills have varied considerably from day to day, with some banks
selling bills to their Reserve Banks and
others making repurchases. On balance
fluctuations in total holdings of bills on
option account at the Reserve Banks reflect
general money market changes. These
figures are shown on the chart and, beginning with this issue, will be regularly
published in the statistical section of the
BULLETIN. Holdings of each Reserve Bank,
as well as those for the System as a whole,
will be shown.
Federal Reserve holdings of bills on option account, as shown on the chart, increased sharply at the end of December in
response to year-end money market needs,
and declined in January. They increased
in February, reflecting largely Treasury
withdrawals of funds from New York and
purchases of bonds by New York banks.
Early in March the special Treasury borrowing temporarily supplied banks with
funds and the System's bill holdings declined. They increased sharply, however,
in the latter part of March and early in
April, as banks lost reserves, but declined
again in the latter part of April for reasons
already explained.
During the past year, since the establishment of the y% per cent rate at which the
Reserve Banks stand ready to purchase all
bills offered to them, the total amount of
Treasury bills outstanding has increased
from 2. billion to 10 billion dollars, and
the distribution of these bills among the
various types of holders has broadened.
Federal Reserve Bank bill holdings showed
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
an increase in the period of z billion dollars,
most of which has occurred since last
December. Bill holdings of New York
City banks increased from less than half a
billion to more than z billion dollars in
February and subsequently declined somewhat. Those at Chicago banks fluctuated
generally at less than half a billion dollars.
Banks in other leading cities have steadily
increased their bill holdings to above z.5
billion dollars, and banks outside the leading cities now hold well over a billion dollars of bills, compared with less than zoo
million dollars a year ago. Other holders-—largely corporations—have also increased their holdings of Treasury bills by
about a billion dollars in the past year.
SPECIAL DEPOSITARIES FOR WAR LOAN DEPOSITS
Federal
Reserve
district
Number of banks
which had qualified for war loan
accounts
Apr.
24,
1943
Dec.
31,
1942
Oct.
31,
1942
Amount Eor
which qualified
(In million s o f
dollars)
Apr.
24,
1943
Num- Amt.
Oct.
ber
ofde31,
of
1942 banks posits
Dec.
31,
1942
Boston
N e York
Tw
Philadelphia. .
316
911
585
237
654
459
292
169
855
480
500 6,735 4.719 3,243
386
325
299
642
Cleveland
Richmond
Atlanta
710
628
583
429
302
408
191
173
295
909
618
483
541
288
274
Chicago
St. Louis
Minneapolis...
1,159
838
1,094
563
291
731
458 1,951
181
500
235
352
Kansas City...
Dallas........
San Francisco.
952
491
208
566
290
103
439
230
83
Total
Per cent
qualified on
Apr 24,
1943,to total
commercial
61
91
67
20
28
14
325
182
197
60
60
56
15
16
15
983
221
192
732
170
79
48
57
86
16
16
17
206
235
421
173
194
317
53
52
38
12
15
7
8,475 5,033 3,253 14,449 8,945 6,229
60
19
373
404
628
GUARANTEED WAR LOANS
As announced in a press statement on April
17, a new standard form of guarantee agreement has been adopted for uniform use in guaranteeing loans for war production purposes.
The text of this new form of agreement will be
found on pages 379-388.
To March 31, 1943, i.e., during the first year
of operations under Executive Order 91 11 and
the Reserve Board's Regulation V, the War
Department, Navy Department, and Maritime
Commission, acting through the Federal Reserve Banks, authorized 3,534 guarantees for
war production loans totaling $3,72.5,2.41,000.
Advances to borrowers on guaranteed loans
amounted to $1,124,704,000, of which $979,682,000 was repaid, leaving unpaid balances of
$1,145,021,000 on March 31. The guaranteed
portions of loans outstanding aggregated
$998,774,000, or 80 per cent on the average.
In addition to the amounts outstanding on
MAY
1943
March 31, $1,866,286,000 was available to
borrowers under guarantee agreements in force.
About 39 per cent of all loans for which
guarantees were authorized were for amounts of
not more than $50,000 and 55 per cent were for
amounts of not more than $100,000, as is shown
in the following table:
Amount of loan
Up to $5,000
Per cent of
total number
4.6
$5,001 to $10,000
6.1
$10,001 to $X5,ooo
$100,001 to $2.50,000
13.3
14.6
16.6
16.4
$2.50,001 to $500,000
$2.5,001 to $50,000
$50,001 to $100,000
Cumulative
percentage
4.6
10.7
2.4.0
38.6
55-271.6
IO.6
82-2.
$500,001 to $1,000,000
7- 1
$1,000,001 to $5,000,000
8.3
$5,000,001 to $10,000,000
1.2.
89.3
97.6
98.8
99-5
99.8
$10,000,001 to $i5,ooo,ooo
$2.5,000,001 to $50,000,000
Over $50,000,000
.7
100.0
377
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Amendments to Federal Reserve Act
War Loan Deposit Accounts
The President of the United States on April
13, 1943, approved an Act of Congress amending
Section 12.B of the Federal Reserve Act so as to
suspend until six months after the cessation of
hostilities in the present war, the provisions of
law requiring the payment of deposit insurance
assessments on balances to the credit of the
United States Treasury arising solely as a result
of subscriptions for United States Government
securities issued under the Second Liberty Bond
Act, as amended. The Act also amends section
19 of the Federal Reserve Act so as to suspend
for the same period the requirements of law for
maintenance with the Federal Reserve Banks of
reserves against Treasury balances arising solely
as a result of subscriptions for such securities.
The text of the Act is as follows:
[PUBLIC LAW 37—78TH CONGRESS]
[CHAPTER 62.—IST SESSION]
[S. 700]
AN ACT
Suspending certain provisions of sections 12.B
and 19 of the Federal Reserve Act until six
months after the cessation of hostilities in the
present war as determined by proclamation of
the President or concurrent resolution of the
Congress.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress
assembled, That the second sentence of paragraph
(1) of subsection (h) of section ixB of the
Federal Reserve Act (U. S. C , title ix, sec. 164
(h) (1)), as amended, is hereby further amended
by substituting a colon for the period at the end
thereof and adding the following: " And provided
further. That until six months after the cessation
of hostilities in the present war as determined by
378
proclamation of the President or concurrent resolution of the Congress any balance payable to
the United States by any insured bank, whether
represented by a deposit account or otherwise,
arising solely as a result of subscriptions made
by or through such insured bank for United
States Government securities issued under authority of the Second Liberty Bond Act, as
amended, shall be excluded from the definition
of 'deposit' for the purpose of determining the
assessment base."
SEC. x. The last sentence of section 19 of the
Federal Reserve Act (U. S. C , title ix, sec.
46xa-i) be amended by substituting a colon for
the period at the end thereof and by adding the
following: "Provided, That until six months after
the cessation of hostilities in the present war as
determined by proclamation of the President or
concurrent resolution of the Congress no deposit
payable to the United States by any member
bank arising solely as the result of subscriptions
made by or through such member bank for
United States Government securities issued under
authority of the Second Liberty Bond Act, as
amended, shall be subject to the reserve requirements of this section."
Approved April 13, 1943.
Reserves
Amendment to Regulation D
The Board of Governors, effective April 13,
1943, amended Regulation D entitled Reserves
of Member Banks by striking out the period at
the end of the first sentence of paragraph (b)
of section x thereof and inserting the following:
"and, until six months after the cessation of
hostilities in the present war as determined
by proclamation of the President or concurrent resolution of the Congress, no deposit
payable to the United States by any member
bank arising solely as the result of subscriptions made by or through such member bank
for United States Government securities
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
issued under authority of the Second Liberty
Bond Act, as amended, shall be included in
net demand deposits or in time deposits which
are subject to reserve requirements."
War Loan Financing
(B) The word "Borrower" shall mean...
(Name)
Of
(Address)
Guarantee Agreement
There is set forth below the text of a new
standard form of guarantee agreement, dated
April 6, 1943, which has been adopted by the
War Department, Navy Department, and United
States Maritime Commission after consultation
with the Board of Governors of the Federal
Reserve System and others, for uniform use in
guaranteeing loans for war production purposes
pursuant to the President's Executive Order
9112. of March x6, 1942., and the Board's Regulation V, which were published in the 1941
Federal Reserve BULLETIN at pages Z99 and 42.5,
respectively. The new form of agreement incorporates, in large measure, the substance of
the form heretofore in use and the general intent
of the agreement remains the same.
(Form of April 6, 1943)
No.
the said Borrower being engaged in a business
or operation which is deemed by the Guarantor
to be necessary, appropriate or convenient for
the prosecution of the war.
(C) The words "the loan" shall mean a
financing arrangement between the Financing
Institution and the Borrower, the terms and conditions of which are briefly described as follows :
(The description of the loan shall include the following
items in the following order: Type of loan (straight loan or
revolving credit), principal amount (maximum amount of
credit in the case of a credit), interest rate, and maturity
(latest maturity in the case of a credit). Provisions as to
collateral and other protective provisions prescribed by the
Guarantor should also be described h.ere, or, if preferred, by
referring to an annexed loan agreement or other similar
instrument; but the terms and the provisions of such agreement or instrument should not be made a part of or incorporated in the guarantee agreement. There is no requirement
by the Guarantor, however, that a loan agreement or similar
instrument be used in any case.)
GUARANTEE AGREEMENT
("War Department of the United States ]
The -{Navy Department of the United States J
[United States Maritime Commission J
(herein called "Guarantor"), acting through
the Federal Reserve Bank of
as fiscal
agent of the United States in accordance with the
provisions of Executive Order No. 91 iz of March
2.6, 1942-, and the Financing Institution, as
hereinafter defined, hereby agree each with the
other as follows:
Section 1.
Definitions
As used in this agreement—
(A) The wTords "Financing Institution" shall
mean
MAY
1943
(D) The word "obligation" shall mean the
instrument or instruments evidencing the Borrower's indebtedness under the loan and any
renewals or extensions thereof.
(E) The term "guaranteed percentage" shall
mean (1)
per cent, or (2.) the percentage
specified above as increased by an adjustment
thereof under section 5, section 12., or section 13
of this agreement.
379
LAW DEPARTMENT
(F) The term "unguaranteed percentage"
shall mean the difference between ioo per cent
and the guaranteed percentage.
(G) The words "collateral for the loan"
shall mean all collateral or security specified in
the description of the loan under paragraph (C)
of this section or taken or accepted in substitution for such specified collateral or security, and
any collateral or security hereafter taken or
accepted for the specific protection of the loan.
(H) The words "interest in the obligation"
shall mean the amount of the obligation owned
by the Guarantor or by the Financing Institution, as the case may be.
(I) The word "Holder" shall mean the party
to this agreement which has possession of the
obligation and shall be determined in accordance
with the provisions of sections 8 and 14 of this
agreement.
( J ) The words "Reserve Bank" shall mean
the Federal Reserve Bank of
?,
as fiscal agent of the United States acting on
behalf of the Guarantor in accordance with the
provisions of Executive Order No. 9112 of March
2-6, 1942.
prior to maturity nor prior to the time when the
amount of the ultimate losses and expenses
appears to be determinable with reasonable
certainty.
(C) In determining losses under paragraph
(A) of this section, all amounts which, on the
date of settlement, have not been paid shall be
regarded as losses even though they may appear
to be recoverable thereafter. All net recoveries
realized after the date of settlement, from
whatever source realized, shall be shared ratably
by the Guarantor and the Financing Institution
on the basis prescribed in this section.
(D) For the purposes of this section, expenses
shall mean all reasonable out-of-pocket expenses
(including reasonable counsel fees incurred by
the Financing Institution or the Reserve Bank
prior to but not after any purchase under this
agreement) which relate to the enforcement of
the loan or the preservation of the collateral
and which are incurred during the period of any
default in the payment of principal or interest,
and which have not been recovered from the
Borrower.
Section 2. Guarantee as to Sharing
of Losses and Expenses
(A) Upon written demand or demands made
by the Financing Institution on the Reserve
Bank at any time prior to the date of settlement
between the Guarantor and the Financing Institution, the Guarantor will purchase from the
Financing Institution, on the tenth (10th) day
after the receipt by the Reserve Bank of such a
demand, the guaranteed percentage of the
unpaid principal amount of the loan, less any
amounts which have been previously purchased
by the Guarantor under any provision of this
agreement and have not been repaid. Such
purchases will be made by the Guarantor from
time to time either as a whole or in such portions
as may be demanded in writing as above
specified.
(B) Any purchase by the Guarantor pursuant
to any provision of this agreement shall be
made at the Reserve Bank, and the amount that
the Guarantor shall pay shall be the face amount
of the portion of the unpaid principal amount
(A) All losses of principal and interest on
the loan, and all expenses as defined in paragraph
(D) of this section, shall be shared ratably by
the Guarantor and the Financing Institution in
accordance with the guaranteed percentage and
the unguaranteed percentage, respectively, as
such losses, expenses and percentages exist on
the date of settlement between the Financing
Institution and the Guarantor, regardless of
whether or not any purchase has been made
under this agreement.
(B) The date of settlement between the
Financing Institution and the Guarantor shall
be such date as may be agreed upon by the
parties or, if no such date is agreed upon, the
thirtieth day after the date on which either
party to this agreement receives from the other
party a written request for such settlement, but
no such request will be made by the Guarantor
380
Section 3. Agreement to Purchase
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
of the obligation so purchased, as of the date of
the demand, plus all unpaid accrued interest
on such portion, with appropriate adjustment
for guarantee fees, computed as of the date of
purchase. Such purchase shall be made for
cash, except that if the Guarantor owns an
interest in any obligation which has been issued
under a revolving credit arrangement and if,
at or before the maturity of such obligation, the
Reserve Bank receives written demand from the
Financing Institution for the purchase of the
same or a lesser amount of a new obligation to be
issued in place of such maturing obligation,
payment for the portion of the new obligation
purchased pursuant to such demand will be
made by the Guarantor by surrendering, at or
before maturity, its interest in the maturing
obligation, in the amount of the demand by the
Financing Institution and without regard to the
ten day period specified in paragraph (A) of this
section.
Section 4. Cancellations of Borrower's
War Production Contracts
(A) For the purposes of this agreement :
(1) A "war production contract" shall mean
any contract (other than a contract solely for
the construction or acquisition of facilities to
be used by the Borrower) made or order accepted
by the Borrower for the sale or furnishing by the
Borrower of materials, equipment, supplies,
facilities, or services or for the processing or
treatment by the Borrower of materials, which
(a) constitutes a prime contract with the War
Department, Navy Department, or Maritime
Commission or (b) constitutes a contract made
or order accepted by the Borrower to aid
directly or indirectly in the performance of any
prime contract with any of said Government
agencies;
(2.) A "cancelled contract" means (a) a war
production contract constituting a prime contract with the War Department, Navy Department, or Maritime Commission, or a part
of such a war production contract, which contract or part is hereafter cancelled or terminated
by any of said Government agencies not by
MAY
1943
reason of fault of the Borrower, or (b) any other
war production contract or part of such war
production contract, which contract or part is
hereafter cancelled, terminated or violated because of the cancellation or termination, in
whole or in part, without fault of the prime
contractor, of any prime contract by any of said
Government agencies (provided that the Borrower shall have been substantially observing
the provisions of such war production contract);
(3) A "settled contract" means a cancelled
contract (a) with respect to which the Borrower
has released all claims or (b) with respect to
which the Borrower has received full payment
in cash, or by offset, or otherwise, of such
amounts as may be payable to it as the result of
a final determination, by mutual agreement of
the parties to such contract or by final decision
of a court of competent jurisdiction from which
no appeal or request for review has been or can
be taken, or otherwise, or (c) with respect to
which one year (or such longer period as the
Guarantor, in its sole discretion, shall consider
fair under the circumstances) has elapsed after
the date of such a final determination;
(4) A "cancelled contract as to which no
substantial investment has been made" is a
cancelled contract with respect to which the
Borrower's total expenditures and commitments to the date of cancellation are not certified
by the Borrower as being in excess of 5 per cent
of the sum of (a) amounts which were due and
which would have become due on such contract
if completely performed, in accordance with the
provisions of the contract as they existed immediately prior to the date of cancellation and (b)
all payments received on such contract prior to
such date;
(5) An "uncancelled contract" is a war
production contract or part thereof which does
not fall within the definition of a cancelled contract in clause (z) above; and
(6) "Adjustment notice date" means the date
of receipt by the Reserve Bank of the request for
adjustment under section 5 of this agreement, or
the date of receipt by the Financing Institution
381
LAW DEPARTMENT
of a request for adjustment under paragraph (A)
of section 6 of this agreement.
(B) The aggregate of all amounts which were
due on the Borrower's cancelled contracts, and
which would have become due on such contracts
if completely performed, in accordance with the
provisions of such contracts as they existed
immediately prior to the dates on which they
were respectively cancelled (but not including
any amounts of any contracts which, on the
adjustment notice date, are settled contracts or
cancelled contracts as to which no substantial
investment has been made), less any payments
received upon such contracts between the dates
on which they were respectively cancelled and
the adjustment notice date, shall be called (x).
The amount of (x) as thus determined plus the
aggregate of all amounts due on all uncancelled
contracts of the Borrower, and which are to
become due on all such contracts when and if
completely performed, according to their provisions as they exist on the adjustment notice
date, shall be called (y).
not be effective in any case if the ratio of (x)
to (y) is less than one-fourth.
Section 6. Protection of Borrower
against Cancellations
(A) The Borrower, from time to time but
not more frequently than once every sixty (6o)
days, may request the Financing Institution in
writing for an adjustment under this section, and
the Financing Institution shall, within five (5)
days after receiving such request, advise the
Reserve Bank in writing of the receipt thereof.
In each such case, the ratio of (x) to (y) shall
be determined by the Financing Institution in
agreement with the Borrower and the Reserve
Bank as of the adjustment notice date and effective as of such date the Financing Institution
will waive interest and suspend maturity upon
such portion of the then unpaid principal
amount of the obligation as is determined by
multiplying such unpaid amount by such ratio
and by deducting from the product any portion
of the obligation upon which maturity is then
in suspense pursuant to any previous request
Section 5. Protection of Financing
from the Borrower; but in no event shall the
Institution against Cancellations
amount of the obligation with respect to which
The Financing Institution at any time prior interest is waived or maturity suspended purto the date of settlement between the Guarantor suant to an adjustment under this section as a
and the Financing Institution may make written result of a determination of the ratio of (x) to
request to the Reserve Bank for an adjustment (y) exceed (1) the amount of (x) or QL) the
under this section, and thereupon the following amount of the Borrower's estimate of its claims
computation shall be made by the Financing on cancelled contracts as of the adjustment
Institution in agreement with the Reserve Bank notice date. No waiver of interest or suspenas of the adjustment notice date: The ratio of sion of maturity shall be made under this section
(x) to (y) shall be multiplied by the then un- if the ratio of (x) to (y), as determined pursuant
guaranteed percentage and the product of such to any such request by the Borrower, is less than
multiplication shall constitute an additional one-fourth.
percentage which shall be added to the then
(B) As payments are received by the Borrower
guaranteed percentage; and the sum of such on any cancelled contract after the adjustment
percentages shall, effective as of the adjustment notice date, the amount of the obligation as
notice date, constitute the guaranteed per- to which maturity is suspended and interest
centage within the meaning of all provisions waived shall be forthwith reduced, dollar for
of this agreement. After the guaranteed per- dollar, by an amount equal to each such paycentage has once been increased pursuant to the ment. When any cancelled contract has become
provisions of this section, the Financing In- a settled contract after the adjustment notice
stitution shall have no further rights under this date or when the Borrower has failed to file
section. The provisions of this section shall claim under any cancelled contract before the
3 8z
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
sixtieth day (or such longer time as the Guarantor may grant) after the adjustment notice date,
the amount of the obligation as to which maturity is suspended and interest waived shall be
forthwith reduced so that the total amount of
reduction under this paragraph shall be the
greater of (i) the amount as to which maturity
was suspended and interest waived by reason of
the inclusion of such cancelled contract in the
last prior computation under paragraph (A) of
this section, or (2.) the amount of reduction
under the preceding sentence.
(C) Upon the termination of suspension of
maturity of all or any portion of the obligation,
by reason of any reduction made under paragraph
(B) of this section or failure to comply with
paragraph (F) of this section, the obligation
or such portion thereof shall become immediately due and payable, regardless of any
maturity date otherwise established.
(D) In the event that the Borrower shall
initiate any appeal or request for review from
the determination by any court of the amounts
due under a cancelled contract, the Financing
Institution will not waive interest on the portion of the obligation with respect to which
maturity has been suspended on account of such
cancelled contract, from the date of entry of the
order or judgment from which the appeal or
request is taken until the date of entry of the
final order or judgment on appeal or review.
(E) So long as the Financing Institution continues to own any portion of the obligation as
to which a waiver of interest is in effect in
accordance with this section, the Financing
Institution shall be under no obligation to pay
any fee to the Guarantor under section 16 of this
agreement on such portion of the obligation;
and the Guarantor will pay to the Financing
Institution, on the dates on which interest
would otherwise have been payable by the
Borrower, or at least quarterly, interest upon
such portion of the obligation (1) in an amount
equal to the difference between the amount
which would have been payable by the Borrower
to the Financing Institution and the amount
which would have been payable by the FinancMAY
1943
ing Institution to the Reserve Bank under section
16 hereof, or (2.) at the rate of 2.3^ P er c e n t P er
annum, whichever is less.
(F) In consideration of the execution of this
agreement by each party hereto, the Guarantor
and the Financing Institution agree with each
other for the benefit of the Borrower, and also
severally promise the Borrower, that the provisions of this section shall inure directly to the
benefit of, and shall be enforceable directly by,
the Borrower. No suspension of maturity or
waiver of interest under this section shall (1)
take effect unless the Borrower shall have agreed
with the Reserve Bank and the Financing Institution to be bound by the provisions of this
agreement which govern suspension of maturity
and waiver of interest, or (2.) continue in effect
unless the Borrower shall furnish to the Reserve
Bank and the Financing Institution, not less
often than every sixty (60) days, a report as to all
payments received on the Borrower's cancelled
contracts, including full information with
respect to any cancelled contract that shall have
become a settled contract.
(G) Nothing contained in this section shall
impair any of the rights of the Financing Institution under any other provision of this agreement
nor any right the Financing Institution or the
Guarantor may have to accelerate the maturity
of the obligation, including any suspended
portion thereof, unless such acceleration is
based solely on a provision of the loan to the
effect that cancellation of a contract or suspension of maturity pursuant to this section is of
itself an event of default.
Section 7. Ownership of Suspended
Portions of the Loan
(A) Any portion of the obligation at any time
owned by the Guarantor shall be deemed to
include, to the extent possible, any portion of
the obligation as to which maturity has been
suspended pursuant to section 6 of this agreement; and the Guarantor shall comply and the
Financing Institution shall be relieved from
compliance with the provisions of such section 6
relating to the waiver of interest and suspension
383
LAW DEPARTMENT
of maturity with respect to such portion of the
obligation.
(B) The Guarantor will from time to time
purchase from the Financing Institution any
part or all of that portion of the obligation on
which maturity has been suspended pursuant
to section 6 of this agreement, whether or not
such purchase shall result in ownership by the
Guarantor of an interest in the obligation which
shall be in excess of the then effective guaranteed
percentage of the loan, but such purchase in all
other respects shall be made in accordance with
the provisions of section 3 hereof. If and when
the Financing Institution shall have obtained
an adjustment pursuant to section 5 of this
agreement, the Guarantor shall be under no
further obligation to make a purchase under this
section. If pursuant to the provisions of this
section the Guarantor shall own an amount of
the obligation in excess of the guaranteed percentage following such an adjustment, the Financing Institution will forthwith repurchase
such excess. Nothing in this paragraph affects
the sharing of losses on the basis prescribed in
section 2. of this agreement.
Section 8. Administration of Loan and
Possession of Obligation and Collateral
(A) Prior to any purchase under this agreement, the Financing Institution shall administer
the loan and shall hold the obligation and the
collateral for the loan. Whenever the Guarantor becomes the owner of any part of the loan
under this agreement, the Financing Institution
shall continue to administer the loan and to
hold said obligation and collateral, and shall
forthwith deliver to the Reserve Bank a certificate reciting that the Financing Institution
holds said obligation and collateral for the
account of the Guarantor to the extent of the
Guarantor's interest therein. In any such case,
however, upon written demand by the Reserve
Bank, the Financing Institution shall forthwith
endorse the obligation to the Reserve Bank without recourse or warranty and shall assign the
collateral (or its interest therein if such collateral cannot be assigned because it is held for
384
the account of more than one Financing Institution) to the Reserve Bank without recourse or
warranty, except as to the genuineness of the
signature of the Borrower to any instrument,
and shall forthwith deliver to the Reserve Bank
possession of the obligation and of the collateral
(or an assignment of its interest therein as above
provided). Thereupon the Reserve Bank shall
issue to the Financing Institution a certificate
reciting that the Reserve Bank holds said
obligation and collateral for the account of the
Financing Institution to the extent of the
Financing Institution's interest therein. Thereafter the Guarantor, through the agency of the
Reserve Bank, shall administer the loan and
shall hold said obligation and collateral for
the account of the Guarantor and the Financing
Institution as their interests in the obligation
may appear. The Guarantor and the Financing
Institution shall at all times during the existence
of this agreement have the right to examine and
inspect said obligation and collateral.
(B) Whenever the Guarantor becomes the
Holder of the obligation, the Financing Institution will at any time at the written request of
the Guarantor furnish to the Guarantor such
instruments as may be reasonably necessary or
appropriate to enable the Guarantor to administer the loan and enforce the obligation
and collateral for the loan in accordance with
the terms of the loan.
(C) Nothing contained in this or any other
section of this agreement shall be construed to
prevent the Financing Institution from offering
the obligation as collateral for advances by a
Federal Reserve Bank, if such obligation is
otherwise eligible and acceptable as collateral
for such advances.
Section 9. Ratable Application
of Collections
(A) All amounts at any time paid or credited
on the obligation, from whatever source
realized, shall be applied ratably for the benefit
of the Financing Institution and the Guarantor
according to their respective interests in the
obligation, first in accordance with such reFEDERAL RESERVE BULLETIN
LAW DEPARTMENT
spective interests in the unsuspended portion of
the obligation, and then in accordance with
such respective interests in the suspended portion
of the obligation. All amounts so paid or
credited upon the obligation after the date of a
demand by the Financing Institution or the
Guarantor, as the case may be, for a purchase
under this agreement and prior to the date of
such purchase shall be applied as above provided
according to such respective interests of the
Guarantor and the Financing Institution as
such interests exist immediately after such
purchase. The Holder of the obligation and
collateral shall receive all payments from the
Borrower in connection with the obligation and
shall promptly remit to the other party to this
agreement such other party's share thereof.
(B) In the event that the total of all amounts
eventually so paid or credited in accordance
with paragraph (A) of this section is not sufficient to cover principal and interest in full,
the application of such amounts shall be readjusted upon the date of settlement between the
Guarantor and the Financing Institution so that
the Guarantor and the Financing Institution
will share all losses on the loan on the basis
prescribed in section z of this agreement.
Institution. If any funds on deposit, or other
amounts payable to the Borrower by the Financing Institution, or other assets of the
Borrower (except those described in clause (2.)
above) which are not specifically pledged as
security for any indebtedness shall be taken or
appropriated by the Financing Institution, the
Financing Institution shall apply such funds and
the proceeds of such other assets pro rata against
the then unpaid balance of the loan and the then
unpaid balance of such other indebtedness of
the Borrower to the Financing Institution.
Funds on deposit, amounts payable, and other
assets shall not be considered to be specifically
pledged for any indebtedness, within the meaning of this section, if the right of the Financing
Institution to apply the proceeds thereof to such
indebtedness exists only by virtue of the right
of banker's lien or setofF or only by virtue of a
"spreader", "overlap" or "cross-lien" provision
in any note or loan agreement.
(B) There shall first be applied by the
Guarantor to the full payment of the loan, before they are applied to the payment of other
indebtedness of the Borrower to the Guarantor,
all proceeds obtained by the Guarantor from:
(1) accounts receivable and inventories (including finished products and work in process)
Section 10. Application of Proceeds
arising under the Borrower's war production
of Collateral and Other Assets
contracts, and (2.) any right of priority accruing
(A) There shall first be applied to the full to the Guarantor on account of any claim by the
payment of the loan before they are applied to Guarantor against the Borrower, and (3) any
the payment of other indebtedness of the right of setofF in respect of amounts due to the
Borrower to the Financing Institution: (1) All Borrower on any war production contract
proceeds of any collateral for the loan; and (V) (except a right of setoff arising out of a claim
all proceeds of accounts receivable and of in- under the same contract); except that the
ventories (including finished products and work foregoing shall not apply to any pledge, lien, or
in process) arising under the Borrower's war other security taken by the Guarantor as colproduction contracts, to the extent that such lateral for an advance payment or loan by the
accounts receivable or inventories are taken or Guarantor to the Borrower.
appropriated by the Financing Institution, exSection 11. Actions as to Obligation
cept war production contracts under which
or Collateral
claims may heretofore have been, or may with
the written consent of the Guarantor hereafter
The Holder shall not, without the prior
be, specifically assigned to the Financing In- written consent of the other party to this agreestitution as security solely for other indebted- ment, (a) make or consent to any material
ness of the Borrower to the Financing alteration in the terms of the loan or collateral
MAY
1943
385
LAW DEPARTMENT
for the loan; (b) make or consent to any release,
sale, transfer, further pledge, subordination or
substitution of any of said collateral for the
loan; or (c) give any consent or waiver under
any provision of the loan restricting the use of
funds of the Borrower. However, the consent
of the other party shall not be necessary with
respect to any release or substitution of such
collateral required or authorized by the terms
of the loan as such terms are described in paragraph (C) of section i of this agreement or in
any instrument referred to therein, and no notice
of any such action need be given to the other
party. The Holder, unless prior objection
thereto shall have been made in writing by the
other party, may extend the term of the loan,
but, without the prior written consent of the
other party, not more than once and for not
more than sixty (60) days; but notice of any
such extension shall be thereafter promptly
transmitted to the other party. The taking of
additional collateral or security shall not be
considered a material alteration in the terms of
the loan or collateral for the loan.
such request, be 100 per cent. If the Guarantor
be the Holder, it may, after giving notice to the
Financing Institution, exercise any option to
accelerate the maturity of the obligation without obtaining the consent of the Financing
Institution.
Section 13. Failure to Sue or
Consent to Suit
The Financing Institution, if it be the Holder,
shall not, without the prior written consent of
the Guarantor, bring suit to enforce payment
of the obligation or any installment thereof, or
directly or indirectly institute bankruptcy,
receivership or insolvency proceedings against
the Borrower, or foreclose on or otherwise
enforce realization of the collateral by exercise
of a power of sale or by legal proceedings;
but the Guarantor, if it be the Holder, after
giving notice to the Financing Institution, may
take any action specified in this sentence without obtaining the consent of the Financing
Institution. If at any time all or any portion of
the principal or interest of said obligation is due
and unpaid and (a), while the Financing Institution is the Holder, the Guarantor fails to give its
Section iz. Refusal of Guarantor to
written consent within ten (10) days after the
Consent to Accelerated Maturity
Reserve Bank shall have received a written
The Financing Institution, if it be the Holder, request from the Financing Institution to do so,
shall not exercise any option to accelerate the to the taking of any action specified in the
maturity of the obligation without the prior preceding sentence or (b) if the Guarantor be the
written consent of the Guarantor. If such an Holder and does not, within thirty (30) days
option exists (whether or not conditioned upon after the Reserve Bank shall have received a
the giving of notice to the Borrower) on the written request from the Financing Institution
part of the Holder to accelerate the maturity of that the Guarantor take action as aforesaid,
the obligation and (a) the Guarantor fails to take the action requested or one of the other
give its written consent, within ten (10) days steps specified in the preceding sentence, the
after the Reserve Bank shall have received a guaranteed percentage shall thereupon in either
written request from the Financing Institution event, effective ten (10) days or thirty (30)
to do so, to the acceleration of the maturity days, as the case may be, after the receipt of
of the obligation or (b) if the Guarantor be the such request, be 100 per cent.
Holder and does not, within ten (10) days after
the Reserve Bank shall have received a written
Section 14. Voluntary Purchase
request from the Financing Institution that the
by Guarantor
Guarantor do so, initiate appropriate action to
accelerate the maturity of the obligation, the
Whenever the Guarantor, in its sole judgment,
guaranteed percentage shall thereupon, in either deems that such action is necessary in order to
event, effective ten (10) days after the receipt of prevent or minimize a loss on the loan which it
386
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
believes to be imminent or in order to prevent
obstructions or delays in the Borrower's war
production, the Guarantor may purchase, and
the Financing Institution shall sell to it, the
guaranteed percentage of the unpaid principal
amount of the obligation, less any amounts
which have been previously purchased by the
Guarantor under any provision of this agreement
and have not been repaid; but no such purchase
shall be made except ninety (90) days or more
after the original advance on the loan or shall
become effective until ten (10) days (or such
lesser period as the Guarantor may specify)
after the Guarantor shall have sent to the
Financing Institution a demand for such purchase by telegram or registered mail. In the
event of any purchase under this section, the
Guarantor shall, at the request of the Financing
Institution, or may, at its own option, immediately become the Holder in. the manner provided in section 8 without the written demand
therein specified.
Section 15. Reports as to Borrower's
Condition
The Holder shall promptly notify the other
party of any default in the payment of principal,
or of any default which shall continue for ten
(10) days in the payment of interest, on the part
of the Borrower. As long as the Financing
Institution has any interest in the loan, each
party shall notify the other party of any other
default on the part of the Borrower in connection with the loan, or of any unfavorable change
in the financial condition or in the business of
the Borrower or in the collateral for the loan,
of which such party has acquired actual knowledge in connection with the administration of
said loan and which in its opinion at the time
is material. The Financing Institution shall,
upon the request of the Reserve Bank, furnish
to the Reserve Bank any other information relating to the financial condition of the Borrower
and the progress of the loan which it has acquired in connection with the administration of
said loan.
MAY
1943
Section 16. Fees Payable to Guarantor
In consideration of the execution of this*
agreement by the Guarantor, the Financing
Institution shall pay to the Reserve Bank at
the end of each monthly or quarterly period, as
fixed by the Reserve Bank, an amount equal to
per cent of any interest payable by the
Borrower on the average daily amounts of that
part of the unpaid principal of said loan whichi
the Guarantor was obligated during such period!
to purchase upon demand of the Financing;
Institution under any provision of this agreement; provided that such obligation on the part
of the Financing Institution shall terminate
as to all or any portion of said loan purchased
by the Guarantor immediately upon such purchase.
Section 17. Effect of Violation
of Agreement
(A) If the Financing Institution shall violate,
or fail to comply with, any of the terms of this
agreement or any of the terms or conditions of
the loan or shall through gross negligence make
a material misrepresentation of fact in the application therefor, or in anything constituting
a part of the application, it shall become liable
to the Guarantor in an amount equal to the
damages sustained by the latter by virtue of
such violation, failure to comply, or misrepresentation; but the Guarantor shall not be relieved by such violation, failure to comply, or
misrepresentation from any of its obligations
to the Financing Institution under the terms of
this agreement.
(B) In the absence of gross negligence on the
part of the Financing Institution:
(1) No invalidity or ineffectiveness of any
collateral or of any assignment thereof
accepted by the Financing Institution; and
00 No action or omission to act on the part
of the Financing Institution in reliance
on a statement signed by an appropriate
officer or member of the Borrower with respect to the financial condition, business
or operations of the Borrower or the pur387
LAW DEPARTMENT
pose for which funds of the Borrower
have been or are intended to be used;
shall constitute a violation of, or failure to
comply with, any of the terms of this agreement
or any of the terms or conditions of the loan
on the part of the Financing Institution. No
invalidity of any provision of the loan agreement
(or other similar instrument), if any, referred
to herein, arising from statute or decision of
any court, shall in any way relieve the Guarantor hereunder.
Section 18. Additional War Production
Contracts and Advance Payments
The Financing Institution will not obtain or
require from the Borrower any agreement that
(a) the Borrower will not accept additional war
production contracts when requested or required
by the Government, or (b) the Borrower will
not consent to the modification or amendment of
any of its war production contracts when requested or required by the Government, except
that such agreement may prohibit additional
borrowings or advance payments and may require the Borrower to notify the Financing
Institution of the acceptance of any additional
war production contracts.
Section 19. Interpretation of Agreement
(A) This agreement constitutes the entire
contract between the Guarantor and the Financing Institution, and no claim of waiver,
modification, consent, or acquiescence with
respect to any of the provisions of this agreement
shall be made against either party except on the
basis of a letter or other written instrument
executed by or on behalf of such party.
(B) No provision of the loan agreement (or
other similar instrument), if any, shall increase,
limit or vary the rights or obligations of the
Financing Institution, the Guarantor or the
Borrower under this agreement.
(C) Whenever a computation has been made
under section 5 or section 6(A) of this agreement, the Guarantor (acting by such person or
persons as may be designated for that purpose
by the Secretary of War, the Secretary of the
Navy, or the Maritime Commission, as the case
388
may be) shall certify that such computation is
the computation that will govern the rights and
obligations of the Financing Institution, the
Guarantor, and the Borrower under this agreement.
Section 2.0. Prohibition Against
Assignment
This agreement shall not be assignable by
either party, but this shall not prevent the
Financing Institution from granting to other
financing institutions participations in the
obligation, provided, however, that the Guarantor shall recognize and deal only with the
Financing Institution.
Section 2.1. Officials Not to Benefit
No member of or delegate to Congress or
resident commissioner shall be admitted to any
share or part of this contract or to any benefit
that may arise therefrom, but this provision
shall not be construed to extend to this contract
if made with a corporation for its general benefit.
IN WITNESS WHEREOF, the parties have caused
this agreement to be executed on their behalf
by their duly authorized agents this
day of
, 194
WAR DEPARTMENT OF THE UNITED STATES
NAVY DEPARTMENT OF THE UNITED STATES
UNITED STATES MARITIME COMMISSION
By Federal Reserve Bank of
As Fiscal Agent of the United States
By
Of///,)
{Name)
{Financing Institution)
By ....
(Name)
(Title)
[SEAL
OF
FINANCING
INSTITUTION]
ATTEST :
(Name)
(Title)
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
National Bank Loan Limitations
In connection with operations under Executive
Order No. 9112., dated March 2.6, 1942., the
Board of Governors requested the opinion of
the Comptroller of the Currency as to whether
the revised form of guarantee agreement dated
April 6, 1943, complies with the requirements
of the Comptroller's definition of the term
"unconditional" as used in Exception 10 to
Section 5200 of the Revised Statutes relating
to the loan limitations applicable to national
banks. In reply the Comptroller under date
of April 7, 1943, addressed the following letter
to the Board:
"This is in reply to your letter of April 3
with respect to the revised form of Guarantee
Agreement enclosed therewith, which is
identified by the words '(Form of April 6,
1943)/ You inquire whether the revised
form will comply with the definition of the
term 'unconditional,' as used in exception 10
to section 5x00 of Rev. Stat. of 1873, a s
amended (U. S. C. title 12., sec. 84), relating
to extensions of credit by national banks.
" 1 . In many instances, the revised form
will be used in situations which involve only
a single bank. It is our opinion that in such
situations a Guarantee Agreement in this revised form would be 'unconditional' for the
purposes of exception 10.
"2.. Section 2.0 of the revised form empowers a 'Financing Institution' to grant
participations to other banks, but provides
that the Guarantor shall recognize and deal
only with the Financing Institution, thereby
limiting the rights and powers of -participating banks not having the status of 'Financing
Institutions.' In view of this limitation, it
is our opinion that a Guarantee Agreement
in this revised form would not be 'unconditional' with respect to participations held
by such banks.
"3. However, it is understood that where
a number of banks are to participate in a
loan, the following alternative arrangement
will be available: The Guarantee Agreement
may provide that the words 'Financing Institution' shall mean each bank named therein
MAY
1943
or shall mean each bank which is or may
become a party to a specified loan agreement,
in either of which cases the Guarantee Agreement will also contain a sentence substantially
as follows:
'The respective obligations hereunder of
the Guarantor and of each such Financing
Institution are several, and this agreement
shall be deemed to constitute a separate
agreement between the Guarantor and each
such Financing Institution to the extent of
its portion of the loan.'
Under this contemplated arrangement, the
right of each participating bank which is a
'Financing Institution' to require takeover
by the Guarantor for cash, within sixty days
after demand, would not be contingent upon
the happening of an event or condition precedent not within the control of such bank, nor
subject to defeasance by a contingency or condition subsequent not within its control.
Accordingly, it is our opinion that a Guarantee Agreement in this revised form would be
'unconditional' with respect to participating
banks having the status of 'Financing
Institu-
tions' thereunder."
Further Executive Order Relating to
Guarantees of Loans for War Production
Purposes
There is set forth below the text of an execu=
tivc order of the President, No. 9336, dated April
2.4, 1943, authorizing the Office of Lend-Lease
Administration and the War Shipping Administration to indemnify the War Department, the
Navy Department, and the Maritime Commission in connection with guarantees made pursuant to Executive Order No. 9112, of March 2.6,
1941, for the benefit or on behalf of the Office of
Lend-Lease Administration or the War Shipping
Administration.
EXECUTIVE ORDER N O .
Authorizing
9336
Financing Arrangements to
the Prosecution of the War
Facilitate
By virtue of the authority vested in me by
the Constitution and statutes of the United
States, and particularly by the First War Powers
Act, 1941 (approved December 18, 1941), and
389
LAW DEPARTMENT
as President of the United States, and i n order
to facilitate the prosecution of the war, it is
ordered as follows:
i. The Office of Lend-Lease Administration
and the War Shipping Administration are hereby
authorized, without regard to the provisions of
law relating to the making, performance,
amendment or modification of contracts, to enter
into guaranties, agreements of indemnification,
agreements to provide funds, and other financing
arrangements with the War Department, the
Navy Department, and the Maritime Commission in connection with any loans, discounts,
advances, contracts, guaranties, or commitments made pursuant to Executive Order No.
91 ix of March 2.6, 1942., for the benefit or on
behalf of the Office of Lend-Lease Administration or the War Shipping Administration, respectively, and to pay out funds in accordance
with the terms of any such guaranty, agreement, or other financing arrangement so entered into.
z. The authority hereby conferred may be
exercised by the Lend-Lease Administrator or
the War Snipping Administrator or, in their
discretion and by their direction respectively,
through any other official or officials of the
Office of Lend-Lease Administration or the
War Shipping Administration. The Lend-Lease
Administrator and the War Shipping Administrator may confer upon any such official or
officials the power to make further delegations
of such powers within their respective offices.
3. Complete data shall be maintained by the
Office of Lend-Lease Administration and the
War Shipping Administration as to all guaranties, agreements, and other financing arrangements which they respectively make pursuant to
this Executive order. The Lend-Lease Administrator and the War Shipping Administrator
shall make available for public inspection, as
they may respectively deem compatible with
the public interest, so much of such data as does
not cover restricted, confidential, or secret
transactions.
FRANKLIN D. ROOSEVELT
THE WHITE HOUSE,
April 14, 1943.
Foreign Funds Control
Revocation of Special Regulation Issued by
Federal Reserve Bank of San Francisco
There is set forth below the revocation of
Special Regulation No. 1 issued on March 18,
1941, by the Federal Reserve Bank of San
Francisco as Fiscal Agent of the United States,
39°
which provided for the blocking of transactions
in property of persons evacuated from military
areas on the Pacific Coast. Special Regulation
No. 1 was published in the April 1 9 ^ Federal
Reserve BULLETIN at page 308.
SPECIAL BLOCKED PROPERTY
Revocation of Special Regulation No. i Relating
in Special Blocked Property*
to
Transactions
Special Regulation No. 1, Relating to Transactions in
Special Blocked Property, as therein described, heretofore
prescribed by the Federal Reserve Bank of San Francisco, as
Fiscal Agent of the United States, by virtue of the authority
vested in such bank pursuant to section 5 (b) of the Trading
with the Enemy Act, as amended by the First War Powers
Act, and other authority vested in such bank, is hereby
revoked.
Made at San Francisco, California, this 16th day of
March, 1943.
Federal Reserve Bank of San Francisco (Fiscal Agent
of the United States).
WILLIAM A. DAY,
President.
[SEAL]
Confirmed:
Randolph Paul,
Acting Secretary of the Treasury.
Treasury Department Releases
The following releases relating to transactions in foreign exchange, etc., in addition
to those heretofore published in the Federal
Reserve BULLETIN, have been issued by the
Office of the Secretary of the Treasury under
authority of the Executive Order of April 10,
1940, as amended, and the Regulations issued
pursuant thereto:
Treasury Department
Foreign Funds Control
February 15, 1943
PUBLIC INTERPRETATION N O . 10
Under Executive Order No. 8339, as Amended, Executive Order No.
pi PS, Sections 3(0) and j(b") of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control.
SUBJECT: Examination of Endorsements Appearing on
Checks and Drafts Received from Abroad
Inquiry has been made as to whether a banking institution
which receives a check or draft from a foreign country is
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Pub. Law 354, 77th Cong.; E.O. 8389, April 10, 1940 as amended by
E.O. 8785, June 14, 1941, E.O. 8832, July 26, 1941, E.O. 8963, Dec. 9,
1941, E.O. 8998, Dec. 26, 1941, E.O. 9066, Feb. 19, 1942, E.O. 9095,
Mar. 11, 1942.
FEDERAL RESERVE BULLETIN
LAW
DEPARTMENT
required to examine the endorsements thereon in order to
ascertain whether any of the endorsers are named on the
Proclaimed List of Certain Blocked Nationals.
The Treasury has replied that any banking institution
which henceforth receives a check or draft from abroad is
required to examine the instrument to determine whether
the payee or any of the endorsers are named on the Proclaimed
List. If it is found that the check or draft is drawn in favor
or bears the endorsement of a person who there is reason to
believe is a Proclaimed List national, the instrument may not
be endorsed, presented, accepted, collected, paid, transferred,
protested, returned, or otherwise dealt with except pursuant
to license expressly referring to General Ruling No. n .
However, the Treasury Department has stated that it will
entertain applications by banking institutions for licenses
authorizing, subject to certain conditions, the presentation,
collection, etc., of such instruments.
J. W. PEHLE,
Assistant to the Secretary.
Treasury Department
Foreign Funds Control
March 8, 1943
PUBLIC INTERPRETATION N O . I I
Under Executive Order No. 8389, as Amended', Executive Order No.
9193, Sections 3(0) and $(F) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, delating
to Foreign Funds Control.
The following inquiry has been made: where several
persons have an interest in a transaction or proposed transaction prohibited by the Order, may any one of such persons
file an application for a license authorizing the effecting of
such transaction?
The Treasury Department has replied in the affirmative.
Under the Order, any person having an interest in a transaction or proposed transaction may file an application for a
license authorizing the effecting of such transaction, and
there is no requirement that any other person having an
interest in such transaction shall or should join in making
or filing such application.
J. W. PEHLE,
1. Insert the following as paragraph (3):
"(3) This General License shall also authorize any
transaction engaged in by a bank within the generally
licensed trade area pursuant to the order of or for the
account of any national of a blocked country within the
generally licensed trade area to the same extent, and
under the same circumstances, as though such transaction were solely for the account of such bank; provided, however, that this paragraph shall not be deemed
to permit any payment, transfer or withdrawal from
any blocked account; and provided further that the
following terms and conditions are complied with:
(a) Such transaction is not by, or on behalf of, or
pursuant to the direction of (i) any person whose
name appears on "The Proclaimed List of Certain
Blocked Nationals," or (ii) any blocked country
or national thereof not within the generally
licensed trade area;
(b) Such transaction does not involve property in
which (i) any person whose name appears on
"The Proclaimed List of Certain Blocked Nationals," or (ii) any blocked country or national
thereof not within the generally licensed trade
area, has at any time on or since the effective date
of the Order had any interest."
x. Renumber paragraph (3) as paragraph (4).
RANDOLPH PAUL,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary
April 13, 1943
GENERAL LICENSE N O . 68A, AS AMENDED
Under Executive Order No. 8389, as Amended, Executive Order
No. 9193, Sections 3(^0) and $(K) of the Trading with the
Enemy Act, as Amended by the First War Powers Act, 1941,
Relating to Foreign Funds Control*
General License No. 68A is hereby amended by the
deletion of paragraph (5) of such general license.
RANDOLPH PAUL,
Acting Secretary of the Treasury.
Assistant to the Secretary.
Treasury Department, Office of the Secretary
April 13, 1943
GENERAL LICENSE N O . 53, AS AMENDED
Under Executive Order No. 8389, as Amendedy Executive Order
No. 9193, Sections 3(0) and j(J?) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control*
Treasury Department, Office of the Secretary
April 13, 1943
GENERAL LICENSE N O . 85
Under Executive Order No. 8389, as Amended^ Executive Order'
No. 9193, Sections 3(0) and /(&) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control*
General License No. 53, as amended, is hereby amended
in the following respects :
(1) A general license is hereby granted authorizing the
following transactions with respect to Mexican securities of
the classes specified in the Decree of August 4, 1942., of the
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10,
1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832,
July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998,
December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10,
1940, as amended June 14,1941, and July 26,1941.
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10,
1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832,
July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998,
December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10,
1940, as amended June 14, 1941, and July 26, 1941.
MAY
1943
391
LAW
DEPARTMENT
involving other nationals of blocked countries. It does
United States of Mexico and which are held in blocked or
not purport to prescribe standards for concerns not located
General Ruling No. 6 accounts in banking institutions within
within Latin America.
the United States, notwithstanding the fact that Form
TFEL-x may not have been previously attached to such
QL) Authorised Transactions by United States Concerns Located
securities:
Within Latin America. Subject to the exceptions noted in
paragraph (3), United States concerns located within Latin
(a) The presentation of such securities to an approAmerica are authorized to engage in transactions involving
priate registry agent within the United States pursuant
blocked nationals located within the generally licensed
to the terms of such Decree;
trade area, or within Spain, Portugal, Switzerland or Sweden,
Qy) The receipt and registration of such securities
without further license. Such United States concerns will,
by such registry agent pursuant to the terms of such
of course, be expected to comply with all local controls in
Decree; and
engaging in such transactions.
(c) The performance of such other acts as are neces(3) Transactions by United States Concerns Located Within
sarily incident to such registration;
Provided, However, that any registry agent receiving any Latin America which are not Authorized. The following transactions shall not be engaged in by any United States concern
such security pursuant to this general license shall hold
located within Latin America except pursuant to general
such security within the United States and subject to the
or specific licenses issued by the Treasury Department:
provisions of section 5OO of the Trading with the Enemy
Act, as amended, and the Order; and shall, within a reason(a) Any transaction involving a dollar account of a
able period of time after such security has been received,
blocked national located outside the generally
return it to the banking institution previously holding such
licensed trade area, if such account is held on the
security, and such banking institution shall return such
books of a United States concern located within
security to the account in which it wras previously held.
Latin America wThich is a bank or other financial
institution;
(2.) This general license shall also authorize the trans(b) Any transaction involving an enemy national
actions, above described, with respect to securities of the
(see Public Circular No. 18).
type referred to in section 2-A(i) of the Order when such
In addition to the foregoing, the Treasury Department or
securities have been in the custody or possession of the
any United States Mission in the other American Republics
same banking institution within the United States, conat any time may stipulate that any particular transaction or
tinuously since July 2.5, 1940, notwithstanding the fact that
class of transactions requires a specific license. Any such
Treasury Department Form TFEL-2. may not have been
stipulation shall be binding upon all persons having notice
previously attached to such securities.
thereof.
RANDOLPH PAUL,
Acting Secretary of the Treasury.
(4) Filing of Applications. Applications for specific
licenses to engage in any transaction may be filed with any
United States diplomatic and consular officer in the other
Treasury Department, Office of the Secretary
American Republics or with a Federal Reserve Bank in the
April 13, 1943
United States.
PUBLIC CIRCULAR N O . 18A
(5) Definitions.
Under Executive Order No. 8389, as Amended, Executive Order
(a) The term "transaction involving a blocked naNo. pips, Sections $(jz) and j(Ji) of the Trading ivith the Enemy
tional" shall include any transaction with, by, on
Act, as Amended by the First War Powers Act, 1941, Relating
behalf of, or at the direction of a blocked country
to Foreign Funds Control *
or national thereof, or which involves property in
(1) Subject and Scope. Public Circular No. 18 prescribes
which such national or country has an interest.
the standard of conduct to be observed with respect to
(b) The term "United States concern located within
transactions involving enemy nationals. This public cirLatin America" shall mean any person subject to
cular supplements Public Circular No. 18 and prescribes the
the jurisdiction of the United States located within
standard of conduct to be observed by United States concerns
Latin America, and the term "person subject to
located within Latin America with respect to transactions
the jurisdiction of the United States" shall have
the meaning prescribed in Public Circular No. 18.
(c) The term "generally licensed trade area" shall have
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10,
the meaning prescribed in General License No. 53.
1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832,
July 26, 1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998,
RANDOLPH PAUL,
December 26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10,
Acting Secretary of the Treasury.
1940, as amended June 14, 1941, and July 26, 1941.
FEDERAL RESERVE BULLETIN
WAR BONDS, TAXES, AND ECONOMIC STABILITY
by
MARRINER S. ECCLES*
The Government will spend, for war purposes
alone, approximately 90 billion dollars during
the present calendar year.
The goal of the Second War Loan Drive is
to raise 13 billion dollars, or about one-seventh
of the total war expenditures for this year.
The general public, exclusive of the commercial
banks, is being asked to subscribe not less than
8 billions of this amount. Eight billions is a
lot of money, yet it is less than the American
people are now receiving every three weeks in
national income, consisting mainly of wages
and salaries, including farm income.
The question is not whether the goal of this
campaign will be reached, but how it will be
reached. The Government can always raise the
money it needs. What is of vital importance
to every man, woman and child in this country
is that the money needed to wage this war be
raised in a way that will not result in a disastrous rise in the cost of living.
On the basis of our present tax laws, we will
collect in taxes somewhat less than one-third
of our total Government requirements this
year. The balance, or about 70 billion dollars,
will have to be borrowed.
There are two sources from which the Government can borrow. One source is the general
public; that is, all of the people of this nation
and their innumerable business concerns, together with all the various public as well as
private organizations. The other source is the
commercial banking system of the country and
the Federal Reserve Banks.
The distinction between the two sources of
borrowing is of critical importance in the
battle against inflation. Borrowing from the
general public diverts to war purposes money
that might otherwise be spent in driving up the
cost of living. Borrowing from the commercial
banks, instead of diverting existing purchasing
power to the war effort, creates entirely new
funds, new purchasing power. These are the
* An address on the National Radio Forum, April 14, 1943,
MAY
1943
most dangerous of dollars. We have been
creating altogether too many of them.
In the calendar year of 1941 the Government
spent about 56 billion dollars. Only about
one-third was raised in taxes. The rest had
to be borrowed. Less than half of the borrowing came from the general public. More than
half came from the commercial banks. As a
result, more than 2.0 billion dollars was added
to our money supply—to demand deposits and
currency. Unless we do much better in the
current year, 30 billion dollars more will be
added to our money supply in the same way.
That would mean an increase of more than 50
billion dollars, or a doubling of our money
supply, in two years.
Fifty billions of these dangerous inflationary
dollars in two years' time! In the last war,
and even at the peak of 192.9, our total money
supply was less than 30 billions!
I emphasize these figures to bring out as
forcibly as I can why it is so important, if we
are to hold the line against inflation, to finance
this war to the fullest possible extent by taxation and by borrowing from the current incomes
of the general public. To the extent that
taxes are not provided to cover the costs of war,
the money has to be borrowed. To the extent
that the money is borrowed from the general
public, the inflationary pressures of our enormously expanded national income are reduced.
To the extent that we fail to tax sufficiently,
or fail to borrow enough from the general
public, there is no alternative except to borrow
from the commercial banks or the Federal
Reserve Banks. To the extent that the money
is borrowed from either, more purchasing power
is poured into the already dangerously swollen
stream. That is the high road to inflation.
In other words, if the Government's expenditures were entirely financed by taxation and
borrowing from the general public, there would
be no need to turn to the inflationary method of
financing through the commercial banks. The
Federal Reserve, in turn, would not then be
393
WAR BONDS, TAXES, AND ECONOMIC STABILITY
confronted with the necessity of supplying
reserves for what it knows to be a dangerous
process of financing the war through the banks.
Let us look at the economic picture for a
moment from another angle. More than half
of our total production this year is going for
war, leaving less than half available for purchase
by civilians who nevertheless are receiving
incomes based on the total production. It is
apparent, therefore, that there are not enough
goods and services available for more than
half of this income to purchase. To the extent
that this surplus income bids for the existing
supply of goods, it subjects the price ceilings
to irresistible inflationary pressures. No
Government edict or agency can hold prices
indefinitely against such pressures. The only
way to reduce these pressures is to transfer the
surplus income to the Government through
taxes or through borrowing from the general
public. The way to prevent these pressures
from growing constantly greater and more
threatening is to avoid all further increases in
wages, salaries, profits and prices. Increasing
the number of dollars we receive will not add
one iota to the goods that we can buy. We are
only fooling ourselves by exchanging more
dollars for the same or a smaller amount of
goods.
The gap between what the public is receiving
in spendable income and what is available to
buy is constantly enlarging as more is produced
for war and less for civilians. As more is spent
for war, civilian incomes go up, but civilian
supplies go down. Accordingly, there is no
sensible choice before us, if we are to ward off
inflationary dangers, except to keep as close a
balance as possible between the amount of
money which is bidding for civilian goods and
services and the available supply. This means
that instead of buying more, despite enlarged
incomes, we must of necessity buy less and less.
It means that, far from increasing the standard
of living today, we must be prepared to cut
it to the bone. Too many of our people have
.already increased and are still trying to increase
their living standards. They must be awakened
394
to the fact that this spells peril to themselves
and to the nation. As our war effort continues
to expand, it will not be enough merely to buy
only what we need; we will have to scale down
our ideas of what we need and scale up our
ideas of what we can do without.
Since the additional taxation necessary to
reduce excessive buying power is not in immediate prospect, it is all the more important
that it be reduced by borrowing from the
public. It is all the more reason why every
effort should be made in this and subsequent
drives to obtain as much as possible by the sale
of Government securities to all nonbank investors and as little as possible by borrowing
from the commercial banks. We must do far
better than we did in the December drive, when
the number of nonbanking investors, excluding
the purchasers of Series " E " Savings Bonds,
reached the insignificant total of less than
350,000.
I recognize that many individuals as well as
business concerns have not shared in the general
rise in incomes resulting from war expenditures.
They can not be expected to do as much as those
who, directly and indirectly, are the beneficiaries of the enormous outpouring of funds.
Nevertheless, they have a duty to invest to the
very limit of their ability. The great majority
of our people—except the boys in the armed
services—are sharing in the rising tide of income.
Pay rolls and farm incomes, as well as many
business profits, are at record high levels.
National income, already almost 60 billions
above the peak of 192.9, is still expanding.
Young people, old people, and women previously unemployed have been added to pay rolls.
A triple expansion of incomes is going on as a
result of increased employment, increased pay
rates, increased hours, and overtime pay.
This great majority of our people, individuals
as well as business corporations, who are the
beneficiaries of our war expenditures should be
the first to subscribe to War Bonds in an amount
commensurate with their increased incomes.
In some cases, incomes have expanded by more
than one hundred per cent. Many sincerely
FEDERAL RESERVE BULLETIN
WAR BONDS, TAXES, AND ECONOMIC STABILITY
believe that they have done their full duty when
they have subscribed ten per cent of their
incomes to War Bonds. If the Government is
to succeed in borrowing the amount it needs
to borrow from the general public, if those who
have profited greatly from our war expenditures
are to discharge their full obligation, ten per
cent will not be nearly enough. Far more
must be invested in War Bonds.
The ideal expressed in the familiar phrase,
"Take the profit out of war," should be always
before us, and we should strive to come as close
to it as possible. To achieve it, we would have
to recapture from the war beneficiaries through
taxation the equivalent of every dollar expended
for the war. We can not, of course, achieve
this ideal, but we should at least do as well as
other nations at war—and they are collecting
more than one-half of their expenditures from
taxes. We are collecting less than a third.
We must have increased taxes, and we urgently
need, without further delay, a heavy withholding tax in order to collect at the source
potentially inflationary funds before they reach
the spending stream or elude the tax collector
altogether.
The success of this present drive is not measurable by the raising of 13 billion dollars or
more. That in itself is no problem, since the
money can always be obtained through the
inflationary medium of borrowing from the
commercial banks or the Federal Reserve Banks.
The measure of success of this drive will be the
amount of money that is subscribed by individuals and by corporations other than banks,
and the number of subscribers who participate.
The money is there to get! It is estimated that
even after paying this year's taxes, combined
individual savings and corporate accumulations
will aggregate 70 billion dollars—30 billions
more than in 1942..
In this drive, the Treasury is seeking to obtain
only eight of the 13 billions from nonbank
investors. In the future we must get an increasingly large proportion from the general
public, and rely much less upon the commercial
banks. This result can only be achieved,
MAY
1943
however, if the public has a better understanding
of the urgent necessity for financing this war
by noninflationary methods. And this, in
turn, will depend upon the organization and
the educational and selling efforts developed
by those responsible for carrying through the
Government's financing program.
Several hundred thousand volunteer workers
are giving their time and energies to the present
drive. These men and women who call on you
are volunteer workers. You do yourselves,
not them, a favor by responding to the limit of
your ability. You are just as much a part of
this campaign as they are. Its success is just as
important to you and to your future as it is
to them. If you do not happen to be called
upon, it does not relieve you of the duty to do
your part by voluntarily subscribing. You
can do so by going to the nearest bank or post
office, or to any other issuing agency in your
community.
Every one of us has a role to play in this and
subsequent drives, for they are as necessary to
protect the home front as successive drives on
the fighting front are necessary to win this war.
Every commercial bank in this country has a
responsibility to urge all of its customers to buy
Government securities, using their bank balances as well as all currency beyond what is
absolutely necessary for pocket money. Much
more currency is outstanding today than is
necessary. Every dollar that is needlessly idle,
on deposit, in your pocket, or in some hideaway,
is not at work and not at war. To the extent
that these dollars are not lent to your Government, other dollars must be found or must be
created to do the work they are not doing. Invested in Government bonds, they go to war.
They.become dangerous to the enemy instead
of to us.
The dollars you put into War Bonds will be
safe and will earn interest. Your dollars are
always obtainable because War Bonds can be
readily converted into cash. However, unless
urgent need arises, every effort should be made
to hold them to maturity. If they are cashed,
the vital part they play in reducing excessive
395
WAR BONDS, TAXES, AND ECONOMIC STABILITY
buying power, as well as in financing the war, battle front. Waste of money or of man power,
hoarding or squandering of materials, are
is undone.
Every banker who does not already have a equally incompatible with successful prosecution
war loan account should arrange for one through of the war or defense of the home front. In the
the Federal Reserve Bank of his district. He can gigantic effort this nation is making, some waste
then deposit to the Government's credit in his is inevitable, but it should be stamped out
bank the proceeds from the Government securi- wherever possible, whether in civilian or public
ties purchased by his customers as well as by affairs, among military as well as civil authorihis bank. The Treasury draws on these ac- ties. Nevertheless, complaints on this score
counts gradually as the Government spends the are no justification for giving less than full
money. The money is thus returned to the support to your Government in this campaign
community and is in turn redeposited in the and in all its war effort. Out of every dollar
banking system as rapidly as the Government the Government is spending, 96 cents goes to
fight this war and to pay interest on the public
draws it out of the banking system.
The Government bonds you buy are a claim debt.
on future production—a share in the abundance
This is total war, and the War Bonds we must
that we can not have for civilian use when we invest in, the taxes we must pay, the interare fighting a total war, but can have in peace ferences we must endure in our normal way of
times. The dollars you invest now are stored life, are inseparably bound up with the mobilizup purchasing power which you may need after ing of our maximum striking power on the
our industry has been fully converted from war battle fronts. What you—what all of us do—
to peace production. Then your buying power in protecting the home front not only helps to
will serve to sustain employment and prevent win this war, but you and I will deserve only
deflation. Every dollar you spend today be- the contempt of our fighting forces if they come
yond your absolute necessities only helps to home, after winning the victory, to a land that
make a breach in the line we are striving to hold we were too dull, too weak, too soft, and too
against the deadly enemy of inflation.
selfish to save from economic chaos. That
We must all understand that paying taxes, must not happen here.
You—all of us—on the home front have much
buying War Bonds, refraining from a mad
scramble for scarce things now, postponing to do, much more than we have yet done. If
buying so far as possible while we are at war, the sacrifices of war could be apportioned with
opposing wage, salary, price, and profit in- strict equity, nobody would be better off because
creases, and otherwise actively supporting the he stayed at home. We, who stay at home,
fight against inflation, are all part and parcel are accountable to the millions who are making
of the vitally important defense of the home the real sacrifices, even to the last full measure
of devotion.
front.
You are asked to lend your dollars—not to
Profiteering from war is intolerable and
unpatriotic. There is no profiteering on the give your lives—to your country.
396
FEDERAL RESERVE BULLETIN
EXPANSION OF FEDERAL RESERVE BRANCH ACTIVITIES
The work of the Federal Reserve Banks having
been greatly increased by the war, it has been
found advisable in recent months to extend the
established policy of decentralization in the
Federal Reserve System by enlarging further the
responsibilities of the Reserve Bank branches and
the scale of their operations. These operations
include the work of the Reserve Banks as fiscal
agents of the Government and the administration of war production loans and consumer
credit regulation.
The twelve Federal Reserve Banks and their
twenty-four branches provide Reserve Bank
facilities in thirty-six important cities throughout the country, and the policy long followed
has been to decentralize operations so that
Federal Reserve services may be performed as
near as possible to the places where the need for
them arises. The two principles being followed
to this end are ( i ) expansion of branch office
services and (2.) integration of branch and head
office organization.
Among the first steps taken has been the
expansion, with the approval of the Treasury
Department, of the branch fiscal agency activities, particularly those incident to the handling
of War Savings Bonds. While all of the Federal
Reserve branches had previously issued War
Savings Bonds, in many cases their operations in
this connection had been limited to over-thecounter sales. These activities were expanded
to include (1) the maintenance and servicing of
the consignment accounts of banks and others
that have qualified as issuing agents, and (2.)
the issuance of Savings Bonds for others throughout the branch territories. This has tended to
speed up the issuance of bonds. Prior to the
expansion of fiscal agency activities, redemptions
of Savings Bonds were generally made at the
head offices only—a practice which usually
resulted in a delay of several days in the case of
bonds turned in to the branches for redemption.
The Treasury has now approved the redemption
of War Savings Bonds at a number of Federal
MAY
1943
Reserve branches, and it is believed that this
additional service will be of considerable benefit
to owners residing in the branch zones. The
increase in the number of redemption centers
will also simplify the redemption problem for the
Federal Reserve Banks. The branches are also
handling Series F and G Bonds and Tax Savings
Notes, and consideration is being given to an
expansion of their activities in connection with
market issues.
In addition to fiscal agency activities, other
operations of the branches are being expanded
and developed wherever it appears feasible to
do so. Particular attention has been given to
the expansion of branch activities in connection
with war production loans under Executive
Order 9112. and the Board's Regulation V, and
in the administration of consumer credit control
under Regulation W. The decentralized setup
of the Federal Reserve Banks and their branches
with trained executive personnel made it possible
for the System to accept these new responsibilities and to put them into effect efficiently
and promptly.
While it is planned to expand the functions
and services of the branches—with particular
attention being given to those located in important war-activity areas—the pattern of
development will not necessarily be the same at
each branch. As a matter of fact, a uniform
pattern was purposely avoided in order that the
services and facilities of each branch may be
adjusted to the needs of the time and place.
Wherever it appears feasible and desirable to
have a given branch perform a particular service,
the System is giving the matter careful consideration with a view to having the service installed
at that branch.
The Federal Reserve Bank of Chicago has
adopted a comprehensive program in recognition of the importance of expanding its Detroit
Branch facilities. As announced in the February BULLETIN, the Chicago Bank has appointed
a Vice President of the Federal Reserve Bank as
397
EXPANSION OF FEDERAL RESERVE BRANCH ACTIVITIES
resident head of the Branch. The former Managing Director at Detroit is to continue as the
chief operating officer of the Branch with the
title of Manager. The Detroit Branch head is
no longer a member of the Branch board of directors, which has been reduced from seven members to five members. A senior examiner is now
stationed at the Detroit Branch in direct charge
of examinations in Michigan. The examiner
will, of course, be available for consultation by
member bankers in the Branch territory. A
resident attorney will be stationed at the Detroit
Branch, as well as a research economist. The
Branch has already found it necessary to rent
space outside of its building in order to carry on
the expanded operations, and further expansion
is planned as soon as space, equipment, and personnel are available.
War Department liaison officers are stationed
at the Detroit and Los Angeles Branches and
applications for war production loans under
Regulation V originating in their respective
areas are forwarded direct by these Branches to
the War Department in Washington. While
applications originating at other branches are
forwarded to Washington through the head
398
offices, many of the branches are now making
credit investigations and recommendations.
The Federal Reserve Bank of Cleveland also
has changed the title of the heads of its Cincinnati and Pittsburgh Branches from Managing
Director to Vice President, and is greatly expanding the facilities and operations at both
Branches. The Federal Reserve Banks of New
York and San Francisco have made considerable
progress in decentralization and their branches
now perform most of the operations performed
at the head office. Due to the volume of foreign
funds control applications originating in the
Los Angeles area, the Treasury has recently
authorized an expansion of the activities of the
Los Angeles Branch in issuing licenses under
general authorizations. The Federal Reserve
Bank of Richmond was among the first Banks to
install fully the War Savings Bond operation
at its branches and the general activities of the
Baltimore Branch especially have increased at
a rapid rate in recent months. The New Orleans Branch of the Federal Reserve Bank of
Atlanta has operated on a decentralized basis
for many years. Other Banks have expanded
the operations and functions of their branches
and steps toward the further development of
branch activities will be actively continued.
FEDERAL RESERVE BULLETIN
REPORT OF THE BANK OF SPAIN, 1936-1941
A report on the operations of the Bank of
Spain, covering the six years from 1936 through
1941, was presented to the stockholders' General Meeting at Madrid on November 2.9 and
December 6, 1942., by the President of the Bank,
Senor Antonio Goicoechea y Cosculluela. Only
one previous stockholders' meeting had been
held under the Nationalist administration of the
Bank, an extraordinary meeting at Santander on
December 18, 1938.
During the period of hostilities in Spain, two
institutions were functioning under the title
4
'Bank of Spain," one controlled by the Government of the Spanish Republic and the other by
the Nationalist Government. Both were issuing peseta notes and advancing them in large
amounts to their respective governments to
finance domestic war expenditures; the Republican administration also expended the bulk of
Spain's large prewar gold reserve (over 700
million dollars) to meet the foreign needs of the
Republican regime.
The present Report describes the role of the
Nationalist institution in financing the Franco
regime, and discusses the reconstruction of the
currency and central banking system in Spain
after the conclusion of hostilities. It was not
until March 13, 1942-, that legislation was
passed enabling the Bank finally to regularize
its accounts. To this end, sweeping adjust-
ments were made in the Bank's liabilities and
assets as of December 31, 1941. All of the note
liabilities and a large part of the deposit liabilities incurred by the Republican administration
of the Bank were formally repudiated; these and
other smaller adjustments reduced the total
liabilities from 46.7 to 2.4.2, billion pesetas. At
the same time, claims on the Republican government and on gold no longer in possession of the
Bank were written off; after other minor changes
had been effected, total assets had been reduced
from 46.7 to 19.7 billion pesetas. In order to
restore equilibrium to the balance sheet, the
Government issued to the Bank a special certificate of indebtedness for 4.4 billion pesetas, the
amount by which the Bank's adjusted assets
fell short of its adjusted liabilities.
The resulting balance sheet for December 31,
1941 is the first to be published for the Bank
of Spain since 1936. To this have been added
the balance sheet figures for December 31, 1942.,
as presented to a general meeting of the stockholders held in Madrid on March 7 and 14, 1943.
The greater part of the Report, translated from
the official Spanish text, is given herewith.
The original document contains in addition
certain statistical statements of the Bank's
operations in 1939-1941 and brief sections
devoted to matters of only technical or administrative significance.
The Report and Balance Sheet for the fiscal
period from January 1, 1936 to December 31,
1941, is hereby submitted for your approval,
under the authorization of the order of the
Minister of Public Finance of September 19,
1942.. The Administrative Council at the
ordinary General Meeting called for this purpose
desires to reestablish contact with the stockholders and to resume the statutory relationship,
which was suspended during the war with the
exception of the special meeting held at Santander on December 18, 1938. Our aim in so
doing is to give you an account of the steps taken
to recover our metal reserves, of which the Bank
was despoiled by the Marxist governments, and
to ask for your vote of confidence in order to
follow the matter through to its conclusion.
Our further purpose here is to give an account
of our operations and a brief description of our
work during these years. Two fundamental
ideas have been guiding us: strict collaboration
with the National Government in the economic
and financial reconstruction of the country and
coordination and subordination of the interests
of the Bank to that great task. Our path is
determined by the aim set forth by His Excellency, the Commander-in-Chief: the achievement of spiritual unity of our Spain, its
MAY
1943
399
REPORT OF THE BANK OF SPAIN, I 9 3 6 - I 9 4 I
sovereignty, and the complete restoration of its
economic life. To him, Gentlemen, let us
express our gratitude for his work, which has
made possible a reunion at our place of business
for the first time since the beginning of those
sorrowful years, before the hope of victory
became happy reality.
The Council also wishes to express to you its
gratitude for the loyalty and affection for the
Bank which you showed in the hard winter of
1938, when you attended a meeting in a number
never before equalled in the life of our corporation, in order to demonstrate that we were the
only and the legitimate Bank of Spain. And
you may well feel proud of your work, for it
made the judgments of foreign tribunals recognize your rights and our standing as a juridical
entity.
FIRST PART
I. REESTABLISHMENT OF THE JURIDICAL STATUS OF
THE B A N K AND THE FIRST ACTS OF THE
COUNCIL
On the outbreak in Spain of the "Glorious
Liberating Movement" on July 18, 1936, the
First Deputy Governor and the Subdirector of
Branch Offices, who were at Vitoria, the Alavan
capital, began to group and unify under their
management the branches situated in the
National Zone. When the Defense Council
established itself at Burgos, they came to that
city to cooperate with it, exerting all their
power toward the recovery of gold and foreign
exchange and concerning themselves with money
and credit policies. In accordance with the
desire of the Defense Council to convoke without delay the Council of the Bank, a meeting was
held in Burgos on September 14, 1936, at which
agreement in principle was reached on the issue
of new bank notes. This was the first of the
periodic sessions thereafter held in the old
Castilian capital. The meetings of September,
October, and November, under the presidency
of the First Deputy Governor, Don Pedro Pan,
were attended by the following eleven members:
Marquis de Amurrio, Aritio, Count de HerediaSpinola, Marquis de San Nicolas de jNoras,
Cespedes, Marquis de Aledo, Pastor, Count de
Limpias, Count de Barbate, Coronas, and
Viscount de San Alberto, who met in the
National Zone. With a nucleus so important
and so closely identified with the National
Movement, it was not difficult for the Administration of the Bank to unify the credit
policy to be followed by all the branches.
Later, the Council included Count de Gamazo
400
and Martinez Fresneda, and with the liberation
of Madrid, Senores Alvarez Guerra and Prats.
The fact that the vaults of the forty-four
branches in the National Zone held 393 million
pesetas in bank notes and 1x3 million pesetas in
silver, as stated in the minutes of September 2.3,
1936, eloquently bespeaks the gravity of the
situation and the difficulties which had to be
met. All were happily overcome. The initial
task of the Administration and of the Council
was to obtain with maximum speed new issues
of bank notes. Orders were therefore sent to
Bradbury in London, an old source of supply of
the Bank, and to the German concern Giesecke
& Devrient in order to supply the country with
sufficient means of payment. The first thing
was the stamping of the bank notes, which
confirmed the reality of the separation of the
national monetary community from the Red
community and found its legal expression in the
Decree of November ix, 1936. This decree
ordered the stamping of the notes of the Bank
put in circulation before July 18, 1936, and set
up for that purpose rules and time limits which
had to be prolonged until the new issues ordered
from Giesecke & Devrient were in our possession. On receipt of these, the Decree of February 15, 1937 was promulgated to provide for the
exchange of the old for the new bank notes.
A scarcity of subsidiary coin developed from
the shortage of silver, and the urgent needs of
the monetary circulation made necessary the
authorization to issue bank notes of 10, 5, 2. and
1 peseta, in addition to the above issues.
The need for both of these issues became critical with the liberation of additional cities. In
many of them, including San Sebastian, Bilbao,
Santander, Gijon, Castellon, Tortosa, Tarragona,
Reus, Valencia, Barcelona and Madrid, the Reds
in their flight took with them from the vaults
bank notes, coin, securities, and even the contents of rental boxes.
Let me stress here the successful work done
by the First Deputy Governor, Senor Artigas,
and by the Councillors, Senores Cespedes, Count
de Limpias, Aritio, and Larraz, who always
went to the liberated cities immediately after
the troops had conquered them, in order to adopt
on the spot measures conducive to the normal
functioning of the freed branches.
In our account to you in December 1938 of
the first steps taken to recover the gold reserve,
we referred to the legal difficulties encountered
when the courts of England and France rejected
our suits on the grounds of our alleged lack of
legal status. In view of this circumstance, and
since the National Government had decreed the
FEDERAL RESERVE BULLETIN
REPORT OF THE BANK OF SPAIN,
suspension of Senor Suarez de Figueroa from his
post of Second Deputy Governor, by the Decree
of December 16, 1936, Don Ramon Artigas
Gracia, the Subdirector of Branch Offices, was
named to replace him. In the absence of Senor
Pan, for reasons of health, from his post as First
Deputy Governor, the exceptionally difficult
burden of management fell full upon Senor Artigas. At his suggestion on October 30, 1937,
Senores Barba, Costa, Garcia Victoria, and
Villarroya were named to act pro tempore as
Director and Subdirector of Branch Offices,
Auditor, and Specie Cashier, respectively. At
the same time Don Jose Larraz was appointed
Manager of the Research Department and Senor
Mendez became Assistant Secretary.
The definite appointment of a permanent executive personnel for the Bank was an immediate
need. The Government, therefore, issued on
March 12., 1938, a decree, signed by His Excellency, the Commander-in-Chief, and by the
Minister of Finance, conferring upon the one
who has the honor to sign this report in the
name of the Council, the duties of Governor of
this Bank and Commissioner of the Official
Banks. Don Ramon Artigas Gracia was promoted to First Deputy Governor to fill the place
of Don Pedro Pan Gomez, for whom a retirement
pension was provided. Don Cesar Antonio de
Arruche y Villanueva was appointed to the
office of Second Deputy Governor. On the same
date, at the proposal of the Minister of Public
Finance, Senores Don Jose Larraz Lopez, Don
Angel Gutierrez Martinez and Don Eduardo
Aunos Perez were named as Council members
to represent the State. The Decree of June 4,
1940, replaced Don Jose Larraz Lopez with Don
Ramon Canosa Suarez, whose place was in turn
taken, upon his retirement on September 2.6,
1941, by Don Luis Saez de Ibarra y Saez de
Urabain. Don Eduardo Aunos was retired and
was replaced by Don Luis Olariaga Pujana, by
the Decree of June 4, 1940.
The Administration and the General Council
of the Bank were thus completed and the powers
conferred on the Heads of the agencies in London
and Paris came into force. To meet the requirements of the rules governing law suits in England, powers were granted by the members of
the Council, including the representatives of
the State, and by the Administration, to three
Council members, the Duke of Alba, Count de
Gamazo and Senor Rodriguez Pastor, in order
that they might appear in their own and in the
Council's name in the litigation concerning
Martin's Bank, filed before the King's Bench
Division of the High Court of Justice. These
MAY
1943
powers were to be amplified according to whatever action they might have to take in the
defense and interest of our Bank. In this manner the personnel of the General Council and
directing organs of the Administration of the
Bank were completed.
II. RECOVERY OF PROPERTY OUTSIDE THE
COUNTRY
Gold. In the Report read at the Extraordinary General Meeting held at Santander on
December 18, 1938, we gave you an account of
the manner in which the Red governments bad
despoiled the Bank of its metal reserves. We
described the joint action of the Defense Council
in Burgos and of the Bank in protesting to the
governments and banks of issue abroad against
such exploitation. Special mention was made
of our statement to the Bank of France, made on
the justified assumption that the first shipments
had been consigned to it, to the effect that that
gold, being the reserve against the bank notes,
could not be transferred by anyone, not even by
the Bank itself, without a law giving express
authorization. You will remember that the
official negotiations failed. There was danger
that the direct action which the Council might
be able to take before the Courts might likewise
fail due to political considerations, which certainly would prevail over all juridical criteria.
In view of this the Credito Navarro, a well
known banking institution of Navarre, offered
its services to us as a large shareholder of the
Bank. It presented before the courts of Paris
a declaration specifying all gold shipped by
steamer or plane, and the current accounts
opened against that gold, so as to solicit a judicial inquiry which, by confirming the facts of
its declaration, would make possible prosecution
on the grounds of the transgression of both
French and Spanish law. The Credito Navarro
thus declared itself a civil party in the proceedings.
At the same time, the Committee of Northern
Banks was organized in San Sebastian and
invited the Bank of Spain to join it, as its chairman, in a suit to regain possession of the gold,
the securities, the bank notes and the deposits
stolen from San Sebastian, Bilbao, Santander,
and Gijon which had been shipped to La Rochelle and Flushing. The account of these
litigations would be very long. It is sufficient
to say that the decisions of the French and Dutch
courts were favorable to us, returning what had
been recovered to its legitimate owners.
With respect to the litigation carried on in
Paris with the Red Government and Bank of
401
REPORT OF THE BANK OF SPAIN, I 9 3 6 - I 9 4 1
Spain Administration, concerning the claim to de Marsan gold signified for the Bank of Spain
the gold deposited at Mont de Marsan, we told the clear and definite approval of all the accounts
you at our Santander meeting of our initial which had existed or might exist between it
success in obtaining the rejection of the action and the Bank of France. The Commission,
brought before the Referee, the latter having however, expressed the view that these accounts
decreed that the parties concerned should exam- should be limited to the contracts of 1931.
ine and discuss thoroughly, at proper proceed- The Governor of the Bank of France argued that
ings, the question at issue—a question raised also all accounts had been fused into a single account.
by the Bank of France, which alleged that, Senores Arruche and Larraz returned to San
since a demand had likewise been made upon it Sebastian to confer with and receive instructions
by the Bank of Spain in Burgos, it desired to from the Government; settlement was accordhave a judicial decision stating the identity of ingly reached and signed with slight changes in
the party to whom the gold should be delivered. the original proposals. Delivery of the balance
As we then told you, we expected the decision of Account No. 2.30 amounting to 930,84.x.36
by February 1939, but it was delayed until July francs now could be made to Senores Martin
of that year by incidents created by the Reds. and Carracedo, Auditor and Manager of OperaA verdict was then handed down rejecting the tions, respectively, of our Bank. This was
pretensions of the Red Administration and of credited immediately to our current account at
certain French holders of the bank notes of the the Banco Espanol de Paris. After a thorough
Bank of Spain, who contended that the gold inventory, superintended by our officials, the
deposited in France should be used to satisfy gold deposited at Mont de Marsan, totalling
their credit claims and indemnify French subjects $i6,78x,64o1 was delivered to us. At the
intrinsic par value this is equal to 138,814,413.12.
for damages caused by the war.
The Committee of Shareholders of the Bank gold pesetas, and with the gold premium equals
of Spain, which had been formed in Paris months 496,539,191.50 paper pesetas.
before by the shareholders and Council members
As for the 1,596,401,003.67 gold pesetas which
Count de Gamazo and Martinez Fresneda, under appeared in the Red balance sheets as being in
the chairmanship of Marquis de Amurrio, custody and in the possession of the Governcontributed to our success in this case. Their ment, it was no more than a fiction. According
actions were most effective and not without risk to authentic reports, that gold was sent by the
for their relatives who resided in Red territory. Marxists first to Cartagena and then to Russia.
Throughout the negotiations for the restituThe gold at Mont de Marsan was the remainder of the security for the loan made by tion of the gold the decisive action of the
the Bank of France in 1931 at the request of the Government was seconded enthusiastically by
Minister of Public Finance of the Republic; Senor Quinones de Leon and the Ambassador
it consisted of American and British coins to the Don Jose Felix Lequerica, their staffs> and other
value of 2.50 million gold pesetas. The Red important and patriotic persons for whose aid
Government, taking advantage of the devalu- we are most grateful.
ation of the franc, liquidated this loan on
Silver in France. In February 1939 the
September 2.9,1937. From the above-mentioned Bank of Spain learned that a shipment of silver
security, the Bank of France deducted its custody had crossed the frontier at Le Pherthus, carried
fees.
by fourteen trucks and seven railway cars. In
Negotiations for the return of the gold having agreement with the Government and with the
been initiated with the Bank of France, a Com- Spanish Embassy in Paris, urgent steps were
mission under the chairmanship of Second initiated with a view to the seizure of this
Deputy Governor Arruche, and of which Count merchandise, consigned to the Sociedad de
de Limpias and Senores Martinez Fresneda and Metales Preciosos de Paris, which did not wish
Larraz were members, was designated by the to take charge of it. Then the Sociedad Belga
General Council to go to Paris with all the de Empresas Comerciales "SODECO," domiciled
documents required by the Bank of France for at Antwerp, entered the proceedings with a
the surrender of the gold. The Commission claim to ownership of the embargoed silver,
met with Deputy Governor M. Breart and with which had been sold by the Red Government at
the Governor, M. Fournier, and lively discus- the price of 300,000 pounds. The courts of
sions took place concerning the terms proposed Paris (with respect to the silver deposited in Panby the Bank of France for the liquidation of tin) as well as the courts of Ceret (concerning
all the accounts between the two banks. The
1
French claimed that the delivery of the Mont
Valued at $20.67 per fine ounce.
FEDERAL RESERVE BULLETIN
REPORT OF THE BANK OF SPAIN, I 9 3 6 - I 9 4 1
the silver held at Le Boulou) rendered a
verdict to the effect that the question of ownership could not be settled in urgent proceedings
but only in the manner prescribed by law. This
litigation lasted no less than two and a half
years. The representatives of the Belgian concern argued that the silver was not the property of the Bank, because it consisted of bars
and according to the Spanish Banking Law
silver reserves must consist of coins and not bars.
But since we could offer documentary proof
that the stock of silver in the Bank had been
claimed by the Red Government in order that
the ' 'Direccion de Industria'' might proceed wTith
its melting, this argument lost all its efficacy.
Even more decisive was the proof of contract
forgery. The Belgian concern initiated negotiations for a compromise settlement, but these
failed, and the litigation proceeded to the end.
The verdict rendered by the courts of Ceret gave
full support to the Government, which had
entered the proceedings with its claim to the
silver, the verdict stipulating that delivery be
made to joint representatives of the Government
and the Bank.
Silver sold to the United States. At the
end of May 1938, the Council learned that a
shipment of silver sold by the Red Government
to that of the United States had left for New
York. The Manager of our London Agency
was ordered to leave immediately for New York
and, in agreement with the official representatives of our Government, to institute the proceedings necessary for the recovery of this silver.
The speed with which all this was done and
the success in having the melting of the disembarked silver suspended had the effect of
preventing further shipments. The shipments
which arrived in the United States in the month
of June totaled Z45 million pesetas or 49 million
duros,2 and the price paid by the American
Government was 14 million dollars. The first
verdict was against us; Senores Arruche and
Ventosa held a conference in Paris with the
lawyers Sullivan and Cromwell, who were
defending the Bank's interests, and after hearing
the report of the above-mentioned Deputy
Governor, the Council approved the filing of an
appeal. This was carefully prepared, in accordance with the instructions of the American
lawyers, and was accompanied by authentic
documentary proof that the Bank had not participated either morally or materially in the
sale, and by the opinions of such outstanding
2
The duro is equivalent to 5 pesetas.
MAY
1943
lawyers as Senores Ventosa, Cobian, Tornos, and
Gascon y Marin, in order to prove the unconstitutionality of the sale, unauthorized by any
law. A study written by the Second Deputy
Governor on the Law and Statutes of the Bank
of Spain was also appended. All this was sent
in due time to our representative in New York.
Unfortunately, this appeal did not bring about a
decision in favor of the Bank. The Court upheld the decision rendered by the lower court.
The American lawyers proposed that an
appeal should be made to the Supreme Court;
but in conformity with the opinion of Senor
Ventosa, and because of the costliness of the
litigation and the improbability of a reversal
of the verdict, this step was not undertaken.
As the Government of the United States in
making payment withheld five per cent, which
amounted to 700,000 dollars, against the expenses of melting and refining, it is probable
that the settlement of these charges will leave a
balance that will permit the Bank to cover the
numerous expenditures that the lawsuit has
caused. The reclamation of that amount is
being attended to by the Commission established
for the purpose of recovery of assets and securities of all kinds held outside the country, which
functions in the Ministry of Foreign Affairs.
III. EXERCISE OF THE NOTE ISSUE PRIVILEGE
AND LEGAL PROVISIONS RELATIVE TO
THE MANUFACTURE OF BANK NOTES
In the first part of this Report, attention was
called to our Council's intense preoccupation
with supplying the country and our branches
with bank notes sufficient for all needs. Hence
the urgent ordering of new issues, which were
impeded by the fact that the Bradbury firm did
not fulfill its obligations. The first issues,
executed by Giesecke & Devrient, were those
dated November zi, 1936, and May zo, 1938.
By Decree of November iz, 1936, the Government approved the decision of the Bank of Spain
not to recognize the validity of its notes—
including silver certificates—which had been
put in circulation after July 18, 1936. Article
z of this Decree stipulated the stamping of bank
notes put into circulation before that date, as
the indispensable requirement for their legitimacy. Articles 3-iz established the periods
and manner of stamping. The periods were
extended until, after the receipt of the new
issues of bank notes, the exchange of the old
notes for the new ones was ordered by Decree
of March 9 for the denominations of Z5, 50,
and 100 pesetas, and by Decree of April 9 for
403
REPORT OF THE BANK OF SPAIN, I 9 3 6 - I 9 4 1
the denominations of 500 and 1,000 pesetas.
Both decrees fixed the periods for the operation
and the form of its execution and were clarified
by later regulations.
The extent of the stamping operations and of
the later exchange of bank notes issued prior to
November 2.1, 1936, is shown by the following
figures, which include total exchanges up to
December 31, 1941:
Pesetas
Total amount of stamped bank notes
presented for exchange
2.,462.,2.67,550
Total amount of unstamped bank
notes presented for exchange
3,408,633,900
Total exchanged up to Aug. 2.5,
1939
• •• • 5>87o,9OI>45o
Amounts approved by the "Exchange Tribunal" from Aug. 2.5,
1939, up to Dec. 31, 1941
9,508,115
Total exchanged
5,880,409,575
These figures fully justify the policy pursued
by the Bank of having in its vaults reasonable
stocks of new fiduciary currency with which to
meet not only these exchange needs but also the
requirements of an expanding circulation imposed by circumstances.
The Council, being deeply concerned over the
high cost of the note issues, and the Ministry
of Public Finance sharing this concern, undertook to study the possibility of having the
notes of the Bank of Spain printed at home.
Once this study had been approved by the General Council, bids were invited from leading
national and foreign houses.
Simultaneously with these negotiations, the
Minister of Public Finance issued a Decree,
dated April 5, 1940, authorizing the National
Note Printing Company (Fabrica Nacional de
la Moneda) to organize the manufacture and
stamping of notes of the bank of issue on a
permanent basis and to arrange for the contracts
of supply. The Order of September 10 approved
the regulations of the "Division of Valuable
Documents" and no later than October zi a
contract was signed with the National Note
Printing Company for the manufacture of 3
million bank notes of 1,000 pesetas and another
3 million of 500.
The price per thousand of the bank notes
was 97.90 pesetas for the 1,000 peseta notes and
80.75 pesetas for the 500 peseta notes. These
prices, compared with those of the German firm
of Giesecke & Devrient and the Italian Cartografia e Cartevalori, represent a saving of approximately 50 per cent.
404
IV. EXPLANATORY SUMMARY OF THE LAWS AND
REGULATIONS WHICH HAVE AFFECTED THE
JURIDICAL OR ECONOMIC STATUS OF THE
BANK
Decree of November 18, 1936 and Law of
August 25, 1939. Clause 7 of the Banking Law
provided for intervention by the Government
and the Bank of Spain in the foreign exchanges
and in the regulation of the money market.
Through the Decree-law of June 2.5, 192-8, the
mechanism provided by the above law was put
into practice and the Foreign Exchange Intervention Committee was created, with an executive commission presided over by the Deputy
Governor of the Bank. In compliance with
article 5 of said Decree-law, all operations approved by the Committee were to be carried out
through the Bank of Spain, which was to share
equally with the State all the profits and losses
this intervention might bring about, subject to
the limitation provided in clause 7 of article 1
of the aforesaid Banking Law.
By Order of July 14, 1930, the Committee and
its executive commission were replaced by the
Foreign Exchange Regulating Center, which
was merged into the Official Center for Currency
Contracts upon the establishment of the latter
by Decrees of August 31 and September 6, 1930.
These decrees stipulated that the funds for operations of the Official Center should be provided
one-third each by the Treasury, the Bank of
Spain, and the Banco Exterior de Espafia—a
provision modified by the Decree of December
30, 1930, article 1 of which states that all operations of the Official Center for Currency Contracts shall be carried out exclusively through
the Treasury and the Bank of Spain.
This legal provision with reference to the functions of the Bank in currency and foreign exchange matters was in force from that date to
the Decree of November 18,1936, which modified
it substantially by abolishing the Official Center
for Currency Contracts, setting up in its place the
Foreign Currency Committee, a purely governmental organization which was later dissolved
by the Law of August 2.5, 1939. This Law established the Spanish Institute for Foreign
Currency, defined by article 4 of the Law as "a
public law entity, endowed with legal personality and subordinated to the Ministry of
Industry and Commerce.'' There were assigned
to this institute the functions and jurisdiction
detailed in article 7, amplifying those which
had been enjoyed by the Foreign Currency Committee created in 1936 and confirming the elimination of the Bank of Spain from the foreign
FEDERAL RESERVE BULLETIN
REPORT OF THE BANK OF SPAIN, I 9 3 6 - I 9 4 1
exchange functions. Later, by Order of May 17,
1940, a Liquidating Commission of the old
Official Center for Currency Contracts was established; in July 1941, it presented to the Minister of Public Finance a balance sheet as of April
1, 1939, and by law of February zo, 1942., the
rules governing liquidation were laid down.
This law, like that of March 13, 194Z, was
promulgated after the fiscal year ended December 31, 1941, to which the present Report and
Balance Sheet refer; but since the provisions of
both laws affect this Balance Sheet, it was necessary to refer to them in the Report.
Concerning the liquidation of the Official
Center for Currency Contracts, we confine ourselves to quoting the statement in the preamble
of the Law, since it explains with sufficient
clearness the views of the Government. We
quote: "It is true that clause 7 of the Banking
Law stipulates that the profits which may originate from the financial policy of the State shall
be divided equally between the State and the
Bank of Spain; but when that law was adopted it
was not possible to foresee the magnitude of
economic and political happenings which were
to affect the life of the Center for Currency Contracts from 1936 on, primarily in consequence of
the conditions under which Spain had to struggle
for three years in search of its salvation. Nor
would it be just for the Bank of Spain in its relations with the State to take over half of the
unexpected profits caused by the liquidation of
the Center when the above-mentioned law
itself, by placing a limit upon the Bank's losses,
makes it obvious that the possibility of such extraordinary profits was not taken into consideration. Nor, finally, and from the strictly
private point of view of the Bank of Spain as an
enterprise, would this delivery be sufficient in
order to rectify the position of the bank of issue
and balance its accounts, a task which will
necessitate the support and protection of the
State itself, and this for much larger amounts.
"However, according to the above-mentioned
clause of the Banking Law, the Bank of Spain
assumes the obligation of covering, in equal part
with the State, the possible losses resulting from
the liquidation of the Official Center for Currency Contracts, although the participation of
the Bank in the loss may not exceed the balance
of the special reserve accumulated at the rate of
z million pesetas annually which is established in
section 3 of the same Law, the accumulation of
said reserve being compulsory and exempt from
the calculation of the participation in profit.
It would be unjust to deprive the bank of issue of
a share in the profits obtained by the abolished
MAY
1943
Currency Center, on the pretext of their unusual
and unexpected character, and it is only fair on
th'e other hand that the participation of the
Bank in the profits should be limited to the
amount of the above-mentioned balance of the
special reserve prescribed by the Law of 192.1, or
to the amount of the risk assumed by the Bank in
the operations of the Center in question."
Laws of November 9, 1939. War always
upsets the legal order. Its consequences for the
Bank, and even for the State itself, were the
alteration of the legal aspects of its activity and
relations, until peace permitted the proclamation of the Laws of November 9, 1939. These
laws, in confirming the legality of acts carried
out during the war, created—although only
provisionally—a new legal status in the relations
of the Government and the Bank, different from
that established by the Banking Law of December Z9, 19x1, as amended by the Laws of January
14, 192.7, and November z6, 1931.
Section z of article 1 of the Law and part C of
section 3 were suspended. The first of these
suspensions referred to the abrogation of the
limit on the note circulation, which the Law
fixed at a maximum of six billions, and the
note cover and metal reserves established on that
basis. Part C of section 3 limits the amount of
credits to the Treasury to iz per cent of the
annual expenditures authorized in the national
budget. This regulation also remains suspended
unless arrangements to the contrary are made.
These credits will not bear any interest. The
obligations of the State and the increase in the
portfolio which may legally take place, will,
for the purposes of section 6, article 1, form
part of the offsetting entry under assets. A
logical consequence of these suspensions has
been the suspension of article z of the Law of
July 14, 1891. Finally, the Law is made retroactive to July 18, 1936, which, naturally and
logically, does not validate the decisions or
pacts of the so-called Republican governments
or Parliaments after the date indicated.
No less important, and very beneficial to the
Bank, is the Law of the same date which, taking
its cue from the widespread acceptance which
open-market operations of central banks have
found in the economies of countries of very
different ideological orientation, recommends
the creation in Spain of a legal framework for an
operating technique already established by
foreign banking laws. This law states t h a t ' 'independently of the Government bond portfolio
existing in July 1936, the Bank may, for its own
account, acquire in the market, possess, and
405
REPORT OF THE BANK OF SPAIN,
I936-I94.I
transfer State and Treasury securities, but that
this power should be subjected to the necessaryauthorization from the Ministry of Public
Finance."
Finally, another Law, also of the same date,
invokes the principle of lawful money and legal
tender of the notes of the banks of issue in the
principal countries, and applies this principle to
the full extent to our own notes as lawful means
of payment, with the natural exception of those
cancelled by virtue of the Decree of November
i i , 1936. The credit of the notes of our Bank
was thus confirmed by the legislature. Their
legal tender quality had already been recognized
in the law since the Decree-sentence of June 18,
inflation brought about by the enemy; to exclude
from the process of "unblocking" the balances
owned by so-called "unprotectible" interests; to
maintain in an optional way for the debtor and
compulsorily for the creditor, the last moratorium preceding this Law, and to establish the
General Commissariat for Unblocking as the
executory body, a system of compensation being
set up for losses and gains which might be caused
in the banking system by this Law—from which
compensation, because of its nature, the Bank of
Spain had to be excluded.
This exclusion, in. the final analysis, was
favorable to the Bank; nevertheless the provisions of the Law of March 13 last were neces1881.
sary in order to adjust the balance sheet for the
fiscal period 1936-1941. The analysis given
Laws of January 20, 1939, of December 7, elsewhere in this Report of the items and figures
1939, and of November 5, 1940. Thefirstof shown under the assets and liabilities of the
these laws refers to the withdrawal of silver balance sheet, will permit you, Gentlemen, to
and its compulsory exchange for the notes of appreciate the success with which, thanks to
the Bank of Spain. In fulfillment of this law, the above-mentioned Law, this adjustment was
we must hold in our vaults all the silver coin achieved.
collected, which remains at the disposal of the
As for the Law of November 5,1940, concernTreasury, and is credited in a special account ing contracts in the Red Zone, it has for its
entitled "Silver property of the Ministry of purpose the cancellation of agreements which
Public Finance" which will also include silver lack the most elementary conditions for their
which we receive from abroad.
validity and an equitable distribution between
The Laws of October 13, 1938, of April 1, creditors and debtors through release and respite
September 9, and December 7, 1939, and of No- agreements which, after taking account of acvember 5, 1940, are the fundamental measures crued interest, would establish appropriate conwith which the National State has sought the tractual relationships. Of great importance is
solution of the problems created by war damage article 9 of this Law, which regulates the payment of interest and establishes with precision
and the Marxist devastation.
The first was intended to lessen the effects of the cases in which 50 per cent of the amount may
the Red inflation on demand deposits, and fol- be remitted, as a rule imposed by a sense of
lowed the line initiated by the measure taken for justice.
The Law of September 9, 1939, like that of
the blocking of the balances after July 18, 1936,
in accordance with the Order of April 1 of that November 5, 1940, has affected and is seriously
year. This was supplemented by the Law re- affecting the Bank. The former affected the
ferred to (promulgated after July 18) in connec- Bank with respect to those cases in which the
tion with the general blocking of obligations in Bank's own debtors, in order to assure their
pesetas, in so far as they originated after July 18, solvency and secure their commercial borrow1936, and had not been extinguished at the time ings, gave mortgages to the Bank in accordance
the cities subjugated by Marxism were liberated. with the provisions of article 18 of our Statutes.
The Law of April 1,1939, extended the applica- As for the law of November 5, 1940, the effect
tion of the preceding Law to nonbanking obliga- has been even greater, since various claims have
tions; the Law of September 9 was limited in been submitted, some for important amounts,
purpose to the alleviation of damages caused by seeking in particular the cancellation of notes
and open credits. The Administration, followthe war to real property.
It is needless to emphasize the importance to ing the tradition of the Bank, as regards both
our national economy of the Law of December 7, the cases in which the obligation was claimed
governing the "unblocking." Its purposes to be invalid and cases in which only the rewere: gradually to lift the suspension which was mission of interest was at issue, has proceeded
ordered by the Laws of October 13, 1938, and according to law. In the case of debtors who
April 1, 1939, for certain current accounts in were killed bv the Reds and whose fortunes
order to protect the national economy from the were seized, leaving their heirs virtually ruined,
406
FEDERAL RESERVE BULLETIN
REPORT OF THE BANK OF SPAIN, I 9 3 6 - I 9 4 1
the Bank has proceeded with all possible generosity. In other cases, where there were no
such reasons, and where the remission of interest likewise was not justified by law, it has
been defending itself against such claims and in
the majority of cases the courts have found us
right, recognizing the temerity of the complainants' action. As yet, it is impossible to state in
figures the results of the application of these
Laws.
In view of the provisions of article 11 of the
Law of March 13, 1941, the governing body of
the Bank of Spain is constituted by the Commissioner of the Official Banking Institutions
and two technical advisers. Of the latter, one
shall be appointed by the Government on the
proposal of the Minister of Public Finance; by
the Decree of April 11, Don Francisco Cardenas
de la Torre has been appointed. The second
shall be the Director of Banks and Stock Exchanges, which post is held by Don Luis Saez
de Ibarra y Saez de Urabain.
SECOND PART
I. GENERAL SURVEY OF THE BANK'S OPERATIONS
DURING THE FlSCAL PERIOD I936-I94I
Any outline of the banking activity of this
institution during this period should show first
of all, in view of their importance and their
significance, the operations carried out in the
direct and immediate service of the public interest. During the period covered by this
Report, the Bank has lent to the Treasury
whatever funds it needed, in order to meet the
requirements of national defense and carry out
the all-important services of national interest.
Operations with the Treasury. It is possible to distinguish in this period two distinct
phases of the operations of the Bank of Spain
in relation to the national Treasury; the first,
during the war of liberation, and the second, in
meeting the needs of Spain's postwar reconstruction.
The financing of the war of liberation was done
by the State with funds furnished by the Bank of
Spain, which turned over to the State against
Treasury notes the amount of 10,100 million
pesetas, without interest; these operations were
not legally approved until November 1939.
These advances began in Burgos in the spring
of 1937, and 19 of them were extended in that
city, for the amount of 9,100 million pesetas.
The last note, for 1,000 million pesetas, was
agreed on in Madrid on September 14, 1939;
since that date the State has ceased its policy of
borrowing in this manner from the Bank of
MAY
1943
Spain. Furthermore, by the Law of March 13
of this year, an annual credit has been included
in the budget of the State for the amortization of
these advances and since that date the Treasury
has maintained in the Bank a current cash account which has always exceeded 1,500 million.
The war having victoriously ended, the
economic needs of the postwar period have
forced the Spanish Treasury to engage in important issues of short and long term obligations.
The first such issues were purely for the purpose
of improving the money market, suffering from a
plethora of funds which it was advisable to absorb in the national interest. These operations
were begun with the issue on September 19,
1939, of 1,000 million pesetas in Treasury obligations at 3 per cent, for 3 years, dated October 1,
1939. The Bank of Spain organized the procedure for public subscriptions, the totals of
which were as follows:
Number of
subscriptions
In Madrid
1,667-,
At the branches... 11,806
Total
i3>474
Pesetas
2., 566,178,500
3,016,406,500
5,581,585,000
The issue was oversubscribed 1.791 times, but
since subscriptions of less than 5,000 pesetas,
under the law, could not be prorated, the allotment ratio was 35.2.3 per cent and resulted in a
surplus slightly in excess of one-half million
pesetas.
Supplementing the above operation and in
order to adjust the position of the whole Treasury debt, the Ministry of Public Finance was
authorized by the law of September 13, 1939, to
renew and convert all Treasury obligations
issued prior to the war of liberation for which
the owners did not request reimbursement before
October 8 of that year. The Treasury issues
thus retired totalled 1,465 million pesetas.
In order to restore the situation on the money
market, which was still burdened by an excess of
funds, and although the situation of the Treasury did not make it necessary, the Law of June
n , 1940, authorized the Minister of Public
Finance to issue, without advance stipulation of
the amount, 5-year Treasury obligations at 3
per cent. Once the result of the applications
was known, the Law of July 13 fixed the total
amount of the issue at 1,750 million pesetas, of
which 150 million was reserved for the Bank of
Spain in order that it might be prepared to carry
out open-market operations which it was authorized to perform by the Law of November 9,1939.
The subscription to this issue, which took place
407
REPORT OF THE BANK OF SPAIN, I 9 3 6 - I 9 4 I
on July 8, showed numerous peculiarities in
comparison to the previous one, since there was
no prorating of any applications made by individuals or juridical persons other than banks,
bankers, or savings banks, or of those filed by
the latter establishments by order and for account of their customers.
The result of this operation may be summarized as follows:
General operations. On December 31, 1941,
the circulation of bank notes amounted to 13,535,848,914 pesetas, representing a substantial
increase over the amount shown in the balance
sheet published with the report of 1935, due to
circumstances which it is superfluous to describe.
The needs of the State have absorbed a good
part of these new funds and another part has
been absorbed by the typical banking operations
which are explained below.
But first of all, it must be remembered that
Exempt from
Subject to
Total
during the Burgos era, the Bank, following the
prorating
prorating
orientation and wishes of the authorities and by
ApApA virtue of flexible, courageous interpretation of its
phphphPesetas
Pesetas
Pesetas
cacacaregulations, relieved through personal credits
tions
tions
tions
the situation of those evacuees from the Red
Madrid... 2,395 711,504,000 24 2,095,015,000 419 2!,806,519,000
Zone who momentarily lacked their customary
899,397,000 305 1
.,276,677,000
Branches. 7,123 377,280,000 182
means of living, and that this liberal credit
Total... 9,518 1,088,784,000 206 2,994,412,000 9,724 4,083,196,000
policy aided economic restoration by enabling
hundreds upon hundreds of well-to-do persons
Since the amount of the issue was ^.,750 million rapidly to reconstruct their undertakings and
pesetas and allotment to nonbank subscribers businesses. The Bank of Spain may say with
had to be made in full for an amount of about pride that the confidence which it placed in this
1,089 million, there remained the difference be- special clientele has been magnificently justified
tween this amount and 1,750 million to be al- by the beneficiaries of these credits.
All branches having been reunited under a
located among the amounts requested by the
banks and savings banks for their own port- common directorate, figures of operations emfolios, in strict proportion to the credit balances bracing the whole of the Bank are available
in their current accounts with the Bank of since April 1939. These show a rise over these
Spain. This prorating having been effected, three years in discounts on Madrid, in transacthere was allotted 1,661 million pesetas, plus a tions in towns and villages, in credits secured by
small amount which was applied to the Pension commercial paper and, especially, in the typical
operations of the Bank: credits against securities
Fund of the Bank.
In July 1941, the Ministry of Public Finance (valores mobiliarios) and credits with personal
realized the necessity of increasing the funded guaranty. On the other hand, there has been a
debt, in view of the large amount of amortizable slight decrease in the discounts on other cities, in
obligations- The Law of June 2.4 of that year loans against securities (valores), and in credits
authorized the issuance of z,ooo million pesetas, on merchandise, due to economic and legal cirface value, of "Perpetual Internal Bonds" at an cumstances well known to all. However, our
interest rate of 4 per cent, to be issued at a price portfolio position during the present year,
hundreds of millions in excess of the amount in
of 90.
Subscriptions were opened at the Bank of Spain the last normal year—1935—permits a predicon July 5 against payment in cash of the corre- tion of further growth in our active operations—
sponding amount, with the following results: a good proof of the renewed loyalty of our customers and of their confidence in the solidarity
Number of
and prosperity of the first credit establishment of
subscriptions
Pesetas
the Nation.
Madrid
?3 9
1,068,443,000
The volume of current accounts has shown a
Branches
14,013
1,431,046,000
notable increase, which indicates greater circuTotal
15,332.
1,500,489,000
lation of bank money in step with the success of
The 2,000 million were prorated against the the policy imposed by the State of normalizing
above total at the rate of 80 per cent and the the money market.
small remainder—a little more than one million
Operations in the 'public interest. During
—was allotted to the Bank of Spain.
These were the most important Treasury oper- all this time, and in execution of Government
instructions, the Bank has given effect to various
ations of this period.
P
I
408
I
FEDERAL RESERVE BULLETIN
REPORT OF THE BANK OF SPAIN, 1936-1941
agreements reducing the fares of interest on its
active operations.
On December 1, 1938, the Government approved a reduction of 1 per cent in the discount
rate, thus fixing it at 4 per cent, the rate which
has been in force since that time. Since October 10, 1939, loans on all public securities have
carried a rate of 4 per cent, with the exception of
loans secured by obligations of the Treasury, on
which 3 per cent is charged. Consequently, on
October 15, 1940, as a continuation of this
process of cheapening money, the interest rate
on credits secured by industrial securities was
reduced to 4^5 per cent; on current account
credit, secured by commercial paper or merchandise, to 4.50 per cent; and on personal
credits to 4.75 per cent.
From its first meetings at Burgos, the Council
agreed to authorize the renewal of loan and
credit operations collateraled by all classes of
securities issued by the State or by public or industrial corporations, assigning to such securities
the same valuation which they had had on the
maturity of the original loan, in spite of any
subsequent depreciation which they might possibly have suffered. This policy of strengthening public credit was continued until the opening
of the unofficial security markets and, later, of
the stock exchanges, permitted the renewal of
security dealings and the establishment of new
quotations for the appraisal of this collateral.
Furthermore, in close and generous cooperation with the national authorities, the Bank
exempted from the payment of interest and commission all public and social welfare institutions
and all those recently liberated local bodies
which were suffering economic distress. Thus
transfers of funds, drafts, and payments for current account credit in other cities in amounts
totaling more than 1,000 million pesetas were
handled by the Bank without commission or
other profit.
In a similar manner, credit operations for
numerous farmers for account of the State, as
well as for local bodies and semi-public undertakings, were the object of all sorts of allowances
or exemptions from commissions and charges.
Wherever a crisis or an unusual need has required it since the war, the Bank of Spain, either
on its own initiative or at the suggestion of
higher authority, has given its assistance in
order to remedy the situation.
For example, when the Catalan industrial
zone, due to the scarcity of raw materials, was
suffering from severe unemployment, and the
wool industry needed credit on special terms, a
committee of the Bank's Council visited the
MAY
1943
Tarrasa Zone and arranged the operations
necessary for the rapid relief of that situation.
Likewise, the principal Spanish local bodies have
found in the Bank of Spain the urgently needed
relief for the financial requirements of rehabilitation of their services and a remedy for the
failure of the market at times to absorb their
securities.
Moreover, when the Decree of November 18,
1936, established the Foreign Currency Committee, this organization found its principal
support in the Bank of Spain. It received from
our institution not only financial, but also material aid, inasmuch as it operated in the Bank's
offices, almost all of its personnel was drawn
from our own staff, and the resources necessary
for the protection of our currency were furnished
it by the Bank of Spain.
An account was opened, without interest
charge, against which the Foreign Currency
Committee could draw in order to provide itself
with the funds necessary for its purchases or
payments of foreign exchange. For account of
this body, the Bank of Spain transacted a very
considerable number of purchases of gold coin
and exchange through operating accounts the
balances in which were advanced by the Bank
without interest. Likewise, many deposits of
gold coin and bars were made, in connection
with which the Bank, without contract or
previous arrangement, disinterestedly furnished
the best service to the State and to Spain.
There were so many cases of this kind (guarantees of foreign credits, etc.) that it is impossible to enumerate them, and if they are
mentioned here, it is not due to vanity or praise
of our own conduct, but merely in order to make
it clear that the Bank of Spain has known how to
coordinate respect for its Laws and Statutes with
the action which was necessary in the best interests of Spain, thus following its well proved
tradition of constant watchfulness for the wellbeing and glory of the country.
Research Department. The activity of the
Research Department increased in view of the
abnormal circumstances and the unusual problems which faced our institution during this
time. Among the outstanding tasks performed
have been a report which was produced in
Burgos on "The Restoration of the National
Monetary Community," a study on "External
Reconstruction Loans," one on "Damages and
Consequences of the Red Inflation Sustained by
the Bank of Spain" which was requested officially by the Ministry of Public Finance in
preparation for the "unblocking" legislation,
409
REPORT OF THE BANK OF SPAIN, I 9 3 6 - I 9 4 1
on "Determination of Percentages in
Unblocking," etc., etc.
The Bank's Council decided some time ago on
the establishment of a Research Committee
which coordinates all the work of the Research
Department and determines the work to be done.
II. ANALYSIS AND EXPLANATION OF THE BALANCE
SHEET
If the Law of March 13 of this year (Official
Bulletin of March 2.4) had not been put into
effect, the balance sheet of the Bank presented at
the General Meeting would have been very
different, since it was possible only by means of
this law to eliminate the depredations of the
Marxist governments.
As soon as the war of liberation had come to
its victorious end, the Auditor General's Office
was quickly able to present a balance sheet as of
March 31,1939, covering the changes which had
been made in our institution by three years of
Marxist government. As of December 31, 1941,
of assets nominally totaling 46,670 million
pesetas, more than half were unrealizable.
Credits to the Red Treasury amounted to 2.3,158
million and gold in the amount of 1,596 million
had been taken from our vaults without any explanation, so that it was necessary to set up a
bookkeeping entry for this amount as "Gold in
Custody of the Red Treasury," while in the form
of credits to the State there had been an outflow
of gold in the amount of more than 500 million
pesetas. Silver owned by the Bank suffered the
same fate. Only that part of it was saved that
was held in the branches where the National
Uprising triumphed during its first days, while
that kept in Madrid and cities subjugated by the
Popular Front had to be surrendered: 356,180,000
pesetas in the form of loans to the Government,
and the remainder without any knowledge of its
destination.
In the same manner, the liabilities of the Bank
were enormously increased, the circulation of
Red pesetas amounting to 18,661 million and
the "Various Liability Accounts" of the Central
Administration to 7,361 million. As the result,
therefore, of the demands and impositions of the
governments of Madrid, Valencia, and Barcelona, the balance sheet of the Bank of Spain
(Central Administration) registered a deficit,
and the consequences thereof threatened to
become very disquieting. Although the cancellation of the Red bank notes and the blocking
of current accounts into which such notes had
been paid prevented the aggravation of the existing monetary troubles and almost completely
barred the economic consequences of this con410
siderable inflation, nevertheless there were aspects of the problem of the Bank of Spain and its
future development which it was urgent to solve.
In order to remedy this situation and to make
possible publication of the balance sheet of the
bank of issue and communication with its shareholders by means of this General Meeting, the
Law of March 13 last (Official Bulletin of March
14) was passed, containing regulations for the
liquidation of the accounts existing between the
State and the Bank of Spain during the fiscal
period 1936-1941, and its presentation in the
balance sheet of December 31 of last year.
The technique of the Law of March 13 has been,
roughly, as follows: To free the Bank of Spain
of all the obligations in Red money appearing
under its liabilities; of some, entirely, as in the
case of the notes of the Bank issued in what was
the occupied territory after July 18, 1936; of
others, partially, as in the case of its obligations
to those of its current account holders who had
increased their balances after July 18, 1936, with
Red money.
All these reductions in its liabilities the Bank
of Spain transferred, in accordance with article
6 of the Law, to a special liquidation account
entitled: "Results of Liquidation 1936-1941,"
and the total balance thereof, together with the
profits allocated to the Bank by article 1 of the
same Law, have been fully utilized in adjusting
asset items, the amounts of which were purely
nominal—for instance, the gold—or which represented claims on debtors who, being Marxist
bodies (such as the Red State itself, the Generalship of Catalonia, the so-called Government of
Euzkadi, the various Popular Fronts, etc., etc.),
could not be proceeded against for nonpayment,
so that claims against them had to be regarded
as suspense accounts.
As all cancellations under liabilities were not
sufficient to meet the writing-down of the assets,
the difference was made up by the Spanish State.
Through article 7 of the Law the Government
has created a special certificate, which, incorporated in the Bank's portfolio of public funds,
serves to adjust the assets of our organization to
its liabilities.
Thanks to these measures of the Public Power,
the Bank has reestablished its balance of accounts and has been able, in following the general provisions laid down for all banks, to offer
its shareholders some economic compensation
during these last years. The Government's
comprehension has permitted the Bank to establish its dividends on a parallel with those of
the private banks, and the increase in our banking business emphasizes the prestige which the
FEDERAL RESERVE BULLETIN
REPORT OF THE BANK OF SPAIN, I 9 3 6 - I 9 4 I
Bank has always merited among productive
elements and reaffirms the position which our
institution has always occupied in the structure
of the Spanish economy.
The effects of the execution of this Law on our
balance sheet may be clearly seen from the
Statement of Position on pages 412. and 413.
A quick analysis of each section of the assets
easily explains the mechanism of the Law and its
economic and bookkeeping effects as shown in
the third column of the above-mentioned table.
There is no change in the credit of 2. million
pesetas, under ' 'Cash," for the silver delivered to
the Mint for recoining more than eight years
ago, while the gold and silver taken over by the
Red Treasury disappear completely, i.e., being
fictitious assets, they are carried to the liquidation account. The item for specie (gold, silver,
subsidiary coin, and Red bank notes) is reduced
to the balance of national money (gold from
Mont de Marsan, small silver coin, subsidiary
coin and daily maturing bills) and there appears
a new account: the balance produced by the
revaluation of the gold at the rate fixed by the
Customs authorities during the last ten days of
December last for determining the relationship
between payments in paper pesetas and payments in gold pesetas. From the gold in the
possession of correspondents abroad, the amounts
still due to the bank by foreign pseudo-Soviet
concerns have been deducted and transferred to
the Liquidation Account, inasmuch as these
amounts can not be recovered. There remain in
the balance sheet only the credits of undeniable
solvency.
In the portfolio, the operations with the
National Treasury obviously have not undergone
any change; from the commercial portfolio
credits such as that to the Government of Euzkadi and others of a similar nature, in the
amount of 388 million pesetas, were written off.
In the portfolio of public funds, the only change
has been the revaluation of the 4 per cent Amortizable Debt of 1918, which was formerly valued
at the purchase price and now appears at the
nominal value.
This portfolio increases by 4,438 million
pesetas, representing the balance of the Special
Debt Certificate to which article 7 of the Law
refers, the amount of which it has been possible
to reduce somewhat due to the revaluation of the
Bank's gold and of the public funds in its securities portfolio.
It is in the accounts with the public Treasury
(it could not be otherwise) that the most important write offs appear: its entire current
account—in excess of 13,000 million—which
MAY
1943
was drawn from the Bank by the Red Government for its war financing, has been reduced to
the status of July 18, 1936, and the difference—
more than 2.2_,ooo million—passes into the
liquidation with the State and disappears from
the balance sheet.
The silver loans likewise disappear, as do all
of the gold loans made after July 18, 1936, thus
leaving only the accounts which show operations with the National Government.
With respect to the account Furniture and
Fixtures, the Bank has been indemnified for the
material damages or lootings to which its
buildings were subjected during the war. Under Sundry Accounts, there have been stricken
from the assets the suspense account covering
the National Zone; the balance of 4.8 million
pesetas resulting from the unblocking of the
active accounts of the head office, and an analogous balance of 77.7 million pesetas in the accounts of the branches, both of which were
transferred to the Adjustment Account; and a
balance of 91.1 million pesetas representing the
net asset value of more than forty accounts,
some credit and some debit, of undetermined or
intermediate character which previously had not
been transferred to Profit and Loss Account.
Claims against the Red Treasury created
through operations of the Official Center for Currency Contracts have been eliminated from the
assets. On the other hand, there have been
included the benefits which the Law allowed the
Bank by assigning to it the Compensation Fund
for Unblocking which dealt with credit and insurance institutions; also the benefit assigned to
the Bank from the liquidation of the Official
Center for Currency Contracts, equal to the
amount of the special reserve for exchange
fluctuations.
The asset side of our balance sheet has been
put in sound condition by all these changes,
since more than 2.6,000 million of doubtful
credits have disappeared from it. The balances
in the third column of the assets in the Statement
of Position (page 4121) are those which, grouped
in a slightly different manner for purely formal
reasons, constitute the assets of the balance
sheet which you are asked to approve.
The same procedure has been adopted in reducing the liability side.
There was taken out of the reserves and transferred to the Liquidation Account 17 million
pesetas of Red money by which the reserves had
been increased in 1938, also the special reserve
was wiped out, since the Law of March 13 expressly provides that the balance thereof, in the
amount of 19.8 million pesetas, be transferred to
411
REPORT OF THE BANK OF SPAIN, I 9 3 6 - I 9 4 I
STATEMENT OF POSITION OF THE BANK OF SPAIN DECEMBER 31, 1941
ASSETS
{In thousands of pesetas]
Balances as per
statement Dec. 31,
1941
Cash
Mint, recoinage of silver
Specie in transit
Cash held by branches—specie
:
Gold in coin and bars received for custody
Coined silver received for custody
Revaluation of gold owned by Bank
Gold with foreign correspondents
Portfolio
Branch portfolio
Treasury obligations
Treasury bills
Commercial credit instruments
Perpetual 4% internal debt of July 5, 1941
4% sinking fund obligations of 1928, tax free, property of the Bank
3% Treasury obligations of July 10, 1940
Shares of Compania Arrendataria de Tabacos, property of the Bank
Gold shares of the State Bank of Morocco, property of the Bank
Shares of the Banco Exterior de Espana, property of the Bank
Fund for the reserve of the Pension Fund, Royal Decree of July 4,1921
Treasury
Treasury current account (Red)
Operations abroad from July 1, 1932 to Jan. 31, 1939
Operations abroad during January 1941
Advance to the Treasury, Law of July 14, 1891
Acknowledged balances of contributions
Subscriptions to 4% Treasury obligations of July 7, 1936
Subscriptions to 4% Treasury obligations of Apr. 11, 1936
Subscriptions to 3H% Treasury obligations of July 18, 1938
Interest and sinking fund payments on State debts
Silver loans (Red)
Gold loans (Red)
Furniture and fixtures
Head office
Branches
Sundry accounts
Sinking fund obligations in accordance with the agreement of Dec. 10, 1881
Various head office accounts
Suspense account. National Zone
Adjustment of unblocking of asset accounts, head office
Adjustments of unblocking of asset accounts, branches
^
Compensation fund for the unblocking of credit and insurance institutions.
Various asset accounts, representing preferred claims of the Bank against
the Treasury in connection with the liquidation of the Official Center
for Currency Contracts
Anticipated yield of the liquidation of the Official Center for Currency Contracts
Pension Fund
Dividend distribution in January 1942 for the fiscal year 1941
,
Subtotal
.
;
Balance equal to the amount of the note mentioned in Article 7 of the Law of
Mar. 13, 1942
1
Credit item.
z
265
1,897,496
1,596,401
23,563
X
332,239
2,569
28,097
10,100,000
69,998
6,119,326
938
344,384
123,957
10,500
1,155
11,250
135,291
387, 636
X
24, 929
Adjusted balances
as per law of
Mar. 13, 1942
2,000
20
182,325
332,239
25,527
10,100,000
69,998
5,731,690
938
369,312
123,957
10,500
1,155
11,250
135,291
418,119
2,308
2,808
23,158,219
38,702
2,808
150,000
1,759
144
134
11
195,585
356,180
321,437
22,740, 110
36,394
356,180
233,181
8,255
456
102,248
456
3,804
8,444
150,000
1,759
144
67
11
5,733
1,240,401
12,013
4,800
77,674
92,127
12,013
4,800
77,674
*350,000
5,733
1,148,275
350,000
211,500
211,500
^29,799
142,756
46,669,522
67'
195,585*
"'7', 784"
26,947,197
l
4, 437,782
22,509,415
29,799
142,756
2
7,784
19,722,326
4,437,782
24,160,108
Minus figure.
the Liquidation Account. The latter likewise
absorbs the remainder of the Profit and Loss
Account as of December 31, 1941.
There is no change under liabilities in the
amount shown under Bank Notes in Circulation,
the notes which had been put into circulation in
the occupied zone after July 18 being cancelled
—both the so-called large type series and the
silver certificates, the former in the amount of
n.,755 million and the latter amounting to
496 million pesetas. Under liabilities has likewise been cancelled an item of 1,2.36 million
pesetas, representing the further amount of Red
bank notes in circulation which showed up this
4 12 -
2,000
285
2,079,821
1,596,401
23,563
46,669,522
Total.
Amounts
transferred to
Liquidation
Account
year when the Auditor's Office revised all its
statements on Red bank notes in order to comply
with the provisions of the law.
There are no changes in the balances of current
accounts and deposits, and of the liability accounts of the Treasury only those relating to
the Marxist Government are included in the
liquidation, such as the tax reserves of that
period, the remnants from subscriptions to Red
loans, and deposits and current accounts established in the currency which the Law has
definitively voided.
Under the group Sundry Accounts, one account
covering differences in exchange has been closed,
FEDERAL RESERVE BULLETIN
REPORT OF THE BANK OF SPAIN,
I936-I94I
STATEMENT OF POSITION OF THE BANK OF SPAIN, DECEMBER 31, 1941
LIABILITIES
[In thousands of pesetas]
Balances as per
statement Dec. 31,
1941
Capital
Reserve
Reserve for contingencies
Special reserve, Sections 3 and 7 of the Law of Dec. 29, 1921
Profit and loss
Notes in circulation (National)
Notes in circulation (Red)
Silver certificates in circulation (Red)
Current accounts
Current accounts (gold)
Deposits in specie
Treasury
Current account for loans on agricultural products
Interest on the above
Loans for the regulation of the wheat market
Interest on the above
Refund and interest of Treasury gold bonds, 6%—Decree of Aug. 1, 1935.
Reserve for contributions (Red account)
Account for funds earmarked for the payment of returns on securities
Gold deposits for the account of the Government, Decree of Feb. 13, 1937...
Silver deposits, property of the Red Treasury
Current account of the National Treasury
Subscriptions to the 3}4% Treasury obligations of Mar. 24, 1938
Subscriptions to the 3V2% Treasury obligations of Oct. 23, 1937
Current account for payment of debt service
Treasury current account—gold (new account)
Treasury current account—gold
Sundry accounts
Treasury, securities account (new account)
Treasury, securities account
Board established by Article 9 of Law of July 21, 1876 for adjustment of
the public debt
Securities convertible into sinking fund debt at 4%
Various branch accounts
Foreign exchange differences (Red account)
Guarantee fund for losses through compulsory compensation
Statements (invoices) of sinking fund and interest payment for government debts.<
Increased amount of notes in circulation (Red) based upon revised estimates
prepared after Dec. 31, 1941
Set aside for Unprotectible Balances (not yet established)
Pension fund
Total.
1
177,000
50,000
18,000
29,799
117,483
13,535,849
12,754,930
496,304
5,512,555
5,245
28,444
17,772
996
666
31
159
8,929
12,452
237
1,070
2,012,512
687
2,165
4,005
12
11,298
Amounts
transferred to
Liquidation
Account
Adjusted balances
as per law of
Mar. 13, 1942
177,000
33,000
18,000
17,000
29^799
117,483
13.535,849
12,754.930'
496,304
5,512,555
5,245
28,444
17,772
996
666
31
159
8,929
12,452'
237
1,070
2,012,512
2,165
4,005
12
11,298
3,929
28,464
3,929
28,464
102
5,733
11,511,818
40,716
2,236
7,443, 204
102
5,733
4,068,614
40, 716
2,236"
135,169
135,169
1 ,235, 591
350, 000
142,756
46,669,522
22,509,415
1
1,235,591
l
350f000
142,756
24,160,108
Minus figure.
and its balance of 40.7 million pesetas has
been transferred to the Liquidation Account,
while from the various accounts of the branches
disappear 7,443 million pesetas, made up almost
entirely of the adjustment account in connection
with unblocking, i.e., of the deductions made
from the amounts due to holders of blocked current accounts in accordance with the application
of percentages in unblocking. This adjustment
account has a passive balance of 6,62.6 million,
i.e., almost the total amount of the item. The
remainder is made up of numerous intermediate
accounts not yet transferred to Profit and Loss
Account, such as interest on the current account
of the Red Treasury—395 million pesetas; differences connected with the sales of gold sent to
Paris—165 million; etc., etc.
There is included among the liabilities a fund
of 350 million pesetas which is expected to re-
MAY
1943
main at the Bank's disposal, as it represents
blocked accounts the owners of which are classified as "unprotectible," which means that the
Bank will be legally exempt from settling with
these current account holders.
This ends the enumeration of the reductions
achieved in the liabilities of our balance sheet, in
compliance with the Law of March 13, amounting to no less than 2^,509 million pesetas. Once
the assets and liabilities had been placed on a
sound basis, the balance sheet of our institution
as of December 31, 1941, was drawn up in a form
more concise and clear than that of the Statement of Position.
Concluding the above exposition, the Council
submits for your approval this Report in justification of its stewardship and of the appended
balance sheet.
413
REPORT OF THE BANK OF SPAIN, I 9 3 6 - I 9 4 1
BALANCE SHEET OF THE BANK OF SPAIN
tin thousands of pesetas]
ASSETS
Cash
December 31, 1941
Gold
...
461,682
Specie and daily maturing credit documents
54,882
516,564
Gold and exchange with correspondents
Value at official rates
25,527
Silver belonging to the Government
616,159
Portfolio
Commercial loans and discounts
Discounts
1,021,101
Credits
Personal loans
Authorized less unused...
382,245
Secured credits
Authorized less unused
1,398,738
Secured notes
2,892
Other documents in portfolio...
48,596 2,853,571
Treasury obligations
10,100,000
Treasury bills
69,998 13,023,569
Perpetual 4% internal debt of July 5, 1941
938
4% tax exempt sinking fund debt of 1928
369,312
3% Treasury obligations of July 10, 1940
123,957
Shares of the Compania Arrendataria de Tabacos
10,500
Shares of the State Bank of Morocco
1,155
Shares of the Banco Exterior de Espana.
11,250
Fund for the reserve of the Pension Fund, Royal Decree of
July 4, 1921
135,291
Special debt created by Article 7 of the Law of Mar. 13, 1942,
set aside for the guarantee of the fiduciary circulation
4,437,782
18,113,754
Treasury
Operations abroad
5,115
Advances account, Law of July 14, 1891
150,000
Payment of interest and amortization of government debts....
195,585
Gold loans
88,255
Other Treasury accounts
1,826
440,781
Furniture and fixtures
98,444
Sundry accounts
2,544,328
Prospective proceeds of liquidation of the Official Center for Currency Contracts
29,799
Prospective receipts from adjustment of unblocking—Credit and insurance
institutions
350,000
Prospective yield of "unprotectible" accounts to be liquidated
350,000
23,085,358
December 31, 19421
463,344
30.060
493.404
23,414
623,806
% 067,296
10,100,000
69,998
13,237,293
3,470
10,791
367,071
10,500
1,155
11,250
135,291
4,416,533
5,115
150,000
301,415
88,255
1,857
18, 193,353
546,642
98,201
2, 323,063
29,799
350,000
350,000
23, 031,683
PER CONTRA ACCOUNTS
Assets in custody
Fit currency
35,086,935
Unfit currency
4,545,066
Currency, the equivalent of which has been turned over to the
Treasury
5,262
Currency on deposit
8,826,390
17,985,489
48,463,653
66,449,142
18, 674,121
38,083,324
5,023,862
5,208
6,150,843
49, 263,236
67. 937,357
LIABILITIES
Capital
Reserve
Contingency reserve
Notes in circulation
Current accounts
Free
Unblocked
Specie deposits
Treasury
Current account of loans on agricultural products
Treasury current account
Other Treasury accounts
Sundry accounts
177,000
33,000
18,000
13,535,849
3,653,110
2,497,973
19,464
1,598,398
32,563
Total..
6,151,083
28,444
1,650,425
1,491,557
23,085,358
177,000
33,000
18,000
15, 738,352
3,450,170
769,445
19,464
1,022,770
29,451
4, 219,615
23,011
1,
071,685
1,
,751,020
_23,031,683
PER CONTRA ACCOUNTS
All types of deposits in paper currency
Deposits in jewelry
Collateral of loans and discounts on public securities
Securities accounts
Sundry accounts in paper currency
Unissued currency
1
2
12,684,136
26,655
4,274,513
983,744
16,442
17,985,489
48,463,653
66,449.142
13,606,087
27,674
4,390,246
633,589
16,525
18,,674,121
49,,263,236
67, 937,357
Balance sheet for Dec. 31, 1942 presented to stockholders' meeting held Mar. 7 and 14, 1943.
Total commercial loans and discounts; distribution not available.
414
FEDERAL RESERVE BULLETIN
CORRESPONDENCE
Relation between Currency and Bank Deposits
QUESTION: How can banks have 85 billion
dollars of bank deposits when the amount of
actual currency in circulation is only 16 billion?
(1) Does the difference represent the creation of
money by banks? (2.) In such a situation how
could banks count on meeting all the possible
demands of their depositors?
These questions arise from certain misconceptions regarding the functioning of our money
system: they assume that the difference between
the deposit liabilities of banks and the amount
of currency in actual circulation must in some
way represent credit extended by banks; and
that in meeting demands of their depositors
banks can draw only on the existing supply of
currency.
(1) The fact is that currency and bank deposits are two forms of money and supplement
each other. The supply of each of them in the
possession of the public originates from the
same source. They are used interchangeably
for much the same purposes, and a transaction
resulting in an increase or decrease in the
volume of currency in circulation frequently
results in an opposite change in the volume of
deposits. When a depositor brings currency to
a bank to add to his account bank deposits
increase and currency in actual circulation outside banks decreases.1 The bank may pay out
the currency thus obtained to meet other current demands for cash, may hold it in its vaults,
or may turn it in to the Federal Reserve Bank
and receive in exchange an increase in its reserve
balance. When a depositor withdraws currency from a bank, deposits decrease and money
in circulation increases. The bank paying out
the currency obtains it, in the final analysis,
from the Federal Reserve Bank, which issues
currency under a procedure established by law.
The extent to which money is held in the form
1
Money in circulation, as defined for statistical purposes, comprises paper currency and coin outstanding outside of the Treasury
and the Federal Reserve Banks; it therefore includes currency held
as vault cash by commercial banks, but the amount of such currency
is relatively small and has not changed much in recent years.
MAY
1943
of deposits and the extent to which it is held in
the form of currency is determined by the desires
of the public. Currency is preferable for some
purposes, deposits for others; by far the largest
amount is held in the form of bank deposits.
The total of currency and bank deposits increases or decreases as the result of expansion or
contraction of bank credit or of changes in certain other factors. When a bank extends
credit—makes a loan or purchases a security—
the borrower, or the seller of the security, has
the option of obtaining either a bank deposit or
currency. In either case, the addition to the
money supply has resulted from an expansion of
bank credit. In most cases the credit takes the
form of a deposit—either a credit on the books
of the lending bank or a check which is deposited in some other bank. But if the borrower
requires currency, for example to meet a pay
roll, then the resulting extension of credit will
be reflected in a growth of money in circulation.
Thus, both currency and deposits result from
credit extension.
In addition to extension of credit by banks,
which is the largest source of new money, the
total of deposits and currency may also be
increased as a result of increases in monetary
gold stock or the issuance of currency by the
Treasury. The issuance of currency by Federal
Reserve Banks, however, does not in and of itself increase the total supply of money. It
merely reflects conversion of a deposit into cash.
Except for gold, the uses of which are restricted,
the various forms of money—bank deposits,
Treasury currency, and Federal Reserve currency
—are freely interchangeable.
(2.) The amount of currency in circulation has
no bearing on the ability of banks to meet
deposit withdrawals. Currency in circulation
outside banks belongs to its various holders
and is not available to banks to meet deposit
withdrawals. The ability of a bank to meet
depositors' demands for currency rests on the
CO RRESPONDENCE
character of assets that the bank has and on the
power of the monetary authorities to lend on or
buy these assets and issue new currency. In order
to remain in operation, banks must be able at
all times to pay out cash to their depositors.
But this does not mean that they must hold
large amounts of cash in idleness; nor does it
mean that their ability to pay their depositors
depends primarily upon the amount of cash they
hold. It is their assets as a whole—including
mainly their loans and investments—that stand
behind their deposit liabilities. If a bank
carried all its assets in currency, it would have
to charge large fees for providing a deposit and
checking service, whereas at present it is able
to furnish these services in large part out of
the earnings on its loans and investments. The
reserves which banks are required by law to
hold provide an immediately available fund
upon which they can draw to obtain currency.
Under the Federal Reserve System a member
bank is able within a short time to convert all
its sound assets into reserves or into currency
to meet depositors' demands.
It is one of the purposes and achievements of
the Federal Reserve System to assure free convertibility between deposits and currency.
This convertibility is provided through two
416
powers: ( i ) the power to issue Federal Reserve
notes and (2.) the power to extend credit, either
by making loans to member banks or by buying
bills and securities in the open market. Under
existing provisions of law member banks may
borrow from the Reserve Banks on any sound
assets and the Reserve Banks in turn may issue
notes against gold, Government securities, or
certain classes of paper representing member
bank borrowing; these three classes comprise
most of the assets of the Reserve Banks. As a
result of these provisions, the deposits in banks
with sound assets could be readily converted
into currency, should there be such a demand.
Such a demand, however, on an all inclusive
scale can hardly occur so long as the economy
continues to function.
The important points to keep in mind are that
currency and deposits both represent money in
the hands of the public; that they are freely
interchangeable; that the division of the money
supply between deposits and currency is determined by the public's wishes as to the form in
which it wants to hold or use its money; that
the Federal Reserve banking system is in a position to provide any additional currency that
may be needed; and that it therefore assures
ready convertibility of deposits into currency.
FEDERAL RESERVE BULLETIN
CONSUMER LOANS OF INSURED BANKS
DECEMBER 3 1 , 1942
Personal and retail instalment paper reported regularly in the BULLETIN (see pages 461-463 of
by all insured commercial banks on December this issue), indicate that the decline during the
31, i94x amounted to i billion dollars, a de- six months period was 46 per cent in retail
crease of .4 billion or 31 per cent as compared automobile instalment, 19 per cent in other
with June 30, 1942.. Single-payment loans to retail instalment paper, and 2.6 per cent in
individuals as reported by insured commercial personal instalment cash loans.
banks on December 31, 194Z amounted to 1.3
The figures for personal loans and retail instalbillion dollars.
ment paper reported as of December 31, 1941
As discussed on pages 300-301 of the April are shown in detail by States in the table on
1943 BULLETIN, consumer credit figures col- the following page.
lected in the December report are not comNOTE.—These figures were obtained by the Comptroller of the
Currency for national banks, the
parable with figures previously collected, par- banks, and the Federal DepositBoard of Governors for State member
Insurance Corporation for insured
were given to the
ticularly in the case of single-payment loans to nonmember banks.in Detailed instructionsloans to individuals. banks
for their guidance
reporting consumer
Following are excerpts from these instructions:
individuals where the December figure appears
Item 4, "Consumer loans to individuals." Under this caption
should be reported all loans to
the following: Business
to show an increase over June 30. Another loans, agricultural loans, loans individuals exceptpurchasing or carrying
for the purpose of
securities, and real-estate loans. Include retail instalment sales
important difference is that consumer instalment paper purchased by the bank from dealers, finance companies, and
companies
loans are now reported on a gross basis, whereas others. Do not include loans made to dealers and finance instalment
on their own promissory notes, secured by the pledge of
paper. Do not deduct bona fide deposits accumulated by borrowers
they were previously reported net, i.e., after for the payment of loans.
paper" should represent
deducting deposits accumulated for repayment the Item 4(a), "Retailofautomobile instalment individuals, both direct
unpaid balance
instalment loans to
loans and purchased paper, arising from the retail sale or and secured
of the loans. After adjusting the June instal- by automobiles.
Item 4(b), "Other retail instalment paper
ment figures on an estimated basis (applying zation instalment loans" should represent and repair and modernithe unpaid balance of
instalment loans to individuals, both direct loans and purchased paper,
90 per cent of the accumulated deposits against (1) arising from the retail sale of and secured by household appliances,
furniture,
jewelry, etc.,
than automobiles,
personal instalment cash loans and 5 per cent and (2) to clothing,alterations andi.e., by goods otherexisting completed
finance
improvements to
properties, unless such loans are secured by real estate.
each* against retail automobile instalment and
Item 4(c), "Personal instalment cash loans" should represent the
unpaid balance
loans, regardless of size,
other retail and instalment paper), a rough which are madeoftoall secured and unsecured their terms repayable in
individuals and are by
instalments, except the following: Retail instalment paper, repair and
comparison may be made. This indicates that modernization instalment loans, business loans, agricultural loans
and
retail automobile instalment paper declined loans for the purpose of purchasing or carrying securities, loansrealestate loans. The proceeds of personal instalment cash
are
ordinarily used for consolidation of debts, medical attention, general
approximately 45 per cent, other retail instal- personal expenditures, etc., and are sometimes secured by life inpolicies or other collateral.
ment paper and repair and modernization instal- surance 4(d), "Single-payment loans to individuals" should represent
Item
the unpaid balance of all secured and unsecured loans, regardless of
ment loans x6 per cent, and personal instalment size, which are made to individuals and are by their terms repayable
in full on demand
except the following: Business loans,
cash loans Z3 per cent. Monthly estimates of agricultural loans,or at maturity, purpose of purchasing or carrying
loans for the
securities, and real-estate loans. Single-payment loans to be reported
consumer loans compiled from data reported by a against item 4(d) may be similar in purpose to any of the three classes
sample of reporting banks, which are published of instalment loans required to be reported against items 4 (a), 4(b),
and 4(c).
MAY
1943
417
CONSUMER LOANS OF INSURED BANKS
CONSUMER LOANS OF INSURED BANKS, DECEMBER 31, 1942
[In thousands of dollars]
Classes of banks and geographic divisions
Total personal
loans and retail
instalment
paper
1
Retail
automobile
instalment
paper
Other retail
instalment
paper and
repair and
modernization
instalment
loans
Personal
instalment
cash loans
Single-payment
loans to
individuals
2,269,025
280,422
329,307
402,720
1,256,576
Member banks—Total
Central reserve city banks.
Other reserve city banks
Country banks
1,847,172
365,715
807,786
673,671
211,425
13,069
108,555
89,801
277,685
59,983
126,335
91,367
284,876
46,264
93,315
145,297
1,073,186
246,399
479,581
347,206
Insured nonmember banks..
421,853
68,997
51,622
117,844
183,390
New England
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic
New York
New Jersey
Pennsylvania
East North Central
Ohio
TnHiana
Illinois
Michigan
Wisconsin
West North Central
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South Atlantic
Delaware
Maryland
District of Columbia..
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central
Kentucky
Tennessee
Alabama
Mississippi
West South Central
Arkansas
Louisiana
Oklahoma
Texas
Mountain
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific
Washington
Oregon
California
174,335
6,655
4,396
6,657
127,736
4,538
24,353
800,084
474,775
94,865
230,444
396,952
142,789
35,635
122,868
63,248
32,412
189,397
53,807
28,135
75,072
3,178
4,129
9,196
15,880
258,864
11,498
32,753
24,554
77,130
17,288
38,085
5,674
38,045
13,837
104,409
31,628
41,679
23,359
7,743
110,800
9,310
16,292
22,087
63,111
28,858
2,711
1,942
1,907
8,390
2,064
5,682
4,266
1,896
205,326
24,422
24,275
156,629
9,243
708
293
884
5,825
543
990
41,987
18,200
6,670
17,117
58,388
20,613
5,593
13,103
15,958
3,121
31,711
8,214
6,304
9,277
957
1,270
1,635
4,054
33,477
346
2,435
4,047
12,864
1,691
3,105
726
6,241
2,022
10,087
2,250
4,775
2,190
872
17,484
1,301
1,140
4,064
10,979
6,752
555
490
391
2,073
309
999
1,560
375
71,293
10,085
6,497
54,711
18,668
392
242
436
13,725
555
3,318
122,004
73,779
17,652
30,573
63,534
15,951
4,732
22,120
16,953
3,778
37,636
19,911
4,703
8,100
590
664
1,735
1,933
26,230
392
3,607
2,202
9,295
703
1,955
590
5,098
2,388
10,984
1,517
6,642
1,998
827
8,779
583
1,372
1,794
5,030
6,287
507
417
185
948
380
2,203
1,082
565
35,185
4,910
2,129
28,146
25,332
901
969
1,069
13,494
911
7,988
148,572
84,702
22,488
41,382
70,840
33,891
4,907
18,702
9,175
4,165
21,731
6,788
3,758
6,394
641
577
1,510
2,063
58,426
6,656
4,414
6,616
15,593
3,659
9,562
1,221
7,746
2,959
16,486
4,148
6,866
3,557
1,915
22,965
1,115
3,277
5,536
13,037
6,203
713
259
515
1,689
453
1,545
670
359
32,165
4,450
1,848
25,867
121,092
4,654
2,892
4,268
94,692
2,529
12,057
487,521
298,094
48,055
141,372
204.190
72,334
20,403
68,943
21,162
21,348
98,319
18,894
13,370
51,301
990
1,618
4,316
7,830
140,731
4,104
22,297
11,689
39,378
11,235
23,463
3,137
18,960
* 6,468
66,852
23,713
23,396
15,614
4,129
61,572
6,311
10,503
10,693
34,065
9,616
936
776
816
3,680
922
935
954
597
66,683
4,977
13,801
47,905
All insured commercial banks..
1
Includes approximately $136,000,000 held by insured Morris Plan and other "industrial" banks.
418
FEDERAL RESERVE BULLETIN
CURRENT EVENTS
Appointment of Branch Directors
On April 8, 1943 the Federal Reserve Bank
of Dallas appointed Mr. John K. Hicks,
President and Manager of the Hicks-Hayward
Company, El Paso, Texas, a director of the
El Paso Branch for the unexpired portion of
the term ending December 31, 1945.
The Federal Reserve Bank of Cleveland, on
April 2.z, 1943, appointed Mr. Archie J.
McFarland, President of the Wheeling Steel
Corporation, Wheeling, West Virginia, a director of the Pittsburgh Branch for the unexpired portion of the term ending December 31,
1943.
The Board of Governors of the Federal
Reserve System on April 13, 1943 announced the
appointment of Mr. John J. Shaffer, Jr., sugar
planter of Ellendale, Louisiana, as a director of
the New Orleans Branch of the Federal Reserve
MAY
1943
Bank of Atlanta for the unexpired portion of
the term ending December 31, 1945.
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 March 16, 1943 to April 15,
1943, inclusive:
Illinois
Hartsburg—Hartsburg State Bank
Kentucky
Greensburg—The People's Bank
Ohio
Defiance—The State Bank of Defiance Company
Fort Loramie—The Loramie Banking Company
Marion—The Fahey Banking Company
419
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled April 20 and released for publication April 22. Figures shown on
charts may differ from preliminary figures used in text.
ary level as new pipeline facilities for transport
of petroleum products to the East Coast were
completed.
Output of important nondurable manufactures
was maintained in March. In most branches
of the wool textile industry production inINDUSTRIAL PRODUCTION
creased to new high levels in February and
The Board's seasonally adjusted index of March following a Federal order allowing an
industrial production advanced from 2.02. per increase in wool consumption for the manufaccent of the 1935-39 average in February to 103 ture of civilian fabrics.
in March. The rise in total output continued
The value of construction contracts awarded
to reflect chiefly increased production in the in March, according to figures of the F. W.
machinery and transportation equipment indus- Dodge Corporation, continued at a level contries producing armaments. At merchant ship- siderably lower than that for the year 1941,
yards 146 ships were delivered in March. Com- reflecting chiefly the fact that the construction
pletions totaled 1,516,000 deadweight tons, an phase of the war program has been largely comannual rate of more than 18,000,000 tons.
pleted. Awards for residential building deSteel mills operated at peak levels. Produc- clined for the third consecutive month, while
tion of lumber, however, increased less than contracts for public works were higher than in
usual in March, continuing the gradual down- February.
ward trend of production which began a year
DISTRIBUTION
ago.
Retail sales, which generally increase from
Output of fuels reached a new peak in March.
Bituminous coal production rose further. Crude February to March, showed little change this
year, following the buying wave that swept the
petroleum output likewise exceeded the FebruIndustrial activity increased slightly in March
and prices of commodities advanced further.
Retail trade in March and the first half of April
was in large volume, although reduced from the
February peak.
CONSTRUCTION CONTRACTS AWARDED
INDUSTRIAL PRODUCTION
1
200
NONDURABLE
MANUFACTURES
/
i 80
J
/
180
/
TOTALj
/
160
OTHER
t/J
\A/'MACHINER^ a
140
-
120
100
MINERALS
V
•v
BO
1939
1941
1943
1939
1941
1943
Federal Reserve index. Monthly figures, latest shown is for March.
42.O
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
country in February. At department stores,
where increases in February had been particularly marked, sales declined in March and the
Board's seasonally adjusted index dropped from
167 to 135 per cent of the 192.3-15 average.
Despite this decline, the index continued above
the high level that prevailed in the latter part
of last year. In the first half of April department store sales increased by about the usual
seasonal amount, making allowance for the late
date of Easter this year.
Freight car loadings in March remained at the
February level and other transportation activity
was also maintained in large volume.
COMMODITY PRICES
Wholesale commodity prices averaged higher
in March and the early part of April. Prices in
retail markets also increased further from
February to March, with relatively sharp advances in food prices.
On April 8 an Executive Order was issued
directing that ceiling prices be placed on all
commodities affecting the cost of living, that
further increases in ceilings be prevented except
to the minimum extent required by law, and
that excessively high prices be reduced. Following this and announcements of particular
Federal actions to safeguard the stabilization of
prices, including an order reducing railroad
freight rates, wholesale prices of some commodities declined and on April 16 were lower than at
the beginning of the month.
BANK CREDIT
Excess reserves at all member banks, which decreased during the latter half of March from 2..2.
billion dollars to 1.5 billion, subsequently rose
to z.6 billion on April 19. In the first week of
April, the increase resulted largely from substantial Reserve Bank purchases of Government
securities; subsequently excess reserves were
made available by a decline of a billion dollars
in required reserves, which resulted primarily
from large payments for Government securities
sold to bank customers. This shifted funds
from customers' deposits, subject to reserve, to
exempted Government deposits.
Government security holdings at reporting
banks in 101 leading cities increased substantially during the first two weeks of April following declines in the latter part of March, which
had resulted mainly from bill sales by banks in
New York and Chicago. Holdings of certificates, notes, and bonds increased over the fourweek period ended April 14. Commercial loans
at all reporting banks declined by about 2.10
million. At New York City banks loans to
brokers and dealers increased steadily over the
period, especially in the week of the fourteenth
at the beginning of the War Loan Drive. Deposits, other than those of the U. S. Government, increased further in March and the early
part of April, but were drawn down sharply
around the middle of April for purchases of
Government securities.
MEMBER BANKS IN LEADING CITIES
MEMBER BANK RESERVES AND RELATED ITEMS
24
1
-
"""""GOLD
STOC
20
16
MEMBER B ANK
12
+~
'
-
'
•
"
MO NEY IN CIRCUL^
^ 1
" -
'
4
JURY DEPOSITS
.
j^.
\
0
1938
1939
1940
1941
1942
Wednesday figures, latest shown are for Apr. 21.
MAY
1943
1939
1940
1941
1942
1943
Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include
direct and guaranteed issues. Wednesday figures, latest shown are for
Apr. 21.
42-1
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on time deposits, reserve
requirements, margin requirements
Federal Reserve Bank statistics
Guaranteed war production loans
Reserve position of member banks; deposits in larger and smaller
centers
Money in circulation
Gold stock; Postal Savings System; bank suspensions; bank debits...
All banks in the United States, number, deposits, loans and investments
Condition of all member banks
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances
Money rates and bond yields
Security markets
,
Corporate profits
Treasury
finance
Government corporations and credit agencies
,
Business indexes
Department store statistics
Consumer credit statistics
Wholesale prices
Employment in nonagricultural establishments. .
Current statistics for Federal Reserve chart book...
42.5
42.6
42-7-43 x
431
432.
433
434
435
436-437
438-441
442.
443
444-445
446
447-449
450
451-459
460-461
462.-463
464
465
466-467
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 trie Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to the
Board; index numbers of production are compiled by the Board on the basis of material collected by other
agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements o£ the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS
and from Annual Reports of the Board of Governors for 1937 and earlier years.
MAY
1943
42.3
MEMBER
BILLIONS OF DOLLARS
BANK RESERVES AND RELATED ITEMS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
24
24
MONEY IN CIRCULATION
y
J 0
16
MEMBER BANK
RESERVE BALANCES
12
1937
4M
1938
1939
1940
1941
Latestfiguresfor Apr. 21. See page 425.
1942
1943
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U.S. Government
securities
Bills
discounted
Date
All
Treasury
Total
bills
and
certificates
All
other
Gold
stock
Treasury
currency
outstanding
Money
in circulation
TreasOther
Treas- ury de- NonFedposits
ury
eral
memwith
cash Federal ber deReholdposits serve
Reings
acserve
counts
Banks
other 1
Total
2,402
2,389
2,393
6,321
6,094
6,487
22,741
22,729
22,696
22,706
22,648
22,618
3,252
3,263
3,272
3,724
3,897
3,975
11,105
11,328
11,507
15,399
15,837
16,148
2,209
2,189
2,172
2,192
2,211
2,217
467
377
244
310
212
1,389
1,292
1,318
1,250
1,177
1,164
Monthly averages of
daily figures:
1942—Jan
Feb..
Mar
1943-Jan
Feb
Mar
4
6
8
11
10
2,251
2,249
2,252
5,953
5,753
6,105
2,244
2,249
2,252
1^852' 4,102
2,013 3,740
2,871 3,234
148
136
134
360
330
End of month figures:
1942-Jan. 31
Feb. 2 7 . . .
Mar. 31. .. .
1943—Jan. 30
Feb. 27... .
Mar. 31. . . .
4
5
9
14
16
13
2,243
2,262
2,244
5,969
5,871
5,919
2,243
2,262
2,244
2^007' 3,962
2,264 3,607
2,936 2,983
123
144
102
356
410
260
2,369
2,412
2,355
6,339
6,296
6,191
22,747
22,705
22,687
22,683
22,644
22,576
3,259
3,268
3,277
3,830
3,946
3,989
11,175
11,485
11,566
15,590
16,088
16,250
2,196
2,172
2,190
2,199
2,221
2,224
361
567
289
4
131
55
1,428
1,255
1,405
1,171
1,111
1,166
6
6
5
5
2,532
2,568
2,579
2,583
226
252
257
254
2,306
2,316
2,322
2,329
185
135
220
110
2,723
2,708
2,803
2,698
22,715
22,717
22,729
22,735
3,306
3,310
3,311
3,313
12,141
12,176
12,208
12,231
2,188
2,213
2,189
2,191
110
92
160
139
July 1
July 8
July 15.
July 22.
July 29
3
3
4
5
5
2,728
2,909
3,038
3,047
3,110
391
553
673
679
743
2,337
2,356
2,365
2,367
2,367
142
157
185
144
122
2,873
3,069
3,227
3,196
3,237
22,739
22,740
22,742
22,745
22,746
3,314
3,315
3,319
3,321
3,322
12,416
12,489
12,502
12,546
12,647
2,195
2,190
2,201
2,223
2,224
Aug.
Aug.
Aug.
Aug.
5
12
19
26
5
5
4
5
3,303
3,387
3,448
3,389
928
1,012
1,073
1,011
2,374
2,375
2,375
2,378
137
120
163
131
3,446
3,512
3,615
3,525
22,739
22,742
22,744
22,747
3,328
3,332
3,333
3,337
12,794
12,870
12,956
13,057
Sept.
Sept.
Sept.
Sept.
Sept.
2
9
16....
23....
30....
9
13
10
9
8
3,388
3,502
3,573
3,395
3,567
1,100
1,212
1,025
1,161
2,392
2,403
2,361
2,370
2,407
144
188
274
178
199
3,542
3,703
3,857
3,581
3,774
22,756
22,745
22,747
22,750
22,754
3,341
3,343
3,346
3,349
3,353
8
11
7
9
3,592
3,809
4,225
4,441
1,104
1,101
1,111
1,137
2,488
2,708
3,114
3,304
184
222
261
127
3,784
4,042
4,494
4,578
22,756
22,758
22,745
22,739
Wednesday figures:
1942—June 3
June 10
June 17
June 24
4
7
996
372
Member
bank reserve
balances
Total Excess2
12,936
12,908
12,827
13,344
12,933
13,255
3,446
3,309
3,147
2,132
1,712
1,884
287
296
258
269
303
12,927
12,619
12,575
13,630
13,067
12,759
3,347
2,969
3,073
2,387
1,925
1,518
1,358
1,333
1,277
1,358
293
293
304
303
12,653
12,629
12,706
12.523
2,783
2,782
2,791
2,648
485
548
946
298
183
1,341
1,353
1,302
1,347
1,411
297
297
295
295
296
12,192
12,246
12,042
12,551
12,545
2,259
2,322
2,065
2,296
2,196
2,204
2,206
2,206
2,219
285
174
240
176
1,333
1,331
1,344
1,338
295
296
294
293
12,602
12,709
12,653
12,526
2,246
2,381
2,103
2,342
13,250
13,389
13,440
13,519
13,703
2,216
2,205
2,206
2,200
2,222
146
214
6
485
661
1,318
1,290
1,239
1,292
1,407
291
290
299
298
296
12,418
12,402
12,760
11,886
11,592
2,262
2,348
3,039
2,034
1,690
3,356
3,359
3,363
3,366
13,830
13,932
13,995
14,082
2,235
2,228
2,238
2,249
393
123
521
372
1,342
1,283
1,254
1,448
295
291
290
286
11,801
12,303
12,304
12,246
2,291
2,713
2,352
2,158
291
2^6
270
Oct.
Oct.
Oct.
Oct.
7
14
21
28
Nov.
Nov.
Nov.
Nov.
4
11
18
25
11
10
8
10
4,551
4,658
4,695
4,843
1,064
1,113
1,091
1,117
3,486
3,545
3,603
3,725
119
256
343
229
4,680
4,925
5,045
5,083
22,739
22,741
22,741
22,742
3,369
3,373
3,375
3,377
14,312
14,408
14,465
14,648
2,260
2,234
2,249
2,239
361
234
300
1,363
1,391
1,252
1,233
283
278
274
267
12,211
12,493
12,622
12,746
2,118
2,402
2,489
2,518
Dec.
Dec.
Dec.
Dec.
Dec.
2...
9...
16..
23..
30..
9
9
9
10
5
5,140
5,546
5,537
5,627
5,989
1,217
1,495
1,460
1,515
1,856
3,923
4,051
4,077
4,112
4,133
311
258
508
655
435
5,460
5,813
6,055
6,292
6,428
22,743
22,743
22,744
22,735
22,726
3,381
3,383
3,440
3,569
3,628
14,848
14,986
15,092
15,329
15,407
2,243
2,192
2,184
2,182
2,194
94
60
13
497
811
1,300
1,183
1,163
1,191
1,315
259
252
269
268
266
12,840
13,267
13,517
13,129
12,788
2,504
2,804
2,637
2,192
1,656
1943—Jan. 6 . . .
Jan. 13.
Tan. 20..
Jan. 27 ..
4
7
10
10
6,032
5,975
5,818
5,729
1,895
1,841
1,701
1,690
4,138
4,134
4,117
4,039
341
292
367
252
6,378
6,274
6,195
5,992
22,712
22,712
22,703
22,692
3,660
3,697
3,747
3,793
15,393
15,322
15,354
15,438
2,192
2,190
2,196
2,199
273
329
374
122
1,172
1,308
1,311
1,181
256
255
255
258
13,464
13,279
13,156
13,278
2,326
2,149
1,998
2,094
Feb.
Feb.
Feb.
Feb.
3...
10..
17 .
24...
9
13
9
11
5,475
5,719
5,795
5,931
1,588
1,939
2,083
2,275
3,887
3,780
3,712
3,656
283
250
410
281
5,766
5,983
6,214
6,223
22,663
22,642
22,642
22,643
3,846
3,885
3,915
3,925
15,666
15,798
15,845
15,952
2,200
2,209
2,221
2,223
49
280
188
258
1,156
1,213
1,158
1,171
262
264
268
270
12,942
12,747
13,093
12,917
1,700
1,640
1,992
1,788
Mar. 3 . . .
Mar. 10..
Mar. 17..
Mar. 24..
Mar. 31. .
12
9
10
10
13
5,800
6,090
6,266
5,950
5,919
2,287
2,747
3,102
2,883
2,936
3,513
3,343
3,165
3,067
2,983
319
291
422
320
260
6,130
6,390
6,699
6,280
6,191
22,643
22,644
22,610
22,595
22,576
3,953
3,971
3,979
3,984
3,989
16,154
16,205
16,115
16,065
16,250
2,212
2,218
2,224
2,218
2,224
14
5
6
6
55
1,141
1,179
1,129
1,185
1,166
271
276
297
301
303
12,935
13,122
13,516
13,084
12,759
1,786
1,877
2,126
1,632
1,518
Apr. 7
Apr. 14.
Apr. 21..
13
12
11
6,549
6,705
6,329
3.516
3,660
3,302
3,033
3,045
3,027
286
387
375
6,848
7,104
6,715
22,541
22,501
22,482
3,994
4,002
4,008
16,353
16,424
16,500
2,229
2,235
2,236
213
128
471
1,175
1,376
1,372
300
307
13,14-4
12,318
1,976
2,158
2,344
1
Includes industrial advances shown separately in subsequent tables
__ DI month and weanesaay figures
_
End of montn ana Wednesday ngures estimated.
419-429. Reprints of article, together
NOTE.—For description offigures in this table and discussion of their significance, see BULLETIN for July 1935, pp.'
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
C
in BULLETIN for August 1935, pp. 499-500.
2
MAY
1943
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect April 30. Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by
Government obligations maturing or
callable in one year
or less (Sec. 13)
Rate
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.
. ...
San Francisco
2
Yi
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)J
discounts of and
advances secured by
eligible paper
(Sees. 13 and 13a)1
Effective
Rate
Sept.
Aug.
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Mar.
Apr.
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
21, 1942
28, 1942
14, 1942
28, 1942
11, 1942
21, 1942
4, 1942
Rate
Effective
Rate
To others
To no omember banks
1
27, 1942
30, 1942
17, 1942
12, 1942
28, 1942
15, 1942
29, 1942
14, 1942
30, 1942
27, 19^2
17, 1942
28, 1942
1
1
1
1
1
L
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
Effective
Rate
Effective
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
2
2Y&
2
2
2Vo
2
2
2
2
2
2H
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
Federal Farm Mortis of Federal InterFederal Reserve Act
toe^a=n^^^^
and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last
paragraph of Section 13 is 90 days.
FEDERAL RESERVE BANK RATES O N INDUSTRIAL ADFEDERAL'RESERVE BANK BUYING RATES O N BILLS
VANCES A N D COMMITMENTS UNDER SECTION 13b
[Per cent per annum]
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
Previous
In effect beRate on
[In effect April 30. Per cent per annum]
Maturity
rate
ginning—
Apr. 30
Treasury billsl
Bankers' acceptances :2
1- 90 days
91-120 days
121-180 days
To industrial or
commercial
businesses
Apr. 30, 1942
1
Oct. 20, 1933
do
do
1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered.
2Minimum buying rates on prime bankers' acceptances.
Discounts or
purchases
Federal Reserve
Bank
On
advances
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits!
Net demand deposits 1
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
193^
22M
26
22^
26
24
22
20
Reserve Country
city
banks
banks
10
15
17
20
17
20
20
20
Time
deposits
(all
member
banks)
MARGIN REQUIREMENTS^
[Per cent of market value]
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....
YrVA
Y2-VA
Richmond
Atlanta
Chicago
St. Louis
KiM
2lA-5
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
May charge same rate as charged borrower by financing institution, if
lower.
5
Financing institution is charged XA per cent on undisbursed portion of
loan under commitment.
MAXIMUM RATES O N TIME DEPOSITS
Apr. 1,
1936- Effective
Oct. 31, Nov. 1,
1937
1937
55
2
40
50
40
1 Regulations T and U limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
2
Requirement under Regulation T was the margin "customarily required" by the broker. 3 Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
4x6
On
On
On comcommitportion
ments for which On re- mitments
maining
instituportion
tion is
obligated
1
2
3
4
1
See footnote to table on p. 432 for explanation of method of computing
net demand deposits.
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
Boston
New York
Philadelphia..
Cleveland
Minneapolis..
Kansas City..
Dallas
San Francisco
14
12
14
14
14
14
To financing institutions
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Nov. 1, 1933Jan.31,1935
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or m o r e —
In 90 days to 6 months.
In less than 90 days. . . .
Feb. 1, 1935Dec. 31,1935
Effective
Jan.1,1936
2Y2
2Y2
2Y2
18
2J
I
1
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective February 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State^ banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
Wednesday figures
1943
Apr. 21
Apr. 14
Apr. 7
Mar. 31
Mar. 24
Mar. 17
Mar. 3
Mar. 10
Mar.
1942
Feb.
Mar.
Assets
Gold certificates on hand and
20,274,915 20,294,417 20,337,416 20,371,412 20,392,664 3,406,666 3,443,178 20,449,179 20,371,412 20,439,279 20 ,481,915
due from U. S. Treasury
20,
40,835
36,232
41,990
36,591
42,245
40,972
41,990
42,104
41,083
40,708
Redemption fund—F. R. notes..
12,947
390,639
374,144
359,266
371,270 383,087
369,503
361,702
371,270
397,679
Other cash
353,514
325,868
20,669,512 20,695,928 20,739,826 20,784,672 20,832,447 20,838,140 20,853,653 20,859,555 20,784,672 20,858,957 20,820,730
Total reserves
Bills discounted:
For member banks
Fornonmember banks, etc.
11,133
10,938
1,000
12,280
1,000
10,221
2,500
7,507
2,500
7,693
2; 500
6,248
2,500
9,234
2,500
10,221
2,500
11,557
4,000
1,851
Total bills discounted....
11,133
11,938
13,280
12,721
10,007
10,193
8,748
11,734
12,721
15,557
1,851
13,192
12,658
13,771
Industrial advances
14,590
12,968
13,040
13,319
12,658
12,670
12,947
S.802
U.S. Government securities:
Direct:
2,016,551 2,034,351 2,027,251 1,983.651 2,056,951 2,124,145 2,227,369 2,310,619 1,983,651 2,367,102 1,550,136
Bonds
998,200 1,071,300 1,152,800 957,100 1,190,125
956,700
956,700
953,200
957,100 968,000
Notes
690,500
Certificates:
981.000
632,000
512,000
Special one-day..
997,375
997,375
814,775
788,875
788,875
Other
849,675
788,875
983,375 "849^675
815,275
Bills:
Under repurchase option
1,182,459 1,545,071 1,473,027 1,240,286
718,464
895,412 1,240,286
893,654
824,601
859,849
Other
587,592
602,550
1,122,338 1,117,690 1,059,977
662,391
501,275
615,423
846,227
846,227
42,191
49,476
Guaranteed
53,491
42,191
44,691
49,476
53,491
52,191
42,191
42,191
3,600
Total U.S. Government
securities, direct and
guaranteed
6,328,914 6,704,678 6,549,021 5,919,130 5,950,462 6,266,367 6,090,111 5,799,732 5,919,130 5,870,850 2,244,236
Other Reserve Bank credit outstanding
305,653
360,237
373,357
246,942
396,492
278,315
272,514
307,290
409,182
93,009
246,942
Total Reserve Bank
credit outstanding... 6,714,874 7,103,744 6,847,762 6,191,451 6,280,429 6,698,710 6,390,493 6,130,159 6,191,451 6,296,091 2,354,1
Liabilities
F.R. notes in actual circulation. 12,969,906 12,905,494 12,839,092 12,758,496 12,607,686 12,651,368 12,705,336 12,672,087 12,758,496 12,627,431 8,634,683
Deposits:
Member bank—reserve account
12,318,156 13,143,680 13,110,156 12,759,300 13,084,369 13,515,702 13,121,628 12,934,772 12,759,300 13,066,513 12,574,520
U. S. Treasurer—general
128,040
account
471,488
54,843
6,067
4,808
213,257
5,711
14,227
54,843
130,596
289,193
915,252 876,420 879,395
Foreign
911,865
896,820 851,281
899,682 866,617
879,395
826,581
776,301
460,874
298,964
Other deposits
262,497
282,662
289,653
460,489
287,085
285,280
284,149
287,085
628,236
14,161,998 14,647,846 14,498,797 13,980,623 14,275,042 14,650,883 14,305,918 14,089,933 13,980,623 14,307,839 14,268,250
Total deposits
Ratio of total reserves to deposit
and F.R. note liabilities combined (per cent)
76.2
75.1
75.9
76.3
77.2
77.7
77.9
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollarsl
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
6 months
1 year
2 years
months
1 year
2 years
5 years
Bills discounted:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
10,007
12,721
13,280
11,938
11,133
8,758
11 422
5,653
6 533
7,703
1,049
999
6,752
5 305
2,630
200
300
175
100
100
700
Industrial advances:
Mar. 24
Mar. 31
\\)v. 7
Apr. 14
Apr. 2 1 . .
12,670
12,658
12,947
13,771
14,590
8,857
9,199
9 619
9,544
11,330
242
173
279
220
156
145
144
206
223
239
569
326
242
1,230
218
1,023
1,155
1,016
1,000
992
955
795
733
713
827
699
685
675
663
650
180
181
177
178
178
U. S. Government securities, direct and
guaranteed:
Mar. 24..
. . . . 5,950,462
Mar. 31
I 5,919,130
6,549,021
Apr. 7
6,704,678
Apr. 14
6,328,914
Apr. 21
652,794
92,956
226,539
285,155
489,839
104,452
907,262
766,977
268,140 1,171,939
822,318
935,628 1,026,770
588,967
856,216 1,213,640
646,362
463,130
865,785
947,743
351.010
475,010
524,050
437,338
314,250
441,200
446,700
562,400
571,400
571,400
352,500
348,500
348,100
351,100
351,100
808,571
820,671
877,621
883,221
883,221
Over
5 years
MAY
1943
700
1,565,696
1,472,896
1,458,946
1,460,246
1,442,446
42-7
STATEMENT OF C O N D I T I O N OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates on hand
and due from U. S.
Treasury:
Mar. 24...
Mar. 31
Apr. 7
Apr. 14
Apr. 21
20,392,6620,371,41!
20,337,41*
20,294,41'
20,274,91^
Redemption Fund—
Federal Reserve notes:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
New
York
Philadelphia
Cleveland
Richmond
Atlanta
St. Minne
Louis apoli;
Kansas
City
615,220 443,636
614,024 472,181
610,322 462,290
623,446 477,151
634,698 466,360
703,781 563.26C 2,167,208
733,480 576,41 2,133,806
732,146 582,944 2,120,644
764,640 596,995 2,285,309
751,934 596 ,120 2,269,241
1,183,055 6,159,255
1,187,680 6,074,631
1,179,45! 6,003,81
1,286,285 5,485,847
1,226,786 5,464,037
,235,72*
,234,19*
,249,92.
,281,21'
,322,12*
1,888,43(
1,892,120
1,863,374
1,892,493
1,893,
1,017,299
1,028,803
1,029,808
1,059,935
1,067,044
853, 528
887,431
871,955
894,07i
884,732
3 ,562,25:
3,536,642
3,630,732
3,647,023
3,697,950
2,477
2,41
2,359
2,298
2,248
1,587
1,385
1,165
1,920
1,723
5,302
6,182
6,072
5,93
5,832
852
786
719
646
584
8,11
7,415
6,822
8,101
7,542
2,241
2,186
2,129
2,070
2,019
1,565
1,495
1,417
1,340
1,279
10,934
10,912
10,891
10,867
10,845
98
341
333
327
320
397,679
371,270
361,702
359,266
353,51
44,843
40,146
35,680
34,928
33,271
90,726
86,032
86,946
87,816
88,667
26,528
24,944
25,144
24,478
23,730
44,743
42,799
42,745
39,876
39,366
19,706
20,125
18,136
19,229
18,24'
18,859
18,009
15,633
17,302
17,
53,501
49,854
48,191
46,404
44,479
18,460
16,977
16,833
15,807
16,077
8,317
8,457
7,821
7,742
7,703
1,230,375 6,251,568 1,267,558 1,934, 034
1,230,245 6,162,048 1,265,324 1,935,705
1,217,498 6,091,928 1,281,14 1,906,838
1,323,511 5,575,583 1,311,632 1,933,01
1,262,305 5,554,427 1,351,690 1,933,835
1,045,119
1,056,343
1,054,766
1,087,265
1,092,833
20,832,44'
20,784,672
20,739,821
20,695,928
20,669,512
Bills discounted:
Secured by U. S. Government obligations,
direct and guaranteed:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Other bills discounted:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
7,505
10,220
12,280
10,938
11,133
874,628 3,617,321
907,625 3,587,991
889,717 3,680,340
913,448 3,694,767
903,831 3,743,708
2,502
2,501
1,000
1,000
3,650
5,315
7,825
7,428
4,528
150
215
465
565
385
1,068
1,068
427
427
3,440
2,525
1,775
2,625
1,750
238
238
95
95
230
230
92
92
108
108
43
43
88
4,718
6,383
8,252
7,855
4,528
388
453
560
660
385
270
270
132
132
40
208
108
93
143
250
88
1,087
2,035
90
55
514
512
492
491
491
367
370
371
355
353
1,000
2,000
55
55
3,440
2,525
1,775
2,625
1,750
Industrial advances:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 2 1 . . .
12,670
12,658
12,94
13,771
14,590
991
1,461
1,452
1,452
1,548
608
606
4,506
4,299
4,67
4,614
4,495
2,081,667
2,008,367
2,051,967
2,060,36'
2,042,567
153,831
148,372
149,629
150,252
148,954
549,002
530,958
512,899
516,219
511,634
163,011
157,468
155,599
156,435
155,064
195,510
188,?0
197,022
197,913
196,195
128,678
123,731
127,745
128,015
126,935
94,102
90,640
104,102
104,248
103,376
259,900
250,156
267,265
267,831
265,571
985,475
974,57.
980,675
984,175
984,175
72,824
72,001
71,510
71,771
71,769
259,903
257,653
245,125
246,582
246,522
77,168
76,414
74,362
74,726
74,71
92,555
91,667
94,161
94,539
94,533
60,919
60,040
61,053
61,149
61,162
44,549
43,982
49,752
49,797
49,811
Certificates:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
1,327,275
849,675
983,375
997,375
997,375
98,083
62,771
71,708
72,734
72,734
350,045
224,631
245,799
249, J
249,828
103,937
66,619
74,568
75,727
75,717
124,658
79,919
94,420
95,805
95,801
82,045
52,347
61,220
61,969
61,982
Bills:
Mar.
Mar.
Apr.
Apr.
Apr.
1,556,045
2,086,513
2,533,004
2,662,761
2,304,797
69,141 566,249
89,329 863,157
107,407 ,049,742
91,330 ,335,709
86,410 051,399
58,434
82,006
97,274
110,830
100,419
67,000
89,734
111,415
121,131
111,485
53,399
69,568
86,997
87,110
81,986
24
31
7
14
21
4x8
12,736 10,818
12,075 9,626
12,386 9,515
11,623 10,351
11,409 9,593
48,442
42,226
42,672
43,710
43,892
717,176 574,775 2,223,228
746,197 586,726 2,183,576
745,157 593,125 2,170,826
776,872 607,996 2,336,499
763,939 606,351 2,320,590
125
125
12.
125
125
4,000
10,007
12,721
13,280
11,938
11,133
Notes:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
7,578
7,544
7,510
7,480
7,457
1,000
Total bills discounted:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
U. S. Government securities, direct and guaranteed:
Bonds:
Mar. 24...
Mar. 31
Apr. 7
Apr. 14
Apr. 21
69'
683
666
650
638
659
642
625
609
596
305
1,305
122
122
4,000
1,199
1,181
1,151
1,099
1,202
644,614 452,051
641,913 480,979
638,046 470,444
650,120 485,220
661,620 474,383
Dallas
305
305
122
122
50
100
250
San
Francisco
Chicago
42,104
41,990
40,708
42,245
41,08.
Other cash:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Total reserves:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Boston
190
190
76
76
200
200
155
155
125
190
190
76
76
290
215
224
184
210
369
134
44
1,043
1,563
100,339
96,685
97,526
97,880
97,038
60,562
58,494
61,274
61,535
61,001
98,806
95,351
98,066
98,471
97,620
81,868
78,945
81,674
81,968
81,264
196,058
188,664
199,166
199,600
197,915
123,036
121,389
127,730
127,933
127,960
47,502
46,917
46,609
46,753
46,757
28,669
28,384
29,283
29,391
29,393
46,776
46,272
46,870
47,037
47,037
38,758
38,306
39,035
39,155
39,157
92,816
91,550
95,185
95,342
95,359
59,999
38,347
49,890
50,464
50,478
165,713
105,833
128,083
129,651
129,677
63,976
40,904
46,738
47,381
47,383
38,614
24,747
29,365
29,788
29,787
62,999
40,340
46,996
47,667
47,667
52,199
33,399
39,141
39,678
39,680
125,007
79,818
95,447
96,622
96,641
31,792
48,744
63,049
63,558
63,907
355,570
338,442
491,532
336,186
317,679
154,494
188,744
188,991
191,713
185,772
31,031
31,142
34,698
34,584
34,889
53,384
70,371
71,930
64,659
76,354
25,962
33,197
41,792
44,249
44,593
89,589
182,079
188,177
181,702
149.904
3,711
3,773
3,823
3,821
4,025
FEDERAL RESERVE
BULLETIN
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Under repurchase
option:
Mar. 24....
Mar. 31
Apr. 7
Apr. 14
Apr. 2 1 . . .
Philadelphia
New
York
Boston
Cleveland
Richmond
Atlanta
St.
Louis
Chicago
Minneapolis
893,654
1,240,286
1,473,027
1,545,071
18,108 392,149
26,938 639,887
30,843 787,295
10,218 ,057,033
6,740
15,790
17,655
26,380
5,000
10,300
10,600
14,100
12,592
16,838
21,631
13,802
1,950
9,630
9,780
7,280
273,150
233,250
344,775
190,800
662,391
846,227
1,059,977
1,117,690
51,033
62,391
76,564
81,112
174,100
223,270
262,447
278,676
51,694
66,216
79,619
84,450
62,000
79,434
100,815
107,031
40,807
52,730
65,366
73,308
29,842
39,114
53,269
56,278
82,420
105,192
146,757
145,386
31,819
40,656
49,903
53,070
19,206
24,597
31,353
33,219
Other bills:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21...
122,675 11,825
148,088 6,545
139,088 3,345
138,643 1,365
Kansas
City
Dallas
22,050
30,275
21,750
11,500
31,334
40,096
50,180
53,159
San
Francisco
27,415
102,745
86,265
73,950
25,962
33,197
41,792
44,249
62,174
79,334
101,912
107,752
CJ. S. Government securities, direct and guaranteed: Total
Mar. 24....
Mar. 31
Apr. 7
Apr. 14
Apr. 21
5,950,462
5,919,130
6,549,021
6,704,678
6,328,914
393,879 1,725,199
372,473 1,876,399
400,254 2,053,565
386,087 2,348,399
379,867 2,059,383
402,550
382,507
401,803
417,718
405,915
479,723
450,223
497,018
509,388
498,014
325,041
305,686
337,015
338,243
332,065
230,442 904,219
221,713 815,820
266,793 1,014,610
268,067 861,601
267,572 840,887
366,311
373,250
379,864
383,727
376,950
158,876
142,767
154,620
155,298
155,070
261,965 198,787
252,334 183,847
263,862 201,642
257,834 205,050
268,678 204,694
503,470
542,111
577,975
573,266
539,819
Total bills and securities:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
5,973,139
5,944,509
6,575,248
6,730,387
6,354,637
398,310 1,730,525
376,459 1,883,390
403,481 2,062,425
390,164 2,356,862
383,165 2,064,517
407,444
387,259
407,040
422,992
410,795
481,192
451,674
498,301
510,619
499,256
325,763
306,306
337,600
338,877
332,806
230,897 904,603
223,170 817,194
269,199 1,014,801
268,512 861,792
267,980 844,956
366,393
373,332
379,901
383,764
376,950
159,221
143,037
154,866
155,504
155,280
262,404 199,016
252,538 184,076
263,934 201,826
258,905 205,233
270,241 204,847
507,371
546,074
581,874
577,163
543,844
5
2
2
2
1
2
1
1
2
6
6
6
6
6
1
1
1
1
1
Due from foreign banks:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
47
47
47
47
47
3
3
*18
*18
5
5
4
4
4
4
4
70,613
65,143
51,676
53,726
54,183
1,457
1,572
1,349
1,208
1,059
11,538
9,707
5,464
8,003
8,562
2,197
2,181
1,736
1,788
2,039
3,271
2,432
1,980
2,320
2,629
8,538
7,971
7,112
6,494
5,638
6,860
5,922
4,137
5,244
5,143
8,683
7,355
8,195
6,405
6,214
5,433
4,579
3,647
4,649
4,838
1,594,956
1,438,578
1,351,059
1,897,936
1,660,233
128,100
125,804
125,633
197,160
153,931
344,539
320,719
292,321
411,352
333,664
84,914
84,378
75,250
121,459
81,525
174,108
180,338
145,593
241,918
193,693
124,347
108,612
96,976
132,289
114,989
89,612
67,705
63,230
102,511
104,515
217,929
202,691
192,012
258,426
248,303
Bank premises:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
39,092
39,05
39,03
39,00
38,99
2,712
2,708
2,708
2,708
2,708
9,787
9,788
9,768
9,768
9,768
4,719
4,719
4,719
4,719
4,719
4,298
4,298
4,298
4,298
4,289
3,034
3,030
3,030
3,030
3,030
1,719
1,715
1,715
1,685
1,684
Other assets:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
74,55
74,62
76,76
79,96
74,29
4,949
5,038
5,167
5,251
4,817
18,719
18,835
18,654
19,338
17,963
5,613
5,657
5,690
6,407
5,451
8,219
8,257
8,724
8,897
8,447
4,679
4,744
4,913
5,236
4,967
3,234
3,250
3,701
3,790
3,560
Total assets:
Mar. 21
Mar. 31
Apr. 7
Apr. 14
Apr. 21
28,584,84
28,346,62
28,833,65
29,496,98
28,851,89
1,765,906 8,366,694
1,741,829 8,404,505
1,755,839 8,480,578
1,920,00. 8,380,924
1,807,988 7,988,919
1,772,450 2,605,126
1,749,523 2,582,708
1,775,581 2,565,738
1,869,002 2,701,071
1,856,224 2,642,153
1,511,482
1,487,008
1,504,399
1,573,193
1,554,265
1,206,952 4,761,033
1,209,389 4,627,745
1,231,701 4,908,058
1,295,192 4,834,258
1,286,715 4,855,397
1,086,796 653,359
1,089,922 658,245
1,087,714 661,660
1,127,550 683,327
1,126,841 670,306
Liabilities
Federal Reserve notes in
actual circulation:
Mar. 24
12,607,68
Mar. 31
12,758,49
Apr. 7
12,839,09
Apr. 14
12,905,49
Apr. 2 1 . . . .
12,969,90
923,534 2,795,683
925,686 2,821,925
930,556 2,839,415
934,414 2,853,286
952,635 2,863,376
895,106
899,820
905,372
910,903
921,012
1,174,020
1,176,539
1,181,474
1,190,599
1,197,313
809,114
821,352
825,203
826,962
831,441
593,937 2,489,734
619,551 2,506,261
629,388 2,519,578
630,273 2,542,432
626,597 2,559,890
535,697 320,708
544,324 323,086
546,794 325,779
548,334 327,580
547,695 329,325
446,299 269,689
455,875 284,890
458,459 284,881
458,436 281,108
458,453 281,753
1,354,165
1,379,187
1,392,193
1,401,167
1,400,416
Deposits:
Member bank—reserve
account:
Mar. 24....
Mar. 3 1 . . .
Apr. 7
Apr. 14....
Apr. 21.
684,129 4,617,116
649,881 4,590,346
666,203 4,521,142
768,953 4,327,945
640,534 3,930,936
677,752
654,449
683,967
721,780
705,181
1,120,432
1,109,260
1,107,666
1,130,483
1,115,575
530,009
507,625
527,628
559,984
523,464
504,698
491,431
510,326
528,197
514,096
444,572
442,434
439,769
448,683
427,767
521,229 483,659
526,606 465,460
535,351 490,105
563,078 511,134
526,858 492,154
1,290,316
1,254,737
1,273,865
1,389,680
1,311,650
Federal Reserve notes of
other banks:
Mar. 24...
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Uncollected items:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
13,084,369
12,759,300
13,110,156
13,143,680
12,318,156
3
*18
*18
J18
1
1
1
1
1
1
1
1
1
1
4
4
4
4
4
2,696
1,583
1,615
1,358
1,694
6,567
7,069
6,604
6,247
6,690
2,258
2,288
2,215
2,908
2,945
11,115
12,484
7,622
7,102
6,732
64,815
64,463
60,397
83,250
77,927
35,893
29,131
31,129
37,596
35,368
82,002
69,587
73,744
78,249
73,779
70,224
50,967
51,475
67,140
69,232
178,473
134,183
143,299
166,586
173,307
2,907
2,902
2,902
2,902
2,902
2,101
2,099
2,099
2,099
2,099
1,305
1,302
1,302
1,302
1,302
2,790
2,790
2,784
2,784
2,784
1,041
1,033
1,033
1,033
1,033
2,679
2 673
2^673
2,673
2,673
9,584
9,606
9,802
9,960
9,308
3,439
3,535
3,623
3,667
3,406
2,193
2,213
2,304
2,347
2,279
3,587
3,647
3,687
3,772
3,476
3,006
2,988
3,149
3,757
3,038
7,c29
6,853
7,354
7,538
7,579
1,941,249
1,791,026
2,077,413
1,907,479
1,877,297
269,208
276,045
276,721
286,284
252,644
1,074,527 850,321 2,930,199
1,081,829 828,079 2,885,847
1,095,911 852,824 2,913,652
1,126,830 888,068 3,097,565
1,120,910 887,447 3,054,729
* Less than $500.
After deducting $29,000 participations of other Federal Reserve Banks.
1
MAY
1943
4x9
Federal Reserve Banks—Continued
[ I n t h o u s a n d s of dollars]
Total
Boston
Philadelphia
New
York
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
U. S. Treasurer—general
account:
M a r . 24
M a r . 31
Apr. 7
Apr. 14
Apr. 21
5, 711
54, 843
213, 257
128, 040
471, 488
531
515
248
256
33, 464
17
50, 382
208, 838
123, 266
133, 092
176
98
162
373
30, 736
513
563
561
306
42, 878
587
526
237
586
30,786
269
252
274
307
17,356
1,028
837
1,039
552
47,891
566
277
247
248
516
271
589
243
25,521 20,553
561
563
294
193
503
111
560
21,141 16,073
623
688
497
1,002
51,997
Foreign:
Mar.
Mar.
Apr.
Apr.
Apr.
899, 682
879, 395
876, 420
915, 252
911, 865
26, 142
27, 116
30, 226
23, 237
25, 388
*440, 085
*431, 615
*414 337
H35', 360
922
71, 829
69, 716
71, 568
75, 665
75, 987
69, 561
67, 514
69, 307
73, 275
73, 587
32,512
31,556
32,394
34,248
34,394
26,463
25,685
26,367
27,877
27,995
92,244
89,530
91,908
97,170
97,583
22,683 16,634
22,015 16,145
22,600 16,574
23,894 17,522
23,996 17,597
21,171
20,548
21,094
22,301
22,396
22,683
22,015
22,600
23,894
23,894
57,675
55,940
57,445
60,809
61,126
Other deposits:
M a r . 24
M a r . 31
Apr. 7
Apr. 14
Apr. 21
285, 780
287, 085
298, 964
460, 874
460, 489
6, 633
5, 984
6, 646
9, 668
7, 512
112, 839
115, 995
125, 297
177, 076
257, 633
12, 972
12, 899
11, 150
30, 670
17, 953
55, 638
57 161
54 339
92 457
36, 784
11,810
12,182
13,179
14,115
15,490
3,344
3,376
3,621
11,305
8,381
2,757
3,098
5,579
9,011
8,500
12,108 9,805
10,229 9,799
11,388 9,340
24,055 13,371
28,299 13,825
7,637
11,065
3,139
4,095
8,670
4,699
3,472
2,673
3,520
3,663
45,038
41,825
52,613
71,531
53,779
T o t a l deposits:
M a r . 24
M a r . 31
Apr. 7
Apr 14
Apr. 21
14, 275, 042
13 980 623
14 498 797
14 647,846
14 161 998
717, 435
683, 496
703, 323
802, 114
706, 898
=5,170, 057
5,188 338
5,269, 614
5,063, 647
4,749, 583
762, 729
737 162
766, 847
828, 488
829 857
1,246
1,234
1,231
1,296
1,268
144
498
873
521
824
574,918
551,889
573,438
608,933
604,134
534,774
520,744
540,588
567,686
567,828
2,037,278
1,884,491
2,175,939
2,014,212
2,031,271
479,929
474,925
474,273
497,221
505,583
295,924
302,237
302,906
317,420
304,619
550,598
558,513
560,087
590,034
579,065
511,604
491,140
515,489
538,548
535,784
1,393,652
1,353,190
1,384,420
1,523,022
1,478,552
287
191
078
524
300
713
683
592
626
043
92, 767
103, 749
93, 019
154, 482
119, 403
261 248
253 030
229 774
321 760
233, 423
515
035
738
323
598
146
132
113
174
136
617
912
442
902
966
109,165
95,172
87,144
118,533
99,977
63,116
53,775
46,341
81,814
76,827
181,020
183,539
158,836
223,820
210,424
57,721
56,964
52,915
68,189
59,783
25,946
22,022
22,032
27,365
25,380
64,601
53,973
64,045
64,862
68,958
56,171
39,106
39,444
55,391
56,824
151,828
122,406
105,862
142,185
144,480
8
5
6
7
7
837
582
138
667
319
4, 328
689
694
737
728
1 056
1 265
1, 576
1, 902
1, 804
497
475
573
632
478
430
487
463
603
476
208
197
231
251
237
813
739
901
957
841
191
241
224
282
201
171
158
175
187
170
266
456
287
497
1,382
200
127
164
167
199
314
371
419
378
357
179
936
422
085
439
278
384
619
633
266
1,738,064
1,713, 620
1,727 592
1,891 747
1,779 664
8,228
8,264
8,340
8,240
7,848
044
558
379
595
186
1,735
1,712
1,738
1,831
1,818
711
394
388
788
913
2,567
2,544
2,527
2,662
2,603
278
424
362
654
581
1,493,627
1,468,900
1,486,248
1,555,031
1,536,028
1,192,035
1,194,267
1,216,548
1,280,024
1,271,489
4,708,345
4,575,030
4,855,254
4,781,421
4,802,426
1,073,538
1,076,454
1,074,206
1,114,026
1,113,262
642,749
647,503
650,892
672,552
659,494
1,061,764
1,068,817
1,082,878
1,113,829
1,107,858
837,664
815,263
839,978
875,214
874,560
2,899,959
2,855,154
2,882,894
3,066,752
3,023,805
Capital accounts
Capital paid in:
M a r . 21
M a r . 31
Apr. 7
Apr. 14
Apr. 21
146
146
146
146
146
911
911
906
927
995
9
9
9
9
9
530
520
519
519
519
53
53
53
53
53
667
667
654
655
660
11
11
11
11
11
681
685
685
685
685
15
15
15
15
15
226
226
229
245
281
5,934
5,934
5,934
5,934
5,937
5,270
5,271
5,271
5,276
5,285
16,432
16,434
16,435
16,434
16,435
4,600
4,600
4,600
4,600
4,612
3,165
3,166
3,166
3,166
3,167
4,793
4,794
4,795
4,795
4,795
4,493
4,494
4,494
4,494
4,493
12,120
12,120
12,124
12,124
12,126
Surplus (section 7):
M a r . 24
M a r . 31
Apr. 7
Apr. 14
Apr. 21
160
160
160
160
160
411
411
411
411
411
11
11
11
11
11
160
160
160
160
160
58
58
58
58
58
001
001
001
001
001
15
15
15
15
15
670
670
670
670
670
14
14
14
14
14
767
767
767
767
767
5,236
5,236
5,236
5,236
5,236
5,725
5,725
5,725
5,725
5,725
22,925
22,925
22,925
22,925
22,925
4,966
4,966
4,966
4,966
4,966
3,221
3,221
3,221
3,221
3,221
3,613
3,613
3,613
3,613
3,613
4,083
4,083
4,083
4,084
4,083
11,044
11,044
11,044
11,044
11,044
Surplus (section 13b):
M a r . 24
M a r . 31
Apr. 7
Apr. 14 .
Apr. 21
26 829
26,829
26 ,829
26 829
26 ,829
2
2
2
2
2
874
874
874
874
874
7 070
7 070
7 070
7,070
7 070
4
4
4
4
4
393
393
393
393
393
1 007
1 007
1 007
1 ,007
1 007
3,244
3,244
3,244
3,244
3,244
717
717
717
717
717
1,429
1,429
1,429
1,429
1,429
530
530
530
530
530
1,000
1,000
1,000
1,000
1,000
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1.307
1,307
1,307
2,121
2,121
2,121
2,121
2,121
Other capital accounts:
M a r . 24
M a r . 31
Apr. 7
Apr. 14
Apr. 21
71 ,416
76 ,094
76,890
77 ,185
78 ,393
4 ,278
4 ,655
4 ,694
4 ,705
4 ,771
19 ,912
21 ,209
21 ,474
21 ,603
22 002
4 ,995
5 ,381
5 ,445
5 ,466 •
5 ,563
6 848
7,284
7,373
7 ,398
7,517
3,441
3,694
3,737
3,748
3,820
3,205
3,409
3,440
3,450
3,499
11,402
11,927
12,015
12,049
12,182
3,162
3,372
3,412
3,428
3,471
3,224
3,355
3,381
3,388
3,424
3,220
3,468!
3,488
3,456|
3,507
2,774
2,932
2,962
2,970
3,004
4,955
5,408
5,469
5,524
5,633
T o t a l liabilities and capita
accounts:
M a r . 24
28 ,584 ,84 1,765 ,906
M a r . 31
28 ,346 ,62 1,741 ,829
28 ,833 ,65 1,755 ,839
Apr. 7
Apr. 14
29 ,496 ,98 1,920 ,005
Apr. 21
28 ,851 ,89 1,807 ,988
8,366 ,694
8,404 ,505
8,480 ,578
8,380,924
7,988 ,919
1,772 ,450
1,749 ,523
1,775 ,581
1,869 ,002
1,856 ,224
2,605 ,126
2,582 ,708
2,565 ,738
2,701 ,071
2,642 ,153
1,511,482
1,487,008
1,504,399
1,573,193
1,554,265
1,206,952
1,209,389
1,231,701
1,295,192
1,286,715
4,761,033
4,627,745
4,908,058
4,834,258
4,855,397
1,086,796
1,089,922
1,087,714
1,127,550
1,126,841
653,359
658,245
t(A, 66C
683', 327
670,306
1,074,527
1,081,829
1,095,911
1,126,830
1,120,910
850,321
828,079
852,824
888,068
887,447
2,930,199
2,885,847
2,913,652
3,097,565
3,054,729
1 ,316
1 ,497
1 ,514
1 ,509
2 ,052
561
544
530
54.
24(
1,039
1,042
1,092
1,10
1,147
110
108
108
10
10
Deferred
items:
Mar.
Mar.
Apr.
Apr.
Apr.
24
31
7
14
21
availability
24
31
7
14
21
1
1
1
1
1
Other liabilities, including
accrued dividends:
M a r . 24
M a r . 31
Apr. 7
Apr. 14
Apr. 21
T o t a l liabilities:
M a r . 24
M a r . 31
Apr. 7
Apr. 14
Apr. 21
28
27
28
29
28
Commitments to make industrial advances:
M a r . 24
M a r . 31
Apr. 7
Apr. 14
Apr. 21
11 ,76
13 ,14
13 ,32
12 ,33
11 ,66
86
1 ,024
1 ,01
1 ,01
918
2
2
2
2
2
77
75
65
91
67
363
377
431
1 074
446
1,685
1,685
1,783
1,783
1,783
2,706
2,941
3,031
2,031
1.51C
4,233
4,275
4,220
4,215
3,878
1
After deducting $456,060,000 participations of other Federal Reserve Banks on M a r . 24; $443,508,000 on M a r . 31; $455,166,000 on Apr. 7; $478833,000 on Apr. 14; and $480,319,000 on Apr. 21.
43°
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' A C C O U N T S , B Y WEEKS
[In thousands of dollars]
System
Federal Reserve Notes:
Issued to F . R. Bank by
F. R. Agent:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Held by Federal Reserve
Bank:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
In actual circulation: 1
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Collateral held by agent as
security for notes issued to
bank:
Gold certificates on hand
and due from U. S.
Treasury:
Mar. 24...
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Eligible paper:
Mar. 24
Mar. 31
Apr. 7
Apr. 1 4 . . . .
Apr. 21
U. S. Government securities:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Total collateral:
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
1
Boston
13,253,160
13,314,525
13,369,115
13,429,537
13,491,418
645,474
556,029
530,023
524,043
521,512
New
York
971,897 2,937,547
976,774 2,944,992
975,084 2,957,986
975, 705 2,966,642
990,565 2,974,222
48,363
51,088
44,528
41,291
37,930
Philadelphia
Cleveland
Richmond
923,603 1,220,477
926, 706 1,222,707
930,904 1,224,978
937,958 1,230,381
^
946,472 1,237,530
141,864
123,057
118,571
113,356
110,846
28,497
26,886
25,532
27,055
25,460
846,457
850,236
852,486
856,397
860,542
46,457
46,168
43,504
39,782
40,217
37,343
28,884
27,283
29,435
29,101
Atlanta
Chicago
650,869 2,570,298
661,008 2,576,955
666,161 2,589,489
671, 936 2,602,739
676,737 2,612,972
56,932
41,457
36,773
41,663
50,140
San
Francisco
St
Minne- Kansas
Louis apolis City Dallas
568,169
571,632
573,321
575,428
574,574
327,595
329,277
331,764
333,843
335,298
466,891
469,484
472,729
474,399
474,325
300, 070
309, 706
311,598
312,527
311,599
1,469,287
1,475,048
1,482,615
1,491,582
1,496,582
80,564
70,694
69,911
60,307
53,082
32,472
27,308
26,527
27,094
26,879
6,887
6,191
5,985
6,263
5,973
20,592
13,609
14,270
15,963
15,872
30,381
24,816
26,717
31,419
29,846
115,122
95,861
90,422
90,415
96,166
12,607,686
12,758.496
12,839,092
12,905.494
12,969,906
923,534 2,795,683
925,686 2,821,925
,839,415
930,
934,414 2,853,286
952,
,863,376
895, 106 1,174,020
899,820 ,176,539
905,372 1,181,474
910,903 1,190,599
921,012 1,197,313
809,114
821,352
825,203
826,962
831,441
593,937 2,489,734
619,551 2,506,261
629, 388 2,519,578
630, 273 2,542,432
626,597 2,559,890
535,697
544,324
546,794
548,334
547,695
320,708
323,086
325,779
327,.
329,325
446,299
455,875
458,459
458,436
458,453
269,689 1,354,165
284,890 1,379,187
284,881 1,392,193
281,108 1,401,167
281,753 1,400,416
12,953,000
12,998,000
13,046,000
13,076,000
13,146,000
,960,000
936
936,000 2,960,000
936,
,985,000
936,
,985,000
941,000 3,000,000
850,000 ,230,000
850,000 1,230,000
850,000 1,230,000
850,000 1
,240,000
850,000 1,240,000
737,000
737,000
747,000
747,000
757 000
630, 000 2,620,000
645, 000 2,620,000
645,000 2,620,000
645,000 2,640,000
660,000 2,640,000
400,000
400,000
400,000
400,000
400,000
330,000
330,000
335,000
335,000
340,000
470,000
470,000
475,000
475,000
475,000
306,000 1,484,000
316,000 1,504,000
319,000 1,504,000
319,000 1,504,000
319,000 1,524,000
7,340
8,055
10,115
10,719
6,913
3,440
2,525
1,77.
2,625
1,750
505,000
505,000
505,000
505,000
525,000
50,000
50,000
50,000
50,000
50,000
13,465,340
13,511,055
13,561,115
13,591,719
13,677,913
3,650
5,315
7,825
7,429
4,528
100
50
100
250
100,000
100,000
100,000
100,000
100,000
989,
,963,650
988,525 2,965,315
,992,825
987, 775 2,
988, 625 2,992,429
992,750 3,004,528
150
215
465
565
385
125,000
125,000
125,000
125,000
125,000
30,000
30,000
30,000
30,000
50,000
950, 150 1,230,000
950,215 1,230,000
950,465 1,230,000
950,565 1,240,000
950,385 1,240,000
862,100
862,000
872,050
872,100
882,250
660,000
675,000
675,000
675,000
710,000
5,000
5,000
5,000
5,000
5,000
195,000
195,000
195,000
195,000
195,000
2,620,000
2,620,000
2,620,000
2,640,000
2,640,000
595,000
595,000
595,000
595,000
595,000
330,000
330,000
335,000
335,000
340,000
475,000
475,000
480,000
480,000
480,000
306,000 1,484,000
316,000 1,504,000
319,000 1,504,000
319,000 1,504,000
319,000 1,524,000
Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing Bank.
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
AP!ommit- ParticiAdproved
ments
pations
but not vances
outoutoutcom- 1 standing 2 standing standing
pleted
Amount 'amount) (amount) amount) (amount)
Applications
approved
Number
1,993
2,280
2,406
2,653
2,781
2,908
1934
1935
1936
1937
1938
1939
1940
1941
June 25
Dec. 31
1942
Mar. 25
June 24
Sept. 30....
Dec. 31
1943
Jan. 30
Feb. 2 7 . . . .
Mar. 3 1 . . . .
49,634
124,493
139,829
150,987
175,013
188,222
212,510
20,966
11,548
8,226
3,369
1,946
2,659
13,954
13,589
32,493
25,526
20,216
17,345
13,683
9,152
8,225
27,649
20,959
12,780
14,161
9,220
5,226
1,296
8,778
7,208
7,238
12,722
10,981
6,386
3,067
3,202
238,505
279,860
8,090
8,294
10,549
10,337
13,072
14,597
14,011
19,600
3,261
3,352
3,394
3,423
297,945
338,822
364,916
408,737
17,698
26,346
8,199
4,248
9,312
11,265
15,882
14,126
14,364
16,832
12,187
10,661
19,086
26,430
23,180
17,305
3,432
3,440
3,443
434,638
446,319
459,296
6,672
5,882
5,164
12,897
13,717
13,182
12,160
12,117
13,143
23,915
23,177
20,316
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial advances past due 3 months or more, which are not
included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and the
sum of the following four columns represents repayments of advances, and
applications for advances and commitments withdrawn or expired.
MAY
1943
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts n thousands of dollars]
Guaranteed loans
authorized
Date
Number
1942
May 31
June 30
July 31
August 31
September 30
October 31
November 30
December 31
1,329
1,658
2,023
2,327
2,665
1943
January 31
February 28
March 31
2,961
3,198
3,534
Amount
100,290
310,680
509,012
705,842
944,204
2,227,704
2,367,297
2,688,397
282
565
932
r
Guaranteed loans Additional
outstanding
available to
borrowers
under guarPortion antee agreeTotal
ments
amount guaranteed
outstanding
(*)
t1)
69,674
131,097
244,532
356,677
439,989
520,869
632,474
137,888
158,340
206,609
230,720
1,308,168
1,383,394
1,430,121
2,999,731 974,083 768,249
3,479,172 1,040,828 828,221
3,725,241 1,245,022 998,774
1,440,943
1,706,849
1,866,286
81,108
151,154
294,720
427,918
527,186
644,558
803,720
r
1
Revised.
Not available.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and amounts available to borrowers under guarantee
agreements outstanding represents amounts repaid, guarantees available
but not completed, and authorizations expired or withdrawn.
43
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANK
[Averages of daily figures. In millions of dollars]
RESERVE POSITION OF MEMBER BANKS, MARCH 1943
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
Gross
demand
deposits
Net
deTime
mand
dedeposits
posits 1
Reserves with
Federal Reserve
Banks
Required
Excess
Held
All member banks
65,420 56,606 13,214 11,371 13,255 1,884
Central reserve city banks:
New York
769 3,906 4,001
20,165 19,299
96
Chicago
858
892
34
458
4,471 4,153
Reserve city banks:
Boston district
New York district
Philadelphia district
1,850
401
2,019
1,719
354
1,824
93
148
134
349
80
373
365
89
423
16
9
51
Cleveland district
Richmond district
Atlanta district
3,237
1,473
1,536
2,791
1,266
1,255
721
249
185
601
268
262
809
337
305
207
69
43
Chicago district
St. Louis district
Minneapolis district
3,075
1,587
775
2,525
1,371
664
833
175
85
555
285
138
691
299
151
136
14
13
Kansas City district
Dallas district
San Francisco district ..
2,015
1,464
4,952
1,550
1,152
4,299
164
136
2,303
320
239
998
377
305
1,170
57
66
172
24,386
20,770
5,228
4,468
5,319
852
Country banks:
Boston district
New York district
Philadelphia district
1,705
2,587
1,211
1,426
2,205
974
608
1,601
869
236
405
189
316
543
262
80
138
74
Cleveland district
Richmond district
Atlanta district
1,409
1,355
1,324
1,067
961
933
785
423
287
197
160
148
321
215
210
124
55
62
Chicago district
St. Louis district.
Minneapolis district
2,075
914
684
1,552
647
512
974
269
307
276
107
90
409
149
125
133
42
35
Kansas City district
Dallas district
San Francisco d i s t r i c t . .
1,015
1,229
890
660
814
634
162
97
375
102
120
111
154
185
154
52
66
43
Total
Total
16,399
12,385
6,759
2,139
All
member 1
banks
3,042
903
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and cash
items in process of collection.
NOTE.—See tables on p. 426 for percentages of deposits required to be held
as reserves.
Total reserves held:
1942—March
12,827
April
,12,649
May
12,510
June
12,624
July
12,409
August
12,623
September
12,299
October
12,234
November
12,618
December
13,152
1943—January
13,344
February
12,933
March
13,255
Week ending (Friday):
1943—Mar. 5
13,062
Mar. 12
13,344
Mar. 19
13,554
Mar. 26.
. .. 13,246
Apr. 2
12,857
Apr. 9
12,946
Apr. 16
13,150
Excess reserves:
1942—March
3,147
April
2,951
May
2,667
June
2,704
July
2,237
August
2,248
September
2,300
October
2,328
November
2,362
December
2,376
1943—January
2,132
February
1,712
March
1,884
Week ending (Friday):
1943—Mar. 5
1,845
Mar. 12
2,012
Mar. 19
2,080
Mar. 26
1.813
p
Apr. 2..
l,559
p
Apr. 9 . . .
l,672
p
Apr. 16.
2,348
Central reserve
city banks
Reserve
city
banks
Country
banks 1
898
875
892
4,279
4,293
4,325
4,448
4,447
4,574
4,676
4,711
4,990
5,122
5,190
5,141
5,319
2,204
2,188
2,265
2,338
2,353
2,423
2,529
2,597
2,684
2,850
2,905
2,918
3.042
3,946
4,002
4,031
4,042
3,961
3,916
3,803
889
898
887
879
834
832
841
5,243
5.362
5,474
5,283
5,115
5,212
5,357
2,983
3,081
3,162
3.042
2.947
2,985
3,149
962
795
546
556
269
286
302
557
455
416
337
97
96
255
262
178
89
64
60
73
27
45
35
22
10
34
1,190
1,175
1,171
1,232
1,105
1,091
1,069
740
718
102
122
88
106
55
39
50
26
29
16
25
35
37
2*
857
911
956
788
670
758
931
New
York
Chicago
5,188
5,028
4,870
4,859
4,609
4,616
4,150
4,093
4,086
4,303
4,352
3,999
4,001
1,157
1,140
1,049
979
1,000
1,009
944
834
859
877
in
827
799
812
857
823
827
904
860
820
903
921
1,035
1,020
913
784
852
860
950
1,021
895
p-jgg
^838
PI,344
p
Preliminary.
1
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Federal Reserve district
Gross demand
Mar.
Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total.
1
Feb.
Time
Mar.
Gross demand
Feb.
Mar.
3,555
23,153
3,230
4,646
2,828
2,860
9,620
2,502
1,459
3,031
2,694
5,842
3,416
23,124
3,147
4,448
2,740
2,792
9,511
2,474
1,440
2,945
2,696
5,752
701
2,518
1,003
1,506
326
233
2,502
998
1,500
670
467
2,247
442
393
325
232
2,679
2,651
3,329
2,446
2,753
4,106
2,404
2,522
*4,350
1,963
1,119
2,332
2,025
5,561
65.420)
64,485
13,214
13,114
^4,910
673
472
2,266
444
392
Member banks in smaller centers
(places under 15,000)
Member banks in larger centers
(places over 15,000)
All member banks
687
X
Feb.
3,197
2,459
2,680
3,925
2,329
2,466
^,210
1,939
1,102
2,249
2,022
5,477
J
Time
Gross demand
Mar.
Feb.
574
1,194
542
1,135
453
, 381
^,417
320
207
216
192
2,552
561
1,189
540
1,130
451
, 376
h,4OS
318
207
215
191
2,525
1
4,054'
Mar.
1
1
9,106
226
543
477
540
424
338
800
539.
340
699
669
281
5,875
Feb.
219
536
467
523
411
326
778
535
339
695
674
275
Time
Mar.
128
556
461
371
219
91
390
124
186 I
110
40
127
Feb.
126
551
458
370
219
91
386
124
186
110
41
126
2,804
Excluding central reserve city banks, for which figures for latest month are shown in table above.
FEDERAL RESERVE BULLETIN
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of month
Treasury
notes
of 1890
Subsidiary
1,657
l', 695
1,'697
1,707
1* 745
1,754
1.764
1,786
1,754
1,704
1,731
1,751
1
1
1,700
1,703
1,674
Gold
certificates
Silver
dollars
Silver
certificates
61
61
60
60
60
59
59
59
59
59
58
58
61
61
62
64
65
66
67
69
71
73
74
76
58
58
58
Total
77
78
79
....
1943—January...
February...
March .
11,175
11,485
11,566
11,767
12,074
12,383
12,739
13,200
13,703
14,210
14,805
15,410
1
15,590
16,088
16,250
National
bank
notes
United
States
notes
Federal
Reserve
notes
206
206
208
209
211
213
215
218
222
225
227
228
302
1
1
1
1
1
1
1
1
1
471
475
482
488
496
504
510
521
537
551
565
575
309
307
309
316
317
315
321
324
326
327
317
8,253
8 514
8',587
8,76'
9,022
9,310
9.650
10,068
10,580
11,118
11,667
12,082
19
19
19
19
19
19
19
18
18
18
18
188
143
143
142
141
140
139
138
138
137
136
136
135
1
1
1
i
1942—Janua ry
February
March
April
May
June
July
August
September
October
November
December..
Federal
Reserve
Bank
notes
Minor
coin
567
573
583
226
226
228
312
317
316
12,152
12,523
12,643
362
474
534
135
134
134
silver
coin
Back figures.—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
iollars]
[Outside Treasury and Feder al Reserve Banks. In millions of <
Total
End of month
1942—February
March
April
May
June
July
August
September
October
November
December
1943—January
February
March
Coin and small denomination currency 2
culation 1
•.
Total
11,485
11,566
11,767
12,074
12,383
12,739
13,200
13,703
14,210
14,805
15,410
8,326
8,396
8 560
8,841
9,083
9,398
9,795
10,207
10,629
11,122
11,576
15,590
16,088
16,250
11,665
12,065
12,121
-
-
Large denomination currency 2
•
$1 3
$2
$5
$10
$20
Total
743
668
752
673
42
42
43
44
45
45
48
50
51
53
55
1,344
1,351
1 362
1,402
1,427
1,464
1,517
1,555
1,597
1,647
1,693
2,825
2,834
2 898
3,004
3,099
3,234
3,379
3,532
3,684
3,887
4,051
2,704
2,744
2,820
2,924
3,024
3,149
3,310
3,487
3,686
3,885
4,096
3,163
3,174
3,204
3,235
3,301
3,343
3,409
3,500
3,584
3,686
3,837
54
56
56
1,67S
1,718
1,713
4,107
4,279
4,280
4,183
4,349
4,391
3,928
4,026
4,129
Coin
757
771
783
793
809
830
680
696
704
712
731
754
848
764
869
773
877
786
867
880
890
782
801
791
$50
$500
266
268
268
260
262
263
266
268
274
278
287
565
561
558
570
576
574
575
576
570
575
586
21
9
9
9
8
8
8
9
9
9
9
33
29
29
28
29
30
29
29
30
28
25
4
5
1,019
1,511
1,528
1 549
1,566
1,602
1.628
1,663
1,715
1,762
1,824
1,910
1,047
1,079
1,104
1,962
2,013
2,069
293
298
306
592
599
616
10
11
11
25
25
23
3
3
1
767
779
792
801
824
840
868
904
940
972
$1,000 $5,000 $10,000
Unassorted 2
$100
1
2
2
4
4
3
3
3
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
destroyed.
3
Paper currency only; $1 silver coins'reported under coin.
Back figures—-See Annual Report for 1937 (table 36).
STOCK OF UNITED STATES MONEY, MARCH*31, 1943
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Kind of money
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
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—Mar. 31, 1943..
Feb. 28, 1943..
Mar. 31, 1942. .
Total
outstanding
3
22,576
As security
against gold
and silver
certificates
20,471
'20,471
13,315
4
3,989
1^958
547
1,517
441
1,517
3
1,958
632
239
347
574
135
3
39,879
3
39,658
3
35,020
Treasury
cash
2
2,105
50 " "
68
For Federal
Reserve
Banks and
agents
17,598'
24
$2? 429
S
2?,497
3
22,519
4
4
2,221
4
2,190
Money in
circulation 1
' 2,815'
621
371
57'
12,643
3,549
2
17,598
17,660
17,679
79
283
13
6
27
39
1
36
<?*
(8)
2,224
Money held
by Federal
Reserve
Banks and
agents
1,675
583
228
316
534
134
3,808
3,689
3,586
16,250
16,088
11,566
1
Includes any paper currency held outside the continental limits of the United States; figures for other end-of-month dates shown in table above
and 2totals by weeks are shown in table on page 425.
Includes $1,800,000,000 Exchange Stabilization Fund, $143,663,418 balance of increment resulting from'reduction in weight of the gold dollar, and
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total of all forms of money outstanding,
since gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion.
4
Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the table on p. 425.
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 gpld certificates and such discounted or purchased paper as is eligible
under the terms of the Federal Reserve Act, or, until June 30, 1943, of direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including
the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and National
bank notes are in process of retirement.
MAY
1943
433
POSTAL SAVINGS SYSTEM
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
[In millions of dollars]
Assets
Period
19342
1935
1936
1937
1938
1939
1940
1941
1942
Gold
stock
at end
of period
Increase
in gold
stock
8,238
10,125
'11,258
312,760
14,512
17,644
21,995
22,737
22,726
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
22,687
22,691
22,714
22,737
22,744
22,756
22,754
22,740
22,743
22,726
22,683
22,644
22,576
Jan.-Mar. . . .
22,576
-150.5
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
126.0
—65.5
-20.1
-38.2
-14.8
-24.4
-21.8
—27.8
-56.4
-10.8
-31.0
-43.3
—39.3
-68.0
1942—March
April
May
June
July
August
September...
October
November...
December....
Domestic golc
production 1
82.6
.2
-85.9
-200.4
-333.5
-534.4
—644.7
—407.7
-458.4
11.3
11.4
11.2
10.5
12.8
10.2
11.8
12.0
7.8
6.2
-76.1
-63.4
-59.0
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
(4)
5
5
End of month
U. 8
-17.3
3.3
23.6
22.3
7.6
11.4
-1.3
-14.3
3.3
-17.2
1943—January
February....
March
Earmarked
Net gold gold: deimport
crease
or increase (—)
-198.5
5.2
4.8
Cash
in depository
banks
Total
U. S. Government
securities
Total
Guaranteed
35
130
147
147
167
167
167
167
167
166
146
146
146
146
146
146
76
100
74
98
95
93
71
80
73
73
78
74
69
88
75
95
146
146
146
126
126
126
126
126
126
126
166
186
208
229
262
283
129
146
161
102
1,198
1,207
1,205
1,201
1,232
1,260
1,268
1,270
1,252
1,252
1,262
1,279
1,293
1,304
1,304
1,314
1,225
1,237
1,236
,237
,265
,296
,307
L,308
L,290
1,291
1,304
1,319
1,337
1,348
1,356
.396
695
540
385
287
203
145
136
130
115
86
68
53
43
36
30
26
853
967
1,058
1,100
1,097
1,103
1,132
1,157
1,192
1,224
1,224
1,251
1,274
418
467
630
706
800
892
933
931
936
965
1,011
1,046
1,078
1,078
1,104
1,128
1942—Mar.
Apr
May
1,305
1,306
1,307
1,316
1,329
1,344
1,358
1,377
1,396
1,417
1 463
1,483
1,504
1,525
1,554
1,575
1,415
1,429
1,444
1,464
25
25
24
24
21
20
19
18
17
16
1 ill.
1,272
1,272
1,272
1,271
1,271
1,267
,266
,266
1,345
1,126
1,126
1,126
1,146
1,146
1,146
1,141
1,140
1,140
1,220
June
July
Aug.
Sept
Oct
Nov
Dec
1943—Jan
Feb.
Mar
453
597
777
Cash
reserve
funds
etc. 2
Direct
1934—June
Dec.
1935—June
Dec
1936—June
Dec
1937—June
Dec
1938—June
Dec
1939—June
Dec
1940—June
Dec...
1941—June
Dec.
^14.8
f Figure carried forward. p Preliminary.
1
Annual figures are estimates of the United States Mint. Monthly figures
are those published in table on p . 471, 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
fi»e ounce thereafter.
s Includes gold in the Inactive Account amounting to 27 million dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
4 The net gold import figures for months subsequent to December 1941
have not been released for publication.
5
Gold held UHder earmark at Federal Reserve Banks for foreign account
amounted to 2,872.3 million dollars on Mar. 31, 1943.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).
Depositors'
balances 1
PI,445
p
l 469
PI,492
p
Preliminary.
1
Outstanding principal, represented by certificates of deposit. Does not
include accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5-per cent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late
postmasters.
Back figures—See BULLETIN for August 1935, pp. 501-502.
B A N K SUSPENSIONS^
Total,
all
banks
Number of banks suspended:
1934
1935
1936
1937
1938
1939
....
1940
1941
1942
1943—Jan.-Mar
Deposits of suspended banks
(in thousands of dollars): 3
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943—Jan.-Mar
1
57
34
44
59
55
42
22
8
9
2
36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
1,702
1,629
Member
banks
Nonmember
banks
BANK DEBITS
National
1
4
1
4
1
4
1
4
State
2
1
3
1
40
5,313
507
7,379 " "i,"708
36
211
1,341
24,629
256
3,144
""'862'
Insured 2
Not
insured
8
22
40
47
47
25
18
3
6
1
48
8
3
6
6
10
3
1
3
1,912
3,763
10,207
10,156
11,721
6,589
5,341
503
1,375
767
34,985
939
592
480
1,044
2,439
346
79
327
Represents banks which, during the periods shown, closed temporarily
or permanently on account of financial difficulties; does not include banks
whose deposit liabilities were assumed by other banks at the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
loans).
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).
434
Debits to deposit accounts except interbank accounts
[In millions of dollars]
Year and month
1929
1937
1938
1939
1940
1941
1942
New
York
City
140
other
centers 1
133
other
reporting
centers 2
982,531
469,463
405,929
423,932
445,863
537,343
607,071
. . .
1942—March
April
May
June
July
August
September
October
November
December
1943—January
February
March. .
Total,
all
reporting
centers
. .
603,089
197,836
168,778
171,382
171,582
197,724
210,961
331,938
235,206
204,745
218,298
236,952
293,925
342,430
47.504
36,421
32,406
34,252
37,329
45,694
53,679
49,161
46,613
48,342
50,107
50 087
49,179
52,712
55,056
50,673
64,991
54,779
r
51,875
62,230
17,056
16,023
16,985
17,394
17,110
17,051
18,593
18.323
17,016
23,921
19,877
19,635
22,373
27,764
26,451
27,241
28,292
28,505
27,847
29,530
31,627
29,040
35,562
30,263
28,005
34,707
4,341
4,138
4,116
4,421
4 472
4,282
4,589
5,105
4,616
5,508
4,639
r
4,235
5,150
r
Revised.
1 National series, for which bank debit figures are available beginning
with 1919.
2
Except that 1929 figure is for 128 centers only.
Back figures.—Annual Report for 1937, p. 157. Annual totals, beginning
with 1919, by Federal Reserve districts and for individual centers, are
available for distribution and will be furnished upon request.
FEDERAL RESERVE
BULLETIN
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such
private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935,
private banks which, pursuant to the provisions of sec. 21 (a) of the Eanking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of
private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535.
Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
[In millions of dollars]
NUMBER OF BANKS
Member banks2
Total
National
State
Mutual
savings
banks
Other
nonmember
banks
National
State
Other
Mutual nonsavings member
banks
banks
All
banks
Call date
Total
Call date
Nonmember
banks
Nonmember
banks
Member banks2
Total
1929—June 29
Dec. 31
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
611
609
15,792
15,499
1929—June 29
Dec. 31
53,852
55,289
32,284
33,865
19,411
20,290
12,873
13,575
8,983
8,916
12,584
12,508
1933—June 30
Dec. 30.
14,519
15,011
5,606
6,011
4,897
5,154
709
857
576
579
8,337
8,421
1933—June 30
Dec. 30
37,998
38,505
23,338
23,771
14,772
15,386
8,566
8,385
9,713
9,708
4,946
5,026
1938—June 30
Dec. 31
15,287
15,206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8,312
1938—June 30
Dec. 31
52,195
54,054
34,745
36,211
22,553
23,497
12,193
12,714
10,296
10, 365
7,153
7,478
1939—June 30
Dec. 30
15,082
15,037
6,330
6,362
5,203
5,187
1,127
1,175
553
552
8,199
8,123
1939—June 30
Dec. 30
55,992
58,344
38,027
39,930
24,534
25, 661
13,493
14,269
10,521
10,613
7,444
7,801
1940—June 29
Dec. 31
14,953
14,895
6,398
6,486
5,164
5,144
1,234
1,342
551
551
8,004
7,858
1940—June 29
Dec. 31
60,582
65,021
42,039
46,007
26,931
29,214
15,108 310,631
16,793 10,658
37,912
8,356
1941—Apr. 4
June 30
Sept. 24
Dec. 31
14,871
14,855
14,852
14,825
6,528
6,556
6,596
6,619
5,138
5,130
5,125
5.117
1,390
1,426
1,471
1,502
550
547
546
545
7,793
7,752
7,710
7,661
1941—Apr. 4
June 30
Sept. 24
Dec. 31
65,211
67,172
68,449
70,792
46,179
48,076
49,160
51,192
29,467
30,684
31,500
32,672
16,712
17,392
17,660
18,520
10,684
10,641
10,643
10,525
8,347
8,456
8,646
9,075
1942—June 30
Dec. 31^
14,773
14,680
6,647
6,679
5,101
5,081
1,546
1,598
544
543
7,582
7,458
1942—June 30 5
Dec. 31^
72,382
88,437
53,434
67,277
34,036
43,069
19,397
24,208
10,387
10,656
8,562
10,504
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars}
Nonmember banks
Member banks2
All banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
58,474
58,417
41,531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
40,076
40,319
22,203
21,977
17,872
18,342
24,786
25,220
12,858
12,833
11,928
12,386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
1938—June 30
Dec. 314
47,381
48,929
21,130
21,354
26,252
27,575
30,721
32,070
12,938
13,208
17,783
18,863
10,196
10,255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
3,234
3,387
1939—June 30
Dec. 30
49,616
50,885
21,318
22,169
28,299
28,716
32,603
33,941
13,141
13,962
19,462
19,979
10,342
10,314
4,931
4,961
5,411
5,353
6,671
6,630
3,245
3,246
3,425
3,384
1940-June 29
Dec. 31
51,335
54,188
22,341
23,741
28,995
30,448
34,451
37,126
13,969
15,321
20,482
21,805
310,188
10,248
4,926
4,959
5,262
5,289
36,696
6,815
3,445
3,461
3,251
3,353
1941—Apr. 4
June 30
Sept. 24
Dec. 31
56,147
57,945
59,296
61,098
24,322
25,312
26,187
26,616
31,825
32,633
33,109
34,483
38,983
40,659
41,943
43,521
15,878
16,729
17,546
18,021
23,104
23,930
24,397
25,500
10,276
10,314
10,348
10,372
4,954
4,955
4,949
4.903
5,322
5,360
5,399
5,470
6,889
6,972
7,005
7,205
3,490
3,628
3,692
3,692
3,399
3,344
3,313
3,513
1942—June 30 5
Dec. 31^
63,976
78,138
25,078
23,863
38,897
54,275
46,800
59,263
16,928
16,088
29,872
43,175
10,353
10,740
4,819
4,695
5,534
6,045
6,822
8,135
3.331
3,080
3,492
5,055
1929—June 29.
Dec. 31
1933—June 30
Dec. 30
.. .
p
Preliminary.
1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that
te. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank
stracts.
ion reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respec5
Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to mem.„
'ederal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942.
bership in the Fed
winning wim me npi. t , 1942 call, spring and fall
NOTE.—Beginning with the Apr. 4, ±y±& tun, s^uu^ emu. figures are not being compiled for "All banks."
.—See
Back figures—See Annual Report for 1937 (tables 48-49).
MAY
1943
435
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
In"millions 0 dollars ]
Loans
and
investments
Investments 1
Loans for
purchasing
or carrying
secupti p ' c
Total
loans
Call date
1
Total 1
Commer- Open- Agricial mar- culTo
and
ket turindus- paper al 2 brok2
ers
trial
To
and
deal-
U. S. Government obligations
Real
es- Other Total
tate- loans 4
loans
3
ers
ers
Total—All
Member Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30 . . . .
35,934
24,786
33,941
34,451
37,126
40,659
43,521
44,287
46,800
26,150
12,858
13,962
13,969
15,321
16,729
18,021
17,834
16,928
Dec. 31
59,263
16,088
New York
City&
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
8,774
7,133
9,339
9,829
10,910
12,493
12,896
13,123
14,019
6,683
3,424
3,296
3,014
3,384
3,778
4,072
4,173
4,066
5^386'
5,538
6,204
7,270
8,064
583
595
455
450
456
537
607
7^888
495 "726"
J
V
Y
195
364
120
103
100
97
91
1^768
1,801
2,025
2,405
2,716
2^775" ' 66'
Y
Dec. 31
17,957
4,116
City of
Chicago^
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
1,757
1,287
2,105
2,205
2,377
2,707
2,760
2,806
3,116
1,448
Dec. 3 1 . . . .
3,973
832
Reserve City
Banks
1929—Dec. 31
1933—June 30....
1939—Dec. 30....
1940—June 29....
Dec. 3 1 . . . .
1941—June 3 0 . . .
Dec. 3 1 . . . .
1942—Apr. 4
June 30....
12,029
8,492
12,272
12,160
13,013
14,013
15,347
15,605
16,535
9,084
4,482
5,329 "MOO"
5,365 2,134
5,931 2,436
6,498 2,879
7,105 3,206
6,989
6,564 3,103
Dec. 31....
20,915
6,102
Country
Banks
1929—Dec. 3 1 . . . .
1933—June 30....
1939—Dec. 30....
1940—June 29....
Dec. 3 1 . . . .
1941—June 30....
Dec. 3 1 . . . .
1942—Apr. 4 . . . .
June 30....
13,375
7,873
10,224
10,257
10,826
11,446
12,518
12,753
13,130
8,936
4,275
4,768
4,987
5,309
5,607
5,890
5,749
5.393
Dec. 31... .
16,419
"Q
538
3,423
1,257 2,145
759 1,044
169
157
133
137
130
129
123
934
611
320
465
422
412
430
188
188
190
186
169
" 167" 121
2,385
2,650
2,977
3,415
3,652
222
478
579
634
695
651
729
1J746
1,275
1,324
1,615
1,751
1,679
1,515
4,572" 1,166
773
623
758
680
693
695
788
796
830
796
781
2,547 1,855 2,144 2,056
5,420 1,071
593
701
96
87
162
177
188
190
182
207
164
96
138
170
167
186
188
193
187
188
2,091
3,709
6,043
6,815
7,527
8,715
8,823
8,950
"499' 9,953
451 13,841
2,917
1,099
469
458
468
536
554
21
30
13
16
19
20
22
623
267
60
62
84
101
96
1
149
153
254
297
417
256
166
987
797
1,092
1,245
1,526
1,623
90
357
181
162
1,068
112
138
119
108
90
80
3,141
2,789
397
637
391
1,282
83
166
186
2 775 1,538
1,340 1,131
222 1,335
210 1,372
207 1,436
198 1,477
194 1,527
3 937
1,777
1,177
1,230
1,322
1,466
1,512
2,944
4,011
6,943
6,795
7,081
7,515
8,243
8,616
9,971
1,368
2,483
5,194
4,947
5,204
5,700
6,467
6 832
8,188
25
73
63
87
103
73
295
66
131
674
448
598
890
981
984
979
956
941
925
1,128
579
1,112
1,597
972
3,339
969
3,052
771 3,281 1,049
606 3,858 1,162
751 4,248 1,173
1,051
981 5449
806
811
954
821
1,106
1,972 "725'
695
1,849
2,081
710
788
2,404
861
2,926
797
624
3^696
627
581
1,061
1,097
1,146
1,165
1,222
1,253
1,222
2,546
1,549
1,236
1,144
1,102
1,047
1,028
1,005
1,013
5,436
1,252
956
23
2
57
19
82
176
161
145
125
153
201
35
163
174
187
216
245
165
152
78
177
1,524
1,315
97
153
1,486
1,119 14,813 13,038 1,441 2,253 1,723
"495'
546
590
555
659
291
25
20
17
21
17
20
1,314
i98 "562 " ' l 6 '
y
5,038 v
772
17
1,226
2,231 1,462
1,117 1.055
224 1,477
208 1,544
201 1,644
195 1,739
183 1,823
4,750
2,043
1,238
1,311
1,400
1,507
1,530
169
1,834
1,299
161
1,797 1,066
4,439
3,598
5,456
5,270
5,517
5,839
6,628
7,004
7,737
1,267
1,469
3,159
3,030
3,269
3,627
4,377
4,746
5,502
11,380
9,172
37
2
31
36
45
60
110
59
63
in
134
681
819
839
290
2,957
94
97
701
710
752
803
903
116
384
1,203
1,258
1,307
1,483
1,430
1,490
1,858
22
215
889
926
309
610
32
664
108
119
87
115
100
114
34
1,112
23
330
309
2,551
315
4,772
5,486 421
207
6,044
577
7,268
311
7,265
7,381
8,550 "462" "663"
1,536
1,602
1.681
1,861
1,806
1,883
2,210
50
Y
M5l'
1,187
1,267
1,377
1,431
2,664
533
251
66
61
54
55
52
29
176
263
175
300
2,965
41
23
42
36
48
34
22i
2,717 43,175 37,546 4,363 6,285 5,409 18,948 2,540
251
61
6
168
126
155
156
153
202
250
3^144
3,121
3,486
3,839
3,832
3,471
3,546' 14," 485' 2,685
117
3
658
520 3,094
2,049 3,725
2,223 8,398
2,543 8,261
2,594 9,091
2,631 10 481
3,007 11,729
4,528
3,297
2,959
2,873
2,970
2,867
2,871
2.831
2,840
193
"6
8
5
5
6
Y
3,863
97
152
554
559
6,887
563
4,328
797
4,722
652
5,823
8,078 ,127
971
9,539
0,449
4,098 1,509' 1,872
1,393
1,744
2,692
2,888
3,013
2,984
3,090
3,173
2,934
787
15
697
S
6
6
3
8
2,463 7,685 3,191 12,229 9,784
953 3,752 2,372
5,187 11,928
700 2,957
790
2,944 19,979
668 3,069 3,062 20,482
447
642
652 3,228 3,273 21,805
635 3,365 3,609 23,930
575
598 3,494 3,692 25,500
594
26,453
"554' "562' 3,501 3,203' 29,872
19
69
17
16
17
21
21
365
417
476
609
711
v
7
21
2,546
677
569
603
696
846
954
923
906
736
865
738
972
1,089
7,387
s
730'
Obligations
of
States Other
and
HertiGuar- politi- secuicates
anof
cal
Total
rities
in- Notes Bonds teed
Bills
subdebtdiviedsions
ness
Direct
171
299
431
451
433
374
481
171
"355'
671
1,251 1,240
657
6,810
999
574
930
860
868
893
836
820
844
858
1
Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January 1939, pp. 22-23, and BULLETIN for April 1939,
pp. 259-264, 332. Further revision of loan classification made Dec. 31, 1942; for explanation see p. 300 of the BULLETIN for April 1943. .Beginning June
30, 1939, detailed classifications available on June and December dates only.
2 Not shown in call reports prior to December 1938.
3
Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and
to brokers and dealers.
. / Th\? i s a residual item and includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable
with5 earlier figures.
Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 52-58).
436
FEDERAL RESERVE
BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Call date
Total—A11
Member Banks
1929—Dec. 31
1933—June 30
1939 - D e c . 30
1940—June 29
Dec. 31
1941—Tune 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
Reserves
with
Federal
Reserve
Banks
Balances
with
do-
Demand
deposits
banks Cl
Cash
in
vault
justed 2
Individuals,
partnerships,
and corporations
Interbank
deposits
Time deposits,
except interbank
D e m a n d deposits,
except interbank
U.S.
CertiIndified
States
viduals, States GovU S partnerernand
and
Gov- ships, polit- ment
political offiical
ernsubdi- cers' ment and cor- subdi- and
visions checks
pora- visions postal
etc.
savtions
ings
2,374
2,235
11,604
13,751
13,992
12,959
12,396
12,725
12,295
13,072
558
405
841
789
991
999
1,087
884
1,022
1,019
2,168
2,008
5,506
5,751
6,185
6,293
6,246
e
6,276
5,770
6,147
16,647
12,089
25,681
27,877
30,429
32,678
33,754
34,670
36,966
42,570
17,526
11,830
24,604
26,397
29,576
31,429
33,061
32,602
35,646
42,139
1,335
1,087
2,321
2,529
2,724
2,940
3,066
3,285
3,230
3,318
New York
City*
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
827
846
5,915
7,072
7,057
5,857
5,105
5,236
4,762
4,388
68
46
89
88
102
136
93
81
88
72
179
101
125
119
122
131
141
e
l92
103
82
4,750
4,358
8,899
10,235
11,062
11,619
10,761
11,335
11,711
11,899
5,847
4,676
9,030
10,283
11,357
11,895
11,282
11,235
12,014
12,501
128
96
251
258
370
319
319
296
271
263
1,180
461
178
147
471
306
450
154
273
448
4,186
671
693
732
768
778
778
751
717
711
Chicago*
1929—Dec. 31
1933-June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
169
232
993
1,187
1,051
1,062
1,021
1,088
973
902
13
34
42
39
42
41
43
27
43
39
133
203
283
242
319
262
298
C
285
220
164
957
912
1,739
1,898
1,941
2,205
2,215
1,919
2,379
2,557
1,041
1,676
1,782
1,905
2,109
2,152
1,886
2,292
2,588
42
87
167
199
174
213
233
203
226
178
32
16
24
17
27
33
34
31
24
38
8
46
80
79
90
95
127
296
201
665
Reserve City
Banks
1929—Dec. 31
1933—June 30
1939-Dec. 30
1940- June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
751
705
3,118
3,759
4,027
4,125
4,060
4,221
4,254
4,940
156
122
348
334
396
385
425
348
357
365
947
1,002
2,485
2,679
2,741
2,793
2,590
6
2,705
2,279
2,202
5,229
3,764
8,176
8,774
9,581
10,480
11,117
11,689
12,515
14,849
5,547
3,708
8,002
8,372
9,468
10,142
11,127
11,105
12,199
15,061
423
349
813
956
995
1,139
1,144
1,313
1,304
1,319
300
108
190
147
228
209
286
202
218
385
76
312
435
422
327
341
491
633
422
627
452
1,578
1,733
1,857
1,914
2,210
2,180
2,306
2,842
321
203
363
328
452
437
526
429
533
542
908
702
2,614
2,711
3,002
3,106
3,216
6
3,093
3,168
3,699
5,711
3,054
6,866
6,969
7,845
8,374
9,661
9,726
10,360
13,265
5,091
2,576
5,896
5,960
6,846
7,282
8,500
8,376
9,141
11,989
1,090
1,115
1,184
1,269
1,370
1,473
1,429
1,558
870
1,681
657
563
475
913
738
1,009
589
711
1,142
143
806
743
711
616
619
1,709
2,164
1,724
7,923
20
332
74
67
48
32
866
967
863
1,982
Domestic
banks
Foreign
banks
Demand 3
Time
95
89
144
134
135
138
133
Bor- Capital
rowacings counts
12,267
7,803
11,215
11,459
11,687
11,898
11,878
11,520
11,673
12,366
595
300
432
410
435
397
418
395
400
332
122
788
51
59
56
55
50
49
49
56
3,517
3,057
8,507
8,852
9,581
9,610
9,714
e
9,650
9,110
10,101
1,112
33
4
43
29
51
27
29
25
17
23
18
110
1,198
1,255
3,542
3,840
4,032
3,948
e 3,595
3,383
3,284
3,209
40
22
1
332
358
483
489
496
480
476
455
460
453
58
1
10
15
8
17
2
6
3
5
5
5
310
259
879
949
997
19
4,433
2,941
4,362
4,422
4,506
4,590
4,542
4,366
4,454
4,805
6,390
3,833
5,677
5,816
5,917
6,049
6,082
5,948
6,042
6,397
2
41
388
14
18
19
19
20
18
18
22
1,604
1,315
3,516
3,526
3,919
4,000
4,302
e
4,235
4,052
4,831
133
86
140
147
150
143
146
145
143
140
61
285
35
37
33
31
31
30
31
32
405
228
571
538
633
652
790
118
109
82
e
641
752
816
597
128
695
650
646
623
612
«576
683
736
33
2
9
879
191
3
3
3
3
4
14
6
5
179
8
4
3
292
16
2,029
1,533
1,828
1,873
1,904
1,940
1,967
1,981
1,985
2,028
eg
10
12
64
15
53
44
51
55
55
e
54
57.
65
6
3
1
2
2
2
2
2
e
2
3
4
2,105
1,582
1,592
,599
1,615
1,625
1,648
1,655
1,698
L.727
316
204
250
260
270
279
288
289
293
304
7
30
59
117
105
106
108
103
e
90
82
62
6,709
4,837
5,522
5,608
5,698
5,800
5,886
5,930
5,991
6,101
41
8
8
8
1,010
e 1,027
l,253
1,028
1,105
371
208
240
219
226
211
243
224
239
169
e
698
146
759
703
706
688
678
......
""2"
Country
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Dec. 31
742
555
169
72
172
164
187
190
239
202
196
272
39
116
154
143
151
151
225
269
237
1,090
e
779
747
957
7
26
29
29
30
30
e
28
27
20
367
167
3
3
3
3
4
4
3
3
2,258
1,517
1,851
1,876
1,909
1,956
1,982
2,005
2,014
2,042
in items reported on nana DUI not m piuccss ui i.unctuuu.
3 Beginning June 30, 1942, excludes reciprocal bank balances
4 Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 52-58),
MAY
1943
437
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Date or month
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Openmarket
paper
Investments
Loans for
purchasing
or carrying
securities
U. S. Government obligations
Real- Loans Other
to
estate
Total
To
loans banks loans
brokers
To
and others
dealers
CertiOther
ficates
Guar- secuof inrities
Total Bills debt- Notes Bonds anteed
edness
Total—101 Cities
1942—March
30,941
11,408
6,976
426
435
409
1,246
28
1,888
19,533 15,803 1,107
2,348
9,637 2,711
3,730
1942-—November..
December..
37,865
39,717
10,254
10,366
6,301
6,137
257
245
533
828
364
391
1,211
1,203
30
34
1,558
1,528
27,611 24,288 3,083 3,368 4,263
29,351 26,063 3,760 3,729 4,202
11,662 1,912
12,440 1,932
3,323
3,288
1943—January
41,383
February.... 41,475
March
41,784
9,826
9,724
9,502
5,955
5,870
5,758
226
227
223
604
624
574
361
350
339
1,191
1,180
1,170
33
56
58
1,456
1,417
1,380
31,557 28,270 4,226 5,012 4,113
31,751 28,484 4,255 5,049 4,080
32,282 29,021 4,340 5,006 4,146
12,999 1,920
13,192 1,908
13,602 1,927
3,287
3,267
3,261
41,588
9,738
5,920
229
567
342
1,189
54
1,437
31,850 28,564 4,440 5,060 4,106
13,044 1,914
3,286
1,434
1,424
1,408
1,401
31,918
31,694
31,684
31,710
28,648
28,428
28,424
28,438
4,476
4,239
4,154
4,153
5,059
5,060
5,074
5,003
4,088
4,085
4,072
4,075
13,117
13,133
13,224
13,294
1,908
1,911
1,900
1,913
3,270
3,266
3,260
3,272
28,657
29,108
29,343
29,289
28,706
4,244
4,557
4,692
4,452
3,755
5,001
5,034
4,996
5,007
4,993
4,099
4,117
4,146
4,169
4,197
13,394
13,487
13,583
13,726
13,821
1,919
1,913
1,926
1,935
1,940
3,296
3,265
3,296
3,222
3,229
1943—Jan. 27
Feb.
Feb.
Feb.
Feb.
3
10
17
24
41,708
41,475
41,365
41,353
9,790
9,781
9,681
9,643
5,902
5,904
5,856
5,816
229
227
225
226
637
636
616
607
358
350
347
346
1,184
1,182
1,179
1,176
46
58
50
71
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31....
41,470
41,861
42,198
42,004
41,391
9,517
9,488
9,559
9,493
9,456
5,736
5,804
5,802
5,754
5,695
227
226
225
221
217
585
509
572
588
617
342
333
335
342
344
1,176
1,176
1,168
1,169
1,162
57
56
74
50
54
1,394
1,384
1,383
1,369
1,367
31,953
32,373
32,639
32,511
31,935
41,646
42,250
44,127
9,435
9,564
10,414
5,610
5,594
5,598
215
212
207
665
814
1,482
343
354
487
1,160
1,160
1,159
83
82
105
1.359
1,348
1,376
32,211 28,998 3,911 5,007 4,220
32,686 29,475 4,149 5,140 4,192
33,713 30,487 4,773 5,353 4,195
13,913 1,947
14.040 1,954
14,182 1,984
3,213
3,211
3,226
New York City
1942—March
12,471
3,893
2,775
79
308
148
103
26
454
1,457
3,821 1,485
1,481
1942—November...
December..
14,851
15,888
3,696
3,893
2,592
2,490
38
37
421
699
137
171
102
101
28
27
378
368
11,155 9,979 1,278 1,289 1,997
11,995 10,842 1,737 1,478 1,965
4,419
996
4,657 1,005
1.176
1,153
1943—January....
February...
March
16,409
16,163
16,230
3,545
3,556
3,441
2,386
2,387
2,333
42
43
46
486
506
456
161
158
146
99
98
98
32
38
44
339
326
318
12,864 11,703 1,976 2,074 1,890
12,607 11,460 1,851 2,010 1,821
12,789 11,635 1,814 1,966 1,845
4,768
995
4,794
984
5,010 1,000
1,161
1,147
1,154
1943-Jan. 27
16,478
3,522
2,393
42
457
145
99
53
333
12,956 11,803 2,079 2,134 1,872
4,736
982
1,153
Feb.3
Feb. 10
Feb. 17
Feb. 24
16,422
16,214
16,047
15,968
3,599
3,580
3,544
3,502
2,402
2,403
2,385
2,360
42
43
44
45
517
522
500
484
164
157
156
154
98
98
98
97
45
31
37
39
331
326
324
323
12,823
12,634
12,503
12,466
11,674
11,489
11,357
11,319
2,038
1,909
1,736
1,720
2,043
2,021
2,014
1,962
1,856
1,824
1,811
1,793
4,756
4,749
4,815
4,855
981
986
981
989
1,149
1,145
1,146
1,147
Mar.
Mar.
Mar.
Mar.
Mar.
15,994
16,243
16,415
16,335
16,164
3,448
3,419
3,449
3,449
3,440
2,324
2,372
2,347
2,327
2,293
46
46
46
46
47
464
395
454
471
497
149
140
142
149
151
97
98
97
99
98
44
50
45
40
39
324
318
318
317
315
12,546
12,824
12,966
12,886
12,724
11,374
11,672
11,779
11,757
11,593
1,693
1,935
1,964
1,877
1,601
1,956
1,957
1,960
1,956
2,004
1,801
1,818
1,856
1,866
1,883
4,921 1,003
4,971
991
5,001
998
5,057 1,001
5,100 1,005
1,172
1,152
1,187
1,129
1,131
16,196
16,340
17,524
3,443
3,554
4,246
2,255
2,252
2,239
47
49
47
536
665
1,262
151
152
234
98
98
98
41
26
49
315
312
317
12,753 11,632 1,599 1,948 1,912
12,786 11,667 1,459 2,052 1,898
13,278 12,172 1,786 2,152 1,877
5,165 1,008
5,248 1,010
5,332 1,025
1.121
1,119
1,106
5,816 1,226
2,249
Apr. 7
Apr. 14
Apr. 21
3
10
17
24
31. .
Apr. 7
Apr. 14
Apr. 21
Outside
New York City
1942—March
8,578
7,097
334
18,470
7,515
4,201
347
127
261
1,143
2
1,434
10,955
1942—November... 23,014
December. . 23,829
6,558
6,473
3,709
3,647
219
208
112
129
227
220
1,109
1,102
2
7
1,180
1,160
7,243
7,783
916
927
2,147
2,135
1943—January
February....
March
6,281
6,168
6,061
3,569
3,483
3,425
184
184
177
118
118
118
200
192
193
1,092
1,082
1,072
1
18
14
1,117
1,091
1,062
16,456 14,309 1,805 2,079 2,266
17,356 15,221 2,023 2,251 2,237
18,693 16,567 2,250 2,938 2,223
19,144 17,024 2,404 3,039 2,259
19,493 17,386 2,526 3,040 2,301
8,231
8,398
8,592
925
924
927
2,126
2,120
2,107
1943-Jan. 27
24,974
25,312
25,554
8,706
891
773
25,110
6,216
3,527
187
110
197
1,090
1
1,104
18,894 16,761 2,361 2,926 2,234
8,308
932
2,133
3
10
17
24
25,286
25,261
25,318
25,385
6,191
6,201
6,137
6,141
3,500
3,501
3,471
3,456
187
184
181
181
120
114
116
123
194
193
191
192
1,086
1,084
1,081
1,079
1
27
13
32
1,103
1,098
1,084
1,078
19,095
19,060
19,181
19,244
16,974
16,939
17,067
17,119
2,438
2,330
2,418
2,433
3,016
3,039
3,060
3,041
2,232
2,261
2,261
2,282
8,361
8,384
8,409
8,439
927
925
919
924
2,121
2,121
2,114
2,125
Ma r. 3
Ma r. 10
Ma r. 17
Ma r. 24
Ma -.31
25,476
25,618
25,783
25,669
25,227
6,069
6,069
6,110
6,044
6,016
3,412
3,432
3,455
3,427
3,402
181
180
179
175
170
121
114
118
117
120
193
193
193
193
193
1,079
1,078
1,071
1,070
1,064
13
6
29
10
15
1,070
1,066
1,065
1,052
1,052
19,407
19,549
19,673
19,625
19,211
17,283
17,436
17,564
17,532
17,113
2,551
2,622
2,728
2,575
2,154
3,045
3,077
3,036
3,051
2,989
2,298
2,299
2,290
2,303
2,314
8,473
8,516
8,582
8,669
8,721
916
922
928
934
935
2,124
2,113
2,109
2,093
2,098
.7
Anr . 14
.21
Apr
25,450
25,910
26,603
5,992
6,010
6,168
3,355
3,342
3,359
168
163
160
129
149
220
192
202
253
1,062
1,062
1,061
42
56
56
1,044
1,036
1,059
19,458 17,366 2,312 3,059 2,308
19,900 17,808 2,690 3,088 2,294
20,435 18,315 2,987 3,201 2,318
8,748
8,792
8,850
939
944
959
2,092
2,092
2,120
Feb.
Feb.
Feb.
Feb.
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
;
s^e BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67)'and corresponding
tables in previous Annual Reports.
43 8
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
Total 101 Cities
1942—March
Reserves
Balwith Cash ances
Fedwith
in
eral vault
do-#
Remestic
serve
banks
Banks
Demand
deposits
ad- 1
justed
Individuals,
partnerships,
and
corporations
Time deposits,
except interbank
States Certiand
fied
U. S.
polit- and
Govical
offiernsubcers' ment
divi- checks
sions
etc.
Individuals,
partnerships,
and
corporations
Interbank
deposits
1
Domestic
banks
States U.S.
Govand
ernpolit- ment
Forical
eign
and
sub- postal Debanks
diviTime
sions sav- mand
ings
Bor- Cap- Bank
ital
rowdebacings counts i t s 2
10,195
530
3,283
24,882
24,400
1,813
538
1,815
4,976
170
20
8,846
93
635
1
3,932
9,679
1942—November....
December....
9,296
9,704
518
548
2,711
2,741
29,361
28,749
29,236
28,840
1,912
1,782
553
586
2,031
4,746
5,117
5,109
103
100
25
26
9,200
9,315
68
65
697
727
6
4
4,004
4,014
10,192
11,773
1943—January
February
March
9,786
9,412
9,476
524
516
519
2,679
2,557
2,589
29,215
30,412
31,956
29,143
30,290
31,837
1,781
1,854
1,861
612
577
626
5,794
4,240
2,708
5,218
5,284
5,344
101
108
96
28
28
29
9,361
9,204
9,448
61
59
57
727
729
739
8
35
51
4,026
4,042
4,054
10,856
10,579
11,716
1943—Jan. 27
9,756
515
2,670
30,056
29,823
1,866
694
5,129
5,247
102
28
9,343
60
716
13
4,026
10,315
Feb. 3
Feb. 10
Feb.17
Feb. 24
9,418
9,276
9,508
9,445
494
529
500
539
2,512
2,494
2,631
2,592
29,743
30,157
30,620
31,129
29,434
29,877
30,699
31,150
1,888
1,855
1,829
1,842
598
544
587
578
5,245
4,410
3,940
3,366
5,268
5,276
5,289
5,305
112
107
106
106
28
28
28
29
9,136
9,071
9,322
9,286
61
59
59
56
740
723
731
722
12
71
17
41
4,037
4,042
4,044
4,046
12,603
9,779
10,232
9,702
Mar.3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
9,351
9,550
9,781
9,472
9 224
502
524
544
523
500
2,572
2,603
2,723
2,561
2 488
31,305
32,116
32,385
32,128
31 848
31,162
31,917
32,338
31,954
31 815
1,858
1,850
1,855
1,831
1,913
668
584
668
597
614
2,964
2,716
2,778
2,817
2 266
5,333
5,340
5,333
5,352
5 361
105
99
97
88
89
29
29
29
29
29
9,453
9,505
9,800
9,342
9 139
r
59
r
r
742
r
734
723
745
750
29
31
66
26
102
4,053
4,048
4,052
4,057
4 059
12,302
9,809
12,150
11,771
12 550
Apr. 7
Apr. 14
Apr. 21
9,544
9,285
8,642
490
526
516
2,482
2,618
2,658
32,955
32,996
30,313
32,725 1,899
33,427 1,850
30,370 "1,782
670
749
715
1,408
1,639
5,995
5,396
5,384
5,367
96
99
117
29
30
30
9,439
9,708
9,248
56
55
55
725
726
727
79
58
110
4,066
4,067
4,069
11,553
13,214
16,763
56
57
58
56
New York City
1942—March
4,879
76
109
10,559
10,727
241
276
872
690
21
3,338
573
1,539
3,863
1942—November....
December....
3,698
3,934
82
86
27
29
11,526
10,949
11,733
11,283
309
229
301
290
1,080
2,915
652
637
18
15
3,191
3,174
622
650
4
3
1,567
1,568
3,865
4,794
1943—January
February
March
3,973
3,655
3 610
78
80
78
28
23
38
11,091 11,370
11,574 11,850
12 444 12,748
216
218
217
349
313
319
3,326
2,372
1 436
656
663
673
19
22
18
3,161
3,052
3,101
651
650
657
5
33
39
1,566
1,576
1,578
4,406
4,486
4,687
1943—Jan. 27
3,832
80
27
11,430
11,704
206
437
2,916
666
22
3,165
639
10
1,564
4,080
3,776
3,619
3,630
3,596
76
86
75
83
23
21
24
24
11,373
11,479
11,598
11,845
11,578
11,709
11,953
12,160
229
225
211
206
324
302
321
304
2,976
2,479
2,191
1 844
671
658
659
662
21
22
22
22
3,084
3,020
3,061
3,042
660
647
653
642
10
67
16
40
1,575
1,576
1,577
1,575
5,800
4,181
4,115
3,848
Mar.3.
Mar. 10.
Mar. 17
Mar. 24
Mar. 31
3,542
3,544
3,671
3,653
3 638
76
82
79
78
76
28
24
29
42
68
12,002
12,356
12,425
12,562
12 875
12,252
12,640
12,726
12,811
13 311
214
197
226
224
226
377
297
323
304
293
1,597
1,453
1,475
1,483
1 170
660
673
675
678
681
21
16
16
19
19
3,101
3 146
3,283
3,079
2 894
652
643
663
666
27
30
63
23
50
1,580
1,577
1,577
1,578
1 579
4,891
3,942
4,869
4,808
4 924
Apr. 7
Apr. 14
Apr. 21
3,594
3,352
3,031
78
84
77
40
27
26
13,090
13,017
11,421
13,316
13,497
11,736
222
223
194
393
386
410
699
583
3,165
687
677
658
19
19
20
3,096
3,222
3,044
645
645
644
78
56
104
1,581
1,581
1,582
5,035
5,530
7,870
Outside
New York City
1942—March
5,316
454
3,174
14,323
13,673
1,572
262
943
4,286
149
20
5,508
93
62
1
2,393
5,816
1942—November....
December....
5,598
5,770
436
462
2,684
2,712
17,835
17,800
17,503
17,557
1,603
1,553
252
296
951
1,831
4,465
4,472
85
85
25
26
6,009
6,141
68
65
75
77
2
1
2,437
2,446
6,327
6,979
1943—January
February
March
5,813
5,757
5,866
446
436
441
2,651
2,534
2,551
18,124
18,838
19,512
17,773
18,440
19,089
1,565
1,636
1,644
263
264
307
2,468
1,868
1,272
4,562
4,621
4,671
82
86
78
28
28
29
6,200
6,152
6,347
61
59
56
76
79
82
3
2
12
2,460
2,466
2,476
6,450
6,093
7,029
1943—Jan. 27
Feb.
Feb.
Feb.
Feb.
3
10
17
24
1
r
\
r
661
r
5,924
435
2,643
18,626
18,119
1,660
257
2,213
4,581
80
28
6,178
60
77
3
2,462
6,235
3
10
17
24
5,642
5,657
5,878
5,849
418
443
425
456
2,489
2,473
2,607
2,568
18,370
18,678
19,022
19 284
17,856
18,168
18,746
18,990
1,659
1,630
1,618
1 636
274
242
266
274
2,269
1,931
1,749
1 522
4,597
4,618
4,630
4 643
91
85
84
84
28
28
28
29
6,052
6,051
6,261
6 244
61
59
59
56
80
76
78
80
2
4
1
1
2,462
2,466
2,467
2,471
6,803
5,598
6,117
5,854
Mar.3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
5,809
6,006
6,110
5,819
5,586
426
442
465
445
424
2,544
2,579
2,694
2,519
2,420
19,303
19,760
19,960
19,566
18,973
18,910
19,277
19,612
19,143
18,504
1,644
1,653
1,629
1,607
1,687
291
287
345
293
321
1,367
1,263
1,303
1,334
1,096
4,673
4,667
4,658
4,674
4,680
84
83
81
69
70
29
29
29
29
29
6,352
6,359
6,517
6,263
6,245
56
57
58
57
55
82
80
81
82
84
2
1
3
3
52
2,473
2,471
2,475
2,479
2,480
7,411
5,867
7,281
6,963
7,626
Apr. 7
Apr. 14
Apr. 21
5,950
5,933
5,611
412
442
439
2,442
2,591
2,632
19,865
19,979
18,892
19,409
19,930
18,634
1,677
1,627
1,588
277
263
305
709
1,056
2,830
4,709
4,707
4,709
77
80
97
29
30
30
6,343
6,486
6,204
55
54
54
80
81
83
1
2
6
2,485
2,486
2,487
6,518
7,684
8,893
Feb.
Feb.
Feb.
Feb.
r
Revised.
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 Debits to demand deposit accounts except interbank and U. S. Government accounts.
M A Y 1943
439
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS A N D INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
(1943)
Boston (6 cities)
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
New York (8 cities)*
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Philadelphia (4 cities)
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Cleveland (10 cities)
Mar. 24.'
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Richmond (12 cities)
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Atlanta (8 cities)
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Chicago (12 cities)*
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
St. Louis (5 cities)
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Minneapolis (8 cities)
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Kansas City (12 cities)
MPr. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Dallas (9 cities)
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 2 1 . . .. . . . .
San Francisco (7 cities)
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
City of Chicago*
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Total
loans
and
investments
Com-
rial"
Total
industrial,
and
agricultural
Open
market
paper
Investments
Loans for
purchasing
or carrying
securities
LL S. Government obligations
Real
estate
loans
To
brokers
and
dealers
Loans
to
banks
Other
loans
Certi
ficate
of
Bills in- Notes Bond
debtedness
Total
To
others
Total
1
1
Other
secuGuar rities
anteed
2,232
2,235
2,275
2,360
2,448
630
621
650
666
663
348
342
339
338
334
63
62
63
62
61
12
15
16
23
36
12
12
12
16
12
72
71
71
71
71
6
1
30
39
29
117
118
119
117
120
1,602
1,614
1,625
1,694
1,785
1,498
1,509
1,520
1,588
1,678
192
193
200
257
308
305
306
307
304
325
193
191
191
189
191
740
750
753
769
784
68
69
69
69
70
104
105
105
106
107
17,685
17,539
17,577
17,729
18,928
3,785
3,775
3,775
3,893
4,585
2,463
2,431
2,392
2,388
2,378
48
48
48
50
48
476
501
540
676
1,271
180
182
182
184
266
184
183
182
182
182
40
39
41
26
49
394
391
390
387
391
13,900
13,764
13,802
13,836
14,343
12,667
12,529
12,580
12,616
13,136
1,971
1,717
1,727
1,588
1,923
2,096
2,140
2,083
2,187
2,291
1,997
2,015
2,044
2,030
2,010
5,562
5 61?
5,677
5,760
5,845
1,041
1,045
1,049
1,051
1,067
1,233
1 235
1,222
1,220
1,207
1,871
1,861
1,864
1,893
1,971
445
441
442
445
453
231
229
229
228
228
15
14
14
13
13
27
28
28
29
38
11
11
11
11
11
44
43
44
43
44
117
116
116
116
116
1,426
1,420
1,422
1,448
1,518
1,198
1,194
1,198
1,223
1,293
204
199
199
214
280
177
175
176
180
184
118
119
120
123
121
630
632
634
634
635
69
69
69
72
73
228
226
224
225
225
3,198
3,225
3,250
3,262
3,340
729
739
738
738
753
370
369
366
365
363
13
13
12
12
12
13
14
15
15
25
13
13
13
14
14
174
174
174
174
173
146
147
149
149
156
2,469
2,486
2,512
2,524
2,587
2,201
2,218
2,243
2,254
2,315
226
244
254
266
310
320
303
309
311
316
291
300
300
289
297
1,232
1,240
1,244
1,251
1,254
132
131
136
137
138
268
268
269
270
272
1,328
1,324
1,324
1,338
1,360
257
256
254
254
268
123
122
122
121
120
6
6
6
6
6
3
3
3
3
10
11
11
11
11
18
50
50
51
52
52
63
63
61
61
62
1,071
1,068
1,070
1,084
1,092
1,005
1,002
1,004
1,018
1,026
148
142
138
152
157
131
131
131
129
132
131
130
130
133
133
540
544
551
552
552
55
55
54
52
52
66
66
66
66
66
1,243
1,234
1,236
1,237
1,256
311
306
303
305
315
186
184
182
183
180
8
7
7
6
5
4
4
5
4
7
7
7
7
9
11
26
25
25
25
26
80
79
77
78
86
932
928
933
932
941
819
816
821
821
830
116
110
113
111
114
183
184
183
184
189
145
141
132
130
130
326
333
343
346
347
49
48
50
50
50
113
112
112
111
111
6,287
5,876
6,005
6,297
6,491
1,196
1,200
1,179
1,180
1,253
840
843
823
818
838
30
30
30
28
27
29
29
35
43
72
44
45
43
45
62
137
136
136
136
136
116
117
112
110
110
5,091
4,676
4,826
5,117
5,238
4,519
4,100
4,249
4,540
4,658
722
913
343
871
423
939
683
961
727 1,004
572
572
573
571
585
2,077
2,079
2,079
2,084
2,094
235
235
235
241
248
572
576
577
577
580
1,346
1,309
1,331
1,353
1,371
357
352
350
350
353
212
207
205
204
204
8
8
8
8
8
4
4
4
4
4
9
9
9
9
9
66
66
66
66
66
1
2
58
58
58
58
60
989
957
981
1,003
1,018
869
837
862
883
898
139
106
132
151
160
177
177
177
176
178
110
114
115
113
114
401
398
396
401
403
42
42
42
42
43
120
120
119
120
120
766
763
755
750
782
194
192
188
190
193
115
112
111
112
112
1
1
1
1
1
1
1
1
3
3
4
4
4
4
5
15
15
14
15
14
3
4
3
2
4
55
55
54
53
54
572
571
567
560
589
532
530
526
524
540
104
101
99
96
111
103
103
101
101
101
58
59
59
58
59
247
247
247
249
249
20
20
20
20
20
40
41
41
36
49
1,360
1,359
1,363
1,371
1,385
351
347
341
339
340
229
226
222
220
219
15
15
14
14
14
2
2
2
2
3
8
8
8
8
8
33
33
33
33
33
64
63
62
62
63
1,009
1,012
1,022
1,032
1,045
883
885
895
905
917
178
175
181
184
176
148
148
148
153
172
163
165
166
166
163
338
341
344
346
349
56
56
56
56
57
126
127
127
127
128
1,046
1,047
1,046
1,047
1,061
286
286
284
285
289
208
208
205
206
206
1
1
1
1
1
2
2
1
2
2
14
14
15
15
17
19
19
19
19
19
42
42
43
42
44
760
761
762
762
772
702
702
703
704
713
111
109
109
107
107
127
128
129
131
133
106
106
106
106
106
310
310
310
311
318
48
49
49
49
49
58
59
59
58
59
3,642
3,619
3,620
3,613
3,734
952
941
931
919
949
429
422
414
411
416
13
12
11
11
11
15
14
15
10
11
29
28
28
28
54
349
347
345
344
343
117
118
118
115
114
2,690
2,678
2,689
2,694
2,785
2,396
2,384
2,397
2,399
2,483
341
316
336
340
400
327
327
324
323
328
285
285
284
284
286
1,323
1,335
1,335
1,337
1,352
120
121
118
115
117
294
294
292
295
302
3,982
3,602
3,744
3,985
4,151
778
785
766
770
833
617
622
604
599
617
15
15
15
14
13
25
25
30
39
66
39
40
38
40
51
23
23
23
23
23
59
60
56
55
55
3,204
2,817
2.978
3,215
3,318
2,825
2,435
2,596
2,833
2,934
469
120
212
442
483
592
549
617
623
662
384
385
386
385
399
1,295
1,296
1,296
1,298
1,304
85
85
85
85
86
379
382
382
382
384
"
5 '
3
9
9
9
10
1
1
'"V
8
* Separate figures forNew York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New
York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
440
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[ In millions of dollars]
Demand deposits,
except interbank
Federal Reserve
district and date
(1943)
ReBalIndiDeerves
with Cash ances mand
vidFeddewith
uals,
in
eral vault doposits partRemestic ad- 1 nerserve
banks usted ships,
Banks
and
corporations
Time deposits,
except interbank
States Certified
and
polit- and U. S.
Govical
offiernsubcers' ment
divi- checks
sions etc.
Individuals,
partnerships,
and
corporations
Interbank
deposits
Domestic
banks
States U.S.
Bor- Cap- Bank
Govand
row- ital debernacpolit- ment
For- ings counts its 2
ical
eign
and
sub- postal Debanks
divisav- mand Time
sions ings
Boston (6 cities)
497
469
477
544
445
62
60
59
59
59
133
122
120
164
150
1,960
1,946
2,009
2,028
1,843
1,931
1,924
1,979
2,072
1,848
105
113
110
108
92
29
30
30
35
38
136
107
65
196
445
240
3,874
3,861
3,803
3,589
3,235
109
105
108
115
109
142
175
124
122
121
13,640
14,002
14,205
14,147
12,465
13,747
14,284
14,280
14,495
12,646
395
427
403
395
368
328
317
416
417
431
1,558
1,228
437
415
443
458
446
28
26
26
27
29
102
109
122
111
129
1,602
1,607
1,679
1,646
1,583
1,568
1,586
.1,617
1,623
1,538
120
127
146
155
160
14
17
13
34
12
839
S26
826
830
827
69
65
63
66
66
319
306
295
309
316
2,663
2,675
2,708
2,640
2,536
2,671
2,693
2,703
2 709
2,575
119
121
125
120
105
299
284
302
323
292
35
33
33
35
35
185
173
178
194
176
1,013
1,007
1,027
1,054
970
983
973
986
292
285
296
303
292
24
21
23
24
24
196
170
177
192
201
1,424
1,301
1,579
1,361
1,351
90
88
81
94
91
293
294
285
288
269
164
Mar. 24
164
Mar. 31... .
170
Apr. 7
173
Apr. 14
147
Apr. 21
Kansas City (12 cities
353
Mar. 24
357
Mar. 31
362
Apr. 7
376
Apr. 14
336
Apr. 21
Dallas (9 cities)
293
Mar. 24
283
Mar. 31
297
Apr. 7
300
Apr. 14
282
Apr. 21
San Francisco (7 cities)
707
Mar. 24
685
Mar. 31...'....!..
704
Apr. 7
740
Apr. 14
720
Apr. 21
City of Chicago*
872
Mar. 24
768
Mar. 31
Apr. 7
1,042
842
Apr. 14
843
Apr. 21
Mar.
Mar.
Apr.
Apr.
Apr.
24.
31
7...,
14
21
. . .
New York (8 cities)*
Mar. 24.
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Philadelphia
(4 cities)
M a r . 24
Mar. 3 1 . .
Apr. 7.
Apr. 1 4 . . . .
Apr. 21
Cleveland (10 cities)
Mar. 24
M a r . 31
Apr. 7
Apr. 14
Apr. 21
Richmond (12 cities)
Mar. 24
Mar. 31
Apr. 7
Apr. 14.
Apr. 21
Atlanta (8 cities)
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Chicago {12 cities)*
Mar. 24
Mar. 3 1 . . .
Apr. 7.
Apr. 14..
Apr. 21
St. Louis (5 cities)
Mar. 24.
Mar. 3 1 . . .
Apr. 7.
Apr. 14
Apr. 21
Minneapolis (8 cities)
28
29
27
27
28
3
1
1
2
2
665
667
646
647
645
23
50
78
56
104
"i"
2
2
2
2
2
342
350
374
417
328
3,311
1,059
1,063
1,071
1,061
1,042
21
22
22
22
23
7
7
7
7
7
3,153
2,967
3,173
3,294
3,111
107
85
51
98
290
164
164
164
161
161
2
2
2
2
2
387
378
385
407
364
1
6
1
1
6
6
6
36
37
32
42
48
98
77
47
114
304
737
738
746
746
746
21
21
28
30
49
533
538
534
563
539
16
15
15
14
14
19
17
15
23
17
65
51
34
53
156
209
210
211
211
210
2
2
2
2
2
6
6
6
6
6
429
407
429
430
397
5
5
5
5
7
1
1
938
93
100
103
104
102
886
872
893
901
869
843
836
852
878
832
119
121
117
120
122
10
10
9
11
10
74
58
39
38
100
206
207
208
208
209
2
2
2
2
2
1
1
2
3
3
501
489
505
521
508
2
2
2
2
1
4
3
4
3
3
391
340
393
457
461
4,715
4,070
4,751
4,847
4,581
4,572
3,922
4,670
4,810
4,498
392
409
400
371
361
66
73
62
66
51
420
334
213
272
750
1,027
1,028
1,032
1,035
1,036
3
3
3
3
3
8
8
8
8
8
1,584
1,676
1,618
1,610
1,573
6
6
6
6
6
13
14
12
13
15
18
18
17
19
19
132
161
152
128
131
904
894
901
894
830
927
910
924
934
852
67
66
62
61
60
9
10
9
14
13
57
68
45
45
127
196
196
197
197
197
1
1
1
1
1
1
1
1
1
1
541
533
549
555
544
10
9
9
10
10
83
91
96
97
101
550
557
563
574
507
512
524
525
536
479
80
79
80
74
72
8
8
22
7
41
37
24
18
104
113
113
114
113
113
1
1
1
1
1
253
255
263
260
250
3
3
3
3
2
20
19
18
20
19
309
301
304
313
321
991
1,017
1,010
1,022
956
981
986
991
961
124
125
123
119
121
16
19
17
18
16
65
56
40
47
110
147
148
149
149
149
1
1
1
1
1
1
1
1
1
1
730
706
739
753
736
5
5
5
5
5
20
18
18
19
18
290
257
261
287
291
934
926
940
946
913
920
900
915
950
906
80
80
74
73
75
15
17
14
17
17
65
51
35
40
78
130
130
131
131
131
7
7
7
7
7
2
2
1
1
1
440
418
437
456
451
38
38
35
38
31
279
283
260
244
260
2 270
2^275
2,269
2 297
2,260
2,299
2,277
2,283
2,373
2,297
142
145
150
149
146
47
60
45
50
55
133
114
81
64
220
1,124
1,123
1,131
1,130
1,130
28
28
28
28
35
35
29
41
40
122
65
146
189
190
2,812
2,181
2,891
2,971
2,806
2,798
2,138
2,892
3,013
2,809
170
179
174
175
160
24
45
38
28
25
298
234
139
159
507
463
463
462
463
463
1,029
1,018
7
734
654
241
242
242
243
r
449
422
433
442
447
27
2
2
2
2
2
1,143
1,245
1,173
1,168
1,149
5
5
5
5
5
r
1,707
1,708
1,710
1,710
1,710
5,217
5,307/
5,365
5,882:
8,293".
!'!!!!
220
221
221
221
221
519'
534
562'
567
670-
:.:: :
414
774
415
793
416
714
416
887
416 1,059
7
2
2
2
2
258
664
257
643
258
649
258
945
258 1,016
357
345
310
359
444
104
104
104
104
104
334
334
319
322
391
457
459
460
460
460
1,868
2,585
1,723
2,110
2,376
104
104
105
104
105
327
340
302
336
438
69
68
69
69
69
187
189
196
262
274
118
118
118
118
118
395
376
393
403
482
2
2
2
2
1
15
15
15
14
14
107
107
107
107
108
95
95
95
96
96
291
272
250
300
340
22
23
24
23
24
404
403
403
404
404
838
832
770
841
98(1
298
300
300
300
300
1,105
1,766
1,023
1,225
1,543
l"
51
4
1
2
11
11
11
11
13
51
r
Revised.
* See note on preceding page.
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2
Debits to demand deposit accounts except interbank and U. S. Government accounts.
MAY
1943
441
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
E*nd of month
Based on
Held by
Commercial
paper
Total
out- 1
outstanding standing
Accepting banks
Total
Own
bills
Others
Bills
bought
1941—December
375
194
146
92
54
49
1942—January
February
March
April
May
June
July
August
September
October
November
December
381
388
384
373
354
315
305
297
282
271
261
230
197
190
183
177
174
163
156
139
123
119
116
118
154
144
146
139
133
122
119
108
97
94
90
93
103
92
89
86
82
78
77
71
64
63
61
60
52
53
57
53
51
44
42
37
33
31
29
34
43
46
37
38
41
41
38
31
26
25
26
25
1943—January
February
March
220
209
201
120
127
130
95
102
101
60
64
62
35
38
39
Imports
into
United
States
2
24
25
29
Goods stored in or
shipped between
points in
Exports
from
United
States
Dollar
exchange
15
4
48
11
17
18
17
17
16
13
8
8
6
6
6
9
3
2
2
1
1
(3)
(3)
(»)
51
44
45
48
43
52
45
41
41
40
39
38
11
13
16
14
13
4
11
11
10
12
12
14
38
41
39
12
12
10
116
116
112
103
97
101
94
92
78
66
60
57
57
57
United
States
(I)
(!)
(3)
(3)
(3)
(3)
(*)
12
14
12
60
69
Foreign
countries
1
2
3
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
Debit
End of month
Customers'
credit balances 1
Debit
Customers' balances in balances in
debit
firm
m partners'
balances investment investment
(net) 1
and trading and trading
accounts
Credit balances
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
accounts
Other credit balances
In partners'
In firm
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
1936 Tune
December
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
1938—June
December
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
5
298
305
1939—June
December
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
280
277
1940—June
December
653
677
616
600
12
12
58
99
223
204
376
427
267
281
62
54
22
22
6
7
5
5
11
8
89
86
186
211
395
368
255
289
65
63
17
17
7
5
269
247
222
213
531
515
502
496
491
c
490
e
500
e
510
8
8
8
9
7
70
68
79
86
95
195
195
177
180
172
16
16
16
16
16
4
5
3
4
4
201
196
194
189
185
154
160
249
247
238
240
238
*240
e
240
e
250
c
250
270
67
61
59
56
57
7
306
300
300
309
307
*300
e
310
e
310
e
320
378
54
15
4
182
e
e
1941—June
December
1942—March
April
May
June
July
August
September
October
November
December
. . .
1943—January
February
March
e
52O
543
e
540
e
550
e
6l0
290
e
320
e
350
280
e
310
e
340
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
OPEN-MARKET M O N E Y RATES I N N E W Y O R K C I T Y
[Per cent per annum]
|
Year,
month, or
week
Prime Stock
exPrime bankchange
comers'
call
mercial acceptloan
paper,
re4- to 6- ances,
90
newmonthsl daysl
al
Yields on U . S.
G o v e r n m e n t securities
COMMERCIAL L O A N RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern and
Western
cities
1934 average 1
1935 average 1
1936 average 1
1937 average 1
1938 average 1
3.45
2.93
2.68
2.59
2.53
2.45
1.76
1.72
1.73
1.69
3.71
3.39
3.04
2.88
2.75
4.32
3.76
3.40
3.25
3.26
1939 average
1940 average
1941 average
1942 average
1939—March
June
September
December
1940—March
June
September
December
1941—March
June
September
December......
1942—March
June
September
December
2.78
2.63
2.54
2.61
2.95
2.91
2.68
2.59
2.65
2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.07
2.04
1.97
2.07
2.13
2.15
2.04
1.96
2.03
2.00
2.14
2.00
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
3.05
3.05
2.78
2.59
2.67
2.49
2.56
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
3.51
3.38
3.19
3.26
3.77
3.62
3.31
3.32
3.35
3.38
3.43
3.36
3.25
3.23
3.29
2.99
3.20
3.34
3.25
3.26
1943—March
2.76
2.36
2.76
3.24
9- to 12month
certifi-
3- to 53year
month
cates taxable
bills3
of indebted- notes
ness
1940 average
1941 average
1942 average
1942—March
April
May
June
July
August
September.. ..
October
November . . . .
December.....
.56
.54
.66
.63
.63
.63
.69
.69
.69
.69
.69
.69
.69
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
LOO
LOO
LOO
.014
.103
.326
LOO
LOO
LOO
LOO
LOO
LOO
LOO
LOO
LOO
LOO
.212
.299
.364
.363
.368
.370
.370
.372
.371
.363
1943—January
February
March
Week ending:
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
.69
.69
.69
.44
.44
.44
LOO
LOO
LOO
.367
.372
.373
LOO
LOO
LOO
LOO
1.00
.374
.374
.373
.371
.372
.80
.76
.75
.80
.80
.76
1.13
.93
.98
1.03
1.15
1.20
1.25
1.27
1.28
1.28
1.34
.76
.73
.75
1.29
1.24
61.33
.74
.75
.79
.79
.77
1.39
1.39
1.40
1.39
1.38
4
5
1 Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.25 per
cent during the entire period.
3
Rate on new issues offered within period. Tax-exempt bills prior to
March 1941; taxable bills thereafter.
4
Average for Aug. 15 to 31.
5
Number of issues included decreased from 2 to 1 on Mar. 1.
6
Number of issues included decreased from 2 to 1 on Mar. 15.
Back figures.—Set Annual Report for 1937 (tables 43 and 44). Figures
on Treasury bills and Treasury notes available on request.
2
i 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 *
[Per cent per annum]
U. S.
Government 2
Year, month, or week
Partially
Taxable
taxexempt
Number of issues
2-6
2
Corporate (Moody's)5
Municipal
(high
grade) 3
Corporate
(highgrade) 4
By ratings
By groups
Total
Aaa
15
5
Aa
A
Baa
Industrial
120
30
30
30
30
40
40
3.02
2.94
2.98
3.57
3.30
3.28
4.75
4.33
4.28
3.10
2.95
2.96
4.30
3.95
3.96
Railroad
Public
utility
40
1940 average
1941 average
1942 average
2.21
1.95
2.02
2.35
2.50
2.10
2.36
2.77
2.67
2.75
3.55
3.34
3.34
2.84
2.77
2.83
1942—March
April
May
June
July
August
September
October
November
December
2.00
1.98
1.97
1.97
2.00
2.02
2.03
2.05
2.06
2.09
2.35
2.34
2.35
2.33
2.34
2.34
2.34
2.33
2.34
2.36
2.58
2.44
2.45
2.38
2.32
2.28
2.25
2.22
2.20
2.26
2.80
2.77
2.76
2.75
2.74
2.73
2.73
2.72
2.71
2.72
3.37
3.34
3.36
3.37
3.35
3.34
3.33
3.31
3.31
3.32
2.86
2.83
2.85
2.85
2.83
2.81
2.80
2.80
2.79
2.81
3.00
2.98
3.00
3.01
2.99
2.99
2.98
2.95
2.94
2.96
3.32
3.30
3.31
3.31
3.28
3.27
3.26
3.24
3.24
3.23
4.30
4.26
4.27
4.33
4.30
4.28
4.26
4.24
4.25
4.28
3.00
2.96
2.97
2.97
2.94
2.94
2.95
2.94
2.93
2.94
3.94
3.95
3.97
4.03
4.02
3.98
3.95
3.92
3.93
3.96
3.25
3.1t
3.11
3.17'
3.13
3.13
3.12
3.09
3.09
3.08
3.07
3.06
3.07 •
. 2.06
2.06
6
2.08
2.32
2.32
2.33
2.27
2.22
2.21
2.70
2.68
2.70
3.27
3.23
3.20
2.79
2.77
2.76
2.93
2.89
2.88
3.20
3.17
3.14
4.16
4.08
4.01
2.90
2.88
2.87
3.86
3.78
3.73
3.05
3.02
3.00
2.09
2.07
2.05
2.02
1.99
2.33
2.32
2.32
2.32
2.31
2.21
2.21
2.21
2.21
2.19
2.69
2.70
2.69
2.69
2.68
3.20
3.19
3.18
3.19
3.19
2.76
2.76
2.76
2.76
2.76
2.88
2.88
2.88
2.89
2.88
3.14
3.14
3.14
3.14
3.14
4.01
3.97
3.95
3.98
3.97
2.87
2.87
2.86 '
2.87
2.86
3.72
3.70
3.68
3.70
3.69
3.00
3.00
3.00
3.01
3.01
1943—January
February
March
Week ending:
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Apr. 24.
1
2
3
4
5
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Average of yields on all outstanding issues due or callable in more than 12 years.
Standard and Poor's Corporation.
IT. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from6 10 to 4 and 10 to 5 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively.
Number of issues included decreased from 4 to 3 on Mar. 15.
Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pp.
21-24. Figures for U. S. Government bonds available on request.
MAY
1943
443
SECURITY MARKETSi
Stock prices5
Bond prices
Corporate
Year, month, or week
U. S.
Government 2
Number of issues
Municipal
(high
grade)3
4
Medium and lower-grade
Highgrade
Total
DePublic faulted
utility
Railroad
Industrial
of trading7
(in thousands of
Public
utility shares)
Common (index 1935-39 = 100)
Preferreds
Total
Industrial
Railroad
2-6
15
15
10
20
20
15
15
402
354
20
28
107.2
111.0
109.9
123.6
130.9
126.2
115.9
117.8
118.3
94.8
98.9
100.1
97.3
103.9
109.1
83.8
86.9
86.6
103.5
106.1
104.8
14.0
21.9
27.2
169.2
171.9
162.4
88
80
69
88
80
71
71
71
66
96
81
61
767
629
466
110.2
110.5
110.7
110.7
110.2
109.9
109.8
109.5
109.4
108.9
122.2
124.5
124.5
125.7
126.7
127.6
128.1
128.6
129.0
127.8
116.7
117.8
117.7
118.0
118.9
118.7
119.0
119.3
119.5
118.9
98.8
99.3
98.9
98.1
98.9
99.3
100.7
102.1
103.2
103.6
106.1
107.1
107.4
107.7
108.4
108.7
109.8
111.2
113.8
115.3
88.6
88.4
87.1
83.0
83.9
85.2
86.4
88.0
87.6
86.5
101.8
102.3
102.2
103.5
104.5
104.1
105.8
107.1
108.3
109.1
27.6
26.7
26.4
24.0
25.5
27.1
29.4
30.3
29.6
29.9
159.8
154.8
156.3
159.2
162.0
164.0
164.0
165.5
165.4
166.9
66
63
63
66
68
68
69
74
75
76
67
65
65
68
71
71
72
77
77
79
65
61
60
59
63
65
67
73
61
363
336
323
316
346
321
418
693
686
818
1943—January
February
March
109.4
109.4
8
109.1
127.7
128.6
128.7
119.5
120.0
119.8
105.4
106.4
108.0
115.7
115.9
116.7
89.9
92.0
95.3
110.5
111.4
112.1
31.7
33.5
39.9
168.0
170.8
171.5
80
85
88
82
88
91
74
78
86
69
73
76
1,247
1,504
Week ending:
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Apr. 24.
108.9
109.2
109.5
109.9
110.4
128.8
128.8
128.8
128.8
129.2
119.7
119.7
119.8
119.9
120.0
108.4
109.1
109.3
109.0
109.1
117.0
117.3
116.9
116.0
115.7
96.1
97.2
97.9
97.4
97.9
42.8
44.3
44.5
42.6
44.9
171.6
171.2
170.7
171.6
171.6
88
92
93
90
91
91
95
96
92
94
85
91
95
90
93
76
78
79
78
80
1,531
1,799
2,333
1,206
1,062
1940 average
1941 average .
1942 average
...
1942—March
April
May
June
July
August
September
October
November
December
50
r
r
112.2
112.7
113.2
113.5
113.6
57
57
59
58
59
60
64
66
65
73
69
820
r
1
2
Revised.
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis
of 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.
8
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.
8
Number of issues included decreased from 4 to 3 on Mar. 15.
Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79).
NEW SECURITY ISSUES
[In millions of dollars]
1
Year or month
?or new capital
Total
(new Total
and
(doremestic
fundand
ing)
for- Total
eign)
State
and
munici-
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,109
720
708
1,386
1,457
1,972
2,138
2,360
2,289
1,951
2,854
1,069
1,386
1,409
1,949
2,094
2,325
2,239
1,948
2,852
1,069
110
159
130
97
41
103
45
28
29
37
110
159
130
July
August
September ..
October
November...
December...
197
266
182
201
142
162
100
115
98
145
37
9
1943—January
February....
March
176
102
200
7
58
90
7
4
47
33
1942—March
April
May
June
97
41
103
45
28
29
58
87
Domestic
Domestic
pal
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
For refunding
483
803
855
735
712
971
931
751
518
342
22
52
23
18
11
45
17
26
7
Federal
agencies
64
405
150
22
157
481
924
461
Corporate
Total
Bonds
and
Stocks
notes
161
178
404
1,192
1,225
873
383
736
1,272
1,062
108
618
9
10
3
2
3
79
97
104
"ii"
17
Total
(domestic
and
Total
foreign)
77
28
59
28
2
5
11
3
11
55
pal
40
144
334
839
817
807
287
601
889
500
62
91
94
69
27
57
18
343
774
283
765
" 4 8 " 3,242
23
4,242
44
1,799
35
2,089
50
3,553
2
2,852
1
2,693
1,040
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,040
88
107
52
105
102
59
55
88
107
52
105
102
59
55
27
8
8
15
37
3
87
120
35
69
352
408
67
97
135
173
118
18
6
10
8
5'
9
3
11
47
State
and
munici-
12
""2"
10
2
37
136
365
382
191
129
195
482
435
181
7
69
108
""2
7
2
87
69
108
12
10
9
170
44
110
80
44
110
45
11
17
Corporate
Federal
cies 1
Total
Bonds
and
219
312
187
312
1,782
3,187
418
410
21
81
39
28
32
50
18
31
46
34
39
19
6
62
33
6
30
44
14
65
39
19
6
55
33
6
30
44
13
65
27
8
2
38
8
2
32
1,537
344
698
440
32
55
Stocks
notes
1,864
3,387
1,209
1,267
1,733
2,026
1,557
26
317
987
353
281
6(0
Foreign2
856
1,236
1,596
1,834
1,430
32
""si"
200
352
31
137
193
126
8
60
9
26
119
119
28
88
4
7
90
y•
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).
444
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated
gross
proceedsi
Estimated
net
proceeds'*
N e w money
Plant and
equipment
Total
Retirement of securities
Working
capital
nds and
Total
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
11
23
49
36
7
26
19
28
35
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
987
57
208
858
991
681
325
569
32
111
380
574
504
170
424
661
268
26
96
478
417
177
155
145
207
173
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
380
231
1,794
3,143
911
1,119
1,637
1,726
1,483
352
71
226
190
87
59
128
100
28
84
170
154
111
215
69
174
144
133
21
1
10
2
15
2
1
1
10
2
6
16
12
14
3
14
22
17
1941-April
May
June
July
August
September..
October
November..
December..
184
269
250
122
417
182
204
155
144
181
262
246
119
413
180
201
152
142
42
67
87
51
185
27
91
92
57
26
54
75
35
167
17
64
61
36
17
13
12
16
17
10
27
31
21
132
189
142
56
210
150
92
37
62
110
188
131
54
194
148
91
37
52
1942—January....
February...
March
April
May
June
July
August
September.
October. . .
November.
December..
164
78
102
121
126
142
53
89
62
18
27
26
161
76
100
118
124
139
52
88
60
17
27
26
71
40
39
70
59
72
14
39
23
2
2
38
34
35
15
27
57
11
33
33
5
4
55
33
15
3
6
15
1
2
1
80
23
46
12
11
60
29
34
28
15
24
17
80
12
41
12
11
55
29
34
26
1943—January....
February...
March
9
49
98
49
96
1
12
39
1
2
32
6
34
48
6
34
42
10
6
9
2
15
36
53
11
5
5
2
15
24
13
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
Total
net
proceeds
Public utility
RetireNew ment of
money securities
172
120
774
338
54
182
319
361
47
21
57
139
228
24
85
115
253
32
1941—April
May
June
July
August
September..
October
November..
December..
2
45
58
23
24
42
25
1
28
45
51
23
24
7
21
1
28
1942—January....
February...
March
April
May
June
July
August
September.
October. . .
November.
December..
10
4
6
10
4
6
1943—January....
February...
March.
120
54
558
110
30
97
186
108
15
35
4
All
other
purposes 4
31
10
77
1
l
Retire- A l
New ment of other
money securi- pur- 4
poses
ties
All
other
purposes 4
Total
net
proceeds
130
1,250
1,987
751
1,208
1,246
1,180
1,340
441
42
30
27
50
86
47
13
30
27
62
774
1,280
1,079
831
584
961
828
497
25
74
439
616
469
188
167
244
272
34
550
761
373
226
353
738
463
85
2
150
80
90
136
43
56
121
140
76
75
48
76
23
75
85
46
16
16
24
9
22
13
49
41
25
66
54
38
29
40
9
13
24
15
7
6
13
10
14
1
14
21
6
43
38
46
107
102
61
46
18
15
5
12
3
43
11
25
59
49
51
9
4
14
2
2
2
14
6
12
6
6
29
All
other
13
15
36
48
4
8
15
1
141
113
39
307
114
79
59
62
107
34
48
11
21
69
3
68
44
3
15
19
10
Other
Industrial
Total
net
proceeds
1
1
Retire-
New ment of
noney securities
20
122
390
71
16
102
155
94
2
"46'" ' " ' 7 2 '
218
152
57
7
8
7
9
42
9
55
18
2
19
4
20
7
1
5
104
21
6
1
1
10
4
1
2
33
c
1
2
Corrected.
Estii
Gr<
tion to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
Swrce.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN.
4
MAY
1943
445
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits, 1 by industrial groups
Year or quarter
Total
Number of companies
Iron
and
steel
Machinery
Automobiles
Other
transportation
equipment
Nonferrous
metals
and
products
Other
durable
goods
Foods,
beverages,
and
tobacco
Oil
prod,
and
refining
Other
nondurable
goods
Industrial
chemicals
Miscellaneous
services
Dividends
Net
profits1
Pre- Comferred mon
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,169
1,806
146
278
325
224
115
158
193
160
223
242
274
208
102
173
227
203
119
133
153
138
70
88
113
91
151
148
159
149
98
112
174
150
186
194
207
164
134
160
187
140
122
132
159
177
847
1,028
1,144
885
90
90
92
564
669
705
554
284
311
320
550
13
14
35
85
20
25
26
44
64
61
12
86
23
21
20
39
25
22
30
42
8
16
23
23
31
36
44
41
14
21
26
37
36
40
45
66
28
29
32
45
24
27
29
42
173
185
167
321
21
22
21
26
114
119
125
207
1940—1..
2..
3..
4..
422
412
396
588
47
51
79
101
33
39
34
52
69
53
17
103
41
36
33
63
33
29
30
40
14
21
25
28
34
38
33
43
34
30
25
24
46
45
52
51
41
41
39
39
29
30
29
44
246
230
211
342
21
21
22
25
136
158
158
217
1941—1
2
3
4
510
549
560
550
86
84
81
72
44
48
46
55
79
73
60
61
53
56
56
62
39
36
38
40
23
28
30
32
36
43
44
37
29
42
56
46
49
53
52
52
44
48
49
46
286
297
284
276
22
23
23
24
150
165
170
221
419
52
52
51
70
38
35
36
51
46
25
46
36
32
34
36
19
18
22
31
32
32
42
43
35
27
42
47
39
35
41
49
39
27
35
39
29
36
46
48
32
34
59
53
204
174
218
289
21
23
21
23
134
136
126
158
1939
1940
1941
1942
1939—1
2
Quarterly
r
1942—1..
2.
3..
4..
r
364
r
458
r
564
91
r8
51
r8
48
r8
49
8
,
55
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad2
Net income
Operating
revenue
Income
before
income
tax 4
3,995
4,297
5,347
7,466
Year or quarter
126
249
r
674
1,718
93
189
r
500
959
898
906
1,058
1,133
-38
—43
68
139
986
1,010
1,130
1,171
All roads Insolvent
roadsfi
Dividends
Quarterly
2
3
4
1940—1
2
3
4
...
1,152
1,272
1,468
1,454
1942—1
2
3
4
1,483
1,797
2,047
2,139
2
Income
before
income
Net
income1
Dividends5
Operating
revenue
Net
income1
Dividends
28
3
4
1941—1
Operating
revenue
28
28
28
32
32
32
-102
- r7 3
23
173
126
159
186
196
692
735
799
r
847
159
177
202
228
137
142
133
120
116
118
115
1,067
1,129
1,235
1,365
191
194
178
163
175
178
172
163
-43
-47
58
126
—4
21
23
21
61
175
166
167
184
46
37
34
43
39
32
30
36
19
19
19
22
259
267
266
274
44
49
47
51
42
42
43
48
-3
15
92
145
-12
3
71
127
-29
-33
-14
3
25
29
29
78
187
176
177
194
48
42
41
47
41
34
31
37
19
19
19
20
274
281
281
294
49
50
45
50
44
44
44
46
r
96
145
267
r
166
28
36
138
- r5
0
r
23
r
5
r
r
103
r
189
r
r
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
r
221
63
53
57
56
33
25
28
35
19
19
19
19
324
336
344
360
47
48
46
44
42
39
38
Number of companies....
1939
1940
1941
1942
Telephone3
Electric power
1
r
69
r
r
1
2
3
Revised.
"Net profits" and "net income" refer to income after all charges and.taxes, andjbefore dividends.
Class I line-haul railroads.
Series revised to reflect operations more accurately. The group now excludes American Telephone and Telegraph Company, the greater part of
whose income consists of dividends received on stock-holdings in the 32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public.
4
After all charges and taxes except Federal income and excess profits taxes.
5
Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown.
6 Includes roads in receivership or trusteeship a t beginning of the year.
7 N o t available.
8
Partly estimated.
9
Unlike other industrial groups in this table, net income of telephone companies in the first three quarters of 1942 included provision for Federal income and excess profits taxes at rates specified in the Revenue Act of 1941. Most of the increase in taxes for the year is therefore reflected in the fourth
quarter figure.
Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp.
214-217 of the March 1942 BULLETIN.
446
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIIS
[On basis of daily statements of United States Treasury. In millions of dollars]
End of month
Total
interestbearing
direct
debt
Total
gross
direct
debt
Marketable public issues 1
Total2
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtedbills
notes
bonds
ness
Total 2
U.S.
savings
bonds
Treasury
tax notes
Special
issues
Fully
Nonguaraninte rest- teed interestbearing
bearing
debt
securities
1940—June
42,376
42,968
4,775
5,498
34,436
1,302
591
6,383
3,166
26,555
2,905
566
45,025
44,458
3,444
3,195
5,370
5,901
Dec
35,645
1,310
6,178
27,960
574
48,961
48,387
4,555
4,314
6,120
6,360
1941—June
37,713
1,603
5,698
30,215
57,938
57,451
6,982
6,317
Dec
41,562
2,002
2,471
487
5,997
6,140
33,367
8,907
62,419
1942—Mar
61,940
5,666
7,333
43,329
1,652
480
5,571
11,278
2,536
35,910
8,436
Apr
465
2i 744
12,002
8,951
7,358
5,666
64,961
64,496
45,137
1,953
1,507
5,571
35,910
May
462
12,976
9,569
3,100
7,518
5,667
68,571
68,108
47,615
2,257
1,507
5,571
38,085
June
454
13,510
10,188
3,015
7,885
4,548
72,422
71,968
50,573
2,508
3,096
6,689
38,085
July
442
14,743
11,078
3,357
8,125
4,551
77,136
76,694
53,826
3,663
3,096
6,689
40,182
441
15,805
11,751
3,739
8,262
4,567
Aug
81,685
81,244
57,176
4,168
4,705
6,689
41,418
637
16,936
12,479
4,137
8,509
4,552
Sept
86,483
85,847
60,402
4,619
6,211
7,958
41,418
639
18,672
13,381
4,964
8,585
4,243
Oct
92,904
92,265
65,008
5,126
6,211
10,095
43,381
3
657
20,117
14,079
5,703
8,787
4,244
Nov
96,116
95,458
66,554
5,721
7,161
10,095
43,381
862
21,788
15,050
6,384
9,032
4,283
Dec
108,170 107,308
76,488
6,627
10,534
9,863
49,268
3
23,356
16,246
6,749
9,172
1,045
4,277
1943—Jan
111,069 110,024
77,496
7,423
10,741
9,863
49,273
24,560
17,067
7,125
9,565
1,173
4,275
Feb
114,024 112,851
78,726
8,232
11,161
9,863
49,273
24,622
17,891
6,346
10,004
1,219
4,350
Mar
115,507 114,287
79,662
9,234
11,161
9,797
49,273
1
Including amounts held by Government agencies and trust funds, which aggregated $2,826,000,000 on Feb. 28, and $2,802,000,000 (preliminary) on
Mar. 31,1943.
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 one-day certificates of indebtedness not shown separately amounting to $422,000,000 on Nov. 30 and $202,000,000 on Jan. 31.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, MARCH 31, 1943
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue
Treasury bonds 1
June 15, 1943-47 .
Oct. 15, 1943-45
Apr. 15, 1944-46
Dec. 15, 1944-54
Sept. 15, 1945-47
Dec. 15, 1945
Mar. 15, 1946-56
June 15, 1946-48
June 15, 1946-49
Oct. 15, 1947-52
Dec. 15, 1947
Mar. 15, 1948-50
Mar. 15, 1948-51
June 15, 1948
Sept. 15, 1948
Dec. 15, 1948-50
June 15, 1949-51
Sept. 15, 1949-51
Dec. 15, 1949-51
Dec. 15, 1949-52
Dec. 15, 1949-53
Mar. 15, 1950-52
Sept. 15, 1950-52
June 15, 1951-54
Sept. 15, 1951-55
Dec. 15, 1951-53
Dec. 15, 1951-55
Mar. 15, 1952-54
June 15, 1952-55
June 15, 1953-55
June 15, 1954-56
Mar. 15, 1955-60
Mar. 15, 1956-58
Sept. 15, 1956-59.
June 15, 1958-63
Dec. 15, 1960-65
June 15, 1962-67
Dec. 15, 1963-68
Sept. 15, 1967-72. ...
Postal Savings bonds..
Conversion bonds
Panama Canal loan .
Treasury notes
June 15, 1943 .
Sept. 15, 1943
Dec. 15, 1943
Mar. 15, 1944
June 15, 1944
1
Amount
Issue
1943
Month
Treasury notes—Continued
283
454
Sept. 15, 1944
635
1,401
Sept. 15, 1944
718
Mar. 15, 1945
1,519
1,606
Mar. 15, 1945
1.037
531
Dec. 15, 1945
1,214
503
Mar. 15, 1946
541
3,261
Dec. 15, 1946
489
1,036 Cert, of indebtedness.
819
1,506
May 1, 1943
759
1,609
Aug. 1, 1943
701
2,035
Nov. 1, 1943
1,115
3,800
Dec. 1, 1943
1,223
2,211
Feb. 1, 1944
3,062
451 Treasury bills
Apr. 7, 1943
600
571
602
Apr. 14, 1943
1,014
702
Apr. 21, 1943
1,292
702
Apr. 28, 1943
2,098
702
May 5, 1943
491
708
May 12, 1943
1,786
703
May 19, 1943
1,963
701
May 26, 1943
1,186
701
June 2, 1943
1,627
705
June 9, 1943
755
802
June 16, 1943
1,118
802
June 23, 1943
510
805
June 30, 1943
1,024
Total direct issues.... 79,662
1,501
725
681 Guaranteed securities
Commodity Credit Corp.
2,611
289
May 1, 1943
1,449
412
Feb. 15, 1945
982
Fed. Farm Mortgage Corp.
919
Mar. 15, 1944-64
95
1,485
May 15, 1944-49
835
2,118
Fed. Public
Housing
2,831
Authority
2,716
Feb. 1, 1944
117
Home Owners' Loan Corp
29
May 1, 1944-52
779
50
June 1, 1945-47
Reconstruction Fin. Corp.
July 15, 1943... .
Apr. 15, 1944
Jan. 1, 1945
Federal Housing Admin.
Various
Total guaranteed issues
Called for redemption on June 15, 1943.
MAY
Amount
UNITED STATES SAVINGS BONDS
[In millions of dollars]
629
279
421
515
416
Amount
outstanding
at end of
All
month 1 series
eived from sales during
month
Redemptions
Series
E
Series
F
Series
All
G
series
101
103
145
211
183
170
128
109
125
105
154
14
15
18
13
14
14
13
16
1941—May
June
July
Aug
Sept
Oct
Nov
Dec
4,008
4,314
4,649
4,908
5,132
5,394
5,620
6,140
370
315
342
266
232
271
234
529
.118
105
123
110
341
38
29
27
20
18
23
19
33
1942—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.
Oct
Nov
Dec
7,198
7,893
8,436
8,951
9,569
10,188
11,078
11,751
12,479
13,381
14,079
15,050
1,061
703
558
531
634
634
901
697
755
935
735
1,014
667
398
338
327
422
433
508
454
510
665
542
726
78
52
41
40
43
41
74
52
61
61
45
66
316
253
179
164
170
160
319
191
184
210
148
222
15
16
22
21
22
23
25
32
34
40
43
1943—Jan
Feb
Mar
16,246
17,067
17,891
1,240
887
944
815
77
, 634
48
44
348
205
180
63
76
131
720
55
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.
755
324
571
75
23
4,272
447
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
End of month
Held by U. S. Government agencies
and trust funds
Special
issues
Public
issues
4,775
5,370
6,120
6,982
7,885
8,125
8,262
8,509
8,585
8,787
9,032
9,172
9,565
2,295
2,250
2,362
2,547
2,726
2,741
2,884
2,900
2,922
2,922
3,207
3,195
3,126
47,874
50,360
54,747
63,768
76,517
81,245
85,811
90,399
96,509
99,702
111,591
114,301
117,126
1940—June
December
1941—June
December
1942—June
July
August
September
October
November
December
1943—January
February.
Privately held 1
Held
by
Federal
Reserve
Banks
2,466
2,184
2,184
2,254
2,645
3,153
3,426
3,567
4,667
5,399
6,189
5,969
5,871
Total
Member
banks
Other
commercial
banks
Mutual
savings
banks
Insurance
companies
38,338
40,556
44,081
51,985
63,261
67,226
71,239
75,423
80,335
82,594
93,163
95,965
98,564
14,722
15,823
18,078
19,539
24,098
25,930
27,600
29,750
32,030
33,380
37,546
p
39,070
p
39,400
1,830
1,940
2,020
2,250
2,290
2,500
2,640
2,820
3,180
3,290
*>3,75O
p
3,850
2*3,990
3,110
3,220
3,430
3,700
3,890
4,010
4,130
4,200
4,280
4,180
^4,560
^4,640
^4,710
Other investors
6,500
6,900
7,000
8,000
8,900
9,000
9,600
9,700
9,800
9,600
11,000
11,100
11,200
Marketable
issues
Nonmarketable
issues
9,400
9,600
9,400
10,000
11,100
11,600
12,100
12,700
12,900
12,600
^15,200
PI4,700
p
l5,500
2,800
3.100
4,200
8,500
13,000
14,200
15,200
16,300
18,100
19,500
21,100
22,600
23,800
p
Preliminary estimates.
i Estimated figures for member banks, other commercial banks, and mutual savings banks have been rounded to nearest 10 million dollars and for
insurance companies and other investors to nearest 100 million.
Back figures.—See July 1941 BULLETIN, p. 664.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES*
[Public marketable securities. Par values in millions of dollars]
U.S.
U.S.
GovernTotal ment Fed- Com- Mutual
eral
out- agen- Re- mercial savtand- cies serve banks 1 ings
ing
>anks
and Banks
trust
unds
Totals
1941—Dec
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Feb
Treasury bills:
1941—Dec
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Feb
Certificates:
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Feb..
Treasury notes:
1941—Dec...
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Feb. . . .
Guaranteed securities:
1941—Dec
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Feb.
47,878
55,122
64.916
69,204
70,750
80,685
81,691
82,921
[nsurance Other
companies
2,547
2,723
2,877
2,993
2,918
3,202
3,189
3,119
2,254
2,645
3,567
4,667
5,399
6,189
5,969
5,871
20,589
24,939
30,707
33,084
34,480
38,759
40,281
40,649
3,641
3,830
4,114
4,199
4,091
4,471
4,519
4,589
7,858
8,748
9,513
9,626
9,351
10,766
10,806
10,909
10,990
12,237
14,138
14,634
14,510
17,297
16,927
17,784
i
10
243
657
481
383
1,037
1,557
2,884
3,468
4,216
4,497
5,568
5,302
34
28
17
18
14
10
21
24
210
91
123
126
93
26
45
63
710
590
937
1,971
3,978
3,782
4,389
6,470
6,594
6,837
74
92
90
99
129
136
206
191
271
265
114
180
157
261
1,346
1,326
1,356
2,696
2,518
3,039
3,246
3,725
4,507
5,830
5,828
5,670
5,698
5,699
166
138
181
204
196
167
174
183
265
266
276
295
290
283
294
298
1,490
1,770
2,241
2,391
2,354
2,327
2,341
2,407
4,119
2,847
2,893
2,637
2,660
2,665
2,650
2,664
243
148
132
122
116
108
108
107
547
433
369
349
338
333
329
329
1,123
2,002
2,508
4,619
5,126
5,721
6,627
7,423
8,232
2
5
11
9
12
3,096
6,211
6,211
7,161
10,534
10,741
11,161
11
19
22
16
17
19
29
5,997
6,689
7,958
10,095
10,095
9,863
9,863
9,863
53
76
75
79
85
92
81
86
6,317
4,549
4,515
4,195
4,195
4,196
4,19
4,196
280
281
293
304
310
311
311
294
1,010
689
1,475
66
504
726
1,187
1,041
1,317
789
777
714
678
1,297
1,343
1,324
1,275
1,190
c
t
15
17
22
37
50
49
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
1,031
1,010
1,073
1,091
1,355
782
835
814
766
750
743
748
753
Treasury bonds:
Total:
1941—Dec
1942—June
Sept
Oct
Nov
Dec
1943—Jan
# Feb
Maturing within 5 years:
1941—Dec
1942—June
Sept.
Oct
Nov
Dec
1943—Jan
Feb
Maturing in 5-10 years:
1941—Dec
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Feb
Maturing in 10-20 years:
1941—Dec
1942—June
Sept
Oct
Nov
Dec
1943—Jan
# Feb
Maturing after 20 years:
1941—Dec
1942—June
Sept
Oct
Nov
Dec
1943—Jan
Feb..
Federal
Reserve
Banks
2,182
2,321
2,456
2,554
2,468
2,739
2,736
2,665
33,367
38,085
41,418
43,381
43,381
49,268
49,273
49,273
3,461
3,915
5,129
5,129
5,129
5,830
5,830
5,830
Commercial
Danks
Mutual
savings
mnks
1,462
1,617
1,713
2,145
2,464
2,777
2,637
2,367
12,174
14,828
16,433
17,357
17,377
19,445
19,760
20,136
3,197
3,442
3,693
3,765
3,666
4,055
4,080
4,067
6,836
7,766
8,474
8,591
8,515
9,944
9,981
9,958
7,517
8,110
8,649
8,969
8,891
10,308
10,079
10,081
1,398
1,599
2,137
2,100
2,071
2,565
2,577
2,686
191
224
274
264
254
253
248
235
531
581
781
771
748
726
726
715
1,053
1,173
1,464
1,465
1,445
1,531
1,521
1,526
685
750
932
L,11O
L,084
L,129
1,145
1,165
1,257
1,347
1,458
1,710
1,736
2,101
2,142
2,236
1,432
1,536
1,756
2,409
2,293
2,920
2,737
2,758
L,856
1,957
L,854
1,756
L.712
i',580
1,555
1,538
3,309
3,510
3,163
3,037
2,990
2,778
2,756
2,651
3,924
4,086
3,871
3,558
3,581
3,531
3,529
3,520
289
336
472
528
610
754
757
665
7,584
9,436
11,506
14,229
14,229
17,080
17,080
17,080
757
1,284
1,439
1,574
1,521
1,420
3,452
4,959
6,446
7,717
7,676
9,353
9,536
9,505
17,253
18,731
17,545
16,786
16,786
16,295
16,295
16,295
2,116
2,168
2,061
2,124
2,133
2,165
2,090
1,948
6,044
7,009
6,596
6,310
6,377
6,240
6,364
6,635
846
916
5,070
6,002
7,238
7 238
7,'238
10,065
10,069
10,069
482
593
721
764
750
1,021
1,004
998
Insurance Other
companies
462 1,737 1,107
1,282
512 2,326 1,315
1,258
631 3,073 1,560
1,253
634 3,072 1,539
1,231
?
618 3,042 1, 574
1^255
1,286 1,095 4,339 2,323
1,284 1,131 4,356 2,293
1,310 1,131 4,354 2,275
* Figures include only holdings by institutions or agencies from which reports are received; the number reporting varies slightly from month to month.
Figures in column headed ''other" include holdings of nonreporting banks and insurance companies as well as of other investors. Estimates of total
holdings (including relatively small amounts of nonmarketable issues) of all banks, by kinds, and of all insurance companies for certain dates are shown
in the table above.
lOn Feb. 28, 1943, commercial banks reporting to the Treasury held $13,879,000,000 of United States Government securities due or callable within
one year out of a total of $23,489,000,000 outstanding.
2
Including $196,000,000 of Postal Savings and prewar bonds not shown separately below.
44 8
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
In-
Period
Fiscal vear ending:
June 1941
June 1942
1942—March
April
May
June
July
August
September....
October
November.....
December
1943—January
February
March
come
taxes1
3,470
7,960
3,083
Miscellaneous
internal
revenue1
Social
secur- Other
ity
taxes
364
305
270
298
416
362
309
350
337
630
365
352
374
2,086
273
155
2,126
206
199
1,972
306
380
4,732
re-
War
est
ceipts
ceipts 2
on
debt
8,269
13,668
7,607
12,799
1,111
1,260
52
49
56
67
52
48
49
45
45
50
100
115
51
49
43
222
42
53
232
43
48
248
50
52
343
50
Transfers to
a :tivi- trust
Other
acties
counts,
etc
Inter-
Net
re-
900
666
932
2,967
3,847 1,194
335
216
Total
3,548
3,547
205
732
764
695
563
77
2,494
'794
2,492
'747
797
2,702
2,701
1,190
5,207
5,206
824
4,968
4,745
2,809
3,238
3^560
3,829
22
48
385
390
375
310
378
305
317
330
291
297
337
312
347
v
7
2,527
648
830
331
381
19
390
35
587
2,528
5,301
26,011
1
M98
607
601
788
955
249
19
5
56
3
25
35
2
1
1,884
5,384
5,481
224
70
28
353
54
35
262
(
5^825
5,947
5,770
6,744
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
Fiscal year ending:
June 1941
June 1942
If 42—March
April
May
June
July
August
September....
October
November.. ..
December. .. .
1943—January ....
February
March
1
2
3
ExInvest- pendiments tures
1,958
2,327
1,200
1 ,705
741
614
31
112
422
136
212
433
30
126
471
75
110
498
36
139
15
196
297
117
184
214
49
170
350
43
230
272
Net expenditures
in checking accounts of
ReGovernceipts
ment
agencies
67
59
54
51
53
52
45
38
34
33
35
35
36
218
3,625
75
189
430
1,417
78
262
25
583
-449
548
186
370
300
Change
Total
in
InTrust Gen- crease
budin
get ex- Deficit
aceral
counts, Fund
pendigross
etc 3
tures
baldebt
ance
-148
12,711 -5,103
32,397 -19,598 - 3 , 5 0 6
3,421
3,753
3^953
4,530
5',160
5,215
5,931
5,937
6,363
6,500
6,372
6,119
7,354
+742
+358
5,994
23,461
+126
39
—3 058
2,542
3^609
3 852
4', 714
4,549
4,798
6,420
3,212
12,054
2,899
2,'954
1,483
-234
-69
542
— 126
-257
-39
—2,037 — 1,635
+179
'-4
+296
-4Ul3
-4,628
-54
-134
-3,404
- 2 4 5 +1,148
—5,331
—496
+594
-5,761
+736 - 1 , 8 1 4
—3,799
— 794 +7,461
—5,584
— 135 — 2^819
-5,164
- 1 2 2 -2]331
-549 -1,213
-2,147
-3,391
General Fund of the Treasury (end of period)
De-
Investments
Balance in
General Fund
Assets
Other
Expenditures
Total
Deposits
in
special
depositaries
Other
assets
661
1,679
1,127
1,162
179
452
2,633
2,991
1,885
2,229
2,231
L,579
1,666
1,679
2,014
L,880
2,411
3,373
1,695
5,166
5,367
3,892
2,694
1,101
1,115
1,150
1,162
1,215
1,246
1,256
1,321
1,350
1,350
1,368
1,381
1,421
365
365
386
452
494
541
386
416
475
489
477
503
579
3,493
2,851
2,812
2,991
3,288
3,154
4,302
4,896
3,082
10,543
7,724
5,392
4,179
2,732
2,089
2,050
2,229
2,525
2,392
3,540
4,134
2,320
9,780
6,961
4,630
3,416
680
863
138
221
490
533
2,812
3,443
1, 024
603
84
73
53
110
192
62
83
96
65
99
74
52
82
9
9
13
69
124
24
37
26
32
37
47
40
53
59
39
40
48
36
28
37
21
13
3,857
3,216
3,198
3,443
3,782
3,695
4,688
5,313
3,557
11,032
8,200
5,895
4,758
522
382
603
553
569
1 021
619
512
1 516
465
623
643
8
7
Total
liabilities
posits
in
Federal
Reserve
Banks
525
WorkTotal
baf-
ance
Details on collection basis given in table below.
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
Excess of receipts ( + ) or expenditures (—).
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollarsl
Miscellaneous internal revenue
Income taxes
Period
Total
Fiscal year ending:
June 1941.
June 1942. ,
1942—March
April
May
lune
July
August
September
October
November
December
1943—January
February
March
MAY
Current Current
indivi- corporation
dual
Back
taxes
Excess
profits
taxes
1,618
3,471
8,007
1,314
3,108
1,649
2,764
306
460
3,073
1,457
295
205
296
434
132
12
715
53
32
662
19
19
556
48
167
832
44
84
766
83
53
781
109
67
753
37
95
4,868
1,952
1,026
56
73
33
55
29
26
23
27
24
36
69
55
79
2,131
222
164
2,123
220
185
2,000
1943
164
717
44
68
584
53
49
641
58
73
644
136
113
1,791
Other
profits
taxes
Total
37
57
2,955
3,838
11
3
355
294
277
284
459
340
315
348
478
496
379
331
379
7
11
2
3
17
7
2
11
5
4
21
Capital
stock
tax
Estate Alcoholic Toand
gift beverage bacco
taxes
taxes
taxes
167
282
407
433
1,048
1
105
43
25
25
46
30
28
35
27
30
47
29
62
85
81
84
86
114
123
111
119
104
129
137
128
121
185
143
820
Manufacturers' MiscelStamp
taxes retailers' laneous
taxes
excise
taxes
698
781
39
42
617
852
207
401
62
63
66
71
74
74
3
3
3
3
3
3
3
3
3
3
4
4
4
64
70
63
56
62
60
56
66
47
64
68
51
47
36
33
35
42
160
51
39
42
32
46
42
50
65
77
83
79
81
81
68
80
449
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
Assets, other than interagency items
interagency items
Bonds, notes,
and debentures
Securities
End of month
Total
Loans
Preferred
stock,
etc.
U.S.
Govt.
direct
Cash
and
guaranteed
Other
Govt.
agencies 1
Accounts
and
other
receivables
Business
property
Property
held
for
sale
1941—June
December
13,277
14,660
8,106
8,487
698
680
376
496
925
999
18
46
598
574
636
714
1,497
1,891
1942—February
March
April
May
June
July
August
September...
October
November...
December. . .
1943—January
February....
15,224
15,750
16,656
17,343
17,962
18,482
19,401
19,974
20,534
20,992
21,715
22,643
23,437
8,396
8,407
8,567
8,356
8,379
8,307
8,233
8,190
8,159
8,158
8,127
8,086
8,022
663
658
650
649
648
642
626
623
622
621
620
605
565
582
621
645
732
403
407
609
625
581
563
553
605
590
1,058
1,060
,076
,088
L.O97
1,113
1,144
1,197
1,219
1,222
1,272
1,284
1,375
53
54
54
55
57
58
57
56
60
52
33
32
27
600
632
621
733
774
773
853
782
792
815
833
859
879
924
952
976
2,017
2,262
2,717
3,067
3,512
3,808
4,177
4,287
4,710
4,701
5,187
5,638
5,883
1,065
1,088
1,069
1,085
1,205
1,440
1,001
1,020
1,041
1,359
u. s. PriGovern- vately
ment
owned
Other
liabili- interest interest
ties
Fully
guaranteed
by
U.S.
Other1
423
773
6,370
6,324
1,443
1,392
1,604
2,049
3,436
4,464
424
431
1,073
1,264
1,511
1,830
2,233
2,495
2,778
2,979
3,119
3,605
3,818
4,147
4,176
5,697
5,690
5,688
5,687
4,568
4,581
4,592
4,574
4,265
4,264
4,301
4,291
4,332
1,396
1,433
1,431
1,440
1,442
1,443
1,445
1,434
1,413
1,404
1,414
1,413
1,383
2,325
2,497
2,656
2,950
3,265
3,457
3,691
4,154
4,185
4,601
4,630
4,829
5,076
5,372
5,694
6,444
6,828
8,249
8,562
9,234
9,373
10,230
10,281
10,931
11,671
12,206
434
435
436
437
438
438
439
439
442
443
439
439
440
Other
assets
LOANS, OTHER T H A N INTERAGENCY LOANS
Farm mortgage loans
Home mortgage and housing
agencies 3
End of month
ReconstrucTotal2 tion Home Feder- R F C
Filoans
al
nance Own- Home Morters'
gage
Corp. Loan Loan ComCorp. banks pany
8,106
1941—June
December.... 8,487
1,082
1,433
1,870
1 ,777
170
219
8,396
8,407
8,567
8,356
8,379
8,307
8,233
8,190
8,159
8,158
8,127
8,086
8,022
1,464
1,470
1,469
1,468
1,473
1,479
1,496
1,527
1,533
1,566
1,557
1,554
1,527
1 ,742
,724
,709
L.692
,676
,657
,640
1,622
L,603
,587
,568
,548
L.532
197
192
185
181
193
174
160
145
131
122
129
113
96
1942—February....
March
April
May
June
July
August
September...
October
November...
December...
1943—January
February....
65
72
75
75
77
79
82
83
85
88
91
93
94
96
96
Fed.
National
Mortgage
Assoc.
Other farm credit loans
Rural
ExElecFed.
trifica- portFed. Feder- Fed. inter- Banks Com- Farm Farm tion
ImFarm
Public
port
Secur- Adfor coal
Hous- land Mort- medi- opera- modity Credit ity Ad- min. Bank
ate
Credit Adgage credit
ing
Auth. banks Corp. banks tives Corp. min. min.
Other
316
367
1,818
1,764
630
597
255
235
74
113
244
233
263
250
461
467
289
323
114
139
261
291
352
379
371
365
384
388
357
360
377
372
366
379
378
194
207
211
213
215
216
216
215
215
215
214
213
211
210
209
1,746
1,731
1,721
1,715
1,706
1,692
1,679
1,663
1,645
1,625
1,603
1,579
1,564
586
580
575
567
562
554
547
539
528
518
507
496
490
251
267
280
282
289
291
287
270
248
238
238
237
248
110
106
102
99
101
104
104
112
130
140
145
132
121
230
218
393
230
231
201
181
173
188
214
242
258
270
253
258
260
258
258
256
254
250
244
241
237
237
240
420
436
450
456
460
458
457
456
453
448
446
446
454
330
334
336
340
342
343
344
344
344
345
346
345
345
141
137
137
112
113
115
117
117
119
119
122
122
121
288
287
287
296
293
297
310
309
311
317
316
334
331
SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End of month
Total
Accounts and other
receivables
Preferred stock held
Property held for sale
ReconLoans Loans
Recon- Home
Fed. land Com- struction
Com- Home
War
struc- Owners'
banks and modity Finance
to fimodity Owners'
to
tion
Loan Other Fed. Farm Credit Corp.and Other corpo- Credit Loan
nancial
Other
Other
railinstiFinance CorpoMortgage Corpo- war corrations Corpo- Corpotutions roads
Corp. ration
Corp.
ration porations
ration ration
1,082
1941—June
December... 1,433
193
165
480
473
409
795
429
401
183
175
86
104
219
219
79
34
68
80
232
241
257
703
753
749
319
288
168
151
1,464
1,470
1,469
1,468
1,473
1,479
1,496
1,527
1,533
1,566
1,557
1,554
1,527
151
149
149
146
144
143
144
153
153
169
167
161
159
473
475
477
473
472
472
472
473
472
471
460
463
449
840
846
843
849
857
864
880
901
908
926
930
930
919
393
388
381
379
378
377
372
369
368
367
366
364
361
167
167
167
167
167
162
153
152
152
152
152
140
110
103
103
102
103
103
103
101
102
102
102
102
101
94
220
216
221
222
225
226
231
226
225
213
207
203
205
55
80
40
83
96
107
35
61
80
65
57
129
103
74
82
90
121
151
144
238
484
490
497
531
519
659
251
254
270
307
302
296
349
294
293
294
290
354
473
934
1,224
1,460
1,690
2,041
2,285
2,561
2,619
2,921
3,221
3,469
3,793
3,928
654
612
843
972
284
280
276
270
262
258
252
244
238
231
227
223
219
145
146
138
135
141
139
138
138
136
140
128
127
122
1942—February....
March
April
May
June
July
August
September...
October
November...
December. ..
1943—January
February....
1,068
1,126
1,226
1,286
1,415
1,109
1,363
1,495
1,614
.
Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation.
Excluding investments in preferred stock, the amount of which is shown in the lower section of this table.
Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan
Bank Administration. Loans by these institutions amounted to $1,839,000,000 on Feb. 28, 1943.
1
2
3
45°
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year and
month
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production
(physical volume) 2 *
1935-39 = 100
Income
payments
(value) 1
1935-39
= 100
Manufactures
Total
Employment4
1939 = 100
Minerals
Total
Residential
All
other
Nonagricultural
AdAdjusted justed
Durable
Adjusted
Unadjusted
Adiusted
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
108
123
156
181
Adjusted
Nondurable
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
138
193
250
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
108
113
135
141
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
106 0
98'.1
88.3
77.6
78.6
86.3
90.1
96.8
102.7
95.1
100.0
104.2
115.6
124.2
61
60
101
107
103.1
103.4
53
56
57
62
64
69
77
82
82
85
87
90 •
93
68
66
66
65
77
91
98
101
103
130
136
Factory
DepartWhole?
Facreight
ment
Dost oi
sale
tory
store
car
living 4
compay
sales
loadmodity 1935rolls 4
(valings*
39 =
prices 4
1939 = 1935-39 ue)* 5
100
1926
100
= 100 1923-25 = 100
= 100
Unadjusted
Unadjusted
106.8
107.2
82.1
90.8
103.9
96.5
99.9
101.8
99.6
99.7
106.1
92.5
78.2
66.4
73.5
85.8
91.4
99.1
108.7
91.0
100.0
107.5
132.1
152.3
106.2
127.1
82.0
88.0
111.6
104.1
109.7
113.1
111.0
112.3
119.8
96.9
73.5
50.7
54^4
70.0
80.4
93.0
111.2
85.1
100.0
114.5
167.5
242.3
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
106.6
107.0
107.7
107.0
112.0
113.4
102.4
101.9
102.0
101.1
101.9
102.6
103.3
104.6
105.3
106.5
108.1
109.7
105.9
104.8
103.5
102.4
102.8
103.7
105.2
108.1
109.7
112.0
114.6
116.8
104.0
104.2
103.8
102.6
102.1
102.5
103.1
107.8
112.2
114.8
116.0
117.4
Unadjusted
Unadjusted
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
124
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
86'.4
73.0
64.8
65'.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
114
110
93
95
79.2
79.2
99^6
107.4
107.2
107.9
105.8
105.8
107.6
106.6
115.1
122.1
126.9
127.5
134.1
111
105
100
103
106
111
110
112
112
110
116
119
92
90
89
89
89
91
92
98
97
94
100
101
79.4
78.7
78.4
78.6
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0
122
124
126
112
135
139
138
139
130
127
135
137
101
103
103
104
105
104
115
134
116
105
116
111
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.3
110.2
110.5
140
139
137
143
143
141
142
143
136
133
134
134
138
126
124
117
108
104
121
130
123
128
138
125
96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
112.0
112.9
114.3
115.1
116.0
116.4
117.0
117.5
117.8
119.0
119.8
120.4
135
141
136
e
140
143
167
136
101.9
102.5
103.4
e
103.7
120.6
120.9
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
107.7
98.5
105.5
113.8
137.3
171.9
1939
November
December
109.7
110.8
124
125
126
122
134
138
117
117
120
114
83
86
1940
January
February
March
April
May
June
July
August
September . . . .
October
November
December.....
110.4
110.7
110.4
110.8
112.4
112.5
113.1
114.1
115.6
117.1
117.7
120.6
122
116
113
113
117
122
122
124
127
131
134
138
117
114
112
112
117
122
120
124
132
136
136
136
135
123
118
116
124
133
136
143
151
155
157
164
113
110
107
107
110
114
113
112
112
116
120
124
120
115
118
120
118
119
118
113
117
114
119
119
75
63
62
64
64
74
85
90
93
95
111
115
July
August
September
October
November
December
121.3
123.5
125.4
128.2
133.7
138.9
140.3
143.2
144.4
146.3
147.5
153.9
140
143
147
144
154
159
160
160
161
164
167
167
136
140
145
144
155
160
159
163
167
168
167
164
170
175
179
180
191
196
200
200
202
208
209
213
123
126
128
131
135
139
138
139
138
139
143
141
120
119
126
96
121
127
126
128
132
134
133
134
103
99
94
103
101
117
139
152
161
145
138
123
84
76
74
80
88
101
115
112
105
87
74
69
117
118
109
121
111
129
158
184
206
192
189
167
110.3
111.5
111.7
111.8
113.6
115.3
117.1
118.4
118.9
119.2
119.8
120.3
118.9
121.3
123.3
126.3
129.5
133.0
136.1
137.8
138.7
139.7
139.9
141.0
116.9
120.0
122.7
125.8
128.6
132.0
135.5
138.4
141.2
141.8
141.3
141.1
132.6
140.3
145.9
150.2
161.3
170.5
172.0
178.8
184.8
190.2
188.6
195.1
1942
January
February
March
April
May
June
July
August
September
October
November
December
155.5
157.4
159.3
163.3
165.4
169.5
172.6
176.0
177.9
182.8
189.4
193.7
171
172
172
173
174
176
178
183
187
191
r
195
197
165
167
168
172
175
177
180
187
r
193
r
195
195
r
194
221
225
230
234
239
244
249
258
r
265
r
275
279
285
143
142
139
139
138
136
138
140
142
144
r
148
r
149
133
133
126
125
126
127
126
130
131
129
130
128
118
128
125
128
158
193
206
182
179
185
198
175
82
100
95
82
76
76
74
65
70
83
90
91
147
151
149
165
226
288
313
278
268
269
286
243
120.4
120.8
121.0
121.2
121.9
122.5
124.5
125.8
126.5
127.6
128.8
130.5
142.2
143.7
145.3
147.1
149.1
150.9
153.4
155.1
156.9
158.9
160.9
164.4
139.8
142.3
144.3
146.3
148.0
149.9
153.4
157.1
159.6
160.7
161.9
164.5
200.7
208.2
215.1
221.4
228.7
234.5
242.7
254.8
261.8
270.9
280.4
287.9
199
202
194
197
2*200
6
204
291
295
2*298
e
303
149
150
2*148
e
149
126
132
145
102
2*134
e
134
2*80
79
56
HO
198
140
2*113
Adjusted
1941
January
February
March
April
May.
June
1943
January
February
March
April .
p
196.2
2*200.8
Preliminary.
*>203
e
205
* Average per working day.
r
Revised.
e
Estimated.
130.4 167.3 165.0
167.6 166.1
130.5
2*130.6 2*168.2 2*167.2
r
290.9
297.2
r
Adjusted
99^8
100^5
HKL4
100.2
100.1
100.7
* Department of Commerce series on value of payments to individuals.
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. Factory
employment and pay rolls for 1941 and 1942 are revised. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
5
For sales comparisons by cities and by departments see pp. 460-461 of this BULLETIN.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and September 1941, pp. 933-937; for factory employment and pay
rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, October 1938, p. 918, and January 1941, p. 65;
for freight car loadings, June 1941, pp. 529-533.
MAY
1943
451
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjusted for Seasonal Variation)
[Index numbers of t h e Board of Governors.
1935-39 average = 100]
1942
1943
Industry
Feb.
Mar.
r
Apr.
May
June
July
Aug.
Industrial Production—Total ..
172
172
173
174
176
178
183
Manufactures—Total
179
180
182
183
184
188
193
225
142
230
139
234
139
239
138
244
136
249
138
258
140
194
200
199
200
198
196
Sept.
197
Durable
Nondurable1
Iron and Steel
Lumber...
Furniture
Stone, Clay, and Glass
Products
Cement
Unglazed brick. .
Glass c o n t a i n e r s . . . .
Polished p l a t e glass
Products.
Textile fabrics
Cotton consumption —
Rayon deliveries
Silk deliveries
Wool textiles
#
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Products
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream...
...
Butter
Cheese
#
Canned and dried milk
r
192
219
181
487
192
219
182
488
194
216
178
489
192
216
175
506
190
218
177
507
268
273
279
287
289
299
r
314
330
350
372
396
425
458
r
105
105
104
107
112
116
187
181
177
180
186
157
141
189
140
224
157
147
184
134
208
161
155
185
132
195
145
132
130
128
147
127
142
124
143
158
158
154
162
152
178
47
161
133
187
43
156
147
174
174
199
202
P203
212
215
P215
291
149
295
150
?298
275
144
279
148
285
149
207
203
200
r
204
r
208
210
197
221
179
523
197
r
226
182
r
542
r
201
r
231
185
r
560
202
233
188
559
340
r
352
P359
146
134
197
210
r
205
148
Mar.
163
161
184
151
Feb.
310
199
224
182
527
199
229
186
536
194
219
179
503
r
320
r
329
r
r
348
547
r
559
572
P583
141
146
151
155
*>158
192
197
202
200
199
P192
125
129
128
127,
124
129
P123
119
136
123
141
122
139
119
144
116
139
121
144
?i«
145
152
152
153
148
163
155
PUS
169'
90
145
32
177
87
153
30
OO
Lumber and Products
1
r
207
184
180
165
169
156
132
" ' 1 6 2 '' " 1 6 9 *
39
37
171
39
•20838
199
40
197
39
152
154
154
156
156
158
156
157
160
P158
143
169
169
145
166
168
144
169
169
146
172
170
147
172
174
148
171
177
145
163
178"
147
171
180
150
171
181
166
181
150
5
201
172
168
179
151
46
194
165
166
172
160
43
208
175
176
184
154
27
206
173
173
177
155
34
198
175
168
179
156
43
205
178
171
175
161
43
212
182
175
180
163
44
218
184
175
185
154
29
r
208
176
167
177
166
39
229
190
177
187
130
126
121
116
113
111
117
117
117
r
122
117
P113
131
147
93
116
130
129
148
94
105
124
122
143
88
94
120
119
144
89
79
115
115
136
96
76
108
120
143
94
82
115
118
139
94
81
116
118
139
93
84
116
122
142
95
r
89
122
117
136
93
89
117
PI 10
155
P152
479
507
525
124
129
135
188
191
193
131
133
129
127
139
130
137
125
136
155
147
140
167
119
176
43
172
104
178
35
171
92
163
37
153
157
156
143
169
175
148
177
170
146
175
169
153
79
191
165
148
172
148
70
196
161
143
167
153
34
203
173
164
177
125
Metals and Products
Food
192
218
182
477
144
Equipment...
Nonferrous m e t a l smelting
Copper smelting.
Zinc smelting.
Lead p r o d u c t i o n .
Copper d e l i v e r i e s . . .
Lead s h i p m e n t s . .
Zinc s h i p m e n t s . .
T i n consumption.
Manufactured
265
142
195
Jan.
Depots
Aircraft
Automobile bodies, parts, and assembly
Railroad cars
Locomotives
Shipbuilding
Private yards
Government yards
and
r
r
Dec.
OJ Os •
Transportation
and Quartermaster
191
r
199
143
147
Government Arsenals
Textiles
r
259
Machinery
Nonferrous
197
Nov.
203
187
r
189
211
178
448
Pig iron
Steel
Open hearth and Bessemer
Electric
Oct.
124
127
140
93
121
124
127
140
92
120
122
117
141
95
70
110
139
136
136
134
138
143
143
P148
P146
P152
P158
P157
110
101
98
105
102
106
105
101
108
115
126
129
146
150
107
177
198
145
147
108
177
198
150
160
110
180
187
142
145
111
178
178
138
145
105
168
168
143
154
108
169
164
143
153
108
165
172
140
P139
P136
^140
p
102 " ' l o o ' " " 9 8 " " 103
141
156
145
138
156
168
169
167
p
126
^142
107
148
166
130
^142
110
148
166
110
148
p
Revised.
Preliminary.
* Included in t o t a l a n d group indexes b u t n o t available for publication separately.
Beginning in J a n u a r y 1942 includes industrial alcohol produced in t h ealcoholic beverage industry. Figures n o t available for publication separately.
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries (Adjustedfor Seasonal Variation)—Continued
[Index numbers of the Board of Governors/ 1935-39 average = 100]
1942
1943
Industry
Feb. Mar.
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
Other manufactured foods
141
151
139
96
113
142
144
161
132
98
128
138
Alcoholic Beverages ...
130
119
Apr.
May June July Aug. Sept. Oct.
142
156
134
96
119
137
111
140
163
121
94
105
136
153
177
137
103
104
140
HI
104
146
168
130
103
116
147
122
153
174
136
113
127
146
135
104
63
61
163
118
96
83
183
133
82
71
223
159
187
129
127
137
r
153
Nov.
Dec.
Jan. Feb. Mar.
145
170
126
76
122
r
165
145
157
133
129
141
152
147
167
122
128
156
159
158
193
119
107
156
165
139
126
122
111
105
153 154
180 189
134 127
76
73
108
117
^156
161
123 P114
147
49
35
238
134
14
62
226
146
131
122
146
37
159
42
159
63
161
124
74
75
242
Cigars
Cigarettes
Manufactured tobacco and snuff
Paper and Paper Products1 .
117
63
53
153
125
127
120
122
126
130
133
141
136
160
140
131
131
126
144
93
Tobacco Products ..
120
62
44
201
130
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
116
55
80
158
121
137
94
120
140
97
108
137
89
112
136
94
109
146
89
112
152
88
107
159
91
116
166
102
98
167
98
200
166
94
127
162
94
116
153
86
101
159
87
133
135
62
159
133
151
152
148
143
134
125
131
132
135
135
132
157
180
131
154
224
173
154
167
144
110
146
168
147
158
189
138
155
239
181
154
168
150
106
140
164
151
154
183
129
148
236
174
149
157
146
109
135
169
152
147
184
120
147
245
173
142
141
147
104
124
175
150
135
177
116
129
228
173
129
120
138
103
110
178
139
125
164
113
127
211
157
119
109
132
103
109
148
127
132
169
117
125
221
161
126
123
125
108
113
161
132
133
162
112.
126
211
154
128
131
125
106
117
166
125
137
162
114
137
208
153
134
136
130
107
130
163
128
137
159
111
141
200
149
134
137
133
100
129
174
123
133
152
104
131
195
143
130
134
127
97
121
175
120
125
121
117
112
104
106
111
109
116
118
114
113
103
103
98
100
97
103
108
101
102
110
106
102
99
129
122
118
116
115
118
121
122
123
123
119
117
120
124 116
121
112
129
122
131
131
112
123
162
162
152
152
510 • 504
111
104
123
126
106
162
152
514
109
103
122
122
100
163
153
508
108
101
123
123
103
164
153
539
111
105
127
117
105
163
153
502
114
109
130
117
106
165
155
505
116
109
137
112
107
166
155
523
117
111
137
113
112
166
155
524
117
110
138
114
110
166
156
500
112
104
137
113
99
166
156
498
109
99
137
111
104
166
157
485
113
102 ^99
143
114
117
169 '^168
158 pl57
543 P537
161
161
165
167
172
174
173
210
213
28
28
27
26
26
27
25
25
27
Minerals—Total
133
126
125
126
127
126
Fuels
130
122
121
121
121
121
141
121
127
149
140
116
115
150
122
109
147
115
111
144
117
113
141
122
112
153
152
157
159
181
214
158
140
146
107
101
184
219
162
134
184
217
164
132
193
232
174
199
236
106
109
106
104
Paper and pulp
Pulp.
.
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Newsprint production.
Printing paper
Tissue and absorbent paper
Wrapping paper
......
Printing and Publishing*.
Newsprint consumption
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
Chemicals
....
r
137
149
107
96
200
142
135
143 "150
123
93
90
126
169
129
113 *112
97
nu
179
r
130
131
129
130
128
126
132 P134
126
129
127
130
126
124
131 P133
140
118
121
150
129
120
145
117
121
154
124
121
143
105
121
145
102
118
^161
157 p
129 P128
121 123
155
152
145
139
133
137
138
140 p140
197
241
196
239
189
227
183
218
181
211
187
223
189
232
193
234 "235
98
99
88
82
74
73
73
lS7
r
135
147
103
96
199
r
l40
r
133
137
127
92
124
r
177
125
197
r
205
r
Rubber Products
Rubber consumption
Tires and tubes .#
Pneumatic tires
Inner tubes
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver . .
.
.
...
p
Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported.
Includes also printing paper production shown under "Paper."
NOTE.—For description and back figures see BULLETIN for September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
1
MAY
1943
453
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1943
1942
Industry
Feb.
Mar.
Apr.
May
June July
Aug. Sept.
Industrial Production—Total
167
168
172
175
177
180
187
r
Manufactures—Total ..
175
177
181
183
185
189
196
r
221
138
228
137
234
138
240
137
246
136
251
139
260
144
194
200
199
200
198
196
197
Durable
Nondurable1
....
Iron and Steel...
Pig iron
Transportation
Lumber
and
Stone, Clay, and Glass
Products....
Cement
Unglazed brick
Glass containers
Polished plate glass
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products.
Leather tanning .
Cattle hide leathers
Calf and k i p leathers
Goat and kid leathers
Shoes
Manufactured
Food
Products.
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese
Canned and dried milk
192
219
182
488
194
216
178
489
192
216
175
506
190
218
177
507
268
273
279
287
289
299
Mar.
195
194
194
197
P200
206
207
208
211
P213
267
150
148
279
147
283
146
287
143
207
203
200
r
330
350
372
396
425
458
r
105
104
107
112
116
187
181
177
180
186
157
141
189
140
224
156
147
184
131
208
162
155
185
135
195
148
145
132
135
120
147
127
142
132
140
132
83
164
47
141
90
176
43
156
147
174
174
297
P145
r
204
r
208
210
197
221
179
523
197
226
182
r
542
r
201
231
185
r
560
202
233
188
559
r
340
r
352
P359
r
547
r
559
572
P583
146
129
p
205
151
292
145
164
161
184
118
147
Lumber
Furniture
192
219
181
487
105
194
219
179
503
310
199
224
182
527
199
229
186
536
r
320
r
329
r
348
r
479
507
525
124
129
135
141
146
151
155
P15S
188
191
193
192
197
202
200
199
V*
138
140
138
135
135
125
116
r
107
114
P118
131
143
138
139
141
137
139
136
134
136
131
141
118
139
101
91
139
99
144
^104
151
163
158
151
160
163
163
157
138
132
P127
161
116
176
43
178
118
190
35
183
115
171
37
186
111
151
32
195
104
167
30
200
202
186
139
112
166
38
167
37
171
39
156
159' ' 187*"
39
38
126
153
157
156
152
154
154
156
156
158
156
157
143
169
175
148
177
170
146
175
169
143
169
169
145
166
168
144
169
169
146
172
170
147
172
174
148
171
177
145
163
178
147
171
180
153
79
191
165
148
172
148
70
196
161
143
167
153
34
203
173
164
177
150
5
201
172
168
179
151
46
194
165
166
172
160
43
208
175
176
184
154
27
206
173
173
177
155
34
198
175
168
179
156
43
205
178
171
175
161
43
212
182
175
180
163
44
218
184
175
185
154
29
r
208
176
167
177
166
39
229
190
177
187
132
129
131
124
116
114
115
112
117
115
114
120
122
139
155
98
126
127
127
141
91
119
130
131
147
90
119
131
126
145
90
102
123
118
136
90
94
114
113
134
88
78
115
113
134
100
69
117
114
134
94
77
112
121
145
96
81
115
121
144
97
79
111
119
141
91
85
110
122
144
93
r
89
118
128
151
98
93
119
PU5
121
121
123
130
139
156
165
P181
P140
P135
P134
123
....
Products...
Products...
192
218
182
477
314
Equipment..
Nonferrous metal smelting
Copper smelting
Zinc smelting.
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Feb.
Depots..
Aircraft
Automobile bodies, parts, and assembly
Railroad car?
Locomotives
Shipbuilding
Private yards
Government yards
Nonferrous Metals and
Jan.
199
r
128
Government Arsenals and Quartermaster
Dec.
r
205
203
259
Machinery.
Nov.
195
193
189
211
178
448
Steel
Open hearth and Bessemer
Electric
Oct.
r
• ••
144
139
P151
184 " 185
40
39
160
P158
150
171 "166
181
181
109
98
92
96
95
105
106
116
118
119
121
130
129
109
88
92
142
187
124
113
96
157
194
152
154
109
189
211
193
197
143
242
257
210
232
147
241
249
207
259
132
205
200
192
248
119
185
177
^143
*>109
*91
^88
*89
^102
88
134
134
78
106
109
82
101
117
86
107
126
94
119
141
ioi *
158
154
"98
132
r
p
Revised.
Preliminary.
* Included in total and group indexes t>ut not av;
lilable for publication separately.
Beginning in January 1942 includes industrial a lcohol produced in the alcoholic beverage industry. Figures not available for publication separately.
1
454
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries {Without Seasonal Adjustment)- -Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1943
Industry
May June July
Aug. Sept. Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
166
200
128
131
152
r
161
186
249
119
101
148
158
171
221
126
73
128
145
147
180
121
67
117
140
140
171
115
69
105
Feb. Mar.
Apr.
135
151
125
84
113
124
131
145
120
93
124
121
134
148
125
95
115
121
140
163
121
98
108
123
149
172
134
104
99
133
138
151
131
102
110
157
132
131
137
114
125
173
117
113
113
120
116
133
140
140
123
103
109
96
45
208
112
77
29
191
124
69
32
136
136
54
48
139
134
50
36
130
148
53
39
183
152
45
34
223
149
39
48
238
121
13
164
226
111
130
159
100
46 ' " 2 7 "
159
159
121
117
119
123
132
131
135
144
149
141
137
132
122
123
109
136
92
111
127
96
114
130
96
107
142
89
120
150
96
113
153
91
115
160
89
123
170
98
140
169
104
117
167
97
154
147
83
103
159
91
101
144
85
93
148
89
153
155
151
144
133
122
130
134
138
134
129 r132
160
186
137
158
230
179
156
167
155
108
151
175
147
161
194
148
160
243
185
156
168
160
106
145
166
151
157
187
144
152
236
178
152
157
159
109
140
172
152
149
186
133
147
245
173
143
141
151
105
127
173
150
134
174
118
127
226
169
128
120
135
104
108
177
139
121
156
100
119
207
150
115
109
120
101
102
140
127
130
166
100
125
221
161
125
123
118
105
110
161
132
132
159
98
127
211
154
128
131
118
106
116
172
125
138
164
106
137
212
156
134
136
130
107
131
169
128
137
159
114
141
200
151
133
137
129
103
127
172
123
131
147
108
127
185
139
129
134
124
98
120
168
120
126
126
123
115
103
103
109
120
121
114
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
Other manufactured foods
Alcoholic Beverages...
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
....
Tobacco Products
Cigars ....
Cigarettes
Manufactured tobacco and snuff. ..
Paper and Paper Products1.
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Printing and Publishing2...
96
147
150
144
140
153
r
198
146
147
144
142
150
170
94
90
105
r
l35
r
l49
107
96
201
r
140
r
132
137
128
92
124
r
172
125
111
110 P107
128
'"38"
161
123
137
140
154
111
99
206
146
137
143
132
92
130
176
129
150
90
114 pU6
102
107
105
104
98
90
95
102
109
115
108
97
98
Petroleum and Coal Products...
129
122
118
117
115
117
121
122
123
123
119
116
120
Petroleum refining
Gasoline •
.
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
124
121
129
129
129
162
152
510
116
112
122
130
115
162
152
504
111
104
123
131
108
162
152
514
110
103
122
127
101
163
153
508
108
101
123
123
97
164
153
539
110
105
127
115
97
163
153
502
114
109
130
116
101
165
155
505
116
109
137
112
106
166
155
523
117
111
137
113
112
166
155
524
117
110
138
114
113
166
156
500
112
104
137
112
102
166
156
498
109
99
137
108
106
166
157
48 5
113
102
143
113
123
169
158
543
161
166
168
166
166
167
170 r181
209
213
28
28
27
26
26
27
25
25
27
Minerals—Total..
124
118
126
132
131
136
Fuels...
130
122
121
121
121
121
126
129
141
121
127
140
116
115
150
122
109
147
115
111
144
117
113
141
122
112
140
118
121
150
129
120
89
97
155
190
195
192
194
82
94
23
165
131
195
237
169
135
259
372
174
266
382
*
264
393
*
264
388
110
110
105
100
97
97
Newsprint consumption...
Chemicals
101
P99
P537
r
r
134
132 120
117
123 p125
127
130
126
124
131 P133
145
117
121
154
124
121
143
105
121
145
102
118
157
129
121
184
176
143
83
74
76
249
358
*
239
335
192
229
93
19
80
85
89
82
75
73
73
192
199
r
206
r
Rubber Products
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
Bituminous coal
Anthracite
Crude petroleum
Metals......
Metals other than gold and silver
Iron ore shipments
Srr::::::::::::::::::::::::::::::::::::::
Zinc
Gold
Silver
160
140
146
96
103
131
137
P161
*>75
r
v
Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
1
Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last
;t
reported.
2
Includes also printing paper production shown under "Paper."
NOTE,—For description and back figures, see BULLETIN for September 1941, pp, 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882
MAY
1943
455
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
Feb.
Total
Durable goods
Nondurable goods
Mar.
Factory pay rolls
1943
Nov.
Dec.
Jan.
Feb.
1942
Mar.
Jan.
Feb.
Mar.
1943
Nov.
Jan.
Dec.
r
142.3 144.3 161.9 164.5 165.0 166.1 167.2 200.7 208.2 215.1 280.4 257.9 290.9
172.3 175.8 210.4 215.5 218.1 221.1 223.9 255.9 265.8 276.2 382.8 391.6 399.9
118.6 119.4 123.8 124.3 123.1 122.8 122.5 146.8 151.9 155.4 180.3 r 186.4 184.4
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
. .'.'.'.'.'."
Tin cans and other tin-ware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus...
Stamped and enameled ware
Structural and ornamental metal work
Forgings
Screw machine products
155.0
140
227
136
135
109
163
139
Electrical Machinery
Machinery, except Electrical
Machinery and machine shop products
Tractors
Agricultural excluding tractors
Pumps
Refrigerators . ..
155
156.9
140
232
120
136
107
163
140
159
165.7
133
269
91
117
110
183
136
190
r
169.1
135
273
89
118
113
187
139
192
170.7
134
276
88
119
113
189
143
190
172.1
135
279
90
120
113
193
149
173.4
193
247
286
252
287
255
288
243.0
250.3
255.1
260.8
190.1
189
140
133
233
113
194.6
193
141
136
246
113
221.0
226
151
106
285
123
225.1
230
156
110
285
131
227.5
232
154
114
293
138
230.1
234
155
120
299
145
219.8
187
344
163
203
136
255
196
226.6
190
355
149
210
139
264
201
270.1
204
446
128
211
170
319
231
233
314
208
222
328
353
339
374
348
390
442
507
266.2
279.2
288.0
296.3
232.8
282.0
278
169
173
389
138
295.9
289
181
178
417
149
307.8
301
184
190
453
154
259
293
194.0
215
243
197.2
211
241
211.0
182
326
179
196
123
254
192
r
278.7
204
453
134
215
179
327
247
283.5
209
464
130
215
181
313
256
Feb.
297.2
410.0
186.8
288.9
212
476
135
223
184
336
263
324
309
324
476
516
478
519
495
533
402.8
415.5
427.4
441.6
381.5
382
212
172
556
r
190
392.9
395
223
181
583
r
202
400.2
402
225
196
581
r
220
408.8
411
239
215
602
237
Transportation Equipment, except Autos. .
667.8
721.4 1,202.8 1,259.2 1,302.2 1,343.1 1,375.2 1,042.4 1,144.6 1,237.0 2,275.9 2,348.0 2,406.0 2,486.5
Automobiles
108.1
104.7
147.1
152.5
156.7
159.5
162.7
188.0
167.1
167.4
Nonferrous Metals and Products
Primary smelting and refining
Clocks and watches
Lighting equipment
160.0
127
129
121
162.8
127
131
120
173.5
146
128
r
106
176.7
r
152
127
r
110
178.1
r
154
127
r
108
179.6
155
130
111
178.8
223.0
166
188
174
228.7
167
197
166
237.5
170
205
165
129.7
106
125.1
101
122.5
98
116.3
r
92
113.8
90
112.9
154.5
127
163.5
135
165.6
137
188.7
153
115
114
141
145
145
174
177
167
180
111.3
151.9
151
159.9
158
161.7
157
165.0
158
170.6
164
165.9
160
171.8
166
121.9
153.3
155
135
138
159.9
160
136
142
162.2
159
142
146
179.2
161
169
152
181.2
166
156
150
178.5
168
150
138
179.2
174
139
138
153
175
177
188
188
110.7
151.2
181
112
180
96
149
132
127
153.7
186
119
169
99
153
138
131
155.1
187
122
171
97
161
140
125
175.4
213
131
201
105
179
158
139
180.8
218
134
208
107
184
166
145
181.8
r
216
134
208
106
185
162
145
180.7
216
132
207
108
184
166
114.4
133.4
139
127
107
155.1
150
135
134
161.5
158
138
137
152.7
145
143
123
154.0
146
144
124
155.9
149
136
125
169.3
159
140
1^0
120
131
101.0
142.3
141
151.3
145
156.7
147
134
143
149
137
145
141
139
125.3
149
115
160.5
181
148
165.4
214
155
155.6
203
169
150.7
186
169
Lumber and Timber Basic Products
Sawmills
Planing and plywood mills
129.4
106
120
119
121
119
Furniture and Lumber Products
Furniture
121.2
118
121.1
117
110.5
106
111.4
107
110.2
106
111.0
107
Stone, Clay, and Glass Products
Glass
Cement
Brick, tile, and terra cotta
Pottery and related products
126.7
126
114
114
127.3
126
116
115
125.3
117
123
106
125.4
118
121
104
123.2
119
115
98
122.4
121
109
94
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 rucrs wool
113.3
127
85
120
86
115
108
103
^—'**J-^v^v^?
U £ £ \ _ l
i. U g O ,
W U U 1 .
.
.
.
.
.
138
.
Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
Leather and Leather Products
Leather
Boots and shoes
.
.
.
.
.
.
.
.
' ' [[
.[.
119.6
117
102
101
137
138
137
113.5
127
86
120
85
118
109
98
111.7
128
83
118
78
116
107
92
112.5
129
83
119
78
117
109
93
121.4
119
102
102
106
109
110.7
113
112.9
113
101
103
112.3
108
93
91
112.2
108
92
91
135
112.7
r
127
82
118
77
116
108
93
112.0
108
90
91
135
111.3
127
82
117
77
116
108
94
113.7
109
90
93
72
73
83
94
104.7
104
104.9
106
103.1
105
102.4
104
93
94
92
91
112.9
154
111
109.5
147
113
Food and Kindred Products
Slaughtering and meatpacking
Flour.
Baking
Sugar, beet
Confectionery
Beverages, nonalcoholic
Malt liquors
Canning and preserving
106.4
136
101
104.2
133
100
121.5
146
105
119.1
155
108
103
38
103
37
114
253
114
219
111
104
106
64
130
114
116
101
129
114
113
r
85
120
112
112
71
101.4
103
103
101.3
102
104
106.8
129
97
106.3
130
96
102.4
125
91
100.2
120
90
Paper and Allied Products
Paper and pulp
123.3
120
122
123.2
120
124
114.7
109
124
116.4
110
127
116.6 117.8
109
110
129 ! 132
118
117
111
114
107.3
117
112
115
66
Tobacco Manufactures
Cigarettes
Cigars
81
"Pptnpr ^ n n n s
TiCC
109
105
104
74
112
82
'm |
109
48
117
130.0
170
119
118
72
126.3
152
121
119
51
261.4
255.1
292.2 3J)3.2
228
'234
232
232
r
183
189
181.9
r
144
76
76
153.4
153
159.5
158
277.9
282.2
307.2
308.6
245
244
187
r
239
r
242
r
184
166K9 177.3
139
131
185
186
148
103
136
156.1
154
154.2
154
131
114
111
96
129
112
114
101
135
114
122
86
119
52
144
379
149
300
99.4
123.6
133
120
122.7
125
125
119.4
111
129
157.4
179
146
159.6
182
148
147.0
170
133
138.5
144
136
117.8
155.6
156
149
156.0
158
145
156.9
159
147
163.5
161
166
168.5
164
173
167.6
162
175
171.3
165
178
143
141
140
154
162
160
167
182
128
137
163
184
128
136
138
144
110
164
124
r
134
r
118
142
67
163
126
144
113
r
Revised.
nd totals have been revised for 1941 and 1942 and are adjusted to final
NOTE.—Figures for March 1943 are preliminary. Indexes for major groups and totals have been revised for h and 1942 an b l e from the Bureau
1941
i
h
btia
Social Security data through 1941 and to preliminary data for 1942. Back data and data for industries not here shown are obtain
of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month and cover wage earners only.
FEDERAL RESERVE BULLETIN
456
Factory Employment and Pay Rolls—Continued
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls
Factory employment
Industry and group
1942
Feb.
Mar.
1943
Nov.
Jan.
Feb.
115.4
106
122
112.9 112.5
231.7
136
148
141
199
137
142
245.4 263.4
114.8
138.4
127
150
144.3 145.4
152.8
151
150
139
155.0
157.0 159.5
152
157
75
79
162.5
176.0
175
113
Jan.
Dec.
1942
Feb.
Printing and Publishing
Newspapers and periodicals
Book and job
103.6 101.7
100
99
101
105
103.1
99
105
104.3
100
106
Chemical and Allied Products
Paints, varnishes, and colors
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Cottonseed oil
Fertilizers
181.4
115
134
108
154
113
145
191.1
115
133
108
157
103
157
240.3
103
149
105
160
151
104
243.7
103
152
106
160
143
109
248.0
103
154
106
163
138
115
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
116.2 117.5
108
107
120
120
117.8
107
120
117.4
107
119
116.0 115.2
106
106
119
118
Rubber Products
Rubber tires and inner tubes
Rubber boots and shoes
Rubber goods, other
120.6
106
129
126
121.0
107
128
124
143.1
142
140
131
149.0
147
145
135
151.6
150
148
r
137
Miscellaneous Industries
Photographic apparatus
Games, toys, and dolls
141.4 145.4
131
131
116
123
151.7
148
80
156.7
151
79
r
Mar.
102.1 103.0
96
95
105
107
r
r
250.3
104
156
106
165
128
138
252.7
106
116
140
153
140
200
141
184
Mar.
Nov.
106
113
142
157
141
207
127
209
Dec.
Jan.
Feb.
121.8 122.5
122.4
111
128
126.5
113
133
107
130
365.3\
135
190
141
236
243
164
383.4
139
197
149
241
r
234
173
137
203
149
249
107
131
391.2 399.2
r
140
212
151
251
198
224
219
185
165.4
151
163
165.1 r162.S
152
r149
168
161
149.1 149.8 156.5
131
130
136
167
165
171
163
166
172
213.3
205
222
196
228.6
220
238
209
186.6 195.8
247.6
223
129
132
154
177
143
133
153
176
158
165.3
152
169
234.6 238.3
229
241
220
227
241
213
r
r
263.1 271.2
261.3
230
134
243
134
233
124
Revised.
FACTORY EMPLOYMENT
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1943
1942
Group and year
Feb.
Total
Durable
Nondurable
143.7
173.3
120.4
Mar.
145.3
176.5
120.6
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
147.1
180.2
121.0
149.1
184.2
121.4
150.9
188.9
121.0
153.4
193.9
121.4
155.1
198.5
120.9
156.9
201.6
121.6
158.9
2-05.6
122.0
160.9
209.6
122.5
164.4
215.4
124.3
167.3
219.3
126.3
167.6
222.2
124.6
168.2
224.6
123.8
NOTE.—Figures for March 1943 are preliminary. Revised indexes based on new Bureau of Labor Statistics data released in February 1943. For
back figures see p. 14 of January 1943 BULLETIN and p. 259 of March 1943 BULLETIN.
H O U R S A N D E A R N I N G S O F W A G E EARNERS I N M A N U F A C T U R I N G INDUSTRIES
[Compiled by the Bureau of Labor Statisticsl
Average hourly earnings (cents per hour)
Average hours worked per week
Industry and group
1942
1943
1942
1943
Feb.
Oct.
Nov.
Dec.
Jan.
Feb.
Jan.
Feb.
Oct.
Nov.
Dec.
Jan.
All Manufacturing
41.7
42.4
43.6
44.0
44.4
44.2
44.5
80.1
80.3
89.3
90.5
90.1
r
Durable Goods.. .
43.8
44.5
45.8
46.1
46.1
45.9
46.2
89.0
89.2
99.0
100.5
100.4
42.1
45.6
48.5
43.0
43.0
45.6
49.2
43.1
44.3
46.7
49.5
45.2
44.8
47.0
49.5
45.5
45.0
45.7
46.9
49.6
46.2
89.1
86.8
90.7
115.8
89.6
87.3
91.4
115.4
97.9
93.6
99.7
117.2
98.4
94.2
100.3
120.2
48.1
43.8
38.4
39.9
38.4
48.0
43.8
40.0
40.9
40.1
47.1
45.4
42.5
42.8
41.3
47.7
46.0
41.7
42.8
41.4
46.7
45.8
41.7
43.6
42.0
104.4
85.1
58.9
62.3
74.0
104.0
85.8
59.7
62.9
74.9
113.2
95.6
69.4
r
68.5
81.2
116.3
95.9
68.5
68.5
81.0
114.2
97.6
r
67.9
68.9
81.0
39.2
39.9
40.8
39.3
34.6
38.8
40.8
37.9
42.1
38.7
41.5
37.9
39.4
42.6
40.1
36.8
39.9
40.5
37.0
42.3
38.4
41.7
39.2
40.0
42.9
40.4
37.1
38.9
41.6
40.4
43.4
38.5
43.6
40.5
42.7
44.8
Jan.
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Automobiles
Transportation Equipment Except
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products.
Stone, Clay, and Glass Products
Nondurable Goods.
Textiles—Mill and Fiber Products
Apparel and other Finished Products
Leather and Manufacturers
Food and Kindred Products
Tobacco Manufactures
Paper and Allied^ Products
Printing, Publishing, and Allied Industries.
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries
r
r
45.3
47.0
49.6
45.5
r
47.O
r
49.6
45.7
98.6
94.3
101.1
119.8
92.4
101.7
102.1
99.8
r
95.1
102.2
122.2
99.6
95.3
103.0
120.5
114.4
r
98.7
r
68.1
69.5
81.9
115.2
98.9
70.2
70.2
82.2
r
r
47.5
46.1
41.3
43.7
41.8
r
46.9
r
45.9
r
41.3
42.1
r
41.7
42.0
68.8
68.9
75.1
75.6
41.5
37.4
40.3
43.9
41.2
44.9
40.2
r
44.7
r
41.8
44.5
r
46.1
41.3
37.1
40.3
43.2
39.4
44.2
39.8
44.5
r
41.1
r
44.5
r
45.7
41.5
38.1
40.2
43.0
38.6
44.5
39.8
45.0
42.3
44.6
46.0
57.1
61.2
64.4
70.2
55.5
71.0
92.0
80.2
102.3
87.8
71.4
57.1
62.4
65.3
70.2
55.0
71.4
92.2
79.9
102.3
87.4
72.5
63.9
65.2
70.8
74.4
60.2
77.1
97.3
86.6
108.1
94.7
81.1
64.2
64.8
71.3
75.1
61.1
77.2
97.6
86.7
109.3
95.5
82.9
64.4
64.9
71.9
76.1
61.3
77.1
98.0
87.8
109.2
96.6
r
82.7
r
76.2
40.8
37.0
39.0
42.4
40.6
44.0
39.5
43.9
41.8
43.4
45.3
r
39.8
42.7
41.7
r
Revised.
NOTE.—Revised data based on the classification of the 1939 Census of Manufactures.
Feb.
91.9
r
76.8
77.4
65.0
66.0
71.7
76.8
61.1
77.4
r
97.1
88.5
r
110.5
97.2
r
83.8
65.2
68.5
71.4
77.2
60.2
78.1
97.0
88.7
110.2
97.8
84.7
r
Back figures are available from the Bureau of Labor Statistics.
(Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 465.)
MAY
1943
457
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF C O N S T R U C T I O N
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
Fact ories
1943
1942
1943
1942
1943
316 8
433.6
610.8
498 7
673.5
1,190.3
943 8
721.0
723.2
780.4
654.2
708.7
350.7
393.5
102.8
168.0
219.3
162.1
148.0
185.5
127.4
100.6
126.7
161.2
156.7
159.7
110.8
93.3
75.4
84.5
112.7
145.1
178.0
271.8
303.5
261.1
377.8
240.3
106.7
70.6
73.1
87.7
8,255.1
Year
2,227.5
1,817.7
utilities
Other
Commercial
1942
January
February
March
April
May
June
JulyAugust
September
October
.
November
December
Public works
and public
Educational
1942
1942
1943
1942
1943
1942
1943
9.1
5.6
4.2
68.2
72.7
90.9
95.9
159.7
101.7
227.7
436.4
327.3
213.2
129.6
246.2
241.0
271.0
85.8
113.0
1943
6.1
6.2
18.9
14.1
30.0
10.6
11.6
8.9
21.0
54.2
71.6
46.5
86.0
234.9
124.3
107.7
76.8
103.3
124.1
168.6
302.2
147.9
1,219.1
17.7
21.8
36.8
30.9
23.8
46.2
34.7
21.3
7.2
22.7
9.2
10.7
12.4
10.1
15.4
26.6
17.1
2,540.6
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in 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]
1941
Tanuary
February
March
April
May
June
July
August
September....
October
November
December
Year
1942
1943
1941
1942
305
270
480
407
549
539
577
760
623
606
459
432
317
434
611
499
674
351
394
340
124
105
269
184
267
314
348
520
403
371
298
288
198
310
473
355
569
1,190
944
721
723
780
654
709
6,007 8,255
Private ownership
..
1943 1941 1942 1943
1943
Public ownership
Total
Month
181
166
211
223
281
225
229
240
220
235
161
144
316
364
304
1,105
876
633
661
710
592
664
3,492 7,146
119
123
138
144
105
85
68
88
62
71
62
45
35
30
36
1942
Federal Reserve district
March
39.962
31,709
25,217
16,401
59,639
58,801
26,836
14,846
1,869
44,739
73,498
39,795
29,320
30,783
48,519
130,782
41,072
140,677
65,351
5,181
32,385
46,934
339,698
Total (11 districts)..
2,515 1,109
March
8,756
26,044
24,756
28,373
60,530
43,110
58,086
21,543
1,657
50,830
16,013
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.. .
St. Louis
Minneapolis
Kansas City
Dallas
February
393,517
610,799
NOTE.—Data for most recent month preliminary.
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Title I Loans
Year or month
1935 . .
1936
1937
1938
1939
1940
1941
1942
1942—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan.
Feb.
Mar
Total
Property
improvement
Small
home
construction
Mortgages on
1- to 4family
houses
(Title
ID
13
25
26
21
15
2
11
48
51
13
13
6
2
2
2
68
55
60
12
11
14
13
11
2
1
1
1
1
66
63
2
89
95
99
92
97
10
10
11
10
9
1
*
1
1
1
16
21
52
48
44
39
39
*
25
37
42
43
49
80
64
73
7
5
6
*
*
1
31
20
19
1,026
1,186
1,137
93
83
92
10
13
15
96
97
. . .
.
„
"l3"
284
.
.
42
39
47
* Less than $500,000.
NOTE.—Figures represent gross insurance written during the period and do
not take account of principal repayments on previously insured loans.
458
Total
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
ID
94
309
424
473
669
736
877
691
224
246
60
160
208
251
262
141
320
557
495
694
954
SavMuings Insur- Fedtual
and
ance
eral Other2
savloan
comings associ- panies agencies!
banks ations
Commercial
banks
1936—Dec
1937—Dec
1938—Dec
Rental
and
Wargroup housing
housing (Title
VI)
(Title
1,478
1,793
759
902
50
71
167
192
137
153
94
133
1940—Mar
June
Sept.
Dec
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
271
342
392
432
480
542
171
182
190
201
124
127
141
150
1941—Mar
June
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—Mar
June
Dec
3,307
3,491
3,620
1,549
1,623
1,669
201
219
236
264
272
276
856
940
1,032
237
243
245
200
195
163
End of month
NOTE.—Figures represent gross amount of mortgages held, excluding
terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
1
The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports2
Merchandise exports1
Excess of exports
Month
1939
1940
1941
1942
1939
1940
1941
1942
1943
1939
1940
1941
1942
1943
178
158
190
1943
242
2©0
217
229
234
268
254
254
272
P228
^234
35
61
77
128
147
134
96
69
89
226
225
339
P445
461
335
403
p
698
^679
January
February
M arch
213
219
268
370
347
351
325
303
357
479
478
611
April
May
J une
231
249
236
323
324
350
387
385
330
695
525
618
186
202
179
212
211
211
287
297
280
234
191
215
45
47
57
111
112
138
100
88
50
July
August
September
230
250
289
317
351
295
365
460
425
P627
P
694
*718
169
176
182
232
221
195
278
282
202
P
2U
PI 84
PI 96
61
74
107
84
130
101
87'
178
162
October
November.
December.
332
292
368
344
328
322
3666
492
653
P776
p
750
^853
! 215
i 235
; 247
207
224
253
304
281
344
PI 99
P174
P356
117
57
121
137
104
69
3362
211
309
Jan.-Feb
432
717
628
^958
336
442
462
^507
95
275
166
p
l,377
H63
H70
p
412
P510
P522
P577
P576
P497
p
451
?)
915
v
1
2
3
Preliminary.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actuallyLexported in earlier months.
.Source.—Department of Commerce.
Back figures.—See BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT CAR LOADINGS, BY CLASSES
[Index numbers; 1935-39 average = 100]
Total
Annual
1939
1940
1941
1942
Forest
Coal Coke Grain Live- prodstock
ucts
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
Mis-
98
111
123
135
ous
I.C.I.
1942—January . . .
February.
March
April
May
June
July
August
September.
October....
November..
December..
119
116
122
160
164
160
1943—January....
February...
March.
102
137
168
181
107
101
112
140
139
r
137
143
143
141
142
143
136
133
134
134
154
150
168
200
197
199
155 205
154
208
135
188
121 | 180
176
177
140
131
119
117
115
113
95
106
135
141
136
119
161
127 ! 154
140 ! 182
157
129
129
129
136
138
139
142
136
123
110
102
100
99
121
96
96
91
104
100
114
139
110
147
183
206
101
110
136
97
96
100
69
99
95
156
159
149
159
155
155
186
187
r
292
289
289
183
180
152
151
143
141
142
146
SEASONALLY
ADJUSTED
126
130
126
143
170
152
97
101
98
103
90
106
102
110
114
117
102
113
117
159
172
144
Total
Tclil WclV
expenses
Net
railway
operating
income
# Net
income
1939
1940
1941
1942
SEASONALLY
ADJUSTED
97 1942—January
February...
100
March
92
April
80
May
62
June
60
57
July
57
August
55
September..
56
October.. .
58
November..
59
December ..
3,995
4,298
5,347
7,466
495
519
542
584
618
627
643
669
663
661
722
708
3,406
3,615
4,348
5,981
589
683
998
1,486
415
423
446
471
487
500
519
80
96
96
113
131
128
124
130
128
128
159
155
85
82
81
120
109
134
153
92
Pill
r
r
95
186
502
964
r
38
58
52
70
88
84
149
140
137
221
221
210
149
152
146
144
144
146
130
135
133
202
193
216
149
153
141
57 1943—January....
February...
61
March
61
141
153
149
159
161
165
173
46
47
r
76
218
303
318
325
308
134
135
139
142
144
145
148
1942—January.
February...
March
April
May
June
July
August
September.
October
November..
December .
481
462
540
573
601
624
665
684
698
746
690
541
532
149
703
171
136
111
137
1943—January
February...
March
671
566
664
557
105
106
63
P62
165
154
176
174
539
535
533
563
554
577
710
744
591
79
UNADJUSTED
UNADJUSTED
1943—January
February...
March
Total
railway
operating
revenues
Annual
101
109
130
138
1942—January ...
February .
March
April
May
June
July....
August
September.
October...
November..
December..
Mer-
eelOre lane- chandise
132
125
184
184
135
175
176
139
181
144
152
135
132
136
142
179
177
175
184
150
140
126
138
139
132
124
130
130
135
145
144
111
95
76
77
90
89
129
139
81
76
100
135
180
186
193
139
123
130
169
144
113
193
189
189
138
142
131
98
90
92
129
133
138
304
152
162
158
138
122
260
206
59
163
150
135
117
50
48
56
132
137
173
167
138
r
414
398
448
470
491
505
532
549
543
561
67
64
92
102
110
119
133
r
135
155
185
r
24
24
47
58
64
78
90
89
105
r
r
Revised. p Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained
NOTE.—For description and back data, see ip. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Associa- from the Division of Research and Statistics. Basic data compiled
tion of American Railroads. Total index compiled by combining indexes for classes by the Interstate Commerce Commission.
with weights derived from revenue data of the Interstate Commerce Commission.
MAY
1943
459
DEPARTMENT STORE STATISTICS
Based on value figures
MONTHLY INDEXES OF SALES AND STOCKS
WEEKLY INDEX OF SALES
[Daily average sales; end-of-month stocks. 1923-25 average = 100]
[Weeks ending on dates shown. 1935-39 average = 100]
Seasonally adjusted
1940
1941 1942 1943
Unadjusted
1940
Without seasonal adjustment
1941 1942 1943
1939
.123
7
.112
14
.116
21
.114
28
.123
Nov. 4
.116
11
.115
18
.107
25
.139
Dec. 2
9 .... .188
.235
16
23 . . . .242
30 .... . 79
Oct.
SALES
January
February
March
April
May
June
July
August
September
October
November
December.
92
90
89
89
89
91
92
98
97
94
100
101
101
103
103
104
105
104
115
134
116
105
116
111
143
167
136
Year..
71
71
86
86
89
87
64
77
105
101
114
179
79
82
93
106
105
100
79
106
125
112
133
197
94
138
126
124
117
108
104
121
130
123
128
138
125
110
108
99
118
115
108
100
83
103
133
137
157
222
111
132
121
Jan.
STOCKS
January
February
March
April
May
June
July
August
September
October
November....
December
95
102
109
118
127
136
140
137
124
114
105
100
71
70
68
68
r
68
68
69
70
r
70
72
71
Year.
64
69
75
76
75
73
74
84
95
108
110
87
102
93
90
85
r97
111
122
130
129
126
131
129
127
121
94
82
117
69
91
89
92
Feb.
Mar.
Apr.
r
Revised.
P Preliminary.
Back figures.—Sales, see B U L L E T I N for August 1936, p . 631, and subsequent issues. Stocks, see B U L L E T I N for March 1938, p . 232, and subsequent
issues.
May
1940
6
13
20
27
3
10
17
24
2
9....
16....
23....
30....
6—
13...
20...
27....
4
11...
18.
25.
..82
..86
..83
..79
1940
Oct.
5
12
19
26
Nov. 2
9
16
23
30
Dec. 7
14
21
28
125
115
123
121
117
122
130
116
147
197
232
258
124
1941
..85
Jan. 4.
11.
18.
25.
1.
8.
15.
22.
1.
8.
15.
22.
29.
5.
12.
19.
26.
3.
10.
17.
24.
Feb.
.82
. .82
.95 Mar.
. 98
. 99
.113
. 88
.112 Apr.
. 97
99
. 98
.108 May
.114
.99
.97
.99
..90
..89
..94
..95
..97
..88
.101
. 97
.105
111
.117
.131
.136
.117
.114
.124
128
110
.117
1941
4 . . ..169
1 1 . . ..130
18.. ..131
25.. ..130
Nov. 1 . . ..138
8 . . .. 139
15.. . .148
22.. ..128
29.. . 1 6 9
Dec. 6.. ...215
13.. ...236
.277
20.
Oct.
27
1942
uct.
Nov.
Dec.
174
Feb.
Mar.
Apr.
May
3
10
17
24
31
7
14
21
28
7
14
21
28
4
11
18
25
2
9.
16
23
.173
.159
.152
.153
.158
166
.167
.166
.166
.236
.274
303
.199
1943
1942
Jan.
3. . .
10....
17 . . . .
24....
31.
7.
14...
2 1 . ..
28. ..
5....
12....
19...
26....
107
130
131
119
121
114
116
110
119
125
131
140
147
160
120
135
129
134
.136
115
.114
Jan.
Feb.
Mar.
Apr.
May
2 . . . . .112
9 . .. .138
1 6 . . . .132
2 3 . . . . 119
30.
.121
6
.136
13
.168
20.
146
27. . .150
6 . . . .142
1 3 . . . . .134
2 0 . . . . .137
2 7 . . . . .143
3. .. .149
1 0 . . . .153
1 7 . . . 154
24..
1.
15
22
Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Mar. Feb. Three
1943 1943 mos.
1943
Mar. Feb. Three
mos.
1943 1943 1943
United States..
Boston
New Haven
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Albany
Binghamton....
Buffalo
Elmira
Niagara Falls...
New York City.
Poughkeepsie...
Rochester
Schenectady
Syracuse
Philadelphia
Trenton
Lancaster
Philadelphia....
Reading
Wilkes-Barre....
York
Cleveland
Akron
#
Cincinnati
Cleveland
Columbus
Toledo
r
+7 +33
+7 +21
0
+52 +64
+8 +25
+1 +34
+6 +11
+1 +17
-6
+3
-11
+18
+4
+4
+10
'+6
-12
+31
+30
+17
+47
+20
+13
+16
+17
+22
+18
+8 +36
+34
+19
r
+21
+2
c +27
+4 +23
— 12
+29
+40
+34
2 +29
+17 +56
+40
+12
+5 Cleveland (cont.)
+2 +33
+9 +30
+15
- 1 +31
+10
+12
0
+4 +38
Richmond
- 1 +23
+2 Washington
-8
+4 +51
Baltimore
-6
0 +27
Winston-Salem...
-21
Charleston, S. C +25 +44
+8 Lynchburg
+2 +45
+9 Norfolk
+10 +40
2
+11 +51
Richmond
+21
+28 Charleston.W.Va
+27
+4 Clarksburg
+37
0 Huntington
+12
+5
+14
+10
+29
+16
-9
+44
+4
+10
+3
+6
Youngstown
Erie
Pittsburgh
Wheeling
0 Atlanta
+6 Birmingham....
Montgomery....
+3 Jacksonville
+15 Miami
0 Tampa
+5 Atlanta
+4 Macon
+4 Baton Rouge....
+7 New Orleans
Jackson
+7 Chattanooga
+22 Knoxville
+9 Nashville
+4
+28 Chicago..
+12 Chicago..
+14 +50
-2
+29
+19 +56
+38 +68
+14 +30
+30 +56
+17 +74
+32 +88
+18 +100
+10 +39
+11 +56
+42
- 2 +49
+57
+24
+3 r+30
+3 +31
+5
+22
+1
-1
+8
lar. F e b . Three
943 1943 mos.
1943
'hicago (cont.)
Peoria
Fort Wayne....
Indianapolis...
Des Moines
Sioux City
Detroit
Flint
Grand Rapids..
Lansing
Milwaukee
+13
+23
+11 +55
+17 +32
+21 +58
+1 +31
+57
r
+21
- 5 +26
— 1 +28
Louis
Fort Smith
Little Rock....
Quincy
Evansville
Louisville
St. Louis
Springfield....
Memphis
+3 +39
+13 +75
+22 +98
- 4 +26
+38 +82
+5 +35
- 6 +27
+15 +32
+19 +55
+25
+9
+31
+45
+ 16 Minneapolis
+35
+33 Kansas City
+48 Denver
+46 Hutchinson....
+21 Topeka
+20 Wichita
+1
Joplin
+15 Kansas City...
+32 St. Joseph
Omaha
+8 Oklahoma City
+6 Tulsa
—8
-2
r
XI
+9 +44
+22
+30
+31
+29
+28
-8
+59
+59
+69
+61
+66
+35
r
+56
+46
+65
+11
+16
+26
+38 +86
+8 +42
Dallas
2 Shreveport
+4 Dallas
+22 Fort Worth
+14 Houston
+29 San Antonio
+9
+26 San Francisco
+6 Phoenix
+ 3 Tucson
0
Baker sfield
Fresno
+12 Long Beach
+34 Los Angeles
+46 Oakland and
Berkeley
+6
+48 Sacramento
+15 San Diego
+2 San Francisco
+18 San Jose
+25 Santa Rosa
Stockton
+14 Vallejo and Napa
Boise and
+33
Nampa
+36 Portland
+38 Salt Lake City..
+37 Bellingham
+43 Everett
+5 Seattle
+28 Spokane
+22 Tacoma
+27 Walla Walla
+54 Yakima .. . .
+22
Mar. Feb. Three
1943 1943 mos.
1943
+28
+8
+27
+36
+26
+31
+19
+20
+48
+38
+15
+18
+9
+74
+29
+74
r
+80
+73
+92
r
+44
r
+49
+74
+65
+35
+46
'+36
+24
+29
+50
+39
+16
+30
+16
+16
+18
+19
+16
+18
+18
+44
+28
+46
+38
'+42
+52
+29
+45
+84
+103
+24
+21
+22
+28
+20
+23
+54
+47
+19 +39
+33 r +46
+40 +60
+5 +28
+11 +23
+26 +43
+36 r
'+59
+23 +38
+53 r +59
+21 +45
+39
+7
+39
+42
+29
+52
+32
+29
+45
+11
+14
+22.
+41
+24
+50
+22
Revised.
46O
FEDERAL RESERVE BULLETIN
Department Store Statistics—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Sales during month (value)
Stocks a t end of month (value)
Ratio of stocks
to sales
Percentage cha nge
Percentage change
Feb.
Number
of stores
Department
'eporting
Feb. 1943 F e b . 1943 Feb. 1942 Feb. 1943 Feb. 1943 Feb. 1942
from
from
from
from
from
from
Feb. 1942 J a n . 1943 J a n . 1942 Feb. 1942 J a n . 1943 Jan.1942
1943
1942
G R A N D TOTAL—entire s t o r e
343
+38
+16
-16
-10
-3
+16
2.6
4.0
MAIN
343
+38
+17
-15
-10
-4
+15
2.7
4.1
341
320
326
+70
+104
+87
+28
+50
+43
-15
-19
-10
-10
-11
-14
-4
-24'
-6
+20
+30
+21
1.7
0.7
0.9
3.1
1.6
2.0
303
286
292
272
313
324
333
312
229
253
+88
+102
+61
+70
+67
+21
+26
+55
+50
+80
+34
+59
+11
+22
+27
+11
+22
+13
+16
-10
-4
-4
-14
-10
-39
-14
-19
-8
0
-12
+18
+31
+21
+23
+16
+26
+22
+19
+17
~5
1.4
1.2
2.1
1.3
1.9
2.7
2.5
3.6
3.5
1.5
2.6
2.7
4.1
2.5
3.9
3.0
3.7
6.9
5.8
2.7
311
220
292
264
158
+33
+25
+35
+56
+8
+14
+9
+13
+36
-26
-37
-17
-4
-10
2
-6
-19
-16
-9
+4
+18
+17
+15
+33
+8
4.0
3.8
4.0
3.6
6.0
5.5
-7
-5
+3
-7
306
226
233
284
0
-3
+33
+13
+16
-20
+24
-13
-13
-3
-3
-4
-9
-2
+4
+12
+1
+19
+16
4.4
3.5
5.6
4.9
5.0
3.9
6.1
6.2
+3
+8
-63
-7
-6
-15
-11
-6
-6
-3
+10
+18
+2
+17
4.7
3.6
6.1
4.7
3.4
5.1
-14
-16
-13
-15
+19
+18
1.8
4.1
1.8
4.6
+13
+21
+13
+11
3.2
3.2
3.0
3.9
4.2
+13
3.3
5.1
+25
+27
+26
+20
+30
+28
2.3
1.6
3.6
3.4
2.1
4.5
3.4
2.4
5.1
4.3
3.9
4.9
STORE—total
W o m e n ' s a p p a r e l a n d 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
Men's and boys' wear
Men's
Men's
Boys'
Men's
clothing
furnishings, hats, caps
clothing and furnishings
a n d boys' shoes and slippers
Home furnishings
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves,
etc.)
Domestics, blankets, linens, etc
China and glassware
Housewares
7
—7
Q
-19
-22
-43
-17
-13
-19
+1
-8
-6
-7
-1
+6
+3
-9
+5
+22
0
+2
-6
-2
195
284
207
215
-72
+34
+4
-40
277
114
+95
+116
+66
+59
_
Small wares
,
Notions
Toilet articles, drug sundries, prescriptions
Jewelry and silverware
321
210
308
277
+19
+42
+13
+32
+6
+2
+3
+17
-9
Miscellaneous...
BASEMENT STORE- total
282
+29
+11
-6
220
198
156
123
52
124
+37
+51
+29
+18
+69
+12
+25
+13
-1
-17
-17
-12
-20
-26
-11
-13
+5
+3
-6
-3
-9
-6
-6
-10
Piece goods (dress and coat yard goods, all
materials)
Cotton wash goods
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
-65
-2
-9
+9
+1
-1
—7
0
-1
ij
o
+6
-12
+1
-8
-3
-22
-16
+35
—3
3
-8
+6
+1
-2
-4
-1
-4
-6
+9
4.6
5.8
6.8
7.1
6.7
5.4
4.1
3.6
5.6
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. T h e ratio of stocks to sales is obtained
by dividing stocks a t the end of the month by sales during the month and hence indicates the number of m o n t h s ' supply on hand at the end of the month
in terms of sales for t h a t month.
SALES, BY TYPE OF TRANSACTION
Index numbers without seasona 1 adjustment
January 1941 = 100
Year and month
1942
January
February
March
April
May
June
July
August
September
October
November
December
Cash
Total
r
138
117
151
149
134
131
110
135
165
184
186
287
1943
138
161
1942
r
r
141
120
155
154
149
153
133
161
193
220
223
362
Other credit
Instalment
! 1943
169
194
1942
r
119
118
148
131
92
76
70
101
107
123
124
156
Cash
Instalment
1942
1943
88
98
Percentage of total sales
r
1943
1942
1943
1942
137
114
148
147
126
117
91
112
145
156
157
229
113
137
50
49
50
50
53
56
59
58
56
57
58
61
59
58
7
9
8
7
6
5
5
6
6
6
6
5
Other credit
1943
!
1942
1943
5
5
43
42
42
43
41
39
36
36
38
37
36
34
36
37
r
Revised.
NOTE.—These data are based on reports from a smaller group of department stores than that included in the monthly index of sales shown on the
preceding page. Also, the indexes shown here are based on total monthly sales whereas those on the preceding page are based on daily average sales.
MAY
1943
461
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
Sale credit
Total
instalment
credit
Loans
Automotive
Total
7,089
6,341
5,177
3,846
3,717
4,159
5,148
6,396
7,054
6,618
7,518
8,767
9,499
6,156
3,167
2,706
2,214
1,515
1,581
1,846
2,599
3,466
3,919
3,539
4,351
5,434
5,921
2,923
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,495
1,318
928
8,770
8,594
8,364
7,952
7,513
7,007
6,719
6,557
6,403
6,169
6,156
5,335
5,108
4,886
4,611
4,327
4,036
3,748
3,504
3,255
3,054
2,923
3,299
3,103
2,919
2,705
2,474
2,247
2,032
1,862
1,704
1,571
1,495
5,705
"5,493
"5,352
2,663
"2,468
"2,325
1,317
"1,193
^1,073
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1
Singlepayment
loans 2
Charge
accounts
Service credit
Other
652
1,197
1,104
958
677
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,013
619
516
459
529
794
1,030
1,167
1,226
1,559
1,984
2,174
1,428
1,577
1,451
1,051
726
588
659
785
991
1,119
1,069
1,089
1,123
1,204
1,072
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
596
573
531
491
467
451
472
520
557
523
534
560
610
648
1,668
1,513
1,369
1,239
1,120
1,004
874
769
664
573
482
1,631
1,590
1,550
1,466
1,354
1,243
1,158
1,093
1,040
998
1,013
2,036
2,005
1,967
1,906
1,853
1,789
1,716
1,642
1,551
1,483
1,428
1,193
1,186
1,171
1,151
1,125
1,112
1,102
1,095
1,088
1,085
1,072
1,623
1,677
1,682
1,561
1,430
1,225
1,232
1,320
1,419
1,386
1,513
619
623
625
629
631
6^4
637
638
641
644
404
"351
"287
913
"842
"786
1,346
"1,275
"1,252
1,058
"1,038
"1,022
1,333
"1,333
"1,348
651
"654
"657
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
674
663
1942
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1943
Jan
Feb
Mar
"1 Preliminary.
Includes repair and modernization loans.
2
An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers.
NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign
and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a
description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce,
were made at the Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT LOANS
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. In millions of dollars]
Department
Total
End of month excluding stores
and
autoor year
mailmotive
order
houses
1,197
1,104
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,013
Household
appliance
stores
Jewelry
stores
439
469
254
583
539
454
313
299
314
336
406
469
485
536
599
619
391
265
222
185
121
119
131
171
255
307
266
273
302
313
130
56
47
45
30
29
35
40
56
68
70
93
110
120
78
133
141
136
110
97
115
132
174
210
220
246
271
284
160
416
406
396
367
332
300
111
261
253
247
254
573
567
561
543
512
475
449
428
408
392
391
285
272
258
240
218
201
183
169
154
141
130
100
95
91
85
79
71
67
63
61
61
78
257
250
244
231
213
196
182
172
164
157
160
66
"58
"133
160
155
138
103
119
146
186
256
314
302
377
Furniture
stores
All
other
retail
stores
1942
1,631
1,590
1,550
1,466
1,354
1,243
1,158
1,093
1,040
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec
998
1,013
1943
Jan
Feb
913
p
228
359
116
"842
"210
"338
"103
Preliminary,
4 6x
144
[Estimated amounts outstanding. In millions of dollars]
End of
month or
year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938.
. .
1939
1940
1941
1942
1942
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov..
Dec
1943
Total
Commercial
banks 1
Small Industrial
loan banking Credit
comcom- unions
panies panies
Repair
Misceland
laneous modernlenders ization
loans
1,030
1,167
1,226
1,559
1,984
2,174
1,428
43
45
39
31
29
39
71
130
215
248
380
586
687
370
263
287
289
257
232
246
267
301
350
346
435
505
535
424
219
218
184
143
121
125
156
191
221
230
257
288
298
202
32
31
29
27
27
32
44
66
93
113
147
189
217
141
95
93
78
58
50
60
79
102
125
117
96
99
102
91
27
177
240
163
172
244
317
335
200
2,036
2,005
1,967
1,906
1,853
1,789
1,716
1,642
1,551
1,483
1,428
618
601
586
564
546
521
491
460
421
393
370
521
521
517
504
493
481
466
452
437
428
424
285
282
277
268
261
253
246
236
222
211
202
198
196
190
184
179
173
166
160
152
145
141
101
101
100
99
98
97
95
94
92
91
91
313
304
297
287
276
264
252
240
227
215
200
652
674
619
516
459
529
794
132
1,346
403
89
345
193
184
319
387
185
126
88
Feb.
"1.275
"170
"Preliminary.
1
These figures for amounts outstanding include only personal instalment
cash loans and retail automotive direct loans, which are shown on the following page and a small amount of other retail direct loans (14 million
dollars at the end of February 1943), which are not shown separately.
Jan...
FEDERAL RESERVE BULLETIN
Consumer Credit Statistics—Continued
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other
retail,
purchased
Pur- Direct and
chased loans direct
Automotive
retail
Month or year
Total
Outstanding at end of
period:
1939
1940
1941
1942
Repair
and
modernization
loans
Personal
instalment
cash
loans
1,020
1,340
1,588
787
280
340
364
232
338
331
308
283
265
242
227
203
190
166
136
258
245
235
224
211
196
182
167
148
136
122
268
267
254
243
223
208
189
175
159
151
143
225
221
207
201
196
187
182
176
168
165
154
345
339
334
322
316
306
292
277
257
242
232
116
101
111
100
136
121
144
135
219
205
23
27
19
17
15
16
23
14
11
7
6
19
22
20
18
16
16
14
13
11
9
10
21
23
28
25
16
13
11
12
14
14
15
7
9
10
9
9
9
9
8
9
7
6
45
57
48
41
46
41
36
35
32
27
32
59
52
1943—January
February
220
260
246
154
115
138
125
110
102
95
93
82
77
64
69
September
October
November
December
150
210
279
143
726
662
1943—January
February
Volume extended during
month:
1942—February
March
April
May
June
July
160
230
303
122
1,434
1,403
1,338
1,273
1,211
1,139
1,072
998
922
860
787
1942—February
March
April
May
June
July
August
September
October
November
December
210
300
396
136
6
6
9
9
4
4
26
25
NOTE.—For descriptive material and back figures, see BULLETIN for
October 1942, pp. 992-994.
Item
Percentage
change from
corresponding
month of
preceding year
February
1943
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
,
Accounts receivable, at end of month:
Total
Instalment
Collections during month:
Total
Instalment
Inventories, end of month, at retail
value
January
1943
February
1943
+8
+5
-45
-54
+11
+8
-46
-42
-4
+53
-14
-6
-6
-9
-10
-8
-1
January
1943
—8
+35
+4
-15
-11
-39
-39
-37
-37
-6
-9
-5
-7
-5
-6
-2
-3
+4
Q
Industrial
banking
companies
Credit
unions
463
503
498
376
304
384
423
563
619
604
763
927
983
798
413
380
340
250
202
234
288
354
409
417
489
536
558
408
42
41
38
34
33
42
67
105
148
179
257
320
343
215
69
76
82
104
38
43
41
45
24
25
23
25
80
66
80
71
61
64
58
52
49
44
37
43
66
65
86
72
58
68
63
60
60
59
59
82
40
35
42
37
34
36
34
33
31
30
25
31
18
19
25
19
18
20
18
16
16
14
14
18
36
35
45
50
25
26
11
13
Commercial Small loan
companies
banks 1
Month or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1941
September
October
November
December
1942
January
February
March
April
May
June
July
August
September
October
November
December
1943
January
February
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 February 1943), which are not shown separately.
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1
FURNITURE STORE STATISTICS
Percentage
change from
preceding
month
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollarsl
Charge
accounts
Instalment accounts
Month
Department
stores
1942
January
February
March
April
May
June
July
August
September
October
November
December
1943
January
February
.
Household appliance
stores
Jewelry
stores
Department
stores
20
1941
December
Furniture
stores
11
12
23
46
20
19
22
21
22
22
23
24
25
29
29
31
12
11
13
13
13
14
14
16
16
18
17
18
12
12
13
13
13
13
13
13
14
15
15
15
19
18
19
19
20
22
22
25
26
30
31
45
50
45
46
47
50
56
60
59
60
65
63
65
28
28
17
17
15
16
30
29
61
61
1
Ratio of collections during month to accounts receivable at beginning
of month.
MAY
1943
463
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 =100]
Other commodities
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
1942—January
February
March
April.
May
June
July
August
September . .
October
November
December
96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
100.8
101.3
102.8
104.5
104.4
104.4
105.3
106.1
107.8
109.0
110.5
113.8
93.7
94.6
96.1
98.7
98.9
99.3
99.2
100.8
102.4
103.4
103.5
104.3
94.6
94.9
95.2
95.6
95.7
95.6
95.7
95.6
95.5
95.5
95.8
95.9
114.9
115.3
116.7
119.2
118.8
118.2
118.2
118.2
118.1
117.8
117.8
117.8
93.6
95.2
96.6
97.7
98.0
97.6
97.1
97.3
97 1
97.1
97.1
97.2
78.2
78.0
77.7
77.7
78.0
78.4
79.0
79.0
79.0
79.0
79.1
79.2
1943—January.
February . .
March
101.9
102.5
103.4
117.0
119.0
122.8
105.2
105.8
107.4
96.0
96.2
96.5
117.8
117.8
117.8
97.3
97.3
97.3
Week ending
1943—January 2
January 9
January 16
January 23
January 30
February 6
February 13
February 20
February 27
March 6
March 13
March 20
March 27
April 3
April 10
April 17
April 24
101.2
101.4
101.6
101.7
101.8
102.0
102.1
102.4
102.7
102.9
103.2
103.0
103.3
103.4
103.5
103.5
103.4
115.4
116.1
116.6
117.2
117.7
118.2
118.6
120.0
121.2
122.0
123.5
122.4
124.2
124.7
124.3
124.4
123.9
104.2
104.4
104.8
104.7
105.0
105.1
105.5
105.7
106.0
106.4
107.0
107.1
107.6
107.8
107.9
108.3
108.5
96.2
96.2
96.3
96.3
96.3
96.4
96.4
96.4
96.5
96.6
96.6
96.6
96.6
96.7
96.7
96.8
96.8
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
96.7
96.7
96.7
96.8
96.8
96.8
96.8
96.8
96.8
96.8
96.8
96.8
96.8
96.8
96.9
96.9
96.9
Year, month, or week
1929 . . .
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941.
1942
Total
Hides and
Textile
leather
products products
Housefurnishing goods
Miscellaneous
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.6
97.1
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
103.5
103.6
103.8
103.8
103.9
103.9
103.8
103.8
103.8
103.8
103.8
103.8
109.3
110.1
110.5
110.2
110.1
110.1
110.3
110.3
110.4
110.4
110.1
110.0
96.0
97.0
97.1
97.1
97.3
97.2
96.7
96.2
96.2
96.2
99.5
99.5
102.4
102.5
102.6
102.8
102.9
102.9
102.8
102.7
102.5
102.5
102.5
102.5
89.3
89.3
89.7
90.3
90.5
90.2
89.8
88.9
88.8
88.6
90.1
90.5
79.3
79.8
80.3
103.8
103.8
103.8
109.8
110.2
110.4
100.2
100.3
100.0
102.5
102.6
102.6
90.7
90.9
91.4
79.9
80.0
80.1
80.1
80.1
80.4
80.4
80.5
80.7
80.9
80.7
80.8
80.8
80.8
81.1
81.1
81.1
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
103.9
110.0
110.0
110.0
110.0
110.1
110.1
110.1
110.0
110.0
110.1
110.4
110.4
110.4
110.4
110.3
110.3
110.2
99.5
99.5
99.5
99.5
99.5
99.5
100.0
100.3
100.3
99.9
100.0
100.0
100.0
100.1
100.1
100.1
100.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.1
104.2
104.2
104.2
104.2
104.2
104.2
104.2
90.4
90.4
90.5
90.5
90.5
90.5
90.6
90.7
90.9
91.0
91.2
91.2
91.2
91.2
91.3
91.4
91.4
1943
1942
1942
1943
Subgroups
Subgroups
Mar.
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
Fuel and
Metals
lighting and metal Building
materials products materials
Dec.
Jan.
Feb.
Mar.
Mar.
93.8
113.8
97.9
100.7
123.9
110.4
107.3
129.2
111.5
108.6
132.8
112.6
112.2
135.7
117.1
94.3
90.6
87.7
109.2
89.1
111.8
89.3
104.3
113.6
95.9
113.4
90.6
102.6
115.5
96.2
113.3
92.2
108.5
115.5
94.5
113.2
93.5
115.6
115.5
96.3
124.3
116.6
101.5
113.6
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
106.6
112.6
69.8
107.0
112.4
70.5
107.0
112.5
70.5
107.0
112.6
70.5
107.0
112.6
70.5
30.3
108^7
98.2
"3O.3'
112.1
97.7
30.3
\\2A
97.7
"30^'
112.4
97.7
30^3
112.4
97.5
85.2
108.4
122.1
65.3
77.1
58.3
86.2
112.4
122 A
88.5
112.5
122.1
89.7
113.9
122.3
89.8
115.2
122.4
76.1
60.7
73.2
60.8
75.8
61.2
6U5
Metals and Metal Products:
Agricultural implements
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement .
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Dec.
Jan.
Feb.
Mar.
96.9
98.0
97.1
112.7
85.6
98.2
96.9
98.0
97.2
112.8
86.0
90.4
96.9
98.0
97.2
112.8
86.0
90.4
96.9
98.0
97.2
112.8
86.0
90.4
96.9
98.0
97.2
112.8
86.0
90.4
97.1
93.6
133.1
100.8
98.2
107.3
103.8
98.7
94.2
133.3
100.3
90.4
107.3
103 !o
98.7
94.2
133.3
100.6
90.4
107.3
102! 2
98.6
94.2
134.6
101.2
107 .#3
102.2
98.7
94.2
134.6
102.2
90.4
107.3
102.0
96.4
126.5
79.5
82.8
108.8
96.1
165.4
79.0
82.8
101.5
96.9
165.4
79.0
85.3
101.5
96.9
165.5
79.0
85.8
101.5
96.4
165.0
79.0
85.8
101.5
107.7
97.4
107.3
97.4
107.3
97.4
107.3
97.7
107.3
97.7
71.0
137.7
102.9
46.3
93.3
73.0
142.1
99.0
46.3
94.9
73.0
142.8
100.1
46.3
94.9
73.0
142.1
101.1
46.3
73.0
148.2
102.7
46.3
94.9
Back figures.—Bureau of Labor Statistics, Department of Labor.
464
FEDERAL RESERVE BULLETIN
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Thousands of persons]
Year and month
Total
Manufacturing
Mining
Construction*
Transportation and
public
Trade
Finance,
service,
and miscellaneous
utilities
Federal,
State, and
local govern
ment
SEASONALLY ADJUSTED
1942—March
April
May
June
July
August
September
October
November
December
36,002
36,063
36,274
36,461
37,051
37,433
37,645
37,962
38,325
38,842
13,939
14,081
14,220
14,382
14,640
14,819
15,006
15,162
15,349
15,687
936
938
933
929
929
918
900
1,886
1,826
1,791
1,768
1,851
1,916
1,959
1,902
1,889
2,004
3,366
3,408
3,435
3,446
3,471
3,490
3,482
3,466
3,508
3,535
6,812
6,690
6,695
6,610
6,609
6,607
6,523
6,619
6,673
6,635
4,260
4,257
4,257
4,266
4,296
4,317
4,313
4,324
4,333
4,331
4,803
4,863
4,943
5,060
5,255
5,366
5,462
5,601
5,690
5,766
1943—January
February
March
38,792
38,823
38,871
15,933
15,975
16,039
870
873
863
1,843
1,748
1,534
3,549
3,545
3,542
6,513
6,458
6,530
4,350
4,357
4,351
5,734
5,867
6,012
1942—March
April
May
June
July
August
September
October
November
December
35,411
35,908
36,346
36,666
37,234
37,802
38,348
38,478
38,533
38,942
13,859
14,019
14,133
14,302
14,641
14,980
15,233
15,313
15,434
15,684
933
929
928
921
923
918
910
902
894
885
1,625
1,771
1,909
1,991
2,108
2,181
2,185
2,028
1,896
1,674
3,295
3,389
3,442
3,485
3,519
3,533
3,542
3,539
3,520
3,502
6,711
6,679
6,667
6,606
6,504
6,496
6,561
6,697
6,771
7,107
4,194
4,265
4,309
4,324
4,355
4,371
4,397
4,327
4,295
4,279
4,794
4,856
4,958
5,037
5,184
5,323
5,520
5,672
5,723
5,811
1943—January
February
March
37,862
37,960
38,232
15,743
15,851
15,957
867
867
859
1,470
1,386
1,331
3,463
3,456
3,467
6,371
6,291
6,332
4,259
4,270
4,283
5,689
5,839
6,003
UNADJUSTED
* Includes contract construction and Federal force account construction.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons,
domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures for March 1943
are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the November 1942 BULLETIN.
MAY
1943
465
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK
Revised Edition of Chart Book*
1943
1943
Chart
book
page
Apr.
21
WEEKLY FIGURES i
In billions of dollars
Reserve bank credit:
U. S. Govt. securities, total
Bonds
Notes
Certificates
Bills..:
Special certificates
Bills discounted
Gold stock
Money in circulation
Nonmember deposits
Treasury deposits
Member bank reserves
Excess reserves6
Excess reserves (weekly average),total e .
New York City
Chicago
Reserve city banks
Country banks e ..
RESERVES AND CURRENCY
2, 4 5 95 5 92
2.08 2 01
4
99
4
97
85
82
4
56 2 09
4
51
4
.01
01
2
2 22.60 22 58
2 16.07 16.25
1 18 1 17
2
01
06
2
3 13 08 12 76
1 63 1 52
3
1 81 p\ 56
3
11
06
3
02
03
3
79
67
3
89 p 80
3
6 55
2 05
98
98
2 53
6.70
2.06
.98
1.00
2.66
01
22 54
16 35
1 18
21
13 11
1 98
67
n 04
04
76
p 84
.01
22.50
16.42
1.38
.13
13.14
2.16
P2.35
.05
.02
.93
PI. 34
Reserve bank credit...
6.33
stock
2.04 Vloney in circulation....
.98 Treasury cash
1.00 reasury deposits.
2.31 leserve balances.
Required reserves
Excess reserves, total
22 AS
New York City
16.50
Chicago
1.37
Reserve city banks
.47
Country banks
12.32 Joney in circulation, total
2.34
Bills of |50 and over
$10 and $20 bills
Coins, $1, $2, and $5 bills
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)
U. S. Govt. bonds:
Partially tax exempt
Taxable
Corporate Aaa bonds
Corporate Baa bonds
25
25
25, 33
25, 33
33
33
5
5
5
5
5
5, 8
8
8, 9
9
9
9
9
10
10
10
10
6.32
22.71
15.40
2.19
.31
13.34
11.21
2.13
.34
.02
.91
.86
15.59
3.93
8.29
3.38
6.09
22.65
15.84
2.21
.21
12.93
11.22
1.71
.10
.01
.8
7
.82
16.09
4.03
8.63
3.44
6.49
22.62
16.15
2.22
.01
13.26
11.37
1.88
.10
.03
.85
.90
16.25
4.13
8.67
3.45
CONSUMER CREDIT
MEMBER BANKS IN LEADING CITIES
Loans and investments
Demand deposits adjusted
U. S. Govt. obligations
Total loans
Commercial loans, total
New York City
100 cities outside New York
Brokers' loans—New York City
U. S. Govt. obligations:
New York City, total
Bonds
Notes and guar. securities . . . .
Certificates
Bills
100 cities outside New York, total..
Bonds
.. .
Notes and guar. securities . . . .
Certificates
Bills
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
00 41 39 41 65 42.25 44.13
13 31 85 32 96 33.00 30.32
29 28 71 29.00 29.48 30.49
49 9 46 9 44 9.56 10.41
5 75 5 70 5.61 5.59 5.60
2 33 2 29 2 26 2.25 2.24
3 43 3 40 3 36 3.34 3.36
.26
54
50
.67
47
42
32
29
9
Consumer credit, total
18
Single-payment loans
18
Charge accounts
18
Service credit
18
Instalment credit, total
18, 19
Instalment loans
19
Instalment sale credit, total
19
Automotive
19
Other
19
5.71
1.06
1.33
.65
2.66
1.35
1.32
.40
.91
p
5.49
^1.04
PI.33
P.65
P2.47
PI. 28
PI.19
P. 35
P.84
P5.35
PI.02
PI. 35
P.66
P2.33
p
l . 25
P1.07
P.29
P . 79
TREASURY FINANCE
J. S. Govt. obligations outstanding, total interest-bearing
Bonds (marketable Treasury) ..
Notes, cert., and bills, total
Notes
Certificates
Bills
Savings bonds, tax notes, etc..
Savings bonds
Tax notes
Special issues
Holdings of U.S. Govt. obligations:
Fed. agencies and trust funds
Per cent per annum
Federal Reserve Banks
Commercial banks
Private holders other than
.374 .374 .373 .371 .372
commercial banks, total
1.39 1.39 1.40 1.39 1.38
Mutual savings banks
Insurance companies
2.09 2.07
2.02 1.99
Other investors, total
2.33 2.32 2.32 2.32 2.31
Marketable issues
2.76 2.76 2.76 2.76 2.76
4.01 3.97 3.95 3.98 3.97
11 76 11 59 11 63 11.67 12.17
5.06 5 .10 5 17 5.25 5.33
2 .87 2.89 2 .92 2.91 2.90
1.96 2.00 1.95 2.05 2.15
1.88 1.60 1.60 1.46 1.79
17.53 17.11 17.37 17.81 18.3:
8 .67 8 .72 8.75 8.79 8.85
3 .24 3 .25 3 .25 3.24 3.28
3 .05 2.99 3 .06 3.09 3.20
2.58 2.15 2.31 2.69 2.99
20
20
20
21
21
21
20
21
21
20
114.30
49.27
28.03
9.86
10.74
7.42
23.36
16.25
6.75
9.17
117.13 118.64
49.27 49.27
29.26 30.19
9.86
9.80
11.16
11.16
8.23
9.23
24.56 24.62
17.89
17.07
7.12
6.35
9.57
10.00
22
22
22
12.37
5.97
P42.92
r
12.69 P13.06
5.92
5.87
P43.39
22
23
23
23
23
P53.O5
P4.64
11.10
p
37.30
P14.7O
P55.17
P4.71
11.20
P39.30
P15.50
Per cent per annum
In unit indicated
Stock prices (1935-39 = 100):
Total..
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
87.8
90.5
85.1
75.5
1.53
91.9
94.9
91.0
77.5
1.80
92.8
95.5
95.2
79.0
2.33
90.0
92.4
90.0
77.9
1.21
BUSINESS CONDITIONS
Steel production (per cent of capacity)..
Electric power prod. (mill. kw. hrs.).. •.
Freight car loadings (thous. cars):
Total..
Miscellaneous
Department store sales (1935-39 = 100)...
F.H.A. home mortgages, new construction (thous.) 2
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food
99.1 99.5 99.6 98.8
3,928 3,890 3,882 3,917
MONEY RATES, ETC.
91.3
93.5
93.2
79.8
l.oe
F. R. Bank discount rate, N . Y..
Treasury bills (new issues)
Treasury notes (taxable)
Commercial paper
U. S. Govt. bonds:
Partially tax exempt
Taxable
Corporate Aaa bonds
Corporate Baa bonds
787.4 772.1 789.0 780.9 794.2
373.8 383.1 381.4 376.9 377.2 Stock prices (1935-39 = 100):
143
149
153
154
166
Total
Industrial
Railroad
Public utility
103.3 103.4 103.5 103.5 103.4 Volume of trading (mill, shares)..
124.2 124.7 124.3 124.4 123.9 Brokers' balances (mill, dollars):
96.6 96.7 96.7 96.8 96.
Credit extended customers...
Money borrowed
Customers' free credit balances.
27
27
27
29
.50
.367
1.29
.69
-2.06
2.32
2.79
4.16
33
33
29, 33
33
.50
.372
1.24
.69
2 .06
2 .32
2. 7
7
4 .08
.50
, .373
1.33
.69
3
3
2.08
2.33
2.76
4.01
In unit indicated
35
35
35
35
35
79.7
82.3
73.7
69.3
.82
84.8
87.7
77.5
73.3
1.25
88.2
90.8
86.4
76.2
1.50
37
e
37
37
e
e
e
e
e
e
540
290
280
e
55O
320
310
e
610
350
340
c
1
v
r
Estimated.
Preliminary.
Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
" Publication discontinued.
3
Number of issues included decreased on Mar. 15.
* Copies of the revised edition of the Chart Book may be obtained a t a price of 50 cents each.
466
FEDERAL RESERVE BULLETIN
Current Statistics jor Federal Reserve Chart Book—Continued
Revised Edition of Chart Book
1943
Feb.
In unit indicated
MONTHLY FIGURES (cont.)
Income payments (mill, dollars), total 1
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: 1
Total (1935-39 = 100)
11, 42
Groups (points in total index)
Durable manufactures
41
Machinery, etc
42
Iron and steel
42
42
Other durable
41
Nondurable manufactures
42
Textiles and leather
42
Paper and printing
42
Foods, liquor, and tobacco
42
Other nondurable
41, 42
Minerals
Primary products (1935-39 = 100):
43
Steel
43
Cements
'
Lumber
43
Coal
43
43
Crude petroleum
43
Cotton consumption
43
Wool yarn
Paper
43
Leather
43
43
Meats and dairy products
43
Other manufactured foods
Labor force and employment (mill,
persons):
44
Labor force
44
Employment, total
44
Nonagricultural...
44
Agricultural
44
Male
44
Female
Nonagricultural 1 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):
49
New orders, total...
49
Durable
49
Nondurable:
49
Shipments, total
49
Durable
49
Nondurable
49
Inventories, total
49
Durable
49
Nondurable
Residental contracts (mill, dollars): 1
53
Total
53
Public
53
Private, total
53
1- and 2-family dwellings.. .
53
Other
Construction contracts (3-mo. moving
av., mill, dollars): 1
55
Total
55
Residental
55
Other
...
1
Freight car loadings:
57
Total (1935-39 = 100)...#
Groups (points in total index)
57
Miscellaneous
57
Coal
57
All other
Department stores (1923-25 = 100) : l
59
Sales
59
Stocks
e
1
3
BUSINESS CONDITIONS (cont.)
10,983 P11.241
7,734 ^7,894
3,249 P3,347
1,205 ^1,395
1,361
782
756 P893
479
370 *410
P92
100
79
199
110.3
72.0
22.4
15.9
69.7
20.4
r
11.5
20.8
17.1
19.2
r
226
169
116
136
118
202
111.9
73.2
22.8
15.9
70.4
20.7
r
11.5
20.8
17.4
20.1
r
171
r
172
133
122
143
r
165
r
231
156
121
151
121
171
184
135
^203
^112.8
p
74.6
23.1
^15.1
P69.3
*20.3
P11.5
p
20.3
p
17.3
2>20.4
233
132
112
P
154
*123
166
p
117
147
161
"l48'
P156
52.4
51.0
42.3
8.7
36.3
14.7
52.0
51.0
42.0
9.0
35.8
15.2
• 38.8
16.8
6.5
5.7
3.5
1.8
r
52.3
50.9
42.1
8.8
35.9
15.0
38.8
16.8
6.5
5.9
3.5
17
.
290.9
165.0
297.2
166.1
1943
61
61
61
61
63
63
63
65
65
?)
698.2
^228.4
?
'469.9|
P—33.61
101.9
"678.9!
^234.31
^444.6i
P-3.S.4
102.5
119.0J
117.0)
96.2
96.01
120.6! 120.91
133.Oi 133.6
125.9
^•9!
103.4
122.8
96.5
3
1942
In millions of dollars
QUARTERLY FIGURES
Budget receipts and expenditures:
Expenditures, total
War activities.
Net receipts
Internal revenue collections, t o t a l . . . .
Corporate income taxes
Individual income taxes
Misc. internal revenue
Corporate security issues:
Net proceeds
New money, total
Industrial....
Railroad
Public utility
1.114
18. 800
17. 348
3.909
3,727
1,789
616
1.323
19.845
18.460
6,950
6,686
3.364
2.234
1,088
2001
76|
27;
6|
43
70
13
6
4
3
153
51
35
12
3
24
24
24
24
24
24
24
16.307
14,766
3,861
3,622
1,735
36
36
36
36
36
^167^2
774
m. 9
P16.9
*>6.5
P6.0
P3.5
p
1.5
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
r
40.62
r
91.9
44.2
41.12
92.4
44.5
Per cent per annum
Bank rates on customers' loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities
29
31
31
31
Apr. 4, June 30, Dec. 31
1942
1942
In billions of dollars
CALL DATE FIGURES
ALL BANKS IN THE U. S.
217
294
161
226
298
169
178
211
149
Total deposits and currency. .
Demand deposits adjusted
Time deposits
Currency outside banks
p
246
P339
P179
^256
P
337
p
e
^99.74
48.S1
^28.50
J)
13.95
80.00
40.00
27.2O
10.40
81.93
41.84
27.31
10.94
12
12
12
13
13
13
12
13
13
13
44.29
20.45
6.00
3.17
(2)
(2)
17.83
59.26
46.80
37.55
24.10
5.77
5.63
2.93
2.97
2.69 1
2 66
.15
16.93
16.09
9.11
8.48
3.50
3.42
.43
.79
16
16
16
16
7.38
1.49
6.83
4.75
8.55
1.86
8.19
5.50
12.55
2.79
13.04
9.17
16
16
16
16
16
(2)
(2)
(2)
C
3.47
14.49
3.55
1.87
1.51
2.69
18.95
5.41
6.29.
4.36
2.54
11
11
11
11
e
e
c
P
MEMBER BANKS
l93
p
176
P210
P146
68
43
24
18
6
118
89
29
22
100
72
28
22
7
5
594
146
448
420
103
317
P351
p
73
135
141
136
81.4
25.2
28.5
83.8
27.1
29.6
143
102
167
93
nn
77.4
29.7
29.4
136
90
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
p
r
Estimated.
Preliminary.
Revised. c Corrected.
Adjusted for seasonal variation. 2 Figures available for June and December dates only.
Indexes for March not yet available; rents have not been surveyed since December 1942.
MAY
In unit indicated
MONTHLY FIGURES (cont.)
BUSINESS CONDITIONS
Mar.
(j)
467
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments....
470
Gold production. .
471
Gold m o v e m e n t s . . .
,
Net capital movements to United States since January i, 1935
Central banks
471
471
473-476
Money rates in foreign countries....
477
Commercial banks...
478
Foreign exchange rates...
479
Price movements:
Wholesale prices
480
Retail food prices and cost of living
481
Security prices...
481
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins; some data are reported to the Board directly. Figures
on international capital transactions of the United States are collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 11,1934. Back figures may in most cases be obtained from earlier BULLETINS and from
Annual Reports of the Board of Governors for 1937 and earlier years.
MAY
1943
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argentina
Belgium
Brazil
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
11,258
12,760
14,512
17,644
21,995
22,737
501
469
431
466
1353
354
632
597
581
609
2 734
734
25
32
32
40
51
70
275
274
274
274
274
274
20
24
24
24
24
24
1942—Apr..
May.
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
1943—Jan..
Feb..
Mar.
22,691
22,714
22,737
22,744
22,756
22,754
22,740
22,743
22,726
22,683
22,644
22,576
355
355
355
354
354
354
354
354
354
354
354
734
734
735
735
735
735
735
735
735
734
74
76
78
79
81
82
113
114
115
120
121
274
274
274
274
274
274
274
274
274
274
24
24
24
Hun-
Iran
Persia)
Italy
Japan
Java
Mexico
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
25
25
37
24
24
24
25
25
26
26
26
26
210
193
144
120
463
261
164
164
164
6
164
60
79
80
90
140
235
46
24
29
32
47
47
491
933
998
692
617
575
23
23
23
23
23
23
1942—Apr..
May.
June.
July.
Aug..
Sept.
Oct..
Nov..
Dec.
1943—Jan..
Feb..
Mar..
24
24
24
24
24
24
24
24
24
24
26
26
^216
31
30
32
33
34
34
36
37
39
70
90
110
537
533
528
526
522
518
514
510
506
501
23
23
23
23
23
23
23
23
23
23
23
End of month
End of month
I
End of month
Sweden
land
Turkey
United
Kingdom
British
India
Uruguay
Bulgaria
Venezuela
Czechoslovakia
Denmark
Chile
Colombia
188
184
192
214
37
5
29
30
30
30
30
30
19
16
24
21
17
16
91
92 •
83
56
58
61
54
53
53
53
52
44
55
55
55
55
52
52
2,995
2,564
2,430
2,709
2,000
2,000
6
7
5
30
30
31
31
31
36
36
36
36
38
16
16
16
18
19
21
23
24
25
27
28
30
61
61
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
44
44
44
52
52
52
52
52
52
52
52
Norway
Peru
Poland
98
82
94
94
4 84
20
21
20
20
20
21
New
Netherlands Zealand
Yugoslavia
B.I.S.
75
83
85
4 84
Other
countries 7
240
244
321
308
160
223
657
650
701
549
502
665
26
29
29
29
2,584
2,689
2,690
81
1
1
77
74
69
68
90
100
59
52
52
52
9 29
41
1942—Apr
May
June
July
Aug..
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
280
308
309
311
316
321
326
331
335
340
342
344
796
795
795
800
800
801
805
P813
P824
P832
P842
^851
107
111
110
111
111
111
116
116
114
124
1
1
1
1
1
1
1
1
1
1
1
1
97
97
97
97
97
95
94
92
56
56
56
56
56
60
64
64
68
68
70
72
48
51
57
59
82
4
83
11
5
14
7
12
12
183
185
142
153
145
142
15
15
19
21
19
20
143
143
145
146
146
146
147
147
149
149
10rm
171
—Feb. 28, 1941.
" '
'
'
~
5
Figures for December 1936 and December 1937 are those officially reported on Aug. 1,
6, and Apr.30, 1938, respectively.
o VJOIU rjoiamgs 01 r>anK 01 JMigmna reaucea to nominal amount by gold transfers to isritis)
ichange Equalization Account during 1939.
J Beginning Decemberl940, figures refer to gold reserves of new Central Bank only.
10
Beginning February 1943, figure also includes gold reserves of new Central Bank of Ireland.
N O T E . — F o r description of table and back figures see BULLETIN for September 1940, pp.
925-934 and p p . 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p . 926 in that issue.
470
Egypt
Portugal
France
Ruma-
I
j
I
'
27
28
29
29
29
29
South
Africa
68
69
69
69
59
59
114
120
133
152
158
182
203
189
220
249
367
366
59
59
59
59
59
59
59
59
21
21
21
21
24
24
24
25
25
25
25
203
205
210
215
219
225
234
239
241
241
Greece
26
24
27
28
28
4
28
Spain
5
718
525
429
447
468
502
527
551
582
610
634
572
523
5
Government gold reserves1 not included
in previous figures
United
States
United
Kingdom
France2
Belgium
1936—Dec. .
"3934
1937—June . . . ' i<39
4 1,395
Dec
1,489
1938—Mar....
June.. .
44
80
Dec. . . .
"4759
"331"
154
1939—Mar. . . .
1,732
559
May...
477
June... " " 8 5 '
164
Sept.. . .
156
Dec
145
1940—Mar. . . .
86
June...
105
Sept....
48
""292'
Dec. . . .
88
1941—Mar. . . .
89
i
June...
24
6 151
Sept....
25
Dec
12
1942—Mar....
8
June...
7
Sept....
12
Dec...
93
115
81
End of month
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
Ger-
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
Canada
62
44
17
17
17
17
1 Reported a t infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c N o . 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes F u n d ; Belgium—Treasury.
2 For complete monthly series from October 1938May 1939, see BULLETIN for February 1941,
p . 170.
3 Figure for end of March 1937,first d a t e reported.
4
Figure for end of September.
5
Figure for Sept. 1.
N O T E . — F o r details regarding
special
gold
transfers in 1939-40 between the British E. E . A.
and the Bank of England, and between the French
E. S. F . and the Bank of France, see BULLETIN
for September 1940, p . 926.
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
Estimated
world
production
outside
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
1942—Feb
Mar....
Apr
May...
June...
July...
Aug
Sept....
Oct
Nov....
Dec
1943—Jan
Feb
Production reported monthlyTotal
South
Africa
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
*>944( 266
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
90,335
100,485
(l)
r
76,019
r
85,346
r
80,263
r
80,943
r
79,106
r
83,202
r
77,255
r
76,692
78,150
70,269
p
64,'986
P
62,156
39,651
42,618
41,491
42,539
42,005
42,784
41,454
40,559
41,023
39,144
38,616
37,687
35,489
Other
INicara- Austra-1 British
Chil
lia 8 I India 9
<=
North and South America
Africa
RhoWest I Belgian
desia
Africa^ 1 Congo3
$1 = 15ix grains of
24,264
12,153
25,477
13,625
28,053
16,295
28,296
20,784
28,532
24,670
28,009
28,564
29,155
32,163
32,414
27,765
*>26,565 ^29,225
2,186
2,275
2,320
2,288
2,210
2,226
2,253
2,175
2,161
2,089
P
2,100
•^2! ioo
2,625
2,625
2,555
2,520
2,450
2,450
2,345
2,310
2,275
2,240
2,135
•^2,135
f
2 ,135
gold fa fine; i.e., an ounce of fine gold — $35
6,549 108,191 104,023 23,135 12,045
7,159 126,325 114,971 23,858 11,515
7,386 152,509 131,181 26,465 13,632
8,018 168,159 143,367 29,591 15,478
8,470 178,143 165,379 32,306 18,225
8,759 196,391 178,303 29,426 19,951
3 8,862 210,109 185,890 30,878 22,117
209,175 r187,O81 27,969 22,961
130,933 168,008 6 7,809 20,882
*
10,391
11,316
11,415
11,164
10,504
12,754
10,163
11,837
12,013
7,828
6,209
5,179
4,820
13,147
15,372
14,728
14,881
14,852
14,864
14,100
13,212
13,365
12,693
12,597
11,708
11,459
563
3,457
1,573
1,916
1,865
1,719
1,579
2,006
1,730
1,710
1,659
1,614
1,433
^1,433
fl,433
8,350
9,251
9,018
9,544
10,290
11,376
11,999
9,259
^6,296
537
596
540
570
611
647
531
441
401
432
'432
A3 2
432
1,166
868
807
848
1,557
3,506
5,429
7,525
r
8,623
r
r
656
621
r
624
r
677
r
905
r
8l6
r
722
r
634
r
669
r
659
r
906
C
672
647
30,559
31,240
40,118
46,982
54,264
56,182
55,878
51,039
42,525
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
3,430
3,675
3,815
3,745
3,325
3,990
3,360
3,185
4,165
3,045
2,940
'2,940
'2,940
1,260
875
910
840
665
665
595
630
420
525
735
700
^700
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows: 1934, 135 c
million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
P Preliminary. r Revised. Corrected.
* Figure carried forward.
1
Annual figures through 1940 are estimates of U. S. Mint. Annual figure for 1941 and monthly figures are based on estimates of American Bureau
of Metal Statistics given in thousands of fine ounces; this series discontinued by A.B.M.S. with estimate for March 1942.
2 Beginning April 1941 figures are those reported by American Bureau of Metal Statistics
s of the year.
Includes Philippine Islands production received n Unted States. Annual figures are estimates of United Staes
n
o y
gures represent
estimates of the American Bureau of Metal Statistics, those for 1942 having been revised by adding to each monthly figure $357,131 so that aggregate for
1942 is equal to preliminary estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines.
5 Figures for Canada beginning 1942 are subject to official revision.
6
Figure for 1942 represents three months production only; beginning April 1942, figures no longer reported.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia.
9
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; and April 1933, pp. 233-235.
For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936,
pp. 108-109.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (-—) to:
Year or
month
19341
1935
1936
1937
1938
1939
1940
1941
Total
net
imports
United
Kingdom
Belgium
France
Netherlands
Sweden
8,902 94,348
1,131,994 499,870 260,223
3 227,185
1,739,019 315,727 934,243
3,351 71,006
1,116,584 174,093 573,671
2
6,461
1,585,503 891,531 -13,710 90,859
6
1,973,569 1,208,728 81,135 15,488 163,049 60,146
3,574,151 1,826,403
3,798 165,122 341,618 28,715
4,744,472 633,083 241,778
977 63,260 161,489
3,779
982,378
1
1
1,747
1941
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
234,242
108,609
118,567
171,992
34,830
30,712
37,041
36,973
65,702
40,440
50,374
52,896
37
1,218
817
21
47^
542
79
250
55
121
163
1
1,746
Switzerland
Colom- Philip- Auspine
Canada VIexico bia
Islands tralia
12,402
86,829 30,270
95,171 13,667
968
72,648 39,966
7,511
54,452 111,480 38,482
76,315 36,472
1,363
86,987 612,949 33,610
90,320 2,622,330 29,880
899 412,056 16,791
16,944
10,899
11,911
18,397
10,557
23,239
23,999
24,448
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
46,876
81,529
95,619
20,216
16,306
17,514
19,224
10,842
42,562
16,072
24,917
20,377
South
Africa
1,029
12
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
4 76,820
75,268
77,892
246,464 50,762
168,740 16,159
165,605 50,956
111,739 49,989
9,444 9,665
6,085
4,501
3,046
313
"m
1^995
2,327
711
All
other
countries
32,304
46,989
39,735
29,998
2
67,975
3
102,404
4
388,468
6
100,485
6,062
15,093
2,951
6,793
3,589
5,009
3,811
6
9,008
6
11,041
«9,365
6 9,039
18,726
6
1
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $31,830,000 from Argentina.
3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other
C0Un
4 includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.f
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000
from5 Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries.
6
Includes imports from U. S. S. R. as follows: February—$11,236,000, August—$3,407,000, September—$5,652,000, October—$5,550,000, November—
$5,615,000, December—$13,460,000.
NOTE.—Figures for months subsequent to December 1941 have not been released for publication.
MAY
1943
471
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
Increase in foreign banking
funds in U. S.
Total
From Jan. 2, 1935, through—
Official 1
Total
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
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,115.9
5,440.7
5,748.1
5,727.6
2,539.0
2,830.1
3,092.8
3,159.0
539.1
922.3
1,112.3 •
1,200.8
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941-Mar. (Apr. 2)
June (July 2)
Sept.(Oct. 1)
Dec. 31. ..
5,526.5
5,575.4
5,510.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
1,307.7
1,375.1
1,321.7
1,053.7
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Jan.
Jan.
Jan.
Jan.
7
14
21
28
5,225.3
5,199.1
5,178.5
5,163.7
2,841.7
2,816.9
2,787.7
2,771.6
1,052.6
1,012.3
980.3
977.6
1,789.1
1,804.6
1,807.4
1,793.9
798.5
796.5
803.0
801.6
856.2
856.7
857.8
857.5
627.6
627.0
627.9
631.0
101.4
102.0
102.0
102.0
Feb.
Feb.
Feb.
Feb.
4
11
18
25
5,098.2
5,081.6
5,035.7
5,069.0
2,703.5
2,687.5
2,646.2
2,675.5
936.7
926.4
866.1
879.4
1,766.8
1,761.1
1,780.2
1,796.0
803.5
802.9
806.8
809.2
858.8
859.1
855.9
856.2
630.2
630 0
624.5
626.2
102.1
102 2
102.4
102.0
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
5,105.8
5,112.1
5,070.3
5,051.7
5,082.4
2,706.1
2,714.6
2,672.5
2,654.4
2,684.0
941.0
955.6
917.8
908.1
932.0
1,765.1
1,759.0
1,754.7
1,746.3
1,752.0
814.6
815.8
817.5
817.2
819.7
855.4
852.7
851.6
851.4
849.6
627.0
626.6
625.6
625.0
624.9
102.6
102.4
103.1
103.7
104.3
Apr.
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
May
May
May
June
6
13
20
27
3
5,375.2
5,358.6
5,358.4
5,384.8
5,413.4
2,971.0
2,951.4
2,948.5
2,974.7
2,996.8
1,160.1
1,140.1
1,153.3
1,153.5
1,144.0
1,811.0
1,811.3
1,795.2
1,821.2
1,852.8
831.2
834.3
836.4
836.5
839.8
841.9
841.4
841.7
840.9
843.2
627.2
626.5
626.9
627.3
629.0
104.0
105.0
104.8
105.4
104.6
June
June
June
June
10
17
242
30
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
Tuly 31
Aug. 31
Sept. 30
Oct. 3t
Nov. 30
Dec. 31
5,542.6
5,599.9
5,654.9
5,694.7
5,761.6
5,835.0
3,121.4
3,184.8
3,212.6
3/204.2
3,250.2
3,320.3
1,242.7
1,293.1
1,339.1
1,341.1
1,366.1
1,412.0
1,878.7
1,891.7
1,873.5
1,863.2
1,884.1
1,908.3
854.9
839.9
858.2
890.0
901.6
888.8
829.3
828.6
830.5
842.1
844.8
848.2
633.3
642.7
646.1
654.3
661.0
673.3
103.7
103.9
107.5
104.1
104.1
104.4
1943-Jan. 30..
5,906.0
761.3
677.5
....
3
3,470.4
3
1,536.1
3
1,934.3
3
889.8
3
107.0
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 ibanks maintaining accounts at the Federal Reserve Bank oi
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
g
f oreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic
and 2consular establishments, etc.).
Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BULLETIN for January 1943, p. 98.
3
Amounts outstanding on Jan. 30, in millions of dollars: total foreign banking funds in United States, 4,137.6, including official funds,2,150.6, and
other funds, 1,987.0; United States banking funds abroad, 245.7; and brokerage balances (net due "foreigners") 30.2.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to
and claims on "foreigners" as reported by banks and brokers. For description of the statistics, see BULLETIN for January 1943, p. 98; April 1939,
pp. 284-296; and May 1937, pp. 394-431.
47^
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Liabilities of banking department
Assets of banking department
Note
circulation 3
Coin
Gold1
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
.2
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..
Notes
Discounts
and advances
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5
630.0
5 780.0
.2
.6
.6
.8
1.0
.5
.6
.6
.8
.8
1.0
.9
.3
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
5
Cash reserves
Other
assets2
Securities
Deposits
Bankers'
Other
liabili-
Public
Other
ties
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
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
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
1942—Apr. 29...
May 27..
June 24...
July 29. .
Aug. 26..
Sept. 30..
Oct. 28...
Nov. 25..
Dec. 30..
.2
.2
.2
.2
.2
.2
.2
.2
.2
830.0
830.0
830.0
5
880.0
880.0
880.0
880.0
880.0
5
950.0
.7
1.2
1.3
1.2
1.2
1.4
1.4
1.1
.9
59.1
41.6
34.2
56.1
51.7
42.2
29.1
10.2
26.8
7.5
6.6
5.5
7.1
6.7
2.4
2.5
2.7
3.5
138.4
170.5
165.8
146.9
158.4
169.6
178.6
206.6
267.9
771.2
788.6
796.0
824.1
828.6
838.0
851.2
870.0
923.4
122.6
146.6
133.6
136.9
146.0
135.7
141.1
148.8
223.4
14.0
7.6
8.0
8.7
7.3
10.3
3.8
7.7
9.0
51.4
47.8
47.3
47.8
46.8
51.5
48.9
46.3
48.8
17.7
17.8
17.8
17.9
18.0
18.1
17.7
17.8
17.9
1943—Jan. 27..
Feb. 24..
Mar. 31.
.2
.2
.2
950.0
950.0
950.0
.5
.8
1.2
42.2
32.8
15.7
4.4
5.1
9.9
208.0
218.5
198.4
908.1
917.4
934.5
175.9
178.2
144.3
4.7
7.1
5.9
56.6
53.9
56.8
17.9
18.0
18.1
Liabilities
Assets
B a n k of C a n a d a
(Fig
gures in millions of
C
Canadian dollars)
1935-Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
Dominion and provincial government
securities
Deposits
Other
assets
(8)
1942—Apr. 30
May 30
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
>
Other
liabilitie
Note
circulation?
Chartered
banks
Dominion
government
Other
99.7
135.7
165.3
175.3
232.8
359.9
496.0
181.6
187.0
196.0
200.6
217.0
217.7
232.0
17.9
18.8
11.1
16.7
46.3
10.9
73.8
.8
2.1
3.5
3.1
17.9
9.5
6.0
7.7
13.4
14.4
9.3
13.3
28.5
35.1
19.1
12.9
26.2
36.7
14.7
22.1
21.7
17.8
31.3
516.7
528.6
541.2
563.8
592.6
625.4
657.6
666.3
693.6
214.7
186.0
221.3
271.6
225.4
246.0
304.6
273.2
259.9
104.5
96.7
31.3
26.0
15.5
18.5
19.3
24.6
51.6
7.3
23.4
26.7
15.7
28.1
24.7
12.2
13.8
19.1
22.0
20.1
22.4
33.0
24.1
21.6
25.3
25.2
24.0
17.6
18.5
16.2
677.6
691.7
719.1
237.7
258.5
261.0
14.8
21.5
21.2
61.3
15.3
24.7
26.3
17.9
19.4
Shortterm6
Other
4.2
9.1
14.9
28.4
64.3
38.4
200.9
30.9
61.3
82.3
144.6
181.9
448.4
391.8
83.4
99.0
91.6
40.9
49.9
127.3
216.7
8.6
8.2
21.7
5.2
5.5
12.4
33.5
209.5
187.4
.9
33.7
1.0
.8
.5
.5
.5
180.5
179.4
179.8
185.9
225.7
31
31
31
31
30
31
31
1943—Jan. 30
Feb. 27..
Mar. 31
Gold
Sterling
and United
States
dollars
413.1
430.8
493.7
501.0
518.7
628.7
797.5
780.6
807.2
223.5
223.8
322.1
338.8
351.3
284.7
199.3
204.2
209.2
.3
.3
.3
768.0
722.2
752.5
231.8
263.8
276.4
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 amoun held in banking department.
g depatment
amounts
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 t
illi
d transferred f
f
d from Exchange'Account
E h ' A
,
to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fidi
Fiduciary i
issue increased by 50 million pounds on J
i
d
b
illi
d
June 1 1940 A 30 A
12, 1940. Apr. 30, Aug. 30 and Dec. 3, 1941, and Apr. 22 and July 28, 1942; further by 70 million
2
30, d
pounds on Dec. 2, 1942.
6 Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940,
pp. 677-678).
NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp. 81-83. The headings in the table for the Bank of
Canada correspond to the items in that Bank's statements, except that the headings "Other assets" and "Other liabilities" include certain small asset
and liability items shown separately in the statements.
MAY
1943
473
Central Banks—Continued
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
Advances to
Government
Domestic bills
Gold
1
Foreign
exchange
2
Open
market * Special
1929—Dec. 27.
1930—Dec. 26.
1931—Dec. 30.
1932—Dec. 30.
1933—Dec. 29.
1934—Dec. 28.
1935—Dec. 27.
1936—Dec. 30.
1937—Dec. 30.
1938—Dec. 29.
1939—Dec. 28.
1940—Dec. 26.
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
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
1941—Sept. 25
Oct. 30.
Nov. 27.
Dec. 31.
84,598
84,598
84,598
84,598
37
37
38
38
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
38
38
38
38
38
38
38
37
37
1,379
652
1,797
2,345
661
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
1
5
12
6,896
7,849
5,348
4,517
4,855
5,588
4,433
4,581
4,176
4,000
4,744
4,525
4,038
41,014
41,138
41,654
42,115
1942—Jan. 29..
Feb.26.
Mar. 26.
Apr. 30.
May 28.
June 25.
July 30.
Aug. 27.
Sept. 24.
Other
42,071
42,043
42,314
42,651
42,804
42,699
43,743
43,427
43,869
16
18
16
13
11
9
9
For occupation
costs 3
Deposits
Other
assets
Other2
Note
circulation
Government
C.A.R.4
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
123,578
129,518
129,568
142,507
64,700
60,500
68,900
69,500
20,846
23,555
21,016
22,121
248,993
255,684
260,772
270,144
1,279
1,272
1,371
1,517
149,562
149,754
156,386
162,898
168,930
174,938
180,678
180,999
183,758
64,700
67,400
67,000
68,300
66,250
62,950
57,650
63,850
67,500
20,138
20,086
20,056
21,365
19,953
19,486
20,740
19,607
19,818
273,281
278,392
282,848
291,654
296,903
304,379
315,617
323,494
334,370
1,350
1,173
852
775
755
768
726
768
717
4 l | 400
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
59, 715
60, 932
61, 073
64, 580
72,317
17,698
31,909
20,627
34,673
63,900
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
27,208
25,999
24,431
25,272
4,402
3,309
3,479
3,894
59, 649
59, 203
56, 396
59, 668
54, 410
48, 093
39, 908
35, 371
31, 100
27,797
27,287
30,251
28,955
30,653
30,724
31,963
33,298
32,142
3,900
3,469
4,493
3,391
4,040
4,753
3,985
4,111
5,293
Liabilities
Assets
Reichsbank
Reserves of gold and
foreign exchange
(Figures in millions of
reichsmarks)
Total
reserves
1929—Dec.
1930—Dec.
1931—Dec
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
2,687
2,685
1 156
920
396
84
88
72
76
76
78
78
31
31
31
31
30
31
31
31
31
31
30
31
1941—Aug. 30
Sept. 30
Oct. 31
N o v . 29
Dec. 31
1942—Jan. 31
F e b . 28
Mar 31
Apr. 30
May 30
J u n e 30
July 31
Aug. 31
...
Gold
2,283
2,216
984
806
386
79
82
66
71
71
6
()
Bills (and
checks),
including
Treasury
bills
Other
Other
liabilities
Securities
Security
loans
Eligible
as note
cover
Other
Other
liabilities
Other
assets
Note
circulation
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
736
822
1,338
1,313
836
1,001
923
953
Deposits
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
251
256
245
176
183
146
84
74
60
45
30
38
259
445
349
221
106
557
804
32
92
102
161
398
322
319
315
303
286
298
393
357
77
77
77
77
77
17,306
18,016
18,456
18,899
21,656
25
25
26
24
32
16
24
20
58
107
384
383
335
283
283
2,343
2,260
2,364
2,395
2,311
16,502
16,918
17,432
17,793
19,325
2,326
2,511
2,470
2,493
3,649
1,323
1,357
L.377
1,450
1,493
77
77
77
77
77
77
77
77
20,884
21,458
21,673
21,529
22,093
22,848
23,114
23,611
28
23
23
19
19
21
17
14
151
144
72
17
16
18
21
34
288
288
227
202
204
202
205
204
1,406
1,343
1,751
2,212
2,344
2,180
2,162
2,262
18,987
19,443
19,774
20,047
20,548
20,954
21,344
21,808
2,417
2,426
2,762
2,701
2,840
2,990
2,804
2,864
L.431
1,464
1,287
1,308
1.366
1,402
1,448
1,530
970
1,091
1,378
1.396
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. 17, 1942, advances of 196,000 million
francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Gold not shown separately on Reichsbank statement after June 15, 1939.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
474
FEDERAL RESERVE BULLETIN
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Negotiable Government bonds
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Foreign exchange sold forward
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
N6te circulation
National Bank of Belgium and
Bank of Issue of Brussels (millions of belga): 1
Gold
Foreign exchange
Credits to State and public bodies.
Credits to private economy
Reichskreditkasse
Other assets
Note circulation
Demand deposits
Postal Checking Office
Other liabilities
National Bank of Bohemia and Moravia (millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 4
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets..
Note circulation
1943
Mar.
Feb.
1942
Jan.
Central Bank
(Figures as of last report
date of month)
Mar.
1,077
1,090
365
1,075
517
373
246
1,609
799
237
31
2
100
"245
1,594
815
185
30
2
99
217
1,440
580
32,641
103,796
31,391
102,056
24,954
75,684
5,164
45,357
26,814
191,139
172,834
127,106
"''.'.,'/.]
1,076
1,036
366
6,128
45,894
21,916
164,859
155,317
124,106
4,IK
26,21'
35,26<
100,6k
120,89
92,36
57
17
3
86
(Oct.
1942)2
4,337
4,538
4,590
86
749
(3)
12,441
876
789
(3)
(Sept.
1942)2
1,515
753
917
4,33
2,19
4,06
16
74
55
10,38
69
76
21
1,51
77
84
" • - ( 3 ) - • • 13,23
9,75
11,404
2,94
2,015
3,66
(Dec.
1942)2
497,407 378,52
438,353 350,24
230,625 228,85
536,565 469,81
11,17
40,623
51,31
58,537
818,299 658,70
797,779 660,73
186,032 170,48
I
1
187
276
725
959
406
1,874
279
141
259
52,653
78,701
11,331
56,223
36,280
98,524
49,757
77,377
15,462
55,213
36,153
98,977
14
32
73
80
7
1,55
18
12
20
47,339
71,208
16,813
55,448
36,959
97,959
26,61
20,50
35,01
55,95
32,41
75,68
1943
Mar.
Bank of the Republic of Colombia—Cont.
Deposits
92,503
Other liabilities
44,162
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account6
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 7 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
\
British, Egyptian, and other Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold8
Foreign exchange
Loans and discounts
Government debt and securities ..
Other assets
Note circulation
Deposits
Other liabilities
Bank of Finland 4
Bank of Greece4
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
I.
Loans to Government
Other assets
Deposits
Other liabilities
1942
Feb.
Jan.
Mar.
88,105
46,882
82,254
47,554
(Sept.
1942)2
98
50,660
44,163
16
B
5
l,040
50
80
125
(3)
847
469
1,033
(*)
98
26
904
43
53
125
961
815
156
1,019
220
(Oct.
1942) 2
98,154
85,897
88,005
43,063
158,714
123,819
32,586
(Nov.
1942)2
6,251
6,271
4,929
74,563
57.838
88,263
24,418
125,925
85,382
33.776
6,251
4.273
2,268
136,314
5,650
73,713
24,485
48,858
12,359
24,206
20,460
928
6,765
678
32,312
15,047
5,678
107,357
6,557
52,035
18,604
43,678
12,388
24,204
15,274
1,428
6,926
500
30,219
12,346
5,767
13,254
12,891
(Sept.
1942)2
100
1
1,732
761
339
33
3
()
2,470
529
(3)
3
( )
(Dec.
753
7,027
2,238
23,119
8,472
4,571
100
18
1,117
760
267
36
435
1,999
380
23
331
o
1942)2
444
4,048
1,224
142
5,704
4,101
154
71f
4
6
87
795
166
110
353
4
175
174
637
179
444
2,129
1,363
275
1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration
on June 27, 1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office.
2
Latest month for which report is available for this institution.
3
Figure not available.
4
For last available reports from the central banks of Bulgaria (May 1941), Finland (May 1941), and Greece (March 1941), see BULLETIN for March 1942,
pp. 280-281.
5
Represents gross claims on clearing account.
6
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.
7
Items for issue and banking departments consolidated.
.
8
Gold revalued June 30, 1942, at 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value of the colon.
MAY
1943
475
Central
Central Bank
(Figures as of last report
date of month)
Central Bank of Ireland (thousands
of pounds) :l
Gold
Sterling funds
Note circulation
Bank of Japan2
Bank of Java 2
Bank of Mexico (thousands of pesos):
Metallic reserve3
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of guilders):
Gold...
^
Silver (including subsidiary coin).
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand (thousands of pounds):
Gold .
..
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway 2
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
escudos):
Gold6
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (millions
of lei):
Gold
Special exchange accounts
Loans and discounts.
Special loans (in liquidation)
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Banks—Continued
1943
Mar.
Feb.
Jan.
2,646
20,1431
22,789
336,687 311,776 294,803
938,697
130,644
71,389
823,552
523,196
130,668
866,594
130,548
65,163
789,693
457,412
126,976
832.808J
126,467!
66,068
758,947
420,374
140,825
(Sept.
1942)4
925
7
1,360
250
158
2,680
180
2,802
22,231
2,802
31,262
2,802
28,752
32,444
10,458
2,350
30,348
36,757
3,180
34,217
4,458
2,393
30,033
41,967
3,131
31,236
4,458
1,846
29,992
36,026
3,075
(Nov.
;
112,190
9,244
254,260
26,890
274,812
104,784
22,987
(Sept.
1942)4
l,38O|
2,720
5,356
258
1,028
1,355
4,944
5,942
1,211
(Aug.
1942)4
41,294
22,039
34,639
421
Mar.
83,022j
40,333
Mar.
Feb.
Jan.
South African Reserve Bank—Cont.
Deposits
106,448 110,971
Other liabilities
5,560
5,020
Bank of Sweden (millions of kronor):
Gold .
757
753
750
Foreign assets (net)
567
554
535
Swedish Govt. securities and advances to National Debt Office7. .
1,132
1,176
1,149
199,291
Other domestic bills and advances..
119
128
104
Other assets.
802
808
836
532,420
Note circulation
1,931
1,916
1,913
114,080
Demand deposits—Government....
653
653
514
50,793
Other
244
211
392
554,458
Other liabilities
579
556
242,708 Swiss National Bank (millions of
francs):
99,417
Gold
3,682
3,642 3,599
Foreign exchange
56
63
47
1,026
Loans and discounts
325
345
8
Other assets
(5)
()
1,128
Note circulation
2,532
2,579
2,515
1
Other sight liabilities
1,522
1,308
1,492
5
Other liabilities
194
(5)
21 Central Bank of the Republic of
(Aug.
2,217
Turkey (thousands of pounds):
1942) 4
126
Gold, . . . .
138,639
168
Foreign clearing accounts
54,415
61
Loans and discounts
603,097
Securities
189,961
Other assets
21,063
2,802
Note circulation
615,527
18,344
Deposits—Gold
79,358
Other
144,840
30,642
Other liabilities
167,449
4,153 Bank of the Republic of Uruguay
1,067
(thousands of pesos):
(Nov.
24,132
Issue department:
1942) 4
30,106
85,583
Gold and silver
2,770
109,973
Note circulation
Banking department:
Gold
58,458
Notes and coin
40,609
57,541
Advances to State and to
c
30,l
government bodies
42,743
196,575
Other loans and discounts....
100,492
c
16,250
109,698
Other assets
213,906
127,598
Deposits
65,216
224,402
Other liabilities
21,416 Central Bank of Venezuela (thousands of bolivares):
Gold
220,784 214,604 208,424
1,363
Foreign exchange (net)
32,091 24,534 26,571
1,
31,230 31,230 31,230
Credits to national banks
4,338
10,690
7,785
Other assets
6,492
302
Note circulation—Central Bank.. 201,339 191,648 167,991
1,028
National banks.. 34,616 35,497 36,958
859
48,139j 44,869 65,824
Deposits
4,388
6,142
6,139
6,503
Other liabilities
4,459 National Bank of the Kingdom of
2
725
Yugoslavia
(Sept
Bank for International Settlements
4
8
21,230
39,935
100,477
41,503
17,578
63,533
5,619
167
Central Bank
(Figures as of last report
date of month)
37,701
13,295
33,737
478
9,421
45,992
95,978
33,464
11,18.
69,376
21,032
195
64,784
39,397
48,231
447
33
62,254
28,916
(thousands of Swiss gold francs ):
Gold in bars
.
Cash on hand and on current account with banks
Sight funds a t interest
Rediscountable bills and acceptances (at cost)
Time funds a t interest
Sundry bills and i n v e s t m e n t s . . . .
Other assets
D e m a n d deposits (gold)
Short-term deposits (various currencies):
Central banks for own account.
Other
Long-term deposits: Special accounts
Other liabilities
Mar.
71,040
11,009
610
632
J918
955
1,649
406
637
423
3,394
183
146
266
2,238
1,467
284
124,934
73,301
513,972
192,140
17,385
566,521
79,358
116,701
159,152
86,235
119,858
66,839
32,488
31,661
103.992
120,103
125,929
229,154
158,317
23,621
35,230
15,590
138,924
51,978
32,875
8,982
1942)
61,916
42,082
39,692
15,644
32,962
16,341
141,486 144,045
20,936 21,069
200,434 219,963
39
184
33,832 29,045
15,464
6,938
17,323
5,833
229,001 228,909
194,912 195,536
c
1
Corrected.
The Central Bank of Ireland began operations on Feb. 1, 1943. The text of the Central Bank Act is given in the BULLETIN for February 1943,
pp. 2
122-127.
For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, pp. 281-282; and from Bank of Jaya (January 1942), see BULLETIN for March 1943, p. 278.
3
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
4 Latest month for which report is available for this institution.
5 Figure not available.
6
Valued at average cost beginning October 1941.
7
Includes small amount of non-Government bonds.
8
See BULLETIN for December 1936, p. 1025.
476
FEDERAL RESERVE
BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT,'RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Late effective
United
GerKing- France many
dom
In effect Oct. 2,
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
"3
Oct. 26
2
Dec. 15
Jan. 25,1940
Apr 9
May 17
Mar 17 1941
May 29
June 27
In effect Apr. 30,
2
1943
•
•
-
•
3
Netherlands
Belgium
2
4
Albania
Argentina
Belgium
Bohemia and
Moravia....
2
23^
2
6
5
4
3
"4""
"3 " '
3 ""
2
3%
2
Rate
April
30
Mar. 21. 1940
Mar. 1, 1936
Japan
Java
Latvia
Lithuania.
Mexico
3.29
3
5
6
Jan. 25, 1940
Date
effective
Apr.
Jan.
Feb.
July
June
7,
14,
17,
15,
4,
1936
1937
1940
1939
1942
3H Oct.
1, 1940
8, 1940
28, 1935
1, 1940
11, 1935
16, 1936
18, 1933
Netherlands
New Zealand
Norway
Peru
Portugal
July 26, 1941
May 13, 1940
Aug. 1, 1940
Apr. 8, 1943
Oct. 16, 1940
May 26, 1938
Mar. 30, 1939
43^ Oct. 1, 1935
4
Dec. 3, 1934
Rumania.
South Africa
Spain
Sweden
Switzerland.
Sept.
June
Dec.
May
Nov.
12, 1940
2, 1941
1, 1938
29, 1941
26,1936
IX Mar. 17, 1941
Turkey
United Kingdom
U. S. S. R...
Yugoslavia.
July
1, 1938
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
Denmark
Ecuador
El Salvador...
Estonia
Finland
2
3
•
Central
bank of—
6
Nov.
Bolivia
3
British India..
Nov.
5
Bulgaria
Dec.
2/^ Mar.
Canada
3-Q/Q Dec.
Chile
4
Colombia
July
"2
4
Date
effective
Rate
April
30
Central
bank of—
Switzerland
Sweden
•
4
7
3
June 27, 1941
"3""
France
Germany
Greece
Hungary
Italy
3
"2""
••an;
"iy"
3
"3"
IH
'
Apr. 9, 1940
Mar. 1, 1942
Oct. 22, 1940
May 18, 1936
NOTE.—Changes since Mar. 31: Portugal—Apr. 8, down from 3l/2 to 3 per
cent.
"sy2"
2
iX
6
3
OPEN MARKET RATES
[ Per cent per annum]
I
United Kingdom
Germany
Sweden
Switzerland
Money
for
1 month
Loans
up to 3
months
Private
discount
rate
4.78
2.94
1.05
1.69
1.00
1.00
1.00
1.63
1.00
4M-6H
4^-6
3.31
2.71
1.00
1.52
1.50
1.50
1.50
2.37
1.18
1.00
1.00
1.25
1.25
1.25
Netherlands
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
1929—Feb
1930—Feb
1931—Feb
1932—Feb
1933-Feb
1934—Feb
1935—Feb
1936—Feb
1937—Feb
1938—Feb
1939—Feb
1940—Feb
1941—Feb
1942—Feb
5.05
3.82
2.56
4.63
.83
.95
.38
.55
.55
.53
.53
1.04
1.03
1.03
4.96
3.72
2.37
4.08
.78
.86
.28
.53
.53
.50
.51
1.02
1.02
1.00
4.33
3.76
2.29
3.84
.73
.88
.63
.75
.75
.75
.75
1.00
1.00
1.04
1942—Mar
Apr
May
Tune
July
Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
L.03
1.03
1.03
1.03
1.03
1.03
L.03
1.03
1.03
L.03
1.03
1.03
1.00
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.01
1.01
1.00
1.03
1.00
1.03
1.00
1.00
1.00
1.05
1.04
1.00
1.00
1.08
1.10
Bankers'
Day-to-day allowance
money
on deposits
y
2 2
3 ~iy2
4 -3
a
Private
discount
rate
Day-to-day
5.80
5.53
4.88
6.67
3.88
3.88
3.41
3.00
3.00
2.88
2 88
2.50
2.25
2.13
6.33
6.01
5.49
7.81
4.86
4.78
3.83
2.77
2.47
2.73
2.53
2.08
1.68
1.75
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
Private
discount
1.95
1.96
1.71
1.90
1.75
1.68
1.83
1.80
1.75
rate
4.39
2.80
1.12
1.87
.37
.78
.58
1.19
.28
.13
.13
1.58
2.25
.50
.50
2.50
2.75
3-5
2y2s
iy2-\y2
2H-5
2^-5
23^-5
2K-5
3-5
3y2sy2
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
MAY
1943
477
COMMERCIAL BANKS
Assets
United Kingdom1
(11 London clearing banks.
Figures in millions of
pounds sterling)
Cash
reserves
[936—December
1937—December
1938—December
1939—December
1940—December
1941—December
244
244
243
274
324
366
195
163
160
174
159
141
1942—April
May
June
319
326
355
342
351
349
350
367
390
379
373
136
133
147
132
133
127
136
135
142
146
154
758
258
291
292
273
283
277
271
241
198
197
148
August
September
October
November
December
1943—January
February.
Total
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Entirely in Canada
Cash
reserves
Other
Security
loans
loans j and discounts
Time 3
249
256
263
290
293
324
2,315
2,330
2,254
2,441
2,800
3,329
1,288
1,284
1,256
1,398
1,770
2,168
1,043
1,030
1,161
832
822
814
807
795
785
785
774
794
773
775
278
277
289
261
257
263
263
269
325
271
272
3,082
3,131
3,263
3,264
3,305
3,358
3,424
3,472
3,629
3,577
3,525
2,001
2,036
2,141
2,138
2.161
2,218
2,261
2,287
2,429
2,369
1,081
1,095
1,122
1,126
1,143
1,140
1,163
1,185
1,200
1,207
1,015
1,012
1,026
997
Other
liabilities
245
252
269
256
250
253
240
238
234
232
231
233
232
234
236
237
237
Liabilities
Assets
Canada
Demand 3
924
823
1,048
1.049
, 058
,075
,082
,097
,108
,117
,120
,112
,109
"314"
Deposits
Other
assets
890
984
971
660
635
635
609
771
999
450
471
543
607
634
693
744
804
896
935
933
322
300
250
334
265
171
July
Liabilities
Money at
call and Bills dis- Treasury Securities Loans to
deposit
customers
counted receipts 2
short
notice
Security
loans
abroad
and net Securities
due from
foreign
banks
Note
circulation
Other
assets
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Other
liabilities
Time
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December
240
255
263
292
323
356
114
76
65
53
40
32
791
862
940
1,088
1,108
1,169
161
102
166
132
159
168
1,384
1,411
1,463
1.646
1,531
1,759
554
575
535
612
570
653
103
96
88
85
80
71
2,303
2,335
2,500
2,774
2,805
3,105
752
840
1,033
1,163
1,436
1,548
1,583
1,660
1,741
1,641
1,669
837
850
843
963
846
962
1942—April
May
Tune
July
August....
September
October. ..
November
December.
1943—January ..
February.
322
285
327
369
333
366
413
395
387
347
357
32
29
28
26
24
27
25
29
31
29
29
1,252
1,215
1,137
1,096
1,064
1,050
1,078
1,236
1,168
1,100
1,044
178
175
181
182
183
185
194
194
231
242
239
1,899
1,878
1.883
1,958
2,192
2,340
2,379
2,304
2,293
2,302
2,380
637
601
639
614
595
594
602
618
657
582
589
72
71
72
73
71
69
68
64
60
58
57
3,262
3,118
3,121
3,174
3,311
3,486
3,604
3,680
3,657
3,494
3,533
1,725
1,562
1,523
1,521
1,612
1,738
1,895
2,050
1,984
1,772
1,738
1,537
1,556
1,598
1,654
1,700
1,748
1,709
1,630
1,673
1,723
1,796
986
993
1,002
999
1,008
1,006
1,018
1,032
1,049
1,050
1,048
Assets
France
(End of month figures in
millions of francs)
Cash
reserves
Due from
banks
Bills discounted
Liabilities
Loans
Other
assets
Deposits
Total
Demand
Time
Own
acceptances
27,955
29,748
33,042
41,872
529
600
537
571
473
661
721
844
Other
liabilities
4 large banks
1936—December.
1937—December.
1938—December.4
1939—December
3 ,100
3 ,403
3 ,756
4 ,599
2 975
4' 116
4, 060
3, 765
17, 582
18, 249
21, 435
29, 546
7,631
7,624
7,592
7,546
1,957
2,134
1,940
2,440
7,155
7,984
2,170
1,999
39,647
58,890
39,271
58,413
375
477
7,720
8,035
7,511
7,306
7.640
8,807
7,719
7,860
9,057
9,592
1,351
1,371
1,526
1,431
1,464
1,571
1,693
1,744
1,127
1,249
66,229
68,376
67,148
68,600
69,763
70,229
70,070
71,736
76,792
78,876
65,712
67,867
66,640
68,094
69,269
69,754
69,619
71,304
76,431
78,514
516
509
508
506
495
475
451
433
361
362
28,484
30,348
33,578
42,443
4,289
4,517
4,484
4,609
3 large banks
1939—December.
1940—December.
4,499
6,258
3,520
3,546
27,512
44,243
1941—May
June
July
August
September
October...
November.
December.
1942—May5
June
5,549
5,641
5,837
5,436
5,790
6,034
5,840
6,424
5,737
5,901
3,279
3,359
3,239
3,272
3,241
3,270
3,287
3,260
3,024
2,976
52,961
54,826
53,951
56,141
56,788
55,716
56,837
57,707
62,885
64,313
786
535
454
474
460
418
388
398
432
393
331
334
4,423
4,604
4,176
4,383
4,456
4,568
4,772
4,771
4,873
4,865
4,707
4,821
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 \H per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
3
Through December 1937, excludes deposits in offices outside England and Wales which are included in total.
4
For figures for four banks for months January-March 1940, see BULLETIN for August 1942, p. 861.
5
No figures available January through April 1942.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for June 1941, p. 596; August
1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646.
478
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Australia
(pound)
Year or month
Official
1934
1935
1936
1937
1938
1939
1940
1941
1942
Special
Export
Official
Free
33.579
32.659
33.137
32.959
32.597
30.850
29.773
29.773
29.773
23!704
322^80"
322.80
322.80
400.95
388.86
395.94
393.94
389.55
353.38
305.16
321.27
321.50
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
29.773
29.773
29.773
23.704
23.704
23.704
322.80
322.80
322.80
1
Colom- Czechobia
slovakia
(peso) (koruna)
June
July
Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar..
1934
1935
1936
1937
1938
1939
1940
1941
1942
61.780
56.011
57.083
56.726
55.953
57.061
57.085
57.004
57.052
. .
23.287
18.424
16.917
16.876
16.894
16.852
2
16.880
British
India
(rupee)
Bulgaria
(lev)
Free
C a n a d a (dollar)
Official
Free
8.4268
8.2947
8.5681 25^8788'
8.6437 6.1983
5.8438
6.0027 5^1248
6.0562 5.0214
6.0575 5.0705
6.0584 5.1427
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
30.122
6.0580
6.0580
6.0580
6.0580
6.0580
6.0580
6.0592
6.0600
6.0593
5.1384
5.1387
5.1435
5.1450
5.1450
5.1423
5.1480
5.1526
5.1520
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
321.50
321.50
6.0586
6.0586
6.0586
5.1316
5.1292
5.1275
30.122
30.122
30.122
Finland France
(mark- (franc)
ka)
GerGreece
many
(drach(reichsma)
mark)
Hong
Kong
(dollar)
22.500
21.883
22.189
22.069
21.825
20.346
2
19.308
2.2277
2.1627
2.1903
2.1811
2.1567
1.9948
1.8710
2
2.0101
38.716
48.217
31.711
30.694
30.457
27.454
22.958
2
24.592
Official
China
(yuan
Shanghai)
Export
10.1452
5.0833
5.1240
5.1697
5.1716
5.1727
5.1668
2
5.1664
34.094
36.571
29.751
29.606
21.360
11.879
6.000
2
5.313
90.909 1 89.640
90.909
90.037
90.909 : 89.923
Denmark
(krone)
C h i l e (peso)
87.173
90.909
88.557
90.909
89.958
90.909
89.943
90.909
89.523
90.909
87.820
90.909
90.909 i 87.631
88 087
90 909
90.909 ; 87.883
2
4.2424
4.1642
4.0078
3.4930
3.4674
2
3.4252
Brazil
(cruzeiro1)
Official
321.50
321.50
321.50
321.50
321.50
321.50
321.50
321.50
321.50
1942—Apr
May
Year or month
Belgium
(belga)
In cents per unit of foreign currency]
6.5688
6.6013
6.1141
4.0460
2.8781
2.5103
2
2.0827
39.375
40.258
40.297
40.204
40.164
40.061
40.021
2
39.968
.9402
.9386
.9289
.9055
.8958
.8153
2
.6715
1.2852
1.2951
1.2958
1.2846
1.2424
Hun-
101.006
99.493
99.913
100.004
99.419
96.018
85 141
90 909 ' 87 34.^
88.379
90.909
(pengo)
Italy
(lira)
Japan
(yen)
29.575
29.602
29.558
19.779
19.727
19.238
18.475
2
19.770
8.5617
8.2471
7.2916
5.2607
5.2605
5.1959
5.0407
2
5.0703
29.715
28.707
29.022
28.791
28.451
25.963
23.436
2
23.439
2
4.0000
4.0000
4.0000
4.0000
2
4.0000
New
NethMexico e r l a n d s Zealand
(guild(peso)
(pound)
er)
27.742
27.778
27.760
27.750
22.122
19.303
18.546
20.538
20.569
67.383
67.715
64.481
55.045
55.009
53.335
2
53.128
402.46
391.26
398.92
396.91
392.35
354.82
306.38
322.54
322.78
Aug
Sept
Oct.
Nov
Dec
57.049
57.005
57.037
57.059
57.186
57.064
57.023
57.030
57.177
20.574
20.567
20.568
20.567
20.568
20.573
20.573
20.573
20.573
322.79
322.78
322.78
322.78
322.78
322.78
322.78
322.78
322.78
1943—Jan
Feb
Mar
57.222
57.220
57.233
20.573
20.573
20.573
322.78
323.30
324.42
1942—Apr
May
June
July
1
Year or month
Norway P o l a n d
(krone) (zloty)
25.316
24.627
24.974
24.840
24.566
23.226
2
22.709
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
2
4.0023
1.0006
.9277
.7382
.7294
.7325
.7111
2
.6896
498.29
484.66
491.65
489.62
484.16
440.17
397.99
398.00
398.00
59.005
57.173
58.258
57.973
56.917
51.736
46.979
47.133
2
46.919
Switzerland
(franc)
U n i t e d Kingdom
(pound)
Official
Free
Uruguay
(peso)
Controlled
Yugoslavia
Non- (dinar)
controlled
1942—Apr
June
July
Aug.
Sept
Oct
Nov
Dec
. ..
403!50
403.50
503.93
490.18
497.09
494.40
488.94
443.54
383.00
403.18
403.50
79.956
80.251
79.874
79.072
64.370
62.011
65.830
65.830
65.830
398.00
398.00
398 00
398.00
398.00
398.00
398.00
398.00
398.00
1934
1935
1936
1937
1968
1939
1940
1941
1942
1943__j an
Feb
Mar
18.846
18.882
18.875
18.923
18.860
2
18.835
Straits
Portu- Ruma- South Spain
Settle- Sweden
gal
nia
Africa
m e n t s (krona)
(escudo)
(leu) (pound) (peseta)
(dollar)
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
4A3.50
403.50
403.50
403.:SO
403.50
403.50
403.50
403.50
403.50
403.50
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
52.735
52.740
52.744
52.740
52.744
52.722
52.720
52.733
52.734
398.00
398.00
398.00
403.50
403.50 1 65.830
403.50 1 403.50
65.830
403.50
65.830
52.754
52.803
52.805
13.615
13.678
12.314
6.053
5.600
10.630
9.322
2
9.130
25.982
25.271
25.626
25.487
25.197
23.991
23.802
2
23.829
32.366
32.497
30.189
22.938
22.871
22.525
22.676
2
23.210
2.2719
2.2837
2.2965
2.3060
2.3115
2
36.789 2.2716
37.601 2.2463
2
43.380 2.239T
52.723
1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
2
Average of daily rates for that part of the year during which quotations were available.
NOTE.—Developments affecting averages during 1943:
Certified rates discontinued: Australia and United Kingdom, free rates, after F e b . 1.
g ,
Changes in nominal status (noted only if affecting quotations for at least five days a m o n t h ) : none.
Changes in nominal status (noted only if affecting quotations for at least five days a month): none,
er information concerning the bases and nominal status of exchange quotations, and concerning
For further information concerning the bases and nominal status of exchange quotations and concerning suspensions of quotations prior to 1943,
see BULLETIN for February 1943, p. 201; March 1942, p. 285; February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and
March 1938, p. 244.
MAY
1943
479
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]
Year or month
United
States
United
Kingdom
Canada
France
Germany
(1913=100)
(1928=100)
(1926=100)
(1926=100)
(1930=100)
100
100
U24
695
87
72
67
67
72
72
75
85
79
75
83
90
96
100
88
86
86
88
89
94
109
101
103
137
153
r
l59
554
500
427
398
376
338
411
581
653
681
125
111
97
93
98
102
104
106
106
107
110
112
114
98
99
99
99
99
99
100
100
100
101
102
103
103
95
95
95
96
96
96
96
97
97
97
97
98
99
159
160
161
160
160
159
159
160
161
r
161
162
162
(October
1900=100)
134
86
73
65
66
75
80
81
86
79
77
79
87
99
1926...
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942—March
April
May.
June
July
August
September
October
November
December
1943—January
February
March.
(1913=100)
2
Netherlands
Japan
Italy
(1926-30
=100)
Sweden
Switzerland
(1935=100)
(July 1914
=100)
237
114
114
114
114
115
115
115
115
115
115
116
116
106
U26
144
181
153
161
180
178
186
198
238
251
278
311
329
85
75
70
63
62
68
76
89
95
99
116
132
90
76
65
63
63
62
64
76
72
74
3
88
i 103
i 94
i 92
i 90
i 96
100
102
114
111
115
146
172
189
126
110
96
91
90
90
96
111
107
111
143
184
184
186
187
188
193
192
192
193
195
195
196
207
208
209
210
212
211
212
P355
p
353
P358
p
Preliminary. r Revised.
1 Approximate figure, derived from old index (1913=100).
2 Average based on figures for 8 months; no data available since August 1939, when figure was"674.
3 Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678,
WHOLESALE PRICES-GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
Canada
(1926=100)
[1926=100)
Year or month
Farm
products
Foods
Other
Farm
commod- products
ities
United Kingdom
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Germany
(1930=100)
(1913=100)
Foods
Industrial
products
IndusIndusAgricul- trial raw trial finand semi- ished
tural
products finished products
products
1926
100
100
100
100
100
100
129
130
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
88
65
48
51
65
79
81
86
69
65
68
82
106
91
75
61
61
71
84
82
86
74
70
71
83
100
85
75
70
71
78
78
80
85
82
81
83
89
96
82
56
48
51
59
64
69
87
74
64
67
71
82
82
62
55
57
64
66
71
84
73
67
87
75
70
70
73
73
74
81
78
75
82
89
92
100
89
88
83
85
87
92
102
97
97
133
146
158
100
87
85
87
90
90
96
112
104
106
138
156
160
113
104
91
87
96
102
105
105
106
108
111
112
115
120
103
89
88
91
92
94
96
94
95
99
100
102
150
136
118
113
116
119
121
125
126
126
129
133
134
1942—March
April
May
June
July
August
September
October
November
December
1943—January
February
March
103
105
104
104
105
106
108
109
111
114
117
119
123
96
99
99
99
99
101
102
103
104
104
105
106
107
95
96
96
96
96
96
96
96
96
96
96
96
97
79
80
80
82
81
81
84
86
86
87
88
89
91
88
89
89
91
90
90
91
93
93
93
93
94
92
92
92
92
92
92
92
92
92
93
93
93
93
158
160
163
160
159
155
154
156
158
159
160
160
159
159
159
159
r
160
r
160
161
162
162
162
163
162
113
113
115
115
116
117
117
116
116
117
119
118
102
102
102
102
102
102
102
102
102
102
102
103
133
133
133
134
134
134
134
134
134
134
134
134
75
82
90
96
r
Revised.
Sources— See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
480
FEDERAL RESERVE BULLETIN
Price
Movements—Continued
RETAIL FOOD PRICES
[Index numbers]
lonth
r e a r or m>
COST OF LIVING
[Index numbers]
United
CanUnited
King- Ger- Nether- Switzada
States
dom many lands erland
(1935-39 (1935-39 (July
1913-14 (1911-13 (June
1914
=100)
=100)
1914 =100) =100) =100)
=100)
1932...
1933...
1934. .
1935. .
1936.
1937.
1938 . .
1939 .
1940 .
1941 ..
1942...
87
84
94
100
101
105
98
95
97
106
124
86
85
93
95
98
103
104
101
106
116
127
126
120
122
125
130
139
141
141
164
168
161
116
113
118
120
122
122
122
123
128
129
132
1942—March
April
May
June
July
August... .
September
October. ..
November.
December.
1943—January...
February..
March . . . .
119
120
122
123
125
126
127
130
131
133
133
134
124
124
124
126
130
130
129
130
132
133
127
127
128
162
160
160
159
160
160
160
162
163
164
164
164
131
132
134
136
139
136
129
128
129
129
131
132
119
120
124
118
120
127
130
130
2140
Year or m o n t h
United
CanStates
ada
(1935-39 (1935-39
=100)
=100)
United
Kingdom
(July
1914
= 100)
Ger- Nether- Switzmany lands (June
(1913-14 (1911-13 1914
=100) = 1 0 0 ) =100)
125
117
115
114
120
130
130
132
146
175
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
98
92
96
98
99
103
101
99
100
105
117
99
94
96
96
98
101
102
102
106
112
117
144
140
141
143
147
154
156
158
184
199
200
121
118
121
123
125
125
126
126
130
133
137
195
197
199
199
203
202
203
1942-March
114
115
116
116
117
118
118
119
120
120
121
121
116
116
116
117
118
118
117
118
119
119
117
117
117
200
199
200
199
200
201
200
200
200
200
199
199
P
199
136
137
138
139
140
139
135
135
135
136
137
137
^209
April
May
June
July
August
September ..
October
November .
December...
1943-January
February....
March
141
139
140
136
*132
137
139
140
3148
138
131
129
128
130
137
137
138
151
174
189
191
192
193
196
195
195
P197
P199
2*201
p
1
2
3
Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Common stocks
United
States
(derived
price)1
United
Kingdom
(December
1921=100)
France
(1913=100)
N umber of issues...
15
87
36
1926
90.1
110.0
57.4
84.4
91.2
98.2
105.5
109.5
110.2
111.1
113.8
115.9
117.8
118.3
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.3
88.6
81.3
82.1
83.5
76.3
75.1
77.3
83.9
7
84.7
P
98.7
67.1
82.5
90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
i°p103.0
116.7
117.8
117.7
118.0
118.9
118.7
119.0
119.3
119.5
118.9
119.5
120.0
119.8
127.1
127.5
126.8
126.7
127.7
127.5
127.8
128.1
127.5
127.3
129.0
128.9
99.8
99.5
100.2
103.3
103.5
103.5
Year or month
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1942—March
April
May
June
July
August
September...
October
November...
December
1943—January
February
March
1
Germany
(average
price) 2
2
Netherlands 3
United
States
(1935-39
=rl00)
(1926=100)
United
Kingdom
France
Netherlands
Germany (1930=100)
5
8
94.8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
8 77.9
278
300
(4)
105.6
139
100.0
100.0
100.0
51.2
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
105.2
99.6
83.3
79.7
77.2
97.4
89.7
98.3
7
120.6
"289.7
66.0
63.3
63.2
66.1
68.2
68.3
69.4
74.2
75.2
75.9
79.7
84.8
88.2
72.6
72.5
73.0
73.7
73.8
74.4
75.7
78.4
80.4
80.1
82.4
82.2
438
454
466
*>455
*>455
*>518
*511
p
5O7
p
529
P
583
402
5
50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
WP136.8
100
46
52
55
55
66
104.2
95.8
89.7
9
95.0
3*476
141.1
142.5
142.7
143.2
142.2
142.4
p
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
date3 is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning
January 1937, 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 May-Dec, only; exchange closed Jan. 1-Apr. 11.
Average Apr .-Dec. only. Average Jan.-Mar. on old basis was 95.9.
7
8
Average based on figures for 5 months; no data available June-Dec.
Average based on figures for 7 months; no data available May-Sept.
9
Average based on figures for 9 months; no data available May-July.
° Average based on figures for 11 months; no data available for December.
11
Average based on figures for 10 months; no data available Jan.-Feb.
Sources— See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
MAY
1943
481
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 THUESTON, Special Assistant to the Chairman
OFFICE OF T H E SECRETARY
DIVISION OF BANK OPERATIONS
CHESTER MORRILL, Secretary
EDWARD L. SMEAD, Chief
LISTON P. BETHEA, Assistant Secretary
J. R. VAN FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
LEGAL DIVISION
WALTER WYATT, General Counsel
J. P . DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
B. MAGRUDER WINGFIELD, Assistant General
Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
WALTER R. STARK, Assistant Director
DIVISION OF SECURITY LOANS
CARL E. PARRY, Chief
DIVISION OF PERSONNEL
TION
ADMINISTRA-
ROBERT F . LEONARD, Director
OFFICE OF ADMINISTRATOR
LOANS COMMITTEE
FOR WAR
EDWARD L. SMEAD, Acting Administrator
GARDNER L. BOOTHE, II, Assistant Adminis-
trator
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Chief
C. E. CAGLE, Assistant Chief
WILLIAM B. POLLARD, Assistant Chief
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
WM. A. DAY
ERNEST G. DRAPER
R. M. EVANS
M. J. FLEMING
JOHN K. M C K E E
W. S. MCLARIN
W. W. PADDOCK
RONALD RANSOM
M. S. SZYMCZAK
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
MALCOLM H. BRYAN, Associate Economist
KENNETH H. MACKENZIE, Associate Economist
OLIVER P. WHEELER, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
482.
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
GEORGE L. HARRISON, N E W YORK DISTRICT
Vice President
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
B . G . HUNTINGTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
H. LANE YOUNG,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
RALPH C. GIFFORD,
ST. LOUIS DISTRICT
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
W. DALE CLARK,
KANSAS CITY DISTRICT
NATHAN ADAMS,
DALLAS DISTRICT
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal
Reserve
Bank of
Chairman and
Federal Reserve
Agent
Deputy Chairman
President
First Vice President
Vice Presidents
K. K. Carrick
E. G. Hult
Carl B. Pitman1
R. M. Gidney
Allan Sproul
L. R. Rounds...
New York... Beardsley Ruml.
L. W. Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
W. J. Davis
Philadelphia.. Thomas B. McCabe.. Warren F. Whitticr.. Alfred H.Williams.. Frank J. Drinnen.
E. C. Hill
C. A. Mcllhenny2
C. A. Sienkiewicz
C. W. Arnold
M. J. Fleming.
F. J. Zurlinden. ..
Cleveland.... Gco. C. Brainard. .. . R. E. Klagcs.
Wm. H. Fletcher
R. B. Hays
J. W. Kossin 1
A. H. Laning
B. J. Lazar
K. H. MacKenzic
W. F. Taylor
J. S. Waldcn, Jr
J. G. Fry
W. G. Wysor.
Hugh Leach.
Richmond. . . Robt. Lassitcr . . .
Geo. H. Keesee1
R. W. Mercer
W.S. McLarinJr.. Malcolm H. Bryan. L. M. Clark
Atlanta
Frank H. Nccly...
J. F. Porter
H. F. Conniff 1
Allan M. Black
H. P. Preston
Simeon E. Leland..
W. W. Waymack.
C. S. Young
Chicago
J. H. Dillard
Charles B. Dunn
E. C. Harris
A. J. Mulroney
Alfred T. Sihler
O. M. Attebery
Wm. T. Nardin.
Oscar G. Johnston . . Chester C. Davis.
F. Guy Hitt.
St. Louis
Henry H. Edmiston
C. M. Stewart
A. W. Mills1
Minneapolis.. W. C. Coffey....
Roger B. Shepard. . . J. N. Peyton
O. S. Powell.
Otis R. Preston
E. W. Swanson
A. R. Upgren
Harry I. Ziemer
Kansas City.. R. B. Caldwcll.
Robert L. Mchornay. H. G. Lcedy..
Henry O. Koppang Raymond W. Hall
D. W. Woolley
R. B. Coleman
Dallas
Jay Taylor
J. B. Cozzo
R. R. Gilbert.
E. B. Stroud
W. J. Evans
W. O. Ford 2
W. D. Gentry
C. E. Earhart
San Francisco! Henry F. Grady
St. George Holdcn... Wm. A. Day..
Ira Clerk.
W. M. Hale
H. N. Mangels1
R. B. West
Boston
Albert M. Creighton. Henry S. Dennison. .
W. W. Paddock.
William Willctt.
MANAGING OFFICERS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of
New York:
Buffalo Branch
Cleveland:
Cincinnati Branch
Pittsburgh Branch
Richmond:
Baltimore Branch
Charlotte Branch
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch
New Orleans Branch
Chicago:
Detroit Branch
St. Louis:
Little Rock Branch
Louisville Branch
Memphis Branch
1
Cashier.
M A Y 1943
Managing Director
R. B. Wiltsc
B. J. Lazar3
J. W. Kossins
W. R. Milford
W. T. Clements
P. L. T. Beavers
Geo. S. Vardcman, Jr.
Joel B. Fort, Jr.
E. P. Paris
E. C. Harris3
A. F. Bailey
C. A. Schacht
W. H. Glasgow
2
Also Cashier.
Federal Reserve Bank of
Managing Director
Minneapolis:
Helena Branch
R. E. Towle
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
J. L. Hermann4
E. B. Austin4
L. G. Pondrom4
San Francisco:
Los Angeles Branch
W. N. Ambrose
D. L. Davis
Portland Branch
W. L. Partner
Salt Lake City Branch
Seattle Branch
C. R. Shaw
1
3
Manager.
Vice President.
483
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
w
o
ssssi
—
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^f.
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
(§)
FEDERAL RESERVE BANK CITIES
•
F
3
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
JANUARY 2, 1943
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
@FedFRASER