Full text of Federal Reserve Bulletin : May 1944
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FEDERAL RESERVE
BULLETIN
MAY 1944
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT THURSTON
E. A.
GOLDENWEISER
CARL E.
PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff
editorial committee. This committee is responsible for interpretations and opinions
expressed, except in official statements and signed articles.
CONTENTS
PAGE
Review of the M o n t h — M a n p o w e r for W a r . .
415-4x3
Jobs after the War, by E. A. Goldenweiser and Everett E. Hagen. .
4x4-431
Changes in Ownership of Bank Deposits.
43Z-435
Current Events.
435
Postwar International Monetary Stabilization. .
436-441
Revisions of Series of Yields and Prices of Government Securities. .
44Z-446
Member Bank Earnings in 1943. .
447-448
National Summary of Business Conditions
449-450
Financial, Industrial, Commercial Statistics, U. S. (See p . 451 for list of t a b l e s ) . . .
453-508
International Financial Statistics (See p , 509 for list of tables)
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
510-5x1
52.2.
Senior Officers of Federal Reserve Banks; Managing Officers of B r a n c h e s . . .
5x3
M a p of Federal Reserve Districts
5x4
Federal Reserve Publications (See inside of back cover)
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FEDERAL RESERVE BULLETIN
VOLUME 30
May 1P44
NUMBER 5
MANPOWER FOR WAR
Demands by the armed forces for additional physically fit young men from among
the relatively small number remaining in
industry and agriculture has intensified
interest in manpower policies and their
relation to the functioning of the economy.
The current withdrawal of occupationallydeferred young men for armed service is the
latest in a long series of steps which have
been taken in the manpower field. These
steps have achieved the mobilization of an
armed strength of nearly 11 million, while
production for war was being pushed to
unprecedented heights, and production for
civilian consumption was being maintained
at a high level. These things have not
been accomplished without great difficulties; and many problems remain before
victory is won. The country, however,
has been able to meet the situation without
hardship for civilians generally, and without serious inflation.
A startling change occurred in the manpower problem between 1940, when it was
still one of unemployment, and 1941 and
1942., when rapid expansion of war production was rapidly absorbing all the available
labor. More of everything was needed—
and still more. This was true of manpower
as well as of production of raw materials
and finished products, of construction of
plants and equipment, of cantonments and
shore establishments; it was true of government and of industry and agriculture. The
MAY
1944
expansion of 1941 occurred in an atmosphere
of peacetime boom psychology described by
the phrase "business as usual." This psychology changed with the attack on Pearl
Harbor and there was a large-scale conversion of existing plant, equipment, and manpower to war purposes in 1942-. During
these two years, unemployment declined
sharply as one bottleneck after another was
broken in the production and flow of materials and in the organization and training
of workers. Women, students, older workers, and others were attracted into the labor
market in unusual numbers; and millions of
people pulled up stakes and migrated to
booming war centers.
In 1943 the situation was somewhat
changed, especially after midyear. The
drive for over-all war production was being
achieved and increasing attention was being
devoted to balancing the structure of production. The change in emphasis was
made possible by the fact that the new
plants and equipment were largely completed, and the channels through which
the materials of war flowed to depots
scattered around the world were largely
filled. By the end of the year, problems of
reconversion to civilian production were
being given serious consideration by those
concerned with national policy.
A declining trend of employment began
in the summer of 1943 and has continued
in 1944 even though over-all war production
415
REVIEW OF THE MONTH
requirements for this year are above the
levels reached at the end of 1943. In 1944
better utilization of manpower, rather than
its expansion, will become increasingly the
key to success of the whole program.
While increases in manpower required for
the armed forces and war industries this
year are much smaller than in either of the
two years preceding, the problems of
meeting these required increases may be
more difficult. The slack in the labor
reserves has been taken up and each new
change in manpower schedules requires a
new fitting of the parts into the whole with
compensating adjustments all down the
line. In addition, cut-backs in production
of some war items are already creating local
pools of unemployment and increasing the
difficulty of maintaining in war jobs and
at top efficiency workers, some of whom
would like to shift to jobs offering greater
peacetime promise or, in the case of some
married women, to withdraw completely
from the labor force.
The table below shows by broad categories the changes which have occurred
since 1940 in the distribution of the labor
force. The figures are for March of each
year, and hence do not show the large
seasonal movements from winter to summer in the civilian labor force and in
employment, particularly agricultural employment.
DISTRIBUTION OF THE LABOR FORCE, 1940-1944
[Millions of persons]
1940
1942
1944
1941
1943
March March March March March
Total labor force
Armed forces
Civilian labor force.
Unemployment
Employment
Agricultural
Nonagricultural ..
53.3
53.3
56.1
60.1
62.2
0.3
53.0
1.3
52.0
2.7
53.4
7.8
52.3
10.8
51.4
8.0
45.0
6.0
46.0
3.2
50.2
1.1
51.2
0.9
50.5
8.5
36.5
7.6
38.4
7.7
42.5
7.2
44.0
6.9
43.6
SOURCE.—Revised estimates of Bureau of the Census adjusted to
include Federal Reserve estimates of the armed forces based on unofficial interpolations from official figures for scattered other dates.
See Bureau of the Census, Monthly Report on the Labor Force, No. 22,
Apr. 26,1944.
CIVILIAN MANPOWER
CHANGES SINCE
1940
At the end of March 1940, when the
population census was taken, almost 8
million workers were unemployed or on
emergency work projects and 45 million
were employed in civilian activities. Of
the employed, 8.5 million were in agriculture and the remainder were in nonagricultural activities of all kinds. Only a
few hundred thousand men were in the
armed forces. The civilian labor force, employed and unemployed, totaled 53 million,
of whom 13 million were women. Average
hours of work were low, less than 38 a week
in all manufacturing taken as a whole.
About 10.4 million employees were engaged
in all manufacturing industries, and an additional 5.1 million were at work in mining,
construction, transportation, and public
utilities. The remaining ui million nonagricultural workers were engaged in predominantly service activities—trade, government, finance, service establishments,
self-employment, domestic service, and miscellaneous fields. For the year 1940, national income was at what now seems a
relatively low figure of 77.6 billion dollars,
of which 48.6 billions represented wages
and salaries.
Since 1940 phenomenal changes have
occurred not only in the numbers employed
and unemployed, but in distribution of
employment among industry groups and
between the sexes. From mid-1940, when
the national defense program began, to the
spring of 1943 employment increased and
unemployment decreased almost without
interruption. By the spring of 1943, unemployment was down to a total of 1 million, a level heretofore thought impossible
to achieve. Agricultural employment was
1.3 million below that three years earlier
but nonagricultural employment had increased by 7.5 million. Average hours
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
worked per week had increased substan- 400,000 below a year ago. Employment in
tially and in manufacturing averaged 45, the metal, metal working, chemical, and
which with allowance for absenteeism and rubber manufacturing groups has been depart-time work indicates that average clining since its peak in November 1943;
scheduled hours were around 47. The num- although in March 1944 it was still someber of men in the civilian labor force had what larger than a year earlier. In conbeen reduced by 4 million as withdrawals struction the number employed was down
for the armed forces more than offset the to 700,000, compared with 1.5 million a year
number of new entrants, but the number of ago and a peak of x.6 million reached in the
women had increased by 3.3 million.
fall of 1941. In mining, employment was
About 6.3 million workers had been added 7 per cent below March 1943, continuing
to the 10.4 million previously working in the steady reduction started at the end of
manufacturing industries with nearly all of
EMPLOYEES IN NONAGR1CULTURAL ESTABLISHMENTS
the increase concentrated in the metal, metal
working, rubber, and chemical industries 20
20
which were producing munitions. EmployMANUFACTURING
ment in mining was about the same in the
15
spring of 1943 as in 1940, while that in 15
transportation and public utilities was substantially larger. In construction, employ- 10
10
ment was moderately above March 1940 but
was greatly below that in the two interven5
AND PUBLIC UTILITIES
ing years. Civilian employment in Govern- 5
.__
_^-~
^CONSTRUCTION
ment was 1.8 million higher, reflecting
-*
1 "
l^
.
|
"""
MINING
0
mostly increase in those at work in the 0
10
10
War and Navy Departments and in Government arsenals, shipyards, and other direct
~
^
_ -"—"""GOVER'NMETTT"
production activities. Employment in trade
5
FINANCE, SERVICES
was somewhat higher than in 1940, and in
AND MISCELLANEOUS
finance, service, and miscellaneous indus- 0
0
tries, there was a small decline. Self1940
194!
1942
1943
1944
SOURCE—Bureau of Labor Statistics, Department of Labor.
employment and domestic service employment were substantially lower than three
years earlier.
1941. In coal mines the loss of manpower,
Since September 1943, employment has even with the substantially longer hours of
fallen below comparable months of the work this year, is threatening to prevent
preceding year. The tendency to level out by an important margin the attainment of
or decline has been especially pronounced scheduled goals for coal production. In
since the end of last year when declines transportation and public utilities, embegan to appear even in many war in- ployment has been fairly steady at a level
dustries in which production was still about 100,000 or 5 per cent above a year ago
rising. In March 1944, total employment but railroads are faced with serious diffiwas 700,000 less than in March 1943 with culties in recruiting the workers required
the decline shared by both the agricul- for replacements and expansion this year.
tural and nonagricultural segments. Em- Government employment has leveled off in
ployment in manufacturing was almost recent months. Trade is slightly below,
%
1
——
Tn/inr
'
MAY 1944
-J-J^.-^*aJ°=-^-
{EXCLUDING ARMED FORCES )
REVIEW OF THE MONTH
while finance, service establishments, and
miscellaneous industries are a little above a
year ago. Average hours of work in manufacturing are somewhat higher than a
year ago.
National income reached a record level
of 147.9 billion dollars in 1943, a gain of
7.1. per cent over i94x and 90 per cent above
1940; the total wage and salary bill reached
102. billions in 1943, more than double the
level of 1940. Increases in numbers employed and in hours of work account for a
large portion of the rise in pay rolls since
1940, although shifts to high-wage war
industries and occupations, overtime payments and other premiums, and increases in
wage rates are also important factors.
Larger Government pay rolls, due primarily
to the rapid expansion of the armed forces,
accounted for almost two-fifths of the increase in total wages and salaries between
194Z and 1943.
CURRENT SHORTAGES
Although the major war programs are on
schedule, critical manpower shortages are
still limiting production of some key war
products. War programs most seriously
affected by manpower shortages include
radar, high-octane gasoline, synthetic rubber, landing vessels, heavy trucks, antifriction bearings, mica mining, fractional
horsepower motors, and foundries and forge
shops. The aggregate number of additional
workers required in these industries is not
large in terms of the numbers already engaged in war industries, but many of these
lines need manpower with specialized training or experience often found only among
young men. In terms of the number of
workers needed for expansion or for replacement even to maintain current schedules, the
most serious situations are in such industries
as railroads, coal mines, aircraft, shipbuilding and repair, lumber and logging, and
418
cotton textiles. Heavy seasonal requirements in farming and in canning and food
processing will also be difficult to meet.
Although the current shortages are urgent, the Chairman of the War Manpower
Commission stated recently before the
Special Committee on Draft Deferment of
the House Committee on Military Affairs
that, "labor shortages are causing less
damage to production now than at any time
since the early months of 1943." In part,
this favorable aspect of the situation is
attributable to increased efficiency. Labor
turnover, while high in terms of prewar
standards, has been reduced somewhat in
most war industries. Labor hoarding, bad
scheduling, poor personnel policies, discriminatory hiring practices, and other
restrictions on efficient manpower utilization have all been materially reduced.
Additional equipment and more effective
utilization of existing equipment have
also been contributory factors. In some
lines output per man-hour has shown
striking increases. For example, in July
1939, it required 2.x.8 man-hours to produce
a Garand rifle. By July 1941, only 12..1.
man-hours were required and by January
1944 this had been cut to 5.9 man-hours.
The cost of a heavy bomber was reduced from
$139,000 in February 1942. to $139,000 in
December 1943, owing largely to greater
productive efficiency. Studies of Government-owned and contractor-operated plants
show increases in productivity during 1943
of over 33 per cent in shell and bombloading industry; of 45 per cent since April
1943 in the TNT industry.
MOBILIZATION OF LABOR RESERVES
The entrance into the military and civilian labor force of nearly 6.5 million workers
who under peacetime conditions would remain outside the regular labor force is one
of the major achievements of manpower
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
mobilization. Except for students under ferment from service were dependency and
18 and men over 65, practically all men able parenthood. In November 194X, the Tydto work are either in the civilian labor force ings Amendment to the Selective Training
or the armed forces. In December 1943 the and Service Act was passed requiring the
total labor force included nearly 3.5 million occupational deferment of all men necessary
men who are usually outside the labor to and regularly engaged in essential agriculmarket. As might be expected, more than ture, and for whom no suitable replacement
two-fifths of these "extra" male entrants can be obtained, regardless of dependency
have come from among those under xo years status. As the supply of single and childof age. Less than 10 per cent have come less married men declined and the requirefrom among the group 65 and over. More- ments of war production increased, increasover, about 3 million more women were in ing emphasis was given to occupational
the labor force than would be working or essentiality in granting deferments outside
seeking jobs in normal times. A surpris- of agriculture. In order to encourage men
ingly large number of them are in the age to shift into essential industries, the War
group 45 and over—about 700,000—while Manpower Commission established early in
1943 a list of nondeferable occupations and
1 million are under xo.
industries from which pre-Pearl Harbor
GROWTH OF THE ARMED FORCES
fathers could be drafted contrary to the
In early 1940, less than half a million then general regulation against drafting
men were in the armed forces and even at fathers. The nondeferable list was abolthe time of Pearl Harbor hardly more than ished by law toward the end of 1943.
x million men were in service. Since then,
The supply of nonfathers, except in key
both the Army and the Navy have ex- jobs in agriculture and industry, was virtupanded at unprecedented rates. By early ally exhausted by the fall of 1943 and parentApril 1944 the Army had reached its goal hood was largely eliminated as a basis for
of 7.7 million and the Navy was about deferment. Since that time, the 6,500 un400,000 from its goal of 3.6 million sched- paid Selective Service local boards, acutely
uled to be reached in September 1944. At conscious of the social problems occasioned
the beginning of 1944, about one-third of by drafting fathers, have had difficulty in
the Army wTas outside the country and by meeting their quotas. The goal for the
the end of this year, it is expected that this Army, originally set at 8.x million, was
proportion will be doubled. Over 1 mil- reduced to 7.7 million, but even the lower
lion men have already been discharged from figure was not reached by December 1943
the armed forces because of normal attri- as scheduled.
tion, over-age, disabilities, and battle casuIn amending the Selective Training and
alties, and currently the number being Service Act in December 1943, Congress
discharged is at a rate of 50,000 to 60,000 called for the review of physical, mental,
a month.
and moral standards established for armed
The total in the armed forces has been ob- service as a possible means of minimizing
tained primarily from among the xx.x mil- the number of pre-Pearl Harbor fathers to
lion men 18 through 37 years of age subject to be drafted. A commission of outstanding
registration and induction under the Selec- medical authorities was appointed by the
tive Training and Service Act. Until the President to re-examine the standards and to
end of 194X5 the major criteria governing de- recommend changes which might be made
MAY
1944
419
REVIEW OF THE MONTH
without impairing efficiency of the services. War Manpower Commission established an
The Commission reached the general con- Inter-Agency Committee on Draft Deferclusion that no further lowering of stand- ments to determine which war programs are
ards for general service is advisable and that so critical as to warrant exceptional treatthe number of additional civilians the Army ment. The Inter-Agency Committee is
can absorb for limited service is small. composed of representatives of the main
With training and headquarters establish- procurement and other Government agenments already staffed and men moving over- cies having jurisdiction over particular
seas in increasing numbers, the needs for programs. In early April, the Committee
limited service men can be met largely by issued a list of activities in which deferment
men already in service who have become of some physically fit men under 2.6 is to be
unfit for general service but who are able permitted. Each individual deferment is
further subject to the recommendation of
to render limited service.
Unable to obtain any large numbers for the State Selective Service Director and
the armed forces from the physically-dis- usually must carry the endorsement of the
qualified and limited-service groups, it has Government agency responsible for that
been necessary to re-examine other sources activity. The list is strictly limited and
of manpower. The basic need is for young includes only those men engaged in prophysically vigorous men for use as replace- duction or service of end products or comments in the Army Ground Forces and for ponents so critical that output is insufficient
sea service in the Navy. The Army itself to supply immediate war objectives, plus
has made several important internal adjust- restricted classifications of professional,
ments designed to fill this need. The Air technical, and scientific students and inForces, which comprise about one-third of ternes and a few others. Outside of the
the total Army personnel, have released for Merchant Marine and the Army Transporassignment to other branches 36,000 of their tation Corps most of the men to be detrainees. Reassignment, largely to the ferred are in war industries, such as elecGround Forces, of 110,000 men in the Army tronics, synthetic rubber, and high-octane
Specialist Training Program has been or- gasoline, in which the technology is so
dered. This leaves in the program in col- new that few older men are qualified for the
leges only 35,000 men, principally those key positions.
Increased pressure is also being exerted
taking advanced courses in medicine, denon agriculture to release some of its younger
tistry, and engineering.
men even at the expense of some loss of food
REVIEW OF DEFERMENTS
production. Selective Service has withOn February 2.6, the President sent a drawn the war unit plan for measuring
farm activity and has ordered review of
memorandum to Selective Service calling
classifications of those deferred in agriculfor prompt and searching review of all
ture. For men under x6, the requirements
occupational deferments and particularly of the Tydings Amendment are to be interthose held by younger men. This was at preted strictly and local boards are asked to
first interpreted as a general prohibition keep in mind the extreme need of the armed
against deferment of all men under 2.6 years forces for young physically fit men. For
of age. However, in order to retain in war men z6 through z.y, interpretations are to
production the relatively few key young be less strict, and for those men 30 and over,
men who are absolutely irreplaceable, the they are to be comparatively liberal.
410
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
STATUS OF REGISTRANTS
On April i, 1944, the XL.T. million Selective Service registrants in the ages 18
through 37 were classified in the following
main classes: already inducted or enlisted
through Selective Service were 9.6 million
men; 3.8 million had been examined and
rejected for physical deficiencies; 3.8 million
were deferred as necessary men in nonagricultural activities; 1.7 million were deferred
in agriculture; and nearly 3.3 million were
awaiting induction, preinduction examination, were on appeal, were being reclassified from dependency deferred classes,
or were classified in miscellaneous categories. The statistics for March 1 show
only 574,000 in nonagricultural activities
and 613,000 in agriculture as being under
x6 years of age and deferred as necessary
men. In addition to those listed above,
there are about 7 million men 38 to 45 years
of age, subject to Selective Service, but considered by the services to be too old for
duty.
Although the major goals of military
mobilization have been substantially
achieved, pressure on the male civilian
labor force will remain heavy because of
the necessity for providing replacements
estimated for the remainder of the year at
750,000 for the Army and about 2.50,000
for the Navy. In addition, the Navy needs
about 400,000 to reach its scheduled goal.
About 60,000 of the men required each
month for replacements and expansion will
come from among those turning 18 years of
age. The remainder must come from among
those under 38 listed above, and primarily
from the men under 30 years of age.
In order to provide direction previously
lacking over those disqualified by physical
deficiency for general or limited service,
draft boards are reclassifying those who
qualify into occupational deferment classes.
It is estimated that a large proportion of
the 3.8 million rejected as physically unfit
MAY
1944
are already engaged in essential activities,
and hence eligible for classification into
occupationally-deferred classes. Those not
engaged in essential activities, especially
those under x6, are being urged to transfer
to war work.
Several bills have been introduced to require those rejected for physical reasons to
accept Government direction to work in
private industry. The proposals take several forms, one of which would establish a
labor battalion in the Army into which
men failing to accept governmental direction would be drafted. These proposals are
still receiving consideration, along with a
national service law placing legal responsibility for civilian service on all men and
women of working age. The Army and
Navy are strongly urging adoption of such
legislation and the President has recommended it with certain qualifications.
Among members of Congress, civilian agencies, and private organizations, there are
substantial differences of opinion about the
need and timeliness of such legislation.
CIVILIAN MANPOWER CONTROLS
Until the fall of 1942., priorities and other
restrictions on materials for production
and better wages were largely relied upon to
reduce labor requirements in the less essential industries and to attract workers into
those areas, occupations, and industries
most essential to the war program. However, as the inflationary influences in the
economy increased, it became impossible to
continue to place heavy reliance on the
restriction of materials and on favorable
wage differentials to determine the flow
of manpower. When manpower became
generally short, such wage differentials
caused restlessness among workers and
stimulated undesirable turnover in search
of higher pay. Employers would bid workers away from other employers frequently
engaged in work of equal importance in42.1
REVIEW OF THE MONTH
stead of improving their manpower situation by providing adequate training and
upgrading machinery or eliminating undesirable utilization practices. The imposition of broad restrictions on wage increases
by the passage of the act to amend the
Emergency Price Control Act in the fall of
194:1 met the situation to a limited extent,
but the wage differentials already prevailing
continued to encourage shifts among workers. In order to organize efficiently and to
allocate the limited manpower supplies
available, the War Manpower Commission
has had to develop nonwage types of control over manpower.
LABOR MARKET AREAS
Classification of labor market areas has
had significant results in reducing the heavy
concentration of war contracts in a relatively small number of areas. Procurement
agencies are giving increasing weight to
the manpower supply situation as indicated
by labor market classifications in awarding
and renewing contracts. The classification
program has also facilitated the application
of manpower controls on a step-by-step
basis easily understood by those affected
and more readily administered with limited
staffs of trained people. Thus progressively
stronger controls have been adopted in the
tight manpower areas as conditions required them and such controls have not
been established in areas where they have
not been necessary.
One of the programs established by the
War Manpower Commission is the classifiTHE 48-HouR WORK WEEK
cation of important labor market areas into
In order to utilize more fully manpower
four groups in order of the adequacy of
manpower supplies available or in sight. already available, a minimum 48-hour work
In January 1943, 272. labor market areas week was ordered in February 1943 for all
were so classified and 31 of them were establishments with eight or more emplaced in the category of current acute ployees, with some exceptions, in the 32.
shortage (Group I). Throughout most of Group I areas. Since then the 48-hour
1943, increasing numbers of areas were week has been extended and in October
shifted into the current acute shortage 1943, the War Manpower Commission
(Group I) and stringent labor supply ordered the adoption of a minimum 48-hour
(Group II) categories; and at the same time week in all Group I areas and urged that
additional labor markets came under the serious consideration be given its adoption
classification program. Since November in Group II areas. In April 1944, 137 areas
1943, mixed changes have occurred, with were on minimum 48-hour week schedules.
some areas moving into Groups I and II, In addition, the order has been applied on
while others moved out of these groups a nation-wide basis to three industries—
into the slight labor reserve classification logging and lumbering, nonferrous metal
(Group III) or the substantial labor reserve mining, and iron and steel blast furnaces,
classification (Group IV). On May 1, steelworks, and rolling mills. Effective
354 areas were classified, of which 68 were May 14, the cotton textile industry has been
areas of acute shortage, 112. were areas of ordered to adopt a minimum 48-hour week.
stringent supply, 131 were classified as havCONTROLS OVER HIRING
ing a slight labor reserve, and 43 as having
a substantial labor reserve. Since NovemA series of other nonwage indirect conber 1943, the number of Group I areas has trols over manpower have been established
been reduced by 9.
by the War Manpower Commission. These
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
controls have been established largely on a
local or regional basis with a substantial
amount of community participation and
with only loose coordination and direction
from the central staff. Consequently the
controls vary substantially in stringency,
standards of operation, and coverage among
areas depending upon the problems to be
faced. In ix regions over 300 local area
management-labor committees are assisting
and advising manpower authorities. In
some 48 areas, Manpower Priorities Committees, composed of representatives of the
War Manpower Commission, War Production Board, and procurement agencies, have
been established to provide lists of companies and industries in the order of their
importance to the war and their need for
manpower to meet war production schedules. These lists, or priorities, determine
the order in which the United States Employment Service refers workers to job
openings. In some of the areas, Production
Urgency Committees are also established to
advise the Manpower Priorities Committees
about the relative urgency of the need for
output of specific war products being produced in the area.
As of March 1944 employment ceilings
were established in 72. labor shortage areas.
These ceilings set permissive limits on total
employment in designated establishments
or activities, or in all activities, within a
particular area. The standards and procedures followed in any area are adopted in
the light of manpower problems in that
area and vary somewhat from place to
place.
All workers in 18 shortage areas, all male
workers in ix areas, and all workers in
essential activities in 71 areas are subject
to controlled referral. Controlled referral
means the requirement that specified groups
of workers, or all workers, may be hired
only upon referral by the United States
MAY
1944
Employment Service or with the consent
of the Employment Service. Its purpose is
to make sure that workers are directed,
in so far as possible, to essential activities.
Certain classes of workers, such as those
included in the list of critical occupations,
are subject to controlled referral on a
nation-wide basis.
OTHER MEASURES OF MANPOWER CONTROL
Declining numbers of workers in the
civilian labor force have placed increasing
emphasis upon effective manpower utilization, particularly in critical labor market
areas. The War Manpower Commission
has established a Bureau of Manpower Utilization in which industrial consultants
conduct studies of the utilization practices
of specific plants. These studies have often
been the basis for a reduction in employment ceilings and for other changes which
have resulted in substantial savings in
manpower. More than 4,000 such utilization studies have been completed.
Other measures adopted to encourage the
movement of workers into essential activities and out of less essential ones, to stabilize
employment, and to guide Selective Service
deferment policies, include: the designation
of 181 critical occupations covering skills
most urgently needed; the designation of
35 broad categories of essential war and
war-supporting activities for the nation as
a whole; and designation of "locally
needed'* activities for industries and establishments in which manpower shortages
are restricting necessary civilian activities
in particular local areas. Area manpower
directors have already designated over
900 activities as locally needed. Those
most frequently included are: laundries,
fuel distribution, dry cleaning, restaurants,
ice distribution, hotels, milk distribution,
and other food distribution.
42-3
JOBS AFTER THE WAR
by
E. A. GOLDENWEISER and EVERETT E. HAGEN
Division of Research and Statistics
Maintenance of employment is the principal This article undertakes to indicate the amount
single economic objective that will have to be and character of national output that will have
achieved if the existing economic system is to to be maintained after the war, if serious unemsurvive. It epitomizes most of the other eco- ployment is to be avoided. No attempt is
nomic aims that have to be accomplished. If made to suggest how this goal is to be achieved.
POSTWAR PRODUCTION NEEDED TO AVOID UNEMPLOYMENT
( ROSS NATIONAL PRC)DUCT
BILL 10NS OF DOLLARS
I I *>s
NES: PRODUCTION
SERIOUS UNE KPLOYMENT
GROS S
NATIONAL PRC>OUCT
^ ^ ^
f
/
1 60
•
160
•
120
. y
••
•
••
/
•
m
/
120
y
B
80
flO
INEMPLOYMENT
UNEMPLOYME
V+l
V+2
REQUIRED PRODUCTION
activity after the war is kept at the rate necessary to give employment to substantially all
High-level employment after the war will reemployables, the goods produced will be suffi- quire a volume of production unprecedented in
cient to make it possible for all the people to peacetime. The top line on the chart shows the
maintain a reasonably high standard of living. gross national product, or the total amount of
The choice is between high production, high all goods and services produced in a year after
employment, and general prosperity—and fall- eliminating the principal duplications. At the
ing production, serious unemployment, wide- present time gross national product is approachspread misery, and danger to our institutions. ing 2.00 billion dollars a year. Projections
414
FEDERAL RESERVE BULLETIN
JOBS AFTER THE WAR
A and B on the top line show the course of production, at the 1943 level of prices, A if high
production is maintained after the war and B if
production is permitted to decline to the prewar
level (after allowance for the price advance
from 1939 to 1943). The lower line on the chart
shows unemployment, which at the present
time is less than a million, and projections A'
and B' indicate the probable course of unemployment under the two assumptions with respect to production. If prices advance, the
national product, which is measured in dollars,
will have to be correspondingly higher than
shown on the chart in order to produce the same
degree of employment; if prices decline, a smaller
total will represent the same amount of activity.
If production follows the course of line A, unemployment will be at a low level after the war.
This line indicates a gross national product of
ioo billion dollars during the peak year of the
war, a decline during the transition period, and
a level of 170 billion dollars in the year Vplus-2.—the second year after final victory. It
is assumed that reconversion will begin during
the last war year and end during the year V-plus1, so that V-plus-i will be the first post-transition year. If production approximates the 170
billion dollar level after the completion of reconversion, unemployment will be about 2. millions, probably as low afigureas can be achieved
in peacetime. It consists mainly of what
economists call "frictional" unemployment and
does not include any significant number of able
and willing workers out of jobs for any length
of time.
If, however, national product were to fall as
low as 108 billion dollars (line B), which is the
1939 level with allowance for the increase in
prices through 1943, we would have unemployment of between 15 and xo million (line B').
Our economic destiny may lie between the two
sets of lines, A and A7 and B and B'. The nearer
we come to achieving the production and employment reflected in the A lines, the greater
will be our national prosperity; the closer we
get to the levels of the B lines, the darker will
be our economic future.
MAY 1944
PERMISSIBLE CONTRACTION
One hundred and seventy billion dollars of
output (at 1943 prices) would represent a contraction of 30 billions from the wartime volume
of product. It is estimated that a contraction
of this magnitude, which amounts to about 15
per cent, can occur without producing unemployment in excess of the 2. million minimum.
There are several reasons for this estimated
margin. (1) Hours of labor are likely to decline from the abnormally high level reached
during the war. This does not imply that the
problem of employment can be solved by a reduction in hours beyond the correction of wartime expansion. Production to provide for
adequate living standards must be maintained.
(2.) Because of age or of family responsibilities,
many persons now employed in industry or
serving in the armed forces may return to nongainful occupations. (3) The average volume
of output per man-hour may decrease. This
would result from the fact that a larger proportion of workers will be engaged in trade and
service occupations, and in industries in which
output per man-hour is much less than in highly
mechanized fields like the production of munitions.
THE LABOR FORCE
The reason that an output far above prewar
levels will be necessary to maintain employment
is that there will be a larger labor force as the
result of the growth of population and a higher
output per worker. Also, postwar employment
to be adequate must provide jobs for many who
were unemployed before the war. In 1940 some
54 million persons, not including seasonal
workers, were seeking gainful employment, and
less than 46 millions of them found work. In
the year V-plus-2., the number seeking employment may be estimated at 60 millions. If unemployment is to be held to 2. millions, approximately 58 millions must be employed, an
increase of i i millions from the number
employed in 1940. These figures include persons in the armed services.
42-5
JOBS AFTER THE WAR
or less participation by the Government would
change
this figure, but it is contemplated that
The Department of Commerce has estimated
the
bulk
of the output of industry after the war
that between 1919 and 1941 gross national prodwill
be
for
the use of private customers. Prinuct per man-hour increased by "O/^ per cent per
cipal
types
of goods are consumer goods and
year, compounded. There was good reason,
services,
housing,
and business inventories,
before we entered the war, to expect this rate
plant,
and
equipment.
of increase to continue during peacetime years.
For example, if war had not intervened, and if
CONSUMER GOODS
hours of work were as long in 1947 as in 1940,
It may be estimated that of the 140 billion
we would have expected output per worker to
dollar
output for private use about 113 billions
increase by almost one-fifth between 1940 and
may
be
taken off the market by consumers, to
1947.
be
used
in the ordinary course of living. The
If the year V-plus-2. is a prosperous year,
only
way
to estimate the amount of consumer
hours of work will probably be as long as the
goods
and
services to be produced for private
fairly short average work week of 1940 when
consumption
is to measure the amount that is
we had not yet fully recovered from the delikely
to
be
consumed
or at least taken off the
pression. But because wartime technical admarket.
This
can
be
done
by examining figures
vances may not be immediately carried over
of
probable
income
of
individuals
and the prointo peacetime production, the rate of increase
portion
of
that
income
that
is
likely
to go into
in output per worker on civilian goods may be
consumer
goods
and
services.
retarded. Therefore, it has been assumed that
With a gross national product of 170 billion
the increase in output per worker between 1940
and V-plus-2. will be only 10 per cent, or little dollars, the income of individuals remaining
more than one-half of the normal increase dur- after taxes may be expected to be about ixy
ing a seven-year period. Even with this allow- billion. Data for the relationship between conance for retardation, a gross national product sumer income and consumer expenditures for
of 170 billion dollars will be needed to furnish 192.9-1941—the only prewar period for which
employment for 58 million workers. If output we have fairly accurate estimates—form a rough
per man-hour increases by more than 10 per cent, basis for estimating what consumer demand may
and hours are not reduced accordingly, a larger be in the year V-plus-2. on the basis of 12.7
national product will be necessary to furnish the billions in income after taxes. However, there
are two factors which will be operative after
required employment.
the war that were not present in the earlier
COMPOSITION OF THE OUTPUT
period. One is that after income has risen
Outlets for the 170 billion dollars worth of steadily for many years people may spend more
goods and services that will have to be produced out o£ a given annual income than they would
in order to maintain a high level of employment have out of the same income a decade or so
will determine the composition of output after earlier. Such estimates as are available indicate
reconversion has been completed. When the that as income increased in the United States
stimulus of war requirements is removed, the during the 50 years preceding the depression of
Federal Government will no longer be taking the 1930's, consumption habits followed along.
almost half of the national product. One pos- People purchased more in a given year than they
sible assumption is that production for the ac- would have out of the same total income 10
count of Federal, State, and local governments years earlier.
will total 30 billion dollars in the year V-plus-2..
The second additional factor which must be
This will leave 140 billion dollars of goods and taken into account in estimating consumer deservices to be produced for private use. Greater mand in the year V-plus-2. is the effect of the war.
INCREASED OUTPUT PER MAN-HOUR
4x6
FEDERAL RESERVE BULLETIN
JOBS AFTER THE WAR
Accumulation of large amounts of savings during the war may encourage individuals and
families to use their current income for purchases
more freely after the war than in the past. Reinforced by the need to replace items which were
unobtainable during the war, this should result
in unusually high demand for some years after
the war for automobiles, refrigerators, radios,
some types of furniture, etc.
On the basis of past relationships, and with
allowance for change in consumption habits, it
is estimated that, if consumers have \TJ billion
dollars of income after taxes in the year V-plus-2.,
they may take n o billion dollars worth of
goods and services off the market. To allow for
backlog demand accumulated during the war, a
figure of 113 billions may be taken as an upper
estimate at the level of income indicated. This
does not include the construction of new homes,
which are grouped with nonconsumption goods.
Next there is the question of how the estimated 113 billion dollars might be divided
among durable goods, other goods, and services.
This distribution may take many patterns. For
illustrative purposes it may be assumed that
about 35 billion dollars will be absorbed in the
form of services—electricity, gas, and telephone
service for the home, rent, private education,
and personal and professional services; about 60
billion dollars in food, clothing, and the whole
range of consumption goods other than durable
goods; and 18 billion dollars in durable consumer
goods—such things as household equipment and
automobiles. These assumptions provide, after
allowance is made for the difference in prices, for
purchases by the people of nondurable goods at
a rate of about 12.0 per cent of that in 1941, a
high year; of services at a rate of about 130 per
cent of that year; and of durable goods at 150
per cent of the 1941 amount. In 1941, over 3.7
million passenger automobiles were produced.
Sales of other consumer durable goods included
13.7 million radio sets, 3.5 million household
refrigerators, and not far from 2. million electric
washing machines—to mention only the larger
items. To reach the total of 18 billion dollars
of sales, consumer durable goods will have to
MAY
1944
be sold in quantities which on the average will
be 50 per cent larger than in 1941.
It should be pointed out that the estimate of
113 billion dollars of consumer purchases assumes that in the year V-plus-2. individual incomes after taxes will be almost one-fourth
greater than in 1941 (after allowance for the
price rise to 1943). At this level most families
would have incomes much higher than they had
previously experienced in peacetime. It should
be remembered also that the public will have a
large accumulation of liquid savings and a great
deferred demand for many durable goods. The
impressive total of 18 billion dollars of estimated
purchases of durable consumer goods allows for
boom level purchases, plus 3 billion dollars of
additional purchases to replace worn-out items
unobtainable during the war.
NONCONSUMPTION GOODS
If the demand for consumer goods and services
reaches a level of 113 billion there will still have
to be a demand for 2.7 billion dollars of other
goods for private individuals and businesses.
Without that the national output needed to
maintain high-level employment would not be
achieved. It is not possible to estimate the
volume of capital or nonconsumption goods that
will be produced, but some idea of the potential
level of output may be obtained from a consideration of the forces that will affect the demand for them. The chief outlets will be business inventories, surplus of exports, housing
construction, and business plant and equipment.
Merchants and some manufacturers will be
restocking consumer goods inventories which
were depleted during the war and, in connection
with doing a larger volume of business, will be
carrying larger inventories than they did before
the war. As long as this process goes on, they
will be purchasing more goods than they are
selling, and this will provide an outlet for goods
and therefore will tend to sustain employment.
During the year V-plus-2, this increase in inventories may possibly absorb 3 billion dollars of
output. Perhaps a net export surplus of 2. billion dollars, privately financed, may occur.
42-7
JOBS AFTER THE WAR
(Exports for foreign rehabilitation, financed by
the Federal Government, are included in the
total Government purchases of goods and services of 30 billion dollars.)
Housing will be scarce in many communities.
If a residential boom has reached full swing by
the' year V-plus-2, there may conceivably be 7
billion dollars of residential construction (1.4
million housing units at an average cost of
$5,000). This would be an extremely large
housing boom, far exceeding that of any year of
the 1920's, when the peak number of units built
in one year was under one million.
If national income and consumer purchases
are at record peacetime levels in the year V-plus2, business investment in plant and equipment
also may be expected to reach record peacetime
levels. If it amounts to 15 billion dollars, it
will complete the required total of 27 billions of
nonconsumption goods. With allowance for
the difference in prices, this would provide
about the same volume as in 1941, when increasing orders for munitions stimulated investment
in new plant and equipment. It is to be hoped
that an expanded peacetime market may be as
great a stimulus to investment as were war demands in 1941. The expansion furthermore
would not be out of line with previous experience since annual business investment, in relation to consumer expenditures, would be smaller
than in 1925-1930, and only slightly larger than
in 193 6-1939.
To sum up this section, if inventories increase
by 3 billion dollars; if exports exceed imports by
2 billions; if residential construction totals 7
billions; and if new plant and equipment absorb
15 billions; then the required 27 billion dollar
total of nonconsumption goods will be reached.
Innumerable other combinations of these
amounts are possible; the principal thing is the
aggregate amount. This amount, together with
Government purchases of 30 billions and consumer purchases of 113 billions, would be sufficient to bring the total national product up to
the 170 billions necessary to sustain a high level
of employment.
As already stated, these figures are intended
42.8
to be illustrative of a possible pattern of economic activity that would give the desired result. If production for any one of the three
major types of demand were smaller than indicated, there would have to be a corresponding
expansion in the other types.
INFLATIONARY AND DEFLATIONARY DANGERS
Demand for goods and services from private
and public sources, which must equal 170 billion
dollars in the year V-plus-2 to provide outlets
for sufficient production and employment, must
not substantially exceed this amount unless output increases correspondingly. A demand larger than that needed to purchase all the goods
and services that can be produced would be
inflationary.
One of the factors that will exert an important
influence in this respect will be the urgency with
which consumers will desire to buy goods that
they were unable to acquire during the war.
There is no way of knowing definitely how rapidly the replacement of worn-out durable goods
will be undertaken or how much pressure may
be exerted on the supply of semidurable consumer goods. If consumers attempt to buy at
once all of the goods for which they have been
waiting, considerable inflationary pressure will
result. Also, businesses may attempt to replace
rapidly their depleted inventories of consumer
goods and to increase these inventories quickly
to serve a higher volume of demand. Inventory
accumulation may be on a larger scale than has
been estimated. If consumer demand is high,
speculation that prices may rise may cause additional inventory accumulation. Deferred maintenance—in manufacturing and in railroads—
may not have been completely made good during
the Victory year and the following year, and
may still be going on in the year V-plus-2.
Wartime expenditures may not have contracted
as much as indicated above.
If normal consumer purchases, housing construction, and business investment in plant and
equipment reach approximately the totals indicated, and if in addition some combination of deferred consumer demand, inventory purchases,
FEDERAL RESERVE BULLETIN
JOBS AFTER THE WAR
deferred maintenance, and Government expenditures swells demand, expenditures in the year
V-plus-z may be so large as not only to provide
for practically full employment but also to cause
sharp inflationary pressure. While this danger
may not be as great as in the years V and Vplus-i, it may still exist.
On the other hand, if demand does not reach
the necessary level, there will be a grave danger
of deflation and unemployment. Deflationary
trends once started accumulate momentum.
If large-scale unemployment develops during
the period immediately after the war, consumer purchases two years after the war may
be much lower than 113 billions. Consumers
may remain fearful of the future, and therefore cautious, even after the transition is completed. In that case consumer purchases may
not reach the level shown in the year V-plus-x.
If consumers anticipate reductions in prices, deferred demand for consumer durables may be
spread over a period of years. If so, purchases
of this sort may not reach a total of 3 billion
dollars in the year V-plus-x. Accumulation of
inventories too may be spread over some years,
so that they do not bulk large in any one year.
Businessmen may not invest as much as 15 billion dollars in plant and equipment. If private
purchases are lower than the estimated requirement for several or all of these reasons, and if
Government purchases do not compensate for
the deficiency, total demand will not be large
enough to maintain employment. Then deflation will get under way.
LONGER-TERM PROSPECTS
Whatever may happen shortly after the war,
purchases of certain types of goods and services
are likely to decline within a few years. When
the shortages caused by the war have been made
good, deferred demand for consumer durable
goods may come to an end. Accumulation of
inventories may end also; after merchants and
manufacturers have built up inventories to the
desired size, they may reduce their purchases or
production to the level of their sales. Finally,
though the residential construction boom may
continue longer than the deferred demand for
MAY
1944
consumer durable goods or the accumulation of
inventories, housing construction too may decline in volume after some years.
It is not the purpose of this article to discuss
the measures and policies that need to be pursued by Government and by business to keep up
the volume of national output needed to maintain employment. It is only intended to point
out here that a volume of output of approximately the size indicated is essential if disaster
is to be averted. It is a formidable prospect.
But there is no occasion for discouragement,
only for determination. It is a challenge to
our economy. When a couple of years ago the
President laid out a program of war production,
this program was considered fantastic and was
hailed by the enemy as the delusion of a fatuous
nation. And yet this program has not only
been met—it has been exceeded. With our
natural and financial resources, our competent
labor force, our expanded productive plant, our
ingenuity, and our organizing ability, can we
not hope to do as well for peace as we have done
for war?
APPENDIX
By EVERETT E. HAGEN
Gross national product is the value added to
all privately-produced goods and services at
various stages of production, that is, it comprises the value of raw materials and such additions to their value as they acquire during the
process of manufacture and distribution. It includes goods produced to replace worn-out or
obsolete equipment, plus the value (measured
by cost to the Government) of public construction and all public services.
The data presented on the chart concerning
gross national product and unemployment in the
year V-plus-z were calculated on the assumption
that the year V-plus-2. will be 1947. It should
be clearly understood that this assumption is
made not as a forecast but because quantitative
presentation necessitates the use of some concrete date. No forecast concerning the end of
the war is intended. Perhaps 1948 or 1949 will
be the year V-plus-i. If so, the general appearance of the chart, and the conclusions reached
42-9
JOBS AFTER THE WAR
in this article, would not be materially changed.
For example, it would still be true that gross
national product will dip sharply during the
years V and V-plus-i, and must rise gradually
thereafter if we are to maintain high-level employment. However, the labor force will be
somewhat larger in the year V-plus-z if that
year is 1948 or 1949 instead of 1947, and output
per man-hour and gross national product may
also be larger. Wherever specific quantities
are used below, those estimated for 1947 will be
presented. The reader should keep in mind
that they will be altered somewhat if the year
V-plus-z is a later year.
The labor force estimate (in millions) is derived
as follows:
Labor force, July 1, 1940
Normal increase, 1940-1947
Additional war workers
Less withdrawals
Total for 1947.
6.5
4.0
53.5
4.5
2.5
60.5
From this total, after allowance for casualties,
and after rounding, the estimate of 60 millions
is derived. It should be noted that the figures
do not include seasonal workers who come into
the labor force only during the summer months
(farm family members, students, etc.).
The estimate of gross national-productat full
employment in the year V-plus-z is derived in the
following manner. All dollar figures are in
1943 prices.
when gross national product falls, employment
(measured in man-hours) usually falls by a somewhat smaller percentage. This is because unemployment hits the capital goods and durable
goods industries more heavily than other industries. The value of output per worker in
these industries is higher than the average elsewhere. Hence, when output falls in these industries, the resulting percentage fall in gross
national product is greater than the percentage
fall in total employment.
Given an estimate of gross national product
and of total taxes, an estimate of the income of
individuals remaining after taxes is derived as
follows:
Gross national product
Less: Depreciation, depletion,
reserves
Business taxes
and
other
business
National income
Less: Undistributed corporate profits
Social security taxes
Plus: Social security payments and payments
veterans
Income payments to individuals
Less: Personal taxes
Individual i n c o m e r e m a i n i n g after taxes ...
to
Billions of
dollars
17o
—11
—17
—4
—4
+4
—28
142
—4
138
—11
127
It remains to indicate how the assumed figures
for the volume of goods and services purchased
by Government and for the volume of goods and
services purchased by individuals were derived.
The derivation of the assumed figures for nonconsumption expenditures is explained in the
Billions
Gross national product, 1940, in 1943 prices..
... $119
body of the article.
Less: Interest on Federal debt
1
The 30 billion dollars of Government purchases
of goods and services might include State and
Average employment, 1940, including seasonal workers
local expenditures of 10 billions, and Federal
(in millions)
46.5
Gross national product per worker, 1940
$2,540
expenditures of zo billions. The Federal exGross national product per worker, V + 2 (Assumed
increase in output per worker, 1940 to V + 2, 10 per
penditures might be composed as follows: civil,
cent)
$2,800
Average employment at the full employment level, V +
z billion dollars; military, 6 billions; interest on
2, including seasonal workers (in millions)
58.7
Gross national product at full employment, V + 2, excluding
public debt, 5.5 billions; expenditures for edu164.4
interest on the Federal debt ($2,800 X 58,700,000)
5.5
Plus: Interest on Federal debt
cation, care, etc., of veterans (excluding bonus
Gross national product at full employment, 1947
$169.9
payments and dismissal wages), z billions; other
Interest on the Federal debt is eliminated from (including aid to agriculture, public works, forthe calculations concerning output per worker eign investment and relief, regular departmental
because it is unrelated to the rise in productivity. expenses), 4.5 billions.
The estimate of the level of unemployment
If, as assumed, Federal expenditures for social
which would accompany a fall in gross national prod-security payments plus veterans' bonus and disuct to 108 billion dollars reverses the preceding missal wage payments total 4 billion dollars,
calculation and also allows for the fact that and social security revenues total 4 billions,
43°
FEDERAL RESERVE BULLETIN
JOBS AFTER THE WAR
these sums would offset each other. If the and upswing, which may affect the relationship
Federal budget were balanced, except for the somewhat. For these reasons, the figure of n o
borrowing from social security reserves, Federal billion dollars of consumer expenditures, out of
taxes other than social security taxes would 12.7 billions of disposable income in 1947, is retotal 10 billions. It has been assumed that x garded as a rough and fairly liberal estimate,
billion dollars of State and local expenditures rather than as a precise forecast. An estimate
will be covered by bond issues. This assump- based upon the relationship between consumer
tion is made because a large part of State and expenditures and national income, over the 50local expenditures for schools, roads, etc., are year period 1879-1918, yielded a figure of aptypically financed in this way. State and local proximately n o billions as the maximum probtaxes would then be 8 billion dollars and total able value of consumer expenditures in 1947 out
taxes other than social security taxes 18 bil- of 117 billions of income remaining after taxes.
lions. It is assumed that n billions will be To allow for the accumulation of savings and
obtained through personal taxes and 17 billions backlog demand during the war, the figure of
through business taxes.
n o billion dollars was raised to 113 billions.
Use of the round figure of 30 billion dollars
The figures illustrating a division of consumer
for Government expenditures for goods and expenditures between durable goods, nondurable goods,
services, and of 2.8 billions for taxes other than and services, arc based upon multiple linear corresocial security taxes, does not imply that Gov- lations over the period 1919-1940; but the figures
ernment expenditures or taxes ought to be derived were rounded to avoid giving the immaintained at this particular level in the year pression that a precise estimate was being made.
V-plus-i. It is merely one possible level seAcknowledgment is due to the following
lected for purposes of illustration.
sources of data: All employment and labor
Possible consumer expenditures at a level of in- force totals for past years are based on Bureau of
dividual income after taxes of 1x7 billion dollars the Census data. All data for gross national
in the year V-plus-x were estimated by a mul- product, individual incomes after taxes, and con
tiple linear correlation between total consumer sumer expenditures for past years, are Depart
expenditures, individual income after taxes, and
ment of Commerce estimates. The estimate
time, over the years 1919-1940. The regression
of increase in output per man-hour during
line was then extrapolated. This relationship
1919-1941 is from "Postwar Manpower and
is subject to the following technical comments:
Its Capacity to Produce," an article by S. Morris
(1) A period of rising prices is included, and the
Livingston in the Survey of Current Business
rise in prices is implicitly projected in the extrafor April 1943. Data concerning national inpolation, to approximately the 1943 level by
come and consumer expenditures over the period
1947. (1) The year 1941 is omitted in the re1879-1918 are in Occasional Paper 6 of the
gression. In this year consumer expenditures
National Bureau of Economic Research, by
were somewhat lower, relative to individual
income remaining after taxes, than is indicated Simon Kuznets. Data for 1941 sales of conby the relationship for the years 1919-1940. sumer durables are from the January 1943 issue
(3) The years used cover a cyclical downswing of Electrical Merchandising.
MAY
1944
43*
CHANGES IN OWNERSHIP OF BANK DEPOSITS
The third survey by the Federal Reserve
System of the ownership of bank deposits
points to the conclusion that the balances
of individuals have increased since last summer
while business deposits, which previously had
been growing, have declined slightly. This
conclusion appears valid, notwithstanding the
fact that some of the changes may have been
seasonal and some due to the fact that the
survey followed closely upon the Fourth War
Loan Drive.
SYSTEM DEPOSIT SURVEY
In order to find what groups have been most
active in accumulating deposits in banks, the
Federal Reserve System has conducted several
surveys of the ownership of bank deposits; the
third and most recent of these was made as of
February 2.9,1944. Thefirstsurvey, which was
conducted in the second quarter of 1943, covered
two dates, December 31, 1941, and March 31,
1943. In this survey only a relatively small
number of banks was covered. The second
survey, relative to the situation on July 31, 1943,
was improved in form and extended to a substantially larger number of banks. This survey
comprehended about 12. per cent of the commercial banks of the country having about threefourths of the deposits of all commercial banks.
Although the surveys were in general limited to
the larger-sized deposits, the second survey
yielded data which permitted estimation of
aggregate deposit ownership for the important
economic subdivisions of individuals, partnerships, and corporations.
The recently completed third survey has the
same general character as the second survey but
for the first time it allows a reasonably accurate
comparison of deposit ownership between two
dates—in this case February Z9, 1944, and July
31, 1943.1 In the following table a comparison
1
Although the basic surveys were conducted in about the same
way, certain refinements of methodology have been introduced, and
the aggregate estimates for July 31, 1943, presented in the Federal
Reserve BULLETIN for October 1943, pp. 917-922 and 930-936, have
been revised.
432-
is drawn between the aggregate estimates for
these two dates.
ESTIMATED OWNERSHIP OF D E M A N D DEPOSITS OF INDIVIDUALS
A N D BUSINESSES AT A L L BANKS FEBRUARY 2.9,
A N D JULY 31,
1944,
1943 1
[In billions of dollars]2
Amounts held
Type of depositor
Feb. 29,
1944
July 31,
1943
Changes
Domestic business—total
36.5
36.8
-.3
Nonfinancial business—total
30.9
31.0
-.1
Manufacturing and mining
Public utilities
Trade
Other nonfinancial
16.2
3.7
7.9
3.2
16.4
3.7
7.7
3.2
+.2
5.6
18.2
1.5
.9
5.8
16.4
1.4
.9
+1.8
+.1
57.1
55.6
+1.5
Financial business—total
Personal.
. .
Nonprofit institutions
Foreign
Total demand deposits of individuals, partnerships, and
corporations
-.2
-.2
1
2
Figures for July 31, 1943, have been revised.
Figures have been rounded to hundreds of millions, and will
not necessarily add to totals.
The most striking fact revealed by this comparison is that personal deposits, which increased by nearly 2. billion dollars, or 11 per
cent, are the only ones to have shown an appreciable gain in the seven-month period. The
deposits of financial business declined between
the two dates by a sizable amount and the
deposits of nonfinancial business also declined.
Business concerns engaged in retail and wholesale trade were the only class of nonfinancial
business depositors to show an appreciable gain.
Earlier surveys had shown that nonfinancial
business owned the large share of demand deposits and had accounted for a very large part of
the increase in deposits over the war period.
Supplementary information confirmed these findings. The records of corporate cash balances
had shown that the deposits of manufacturing
and trade corporations had about doubled from
1941 to 1943, while those of railroads and public
utilities increased substantially. The only class
of corporate deposits that had not increased was
that of financial concerns. It is also presumed
FEDERAL RESERVE BULLETIN
CHANGES IN OWNERSHIP OF BANK DEPOSITS
that the deposits of unincorporated business had
increased rather substantially, particularly those
of trade concerns which bulk large in the field
of unincorporated business enterprise. On the
other hand, the deposits of individuals, while
increasing, apparently had not been accumulating as rapidly nor had they accounted for a very
large part of the increase in demand deposits.
This survey would indicate, however, that in
recent months the deposits of business have not
been expanding, while those of individuals have
continued to grow. These differences may be
accounted for in part by special factors.
EFFECT OF WAR LOAN DRIVE
Deposit ownership on the two dates is not
wholly comparable because the July 31, 1943,
deposit survey was at a point representing twothirds of the increase in deposits between the
Second and Third War Loan Drives, while the
recent survey followed immediately after the
Fourth War Loan Drive. For the past two
years the movement of total deposits of individuals, partnerships, and corporations has
been generally upwards, but there have been
temporary decreases over the period of each war
loan drive and also over certain tax collection
dates. The decreases in deposits over the
periods of war loan drives have been far less
than the volume of securities sold, because of
bank buying of Government securities from nonbank holders, because of bank loans made during
the drive to provide the short-term carrying of
securities offered in the drive, and because of
Treasury disbursements during the periods of
drives which tended to increase the deposits
of individuals and business. In addition some
of the securities have been sold for paper or
metallic currency or through pay roll deduction
allowances, neither of which shows up as a
special drain on current deposit levels.
Such evidence as can be marshaled allowing
for the influence of the war loan drive suggests
that personal deposits have increased more than
business deposits in recent months. This is
indicated by a rough reconstruction of probable
deposit ownership prior to the Fourth War Loan
MAY
1944
Drive. The distribution of deposits shown on
February x$, 1944, was adjusted roughly by
adding to the deposits of nonfinancial business
net purchases of securities in the drive (gross
subscriptions less market sales and redemptions);
by making similar adjustments in deposits of
financial business (together with an added allowance for a greater share of bank loans to
purchase and carry securities offered during the
drive), and also in personal deposits (excluding
the part paid for by pay roll deduction and currency), and then making an allowance for the
influence of Treasury disbursements. The resulting rough estimates2 of deposit levels prior
to the drive show that personal deposits increased about as much as business deposits in
dollar amounts and by much more in percentage
terms.
Growth in personal demand deposits in the
period covered by the survey is indicated also by
the fact that individual incomes continued during the period in excess of consumer expenditures and tax payments. After allowance for
purchases of war bonds, the continued increase
in currency in circulation, the growth in savings
deposits, and other forms of liquid savings,
there remained a substantial amount of this
excess which presumably went into demand deposits at banks.
SIGNIFICANCE OF FINDINGS
A slackening or a cessation of the growth of
business deposits while personal deposits continued to grow would not be surprising. The
level of business ^ctiyity while high has been
relatively stable for several months. With a
great volume of short-term Government securities available, business concerns may have no
2
Adjustments and estimates of this sort are, of course, very rough.
The Treasury figures of subscriptions to securities by individuals include unincorporated business enterprise, which in the deposit survey is
included with business. _ They also include subscriptions of personal
trust accounts, shown in the deposit survey as financial deposits.
Furthermore, estimates of market sales by various groups can be made
only in the roughest fashion by reference to the monthly Treasury
figures of Government security ownership. Likewise, the accretion of
various classes of deposits of Treasury disbursements can not be
approximated on any reliable basis. A proportionate distribution was
assumed here. Still another uncertainty is the effect on deposit levels
of loans during the drive by banks for the purchase and carrying of
newly offered Government securities. It was assumed that a large
part of these loans were made to financial businesses (brokers and
dealers mainly) and that most of the remainder was to nonfinancial
business.
433
CHANGES IN OWNERSHIP OF BANK DEPOSITS
incentive for accumulating much more cash than
they now hold.
Individuals, on the other hand, probably do
not make their choice between cash and investment in Government securities as carefully as do
business concerns. Notwithstanding patriotic
appeals and contrary to rational self-interest
some may prefer cash to Government securities.
To overcome that preference may be the chief
problem of future war loan drives.
If the growth in the money supply from now
on will be in larger part in the hands of individuals, the need for keeping a tight rein on the
price level through inflationary controls is all
the more important. The growth of business
cash during the wartime has a relatively small
inflationary potential since the alternatives open
to businessmen for capital expansion are effectively limited by direct controls and so far there
has been no tendency to distribute the added
profits in dividends. In the postwar period
business cash might contribute to inflationary
developments through capital outlays but the
motives for such outlays would probably depend
on the level of current spending for consumption.
On the other hand, the growth of cash in the
hands of individuals might be helpful if a time
should come in the postwar period when the
cash will be needed to support the general level
of business activity.
BASIS OF DEPOSIT GROWTH
In considering the growth and distribution of
deposits it should be kept in mind that they are
only a part of the total liquid assets in the hands
of the public. The other important kinds of
liquid assets are currency and United States
Government obligations. The total growth
of all liquid assets held by businesses and
individuals at a time like the present when the
aggregate of private debt is not changing materially is roughly equal to the expansion of the
public debt. This is for the reason that funds
borrowed by the Government are either obtained
from individuals and businesses, in which case
they are represented by Government security
holdings, or they are obtained from banks, in
434
which case they are reflected in a growth either
of deposits or of currency held by individuals
and businesses. Demand deposits, which are
the subject of this survey, represent that portion
of the growth in debt that has been taken by
the banks and the proceeds of which are not
held in the form of time deposits or currency.
It may be said that, while the total growth in
liquid assets is a product of Government war
finance policy, the particular form of liquid
assets held by the public is a matter of the
public's choice.
During the past two years between threefifths and two-thirds of the Government expenditures have been met by debt expansion.
Roughly one-half of the debt has been absorbed
by businesses and individuals. The remainder
was raised from banks because businesses and
individuals preferred to hold their funds in the
form of time deposits, demand deposits, or
currency in circulation. The expansion of
these other forms of liquid assets, in turn, was
made possible by the sale of the other half of
the public debt to the banking system (commercial or Federal Reserve banks).
Federal Reserve participation in holdings of
United States Government securities has been
equal roughly to the growth in the demand for
money in circulation plus the increase in member
bank reserve requirements.
In so far as businesses and individuals elect to
hold either currency or demand deposits, they
are holding a type of liquid asset that is immediately available for expenditure. While Government securities are also liquid assets, they
are one step, through sale or redemption,
removed from being available for spending.
It also makes a difference what proportion of
cash and of public debt is held by businesses
and what proportion by individuals, since
opportunities and motives for expenditures
differ in the two cases. The deposit survey
shows that the disposition of businesses to take
securities or hold cash has not been the same as
that of individuals and it has followed a different
course through the various phases of war
financing. The extent to which this is true has
FEDERAL RESERVE BULLETIN
CHANGES IN OWNERSHIP OF BANK DEPOSITS
important implications for future economic
policy as well as for the conduct of war financing.
It might be argued that in the long run individuals can not spend away all of their savings or
deplete their cash holdings. Increased consumer spending has the effect of increasing
business spending in the form of capital expansion, fuller employment, and higher wages.
Even if the profits of business are increased they
do not necessarily remain undistributed but may
result in added income. Thus increased spending results in the income flowing right back to
individuals. This is true as a long-run proposition but the exigencies of war finance are not
long-run matters in the ordinary sense. Capital
expansion is necessarily limited and some kinds
of inventories can be drawn down. Employment is already being expanded as much as
possible and wage rates are being held so far as
possible as a matter of national policy. The
current disposition of individuals to save or to
spend can make a difference as to whether the
increased liquid assets are retained by individuals or lodged with business. Individuals
can also choose to put their savings in Government securities or to hold cash. If they elect to
hold cash, the likelihood of spending during or
following the war certainly must be greater than
if they hold securities.
CURRENT EVENTS
Retirement of Mr. Paddock
and Appointment of Mr. Flanders
as President of the Federal Reserve Bank of Boston
After more than 15 years' service in the
Federal Reserve System, Mr. William W.
Paddock availed himself of the privilege of
retiring under the provisions of the Retirement
System of the Federal Reserve Banks and
retired as President of the Federal Reserve Bank
of Boston on May 1, 1944. He was succeeded
as President by Mr. Ralph E. Flanders of
Springfield, Vermont, President of Jones & Lamson Machine Co., who has served as a Class B
director of the Federal Reserve Bank of Boston
since August 1941. Mr. Flanders resigned as a
Class B director on April 19, 1944.
Death of Director
L. E. Phillips, Phillips Petroleum Company,
Bartlesville, Oklahoma, who had served as a
Class B director of the Federal Reserve Bank of
Kansas City since January 1, 19x7, died on April
16, 1944.
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 16,1944, to April 15,1944,
inclusive:
MAY
1944
Arkansas
Smackover—Smackover State Bank
Connecticut
Bridgeport—The Black Rock Bank and Trust
Company
Illinois
Mansfield—People's State Bank of Mansfield
Indiana
English—English State Bank
Missouri
Hermann—The Hermann Bank
Pacific—Citizens Bank of Pacific
Texas
Houston—The Industrial State Bank of Houston, Texas
Virginia
Strasburg—Massanutten Bank of Strasburg
Wisconsin
Hurley—Iron Exchange Bank
Kiel—The Citizens State Bank
435
POSTWAR INTERNATIONAL MONETARY STABILIZATION
On April 2.1, 1944, Secretary Morgenthau ap- those on Foreign Affairs, Ways and Means,
peared before Committees of the Senate and the Banking and Currency, Coinage, Weights and
House of Representatives and presented them Measures, and the Special Committee on
with a Joint Statement by Experts on the Postwar Economic Policy and Planning. The
Establishment of an International Monetary
text of the statement made by Secretary MorgenFund. The Senate Committees before which
the Secretary appeared were those on Foreign thau before these Committees and the text of
Relations, Banking and Currency, and the the Joint Statement by Experts on the EstablishSpecial Committee on Postwar Economic Policy ment of an International Monetary Fund are
and Planning; and the House Committees were given below.
STATEMENT BY SECRETARY MORGENTHAU
I am happy to tell you today that technical
experts of the United Nations have agreed upon
a set of basic principles for an International
Monetary Fund. This is a great step forward.
It is of greatest importance to all of us who
believe that the nations of the world can cooperate in dealing with international economic
problems.
Technicians representing some of these thirty
nations have prepared a joint statement of the
principles which are agreed upon. This statement does not, of course, bind any government
to participate in the International Monetary
Fund, though it does mean that the Fund will
be recommended to each of the governments as
a practical means of meeting postwar monetary
problems.
I want to call particular attention to some of
the facts contained in this joint statement, but
before I do that, I should like to review with
you some of the things that have happened
since I appeared before these Committees on
October 5 of last year. At that time, I told
you I would like to keep you informed of progress, and accordingly I appreciate this opportunity to bring you up to date.
Since I last talked to you, we have discussed
the principles of the international stabilization
and investment program with bankers, labor
representatives, and other interested groups in
Washington, Chicago, Boston, Philadelphia,
New York, and other cities. Out of these
meetings came helpful suggestions, many of
which were incorporated in our plans.
The vast majority of those with whom we
436
have talked are inclined to look favorably upon
the principle of cooperation to maintain stable
and orderly exchange rates. Informed opinion
seems to point to private investment on a worldwide basis as vital to postwar recovery and reconstruction; and the stabilization of currencies
among the United Nations through the medium
of an international fund, is generally believed
to be a necessary prerequisite to this investment.
I believe we can not expect American businessmen, nor businessmen of any nation, to take
major financial risks, immediately upon the
heels of a catastrophic global war, without
some assurance that steps have been taken
to prevent their investments from being jeopardized by unduly fluctuating money values and
severe exchange restrictions.
Having studied the world picture after the
last war, we are all agreed that an effort must
be made to prevent, in so far as possible, harmful fluctuations of currency; and to prohibit
deliberate manipulation of currencies in an effort
to secure unfair competitive advantage in world
trade.
When I was here on October 5, I spoke of a
projected international bank for reconstruction
and development.
Because discussions on the Bank were initiated
somewhat later they are not yet completely
finished. I can tell you, however, that there
is considerable support for the general principles
embodied in the World Bank, and that good
progress has been made.
Those with whom we have discussed the
problem of reviving postwar international
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
investment regard the Bank as essential to the
expansion of international trade and the maintenance of a high level of business activity.
They believe it necessary to take steps to encourage and aid private investors in providing
an adequate volume of long-term investment
capital for productive purposes.
The discussions we have had contemplate the
establishment of a Bank for Reconstruction and
Development to facilitate long-term investment
capital through private financial agencies by
guaranteeing and participating in loans made
by private investors. The Bank would also
supplement investment of private financial
agencies if this becomes necessary, by lending for
productive purposes from its own resources
when private capital is otherwise not available
on reasonable terms.
A full statement of recommendations on the
establishment of such a Bank and of the principles on which such a Bank should be based is
still in preparation by technicians. It is my
hope that this statement will soon be completed
and that it will be issued later. Before it is
published, I shall fully inform your Committees.
Now I should like to explain briefly some of
the principles upon which the technicians are
agreed in connection with the International
Monetary Fund.
Here are the purposes and policies as set forth
in the Joint Statement:
( i ) To promote international monetary cooperation through a permanent institution which provides the machinery for
consultation on international monetary
problems.
QL) TO facilitate the expansion and balanced
growth of international trade and to contribute in this way to the maintenance of
a high level of employment and real income, which must be a primary objective
of economic policy.
(3) To give confidence to member countries
by making the Fund's resources available
to them under adequate safeguards, thus
giving members time to correct maladjustments in their balance of payments
without resorting to measures destructive
of national or international prosperity.
(4) To promote exchange stability, to maintain orderly exchange arrangements
among member countries, and to avoid
competitive exchange depreciation.
(5) To assist in the establishment among
member countries of multilateral payments facilities on current transactions
and to aid in the elimination of foreign
MAY
1944
exchange restrictions which hamper the
growth of world trade.
(6) To shorten the periods and lessen the degree of disequilibrium in the international
balance of payments of member countries.
The Joint Statement recommends that all of
the United and Associated Nations subscribe
approximately 8 billion dollars to the Fund in
the form of gold and local currency. The resources of the Fund would be available under
adequate safeguards to help member countries
to maintain exchange stability and to correct
maladjustments in their balance of payments.
Member countries would be able to buy foreign
exchange from the Fund with their own currencies, to the extent of their quotas, in order to
meet international payments consistent with the
purposes of the Fund.
The par value of currencies of member countries would be expressed in gold and could be
changed only at the request of member countries
after consultation and approval of the Fund.
The Fund would approve a requested change in
parity only if it were essential to correct a
fundamental disequilibrium. Prompt consideration would be given to requests for necessary
adjustment of exchange rates. Member countries would not allow their exchange rates to
fluctuate outside a narrow range based on the
agreed gold parity.
Voting power in the Fund would be closely
related to quotas. A member country could
withdraw from the Fund immediately by giving
notice in writing, and obligations would be
liquidated within a reasonable time.
During the period of transition following the
war, member countries would be permitted to
retain their exchange controls with the expectation that these would gradually be relaxed.
I am frank to say that in my opinion the
agreement of the technical experts to these
principles constitutes a long step on the way
toward preventing a breakdown of currencies
and the imposition and retention of restrictive
and discriminatory exchange measures after the
war. Through international cooperation now,
we can assure a stable and orderly pattern of
postwar exchange rates.
The purposes set forth in this Joint Statement
have long been the international monetary
policies of the United States. For years it has
been our objective to have these policies adopted
by other countries. We know of no better way
of assuring general adherence to these policies
than through international cooperation in an
International Monetary Fund.
We believe that it is of the greatest importance
437
POSTWAR INTERNATIONAL MONETARY STABILIZATION
that all of the United Nations are in agreement
on the best means to deal with these international financial problems after the war. This is
concrete evidence that the United Nations can
and will work together in establishing a peaceful and prosperous world just as they are now
fighting together to destroy tyranny and oppression.
International cooperation on monetary and
financial matters is the keystone of successful
cooperation on all international economic problems. Unless we agree to expand world trade
and develop the world economy, few other
economic agreements which we might make
will or can be effective.
The tentative proposals that have been under
discussion by the technical experts are part of a
program for cooperation on international economic problems among the United Nations.
The objectives of this program are the expansion
and development of international trade, the
restoration of international investment for productive purposes, the maintenance of stable and
orderly exchanges. Through these means we
can contribute to a high level of employment and
production. The establishment of an International Monetary Fund and a Bank for Reconstruction and Development are important steps
in the attainment of the objectives of this broad
program.
I want to emphasize again that the discussions
up to now have all been of a technical nature
and exploratory in character. Whatever has
been done represents the views of the technical
experts of this country and of other countries
that have been studying these questions. The
United States is not in any way committed until
Congress has taken action.
It is my hope that after studying the recommendations of the technical experts, the governments of the United Nations will come to
the conclusion that there is sufficient basis of
agreement at a technical level to warrant the
convening of a formal conference.
I am happy to say that the President has
authorized me to state that if a conference is
held, it is his intention to invite direct congressional participation in the work of the
United States Delegation.
JOINT STATEMENT BY EXPERTS ON THE ESTABLISHMENT OF AN
INTERNATIONAL MONETARY FUND
Sufficient discussion of the problems of international monetary cooperation has taken place
at the technical level to justify a statement of
principles. It is the consensus of opinion of the
experts of the United and Associated Nations
who have participated in these discussions that
the most practical method of assuring international monetary cooperation is through the
establishment of an International Monetary
Fund. The principles set forth below are designed to constitute the basis for this Fund.
Governments are not asked to give final approval
to these principles until they have been embodied in the form of definite proposals by the
delegates of the United and Associated Nations
meeting in a formal conference.
I. PURPOSES AND POLICIES OF THE INTERNATIONAL
MONETARY FUND
The Fund will be guided in all its decisions
by the purposes and policies set forth below:
i. To promote international monetary cooperation through a permanent institution
which provides the machinery for consultation
on international monetary problems.
x. To facilitate the expansion and balanced
growth of international trade and to contribute
438
in this way to the maintenance of a high level
of employment and real income, which must be
a primary objective of economic policy.
3. To give confidence to member countries
by making the Fund's resources available to
them under adequate safeguards, thus giving
members time to correct maladjustments in their
balance of payments without resorting to
measures destructive of national or international
prosperity.
4. To promote exchange stability, to maintain orderly exchange arrangements among
member countries, and to avoid competitive
exchange depreciation.
5. To assist in the establishment of multilateral payments facilities on current transactions among member countries and in the elimination of foreign exchange restrictions which
hamper the growth of world trade.
6. To shorten the periods and lessen the degree
of disequilibrium in the international balance of
payments of member countries.
II. SUBSCRIPTION TO THE FUND
1. Member countries shall subscribe in gold
and in their local funds amounts (quotas) to be
agreed, which will amount altogether to about
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
8 billion dollars if all the United and Associated
Nations subscribe to the Fund (corresponding
to about 10 billion dollars for the world as a
whole).
z. The quotas may be revised from time to
time but changes shall require a four-fifths vote
and no member's quota may be changed without
its assent.
3. The obligatory gold subscription of a member country shall be fixed at 2.5 per cent of its
subscription (quota) or 10 per cent of its holdings of gold and gold-convertible exchange,
whichever is the smaller.
III. TRANSACTIONS WITH THE FUND
Transactions provided for under 4 and 7, below,
are not subject to this limitation.
4. The Fund will be entitled at its option,
with a view to preventing a particular member's
currency from becoming scarce:
(a) To borrow its currency from a member
country;
(b) To offer gold to a member country in exchange for its currency.
5. So long as a member country is entitled to
buy another member's currency from the Fund
in exchange for its own currency, it shall be prepared to buy its own currency from that member
with that member's currency or with gold.
This shall not apply to currency subject to restrictions in conformity with IX, 3 below, or to
holdings of currency which have accumulated
as a result of transactions of a current account
nature effected before the removal by the member country of restrictions on multilateral clearing maintained or imposed under X, 2. below.
6. A member country desiring to obtain,
directly or indirectly, the currency of another
member country for gold is expected, provided
that it can do so with equal advantage, to
acquire the currency by the sale of gold to the
Fund. This shall not preclude the sale of newlymined gold by a gold-producing country on any
market.
7. The Fund may also acquire gold from member countries in accordance with the following
provisions:
(a) A member country may repurchase from
the Fund for gold any part of the latter's
holdings of its currency.
(b) So long as a member's holdings of gold
and gold-convertible exchange exceed its
quota, the Fund in selling foreign exchange to that country shall require that
one-half of the net sales of such exchange
during the Fund's financial year be paid
for with gold.
(c) If at the end of the Fund's financial year a
member's holdings of gold and gold-convertible exchange have increased, the
Fund may require up to one-half of the
increase to be used to repurchase part of
the Fund's holdings of its currency so
long as this does not reduce the Fund's
holdings of a country's currency below
75 per cent of its quota or the member's
holdings of gold and gold-convertible
exchange below its quota.
1. Member countries shall deal with the
Fund only through their Treasury, Central
Bank, Stabilization Fund, or other fiscal agencies. The Fund's account in a member's currency shall be kept at the Central Bank of the
member country.
z. A member shall be entitled to buy another
member's currency from the Fund in exchange
for its own currency on the following conditions:
(a) The member represents that the currency
demanded is presently needed for making
payments in that currency which are consistent with the purposes of the Fund.
(b) The Fund has not given notice that its
holdings of the currency demanded have
become scarce in which case the provisions of VI, below, come into force.
(c) The Fund's total holdings of the currency
offered (after having been restored, if below that figure, to 75 per cent of the
member's quota) have not been increased
by more than 15 per cent of the member's
quota during the previous twelve months
and do not exceed zoo per cent of the
quota.
(d) The Fund has not previously given appropriate notice that the member is suspended
from making further use of the Fund's
resources on the ground that it is using
them in a manner contrary to the purposes and policies of the Fund; but the
Fund shall not give such notice until it
has presented to the member concerned
a report setting forth its views and has
allowed a suitable time for reply.
The Fund may in its discretion and on terms
which safeguard its interests waive any of the
conditions above.
3. The operations on the Fund's account will
IV. PAR VALUES OF MEMBER CURRENCIES
be limited to transactions for the purpose of
supplying a member country on the member's
1. The par value of a member's currency shall
initiative with another member's currency in be agreed with the Fund when it is admitted to
exchange for its own currency or for gold. membership, and shall be expressed in terms of
MAY
1944
439
POSTWAR INTERNATIONAL MONETARY STABILIZATION
gold. All transactions between the Fund and
members shall be at par, subject to a fixed charge
payable by the member making application to
the Fund, and all transactions in member currencies shall be at rates within an agreed percentage of parity.
x. Subject to 5, below, no change in the par
value of a member's currency shall be made by
the Fund without the country's approval.
Member countries agree not to propose a change
in the parity of their currency unless they consider it appropriate to the correction of a fundamental disequilibrium. Changes shall be made
only with the approval of the Fund, subject to
the provisions below.
3. The Fund shall approve a requested change
in the par value of a member's currency, if it is
essential to the correction of a fundamental disequilibrium. In particular, the Fund shall not
reject a requested change, necessary to restore
equilibrium, because of the domestic social or
political policies of the country applying for a
change. In considering a requested change, the
Fund shall take into consideration the extreme
uncertainties prevailing at the time the parities
of the currencies of the member countries were
initially agreed upon.
4. After consulting the Fund, a member country may change the established parity of its
currency, provided the proposed change, inclusive of any previous change since the establishment of the Fund, does not exceed 10 per cent.
In the case of application for a further change,
not covered by the above and not exceeding 10
per cent, the Fund shall give its decision within
two days of receiving the application, if the
applicant so requests.
5. An agreed uniform change may be made in
the gold value of member currencies, provided
every member country having 10 per cent or
more of the aggregate quotas approves.
may not use its control of capital movements to
restrict payments for current transactions or to
delay unduly the transfer of funds in settlement
of commitments.
VI. APPORTIONMENT OF SCARCE CURRENCIES
1. When it becomes evident to the Fund that
the demand for a member country's currency
may soon exhaust the Fund's holdings of that
currency, the Fund shall so inform member
countries and propose an equitable method of
apportioning the scarce currency. When a currency is thus declared scarce, the Fund shall
issue a report embodying the causes of the
scarcity and containing recommendations designed to bring it to an end.
x. A decision by the Fund to apportion a
scarce currency shall operate as an authorization
to a member country, after consultation with
the Fund, temporarily to restrict the freedom of
exchange operations in the affected currency,
and in determining the manner of restricting the
demand and rationing the limited supply among
its nationals, the member country shall have
complete jurisdiction.
VII.
MANAGEMENT
V. CAPITAL TRANSACTIONS
1. The Fund shall be governed by a board on
which each member will be represented and by
an executive committee. The executive committee shall consist of at least nine members
including the representatives of the five countries
with the largest quotas.
x. The distribution of voting power on the
board and the executive committee shall be
closely related to the quotas.
3. Subject to II, x and IV, 5, all matters shall
be settled by a majority of the votes.
4. The Fund shall publish at short intervals a
statement of its position showing the extent of
its holdings of member currencies and of gold
and its transactions in gold.
1. A member country may not use the Fund's
resources to meet a large or sustained outflow of
capital, and the Fund may require a member
country to exercise controls to prevent such use
of the resources of the Fund. This provision is
not intended to prevent the use of the Fund's
resources for capital transactions of reasonable
amount required for the expansion of exports or
in the ordinary course of trade, banking or other
business. Nor is it intended to prevent capital
movements which are met out of a member
country's own resources of gold and foreign exchange, provided such capital movements are
in accordance with the purposes of the Fund.
x. Subject to VI below, a member country
VIII. WITHDRAWAL
1. A member country may withdraw from the
Fund by giving notice in writing.
x. The reciprocal obligations of the Fund and
the country are to be liquidated within a reasonable time.
3. After a member country has given notice in
writing of its withdrawal from the Fund, the
Fund may not dispose of its holdings of the
country's currency except in accordance with the
arrangements made under 2., above. After a
country has given notice of withdrawal, its use
of the resources of the Fund is subject to the
approval of the Fund.
440
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
IX. THE OBLIGATIONS OF MEMBER COUNTRIES
I . Not to buy gold at a price which exceeds
the agreed parity of its currency by more than a
prescribed margin and not to sell gold at a price
which falls below the agreed parity by more
than a prescribed margin.
i. Not to allow exchange transactions in its
market in currencies of other members at rates
outside a prescribed range based on the agreed
parities.
3. Not to impose restrictions on payments for
current international transactions with other
member countries (other than those involving
capital transfers or in accordance with VI,
above) or to engage in any discriminatory currency arrangements or multiple currency practices without the approval of the Fund.
X. TRANSITIONAL ARRANGEMENTS
1. Since the Fund is not intended to provide
facilities for relief or reconstruction or to deal
with international indebtedness arising out of
the war, the agreement of a member country to
provisions III, 5 and IX, 3 above, shall not become operative until it is satisfied as to the
arrangements at its disposal to facilitate the
settlement of the balance of payments differences
during the early postwar transition period by
MAY
1944
means which will not unduly encumber its
facilities with the Fund.
z. During this transition period member
countries may maintain and adapt to changing
circumstances exchange regulations of the character which have been in operation during the
war, but they shall undertake to withdraw as
soon as possible by progressive stages any restrictions which impede multilateral clearing on
current account. In their exchange policy they
shall pay continuous regard to the principles and
objectives of the Fund; and they shall take all
possible measures to develop commercial and
financial relations with other member countries
which will facilitate international payments
and the maintenance of exchange stability.
3. The Fund may make representations to any
member that conditions are favorable to withdrawal of particular restrictions or for the general abandonment of the restrictions inconsistent
with IX, 3 above. Not later than three years
after coming into force of the Fund any member
still retaining any restrictions inconsistent with
IX, 3 shall consult with the Fund as to their
further retention.
4. In its relations with member countries,
the Fund shall recognize that the transition
period is one of change and adjustment, and in
deciding on its attitude to any proposals presented by members it shall give the member
country the benefit of any reasonable doubt.
441
REVISIONS OF SERIES OF YIELDS AND PRICES OF
GOVERNMENT SECURITIES
The Bulletin of the Treasury Department for
March 1944 included a revision of the Treasury's
average yield series of long-term taxable and
partially tax-exempt Treasury bonds. In describing the new series, the Treasury stated that
the series of long-term taxable bonds consists
of all taxable issues not due or callable for 15
years or more, whereas the old average consisted
of only those issues that were available for
purchase by all classes of investors and that were
not due or callable for ix years or more. Yields
of bonds that commercial banks are not permitted to hold for a time, which were first issued
in 1942., were not included in the previous average yield series, but since these restricted issues
have come to be the typical long-term taxable
Treasury bond, it seemed desirable to revise the
average. Inasmuch as the market appears to
make little distinction in terms of yield between
the long-term restricted bonds and the unrestricted bonds of comparable maturity, the new
average is composed of all long-term issues
without regard to restrictions.
The yield series of long-term partially taxexempt bonds was revised similarly to consist
of only those securities having 15 years or more
to the earliest call date. Since June 1943, there
has been only one issue in this group.
The revisions are shown in the accompanying
tables. The tables also show other series of
yields of Government securities, which will
bring up to date similar series published in
Banking and Monetary Statistics.
Two new averages of Government securities
have been computed at the Board. One is an
average of yields on Treasury bonds having 7
to 9 years to the earliest call date. These
44Z
bonds have been issued in large amount during
the period of war financing. The other is a
price index of the long-term taxable bonds included in the Treasury's new yield series. This
new series is a straight average of the market
prices of the bonds included in the Treasury
index. The previous price series of the Board
was of partially tax-exempt bonds and was not
an average of actual market quotations, which
varied widely because of differences in coupon
rates and maturities of the issues included. It
was computed from yields on long-term partially
tax-exempt bonds on the basis of a x% per cent
16-year bond. These new series are also shown
in the following tables.
Attention is called to a few minor corrections
in the text and tables on money rates and
security markets shown in Banking and Monetary
Statistics. On page 4x5, the statement that the
average yield on 3- to 6-month Treasury notes
and certificates was discontinued, because the
yields were continuously negative after 1933,
should be revised, since the yields in January,
February, and March 1934 were o.X5, 0.08, and
0.01 per cent, respectively. On the same page,
the date the first taxable Treasury notes were
offered should be changed from December 18,
1940, to December 11, 1940. These notes were
dated the eighteenth, but offered on the
eleventh. The yields on Treasury bills shown
on page 460 pertain to tax-exempt bills prior to
March 1, 1941, and taxable bills thereafter.
On page 473, the week ended March 2.7, 1937,
is erroneously stated as November 2.7. On page
474, the yield on high-grade corporate bonds for
the week ended September 7, 1940, should read
x.75 instead of x.74 per cent.
FEDERAL RESERVE BULLETIN
REVISIONS OF SERIES OF YIELDS AND PRICES OF GOVERNMENT SECURITIES
U. S. GOVERNMENT SECURITY YIELDS AND PRICES AND HIGH-GRADE CORPORATE BOND YIELDS1
[Yields in per cent per annum]
Monthly and Annual Figures
Yields on U. S. Government securities
Period
3-month
Treasury
bills
9- to 12-month
certificates of
indebtedness
3- to 5-year
Treasury notes
Taxexempt
Taxable
Partially
tax-exempt
bonds 15
years and
over
Taxable bonds
7 to 9
years
Yield on
high-grade
corporate
bonds
15 years
and over
2.46
2.47
100.72
100.50
2.75
2.64
2.34
2.34
2.47
103.15
100.52
2.61
2.57
2.68
1.86
1.89
1.85
2.48
2.48
2.46
100.35
100.44
100.80
2.76
2.80
2.80
2.07
2.06
2.04
1.83
1.93
1.90
2.44
2.45
2.43
101.09
100.90
101.22
2.77
2.76
2.75
1.20
1.25
1.27
2.04
2.06
2.08
1.96
1.98
1.97
2.46
2.47
2.46
100.76
100.61
100.78
2.74
2.73
2.73
.75
.80
1.28
1.28
1.34
2.09
2.10
2.13
1.98
1.98
1.98
2.45
2.47
2.49
100.82
100.58
100.24
2.72
2.71
2.72
.367
.372
.373
.76
.73
.75
1.29
1.24
1.33
2.11
2.11
2.12
1.93
1.93
1.98
2.46
2.46
2.48
100.67
100.60
100.41
2.70
2.68
2.70
Apr..
May.
June.
.373
.373
.374
.78
.78
.70
1.39
1.36
1.32
2.05
.96
.91
1.99
1.95
1.93
2.48
2.46
2.45
100.36
100.68
100.79
2.68
2.65
2.63
July.
Aug.
Sept.
.374
.375
.375
.68
.75
.77
1.30
1.29
1.31
.91
.92
.90
1.92
1.95
1.97
2.45
2.46
2.48
100.75
100.53
100.35
2.58
2.57
2.59
Oct..
Nov.
Dec.
.375
.375
.375
.78
.77
.77
1.31
1.29
1.30
1.90
1.94
1.95
1.98
2.00
2.00
2.48
2.48
2.49
100.39
100.24
100.19
2.60
2.61
. 2.63
1944—Jan..
Feb..
Mar.
.374
.375
.375
.78
.78
.80
1.30
1.32
1.36
1.95
1.93
1.91
1.99
1.96
1.95
2.49
2.49
2.48
100.18
100.14
100.26
2.65
2.65
2.64
1942 average.
1943 average.
.326
.373
1941—Oct
Nov
Dec...
.049
.242
.298
1942- —Jan....
Feb
Mar....
.214
.250
.212
Apr
May...
June...
.299
.364
.363
July...
Aug....
Sept....
.368
.370
.370
Oct
Nov
Dec...
.372
.371
.363
1943—Jan..
Feb..
Mar.
1.13
1.31
2.09
1.98
.41
.57
.64
.72
.90
1.02
1.98
1.95
2.06
.47
.44
.44
.96
.93
.93
2.10
2.17
2.10
.98
1.03
1.15
.76
1.93
1.96
Price of
U. S.
Government
bonds
Weekly Figures
Week ended—
1941—Oct. 25
.73
1.97
2.35
102.99
2.61
Nov. 1
8
15
22
29
.151
.200
.258
.267
.242
.45
.48
.57
.63
.60
.78
.85
.90
.93
.94
1.93
1.94
1.95
1.96
1.96
2.34
2.33
2.33
2.35
2.35
103.17
103.36
103.27
103.02
102.92
2.59
2.57
2.56
2.57
2.58
Dec.
6
13
20
27
.293
295
2.295
2
.310
.61
.68
.64
.64
.98
1.05
1.02
1.04
1.98
2.08
2.07
2.12
2.40
2.50
2.50
2.50
102.00
100.08
100.11
100.04
2.59
2.65
2.71
2.74
1942—Jan.
3
10
17
24
31
2
.304
.119
.196
.231
.220
.58
.48
.46
.46
.46
1.02
.99
.97
.94
.92
2.10
2.07
2.09
2.11
2.13
1.88
1.86
1.84
2.50
2.49
2.49
2.47
2.47
100.04
100.17
100.24
100.51
100.58
2.72
2.72
2.75
2.78
2.80
.067
Feb.
7
14
21
28
.250
.263
.266
.222
.45
.43
.43
.44
.93
.93
.94
.94
2.14
2.17
2.19
2.18
1.86
1.89
1.92
1.91
2.47
2.48
2.48
2.48
100.54
100.41
100.37
100.45
2.79
2.78
2.80
2.81
Mar.
7
14
21
28
.229
.195
.203
3
.221
.43
.44
.93
.94
.94
.93
2.14
2.11
2.09
2.06
1.89
1.86
1.84
1.82
2.48
2.47
2.46
2.43
100.49
100.54
100.80
101.25
2.80
2.80
2.80
2.79
4
11
18
25
3
.95
.97
.97
1.00
2.06
2.06
2.06
2.07
1.82
1.81
1.80
1.84
2.43
2.43
2.44
2.46
101.26
101.32
101.23
100.89
2.77
2.77
2.76
2.76
Apr.
3
.264
.281
.317
.335
For footnotes see p. 445.
MAY
1944
443
REVISIONS OF SERIES OF YIELDS A N D PRICES OF G O V E R N M E N T SECURITIES
U. S. GOVERNMENT SECURITY YIELDS AND PRICES AND HIGH-GRADE CORPORATE
BOND
YIELDS*—Continued
Yields on U. S. Government securities
Week ended
3-month
9- to 12-month
Treasury . certificates of
bills
indebtedness
3- to 5-year
taxable
Treasury
notes
Taxable bonds
Partially
tax-exempt
bonds 15
years and
over
7 to 9
years
15 years
and over
Prices of U. S.
Government
bonds
Yield on
high-grade
corporate
bonds
.358
.368
.365
.365
.365
1.02
1.04
1.04
1.04
1.03
2.08
2.07
2.08
2.06
2.04
1.90
1.95
1.94
1.93
1.90
2.47
2.47
2.46
2.44
2.44
100.67
100.63
100.78
101.11
101.21
2 77
2.76
2 76
2 76
2.75
27
.366
.365
.362
.360
1.08
1.17
1.17
1.17
2.04
2.04
2.04
2.05
1.91
1.90
1.89
1.91
2.43
2.43
2.43
2.44
101.24
101.30
101.32
101.10
2 76
2 76
2 75
2.75
4 ...
l*:::....::.::
18
25
,365
.365
.368
.370
1.17
1.19
1.20
1.21
2.04
2.04
2.04
2.04
1.91
1.95
1.97
1.97
2.44
2.46
2.46
2.46
101.06
100.70
100.76
100.75
2 75
2.74
2 74
2 75
1
8
15
22
29
.372
.372
.372
.369
.367
.83
.78
1.22
1.24
1.25
1.26
1.26
2.04
2.06
2.06
2.06
2.06
1.98
1.98
1.98
1.98
1.97
2.46
2.48
2.48
2.47
2.46
100.66
100.46
100.48
100.68
100.79
2 74
2.74
2 73
2.73
2.73
Sept. 5
12
19
26
.368
.369
.370
.373
.76
.77
.76
.77
1.26
1.27
1.27
1.28
2.07
2.07
2.08
2.08
1.97
1.96
1.96
1.97
2.46
2.46
2.46
2.46
100.80
100.79
100.79
100.78
2.73
2.72
2.73
2.73
.369
.373
.373
.373
.373
.78
1.28
1.28
1.28
1.28
1.28
2.10
2.10
2.09
2.09
2.09
1.98
1.98
1.98
1.99
1.99
2.46
2.46
2.45
2.44
2.46
100.73
100.77
100.87
100.95
100.74
2.72
2 72
2.71
2.71
2.72
1.28
1.28
1.27
1.27
2.09
2.09
2.09
2.12
1.99
1.99
1.98
1.98
2.46
2.46
2.47
2.48
It>0.72
100.70
100.63
100.33
2.71
2.70
2 70
2.71
1942—May
2
9
16
. .
23
30
June 6
13
20
*Tulv
Aug
Oct.
4
3
10
17
24
31
. .
.77
.76
.73
.72
.81
Nov. 7
14
21
28
.373
.371
.370
.368
Dec.
.79
.79
.78
1.28
1.28
1.36
1.39
2.13
2.13
2.13
2.13
1.98
1.98
1.98
1.98
2.49
2.49
2.49
2.49
100.26
100.21
100.20
100.21
2.72
2 73
2.73
2.72
2.13
2.12
2.11
2.11
2.11
1.97
1.94
1.93
1.93
1.93
2.48
2.46
2.46
2.46
2.46
100.39
100.64
100.69
100.67
100.70
2.72
2.72
2.70
2.70
2.69
.80
.80
.79
26
.367
.364
.363
.365
1943—Jan
2
9
16
23
30
.357
.363
.366
.370
.369
.81
.80
.76
.75
.72
1.39
1.33
1.30
1.27
1.26
Feb
6
13
.372
.373
.374
.369
.73
.75
.72
.73
1.24
1.24
1.25
1.25
2.11
2.11
2.11
2.10
1.93
1.93
1.94
1.94
2.46
2.46
2.47
2.47
100.72
100.67
100.50
100.50
2.69
2.68
2.68
2.68
.371
.373
.373
.374
.75
.75
.75
.74
1.25
1.25
1.39
1.39
2.12
2.12
2.12
2.12
1.95
1.96
2.01
2.01
2.47
2.48
2.48
2.48
100.45
100.42
100.42
100.37
2.71
2.70
2.70
2.69
5
12
19
20
27
.82
Mar.
6.
13
20
27
Apr.
3
10
17
24 . .
....
.374
.373
.371
.372
.75
.79
.79
.77
1.39
1.40
1.39
1.38
2.10
2.08
2.05
2.03
2.01
2.00
2.00
1.98
2.48
2.48
2.48
2.48
100.34
100.33
100.33
100.39
2.70
2.69
2.69
2 68
May
1
8 .
15
22
29
. . .
.373
.372
.373
.373
.374
.78
.81
.80
1.39
1.39
1.38
1.34
1.33
2.03
1.99
1.96
1.94
1.93
1.99
1.97
1.96
1.94
1.92
2.48
2.47
2.46
2.46
2.45
100.43
100.49
100.65
100.75
100.86
2.68
2 67
2.65
2.65
2.65
.374
.374
.374
.374
.73
.71
.72
.67
1.32
1.33
1.33
1.32
1.91
1.90
1.92
1.92
1.92
1.94
1.94
1.93
2.45
2.45
2.45
2.45
100.83
100.78
100.79
100.78
2 64
2.64
2.63
2.62
.375
,374
.374
.374
.374
.68
.68
.69
.69
.68
1.29
1.28
1.32
1.31
1.31
1.90
1.89
1.90
1.92
1.93
1.91
1.91
1.91
1.92
1.94
2.46
2.45
2.45
2.46
2.46
100.78
100.81
100.80
100.74
100.65
2.61
2.59
2.58
2.56
2.57
..
June 5
12
19
26
July
3
10
17
24
31
.77
.74
For footnotes see p. 445.
444
FEDERAL RESERVE BULLETIN
REVISIONS OF SERIES OF YIELDS AND PRICES OF GOVERNMENT SECURITIES
U. S. GOVERNMENT SECURITY YIELDS AND PRICES AND HIGH-GRADE CORPORATE
BOND YIELDS1—Continued
Yields on U. S. Government securities
Week ended
3-month
Treasury
bills
19- to 12-month
certificates of
indebtness
3- to 5-year
taxable
Treasury
notes
Partially
tax-exempt
bonds 15
years and
over
Taxable bonds
7 to 9
years
15 years
and over
Prices of U. S.
Government
bonds
Yield on
high-grade
corporate
bonds
1943—Aug. 7
14
21
28
.374
.375
.374
.375
.74
.73
.75
.79
1.30
1.28
1.29
1.31
1.93
1.92
1.93
1.92
1.95
1.95
1.95
1.95
2.46
2.46
2.47
2.47
100.60
100.59
100.51
100.47
2.56
2.56
2.58
2.58
Sept. 4
11
18
25
.375
.374
.374
.375
.79
.77
.75
.77
1.31
1.32
1.32
1.31
1.92
1.91
1.90
1.90
1.97
1.97
1.98
1.98
2.48
2.48
2.48
2.48
100.40
100.37
100.33
100.34
2.57
2.58
2.59
2.60
Oct.
2
9
16
23
30
.375
.375
.375
.375
.375
.77
.76
.81
.79
.79
1.32
1.31
1.32
1.31
1.30
1.89
1.89
1.91
1.91
1.91
1.97
1.97
1.98
1.98
1.98
2.48
2.47
2.48
2.48
2.48
100.34
100.47
100.35
100.38
100.35
2.61
2.60
2.60
2.59
2.59
Nov. 6
13
20
27
.376
.375
.376
.375
.78
.77
.77
.75
1.30
1.30
1.29
1.29
1.93
1.93
1.95
1.95
1.99
1.99
2.00
2.00
2.48
2.48
2.49
2.48
100.26
100.25
100.23
100.24
2.59
2.61
2.61
2.61
Dec.
4
11
18
25
.375
.375
.375
.375
.78
.77
.77
.76
1.29
1.29
1.31
1.31
1.95
1.95
1.96
1.95
2.00
2.00
2.00
2.00
2.49
2.49
2.49
2.49
100.21
100.19
100.18
100.19
2.62
2.62
2.63
2.65
1944—Jan.
1
8
15
22
29
.373
.374
.374
.374
.374
.77
.76
.77
.78
.79
1.31
1.29
1.29
1.31
1.32
1.96
.95
L.95
L.95
2.00
1.99
1.99
1.99
1.99
2.49
2.49
2.49
2.49
2.49
100.19
100.20
100.20
100.16
100.14
2.65
2.64
2.63
2.65
2.67
5
12
19
26
.374
.375
.375
375
.78
.77
.79
.79
1.32
1.32
1.32
1.32
.96
.94
.93
90
1.98
1.95
1.96
1.96
2.49
2.49
2.49
2 49
100.13
100.13
100.13
100 16
2.66
2.65
2.65
2 65
Mar. 4
11
18
25
.375
.375
.375
.375
.80
.79
.81
.80
1.33
1.33
1.38
1.39
.90
.90
.91
.93
1.95
1.95
1.95
1.95
2.49
2.49
2.48
2.48
100.18
100.24
100.26
100.30
2.66
2.65
2.64
2.63
Apr.
.375
.375
.375
.375
.374
.80
.80
.78
.77
.77
1.39
1.37
1.36
1.35
1.35
.94
.93
.93
1 .93
1.94
1.95
1.95
1.95
1.96
2.48
2.48
2.48
2.48
2.49
100.28
100.25
100.27
100.28
100.23
2.62
2.61
2.62
2.62
2.60
Feb.
1
2
3
4
1
8
15
22
29
.
: .95
1 .95
Data are averages of daily figures, except for Treasury bills, which are average rates on new issues offered within the period.
Bills maturing about Mar. 16, 1942.
Bills maturing about June 16, 1942.
Bills maturing on Sept. 17, 1942.
MAY
1944
445
REVISIONS OF SERIES OF YIELDS AND PRICES OF GOVERNMENT SECURITIES
YIELDS ON PARTIALLY TAX-EXEMPT U. S. TREASURY BONDS DUE OR CALLABLE IN 15 YEARS OR MORE*
[Per cent per annum]
Monthly Figures
1935
1936
1937
1938
1939
1940
1941
January
February
March
2.88
2.79
2.77
2.81
2.78
2.73
2.56
2.54
2.66
2.69
2.68
2.68
2.54
2.51
2.43
2.30
2.32
2.26
2.12
2 22
2.12
April
May
June
2.74
2.72
2.72
2.70
2.68
2.69
2.83
2.80
2.81
2.66
2.56
2.58
2.38
2.27
2.22
2.26
2.39
2.40
2.07
2 04
2.01
July
August .
September
2.69
2.76
2.85
2.68
2.64
2.65
2.78
2.78
2.82
2.58
2.57
2.63
2.23
2.27
2.67
2.30
2.31
2.25
1.98
2.01
2.02
2.85
2.83
2.84
2.68
2.60
2.59
2.82
2.78
2.73
2.55
2.56
2.56
2.60
2.46
2.35
2.21
2.09
2.01
1.98
1.95
2.06
2.79
2.69
2.74
2.61
2.41
2.26
2.05
Month
October
November
December
. ..
Average
Weekly Figures
Week ended—
1935
Dec. 7
14
21
28
.
.
.
.
2.84
2.84
2.84
2.83
1936-Om/.
2.58
Dec. 5
2.58
12
.2.60
19
2.61
26
1937—Cont.
2.75
Dec. 4
11
2.74
18
2.73
25
2.71
Dec.
1937
Jan. 2
1936
Jan. 4
11
18
25
.
.
.
.
2.82
2.81
2.79
2.81
1
8
15
22
29.
2.81
2.80
2.78
2.76
2.76
Mar. 7
14
2.74
2.74
2.73
2.71
Feb.
21
28
9
16
23
30
Feb. 6
13
20
27.,
2.57
2.55
2.55
2.56
2.56
Jan. 1.
2.55
2.55
2.55
2.53
Feb. 5..
12..
19..
26..
2.54
2.59
2.68
2.77
Mar. 6
13
20
27
Apr. 3
2.83
2.84
2.81
2.81
15
22.
29
2.57
2.56
2.56
2.56
May
6
13
20
27
2.34
2.28
2.25
2.24
July 3
Aug. 1
8
15
22
29
2.67
2.67
2.65
2.63
2.62
Aug. 7
14
21
28
... 2.74
... 2.76
2.79
... 2.83
Aug. 6
13
Sept. 5
12
19
26
2.60
2.61
2.66
2.68
Sept. 4
11
18
25
. . . 2.84
. . . 2.85
... 2.81
2.81
Sept. 3
10
17
Oct.
2.68
2.68
2.68
2.68
2.69
Oct.
2
9
16
23
30
. . . .2.82
. . . 2.82
.. 2.82
... 2.82
... 2.81
Oct.
3
10
17
24
31
7..
14..
21..
28..
... 2.80
. . . 2.81
... 2.82
2.82
Junei4.
...
.
.
...
...
July
2.81
2.79
2.79
2.77
2.75
18..
25..
20
27
24
1.
15
22
29
2,55
2.57
2.59
2.60
June 3
10
17
24
2.21
2.20
2.23
2.23
2.60
2.58
2.57
2.58
2.58
July
2.25
2.25
2.22
2.23
2.21
2.57
2.56
Aug. 5
12
19
2.56
2.57
.. 2.59
2.59
2.66
2.64
2.56
2.55
2.54
2.54
1
15.
22..
29
. 2.21
2.24
2.24
26
2.34
Sept
2
9
16
23
30
2.38
2.59
2.66
2.74
2.74
Oct.
7
14
21
28
2.72
2.66
2.54
2.51
2.64
2.55
... 2.79 Nov. 5
Nov. 7
2.65 Nov. 6
12
2.55
13
... 2.80
14
2.60
19
2.57
20
... 2.77
21
2.58
26
2.57
27
2.76
28
2.58
1
y figures
are: averages of daily figures.
Monthly and weekly
figu
446
2.33
2.28
2.25
2.26
2.24
May
2.69
2.67
2.68
2.68
10
17
24
31
Mar. 2
9
16
23
30
2.39
2.39
2.41
2.38
2.36
4
11
18
25
July
26
2.33
2.32
2.31
2.32
15
22
29
June 5
12
19
Feb. 3
10
17
24
Apr. 2..
9..
16..
23..
30..
2.69
2.69
2.69
2.70
2.83
2.79
... 2.81
... 2.81
. 2.79
2.52
2.52
2.50
2.50
Apr. 1.
June 6
13........
20
27
16
23
30
1.
4
11
18
25
2.71
2.71
2.69
2.62
2.60
May
15
22
29 .
Jan
2.48
2.44
2.43
2.43
2.70
2.70
2.68
2.67
2.68
9
1940
6
13
20
27...
2.54
2.54
2.52
2.55
Mar. 4
11
18
25
May 2
24
Feb.
1939—Cont.
Dec. 2
2.38
9
2.40
16
2.37
23
2.32
30
2.30
1939
7
14
21.
28.
2.65
2.66
2.69
2.68
2.71
2.71
2.69
2.70
17
2.69
2.69
2.68
2.66
Jan.
Mar. 5..
12..
19..
26..
Apr. 4
11
18
25
10
2.71
2.70
2.69
2.67
2.70
1938—Coni.
3
2.58
10
2.56
17
2.56
24
2.55
31
2.55
Nov. 4
11
18
25. ..
2.52
2.51
2.47
2.40
Apr.
2.28
2.28
2.32
2.31
6
13
20
27
...
..
...
...
2.21
2.26
2.29
2.29
May 4
11
18
25
...
...
...
...
2.26
2.29
2.44
2.47
June 1
8
15
22
29
...
...
...
...
...
2.49
2.49
2.43
2.35
2.33
6
13
20
27
... 2.31
2 31
... 2.30
. 2.31
Aug. 3
10
17
24
31
... 2.30
... 2.31
2 34
... 2.31
. . . 2.30
Sept. .7
14
21
28
...
...
...
...
July
Oct.
2.27
2.27
2.24
2.22
5
12
19
26
2.21
2.22
2.22
2.21
Nov. 2
9
16
23
30-
2.20
2.12
2.08
2.07
2.06
1940—Cont.
Dec. 7
2.05
14
1.99
21
2.02
28
2.01
1941
Jan. 4
2.04
11
2.09
18
2.11
25
2.15
Feb.
1
8
15
22
2.17
2.21
2.23
2.24
Mar. 1
8
15
22
29
2.18
2.17
2.11
2.08
2.10
Apr. 5
12
19
2.12
2.13
2.08
26
2.02
May 3
10
17
24
31
2.02
2.04
2.04
2.06
2.02
June 7
14
21
28
2.03
2.02
2.02
1.99
July
5
12
19
26
1.98
1.99
1.99
1.98
Aug. 2
9
16
23
30
1.97
2.01
2.04
2.02
2.00
Sept. 6
13
20
27
1.99
2.01
2.03
2.03
Oct.
4
11
18
25
2.01
2.00
2.00
1.97
Nov. 1
8
15
22
29
1.93
1.94
1.95
1.96
1.96
Dec. 6
13
20
27
1.98
2.08
2.07
2.12
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS IN 1943
Net profits of member banks increased substantially in 1943. They reached a level slightly
above that for 192.9, the previous peak year,
and were 8.8 per cent of capital accounts, the
same as in 192.9, as compared with 6.4 per cent
in 1941. All classes of member banks participated in the increase, although not to the same
extent. This is shown in the table below.
All classes of member banks reported much
larger total earnings and earnings on securities
in 1943 than in 1942., partially offset by reductions in earnings on loans. For the first time
earnings on securities exceeded interest and
discount on loans. Holdings of securities increased at all classes of banks; the rate of return
on these securities, however, declined further
to 1.4 per cent, as compared with 1.7 per cent
in 1942.. Loans outstanding showed slight
increases at central reserve city banks and substantial decreases at reserve city and country
banks, and rates of return were lower at all
classes of banks.
Since expenses did not increase nearly as
much as gross earnings, net current earnings at
all classes of banks were considerably higher
in 1943 than in 1942.. For all member banks,
they were higher than in any year since 1931, but
smaller by nearly a third than in 192.9. Salaries
and taxes were the principal items in increased
expenses. Dividends were 3.3 per cent of total
capital accounts, about the same as in other
recent years.
Net profits showed even greater improvement
than net current earnings at New York City and
country banks, because of substantial increases
in net recoveries, profits on securities sold, etc.
At reserve city banks the increase in net profits
was about the same as the increase in net current earnings. Central reserve city banks in
Chicago reported lower net profits in 1943 than
in 1942., as a result of considerably larger losses
and charge-offs.
The largest increase in the rate of net profits
to total capital accounts was in New York,
from 6.1 to 10.3, but country banks showed a
MEMBER BANK EARNINGS, BY CLASS OF B A N K , 1943 A N D 1942.
[Amounts in millions of dollars]
Item
All
member banks
1943
Central reserve city banks
New York
1942
1942
Country
banks
Reserve city
banks
Chicago
1942
1943
1942
Earnings
Interest and dividends on securities
Interest and discount on loans
All other earnings
1,650
766
552
332
1,487
540
640
307
343
185
303
138
94
70
618
283
212
123
551
189
249
113
598
246
231
122
557
175
274
108
Expenses
Salaries and wages
Interest on deposits
Taxes
All other expenses
1,154
487
124
200
344
1,069
461
128
149
331
221
98
3
49
71
198
94
3
30
71
435
183
46
80
127
400
173
47
59
120
439
184
69
57
130
421
172
73
51
125
Net current earnings
496
418
123
105
183
151
159
136
Recoveries, profits on securities, etc
312
251
188
223
127
65
81
86
71
79
383
185
179
143
87
77
169
66
91
557
41
44
102
112
7.9
7.0
6.4
6.8
10.3
6.2
6.1
10.0
7.8
9.1
7.5
8.0
6.8
5.5
2.0
1.7
3.7
1.4
1.2
2.0
1.4
1.3
2.3
1.6
1.5
2.4
1.6
1.7
2.5
1.
1.5
3.5
7.6
7.2
2.1
1.8
3.7
2.1
1.6
4.9
2.7
2.1
5.0
Losses and charge-offs
Net profits...
Ratios:
To total capital accounts:
Net current earnings
Net profits
Total earnings to total assets
Interest on securities to securities
Interest on loans to loans
MAY
1944
1.7
1.4
3.4
447
MEMBER BANK EARNINGS IN 1 9 4 3
sizable increase from 5.5 to 8.0. The rates of
total earnings on total assets, interest on securities, and interest on loans declined; as in previous years, these rates were lowest at central
reserve city banks and highest at country banks.
A comparison of earnings for selected years
is given in the accompanying table. Detailed
figures of earnings and related items, together
with selected ratios, appear on pages 500-508
of this BULLETIN.
MEMBER BANK EARNINGS, SELECTED YEARS, 192.9-1943
[Amounts in millions of dollars]
Item
Earnings
Interest and dividends on securities
Interest and discount on loans.
Service charges on deposit accounts
All other earnings
Expenses 2
Salaries and wages
,
Interest on time deposits 3 ..
Interest on interbank deposits ..
Interest on demand deposits (excluding interbank)
Taxes
All other expenses2
1929
1936
1937
1938
1939
1941
1942
1943
1,554
1,244
1,207
1,271
1,321
1,274
1,296
1,323
1,417
1,487
1,650
458
851
474
540
467
498
487
513
481
553
448
544
444
560
431
595
445
665
540
640
766
552
C1)
245
28
202
36
205
39
231
45
243
51
232
54
237
59
238
65
242
68
239
76
256
1,684
464
445
1,143
357
302
35
849
327
227
3
833
334
196
3
872
352
175
2
902
372
174
2
890
380
895
388
921
400
,159
,147
3
988
426
140
l ,069
461
128
1,154
487
,124
246
112
348
98
67
12
62
216
9
64
226
7
81
255
5
86
263
)
)
82
257
394
374
399
419
113
254
873
376
538
508
442
256
338
557
778
-225
212
465
387
-255
173
187
199
6,442
6,387
6,376
()
363
Recoveries, profits on securities, etc.
Losses and charge-offs2
137
295
Number of banks5
1935
473
1,563
715
Net profits..
1934
2,399
Net current earnings2
Cash dividends declared4
1932
8,522
285
410
245!
6,816
3
3
r
3
3
)
129
293
()
85
262
)
100
273
384
401
402
429
r
418
496
279
398
327
380
303
356
278
318
188
r
223
312
251
337
265
347
349
390
383
557
201
198
207
210
211
203
208
6,341
6,338
6,362
6,486
6,619
6,679
6,738
r
149
331
)
200
344
r
Revised; see footnote 2.
1 Included in " a l l other earnings."
2 Recurring depreciation on real estate, amounting to 33 million dollars in both 1942 and 1943, is included in expenses in those years and in
losses and charge-offs in prior years.
3 Beginning with 1938 "interest on time deposits" comprises all interest on deposits except interest (if any) on demand deposits.
4 Includes interest on capital notes and debentures.
5 At end of year.
N O T E . — T h e amounts in this table are rounded to the nearest million and consequently do not balance exactly. For prior figures see p . 500
of the June 1943 BULLETIN and pp. 262-263 of Banking and Monetary
Statistics.
448
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled April 21^ and released for publication April 26. Figures shown on
charts may differ from preliminary figures used in text.
cent in March. This decline was due largely to
the continued drop in small arms ammunition
production. Manufactured food production
was 11 per cent greater than in March of last
year.
INDUSTRIAL PRODUCTION
Coal production declined 6 per cent in March
from
the exceptionally high rate in February
Output of manufactures and minerals was
due
partly
to the return to a six-day work week
slightly smaller in March than in the previous
in
anthracite
mines and partly to a continuation
two months and the Board's index of total inof
manpower
shortages in both hard and soft
dustrial production declined 2. points to 242. per
coal
mines.
Output
of crude petroleum and
cent of the 1935-39 average.
metals
was
maintained
in large volume.
Steel production advanced somewhat further
The
value
of
construction
contracts awarded
in March and the first three weeks of April.
in
March,
according
to
reports
of the F. W.
Output of lumber was maintained at the level
Dodge
Corporation,
was
slightly
greater than
of the first two months of the year and producin
January
and
February,
but
was
still lower
tion in the first quarter is indicated to be 3 per
than
in
any
corresponding
month
since
1935.
cent larger than in the first quarter of 1943.
The number of aircraft delivered increased
DISTRIBUTION
about 4 per cent above the level of the preceding
Department store sales increased more than
four months to a new high of 9,118 planes.
seasonally
in March and continued at a high
Deliveries of merchant ships continued to rise
level
in
the
first half of April. Sales in Marchfrom the low January rate and in March were
were
about
18
per cent larger than in the correat approximately the level of a year ago. Outsponding
month
last year, reflecting in part the
put of other products in the machinery and
earlier
date
of
Easter
this year and the heavy
transportation equipment industries declined
buying
of
jewelry,
cosmetics,
furs, and other
somewhat in March.
items
before
higher
tax
rates
became
effective
Output of nondurable manufactures, as meason
April
1.
ured by the Board's index, declined about 1 per
Industrial activity declined slightly in March.
Retail sales were maintained at an exceptionally
high level and commodity prices were relatively
stable.
COST OF LIVING
INDUSTRIAL PRODUCTION
260
1-
240
J
-
/
/
/
-
-' \
- \
1937
-
J
l
1938
1939
1940
194!
1942
1943
1944
Federal Reserve index. Monthly figures, latest shown is for March.
MAY
1944
1938
1939
1940
1942
1943
Bureau of Labor Statistics' indexes. Last month in each calendar
quarter through September 1940, monthly thereafter. Mid-month
figures latest shown are for March.
449
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Freight carloadings declined slightly in March
from the high level of earlier months, owing
chiefly to a drop in the movement of coal and
grain products. Total loadings were maintained in the first half of April.
COMMODITY PRICES
The general level of wholesale commodity
prices advanced slightly from the middle of
March to the middle of April. Federal maximum prices for cement, lumber, and various
other industrial commodities were increased.
Retail food prices showed little change from
February to March, while retail prices of most
other commodities continued to advance
slightly.
BANK CREDIT
Continued growth in currency and the transfers from Treasury war-loan deposits to deposits
subject to reserve requirements resulted in a
decline in excess reserves of member banks and
in substantial purchases of Government securities by the Reserve Banks during March and the
first three weeks of April. Owing to special
factors, excess reserves declined to a low point
of 600 million dollars at the end of March but
increased in April and on April 19 were about
900 million dollars, somewhat less than had
generally been held in recent months.
Federal Reserve Bank holdings of U. S. Government securities were at a new high level of
ix.7 billion dollars .on April 19, after increasing
by half a billion in the preceding four weeks.
Most of the growth was in holdings of Treasury
bills.
Reporting member banks in 101 leading cities
reduced their holdings of Treasury bills by 32.5
million dollars in the four weeks ending April
i2_, while holdings of other Government securities showed little change. The greater part of
the decline in bill holdings in the four-week
period occurred at banks outside New York and
Chicago, but there were wide fluctuations within the period, reflecting transactions at Chicago
banks associated with the April 1 personal
property tax assessment date in Illinois. Loans
for purchasing or carrying Government securities continued to decline, as repayments were
made on funds advanced during the Fourth War
Loan Drive; these loans to brokers and dealers
have fallen by 450 million dollars since the end
of the drive and are now less than at any time
in recent months; loans to others, which rose
by 600 million during the drive have subsequently declined by 400 million. Commercial
loans declined by 2.10 million over the month.
Adjusted demand deposits, which declined
somewhat in the latter half of March, increased
during the first half of April, bringing the total
outstanding to about a billion less than the level
prior to the opening of the drive. Government
deposits at these same banks fell by 1.5 billion
dollars during the four weeks ended April 12..
MEMBER BANK RESERVES
MEMBER BANK RESERVES AND RELATED ITEMS
1939
1940
1941
1942
1943
1944
Wednesday figures, latest shown are for Apr. 26.
45°
Breakdown between required and excess reserves partly estimated.
Wednesday figures, latest shown are for Apr. 26.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
Member bank reserves, Reserve Bank credit, and related i t e m s . . . .
Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements
Federal Reserve Bank statistics
Guaranteed war production loans
Deposits and reserves of member banks
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions.
All banks in the United States, by classes
Condition of all member banks
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances...
Money rates and bond yields
Security markets
Corporate profits
Treasury
finance
Government corporations and credit agencies
Business indexes
Department store statistics
Consumer credit statistics
Wholesale prices
Employment in nonagricultural establishments
Current statistics for Federal Reserve chart book
All member banks—Assets and liabilities on Dec. 31, 1943, by
classes of banks
Assets and liabilities of insured commercial banks in United
States and possessions, Dec. 31 and June 30, 1943, Dec. 31,
1942Member bank earnings, 1943 .
453
454
455-459
459
460
461-462.
461
463
464-465
466-467
468-471
/yyz
473
474-475
476
477-479
480
481-489
490-491
49i~493
494
495
496-497
498
499
500-508
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the
Board; index numbers of production are compiled by the Board on the basis of material collected by other
agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other series on business activity arc obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back
figures for most other tables may be obtained from earlier BULLETINS.
MAY
1944
45
MEMBER
BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY
FIGURES
BILLIONS OF DOLLARS
25
1938
1939
1940
1941
1942
1943
1944
Wednesday figures, latest shown are for Apr. 26. See p. 453.
452-
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances
Date
Treasury
bills
Total
and
certificates
All
other
Gold
stock
All
other 1
Total
Treasury
currency
outstanding
Money
in circulation
TreasTreas- ury deposits
ury
with
cash
Federal
holdReings
serve
Banks
Nonmember deposits
Other
Fed-
Member
bank reserve
bal mces
Reserve
accounts
Total
Excess 2
Monthly averages of
daily figures:
1943—Jan
Feb
Mar
1944—Jan
Feb
Mar..
8
11
10
32
35
63
5,953
5,753
6,105
11,832
11,479
12,099
1,852
2,013
2,871
9^517
8,880
9,512
4,102
3,740
3,234
2^315
2,599
2,587
360
330
372
506
440
449
6,321
6,094
6 487
121,370
11,954
12,611
22,706
22,648
22,618
21,933
21,803
21,641
3,724
3,897
3,975
4,093
4,092
4,090
15,399
15,837
16,148
20,428
20,635
20,964
2,192
2,211
2 217
2,321
2,332
2,336
310
212
8
484
335
393
1,250
1,177
1,164
1^889
1,858
1,873
256
270
287
339
340
346
13,344
12,933
13 255
12', 935
12,349
12,431
2,132
1,712
1 884
l',114
1,160
988
End of month figures:
1943—Jan. 30
Feb.27
Mar.31
1944—Jan. 31
Feb. 29
Mar. 31
14
16
13
22
34
63
5,969
5,871
5,919
12,073
11,632
12,115
2,007
2,264
2,936
9,728
9,050
9,503
3,962
3,607
2,983
2,345
2,582
2,613
356
410
260
334
426
393
6,339
6,296
6,191
12,428
12,092
12,571
22,683
22,644
22,576
21,918
21,712
21,600
3,830
3,946
3,989
4,091
4,091
4,091
15,590
16,088
16,250
20,529
20,824
21,115
2,199
2,221
2,224
2,320
2,356
2,319
4
131
55
375
194
603
1,171
1,111
1,166
1,956
1,878
1,985
258
269
303
341
332
350
13,630
13,067
12,759
12,917
12,311
11,889
2,387
1,925
1,518
1,112
1,162
512
Wednesday figures:
1943—June 2
June 9
June 16
June 23
June 30
21
13
11
19
5
6,217
6,636
6,626
6,748
7,202
3,539
3,995
4,218
4,393
4,907
2,677
2,641
2,408
2,355
2,295
297
349
451
427
369
6,535
6,998
7,088
7,194
7,576
22,427
22,407
22,407
22,387
22,388
4,075
4,078
4,080
4,079
4,077
17,196
17,237
17,189
17,154
17,421
2,272
2,277
2,278
2,268
2,268
6
175
6
294
455
1,192
1,312
1,258
1,386
1,483
315
316
332
335
328
12,057
12,165
12,511
12,223
12,085
1,634
1,514
1,632
1,299
1,212
July
July
July
July
7
14
21
28
34
10
9
13
7,676
7,645
7,577
7,951
5,448
5,419
5,378
5,752
2,228
2,226
2,199
2,199
407
495
447
453
8,117
8,150
8,033
8,418
22,388
22,362
22,347
22,334
4,085
4,086
4,084
4,090
17,607
17,658
17,706
17,799
2,278
2,267
2,271
2,272
773
616
293
559
1,492
1,466
1,544
1,571
332
331
331
331
12,108
12,260
12,319
12,309
1,229
1,310
1,188
1,020
Aug.
Aug.
Aug.
Aug.
4
11
18
25
18
24
18
40
8,165
8,317
8,156
8,777
5,967
6,119
5,957
6,572
2,199
2,199
2/199
2,205
400
377
412
320
8,582
8,718
8,586
9,137
22,335
22,306
22,291
22,292
4,093
4,091
4,092
4,098
18,014
18,101
18,214
18,303
2,281
2,281
2,279
2,282
398
295
99
304
1,650
1,651
1,388
1,605
332
331
329
331
12,336
12,456
12,660
12,702
1,030
1,199
1,288
1,106
Sept.
Sept.
Sept.
Sept.
Sept.
1
8
15
22
29. . . .
69
71
31
22
13
9,187
9,336
9,653
9,204
9,168
6,956
7,084
7,432
6,983
6,947
2,231
2,252
2,221
2,221
2,221
285
336
631
491
362
9,540
9,742
10,315
9,717
9,543
22,243
22,223
22,204
22,205
22,175
4,098
4,090
4,093
4,094
4,096
18,571
18,740
18,773
18,714
18,818
2,279
2,255
2,266
2,266
2,274
213
6
6
549
682
1,574
1,374
1,500
1,662
1,649
329
329
337
338
337
12,915
13,351
13,729
12,487
12,054
1,145
1,438
2,051
1,893
1,810
Oct.
Oct.
Oct.
Oct.
6
13
20
27
13
18
11
13
9,387
9,062
8,914
9,291
7,166
6,841
6,687
7,056
2,221
2,221
2,227
2,235
375
282
456
381
9,775
9,362
9,380
9,686
22,176
22,155
22,132
22,132
4,098
4,099
4,101
4,103
18,883
18,978
19,019
19,090
2,279
2,281
2,284
2,295
1,013
380
530
530
1,633
1,621
1,437
1,659
337
335
341
342
11,903
12,021
12,002
12,005
1,697
1,606
1,407
1,062
Nov.
Nov.
Nov.
Nov.
3
10
17
24
39
22
34
48
9,476
9,865
9,832
10,364
7,230
7,611
7,577
8,101
2,246
2,254
2,254
2,263
321
344
506
381
9,835
10,231
10,372
10,792
22,116
22,096
22,096
22,081
4,106
4,100
4,101
4,101
19,354
19,514
19,559
19,726
2,298
2,297
2,293
2,295
334
369
407
479
1,668
1,716
1,714
1,739
333
333
333
333
12,069
12,198
12,263
12,402
1,084
1,080
1,096
1,044
Dec.
Dec.
Dec.
Dec.
Dec.
1
8
15
22
29
53
108
90
70
101
10,447
11,016
11,014
11,551
11,615
8,169
8,720
8,748
9,260
9,313
2,278
2,296
2.266
2,291
2,302
374
417
600
837
714
10,874
11,540
11,704
12,459
12,430
22,065
22,044
22,004
22,004
22,004
4,101
4,102
4,097
4,097
4,096
19,940
20,135
20,235
20,382
20,428
2,299
2,301
2,293
2,325
2,316
275
686
379
967
764
1,630
1,664
1,622
1,864
1,908
333
331
343
344
345
12,562
12,569
12,932
12,677
12,769
1,096
918
1,238
919
1,126
1944—Jan. 5
Jan. 12
Jan. 19
Jan. 26
31
47
41
24
11,651
11,855
11,913
12,026
9,340
9,543
9,598
9,711
2,310
2,312
2,314
2,315
691
413
464
334
12,372
12,315
12,418
12,385
21,938
21,938
21,938
21,928
4,094
4,092
4,093
4,093
20,436
20,404
20,408
20,387
2,314
2,318
2,327
2,331
961
638
404
351
1,751
1,845
1,959
1,994
339
339
338
340
12,602
12,801
13,014
13,002
971
1,128
1,122
1,023
Feb
2
Feb. 9
Feb. 16
Feb. 23
24
22
32
47
11,781
11,169
11,394
11,816
9,162
8,560
8,782
9,237
2,618
2,609
2,612
2,579
327
319
534
377
12,132
11,511
11,961
12,240
21,910
21,836
21,802
21,742
4,093
4,094
4,093
4,090
20,534
20,586
20,610
20,696
2,322
2,315
2,335
2,336
175
8
360
646
1,916
1,707
1,968
1,944
342
341
340
340
12,847
12,482
12,244
12,109
1,538
1,444
1,269
1,077
Mar.
Mar.
Mar.
Mar.
Mar.
1.
8
15
22
29
37
52
65
65
83
11,624
12,029
12,110
12,243
12,297
9,043
9,443
9,507
9,637
9,685
2,581
2,586
2,603
2,606
2,613
381
357
467
415
369
12,042
12,438
12,643
12,722
12,749
21,712
21,670
21,670
21,600
21,600
4,091
4,090
4,089
4,090
4,092
20,823
20,963
21,006
20,934
21,037
2,350
2,340
2,342
2,333
2,329
140
269
77
495
753
1,815
1,905
1,922
1,893
1,918
337
339
352
352
351
12,380
12,383
12,705
12,405
12,053
1,215
1,013
1,263
926
630
Apr.
Apr.
Apr.
Apr.
5
12
19
26
44
55
87
89
12,332
12,648
12,734
12,998
9,719
0,040
0,128
0,392
2,613
2,609
2,606
2,606
389
402
508
398
12,766
13,106
13,330
13,485
21,540
21,479
21,469
21,429
4,093
4,093
4,093
4,094
21,191
21,295
21,334
21,396
2,347
2,327
2,321
2,327
426
274
204
373
1,801
1,823
1,967
2,019
356
356
362
357
12,277
12,604
12,704
12,537
859
986
927
640
1
Includes industrial loans shown separately in subsequent tables.
2
End of month and Wednesday figures estimated.
Back figures .— See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
MAY
1944
453
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)
Effective
Rate
Boston
New York
Philadelphia.....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)]
discounts of and
advances
secured by
vances secu
liibl pa]
aper 1
eligible
id 13a)
(Sees. 13 an.'
Effective
Rate
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Sept. 1,
Aug. 25,
Mar. 21,
Apr. 11,
Mar. 14,
Mar. 21,
Feb. 28,
Mar. 14,
Mar. 28,
Apr. 11,
Mar. 21,
Apr. 4,
Rate
1939
1939
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
IY2
Effective
Oct. 27,
Oct. 30,
Oct. 17,
Sept. 12,
Oct. 28,
Oct. 15,
Aug. 29,
Mar. 14,
Oct. 30,
Oct. 27,
Oct. 17,
Oct. 28,
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U . S .
(last par. Sec. 13)
To nonmember banks
Rate
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
To others
Effective
Sept. 1,
Aug. 25,
Mar. 21,
Apr. 11,
Mar. 14,
Sept. 16,
Sept. 1,
Sept. 16,
Mar. 28,
Sept. 16,
Sept. 16,
Apr. 4,
Rate
1939
1939
1942
1942
1942
1939
1939
1939
1942
1939
1939
1942
Effective
Oct. 27, 1942
Oct. 30, 1942
Oct. 17, 1942
Oct. 27, 1942
Oct. 28, 1942
Oct. 15, 1942
Oct. 17, 1942
Oct. 27, 1942
Oct. 30, 1942
Oct. 27, 1942
Oct. 17, 1942
Oct. 28, 1942
2
Tb
2
2
2H
2
1
Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Intermediate Credit Banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act
(except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months respectively);
and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last
paragraph of Section 13 is 90 days.
Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
PEDERAL RESERVE BANK BUYING RATES ON BILLS
[Per cent per annum ]
Maturity
Treasury bills1
Bankers' acceptances*^
1*- 90 days
91-120 days
121-180 days
Previous
rate
Rate on
April 30
In effect b e -
%
Apr. 30, 1942
V2
%
Oct. 20, 1933
ginning—
Oct. 20,1933
Oct. 20, 1933
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Central Reserve
Country
reserve
city
banks
city
banks
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^
22%
26
22^
26
24
22
20
10
15
17^
20
17H
20
20
20
20
Time
deposits
(all
member
banks)
MARGIN REQUIREMENTS1
[ 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....
Apr. 1,
Effective
19361,
Oct. 31, Nov.
1937
1937
3
55
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.
454
To financing institutions
Discounts or
purchases
Federal Reserve
Bank
On
loans1
On
On
On comcommitportion
ments for which On re- mitments
maining
institu- portion
tion is
obligated
Boston
New York
Philadelphia
Cleveland....
2^-5
2^-5
2J4-5
2H-5
X-lX
X~^A
Richmond
Atlanta
Chicago
St. Louis
2H-5
2H-5
2^-5
23^-5
Vr-VA
Vz-VA
Yr-VA
Minneapolis
Kansas City
Dallas
San Francisco
2^-5
2^-5
2^-5
2H-5
X-iX
X-lX
V2-VA
X-iX
1
2
3
4
14
12
14
14
14
14
1
Demand deposits subject to reserve requirements; i.e. , demand deposits other than war loan deposits, minus cash items in process of
collection and demand balances due from domestic banks.
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
To industrial or
commercial
businesses
1
1
134
1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills,
if desired by the seller, were made on condition that the Reserve Bank,
upon request before maturity, would sell back bills of like amount and
maturity at the same rate of discount. Since May 15, 1943, all purchases
have
been made subject to repurchase option.
2
Minimum buying rates on prime bankers' acceptances.
Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445.
Net demand deposits1
FEDERAL RESERVE BANK RATES O N INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect April 30. Per cent per annum]
(O
2
24
()
(3)
(3)
(3)
(3)
2H-5
i-iy2
43
(2)
(?)
(2)
#&
()
(0 )
^r-VA
ArVA
hx
VT-VA
3
(!) \X-1X
V2-l}4
3
Including loans made in participation with financing institutions.
()
Rate charged borrower less commitment rate.
5
Rate charged borrower.
May charge same rate as charged borrower by financing institution, if
lower.
5
Financing institution is charged }•£ per cent on undisbursed portion of
loan under commitment.
Backfigures.—SeeBanking and Monetary Statistics,Table 118, pp. 446-447.
MAXIMUM RATES O N TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum ]
Nov. 1,1933Jan.31,1935
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more
In 90 days to 6 months.
In less than 90 days
Feb. 1,1935Dec. 31, 1935
Effective
Jan. 1,1936
/2
2X
T
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
Wednesday figures
1944
1944
Apr. 26
Apr. 19
Apr. 12
Apr. 5
Mar. 29
Mar. 22
Mar. 8
Mar. 15
March
1943
March
February
Assets
Gold certificates on hand and
18,972,925 19,021,820 19,012,475 19,084,325 19,134,325 19,151,325 19,235,325 19,257,825 19,134,325 19,279,070 20,371,412
due from U. S. Treasury
292,838
287,060
287,847
278,068
290,535
278,850
269,839
246,419
288,231
257,144
41,990
Redemption fund—F.R. notes..
328,834
313,430
329,455
371,270
287,309
317,769
336,272
285,240
295,535
322,077
287,205
Other cash
19,552,968 19,594,120 19,587,631 19,657,928 19,742,629 19,766,447 19,827,241 19,833,078 19,735,986 19,865,669 20,784,672
Total reserves..
Discounts and advances:
For member banks
For nonmember banks, etc.
88,883
500
86,694
500
54,864
500
43,460
500
82,428
500
64,168
500
64,795
500
50,895
1,000
62,215
500
33,700
10,221
2,500
Total discounts and
advances
89,383
87,194
55,364
43,960
82,928
64,668
65,295
51,895
62,715
33,700
12,721
11,909
12,488
12,134
12,494
9,976
9,858
10,294
9,780
11,485
9,912
12,658
Industrial loans
U. S. Government securities:
Direct:
Bills:
Under repurchase option
Other
Certificates:
Special
Other
Notes
Bonds
Guaranteed
1
|
3,815,104 3,584,284 3,624,609 3,581,617 3,607,869 3,566,313 3,434,109 3,378,997 3,397,752 2,907,637 1,240,286
3,608,563 3,536,493 3,407,673 3,134,533 3,125,507 3,185,565 3,225,670 3,338,735 3,134,533 3,446,382
846,227
849,675
2^968^440 3,007,440 3,007,440 3,003,040 2,951,340 2,884^640 2,847,640 2,725,040 2,970,240 2,696,240
881,700
1,156,264 1,156,264 1,157,264 1,158,764 1,158,764 1,158,764 1,158,764
957,100
876,700 1,158,764
1,445,496 1,445,496 1,447,496 1,450,196 1,450,196 1,443,696 1,440,446 1,621,786 1,450,196 1,612,636 1,983,651
3,771
87,835
42,191
3,771
87,835
3,771
3,771
3,771
3,771
3,771
3,771
Total U. S. Government
securities, including
guaranteed securities. . 12,997,638 12,733,748 12,648,253 12,331,921 12,297,447 12,242,749 12,110,400 12,029,093 12,115,256 11,632,430 5,919,130
Other Reserve Bank credit outstanding
385,800
496,256
390,067
377,226
358,818
404,885
457,328
347,393
381,150
416,115
246,942
Total Reserve Bank
credit outstanding
13,484,730 13,329,686 13,105,818 12,765,601 12,749,169 12,722,160 12,643,317 12,438,161 12,570,606 12,092,157 6,191,451
Liabilities
Federal Reserve notes. .
17,822,902 17,761,606 17,707,317 17,635,730 17,498,702 17,429,372 17,491,104 17,443,099 17,558,859 17,315,525 12,758,496
Deposits:
Member bank—reserve
account
U. S. Treasurer—general
account
Foreign
Other deposits
12,536,617 12,704,331 12,603,936 12,276,815 12,053,244 12,405,072 12,704,716 12,383,079 11,889,447 12,310,796 12,759,300
372,598
203,542
273,735
426,330
753,087
494,994
76,670
268,814
603,101
194,331
1,646,164 1,516,713 1,450,860 1,432,527 1,564,387 1,542,951 1,540,332 1,568,034 1,617,506 1,569,657
456,031
372,218
368,601
353,121
350,170
381,827
337,087
367,491
308,111
373,236
54,843
879,395
287,085
14,928,615 14,880,617 14,700,749 14,504,273 14,723,839 14,793,187 14,703,545 14,557,014 14,477,545 14,382,895 13,980,623
Total deposits.
Ratio of total reserves to deposit and F.R. note liabilities
combined (per cent)
59.7
60.0
60.4
61.2
61.3
61.3
61.6
62.0
61.6
1
62.7
i
|
77.7
)
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Within
15 days
16 to 30
days
Discounts and advances:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
82,928
43,960
55,364
87,194
89,383
71,985
28,055
39,594
81,794
82,623
610
11,555
11,300
880
440
Industrial loans:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
9,976
12,494
12,134
12,488
11,909
8,538
11,092
10,754
11,586
11,036
507
505
506
4
9
12,297,447
12,331,921
12,648,253
12,733,748
12,997,638
1,999,614
1,274,505
1,481,575
1,537,612
1,594,569
1,077,232
1,233,043
1,212,531
1,002,406
1,090,770
31 to 60
days
7,183
975
1,015
1,665
3,515
61 to 90
days
91 days
to 6
months
6 months
to
1 year
1 year
to
2 years
2 years
to
5 years
Over
5 years
3,150
3,375
3,455
2,855
2,805
294
311
294
305
276i
171
130
110
147
142
277
296
290
275
271
2,371,911
2,378,377
2,444,770
2,432,813
2,540,732
986,990
1,568,340
1,568,740
1,573,440
1,558,740
1,313,400
1,600,600
1,604,600
1,604,600
1,595,600
U. S. Government securities including
guaranteed securities:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
MAY
1944
2,398,469
2,127,225
2,190,406
2,440,246
2,474,596
17,800
17,800
17,800
17,800
17,800
977,445
977,445
973,245
970,245
970,245
1,154,586
1,154,586
1,154,586
1,154,586
1,154,586
455
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Assets
Gold certificates o
hand and due froi
U. S. Treasury:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Total
Boston
New
York
Philadelphia
19,134,3:
19,084,3!
19,012,4'
19,021,8:
18,972,9:
1,065,95
1,015,3'
990,26!
996,8'
1,052,69'
5,238,3?
5,755,4<"
5,332,73
5,420,3.
5,285,29.
1,140,9
1,049,02
1,056,51:
1,063,241
1,055,08!
Cleveland
Richmond
Atlanta
1,665,69C 1,020,98 1,044,4
1,472,403 1,020,65! 982,95
,418,108 1,020,0: 1,002,50,
1,443,641 1,019,57' 995,04.
1,479,118 1,027,791 999,87.
Minneapolis
Kansas
City
Dallas
San
Francisco
515,6
553,74:
573,2
548,20.
560,57:
377,82'
362,66
359,20
346,85
338,76.
729,34:
701,23'
705,221
710,66:
710,36
536,06
519,50.
536,861
504,481
490,28
2,357,278
2,350,422
2,356,898
2,382,463
2,426,900
Chicagi
St.
Louis
3,441,7!
3,300,821
3,660,90:
3,590,42.
3,546,171
Redemption fundFederal Reserve
notes:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
290,5.
278,061
287,84'
287,06(
292,83
23,30.
23,19
24,08!
24,01'
26,94;
34,82
19,41'
31,06
30,80J
30,49!
24,25
24,08i
24,43.
24,32.
24,21,
25,152
25,017
30,890
30,80!
30,718
24,72
23,62
24,786
24,143
25,42(
16,35
19,21.
19,09.
19,00
19,92;
53,21'
55,054
44,942
44,832
44,73:
29,25
29,21i
29,16
29,13
29,10i
8,74C
8,7f
8,96.
9,705
11,09*
11,95
11,91.
11,88.
11,86
11,84:
9,44:
9,40'
9,37
9,35:
9,33:
29,304
29,213
29,149
29,070
29,014
Other cash:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
317,76'
295,53.
287,30<
285,24C
287,20=
26,9:
24,33
20,36
18,75:
20,80;
88,10'
85,21'
81,95
82,11J
22,747
22,807
20,646
22,059
21,218
17,05
15,90
15,68'
15,02:
16,02:
19,115
16,944
17,745
17,64(
19,06?
53,53:
44,54:
44,15!
43,52
43,47'
11,90
12,37
12,23
12,52'
11,76:
6,631
6,26.
6,161
6,225
6,43C
11,32;
10,98;
11,140
11,508
11,338
10,761
80,64.
21,46
21,09
21,97.
22,088
22,125
9,'65
9,58!
9,56:
28,209
24,920
25,600
24,189
24,757
19,742,62"
19,657,921
19,587,631
19.594.12C
19,552,965
,116,182
062,91
034,71
039,64
100,43!
,3Q,31i
,860,13;;
,445,75C
,533,263
,396,435
,186,631
,094,198
,102,921
,109,661
,101,41
,713,589
,520,227
,469,644
,496,507
,531,054
,062,754 1,079.94C 3,548.55C
,060,191 ,019,115 3,400,41f
,060,48; ,039,344 3,750,005
,058,73S ,031,697 3,678,77?
,069,238 ,038,86< 3,634,38!
556,77.
595,32.
614,63
589,861
601,4
393,20!
377,65:
374,33:
362,78!
356,29:
752,621
724,134
728,253
734,03
733,54,
556,27:
539,05
555,89.
523,42
509,17.
414,791
404,555
411,647
435,722
480,671
2,695
59,66*
30,775
39.60C
56,371
46,525
1.91C
5,530
7,155
1,840
5,015
ioo
100
500
500
515
530
530
100
500
500
515
530
530
Total reserves:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Discounts and advances :
Secured by U. S.
Goyernment obligations, direct and
guaranteed:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
82,92?
43,960
55,364
87,194
89,383
Other:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
V"
6,155
11,965
11,020
63C
65C
379
l,00C
2,575
630
650
l,00C
551
81864
864
5.00C
80C
60C
400
400
5,000
800
600
400
400
Total discounts and
advances:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
82,928
43,960
55,364
87,194
89,383
2 695
5 180
6,155
11, 965
11. 020
59,668
30,775
39,600
56,370
46,525
1,910
5,530
7,155
1,840
5,015
379
1,000
2,575
1,000
550
814
864
864
Industrial loans:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
9,976
12,494
12,134
12,488
11,909
352
1,427
1,422
1,421
1,412
123
123
123
123
123
3,999
5,476
5,147
5,499
5,440
375
370
370
370
370
217
216
200
200
200
105
97
94
90
90
U. S. Goyernment
securities:
Bills:
Under repurchase
option:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
3,607,869
3,581,617
3,624,609
3,584,284
3,815,104
136,123
120,319
139,006
135,722
123,784
626,207
374,580
695,190
598,251
791,559
149,573
137,386
135,526
125,571
149,270
75,446
137,176
170,486
160,407
152,438
81,055
87,500
89,267
70,999
79,982
34,449
41,675
31,050
18,930
21,708
761,719
927,291
673,702
778,301
858,462
Other bills:
Mar. 29.
Apr. 5
Apr. 12
Apr. 19
Apr. 26
3,125,507
3,134,533
3,407,673
3,536,493
3,608,563
239,301
240,488
261,280
271,083
276,589
697,085
666,947
729,889
759,688
775., 751
244,065
254,458
276,635
287,096
292,947
342,584
358,653
388,734
402,891
410,958
208,593
209,641
227,063
235,258
239,951
173,609
187,335
202,337
209,382
213,490
2,951,340
3,003,040
3,007,440
3,007,440
2,968,440
225,969
230,401
230,593
230,529
227,521
658,239
638,969
644,167
646,038
638,138
230,466
243,780
244,144
244,143
240,978
323,491
343,610
343,072
342,617
338,062
196,974
200,849
200,393
200,069
197,389
1,161,264
1,161,264
1,159,764
1,158,764
1,158,764
88,911
89,094
88,924
88,823
88,817
258,998
247,087
248,410
248,919
249,105
90,681
94,270
94,150
94,070
94,070
127,285
132,872
132,301
132,011
131,965
77,502
77,667
77,279
77,084
77,052
Certificates:
Mar. 29.
Apr. 5.
Apr. 12.
Apr. 19.
Apr. 26.
Notes:
Mar.
Apr.
Apr.
Apr.
Apr.
29.
5.
12.
19.
26
456
300
3,375
125
225
1,22.
3,275
7,5OC
50C
13,00C
18,7OC
7,500
500
3,375
125
225
1,225
3,275
13,000
18,700
278
260
253
274
243
30
30
30
29
29
261,210
244,541
221,148
226,022
219,922
78,195
90,605
94,520
98,635
106,345
63,930
74,180
56,490
53,671
46,808
35,827
37,114
20,082
24,278
25,764
304,135
309,250
298,142
293,497
239,062
336,408
330,207
360,038
374,133
381,883
153,222
146,098
158,764
164,737
168,087
98,985
95,359
103,723
107,668
109,870
162,764
167,845
182,031
188,711
192,502
146,189
152,749
165,306
171,209
174,608
322,702
324,753
351,873
364,637
371,927
163,937
179,476
178,571
178,056
175,615
317,657
316,356
317,755
318,164
314,145
144,682
139,965
140,121
140,098
138,275
93,470
91,362
91,542
91,565
90,380
153,694
160,801
160,648
160,476
158,354
138,039
146,339
145,887
145,598
143,634
304,722
311,132
310,547
310,087
305,949
64,503
69,403
68,863
68,606
68,555
124,990
122,333
122,535
122,588
122,629
56,929
54,125
54,033
53,977
53,975
36,777
35,328
35,301
35,278
35,281
60,474
62,182
61,952
61,833
61,815
54,316
56,590
56,260
56,098
56,069
119,898
120,313
119,756
119.477
119,431
4,488
4,488
4,488
4,475
3,995
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Bonds:
Mar.
Apr.
Apr.
Apr.
Apr.
29
5
12
19
26
1,451,467
1,451,467
1,448,767
1,446,767
1,446,767
Boston
111,130
111,359
111,083
110,899
110,892
New
York
323,722
308,834
310,311
310,786
311,019
Philadelphia
113,342
117,829
117,611
117,450
117,450
Cleveland
Richmond
159,094
166,077
165,270
164,822
164,763
96,869
97,076
96,536
96,243
96,203
Atlanta Chicago
80,623
86,747
86,023
85,657
85,594
St.
Louis
Minneapolis
Kansas
City
156,226
152,905
153,069
153,056
153,107
71,155
67,651
67,498
67,393
67,390
45,968
44,157
44,098
44,047
44,050
75,587
77,722
77,390
77,201
77,179
Dallas
67,890
70,731
70,280
70,041
70,005
San
Fran-
149,861
150,379
149,598
149,172
149,115
Total U. S. Government
securities, including
guaranteed securities:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
12,297,447
12,331,921
12,648,253
12,733,748
12,997,638
801,,434 3,564,251
791,661 3,236,417
830,886 ,627,967
837,056 ,563,682
827,603 3,765,572
828,127 1,027,900
847,723
723 1,138,388
1
868,066 1,199,863
868,330 1,202,748
894, 715 1,198,186
660,993
672,733
690,538
679,653
690,577
517,121 1,697,000
564,636 ,849,092
566,844 1,627,099
560,631 1,746,242
5 6 t,962
4 , " 1 ,830,226
687,198
652,380
641,564
652,227
647,649
353,395
356,811
369,184
377,193
385,926
516,449
542,730
538,511
541,892
536,658
442,261 1,201,318
463,523 1,215,827
457,815 1,229,916
467,224 1,236,870
470,080 1,185,484
Total loans and
securities:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
12,390,351
12,388,375
12,715,751
12,833,430
13,098,930
804,481 3,624,042
798,268 3,267,315
3
838,463 3,667,690
850,442 3,620,175
840,035 3:,812,220
834, 036 1,028,905
858, 729 1,138,758
880, 368 1,200,533
875, 669 1,203,118
905, 170 1 ,198,935
661,860
672,949
690,738
680,853
693,352
518, 226
565, 283
567, 752
561, 585
565, 916
1,702,004
1,849,896
1,627,703
1,746,646
1,830,630
694,698
652,880
641,564
665,227
666,349
353,673
357,071
369,437
377,467
386,169
519,854
542,885
538,766
543,146
539,962
442, 266 1,206,306
463,526 1,220,815
457,818 1,234,919
467,227 1,241,875
470,183 1,190,009
Due from
Mar.
Apr.
Apr.
Apr.
Apr.
foreign banks:
29
5
12
19
26
Federal Reserve notes
of other banks:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Uncollected items:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
11
11
11
11
11
49
I49
49
I49
I49
82,364
72,133
70,732
75,057
70,313
14, 107
11, 799
12, 358
13, 640
11, 929
2,211
2,074
2,424
2,361
2,180
4,177
3,228
3,203
4,120
3,883
7,269
6,482
6,817
6,955
7,782
6,264
7,063
5,847
7,561
6,905
10,233
8,512
9,333
8,358
7,798
5,217
5,310
5,191
4,423
5,398
2,390
1,333
1,671
2,097
1,646
5,476
4,749
4,273
4,367
3,644
3,388
3,099
3,283
3,671
3,205
20,076
17,427
15,217
15,811
14,616
1,781,852
1,642,254
1,828,217
2,007,174
1,792,054
140,088
154,195
150,128
154,347
130,169
392,342
357,088
393,875
467,166
367,997
105,839
94,380
107,203
109,642
97,272
190,229
155,368
187,319
210,097
176,339
122,814
102,546
124,490
136,533
141,847
106,494
93,884
107,417
118,807
129,354
280,892
263,750
288,809
291,767
270,773
68,515
64,498
75,144
82,965
70,438
34,777
31,232
41,103
39,380
33,246
86,444
89,242
101,867
110,470
104,618
66,960
48,418
64,392
78,456
76,303
186,458
187,653
186,470
207,544
193,698
Bank premises:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
34,974
34,966
34,966
34,971
34,928
1,652
1,652
1,652
1,652
1,652
9,081
9,062
9,062
9,062
9,062
3,564
3,564
3,564
3,564
3,552
4,186
4,186
4,186
4,186
4,176
2,915
2,915
2,915
2,915
2,908
1,643
1,643
1,643
1,643
1,640
2,931
2,929
2,929
2,929
2,924
2,054
2,054
2,054
2,054
2,054
1,276
1,273
1,273
1,273
1,273
2,720
2,714
2,714
2,719
2,719
970
970
970
970
2,004
2,004
2,004
2,004
1,998
Other assets:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
61,138
57,650
58,431
58,929
60,250
4,304
4,014
4,355
4,218
4,317
14,468
12,869
13,206
13,000
13,171
4,285
4,127
4,205
4,218
4,536
7,189
7,089
6,929
7,131
7,219
4,491
4,273
4,383
4,369
4,401
3,448
3,434
3,497
3,595
3,686
6,387
6,139
6,236
6,398
6,518
2,741
2,530
2,489
2,536
2,591
1,762
1,604
1,636
1,709
2,948
2,874
2,948
2,981
3,054
2,867
2,612
2,572
2,713
2,862
6,248
6,085
5,975
6,061
6,141
1,754
Total assets:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
34,093,44- 2,068, 274 9,415,407 2,136,
,948,287 1,862,109 1,716,019 5,551,014 1,330,002
33,853,442 2,022, 114 9,518,315 2,057,084 2 ,828,""
,322,602
868 1,849,362 1,690,426 5,531,
34,295,864 2,030,438 9,541,990 ',100,697
2,871,826 ,889,834 ,725,504 5,685,036 1,341,083
2
34,603,817 2,052,009 9 ,656,355 2,105,127 2,925,171 1,890,370 1,724,892 5,734,893 1,347,070
34,609,579 2,077,949 9 ,610,863 2,114,141 2,921,618 1,919,534 1,746,374 5,753,047 1,348,280
787,088 1,370,067 1,072,705 3,835,894
770,173 ,366,602 1,057,687 3,838,550
789,454 1,378,825 1,084,934 3,856,243
784,^716 1,397, 718 1,076,468 3,909,028
780,383 1,387,544 1,062,702 3,887,144
Liabilities
Federal Reserve notes:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
17,498,702 1,163,689 3,897,,470
17,635,730 1,174,255 3 ,927,,110
17,707,317 1,179,273 3,938,668
17,761,606 1,187,422 3,958,781
17,822,902 1,190,548 3,976,080
749,582
756,233
758,899
760,137
760,409
397,399
400,726
401,787
402,824
404,039
647,530
652,752
654,154
654,574
654,840
428
433
433
431
431
Deposits:
Member bank—reserve account:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
12,053,244
12,276,815
12,603,936
12,704,331
12,536,617
429,328
428,687
437,324
435,795
433,465
276,107
282,245
285,938
284,310
272,419
553,344
571,693
577,246
581,075
572,018
500,441 1,397,716
514,306 1,420,525
531,064 1,425,562
1
513,069 1,454,718
501,
.,653 1,411,784
21,803
15,998
13,205
10,706
21,758
31,426
9,570
17,464
12,746
20,667
37,653
8,997
13,816
11,670
21,377
581,596 4,042,125
592,931 4,128,222
604,
,202,018
609,582 4,259,097
602,661 4,204,648
1,180,343 1,552,337 1,160,952 1,011,825 3 ,254,646
1,188,955 1,559,859 1,170,699 1,021,277 3,282,198
1,190,429 1,566,313 1,174,891 1,022,375 3 ,309,326
,193,614 1,570,142 1,173,633 1,019,938 3,326,639
1,197,393 1,580,418 1,172,450 1,021,980 3,340,722
596,581
606,590
616,086
634,988
620,961
942,908
943,588
958,742
987,872
981,175
469,497
505,328
520,819
498,782
502,263
84,994
18,288
18,449
9,575
26,821
104,197
31,141
28,825
18,838
22,232
44,475
10,176
7,390
13,226
29,923
503,649 1,759,952
520,584 1,762,116
552,201 1,891,997
531,607 1,913,436
542,569 1,891,001
198 21,054,731
739 21,067,927
140 21,078,062
873 21,082,029
800 21,092,223
U. S. T r e a s u r e r general account:
Mar.
Apr.
Apr.
Apr.
Apr.
1
29
5
12
19
26
753,087
426,330
273,735
203,542
372,598
76,413
25,336
6,862
24,558
25,136
161,869
211,418
96,769
32,130
81,632
46,696
12,506
7,251
10,435
23,114
65,335
51,481
31,910
33,580
57,929
33,773
9,941
11,694
13,051
11,051
44,453
21,478
20,100
13,027
30,958
After deducting $87,000 participations of other Federal Reserve Banks.
MAY
1944
457
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars ]
Total
Foreign:
Mar. 29
Apr. 5
Apr. 12
Apr. 19.
Apr. 26
1,564,387
1,432,527
1,450,860
1,516,713
1,629,104
Other deposits:
Mar 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
353,121
368,601
372,218
456,031
390,296
Total deposits:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
14,723,839
14,504,273
14,700,749
14,880,617
14,928,615
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
Minneapolis
St..
Louis
Kansas
City
Dallas
San
Francisco
137,243
124,636
126,475
131,961
145,690
132,767
120,571
122,350
127,657
140,939
59,670
54,189
54,989
57,374
63,343
47,736
43,352
43,991
45,899
50,675
184,979
167,987
170,466
177,860
196,365
46,244
41,997
42,616
44,465
49,091
32,819
29,804
30,244
31,556
34,839
43,261
39,287
39,867
41,596
45,924
43,261
39,287
39,867
41,596
45,924
116,442
105,753
107,313
111,964
106,544
259,517
276,892
278,271
350,044
276,234
6,724
5,623
8,520
8,65&
5,693
7,307
6,415
5,538
7,961
8,267
3,633
4,039
6,717
9,006
6,866
4 483
3,593
3,188
3,044
5,264
4,292
3,793
3,877
9,130
5,065
9,427
9,724
10,402
11,220
10,992
10 536
10,775
10,694
10,675
10,453
4 873
3^035
3,268
4,044
5,156
2 145
3^429
2,283
2,452
1,899
36,923
38^428
36,650
36,470
51,090
766,619 5,078,127
719,373 5,183,945
711,266 5,153,085
738,098 5,245,425
742,885 5,200,513
825,542
755,137
769,530
785,182
799,165
1,187,179
1,101,715
1,115,455
1,142,328
1,152,613
577,275
573,732
589,915
578,388
602,395
602,564 2,014,558
580,035 1,985,377
606,631 2,098,250
590,985 2,134,006
621,622 2,150,360
506,802
496,406
503,547
502,186
515,306
350,888
332,394
344,340
339,287
338,378
639,131
623,012
634,197
638,385
644,475
579,620
566,963
584,908
570,168
560,527
1,595,534
1,586,184
1,589,625
1,616,179
1,600,376
105,349 ^14,616
98,251 2567,413
96,655 1J576,O27
100,631 604,154
111,771 X637,999
3,261
2,855
2,810
3,327
3,317
Deferred availability
items:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
1,423,170
1,265,164
1,438,286
1,511,054
1,406,390
107,794
98,353
109,579
95,928
114,038
287,631
255,169
297,604
299,197
281,131
91,743
73,970
101,545
87,179
78,086
166,608
125,043
147,669
170,234
145,881
103,692
84,875
104,789
118,169
124,317
84,918
72,075
79,750
96,878
85,884
223,861
206,061
219,391
216,078
203,707
58,689
55,016
63,671
69,811
57,558
26,748
24,984
31,228
30,490
25,791
68,859
76,221
75,840
90,163
73,553
50,603
42,745
52,569
60,045
55,921
152,024
150,652
154,651
176,882
160,523
Other liabilities including accrued
dividends:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
8,009
8,016
8,503
8,979
9,071
717
656
785
987
758
2,309
2,079
2,465
2,605
2,589
529
556
650
550
830
847
881
937
933
974
457
282
415
302
445
327
649
321
625
387
1,137
1,199
1,093
1,228
1,262
323
345
333
292
329
250
241
237
230
260
245
264
269
282
291
287
206
251
270
306
581
658
747
675
640
2,038,819 9,265,537
1,992,637 9,368,303
2,000,903 9,391,822
2,022,435 9,506,008
2,048,229 9,460,313
2,098,157
2,018,618
2,062,154
2,066,525
2,075,474
2,906,971
2,787,498
2,830,374
2,883,637
2,879,886
1,842,376
1,829,588
1,870,010
1,870,492
1,899,607
1,699,634 5,494,202
1,674,036 5,474,835
1,709,077 5,628,060
1,708,426 5,677,951
1,729,873 5,696,051
1,315,396
1,308,000
1,326,450
1,332,426
1,333,602
775,285
758,345
777,592
772,831
768,468
Total liabilities:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
33,653,720
33,413,183
33,854,855
34,162,256
34,166,978
1,355,765 1,058,708 3,802,870
1 352,249 1,043,653 3,805,421
1,364,460 1,070,868 3,823,085
1,383,404 1,062,356 3,875,765
1,373,159 1,048,554 3,853,762
Capital Accounts
Capital paid in:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
156,587
156,645
156,727
156,765
156,905
9,879
9,879
9,879
9,880
9,886
57,751
57,754
57,747
57,752
57,768
11,827
11,828
11,843
11,843
11,844
15,948
15,959
15,963
15,963
16,072
6,275
6,276
6,278
6,284
6,285
5,564
5,564
5,567
5,570
5,571
18,166
18,171
18,174
18,176
18,178
4,793
4,795
4,798
4,800
4,800
3,413
3,417
3,417
3,417
3,417
5,097
5,097
5,098
5,099
5,099
4,823
4,827
4,827
4,839
4,839
13,051
13,078
13,136
13,142
13,146
Surplus (section 7):
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
188,097
188,097
188,097
188,097
188,097
13,206
13,206
13,206
13,206
13,206
70,012
70,012
70,012
70,012
70,012
17,859
17,859
17,859
17,859
17,859
16,026
16,026
16,026
16,026
16,026
5,236
5,236
5,236
5,236
5,236
5,725
5,725
5,725
5,725
5,725
26,490
26,490
26,490
26.490
26,490
6,330
6,330
6,330
6,330
6,330
3,669
3,669
3,669
3,669
3,669
4,554
4,554
4,554
4,554
4,554
4,831
4,831
4,831
4,831
4,831
14,159
14,159
14,159
14,159
14,159
Surplus (section 13b):
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
26,965
26,965
26,965
26,965
26,965
2,874
2,874
2,874
2,874
2,874
7,092
7,092
7,092
7,092
7,092
4,421
4,421
4,421
4,421
4,421
1,007
1,007
1,007
1,007
1,007
3,290
3,290
3,290
3,290
3,290
749
749
749
749
749
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
2,129
2,129
2,129
2,129
2,129
Other capital accounts:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
68,075
68,552
69,220
69,734
70,634
3,496
3,518
3,576
3,614
3,754
15,015
15,154
15,317
15,491
15,678
4,314
4,358
4,420
4,479
4,543
8,335
8,378
8,456
8,538
8,627
4,932
4,972
5,020
5,068
5,116
4,347
4,352
4,386
4,422
4,456
10,727
10,734
10,883
10,847
10,899
2,953
2,947
2,975
2,984
3,018
3,721
3,742
3,776
3,799
3,829
3,514
3,565
3,576
3,524
3,595
3,036
3,069
3,101
3,135
3,171
3,685
3,763
3,734
3,833
3,948
34,093,444
33,853,442
34,295,864
34,603,817
34,609,579
2,068,274
2,022,114
2,030,438
2,052,009
2,077,949
9,415,407
9,518,315
9,541,990
9,656,355
9,610,863
2,136,578
2,057,084
2.100,697
2;105,127
2,114,141
2,948,287
2,828,868
2,871,826
2,925,171
2,921,618
1,862,109
1,849,362
1,889,834
1,890,370
1,919,534
1,716,019 5,551,014
1,690,426 5,531,659
1,725,504 5,685,036
1,724,892 5,734,893
1,746,374 5,753,047
1,330,002
1,322,602
1,341,083
1,347,070
1,348,280
787,088
770,173
789,454
784,716
780,383
11,165
8,878
9,159
8*710
8,794
700
450
450
450
450
9
8
8
8
8
3,597
1,485
1,779
1,234
1,289
52
52
52
50
50
1,115
1,193
1,181
1,221
1,256
Total liabilities and
capital accounts:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Commitments to make
industrial advances:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
2
48
48
1,370,067 1,072,705 3,835,894
1,366,602 1,057,687 3,838,550
1,378,825 1,084,934 3,856,243
1,397,718 1,076,468 3,909,028
1,387,544 1,062,702 3,887,144
3,000
3,000
3,000
3,000
3,000
2,690
2,690
2,689
2*699
2,693
1
After deducting $948,763,000 participations of other Federal Reserve Banks on Mar. 29; $861,611,000 on Apr. 5; $874,325,000 on Apr. 12; $912,250,000 on
Apr. 19; and $1,007,161,000 on Apr. 26.
458
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of debars]
Total
Boston
Federal Reserve notes outstanding (Issued to F. R.
Bank by F. R. agent):
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
18,143,165
18,194,717
18,297,081
18,360,806
18,443,234
Collateral held by agent as
security for notes issued to
Bank:
Gold certificates on hand
and due from U. S.
Treasury:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
12,811,000
13,120,000
12,980,000
13,038,000
13,100,000
Eligible paper:
Mar.29
Apr. 5..
Apr. 12
Apr. 19
Apr. 26
New
York
Cleveland
Philadelphia
751, 000 3 ,445,000
761, 000 31,770,000
744, 000 3 ,495,000
744, 000 3 ,520,000
744,000 3.,545,
740, 000
740,000
745, 000
750, 000
755;000
2,695
5,180
6,155
11,965
11,020
59,668
30,775
39,600
56,370
46,525
1,910
5,530
7,155
1,840
5,015
U. S. securities:
Mar.29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
5,656,210
5,389,541
5,516,148
5,546,022
5,604,922
450,000
450,000
500,000
500,000
500,000
600,000
300,000
600,000
600,000
600,000
475,000
475,000
475,000
475,000
475,000
Total collateral:
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
18,543,008
18,551,651
18,549,283
18,669,422
18,792,032
1,098,000
1,100,000
1,010,000
1,013,000
1,015,000
San
Francisco
750,1,000 2 ,295,000
710,000 2,295,000
710,000 2,530,000
710, 000 2,550,000
720,000 2 ,570,000
290,000
290,000
290,000
300,000
300,000
232,000 420,000 291,000 1,724,000
234,000 430,000 291,000 1,724,000
236,000 430,000 291,000 1,724,000
221,000 440,000 291,000 1,724,000
196,000 440\ 000 291,000 ,749,000
3,375
125
225
1,225
3,275
13,000'
18,700
175,000
175,000
175,000
175,000
185,000
500,000
500,000
500,000
500,000
500,000
1,203, 695 4[, 104,668
1,216,910 1,598,000 1,225, 650 1,075, 000 3,465,000 883,710 407 ,000 673,375 466,000
1,216, 180 4[, 100,775
1,220,530 1,600,
1,000 1,225, 000 1,085,000 3,465,000 860,041 409,000 680,125 466,,000
1,250, 155 4I, 134,600",227,155
1,610,
",000 680,225 466 ,000
1
1,000 1,225, 000 1,085, 000 3,400,000 836,148 411
1,255, 965 4[, 176,370
1,226,840 1,613,000 1,226,000 1,085,000 3,420,000 864,022 421,000 691,225 466 ,000
1,255,020 4 191 ,525
, " 3 ,470,000 863 622 421,000 693,275 476,000
" 1,227,"
— 1,235,'
5,015'^1,615,
>,000
575 1, 0 9 5000
,224,000
,224,000
,224,000
,224,000
,249,000
500,000
500,000
600,000
600,000
600,000
ApParticiproved
Loans Commitpations
but not
out- 2 ments
outoutcom- standing
standing
pleted 1 (amount) standing
(amount) (amount)
Number Amount (amount)
450,000
450,000
450,000
450,000
450,000
325,000 1,170,000 586.,210 175,000 250,000
,541 175,000 250,000
375,000 1,170,
,,148 175,000 250,000
375,000 870,
375,000 870,000 551,022 200,000 250,000
375,000 900,000 544 ,922 225,000 250,000
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION T H R O U G H FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Guaranteed loans
authorized
Guaranteed loans
outstanding
Number
Amount
Total
amount
1942
June 30
Sept. 30
Dec. 31
565
1,658
2,665
310,680
944,204
2,688,397
81,108
427,918
803,720
974,083
1,040,828
1,245,711
1,339,078
1,415,777
1,428,253
1,536,296
1,646,921
1,708,022
1,815,162
1,798,272
1,914,040
Date
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
1,993
2,280
2,406
2,653
2,781
2,908
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6,386
19,600
3,352
3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
3,432
3,440
3,443
3,447
3,448
3,452
3,455
3,458
3,460
3,464
3,466
3,471
434,638
446,319
459,296
467,733
473,399
475,468
477,681
481,288
483,608
486,098
488,422
491,342
6,672
5,882
5,164
3,732
3,045
3,203
2,883
4,354
2,860
12,897
13,717
13,182
13,188
13,378
13,044
12,258
12,000
12,227
12,409
11,811 '
10,532
12,160
12,117
13,143
13,438
12,950
12,132
11,832
11,614
11,474
9,978
9,920
9,270
23,915
23,177
20,316
20,333
20,166
19,070
18,832
18,400
18,928
18,616
18,621
17,930
1943
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
2,961
3,198
3,534
3,773
4,002
4,217
4,404
4,599
4,787
4,948
5,123
5,347
2,999,731
3,479,172
3,725,241
4,058,731
4,554,278
4,718,818
4,900,905
5,153,941
5,452,498
5,546,555
6,234,047
6,563,048
3,475
3,478
3,481
495,738
497,875
503,330
1,808
10,369
10,198
11,774
10,146
10,292
9,069
18.247
18,531
18,267
1944
Jan. 31
Feb. 29
Mar. 31
5,565
5,720
5,904
6,989,682 2,020,294 1 ,691,802 3,278,822
7,172,719 2,030,547 ] ,700,400 3,451,581
7,466,762 2,009,511 1,680,046 3,615,963
305
401
926
835
1,408
1
Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of
Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and the
sum of the following four columns represents repayments of advances, and
applications for loans and commitments withdrawn or expired.
MAY
775,000
775,000
775,000
775,000
775,000
1,000
2,575
Applications
approved
984
1942
Tune 24
Dec 31
1943
Jan 30 ...
Feb. 27
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
1944
Jan. 31
Feb. 29
Mar. 31
St. Minne- Kansas Dallas
Chicago Louis
apolis City
7,500
500
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
1934
1935
1936
1937
1938
1939
1940
1941
Atlanta
t, 040,3391,212,752 1,595,214 1,196,374 1,062,151 3,343,483 789,107 405,356 668,397 458,998 2,177,336
1,193,
1
1,599,354 1,198,245 1,063, 455
1,200,046 4[, 062,326,214,179
"" 3 ,360,206 788,594 407 052 670,088 458,847 2,172,325
[, 095,294
1,203,
1,219,872 1,605,035 1,204,448 1,065,448 3,383,569 791,165 410 134 675,214 458,263 2,185,507
1,107,137
1,213,
1,223,514 1,611,120 1,204,167 1,068,920 3,397,646 791 161 409,879 676,780 461,249 2,196,210
1,222,620 4t, 121,791 1,228,507 1,613,658 1,204,534 1,087,429 3,405,070 795 779 412,615 680,245 466,409 2,204,577
75,798
42,110
53,135
85,400
87,110
Date (last
Wednesday or
last day of
period)
Richmond
1944
Portion
guaranteed
69,674
137,888.
356,677
230,72O<
632,474 1,430,121
768,249
828,221
999,394
1,073,972
1,150,040
1,153,756
1,269,416
1,366,178
1,413,159
L,511,847
,495,910
1L,601,518
1,440,943
1,706,849
1,865,618
2,018,818
2,076,998
2,216,053
2,388,721
2,482,875
2,494,855
2,586,563
2,798,283
3,146,286
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.
459
DEPOSITS A N D RESERVES OF MEMBER BANKS, MARCH 1944
[Averages of daily figures. In millions of dollars]
Gross demand deposits
U.S.
Government
war loan
deposits1
Interbank
Total
Adjusted Net dedemand mand
de%
posits2 posits*5
Other
Time
deposits 4
Demand
balances
due
from
domestic
banks
Reserves
Required
Held
Excess
78,991
10,458
13,783
54,749
51,468
56,826
15,861
5,259
12,431
11,443
988
23,075
5,249
3,601
1,052
4,970
1,069
14,504
3,128
13,534
2,927
17,096
3,831
873
512
60
148
796
3,472
797
16
-1
Reserve city banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis..
Minneapolis
Kansas City
Dallas
San Francisco
29,330
2,127
483
2,284
3,829
1,700
1,782
3,804
1,716
956
2,361
1,725
6,562
4,785
281
25
302
490
266
496
432
493
260
811
399
531
4,738
531
58
450
660
332
238
612
258
189
255
196
959
19,807
1,316
400
1,532
2,679
1,102
1,048
2,760
966
507
1,295
1,130
5,072
18,225
1,238
376
1,435
2,490
1,022
937
2,564
863
453
1,151
1,043
4,653
21,328
1,468
380
1,674
2,803
1,196
1,298
2,714
1,255
657
1,690
1,250
4,942
6,370
109
179
137
837
278
234
1,057
198
98
200
171
2,872
1,740
51
21
63
180
97
140
289
104
57
276
197
264
4,921
309
89
353
643
275
294
642
271
140
383
299
1,221
4.648
300
87
343
611
256
274
606
263
137
350
260
1,161
274
9
3
10
32
19
21
36
8
3
33
39
60
Country banks...
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas.....
San Francisco
21,337
2,151
3,368
1'569
1,859
1,657
1,742
2,781
1,167
893
1,352
1,595
1,203
1,020
86
70
11
23
173
192
73
127
65
71
104
23
3,006
422
622
246
265
212
230
390
114
108
121
155
123
17,311
1,643
2,675
1,312
1,571
1,272
1,321
2,319
925
720
1,159
1,336
1,058
16,783
1,573
2,578
1,270
1,531
1,210
1,275
2,273
897
702
1,142
1,304
1,028
14,571
1,495
2,386
1,109
1,271
1,115
1,142
1,887
803
609
858
1,044
850
8,106
711
1,907
971
972
498
351
1,231
320
374
181
106
482
3,310
169
269
177
286
280
339
466
224
160
362
372
207
3,226
288
539
269
321
229
238
443
168
143
192
217
180
2,526
252
449
214
236
186
181
338
132
108
131
153
148
700
36
91
55
85
43
57
105
36
35
61
64
32
All member banks ...
Central reserve city banks:
New York
Chicago
1
Figures do not include certain other demand deposits of the U. S. Government with member banks and, therefore,*differ from figures for U. S. Government
deposits shown in other published banking data. See also footnote 2.
2
Preceding column minus so-called "float" (total cash items in process of collection) and estimate of U. S. Government deposits other than war loan
accounts.
3
Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection and
demand
balances due from domestic banks.
4
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
MEMBER BANK RESERVE BALANCES, BY CLASS OF BANKS
[Averages of daily figures. In millions of dollars]
All
member 1
banks
Central reserve
city banks
Reserve
city
Chicago banks
New
York
DEPOSITS OF COUNTRY MEMBER
BANKS IN LARGE A N D
SMALL CENTERS,1 MARCH 1944
[Averages of daily figures. In millions of dollars]
Counbanks 1
Federal Reserve districts
Total reserves held:
1943—Feb
Mar
1944—Feb
Mar
,
Week ending (Friday):
1944—Mar 3
Mar. 10
Mar. 17
Mar 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Excess reserves:
1943—Feb
Mar
1944—Feb
Mar
Week ending (Friday):
1944—Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
12,933
13,255
12,349
12,431
3,999
4,001
3,395
3,488
875
892
800
796
5,141
5,319
4,899
4,921
2,918
3,042
3,254
3,226
12 270
12^396
12,621
12 498
12',268
12,351
12,585
12,701
3 426
3^485
3,527
3 495
3^464
3,515
3,556
3,618
800
802
817
797
772
726
803
821
4,849
4^893
4,991
4 953
4^874
4,917
5,010
5,062
3,195
3,216
3,286
3,253
3,158
3,193
3,216
3,200
1,712
1,884
1,160
97
96
21
16
10
34
3
784
852
341
820
903
795
700
1,000
12
11
18
19
20
23
15
19
988
999
1,073
977
858
937
933
*>902
—1
3
—2
1
2
14
7
9
274
266
274
296
256
221
263
274
274
719
715
759
702
615
637
637
^600
P
Preliminary.
1
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
46O
In places of 15,000
population and over
In places of under
15,000 population
Demand
deposits
except
interbank 2
Demand
deposits
except
interbank 2
Time
deposits
Time
deposits
Total...
12,687
4,777
7,631
3,329
Boston
New York
Philadelphia
Cleveland
1,805
2,551
924
1,107
564
1,232
450
521
260
746
634
728
147
674
521
451
Richmond
Atlanta
Chicago
St. Louis
956
1,113
1,631
446
244
246
740
180
528
438
1,078
594
254
105
491
140
386
364
621
784
150
63
67
318
442
917
870
396
225
118
39
164
Minneapolis
Kansas City
Dallas
San Francisco
1
Includes any banks in outlying sections of reserve cities which have
been given permission to carry the same reserves as country banks. All
reserve
cities have a population of more than 15,000.
2
The series published through April 1943 included interbank deposits.
The amount of such deposits for the current month at all country banks can
be derived by comparison with the first table above; banks in the small
centers held 216 million dollars during the last half of April 1943. Figures
in this table include war loan deposits, shown separately for all country
banks in table above.
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circula-1
tion
Total
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
1943—January. .
February.
March....
April
May
June
July
August. ..
September
October...
November
December.
1944—January ..
February..
March
15,590
16,088
16,250
16,660
17,114
17,421
17,955
18,529
18,844
19,250
19,918
20,449
20,529
20,824
21,115
11,665
12,065
12,121
12,428
12,789
12,960
13,334
13,715
13,891
14,135
14,598
14,871
14,817
15,004
15,100
End of year and
month
Large denomination currency 2
Coin and small denomination currency 2
$13
$2
442
452
478
517
537
550
590
648
751
880
402
423
460
499
505
524
559
610
695
801
33
32
33
35
33
34
36
39
44
55
869
877
890
904
914
929
943
960
970
987
773
786
791
804
824
834
843
858
866
872
886
909
880
877
881
54
56
56
58
59
61
62
64
64
65
68
70
69
70
70
Coin
1,006
1,019
1,013
1,018
1,029
$5
Total
$10
$20
1,019
1,129
1,355
1,693
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
1,019
1,678
1,718
1,713
1,741
1,785
1,793
1,836
1,878
1,887
1,902
1,950
1,973
1,940
1,952
1,951
4,107
4,279
4,280
4,391
4,526
4,565
4,719
4,853
4,893
4,962
5,127
5,194
5,174
5,255
5,265
4,183
4,349
4,391
4,531
4,681
4,778
4,931
5,102
5,211
5,347
5,561
5,705
5,742
5,832
5,905
3,928
4,026
4,129
4,232
4,326
4,462
4,622
4,816
4,951
5,118
5,323
5,580
5,715
5,823
6,017
1,047
1,079
1,104
1,131
1,159
1,195
1,237
1,293
1,327
1,366
1,416
1,481
1,509
1,534
1,576
719
771
815
906
905
946
364
337
358
399
387
409
460
538
724
$1,000 $5,000 $10,000
Unassorted
$100
$500
618
577
627
707
710
770
919
1,112
1,433
1,910
125
112
122
135
139
160
191
227
261
287
237
216
239
265
288
327
425
523
556
586
8
5
7
7
6
17
20
30
24
9
16
18
12
32
32
60
46
25
8
10
5
8
7
5
2
4
4
3
1,962
2,013
2,069
2,128
2,186
2,259
2,347
2,453
2,535
2,636
2,761
2,912
2,992
3,054
3,152
293
298
306
312
319
329
341
353
360
373
388
407
418
426
444
592
599
616
621
630
648
667
687
698
713
729
749
767
777
814
10
11
11
15
10
10
10
9
11
11
10
9
9
9
9
25
25
23
26
22
21
20
22
20
20
19
22
21
22
22
3
3
1
1
1
-2
2
2
2
3
2
2
3
3
1
$50
10
7
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING A N D IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money held in the Treasury
Total out- As security
against
standing
gold and Treasury
cash
silver
certificates
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—March 31 1944
February 29 1944
March 31, 1943
21,600
*19,477
18,131
4
4,091
19,477
494
1,520
'1,7'98
711
267
347
624
129
278
1,520
3
3
43,823
3
43,622
3
39,879
i,798
2
For
Federal
Reserve
Banks
and
agents
2,123
50
146
16,607
116
19
7
3
22,429
4
2,319
4
2,356
4
2,224
Mar. 31,
1944
2,815
653
313
55
17,176
3,593
Mar. 31,
1943
57
12,643
3,549
2
98
97
79
1,544
676
255
318
613
127
1,507
668
253
320
620
128
1,675
583
228
316
534
134
l
16,607
16,721
17,598
55
17,429
3,632
Feb. 29,
1944
254
16
£10
(5)
Z
21,275
Z
21,369
2
Money
held by
Federal
Reserve
Banks and
agents
3,782
3,722
3,808
21,115
20,824
16,250
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for
other2 end-of-month dates shown in table above, totals by weeks in table on p. 453, and seasonally adjusted figures in table on page 462.
Includes $1,800,000,000 Exchange Stabilization Fund, $143,845,759 balance of increment resulting from reduction in weight of the gold dollar, and
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total of all forms of money outstanding,
since4 gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion.
Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the table on p. 453.
6
Less than $500,000.
NOTE.—There is maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii)
as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as
security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal
Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured
by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible
under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a, reserve in gold certificates of at least 40 per cent, including
the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national
bank notes are in process of retirement.
MAY
1944
461
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Date
Amount—
unadjusted
for seasonal
variation
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series 1
End of year figures:
1938
1939
1940
1941
1942
1943
6,856
7 598
8,732
11,160
15,410
20,449
Monthly averages of daily
figures:
1943—April
May
June
July
August
September
October...
November
December
1944—January
February
March
April
16,448
16,815
17,217
17,681
18,196
18,729
19,001
19,566
20,243
20,428
20,635
20,964
21,312
16,581
16,934
17,304
17,716
18,287
18,767
19,001
19,507
19,944
20,367
20,635
21,027
21,484
+384
+353
+370
+412
+571
+480
+234
+506
+437
+423
+268
+392
+457
20,823
20,963
21,006
20,934
21,037
21,191
21,295
21,334
21,396
20,844
21,026
21,175
21,188
21,249
21,340
21,445
21,528
21,678
+44
+182
+149
+13
+61
+91
+105
+83
+150
Wednesday figures:
1944—Mar. 1
8
15
22
29.
April 5
12
19
26
ANALYSIS OF CHANGES I N GOLD STOCK OF
UNITED STATES
[In millions of dollars]
+306
+742
+1,134
+2,428
+4,250
+5,039
1
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around the
year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942; seasonally adjusted figures for
money in circulation, as shown in Banking and Monetary Statistics, Table
111, p. 414, and described on p. 405, are based on an older series of adjustment factors.
Gold
stock
at end
of period
Increase
in gold
stock
8,238
10,125
12,760
14,512
17,644
21,995
22,737
22,726
21,938
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
-788.5
1943—March
April
May
June
July
August
September...
October
November ...
December
1944—January
February... .
March
22,576
22,473
22,426
22,388
22,335
22,243
22,175
22,116
22,065
21,938
21,918
21,712
21,600
Jan .-Mar.. . .
21,600
Period
19342
1935
1936
1937
1938
1939
1940
1941
1942
1943
3
11,258
3
Earmarked
DomesNet gold gold: de- tic gold
crease
import
producor intion*
crease (—)
82.6
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
47.8
—68.0
-103.1
-46.3
-38.9
-52.7
-92.0
-67.8
-59.3
-51.0
-127.0
-19.6
-206.6
-111.7
-59.0
-101.0
-45.1
-51.7
-63.7
-91.3
-80.6
-40.6
-44.1
-87.0
-27.6
11.5
5
-48.7
4.5
4.9
4.1
3.9
3.9
3.6
3.3
3.8
3.4
3.5
3.1
3.4
2.9
-337.9
B
9.4
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
(4)
-64.8
1
Annual figures through 1942 are estimates of the United States Mint.
Annual figure for 1943 and monthly figures are those published in table
on p. 511, adjusted to exclude Philippine Islands production received in
United
States.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a
fine
ounce
thereafter.
3
Includes gold in the Inactive Account amounting to 27 million dollars
on4 Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
The net gold import figures for months subsequent to December 1941
have
not been released for publication.
5
Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 3,542.2 million dollars on Mar. 31, 1944.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 156,
pp. 536-538, and for description of statistics see pp. 522-523 in the same
publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Year and month
Total, all
reporting
centers
1935
1936
1937
1938
1939
1940
1941
1942—old series 3 3
1942—new series
1943
1943—March
April
May
June
July
August
September
October
November
December
1944—January
February
March
....
New
York
City 1
Other
140 otner1 reporting
centers
centers 2
402,718
461,889
469,463
405,929
423,932
445,863
537,343
607,071
641,778
792,937
184,006
208,936
197,836
168,778
171,382
171,582
197,724
210,961
226,865
296,368
190,165
219,670
235,206
204,745
218,298
236,952
293,925
342,430
347,837
419,413
28,547
33,283
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77,155
65,782
73,661
64,246
66,894
65,347
. . . . 60,614
75,758
66,266
65,025
76,499
71,894
. . . . r70,709
76,089
24,062
29,193
25,737
25,464
23,976
21,221
27,913
23,990
23,327
28,936
27,031
27,592
29,644
35,261
37,683
32,602
34,959
34,954
33,359
40,452
35,614
35,215
40,155
37,950
36,490
39,411
6,459
6,784
5,908
6,472
6,417
6,034
7,393
6,663
6,483
7,409
6,914
r
6,627
7,034
Annual rate of
turnover of total
deposits except
interbank
New
York
City
""\6.i
333 other
reporting
centers
Debits to demand
deposit accounts
except interbank
and Government
Annual rate of
turnover of demand
ueposits except
interbank and
Government
York
City
100 other
leading
cities
York
City
100 other
leading
cities
178,498
204,831
193,143
164,945
167,939
167,373
193,729
200,337
175,902
202,267
215,090
186,140
200,636
217,744
270,439
308,913
31.5
31.4
29.5
25.1
21.0
17.1
17.3
18.0
22.7
22.4
22.4
19.9
19.4
18.6
19.4
18.4
New
New
16.5
13^1
11.7
258,398
369,396
20.5
17.4
16.6
19.4
17.2
16.7
16.2
14.3
18.2
14.3
15.2
17.8
17.3
17.7
16.5
12.3
13.2
11.2
11.5
11.4
10.6
13.0
10.5
11.1
11.8
11.5
11.3
10.8
20,988
25,381
22,732
22,022
21,261
18,500
24,377
20,923
20,759
24,446
24,994
22,887
25,650
31,443
32,996
29,281
30,620
30,750
29,130
35,850
31,390
30,738
34,751
33,749
31,566
33,937
18.3
23.3
23.3
20.5
19.2
16.0
22.7
20.5
21.1
21.8
22.9
24.0
22.8
17.1
18.7
17.6
16.8
16.4
15.2
19.6
17.4
17.8
17.7
17.9
18.5
17.4
r
1
2
3
Revised.
National series for which bank debit figures are available beginning with 1919.
Annual figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and 1943, and monthly figures, include 193 centers.
See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of
1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits, from which
rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. Debits to demand deposit
accounts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table
55, p. 254, due to differences in method of computation.
462.
FEDERAL RESERVE BULLETIN
DEPOSITS AND CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
End of month
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
Demand
deposits
adjusted 1
United
States
Government
deposits 2
Time deposits
Total
Commercial
banks 3 4
Mutual
savings4
banks
Postal
Savings5
System
Currency
outside
banks
1929—June
December
1933—June
December
1934—June
December
1935—June
December
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
December
1942—June
December...'
55,171
54,713
26,179
26,366
51,532
51,156
22,540
22,809
381
158
28,611
28,189
19,557
19,192
8,905
8,838
149
159
3,639
3,557
41,680
42,548
45,961
47,985
49,881
52,182
55,052
57,351
57,258
•56,639
56,565
58,955
60,943
64,099
66,952
70,761
74,153
78,231
81,963
99,701
19,172
19,817
21,353
23,114
25,216
27,032
29,002
30,999
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
45,521
48,607
52,806
62,868
36,919
37,766
41,302
43,330
45,098
47,265
49,830
51,835
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
71,027
85,755
14,411
15,035
16,694
18,459
20,433
22,115
23,780
25,483
25,198
23,959
24,313
25,986
27,355
29,793
31,962
34,945
37,317
38,992
41,870
48,922
852
1,016
1,733
1,715
811
909
1,142
991
828
753
753
1,895
1,837
8,402
21,656
21,715
22,875
23,156
23,854
24,241
24,908
25,361
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
27,879
27,729
27,320
28,431
10,849
11,019
11,988
12,213
12,820
13,170
13,706
14,046
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
15,928
15,884
15,610
16,352
9,621
9,488
9,691
9,738
9,830
9,871
9,971
10,056
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
10,395
10,664
1,186
1,208
1,196
1,205
1,204
1,200
1,231
1,259
1,267
1,269
1,251
1,251
1,261
1,278
1,292
1,303
1,303
1,313
1,315
1,415
4,761
4,782
4,659
4,655
4,783
4,917
5,222
5,516
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
8,204
9,615
10,936
13,946
1943—March
April
May
June
July
August
September
October
November
December
1944—January?
February?
102,100
107,400
110,900
110,161
112,900
114,500
119,800
123,700
123,500
122,812
125,200
128,500
69,800
67,100
69,600
71,853
75,000
78,500
72,000
74,000
77,900
79 652
81,400
77,300
87,300
92,300
95,300
94,347
96,500
97,600
102,600
106,100
105,200
103,975
106,300
109,300
55,000
52,000
54,000
56,039
58,600
61,600
54,800
56,400
59,600
60,815
62,500
58,100
3,000
10,800
11,400
8,048
7,100
4,700
16,300
17,900
13,300
10,424
10,700
17,600
29,300
29,500
29,900
30,260
30,800
31,300
31,500
31,800
32,300
32,736
33,100
33,600
16,900
17,000
17,300
17,543
18,000
18,300
18,400
18,600
18,900
19,213
19,500
19,800
10,900
11,000
11,100
11,141
11,200
11,300
11,400
11,500
11,600
11,737
11,800
11,900
1,500
1,500
1,500
1,576
1,600
1,700
1,700
1,700
1,800
1,786
1,800
1,900
14,800
15,100
15,600
15,814
16,400
16,900
17,200
17,600
18,300
18,837
18,900
19,200
666
824
599
889
792
846
p
1
2
3
4
6
Preliminary.
Includes demand deposits, other than interbank and United States Government, less cash items in process of collection.
Beginning with December 1938, includes United States Treasurer's time deposits, open account.
Excludes interbank time deposits and postal savings redeposited in banks.
Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual,savings banks.
Includes both amounts redeposited in banks and amounts not so redeposited, excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and
Table 9, pp. 34-35, for back figures.
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS^
[In millions of dollars]
Member
Nonmember
banks
banks
Total,
Assets
all
banks
InNaNonDeposU . S . Government
tional State sured 2 insurec
Cash
itors'
Cash
securities
End of month
rebalin deNumber of banks suspended:
serve
ances 1 Total posi1
g
Guar- funds
1934.
48
57
tory
Di2
Total
an8
34
4
22
1935
banks
etc.
rect
teed
1
3
44
40
1936
2
4
6
1937
59
47
1
6
1938
1
47
55
540
597
1934—Dec
467
1,207 1,237
130
100
4
10
25
1939
42
3
287
853
706
147
98
3
1
1935—Dec.
1,201 1,237
18
1940
22
1936—Dec
1,260 1,296
145
892
167
93
1,058
1
1941
4
3
8
131
931
167
80
1937—Dec
1,270 1,308
1,097
3
9
6
1942
86
965
166
73
1938—Dec
1,252 1,291
1,132
2
2
1943
4
74
53
146
1939—Dec.
1,279 1,319
1,192
1,046
1944—Jan.-Mar
1940—Dec
36
146
88
1,304 1,348
1,224 1,078
26
95
146
1,396
1,274
1,128
1941—Dec
1,314
Deposits of suspended banks3
102
16
126
1942—Dec
1,417 1,464
1,345 L,220
(in thousands of dollars):
40
1934
1,912 34,985
36,937
12
1 450 1,389
1943—Apr
1,517 1,569
61
107
939
5,313
10,015
3,763
1935..
12
51
83
1,500
,449
507
592
May
1,546 1,596
11,306
10,207
1936
12
11
137
June
1,577 1,631
1,482 1,471
7,379
480
i,708 10,156
1937
19,723
11
140
1,527 1,527
36
1,044
July
1,620 1,678
211 11,721
13,012
1938
11
121
Aug
1,660 1,719
1,588 1,588
1,341 24,629
2,439
1939
34,998
6,589
10
97
1,631 1,631
Sept
1,683 1,739
346
1940
256
5,341
5,943
10
117
Oct
1,716 1,773
1,646 1,646
3,144
503
1941
79
3,726
125
10
Nov
1,752 1.812
1,678 1,678
1,375
1942
327
1,702
10
118
Dec
1,788 1,843
1,716 1,716
1,241
1943
6,223 "4^982"
1944—Jan.-Mar
1,719 1,719
162
1944—Jan
1,833 1,891
9
1
Represents banks which, during the periods shown, closed temporarily
Feb.
135
9
1,867 1,926
1,783 1,783
or permanently on account of financial difficulties; does not include banks
Mar..
whose deposit liabilities were assumed by other banks at the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
p
1
Preliminary. Outstanding principal, represented by certificates of
loans).
2
deposit.
Does not include accrued interest or outstanding savings stamps.
Federal deposit insurance became operative Jan. 1, 1934.
2
3
Includes working cash with postmasters, 5 per cent reserve fund and
Deposits of member banks and insured nonmember banks suspended are
miscellaneous working funds with Treasurer of United States, accrued
as of dates of suspension, and deposits of noninsured nonmember banks
interest on bond investments, and accounts due from late postmasters.
are based on the latest data available at the time the suspensions were
Back figures.—See Banking and Monetary Statistics, p. 519; for descrip- reperted.
tion, see p. 508 in the same publication.
Back figures.—See Banking and Monetary Statistics, pp. 283-292; for
description, see pp. 281-282 in the same publication.
MAY
1944
463
ALL BANKS IN THE UNITED STATES, BY CLASSES
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Other
Investments
Class of banks, and call dates
Total
Loans
Total
All b a n k s :
1934—June 30
1937—June 30
1940—June 29
December
1941—June 30
December
1942—June 30
December
1943—June 30
December
31
31
31
31
All commercial b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
December 31
U.S.
GovernOther
ment
obliga- securities
tions
Total*
Inter-1
bank
Number
of banks
Demand
Time
42,552
49,565
51,33i
54.17C
57,94(
61,10
64,005
78,13
87,88
96,971
21,306
22,410
22,340
23,751
25,311
26,616
25,081
23,915
22,241
23,596
21,246
27,155
28,996
30,41'
32,635
34,485
38,928
54,22!
65,64C
73,375
11,278
16,954
19,666
20,983
23,521
25,488
30,301
45,932
57,748
65,941
9,968
10,201
9,330
9,436
9,114
8,997
8,627
8,290
7,892
7,434
46,43.
59,222
70,770
75,963
78,120
81,780
82,706
99,796
107,22'
117,659
4,560
6,332
10,188
10,941
10,948
10,989
10,28'
11,318
10,895
11,012
19,527
28,118
34,336
38,518
40,530
44,316
46,35"
61,395
67,569
75,574
22,348
24,773
26,246
26,504
26,641
26,476
26,06r
27,083
28,760
31,073
15,929
15,539
14,955
14,895
14,855
14,825
14,775
14,682
14,618
14,579
32,742
39,472
41,148
43,922
47,625
50,722
53,643
67,39
76,633
85,103
15,700
17,432
17,414
18,792
20,353
21,711
20,259
19,217
17,660
19,117
17,042
22,040
23,734
25,130
27,272
29,01
33,390
48,17'
58,9765,986
10,307
14,563
16,553
17,759
20,095
21,788
26,410
41,373
52,458
59,845
6,735
7,477
7,181
7,371
7,177
7,223
6,980
6,801
6,516
6,141
36,74
49,097
60,139
65,305
67,472
71,248
72,311
89,132
96,083
105,923
4,560
6,332
10,188
10,941
10,948
10,989
10,287
11,318
10,895
11,012
19,527
28,118
34,336
38,518
40,530
44,316
46,357
61,395
67,569
75,574
12,65'
14,648
15,615
15,846
15,993
15,944
15,667
16,419
17,619
19,33"
15,353
14,976
14,404
14,344
14,305
14,277
14,228
14,136
14,073
14,034
All insured commercial b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 303
December 31
1943—June 30
December 31
All member b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 302
December 31
1942—June 303
December 31
:
1943—June 30
December 31
31,688
38,218
39,830
42,556
46,186
49,288
52,642
66,240
75,270
83,507
15,190
17,041
17,011
18,394
19,909
21,258
19,920
18,903
17,390
18,841
16,498
21,177
22,819
24,161
26,27(
28,030
32,722
47,336
57,880
64,666
10,005
13,964
15,900
17,063
19,370
21,046
25,934
40,705
51,534
58,683
6,493
7,213
6,919
7,098
6,907
6,984
6,789
6,631
6,347
5,983
35,833
47,8258,418
63,461
65,608
69,411
71,150
87,803
94,563
104,094
4,435
6,146
9,795
10,539
10,545
10,654
10,076
11,144
10,681
10,705
19,013
27,240
33,272
37,333
39,320
43,061
45,664
60,504
66,509
74,309
12,385
14,438
15,351
15,589
15,742
15,697
15,410
16,154
17,374
19,081
13,939
13,883
13,479
13,438
13,422
13,426
13,399
13,343
13,298
13,270
27,175
32,739
34,45
37,126
40,659
43,521
46,800
59,263
67,155
74,258
12,523
14,285
13,969
15,321
16,729
18,021
16,928
16,088
14,823
16,288
14,652
18,45'
20,482
21,805
23,930
25,500
29,872
43,175
52,332
57,970
9,413
12,689
14,722
15,823
18,078
19,539
24,098
37,546
46,980
52,948
5,239
5,765
5,761
5,982
5,852
5,961
5,774
5,629
5,352
5,022
31,012
41,490
51,729
56,430
58,512
61,717
63,404
78,277
84,016
92,262
4,355
6,051
9,690
10,423
10,436
10,525
9,971
11,000
10,552
10,555
16,976
24,230
30,111
33,829
35,725
38,846
41,311
54,523
59,670
66,438
9,681
11,210
11,928
12,178
12,350
12,347
12,122
12,754
13,794
15,268
6,375
6,357
6,398
6,486
6,556
6,619
6,647
6,679
6,703
6,738
All n a t i o n a l b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
December 31
17,011
20,893
22,038
23,648
25,818
27,571
29,464
37,576
42,805
47,499
7,681
8,796
9,156
10,004
10,897
11,725
10,880
10,183
9,173
10,116
9,331
12,097
12,882
13,64'
14,922
15,845
18,584
27,393
33,632
37,382
5,847
8,206
9,094
9,735
11,111
12,039
14,878
23,744
30,102
34,065
3,484
3,891
3,787
3,908
3,811
3,806
3,706
3,648
3,529
3,318
19,896
26,716
33,014
35,787
37,273
39,458
40,534
50,468
54,589
59,961
2,767
3,790
6,083
6,574
6,589
6,786
6,497
7,400
7,155
7,159
10,356
15,162
18,702
20,885
22,302
24,350
25,861
34,499
38,205
42,605
6,772
7,764
8,228
8,329
8,382
8,322
8,176
8,570
9,229
10,196
5,417
5,293
5,164
5,144
5,130
5,117
5,101
5,081
5,060
5,040
S t a t e member b a n k s :
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 302
December
31
1942—June 303
December 31
1943—June 30
December 31
10,163
11,845
12,413
13,478
14,840
15,950
17,336
21,687
24,350
26,759
4,842
5,488
4,813
5,316
5,832
6,295
6,048
5,905
5,649
6,171
5,321
6,357
7,600
8,162
9,008
9,654
11,288
15,783
18,701
20,588
3,566
4,483
5,627
6,088
6,967
7,500
9,220
13,802
16,878
18,883
1,755
1,874
1,973
2,074
2,041
2,155
2,068
1,980
1,823
1,705
11,116
14,774
18,715
20,642
21,238
22,259
22,871
27,808
29,427
32,302
1,588
2,261
3,608
3,849
3,847
3,739
3,474
3,600
3,396
3,397
6,620
9,068
11,409
12,944
13,423
14,495
15,451
20,024
21,465
23,833
2,908
3,446
3,699
3,849
3,969
4,025
3,946
4,184
4,566
5,072
958
1,064
1,234
1,342
1,426
1,502
1,546
1,598
1,643
1,698
1
Beginning June 30, 1912, excludes reciprocal bank balances which on that date aggregated 600 million dollars at all member banks and 614 million
dollars
at all insured commercial banks.
2
Beginning June 30, 1941, member bank figures and insured mutual savings bank figures both include 3 member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercial
banks"
and are included only once in "all banks."
3
Decreases in "Noninsured nonmember commercial banks" and "All nonmember commercial banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with
total4 loans and investments aggregating 472 million dollars on June 30, 1942.
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previously included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million dollars.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
464
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of banks, and call dates
Total
Loans
Total
All nonmember commercial banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30 34
December 31
1943—June 30
December 31
U. S.
Government
obligations
Other
Other
securities
Total 1
Inter-1
bank
Number
of banks
Demand
Time
5,567
6,733
6,697
6,796
6,973
7,208
6,856
8,135
9,486
10,855
3,177
3,147
3,445
3,471
3,627
3,693
3,334
3,132
2,840
2,832
2,390
3,586
3,252
3,325
3,346
3,515
3,522
5,003
6,647
8,022
895
1,874
1,831
1,936
2,018
2,251
2,314
3,829
5,482
6,902
1,495
1,712
1,421
,389
,328
,264
,208
,174
,165
,120
5,732
7,607
8,410
8,875
8,969
9,539
8,915
10,864
12,076
13,671
205
281
498
518
512
464
316
318
343
457
2,551
3,888
4,225
4,689
4,805
5,470
5,046
6,872
7,899
9,135
2,976
3,438
3,687
3,668
3,651
3,605
3,553
3,674
3,834
4,079
8,978
8,619
8,006
7,858
7,752
7,661
7,584
7,460
7,373
7,299
Insured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
December 31
4,513
5,479
5,379
5,429
5,534
5,774
5,849
6,984
8,123
9,258
2,667
2,756
3,042
3,074
3,183
3,241
2,995
2,818
2,570
2,556
1,846
2,723
2,337
2,356
2,350
2,533
2,854
4,166
5,553
6,702
592
1,275
1,178
1,240
1,293
1,509
1,837
3,162
4,557
5,739
,254
,448
,159
,116
,057
,025
,017
,004
996
962
4,821
6,334
6,689
7,032
7,104
7,702
7,754
9,535
10,557
11,842
80
96
104
116
110
129
105
145
129
149
2,037
3,010
3,161
3,504
3,595
4,215
4,353
5,981
6,839
7,870
2,704
3,228
3,423
3,411
3,400
3,358
3,296
3,409
3,589
3,823
7,564
7,526
7,081
6,952
6,869
6,810
6,755
6,667
6,598
6,535
Noninsured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 303 4
December 31
1943—June 30
December 31
1,054
1,254
1,318
1,367
1,439
1,434
1,007
1,151
1,363
1,596
510
391
403
397
444
452
339
314
270
276
544
863
915
969
996
982
668
837
1,094
1,320
303
599
653
696
725
742
477
667
925
1,162
241
264
262
273
271
239
191
170
169
158
911
1,273
1,721
1,843
1,865
1,837
1,161
1,329
1,519
1,829
125
185
394
402
402
335
211
173
214
307
514
878
1,064
1,185
1,210
1,255
693
891
1,060
1,265
272
210
264
257
251
247
257
265
245
256
1,414
1,093
925
906
883
851
829
793
775
764
9,810
10,093
10,188
10,248
10,321
10,379
10,360
10,746
11,248
11,868
5,606
4,978
4,926
4,959
4,958
4,905
4,822
4,698
4,581
4,479
4,204
5,115
5,262
5,289
5,363
5,474
5,538
6,048
6,666
7,389
971
2,391
3,113
3,224
3,426
3,700
3,891
4,559
5,290
6,096
3,233
2,724
2,149
2,065
1,937
1,774
1,647
1,489
1,376
1,293
9,691
10,125
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,737
9,691
10,125
10,631
10,658
10,648
10,532
10,395
10,664
11,141
11,737
576
563
551
551
550
548
547
546
545
545
Insured mutual savings banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 302
December 31
1942—June 30
December 31
1943—June 30
December 31
1,022
969
1,317
1,655
1,655
1,693
1,800
2,007
2,704
7,525
576
470
598
637
641
642
692
740
1,013
3,073
446
499
719
1,018
1,015
1,050
1,108
1,267
1,691
4,452
120
252
420
548
569
629
686
861
1,264
3,844
325
247
299
470
446
421
422
405
427
608
1,040
1,002
1,428
1,818
1,803
1,789
1,864
2,048
2,739
7,534
1,040
1,002
1,428
1,818
1,803
1,789
1,864
2,048
2,739
7,534
66
56
51
53
53
52
53
56
61
184
Noninsured mutual savings banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
December 31
8,788
9,124
8,871
8,593
8,666
8,686
8,560
8,739
8,544
4,343
5,030
4,508
4,328
4,322
4,317
4,263
4,130
3,958
3,568
1,405
3,758
4,616
4,543
4,271
4,348
4,424
4,430
4,781
4,975
2,937
851
2,139
2,693
2,676
2,857
3,071
3,205
3,698
4,026
2,252
2,908
2,477
1,850
1,595
1,491
1,353
1,225
1,084
949
685
8,651
9,123
9,203
8,840
8,845
8,743
8,531
8,616
8,402
4,203
8,651
9,123
9,203
8,840
8,845
8,743
8,531
8,616
8,402
4,203
510
507
500
498
497
496
494
490
484
361
All mutual savings banks:
1934—June 30
1937—June 30
1940—June 29
December 31
1941—June 302
December 31
1942—June 30
December 31
1943—June 30
December 31
For footnotes see opposite page.
MAY
1944
465
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Loans for
Compurchasing
meror carrying
cial,
securities
Real- ConAgriinOther
esclud- culTo
tate sumer loans Total
turing
loans loans
al brokopeners
marTo
and others
ket
dealpaper
ers
Total
loans
and
investments
Total
Total—All
Member Banks
1938—Dec. 31
1939—June 30
Dec. 30
1940— Tune 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30
Oct. 18
Dec. 31
32,070
32,603
33,941
34,451
37,126
40,659
43,521
46,800
59,263
67,155
78,112
74,258
13,208
13,141
13,962
13,969
15,321
16,729
18,021
16.928
16,088
14,823
17,716
16,288
5,179
5,203
5,841
5,988
6,660
7,807
8,671
8,383
7,387
6,554
New York
City1
1938—Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30
Oct. 18
Dec. 31
8,335
8,688
9,339
9,829
10,910
12,493
12,896
14,019
17,957
18,982
22,137
19,994
3,262
2,988
3,296
3,014
3,384
3,778
4,072
4,066
4,116
4,009
5,373
4,428
1,594
1,602
1,888
1,905
2,125
2,503
2,807
2,841
2,546
2,274
City of
Chicago1
1938—Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30
Oct. 18
Dec. 31
1,969
2,052
2,105
2,205
2,377
2,707
2,760
3,116
3,973
4,332
5,045
4,554
539
544
569
603
696
846
954
906
832
784
335
344
383
432
492
630
732
712
658
612
1,023
1,004
"763'
Reserve City
Banks
1938—Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—Tune 30
Oct. 18
Dec. 31
11,654
11,756
12,272
12,160
13,013
14,013
15,347
16,535
20,915
24,677
28,826
27,521
4,963
5,004
5,329
5,365
5,931
6,498
7,105
6,564
6,102
5,533
6,539
6,201
Country
Banks
1938—Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—Tune 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30
Oct. 18
Dec. 31
10,113
10,109
10,224
10,257
10,826
11,446
12,518
13,130
16,419
19,164
22,103
22,188
4,444
4,605
4,768
4,987
5,309
5,607
5,890
5,393
5,038
4,497
4,780
4,654
Call date
Investments
7^421
712
788
730
736
865
738
972
726
1,089
973
731
790
447
642
575
594
554
934
854 1,120
775
736
700
668
652
635
598
562
538
603
3^058'
1,186
1,235
1,314
1,361
1,453
1,593
1,676
1,512
1,226
1,017
848
1,023 1,398 "839' 3^274 1,484
5
5
7
6
6
3
8
9
21
24
787
555
611
320
465
422
412
430
787
955
220
215
188
188
190
186
169
167
193
240
2,515 " " 2 4 1,054 "323'
2,063
2,022
2,256
2,290
2 589
3^081
3,456
3,318
2,957
2,652
2,853
2,716
2,828
2,855
2,957
2,944
3,069
3,062
3,228
3,273
3,365
3,609
3,494
3,692
3,501
3,203
870
3,423 1,847
801
3,351 1,540
535
481
469
458
468
536
554
499
12
12
13
16
19
20
22
22
23
23
62
51
18
15
6 "lO2 " ' 5 2 '
22
45
14
207
234
221
176
263
175
300
152
290
205
43
39
41
23
42
36
48
29
34
40
5,072
5,700
6,043
6,815
7,527
8,715
8,823
9,953
148 13,841
303
140 14,974
264
16,764
107 "252' "153' 15,566
121
130
133
137
130
129
123
121
117
113
70
71
66
61
54
55
52
50
32
41
17
19
6
8
5
5
6
3
6
2
119
115
119
87
115
100
114
78
97
107
242
221
222
210
207
198
194
177
153
157
1,230
1,284
L,335
1,372
436
L,'477
1,527
1,524
1,486
1,465
"279 "217 "267" 1,420
483
531
495
546
590
555
659
562
772
623
25
22
20
17
21
17
20
16
17
17
1,'O84' " 7 1 3 " " 2 5
18,863
19,462
19,979
20,482
21,805
23,930
25,500
29,872
43,175
52,332
60,397
57,970
62
60
60
62
84
101
96
90
1,101
1,128
1 177
1,230
1 322
1,430
1,507
1,536
1,602
1,681
1,861
L.806
2,210
3,141
3,548
4,022
3,550
6,691
6,751
6,943
6,795
7 081
l]466
7,'515
1,512
8,243
1,315
9,971
312 14,813
808
276 19,144
670
22,287
" ' 6 5 8 ' "301' 21,321
243
229
224
208
201
195
183
169
161
164
,353
,402
,477
,544
,644
1,739
1,823
1,834
1,797
1,750
197
1,725 " ' 5 2 8 '
1,154
1,186
1,238
1,311
1,400
1,507
1,530
1,299
674
393
371
555
381
U. S. Government obligations
Obligations
of
Direct
Total
13,222
13,777
14,328
14,722
15,823
18,078
19,539
24,098
37,546
46,980
55,255
52,948
States Other
and
CerGuar- politi- secutifirities
ancal
Bills of in- Notes Bonds teed subdividebtsions
edness
3,389
2,720
2,223
2,543
2,594
1,127
2,631
971
3,007
1,509 "l,872 3,546
4,363 6,285 5,409
6,278 9,418 5,251
7,208
7,786
8,398
8,261
9,091
10,481
11,729
14,485
18,948
23,545
1,142 1,663
158
3,857
168
908 2,284
4,483
315
797 2,385
4,772
421
5,486
1,092 2,650
207
6,044
1,245 2,977
577
7,268
1,526 3,415
311
7,265
1,623 3,652
402
663
8,550
1,746 4,572
12,547 1,855 2,144 2,056 5,420
13,887 1,985 2,818 1,656 6,454
15,734
14,563 1,328 3J409 1J829 "7,014
1,114
1,175
1,203
1,258
1,307
1,483
1,430
1,858
2,789
3,167
3,693
3,238
2,340
2,831
3,144
3,121
3,486
3,839
3,832
2,685
2,540
2,487
2,448
2,554
2,692
2,888
3,013
2,984
3,090
2,934
2,965
2,876
2,818
4,360 12,071 6,906 27,265 2,345 2,729
286
441
563
797
652
59
185
153
254
297
417
256
357
397
473
199
181
637
795
291
234
176
161
145
125
153
162
391
399
1,068
1,282
1,424
877
484
1,602
5,018
57
1,224
78
4,991
1,014
63
819
5,194
4,947
87
839
103
771
5 204
5,'700
73
606
295
751
6,467
579 "674
981
8,188
13,038 1,441 2,253 1,723
17,417 2,626 3,529 1,828
20,616
19,682 1,802 4^691 2,497
11
5,669 3,233
11
5,504 3,127
31
5,456 3,159
36
5,270 3,030
45
5,517 3,269
60
5,839 3,627
110
6,628 4,377
171
7,737 5,502
671
11,380 9,172
14,667 12,509 1,194
17,323 15,212
17.534 15,465 1,032
73?
563
431
451
433
374
481
657
"355
1,251 1,240
2,276 1,368
3,094 2,096
655
621
701
710
752
803
903
3,192
3,131
2,959
2,873
2,970
2,867
2,871
2,840
2,664
2,476
2,324
2,294
894
517
1,123
1,275
1,324
1,615
1,751
1,679
1,166
1,071
480
579
634
695
651
729
623
593
484
486
444
698
736
693
695
788
796
830
781
701
602
544
558
141
154
162
177
188
190
182
164
166
209
164
158
176
179
170
167
186
188
193
188
186
172
165
155
808
895
890
981
984
979
956
925
954
942
938
913
866
866
860
868
893
836
820
858
821
785
733
726
982
1,453
1,351
1,236
1,144
1,102
1,047
1,028
1,013
974
* " •
"984
109
135
172
134
112
138
119
90
83
75
74
2,997
740
889
3,010
972
3,339
3,052
969
3,281 1,049
3,858 1,162
4,248 1,173
806
5,149
811
6,810
857
8,576
9,943
749
1,893
1,870
1,972
1,849
2,081
2,404
2,926
3,696
5,436!
7,091
597
683
725
695
710
788
861
624
574
581
1,025
1,061
1,097
1,146
1,165
1,222
1,222
1,252
1,241
1,229
8,705 "538 1,214
956
917
882
855
1
Central reserve city banks.
Back figures—See Banking and Monetary Statistics, Tables 18-38, pp. 72-103.
466
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits
Demanc deposits
Call date
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
Balances
with
domestic
banks 1
Demand
deposits
m adjusted 2
Interbank
deposits
Domestic 1
Foreign
IndiCertividuals,
fied
U. S. States
partnerand
and
InterGovships,
offiern- political
bank
cers' and corsubdiment
poravisions checks
tions
etc.
U. S.
Government
and
Postal
Savings
States
and
political
subdivisions
61
59
51
59
56
55
50
49
56
71
109
120
462
441
432
410
435
397
418
400
332
341
316
327
10,846
11,063
11,215
11,459
11,687
11,898
11,878
11,673
12,366
13,382
14,176
14,822
5
5
36
46
43
29
51
27
29
17
23
21
26
26
652
653
693
732
768
778
778
717
711
755
768
816
9
17
452
471
483
489
496
480
476
460
453
477
497
505
257
270
250
260
270
279
288
293
304
312
317
326
1.777
.,812
,828
.,873
,904
.,940
1,967
L. 98.S
2,028
2,071
2,112
2,135
IndiBorviduals, row
partnerings
ships,
and corporations
tal
accounts
Total—All
Member Banks
1938—Dec. 3 1 . . . 8,694
1939—June 3 0 . . . 10,011
Dec. 30... 11,604
1940—June 2 9 . . . 13,751
Dec. 3 1 . . . 13,992
1941—June 3 0 . . . 12,959
Dec. 3 1 . . . 12,396
1942—June 3 0 . . . 12,295
Dec. 3 1 . . . 13,072
1943—June 3 0 . . . 12,093
Oct. 18... 12,128
Dec. 3 1 . . . 12,835
746
712
841
789
991
999
1,087
1,022
1,019
1,142
1,150
1,132
4,240
4,674
5,506
5,751
6,185
6,293
6,246
5,770
6,147
5,578
5,789
5,450
4,104
4,975
5,915
7,072
7,057
5,857
5,105
4,762
4,388
3,473
3,426
3,596
68
61
89
88
102
136
93
88
72
92
100
92
31...
30...
30...
29...
31...
30...
31...
30...
31...
30...
18...
31...
884
897
993
1,187
1,051
1,062
1,021
973
902
786
785
821
Reserve City
Banks
1938—Dec. 3 1 . . .
1939—June 3 0 . . .
Dec. 30...
1940—June 29...
Dec: 3 1 . . .
1941—June 30...
Dec. 3 1 . . .
1942—June 30...
Dec. 3 1 . . .
1943—June 3 0 . . .
Oct. 18...
Dec. 3 1 . . .
Country
Banks
1938—Dec. 3 1 . . .
1939—Tune 30...
Dec. 30...
1940—June 29...
Dec. 3 1 . . .
1941—June 30...
Dec. 3 1 . . .
1942—June 30...
Dec. 3 1 . . .
1943—June 30...
Oct. 18...
Dec. 3 1 . . .
22,293 6,510
23,587 7,097
25,681 8,507
27,877 8,852
30,429 9,581
32,678 9,610
33,754 9,714
36,966 9,110
42,570 10,101
48,957 9,648
48,612 9,806
52,642 9,603
501
593
749
696
700
681
671
746
811
832
833
891
790
694
743
711
616
619
1,709
1,724
7,923
7,236
17,542
9,444
2,386
2,532
2,321
2,529
2,724
2,940
3,066
3,230
3,318
3,522
3,206
3,602
547
790
563
475
913
738
1,009
711
1,142
1,050
1,065
1,573
21,119
22,448
24,604
26,397
29,576
31,429
33,061
35,646
42,139
47,863
47,849
51,820
142
156
154
142
141
145
140
114
87
71
67
62
109
112
125
119
122
131
141
103
82
52
71
61
7,168
8,012
8,899
10,235
11,062
11,619
10,761
11,711
11,899
13,543
12,750
13,899
2,687
2,992
3,542
3,840
4,032
3,948
3,595
3,284
3,209
2,939
2,914
2,867
437
516
689
646
641
618
607
679
733
744
139
84
74
67
48
32
866
863
4,186
2,820
6,566
3,395
280
288
251
258
370
319
319
271
263
249
215
252
195
472
178
147
471
306
450
273
448
404
438
710
7,273
8,281
9,030
10,283
11,357
11,895
11,282
12,014
12,501
14,001
13,149
14,373
6
9
35
26
42
39
42
41
43
43
39
39
39
38
235
235
283
242
319
262
298
220
164
173
170
158
1,688
1,666
1,739
1,898
1,941
2,205
2,215
2,379
2,557
3,002
2,885
3,050
658
746
879
949
997
1,010
1,027
1,028
1,105
1,032
1,104
972
9
12
9
8
8
8
10
12
13
13
14
83
60
80
79
90
95
127
201
665
506
1,241
713
181
197
167
199
174
213
233
226
178
202
187
174
29
22
24
17
27
33
34
24
38
36
28
44
1,597
1,565
1,676
1,782
1,905
2,109
2,152
2,292
2,588
2,981
2,901
3,097
2,354
2,735
3,118
3,759
4,027
4,125
4,060
4,254
4,940
4,848
4,800
5,116
321
318
348
334
396
385
425
357
365
395
393
391
1,940
2,210
2,485
2,679
2,741
2,793
2,590
2,279
2,202
1,892
1,930
1,758
7,214
7,654
8,176
8,774
9,581
10,480
11,117
12,515
14,849
17,403
17,251
18,654
2,719
2,920
3,516
3,526
3,919
4,000
4,302
4,052
4,831
4,749
4,843
4,770
53
63
50
41
49
53
54
55
63
71
59
63
424
415
435
422
327
341
491
422
1,982
2,383
6,223
3,373
796
917
813
956
995
1,139
1,144
1,304
1,319
1,452
1,214
L.448
170
160
190
147
228
209
286
218
385
333
329
475
7,034
7,331
8,002
8,372
9,468
10,142
11,127
12,199
15,061
17,276
17,462
18,790
113
121
120
109
107
109
104
84
63
49
46
41
17
19
14
18
19
19
20
18
22
31
51
56
269
233
240
219
226
211
243
239
169
172
144
151
4,233
4,320
4,362
4,422
4,506
4,590
4,542
4,454
4,805
5,265
5,605
5,902
1,353
1,403
1,578
1,733
1,857
1,914
2,210
2,306
2,842
2,987
3,116
3,303
322
307
363
328
452
437
526
533
542
616
619
611
1,956
2,117
2,614
2,711
3,002
3,106
3,216
3,168
3,699
3,462
3,618
3,474
6,224
6,255
6,866
6,969
7,845
8,374
9,661
10,360
13,265
15,009
15,726
17,039
446
439
571
538
633
652
790
747
957
928
945
994
2
2
2
2
2
2
2
3
4
4
4
5
143
136
154
143
151
151
225
237
1,090
1,527
3,512
1,962
1,128
1,130
1,090
1,115
,184
,269
,370
,429
,558
,619
,590
1,727
154
135
172
164
187
190
239
196
272
277
271
344
5,215
5,272
5,896
5,960
6,846
7,282
8,500
9,141
11,989
13,604
14,336
15,561
23
26
26
29
29
30
30
27
20
17
16
17
44
40
35
37
33
31
31
31
32
37
51
56
147
145
140
147
150
143
146
143
140
148
146
149
5,509
5,619
5,677
5,816
5,917
6,049
6,082
6,042
6,397
6,886
7,306
7,599
6
5
3
3
3
3
4
6
5
18
150
39
5,424
5,496
5,522
5,608
5,698
5,800
5,886
5,991
6,101
6,252
6,389
6,475
New York
City3
1938—Dec.
1939—June
Dec.
1940—June
Dec.
1941—June
Dec.
1942—June
Dec.
1943—June
Oct.
Dec.
31...
30...
30...
29...
31...
30...
31...
30...
31...
30...
18...
31...
757
810
7
5
5
6
6
4
3
4
4
4
3
11
120
29
1,592
1,586
1,592
1,599
1,615
1,625
1,648
1,698
1,727
1,774
1,808
1,862
City of
Chicago3
1938—Dec.
1939—June
Dec.
1940—June
Dec.
1941—June
Dec.
1942—June
Dec.
1943—June
Oct.
Dec.
7
.i.«..«...
5
5
10
15
8
s
17
2
2
2
2
2
6
6
5
3
3
3
3
4
3
3
7
25
10
1,798
1,828
1,851
1,876
1,909
1,956
1,982
2,014
2,042
2,094
2,151
2,153
1
Beginning June 30,1942, excludes reciprocal bank balances which on that date aggregated $600,000,000.
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Central reserve city banks.
Back figures—See Banking and Monetary Statistics, Tables 18-38, pp. 72-103.
6
MAY
1944
467
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
invest- Total
ments
Investments
For purchasing
or carrying securities
Commercial, To brokers
Real- jOans Other
indus- and
dealers To others estate
to
trial,
loans
lo£ins banks
and
agri- U.S. Other U . S . Other
cul- Govt. se- Govt. setural ob- curi- ob- curiliga- ties liga- ties
tions
tions
U. S. Government obligations
Total
Total
CerOther
tifiGuar- secucates
Bills of in- Notes Bonds an- rities
teed
debtedness
Total—101 Cities
1943—Mar.
41, 784
9,502
1, 170
58
1 ,380 32,282 29,021 4, 340 5,006 4,146 13,602 1 ,927
Nov.
Dec.
1944—Jan
Feb.
Mar.
52, 036
50, 379
49, 812
53, 139
52, 698
11,440
10,956
10,771
11,625
11,338
1,589
6, 442
1,406
418
6* 353
846
570
6' 412 1,070
600
618
367 1,015
1, 127
824
1, 117
575
300 1 106
301
319 1 094
807
303 1 084
656
78
93
61
87
76
,380
,347
1 ,234
L,236
,219
5, 981
574
339
40,596
39,423
39,041
41,514
41,360
3,261
4, 208
3, 505
3, 128
3, 924
3, 544
9,201
8,955
8,825
8,905
8,956
4,897
4,788
4,688
5,640
6,639
17,638
17,624
17,847
18,454
18,242
1 ,815
1 ,761
1 766
1 ,759
1 ,106
2,837
2^790
2,787
2^832
2,873
40,746 37,930 •3, 660
1,244 41,730 38,902 4, 223
1,230 41,982 39,139 4, 125
1,228 41,597 38,755 3, 689
8,691
8,818
9,036
9,077
5,528
5,665
5,688
5,677
18,284
18,439
18,530
18,560
1 ,767
1 ,757
1 ,760
1 ,752
2,816
2,828
2,843
2,842
37,759
36,633
36,254
38,682
38,487
Feb.
Feb
Feb.
Feb.
2
9
16
23
52 177
53 256
53, 854
53, 267
11,431
11,526
11,872
11,670
6, 396 1,057
959
6, 393
6, 446 1,153
6, 412 1,109
592
602
601
603
657
831
903
838
304
301
355
318
1
1
1
1
099
095
092
092
86
101
92
70
]L,240
Mar.
Mar.
Mar.
Mar.
Mar.
1
8
15
22
29
53, 290
52, 903
52, 884
52 401
52 012
11,535
11,530
11,431
11,175
11,018
6, 394 1,042
6, 369 1,182
6 396 1,079
909
6 370
861
6,305
625
614
616
617
621
759
687
635
619
579
302
305
307
301
301
1
1
1
1
1
089
085
083
082
081
102
77
87
59
55
1,222
1,211
1,228
,218
1,215
41,755
41,373
41,453
41,226
40,994
38,898
38,522
38,601
38,329
38,087
3, 848
3, 531
3, 608
3 488
3, 247
9,043
8,973
8,976
8,877
8,910
5,727
5,735
7,195
7,290
7,251
18,541 1,739
18,565 1,718
749
18,073
670
18,004
653
18,026
2,857
2,851
2,852
2,897
2,907
Apr.
Apr.
Apr.
Apr.
5
12
19
26
51, 633
51, 596
51, 453
51, 064
10,770
10,620
10,458
10,363
6, 215
6 188
6 151
6, 069
745
694
605
676
617
612
627
619
533
485
432
355
298 1 078
298 1 076
297 1 077
078
287
74
63
66
82
1,210
1,204
1,203
1,197
40,863
40,976
40,995
40,701
37,961
38,089
38,110
37,834
3, 137
3, 286
3, 264
2, 981
8,933
8,963
8,994
8,960
7,230
7,211
7,173
7,159
18,007
17,977
18,034
18,087
654
652
645
647
2,902
2,887
2,885
2,867
146
98
44
318 12,789 11,635 1, 814 1,966 1,845
5,010 1 ,000
1,154
457
281
136
116
132
485
376
115
94
94
91
89
87
50
74
48
63
58
295
298
286
284
278
14,678
14,181
13,990
14,833
14,697
13,796
13,309
13 095
13,906
13,744
1, 405
1, 231
979
1 228
1 118
3 315
3,202
3 189
3,216
3,285
1,744
1,692
1,634
1,932
2,484
6,376
6,273
6,364
6,586
6,352
956
911
929
944
505
882
872
895
927
953
14,622
14,980
14,970
14,760
13,696
14,056
14,038
13,832
1 151
1 390
1 264
1, 106
3,123
3,198
3,276
3,267
1,919
1,933
1,943
1,933
6,539
6,590
6,619
6,597
964
945
936
929
926
924
932
928
244
029
145
165
008
3,287
3,256
3,296
3,238
3,348
1,922
1,952
2,920
2,820
2,807
6,573
6,559
6,205
6,220
6,203
920
913
239
234
219
942
939
932
974
976
208
161
272
070
3,353
3,370
3,373
3,373
2,778
2,771
2,730
2,681
6,198
6,181
6,211
6,261
220
210
208
212
954
941
935
920
New York City
1943—Mar.
16, 230
3,441
2 379
Nov.
Dec.
1944—Jan..
Feb.
Mar.
19, 216
18, 440
18 214
19, 650
19 352
4 538
4,259
4,224
4,817
4,655
2, 417
2, 415
2 415
2 470
2 478
728
641
698
835
456
779
497
456
434
459
484
Feb.
Feb.
Feb.
Feb.
2
9
16
23
19
19
19
19
299
736
938
627
4,677
4,756
4,968
4,867
2
2
2
2
461
464
479
474
843
746
891
859
456
467
455
460
374
502
540
524
114
114
169
130
89
89
89
89
55
82
65
51
285
292
280
280
Mar.
Mar.
Mar.
Mar.
1. . .
8
15
22
29
5
12
19
26
19
19
19
19
19
671
470
443
168
007
2
2
2
2
2
477
472
494
481
465
806
937
820
682
648
486
477
478
488
491
458
406
358
344
316
113
114
118
115
117
89
88
86
75
52
71
44
48
279 14,888 13,946 1
276 14,648 13,709
280 14,737 13,805 1
277 14,651 13,677 1
275 14,561 13,585 1
18
18
18
18
990
804
781
536
4,783
4,822
4,706
4,517
4,446
4,279
4,170
4,052
4,019
2
2
2
2
427
412
402
358
542
502
419
495
487
481
490
476
283
258
224
158
117
117
118
110
85
85
85
85
62
41
40
63
276
274
274
274
25 554
6,061
3 602
820
939
598
489
346
6 90?
6 697
6.547
6,808
6,683
4
4
3
3
3
32 ,878
33 520
33 916
33 ,640
6,754
6,770
6,904
6,803
Mar 1....
Mar 8
Mar 15
Mar 22
Mar 29....
33 ,619
33 ,433
33 ,441
33 ,233
33 ,005
5....
12....
19....
32 ,643
32 ,79
32 ,672
32 ,528
Mar
Apr.
Apr.
Apr.
Apr.
Outside
New York City
1943—Mar.
32
31
31
33
33
Nov
Dec.
1944—Jan.
Feb
Mar.
Feb.
Feb.
Feb.
Feb.
Apr.
Apr.
Apr.
Apr.
2
9
16
23
26....
118
193
87
86
14,711
14,634
14,729
14,517
13,757
13,693
13,794
13,597
1
1
1
1
1 072
14
u,062 19,493 17,386 2 526 3,040 2,301
8,592
927
2,107
364
309
148
136
235
141
236
13--
1 033
367
1 023
204
184 1 015
165
322
187
005
280
188
997
28
19
13
24
18
1,085
i,049
948
952
94
25,918
25,242
25,051
26,68
26^66,
23,963
23 324
23', 159
24,776
24,743
2
2
2
2
2
803
27^
149
696
426
5,886
5 753
5', 636
5,689
5^67]
3,153
3 096
3',054
3,708
4^155
11,262
11 351
11',483
11,868
11^890
859
850
837
815
601
1,955
1918
l',892
1,905
1^920
3 935
3 ,929
3 967
3 938
214
213
262
250
136
135
146
143
283
329
363
314
190
187
186
188
1 ,010
1 ,006
1 ,003
1 ,003
31
19
27
19
955
952
950
948
26,124
26,750
27,012
26,83
24,234
24,846
25,10
24,923
2
2
2
2
509
833
861
583
5,568
5,620
5,760
5,810
3,609
3,732
3,745
3,744
11,745
11,849
11,911
11,963
803
812
824
823
1,890
1,904
1,911
1,914
6,75
6,708
6,725
6,658
6,57
3 ,917
3 897
3 902
3 ,889
3 ,840
236
245
259
227
213
139
137
138
129
130
301
281
277
275
263
189 1 ,000
191
997
189
996
186
996
184
995
27
25
16
15
94
93
94
94
94
26,86
26,72
26,71
26,57
26,43
24,95
24,813
24,79
24,65
24,50
2
2
2
2
2
604
502
463
323
239
5,756
5,717
5,680
5,639
5,562
3,805
3,783
4,275
4,470
4,444
11,968
12,006
11,868
11,784
11,823
819
805
510
436
434
1,915
1,912
1,920
1,923
1,931
6,49
6,450
6,40
6,344
3 ,788
3 ,776
3 ,749
3 ,711
203
192
186
181
130
131
137
143
250
227
208
197
181
18
179
993
991
992
993
12
2
26
19
93
93
92
92
26,15
26,34
26,26
26,18
24,20
24,39
24,31
24,23
1
2
1
1
929
125
992
911
5,580
5,593
5,621
5,587
4,452
4,440
4,443
4,478
11,809
11,796
11,823
11,826
434
442
437
435
1,948
1,946
1,950
1,947
025
003
938
942
889
177
Back figures .—See Banking and Monetary Statistics, pp. 127-227.
468
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES A N D L I A B I L I T I E S
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
Reserves
with Cash
Fedin
eral
vault
Reserve
Banks
Balances
with
domestic
banks
Demand
deposits
adjusted 1
Individuals,
partnerships,
and
corporations
States Certi
and
fied
politand
ical
offisubcers'
divi- check
sions
etc.
Time deposits,
except interbank
U.S.
Government
Individuals,
partnerships,
and
corporations
S.
States U.
Govand
ernpolit- ment
ical
and
subdivi- Postal
Savings
Interbank
deposits
Domestic
banks
DeTime
mand
Foreign
banks
Borrowings
CapBank
ital
debacits 2
counts
Total 101 Cities
1943—Mar
9,476
519
2,589
31,956
31,837
1,861
626
2,708
5,344
96
9,448
739
4,054 52,431
Nov
Dec
1944—Jan
Feb
Mar
8,509
8,824
8,908
8,500
8,521
548
585
557
542
535
2,230
2,193
2,216
2,251
2,108
32,416
34,111
34,429
31,747
32,814
32,706
34,444
34,574
32,094
33,049
1,757
1,721
1,758
1,671
1,707
710 10,998
867 7,718
776 6,556
738 12,356
10,829
5,889
5,981
6,138
6,184
6,266
118
117
120
126
126
8,747
8,687
8,890
8,706
8,365
785
802
821
817
4,218
4,245
4,285
4,309
4,327
51,497
59,197
58,743
54,453
59,587
Feb. 2
Feb. 9
Feb 16
Feb.23
8,810
8,539
8,333
8,320
536
542
529
560
2,276
2,285
2,321
2,122
31,873
31,702
31,509
31,902
32,006
31,722
32,214
32,433
1,741
1,657
1,643
1,643
792
806
657
696
11,462
12,431
13,070
12,459
6,169
6,185
6,182
6,198
123
126
128
129
8,817
8,859
8,855
8,291
814
824
810
4,305
4,309
4,308
4,313
18,675
12,826
13,184
11,131
Mar.
Mar.
Mar.
Mar.
Mar.
8,510
8,529
8,752
8,521
8,294
506
519
552
549
552
2,174
2,107
2,183
2,074
2,001
32,327
32,778
33,447
32,860
32,660
32,609
32,863
34,153
32,970
32,649
1,706
1,661
1,656
1,727
1,782
788
782
1,366
836
672
12,030
11,024
10,422
10,435
10,235
6,213
6,264
6,265
6,282
6,306
131
126
127
125
123
8,441
8,492
8,604
8,294
7,995
857
850
849
847
4,324
4,323
4,325
4,332
4,332
13,304
12,061
13,468
14,044
13,191
8,448
8,696
8,799
8,692
518
561
550
559
2,006
2,073
2,070
1,987
32,872
33,766
34,248
34,524
32,789
34,120
34,438
34,398
1,841
1,799
1,802
1,949
811
762
846
696
9,635
8,929
8,303
7,737
6,330
6,357
6,386
6,407
124
129
130
130
8,122
8,217
8,208
7,863
853
867
873
882 109
4,349
4,355
4,358
4,362
13,817
11,073
12,715
12,191
1....
8....
15. . . .
22....
29....
Apr. 5
Apr. 12
Apr. 19
Apr. 26
58
New York City
1943—Mar
3,610
12,444
12,748
217
319
1,436
3,101
657
1,578 20,988
Nov
Dec
1944—Jan
Feb
Mar
3,115
3,250
3,295
3,073
3,167
11,917
12,592
12,842
11,596
12,148
12,257
12,969
13,125
11,971
12,561
254
211
198
166
174
402
487
423
414
546
4,639
3,213
2,672
5,226
4,498
710
726
747
746
759
2,742
2,752
2,837
2,750
2,658
709
722
740
734
768
1,649
1,665
1,693
1,705
1,708
20,759
24,446
24,994
22,887
25,650
Feb. 2
Feb. 9
Feb. 16
Feb. 23
3,144
3,073
3,006
3,068
11,568
11,577
11,500
11,737
11,920
11,826
11,967
12,170
181
162
161
159
460
504
327
364
4,882
5,276
5,520
5,224
750
750
743
742
2,829
2,787
2,777
2,609
730
740
727
740
1,704
1,705
1,705
1,705
8,221
5,718
5,376
4,490
Mar.
Mar.
Mar.
Mar.
Mar.
1....
8....
15 . . . .
22....
29....
3,170
3,170
3,229
3,151
3,118
11,976
12,174
12,337
12,062
12,189
12,376
12,513
12,978
12,423
12,518
180
172
155
180
181
461
472
971
492
335
5,024
4,582
4,322
4,331
4,232
743
757
762
763
769
2,660
2,699
2,763
2,672
2,495
750
778
773
770
769
1,711
1,709
1,707
1,708
1,705
5,476
5,301
6,231
6,065
5,221
Apr.
Apr.
Apr.
Apr.
5
12
19
26
3,188
3,249
3,296
3,296
12,397
12,521
12,715
12,809
12,695
12,976
13,131
13,060
169
178
172
228
497
437
513
381
3,965
3,670
3,406
3,167
765
768
773
770
2,577
2,635
2,664
2,561
773
786
793
798
1,714
1,716
1,717
1,715
5,757
4,489
5,217
5,054
Outside
New York City
1943—Mar
5,866
441
2,551
19,512
19,089
1,644
1,272
4,671
78
6,347
2,476 31,443
Nov
Dec
1944—Jan
Feb
Mar
5,394
5,574
5,613
5,427
5,354
455
487
467
455
449
2,204
2,164
2,188
2,227
2,073
20,499
21,519
21,587
20,151
20,666
20,449
21,475
21,449
20,123
20,488
1,503
,510
,560
,505
,533
308
380
353
324
343
6,359
4,505
3,884
7,130
6,331
5,179
5,255
5,391
5,438
5,507
95
97
98
101
106
6,005
5,935
6,053
5,956
5,707
2,569
2,580
2,592
2,604
2,619
Feb. 2..
Feb. 9..
Feb. 16..
Feb. 23..
5,666
5,466
5,327
5,252
453
453
444
468
2,255
2,264
2,295
2,094
20,305
20,125
20,009
20,165
20,086
19,896
20,247
20,263
,560
,495
,482
,484
332
302
330
332
6,580
7,155
7,550
7,235
5,419
5,435
5,439
5,456
98
101
103
104
5,988
6,072
6,078
5,682
2,601 10,454
2,604 7,108
2,603 7,808
2,608 6,641
Mar.
Mar.
Mar.
Mar.
Mar.
1.
8.
15.
22.
29.
5,340
5,359
5,523
5,370
5,176
427
435
465
463
459
2,151
2,084
2,157
2,049
1,923
20,351
20,604
21,110
20,798
20,471
20,233
20,350
21,175
20,547
20,131
,526
,489
,501
,547
,601
327
310
395
344
337
7,006
6,442
6,100
6,104
6,003
5,470
5,507
5,503
5,519
5,537
106
106
108
106
104
5,781
5,793
5,841
5,622
5,500
Apr.
Apr.
Apr.
Apr.
5..
12..
19..
26..
5,260
5,447
5,503
5,396
433
468
462
468
1,963
2,042
2,Q43
1,960
20,475
21,245
21,533
21,715
20,094
21,144
21,307
21,338
,672
,621
1,630
1,721
314
325
333
315
5,670
5,259
4,897
4,570
5,565
5,589
5,613
5,637
105
110
111
111
5,545
5,582
5,544
5,302
1
2
40
84
30,738
34,751
33,749
31,566
33,937
2,613
2,614
2,618
2,624
2,627
7,828
6,760
7,237
7,979
7,970
2,635
2,639
2,641
2,647
8,060
6,584
7,498
7,137
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S Government accounts.
MAY
1944
469
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Total
Federal Reserve loans
district and date and
in(1944)
vest- Total
ments
Boston
Mar. 29
Apr. 5 .
Apr. 12
Apr. 19
Apr. 26
New York*
Mar 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Philadelphia
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr 26
Cleveland
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Richmond
Mar. 29
Apr. 5.....'..'.
Apr. 12
Apr. 19
Apr 26
Atlanta
Mar. 29..
Apr. 5
Apr. 12
Apr. 19
Apr 26
Chicago*
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
St. Louis
Mar. 29
Apr. 5
Apr 12
Apr. 19
Apr. 26
Minneapolis
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Kansas City
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Dallas
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
San Francisco
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
City of Chicago*
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Commercial,
industrial,
and
agricultural
For purchasing or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
U.S.
U.S.
Govt. Other Govt. Other
obli- secur- obli- securga- ities ga- ities
tions
tions
Real- Loans Other
to
estate
Total
loans banks loans
Total
CertifiOther
cates
of
Guar- secuBills in- Notes Bonds an- rities
debtteed
edness
629
619
618
614
611
399
393
393
391
387
14
14
13
10
10
15
15
16
16
17
6
6
6
20
20
20
20
20
63
63
63
63
62
6
4
4
5
6
105
103
103
103
103
2,228
2,223
2,197
2,183
2,176
2,133
2,127
2,101
2,085
2,078
218
222
200
183
186
583
575
570
572
560
356
356
356
357
359
959
957
9S8
956
956
17
17
17
17
17
95
96
96
98
98
20,798
20,775
20,583
20,562
20,328
4,804
4,633
4,523
4,406
4,374
2,629
2,589
2,574
2,563
2,522
650
545
504
422
498
497
492
486
496
483
335
303
277
242
175
140
140
141
142
133
166
164
164
164
164
48
62
41
40
63
339
338
336
337
336
15,994
16,142
16,060
16,156
15,954
14,938
15,108
15,040
15,142
14,955
1,114
1,303
1,259
1,370
1,175
3,607
3,619
3,628
3,632
3,629
3,082
3,052
3,043
3,002
2,957
6,897
6,895
6,881
6,911
6,963
238
239
229
227
231
1,056
1.034
1,020
1,014
2,252
2,245
2,263
2,259
2,219
460
452
463
456
441
260
259
259
256
250
10
31
31
33
32
32
6
4
3
3
3
9
9
9
9
9
38
38
38
38
38
io
8
1
106
104
104
105
103
1,792
1,793
1,800
1,803
1,778
1,617
1,619
1,626
1,628
1,602
142
147
157
166
139
303
305
303
297
287
234
224
223
223
244
905
910
910
910
900
33
33
33
32
32
175
174
174
175
176
4,257
4,217
4,169
4,160
4,155
881
873
862
848
831
413
406
404
401
393
96
92
86
83
77
13
12
13
15
15
39
39
36
25
24
14
14
13
13
13
163
163
163
163
164
4
4
8
8
143
143
143
140
137
3,376
3,344
3,307
3,312
3,324
3,138
3,103
3,068
3,072
3,085
309
239
208
216
221
635
668
664
663
666
492
494
495
493
495
1,651
1,650
1,649
1,649
1,656
51
52
52
51
47
238
241
239
240
239
1,636
l',605
1,605
1,609
1,596
274
270
269
269
265
127
125
124
123
120
2
2
3
3
3
4
3
3
4
4
24
24
23
23
22
11
11
11
11
11
49
49
49
49
49
57
56
56
56
56
1,362
1,335
1,336
1,340
1,331
1,306
1,279
1,280
1,284
1,275
105
90
91
97
85
244
248
248
247
248
230
234
235
231
231
708
688
687
690
692
19
19
19
19
19
56
56
56
56
56
1,539
1,534
1,529
1,531
1,530
317
314
307
303
301
186
186
183
182
180
2
1
1
1
5
5
5
5
6
24
23
20
18
18
6
6
6
6
6
28
28
28
28
27
65
63
62
61
62
1,222
1,220
1,222
1,228
1,229
1,113
1,111
1,112
1,118
1,119
74
69
71
74
74
265
274
274
266
265
276
276
276
278
279
472
467
466
475
476
26
25
25
25
25
109
109
110
110
110
7,921
7,676
7,888
7,841
7,790
1,446
1,425
1,405
1,399
1,395
1,022
1,005
1,001
46
44
42
41
45
31
35
33
35
38
47
63
53
50
45
42
42
42
42
135
135
134
134
135
101
101
100
101
101
6,475
6,251
6,483
6,442
6,395
5,948
5,720
5,949
5,904
5,856
652
434
627
538
484
1,413
1,386
1,425
1,456
1,455
1,051
1,070
1,068
1,068
1,069
2,739
2,737
2,736
2,750
2,755
93
93
93
92
93
527
531
534
538
539
1,541
1,537
1 564
1,547
1,542
388
381
377
370
372
231
224
222
216
215
1
1
4
4
4
4
5
18
16
16
15
15
6
6
6
6
6
64
64
63
63
64
64
65
65
65
66
1,153
1,156
1,187
1,177
1,170
1,046
1,049
1,080
1,069
1,062
37
49
81
60
51
261
253
252
262
263
227
223
219
219
220
499
502
506
506
506
22
22
22
22
22
107
107
107
108
108
1,004
998
992
983
965
188
185
181
181
176
107
106
103
102
99
1
2
1
1
1
2
2
2
2
2
12
9
8
8
8
5
5
5
5
19
19
19
19
19
42
41
42
42
41
816
813
811
802
789
765
759
759
755
745
45
38
38
32
18
203
203
203
205
204
131
128
129
128
129
374
378
377
379
382
12
12
12
11
12
51
54
52
47
44
1,745
1,726
1,743
1,734
1,729
325
317
318
315
311
214
207
208
204
202
1
1
1
1
1
2
2
2
3
3
8
7
7
39
39
39
39
39
53
53
53
54
52
1,420
1,409
1,425
1,419
1,418
1,295
1 285
1,300
1,295
1,294
109
100
112
107
104
327
328
328
328
326
287
285
287
284
286
538
538
539
542
544
34
34
34
34
34
125
124
125
124
124
1,375
1,371
1,383
1,377
1,376
336
334
333
334
331
228
230
232
234
234
2
3
3
2
3
3
20
16
15
14
11
17
18
18
18
17
20
20
20
20
20
46
47
46
45
46
1,039
1,037
1,050
1,043
1,045
991
989
1,002
996
998
83
81
93
87
89
264
261
259
257
259
200
200
196
198
198
412
415
414
415
412
32
32
40
39
40
48
48
48
47
47
5,087
5,107
5,062
5,053
5,047
970
967
964
963
955
489
485
485
483
478
36
36
36
38
36
14
13
13
12
11
22
22
21
21
21
18
19
19
18
18
297
296
296
297
297
94
96
94
94
94
4,117
4,140
4,098
4,090
4,092
3,797
3,812
3,772
3,762
3,765
359
365
349
334
355
805
813
809
809
798
685
688
684
692
692
1,872
1,870
1,854
1,851
1,845
76
76
76
76
75
320
328
326
328
327
4,802
4,552
4,766
4,751
4,704
995
981
964
958
953
761
749
745
740
733
41
40
39
39
42
25
29
27
29
32
50
50
41
37
34
42
37
37
37
37
23
23
23
23
23
53
53
52
53
3,807
3,571
3,802
3,793
3,751
3,464
3,223
3,452
3,439
3,397
374
151
342
314
262
830
810
851
856
859
599
599
597
596
597
1,629
1,631
1,630
1,641
1,647
32
32
32
32
32
343
348
350
354
354
2,857
2 842
2,815
2,797
2,787
996
989
7
7
5
5
7
7
7
7
7
7
5
8
8
8
1
2
2
2
2
1
1
1
1
il
2
1
52
999
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the
New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
470
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollarsJ
Time deposits,
except interbank
Demand deposits,
except interbank
Federal Reserve
district and date
(1944)
Boston (6 cities)
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
New York (8 cities)*
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Philadelphia (4 cities)
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Cleveland (10 cities)
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Richmond (12 cities)
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Atlanta (8 cities)
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Chicago (12 cities)*
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
St. Louis (5 cities)
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Minneapolis (8 cities)
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Kansas City (12 cities)
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Dallas (9 cities)
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
San Francisco (7'cities)
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
City of Chicago*
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Reserves
DeBalIndiwith Cash ances mand
vidFedwith
deuals,
in
eral vault
do-, posits partRemestic ad- 1 nerbanks justed ships,
serve
Banks
and
corporations
400
408
416
416
42-
IndividStates Certiuals,
and
fied U.S.
partpolit- and Gov- nerical
offiern- ships,
subcers' ment
and
divi- checks
corsions etc.
porations
112
110
116
11
103
1,912
1,933
1,972
1,
2,028
1,888
1,909
1,963
1,969
1,999
106
110
110
113
117
Interbank
deposits
Domestic
banks
S.
Bor- CapStates U.
Bank
Govrow- ital
and
deb-2
acernFor- ings counts
its
polit- ment
ical
eign
and
sub- Postal
banks
De- Time
divi- Sav- mand
sions ings
718
672
622
580
533
286
287
288
289
290
265
278
277
282
271
16
17
18
17
17
262
263
263
263
264
652
664
605
622
692
771
774
788
795
801
1,841
1,850
1,852
1,853
1,851
5,564
6,213
4,821
5,587
5,379
3,330
3,418
3,465
3,516
3,497
11'
126
121
123
158
123
108
104
109
13,412
13,640
13,759
13,969
14,078
13,553
13,747
14,038
14,194
14,134
405
397
397
397
468
523
462
540
409
4,514
4,231
3,917
3,636
3,381
1,214
1,212
1,215
1,224
1,222
2,553
2,639
2,697
2,726
2,621
359
366
370
388
377
30
29
30
28
28
75
76
74
72
69
1,567
1,584
1,634
1,667
1,657
1,606
1,606
1,670
1,682
1,653
59
65
73
81
91
13
13
16
15
13
483
455
422
391
368
167
170
170
168
169
305
306
304
319
294
228
230
230
230
230
539
625
439
521
506
661
665
671
688
683
73
69
69
70
70
198
187
203
204
191
2,745
2,743
2,752
2,809
2,831
2,771
2,746
2,810
2,854
2,862
114
123
119
116
121
46
4<
50
44
681
637
595
555
519
849
853
856
859
861
461
454
458
448
436
431
434
434
43'
43'
844
877
757
907
824
241
263
275
259
261
39
34
38
36
39
114
126
144
131
116
1,017
1,023
1,062
1,060
1,070
997
1,002
1,04:
1,04:
1,050
84
19
15
17
19
19
32
308
286
266
249
239
240
241
242
242
310
316
330
322
306
113
113
113
113
113
325
341
296
335
333
279
281
304
29'
286
27
25
26
25
26
148
150
156
158
144
999
994
1,016
1,033
1,037
919
923
964
993
973
165
15'
159
13'
154
10
10
10
11
224
213
199
184
172
258
259
261
26:
264
415
42'
44:
433
41:
110
110
110
110
110
330
339
292
354
312
1,206
1,201
1,332
1,348
1,337
29:
340
368
38'
400
4,770
4,659
5,194
5,275
5,363
4,689
4,582
5,166
5,167
5,255
383
403
387
401
420
1,532
1,446
1,344
1,249
1,161
1,228
1,235
1,241
1,249
1,258
1,468
1,459
1,413
1,404
1,344
497
499
499
500
501
2,324
2,525
1,725
1,993
1,897
270
262
274
272
269
134
140
119
113
106
921
920
950
933
940
953
952
999
975
981
59
56
57
57
58
243
230
213
198
187
228
230
231
232
233
461
47:
479
471
453
112
112
112
112
112
323
353
309
373
334
159
163
166
162
158
69
73
74
72
68
575
584
594
598
593
552
566
579
574
566
69
64
73
72
75
202
191
177
164
154
135
136
137
138
138
258
259
262
252
243
74
75
75
75
75
219
217
217
232
214
352
356
359
361
363
257
252
261
256
245
1,108
1,088
1,121
1,129
1,146
1,083
1,074
1,116
1,125
1,124
132
128
123
129
131
243
230
213
201
187
181
183
184
185
186
719
731
744
736
715
128
128
128
128
128
400
412
376
442
393
278
292
303
293
277
189
189
202
215
194
1,025
1,030
1,056
1,066
1,067
1,013
1,021
1,063
1,075
1,072
64
70
66
62
63
204
193
180
168
157
160
161
162
163
163
385
395
418
415
389
103
103
104
103
105
313
311
292
362
320
759
773
761
799
760
255
240
248
244
242
2,609
2,674
2,656
2,727
2,714
2,625
2,661
2,705
2,783
2,729
142
181
148
150
158
864
829
761
711
669
1,361
1,364
1,371
1,375
1,381
395
386
393
400
379
433 1,358
432
940
435
944
434
987
436
987
702
692
800
819
812
79
129
169
186
193
2,673
2,542
3,034
3,107
3,170
2,705
2,587
3,097
3,134
3,195
149
167
158
159
165
1,017
954
885
820
758
523
525
527
532
536
1,062
1,045
1,001
1,006
952
324
325
325
325
326
1,445
1,641
984
1,136
1,046
* See note on preceding page.
* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
- Debits to demand deposit accounts except interbank and U. S. Government accounts.
MAY
1944
471
COMMERCIAL PAPER AND BANKERS* ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
outoutstanding standing
End of month
Based on
Accepting banks
Total
Own
bills
Others
Bills
bought
Imports
into
United
States
2
Exports
from
United
States
1942—December
230
118
93
60
34
25
57
1943—January...
February..
March
April
May
June
July.......
August
September
October...
November.
December
220
209
201
179
160
143
150
156
170
188
203
202
120
127
130
128
136
140
139
130
117
115
111
117
95
102
101
99
105
102
102
94
84
35
38
39
38
40
40
38
36
33
39
35
38
24
25
29
29
31
38
36
36
33
27
23
27
57
60
69
71
79
82
81
77
69
67
59
66
12
14
12
9
8
10
12
10
90
60
64
62
61
65
62
64
59
50
48
53
52
1944—January...
February..
March
209
214
195
120
135
129
94
106
100
55
57
52
38
49
48
27
29
30
71
83
79
12
12
12
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
38
14
38
41
39
38
37
36
35
33
30
29
31
30
12
12
10
11
12
12
10
11
11
10
9
9
29
32
31
9
8
7
()
I
I
7
w
(3)
9
11
11
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 Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances
D e b i t balances
Debit
balances in
firm
investment
and trading
accounts
Customers'
credit balances 1
Customers'
debit
balances
(net)1
Debit
balances in
partners'
investment
a n d trading
accounts
1936— June
December
1,267
1,395
67
64
164
164
219
249
1937—June
December
1,489
985
55
34
161
108
1938—June
December
774
991
27
32
1939—June
December
834
906
1940—June
December
End of month
Cash on
hand
and in
banks
Money
borrowed 2
Other credit balances
In partners' In firm
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
Free
Other
(net)
985
1,048
276
342
86
103
24
30
14
12
420
424
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
88
106
215
190
495
754
258
247
89
60
22
22
298
305
25
16
73
78
178
207
570
637
230
266
70
69
21
23
11
5
6
7
653
• 677
12
12
58
99
223
204
267
281
62
54
22
22
5
5
1941—June
December
616
600
11
8
89
86
186
211
376
427
395
368
255
289
65
63
17
17
7
5
269
247
222
213
1942—June
December
496
543
9
7
86
154
180
160
309
378
240
270
56
54
16
15
4
4
189
182
66
15
7
212
65
14
5
198
1943—March
April
May
June
July
August
September
October
November
December
1944—January
February
March
e
350
e
570
€
c
610
670
740
761
"780
e
740
e
820
e
830
6
780
788
c
e
6
780
e
800
e
820
9
190
167
550
529
e
530
c
490
e
77O
740
600
557
e
e
"'"if""
188*"
181
e
560
e
650
e
630
280
277
6
320
330
330
334
e
340
c
340
e
320
e
330
c
340
354
6
e
e
37O
e
370
e
380
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 (l),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" i n 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 Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail
at semiannual dates prior to 1942.
47X
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
1941 average
1942 average
1943 averaue
1943—March
April
May
June
....
July
August
September
October
November —
December
1944—January
February
March
Week ending:
Apr. 1
Apr. 8..
Apr. 15..
Apr. 22
Apr. 29
Prime
commercial
paper,
4- to 6monthsl
Yields on U S.
Government securities
Prime Stock
exbank- change
9- to 12ers'
call
month
accept- loan
5certifi- 3-to
ances,
3reyear
cates taxable
90
month3
newdaysl
of inbills
als2
debted- notes
ness
.54
.66
.69
.44
.44
.44
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.69
.69
.69
.44
.44
.44
Vs-U
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1 00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
%-%
%-%
%
.103
.326
.373
.76
.75
.373
.373
.373
.374
.374
.375
.375
.375
.375
.375
.374
.375
.375
.75
.78
.78
.70
.68
.75
.77
.78
.77
.77
.375
.375
.375
.375
.374
.78
.78
4
.80
6
.80
.80
.78
.77
.77
1.13
1.31
1.33
1.39
1.36
1.32
1.30
1.29
1.31
1.31
1.29
1.30
1.30
1.32
01.36
1.39
1.37
1.36
1.35
1.35
1 Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day stock exchange time loans was 1.25 per
cent
during the entire period.
3
Rate on new issues offered within period. Tax-exempt bills prior to
March
1941; taxable bills thereafter.
4
Number of issues decreased from 2 to 1 on Mar. 1.
5
Number of issues increased from 1 to 2 on Mar. 15.
6
Number of issues increased from 1 to 2 on Apr. 1.
Back figures—See Banking and Monetary Statistics, Tables 120-123, pp.
448-462; for description, see pp. 424-426.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
1935 average 11
1936 average 1
1937 average 1
1938 average
2.93
2.68
2.59
2.53
1.76
1.72
1.73
1.69
3.39
3.04
2.88
2.75
1939 average
1940 average
1941 average
1942 average
1943 average
1939—September
December
1940—March
June
September
December
1941—March
June
September
December
1942—March
June
September,
December
2.78
2.63
2.54
2.61
2.72
2.68
2.59
2.65
2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.07
2.04
1.97
2.07
2.30
2.04
1.96
2.03
2.00
2.14
2.00
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
2.80
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
1943—March
June
September
December
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
1944—March..
•2.63
2.10
2.75
..
3.12
1 Prior to March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp.
463-464; for description, see pp. 426-427.
B O N D YIELDS *
[Per cent per annum]
U. S. Government 2
Year, month,
or week
Partially
taxexempt,
15 years
and over
Corporate (Moody's) 5
MunicTaxable
ipal
(high
years grade) 3
7 to 9 15 and
years
over
Number of issues
Corporate
(high
grade) 4
By rating
By groups
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
15
5
120
30
30
30
30
40
40
40
"2A6"
2.47
2.10
2.36
2.06
2.67
2.75
2.64
3.34
3.34
3.16
2.77
2.83
2.73
2.94
2.98
2.86
3.30
3.28
3.13
4.33
4.28
3.91
2.95
2.96
2.85
3.95
3.96
3.64
3.11
3.11
2.99
1.98
1.99
1.95
1.93
1.92
1.95
1.97
1.98
2.00
2.00
2.48
2.48
2.46
2.45
2.45
2.46
2.48
2.48
2.48
2.49
2.21
2.20
2.13
2.07
1.97
1.91
1.92
1.88
1.90
2.00
2.70
2.68
2.65
2.63
2.58
2.57
2.59
2.60
2.61
2.63
3.20
3.19
3.16
3.14
3.11
3.10
3.11
3.11
3.13
3.14
2.76
2.76
2.74
2.72
2.69
2.69
2.69
2.70
2.71
2.74
2.88
2.88
2.87
2.85
2.82
2.81
2.82
2.83
2.84
2.87
3.14
3.14
3.13
3.11
3.09
3.08
3.10
3.10
3.11
3.13
4.01
3.96
3.91
3.88
3.81
3.81
3.83
3.82
3.83
3.82
2.87
2.87
2.86
2.84
2.80
2.79
2.82
2.82
2.85
2.86
3.73
3.69
3.64
3.61
3.56
3.55
3.56
3.55
3.56
3.56
3.00
3.01
3.00
2.98
2.95
2.96
2.96
2.96
2.98
3.00
L.95
L.93
L.91
1.99
1.96
1.95
2.49
2.49
2.48
1.92
1.85
1.84
2.65
2.65
2.64
3.11
3.10
3.09
2.72
2.74
2.74
2.83
2.83
2.82
3.11
3.10
3.10
3.76
3.72
3.70
2.83
2.83
2.83
3.51
3.49
3.48
2.99
2.98
2.97
1.94
1.93
1.93
L.93
L.95
1.94
1.95
1.95
1.95
1.96
2.48
2.48
2.48
2.48
2.49
1.83
1.83
1.84
1.86
1.88
2.62
2.61
2.62
2.62
2.60
3.09
3.09
3.08
3.08
3.08
2.74
2.74
2.74
2.74
2.73
2.83
2.83
2.82
2.82
2.82
3.10
3.09
3.09
3.08
3.09
3.70
3.70
3.68
3.68
3.67
2.84
2.84
2.83
2.83
2.83
3.47
3.47
3.45
3.44
3.44
2.97
2.97
2.97
2.97
2.97
1941 average
1942 average
1943 average
>.05
.09
1 .98
1^93
1.96
1943—March
April
May
June
July
August
September
October
November
December
M2
>.05
.96
.91
.91
.92
.90
.90
.94
.95
1944—January
February
March
Week ending:
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
1
2
3
4
5
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Revised series. For explanation and back figures see pp. 442-446.
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 4 and 10 to 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474.
MAY
1944
473
SECURITY MARKETS 1
Stock prices 5
Bond prices
Corporate 4
Year, month, or week
u. s.
Municipal
Government* grafe) 3
Number of issues
Medium and lower-grade
Highgrade
Industrial
Total
Volume
of trad7
(in ing
thou-
Common (index, 1935-39 = 100)
DePublic faulted
utility
Railroad
Preferred6
Total
Industrial
Railroad
corinC OI
f\i
StlllvlS
Public
utility
shares)
15
15
50
10
20
20
15
15
402
354
20
28
117.8
118.3
120.3
98.9
100.1
109.5
103.9
109.1
117.0
86.9
86.6
97.6
106.1
104.8
114.0
21.9
27.2
44.0
171.9
162.4
172.7
80
69
92
80
71
94
71
100.72
100.50
130.9
126.2
131.8
66
89
81
61
82
1943—March
April
May
June
July
August
September.
October
November.
December..
100.41
100.36
100.68
100.79
100.75
100.53
100.35
100.39
100.24
100.19
128.7
129.1
130.4
131.5
133.4
134.6
134.4
135.2
134.9
132.8
119.8
119.9
120.1
120.5
121.1
121.1
120.8
120.9
120.4
120.0
108.0
109.2
110.0
109.9
110.8
110.4
110.4
110.6
111.3
112.1
116.7
116.3
116.1
116.6
116.6
117.0
117.1
117.9
118.9
119.4
95.3
97.8
100.1
98.7
100.4
98.6
98.4
98.6
99.8
101.7
112.1
113.4
113.7
114.4
115.3
115.6
115.7
115.4
115.2
115.1
39.9
44.7
49.1
47.6
48.1
44.2
46.4
49.9
45.4
46.9
171.5
171.5
172.1
173.8
175.9
176.4
175.9
175.1
172.6
169.1
88
91
95
97
99
94
96
95
91
92
91
94
97
99
101
96
98
97
93
94
86
93
98
94
97
91
91
92
87
86
76
79
84
85
88
86
87
87
85
85
1944—January
February..
March
100.18
180.14
100.26
134.4
135.8
136.0
120.5
120.4
120.5
113.2
113.6
113.7
119.8
119.3
119.8
104.1
105.7
105.3
115.5
115.8
115.9
52.8
58.1
60.1
171.2
172.7
173.4
95
94
97
96
96
98
91
96
99
87
87
788
807
88
1,124
Week ending:
Apr. 1
Apr. 8 . . . .
Apr. 15
Apr. 22
Apr. 29
100.28
100.25
100.27
100.28
100.23
136.2
136.2
136.0
135.6
135.2
120.6
120.7
120.8
120.7
120.8
113.8
114.1
114.4
114.6
114.4 '
120.3
120.6
120.8
121.4
121.3
104.9
105.2
105.8
105.8
105.4
116.3
116.6
116.6
116.6
116.6
60.7
59.9
60.0
58.7
57.3
173.7
173.7
174.6
173.7
173.3
96
96
96
94
94
97
98
98
95
96
98
99
100
95
96
88
88
88
87
87
1941 average
1942 average
1943 average
1-6
629
466
1,032
1,504
1,485
1,593
992
1,145
604
663
633
886
807
916
718
629
724
567
1
2
3
4
5
6
7
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Revised series. Average of taxable bonds due or callable in 15 years and over. For further explanation and back figures see pp. 442^146.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures—See Banking and Monetary Statistics, Tables 130,133, 134, and 136, pp. 475,479,482, and 486, respectively.
N E W S E C U R I T Y ISSUES
[In millions of dollars]
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
Total
(new Total
and
(doremestic
fundand
ing)
for- Total
eign)
State
and
municipal
2,160
4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,114
2,143
1,386
1,457
1,972
2,138
2,360
2,289
1,951
2,854
1,075
611
1,386
1,409
1,949
2,094
2,325
2,239
1,948
2,852
1,075
609
1943-March
April
May
June
July
August
September ..
October
November...
December...
200
158
157
203
169
145
109
201
357
163
90
36
44
41
31
29
20
57
165
33
87
36
44
41
31
29
20
57
165
33
33
10
12
10
7
7
10
5
21
10
1944—January
February
March
240
246
178
103
99
58
93
99
58
24
37
13
.
. .
For new capital
For refunding
Domestic
Domestic
Federal
agen-1
cies
803
405
855
150
735
22
712
157
971
481
931
924
751 461
518 1,272
342
108
176
59
7
3
1
4
11
23
10
31
Total
(doF r mestic
Corporate
22
eign
and
for- Total
Bonds
eign)
Total and Stocks
notes
State
and
municipal
Federal
agen-1
cies
774
3,242
4,242
1,799
2,089
3,553
2,852
2,693
1,039
1,532
765
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
136
365
382
191
129
195
482
435
181
259
317
987
353
281
665
1,537
344
698
440
497
312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
418
685
312
1,782
3,187
856
1,236
1,596
1,834
1,430
407
603
81
200
352
31
137
193
126
11
82
2
110
122
114
162
139
116
89
144
192
130
110
122
114
162
139
116
89
144
192
130
17
13
25
41
42
22
10
11
15
8
55
35
44
43
31
15
24
46
107
39
38
75
45
78
66
79
55
87
70
83
32
73
42
67
65
69
51
59
58
77
7
2
2
11
1
10
5
27
12
7
10
137
146
120
137
146
120
14
26
12
25
30
123
96
78
62
93
59
61
3
19
.° -
178
404
1,192
1,225
873
383
736
1,062
624
374
144
334
839
817
807
287
601
889
506
282
35
69
352
408
67
97
135
173
118
92
55
19
29
30
19
22
10
41
121
14
47
15
25
22
6
14
10
33
87
8
7
4
4
8
13
8
34
6
38
63
45
15
59
28
22
4
17
48
23
44
35
50
2
1
2
7
Corporate
Foreign2
Bonds
Total and Stocks
notes
9
26
119
119
28
88
4
90
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 Banking and Monetary Statistics, Table 137, p. 487.
474
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
proceeds2
Estimated
net
proceeds 3
New money
Plant and
equipment
Total
1934
1935
1936
1937
1938
1939
1940
1941
1942...
1943
Retirement of securities
Working
capital
Repayment
of
other debt
Other
purposes
Total
Bonds and
notes
Preferred
stock
71
226
190
87
59
128
100
30
70
84
170
154
111
215
69
174
144
138
54
5
10
8
3
2
4
20
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,112
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,089
57
208
858
991
681
325
569
868
474
285
32
111
380
574
504
170
424
661
287
156
26
96
478
417
177
155
145
207
187
129
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
721
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
651
1942—June
July
August
September
October
November
December
152
61
43
82
46
35
34
149
60
42
80
45
34
33
75
20
38
31
4
5
16
57
17
33
12
2
1
15
18
4
5
19
2
4
1
61
31
4
25
41
28
17
56
31
4
24
41
28
13
1943—January
February
March
April
May
June
July
August
September
October
November
December
9
49
98
91
83
99
76
106
69
130
200
103
8
49
96
88
81
97
74
103
68
127
197
100
1
12
39
9
32
25
3
15
11
3
122
14
91
3
1
2
32
6
18
15
3
3
5
3
31
10
6
34
48
76
49
70
59
80
50
101
69
79
6
34
42
74
49
51
40
79
42
97
64
75
19
19
1
9
4
5
4
2
8
5
22
6
3
"s"
1944—January
February
March
154
97
203
150
95
199
34
49
48
23
18
32
11
31
16
114
33
147
54
32
129
60
1
18
2
4
3
1
8
1
10
6
3
14
10
12
6
11
23
49
36
7
26
19
28
35
28
1
4
2
3
1
7
2
8 ""
3
2
10
2
1
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Public utility
Railroad
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
Total
Retire- All
net
New ment of other
pro- money securi- purposes
ceeds
ties
21
172
1942—June
July
August
September
October
November
December
120
120
774
338
54
182
319
361
47
159
57
139
228
24
85
115
253
32
46
54
558
110
30
97
186
108
15
113
9
2
2
1
9
3
2
2
6
1
4
4
1943—January
February
March
April
May
June
July
August
September
October
November
December
8
15
3
14
46
7
6
4
28
26
3
8
1944—January
February
March
8
9
29
5
3
14
"
9
10
"46
7
6
4
""28"
""3"
23
3
8
9
29
31
10
77
1
is "
Other
Industrial
All
RetireRetire- All
Total
All
Total
Total
RetireNew ment of other
New ment of other
net
net
net
New ment of other
pro- money securi- pur- 4 pro- money securi- purpro- money securi- purties
poses ceeds
ties
ceeds
poses*
ties poses* ceeds
11
130
77
1,190
1,897
611
943
1,157
922
993
292
414
42
30
27
50
86
47
13
30
27
17
774
1,280
1,079
831
584
961
828
527
468
74
439
616
469
188
167
244
293
219
550
761
373
226
353
738
463
89
187
150
80
90
136
43
56
121
146
62
122
390
71
16
102
155
94
4
23
46
218
57
8
9
42
55
4
12
3
70
52
2
38
6
17
3
55
15
2
23
4
4
2
6
29
10
8
1
1
1
10
50
2
4
25
29
16
17
2
34
3
8
2
59
27
17
50
40
49
14
48
134
19
1
2
33
5
11
25
3
9
3
2
119
12
7
81
55
28
1,250
1,987
751
1,208
1,246
1,180
1 340
464
439
30
63
89
180
43
245
317
145
8
70
6
38
40
29
17
27
17
3
34
39
22
58
38
1
26
46
49
50
37
75
61
30
140
6
1
1
•
•
•
•
-
6
•
20
55
38
1
24
46
41
49
37
70
61
30
134
9
1
3
1
•"•4"
'"s"
62
25
34
2
20
72
152
7
7
88
9
18
7"
19
4
20
7
1
5
104
21
3
15
3
12
1
1
6
2
8
7
18
22
7
23
26
35
9
24
9
9
11
6
3
22
6
3
26
40
14
53
3
11
2
12
4
2
2
3
1
1
3
""2"
4
2
T
1
'"•3
" "2
'
"2"
1
2
3
4
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of
the Board of Governors.
MAY
1944
475
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...
Machinery
Iron
and
steel
Other
transportation
equipment
Automobiles
Nonferrous
metals
and
products
Other
durable
goods
Oil
Foods,
bever- producing
ages,
and
and
tobacco refining
Industrial
chemicals
Other
nondurable
goods
Miscellaneous
services
Dividends
Net,
profits1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,169
1,792
1,822
146
278
325
226
203
115
158
193
159
169
223
242
274
209
201
102
173
227
202
203
119
133
153
138
127
70
88
113
90
85
151
148
159
151
162
98
112
174
152
183
186
194
207
164
169
134
160
187
136
147
122
132
159
165
172
847
1,028
1,144
883
895
90
90
92
88
86
564
669
705
552
555
422
412
396
588
47
51
79
101
33
39
34
52
69
53
17
103
41
36
33
63
33
29
30
40
14
21
25
28
34
38
33
43
34
30
25
24
46
45
52
51
41
41
39
39
29
30
29
44
246
230
211
342
21
21
22
25
136
158
158
217
1941—1
2
3
4.
510
549
560
550
86
84
81
72
44
48
46
55
79
73
60
61
53
56
56
62
39
36
38
40
23
28
30
32
36
43
44
37
29
42
56
46
49
53
52
52
44
48
49
46 *
29
36
46
48
286
297
284
276
22
23
23
24
150
165
170
221
1942—1
2
3
4
419
364
451
557
52
52
51
72
38
35
36
49
46
25
46
92
6
51
648
649
654
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
32
34
52
47
204
174
211
294
21
23
20
23
134
135
125
158
39
42
41
47
47
49
52
53
39
40
42
41
36
42
49
56
208
221
227
238
21
22
21
23
127
132
127
169
1939
1940
1941
1942
1943
1940—i
2
3
4
Quarterly
r
1943—1
2
3
4
r
437
441
464
479
r
r
53
48
51
51
r
654
52
6
6
r
46
34
32
31
31
r
19
22
20
25
r
r
42
41
41
46
r
r
r
36
35
37
39
r
r
39
38
49
46
r
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad 2
Telephone 8
Electric power
N e t income
1
Income
before
income
tax 4
Operating
revenue
Income
before
income
tax 4
28
28
28
28
32
32
32
3,995
4,297
5,347
7,466
9,054
126
249
674
1,658
2,209
93
189
500
902
874
-102
-73
23
147
187
126
159
186
202
216
692
735
799
848
912
159
177
202
226
250
137
142
133
118
123
116
118
115
98
99
1,067
1,129
1,235
1,362
1,537
191
194
178
163
180
175
178
172
163
166
986
1,010
1,130
1,171
-3
15
92
145
-12
3
71
127
-29
-33
-14
3
25
29
29
78
187
176
177
194
48
42
41
47
41
34
31
37
19
19
19
20
274
281
281
294
49
50
45
50
44
44
44
46
1941—1
2
3
4
1,152
1,272
1,468
1,454
96
145
267
166
69
103
189
138
-5
0
23
5
28
36
34
87
201
191
196
211
59
48
46
50
43
33
25
34
18
24
18
19
295
308
311
321
43
44
45
46
44
45
44
40
1942—1
2
3
4
1,483
1,797
2,047
2,139
178
390
556
534
90
198
286
327
12
37
60
38
24
46
30
101
216
202
208
221
63
53
55
56
33
25
26
35
19
19
19
19
324
337
342
359
41
41
39
43
44
42
39
38
1943—1
2
3
4
2,091
2,255
2,368
2,340
513
605
653
438
209
239
249
177
52
56
55
25
28
49
39
100
229
221
225
237
71
62
60
58
34
29
29
31
19
18
19
20
366
383
389
400
42
44
45
48
40
42
43
41
Year or quarter
All roads Insolvent
roads
Dividends
Number of companies...
1939
1940
1941
1942
1943
1940—1
2
3
4
Operating
revenue
Net
income 1
Dividends 5
Operating
revenue
Net
income 1
Divi
dends
Quarterly
r
Revised.
1
"Net profits" and "net income"
2
* Class
Class II line-haul
line-haul railroads.
railroads.
3
refer to income after all charges and taxes and before dividends.
Si
ld
A
i
T
Series excludes
American
Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings
in the
32 companies. Dividend payments shown here include amounts paid to parent companies, as well as to the public.
4
After
all
charges
and
taxes
except Federal income and excess profits taxes.
5
Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown.
6
Partly estimated.
Sources.—Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are
under renegotiation. For description of data and back figures, see pp. 214-217 of the March 1942 BULLETIN.
476
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars!
Marketable public issues 1
Total
gross
direct
debt
Total
interestbearing
direct
debt
1940—June
Dec
1941—June
Dec.
1942—June
Dec
42,968
45,025
48,961
57,938
72,422
108,170
42,376
44,458
48,387
57,451
71,968
107,308
34,436
35,645
37,713
41,562
50,573
76,488
1,302
1,310
1,603
2,002
2,508
6,627
1943—Mar
Apr
May
June
July
Aug
Sept..
Oct
Nov
Dec.
115,507
129,849
135,913
136,696
141,524
144,059
158,349
165,047
166,158
165,877
114,287
128,643
134,675
135,380
140,238
142,721
157,053
163,589
164,781
164,508
79,662
91,392
95,382
95,310
98,613
99,935
111,426
115,944
115,909
115,230
1944—Jan ,
Feb
Mar
170,659
183,107
184,715
167,043
181,709
183,348
115,259
126,171
128,080
End of month
Total2
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
bonds
bills
indebtednotes
ness
Total 2
U.S.
savings
bonds
Treasury
tax and
savings
notes
Fully
guaranNonSpecial interest- teed interestissues bearing
debt
bearing
securities
2,471
3,015
6,384
4,775
5,370
6,120
6,982
7,885
9,032
591
566
574
487
454
862
5,498
5,901
6,360
6,317
4,548
4,283
17,891
19,267
20,507
21,256
22,030
22,694
24,478
26,056
26,697
27,363
6,346
7,783
8,163
7,495
7,678
7,703
8,851
9,109
9,278
8,586
10,004
9,795
10 198
10,871
11,456
11,907
11,717
11,868
12,278
12,703
1,219
1,206
1,238
1,316
1,286
1,338
1,296
1,458
1,377
1,370
4,350
4,363
4,082
4,092
3,782
3,934
3,964
4,113
4,154
4,225
28,901
31,515
31,974
9,384
10,220
9,116
12,873
13,168
13,507
3,096
10,534
6,383
6,178
5,698
5,997
6,689
9,863
26,555
27,960
30,215
33,367
38.085
49,268
3,166
3,444
4,555
8,907
13,510
21,788
2,905
3,195
4,314
6,140
10,188
15,050
9,234
10,044
10,853
11,864
12,460
12,846
13,054
13,064
13,074
13,072
11,161
16,154
.16,561
16,561
16,561
17,497
21,136
23,199
23,103
22,843
9,797
9,797
9,797
9,168
11,875
11,875
11,596
11,596
11,596
11,175
49,273
55,201
57,975
57,520
57,520
57,520
65,444
67,889
67,940
67,944
24,622
27,456
29,095
29,200
30,169
30,879
33,910
35,776
36,595
36,574
13,101
13,112
13,147
22,843
25,680
25,680
11,175
13,302
16,244
67,944
73,882
72,813
38,911
42,370
41,762
3
3,616
1,398
1,367
4,269
4,227
2,258
1
Including amounts held by Government agencies and trust funds, which aggregated $4,034,000,000 on Feb.29,1944, and $4,028,000,000 (preliminary)
on Mar. 31,1944.
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary bonds not shown separately.
including prepayments amounting to $2,193,000,000 on securities dated Feb. 1, 1944, sold in the Fourth War Loan Drive beginning Jan 18 1944
Back figures.—See Banking and Monetary Statistics, Tables 146-149, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
UNITED STATES SAVINGS BONDS
SECURITIES OUTSTANDING, MARCH 3 1 , 1944
[In millions of dollars]
[On basis of daily statements of United States Treasury. In millions
of dollars]
Amount Funds received from sales during Redempmonth
tions
outIssue
Issue
Amount
Amount
Month
standing
at end of
All
Series
1
Series
Series
All
Treasury bills
Treasury bonds—Cont.
month
series
E
F
G
series
June 15, 1949-51
Apr. 6,1944
1,014
1,015
Sept. 15, 1949-51
Apr. 13,1944..
1,292
1,000
1942—Dec
1,014
15,050
726
66
222
55
Apr. 20, 1944
Dec. 15, 1949-51
2,098
1,017
Apr. 27, 1944
491
Dec. 15, 1949-52
1,017
1943—Jan
1,240
16,246
815
77
348
63
May 4, 1943
Dec. 15, 1949-53
1,786
1,002
Feb
887
17,067
634
48
205
76
Mar. 15, 1950-52
1,963
May 11, 1943
1,006
Mar
944
17,891
720
44
180
131
Sept. 15, 1950-52
1,186
May 18, 1943
1,013
Apr
1,470
19,267
1,007
110
353
103
Sept. 15, 1950-52
4,939
May 25, 1943
1,008
May
1,335
20,507
995
86
254
104
June 15, 1951-54
1,627
June 1, 1944
1,007
June
876
21,256
696
35
144
141
Sept. 15, 1951-53
7,986
June 8,1944
1,035
July
890
22,030
683
38
169
138
755
Sept. 15, 1951-55
June 15, 1944
1,016
Aug
802
22,694
661
28
112
152
Dec. 15, 1951-53
June 22, 1944
1,001
1,118
Sept
1,927
24,478
1,400
139
387
155
510
Dec. 15, 1951-55
June 29, 1944
1,010
Oct
1,708
26,056
1,340
93
275
144
Mar. 15, 1952-54
1,024
Nov
798
26,697
665
23
109
170
June 15, 1952-55
1,501
Cert, of indebtedness
Dec
853
27,363
728
24
101
207
June 15, 1953-55
725
Apr. 1, 1944
5,251
681
June 15, 1954-56
May 1, 1944
1,655
1944—Jan
1,698
28,901
1,085
127
487
Mar. 15, 1955-60
188
2,611
Aug. 1, 1944
2,545
Feb
2,782
31,515
2,102
157
522
185
Mar 15 1956-58
1,449
Sept 1 1944
4,122
709
Mar. .
31,974
576
23
110
982
3,519
268
Oct. 1, 1944
Sept. 15, 1956-59
Sept. 15, 1956-59
3,793
Dec. 1, 1944
3,540
919
Feb. 1, 1945
5,048
June 15, 1958-63
Amount
1,485
Dec. 15, 1960-65
Maturity
Date of issue
outstanding,
June
15,
1962-67
2,118
Treasury notes
Mar.
31,1944
June 15, 1944
Dec. 15, 1963-68
147
2,831
Sept. 15, 1944
June 15, 1964-69
283
3,762
635
Dec. 15, 1964-69
3,838
Sept. 15, 1944
From Mar. 1, 1935
Series A—1945
178
2,272
Mar. 1, 1945
2,127
Mar. 15, 1965-70
316
Series B—1946
From Jan. 1, 1936
718
Mar. 15, 1945
Sept. 15, 1967-72
2,716
406
Series C—1947
From Jan. 1, 1937
117
Mar. 15, 1945
1,606 Postal Savings bonds
488
Series C—1948
From Jan. 1, 1938
29
531 Conversion bonds
Dec. 15, 1945
800
Series D—1949
From Jan. 1, 1939
50
503 Panama Canal l o a n . . . . . .
Mar. 15, 1946
992
Series
D—1950
From
Jan.
1,
1940
Dec. 15, 1946
3,261
Total direct issues.. .. 128,080
From Jan. 1 to Feb. 28,1941
334
Series D—1951
SeDt 15 1947
2 707
From M a r . 1 to Apr. 30,1941
111
Series D—1951
3,726
Sept. 15, 1948
Guaranteed securities
Series E—1951
From May 1, 1941
1,246
Commodity
Credit
Corp.
From
Jan.
1,
1942
Series
E—1952
5,425
Treasury bonds 1
Feb. 15, 1945
412
From Jan. 1, 1943
Series E—1953
9,225
323
Apr. 15, 1944-46
Fed. Farm Mortgage
Corp
220
Series F—1953
From May 1, 1941
1,037
1
Dec. 15, 1944-54
May
15,
1944-49
159
1,214
Series
G—1953
From
May
1,
1941
1,224
Sept. 15, 1945-47
Home
Owners'
Loan
Corp
Series
E—1954
From
Jan
1,
1944
3,169
541
Dec. 15, 1945
May 1, 1944-521
182
623
489
Series F—1954
From Jan. 1, 1942
Mar. 15, 1946-56
June 1, 1945-47 >
1,036
Series G—1954
From Jan. 1, 1942
2,417
Tune 15, 1946-48
Reconstruction
Fin. Corp
755
717
819
1
June 15, 1946-49
Series
F—1955
From
Jan.
1,
1943
Apr. 15, 1944
759
Series G—1955
From Jan. 1, 1943
2,570
Oct. 15, 1947-52
Federal Housing Admin.
14
300
701
Dec. 15, 1947
Series
F—1956
From
Jan
1,
1944
Various
1,115
Mar. 15, 1948-50
Series G—1956
From Jan 1, 1944
1,091
23
122
Series unclassified
Mar. 15, 1948-51
1,223
Total guaranteed issues 1,544
June 15, 1948
3,062
31,974
Total.
Sept. 15, 1948
451
571
Dec. 15, 1948-50
1
At current redemption values except Series G, which is stated at par.
1
Difference between "Funds received" and month to month changes in
Called for redemption.
"Amounts outstanding" represents the difference between accrued increases
in redemption values and redemptions of bonds during the month.
MAY
1944
477
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
End of month
1941—June
December
1942-June
December
1943-June
July
August
September
October
November
December
1944—January
February
54,747
63,768
76,517
111,591
139,472
144,020
146,655
161,018
167,701
168,935
168,732
171,312
185,936
Held by U. S. Government agencies
and trust funds
Special
issues
Public
issues
6,120
6,982
7,885
9,032
10,871
11,456
11,907
11,717
11,868
12,278
12,703
12,873
13,168
2,362
2,547
2,726
3,207
3,440
3,401
3,425
4,073
4,125
4.157
4,231
4,279
4,616
Priva tely held1
Held
by
Federal
Reserve
Banks
2,184
2,254
2,645
6,189
7,202
8,187
9,088
8,919
9,354
10,348
11,543
12,073
11,632
Total
44,081
51,985
63,261
93,163
117,959
120,976
122,235
136,309
142,354
142,152
140,255
142,087
156,520
Commercial
banks
20,095
21,788
26,410
41,373
52,458
r
54,200
r
55,200
r
58,500
r
61,900
r
61,300
r
59,845
r
61,800
r
64,900
Other investors
Insurance
companies
Mutual
savings
banks
3,426
3,700
3,891
4,559
5,290
r
5,400
5,100
5,900
6,000
6,000
6,096
5,700
6,700
7,000
8,000
8,900
11,000
12,800
12,800
12,700
14,200
14,400
14,500
14,700
14,200
15,700
Marketable
issues
Nonmarketable
issues
9,400
10,000
11,100
15,100
19,000
r
19,300
'19,200
r
24,800
r
25,400
r
24,900
r
24,100
r
22,800
r
28,200
4,200
8,500
13,000
21,100
28,400
29,300
30,000
32,900
34,700
35,500
35,500
37,600
41,000
r
Revised.
i Figures for insurance companies and other investors have been rounded to nearest 100 million dollars for all dates and figures for commercial banks
and mutual savings banks have been rounded to nearest 100 million dollars for all dates except June and December for which call report data are
available.
Back figures.—See Banking and Monetary Statistics, Table 149, p . 512.
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!
End of month
Total: 3
1942—June
Dec
1943—June
Nov
Dec
1944—Jan
Feb
Treasury bills:
1942-June
Dec
1943—June
Oct
Nov
Dec
1944—Jan
Feb
Certificates:
1942—June
1943—June'.'.'.'.'.'.'.
Oct
Nov
Dec
1944—Jan
Feb
Treasury notes:
1942—June
Dec
1943—June
Oct
Nov
Dec
1944—Jan
Feb
Guaranteed securities:
1942—June
Dec
1943—June
Oct
Nov
Dec
1944—Jan
Feb
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
55,122
80,685
r
99,218
r
119,527
""119,491
118,813
r
118,842
129,640
MuFedtual
Com- saveral
Re- mercial1 ings
serve banks banks
Banks
2,723 2,645
3,202 6,189
r
7,202
3,319
r
3,778 9,354
r
\348
3,774
10,
r
3,787 11 ,543
r
3,776 12 ,073
4,037 11 ,632
24,939
38,759
48,665
57,468
56,761
55,360
56,983
59,814
Insurance Other
companies
11
6
8
20
21
6
243 1,557
1,010 4,497
3,815 6,502
5,547 6,227
6,163 5,643
6,768 4,716
6,941 4,904
6,354 5,484
28
10
21
10
9
12
11
5
154
2
19
72
15
3,096
10,534
16,561
23,199
23,103
22,843
22,843
25,680
11
17
51
51
48
50
40
69
1,041
1,092
1,565
1,908
2,467
2,787
2,696
1,971
6,470
9,823
13,357
13,159
12,684
13,335
13,030
74
129
184
172
189
226
146
179
191
180
305
277
280
367
299
382
6,689
9,863
9,168
11,596
11,596
11,175
11,175
13,302
714
76
92 1,324
61
774
58
686
63
693
66
665
66
665
69
3,725
5,670
5,500
7,569
7,546
7,383
7,366
9,039
138
167
155
195
198
204
178
183
266
283
276
289
279
275
258
2,847
2,665
2,602
2,521
2,486
2,465
2,528
2,458
148
108
76
42
42
39
35
31
433
333
309
284
282
283
223
193
4,549
4,196
r
3,908
r
3,583
r
3,583
r
3,583
r
3,583
3,469
r
281
311
116
r
12
1r2
4
r
3
3
66
Treasury bonds:
Total:
1942—June
Dec
1943—June
Oct
Nov
Dec
1944—Jan
# Feb
590
Maturing within 5 years:
1,07.
1942-June
1,361
Dec
1,272
1943—June
1,232
1,484
Nov.'..'.'.'.'.'/.'.'.'.'.
1,209
Dec
1,263
1944—Jan
Feb
782
Maturing in 5-10 years:
2,696
1942—June
5,106
Dec
7,777
1943—June
7,520
7,050
Nov
6,236
Dec
9,325
1944—Jan
Feb
1,770
Maturing in 10-20 years:
1942—June
2,327
2,402
2,797
1943—June.'.'.'.!.";!;'.'/.
2,816
Oct
2,583
Nov
2,642
Dec
2,870
1944—Jan
Feb
835
Maturing after 20 years:
743
1942—June
751
Dec
673
1943—June r
684
Oct
709
Nov
707
Dec
696
1944—Jan
Feb
3,830 8,748 12,237
4,471 10,766 17,297
5,161 12,486 22,385
5,866 14,134 28,927
6,100 14,228 28,280
6,152 14,386 27,586
5,770 13,932 26,307
6,703 15,437 32,017
2,508
6,627
11,864
13,064
13,074
13,072
13,101
13,112
91
26
End of month
U.S.
Govern- Fed- Com- Mutual InsurTotal ment
ance
out- agen- eral
Re- mercial
com- Other
stand- cies serve
banks
panies
ing
bank
and Banks
2
trust
funds
38,085
49,268
57,520
67,889
67,940
67,944
67,944
73,882
2,321
2,739
3,045
3,616
3,609
3,614
3,611
3,854
1,617 14,828
2,777 19,445
1,468 24,226
1,506 27,781
1,508 27,913
1,559 28,099
1,592 28,835
1,613 29,788
8,110
3,442
10,308
4,055
4,725 11,442 12,615
5,447 13,280 16,259
5,661 13,367 15,882
5,671 13,389 15,613
5,401 13,138 15,368
6,306 14,603 17,718
3,915
5,830
9,474
8,524
8,524
8,524
8,524
8,524
336
754
867
668
665
665
671
604
1,599
2,565
5,122
5,074
5,068
5,040
5,127
5,230
224
253
298
214
217
216
202
198
581
726
991
839
836
828
770
683
1,173
1,531
2,195
1,728
1,738
1,775
1,755
1,807
9,436
17,080
17,921
25,430
25,453
28,360
28,360
28,360
846
1,574
776
1,162
1,160
1,495
1,485
1,447
4,959
9,353
10,107
13,153
13,390
15,610
16,105
16,510
750
1,129
1,308
1,908
1,968
2,067
1,883
1,811
1,347
2,101
2,326
3,024
3,067
3,254
3,141
3,070
1,536
2,920
3,401
6,183
5,866
5,934
5,749
5,522
18,731
16,295
17,214
17,214
17,214
14,310
14,310
18,035
2,168
2,165
1,645
1,587
1,591
1,270
1,257
1,335
7,009
6,240
7,611
8,015
7,961
5,973
6,108
6,479
1,957
1,580
1,405
1,303
1,390
1,297
1,278
2,242
3,510
2,778
2,896
2,761
2,740
2,571
2,519
3,172
4,086
3,531
3,657
3,547
3,534
3,203
3,144
4,809
6,002
10,065
12,912
16,720
16,749
16,751
16,750
18,963
593
1,021
1,221
1,704
1,701
1,745
1,790
2,083
1,258
1,286
1,385
1,538
1,495
1,478
1,495
1,568
512
1,095
1,713
2,020
2,086
2,093
2,036
2,056
2,326
4,339
5,229
6,658
6,723
6,737
6,711
7,678
1,315
2,323
3,366
4,802
4,743
4,699
4,718
5,579
r
Revised.
* Figures include only holdings by institutions or agencies from which reports are received; the number reporting varies slightly from month to month.
Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total
holdings (including relatively small amounts of nonmarketable issues) by all commerical banks, all mutual savings banks, and all insurance companies
for certain dates are shown in the table above.
1 On Feb. 29, 1944, commercial banks reporting to the Treasury held $22,283,000,000 of United States Government securities due or callable within
one 2year out of a total of $46,005,000,000 outstanding.
Including stock savings banks beginning with November 1943.
3
Including $196,000,000 of Postal Savings and prewar bonds not shown separately below.
47 8
FEDERAL RESERVE BULLETIN
SUMMARY O F TREASURY RECEIPTS, EXPENDITURES, A N D RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Period
MisIncome taxes 1 cellaOther
neous Social
reinter- security ceipts
nal
taxes
With-2 Other reve-1
nue
held
Total
receipts
Net
receipts 3
TransInter- War fers to Other
Total
est activi- trust
budget Defiex ;
on
acexpendpendicit
ties counts, tures itures
debt
etc.
1,260 26,011
1,808 72,109
381
435
4 745
3,827
Fiscal year ending:
June 1942 '
June 1943
1943—March
April
May
June
July
19"
548
August
674
September...
October... :.. 557
1,010
November
713
December
1944—January
February
March
574
1,137
750
3,847
4,553
1,194
1,508
1,230
666
13,668
23,385
12,799
22,282
4,732
1,000
374
346
359
353
512
729
344
464
363
386
50
50
282
57
48
310
53
46
292
60
51
159
160
356
234
403
285
256
255
251
5,207
1,555
1,742
4,569
2,048
3,005
5,448
2,069
2,370
5,737
5,206
1,514
1,480
4,569
2,007
2,721
5,447
2,030
2,099
5,736
262
89
42
609
68
46
311
131
47
497
6,744
6,974
7,092
7,469
6,432
7,232
6,952
6,989
7,541
6,718
1
38
1
1
344
15
2
36
2
2
347
366
300
247
269
324
269
300
248
236
7,354
7,466
7,435
8,327
7,112
7,617
7,535
7,456
7,839
7,452
2,147
5,952
5,955
3,758
5,105
4,896
2,087
5,426
5,740
1,716
-545 - 1 , 2 1 3 1,483
+4S +8,438 14,342
+70 6,064
-35
784
-20^ - 3 , 1 8 0
-635
- 9 1 2 4,828
+131 —2,231 2,534
- 4 1 C +11,794 14,291
—132 +1,139
6,697
+29C - 4 , 3 3 8 1,112
-667 - 2 , 6 6 4 - 2 8 1
412
344
375
49
373
69
590
290
220
2,779
2,754
6,576
2,747
2,503
6,573
87
56
449
7,138
7,518
7,726
37
5
7
308
283
343
7,570
7,862
8,525
4,823
5,359
1,952
4,781
-U
-55
-173 +6,916 12,448
-2,205 - 2 , 5 4 9 1,608
940
3,803
1,236
1,016
4,091
746
449
4,327
1,153
610
5,161
Social Security
accounts
Period
Fiscal year ending:
June 1942
June 1943
1943—March '
April
.
M a Jy
T
June
July
August
September. ..
October
November
December
Change
Inin
gen- crease
eral
in
fund
gross
baldebt
ance
7,960
16,094
Details of trust accounts, etc.
Net
receipts
Trust
accounts,
etc. 4
ExInvest- pendiments tures
Net expenditures
in checking accounts of
GovernRement
ceipts
agencies
—3,50e
+358 23,461
- 1 , 8 6 ] +6,515 64,274
General fund of the Treasury (end of period)
Investments
Expenditures
221
533
133
7
1,705
2,350
614
456
3,625
2,194
1,117
655
36
111
539
169
245
596
32
109
562
87
272
35
258
428
179
292
296
50
277
308
36
33
31
31
29
30
30
29
29
30
300
17
356
-82
726
148
146
199
-64
427
82
92
81
152
315
101
116
139
75
114
53
58
57
119
252
75
72
86
96
81
Balance in
general fund
Assets
Other
2,327
2,810
863
32,397 19,598
78,179 55,897
Total
Deposits
in
Federal
Reserve
Banks
3,443
10,149
1,038
4,758
13,112
13,152
10,149
9,127
6,845
18,734
19,838
15,492
12,878
12
—41
30
9
21
14
16
8
22
Other
assets
1, 679
7, 667
,162
,444
452
643
2,991
9,507
2,229
8,744
2, 694
10, 485
11, 117
7, 667
6, 790
4, 362
15, 676
17, 280
12, 770
9, 942
,421
,412
,383
,444
,358
,406
1 ,519
1,462
1,477
1 ,528
579
495
465
643
532
481
576
541
534
584
4,179
12,617
12,687
9,507
8,595
6,364
18,158
19,297
14,958
12,294
3,416
11,854
11,924
8,744
7,832
5,601
17,395
18,534
14,196
11,532
603
643
1,215
651
1,038
979
1,076
1,538
,095
,245
,408
Total
1iabilities
Deposits
in
special
depositaries
Total
Working
balance
32
102
12,239
83
165
164
11,476
1944—January
634
,098
12,873
10, 314
81
1,461
-80
514
350
33
331
121
59
1 ,460
35
571
17, 095
,172
19,726
18,392
February
19,155
?
46
1 ,424
172
35
94
102
35
664
14, 306
,540
17,270
2,002
15,844
March
16,606
1
Details on collection basis given in table below.
2
Withheld by employers (Current Tax Payment Act of 1943).
3
Total
receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
4
Excess of receipts (+) or expenditures (—).
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Income taxes
Period
Total
Fiscal year ending:
June 1942
June 1943
1943—March ,
April
May
June
July
August
September
October
November
December
8,007
16,299
4,868
1,008
753
4,026
1,231
814
4,192
1,644
1,471
4,591
1944—January
February
March
1
MAY
Current With- Vicindi- held 1 tory
tax
vidual
3,108
5,771
1,951
362
103
1,800
527
55
i
1,963
1
74 1,006
47 1,087
2,158
14
Current
corporation
Miscellaneous internal revenue
Back
taxes
Other
profits
taxes
Total
"'686
2,764
4,137
460
557
1,618
5,064
57
84
2
298
381
5
333
438
6
3
2
1
1,026
73
89
970
142
111
877
181
84
1,012
79
73
74
41
33
44
103
35
32
49
1,791
200
103
1,203
186
162
1,228
337
204
1,352
21
1
3
7
10
1
1,584
629
396
16
184
1
2,477
221 1,844
64
41
994
5,358 1,833
70
63
Withheld by employers (Current Tax Payment Act of 1943).
1944
Excess
profits
taxes
352
300
2,370
15
9
16
6
28
3,838
4,571
Capi- Estate
tal
and
stock
gift
tax
taxes
ManufacAlcoturers'
Misholic
To- Stamp
and
cellabever- bacco taxes retailers'
neous
age
taxes
excise
taxes
taxes
taxes
433
447
1,048
1,423
781
924
42
45
852
670
401
732
379
i
345
373
329
652 " """136
595
188
394
35
421
20
376
388
62
37
46
29
48
25
28
41
34
36
121
113
109
115
125
129
117
122
117
120
80
77
71
80
87
90
86
90
93
87
4
5
5
5
4
5
4
4
4
4
47
49
60
39
59
56
53
59
56
64
65
64
80
61
193
103
71
86
70
76
382
339
401
52
38
60
108
108
124
77
67
77
4
4
5
68
63
59
72
58
76
282
329
479
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department. In millions of dollars]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items
Securities
End of month
Loans
Total
1942—June
Preferred
stock,
etc.
Cash
U.S.
Govt. Other
direct Govt.
and
agenguaran- cies 1
teed
Bonds, notes,
and debentures
Accounts
and
other
receivables
Business
property
Property
held
for
sale
Other
assets
Fully
guaranteed
by
U.S.
Other1
PriU.S.
Govern- vately
ment
owned
Other
liabili- interest interest
ties
17,962
December. . , 21,715
8,379
8,127
648
620
403
553
,097
1,272
57
33
774
1,085
859
1 ,020
3,512
5,187
2,233
3,818
4,568
4,301
1,442
1,414
3,265
4,630
8,249
10,931
438
439
1943—March
April
May...
June
July
August
September...
October
November...
December
24,151
24,706
24,805
26,708
25,555
26,435
26,284
27,218
27,788
28,625
8,003
8,092
7,949
7,685
7,615
7,580
7,557
7,487
7,459
7,444
562
560
557
556
524
498
497
493
492
486
597
536
504
515
538
539
501
486
493
524
L,424
,510
L,549
L,565
1,638
1,691
1,722
1,784
1,833
1,895
26
24
24
22
16
11
7
6
6
23
1,303
1,464
1,514
1,788
1,514
1,450
1,487
1,850
1,963
1,926
1L,408
1,428
L.475
L,674
1,561
1,966
1,470
1,602
1,611
1,624
6,074
6,081
6,167
6,310
6,750
7,019
7,234
7,115
7,309
7,512
4,754
5,011
5,066
5,343
5,399
5,681
5,809
6,395
6,622
7,191
4,365
4,372
4,092
4,101
3,936
4,046
4,081
4,125
4,180
4,239
L,375
L,366
1,340
1,333
1,276
1,271
1,274
1,285
1,308
1,342
5,109
5,648
5,746
6,022
5,757
5,972
5,560
5,867
5,788
5,874
12,860
12,880
13,188
14,812
14,146
14,706
14,929
15,501
16,073
16,732
441
440
440
440
441
440
441
440
439
438
1944—January
February....
29,508
29,791
7,410
7,411
470
452
580
516
1,942
2,099
23
23
1,951
2,062
L,645
1,658
7,588
7,753
7,899
7,817
4,277
4,226
1,332
1,322
5,247
4,956
18,216
18,853
435
435
LOANS, OTHER THAN INTERAGENCY LOANS
Home mortgage and housing
agencies 3
End of month
Total2
loans
Reconstruction
Home Feder- R F C
Fial
nance Own- Home Mortgage
ers'
Corp.
Loan Loan ComCorp. banks pany
Farm mortgage loans
Other farm credit loans
Rural
Fed.
Fed. Feder- Fed.
NaFarm
tional Public
al
HousMortland Morting
gage Auth. banks gage
Corp.
Assoc.
Ex-
ElecFed.
trifica- portIminter- Banks Com- Farm Farm
tion port
medi- for co- modity Credit SecuAdBank
ate
rity
opera- Credit
Admin.
credit
tives Corp. min. Admin.
banks
Other
8,379
1942—June
December ... 8,127
L.473
L,557
1,676
1 ,568
193
129
82
94
216
211
384
366
1,706
1,603
562
507
289
238
101
145
231
242
258
237
460
446
342
346
113
122
293
316
1943—March.
April
May
June
July
8,003
8,092
7,949
7,685
7,615
7,580
7,557
7,487
7,459
7,444
L,530
1,512
1,487
1,483
1,459
1,463
1,460
1,432
1,427
1,413
,507
,480
1,460
1,441
,419
,400
L,383
,366
L.354
,338
79
87
79
90
92
81
130
127
116
110
97
97
98
98
97
100
99
100
99
101
206
204
202
73
71
69
67
66
65
65
381
371
374
317
317
317
317
317
318
318
1,540
1,520
1,502
1,489
1,472
1,452
1,431
1,406
1,381
1,358
483
475
468
463
455
447
437
423
412
403
266
280
287
296
296
284
269
251
240
243
111
106
102
102
107
111
148
189
215
235
276
408
304
228
225
225
222
228
278
330
244
245
246
245
244
242
237
232
229
226
463
457
454
447
443
441
433
427
421
416
345
344
344
344
344
344
345
345
345
347
121
122
126
129
132
136
136
140
136
136
354
384
416
440
442
468
443
438
423
405
7,410
7,411
L.393
L,393
1,318
1 ,300
115
114
103
107
64
63
319
319
1,332
1,315
394
389
242
253
238
221
378
409
224
227
416
417
347
348
141
142
386
394
August
September...
October
November...
December...
1944—January
February
SELECTED ASSET ITEMS, OTHER T H A N INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End of month
Total
Loans
to fi- Loans
to
nancial
railinstiroads
tutions
Accounts and other
receivables
Preferred stock held
Recon- Home
struc- Owners'
Other
tion
Finance
Corp.
Loan
Corporation
ReconFed. land Comt>anks and modity struction
Finance Other
Other Fed. Farm Credit
Mortgage Corpo- Corp- and
war corCorp.
ration
porations
1942—June
1,473
December. .. 1,557
144
167
472
460
857
930
378
366
167
152
103
102
225
207
1943—March
April
May
June
155
153
150
148
145
141
138
136
134
131
444
437
434
426
423
423
423
406
405
398
931
922
903
909
891
899
899
890
888
884
359
358
355
354
351
346
345
343
341
338
109
109
109
108
80
64
64
63
63
63
94
93
93
94
93
88
88
87
88
85
195
197
192
193
192
193
187
186
174
168
129
127
396
395
868
871
334
329
54
47
82
76
161
160
1,530
1,512
1,487
1,483
July
1,459
August
1,463
September:.. 1,460
October
1,432
November... 1,427
December . . . 1,413
1944—January
February....
1,393
1,393
Property held for sale
War
corporations
Com- Home
modity Owners'
Credit
Corporation
Loan
Corporation
Other
151
531
302
290
2,041
3,469
1,068
1,363
262
227
141
128
209
187
350
210
177
196
489
533
488
677
700
763
800
825
790
832
778
734
728
356
358
372
445
287
290
272
397
522
542
4,041
4,442
4,703
4,963
5,241
5,528
5,784
6,016
6,231
6,423
1,700
1,316
1,153
1,045
1,223
1,220
1,196
865
873
897
216
212
203
191
182
169
152
136
111
96
117
111
108
111
104
102
102
98
94
96
575
553
702
665
513
684
6,582
6,789
827
795
85
76
94
93
96
57
75
1
2
3
Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation.
Excluding investments in preferred stock, the amount of which is shown in the lower section of this table.
Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan
Bank Administration. Loans by these institutions are reported quarterly and amounted to 1,916 million dollars on Dec. 31, 1943.
480
FEDERAL RESERVE
BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly 6gures for seasonal variation]
Year and
month
tncome
payments
value)*
1935-39
= 100
Manufactures
Total
Durable
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
Ad- Unadjusted justed
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
^211.4
1940
October
November...
December...
1941
January
February
March
April
May
June
July
August
September..,
October
November...
December...
1942
January
February
March
April
May
June
July
August
September..
October
November..
December...
1943
January
February
March
April
May
June
July
August
September..
October
November.
December...
1944
January
February...
March
April
Construction
contracts
awarded (value)3
1923-25 «= 100
Industrial production
(physical volume) 2 *
1935-39 = 100
Nondurable
Minerals
Total
Residential
All
other
Employment4
1939 = 100
Nonagricultural
Factory
Depart- WholeFacsale Cost of
reight ment
store
tory carloadcom- living4
sales modity
pay4
ings*
(val-6 prices4 1935-39
rolls
= 100
ue)*
939 = 1935-39
1926
100
1923-25 = 100
100
100
Unad- Unadjusted justed
Ad- Unad- UnadAdAdAdAdAdAdAdusted justed justed justed justed justed justed justed justed justed
Adjusted
Adjusted
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
137.1
152.3
168.7
106.2
127.1
82.0
88.0
111.6
104.1
109.7
113.1
111.0
112.3
119.8
96.9
73.5
50.7
54.4
70.0
80.4
93.0
111.2
85.1
100.0
114.5
167.5
242.3
316.4
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
124
138
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98. t
99.1
102.7
100.8
99.4
100.2
105.2
116.5
123.6
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
P239
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
p
360
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
p
176
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
p
132
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
68
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
92
106.0
98.1
88.3
77.6
78.6
86.3
90.1
96.8
102.7
95.1
100.0
104.2
115.6
124.2
128.5
117.1
117.7
120.6
132
136
140
137
138
139
156
159
166
119
123
126
114
119
119
95
111
115
85
87
90
103
130
136
106.5
108.1
109.7
112.0
114.6
116.8
114.8
116.0
117.4
126.9
127.5
134.1
111
116
117
94
100
101
78.7
79.6
80.0
100.2
100.1
100.7
121.3
123.5
125.4
128.2
133.7
138.9
140.3
143.2
144.4
146.3
147.5
153.9
143
147
152
149
160
164
166
167
169
172
174
176
139
144
149
149
160
165
165
170
174
176
175
173
172
178
184
186
198
203
208
209
212
219
220
225
127
131
133
137
142
144
144
146
146
148
151
150
120
119
126
96
121
127
126
128
132
134
133
133
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
119*2
119.8
120.3
118.8
120.9
122.9
126.3
129.8
133.3
136.6
137.8
138.8
139.5
139.9
140.6
116.9
120.0
122.7
125.8
128.6
132.0
135.5
138.4
141.2
141.8
141.3
141.1
132.6
140.3
145.9
150.2
161.3
170.5
172.0
178.8
184.8
190.2
188.6
195.1
120
122
127
112
129
131
132
136
134
134
137
138
101
103
103
104
105
104
115
134
116
105
116
111
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.3
110.2
110.5
155.2
157.1
159.1
163.4
165.4
169.6
172.8
176.2
178.4
183.0
189.2
193.4
181
183
186
189
191
193
197
204
208
215
220
223
177
180
182
187
192
195
199
207
213
218
220
221
235
241
250
257
264
272
278
290
299
311
319
328
152
153
153
154
153
152
154
158
161
165
168
169
133
133
126
125
126
127
126
130
131
129
130
127
118
128
125
128
158
193
206
182
179
185
198
175
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
130.2
141.6
143.2
144.8
147.0
148.7
150.8
153.2
155.8
157.4
159.6
161.5
164.2
139.8
142.3
144.3
146.3
148.0
149.9
153.4
157.1
159.6
160.7
161.9
164.5
200.7
208.2
215.1
221.4
228.7
234.5
242.7
254.8
261.8
270.9
280.4
287.9
140
138
138
138
136
134
137
140
140
140
136
135
138
126
124
117
108
104
121
130
123
128
138
125
96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
112.0
112.9
114.3
115.1
116.0
196.5
200.6
204.4
207.3
208.7
211.3
213.1
215.5
215.6
218.0
221.5
224.8
227
232
235
237
239
237
240
242
244
247
247
241
224
229
232
236
239
238
241
245
248
249
247
239
337
344
351
356
359
358
360
365
368
374
376
365
171
174
174
175
176
177
177
178
179
179
180
174
125
131
133
131
129
117
134
135
138
136
133
137
145
102
85
63
52
45
60
59
65
49
60
61
79
56
42
33
31
32
36
35
35
34
37
35
198
140
119
87
68
55
80
79
89
61
78
81
130.0
130.3
129.8
129.3
128.3
128.6
128.6
127.9
126.8
127.5
128.3
128.2
165 .~8
167.4
168.1
168.4
167.9
169.0
169.7
169.6
168.3
170.1
170.9
169.1
164.8
166.4
167.6
167.7
167.2
168.8
169.8
170.8
170.1
170.5
171.0
169.4
290.9
297.5
304.5
309.7
313.5
317.1
315.6
322.2
328.0
332.6
336.5
328.2
135
139
138
136
135
127
141
140
140
137
139
144
143
167
136
128
125
129
142
142
132
140
158
131
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2
120.7
121.0
122.8
124.1
125.1
124.8
123.9
123.4
123.9
124.4
124.2
124.4
226.1
230.9
^229.5
243
244
240
241
368
368
P366
176
177
140
143
P139
55
45
29
21
76
64
127.2 167.7 166.8
126.8 166.9 165.9
*>125.5 ?164.0 P163.6
327.9
327.6
145
143
140
*>138
153
151
154
p
ns
117*0
117.5
117.8
119.0
119.8
120.4
103.3 rr124.2
103.6 123.8
103.8 123.8
e
103.9
* Average per working day. p Preliminary. r Revised. 6 Estimated. * Department of Commerce series on value of payments to individuals.
* For indexes by groups or industries, see pp. 482-485.
*4 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 488 of this BULLETIN.
the Bureau
The unadiusted indexes of emnlovment and nav rolls, wholpcnlp rrtmrnr»rlii-\r rn-ir^c >*r,A ™c* nf li^incr ot-o /•v-^^iio/i w^ nr u*caA nn Ae
gh 1937; the
of Labor
iata.
Non1938 figures and the 1939 base pej
For sales comparisons by cities and by departments see pp. 490491 of this BULLETIN.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory
employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, October 1938, p. 918, and
January 1941, p. 65.
MAY
1944
481
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100J
1943
1944
Industry
Feb. Mar.
Industrial Production—Total
232
Manufactures—Total
235
Apr.
237
May June
239
237
July
Aug.
Sept.
Oct.
240
242
244
247
Nov. Dec.
247
Jan.
Feb.
Mar.
243
244
V
262
262
p
241
r
242
250
253
256
258
258
259
261
263
266
268
260
344
351
356
359
358
360
365
368
374
376
365
368
368
P366
207
210
209
208
201
204
210
214
215
210
200
208
212
214
200
231
185
560
202
234
188
559
198
235
186
580
196
233
184
584
190
227
177
583
191
230
181
577
202
236
185
598
205
239
190
593
202
242
191
607
200
236
186
592
108
222
178
536
202
231
186
556
207
236
188
580
206
238
191
572
426
436
441
443
441-
440
445
451
458
463
453
461
673
692
717
729
743
754
762
>\764
780
786
763
751
749
P740
203
204
206
211
215
220
232
239
247
248
240
240
235
p
257
260
259
264
262
256
264
277
286
289
277
285
285
P286
252
255
262
270
276
278
279
294
303
308
307
297
299
P297
259
262
257
262
257
247
258
270
279
282
266
280
279
127
129
130
133
128
128
130
129
128
136
137
133
130
117
147
119
149
121
149
126
147
118
148
118
119
152
118
149
115
152
127
152
131
150
125
148
122
146
PUS
178
175
175
175
175
173
168
171
168
169
168
168
P164
Glass products .
Plate glass
Glass containers
Cement
. .
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Other stone and clay products1
149
36
189
166
144
196
305
146
35
185
154
142
202
308
153
39
194
135
142
204
313
159
43
200
130
136
203
320
158
41
199
127
139
204
325
162
203
45
119
132
198
326
162
49
202
114
132
203
327
159
53
196
112
125
194
321
169
47
212
107
124
194
326
165
54
204
98
124
196
329
169
55
209
101
122
192
319
171
54
213
86
128
203
319
172
58
212
88
126
202
314
Nondurable Manufactures
174
174
175
176
177
177
178
179
179
180
174
175
177
W5
162
158
157
159
155
148
145
150
152
152
143
149
152
P153
152
172
181
149
166
181
147
166
181
149
169
185
146
160
183
139
153
183
136
147
177
141
156
181
143
156
186
142
153
191
133
142
189
r
140
150
186
142
151
r
187
150
191
r
154
210
r
173
176
168
r
170
159
41
218
177
180
173
178
Durable Manufactures
Iron and Steel .
P i g iron
Steel
Open h e a r t h
Electric . . . .
.
....
Machinery
Manufacturing
Arsenals
Transportation
Equipment.
..
.
.
.
Nonferrous Metals and Products
Smelting and refining.. .
(Copper smelting; Lead refining;1 Zinc smelting;
Aluminum; Magnesium; Tin) .
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium products; Tin consumption)1
Lumber and Products
Lumber
Furniture
Stone, Clay, and Glass Products
Textiles and Products
Textile fabrics
Cotton consumption. ..
. .
Rayon deliveries
Nylon and silk consumption1
Wool textiles.
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
:
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers..
Sheep and lamb leathers
Shoes
Manufactured Food Products...
Wheat flour
. . .
Cane sugar meltings1
Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream
Meat packing
Pork and lard...
Beef
Veal
Lamb and mutton .
Revised.
p
460
H56
and Depots1
Automobiles
(Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government) *
T
r
260
Preliminary.
p
148
173
r
r
231
P
126
59
P125
^198
302
p
166
39
230
184
190
177
187
163
40
228
181
187
172
182
157
38
214
173
179
165
177
158
32
222
177
181
171
177
160
30
226
181
186
174
179
146
24
207
164
168
159
164
150
33
210
168
176
158
166
151
29
206
172
178
163
169
154
37
201
173
175
171
172
154
39
205
172
176
166
171
142
36
186
159
161
156
160
123
117
119
118
114
112
111
110
110
105
102
108
111
127
139
93
89
170
119
120
128
92
93
160
115
122
131
91
90
166
117
122
132
92
90
164
115
114
122
86
86
162
114
111
116
85
84
169
112
106
109
80
82
174
114
105
107
81
88
164
114
104
102
76
95
173
114
98
101
67
90
146
109
97
98
68
83
162
105
103
107
70
r
83
169
r
112
105
110
76
84
160
114
P115
142
143
142
143
144
146
145
146
146
153
151
154
158
P159
126
118
109
97
102
103
110
111
117
128
128
130
125
^140
96
150
157
95
150
154
87
144
137
88
143
132
P139
86
147
131
r
88
149
132
90
146
139
PI 35
95
151
156
182
241
119
109
154
178
221
130
131
161
168
193
135
151
173
185
221
145
150
166
173
206
139
121
158
187
234
144
104
135
215
291
149
94
112
202
270
143
96
110
134
107
145
141
108
147
145
106
147
149
103
145
150
106
150
161
P143
104
154
171
154
183
131
76
115
151
183
127
74
107
147
187
112
62
111
162
216
111
60
123
159
222
96
63
119
186
260
110
73
140
r
r
Pill
* Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
Industry
Feb.
Mar.
Apr. May June
July
146
130
144
150
145
126
134
152
Aug. Sept. Oct. Nov. Dec. Jan
Feb. Mar.
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic Beverages
Malt liquor
Whiskey...
Other distilled spirits
Rectified liquors
Industrial
146
125
145
152
146
129
153
149
121
112
104
96
142
0
63
161
133
0
35
157
124
0
31
141
113
0
21
139
128
129
101
153
93
159
103
160
86
104
144
85
140
141
141
142
139
153
107
98
206
146
137
143
131
131
172
129
92
139
148
103
94
203
140
138
150
129
126
174
127
90
138
150
101
93
204
144
136
150
130
124
167
125
140
154
104
92
211
147
137
150
133
122
168
130
116
112
113
101
97
101
165
166
Cigars
Cigarettes
Other tobacco products
and Paper
Products...
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard).
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1 ..
Coke
By-product coke
Beehive coke
Chemical
144
128
123
152
144
127
120
152
146
135
120
153
150
135
123
159
153
142
134
159
156
140
134
163
135
130
141
143
131
126
P138
127
0
22
144
127
0
23
144
131
0
40
157
164
0
77
156
155
0
90
158
169
0
62
178
172
0
42
189
160
0
46
162
148
0
40
182
167
0
33
124
134
136
134
139
148
143
125
119
123
102
149
78
99
166
84
96
169
92
101
165
87
100
173
93
101
186
100
90
181
99
92
154
73
135
143
143
140
140
132
155
87
136
92
145
79
133
141
111
87
193
131
132
143
126
117
158
127
91
141
153
115
93
214
139
139
151
135
126
169
130
90
140
150
112
93
211
134
138
155
124
125
174
126
138
153
112
93
213
141
135
148
127
124
163
128
83
137
147
103
93
212
131
136
151
126
122
160
130
86
131
142
107
103
196
127
129
135
116
122
163
127
83
134
147
106
r
96
213
130
132
144
rU9
119
r
155
129
79
111
115
111
110
106
105
105
103
97
96
90
89
193
202
207
213
219
r
r
106
Alcohol from Beverage Plants1
Tobacco Products
Paper
147
130
152
151
145
123
139
Products.,
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1 .
Other chemical products 1
136
143
106
84
184
142
135
152
123
122
176
118
91
102
173
177
104
226
164
102
143
114
117
166
99
137
118
118
171
101
144
114
121
174
104
137
116
122
180
109
138
120
126
185
109
145
121
118
196
116
153
123
107
206
122
156
123
115
212
122
151
134
113
221
123
159
137
117
226
123
159
120
120
169
158
543
169
158
551
169
159
519
166
157
481
157
152
318
162
153
453
170
159
523
171
161
538
169
158
535
163
155
459
172
161
519
361
370
382
389
399
402
404
395
397
390
365
r
127
127
200
332
126
124
204
341
129
124
210
350
130
122
214
356
135
123
213
366
139
120
222
371
140
124
223
382
137
123
221
383
138
120
225
396
140
129
223
398
137
131
226
394
r
83
228
P131
174
164
496
176
166
503
P173
*>164
^478
360 P343
134
229
P133
P231
^404
243
243
P242
140
143
P140
218
222
222
224
230
229
227
231
234
241
240
133
131
129
117
134
135
138
136
133
137
Fuels.
131
133
131
129
115
136
137
140
138
134
151
157
129
121
154
161
128
122
146
151
129
124
139
143
124
125
97
103
74
124
150
155
129
128
148
153
128
131
150
155
129
136
141
144
127
137
125
131
102
139
147
156
114
136
131
130
129
128
128
123
124
123
125
124
r
189
188
P223 ^223
186
187
P
223
188
P
223
184
188
^223
187
P223
187
186
P223
r
189
^223
102 P101
128
161
126
124
364
131
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc) 1
Gold
Silver
147
234
125
159
128
132
l40
133
226
r
405
Minerals—Total.
Metals..
135
148
105
90
212
133
133
148
121
119
148
133
74
85
Rubber Products
Coal.......
Bituminous coa
Anthracite
Crude petroleum...
138
r
145
P141
153
161
119
137
158
162
143
139
PUS
P155
p
123
P137
125
128
P127
186
28
r
p
1
Revised
Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,
pp. 753-771 and 825-882.
MAY
1944
483
INDUSTRIAL PRODUCTION, BY INDUSTRIES
Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1944
1943
Industry
Feb.
Industrial
Production—Total...
Manufactures—Total
Durable Manufactures
Iron and Steel ..
Pig iron
Steel
Open hearth
Electric
Machinery
Mar. Apr. M a y June
July
Aug. Sept. Oct. Nov. Dec
Jan.
Feb. | Mar
229
232
236
239
238
241
245
248
249
247
239
240
241 P239
248
251
255
258
259
260
264
267
269
268
258
259
259
342
350
356
360
359
361
366
370
375
376
364
366
367
20:
210
209
208
201
204
210
214
215
210
200
208
200
231
185
560
202
234
188
559
198
235
186
580
196
23.
184
584
190
227
177
583
191
230
181
577
202
236
185
598
205
239
190
593
202
242
191
607
200
236
186
592
198
222
178
536
202
231
186
556
426
436
441
44.
441
440
445
451
458
463
453
461
673
69<
717
729
743
754
762
764
780
786
763
751
749 P740
203
204
206
211
215
220
232
239
247
248
240
240
235
p
257
260
259
264
262
255
264
277
28,
289
278
285
285
p
252
255
262
270
275
277
279
294
303
309
307
297
299
259
262
257
262
257
247
258
270
279
282
266
280
279
119
123
130
136
135
135
137
136
133
133
126
121
120
v
104
147
110
149
120
149
130
147
128
148
130
152
129
149
124
152
124
152
114
150
107
148
107
146
Pi 08
173
r
222
214
2O7
236
188
580
206
238
191
572
460
P456
1
Manufacturing Arsenals and Depots ...
Transportation Equipment ..
Automobiles
(Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)^
Nonferrous Metals and Products
Smelting and refining
(Copper smelting, Lead refining, Zinc 1smelting; Aluminum; Magnesium; Tin)
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products; Tin consumption)!
Lumber and Products .
Lumber . .
Furniture .
r
r
231
286
120
166
168
172
180
128
148
177
172
164
161
160 P157
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products ..
Other stone and clay products1 ..
145
36
184
126
137
188
305
146
35
185
126
136
196
153
39
194
128
138
202
313
169
43
214
137
136
205
320
157
41
197
136
137
208
325
156
45
195
131
132
198
326
168
49
210
129
135
204
327
162
53
200
130
129
198
321
174
47
218
124
131
199
326
166
54
206
106
129
198
329
158
55
195
92
126
196
319
168
54
208
70
119
196
319
167
58 " 59
205
67
121 PH9
193
314 P302
Nondurable Manufactures ..
171
171
173
175
178
178
181
184
183
181
172
172
173
162
158
157
159
155
148
145
150
152
152
143
149
152 P153
152
172
181
149
166
181
147
166
181
149
169
185
146
160
183
139
153
183
136
147
177
141
156
181
143
156
186
142
153
191
133
142
189
r
166
39
230
184
190
177
187
163
40
228
181
187
172
182
157
38
214
173
179
165
177
158
32
222
177
181
171
177
160
30
226
181
186
174
179
146
24
207
164
168
159
164
150
33
210
168
176
158
166
151
29
206
172
178
163
169
154
37
201
173
175
171
172
154
39
205
172
176
166
171
142
36
186
159
161
156
r
154
r
42
r
210
r
173
176
168
r
170
159
41
218
177
180
173
178
126
117
118
118
113
110
110
110
106
101
108
114
137
151
98
93
188
119
119
128
90
93
155
115
121
131
88
93
162
117
122
132
177
115
112
117
88
86
160
114
105
109
84
83
157
112
103
105
80
89
161
114
104
103
78
95
173
114
101
105
69
87
155
109
96
98
66
83
154
105
103
109
69
r
83
158
r
112
113
119
79
88
177
114
129
128
130
137
144
155
165
156
154
147
144
143
127
116
105
93
98
102
121
124
129
126
130
127
^203
146
213
223
2*206
127
189
198
•P94
Stone, Clay, and Glass Products .
Textiles and Products . .
Textile fabrics
Cotton consumption
Rayon deliveries
.
Nylon and silk consumption1 ..
Wool textiles
Carpet wool consumption ..
Apparel wool consumption .
Woolen and worsted yarn ..
Woolen yarn
Worsted yarn
Woolen and worsted cloth .
Leather and Products .
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers ....
Sheep and lamb leathers .
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings1
Manufactured dairy products .
Butter
Cheese
Canned and dried milk * ..
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
r
Revised.
p
Preliminary
484
1
94
119
127
98
132
142
108
153
168
133
194
208
121
67
117
140
171
115
69
105
136
170
105
61
108
162 ' 158* 170
216
229
222
111
111
94
62
73
63
126
134
111
105
105
84
80
180
114
l40
150
186
106
167
161
'^120
75
91
130
153
111
142
67
107
95
68
106
101
^83
r
73
110
107
154
185
120
107
151
160
175
140
144
173
206
259
150
160
166
205
271
139
113
155
225
30?
147
97
143
168
181
147
172
180
r
r
142
151
187
mi
150
191
79
120
125
86
136
153
207
285
137
83
113
187
251
130
90
108
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of th e Board of Governors.
1935-39 average - 100]
1944
1943
Industry
Feb.
Manufactured
Food
Alcoholic Beverages ..
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
May
June
July
Aug.
Sept.
Oct.
Nov
Dec.
Jan.
Feb.
Mar.
.
131
77
140
144
130
69
135
146
130
79
127
143
133
84
117
148
137
100
107
152
151
164
110
155
168
243
133
155
172
249
155
155
163
174
157
161
156
125
145
166
149
111
135
162
143
91
138
157
PU3
90
^143
110
105
107
106
127
126
122
138
132
119
120
111
115
P132
128
0
38
161
123
0
23
157
130
0
19
141
129
0
13
139
161
0
13
144
159
0
13
144
150
0
21
157
166
0
105
156
144
0
234
158
130
0
130
178
137
0
47
189
131
0
30
162
133
0
24
182
155
0
21
122
123
125
123
128
138
140
141
144
151
132
124
114
117
101
144
85
93
148
89
103
149
86
104
144
86
102
156
80
99
175
84
96
177
89
101
176
93
100
179
99
101
190
103
90
167
87
86
155
85
92
136
77
92
143
73
140
141
141
142
140
134
143
143
140
140
131
136
138
140
154
111
98
206
146
138
143
131
131
179
129
92
139
150
110
94
203
140
138
150
129
126
174
127
90
139
152
112
93
204
144
137
150
130
124
168
125
89
140
155
113
92
211
147
137
\50
133
122
168
130
90
137
143
107
84
184
142
136
152
123
122
180
118
92
132
140
99
87
193
131
131
143
126
117
152
127
89
140
151
101
93
214
139
139
151
135
126
169
130
89
140
148
99
93
211
134
138
155
124
125
174
126
88
138
152
104
93
213
141
135
148
127
124
165
128
83
138
148
109
93
212
131
136
151
126
122
160
130
87
130
142
108
103
196
127
128
135
116
122
158
127
82
134
147
111
r
96
213
130
131
144
r
119
119
r
154
129
79
135
148
109
90
212
133
133
148
121
119
154
133
74
115
114
116
114
111
104
110
112
112
110
108
101
101
P103
98
101
107
106
101
91
93
98
101
98
93
83
83
86
165
166
171
173
177
182
193
202
207
213
219
r
226
228
164
102
143
113
123
166
99
137
117
120
171
101
144
118
124
174
104
137
121
124
180
109
138
120
119
185
109
145
120
110
196
116
153
121
102
206
122
156
123
114
212
122
151
134
113
221
123
159
137
120
226
123
159
118
124
r
234
125
159
124
134
236
128 P131
161
124
130
169
158
543
169
158
551
169
159
519
166
157
481
157
152
318
162
153
453
170
159
523
171
161
538
169
158
535
163
155
459
172
161
519
174
164
496
176
166
503
p\n
PI 64
p
478
362
372
384
389
396
398
400
396
400
392
367
r
363
360
P346
125
125
200
332
126
124
204
341
130
122
210
350
134
119
214
356
139
120
213
366
137
119
222
371
139
126
223
382
135
128
221
383
138
126
225
396
138
130
223
398
137
131
226
394
137
131
226
r
405
138
133
229
406
p
*>156
Alcohol from Beverage Plants1 .
Industrial
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper
Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine Paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard) . ..
and Publishing
Newsprint consumption
Printing paper (same as shown under Paper) .
Petroleum and Coal Products
..
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1
Coke
By-product coke
Beehive coke
Chemical Products
...
Paints
Soap
Rayon
Industrial chemicals
Explosives and ammunition 1
Other chemical products 1
Rubber
Apr.
Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Printing
Mar.
Products
218
231
240
243
132
133
138
134
140
142
145
150
155
129
136
141
144
127
137
125
131
102
139
147
156
114
136
153
161
119
137
158 PUS
162 P155
143 P\23
139 p137
161
160
149
116
87
83
87
249
363
247
351
228
310
170
182
121
83
113
70
120
72
40 " " 3 8 " " ' 3 7 " " 3 4 " " 3 2 " " 3 1
80
86
76
75
79
78
31
70
31
72
31
83
28
82
29
87
224
230
229
227
Fuels
131
133
131
129
115
136
137
140
151
157
129
121
154
161
128
122
146
151
129
124
139
143
124
125
97
103
74
124
150
155
129
128
148
153
128
131
90
90
105
148
159
163
121
77
121
79
147
132
223
298
243
341
250
365
Metals
Metals other than gold and silver
Iron ore
(Copper* Lead; Zinc) 1
.
Silver
""40 "
79
P242
241
222
125
Coal
Bituminous coal
Anthracite
Crude petroleum
243
138
P\33
p
23l
^404
132
222
Minerals—Total .
...
r
147
127
127
132
121
140
140
143
234
140
r
137
p
133
p
141
P86
r
Revised. p Preliminary. * Series included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp.
753-771 and 825-882.
MAY
1944
485
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls
Factory employment
Industry and group
Total
Durable goods
Nondurable goods
1943
Feb.
MarJan.
Feb. Mar. Nov.
Mar.
Nov. Dec
166.4
221.5
123.0
167.6
224.3
122.9
171.0 169.4 rr166.8 165.9 163.6 290.9 297.5 304.5
234.2 232.7 229.7 228.1 224.9 399.8 410.6 421.0
121.2 119.5 117.2 116.9 115.2 184.5 186.9 190.7
Iron and Steel and Products
Blast furnaces, steel works, etc
Steel castings
Tin cans and other tinware
Hardware
Stoves and heating equipment
Steam, hot-water heating apparatus...
Stamped and enameled ware
Structural and ornamental metal work
Forgings—_
Screw machine products
173.0 174.1
135
135
281
279
92
92
124
122
115
113
195
193
154
149
198
198
263
259
295
297
Electrical Machinery
260.8 267.4 289.9 289.8
Machinery, except Electrical
Machinery and machine shop products
Tractors
Agricultural, excluding tractors
Pumps
230.8
236
155
120
299
Feb
r
327.9
r
462.3
r
196.5
327.6
460.1
198.0
286
172.9 170.5 283.5 291.2 297.6
128
209
212
215
266
464
492
476
111
132
142
138
134
232
215
227
136
190
181
184
194
341
313
336
163
278
256
263
211
350
326
343
263
503
478
495
285
545
519
533
320.1 316.7
223
227
483
486
169
175
269
266
239
246
365
369
340
332
397
397
533
521
570
562
317.9
224
488
180
270
253
350
322
411
524
564
318.4
225
487
186
266
253
366
329
415
528
562
288.7
290.4 290.
506.2 500.0
509.7
512.7
175.9 175.1
131
130
267
267
105
106
133
134
132
136
198
198
168
170
209
208
264
264
291
290
173.6
128
267
106
133
136
197
164
210
265
r
427.4 441.6 453.7
233.9 230.1 400.2
244
402
192
225
162
196
344
581
410.0
413
239
215
602
336.5
474.6
201.4
417.7
422
239
228
614
445.7 440.5 447.1
457
461
450
454
288
298
289
301
294
309
322
295
695
737
735
709
r
298
287
250
161
220
237
302
307
r
3,039.1
2,854.5
1,393.0
',422.2
2,406.0 ',486.52,583.3
2,901.12,859.9
351.3
339.9
179.9
183.4
277.9 282.2 283.9
334.4 351.1
180.0 177.6 305.8 308.6 312.1 343.9 335.4 337.8 335.7
313
297
207
302
391
385
371
378
238
239
240
253
125
248
244
250
192
184
229
187
226
233
223
128
Furniture and Lumber Products
Furniture
113.8 114.0 110.1 107.9 r103.8
88
86
90
91
82
r
110
109
114
113
107
111.0 111.0 110.0 108.9 108.2
105
107
106
105
107
Stone, Clay, and Glass Products
Glass
Cement
Brick, tile, and terra cotta
Pottery and related products
122.4
121
109
94
135
122.0
123
106
93
136
Textile-Mill and Fiber Products
Cotton goods except small wares
Silk and rayon goods
Woolen and worsted manufactures....
Hosiery
Knitted underwear
Dyeing and finishing textiles
Carpets and rugs, wool
111..
128
82
117
77
116
108
94
111.1
127
82
117
77
114
107
94
Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
113.: 114.4 104.2
101
111
110
90
80
89
85
93
93
73
96
94
Leather and Leather Products
Leather
Boots and shoes
103.. 101.9
103
104
91
92
90.9
87
82
90.2
87
81
Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Sugar, beet
Confectionery
Beverages, nonalcoholic
Malt liquors
Canning and preserving
109.5
147
113
109
48
117
112
115
67
107.7
138
114
110
38
117
115
118
60
118.5
136
121
114
195
121
129
131
93
115.9
142
120
114
133
122
125
130
81
112.3 111.4 110.0 155.6 150.7
203
185
140
143
169
169
120
121
144
142
112
112
70
110
52
36
164
164
119
119
126
124
122
123
144
134
131
131
113
115
69
70
Tobacco Manufactures
Cigarettes
Cigars
100.2
121
90
99.9
120
91
96.3
130
78
96.4
130
78
94.2
130
75
Paper and Allied Products
Paper and pulp
Paper goods, n.e.c
Paper boxes
117.
109
132
117
118.0 119.1
109
109
127
131
124
119
119.5 119.7
131
132
91
88
82
82
128
127
104.0 103.9
120.
120
79
79
108
108
71
71
103
102
97
97
83
82
Dec.
Jan.
328.2
461.2
198.4
233.3 239.0 238.0 236.2
247
247
246
239
184
187
189
157
151
154
159
124
r
335
340
34l
307
r
r
167
167
168
Refrigerators
145
149
1,472.41,460.51,434.
Transportation Equipment, except Autos.. 1,345.11,378.1
188.9 188.*6 186.7
Automobiles
159.5 161.4
179.6 178.8 185.6 183.. 181.8
Nonferrous Metals and Products
190
217
217
191
213
Primary smelting and refining
129
125
126
124
126
Clocks and watches
110
131
128
112
128
Lighting equipment
Lumber and Timber Basic Products
Sawmills
Planing and plywood mills
1943
1944
Jan.
Feb.
103.3 102.3 166.9 173.7 179.4
144
131
139
82
167
171
167
105
197.4
160
181
107.3 106.6 165.9 171.8
160
166
104
174.9
170
191.1 188.9
185
183
117.3 116.6 115.3 178.5 179.2
168
174
132
132
150
139
79
74
138
136
81
80
185
186
123
127
101.7 101.8 100.6 179.6 181.1
216
217
116
116
134
132
78
78
208
207
106
107
106
70
70
108
185
100
99
184
161
98
97
164
145
81
82
148
181.2
176
137
134
189
195.2 192.2 187.7
207
207
207
134
127
110
127
126
120
195
185
175
106
124
186
182.4
217
134
208
111
184
163
150
176.2 175.9
207
207
138
139
199
198
110
110
180
177
154
154
138
134
171.9
199
136
197
107
173
155
135
174.3
202
139
199
109
176
154
137
102.7 102.3 155.9 167.5 177.5
150
159
169
100
130
136
134
78
148
125
137
84
144
103
136
86
165.6
162
135
133
92
163.5
157
134
133
100
167.5
157
129
141
114
175.4
163
133
148
141
158.1
152
144
146.1
135
133
147.2
141
133
147.3
141
134
151.9
146
138
151.
180
172
146
57
167
131
147
99
186.0 182.9
232
239
197
196
164
163
283
175
189
190
159
156
182
179
164
149
179.9
243
200
161
76
188
152
178
132
176.6
227
191
161
57
187
152
182
133
103.2 r102.3
r
100
99
79
78
84
85
80
75
89.3
89.8
87
81
90.2
158.9
154
147
154
143
188.6 175.9
151
139
179
174
186.3
181
182.0
146
172
187.9
184
147.,
172
133
138.5
146
136
143.3
149
143
162.5
196
141
161.1
190
143
158.2
190
138
154.9
180
142
119.1 118.2 117.6 116.7 167.6
109
108
162
109
126
126
175
126
121
120
160
124
171.3
165
178
167
173.1
166
179
172
184.8
175
187
188
183.7
175
185
186
183.3
173
188
185
185.1
176
190
183
93.6
129
75
89.6
r
Revised.
. .
NOTE.—Figures for March 1944 are preliminary. Indexes for major groups and totals have been adjusted to final data for 1941 and preliminary
d a t a for the second quarter of 1942 made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month
r
and cover wage earners only,
486
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT A N D PAY ROLLS, BY INDUSTVLIES-Contmued
(Without Seasonal
Adjustment)
[Index numbers of the Bureau of Labor Statistics 1939 = 100]
Factory pay rolls
Factory employment
Industry a n d group
1943
Feb.
Mar.
Jan.
104.4
95
109
103.1
93
108
102.9
93
108
102.8
121.8
107
128
121.6
107
129
122.3
108
128
230.9
105
183
108
r
176
133
125
228.2
106
187
108
175
124
141
214.2
391.2
137
203
149
247
219
185
400.9
140
212
151
250
198
229
409.7 428.6
141
161
258
220
166
154
r
297
255
281
181
223
272
118.9 r 118.4
113
114
108
108
119.8
115
107
121.4
162.8
149
169
164.9
151
170
167.3
154
171
164.9 r166.4 r167.1
174
170
173
r
144
146
r
146
148
147
r
147
166.7 r164.2 162.2
176
174
174
91
85
167.4
174
144
149
166.8
234.6
227
241
212
238.3
229
241
220
246.2 287.7 r 285.5 r 288.
289
289
287
240
r
249
252
246
239
r
260
257
255
225
293.7
296
253
262
160.3
172
86
159.0
263.1
231
124
270.6
241
134
283.3 307.6 300.8
273
250
284
150
140
156
300.8
279
161
103.0
95
107
101.8
95
105
104.2
95
108
Chemical and A Hied Products ..
Paints, varnishes, and colors
Drugs, medicines, and insecticides.
Rayon and allied products
Chemicals, n.e.c
Cottonseed oil
Fertilizers
,
251.9
104
156
106
161
128
141
254.8
103
159
107
162
117
162
253.0
106
177
107
r
177
147
113
Products of Petroleum and Coal.
P e t r o l e u m refining
Coke a n d by-products
115.
106
118
115.7
107
117
119.0
113
108
Rubber Products
Rubber tires and inner tubes
Rubber boots and shoes
Rubber goods, other
152.8
151
150
139
153.8
153
146
140
Miscellaneous Industries
Photographic apparatus
Games, toys, and dolls
159.
157
79
162.8
162
81
r
240.1
106
178
110
r
177
r
143
118
Feb.
r
Mar.
Feb.
Feb.
Dec.
Nov.
Printing and Publishing
Newspaper periodicals
Book a n d job
r
1944
1943
1944
Jan.
Nov.
Mar.
Jan.
Dec.
134.9 1"133.5 133.6
113
116
113
r
144
144
l44
133.7
115
142
r
r
405.5
159
259
168
r
294
r
275
227
396.1
160
268
169
r
298
250
248
390.4
162
274
169
296
240
274
197.3
186
181
196.9
185
186
201.6
192
182
196.3
186
176
296.9
277
157
Revised.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1944
1943
Group
Total
Durable
Nondurable
Feb.
Mar.
167.4
222.1
124.3
168.1
224.7
123.5
April
168.4
225.8
123.2
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
167.9
225.9
122.2
169.0
228.3
122.3
169.7
229.4
122.6
169.6
230.0
121.9
168.3
230.0
119.6
170.1
232.2
121.1
170.9
234.0
121.2
160.1
232.8
118.9
Jan.
167.7
230.3
118.4
Feb.
Mar.
166.9
228.8
118.1
2*164.0
*>225.2
P115.8
p
Preliminary.
NOTE.—Revised indexes based on new Bureau of Labor Statistics d a t a released in February 1943.
For back figures see p . 14 of J a n u a r y 1943 B U L -
LETIN, a n d p . 1187 of December 1943 B U L L E T I N .
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Average hours worked per week
Industry and group
All Manufacturing
Durable Goods
Iron and Steel and Products
Electrical Machinery
Machinery Except Electrical
Transportation Equipment Except
Automobiles
Automobiles
Nonferrous Metals and Products
Lumber and Timber Basic Products
Furniture and Finished Lumber Products.
Stone, Clay, and Glass Products
Nondurable
Goods
Textiles—Mi 11 and Fiber Products
Apparel and other Finished Products . . .
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing, and Allied Industries
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries
1943
1944
1944
1943
Jan.
Feb.
Jan.
Feb.
Oct.
Nov.
Dec.
Jan.
Feb.
45.2
45.4
91.9
92.4
98.8
99.6
99.5
r
100.2
100.3
r
46.7
46.8
101.7
102.0
108.6
109.7
109.3
r
110.0
110.0
46.5
46.2
48.9
46.9
r
46.9
49.7
47.1
46.9
49.4
99.8
95.1
102.2
99.9
94.8
103.0
105.6
98.6
108.6
105.7
98.8
109.2
106.1
r
99.5
r
110 1
106.9
100.4
r
110.8
106.9
100.6
110.8
46.5
44.5
46.3
42.8
44.2
43.0
r 46.7
47.0
47.0
r
41.2
r
43.5
r
42.6
46.9
46.4
47.2
42.8
44.0
43.2
114.4
122.2
98.5
68.1
69.6
81.9
115.2
121.2
98.6
68.7
70.6
82.2
123.1
125.0
102.9
77.3
77.7
87.1
125.9
125.3
103.3
77.4
78.0
87.8
124.2
124.7
103.4
76.6
r
78.2
r
87.5
r
r 124.1
125.4
103.8
r
77.2
r
78.9
r
88.2
124.6
125.2
103.7
77.1
79.2
87.9
42.8
42.9
43.2
76.8
77.3
82.4
82.9
83.7
84.1
41.7
r
37.7
40.2
45.5
42.1
45.3
r
40.4
45.1
46.0
r
44.8
45.6
41.4
r
38.2
40.5
r
45.8
r
42.1
45.2
r
40.4
45.7
r
45.6
r
45.2
r
46.0
41.8
38.8
41.3
45.5
65.2
65.5
72.1
76.9
61.3
77.4
97.3
88.6
110.5
97.1
83.8
65.4
67.3
72.0
77.1
60.3
78.1
97.1
89.0
109.2
67.4
73.7
76.5
81.5
67.0
81.2
102.8
93.1
114.2
105.9
90.8
67.7
74.0
77.0
82.9
67.3
81.2
102.6
93.2
114.8
106.6
91.7
68.2
r
75.9
77.5
83.9
r
67.6
r
82.4
r
104.0
r
93.8
116.2
r
106.6
r
92.8
68.6
77.8
77.9
83.7
68.0
82.7
104.1
93.5
116.1
107.3
93.8
Jan.
Feb.
Oct.
Nov.
Dec.
44.2
44.5
45.4
45.5
44.8
45.9
46.2
47.2
47.1
46.2
45.0
47.0
49.6
45.8
46.9
49.6
47.1
47.1
49.6
47.1
47.1
49.6
46.9
45.7
46.0
39.8
42.8
41.7
46.7
46.0
45.9
41.9
43.6
41.8
47.5
47.6
46.9
44.2
44.7
43.8
47.6
46.5
47.1
43.4
44.3
43.5
41.8
42.0
42.7
43.1
41.3
37.4
40.3
43.2
39.6
44.2
39.8
44.5
41.1
44.4
45.7
41.5
38.2
40.2
42.9
38.5
44.5
39.5
44.6
42.4
44.6
46.0
41.6
37.8
39.5
44.1
42.6
45.7
40.2
45.8
46.4
45.4
46.1
41.8
38.1
39.8
45.5
42.5
45.8
40.5
45.6
46.0
45.7
46.5
r
r
41.r
45.6
40.5
45.8
46.5
45 7
46.3
84." 6
83.2
r
67.8
r
74.3
77.3
83.4
r
67.2
81.7
r
103.9
r
93.6
115.3
r
107.0
92.5
r
r
Revised.
NOTE.—Revised data based on the classification of the 1939 Census of Manufactures.
Back figures are available from the Bureau of Labor Statistics.
(Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 495.)
MAY
1944
487
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Factories
1943
January
February
March
April
May
June
July
August
September
October
November
December
1944
350.7
393.5
339.7
303.4
234.4
229.6
183.7
413.8
175.1
213.5
184.4
Year
1
Nonresidential building
Residential
building
Total
Month
1943
159.2
137.2
1944
252.2
110.8
93.3
71.8
79.4
63.3
61.5
71.
67.5
54.1
69.7
58.4
66.2
3,274.0 .
867.8
1943
41.0
24.9
Commercial
1944
73.1
87.7
63.8
40.7
24.2
53.7
31.9
234.8
31.1
34.5
29.0
62.0
34.0
29.9
766.2
1943
7.2
22.7
25.2
6.6
9.3
6.9
5.3
7.4
5.1
11.2
7.9
6.0
Educational
1944
4.1
4.5
120.7 .
Other
1944
5.6
4.2
4.5
5.9
5.3
7.9
4.8
4.2
5.8
5.7
3.3
5.1
62.4
8
1
x
-0.2-
Public works
and public
utilities
1943
7
1944
68.2
72.7
51.5
43.0
36.5
26.3
19.9
26.4
29.0
28.9
26.9
45.7
1943
1944
85.8
113.0
123.0
127.7
95.8
73.3
50.0
73.4
50.1
63.5
59.0
67.4
21.1
23.1
...
50.3
55.1
981.9
Negative because of revision of a prior month's entry.
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Public ownership
Total
Private ownership
Month
January
317
434
February
611
March
499
April
674
May
1,190
June
944
July
721
August
723
September...
780
October
654
November...
709
December ...
1943
1944
159
137
176
1942
1943
1944
198
310
473
355
316
364
304
253
234
569
230
184
414
175
214
184
252
1,105
876
633
661
710
592
664
351
394
340
303
8,255 3,274
1942
122
109
133
1943
119
123
138
144
35
30
36
50
192
105
42
183
122
351
120
157
135
198
85
68
88
62
71
62
45
46
61
62
56
56
50
54
7,146 2,695
1,109
579
1944
37
28
43
Title I Loans
Year or month
Property
improvement
Total
320
557
495
694
954
1,026
1,186
1,137
942
1943
1- to 4family
houses
(Title
ID
13
25
26
21
15
1
1
Rental
War
and
group housing
housing (Title
VI)
(Title
ID
94
309
424
473
669
736
877
691
243
2
2
11
48
51
13
13
6
13
284
601
1943—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
73
59
72
78
84
90
88
85
92
77
7
8
7
10
12
8
10
9
19
16
18
19
21
20
20
20
21
18
47
37
47
51
56
60
55
57
60
50
1944—Jan
Feb
Mar
75
79
62
6
16
6
19
14
13
50
50
44
6
7
* Less than $500,000.
.
NOTE.—Figures represent gross insurance written during the period and
do not take account of principal repayments on previously insured loans.
Boston. .
...
New York .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City ..
Dallas
...
February
March
5,962
19,098
7,219
14,413
27 238
20,591
29,530
7,500
3,943
18,683
22,206
5,288
22,295
5,914
5,942
24 840
24,218
20,147
5,771
2,212
11,828
8,791
7,424
27,376
24,740
28,211
60 621
43,078
58,207
21,604
1,619
50,821
15,997
176,383
137,246
339,698
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
Small
home
construction
224
246
60
160 '
208
251
262
141
96
March
Total (lldistricts)
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
Federal Reserve district
1942
Year
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
End of month
Total
Commercial
banks
SavMuings Insur- Fedtual
eral
and
ance
savloan
com- agen- Other*
ings associ- panies cies 1
banks ations
1936— Dec...
1937—Dec...
1938—Dec...
1,199
228
430
634
8
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June..
Dec...
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar...
June..
Sept..
Dec...
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
1941—Mar...
June..
Sept..
Dec...
2,598
2,755
2,942
3,107
L.246
,318
,400
,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
L,549
,623
1,669
201
219
236
264
272
276
856
940
1,032
237
243
245
200
195
163
1943—June..
Dec...
3,700
3,626
1,700
1 ,705
252
256
284
292
1,071
1,134
235
79
158
159
365
771
1
The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing
Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding
terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports2
1
Merchandise exports
Excess of exports
Month
1944
1940
1941
1942
1943
1944
1940
1941
1942
1943
1944
PI,090
PI,086
242
200
217
229
234
268
254
254
272
229
234
249
P310
P313
128
147
134
96
69
89
228
226
355
502
485
739
P781
P773
P979
Pi,085
l>002
212
211
211
287
297
280
235
191
215
P
258
P281
P295
111
112
138
100
88
50
482
345
433
P
722
P804
P7O7
650
703
732
p
l,261
Pi,202
p
l,235
232
221
195
278
282
262
213
186
196
p
301
P316
P
286
84
130
101
87
178
162
437
517
536
666
492
653
801
787
873
p
l,195
p
207
224
253
304
281
344
200
168
358
P332
P311
P278
137
104
69
362
211
309
602
619
515
628
961
1,450
442
462
507
463
275
166
454
1940
1941
1942
January
February
March
370
347
351
325
303
357
481
480
628
April
May
June
323
324
350
387
385
330
717
536
648
July
August
September
317
351
295
365
460
425
October
November
December
344
328
322
717
January-February
1943
730
719
988
p
l,072
Pi,244
P2.176
P622
r
p
960
887
P949
P
P
863
P761
P
966
987
PI,554
r
P1 Preliminary.
Revised.
Including both domestic and foreign merchandise.
2
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department
of Commerce.
Back figures.—See BULLETIN for April 1940, p . 347; February 1937, p . 152; July 1933, p . 431; and January 1931, p . 18.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers; 1935-39 average=100]
Total Coal Coke
Annual
1939
1940
1941
1942
1943
102
137
168
181
186
107
101
112
120
146
REVENUES, EXPENSES, A N D INCOME OF CLASS I
RAILROADS
[In millions of dollars]
ForLive- est
stock products
Ore
100
114
139
155
141
110
147
183
206
192
96
96
91
104
117
Mis- Mereel- chanlane- dise
I.C.I.
101
110
136
146
145
97
96
100
69
63
Total
railway
operating
revenues
Annual
1939..
1940..
1941..
1942..
1943..
Total
railway
expenses
Net
railway
operating
income
. Net
income
3,995
4,297
5,347
7,466
9,055
3,406
3,614
4,348
5,982
* 7,693
589
682
998
1,484
1,362
1942—December...
711
560
151
1943—January
February
March
April
May
June
July
August
September..
October....
November..
December..
713
726
737
746
753
756
763
768
767
769
769
782
597
620
628
630
639
642
648
653
651
654
662
680
116
106
109
116
114
115
115
114
116
115
107
102
73
64
66
73
73
73
74
74
75
76
69
67
1944—January- • • •
February...
786
774
662
671
124
102
85
P65
93
189
500
904
874
SEASONALLY
ADJUSTED 1
SEASONALLY
ADJUSTED
1943—January
February
March
April
May
June
July
August
September..
October....
November..
December..
135
139
138
136
135
127
141
140
140
137
139
144
135
145
144
133
132
100
146
145
152
140
127
147
184
178
187
186
181
166
184
191
195
195
186
192
138
145
142
140
140
137
143
147
137
167
161
153
102
113
117
118
112
113
113
117
114
119
132
122
130
135
133
138
138
140
150
148
139
137
150
154
202
193
193
163
163
192
202
208
209
191
191
209
144
146
145
145
143
142
146
145
143
140
147
148
1944—January
February...
March
145
143
140
150
149
140
185
180
185
159
148
136
121
135
131
147
146
141
203
193
174
149
147
149
1943—January....
February...
March
April
May
June
July
August
September..
October....
November..
December..
124
130
130
132
137
132
146
145
151
147
142
133
135
145
144
133
132
100
146
145
152
140
127
147
193
189
189
183
179
162
178
183
193
191
186
202
138
142
131
124
123
140
172
158
153
167
157
144
98
90
92
105
101
86
97
111
151
183
166
118
117
129
133
138
143
145
150
156
150
144
147
138
50
48
56
106
269
297
323
312
314
274
193
65
132
137
138
143
145
146
147
147
154
153
153
139
1944—January
February..
March
133
133
132
150
149
140
194
191
187
159
145
125
116
108
103
133
140
141
51
48
51
136
138
142
UNADJUSTED
UNADJUSTED
1942—December ..
703
174
81
1943—January
February...
March
April
May
June
July
August
September..
October....
November..
December ..
671
r
663
756
749
759
747
791
800
777
796
762
782
566
r
558
627
622
631
638
671
676
666
683
666
705
105
106
130
127
128
110
121
125
110
113
96
77
63
62
85
83
86
71
82
84
70
76
63
35
1944—January....
February...
741
735
658
651
83
85
45
P46
r
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
P1 Preliminary.
Revised.
June 1941. Based on daily average loadings. Basic data compiled by AssociaSeries revised back t o January 1937; wage accruals in 1943 redistion of American Railroads. Total index compiled by combining indexes for classes tributed prior to seasonal adjustment.
with weights derived from revenue data of the Interstate Commerce Commission. NOTE.—Descriptive material and back figures may be obtained
from the Division of Research and Statistics. Basic data compiled
by the Interstate Commerce Commission.
MAY
1944
489
DEPARTMENT STORE STATISTICS
fBased on value figures]
MONTHLY INDEXES OF SALES A N D STOCKS
WEEKLY INDEX OF SALES
[Daily average sales; end-of-month stocks. 1923-25 average = 100]
[Weeks ending on dates shown. 1935-39 average = 100j
Seasonally adjusted
1941
1942
1943
1944
Unadjusted
1941
1942
Without seasonal adjustment
1943
1944
January
February
March
April
May
June
July
August
September
October
November
December
1940
..123
26
. ..121
2 . . . . ..117
9
122
. .130
16
23
116
30
147
7 . . . . ..197
1 4 . . . . ..232
21
..258
..124
28
Oct. 19
SALES
101
103
103
104
105
104
115
134
116
105
116
111
138
126
124
117
108
104
121
130
123
128
138
125
143
167
136
128
125
129
142
142
132
140
158
131
153
151
154
Year.
79
82
93
106
105
100
79
106
125
112
133
197
108
99
118
115
108
100
83
103
133
137
157
222
111
132
121
133
125
124
98
112
143
150
180
231
110
124
138
64
69
75
76
75
73
74
84
95
108
110
87
85
97
111
123
130
130
128
132
130
128
123
94
92
89
93
90
92
93
99
110
114
116
113
91
82
118
99
119
120
143
PI 40
Nov.
Dec.
STOCKS
January
February
March
April
May
June
July
August
September
October
November
December
95
102
109
118
127
136
142
138
125
115
106
100
102
93
91
87
90
98
110
114
110
104
98
97
105
105
noi
Year.
Feb.
94
101
Mar.
Apr.
May
p
Preliminary.
Back figures. -Sales, see BULLETIN for August 1936, p. 631, and subsequient issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent
issues.
4 . . . . . . 85
11
99
18
90
89
25.!.!
1
94
8 . . . . ...95
97
15
22
88
29
. .101
8
97
1 5 ' . . . . ..105
2 2 . . . ..111
2 9 . . . . ..117
5 . . . . ..131
1 2 . . . ..136
1 9 . . . . ..117
2 6 . . . . ..114
3 . . . . ..124
1 0 . . . ..128
1 7 . . . .110
2 4 . . . . ..117
3 1 . . . . ..109
Oct. 1 7 . . . . ..152
2 4 . . . . ..153
3 1 . . . . ..158
Nov. 7 .. 166
1 4 . . . . ..167
166
21
28 . : . ..166
D e c . 5 . . . ..236
1 2 . . . . ..274
19
303
2 6 . . . . ..199
1942
1941
Jan.
1942
1941
Oct. 18
131
130
25
..138
Nov. 1
8
139
148
15
22
. .128
29
169
Dec. 6 . . . . ..215
1 3 . . . . ..236
20
..277
174
27
Jan.
Feb.
Mar
Apr.
May
1943
3 . . . . ..107
10
130
17
131
119
24 "
121
31
7 . . . . ..114
14
..116
110
21
119
28
7
125
1 4 . . . . ..131
2 1 . . . . ..140
2 8 . . . . ..147
4 . . . . ..160
1 1 . . . ..120
1 8 . . . . ..135
2 5 . . . . ..129
2 . . . . ..134
9 . . . . ..136
1 6 . . . . ..115
2 3 . . . . ..114
3 0 . . . . . . 95
Jan.
Feb.
Mar
Apr.
May
2 . . . . ..112
9
138
132
16
23
119
30
121
6 . . . . ..136
13
168
20
146
150
27
142
6
1 3 . . . . ..134
2 0 . . . . ..137
2 7 . . . . ..143
..149
3
1 0 . . . . ..153
1 7 . . . . ..154
2 4 . . . . ..166
1 . . . . ..127
8 . . . . ..152
1 5 . . . . ..133
2 2 . . . . ..137
2 9 . . . . ..136
1943
171
Oct. 16
23 .... 171
.174
30
Nov
6. . . . 183
13^ '.'.'..191
20' . . . 201
27 . 188
Dec. 4 . ' ! . . .251
.273
11
18 . . . .289
2 5 . . . . .245
1944
Jan. 1 . . . . .105
8 . . . . .134
15 '.'... .137
2 2 . . . . !l36
Feb.
29
.130
5 . . . .138
.132
12
19
.133
26..... .134
144
Mar. 4
Apr.
May
11V.'.'.' .'148
1 8 . . . . .160
2 5 . . . . .167
1 . . . . .196
8 . . . . .188
1 5 . . . .137
2 2 . . . . .148
2 9 . . . . .150
6
13....
20....
27....
Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues.
SALES BY FEDERAL RESERVE DISTRICTS A N D BY CITIES
[Percentage change from corresponding period of preceding year]
United States..
Boston
New Haven
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Albany
Binghamton
Buffalo
Elmira
Niagara Falls..
New York City
Poughkeepsie...
Rochester
Schenectady.. .
Syracuse
Utica...
Philadelphia
Trenton
Lancaster
Philadelphia....
Reading
Wilkes-Barre...
York
Cleveland
Akron
Cincinnati
Cleveland
Columbus
Toledo
Youngstown...
+18
+10
+22
-6
+21
-3
-11
-12
_5
—4
2 — 11
+11 - 5
+6 — 160
+17
+4
+16
+18
+20
+24
+16
+13
+23
+23
+11
+11
+24
+12
+20
+24
+24
+18
+15
+35
+28
+15
+5
-15
—6
-8
-14
r
-l
+8
-1
-11
+2
-5
-6
-2
r
-6
r
—7
—8
+1
—4
-12
+5 - 1 7
+18 - 7
+9 - 1 5
+19 +1
+19 - 4
+27 - 1 0
r
+6
+ 2 Cleveland—Cont.
+2
+10-5
Erie
Pittsburgh
+3 Wheeling
- 7 Richmond
+8 Washington
+7 Baltimore
Winston-Salem...
-8
0 Charleston, S. C.
+10 Greenville, S. C .
+3 Lynchburg
+8 Norfolk
Richmond
+5 Charleston.W.Va.
-1
+9 Clarksburg
+17 Huntington
+4 Atlanta
-2
+14 Birmingham
Montgomery
+3 Jacksonville
+8 Miami
+11 Tampa
+10 Atlanta
+6 Macon
+5 Baton Rouge
+20 New Orleans
+12 Jackson
Chattanooga.. ..
+1 Knoxville
-6
Nashville
+4 Mobile
-3
+9
+8
+7
+16 - 9
+21 — 14
+26 - 3
+20 -8
+15 - 1 4
+23 — 11
+28 +4
+16 +8
+32 +3
+33 +5
+21 +7
+25 +4
-11
+9
+27 +1
+43 +7
+33 +10
+9
+33
+31
+31
+26
+46
+22
+29
+37
+30
+31
+64
+35
+1
+3
+16
+20
+13
+3
-3
-12
+17
r
+4
+13
+22
+16
-1
-14
r
Chicago
Peoria
+13 -12
+12 -r 1 5
+18 - 3
+2
+3
+11
+6
0
+7
Mar. Feb. Three
mos.
1944 1944 1944
Mar. Feb. Three
mos.
1944
1944
Mar. Feb. Three
1944 19441 mos.
1944
Mar. Feb. Three
1944 1944 mos.
1944
Chicago—Cont.
Fort Wayne...,
Indianapolis...
Terre Haute...
Des Moines....
Sioux City
Detroit
Flint
Grand Rapids..
Lansing
Milwaukee
Green Bay
+15
+15
+19
+20
+10
+15 •t. Louis
-1
Fort Smith
+16 Little Rock
+21 Quincy
Evansville
+21 Louisville
,
+9 St. Louis
+19 Springfield
+22
+26 Memphis
+21 Minneapolis
+22
+10 Kansas City
+4
,
+23 Denver
Hutchinson
+18 Topeka
+23 Wichita
+42 Joplin
+29 Kansas City
+8 St. Joseph
,
+2 Omaha
0 Oklahoma City,
+7 Tulsa
Dallas
+15
+22
+10
+11
+4 Shreveport
+9 Dallas
+4 Fort Worth....
+6 Houston
+14 r - 1 7
+1 -r 1 6
+20 +8
+4 - 9
+15 - 5
+33 - 2
-3
-6 Sitan
San Antonio...
+13
+6
+16
+22
+21
+17
+35 +5
+14 - 5
+27 - 3
+19 - 1 0
+29 +14
+32 +1
+20 - 7
+7
+5
-1
+21
+9
+11
+5
+27
+16
+16
+4 - 5
+27 +7
+26 +4
+26 +7
+22 - 6
+21 - 2
+27 +15
+13 +3
+29 +5
+20 +2
+7
+2
+15
+14
+17
+5
+7
+7
+
3
Francisco
Phoenix
,
Tucson
Bakersfield
Fresno
Long Beach
Los Angeles
Oakland and
Berkeley
,
Sacramento
San Diego
San Francisco..
San Jose
Santa Rosa
Stockton
Vallejo and Nap
Boise and
Nampa
Portland
Salt Lake City.
Bellingham
Everett
Seattle
Spokane
Tacoma
Yakima
+34 +1
+34 +11
+48 +7
+31 +5
+32 + 4
+24 - 1 4
+16
+13
-3
-6
-2
+4
+25 +3
+44 +27
+31 +6
r
0
+28
+17
*
+12
+21
+17
+17
+16
+28
r
r
r
-3
+21
+8
+4
-3
-6
*
+1
-6
-9
+8
+9
+6
—5
-7
-7
-3
-l
r
—9
-2
+6
+4
-6
r_7
— 12
+16
+23
+23
+16
+15
+5
+8
+6
+3
+16
+33
+16
+14
+6
+2
+8
+9
+10
+7
+12
+8
-3
+1
+15
+6
+4
-3
-5
+27 *+29
+16
+5
Revised.
* Data not yet available.
** Two months 1944.
490
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Sales during month (value)
Stocks at end of month (value)
Ratio of stocks
to sales
Percentage change
Percentage change
February
Number
of stores
Department
rc|-Hj r ring
GRAND TOTAL—entire store
352
MAIN STORE-total
352
Women's apparel 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...
Feb. 1944
from
Feb.1943
-8
n
Feb.1944
from
Jan.1944
+1
+2
Feb.1943 Feb.1944 Feb.1944 Feb.1943
from
from
from
from
Jan.1943 Feb. 1943 Jan. 1944 Jan.1943
+16
+17
+7
+10
+4
+1
+28
+50
+42
+41
+91
+88
311
293
303
284
320
329
343
323
241
262
-13
-15
-5
+34
+58
+12
+22
+25
+9
+21
+12
+15
+92
+105
+50
+76
+31
+20
-2
-1
+6
+6
-2
+5
-14
-3
-3
-2
+13
+3
+1
-3
-25
-20
-11
—12
— 14
-2
320
230
303
278
172
-23
-37
-17
-6
-23
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
313
230
236
290
-6
-15
-5
+22
-5
+6
-4
o
+14
+11
+12
+34
-5
-3
-3
+15
+15
+15
+13
+33
+13
+15
+3
187
286
220
219
-55
+3
+4
-32
+1
+4
+10
+2
Piece goods (dress a n d coat yard goods, all
materials)
Cotton wash goods .,
284
116
-11
-9
Small wares
Notions
Toilet articles, drug sundries, prescriptions
Jewelry and silverware
,
,
331
219
315
270
+19
+5
+17
+18
+9
+2
+9
Miscellaneous
290
+7
+65
+73
+5
+2
+2
+17
+16
214
204
165
122
55
134
-15
-16
-25
BASEMENT STORE—total. . . . . . . .
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
+12
-12
-30
-13
knit
,
+7
350
329
333
Men*s and boys* wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers
„.
+13
-14
+21
+19
A
-7
-19
+24
+12
-6
-1
-9
-6
+6
-28
—39
+12
+24
+14
-8
+37
-13
-13
-22
-5
+13
+29
+2
-1
+30
+3
-13
-5
-36
—11
-64
-5
-22
+2
+13
+22
+14
+22
+14
+13
+14
-1
0
+16
+7
-11
+10
+5
+11
+20
+2
+4
-2
+9
+9
+2
+5
-3
+5
0
-19
-9
+23
+35
+23
+18
+12
+19
+41
+8
-7
+3
+11
+6
+5
+4
+13
+6
+11
+14
+12
+7
0
+8
1944
1943
-4
3.2
2.6
—4
3.2
2.7
-4
-24
-7
2.7
2.0
2.0
1.7
0.7
0.9
-5
-5
0
-8
-6
-8
-2
-12
3.1
3.0
2.7
2.7
2.6
2.4
2.0
3.3
5.3
2.4
1.4
1.3
2.1
1.3
1.9
2.7
2.5
3.6
3.5
1.5
-5
5.3
-10
-3
+2
+3
5.6
4.8
5.0
8.1
4.0
3.8
4.0
3.6
6.1
-4
-9
-2
4.1
4.0
3.8
+5
+4
+4
3.7
4.4
3.6
5.7
5.0
-12
-6
-5
-3
3.7
3.3
4.6
5.6
4.6
3.6
6.1
4.7
-12
-15
2.3
1.6
1.8
1.8
0
-1
-2
3.4
4.1
3.1
3.9
3.3
3.2
3.0
4.0
+5
+1
3.4
3.4
-2
3.3
-4
2.7
5.2
3.4
2.4
6.3
2.4
1.6
3.6
3.5
2.2
4.6
+1
-5
-6
+8
NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtained
by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month
in terms of sales for that month.
—
SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average
Total
1943—January
February
March
April
May,.,
June
July
August
September
October
November
December
1944—January
February
March
Accounts receivable
at end of month
Sales during month
Year and month
100
116
119
128
117
120
96
107
131
147
166
217
106
109
144
Cash
123
l40
146
159
145
150
125
138
167
187
210
290
r
140
l40
183
r
:
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
62
69
66
75
61
56
53
64
70
84
93
99
82
98
99
103
96
100
72
82
104
115
130
159
58
55
51
49
45
42
39
38
38
40
44
48
83
79
78
78
75
76
64
63
74
81
90
109
96
89
91
85
79
72
70
67
67
75
81
82
142
109
105
106
105
100
103
85
84
104
116
121
59
58
59
60
60
60
62
62
61
61
61
64
36
35
36
36
33
33
34
34
34
32
53
57
74
79
84
114
44
41
40
82
72
79
77
72
78
143
107
99
64
63
62
32
33
34
r
r
36
37
\
X
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.
MAY
1944
491
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
1943
Sale credit
Total
instalment
credit
Loans
Automotive
Total
1
Singlepayment
loans2
Charge
accounts
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
6,165
r
5,158
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
2,932
1,939
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,494
816
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
652
674
619
516
459
529
794
,030
,167
,226
,559
,984
,174
,438
,123
1,577
1,451
1,051
726
588
659
785
991
1,119
1,069
1,089
1,123
1,204
1,072
1,034
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
1,498
5,505
5,368
5,158
2,479
2,338
2,244
2,139
2,075
1,993
1,939
1,917
1,891
1,882
1,939
1,190
1,071
1,020
955
896
838
807
786
777
778
816
351
287
260
235
208
196
190
186
181
177
175
839
784
760
720
688
642
617
600
596
601
641
,289
,267
,224
,184
,179
,155
,132
,131
,114
,104
,123
1,038
1,031
1,029
1,027
1,014
994
996
1,038
1,073
1,084
1,034
1,333
1,343
1,331
1,275
1,338
1,222
1,198
1,275
1,366
1,466
1,498
4,828
4,663
^4,836
1,836
PI,785
PI,803
745
P7O7
^695
169
*167
P
167
576
*540
P528
1,091
PI,078
Pi,108
996
P962
1,294
PI,218
p
l,376
r
5,262
r
5,103
r
5,095
r
4,883
4,810
r
4,909
r
5,010
r
5,123
r
Service credit
Other
596
573
531
491
467
451
472
520
557
523
534
560
610
648
r
687
655
656
r
658
r
662
r
668
r
674
677
r
679
r
680
r
691
r
687
1944
p
702
698
P7O2
p
P Preliminary. r Revised.
^ 1 Includes repair and modernization loans. A revision of repair and modernization estimates was shown on p. 392 of the Bulletin for April 1944.
This2 revision is preliminary and subject to change.
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 tht Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. In millions of dollars)
Department
stores
and
mailorder
houses
Furniture
stores
1 197
1,104
958
677
663
741
865
1 147
1,368
1,343
1,525
1,721
1,805
1,012
641
160
155
138
103
119
146
186
256
314
302
377
439
469
254
174
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
56
47
45
30
29
35
40
56
68
70
93
110
120
66
133
141
136
110
97
115
132
174
210
220
246
271
284
160
101
839
784
760
720
688
642
617
600
596
601
641
210
196
190
178
168
155
149
148
151
160
174
338
322
319
308
301
286
279
272
269
266
271
103
91
81
72
64
55
48
42
37
32
29
56
51
50
48
47
45
44
44
45
48
66
132
124
120
114
108
101
97
94
94
95
101
Total,
End of month excluding
autoor year
motive
1929 .
1930
1931
1932
1933
1934 .
1935
1936
1937
1938
1939 . .
1940
1941
1942
1943.
1943
Feb.
Mar.
. .
Apr.
May
June
Tulv
Aug
Sept
Oct.
.. .
Nov
Dec
Household
appliance
stores
Jewelry
stores
77
All
other
retail
stores
1944
576
P540
P528
Jan
Feb
Mar
158
P147
P144
P Preliminary.
248
P236
P231
24
P21
P19
55
P51
P51
91
P85
P83
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollarsl
End of
month or
year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1943
Feb..
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Total
652
674
619
516
459
529
794
,030
,167
,226
,559
,984
Repair
IndusComtrial Credit Miscel- and
laneous modernmercial1 com- banking unions
lenders ization
banks panies comloans2
panies
,438
,123
43
45
39
31
29
39
71
130
215
248
380
586
687
370
273
263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
219
218
184
143
121
125
156
191
221
230
257
288
298
202
165
32
31
29
27
27
32
44
66
93
113
147
189
217
141
110
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
27
177
240
163
172
244
317
335
210
117
,289
,267
,224
,184
,179
,155
,132
,131
,114
,104
:,123
319
312
299
290
287
283
278
277
273
270
273
387
387
378
366
371
363
357
358
354
355
372
185
184
179
174
174
170
168
169
167
165
165
126
127
122
118
118
114
112
113
111
109
110
88
87
87
85
86
85
84
85
84
84
86
184
170
159
151
143
140
133
129
125
121
117
1,091
,078
,108
267
266
276
360
356
369
161
161
164
106
105
109
85
P84
P86
112
P106
P104
M74
1944
Jan
Feb
Mar
P:
p
1
Preliminary.
These figures for amounts outstanding include only personal instalment
cash loans and retail automotive direct loans, which are shown on the following page, and a small amount of other retail direct loans (10 million
dollars
at the end of March 1944), which are not shown separately.
2
See footnote 1 for table above.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING I N S T I T U T I O N S
[Estimates of volume made in period. In millions of dollars]
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Automotive
retail
Month or year
Total
Pur- Direct
chased loans
Other Repair
Perand
sonal
retail,
instalmodpurchased erniza- ment
cash
tion
and
loans
direct loans
Outstanding a t end of
period:
1939
1940
1941
1942
1943
1,020
1,340
1,588
787
469
210
300
396
136
54
160
230
303
122
82
150
210
279
143
67
220
260
246
154
86
280
340
364
232
180
1943—February....
March
April
May
June
July
August
September. .
October
November. .
December...
662
619
580
551
529
515
498
489
480
470
469
101
87
77
69
65
60
58
57
57
55
54
100
95
91
89
85
82
82
82
82
82
82
121
108
100
93
84
80
74
70
67
66
67
135
125
117
111
105
103
98
95
92
89
86
205
204
195
189
190
190
186
185
182
178
180
460
448
452
51
51
50
81
81
83
82
78
76
176
174
183
1944—January
February...
March
r
r
70
64
60
Volume extended during
month:
1943—February
March
April
May
June
July
August
September
October
November
December
25
39
28
27
35
30
30
33
29
28
32
1944—January
February
March
27
29
43
Month or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
Commercial
banks 1
Small loan
companies
Industrial
banking
companies
Credit
unions
705
524
463
503
498
376
304
384
423
563
619
604
763
927
983
798
809
413
380
340
250
202
234
288
354
409
417
489
536
558
408
364
42
41
38
34
33
42
67
105
148
179
257
320
343
215
193
52
49
44
37
43
60
60
59
59
82
33
31
30
25
31
16
16
14
14
18
36
35
53
41
40
50
44
45
47
43
42
45
50
86
62
58
80
62
64
70
67
70
95
25
26
38
31
29
35
30
29
32
28
29
32
11
13
22
15
14
19
15
15
18
16
15
20
53
60
94
27
29
38
13
16
23
1942
August
September
October
November
December
1943
January
February
March
April
May
June
July
August
September
October
November
December
1944
January...
February.
March....
42
44
63
r
r
Revised.
1
These figures for loans made include only personal instalment cash
loans
and retail automotive direct loans, which are shown elsewhere on
r
Revised.
this page, and a small amount of other retail direct loans (two million
N O T E . — F o r descriptive material and back figures, see BULLETIN for dollars in March 1944), which are not shown separately.
October 1942, p p . 992-994.
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1
FURNITURE STORE STATISTICS
Item
Mar.
1944
Net sales:
Total
Cash sales
.
Percentage
change from
corresponding
month of
preceding year
Percentage
change from
preceding
month
...
...
Credit sales:
Instalment
Charge account
...
Jan. M a r .
Feb.
1944
1944
1944
+9
r
+l
r
+22 +13
+13
+9
—42
-48
-5
-5
-9
-9
-27
-27
-8
>j
—3
-6
-14
-17
+l
+1
-24
+20
+17
Accounts receivable, at end of
month:
Total
Instalment..
—2
-3
Collections during month:
Total
Instalment
+4
+4
r
Inventories, end of month, at
retail value
-1
r
—43
—34
—1
+12
Feb.
1944
r
r
-6
0
-l
-2
+16
—8
-10
+3
-27
-29
-29
-12
-15
-14
-17
-19
-19
r
Department
stores
Furniture
stores
Household appliance
Jewelry
stores
Department
stores
1943
February
March
April
May
June
July
August
September
October
November
December
28
31
31
30
29
30
32
33
37
37
35
17
19
20
22
21
22
22
21
22
23
22
16
18
18
20
21
21
21
21
22
23
22
30
30
31
33
33
34
34
33
37
39
55
61
62
63
63
62
62
62
62
65
66
63
1944
January
February
March
30
31
36
20
20
23
22
22
26
31
31
35
61
61
64
stores
1944
r
-28
r
r
Month
Jan.
+12
+3
Charge
accounts
Instalment accounts
r
r
r
Revised.
Ratio of collections during month to accounts receivable at beginning
of m o n t h .
1
r
Revised.
MAY
1944
493
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.6
97.1
100.3
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
1943—January
February...
March
April
May
June
July
August
September..
October....
November..
December...
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2
117.0
119.0
122.8
123.9
125.7
126.2
125.0
123.5
123.1
122.2
121.4
121.8
105.2
105.8
107.4
108.4
110.5
109.6
107.2
105.8
105.0
105.1
105.8
105.6
96.0
96.2
96.5
96.6
96.7
96.8
96.9
97.1
97.2
97.3
97.4
97.6
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
116.5
117.0
97.3
97.3
97.3
97.4
97.4
97.4
97.4
97.4
97.5
97.6
97.7
97.7
79.3
79.8
80.3
80.6
80.8
81.0
81.0
80.9
81.0
81.0
81.2
82.1
103.8
103.8
103.8
103.8
103.8
103.8
103.7
103.7
103.7
103.7
103.8
103.8
109.8
110.2
110.4
110.3
110.5
110.6
110.7
112.2
112.5
112.7
113.1
113.4
100.2
100.3
100.0
100.1
100.2
100.0
100.1
100.2
100.3
100.4
100.3
100.4
102.5
102.6
102.6
102.6
102.7
102.8
102.6
102.6
102.6
102.6
102.8
102.8
90.7
90.9
91.4
91.6
91.9
91.8
92.3
92.6
93.0
93.1
93.2
93.3
1944—January
February...
March
103.3
103.6
103.8
121.8
122.5
123.6
104.9
104.5
104.6
97.8
98.0
98.1
117.2
116.9
116.9
97.7
97.7
97.8
82.3
83.1
83.0
103.7
103.7
103.7
113.5
113.6
114.2
100.4
100.4
100.4
104.5
104.2
104.3
93.2
93.4
93.5
Week ending
1944—January 8..
January 15..
January 22..
January 29..
February 5.
February 12.
February 19.
February 26.
March 4.. .
March 1 1 . . .
March 18...
March 25...
April 1
April 8
April 15
April 22
April 29
102.9
103.0
103.0
103.1
103.1
103.1
103.3
103.6
103.4
103.4
103.6
103.7
103.6
103.7
103.8
103.6
103.7
121.9
122.1
121.9
122.6
122.1
121.9
122.8
124.2
123.2
123.4
124.5
124.6
123.9
124.1
124.5
122.9
123.1
104.6
104.8
104.6
104.7
104.2
104.0
104.1
104.6
104.5
104.6
104.6
104.5
104.2
105.0
105.0
104.4
104.7
97.8
97.9
97.9
98.0
98.0
98.1
98.2
98.3
98.3
98.2
98.2
98.3
98.3
98.5
98.5
98.5
98.5
117.9
117.9
117.9
117.8
117.7
117.8
117.7
117.5
117.6
117.6
117.6
117.5
117.5
117.6
117.6
117.6
117.6
97.2
97.2
97.2
97.2
97.2
97.2
97.2
97.2
97.3
97.3
97.3
97.3
97.3
97.3
97.3
97.3
97.3
82.6
82.7
82.8
83.1
83.2
83.5
83.7
83.7
83.7
83.6
83.6
83.6
83.6
83.6
83.6
83.7
83.7
103.9
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
113.4
113.4
113.4
113.5
113.5
113.7
113.7
113.7
113.7
113.7
113.8
114.6
114.6
114.7
114.7
114.6
114.7
100.3
100.4
100.4
100.4
100.4
100.4
100.4
100.4
100.4
100.4
100.4
100.4
100.4
105.4
105.4
105.4
105.4
104.4
104.4
104.4
104.4
104.4
104.4
106.2
106.2
105.9
105.9
105.9
105.9
105.9
105.9
106.0
106.0
106.0
93.0
93.0
93.0
93.0
93.0
93.0
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
Year, month, or week
Total
1943
ChemiHides and Textile Fuel and Metals Building cals
Houseand furnishleather products lighting and metal materials
allied
materials products
products
products ing goods
1944
Subgroups
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
Miscellaneous
Subgroups
Mar.
Dec.
Jan.
Feb.
Mar.
112.2
135.7
1.17.1
128.2
119.5
120.6
129.5
120.8
119.5
129.3
123.3
119.3
129.5
125.6
119.9
113.2
93.5
115.6
115.5
96.3
110.6
95.1
119.3
105.9
98.5
110.6
95.1
118.4
106.0
96.1
110.7
95.1
120.7
106.0
93.5
110.5
95.1
123.3
106.0
92.7
126.4
116.0
101.3
115.2
126.4
111.6
101.3
115.2
126.4
112.9
101.3
115.2
126.4
111.0
101.3
115.2
126.3
111.2
101.3
115.2
107.0
112.6
70.5
107.0
112.9
71.7
107.0
112.9
71.7
107.0
113.4
70.5
107.0
113.6
70.5
30^3
112.4
97.5
30^3 "30^3" 30^3
112.5 112.5 112.5
100.5 100.5 100.5
30^3
112.5
100.5
89.8
115.2
122.4
60.2
75.6
61.5
95.0
118.8
124.5
97.8
119.9
130.7
95.6
120.1
130.7
" 76.7 ' 77.2'
63.5
64.0
64.0
77^0
63.5
95.0
119.8
126.2
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 pharmaceutical:
Fertilizer materials
Mixed fertilizers
Oils and fats
Eousefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Mar.
Dec.
Jan.
Feb.
Mar.
96.9
98.0
97.2
112.8
86.0
90.4
96.9
98.1
97.1
112.8
86.0
91.8
97.0
98.1
97.1
112.8
85.9
91.8
97.0
98.1
97.1
112.8
85.8
91.8
97.1
98.2
97.1
112.8
85.8
91.8
98.7
94.2
134.6
102.2
90.4
107.3
102.0
100.0
93.6
144.0
103.3
91.8
107.3
102.8
100.2
93.6
144.1
103.5
91.8
107.3
102.8
100.1
93.6
144.5
103.9
91.8
107.3
102.8
100.3
93.6
146.3
104.4
91.8
107.3
102.8
96.4
165.0
79.0
85.8
101.5
96.3
165.2
81.3
86.5
102.0
96.3
165.2
81.3
86.5
102.0
96.3
165.2
81.4
86.3
c
102.0
96.3
165.2
81.4
86.3
102.0
107.3
97.7
107.1
98.4
107.1
102.0
107.1
101.4
107.2
101.4
73.0
148.2
102.7
46.3
94.9
73.0
159.6
106.0
46.2
96.7
73.0
159.6
106.0
46.2
96.7
73.0
159.6
106.6
46.2
96.7
73.0
159.6
107.2
46.2
96.7
c
Corrected.
Back figures.—Bureau of Labor Statistics, Department of Labor.
494
FEDERAL RESERVE BULLETIN
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Year and month
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local government
957
910
865
863
3,551
3,572
3,577
3,610
3,630
3,645
3,641
3,626
3,673
3,706
6,424
6,433
6,357
6,373
6,388
6,335
6,248
6,345
6,474
6,382
4,347
4,331
4,302
4,297
4,300
4,282
4,258
4,300
4,310
4,315
5,863
5,896
5,933
5,961
5,919
5,812
5,774
5,780
5,830
6,010
813
816
811
846
800
716
3,741
3,764
3,753
6,395
6,362
6,308
4,329
4,338
4,339
5.835
5,840
5,862
15,958
15,956
15,911
16,056
16,136
16,245
16,179
16,205
16,229
16,078
861
850
837
835
830
823
825
819
809
815
1,357
1,328
1,299
1,277
1,218
1,162
1,066
974
871
773
3 475
3,552
3,587
3,653
3,683
3,695
3,708
3,705
3,687
3,661
6,328
6,423
6,331
6,371
6,290
6,218
6,285
6,419
6,569
6,832
4,281
4,337
4,349
4,355
4,359
4,331
4,334
4,300
4,272
4,271
5,855
5,890
5,948
5,937
5,848
5,771
5,830
5,851
5,861
6,055
15,827
15,738
15,512
811
812
808
685
641
617
3,640
3,663
3,667
6,255
6,19/
6,214
4,248
4,259
4,274
5,791
5,813
5,854
Construction*
Total
Manufacturing
Mining
38,615
38,472
38,190
38,282
38,261
38,067
37,725
37,942
38,175
38,143
16,002
16,019
15,966
16,076
16,124
16,145
16,030
16,171
16,222
16,054
864
858
842
842
835
825
817
810
801
813
1,564
1,363
1,213
1,123
1.065
1,023
37,860
37,735
37,340
15,901
15,815
15,551
38,115
38,336
38,262
38,484
38,364
38,245
38,227
38,273
38,298
38,485
37,257
37,123
36,946
SEASONALLY ADJUSTED
1943—March
April
May
June
July
August
September
October
November
December..
....
1944—January
February
March
UNADJUSTED
1943—March
April
May
Tune
July
August
September
October.
November
December
.:
1944—January
February
March
" Includes contractconstruction and Federal force account construction. r Revised.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Estimates exclude proprietors of unincorporated businesses, self-employed persons,
figures for
for March
domestics employed in private homes, public emergency employees (WPA, NYA, and CCC), and personnel in the armed forces. Figures
1942 BULLETIN.
1944 are preliminary. Revised seasonally adjusted estimates for months prior to November 1941 are shown on p. 1156 of the Novemberr 1942
BULLE
XlVlJi.
MAY
\J UCLVJ.J U O l t U
laCtLO/ VAJJ.XJLjJiJ.tAJ.
1944
Uy
JJUltuU
Ul
XJCLUKJL
kJlcm.Olll'O*
JLJ3LJJ.XXCH.tD ^ A l / l U U b [ J i U ^ i l C t U l O U l
UJJ.iiJ.VAJJ.lJV/ia.CtU UUOlUCOOtO, O C i l - C l l l ^ l V J ^ C v l
IJ'
495
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page
1944
Mar. Apr. Apr. Apr. Apr.
29
5
12
19
26
In billions of dollars
WEEKLY FIGURES^
2, 4
4
4
4
4
4
2
2
2
2
2
3
3
3
3
3
3
3
12.30
6.73
2.95
1 16
1 45
12.33
6.72
3.00
1.16
1.45
12. 65
7.03
3.01
1 16
1 45
12 73
7 12
3 01
1.16
1 45
08
21. 60
21 04
1 92
75
L2 05
63
86
02
(2)
22
62
04
2K54
21.19
1.80
43
12!28
86
93
02
01
26
64
06
21 48
21 30
1 82
27
12 60
99
93
02
01
27
64
09
21 47
21 33
1 97
20
12 70
93
1 90
02
01
27
p 60
14
14
14
14
15
15
15
15
52.01 51 63
32 66 32 87
38 09 37 96
11 02 10 77
6.31 6 22
2.43 2 43
3.84 3.79
1.14 1 03
51 60
33 77
38 09
10.62
6 19
2.41
3 78
.98
51.45
34.25
38.11
10.46
6.15
2.40
3.75
.91
15
17
17
17
17
15
17
17
17
17
13.59
6.20
3.03
3.35
1.01
24.50
11.82
4.88
5.56
2.24
13.76 13.69
6.20 6.18
3.00 2.98
3.35 3.37
1.21 1.16
24.20 24.40
11.81 11.80
4.89 4.88
5.58 5.59
1.93 2.13
13.79
6.21
2.94
3.37
1.27
24.32
11.82
4.88
5.62
1.99
Per cent per annum
MONEY RATES, ETC.
Treasury bills (new issues)
Treasury notes (taxable)
U. S. Govt. bonds:
Partially tax-exempt 3
Taxable 3
Corporate Aaa bonds
Corporate Baa bonds
25
25
.375
1.39
.375
1.37
.375
1.36
.375
1.35
25, 33
25, 33
33
33
1.94
2.48
2.74
3.70
1.93
2.48
2.74
3.70
1.93
2.48
2.74
3.68
1.93
2.48
2.74
3.68
13.00
7.42
2.97
1.16
1.45
21.43
21.40
2.0:
.3'
12.54
.64
Reserve Bank credit
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Reserve balances
Required reserves
Excess reserves, total
New York City.
Chicago
Reserve city banks
Country banks
Money in circulation, total
.A Bills of |50 and over
I |10 and |20 bills
Coins, | 1 , $2, and $5 bills
5
5
5
5
5
5, 8
8
8, 9
12.37
21.93
20.43
2.32
.48
12.94
11.82
1.11
.02
(?)
.34
.75
20.53
5.71
10.92
3.90
Feb.
Mar
11.96
21.80
20.63
2.33
.34
12.35
11.19
1.16
.02
12.61
21.64
20.96
2.34
.39
12.43
11.44
.99
.02
.34
.79
20.82
5.82
11.09
3.92
.27
.70
21.12
6.02
11.17
3.93
ALL BANKS IN U. S.
'125.20 P128.50
P58.10
P62.50
V
P33.60
.10
P19.20
Total deposits and currency.
Demand deposits adjusted...
Time deposits.
Currency outside banks
CONSUMER CREDIT
51.06
credit, total5
18
34.52 Consumer
Single-payment loans
18
37.83
Charge
accounts
18
10.3!
18
Service
credit
5
6.07
Instalment
credit,
total
18,
19
5
2.3<
19
Instalment
loans
3.71
19
Instalment sale credit, total
.9:
19
Automotive
19
Other
13.60
6.26
TREASURY FINANCE
2.8<
3.3' U. S. Govt. obligations outstand1.07 ing, total interest-bearing
Bonds (marketable Treasury)..
24.24
Notes, cert., and bills, t o t a l . . .
11.83
Notes
4.9
Certificates
5.5'
Bills
1.9:
Savings bonds, tax notes, etc..
Savings bonds.
Tax notes
Special issues
Holdings of U.S. Govt. obligations:
Fed. agencies and trust funds
.37.
Federal Reserve Banks
Commercial banks
Private holders other than
1.9J
commercial banks, total
2.4!
Mutual savings banks
2.7;
Insurance companies
3.6'
Other investors, total
Marketable issues
In unit indicated
Stock prices (1935-39 = 100):
Total...
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
Jan.
RESERVES AND CURRENCY
MEMBER BANKS IN LEADING CITIES
Loans and investments
Demand deposits adjusted
U. S. Govt. obligations
Total loans
Commercial loans, total
New York City
100 cities outside New York
Brokers' loans—New York City
U. S. Govt. obligations:
New York City, total
Bonds
Notes and guar. securities
Certificates
Bills
100 cities outside New York, total..
Bonds
Notes and guar. securities
Certificates
Bills
1944
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
Reserve Bank credit:
U. S. Govt. securities, total
Bills
Certificates
Notes
Bonds
Special certificates
Discounts and advances
Gold stock
Money in circulation
Nonmember deposits
Treasury deposits
Member bank reserves
Excess reserves*
Excess reserves (weekly average), total*
New York City
Chicago
Reserve city banks
Country banks 6
Chart
book
page
4.83
1.00
1.29
.70
1.84
1.09
.75
.17
.58
P4.66
P.96
PI. 22
P. 70
PI. 79
PI. 08
P. 71
P.17
P.54
P4.84
P.96
PI. 38
P. 70
PI. 80
PI. 11
P.70
P.17
P.53
171.31
67.94
47.12
11.17
22.84
13.10
38.91
28.90
9.38
12.87
185.94
73.88
52.09
13.30
25.68
13.11
42.37
31.52
10.22
13.17
185.61
72.81
55.07
16.24
25.68
13.15
41.76
31.97
9.12
13.51
17.15
12.07
61.80
17.78
11.63
64.90
18.11
12.12
80.30
5.70
14.20
60.40
22.80
91.60
6.70
15.70
69.20
28.20
Per cent per annum
MONEY RATES, ETC.
35
35
35
35
35
95.7
97.2
97.9
87.6
.92
96.1
97.6
98.5
87.6
.72
96.1
97.5
99.5
87.8
.63
94.0
95.3
95.1
86.7
.72
F. R. Bank discount rate, N . Y . . . .
27
Treasury bills (new issues)
27
Treasury notes (taxable)
27
Commercial paper
29
U. S. Govt. bonds:
3
Partially3 tax-exempt
33
Taxable
33
Corporate Aaa bonds
29, 33
Corporate Baa bonds
33
.50
.374
1.30
.69
.50
.375
1.32
.69
1.95
2.49
2.72
3.76
1.93
2.49
2.74
3.72
6
.50
.375
1.36
.69
1.91
2.48
2.74
3.70
BUSINESS CONDITIONS
Steel production (per cent of capacity)..
Electric power prod. (mill. kw. h r s . ) . . .
Freight carloadings (thous. cars):
Total
Miscellaneous
Department store sales (1935-39 = 100)...
F.H.A. home mortgages,
new construction (thous.) 4
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food
50
50
99.1 99.5 98.7 99.5 100.1
4,409 4,361 4,307 4,344 4,3:
Stock prices (1935-39 = 100) i
Total
787.5 789.3 800.0 840.0
51 383.8 375.8 373.4 385.7
Industrial
52
188
148
Railroad
196
137
Public utility
Volume of trading {mill, shares)...
Brokers' balances (mill, dollars):
63 103.6 103.7 103.8 103.6
Credit extended customers
63 123.9 124.1 124.5 122.9
Money borrowed
98.3 98.5 98.5 98.5
63
Customers' free credit balances.
In unit indicated
35
35
35
35
35
94.6
96.4
91.0
86.7
.79
94.4
95.8
96.1
86.9
.81
96.6
98.2
98.7
88.4
1.12
37
37
37
e
e
800
c
650
e
e
820
e
630
e
780
*560
6
370
370
380
For footnotes see following page.
496
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1944
Jan.
Feb.
Mar.
In unit indicated
MONTHLY FIGURES—Cont.
Jan.
Feb.
Mar.
In unit indicated
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS
Income payments (mill, dollars), total: 7
38
Salaries and wages
38
Other
38
Cash farm income (mill, dollars), total.
39
Livestock and products
39
Crops
39
Goyt. payments
39
Industrial production: 7
Total (1935-39 = 100)
41, 42
Groups (points in total index)
Durable manufactures
41
Machinery, etc
42
Iron and steel
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquor, and tobacco
42
Other nondurable
42
Minerals
41,42
Primary products (1935-39 = 100):
Steel
43
Cement
43
Lumber
43
Coal
43
Crude petroleum
43
Cotton consumption
43
Wool yarn
43
Paper
43
Leather
43
Meats and dairy products
43
Other manufactured foods
43
Labor force8 and employment (mill.
persons):
Labor force
44
Employment, total
44
Nonagricultural
44
Agricultural
44
Male
44
Female
44
Nonagricultural 7 employment (mill.
persons), total
45
Manufacturing and mining
45
Trade
45
Government
45
Transportation and utilities
45
Construction
45
Factory employment and pay rolls
(1939 = 100):
Pay rolls
47
Employment
47
Hours and earnings at factories:
Weekly earnings (dollars)
48
Hourly earnings (cents)
48
Hours worked (per week)
48
New orders, shipments, and inventories
(1939 = 100):
New orders, total
49
Durable
49
Nondurable
49
Shipments, total
49
Durable
49
Nondurable
49
Inventories, total
49
Durable
49
Nondurable
49
7
Residential contracts (mill, dollars):
Total
53
Public
53
Private, total
53
1- and 2-family dwellings
53
Other
53
Construction contracts
(3-mo. moving
av., mill, dollars): 7
Total
55
Residential
55
Other
55
1944
Chart
book
BUSINESS CONDITIONS—Cont.
12,657
8,990
3,667
1,605
12,926 ^12,847
9,147 2*9,061
P
3,779 p 3,786
l,485
1,421
P97I
932
604
69
921
422
78
243
244
139.6
97.9
22.9
18.8
82.4
19.2
11.0
20.7
31.4
21.2
139.7
97.6
23.3
18.8
82.8
19.6
10.9
21.1
31.2
21.7
231
86
125
153
137
150
r
238
'156
236
88
122
158
139
151
177
133
105
173
158
51.4
50.4
43.8
51.2
50.3
43.6
51.4
50.5
43.6
6.9
34.0
16.5
173
132
103
157
6.6
6.7
34.0
16.4
34.0
16.3
37.9
16.7
37.7
16.6
6.4
5.8
0.8
6.4
5.8
3.8
0.8
327.9
166.8
327.6
165.9
45.25
r
100.2
r
45.2
45.54
100.3
45.4
243
332
*>243
2*323
3.7
r
r
177
266
368
186
179
212
150
p
l38.6
p
96.6
23.5
2A
^30.2
148
137
150
p
37.3
5.
*>3.8
29
10
19
14
224
53
184
3S
146
57
145
143
140
57
57
57
81.8
31.9
30.9
80.7
31.8
30.1
81.9
29.8
28.7
59
59
153
105
151
105
61
61
61
61
63
63
63
65
65
65
65
QUARTERLY FIGURES
Budget receipts and expenditures:
Expenditures, total
War activities
Net receipts
Internal revenue collections, total
Corporate income taxes
Individual income taxes
Misc. internal
revenue
Corporate security issues:
Net proceeds
New money, total
Industrial
Railroad
Public utility
Bank rates on customers' loans:
Total, 19 cities
New York City
. „ .
Other Northern and Eastern cities
Southern and Western cities
24
24
24
24
24
24
24
103'.3 " 103.6
121.8
122.5
97.8
98.0
r
124.2 r 123.8
136.1
134.5
r
134.7 r 135.2
108.1
108.1
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
103.8
123.6
98.1
123.8
134.1
136.7
108.1
Oct.Dec.
Jan.Mar.
1943
1944
22,264 22,747
20,616 21,248
10,176 9,866
7,877 8,890
2,806 3,295
3,431 4,410
1,640 1,185
23,957
22,382
11,823
10,542
4,390
5,029
1,123
424
139
128
444
131
79
46
6
36
36
36
36
36
245
29
14
10
4
Per cent
29
31
31
31
2.48
2.05
2.71
2.73
7
1
per annum
2.65
2.10
2.76
3.17
2.63
2.10
2.75
3.12
June 30, Oct. 18, Dec. 31,
1943
1943
1943
In billions of dollars
MEMBER BANKS
P130
hn.i
In millions of dollars
CALLSDATE FIGURES
5
1,090.4 2*1,085 7
2*309.6
£780.8 2*773.1
JulySept.
1943
^163.6
2*281
2*388
2*197
2*178
2*208
2*151
49
16
33
27
6
171
*>437
Freight carloadings: 7
Total (1935-39 = 100)
Groups (points in total index)
Miscellaneous
Coal
All other
Department stores (1923-25 = 100) : 7
Sales
Stocks
Exports and imports (mill, dollars):
Exports
Imports
Excess of exports
Excluding Lend-Lease exports
Wholesale prices, total (1926 = 100)...
Farm products
Other than farm and food
Cost of living, all items (1935-39 = 100)
Food
Clothing
Rent
.96
(99)
()
(»)
74.26
52.95
5.02
2.73
2.29
16.29
8.44
3.27
1.05
16
16
16
16
13.89
3.17
17.42
12.51
15.73
3.69
20.62
15.21
14.56
3.24
19.68
15.47
16
16
16
16
16
23.55
5.25
9.42
6.28
2.49
0
/ 9\
27.27
6.91
12.07
4.36
2.35
12
12
12
13
13
13
12
13
13
13
67.16
46.98
5.35
2.88
2.48
14.82
7.41
3.35
78.11
55.25
5.14
2.82
2.32
17.72
\ )
(9)
c
Corrected.
nder the Wednesday included in the weekly period.
r explanation and back figures see pp. 442-446.
"* .f ublication discontinued.
" inciuaes preliminary revisions for
repair and modernization credit.
6
Number
of
issues
included
increased
from
1
to
2
on
Mar.
15. 7 Adjusted for seasonal variation.
8
Revised series. Monthly figures back to March 1940 may be obtained from the Bureau of the Census.
9
Figures available for June and December dates only.
* Copies of the Chart Book may be obtained at a price of 50 cents each.
MAY
1944
497
ALL MEMBER BANKS—ASSETS AND LIABILITIES ON DECEMBER 31, 1943, BY CLASSES OF BANKS
[Amounts in thousands of dollars]
Central reserve city
member banks1
Chicago
Reserve
city
member1
banks
Country
member1
banks
All
member
banks
All
national
member
banks
All
State
member
banks
4,554,104
1,004,220
3,163,101
74,453
157,767
134,121
20,442
1,283,017
820,622
37,929
27,521,471
6,200,794
18,932,891
748,976
913,092
607,543
118,175
9,326,844
5,115,643
391,403
22,187,988
4,654,053
14,927,384
537,811
1,213,526
777,353
77,861
7,982,946
3,303,078
611,106
74,257,603
16,287,520
50,602,657
2,345,138
2,728,652
1,972,851
320,785
23,790,034
12,835,249
1,132,172
47,498,601
10,116,273
32,450,770
1,614,001
1,928,627
1,239,869
149,061
16,017,030
8,323,142
790,411
26,759,002
6,171,247
18.151,887
731,137
800,025
732,982
171,724
7,773,004
4,512,107
341,761
156,050
1,605
1,557
265,254
1,740,548
17,232
3,626
2,058,392
9,399
297,491
30,207
3,451,410
22,421
1,660
593,271
354,292'
39,132
5,407,459
42,508
20,108
4,352,538
9,719
861,253
80,654
4,119,804
33,646
14,588
2,735,439
9,399
545,472
33,989
1,287,655
8,862
5,520
1,617,099
320
315,781
46,665
256
1,403
13,740
6,236
54,391
13,187
70,360
35,302
16,376
3,015
31,191
23,239
77,164
44,059
170,163
80,966
47,275
26,070
101,257
47,419
29,889
17,989
68,906
33,547
25,498,501
5,876,283
37,358,652
30,638,179
99,371,615
64,326,512
35,045,103
22,405,993
14,372,713
3,359,941
35,112
251,716
2,866,938
809,833
5,014,608
3,097,107
711,557
1,929
174,420
971,649
13,800
28,918,894
18,789,624
3,278,163
95,322
1,448,418
4,770,008
62,798
20,592,852
15,560,718
1,836,224
125,454
1,727,291
994,222
4,639
76,932,347
51,820,162
9,185,885
257,817
3,601,845
9,602,817
891,070
49,721,222
33,184,313
5,601,356
213,462
2,678,747
6,691,842
423,999
27,211,125
18,635,849
3,584,529
44,355
923,098
2,910,975
467,071
709,740
850,496
815,914
5,199
44,146
507,971
505,071
2,250
474,561
6,150,644
5,902,177
55,381
901
150,826
39,859
1,500
35,069,538
344,304
7,820,902
7,598,575
52,635
3,751
149,390
16,551
927,503
10,239,446
9,859,093
93,844
3,912
239,583
38,964
4,050
59,960,668
168,189
645,248
5,090,567
4,962,644
21,621
740
86,971
18,591
28,413 754
1,572,751
15,330,013
14,821,737
115,465
4,652
326,554
57,555
4,050
92,262,360
203,508
New York
ASSETS
19,994,040
Loans and investments
4,428,453
Loans (including overdrafts)
>
13,579,281
United States Government direct obligations
983,898
Obligations guaranteed by United States Government...
444,267
Obligations of States and political subdivisions.
453,834
Other bonds, notes, and debentures
104,307
Corporate stocks (including Federal Reserve Bank stock).
5,197,227
Reserves, cash, and bank balances
3,595,906
Reserve with Federal Reserve Banks
91,734
Cash in vault.
Demand balances with banks in United States (except
59,451
private banks and American branches of foreign banks).
1,250
Other balances with banks in United States
13,265
Balances with banks in foreign countries
1,435,621
Cash items in process of collection
320
Due from own foreign branches
191,943
Bank premises owned and furniture and fixtures
11,315
Other real estate owned
Investments and other assets indirectly representing bank
6,141
premises or other real estate
Customers' liability on acceptances
26,454
Income accrued but not yet collected
54,872
Other assets
• • •.16.189
Total assets.
LIABILITIES
Demand deposits
..
Individuals, partnerships, and corporations
United States Government: War loan accounts
Other
States and political subdivisions
"Banks in United States
Banks in foreign countries
Certified and officers' checks, cash letters of credit and
travelers' checks, etc
Time deposits
Individuals, partnerships, and corporations
United States Government.. .•
Postal savings
States and political subdivisions
Banks in United States
Banks in foreign countries
Total deposits
Due to own foreign branches
Bills payable, rediscounts, and other liabilities for borrowed
money..
..
Acceptances outstanding
Dividends declared but not yet payable
Income collected but not yet earned
Expenses accrued and unpaid
Other liabilities—
Total liabilities ..
17,527'
25,688
1,145
2,550
23,256,489
203,508
5,522,579
29,200
33,577
17,036
6,039
55,941
34,926
1,630
1,130
1,611
19,140
4,586
16,091
12,288
17,886
79,815
28,386
10,110
3,024
8,259
10,456
30,659
8,723
39,310
54,322
38,713
35,992
185,555
76,621
8,155
31,476
23,733
23,875
118,273
42,079
32,301,692
35,319
31,155
22,846
14,980
12,117
67,282
34,542
23,636,716
5,550,676
35,224,004
28,484,985
92,896,381
60,376,448
32,519,933
570,667
979,570
235,441
76,107
131,000
130,350
25,147
39,110
785,156
889,242
283,489
176,761
929,551
770,615
321,916
131,112
2,416,374
2,769,777
865,993
423,090
1,527,715
1,616,996
541,171
264,182
888,659
1,152,781
324,822
158,908
650
CAPITAL ACCOUNTS
Capital
Surplus
Undivided profits
Other capital accounts
Total capital accounts
Total liabilities and capital accounts.
MEMORANDA
Par or face value of capital—total
Capital notes and debentures
First preferred stock
Second preferred stock
Common stock
Retirable value of capital: First preferred stock
Second preferred stock
Net demand deposits subject
to reserve
Demand deposits adjusted2
Number of banks
.*
:
1,861,785
325,607
2,134,648
2,153,194
6,475,234
3,950,064
2,525,170
25,498,501
5,876,283
37,358,652
30,638,179
99,371,615
64,326,512
35,045,103
570,667
322
8,426
131,000
131,000
930,708
14,232
97,656
12,461
806,359
2,417,531
32,431
179,834
13,311
2,191,955
1,528,296
561,919
785,156
17,877
73,752
850
692,677
117,941
9,551
1,400,804
889,235
32,431
61,893
3,760
791,151
102,279
850
142,974
18,257
14,713,806
17,039,042
6,331
266,140
19,107
159,791
11,258
106,349
7,849
57,989,934
52,642,220
6,738
37,264,965
34,055,124
5,040
20,724,969
18,587,096
1,698
20,887
17,550,980
. . . 13,898,548
37
3,882,112
3,050,419
13
21,843,036
18,654,211
357
sect]
for
are 2located.
Demand deposits other than interbank and United States Government, less cash items reported as in process of collection.
498
FEDERAL RESERVE BULLETIN
ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS
DECEMBER 31, AND JUNE 30, 1943, DECEMBER, 31, 1942
December 31, 1943
All insured
commercial
banks1
ASSETS
Loans and investments
Loans (including overdrafts)
United States Government direct obligations
Obligations guaranteed by United States Government....
Obligations of States and political subdivisions
Other bonds, notes, and debentures
Corporate stocks (including Federal Reserve Bank stock).
Reserves, cash, and bank balances
Reserve with Federal Reserve Banks
Cash in vault
Demand balances with banks in United States (except
private banks and American branches of foreign
banks)
Other balances with banks in United States
Balances with banks in foreign countries
Cash items in process of collection
Due from own foreign branches
Bank premises owned and furniture and fixtures
Other real estate owned
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances
Income accrued but not yet collected
Other assets
Total assets
June 30, 1943
Banks not
members
Federal
Reserve
System
All insured
commercial
banks*
83,521,587
18,843,488
56,192,119
2,501,430
3,287,646
2,342,211
354,693
27,191,292
12,834,452
1,447,018
9,272,818
2,558,557
5,593,893
156,537
560,165
369,731
33,935
3,403,597
8,382,578
68,615
20,398
4,438,231
9,719
994,269
122,728
2,976,257
26,332
314,971
290
85,747
133,089
42,116
December 31, 1942
Banks not
members
Federal
Reserve
System
All insured
commercial
banks1
75,282,280
17,392,157
48,880,543
2,661,305
3,441,027
2,520,385
386,863
25,537,614
12,092,461
1,449,901
8,135,477
2,572,435
4,391,166
174,546
565,769
393,530
38,031
3,229,786
8,360,056
76,252
19,381
3,539,563
3,580
1,022,511
164,306
2,830,965
27,972
Banks not
members
Federal
Reserve
System
66,251,123
18,906,869
37,993,299
2,718,398
3,533,486
2,680,163
418,908
27,593,375
13,071,533
1,306,806
6,995,148
2,821,594
2,989,208
178,979
569,511
393,870
41,986
3,315,229
2,901,563
38,111
62,273
8,984,740
100,282
13,255
4,116,759
139,810
55,115
1,047,535
198,800
143,48i
64,026
7,728
8,990
308,272
304
362
288,307
302
86,946
84,285
44,625
179,435
98,051
9,272
17,085
92,488
54,207
153,958
94,520
7,939
18,443
101,911
40,808
133,493
91,704
7,206
17,817
112,245,991
12,885,673
102,405,464
11,594,601
95,459,111
10,552,198
84,956,088
58,346,160
9,665,368
285,343
4,353,497
9,743,462
893,382
8,023,741
6,525,998
479,483
27,526
751,652
140,645
2,312
77,120,379
53,423,385
7,441,288
258,383
4,262,454
9,768,487
834,043
6,969,805
5,560,854
435,063 i
28,393
740,594
119,999
2,093
71,559,350
47,128,273
8,167,459
3,996,701
10,234,297
813,479
6,123,658
4,989,037
244,035
678,712
132,991
2,040
1,668,876
19,159,689
18,572,406
117,206
7,097
395,059
63,861
4,060
104,115,777
203,508
96,125
3,839,857
3,760,845
1,741
2,445
68,510
6,306
1,132,339
17,462,079
16,897,124
65,265
9,254
412,022
73,600
4,814
94,582,458
174,769
82,809
3,605,892
3,524,134
1,219,141
16,261,077
15,706,335
47,875
13,364
396,792
91,892
4,819
87,820,427
216,952
76,843
3,428,769
3,349,068
4,941
7,130
566
303
301
LIABILITIES
Demand deposits
Individuals, partnerships, and corporations
United States Government: War loan accounts
Other
States and political subdivisions
....
Banks in United States
Banks in foreign countries
Certified and officers' checks, cash letters of credit and
travelers' checks, etc
Time deposits
Individuals, partnerships, and corporations
United States Government
Postal savings
States and political subdivisions
Banks in United States
Banks in foreign countries
Total deposits
Due to own foreign branches
Bills payable, rediscounts, and other liabilities for borrowed
money
..
Acceptances outstanding
Dividends declared but not yet payable
Income collected but not yet earned
Expenses accrued and unpaid
Other liabilities
Total liabilities
CAPITAL ACCOUNTS
Capital
Surplus
Undivided profits...
Other capital acounts..
Total capital accounts
Total liabilities and capital accounts
MEMORANDA
Demand deposits adjusted2
Reciprocal bank balances (excluded from assets and liabilities)
....
.
Number of banks..
1
10
11,863,598
300
3,379
70,795
7,276
8
10,575,697
200
4,801
64,866
9,826
8
9,552,427
45,679
55,006
41,695
45,449
197,759
87,392
2,982
9,457
12,207
10,802
24,470
61,260
41,732
49,198
166,515
75,722
1,436
9,927
11,059
11,534
9,748
46,478
39,915
58,030
127,390
83,937
2,429
11,516
10,643
13,584
104,792,265
11,906,099
95,176,124
10,616,260
88,402,877
9,595,843
2,874,548
3,089,817
1,006,406
482,955
458,234
320,953
140,485
59,902
464,764
309,323
142,431
61,823
978,341
2,848,630
2,801,594
972,042
433,968
7,056,234
470,036
303,315
125,314
57,690
956,355
6,369
684
6,287
320
303
7,453,726
979,574
2,841,304
2,886,829
1,039,182
462,025
7,229,340
112,245,991
12,885,673
102,405,464
11,594,601
95,459,111
10,552,198
59,930,302
7,288,028
55,278,615
6,321,984
48,227,356
5,657,646
(3)
(3)
490,528
13,302
12,058
6,602
525,324
13,347
12,153
6,671
13,274
6,539
Excludes three mutual savings banks; State bank members of the Federal Reserve System, which are included in member bank figures on opposite
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
3
Figures not reported.
MAY
1944
499
MEMBER BANK EARNINGS, 1943
ALL MEMBER BANKS, BY CLASSES
[Amounts in thousands of dollars]
All
national
member
banks
All member banks 1
Item
1940
Earnings
Interest and dividends on securities
Interest and discount on loans
Service charges on deposit accounts....
Service charges and fees on loans
Other charges, commissions, fees, etc..
Trust department
Other current earnings
1942
1941
All
State
member
banks
1943
Central reserve
city member banks
New York
Chicago
Reserve
city
member
banks
Country
member
banks
Year 1943
1,323,049 1,416,866 1,486,734 1,650,170 1,058,267
445,281
539,673
765,828
502,305
431,233
665,152
639,721
552,128
364,724
595,411
64,869
53,334
59,262
68,177
76,407
9,040
10,849
6,541
33,292
37,799
591,903
343,328
185,019
87,524
7,363
3,385
6,170
35,065
18,802
90,251
52,343
21,951
942
960
563
8,774
4,718
618,338
282,887
212,081
28,031
4,199
16,936
34,219
39,985
598,253
245,579
230,572
40,071
2,305
21,468
18,275
39,983
92,320
111,531
93,116
110,649
45,137
96,333
103,488
29,448
34,305
67,610
263,523
187,404
23,073
4,308
15,689
62,028
35,878
Expenses 2
Salaries—officers
Salaries and wages—mother
Directors' and committee members' fees.
Interest on time deposits
Interest on borrowed money
Taxes
Recurring depreciation on banking
house, furniture, and fixtures2
Other current expenses
921,021
155,466
244,834
7,690
147,470
124
100,402
987,917 rl,069,086 1,154,278
163,264
169,912
174,877
262,639
290,625
312,125
8,169
8,539
8,706
128,289
139,930
123,707
110
124
353
148,790
199,773
128,967
743,708
114,322
193,309
5,r~
83,846
169
131,252
410,570
60,555
118,816
2,838
39,861
184
68,521
220,714
27,434
70,448
966
3,310
205
48,716
58,732
6,691
15,726
124
5,124
2
14,552
435,369
54,434
128,358
1,737
46,097
43
79,654
439,463
86,318
97,593
5,879
69,176
103
56,851
265,035
284,824
33,434
289,387
33,472
301,265
23,714
191,228
9,758
110,037
4,525
65,110
731
15,782
12,380
112,666
15,836
107,707
Net current earnings2..
Recoveries, profits on securities, etc
402,028
428,949
417,648
495,892
314,559
181,333
122,614
31,519
182,969
158,790
Recoveries on securities
Profits on securities
Recoveries on loans
All other
302,750
63,819
159,141
55,294
24,496
278,339
63,989
128,956
58,905
26,489
188,466
48,301
59,911
55,903
24,351
312,333
81,812
93,854
72,533
64,134
187,264
59,640
54,112
52,847
20,665
125,069
22,172
39,742
19,686
43,469
127,408
38,444
37,484
17,450
34,030
16,201
5,290
3,640
5,462
1,809
81,494
18,121
26,679
22,874
13,820
87,230
19,957
26,051
26,747
14,475
Losses and charge-offs 2 ..
On securities
On loans 2
All other
355,669
163,958
90,408
101,303
317,525
137,731
83,590
96,204
223,050
102,691
64,770
r
55,589
250,972
101,559
63,360
86,053
152,119
65,968
43,072
43,079
98,853
35,591
20,288
42,974
64,709
21,673
21,055
21,981
23,121
11,224
877
11,020
85,838
36,333
19,482
30,023
77,304
32,329
21,946
23,029
Net profits
Gash dividends declared..
3
349,109
389,763
383,064
557,253
349,704
207,549
185,313
24,599
178,625
168,716
210,480
12,728
197,752
210,618
12,745
197,873
203,007
208,368
10,828
197,540
131,147
77,221
4,675
72,546
65,987
841
65,146
11,950
27
11,923
72,394
4,201
68,193
58,037
5,759
52,278
Loans
U.S. Government obligations.
Other securities
Real-estate assets
Cash assets
14,298,000 16,,699,000 17 ,218,000 16,229,000
14,823,000 17 ,753,000 25;,408,000 48",182,000
5,799,000 5,994,000 5,842,000 5,286,000
1,303,000 1,229,000 1,167,000 1,071,000
21,484,000 23!,062,000 22"1,705,000 23 ,243,000
10,058,000
30,879,000
3,471,000
658,000
15,681,000
Total assets..
58,025,000 65,044,000 72,610,000 94,299,000 60,918,000 33,381,000 25,193,000 5,786,000 35,117,000 28,203,000
Time deposits
Total deposits
Total capital accounts..
12,055,000 12,458,000 12 ,413,000 14,,176,000 9,487,000 4,689,000
793,000
486,000 5,643,000 7,254,000
51,919,000 58
10,723,000 23,028,000 5,447,000 32!,881,000 26 ,024,000
18,717,000 66,103,000
,103,
87 ,381,000 56,657,000 30,
5,597,000 5,798,000 5,977,000 6,304,000 3,851,000 2,453,000 1,793,000
315,000 2,087,000 2,110,000
On preferred stock
On common stock
Number of officers
Number of employees.
Number of banks
36,271
91,925
101,927
r
r
11,090
191,917
6,153
124,994
6,171,000 4,482,000
911,000 6,094,000 4,742,000
17,303,000 14,183,000 3,222,000 17 ,688,000 13,090,000
1,816,000 1,104,000
344,000 1,703,000 2,136,000
430,000
414,000
216,000
19,000
407,000
7,562,000 5,116,000 1,270,000 9,107,000 7,751,000
35;369
163,783
36,476
176,466
35,604
182,023
36,398
190,354
25,788
121,092
10,610
69,262
6,486
6,619
6,679
6,738
5,040
1,698
2,451
36,573
564
,232
8,467
74,262
24,916
71,287
357
6,331
r
1
Revised; see footnote 2.
Figures for 1941 and subsequent years are for all member banks at the end of the year submitting reports of earnings, expenses and dividends, plus
the national banks which reported for the first half of the year only. Figures for 1940 represent the totals of the two semiannual reports, including all
banks
reporting for either or both six-month periods.
2
Recurring depreciation on banking house, furniture, and fixtures is included in expenses in 1942 and 1943 and in losses and charge-offs in prior years.
3
Includes interest on capital notes and debentures. ,
NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for each call date in the current year and the final
call date in the preceding year. The number of officers and employees and number of banks are as of the end of the year.
Real-estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other
real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total
capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.
5OO
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS,
19^—Continued
ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
Earnings
Interest and dividends on
securities
Interest and discount on
loans
Service charges on deposit accounts
Service charges and fees
on loans
Other charges, commissions, fees, etc
Trust department
Other current earnings
96,574
41,932
New
York
471,760
242,378
Philadelphia
Cleveland
Atlanta
Chica
S°
St.
Louis
110,629
142,764
74,557
53,285
67,908
32,739
31,018
120,307
25,415
27,363
24,176
68,942
73,114
232,968
59,023
Minneapolis
Kansas
City
Dallas
San
Francisco
65,540
60,829
219,184
18,326
24,514
21,808
86,198
43,228
32,053
132,979
34,770
46,954
22,368
14,754
27,290
26,004
94,475
4,524
15,437
3,338
6,036
4,425
4,708
11,509
2,863
2,544
4,754
4,003
12,266
503
3,948
437
835
218
392
2,156
268
276
197
166
1,453
2,072
7,536
7,954
8,610
39,924
28,484
1,582
10,384
6,833
2,986
7,822
10,223
2,678
3,234
3,900
4,578
2,229
6,013
5,907
11,868
12,279
2,906
1,765
3,438
3,529
1,273
2,526
2,244
1,707
4,834
2,427
1,003
5,418
5,618
7,588
11,586
Expenses
Salaries—officers
Salaries and wages—
others
Directors' and committee
members' fees
Interest on time deposits...
Interest on borrowed
money
Taxes..
Recurring depreciation on
banking house, furniture, and fixtures
Other current expenses
69,809
11,036
18,107
315,136
43,109
93,998
75,324
11,397
55,746
9,142
19,504
100,361
14,122
24,695
13,309
51,160
7,975
12,420
161,873
23,420
43,279
42,253
7,578
10,100
31,210
6,263
7,154
46,754
10,083
11,166
45,010
9,263
10,778
159,642
21,489
47,615
731
7,528
2,143
19,327
1,156
9,685
814
14,705
531
6,906
366
4,573
973
21,813
389
4,326
335
4,226
390
3,040
365
2,006
513
25,572
12
11,911
234
58,771
9
12,021
9
18,617
9
10,504
40
8,559
5
26,904
23
7,079
2
4,073
4
7,260
8,506
3
25,568
2,256
18,228
7,964
89,590
2,807
18,745
3,286
24,113
1,768
13,577
1,957
15,270
3,588
41,891
1,119
11,639
807
8,350
1,544
13,267
1,475
12,614
4,901
33,981
Net current earnings ..
..
26,765
156,624
35,305
42,403
18,811
21,954
71,095
16,770
12,018
18,786
15,819
59,542
Recoveries, profits on securities, etc
Recoveries on securities....
Profits on securities
Recoveries on loans
Allother
15,241
2,603
5,235
4,752
2,651
151,758
44,055
46,305
25,016
36,382
20,267
7,612
7,235
3,545
1,875
19,614
4,396
6,708
5,739
2,771
9,821
2,393
3,029
2,387
2,012
8,448
768
3,735
2,068
1,877
34,142
8,579
9,064
9,417
7,082
7,953
1,467
2,668
2,220
1,598
7,308
2,204
763
3,357
984
10,311
3,060
1,973
3,527
1,751
7,728
1,120
1,420
3,253
1,935
19,742
3,555
5,719
7,252
3,216
Losses and charge-offs
On securities
On loans
Allother
18,783
6,112
6,318
6,353
88,811
29,630
28,804
30,377
25,089
11,158
6,050
7,881
18,876
8,251
3,680
6,945
7,782
3,397
1,392
2,993
9,605
3,883
2,757
2,965
36,517
17,239
2,893
16,385
6,736
3,539
1,448
1,749
4,336
2,442
956
938
5,409
3,250
1,356
803
5,940
2,403
1,711
1,826
23,088
10,255
5,995
6,838
Net profits
23,223
219,571
30,483
43,141
20,850
20,797
68,720
17,987
14,990
23,688
17,607
56,196
Gash dividends declared
..
On preferred stock8
On common stock
13,092
635
12,457
76,243
3,489
72,754
15,846
835
15,011
14,862
1,165
13,697
8,415
335
7,298
561
6,737
23,084
1,148
21,936
292
6,596
4,212
110
4,102
7,146
162
6,984
7,635
206
7,429
23,647
1,890
21,757
952,000 5,503,000 875,000 1,230,000 659,000 639,000 2,029,000 616,000 371,000 638,000 612,000 2,104,000
Loans
U. S. Government obliga2,683,000 17,214,000 2,502,000 31,690,000 2,010,000 1,738,000 7,467,000 ,512,000 1,136,000 1,608,000 1,372,000 5,250,000
tions
230,000 1,507,000 468,000 515,000 169,000 257,000 902,000 225,000 107,000 215,000 143,000
Other securities
549,000
57,000
84,000 31,000
72,000
329,000 115,000 107,000 58,000
21,000
Real-estate assets
29,000 44,000
124,000
1,193,000 6,319,000 1,165,000 1,845,000 1,171,000 1,229,000 3,524,000 956,000 614,000 1,411,000 1,299,000 2,517,000
Cash assets
Total assets
5,151,000 30,984,000 5,145,000 7,404,000 4,078,000 3,932,000 14,044,000 3,347,000 2,254,000 3,908,000 3,475,000 10,577,000
Time deposits
Total deposits
Total capital accounts
744,000 2,662,000 1,037,000 1,630,000 707,000 513,000 2,468,000 469,000 421,000 345,000 246,000 2,934,000
, " 3,,679,000 3,,271,000 9,992,000
4,707,000 !8,354,~" ,639,
.,745,000
13,247,000
000 3,804,000 3,696,000
000 31,139,""
0002 , 1 0 8000
;
414,000 2,242,000 487,000 634,000 260,000 221,000
755,000 199,000 139,000 222,000 196,000 536,000
Number of officers
Number of employees
Number of banks ..
2,025
11,472
6,077
51,940
2,701
12,003
3,173
14,784
2,161
9,166
1,814
8,944
4,729
26,637
2,016
7,418
1,783
5,313
2,878
8,135
2,541
7,942
4,500
26,600
346
806
646
707
465
316
953
456
454
741
575
273
For footnote, see p. 500.
MAY
1944
501
MEMBER BANK EARNINGS, 1943—Continued
RESERVE CITY MEMBER BANK,* BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
Earnings
Interest and dividends on
securities
Interest and discount on
loans
Service charges on deposit
accounts
Service charges and fees on
loans
Other charges, commissions,
fees, etc
Trust department
Other current earnings
Salaries—officers
Salaries and wages—others...
Directors' and committee
members' fees
Interest on time deposits
Interest on borrowed money..
Taxes
Recurring depreciation on
banking house, furniture,
and fixtures
Other current expenses
Net current earnings
Recoveries, profits on securities, etc.
Recoveries on securities
Profits on securities
Recoveries on loans
All other
Losses and charge-offs
On securities
On loans
Allother
Net profits
Cash dividends declared
3
On preferred stock
On common stock
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
38,919
13,817
49,109
82,908
32,446
36,034
67,904
30,825
16,112
34,693
29,591
185,980
16,325
5,762
26,148
42,264
16,796
15,392
35,733
14,061
7,917
15,451
12,281
74,757
12,801
4,543
11,637
23,646
8,946
11,748
20,023
10,999
4,824
12,347
11,139
79,428
814
886
980
2,586
1,662
1,700
4,820
887
804
1,692
1,100
10,100
383
96
270
576
72
282
852
174
119
70
49
1,256
934
4,068
3,594
503
7,271
2,300
1,511
6,292
6,033
1,094
1,901
1,975
2,173
1,499
3,240
2,328
1,181
2,967
1,533
1,468
1,703
638
1,033
777
717
1,457
2,959
31,308
3,971
10,583
55,705
6,057
15,647
24,730
3,231
6,577
24,938
3,067
6,179
49,012
5,625
15,369
21,938
2,969
5,981
11,051
1,417
3,414
24,239
3,435
6,731
847
811
3,364
21,801
3,028
5,659
4,38
6,768
9,287
26,275
3,613
7,525
274
470
1,786
9,958
1,116
3,401
115
874
1
6,083
46
1,143
2
913
194
816
6
6,002
213
6,277
1
[11,835
163
1,927
223
7,452
2
6,245
101
1,546
14
4,326
54
738
5,903
132
1,787
12
4,849
1,913
111
1,171
3
4,278
' 4,869
315
21,217
1
22,438
827
7,237
359
2,978
738
8,998
1,610
14,065
710
6,218
989
7,923
957
13,139
485
6,516
179
3,336
708
7,802
736
6,290
4,082
28,164
12,644
3,859
17,801
27,203
7,716
11,096
18,892
8,887
5,061
10,454
7,790
51,566
5,354
379
2,151
1,671
1,153
3,178
593
964
1,533
9,963
4,047
3,903
1,451
562
10,356
5,520
1,512
1,899
907
1,202
4,264
286
1,718
1,207
1,053
7,780
1,094
2,608
1,140
2,938
4,448
712
1,640
1,248
3,724
1,234
226
1,833
431
6,076
1,925
4,172
3,034
1,225
857
4,057
841
934
1,297
985
16,774
3,275
4,861
6,160
2,478
8,978
1,813
3,406
3,759
3,867
903
810
2,154
12,236
5,902
2,663
3,671
11,677
4,928
2,194
4,555
4,284
2,103
288
1,893
5,640
2,128
1,650
1,862
6,592
2,467
804
3,321
3,954
1,942
839
1,173
2,136
1,614
240
282
3,104
2,095
660
349
3,090
1,303
779
1,008
20,280
9,020
3,170
15,528
25,882
8,952
9,720
20,080
9,381
6,649
13,426
8,757
48,060
6,844
36
6,808
652
138
514
8,738
125
8,613
9,475
729
8,746
3,978
143
3,835
3,902
409
3,493
4,832
565
4,267
4,060
106
3,954
1,854
37
1,817
3,258
98
3,160
3,678
113
3,565
21,123
1,702
19,421
373,000 576,000
898,000 2,488,000
121,000 231,000
29,000
26,000
588,000 1,232,000
382,000
911,000
112,000
16,000
512,000
2,223
1,603
1,393
70
1,149
134,414
16,905
41,292
9,135
5,149
5,996
498,000
Loans
U. S. Government obligations.. 1,189,000
52,000
Other securities
25,000
Real-estate assets
522,000
Cash assets
126,000 400,000 783,000 264,000
331,000 1,292,000 2, 469,i
,091,000
28,000 187,000 243,000
55,000
62,000
17,000
42,000
30,000
147,000 610,000 1 128,000 538,000
Total assets
2,300,000
654,000 2,546,000 4,698,000 1,984,000 2,018,000 4,565,000 1,938,000 1,045,000 2,477,000 1,877,000 9,014,000
Time deposits
Total deposits
Total capital accounts
97,000
2,099,000
182,000
160,000
609,i
44,000
456
4,364
174
2,052
Number of officers
Number of employees
Number of banks
129,000 765,000 258,000 203,000 916,000 183,000
,334,"- ,272,000 l,866,r ,902,000 4,350,
,829,000
198,000 405,000 112,000 106,000 203,000 103,000
468
5,705
24
707
,287
453"
4,134
36
473
4,188
851
9,223
419
3,975
167,000 383,000
566,000 1,091,000
29,000 128,000
9,000
17,000
272,000 853,000
316,000 1,825,000
834,000 4;,529,000
47,000 471,000
28,000 105,000
650,000 2,055,000
89,000 176,000 146,000 2 ,521,000
>82,000
1,000 22,347,""" ,774,000 8 ,517,000
58,000
125,000
98,000 452,000
190
2,133
534
4,313
50
448
3,763
3,294
22,125
32
* Not including central reserve city banks.
For other footnote, see p. 500.
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1943—Continued
COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars]
Federal Reserve district
Item
Boston
New
York
Richmond
Cleveland
Philadelphia
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
57,655
114,615
61,520
59,856
42,111
37,080
74,813
28,198
27,116
30,847
31,238
33,204
25,607
19,252
51,597
40,912
27,137
23,133
25,644
23,308
15,943
18,417
15,626
12,428
32,231
26,968
11,354
11,369
10,409
9,930
9,063
14,943
9,527
14,865
11,441
15,047
3,710
7,188
2,358
3,450
2,763
3,008
5,747
1,976
1,740
3,062
2,903
2,166
120
467
167
259
146
110
344
94
157
127
117
197
1,138
3,468
4,360
2,166
4,389
7,896
1,079
3,113
4,533
1,475
1,530
4,190
1,584
1,333
1,925
2,405
1,373
2,891
1,527
1,580
1,234
2,773
3,016
1,913
4,594
1,735
1,749
1,875
2,054
2,299
Expenses
•
Salaries—officers
Salaries and wages—other
Directors' and committee
members' fees
Interest on time deposits
Interest on borrowed money ..
Taxes
Recurring depreciation on
banking house, furniture,
and fixtures
Other current expenses
43,534
7,423
10,582
84,464
14,559
20,149
44,016
7,426
8,921
44,656
8,065
9,048
31,016
5,911
6,732
26,222
4,908
6,241
54,129
11,104
12,184
20,315
4,609
4,119
20,159
4,846
3,740
22,515
6,648
4,435
23,209
6,235
5,119
25,228
4,584
6,323
616
1,131
14,874
962
601
368
234
626
288
281
279
6,654
8,869
8,428
4,979
2,786
9,237
2,780
3,488
1,869
1
295
857
3
4,355
5,828
9,142
6,019
6,782
4,601
3,710
6,107
2,753
2,160
2,982
3,637
3,130
1,429
10,991
3,080
21,502
2,069
9,747
1,676
10,048
1,058
7,359
968
1,900
12,970
634
628
836
739
819
7,347
5,123
5,014
5,465
6,324
5,817
Net current earnings
Earnings
Interest and dividends on
securities
Interest and discount on loans..
Service charges on deposit
accounts
Service charges and fees on
loans
Other charges, commissions,
fees, etc
Trust department
Other current earnings
11
27
3
8
8
730
28
1
297
9
240
2
250
192
820
198
2
14,121
30,151
17,504
15,200
11,095
10,858
20,684
7,883
6,957
8,332
8,029
7,976
Recoveries, profits on securities, etc.
Recoveries on securities
Profits on securities
Recoveries on loans
All other
9,887
2,224
3,084
3,081
1,498
21,172
5,018
7,857
6,033
2,264
10,304
3,565
3,332
2,094
1,313
9,258
2,471
2,536
2,705
1,546
4,301
4,184
3,584
4,235
3,671
2,968
2,017
810
861
824
10,161
2,195
2,816
2,815
2,335
3,505
1,130
1,480
972
750
1,524
2,134
1,956
1,092
Losses and charge-offs
On securities
On loans
All other
9,805
4,299
2,912
2,594
20,235
7,054
6,939
6,242
12,853
5,256
3,387
4,210
7,199
3,323
1,486
2,390
3,498
1,294
1,104
1,100
3,965
1,755
1,107
1,103
6,804
3,548
1,212
2,044
2,782
1,597
2,200
609
576
828
716
656
2,305
1,155
2,850
1,100
2,808
1,120
14,203
31,088
14,955
17,259
11,898
11,077
24,041
8,606
8,341
10,262
8,850
8,136
6,248
9,604
2,510
7,094
7,108
5,387
4,437
3,396
6,302
2,828
2,358
3,888
3,957
2,524
710
436
192
152
556
186
73
64
93
188
6,398
4,951
4,245
3,244
5,746
2,642
2,285
3,824
3,864
2,336
454,000 895,000 474,000 447,000
Loans
U. S. Government obligations... 1,494,000 2, 700,000 1 211,000 1,221,000
Other securities
178,000 375,000 281,000 273,000
73,000
Real-estate assets
46,000
96,000
45,000
Cash assets
671,000 1, 056,000 555,000 717,000
394,000
919,000
114,000
28,000
633,000
266,000 542,000
840,000 1 757,000
136,000 327,000
27,000
39,000
641,000 1 022,000
233,000
601,000
113,000
15,000
444,000
204,000
570,000
78,000
12,000
342,000
256,000
517,000
87,000
11,000
559,000
296,000
538,000
97,000
16,000
649,000
280,000
721,000
78,000
19,000
462,000
Net profits
Cash dividends declared
On preferred stock3
On common stock
599
5,649
881
482
755
1,028
970
537
553
837
370
894
696
454
279
486
950
932
818
280
858
738
846
842
Total assets
2,851,000 5, 137,000 2 599,000 2 ,707,000 2 ,094,000 1,915,000 3 693,000 1 409,000 1,209,000 1,431,000 1,597,000 1 ,562,000
Time deposits
Total deposits
Total capital accounts
648,000 1, 709,000 908,000 865,000 449,000 310,000 1 066,000 285,000 331,000 168,000 100,000 414,000
2,607,000 4, 717,000 2 305,000 2 ,473,000 1,938,000 1,794,000 3 450,000 1 310,000 1,126,000 1,332,000 1,497,000 1,474,000
232,000 405,000 288,000 229,000 148,000 115,000 237,000
96,000
81,000
97,000
98,000
83,000
Number of officers
Number of employees
Number of banks..
1,569
7,108
3,452
13,315
2,233
6,298
2,466
6,497
1,708
5,032
1,341
4,756
3,314
9,182
1,597
3,443
1,593
3,180
2,344
3,822
2,093
4,179
1,206
4,475
335
758
622
674
429
294
869
435
445
691
538
241
For footnotes, see p. 500.
MAY
1944
503
MEMBER BANK EARNINGS, 1943—Continued
ALL MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Total 1
500 and
under
500-750
7501,000
1,0002,000
2,0005,000
5,00010,000
10,00050,000
Over
50,000
Earnings
1,645,882
764,839
551,520
76,244
10,842
45,047
94,033
103,357
3,508
953
2,036
191
13
187
1
127
8,783
2,675
4,697
485
39
518
4
365
12,576
4,064
6,413
784
42
750
20
503
61,284
21,390
29,419
3,948
285
3,217
237
2,788
129,600
49,745
56,105
9,801
560
5,352
1,268
6,769
116,274
47,859
44,244
8,979
476
4,151
3,109
7,456
264,382
112,767
91,787
19,375
1,274
7,925
11,748
19,506
1,049,475
525,386
316,819
32,681
8,153
22,947
77,646
65,843
Expenses
1,150,806
174,163
311,183
8,685
123,491
353
199,324
2,744
1,027
239
54
359
6,720
2,231
678
136
1,120
1
762
9,504
3,038
1,074
213
1,655
1
1,032
45,575
12,585
6,582
944
8,254
8
5,301
95,932
21,984
18,305
1,717
16,943
8
11,386
86,259
16,126
20,077
1,139
14,421
25
10,223
195,770
31,099
52,550
1,788
25,891
63
26,317
708,302
86,073
211,678
2,694
54,848
247
143,934
6,401
51,661
17,948
190,880
Interest and dividends on securities
Interest and discount on loans
Service charges on deposit accounts
Service charges and fees on loans
Other charges, commissions, fees, etc..'.
Trust department
Other current earnings
Salaries—officers
Salaries and wages—other
Directors' and committee members' fees
Interest on time deposits
Interest on borrowed money
Taxes
Recurring depreciation on banking house, furniture, and fixtures
Other current expenses
"319
33,442
300,165
102
644
234
1,558
347
2,094
1,591
10,310
3,618
21,971
3,201
21,047
Net current earnings. .
495,076
764
2,063
3,072
15,709
33,668
30,015
68,612
341,173
Recoveries, profits on securities, etc
311,772
81,668
93,743
72,427
63,934
483
74
77
261
71
1,140
229
203
492
216
1,582
362
314
633
273
8,193
1,975
1,793
3,017
1,408
18,260
4,249
4,984
5,812
3,215
17,344
4,397
5,074
4,771
3,102
40,640
10,200
13,600
10,475
6,365
224,130
60,182
67,698
46,966
49,284
Losses and charge-offs..
250,686
101,346
63,318
86,022
386
86
181
119
755
215
310
230
1,134
396
460
278
6,429
2,561
2,125
1,743
15,252
6,705
4,384
4,163
' 15,643
7,056
3,824
4,763
36,311
15,036
10,107
11,168
174,776
69,291
41,927
63,558
Recoveries on securities
Profits on securities
Recoveries on loans
All other
On securities
On loans
All other
556,162
861
2,448
3,520
17,473
36,676
31,716
72,941
390,527
207,787
10,816
196,971
368
27
341
895
46
849
1,311
80
1,231
6,238
353
5,885
12,868
941
11,927
11,041
1,187
9,854
23,647
2,530
21,117
151,419
5,652
145,767
Loans
;
U. S. Government obligations.
Other securities
Real-estate assets
Cash assets
16,270,155
52,867,691
5,016,474
1,017,646
23,757,125
29,80:
48,606
8,523
1,653
50,594
74,934
146,658
24,069
4,024
118,419
101,929
501,610 1,012,529
858,186
222,361 1,218,492 2,906,386 2,923,544
38,310
208,736
503,942
433,383
5,567
32,150
75,366
78,455
175,780 836,570 1,722,410 1,507,014
Total assets
99,233,630
139,218
368,214
544,162 2,799,433 6,226,006 5,808,869 14,346,590 69,001,138
Time deposits
Total deposits
Total capital accounts.
15,298,507
92,147,378
6,452,967
27,323
122,359
16,701
90,940
330,911
36,705
142,226
766,921 1,802,673 1,707,668 3,230,766 7,529,990
493,784 2,563,188 5,737,764 5,366,513 13,390,689 64,142,170
49,428
232,964
478,378
429,772
915,536 4,293,483
36,24:
189,60!
642
402
1,217
918
1,489
1,317
5,198
6,471
7,166
14,571
3,987
14,383
6,715
321
526
568
1,779
1,849
777
Net profits
Cash dividends declared.
2
On preferred stock
On common stock
Number of officers
Number of employees..
Number of banks included
2,113,394 11,577,771
7,440,192 37,961,452
848,733 2,950,778
199,482
620,949
3,709,268 15,637,070
5,642
35,007
10,901
116,538
230
*2 Totals are for all banks which submitted reports covering the entire year, except 4 trust companies and 2 national banks having no deposits.
Includes interest on capital notes and debentures.
NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year. See
te on p. 500 regarding the composition of real estate assets, cash assets and total capital accounts.
504
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 19^-Continued
NATIONAL BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Item
Earnings
Interest and dividends on securities
Interest and discount on loans
Service charges on deposit accounts
Service charges and fees on loans
Other charges, commissions, fees, etc
Trust department
Other current earnings
Total 1
500 and
under
2,830
778
1,637
155
11
150
cn i nnn
775U-i,uuo
1,0002QQQ
2,0005Q0Q
5,000-
10,000-
lQQQQ
Over
50,000
99
6,435
2,014
3,411
351
29
361
3
266
Expenses
Salaries—Officers
Salaries and wages—others
Directors' and committee members' fees
Interest on time deposits
.
Interest on borrowed money
Taxes
Recurring depreciation on banking house, furniture, and fixtures
Other current expenses
742,486
114,094
193,017
5,862
83,631
169
131,143
2,201
833
191
45
280
4,914
1,621
498
101
820
253
552
6,786
2,166
784
155
1,146
1
779
23,688
190,882
85
514
180
1,142
257
1,498
1,283
7,912
2,871
16,766
2,395
15,607
4,312
33,941
12,305
113,502
Net current earnings...
314,191
629
1,521
2,243
12,239
26,196
22,307
45,030
204,026
Recoveries, profits on securities, etc.
Recoveries on securities
Profits on securities
Recoveries on loans
All other
186,892
59,500
54,017
52,746
20,629
379
44
67
218
50
869
180
171
383
135
1,141
246
226
484
185
6,365
1,539
1,470
2,350
1,006
13,778
3,191
3,970
4,405
2,212
12,799
3,119
3,699
3,736
2,245
24,423
5,592
8,148
7,172
3,511
127,138
45,589
36,266
33,998
11,285
Losses and charge-offs...
151,852
65,768
43,030
43,054
337
74
159
104
593
165
265
163
837
253
368
216
5,345
2,123
1,781
1,441
11,932
5,319
3,366
3,247
11,599
5,540
2,780
3,279
20,371
9,593
5,175
5,603
100,838
42,701
29,136
29,001
Net profits
349,231
671
1,797
2,547
13,259
28,042
23,507
49,082
230,326
Cash dividends declared.
131,073
6,141
124,932
303
22
281
686
39
647
1,020
69
951
5,021
277
4,744
10,288
549
9,739
8,290
845
7,445
15,482
1,255
14,227
89,983
3,085
86,898
Loans
U. S. Government obligations.
Other securities
Real-estate assets
Cash assets
10,100,560
33,996,877
3,312,566
625,431
15,987,068
23,611
37,829
7,413
1,386
40,596
54,430
104,515
18,757
3,206
83,125
72,148
155,109
28,310
4,249
125,204
Total assets...
64,206,411
110,870
264,124
385,191 2,160,517 4,822,822 4,375,517 9,736,676 42,350,694
Time deposits
Total deposits
Total capital accounts
10,208,482
59,849,204
3,941,847
20,392
97,035
13,689
65,416
235,463
28,115
582,766 1,349,607 1,226,428 2,020,794 4,846,646
96,433
347,647 1,972,716 4,439,697 4,048,014 9,120,739 39,587,893
185,236
589,941 2,393,320
36,870
375,427 319,249
25,719
120,748
516
324
254
874
666
1,061
948
3,992
5,066
5,515
11,202
3,000
10,673
3,699
22,821
7,062
69,048
376
400
1,365
1,431
587
461
152
On securities
On loans
All other
On preferred stock
On common stock
Number of officers
Number of employees..
Number of banks included...
,056,677
501,664
364,194
53,175
6,534
29,382
34,215
67,513
5,026
9,029
2,985
4,537
561
32
539
7
368
47,448
17,083
22,318
3,042
217
2,438
162
2,188
99,658
39,738
41,929
7,534
388
4,126
730
5,213
85,710
36,663
31,522
6,662
310
3,154
1,948
5,451
171,134
76,525
57,069
13,284
868
5,034
5,409
12,945
325,878
201,771
21,586
4,679
13,580
25,956
40,983
35,209
9,622
5,189
745
6,344
7
4,107
73,462
16,712
14,096
1,342
12,771
6
8,898
63,403
11,936
14,794
845
10,393
13
7,420
126,104
20,121
33,766
1,186
15,536
35
17,207
430,407
51,083
123,699
1,443
36,341
107
91,927
634,433
378,502
608,566 1,337,629 6,865,237
760,437
940,788 2,261,220 2,213,083 5,021,612 23,262,721
167,516
329,547
393,549
585,666 1,781,808
26,304
57,059
57,390
123,208
352,629
645,928 1,346,115 1,161,180 2,647,498 9,937,422
For footnotes, see p. 500.
MAY
1944
505
MEMBER BANK EARNINGS, 1943—Continued
STATE MEMBER BANKS, BY SIZE OF BANK
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Total 1
Item
500 and
under
i ana
1,0002,000
2,000500
5,000
5,00010,000
10,00050
50,000
Over
50,000
Earnings
Interest and dividends on securities
Interest and discount on loans
Service charges on deposit accounts
Service charges and fees on loans
Other charges, commissions, fees, etc
Trust department
Other current earnings
589,205
263,175
187,326
23,069
4,308
15,665
59,818
35,844
678
175
399
36
2
37
1
28
2,348
661
1,286
134
10
157
1
99
3,547
1,079
1,876
223
10
211
13
135
13,836
4,307
7,101
906
68
779
75
600
29,942
10,007
14,176
2,267
172
1,226
538
1,556
30,564
11,196
12,722
2,317
166
997
1,161
2,005
93,248
36,242
34,718
6,091
406
2,891
6,339
6,561
415,042
199,508
115,048
11,095
3,474
9,367
51,690
24,860
Expenses
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees
Interest on time deposits
Interest on borrowed money
Taxes
Recurring depreciation on banking house, furniture, and fixtures
Other current expenses.
408,320
60,069
118,166
2,823
39,860
184
68,181
543
194
48
9
79
1,806
610
180
35
300
1
210
2,718
872
290
58
509
22,470
5,272
4,209
375
4,172
2
303
10,366
2,963
1,393
199
1,910
1
1,194
22,856
4,190
5,283
294
4,028
12
2,803
69,666
10,978
18,784
602
10,355
28
9,110
277,895
34,990
87,979
1,251
18,507
140
52,007
9,754
109,283
17
130
54
416
90
596
2,398
747
5,205
806
5,440
2,089
17,720
5,643
77,378
Net current earnings. .
180,885
135
542
829
3,470
7,472
7,708
23,582
137,147
Recoveries, profits on securities, etc
Recoveries on securities
"• Profits on securities
Recoveries on loans
All other
124,880
22,168
39,726
19,681
43,305
104
30
10
43
21
271
49
32
109
81
441
1,828
436
323
667
402
4,482
4,545
1,058
1,014
1,407
1,003
1,278
1,375
1,035
857
16,217
4,608
5,452
3,303
2,854
96,992
14,593
31,432
12,968
37,999
98,834
35,578
20,288
42,968
49
12
22
15
162
50
45
67
297
143
92
62
1,084
438
344
302
3,320
1,386
1,018
916
4,044
1,516
1,044
1,484
15,940
5,443
4,932
5,565
73,938
26,590
12,791
34,557
206,931
190
651
973
4,214
8,634
8,209
23,859
160,201
76,714
4,675
72,039
65
5
60
209
7
202
291
11
280
1,217
76
1,141
2,580
392
2,
2,751
342
2,409
8,165
1,275
6,890
61,436
2,567
58,869
Loans
U. S. Government obligations..
Other securities
Real-estate assets
Cash assets
6,169,595
18,870,814
1,703,908
392,215
7,770 057
6,191
10,777
1,110
267
9,998
20,504
42,143
5,312
818
35,294
29,781
67,252
10,000
1,318
50,576
123,108
277,704
41,220
5,846
190,642
252,092
645,166
110,393
17,976
376,295
Total'assets
35,027,219
28,348
104,090
158,971
638,916 1,403,184 1,433,352 4,609,914 26,650,444
Time deposits
Total deposits
Total capital accounts
5,090,025
32,298,174
2,511,120
6,931
25,324
3,012
25,524
95,448
8,590
45,793
146,137
12,558
184,155
453,066
481,240 1,209,972 2,683,344
590,472 1,298,067 1,318,499 4,269,950 24,554,277
47,728
102,951
110,523
325,595 1,900,163
10,523
68,859
126
78
343
252
428
369
Losses and charge-offs
On securities
On loans
All other
Net profits
Cash dividends declared
On preferred stock2
On common stock
Number of officers
Number of employees
Number of banks included
:..
1,206
1,405
1,651
3,369
249,620
775,765 4,712,534
710,461 2,418,580 14,698,731
103,836
263,067 1,168 970
268,320
21,396
76,274
345,834 1,061,770 5,699,648
987
3,710
1,943
12,186
3,839
47,490
1,689
For footnotes, see p. 500.
5O6
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1943—Continued
RATIOS B Y CLASSES OF BANKS A N D FEDERAL RESERVE DISTRICTS
[Ratios computed from aggregates, expressed as percentages]
All member banks
All
national
member
banks
Item
1940
1941
1942
All
State
member
banks
1943
Central reserve
city member
banks
New
York
Chicago
Reserve
city
member
banks
Country
member
banks
Year 1943
Ratios to total earnings:
Interest and dividends on securities.
Interest and discount on loans
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
:
Ratios to total capital accounts:
Net current earnings
Net profits
Cash dividends declared
Ratios to total assets:
Total earnings
Total expenses
Net current earnings
Net profits
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Losses on loans
Ratios to securities:
Interest and dividends on securities.
Recoveries on securities
Profits on securities sold
Losses on securities
Other ratios:
Interest on time deposits to time
deposits
Time deposits to total deposits
Total capital accounts to loans, securities, and real-estate assets
Loans to total assets
U. S. Government obligations to total
assets
Other securities to total assets
Cash assets to total assets
32.6
45.0
22.4
100.0
31.4
47.0
21.6
100.0
30.3
11.1
28.2
69.6
30.0
9.9
29.8
69.7
7.2
6.2
3.8
7.4
6.7
3.6
2.3
1.6
.7
.6
2.2
1.5
36.3
43.0
20.7
100.0
46.4
33.5
20.1
100.0
47.5
34.5
18.0
100.0
44.5
31.7
23.8
100.0
53.9
25.5
20.6
100.0
58.0
24.3
17.7
100.0
45.7
34.3
20.0
100.0
41.0
38.6
20.4
100.0
31.0
8.6
29.5
7.5
32.9
69.9
29.1
7.9
33.3
70.3
30.3
6.7
32.4
69.4
28.5
1.0
34.8
64.3
24.8
5.7
34.6
65.1
29.6
7.4
33.4
70.4
30.7
11.6
31.2
73.5
6.8
10.3
3.7
10.0
7.8
3.8
8.8
8.6
3.5
7.5
8.0
2.8
1.8
1.2
.6
.5
2.1
1.6
.5
.6
r
32.3
r
71.9
r
7.0
6.4
3.4
7.9
8.2
7.4
3'.3
3A
3.'l
2.0
1.5
.6
.5
1.7
1.2
.5
.6
1.7
1.2
.5
.6
1.7
1.2
.5
.6
1.4
.7
.6
.7
1.6
1.0
.6
.4
4.2
.4
.6
4.0
.4
.5
3.7
.3
.4
3.4
.4
.4
3.6
.5
3.0
.3
.3
2.0
A
.5
2.4
.6
.1
3.5
.4
.3
4.9
.6
.5
2.1
.3
.8
.8
1.9
.3
.5
.6
1.7
.2
.2
.3
1.4
.2
.2
.2
1.5
.2
.2
.2
1.4
.1
.2
.2
1.2
.3
.2
.1
1.5
.1
.1
.3
1.5
.1
.1
.2
1.6
.1
.2
.2
1.2
23.2
15.5
24.6
1.1
21.2
13.9
25.7
27.3
9.2
35.5
1.0
18.8
12.0
23.7
.9
16.2
.9
15.3
.4
3.4
1.1
8.9
.8
17.2
1.0
27.9
8.9
17.2
.9
16.7
8.5
16.5
8.1
17.4
10.3
16.8
51.1
5.6
24.6
50.7
5.7
25.7
9.0
17.8
56.3
4.4
20.3
7.0
15.7
35.0
8.0
31.3
9.5
18.5
51.8
5.4
22.7
55.7
5.9
21.9
50.4
4.8
25.9
46.4
7.6
27.5
25.5
10.0
37.0
r
!5
All member banks, by Federal Reserve districts
Item
Ratios to total earnings:
Interest and dividends on securities
Interest and discount on loans
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
Ratios to total capital accounts:
Net current earnings
Net profits
Cash dividends declared
Ratios to total assets:
Total earnings
Total expenses
Net current earnings
Net profits
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Losses on loans
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Losses on securities
Other ratios:
Interest on time deposits to time deposits
Time deposits to total deposits
Total capital accounts to loans, securities, and real-estate assets
Loans to total assets
U. S. Government obligations to total
assets
Other securities to total assets
Cash assets to total assets
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chi-
St.
Louis
Minne- Kansas
apolis
City
43.4
33.2
23.4
100.0
51.4
28.2
20.4
100.0
48.2
31.4
20.4
100.0
47.6
32.9
19.5
100.0
43.9
36.7
19.4
100.0
42.4
33.1
24.5
100.0
51.6
29.6
18.8
100.0
43.1
37.9
19.0
100.0
42.4
34.1
23.5
100.0
37.4
41.6
21.0
100.0
35.9
42.7
21.4
100.0
100 !o
30.2
34.3
72.3
29.1
4.1
33.6
66.8
27.9
8.8
31.4
68.1
27.2
10.3
32.8
70.3
30.1
9.3
35.4
74.8
27.9
6.3
35.8
70.0
28.6
9.4
31.5
69.5
30.0
7.3
34.3
71.6
31.0
9.8
31.4
72.2
32.4
4.6
34.3
71.3
32.9
3.3
37.8
74.0
31.5
11.7
29.6
72.8
6.5
5.6
3.2
7.0
9.8
3.4
7.2
6.3
3.3
6.7
6.8
2.3
7.2
8.0
3.2
9.9
9.4
3.3
9.4
9.1
3.1
8.4
9.0
3.5
8.6
10.8
3.0
8.5
10.7
3.2
8.1
9.0
3.9
11.1
10.5
4.4
1.9
1.4
.5
.5
1.5
1.0
.5
.7
2.2
1.5
.7
.6
1.9
1.3
1.8
1.4
.4
.5
1.9
1.3
.5
1.7
1.2
.5
.5
1.8
1.3
.5
.5
1.9
1.4
.5
.7
1.7
1.2
.5
2.1
1.5
.6
.6
1.8
1.3
.5
.5
3.4
.5
.7
2.4
.5
.5
4.0
.4
.7
3.8
.5
.3
4.2
.4
.3
.4
3.4
.5
.1
3.6
.4
.2
4.0
.9
.3
4.3
.6
.2
4.2
.5
.3
4.5
.3
.3
1.4
.1
.2
.2
1.3
.2
.2
.2
1.8
.3
.2
1.6
1.5
.1
.1
1.5
.2
.1
.2
1.3
.2
.1
.2
1.4
1.5
.2
.2
1.0
15.8
.7
9.4
1.0
18.6
.9
13.9
.9
18.6
.9
14.9
1.0
20.0
.9
9.4
9.1
17.8
55.6
4.9
20.4
.9
24.2
11.4
16.6
A
.2
.9
29.4
10.5
18.5
.9
22.4
12.3
17.0
!l
.2
.8
7.5
9.0
16.2
8.2
16.3
7.2
14.4
8.3
18.4
8.5
16.5
8.9
16.3
9.0
17.6
6.7
19.9
48.6
9.1
22.6
49.8
7.0
24.9
49.3
4.1
28.7
44.2
6.5
31.3
53.2
6.4
25.1
45.2
50.4
6.7
4.7
28.6
27.2
41.1
5.5
36.1
39.5
4.1
37.4
41.2
5.2
23.8
7.8
52.1
4.5
23.2
.6
.6
'.2
.2
.6
1.6
.04
.2
.2
San
Francisco
39.3
43.1
r
Revised; see footnote 2 on p. 500.
NOTE.—The ratios in these tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from
the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or
amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates, presented here, the
experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For
example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering
about 6,600.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking are the more significant for
purposes of general analyses of credit and monetary problems, while averages of individual ratio
' *primarily
* " to those
'
"
* in" studying the
tios are useful
interested
financial results of operations of individual banks.
• " " « " -
MAY
1944
O.11VX,
UIUOU1J
OpCdJi-lllg,
ttlC
L11C111U1C
aiglllJ-H~CH.il,
1V-H.
507
MEMBER BANK EARNINGS, 1943—Continued
RATIOS BY CLASSES OF BANKS AND FEDERAL RESERVE DISTRICTS
[Ratios computed from aggregates, expressed as percentages]
Reserve city member banks,* by Federal Reserve districts
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas' Dallas
apolis
City
San
Francisco
41.9
32.9
25.2
100.0
41.7
32.9
25.4
100.0
53.2
23.7
23.1
100.0
51.0
28.5
20.5
100.0
51.8
27.6
20.6
100.0
42.7
32.6
24.7
100.0
52.6
29.5
17.9
100.0
45.6
35.7
18.7
100.0
49.1
30.0
20.9
100.0
44.5
35.6
19.9
100.0
28.6
32.7
29.6
26.2
30.2
25.6
30.9
11.0
30.3
72.2
29.0
30.0
29.3
5.0
4.6
3.4
3.9
37.1
71.1
34.0
68.6
37.2
69.9
40.4
. 73.7
7.9
8.9
3.8
11.4
10.6
2.1
1.5
.6
.5
Ratios to total earnings:
Interest and dividends on securities
Interest and discount on loans
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
41.5
37.6
20.9
100.0
40.2
42.7
17.1
100.0
29.4
31.3
11.4
29.6
72.3
2.2
8.3
1.7
7.6
5.9
5.0
36.7
67.5
31.1
72.1
32.5
63.8
33.4
67.2
40.1
76.2
38.6
69.2
Net
current earnings
Net profits
Cash dividends declared
6.9
5.0
3.8
8.8
7.2
1.5
[9.0
6.7
6.4
2.3
6.9
8.0
3.6
10.5
9.3
9.9
2.4
8.6
9.1
3.9
8.7
8.4
9.2
3.7
11.5
10.7
Total earnings • .•
Total expenses
Net current earnings
Net profits
1.7
1.2
.5
A
2.1
1.5
.6
.5
1.9
1.2
1.8
1.2
.6
.6
1.6
1.2
A
.5
1.7
1.2
.5
.5
1.5
1.1
A
A
1.6
1.1
.5
.5
1.6
1.1
.5
.6
1.4
1.0
.5
1.6
l!2
.4
.5
2.6
.3
.7
3.6
1.2
.6
2.9
.4
.7
3.0
.4
.3
3.4
.3
.1
3.1
.3
.4
3.5
.2
.1
2.9
.3
.2
2.9
1.1
.1
3.2
.4
.2
3.5
.4
.2
4.4
.3
.3
1.3
.03
.2
.1
1.6
.2
.3
.3
1.8
.3
.3
.4
1.6
.1
.2
.2
1.5
.1
.2
.2
1.5
.03
.2
.2
1.3
.04
.1
.1
1.4
.1
.2
.2
1.3
.2
.04
.3
1.3
.2
.1
.2
1.4
.1
.1
.1
1.5
.1
.1
.2
.9
4.6
.7
26.3
.6
5.5
.8
.7
.9
.8
.8
17.9
13.8
10.7
21.1
10.0
.8
9.1
7.5
.7
.8
8.2
29.6
10.3
21.7
8.8
10.3
15.7
11.4
16.7
7.8
7.5
6.1
7.2
7.5
6.5
13.3
18.5
12.6
19.7
16.0
7.7
15.5
8.0
19.3
16.8
20.2
51.7
50.6
50.7
52.6
55.0
44.5
54.5
47.0
54.2
44.0
44.4
50.2
22.7
22.5
24.0
24.0
27.1
29.1
27.0
26.4
26.0
34.4
34.6
22.8
Ratios to total capital accounts:
Ratios to total assets:
Ratios to loans:
I n t e r e s t e d discount on loans
Recoveries on loans
Losses on loans
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Losses on securities
Other ratios:
Intereston time deposits to time deposits...
Time deposits to total deposits
Total capital accounts to loans, securities,
and real-estate assets
Loans to total assets
U. S. Government obligations to total
assets
Other securities to total assets
2.3
Cash assets to total assets
4.3
7.8
4.4
.7
.6
7.3
5.2
2.8
6.0
5.1
5.8
3.2
2.8
2.6
5.2
2.5
4.7
.8
5.2
Country member banks, by Federal Reserve districts
Item
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas Dallas
apolis
City
44.4
33.4
22.2
100.0
45.0
35.7
19.3
100.0
44.1
37.6
18.3
100.0
42.8
39.0
18.2
100.0
37.9
43.7
18.4
100.0
42.1
33.5
24.4
100.0
43.1
36.0
20.9
100.0
40.3
40.3
19.4
100.0
38.4
36.6
25.0
100.0
29.4
48.4
22.2
100.0
30.5
47.6
21.9
100.0
34.5
45.3
20.2
100.0
31.2
11.6
32.7
75.5
30.3
13.0
30.4
73.7
26.6
14.4
30.5
71.5
28.6
14.1
31.9
74.6
30.0
11.8
31.9
73.7
30.1
31.1
12.4
28.9
72.4
31.0
31.6
12.9
29 8
74.3
35.9
36.4
6.1
2.7
31.0
73.0
35 2
74.3
32 9
13.1
30 0
76^0
6.1
6.1
2.7
7.4
6.1
5.2
2.5
6.6
7.5
2.4
7.5
8.0
3.0
9.4
9.6
3.0
10.1
8.7
8.2
9.0
2.9
8.6
8.2
9.0
4.0
96
2.4
2.0
1.5
.5
.5
2.2
1.6
.6
.6
2.4
1.7
2.2
1.6
.6
.6
2.0
1.5
.5
.6
1.9
1.3
.6
.6
2.0
1.4
.6
4.2
.7
.6
4.6
4.9
.4
.8
.7
5.2
.6
.3
4.7
A
.3
4.7
.3
.4
1.5
.1
.2
.3
1.7
.2
.3
.2
1.8
.2
.2
.4
1.7
.2
.2
.2
1.5
.1
.1
.1
1.6
.05
.2
.2
San
Francisco
Ratios to total earnings:
Interest and dividends on securities
Interest and discount on loans
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total" expenses
Ratios to total capital accounts:
Net current earnings
Net profits
Cash dividends declared
Ratios to total assets:
Total earnings
Total expenses
* Net current earnings
Net profits
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Losses on loans
Ratios to securities:
Interest and dividends on sfccurities
Recoveries on securities
Profits on securities sold
Losses on securities
...
Other ratios:
Interest on time deposits to time deposits...
Time deposits to total deposits
Total capital accounts to loans, securities,
and real-estate assets
Loans to total assets
U. S. Government obligations to total
assets
Other securities to total assets.
Cash assets to total assets
7.7
.7
.7
.6
7.5
33.1
70.7
9.8
31.2
72.0
8.6
10.3
10.6
2.9
4.0
.7
2.0
1.4
.6
.6
2.3
1.7
.6
2.2
1.6
.6
.7
2.0
1.5
.5
.6
2.1
1.6
.5
.5
5.0
.5
.2
4.9
.4
.3
4.9
5.8
5.0
.7
" .8
.7
.3
5.4
#4
.3
1.5
.1
.1
.2
1.6
.1
.1
.2
1.6
.1
.1
.1
1.5
.04
.1
.2
1.4
.04
.1
.1
2.7
.7
A
.3
1.5
.1
.1
.2
9!8
3.0
1.0
.9
1.0
1.0
1.1
.9
.9
1.0
1.1
1.1
.9
1.1
24.9
36.2
39.4
35.0
23.2
17.3
30.9
21.8
29.4
12.6
6.7
28.1
10.7
15.9
10.0
17.4
14.1
18.2
11.5
16.5
10.2
18.8
9.1
8.9
14.7
10.0
16.5
9.4
13.9
16.9
11.1
17.9
10.3
18.5
17.9
52.4
52.6
45.1
10.1
26.5
43.9
47.6
42.7
47.1
36.1
33 7
46 2
20.6
46.6
10.8
21.4
43.9
23.5
30.2
33.5
27.7
31.5
28.3
39.1
40.6
29.6
6.2
7.3
5.4
7.1
8.9
8.0
6.5
6.1
6!l
7.6
5*.O
* Not including central reserve city banks.
508
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments...
510
Gold production . . .
511
..
Gold movements
511
Net capital movements to United States since January i , 1935...
512.
Central banks
..
513-516
Money rates in foreign countries . . .
517
Commercial banks
518
Foreign exchange r a t e s . . .
519
Price movements:
Wholesale prices
5x0
Retail food prices and cost of living . . .
5x1
Security prices...
52.1
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 for all except price tables, together with descriptive text,
may be obtained from the Board's publication, Banking and Monetary Statistics.
MAY
1944
509
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
tin millions of dollars]
United
States
Argen- 1
tina
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec,
14,512
17,644
21,995
22,737
22,726
431
466
353
354
J
658
1943—AprMay.
June.
July.
Aug..
Sept,
Oct..
Nov.
Dec.
1944—Jan.
Feb..
Mar.
22,473
22,426
22,388
22,335
22,243
22,175
22,116
22,065
21,938
21,918
21,712
21,600
End of month
Belgium
Brazil British
India
581
609
734
734
735
32
40
51
70
115
274
274
274
274
274
355
354
354
353
353
353
353
354
359
363
368
734
734
734
734
734
734
734
734
734
734
734
143
153
166
182
202
223
243
254
254
254
255
274
274
274
274
274
274
274
274
274
274
Hungary
Iran
(Persia)
Italy
Japan
Java
1938—Dec...
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
37
24
24
24
24
26
26
26
26
7
34
193
144
120
164
164
164
6
164
1943—Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov..
Dec...
1944—Jan...
Feb...
Mar..
24
24
24
24
24
24
24
24
24
24
24
59
59
End of month
2
80
90
140
235
4
216
Bulgaria
24
24
24
24
25
4
Canada Chile
192
25
Mexico
DenCo- Czechoslomark
lombia vakia
Egypt
France
30
30
30
30
36
24
21
17
16
25
83
56
58
61
61
53
53
52
44
44
55
55
52
52
52
2,430
2,709
2,000
2,000
2,000
47
48
49
50
54
54
54
51
51
51
42
43
45
51
53
55
56
58
59
76
77
61
61
61
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
44
44
44
44
52
52
52
52
52
52
52
52
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
Norway
Peru
94
94
4 84
20
20
20
21
25
Nether- New
lands Zealand
29
32
47
47
39
998
692
617
575
506
23
23
23
23
23
126
125
126
125
174
200
200
202
203
205
229
230
496
496
496
500
500
500
500
500
500
500
500
23
23
23
23
23
23
23
23
23
23
23
25
26
26
26
26
26
26
31
31
31
31
33
Germany
29
29
29
29
29
Ruma- South
Poland Portugal
nia
Africa
85
4 84
69
69
59
59
59
133
152
158
182
241
220
249
367
366
634
59
59
59
59
59
59
60
60
252
261
262
271
282
289
302
305
316
316
558
571
583
611
628
644
667
685
706
716
Greece
27
28
28
4
28
Spain
6
525
42
42
85
Government gold reserves1 not included
End of month
Sweden
Switzerland
Turkey
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
321
308
160
223
335
701
549
502
665
824
29
29
88
92
114
1943—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1944—Jan
Feb
Mar
344
346
347
368
371
374
378
384
387
399
401
421
859
866
867
876
880
887
900
903
964
973
984
P994
145
158
158
158
161
161
161
161
161
171
United
Kingdom
2,690
«*1
Uruguay
69
68
90
100
89
96
101
101
103
108
111
Venezuela
52
52
29
41
68
76
80
80
80
84
84
84
84
89
89
100
100
Yugoslavia
57
59
82
B.I.S.
Other
coun-9
tries
14
7
12
12
21
142
153
145
142
160
25
25
26
26
26
26
27
27
45
45
184
185
185
192
192
192
192
193
193
193
193
193
p
Preliminary.
1
Figures through March 1940 and figure for December 1942 include, in addition to gold of the
Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine
Stabilization Fund.
2 Change from previous December due largely to inclusion of gold formerly not reported.
3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance.
4 Figures relate to last official report dates for the respective countries, as follows: BulgariaTan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; PolandJuly5 31, 1939; Yugoslavia—Feb. 28, 1941.
Figure for December 1938 is that officially reported on Apr. 30, 1938.
6
Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
7
Beginning December 1942, includes gold reserves abroad, formerly not reported.
8
Increase over reserves reported at end of 1941 and 1942 due primarily to inclusion for first time
of gold
held for Foreign Exchange Institute.
9
These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo,
Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador,
Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia,Lithuania, Morocco,
and Thailand (Siam). Figures for certain of these countries have been carried forward from last
previous
official report.
10
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting
the reported data, see pp. 524-535 in the same publication.
510
in previous figures
End of month United
States
United
Kingdom
2
1938—Dec. ...
80
759
1939—Mar. ...
154
1,732
May....
June... " ' " 8 5 "
164
Sept....
3876
156
Dec
145
1940—Mar. ...
86
June...
105
Sept....
48 " ' 2 9 2 '
Dec. ...
88
1941—Mar. ...
89
June...
24
Sept....
4151
25
Dec
12
1942—Mar....
8
June...
7
Sept....
12
Dec
14
1943—Mar.. ..
11
June
7
Sept....
43
Dec
France
331
559
477
Belgium
44
17
17
17
17
17
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
* Figure for end of September.
Reported figure for total British gold reserves on
Aug. 31,1939, less reported holdings of Bank of England
on that date.
4
Figure for Sept. l r 1941.
NOTE.—For certain back figures and for details
regarding special internal gold transfers affecting
the British and French institutions, see Banking and
Monetary Statistics, p. 526.
FEDERAL RESERVE BULLETIN
Estimated
world
Total
Year or month production
outside 1 reported
monthly
U.S.S.R.
1934..
1935..
1936..
1937..
1938..
1939..
1940..
1941..
1942..
1943..
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297,349
1,288,945
GOLD P R O D U C T I O N
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
South
Africa
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
968,112
737,410
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
448,153
61,871
63,548
62,984
'62,107
61,590
60,189
60,025
59,860
58,289
58,226
P
57,319
p
55,l47
35,489
37,604
38,367
37,424
37,962
37,297
36,783
37,162
36,889
36,653
36,169
34,100
1943—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1944—Jan
Feb
Afric;
RhoWes
desia
Afric
$1 = 15h
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
26,641
23,009
grains of gold f0
6, 549
12,153
13,625
7, 159
16,295
7, 386
8, 018
20,784
8, 470
24,670
8, 759
28,564
32,163 3 8 , 862
32,414
29,225
19,740
1,987
2,004
1,987
1,956
1,907
1,862
1,920
1,896
1,790
1,814
A , 814
A , 814
Other
AustraBritish9
Chile II Nicaralia8
India
gua7
North and South America
Canada6|Mex:co°
1,610
1,645
1,645
1,645
1,540
1,540
1,540
1,540
1,540
1,505
1,540
1,540
fine; i.e.,
108,191
126,325
152,509
168,159
178,143
196,391
210,109
209,175
130,963
47,783
an ounce
104,023
114,971
131,181
143,367
165,379
178,303
185,890
187,081
169,446
127,829.
4,520
4,891
4,065
3,945
3,945
3,634
3,306
3,814
3,366
3,520
3,085
3,429
if fine gold = $35
23. 135 12,045
8,350
23, 858
11,515
9,251
26, 465
13,632
9,018
29, 591 15,478
9,544
32, 306
18,225 10,290
29, 426
19,951 11,376
30, 878 22,117 11,999
27 969 22,961
9,259
6
30,' 000 20,882
6,409
12,169
11,309
10,975
11,442
10',246
10,268
9,877
9,802
9,373
9,201
9,023
8,988
19,789
6,081
1,661
1,645
1^599
1,540
1,' 763
1,704
1,659
1,672
1,512
1,600
1,581
p
l,344
558
548
566
455
454
549
598
511
450
501
^501
^501
1, 166
868
807
848
1, 557
3, 506
5, 429
7, 525
8 623
r
7 , 715
30,559
31,240
40,118
46, 982
54, 264
56, 182
55, 878
51, 039
42,525
28,490
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
8,820
622
646
700
724
622
430
770
628
605
633
756
651
2,450
2,450
2',345
2,240
2',380
2,170
2,835
2,100
2,100
2,100
'2,100
'2.100
805
805
735
735
770
735
735
735
665
700
750
680
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics.
2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.
34 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.
Includes Philippine Islands production received in United States. Annual figures through 1942 are estimates of United States Mint. Annual figure
for 1943 and monthly figures are estimates of the American Bureau of Metal Statistics.
56 Figures for Canada beginning 1943 are subject to official revision.
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three
months
of year.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning
December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia.
9
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of tables and sources, see BULLETIN for February 1939, p . 151; July 1938, p . 621; June 1938, p . 540; April 1933, p p . 233-235;
and Banking and Monetary Statistics, p . 524. For annual estimates compiled by the United States Mint for these and other countries in the period
1910-1941, see Banking and Monetary Statistics, p p . 542-543.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) t o :
Year or
month
19341
1935
1936
1937
1938
1939
1940
1941
1941
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Total
net
imports
United
Kingdom
Belgium
France
Netherlands
Sweden
Switzerland
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
3,798 165,122 341,618 28,715
3,574,151 1,826,403
977 63,260 161,489
4,744,472 633,083 241,778
3,779
1
1,747
1
982,378
234,242
108,609
118,567
171,992
34,830
30,712
37,041
36,973
65,702
40,440
50,374
52,896
37
1,218
817
21
2
474
542
79
250
55
121
163
1
1
1,746
1
Philip- Auspine
Canada Mexico Colombia
Islands tralia
86,829 30,270
12,402
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
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
1,147
814
866
1,147
969
800
1,080
843
495
1,020
6,336
1,273
South
Africa
16,944
10,899
11,911
18,397
10,557
23,239
23,999
24,448
1,029
12
12,038
3,498
65
15,335
8
21,513 23,280
181
25,427 34,713
401
27,880 39,162
35,636 74,250 22,862
38,627 103,777 184,756
42,678 67,492 292,893
3,168
11
2,232
2,934
2,794
7
2,128
2,230
2,488
2,107
2,110
2,238
3,185 11,136 149,735
6,738
96
2,772
6,262
2,788
3,984
4,720 132,261
3,587
3,594
3 384 4,194
4,593
69
2,114
5,199
88
4,970
6,742
137
5,098
2,064
3,694
3,107
6,151
200
3,141
5,980
40
1,830
3,713
190
5 506
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
131
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
5
100,485
6,062
15,093
2,951
6,793
3,589
5,009
3,811
6
9,008
6
l6l , 0 4 1
9,365
6
9,039
6
18,726
6
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $31,830,000 from Argentina.
3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other
countries-.
4 Includes $75,087,000 from Portugal, $59,072,000 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. For back figures see Banking and Monetary Statistics,
Table 158, pp. 539-541, and for description of statistics, see p . 524 in the same publication.
MAY
1944
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
From Jan. 2, 1935, through—
Increase in foreign banking
funds in U. S.
Total
Total
Official1
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
259.5
616.0
899.4
1,412.5
57.7
213.8
350.7
603.3
-2.0
6.1
-4.5
9.8
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
21.1
29.8
29.8
6.0
1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30
1,511.1
1,949.2
2,283.3
2,608.4
578.4
779.0
898.5
930.5
44.4
35.9
37.4
81.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
.4
16.5
23.2
12.9
1937—Mar. 31
June 30
Sept. 29
Dec 29
2,931.4
3,561.9
3,911.9
3,410.3
1,121.6
1,612.4
1,743.6
1,168.5
62.8
215.3
364.6
243; 9
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
1,075.7
1,069.5
1,125.1
1,162.0
4.1
18.3
31.9
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
149.9
125.9
187.0
238.5
799.9
1,180.2
1,425.4
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
,112.3
,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
,307.7
,375.1
,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. 28
Feb.25
Mar. (Apr. 1)
Apr. 29
May (June
3)
June 302
5,163.7
5,069.0
5,082.4
5,309.6
5,413.4
5,495.3
2,771.6
2,675.5
2,684.0
2,906.1
2,996.8
3,075.9
977.6
879.4
932.0
1,106.7
1,144.0
1,211.7
1,793.9
1,796.0
1,752.0
1,799.4
1,852.8
1,864.2
801.6
809.2
819.7
829.8
839.8
842.3
857.5
856.2
849.6
843.2
843.2
838.8
631.0
626.2
624.9
626.6
629.0
632.0
102.0
102.0
104.3
103.9
104.6
106.2
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
5,542.6
5,599.9
5,654.9
5,694.7
5,761.6
5,835.0
3,121.4
3,184.8
3,212.6
3,204.2
3,250.2
3,320.3
1,242.7
1,293.1
1,339.1
1,341.1
1,366.1
1,412.0
1,878.7
1,891.7
1,873.5
1,863.2
1,884.1
1,908.3
854.9
839.9
858.2
890.0
901.6
829.3
828.6
830.5
842.1
844.8
848.2
633.3
642.7
646.1
654.3
661.0
673.3
103.7
103.9
107.5
104.1
104.1
104.4
1943—Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 29
June 30
5,907.7
6,014.9
6,147.1
6,212.3
6,282.6
6,506.4
3,471.1
3,590.1
3,643.4
3,690.5
3,769.6
4,002.6
1,536.6
1,671.8
1,723.1
1,801.8
1,871.6
2,071.4
1,934.5
1,918.3
1,920.3
1,888.6
1,898.0
1,931.2
889.8
890.5
898.7
909.9
905.1
896.9
761.3
751.9
810.5
809.5
807.0
806.8
678.5
676.0
685.9
692.9
692.5
687.9
107.0
106.4
108.6
109.5
108.5
112.1
July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
6,556.0
6,726.3
6,771.3
6,904.6
7,073.6
7,118.6
4,056.4
4,107.9
4,130.6
4,284.4
4,435.7
4,496.3
2,103.4
2,122.6
2,190.9
2,312.9
2,450.0
2,461.5
1,953.0
1,985.3
1,939.7
1,971.5
1,985.7
2,034.8
901.9
909.4
888.6
870.5
882.6
877.6
792.9
907.8
929.3
928.3
929.8
925.9
692.3
687.0
708.1
707.4
710.1
701.1
112.6
114.3
114.8
114.1
115.4
117.8
931.7
695.1
1935—Mar. ( p
(July 3
(Oct. 2)
1936)
1944—Jan. 31...
7,272.9
786.2
3
4,658.2
3
2,649.3
3
2,009.0
3
870.8
3
117.0
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 banks maintaining accounts at the Federal Reserve Bank of
New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to
government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by
foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic
and 2consular establishments, etc.).
Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BULLETIN
for January 1943, p. 98.
3
Amounts outstanding on Jan. 31, in millions of dollars: total foreign banking funds in United States 5,315.7, including official funds, 3,286.9, and
other funds, 2,028.8; United States banking funds abroad, 264.7; and brokerage balances (net due "foreigners") 40.2.
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 back figures, see Banking and Monetary Statistics, Tables 161-163, pp. 574-637, and
for full description of statistics see pp. 558-560 in same publication.
FEDERAL RESERVE BOIXETIN
CENTRAL BANKS
Assets of issue
department
Bank of England
(Figures in millions of
pounds sterling)
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
1943—Apr. 28
May 26
June 30
July 28
Aug. 25
Sept 29
Oct. 27
Nov 24
Dec. 29
.2
.2
.2
.2
.2
.2"
.2
.2
.2
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
6
780.0
5
950.0
.2
.2
.2
.2
....
1944—jan. 26
Feb 23
Mar. 29
.2
.2
.2
Cash reserves
Other
assets2
Gold1
1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec 25
1941—Dec. 31
1942—Dec. 30
Assets of banking department
Notes
.2
22.3
49.0
27.3
18.5
16.8
.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
3.5
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
1.0
.9
.9
1.3
1.4
1.7
1.8
1.7
.9
46.8
55.3
53.9
32.1
25.3
13.8
51.8
31.2
11.6
5.3
4.6
4.9
7.3
3.4
1.9
1.6
6.0
2.5
196.2
185.3
261.0
208.4
218.3
238.7
211.3
222.1
307.9
953.4
945.0
946.3
968.1
974.9
986.5
998.5
1,019.0
1,088.7
.6
33.0
22.8
45.6
4.4
15.4
229.0
255.2
212.7
1,067.3
1,077.5
1,104.6
.5
.6
.6
.8
.8
1.0
.9
.3
1,000.0
1,000.0
1,000.0
1,000.0
1,000.0
1,000.0
5
1,050.0
1,050.0
h, IOO.O
1,100.0
1,100.0
5
1,150.0
Securities
Coin
.6
.6
.8
1.0
5
Discounts
and advances
Liabilities of banking department
Note
circulation3
.9
.4
7.6
8.5
17.5
9.2
28.5
4.3
4.0
6.4
2.1
Deposits
Public
Other
Other
liabilities
8.8
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
170.1
174.1
238.1
169.9
166.8
173.4
190.3
183.2
234.3
8.3
3.2
9.5
6.6
7.2
9.3
5.4
6.8
10.3
53.1
51.0
55.3
54.6
56.6
55.1
53.1
53.3
60.4
17.7
17.8
17.8
17.9
18.0
18.1
17.7
17.8
17.9
187.8
200.3
188.8
8.5
52.7
53 7
60.2
17.9
18 0
18.1
Bankers'
379.6
368.8 .
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 30
Nov 30
Dec 31
1944_j a n 3i
Feb 29
Mar 31
Gold
180.5
179.4
179.8
185.9
225.7
(8)
Sterling
and United
States
dollars
9.9
8.9
7.1
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Note
circulation*
Other
liabilities
Chartered
banks
Dominion
government
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
6.0
19.1
13.4
14.4
9.3
13.3
28.5
35.1
24.0
34.2
24.9
20.8
22.1
29.2
19.0
22.1
30.6
47.3
744.1
746.8
758.4
776.1
796.7
815.1
836.6
844.6
874.4
284.5
313.1
301.1
295.0
308.6
305.7
339.2
360.6
340.2
56.5
46.8
90.1
48.4
59.7
36.2
88.9
66.1
20.5
35.5
34.2
19.2
13.2
10.3
11.4
15.6
16.1
17.8
42.6
24.4
28.9
23.7
31.0
29.1
31.7
33.6
55.4
25.4
31.3
44.0
860.6
875.4
897.9
360.9
362.7
359.2
34.8
40.1
65.8
22.3
31.5
22.8
33.4
19.8
44.5
Shortterm6
Other
9.1
14.9
28.4
64.3
38.4
200.9
.5
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
8.2
21.7
5.2
5.5
12.4
33.5
31.3
.6
11.8
47.2
.5
37.6
31.0
68.5
26.5
.6
850.4
826.1
816.7
800.7
798.8
786.7
787.4
797.1
787.6
278.0
302.5
313.0
333.1
340.8
360.7
434.0
466.7
472.8
.4
.2
.3
799.9
789.2
788.9
486.8
508.9
557.0
4.2
6.6
7.7
8.9
22.2
8.6
Other
.8
2.1
3.5
3.1
17.9
9.5
7.7
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was
officially set at 168 shillings per fine ounce.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account
to bank;
on Sept. 6,1939,279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds
on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8,1943, and on Mar. 7,1944.
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 back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp.
644-645, respectively; for description of statistics see pp. 560-564 in same publication.
MAY
1944
5*3
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
Advances to
Government
Domestic bills
Gold 1
Foreign
exchange
Open
market2
27
26.
30
30
29
28
27
30
30
29
28
26
31
31
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
5
97,267
5
84,616
84,598
84,598
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
1943—Jan. 28
F e b . 25
M a r . 25
Apr. 29
M a y 27
J u n e 24
J u l y 29
Aug. 26
Sept. 30
Oct. 28
N o v . 25
Dec. 30
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
37
37
37
37
37
37
38
37
37
37
37
37
43,448
43,103
42,938
42,884
42,930
42,998
43,261
43,108
43,412
44,591
44,860
44,699
Special
2
For occupation
costs3
Other
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
4,517
5,368
1,379
652
1,797
2,345
661
12
169
108
105
23
26
6
1
35"
29
5,061
7,533
6,108
6,6"86
6,200
5,573
6,456
6,908
4,968
4,799
6,472.
7,543
Deposits
Other
assets
Note
circulation
Other2
Government
72,317
142,507
210,965
17,698
31,909
20,627
34,673
63,900
69,500
68,250
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
382,774
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
1,517
770
216,334
230,911
230,740
248,320
260,919
260,927
271,371
288,308
295,807
306,689
320,843
326,973
62,600
57,800
69,250
57,650
56,900
63,550
61,150
53,500
69,500
65,500
55,950
64,400
20,698
21,458
20,181
21,072
21,768
21,042
21,472
21,078
23,519
21,000
21,457
21,420
387,748
397,319
405,416
413,567
419,530
426,974
440,291
448,270
468,015
475,868
484,060
500,386
725
1,521
698
713
734
837
754
743
821
627
755
578
C.A.R.
Reserves of gold a n d
foreign exchange
41,'400
64,580
16,857
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
3,894
4,461
9,051
9,521
8,429
8,749
10,166
14,670
11,170
14,674
15,450
12,191
14,083
10,724
30,654
32,886
33,776
34,186
37,750
29,574
31,864
29,615
33,199
34,111
31,133
33,137
4,705
4,299
5,556
4,058
5,177
6,669
4,267
4,235
4,355
4,417
4,220
4,872
Liabilities
Securities
Total
reserves
Gold
Bills (and
checks),
including
Treasury
bills
2,687
2,685
1,156
920
396
84
88
72
76
76
78
78
77
76
2,283
2,216
984
806
386
79
82
66
71
71
71
71
71
71
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
251
256
245
176
183
146
84
74
60
45
30
38
32
25
1943—Mar. 31
Apr. 30
M a y 31
J u n e 30
Tuly 31
Aug. 31
Sept. 30
Oct. 30
N o v . 30.
Dec. 3 1 . .
77
77
77
77
77
77
77
77
77
77
(6)
27,869
28,603
29,592
30,890
32,317
34,570
35,010
36,117
37,870
41,342
18
18
16
29
34
17
22
17
66
27
1944—Jan. 3 1 . . .
F e b . 29
77
77
39,584
39,269
43
26
(Figures in millions of
reichsmarks)
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec:
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
31
31
31
31
30
31
31
31
31
31
30
31
31
31
Other
Other
liabilities
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
29,935
Assets
Reichsbank
4
Security
loans
Eligible
as note
cover
25< )
44.
34< •
22
10(
55' j
80^ 1
3: 1
10 j
81
4L
1L
rJ
L
1L
L
.
1
]
Other
Other
assets
656
Note
circulation
Deposits
Other
liabilities
92
102
161
398
322
319
315
303
286
298
393
357
283
210
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
1,664
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19,325
24,375
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
5,292
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
1,680
85
78
121
67
100
107
105
136
79
65
2,345
2,319
2,268
2,178
2,003
1,569
2,436
2,583
2,733
2,337
24,697
25,442
25,922
26,650
27,597
29,029
30,099
30,922
31,772
33,683
4,340
4,226
4,606
4,881
5,199
5,456
5,601
5,967
6,951
8,186
1,397
1,427
1,563
1,711
1,735
1,857
1,951
2,040
2,104
1,980
42
66
2,296
2,360
33,012
33,508
7,176
6,636
1,855
1,654
1
Gold revalued March 1940, N o v e m b e r 1938, July 1937, and October 1936. For further details see B U L L E T I N for May 1940, p p . 406-407; J a n u a r y 1939,
p . 29; September 1937, p . 853; and November 1936, p p . 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 a n d t h e Treasury, dated from Aug. 25, 1940, through Dec. 16,1943, advances of 351,000 million
francs were authorized to m e e t the costs of the German a r m y of occupation.
4
Central Administration of the Reichskreditkassen.
5
I n each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization F u n d ? t o Bank of F r a n c e ;
in week ending M a r . 7, 1940, 30,000 million francs of gold transferred from Bank of F r a n c e to Stabilization F u n d .
6
Gold not shown separately in weekly Reichsbank s t a t e m e n t after June 15,1939.
N O T E . — F o r back figures on B a n k of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 a n d 167, p p . 641-643 a n d p p . 645-647,
respectively; for description of statistics see p p . 562-565 in same publication.
514
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
C e n t r a l B a n k of t h e A r g e n t i n e R e p u b l i c (millions of pesos):
Gold reported separately
Other gold and foreign exchange...
Government securities
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Certificates of participation in
Government securities
Other liabilities
C o m m o n w e a l t h B a n k of A u s t r a l i a
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
N a t i o n a l B a n k of B e l g i u m a n d B a n k
of I s s u e of B r u s s e l s (millions of
belga): 1
Gold
Foreign exchange
Credits to State and public bodies,
Credits to private economy
Reichskreditkasse
Other assets
N o t e circulation
Demand deposits
Postal Checking Office
Other liabilities
N a t i o n a l B a n k of B o h e m i a a n d
Moravia (millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Other assets.
Note circulation
Demand deposits
Other liabilities
C e n t r a l B a n k of Bolivia (millions
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
N a t i o n a l B a n k of B u l g a r i a 2
C e n t r a l B a n k of C h i l e (millions
of pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets..
Note circulation
Deposits—Bank
Other
Other liabilities
B a n k of t h e R e p u b l i c of C o l o m b i a
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets..
Note circulation
Deposits
Other liabilities
1943
Mar.
Mar.
Jan.
Feb.
1,117
2,246
882
1,102
2,131
882
1,076
1,192
368
153
1,964
1,312
504
122
152
1,904
1,190
480
110
"240
1,624
827
285
37
388
105
423
158
2
101
43,043 41,793 33,891
133,429 129,939 106,779
7,023
9,463
6,360
70,261 54,310 47,595
27,881 25,642 28,864
251,464 248,82- 207,160
192,435 181,537 188,187
168,012 163,262 131,356
4,33
10,54
3,349
18
73
363
16,99;
1,028
1,41
345
4,332
6,744
3,960
103
726
293
14,033
1,055
827
244
1,515
775
1,908
1,51.
77.
1,85'
1,515
726
896
33,496
24,001
5,663
8,031
' 32^51.
23,30^
5,602
7,756
19^687
15,408
4,400
3,016
4,331
10,839
3,470
153
755
605
17,334
1,000
1,456
64*
556
412
265
632
4
74
1,088
798
91
39
53C
41
7'
1,05;
86
84
462
419
220
539
42
146
870
867
25C
21
71
91«
86'
2,21
361
222
150
725
952
679
2,000
335
120
273
134,95( 132,625
r
r
77,O19
83,81
1,781
2,82^
56,763 r 56,828
r
32,51.
31,042
117,698 117,439
129,764 131,584
63,409 50,273
52,653
78,701
11,331
56,223
36,280
98,524
92,503
44,162
245
25:
71<
91.
90;
2,30!
32'
125
27
Central Bank
(Figures as of last report
date of month)
N a t i o n a l B a n k of D e n m a r k (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
,
Govt. compensation account 3
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
C e n t r a l B a n k of Ecuador (thousands
of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
5
1944
Mar.
1943
Feb.
Jan,
97
22
2,100
45
70
125
2,745
1,362
1,318
2,128
396
June4
97
18
1,244
38
71
125
1,554
964
645
1,264
274
943)
148,652 137,140
122,092 92,437
81,560 80,437
64,310 58,160
200,076 175,151
185,158 163,472
31,380 29,552
(Nov.
1943)4
6,251
6,241
11,248 10,852
4,949
5,470
National Bank of Egypt (thou-
sands of p o u n d s ) :
Gold..
Foreign exchange
Loans and discounts
British, E g y p t i a n , a n d other Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
C e n t r a l R e s e r v e B a n k of El S a l v a d o r (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities...
Other assets
Note' circulation
Deposits
Other liabilities
B a n k of F i n l a n d 2
B a n k of Greece 2
N a t i o n a l B a n k of H u n g a r y (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 B a n k of I n d i a (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Treasury bills discounted
Loans to Government
Other assets
Deposits
Other liabilities
C e n t r a l B a n k of Ireland (thousands
of pounds) : 6
Gold_
Sterling funds
Note circulation
B a n k of J a p a n 2
B a n k of Java 2
97
21
2,058
42
73
125
2,571
1,328
1,270
1,999
391
Mar.
202,639 157,422
5,460
10,998
94,161 75,253
58,043 35,499
71,330 60,661
13,061 13,522
27,289
31,908
306
6,69:
718
42,003
19,016
5,899
24,202
21,911
766
6,824
522
32,815
15,688
5,721
100
100
3,35'
554
1,030
3,389
561
1,026
27,452
35,345
223
6,587
1,011
43,659
21,167
5,792
706
1,533
4,376
729
100
4
2,196
718
471
30
885
2,976
565
12
1,709
13
1,504
18
844
444
7,448
583
15.
8,537
444
4,217
1,745
145
6,436
92
1,331
34
111
1,35:
22:
115
873
7
2
81
880
199
2,64i
24,794
27,440
2,646
20,329
22,975
6
1,746
4,370
2,64i
25,002
27,648
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
For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p . 697; of Finland (August 1943), see B U L LETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of J a v a (January 1942), see
B U L L E T I N for March 1943, p.
3
278.
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on J a n . 23, 1942.
Latest month for which report is available for this institution.
8
Items for issue and banking d e p a r t m e n t s consolidated.
6
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, p p .
122-127.
4
MAY
1944
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1944
Mar.
Feb.
Jan.
Mar.
Central Bank
(Figures as of last report
date of month)
1944
Mar.
Feb.
1943
Jan,
Mar.
(Sept.3
1943)
92
62i
16,11
3,07'
2,28:
15,611
3,11
Bank of Spain (millions of pesetas):
Gold
Silver
1,379
1,404
1,40c
939
Government loans and securities..
204
250
21
131
Other loans and discounts
6(
58
62
71
Other assets
1,145
1,145
824
Note circulation
1,16*
88'
835
523
Deposits—Covernment
92*
14
155
131
3,50C
Other
14.
802
Other liabilities
Bank of Sweden (millions of kronor):
932
884
93:
Gold
757
886
929
87!
1
626
621
567
Foreign asets (net)
566
4
3,405
'3^57!
Swedish Govt. securities and ad-5
2,091
1,176
vances to National Debt Office
1,202
1,044
1,171
131
128
13.
137
Other domestic bills and advances,
%
68
5!
141
808
85
80
91i
9V
Other assets
943
252
3,620
1,931
2,14!
3,804
Note circulation
2,163
2,12:
2,
112
653
174
60*
53:
Demand deposits—Government...
57<
668
244
39;
59:
15:
Other
437
27
152
608
16:
63:
71
Other liabilities
674
64
Swiss National Bank (millions of
francs):
4,21
2,802
2,802
2,802
4,29?
Gold.
4,259
3,682
2,802
7,
27,762 41,463 35,830
Foreign exchange
8S
56
22,231
Hi
Loans and discounts
188
110
8
I6i
44,23:
41,933 41,318
32,444
Other assets
182
313
11,960
10,324
10,322
2,914
10,458
Note circulation
2,919
2,579
2,875
2,909
2,980
1,368
3,064
2,350
Other sight liabilities
1,509
1,308
36,253 36,326 36,576
30,348
28'
Other liabilities
278
274
1,581
6
49,89') 59,502 53,025
36,757 Central Bank of the Republic of
3,670
3,547
3,602
3,180
Turkey (thousands of pounds):
214,166 155,539
Gold
85,379 104,141
Foreign clearing accounts
736,023 719,890
Loans and discounts
327
173
192,209 194,449
Securities
20
2,213
2,321
Other assets
39,036 25,326
2,115
128
120
Note circulation
821,276 714,977
77
1,
1,930
Deposits—Gold
79,358 79,358
1,102
1,573
1,337
Other
165,631 222,771
2,301
2,424
2,461
Other liabilities
200,548 182,240
2,231
879
864
588 Bank of the Republic of Uruguay
1,865
1,791
(thousands of pesos):
1,361
(Oct.
955
766
Issue department:
1,435
1943) 3
(Dec. 3
Gold and silver
90,197 90,797
1943)
Note circulation
124,571 114,332
150,830 119,215
Banking department:
11,328 13,649
Gold and silver
88,612 55,367
342,817 285,189
Notes and coin
24,520 35,265
21,412 21,055
Advances to State and to gov343,017 287,843
ernment bodies
28,675 39,785
158,406 132,612
Other loans and discounts....
93,086 105,801
24,963 18,653
Other assets
186,027 146,801
Deposits
(Dec. 3
173,166 146,351
1943)
Other liabilities...
247,754 236,668
1,398
Central Bank of Venezuela (thou1,394
4,142
3,402
sands of bolivares):
6,563
7,903
Gold
. . „ . 507,208 307,208 273,314 220,784
213
45,347 32,802 51,533 32,091
227
Foreign exchange (net)
1,025
26,370 26,370 26,370 31,230
1,025
Credits to national banks
984
16,843 12,106 10,804 6,492
1,105
Other assets
5,440
253,552 250,808 246,430 201,339
6,817
Note circulation—Central Bank
7,265
7,935
National banks. 24,582 25,211 25,650 34,616
89,215 96,591 83,728 48,139
877
1,049
Deposits
28,421
6,503
5,877
6,213
Other liabilities
National Bank
of
the
Kingdom
of
59,651
46,397
Yugoslavia 2
26,551 Bank for International Settlements
32,813
37,843
54,953
(thousands of Swiss gold francs):7
294
139
136,822 137,876 75,136
Gold in bars
20,946
20,470
Cash on hand and on current ac53,425
70,106
18,313 18,663 28,675
count with banks
62,283 118,963
6,622 15,390
6,745
Sight funds at interest
40,831
47,336
Rediscountable bills and accept25,662
28,512
106,341 105,864 147,238
ances (at cost)
21,075 21,075 20,929
Time funds at interest
195,529 195,450 195,891
sands of p o u n d s ) :
Sundry bills and investments
89,838 86,908
65,159
324
332
123
Gold
Other assets.. .#
14,701 14,254
6,810
48,801 50,544 39,712
Foreign bills
Demand deposits (gold)
1,621
1,510
372
Other bills and loans
Short-term deposits (various cur91,321 94,500
81,558
Other assets
rencies) :
48,390 49,012
39,057
6,101 15,217
6,413
N o t e circulation
Central banks for own account
143,982 142,885 109,270
2,739
2,539
2,859
Deposits
Other
5,108
5,275
5,572
Other liabilities
Long-term deposits:Special ac229,001 229,001 228,909
counts
i
198,082 197,489 197,006
Other liabilities... '
1
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
2
For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
3
Latest month for which report is available for this institution.
4
Valued
at average cost beginning October 1940.
5
Includes small amount of non-Government bonds.
6
Figure
not
available.
7
Bank of Mexico (millions
of pesos):
Metallic reserve1
"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
Bank of the Republic of Paraguay
(millions of pesos):
Gold
Foreign exchange
Loans and discounts
^
Government loans and securities...
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities
Central Reserve Bank of Peru (thousands of soles): #
Gold and foreign exchange
Discounts
Government loans
Other assets.
Note circulation
Deposits.... .m
Other liabilities
Bank of Portugal (millions of escudos):4
Gold
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
'
Other sight liabilities
Other liabilities
National Bank of Rumania (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 (thou-
52'
51
495
33
r
cf
See BULLETIN for December 1936, p. 1025.
516
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective
In effect Oct. 2,
1936
Oct. 9
Oct. 16
Oct. 20
Nov. 26
Dec. 3
Jan. 28, 1937.. ..
June 15
July 7
Aug. 4
Sept. 3
Nov. 13 .
May 10, 1938
May 13
May 30
Sept. 28
Oct 27
Nov. 25
Jan. 4, 1939 . .
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940
Apr. 9
. .
May 17
Mar. 17, 1941
May 29
June 27
In effect Apr. 30,
1944
United
King- France Germany
dom
2
Belgium
2
4
Netherlands
3
Sweden
Switzerland
2
V4
Rate
Apr.
30
Central
bank of—
Albania
Argentina
Belgium
Bohemia and
Moravia
Date
effective
5'4 Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940
sy2
2
Oct.
1, 1940
Central
bank of—
Rate
Apr.
30
Italy
Japan
Java
Latvia
Lithuania. ..
3.29
3
5
6
Date
effective
May
Apr.
Jan.
Feb.
July
18, 1936
7, 1936
14, 1937
17, 1940
15, 1939
2
4
6
5
4
3
4
2y2
" 3 "
Bolivia
British India.
Bulgaria
Canada
Chile
Colombia
Nov. 8, 1940
Nov. 28, 1935
Dec. 1, 1940
Feb. 8, 1944
Dec. 16, 1936
July 18, 1933
Mexico
Netherlands
New Zealand
Norway
Peru
Portugal....
June
June
July
May
Aug.
Jan.
4,
27,
26,
13,
1,
12,
Denmark
Ecuador
El Salvador.
Estonia
Finland
Oct.
May
Mar.
Oct.
Dec.
16,
26,
30,
1,
3,
1940
1938
1939
1935
1934
Rumania.
South Africa
Spain
Sweden
Switzerland.
Sept.
June
Dec.
May
Nov.
12, 1940
2, 1941
1, 1938
29,1941
26, 1936
France
Germany....
Greece
Hungary
Ireland
Mar.
Apr.
Mar.
Oct.
Nov.
17, 1941
9, 1940
1, 1942
22, 1940
23, 1943
Turkey......
United Kingdom
U.S. S. R...
Yugoslavia.
July
1, 1938
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
1942
1941
1941
1940
1940
1944
3
23^
2
•4'
3
4
" 3 "
3
2
3
•
-
•
2
3H
1%
2
2
T
3
NOTE.—Changes since Mar. 31: none.
3
OPEN-MARKET RATES
{Per cen t per annum ]
United Kingdom
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..
1943—Feb..
5.05
3.82
4.33
3.76
4.63
.83
.95
.38
.55
.55
.53
.53
1.04
1.03
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
1.00
1943—Mar.
Apr..
May.
June.
JulyAug..
Sept.
Oct..
Nov.
Dec.
1944—Tan..
Feb..
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
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
.90
1.03
1.07
.06
.04
.11
.07
.00
.00
.00
.08
.13
2.56
Germany
Bankers'
Day-to-day allowance
money
on deposits
2.29
3.84
.73
.88
.63
.75
.75
.75
.75
1.00
1.00
1.04
1.10
3
-2.
4
-3
Netherlands
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
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
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
1.82
4.39
2.80
1.12
1.87
.37
.78
.58
1.19
.28
.13
.13
1.58
2.25
4.78
2.94
1.05
1.69
1.00
1.00
1.60
1.63
1.00
.50
.50
2.50
2.75
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
1.94
1.81
1.91
1.90
1.86
1.89
1.93
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
434-6
3-5
2H-5
2H-5
3-5
3-53^
3-5K
3-5^
3-5^
3.31
2.71
.00
.52
.50
.50
.50
.37
.18
.00
.00
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
1.25
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
MAY
1944
5*7
COMMERCIAL BANKS
Assets
United Kingdom 1
(11 London clearing banks.
Figures in millions of
pounds sterling)
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
244
244
243
274
324
366
390
195
163
160
174
159
141
142
322
300
250
334
265
171
198
1943—March
April
May
August
September
October...
November.
December.
377
375
377
387
375
383
389
394
403
422
139
142
158
165
160
156
148
151
155
151
1944—January...
February..
416
414
157
150
June
July
Liabilities
Money at
Cash
call and Bills dis- Treasury
Loans to
deposit 2 Securities customers
counted receipts
reserves
short
notice
Deposits
Other
assets
Total
Demand3
Time 3
314
758
896
660
635
635
609
771
999
1,120
890
984
971
1,015
924
823
794
249
256
263
290
293
324
325
2,315
2,330
2,254
2,441
2,800
3,329
3,629
1,288
1,284
1,256
1,398
1,770
2,168
2,429
1,012
1,026
997
1,043
1,030
1,161
1,200
245
252
269
256
250
253
236
173
128
154
236
244
232
209
181
184
133
884
964
924
859
900
957
1,045
1,135
1,187
1,307
1,132
1,137
1,150
1,159
1,162
1,162
1,160
1,158
1,167
1,154
789
767
769
758
753
739
741
749
732
761
283
268
268
305
279
285
293
289
283
349
3,542
3,545
3,566
3,630
3,628
3,670
3,737
3,813
3,865
4,032
2,362
2,350
2,380
2,432
2,428
2,456
2,504
2^556
2,588
2,712
1,180
1,195
1,185
1,199
1,200
1,214
1,233
1,256
1,277
1,319
235
235
234
238
245
244
248
245
245
245
138
124
1,305
1,264
1,149
1,141
754
761
288
287
3,962
3,897
2,650
2,583
1,312
1,314
245
243
Assets
Canada
(10 chartered banks. m End of
month figures in millions
of Canadian dollars)
Entirely in Canada
Cash
reserves
Security
loans
Other
liabilities
Other
loans
and discounts
Liabilities
Security
loans
abroad
and net Securities
due from
foreign
banks
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
1941—December.
1942—December.
240
255
263
292
323
356
387
114
76
65
53
40
32
31
791
862
940
,088
,108
,169
,168
161
102
166
132
159
168
231
1,384
1,411
1,463
1,646
1,531
1,759
2,293
554
575
535
612
570
653
657
103
96
88
85
80
71
60
2,303
2,335
2,500
2,774
2,805
3,105
3,657
755
752
840
1,033
1,163
1,436
1,984
1,548
1,583
1,660
1,741
1,641
1,669
1,673
837
850
843
963
846
962
1,049
1943—March
April.
May
June
July
August
September
October...
November.
December.
377
400
442
421
406
434
427
460
496
471
24
25
33
42
36
35
34
38
44
48
,003
971
,224
,214
,194
,121
,045
,038
,259
,156
223
218
212
204
185
242
198
202
233
250
2,689
2,818
2,728
2,687
2,652
2,681
2,881
2,870
2,938
2,940
599
660
632
665
626
641
679
659
669
744
54
52
50
49
48
46
46
45
43
42
3,816
3,984
4,152
4,101
3,959
3,978
4,085
4,107
4,454
4,395
1,927
2,058
2,419
2,319
2,133
2,062
2,096
2,146
2,572
2,447
1,890
1,926
1,732
1,782
1,826
1,916
1,989
1,961
1,883
1,948
1,044
1,056
1,068
1,084
1,094
1,131
1,133
1,115
1,141
1,172
1944—January...
February..
491
486
53
52
,085
,003
229
227
2,950
2,994
674
664
41
40
4,273
4,216
2,247
2,093
2,026
2,124
1,167
1,170
Assets
France
(4 large banks. End of month
figures in millions
of francs)
Liabilities
Cash
reserves
Due from
banks
Bills discounted
1936—December
1937—December
1938—December
1939—December 4
1940—December
1941—December
1942—December.
3,100
3,403
3,756
4,599
6,258
6,589
7,810
2,975
4,116
4,060
3,765
3,546
3,476
3,458
17,582
18,249
21,435
29,546
44,243
61,897
73,917
7,631
7,624
7,592
7,546
7,984
8,280
10,625
1943—January
February
March
April
May
June
July
August
September...
7,538
6,710
6,813
6,720
7,132
6,632
6,770
6,486
6,935
3,672
3,835
3,803
3,665
3,750
3,851
3,795
3,786
3,832
76,928
73,478
74,664
77,922
81,620
80,276
83,362
82,685
85,079
11,054
11,749
15,245
15,043
14,980
15,518
14,696
14,644
14,084
Loans
Deposits
Total
Demand
Time
Own
acceptances
Other
liabilities
1,957
2,134
1,940
2,440
1,999
2,033
2,622
28,484
30,348
33,578
42,443
58,890
76,675
91,549
27,955
29,748
33,042
41,872
58,413
75,764
91,225
529
600
537
571
477
912
324
473
661
721
844
535
413
462
4,289
4,517
4,484
4,609
4,604
5,187
6,422
1,525
1,435
1,536
1,650
1,750
1,869
2,024
2,206
2,228
94,996
91,792
96,431
99,152
103,272
102,047
103,596
102,602
104,830
94,665
91,452
95,783
98,419
102,437
101,118
102,578
101,525
103,657
331
340
648
733
836
929
1,017
1,078
1,173
451
433
426
387
397
383
321
347
341
5,270
4,982
5,205
5,461
5,563
5,716
6,730
6,859
6,987
Other
assets
3
Through December 1937, excludes deposits in offices outside England and Wales which are included in total.
4
Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of
statistics see pp. 566-571 in same publication.
518
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
lAverageS of certified noon buying rates in New York for cable transfers.
Year or month
Argentina
Australia
(peso)
(pound)
Official
1936
1937
1938
1939
1940
1941
1942
1943
1943—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1944—Jan
Feb
Mar.
Year or month
' 2322!80'
322.80
322.80
23.704
322.80
24.732
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29 773
29.773
29.773
29.773
29.773
24.332
25.188
25.188
25.188
25.188
25.147
25.125
25 125
25.125
25.125
25.125
25.125
1943—Apr
May
57.280
57.280
57.280
57.278
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57.277
Year or month
4.0078
3.4930
3.4674
2
3.4252
395.94
393.94.
389.55
353.38
305.16
321.27
321.50
2
321.50
16.917
16.876
16.894
16.852
2
16.880
(rupee)
Official
8.5681
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
6.0586
6.0587
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
British
India
1943—Apr.
May
June
Tulv
Aug
Sept.
Oct
Nov
Dec
1944—Jan
Feb
Mar..
1
2
22.189
22.069
21.825
20.346
2
19.308
2.1903
2.1811
2.1567
1.9948
1.8710
2
2.0101
6.1141
4.0460
2.8781
2.5103
2
2.0827
40.297
40.204
40.164
40.061
40.021
2
39.968
Bulgaria
(lev)
Free
2
5.8788
6.1983
5^1248
5.0214
5.0705
5.1427
5.1280
37.523
37.326
36.592
33.279
30.155
30.137
30.122
30.122
5.1275
5.1276
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
30.122
30.123
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
.9289
.9055
.8958
.8153
2
.6715
31.711
30.694
30.457
27.454
22.958
2
24.592
1.2958
1.2846
1.2424
2
1.2111
Canada (dollar)
Official
2
90^909
90.909
90.909
90.909
Chile (peso)
Free
Official
99.913
100.004
99.419
96.018
85.141
87.345
88.379
89.978
5.1240
5.1697
5.1716
5.1727
5.1668
2
5.1664
18.875
18.923
18.860
18.835
2
2
4.66oo
4.0000
4.0000
4.0000
2
4.0000
.7382
.7294
.7325
.7111
2
.6896
491.65
489.62
484.16
440.17
397.99
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398 00
398.00
398.00
398 00
398.00
398.00
12.314
6.053
5.600
10.630
9.322
29.130
58.258
57.973
56.917
51.736
46.979
47.133
2
46.919
25.626
25.487
25.197
23.991
23.802
2
23.829
29.751
29.606
21.360
11.879
6.000
2
5.313
90.909
90.199
90.909
90.137
90.909
90.099
90.909
90.585
90.909
90.638
90.909
90.150
90.909
89.426
90.909
89.422
90.909
89.404
90.909
89.554
90.909 , 89.586
90.909
89.326
Hungary
(pengo)
Italy
(lira)
29.558
19.779
19.727
19.238
18.475
2
19.770
7.2916
5.2607
5.2605
5.1959
5.0407
2
5.0703
Portu- Ruma- South Spain Straits
Settle- Sweden Switzerland
gal
nia Africa
(krona) (franc)
(escudo) (leu) (pound) (peseta) ments
(dollar)
4.5130
4.4792
4.4267
4.0375
3.7110
2
4 0023
China
(yuan
ShangExport hai)
Neth- New
Japan Mexico erlands Zea(yen)
(peso) (guild- land
er) (pound)
29.022
28.791
28.451
25.963
23.436
2
23.439
27.760
27.750
22.122
19.303
18.546
20.538
20 569
20.577
64.481
55.045
55.009
53.335
2
53.128
20.574
20.580
20.580
20.577
20.575
20.578
20.580
20.580
20.582
20.582
20.582
20.582
Norway Poland
(krone) (zloty)
24.974
24.840
24.566
23.226
2
22.709
1936
1937
1938
1939
1940
1941
1942
1943
Free
Brazil
(cruzeiro1)
GerHong
Colom- Czecho- Den- Finland France many Greece
bia slovakia mark (mark(drach- Kong
(reichs(franc)
(peso) (koruna) (krone)
ma) (dollar)
ka)
mark)
57.083
56.726
55.953
57.061
57.085
57.004
57.052
57 265
Oct.
Nov
Dec
1944—Jan
Feb
Mar
Official
33.137
32.959
32.597
30.850
29.773
29.773
29.773
29.773
1936
1937
1938
1939
1940
1941
1942
1943
June
July
Aug
Sept
Special
Export
Belgium
(belga)
[n cents per unit of foreign currency]
30.189
22.938
22.871
22.525
22.676
2
23.210
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
United Kingdom
Uruguay
(pound)
(peso)
Official
2
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403 50
403.50
403.50
403 50
403.50
403.50
Free
Controlled
497.09
494.40
488.94
443.54
383.00
403.18
403.50
2
403.50
79.874
79.072
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
398.92
396.91
392.35
354.82
306.38
322.54
322.78
324.20
Yugoslavia
Non- (dinar)
controlled
2
2.2965
2.3060
2.3115
36!789' 2.2716
37.601 2 2.2463
43.380 2.2397
52.723
52.855
52.749
52.710
52.829
52.866
52.871
52.929
52.978
53.003
52.969
52.946
52.945
52.954
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were certified. •
NOTE.—For back figures, see Banking^ and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN for February 1943, p. 201, and
February 1944, p. 209. There are no developments to record for 1944.
MAY
1944
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]
United
States
Canada
United
Kingdom
Japan
(October
(1926=100) (1926=100) (1930=100) (1913=100) (1913 = 100) (1928=100) (1900=100)
Year or month
1926
100
100
i 124
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
65
66
75
80
81
86
79
77
79
87
99
103
67
67
72
72
75
85
79
75
83
90
96
100
86
86
88
89
94
109
101
103
137
153
159
163
103
104
104
104
103
103
103
103
103
103
103
104
104
99
99
99
100
100
100
101
102
102
103
103
103
*103
162
163
163
163
164
162
163
163
163
163
164
165
P165
. .
1943—March
April
May
June
July
August
September
October
November
December
1944—January
February
March
France
Germany
695
134
427
398
376
338
411
581
653
2
681
97
93
98
102
104
106
106
107
110
112
114
116
Italy
70
63
62
68
76
89
95
99
116
132
116
116
116
116
117
117
116
116
116
117
117
117
Netherlands
(1926-30
= 100)
Switzerland
(July 1914
(1935 = 100)
=100)
Sweden
237
106
U26
144
161
180
178
186
198
238
251
278
311
329
65
63
63
62
64
76
72
74
3
88
i 92
i 90
i 96
96
91
90
90
96
111
107
111
143
184
210
218
100
102
114
111
115
146
172
189
196
197
197
197
197
196
195
195
195
195
195
195
195
195
P
381
*>382
*>387
P391
217
218
218
218
218
218
220
220
220
220
221
*>221
* Preliminary.
1 Approximate figure, derived from old index (1913=100).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3 Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES-GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
Farm
products
Foods
Other
Farm
commod- products
ities
Germany
(1913=100)
United Kingdom
(1930=100)
Canada
(1926=100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Foods
IndusIndusAgricul- trial raw
trial
and semitural
products products finished
products
1926.
100
100
100
100
100
100
129
130
1932..
1933..
1934..
1935..
1936..
1937..
1938..
1939..
1940..
1941..
1942..
1943..
48
51
65
79
81
86
69
65
68
82
106
123
61
61
71
84
82
86
74
70
71
S3
100
107
70
71
78
78
80
85
82
81
83
89
96
97
48
51
59
64
69
87
74
64
67
71
r
83
96
55
57*
64
66
71
84
73
67
75
82
90
99
70
70
73
73
74
81
78
75
82
89
92
93
88
83
85
87
92
102
97
97
133
146
158
160
85
87
90
90
96
112
104
106
138
156
160
164
91
87
96
102
105
105
106
108
111
112
115
119
89
88
91
92
94
96
94
95
99
100
102
102
118
113
116
119
121
125
126
126
129
133
134
135
1943—March
April
May
June
July
August....
September..
October....
November..
December..
1944—January
February...
March
123
124
126
126
125
124
123
122
121
122
122
123
124
107
108
111
110
107
106
105
105
106
106
105
105
105
97
97
97
97
97
97
97
97
97
98
98
98
• 98
91
92
93
94
96
r
97
98
104
104
105
104
104
96
97
98
99
100
101
101
103
104
104
104
105
P105
93
93
93
93
93
93
94
94
94
94
94
94
160
161
162
161
164
158
159
157
157
158
159
159
163
163
163
164
164
164
165
165
165
166
166
167
118
119
119
119
121
121
119
119
119
119
119
119
103
103
102
102
102
102
102
103
103
103
103
103
135
134
134
135
135
136
136
136
136
136
136
136
P Preliminary. r Revised.
Sources— See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
5 zo
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
Year or month
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
United
CanGer- Nether, SwitzUnited
Kingada
many lands erland
States
dom
(June
(1935-39 (1935-39
(July (1913-14 (1911-13 1914
= 100)
= 100)
100)
= 100)
1914
= 100)
= 100)
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
84
94
100
101
105
98
95
97
106
124
138
85
93
95
98
103
104
101
106
116
127
131
120
122
125
130
139
141
141
164
168
161
166
113
118
120
122
122
122
123
128
129
132
134
1943—March
April
May
June
July
August
September .
October...
November..
December..
1944—January
February...
March
137
141
143
142
139
137
137
138
137
137
136
135
134
128
129
130
131
132
133
134
133
133
133
132
131
165
165
165
165
168
167
166
168
168
168
168
168
133
133
134
136
140
139
133
132
133
134
120
124
118
120
127
130
130
2
140
Year or month
United
Canada
States
(1935-39 (1935-39
= 100)
= 100)
United
Kingdom
(July
1914
= 100)
SwitzGer- Nether. erland
many
lands
(June
(1913-14 (1911-13 1914
= 100)
= 100)
= 100)
117
115
114
120
130
130
132
146
175
200
211
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
92
96
98
99
103
101
99
100
105
117
124
94
96
96
98
101
102
102
106
112
117
118
140
141
143
147
154
156
158
184
199
200
199
118
121
123
125
125
126
126
130
133
137
139
210
210
210
211
211
211
212
212
213
213
213
1943—March
April
May
June
July
August. . .
September.
October...
November.
December.
1944—January
February...
March
123
124
125
125
124
123
124
124
124
124
124
124
124
117
118
118
119
119
119
119
119
119
119
119
119
PH9
199
198
199
198
200
199
198
199
199
199
199
200
^200
138
138
139
139
142
141
138
138
138
139
135'
139
140
136
*132
137
139
140
3148
131
129
128
130
137
137
138
151
174
193
203
201
203
203
203
204
204
204
205
205
205
206
140
p
Preliminary.
Revised index fronf 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.
8
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.
1
2
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
States
(derived
price) 1
United
Kingdom
(December
1921 = 100)
France
(1913=100)
87
36
N u m b e r of issues
15
1926
90.1
110.0
57.4
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
91.2
98.2
105.5
109.5
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.3
127.8
81.3
82.1
83.5
76.3
75.1
77.3
83.9
6
84.7
^98.7
6
100.1
. . .
1943—March...
April .
May
June
July
August
September
October
November . . . .
December
1944—January
February
March
lll!l
113.8
115.9
117.8
118.3
120.3
119 8
119.9
120.1
120 5
121.1
121 1
120.8
120.9
120 4
120.0
120.5
120.4
120.5
128 8
129.0
127 1
127 0
127 8
127.2
126.9
127.4
127.1
127.2
127.4
127.6
Germany
(average
price) 2
2
139
82.5
90.7
595.1
95.8
98.7
99.9
99.0
100.7
103.0
6
103.3
Netherlands3
8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
7
77.9
United
States
(1935-39
= 100)
(1926=100)
United
Kingdom
France
Germany
Netherlands
(1930=100)
278
300
(4)
105.6
100.0
100.0
100.0
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4
91.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
84.5
99.6
83.3
79.7
77.2
97.4
89.7
98.3
6
120.6
9
289.7
P476
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
136.8
142.1
145.0
52
55
55
66
104.2
95.8
89.7
8
95.0
129.0
131.5
151.0
88.2
91.3
95.2
96.7
98.5
94.4
95.6
94.8
91.4
91.8
94.6
94.4
96.6
82.6
83.7
84.3
84 1
85.6
86.0
86.6
86.3
85.0
85.3
86.2
86.9
145.1
144.9
145.1
145.1
144.9
144.6
144.7
144.8
145.0
145.1
150.0
151.8
152.5
152.4
P151.9
402
100
nsi.7
P152A
p
152.2
*152.2
P Preliminary.
1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to thejmonthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The'yearly average for 1937 is the same for
both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States
see Banking and Monetary Statistics, Table 130, p . 475, and Table 133, p. 479.
2
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4 ^ per cent. The series prior to that
date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
3
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.
6
6
Average Apr-Dec. only. Average Jan.-Mar. on old basis was 95.9.
Average based on figures for 5 months; no data available June-Dec.
7
8
Average based on figures for 7 months; no data available May-Sept.
Average based on figures for 9 months; no data available May-July.
9
Average based on figures for 10 months; no data available Jan.-Feb.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
MAY
1944
52-1
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. M C K E E
RONALD RANSOM,
Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
DIVISION OF BANK OPERATIONS
OFFICE OF T H E SECRETARY
CHESTER MORRILL, Secretary
EDWARD L. SMEAD, Director
LISTON P. BETHEA, Assistant Secretary
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
CARL E. PARRY, Director
LEGAL DIVISION
WALTER WYATT, General Counsel
J. P. DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Director
WOODUEF THOMAS, Assistant Director
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Director
C. E. CAGLE, Assistant Director
WILLIAM B. POLLARD, Assistant Director
FEDERAL
MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice
CHESTER C. DAVIS
ERNEST G. DRAPER
R. M. EVANS
HUGH LEACH
JOHN K. M C K E E
J. N. PEYTON
RONALD RANSOM
M. S. SZYMCZAK
C. S. YOUNG
DIVISION OF SECURITY LOANS
Chairman
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
DIVISION OF PERSONNEL
TION
ADMINISTRA-
ROBERT F . LEONARD, Director
OFFICE OF ADMINISTRATOR
LOANS COMMITTEE
FOR WAR
EDWARD L. SMEAD, Administrator
GARDNER L. BOOTHE, I I , Assistant
Adminis-
trator
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
Vice President
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
B . G . HUNTINGTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
KEEHN W. BERRY,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
WALTER WYATT, General Counsel
RALPH C. GIFFORD,
J. P . DREIBELBIS, Assistant General Counsel
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
E. A. GOLDENWEISER, Economist
HENRY H . EDMISTON, Associate Economist
E. A. KINCAID, Associate Economist
JOHN K. LANGUM, Associate Economist
ARTHUR R. UPGREN, Associate Economist
JOHN H . WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
5 xz
ST. LOUIS DISTRICT
A. E. BRADSHAW,
KANSAS CITY DISTRICT
ED. H. WINTON,
DALLAS DISTRICT
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERSiOF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Boston
New York.
Chairman1
Deputy Chairman
President
First Vice President
Albert M. Creighton
Henry S> Dennison
Beardsley Ruml
William I. Myers
Ralph E. Flanders
William Willctt
Allan Sproul
L. R. Rounds
Vice Presidents
K. K. Carrick
E. G. Hult
J. C. Hunter2
Carl B. Pitman
R. M. Gidncy
J. W. Jones
L. W. Knokc
Walter S> Logan
A. Phelan
J. M. Rice
Robert G. Rouse
John H. Williams
V. Willis
Philadelphia
Alfred H. Williams
Thomas B. McCabe
Frank J. Drinnen
Warren F. Whittier
W. J. Davis
E. C. Hill
C A. Mcllhcnny*
C. A. Sienkiewicz
Cleveland
G. C. Brainard
M. J. Fleming
R. B. Hays
Wm. H. Fletcher
J. W. Kossin 3
A. H. Laning
B. J. Lazar
K. H. MacKenzie
W. F. Taylor
R. E. Klages
Richmond
Robert Lassiter
W. G. Wysor
Hugh Leach
J. S. Waldcn, Jr.
J. G. Fry
Geo. H. Kecsce2
R. W. Mercer
Edw. A. Wayne
Atlanta
Frank H. Necly
J. F. Porter
W. S. McLarin, Jr.
Malcolm H. Bryan
L. M. Clark
H. F. Conniff
Chicago
Simeon E. Leland
W. W. Waymack
C. S. Young
H. P. Preston
Allan M. Black2
Neil B. Dawes
J. H. Dillard
Charles B. Dunn
E. C. Harris
John K. Langum
O. J. Netterstrom
A. L. Olson
Alfred T. Sihler
St. Louis
Wm. T. Nardin
Douglas W. Brooks
Chester C. Davis
F. Guy Hitt
O. M. Attebery
Henry H. Edmiston
C. M. Stewart
Minneapolis
W. C. Coffey
Roger B. Shepard
J. N. Peyton
O. S. Powell
A. W. Mills2
Otis R. Preston
E. W. Swanson
Sigurd Ueland
A. R. Upgren
Harry I. Ziemcr
Kansas City
Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry O. Koppang
L. H. Earhart
Raymond W. Hall
C. O. Hardy
Jos. E. Olson
G. H. Pipkin 3
D. W. Woollcy
Dallas
Jay Taylor
J. R. Parten
R. R. Gilbert
E. B. Stroud
E. B. Austin
R. B. Coleman
W. J. Evans
W. O. Ford
W. D. Gentry3
L. G. Pondrom
San Francisco
Henry F. Grady
Harry R. Wellman
Wm. A. Day
Ira Clerk
C. E. Earhart
W. M. Hale
H. N. Mangels2
OFFICERS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
1
Branch
1944
Federal Reserve
Bank of
R. B. Wiltse*
Minneapolis....
B. J. Lazar6
J. W. Kossin*
Kansas City....
W. R. Milford*
W. T. Clements*
P. L. T. Beavers*
Geo. S. Vardeman, Jr.* Dallas
Joel B. Fort, Jr.*
E. P. Paris*
E. C. Harris5
San Francisco...
A. F. Bailey*
C. A. Schacht*
W. H. Glasgow*
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Also Federal Reserve Agent.
MAY
Chief Officer
2
Cashier.
3
Also Cashier.
Branch
Chief Officer
Helena
R. E. Towle*
Denver
Oklahoma City
Omaha
Jos. E. Olson5
G. H. Pipkin*
L. H. Earhart5
El Paso
Houston
San Antonio
6
J. L. Hermann
E. B. Austin5 5
L. G. Pondrom
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose*
D. L. Davis*
W. L. Partner*
C. R. Shaw*
* Managing Director.
5
Vice President.
6
Manager.
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
I
=
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
—
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
<§)
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
JANUARY
2,
1943
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
@FedFRASER