Full text of Federal Reserve Bulletin : September 1943
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FEDERAL RESERVE
BULLETIN
SEPTEMBER 1943
BOAED OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
=CONTENT§:
PAGE
Review of the Month—Recent Economic Developments. .
807-815
Statement to Banks.
816
Law Department:
Absorption of Exchange Charges as a Payment of Interest on Deposits.
817-818
Amendment to Regulation T . .
818
Amendment to Regulation W .
818-819
Foreign Funds Control:
Report of Property in Foreign Countries.
Treasury Department Releases
819
819-8x1
New Seasonal Adjustment Factors for Money in Circulation.
8:LX-8:L6
Postwar International Monetary Stabilization. .
82.7-840
Annual Report of the Swiss National Bank.
841-847
National Summary of Business Conditions .
848-849
Broadened Basis for Regulation V Loans.
849-850
Current Events.
850
Financial, Industrial, Commercial Statistics, U. S. (Sec p. 851 for list of tables)..
851-899
International Financial Statistics (See p. 901 for list of tables)
Board of Governors and Stan1; Open Market Committee and Staff; Federal Advisory Council
901-913
914
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . ,
915
Map of Federal Reserve Districts
916
Federal Reserve Publicanons (See inside of back cover)
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FEDERAL RESERVE BULLETIN
VOLUME 2.9
September
NUMBER 9
RECENT ECONOMIC DEVELOPMENTS
Industrial production advanced to a new
high level in July, reflecting further increases in activity in leading war industries
and resumption of activity at coal mines.
In the construction industry, on the other
hand, a phase of the war program which is
far advanced, activity continued to decline.
Marketings of agricultural commodities
were in large volume and transport of industrial materials and products continued
at a record level.
Total income payments to individuals
reached an annual rate in July of about 144
billion dollars—one-fourth larger than in
the same period a year ago and double the
level for 1939. Federal revenue receipts
increased sharply as individual income tax
collections were placed on a current basis
beginning July 1. Incomes of individuals
after taxes have continued, however, at a
much higher rate than in earlier periods, as
shown in the chart. The value of retail
sales has continued at an exceptionally high
level for this season of the year. Wholesale and retail prices of foods, after rising
sharply earlier in the year, declined somewhat in June and July, reflecting chiefly
reductions in Federal maximum prices for
meats and small declines in prices of farm
products from earlier high levels. The
declines in farm products reflected seasonal
expansion in supplies of fresh vegetables,
general improvement in crop prospects
during July, and continued large output of
livestock products. Prices of other comSEPTEMBER 1943
modities and services continued to show
little change or to rise gradually.
INCOMES AND TAXES OF INDIVIDUALS
BILLIONS OF OOLU
Department of Commerce figures; latest shown are Federal Reserve
estimates for the third quarter of 1943. Taxes include Federal, State,
and local taxes paid by individuals.
Bank deposits of individuals and businesses and money in circulation increased to
new high levels in July. Government expenditure of funds from previously accumulated balances contributed to this
growth. Government security holdings of
commercial banks in the early part of
August were well above their level at
the end of June, as increased purchases of
new certificates more than offset sales of
Treasury bills to the Federal Reserve Banks.
807
REVIEW OF THE MONTH
These Federal Reserve bill purchases supplied member banks with funds needed to
meet the currency demand and reserves
required against additional deposits. Sales
of Government securities to nonbank investors during the Third War Loan Drive
in September will substantially reduce
deposits of individuals and corporations
at banks and temporarily decrease the amount of required reserves that banks must
maintain.
INDUSTRIAL PRODUCTION
Industrial activity increased 3 points in
July to Z05 per cent of the 1935-39 average,
according to the Board's seasonally adjusted index, and preliminary figures indicate further increases in August. June had
been 1 point lower than May, as shown
in the chart, reflecting largely reductions
in coal output as many mines were closed
owing to a wage dispute. In the latter part
of June operations were resumed on a large
scale and production increased in July and
the early part of August to the previous
high level. Output of most other minerals
also increased in July and iron ore shipments
reached the highest monthly rate on record.
In manufacturing industries, output of
1NDUSTRIAL PRODUCTION
p •fYStCAL
PER CEN
VC
LUME
SEASONALLY
ADJUSTED,
I9SS-39"IOO
OB
POINTS <N
TOTA
200
I
180
NONDURABLE
MANUFACTU RES
J
1 /
TOTALj
160
120
100
f
OTHER
a
\A / "MACHINER>
!
[QUIP
^
-
y r
7
1
1
MINERALS
V
80
1943
!939
Federal Reserve indexes. Groups are expressed in terms of points
in the total index. Monthly figures, latest shown are for July.
8O8
leading durable products and activity in
the chemical, petroleum refining, and rubber industries continued to increase in
July reflecting chiefly a further rise in output of war products.
With increases in some lines less rapid
than before and with a few lines showing
declines, total industrial production has
increased little since February, in contrast
with the rapid rise during most of the
preceding two years and a half. The
actual rise, however, appears to have been
more than is indicated by the Board's index, which is now being revised.
In the iron and steel industry, alloy steel
production has continued to rise this
year and production of regular types of
steel has shown little change. Total ingot
capacity in the industry is now 90.9 million
tons per year as compared with 89.x million
tons a year ago. In the nonferrous metal
industries production of aluminum and
magnesium has risen sharply while output
of other nonferrous metals has declined
slightly from the level reached at the
beginning of the year.
Lumber production in recent months has
been about 10 per cent below the level of a
year ago. Production of bricks and cement is sharply below the levels reached in
1942. when construction activity was at an
all-time peak. Output of certain other
stone, clay, and glass products, however,
has been generally maintained this year.
Continued restrictions in the use of tin for
containers has sharply stimulated output of
glass containers. Limited supplies of metals for building purposes have stimulated
the use of gypsum and plaster products,
and production of abrasives and asbestos
products has increased sharply owing to
the industrial demands rising out of the war
program.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
Activity in most nondurable goods in- of i94x but has not been sufficient to meet
dustries, including food, textiles, paper, and all demands. Newsprint consumption has
printing, has either declined or shown little been curtailed somewhat by Federal action.
change since February. Cotton consumpCONSTRUCTION
tion during July totaled 840 thousand
In the construction industry, contract
bales as compared with 995 thousand bales
in July 1941. Production of wool textiles awards in July were only about xo percent
in June was about the same as a year ago of the peak level of the summer of 1942.,
while rayon deliveries were about 10 per as reported for the 37 Eastern States by the
cent higher. Announcement was made F. W. Dodge Corporation. The construcat the end of July that half of the output tion of industrial facilities, financed largely
of wool fabrics scheduled for delivery to the by the Federal Government, and of military
Government by the end of 1943 would be installations, had been responsible for most
deferred. As a result, manufacturers hold- of the increase in total awards during 1941
ing these contracts will be permitted to and 1942-, as indicated in the chart. The
increase their production of wool products drawing to a close of this part of the war
for civilian trade. Total production of program is responsible for most of the
wool textiles this year has been running marked decline in new awards which has
at a rate about 60 per cent above the 1935- been under way for the past year. Awards
39 average with more than half of the for residential work have declined to
production for Government purposes. considerably less than half of what they
Shoe production, notwithstanding some were a year ago as the volume of private
decreases from earlier peak levels, is still projects was further reduced and as public
at about the same volume as a year ago. projects, comprising the bulk of the total,
Meanwhile, leather production has already also declined substantially.
been reduced considerably and output of
CONSTRUCTION CONTRACTS AWARDED
shoes has been to some extent out of
leather stocks.
Output of manufactured foods has been
relatively stable this year at a high level.
In the meat packing industry hog slaughterings have been running much larger than
a year ago and in recent weeks pork production has averaged 40 per cent higher than
in the summer of i94x. Beef production
increased in July and August from the low
level of June but was still one-fifth lower
than a year ago, notwithstanding the large
W. Dodge data for 37 Eastern States, total includes State and
number of beef cattle on farms. Production localF.government
and private nonresidential building not shown separately. Monthly figures, latest shown are for July.
of cigarettes in July was 70 per cent larger
than the 1935-39 average. Paper and pulp
Current construction activity has deproduction in recent months has generally clined, but not as much as contract awards,
been somewhat higher than in the last half with work continuing on many projects
SEPTEMBER 1943
809
REVIEW OF THE MONTH
initiated some time ago. Consumption of among townspeople, women, and children;
building materials and over-all labor re- war prisoners have been put to work;
quirements in the building industry are and nearly 60,000 Mexicans, Jamaicans,
still as large as in most recent years except and Bahamians have been brought into
1941 and 194.x. According to estimates of the country to avoid possible crop losses
the Department of Commerce, the value of as a result of labor shortages.
construction work done in June was 700
The total civilian labor force, although
million dollars as compared with 1,400 up seasonally during the summer because
million in June 1942., and 5x5 million in of the closing of schools, in July was 1.3
million below a year ago. The number of
the middle of 1939.
women in the labor force increased 2.. 5
EMPLOYMENT
million in this period while the number of
The number of employees in manufactur- men was reduced 3.8 million. The number
ing increased seasonally in July and was of women working outside agriculture is
slightly larger than at the beginning of now nearly 15 million.
the year, following a rapid rise in i94x.
DISTRIBUTION
Mining employment as a whole showed
little change in July and was 10 per cent
Value of retail sales declined less than
below the same month a year ago. To seasonally during the summer months and,
relieve a shortage of workers at metal mines, as during earlier periods of this year, conthe War Department has authorized the tinued substantially above 1942. levels.
release from active duty of 4,500 soldiers Through July sales by all types of retail
for work in copper, zinc, and molybdenum outlets, including those specializing in
mines. The number of employees engaged durable consumers' goods which are now
in construction work has declined substan- scarce, as well as those selling nondurable
tially and in July was 40 per cent less than a goods, averaged about 12. per cent larger
year ago. Government employment, al- than a year ago, according to Department
though declining slightly in recent months, of Commerce figures. Available data for
was considerably above last July. Changes August indicates a continuation of sales at
in employment in other nonagricultural a high level. The greater part of this inlines have been small during the past year. crease in value of sales reflects an actual rise
Meanwhile, hours of work have continued in prices of particular items, especially in
to increase generally.
the case of foods, or an increase in the dolIn agriculture, the usual large seasonal lar value of sales resulting from a shift in
increase in employment occurred this year consumers' purchases from lower-priced
and the total number at work in July was lines of merchandise to higher-priced lines,
not greatly below the same period of as, for instance, in shoes and clothing.
earlier years in spite of the heavy wartime The actual physical volume of merchandise
migration from farm to urban areas and the sold this year has approximated that of a
withdrawal of men to the armed services. year ago. One factor difficult to appraise
Hours of work have been lengthened; labor is the extent of decreases in the quality of
has been exchanged among neighbors; goods sold, which has resulted from scarcity
volunteer help has been recruited from of many materials, causing the use of sub810
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
stitutes, and from the limited supply of
skilled workmen available for production
of goods for civilians.
DEPARTMENT STORE SALES, STOCKS, AND RECEIPTS
the first half of August. Total loadings
in July, which included the largest volume
of coal transported in many years and considerably increased shipments of grain and
livestock, were 10 per cent larger than
in June.
During the first half of this year the
movement of freight by rail was xo per cent
larger than during the same period of last
year and the volume of commodities
handled by other forms of transporation
showed on the average a similar increase.
Passenger traffic, on the railroads and other
public carriers, increased 50 per cent in this
period.
COMMODITY PRICES
Based on data for 296 independent department stores. Figures foxstocks are as of the end of the month; those for sales and receipts are
monthly totals. The "Receipts" series is derived from sales and
changes in stocks and represents approximately the new merchandise
received by the stores in each month. These data are not adjusted for
seasonal variation. Latest figures shown are for July.
Despite the continuing large volume of
sales so far this year, department stores
seem to have been able to obtain about as
much merchandise as has been sold, as is
shown on the accompanying chart, which
is based on reports from about 300 department stores scattered throughout the country. Department store stocks have shown
little change this year in contrast with the
rapid rise that occurred in the early months
of I94X. In the Northeastern regions, where
sales this year have shown less of an increase
from 1 9 ^ than in most other parts of the
country, stocks have declined since the first
of the year, whereas in the Southern and
Western regions, where sales have shown
large increases, stocks have risen.
TRANSPORTATION
freight carloadings rose sharply in July
and were maintained at a high level during
SEPTEMBER 1943
The general level of wholesale commodity prices showed little change in
July and the early part of August following
9. decline in the latter part of June. At
that time, reflecting reductions in prices of
farm products and foods, the general index
of the Bureau of Labor Statistics declined
1 point to 103 per cent of the 19^6 average.
During June reductions were made in
Federal maximum prices for butter and
meats, which were accomplished by subsidy
payments to processors.
Reductions in retail prices of these
products amounted to 8 per cent, according
to Bureau of Labor Statistics data. In the
same period there were seasonal declines
in prices of fresh vegetables from earlier
high levels, which were partly offset by
seasonal increases in egg prices allowed
under their maximum price schedule. Outside the food field, as indicated in the chart,
limited price changes that have occurred
recently have been largely upward, including some advances in clothing and in miscellaneous items. Rents continued at earlier levels. The total cost of living index
811
REVIEW OF THE MONTH
declined one point from May to July and in they have been in recent years, but not as
the latter month the index was 1x4 per cent small as in the extreme drought years of
of the 1935-39 average as compared with 1934 and 1936. Milk production in July
118 per cent in September 194.x and 116 was as large as in the same period a year
in May 1942:. On August 16, the Director ago, while output of most other livestock
of Economic Mobilization announced that products was greater.
plans were being made for further reductions in prices of food necessities.
BANK RESERVES
COST'
OF LIVING
1935- 39
NT
AVERAGE-100
120
-
TOTAL
100
140
FOOD / ^
120
- CLOTH NG
100
~^
^
20
RENT
100
HOUSEFURNISHINGS
20
-
MISCELL l\NEOUS
00
"^
1937
1938
1939
1940
hUhL, ICE,
ELECTRICITY
194!
1
J
1942
1943
Bureau of Labor Statistics' indexes, latest shown are for July 1943,
AGRICULTURE
General crop prospects improved somewhat during July according to Department
of Agriculture reports. Forecasts for the
corn and wheat crops were raised 6 per cent.
Production expected for corn and other
feed grains, however, is 10 per cent less
than last year and for wheat is 15 per cent
less than the large crop of 194:1. Since
last year, livestock numbers on farms have
increased further by about 10 per cent and
are considerably larger than at any previous
time. Feed supplies per animal unit will
be considerably smaller next season than
During the early months of 1943, excess
reserves of member banks were around 2.
billion dollars.
In April the law was
amended so as to exempt war loan deposits
from reserve requirements. Heavy purchases of securities by nonbanking depositors during the Second War Loan Drive,
which shifted funds from private deposit
accounts on which reserves are required to
war loan balances, therefore resulted in a
sharp decrease in aggregate reserve requirements and an increase in excess reserves.
Since the Second War Loan Drive there
has been a steady decline in excess reserves
from somewhat over 2. billion dollars to
around 1.2. billion. Currency in circulation during this period increased by
1.6 billion dollars, and the steady flow of
funds from war loan balances into private
deposits increased requirements by almost
iY2 billion dollars. During the same
period, holdings of Government securities
by the Federal Reserve Banks increased by
between 2. and ?.%, billion dollars. All of
the net increase in the System portfolio has
been in the form of bills sold by member
banks to the Reserve Banks for the purpose
of obtaining reserve funds, and most of the
sales of these bills have carried an option
from the Reserve Banks for the selling banks
to repurchase them at a fixed price. A substantial fraction of the bills offered have
come from member banks in New York
City. Weekly reporting banks both in
New York City and outside have shown a
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
net decline in bill holdings in spite of the
continued increase in Treasury offerings of
these securities.
Since most of the New York City and
Chicago member banks were virtually on
a full-investment basis at the time of the
Second War Loan Drive, there has been
little change in the excess reserves of these
banks, and, in fact, the loans and investments of New York banks have shown some
decline. At reserve city banks, excess reserves have been reduced by half, as shown
in the following table, while investments
have continued to increase. At country
banks, there was little change in excess
reserves until the middle of July, but since
that time there has been a moderate decline.
MEMBER BANK EXCESS RESERVES, BY CLASS OF BANKS
[Averages of daily figures. In millions of dollars]
All
member
banks
Monthly figures:
1943—January...
February
March
April...,.,
May
June
July 1
Weekly figures:
August 6
Central reserve
city banks
Reserve Country
city
banks banks
ChiNew
York
cago
2,132
1,712
1,884
1,949
1,730
1,461
1,327
337
97
96
51
49
22
29
PI,174
p
l,140
20.'.'.'.'.'.'. PI,207
20
14
23
22
10
34
29
14
7
9
6
7
12
913
784
852
886
738
589
473
860
820
903
983
930
843
816
438
377
409
P742
P764
^710
p
Preliminary.
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates.
During the Third War Loan Drive this
September, required reserves will again be
temporarily reduced as payments for securities shift funds from private deposit accounts to exempted war loan balances.
This action may free around i}4 billion
dollars of reserves, and is likely to cause
member banks to repurchase Treasury bills
from Reserve Banks now held there on
option account, thus moderating the tendency for excess reserves to increase. Payments for securities purchased for cash
rather than through war loan accounts and
SEPTEMBER 1943
further increase in currency demand will
also tend to lessen the increase in excess reserves.
MONEY IN CIRCULATION
Money in circulation, after rising by
over 4 billion dollars in 1942., increased
somewhat less rapidly during most of the
first half of 1943 than in the preceding six
months. New seasonal adjustment factors,
described on pages 82.2.-82.6 of this BULLETIN, make it possible to compare month-tomonth changes more accurately than can
be done with unadjusted data. The adjusted monthly increase reached a peak of
over 600 million dollars in January 1943
and thereafter fell below 400 million dollars
for the period March through June of this
year. In July and August, however, the
rate of increase has again risen substantially, with the August seasonally adjusted
increase of 570 million dollars surpassed only
by January. The reduced rate of outflow
during the spring and early summer of 1943
was undoubtedly connected to some extent
with the large volume of income tax payments made by currency in March and June,
a special drain which will presumably not
recur in view of the shift to "withholding"
tax collection. It is too early, however,
to tell how lasting the current resumption
of the increasing outflow rate will be.
While all denominations of currency
have risen substantially in the past two
years, the increase has been most rapid
in 10 and 2.0 dollar bills, but more recently
this percentage growth has been surpassed
by 50's and ioo's. Coin and small bills have
shown a steady upward movement, modified by regular seasonal variations associated largely with fluctuations in retail
trade, but in general have increased less
than larger denominations. Very large
813
REVIEW OF THE MONTH
bills of 500 dollars and over, which were paid out in the form of salaries and wages,
widely demanded through the late 1930's it may be presumed that a substantial por(presumably to a considerable extent for tion of it is being held relatively idle by
hoarding) continued to show the most workers and farmers who have had large
rapid increase through 1940, but thereafter increases in income and for one reason or
leveled off and rose little until this year. another prefer to hold a considerable
During the past several months, however, amount of currency rather than to invest it
very large bills have again shown sub- in Government securities or deposit it in
stantial increases, although at a rate rela- banks. This is indicated not only by direct
tively somewhat less than that for 10 to information received from banks, but also
100 dollar bills. Dollar-wise, 10's and by the fact that money in circulation has
zo's have consistently accounted for the increased more rapidly than the various
largest increases. The relative movements active uses made of currency, primarily in
of various denominations since the end of retail sales transactions.
1939 are shown in the accompanying chart.
INTEREST RATES ON CUSTOMER LOANS
MONEY IN CIRCULATION BY DENOMINATIONS
Rates charged customers on short-term
commercial and industrial loans at large
banks in 19 principal cities2 increased further
in the quarter ending in June and reached
levels at or near the peaks for the past
several years. As shown in the following
table, the average rate at New York City
banks increased from about 2. per cent a year
ago to z.36 per cent in March 1943, and
z.70 per cent in June. In seven other
Northern and Eastern cities, the average
rate increased to 3 per cent, a rise of about
half of one per cent over the past year and
of about a quarter of one per cent since
March. A smaller increase occurred in
eleven Southern and Western cities where
rates averaged 3.38 per cent in June compared to 3.14 per cent in March. With the
exception of Minneapolis, Seattle, Dallas,
and Kansas City, all cities reporting showed
rising rates over the past year.
The percentage rise in currency has recently
In general, the volume of loans made at
been roughly parallel to that in deposits;
rates of less than z per cent was smaller in
it has also moved quite closely with the
2
increase in salary and wage payments.1
Rates are reported by 87 banks on loans maturing in between
30 days and 1.2 months, although now some demand loans made in
While the bulk of this currency is being connection with the war program that are fairly certain not to be called
DECEMBER 31, 1939*100
END OF QUARTER FIGURES
1
See BULLETIN for June 1943, pp. 497-499.
814
within 30 days are included. Average rates are computed on loans
made or renewed in the first 15 days of March, June, September, and
December.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
7 Other 11 SouthNorthern ern and
and
Western
Eastern
cities
cities
Total
19 cities
NewYork
City
1939—March
June
September.,
December..
2.95
2.91
2.68
2.59
2.13
2.15
2.04
1.96
3.05
3.05
2.78
2.59
3.77
3.62
3.31
3.32
1940—March......
June
September..
December..
2.65
2.59
2.68
2.59
2.03
2.00
2.14
2.00
2.67
2.49
2.56
2.53
3.35
3.38
3.43
3.36
1941—March
June
September..
December..
2.58
2.55
2.60
2.41
2.06
1.95
1.98
1.88
2.53
2.58
2.62
2.45
3.25
3.23
3.29
2.99
1942—March
June
September..
December..
2.48
2.62
2.70
2.63
1.85
2.07
2.28
2.09
2.48
2.56
2.66
2.63
3.20
3.34
3.25
3.26
1943—March
June
2.76
3.00
2.36
2.70
2.76
2.98
3.24
3.38
table, which compares the amount of loans
made at various rates in June 1942- and
June 1943. At New York City banks the
total volume of loans made in the first half
of June this year was much smaller than in
the same period last year; reporting banks
in other Northern and Eastern cities showed
a moderate decrease while those in Southern
and Western cities reported a slight increase.
AMOUNT OF COMMERCIAL LOANS MADE AT VARIOUS
RATES BY BANKS IN 19 CITIES, JUNE 1-15, 1942
AND JUNE 1-15, 19431
[In millions of dollars]
Interest rate-
NOTE.—See November 1939 BULLETIN, pp. 963-969 for description
and for back figures.
June this year than in the same period last
year, while the volume made at rates of
from 3 to 5 per cent was larger this year.
Thus borrowers who previously obtained
funds at lower rates are apparently being
charged somewhat increased prices for
money. This is indicated by the following
SEPTEMBER 1943
7 Other
New York
Northern 11 Southern
Western
and Eastern and cities
City
cities
June June June June June June
1-15, 1-15, 1-15, 1-15, 1-15, 1-15,
1942 1943 1942 1943 1942 1943
Less than 1 per cent..
1-2 per :ent
2-3 per
3-4 per :ent.
4-5 per
5-6 per
6-7 per
7 per cent and over..
Total
1
2
10.7
70.2
46.1
15.3
10.9
1.3
1.2
4.1
33.4
22.2
20.6
31.3
1.4
.8
11.6
67.5
44.9
40.8
25.4
9.2
3.7
1.4
1.7
.3
28.2
58.8
57.8
28.9
10.3
33.5
20.7
29.3
33.6
23.8
23.7
30.4
35.7
41.6
21.1
3.3
8.3
7.3
.7
.7
155.7 113.8 203.0 188.7 151.4 160.8
Does not include loans with maturity of over one year.
Ranges include the lower per cents shown but not the upper.
815
STATEMENT TO BANKS
A statement in substantially the following form
has been sent by the Reserve Banks to banking institutions in their districts:
During the Third War Loan Drive in September, banks having war loan accounts will find
that a substantial amount of their individual
deposits will be transferred to these accounts.
As a result, the required reserves of these banks
will decline, and their excess reserves will increase accordingly. The attention of the banks
is called to the fact that this increase in excess
reserves will be only temporary; as the Treasury
spends the funds, they will be transferred from
war loan accounts to accounts on which reserves are required.
In these circumstances, banks are urged to
invest their temporarily idle funds in Treasury
bills, which are the best medium for adjusting
for changes of this nature. Banks that have
sold bills to the Reserve Banks under option
can invest their funds by repurchasing these
bills. Other purchases of bills can be made by
bidding for new issues and by purchasing bills
in the market. As excess reserves subsequently
decline, banks can sell bills to the Reserve
Banks under option.
816
In following this policy, banks will not impair their ability to subscribe for the new
Treasury offerings that will be made shortly
after the close of the drive. These offerings
will not affect the level of reserve requirements
or of excess reserves at that time. Banks can
pay for all of their purchases of these securities
by credits to war loan accounts.
In connection with the drive, it is desirable
to reduce as much as possible the amount of
speculative purchases of new securities. In
order to accomplish this purpose, it is suggested
that banks make no loans for the purchase of
Government securities except to investors who
will purchase the securities out of income that
they expect to receive over the next few months.
It is desirable that these loans be on a shortterm or amortization basis, fully repayable in
periods not exceeding six months. If banks
do make other loans on Government securities,
particularly where there is evidence that they
may be speculative in character, they should,
of course, be covered by substantial margins
and carry a rate of interest high enough to discourage speculators.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Absorption of Exchange Charges as
a Payment of Interest on Deposits
the absorption of exchange charges by the
subject bank, as above described, constitutes
a "payment," and, second, whether such payThe Board of Governors has been presented, ment is made as compensation for the use of
in a specific case, with the question whether the funds constituting a deposit.
absorption of exchange charges by a particular
There can be no doubt that the absorption
member bank constitutes a payment of interest
of each exchange charge by the bank results in
on demand deposits in violation of section 19
a "payment." In any such case, the depositor
of the Federal Reserve Act and of the Board's
receives a pecuniary benefit which he would not
Regulation Q.
otherwise receive. For example, if a check for
The last report of examination of the member
$1,000, drawn on a nonpar bank which imposes
bank in question indicated that during the year
an exchange charge of ^ of 1 per cent for paying
194Z this bank absorbed exchange charges in
checks drawn upon it, is deposited with the
the amount of $18,576.2.2. out of $2.5,187.15
subject bank, and is forwarded to the drawee
exchange charges paid, and that during 1943
bank for collection, the nonpar bank would
up to the date of the examination such charges
remit to the subject bank $999 in payment of the
were absorbed in the amount of $4,615.80 out of
check. If the subject bank then credits its
$5,506.81 paid. It appears that the bank has
depositor in the amount of $1,000, thus absorbabsorbed exchange charges in hundreds of instances and for numerous depositors, principally ing the $1 exchange charge, the depositor clearly
with respect to balances maintained by cor- receives a "payment" in an amount equivalent
respondent banks; and that the practice has to the exchange charge.
From-the facts in the present case it appears
existed over a period of years. A previous rethat
the "payments" resulting from absorption
port of examination of this bank indicated that
of
exchange
charges are made by the subject
during 1937 the bank had absorbed exchange
bank
for
the
purpose
of soliciting and augmentcharges in the amount of $14,953.68 out of
ing
its
demand
deposit
accounts; in other words,
$16,72.1.85 exchange charges paid; that such
as
"compensation"
for
the use of funds concharges had been absorbed in amounts ranging
stituting
deposits.
No
other reason for the
from 10 cents to $160 for more than 1.^0 corabsorption
of
such
charges
is apparent.
respondent banks; and that, in some instances,
The
bank's
correspondent
bank deposits, with
the exchange absorbed for particular banks
respect
to
which
exchange
is
regularly absorbed,
amounted to as much as z or 3 per cent of their
have
increased
from
less
than
7 million dollars
balances with the subject bank.
at
the
end
of
1941
to
nearly
18
million in June
The Board's Regulation Q defines interest as
4
1943.
It
is
significant
that
during
this period
'any payment to or for the account of any
the
ratio
of
this
bank's
correspondent
bank dedepositor as compensation for the use of funds
constituting a deposit." This definition is posits to its total demand deposits has been much
intended merely as a declaration of the general higher than at Reserve city banks as a whole,
law. Accordingly, the questions to be de- both in its district and throughout the country,
termined in the present case are first, whether notwithstanding the fact that the city in which
SEPTEMBER 1943
817
LAW DEPARTMENT
it is located is only a short distance from
,
which is a much larger financial center.
That the absorption of exchange charges for
depositing banks is in consideration for balances
maintained by them is further indicated by the
fact that in at least one instance the subject bank
has advised a depositing bank that, since the
bank's balance in a particular month was
negligible, exchange charges could not be absorbed for such bank because the subject bank
would "have no way of making it back."
Moreover, it appears that the subject bank, on
occasion, has written to its correspondent banks
suggesting that they par items sent to such banks
in return for the parring by the subject bank of
items received from such banks.
While the practice exists principally with respect to deposits of correspondent banks, it is
understood that, in at least one instance, a
corporate account formerly carried with a competing member bank was obtained by the subject bank because of its absorption of exchange
charges.
In the circumstances, the Board of Governors
expressed the opinion that, on the basis of the
facts here presented as outlined above, the absorption of exchange charges by the member
bank in question constitutes a "payment of interest*' within the meaning of the general law
and is therefore a payment of interest on demand
deposits in violation of section 19 of the Federal
Reserve Act and of the provisions of the Board's
Regulation Q.
Amendment to Regulation T
The Board of Governors, effective July 2.4,
1943, issued Amendment No. 3 to Regulation T
entitled ' 'Extension and Maintenance of Credit
by Brokers, Dealers, and Members of National
Securities Exchanges.'' The text of the Amendment, which relates to the date of payment for
securities purchased in a "special cash account,"
is as follows:
"If the security when so purchased is an
issued registered security which is to be distributed by a public utility holding company
pursuant to a plan provided for by section 11
of the Public Utility Holding Company Act of
1935 and which has been approved by a national securities exchange for trading on a
'when distributed' basis, the period applicable
to the transaction under subdivision (V) of
this section 4(V) shall be 7 days after the date
on which the security is so distributed/*
Amendment to Regulation W
The Board of Governors, effective September
1,1943, issued Amendment No. 10 to Regulation
W, relating to Consumer Credit. The changes
are administrative and are designed to help
merchants meet manpower problems in extending charge-account credit. The text of the
Amendment is as follows:
AMENDMENT N O . 10 TO REGULATION W
Regulation W is hereby amended in the following respects, effective September 1, 1943:
1. By striking out the figure $5.00 in section
5(f) and inserting in lieu thereof the figure
$10.00 so that section 5(f) will read as follows:
(f) "Authorization" of Small Items.—In case
a Registrant makes a charge sale of a listed
article the cash price of which is $10.00 or less,
he shall not be deemed to have violated section
5(b) if the person authorizing such sale on behalf of the Registrant acts in good faith without
knowledge that the customer's charge account
is in default, provided the Registrant, promptly
upon discovery that such charge account is in
default and in any event within 15 days from the
date of sale, makes a request of the customer that
he either return the article or else pay for it in
full immediately.
x. By adding at the end of the first paragraph
of section i2.(m) entitled "Cycle Billing" the
following sentence:
Such provisions shall be applicable also to any
Registrant who shall have established such a
SECTION 4 (V) (3) of Regulation T is hereby system after having received from the Federal
amended by adding at the end thereof a new Reserve Bank of his district a notification which
sentence reading as follows:
is still in force stating that the Federal Reserve
AMENDMENT N O . 3 TO REGULATION T
818
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Bank is satisfied ( i ) that the system is intended
to effectuate operating economies with respect
to manpower or office machinery and (2.) that
its adoption is not for the purpose of circumventing this regulation.
(c) A report received by the proper Federal Reserve
Bank, Governor, or Consul, in a correctly addrested and
stamped envelope bearing a postmark of a time prior to
midnight of the date upon which the report is due, shall
be deemed to have been duly filed.
RANDOLPH PAUL,
Acting Secretary of the Treasury.
Foreign Funds Control
Report of Property in Foreign Countries
The Treasury Department on July 14, 1943,
amended Special Regulation No. 1 requiring
reports of all property in foreign countries in
which any person subject to the jurisdiction
of the United States had an interest on May
31, 1943, so as to extend the time for filing
such reports until November 1, 1943. Public
Circular No. zi. containing instructions for
the preparation of such reports was likewise
amended. Special Regulation No. 1 was published in the July 1943 Federal Reserve BULLETIN
at page 596. The text of the Amendment to the
Regulation is as follows:
Treasury Department
Foreign Funds Control
July 14, 1943
AMENDMENT OF SPECIAL REGULATION N O . I*
Treasury Department Releases
The following releases relating to transactions
in foreign exchange, etc., in addition to those
heretofore published in the Federal Reserve BULLETIN, have been issued by the Office of the
Secretary of the Treasury under authority of the
Executive Order of April 10, 1940, as amended,
and the Regulations issued pursuant thereto:
Treasury Department
Office of the Secretary
July 7, 1943
GENERAL RULING N O . 5 A
Under Executive Order No. 8389, as Amended, Executive Order No.
9193, Sections $(a) and $(b) of the Trading with the Enemy Act,
as Amended by the First War Powers Act, 1941, Relating to
Foreign Funds Control*
Regulations Relating to Certain Importations and Exhortations of
Checks, Drafts, and Other Financial Instruments.
Section 137.4 of Special Regulation No. 1 is amended to
read as follows:
Section 137.4 Filing.
(a) Reports by persons within the United States shall
be filed on or before November 1, 1943, with the Federal
Reserve Bank of the district or with the Governor of the
territory or possession of the United States in which the
person filing the report resides or has a principal place of
business or principal office or agency or, if such person
has no legal residence or principal place of business or
principal office or agency in a Federal Reserve District or
a territory or possession of the United States, then with
the Federal Reserve Bank of New York or the Federal
Reserve Bank of San Francisco.
(b) Reports by persons outside the United States who
are subject to the jurisdiction of the United States shall
be filed on or before November 1, 1943, with the United
States Consul of the district wherein such person is then
present.
1. Prohibition with respect to importation and exportation of and
dealings in checks, drafts, etc. The following transactions are
prohibited after the effective date of this general ruling unless
authorized by a license or other authorization of the Secretary
of the Treasury expressly referring to this general ruling:
(a) The sending, mailing, exporting, or otherwise
taking of any check, draft, bill of exchange, promissory
note, security, or currency from the United States, directly or indirectly, to any blocked country (with the
exception of China and members of the generally licensed
trade area);
(b) The sending, mailing, importing, or otherwise
bringing into the United States from any foreign country
of any check, draft, bill of exchange, or promissory note
which has been within, or which there is reasonable
cause to believe has been within, any blocked country
(with the exception of China and members of the generally licensed trade area);
(c) The presentation, endorsement, acceptance, collection, payment, transfer, or protest of, or any other
* Sec. 3(a), 40 Stat. 412; Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48
Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838; Sec.
3, Public No. 831, 77th Congress; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December
26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as
amended June 14, 1942 and July 26, 1941.
* Sec. 5(b), 50 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10, 1940,
as amended by Ex. Order 8785, June 14, 1941; Ex. Order 8832, July 26,
1941; Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December
26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as
amended June 14, 1941, and July 26, 1941.
SEPTEMBER 1943
819
LAW
DEPARTMENT
dealing in or with respect to, any instrument to which
the prohibitions of paragraph i(b) hereof apply and
which is sent, mailed, imported, or otherwise brought
into the United States on or after August 15, 1943.
2. Delivery of imported checks, drafts, etc., to Federal Reserve
Bank of New York. Any person who, after the effective date of
this general ruling, receives any check, draft, bill of exchange,
or promissory note which has been within, or which there is
reasonable cause to believe has been within, any blocked
country (with the exception of China and members of the
generally licensed trade area) shall within five days after
receipt thereof forward such instrument to the Federal Reserve Bank of New York, accompanied by a statement in
triplicate setting forth:
(a) His name and address;
(b) A complete description of the instrument;
(c) The name and address of the person from whom he
received the instrument; and
(d) The names of any blocked countries in which the
instrument has been, or in which there is reasonable
cause to believe it has been.
The Federal Reserve Bank of New York will act only as fiscal
agent of the United States hereunder and shall receive and
hold all such instruments as such fiscal agent, subject to the
further order of the Secretary of the Treasury. Applications
for the release of any such instruments may be filed in the
manner prescribed in section 130.3 of the Regulations, except
that the place for filing applications shall be the Federal
Reserve Bank of New York.
3. Reports on arrival and departure re checks, drafts, etc.
(a) Any individual entering the United States after the
effective date of this general ruling from any foreign country
shall report and surrender to the collector of customs or his
representative at the port of entry, before the examination of
his baggage or effects has begun (or, if his baggage is not
subject to examination, before customs clearance), every
check, draft, bill of exchange, and promissory note carried on
his person or in his baggage or effects which has been within,
or which there is reasonable cause to believe has been within,
any blocked country (with the exception of China and members of the generally licensed trade area). Such report shall
be made in duplicate on Form FFC-160, which may be obtained from the collector of customs or his representative at
the port of entry.
(b) Any individual departing from the United States after
the effective date of this general ruling shall report to the
collector of customs or his representative at the port of exit,
before customs examination has begun (or, if he is not subject
to customs examination, before customs clearance), (i) all
currency and (ii) every check, draft, bill of exchange, promissory note, and security carried on his person or in his baggage
or effects which is destined for, or which there is reasonable
cause to believe is destined for, directly or indirectly, any
blocked country (with the exception of China and members
of the generally licensed trade area). Such report shall be
made in duplicate on Form FFC-161, which may be obtained
810
from the collector of customs or his representative at the port
of exit.
4. Exceptions. The foregoing provisions shall not be
deemed to apply to the following instruments, unless such
instruments have been within, or there is reasonable cause to
believe that they have been within, enemy territory, or unless
such instruments are destined for, or there is reasonable cause
to believe that they are destined for, enemy territory, directly
or indirectly:
(a) Non-negotiable bank payment orders;
(b) (i) Incoming travelers checks;
(ii) Outgoing travelers checks which are carried
by persons departing from the United States
for blocked countries and which are issued in
the name of the person carrying them;
(c) Outgoing checks drawn on the Treasurer of the
United States which are carried by persons in the service
of the United States Government and which are issued in
the name of the person carrying them;
(d) Outgoing currency valued at $50 or less which is
carried for traveling expenses by persons departing from
the United States for blocked countries;
(e) Incoming drafts or bills of exchange drawn under
letters of credit;
(f) Incoming drafts or bills of exchange drawn on
importers in the Western Hemisphere in connection with
the importation of goods, wares, or merchandise into the
Western Hemisphere;
(g) Incoming checks, drafts, bills of exchange, or
warrants drawn on the Secretary of State of the United
States, the Secretary of Navy of the United States, or the
Treasurer of the United States.
5. Transactions not authorised. This general ruling shall
not be deemed to authorize any transaction prohibited by the
Order or by any regulation, ruling, or instruction issued by
the Secretary of the Treasury pursuant to sections 3(a) or 5(b)
of the Trading with the enemy Act, as amended.
6. Definitions, (a) The term "member" of the generally
licensed trade area as used herein shall have the meaning prescribed in General License No. 53, as amended.
(b) The term "enemy territory" as used herein shall have
the meaning prescribed in General Ruling No. 11, as amended.
7. Effective date. The provisions hereof shall take effect
August 2.5, 1943, with the exception of paragraphs i(a) and
3(b) which shall be effective on the date of issuance of this
general ruling.
RANDOLPH PAUL,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary
July 7, 1943
GENERAL LICENSE N O . 86
Under Executive Order No. 8389, as Amended, Executive Order No.
gi93, and Section / ( £ ) of the Trading with the Enemy Act, as
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Amended by the First War
Foreign Funds Control*
Powers Act,
1941, Relating
to
(1) A general license is hereby granted authorizing the
following transactions:
(a) The payment of premiums and interest on policy
loans with respect to any blocked life insurance policy;
(b) The issuance, servicing or transfer of any blocked
life insurance policy in which the only blocked interest is
that of one.or more of the following:
(i) A member of the armed forces of the United
States or a person accompanying such forces (including personnel of the American Red Cross, United
Service Organizations and similar organizations);
(ii) An officer or employee of the United States;
or
(iii) A citizen of the United States resident in a
blocked country not within enemy territory; and
(c) The issuance, servicing or transfer of any blocked
life insurance policy in which the only blocked interest
(other than that of a person specified in i(b) above) is
that of a beneficiary.
Provided, however, that this paragraph does not authorize (i)
any payment to the insurer from any blocked account in
which an enemy national (other than a person specified in
(i)(b) above) has an interest, or from any other blocked
account except a blocked account of the insured or beneficiary,
or (ii) any payment by the insurer to a national of a blocked
country unless payment is made by deposit in a blocked
account in a domestic bank in the name of the national who
is the ultimate beneficiary thereof.
(2.) Notwithstanding the provisions of General Ruling
No. 11, the transactions authorized by paragraph (i)(b)
above may be effected even though they involve a communication from a person specified in paragraph (i)(b)(i) or
(i)(b)(ii) above while such person is within enemy territory.
(3) This general license further authorizes the application,
in accordance with the provisions of the policy or the established practice of the insurer, of the dividends, cash surrender
value, or loan value, of any blocked life insurance policy for
the purpose of:
(a) Paying premiums;
«,
(b) Paying policy loans and interest thereon;
(c) Establishing paid-up insurance; or
(d) Accumulating such dividends or values to the
credit of the policy on the books of the insurer.
(4) As used in this general license:
(a) The term "blocked life insurance policy" shall
mean any life insurance policy or annuity contract, or
contract supplementary thereto, in which there is a
blocked interest.
(b) Any interest of a national of a blocked country
shall be deemed to be a "blocked interest".
(c) The term "servicing" shall mean the following
transactions with respect to any blocked life insurance
policy:
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838, Ex. Order 8389, April 10, 1940,
as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, December 9, 1941. and Ex. Order 8998, December
26, 1941; Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as
amended June 14, 1941, and July 26, 1941.
SEPTEMBER 1943
(i) The payment of premiums, the payment of
loan interest, and the repayment of policy loans;
(ii) The effecting by a life insurance company or
other insurer of loans to an insured;
(iii) The effecting on behalf of an insured of surrenders, conversions, modifications, and reinstatements; and
(iv) The exercise or election by an insured of
nonforfeiture options, optional modes of settlement,
optional disposition of dividends, and other policy
options and privileges not involving payment by
the insurer.
(d) The term "transfer" shall mean the change of
beneficiary, or the assignment or pledge of the interest of
an insured in any blocked life insurance policy subsequent
to the issuance thereof.
(5) This general license shall not be deemed to authorize
any transaction with respect to any blocked life insurance
policy issued by a life insurance company or other insurer
which is a national of a blocked country or which is not
doing business or effecting insurance in the United States.
RANDOLPH PAUL,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary
July 19, 1943
GENERAL LICENSE N O . 87
Under Executive Order No. 8389, as Amended, Executive Order No.
9193, Section / ( £ ) of the Trading with the Enemy Act, as Amended
by the First War Powers Act, 1941, Relating to Foreign Funds
Control.*
( 1 ) Transactions licensed under Section 2AQ2) of the Order.
A
general license is hereby granted under Section 2A(i) of the
Order authorizing the acquisition by, or transfer to, any person within the United States of any interest in:
(a) Securities or evidences thereof physically situated
in Great Britain, Canada, Newfoundland, or Bermuda;
(b) Securities or evidences thereof issued in any other
member of the generally licensed trade area, which are
physically situated in, and payable solely in the currency
of, the country where issued, except securities or evidences thereof issued by a person engaged in the business
of offering, buying, selling, or otherwise dealing or
trading in securities or evidences thereof issued by another person.
(2.) Definitions. The term "member" of the generally
licensed trade area shall have the meaning prescribed in
General License No. 53, as amended.
(3) Transactions not authorised. This general license shall
not be deemed to authorize any transaction prohibited by any
provision (or ruling or regulation thereunder) of the Order
other than Section zA(2.)RANDOLPH PAUL,
Acting Secretary of the Treasury.
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Public No. 354, 77th Congress, 55 Stat. 838, Ex. Order 8389, April 10, 1940,
as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26
1941, Ex. Order 8963, Dec. 9, 1941, and Ex. Order 8998, Dec. 26, 1941;
Ex. Order 9193, July 6, 1942; Regulations, April 10, 1940, as amended
June 14, 1941, and July 263 1941.
8zi
NEW SEASONAL ADJUSTMENT FACTORS
FOR MONEY IN CIRCULATION
During the 192.0's changes in the volume of
money in circulation were mainly of a seasonal
nature, rising to a peak during the Christmas
season, falling rapidly in the following months,
leveling off through the summer, and beginning
early in the autumn to rise again toward the
Christmas peak. These fluctuations seldom exceeded 300 million dollars per year, the bulk of
which came in the Christmas season. Through
the 1930's the volume of money in circulation
rose rapidly from the 4-5 billion dollar level of
the ic^o's, reflecting increased "hoarding"
(especially during the early years of the decade)
and later an increasing volume of income and
expenditures, accompanied by other special
factors, such as higher bank service charges, increased income to lower income groups who
make limited use of banks, etc. During the past
three years the rate of increase in currency has
far outdistanced even the rapid rise of the preceding decade, and money outstanding at the end
of August was 18.6 billion dollars with the rise
continuing.1
In the past few years this large growth in
money outstanding has overshadowed seasonal
variations. In order to compare accurately current rates of increase with those for any earlier
period, however, it is still necessary to make
adjustments for seasonal variations. Since the
dollar magnitude of seasonal fluctuations has
increased substantially with the increase in the
total amount of money outstanding, new seasonal adjustment factors have become essential
for use in eliminating purely seasonal fluctuations from the currency in circulation
series. These new adjustment factors and the
new seasonally adjusted currency series are presented in this article.
The new adjustment factors, unlike those
NOTE.—This article and the new seasonal factors presented in it
were prepared by G. L. Bach of the Board's Division of Research and
Statistics.
1
Some factors accounting for these changes in the volume of currency were discussed in the Federal Reserve BULLETIN for April 1942,
pp. 312-316, and for June 1943, pp. 407-499.
previously published, are on a proportional,
rather than an absolute basis. The dollar
magnitude of seasonal fluctuations remained
roughly constant through the 192.0's and apparently rose only slightly through the 1930's.
Thus seasonal adjustments could be made simply
by adding or subtracting relatively constant
dollar amounts for different months or weeks.
However, since during the present decade the
absolute size of seasonal variations has grown
substantially with the growth in the total
volume of money outstanding, seasonal adjustment factors expressed as ratios, or proportions,
of the total currency outstanding give better
results than do constant dollar adjustments.
MONTHLY SEASONAL ADJUSTMENTS
Chart 1 shows, for the period beginning with
1938, the actual monthly figures for currency in
CHART I
MONEY IN CIRCULATION*
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
I8
I8
I6
I 6
/
I 4
•
1 2
y
uNADJUSTE
.
^
\
\
*
1938
/
/J
I4
I2
I0
^
ADJUSTED
1939
1940
1941
1942
1943
MONTHLY AVERAGE OF DAILY FIGURES.
FEDERAL RESERVE BULLETIN
NEW SEASONAL ADJUSTMENT FACTORS FOR MONEY I N CIRCULATION
circulation and the seasonally adjusted figures for
the same period. The seasonally adjusted curve
does not alter the sharp upward trend of recent
years, but it does substantially smooth the
upward growth. The new monthly seasonal
adjustment factors used beginning with 1941 are
shown in Table 1, together with the seasonally
adjusted figures used in plotting the chart. The
seasonally adjusted circulation figures for 1938
through 1940 are based on the adjustment factors
for those years published earlier;2 those beginning with 1941 are based on the new factors.
to pay taxes to the Government occasioned sharp
declines in the rate of net outflow of money to
the public. In view of the inception of pay-asyou-go personal income taxation in July, however, it is not expected that this phenomenon
will recur, and for this reason no special tax
date adjustment has been incorporated beyond
that called for by tax-date influences in earlier
years. Rough special adjustments for March and
June, 1943 may be made by interpolation for the
days involved, and the resulting specially adjusted figures are given in footnote 2. to Table 1.
TABLE 1
MONEY IN CIRCULATION ADJUSTED FOR SEASONAL
VARIATION—MONTHLY AVERAGES OF DAILY
FIGURES, 1938-1943
[Amounts in millior s of dollars!
Adjustment
factors
19411943
January
February
March
April
May..
Tune
July
August
September
October
November
December
100.3
100.0
99.7
99.2
99!3
99.5
99.8
99.5
99.8
100.0
100.3
102.6
Seasonally adjusted figures
19381 19391 19401
6,410
6,380
6,390
6,430
6,470
6,495
6,510
6,525
6,545
6,610
6,660
6,690
6,727
6,757
6,814
6,912
6,974
7,026
7,096
7,143
7,224
7,268
7,323
7,409
7,458
7,486
7,528
7,587
7,672
7,812
7,929
8,012
8,070
8,166
8,325
8,488
1941
1942
1943
8,565
8,679
8,862
9,068
9,258
9,489
9,689
9,888
10,081
10,270
10,465
10,707
11,072
11,328
11,542
11,739
11,982
12,274
12,557
13,004
13,468
13,951
14,430
14,736
15,353
15,837
16,197
16,581
16,934
2
17,303
17,716
18,288
2
1938, 1939, and 1940 computed on basis of old seasonal adjustment
factors published in August 1939 BULLETIN, p. 643.
2
No adjustment made for special influence of Federal income tax
dates. On basis of rough adjustment by interpolation for days concernedj specially adjusted figure for March would be 16,310, for June
17,350.
The new adjustment factors beginning with
1941 are applied by dividing the factors into the
monthly averages of daily figures of money in
circulation. While the adjustments are based
on the experience of the period from the beginning of 1938 through March 1943, with special
emphasis on the later years of the period, they
should also provide a basis for correcting figures
of money in circulation for the next few years.
No special allowance has been made in the factors for the influence of the Federal income tax
dates in March and June, 1943, when the number
of taxpayers in the lower income brackets was
greatly increased and the heavy use of currency
MONTHLY INCREASE IN SEASONALLY
ADJUSTED SERIES
By utilizing the new seasonally adjusted
series, it is possible to compare more closely the
recent rate of currency increase with that for
earlier periods than could be done by using only
the unadjusted series. The change from one
month to the next in the seasonally adjusted
series indicates the monthly rate of increase in
currency outstanding, abstracting from seasonal
variations. A variety of special factors may
affect this month-to-month change, but the general level for any consecutive group of months
should give a fairly accurate picture of the
"trend" or ''nonseasonal rate" of outflow.
Chart 2. shows the month-to-month increase
in the seasonally adjusted figures for currency in
circulation for each month since the beginning
of 1941; the height of each bar indicates the
increase from the preceding month. The chart
MONTHLY INCREASE IN MONEY IN CIRCULATION
MfLUOWS OF DOLLARS
700
500 f-
400
300
200
100
0
SEPTEMBER
1943
mmm
600
IK
500
400
iiii B I I
300
200
!OO
. 0
8z3
NEW SEASONAL ADJUSTMENT FACTORS FOR MONEY I N CIRCULATION
shows clearly the many changes in this rate of
increase, reflecting the wide variety of factors
influencing the amount of currency desired by
the public. Early in 1941 currency was increasing at a rate slightly over 100 million dollars
per month. This rate soon increased to a level
of around 2.00 million monthly, which continued
until the end of the year. Somewhat higher
rates prevailed during the first half of 1942., and
in August there was a sharp increase in the
monthly rate of growth to nearly 500 million
dollars. Late in the year the rate temporarily
fell back somewhat and then rose to a peak
of over 600 million dollars in January 1943.3
After February of this year the rate fell off
substantially to below 400 million dollars, but
in July and August was again above that level.
On the August seasonally adjusted basis, currency is now flowing out at a rate approaching
7 billion dollars per year.
3
Changes in the seasonally adjusted figures amounted to 306 million
dollars in December 1942, and to 617 million in January 1943; on an unadjusted basis the peak rate of nearly 650 million came in December
with an increase of only 220 million the next month. This difference
indicates the substantial error which may be incurred by using unadjusted figures as an indication of annual rate of outflow around the
Christmas season when seasonal factors are most important.
WEEKLY SEASONAL ADJUSTMENTS
Money in circulation figures are released by
the Board each Friday for the preceding Wednesday date. These Wednesday data are the most
up-to-date figures regularly available to the public. Therefore, for analysis of very recent developments and of developments over more precisely defined periods than monthly averages,
it is useful to have seasonal adjustment factors
also for this weekly series. Since currency demand varies somewhat with the day of the
month and Wednesdays fall on different dates in
different years, an adjustment factor is required
for each numerical date of the year. These adjustment factors are presented in Table z. The
weekly adjustment factors are applied in the
same manner as the monthly ones, namely by
dividing the adjustment factor into the amount
of money in circulation on the date given. Like
the new monthly factors they are based on
recent experience but are probably applicable to
currency movements for some period ahead, bar-
TABLE 2
SEASONAL ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION—WEDNESDAY
Date
(Wednesday)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
1
January
1.022
1.020
1.017
1.014
1.013
1.011
1.010
1.008
1.006
1.004
1.002
1.001
.999
.998
.997
.996
.995
.995
.994
.993
.992
.992
.991
.990
.989
.989
.989
.989
.990
.991
.992
DATES 1
February
March
April
May
June
July
August
September
October
November
December
.993
.994
.995
.995
.995
.995
.995
.996
.996
.996
.996
.996
.996
.995
.995
.995
.995
.995
.995
.995
.995
.995
.995
.996
.996
.997
.997
.998
.998
.999
.999
.999
1.000
1.000
.999
.998
.997
.996
.995
.995
.994
.993
.992
.992
.991
.990
.990
.989
.989
.989
.988
.988
.988
.988
,988
.989
.989
.990
.991
.992
.992
.993
.993
.994
.993
.993
.993
.993
.993
.993
.993
.993
.992
.992
.992
.992
.991
.991
.991
.990
.989
.988
.988
.987
.987
.987
.988
.989
.990
.991
.992
.993
.993
.994
.993
.993
.992
.992
.992
.992
.992
.992
.991
.990
.990
.989
.989
.988
.988
.988
.988
.989
.989
.989
.990
.991
.992
.993
.994
.995
.996
.997
.998
.999
.999
.999
.998
.998
.998
.997
.997
.996
.995
.995
.995
.994
.994
.993
.993
.992
.992
.992
.991
.992
.992
.993
.993
.994
.994
.995
.997
1.000
1.002
1.003
1.004
1.003
1.002
1.002
1.001
1.000
1.000
.999
.998
.998
.998
.997
.996
.995
.994
.994
.993
.993
.992
.991
.991
.990
.990
.990
.990
.991
.991
.992
.993
.993
.994
.994
.994
.994
.995
.995
.995
.995
.995
.995
,994
.994
.994
.994
.994
.994
.995
.994
.994
.994
.994
.994
.994
.994
.995
.996
.997
.998
.999
1.001
1.003
L.006
1.007
L.008
L.008
L.007
.006
.006
.006
.005
.004
.004
.003
.003
.003
.002
.002
.002
.002
.001
.001
.001
.001
.000
.000
.001
.002
.003
.004
1.005
1.006
1.007
1.007
1.006
1.006
1.006
1.006
L.006
1.006
1.006
1.006
1.006
1.006
L.006
1.006
1.006
1.006
1.006
1.005
1.005
.005
.005
.005
.005
.005
.005
.005
.006
.007
.008
1.009
1.010
1.011
1.011
LOU
1.011
1.011
L.011
L.011
1.011
L.011
L.OU
L.011
L.011
L.011
L.OU
L.OU
L.OU
L.OU
L.010
.010
.010
.010
.010
.010
.011
.011
.011
.012
.014
1.015
1.015
1.016
1.016
L.016
1.017
L.017
L.018
L.019
L.020
L.021
L.022
1.024
1.025
1.025
1.026
1.027
1.028
L.029
.031
L.032
.033
.034
.035
.035
.035
.034
.032
.030
.028
L.O27
Applicable to period beginning with 1941.
8x4
FEDERAL RESERVE BULLETIN
NEW SEASONAL ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION
ring unforeseen changes.4 Seasonally adjusted
weekly figures for money in circulation are
shown in Table 3, at the end of this article, for
the period beginning with 1939. As in the
case of Table 1 the adjustments for 1939 and 1940
are made with the old adjustment factors, and
those beginning with 1941 are on the new basis.
The new Wednesday seasonal adjustment factors make allowances for a much larger seasonal
increase around the Christmas season than was
previously true. It is also interesting to note
that there seems to have been a substantial increase in the importance of month-end currency
drains, and this development appears to be continuing. If the present trend continues, therefore, the adjustment factors computed now may
later prove to be somewhat too low for dates
near month-ends. On the other hand, apparently both the Easter and the July 4 short seasonal increases have become of less relative
importance. As with the monthly adjustment
factors, no special allowance has been made in
the new factors for the March and June 1943 tax
dates. Rough special adjustments, however,
may be made for these occasions by interpolation
in the seasonally adjusted series for the weeks
concerned, and specially adjusted figures obtained by this method for two weeks in March
and two weeks in June are indicated in the footnote to Table 3,
COMPUTATION OF SEASONAL ADJUSTMENT FACTORS
The method used in computing monthly seasonal adjustment factors for money in circulation
was essentially the same as that employed by the
Board of Governors for other series.5 New preliminary monthly factors on a proportional basis
were computed for the period beginning with
1938. These preliminary factors corresponded
fairly closely to the old (absolute) ones for the
period through 1940, and there was no need to
revise the factors computed in 1939. The proportional factors were clearly better suited to
4
It should be noted that the factor for any given date applies only
when that date falls on Wednesday, because there are also fairly regular
and wide fluctuations in money in circulation as between different days
of the
week.
5
This method was described in an article, "Adjustment for Seasonal
Variations," in the BULLETIN for June 1941, pp. 518-528.
SEPTEMBER 1943
the period beginning with 1941, however, and
some shift in the monthly pattern has also been
taken into account.
In computing seasonal factors for Wednesday
dates, actual Wednesday figures were plotted
against the monthly seasonally adjusted series,
and the ratio of the actual to the seasonally adjusted curve was computed for each Wednesday
date. This step provided very rough seasonal
adjustment factors (ratios) for each of the dates.
These Wednesday ratios were then arranged in
chronological order within each year and plotted
on a single graph having a one-year base line.
Since the computations were begun with 1938
this gave Wednesday ratios for most, though not
all, calendar dates. A free-hand curve was fitted
to the Wednesday ratios, giving primary emphasis to data from later years in cases where discrepancies occurred for adjacent dates. From
the smoothed curve through the Wednesday
ratios, preliminary adjustment factors (ratios)
could be read for each possible date, including,
by interpolation, those on which Wednesday
had not fallen since 1938. These adjustment
factors were further refined so that for every
possible series of Wednesday dates they added
to roughly 5,200 for the year, and the factors
finally obtained are those shown in Table 2..
As indicated in the footnote to Table 2., a special adjustment of approximately 20 million dollars should be added to the seasonal factor for
the Wednesday preceding each Easter. This
date apparently still requires a roughly constant
dollar adjustment,* it could not be incorporated
in the regular seasonal factors because of the
shifting date of Easter. The special adjustments
previously mentioned for the March and June
tax dates in 1943 are also indicated in the footnote to the table.
Use of proportional factors makes it more
likely that the present seasonal factors will
remain useful even though further large changes
occur in the amount of currency outstanding.
But as in the case of the old seasonal factors, it
should be recognized that such adjustments are
necessarily somewhat rough and the resulting
range of error in any one seasonally adjusted
815
NEW SEASONAL ADJUSTMENT FACTORS FOR MONEY IN CIRCULATION
figure may be substantial. It is unlikely, how- would recur regularly over adjacent weeks or
ever, that a substantial positive or negative error months.
TABLE 3
MONEY IN CIRCULATION ADJUSTED FOR SEASONAL VARIATION—WEDNESDAY SERIES
[In millions of dollars}
Date
(Wednesday)
Amount
Jan.
4
11
18
25
6,745
6,703
6,699
6,697
Feb.
1
8
15
22
6,710
6,700
6,729
6,742
1
8
15
22
29
6,746
6,771
6,805
6,840
6,840
(21)
Mar.
Apr.
1
Date
(Wednesday)
3
10
17
24
31
7,454
7,433
7,442
7,439
7,435
Feb.
7
14
21
28
7,440
7,448
7,487
7,454
Mar.
6
13
20
27
7,488
7,516
X
7,547
7,554
3
10
17
24
7,582
7,562
7,604
7,619
1
8
15
22
29
7,639
7,642
7,675
7,698
7,731
June
5
12
19
26
7,726
7,756
7,803
7,835
July
3
10
17
24
31
7,900
7,884
7,912
7,925
7,947
7
7,969
7,992
8,024
8,038
7,203
7,206
7,222
7,231
Sept. 4
11
18
25
8,036
8,040
8,068
8,090
4
11
18
25
7,258
7,302
7,286
7,266
Oct.
2
9
16
23
30
1
8
15
22
29
7,286
7,328
7,304
7,360
7,374
8,123
8,150
8,180
8,195
8,224
Nov.
6
13
20
27
8,294
8,304
8,352
8,373
6
13
20
27
7,419
7,387
7,448
7,411
4
11
18
24
31
8,434
8,448
8,479
8,519
8,502
Apr.
3
10
17
24
31
6,971
6,953
6,990
6,970
6,995
May
June
7
14
21
28
7,000
6,971
6,990
7,004
July
5
12
19
26
7,051
7,048
7,064
7,073
Aug.
2
9
16
23
30
7,104
7,106
7,134
7,141
7,155
Sept. 6
13
20
27
Oct.
Nov.
Dec.
Amount
Jan.
6,883
6,883
6,920
6,950
May
1941
1940
1939
5
12
19
26
Aug.
Dec.
14
21
28
Date
(Wednesday)
1942
Amount
Date
(Wednesday)
1943
Amount
Date
(Wednesday)
Amount
Jan.
8
15
22
29
8,560
8,568
8,610
8,634
Jan.
7
14
21
28
10,999
11,084
11,166
11,220
Jan.
6
13
20
27
15,226
15,337
15,462
15,610
Feb.
5
12
19
26
8,670
8,700
8,732
8,751
Feb.
4
11
18
25
11,287
11,364
11,396
11,468
Feb.
3
10
17
24
15,745
15,861
15,925
16,016
Mar.
5
12
19
26
8,805
8,864
8,924
8,949
Mar.
4
11
18
25
11,518
11,578
11,590
11,601
Mar.
3
10
17
24
31
2
16,278
2
2
9
16
23
30
9,007
^,036
9,061
9,101
9,153
Apr.
7
9,225
9,247
9,298
9,360
May
14
21
28
June
4
11
18
25
9,403
9,431
9,499
9,557
July
2
9
16
23
30
Apr.
1
8
15
22
29
H1,666
16,170
16,286
16,260
16,381
Apr.
6
13
20
27
11,928
11,969
12,032
12,068
May
5
12
19
26
16,801
16,876
16,999
17,055
June
3
10
17
24
12,153
12,213
12,294
12,330
June
2
9
16
23
30
9,684
9,695
9,684
9,721
9,785
July
1
8
15
22
29
12,416
12,477
12,540
12,647
12,762
17,230
17,289
Hi,293
Hi, 292
17,472
14
21
28
7
17,572
17,693
17,831
17,979
6
13
20
27
9,854
9,851
9,899
9,949
Aug.
5
12
19
26
12,871
12,935
13,021
13,136
4
11
18
25
18,123
18,192
18,324
18,413
Sept. 3
10
17
24
9,974
9,976
10,026
10,060
Sept. 2
1
8
15
22
29
13,210
13,309
13,400
13,505
13,648
10,132
10,176
10,222
10,227
10,246
Oct.
14
21
28
7
13,748
13,849
13,925
14,012
Nov.
5
12
19
26
10,308
10,358
10,420
10,452
Nov.
4
11
18
25
14,156
14,251
14,308
14,503
Dec.
3
10
17
24
31
10,548
10,622
10,733
10,844
10,867
Dec.
2
9
16
23
30
14,629
14,707
14,710
14,825
14,987
May
Aug.
Oct.
9
16
23
30
July
Aug.
7
16,468
16,556
16,664
16,778
11,692
11,718
11,783
11,841
14
21
28
1
1
Includes special Easter adjustment of +20 million dollars.
2
Does not include any adjustment for influence of Federal income tax dates. Rough adjustment by interpolation would give the following
adjusted figures: March 17—16,386, March 24—16,486; June 16—17,345; June 23—17,415.
S2.6
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
On August xo, 1943, the United States
Treasury Department released a revised draft
of the preliminary plan for an International
Stabilization Fund of the United and Associated
Nations made public by the Secretary of the
Treasury on April 7, 1943.1 The revised draft
is in every sense still a preliminary document
and has not received the official approval of
either the Treasury or the Government. It
was prepared by the technical experts of the
Treasury in consultation with experts from other
Government departments and agencies. While
it includes suggestions made by technical representatives of other countries in the course of
informal discussions with our experts in Washington, it does not necessarily reflect the views
of experts from any other country. The text
of the revised plan is given below, preceded by
a press release, a summary, and a statement of
the main features of the plan, as issued by the
Treasury. Minor changes have been made in a
few headings.
TREASURY PRESS RELEASE
Secretary Morgenthau made public today a
revised draft of the Treasury's tentative proposal
for an International Stabilization Fund of the
United and Associated Nations.
The revised draft was prepared by technical
experts of the Treasury in cooperation with experts of other Departments. The revision followed exploratory discussions that have been
going on for more than two months between the
monetary experts of this Government and the
monetary experts of nearly thirty countries.
While suggestions of representatives of other
countries have been included in the revised draft,
Secretary Morgenthau pointed out that it does
not necessarily reflect the views of the experts of
any other countries.
The exploratory technical discussions in
Washington have been held in response to an
invitation Secretary Morgenthau sent late last
March to the finance ministers of the United
Nations, enclosing for their examination, a preliminary draft of the Treasury's tentative proposal. The finance ministers were requested to
submit the draft for study by their technical
experts and to send their experts to Washington
co discuss the feasibility of international monetary cooperation along the suggested lines.
Secretary Morgenthau said the exploratory
discussions have been extremely helpful in
clarifying the views widely held by the experts
of the United Nations.
"I believe the technical experts are unanimous
iFor the text of this preliminary plan, together with the text of a
tentative plan for an International Clearing Union proposed by the
British Government on the same day, see BULLETIN for June 1943,
pp. 501-521. A preliminary plan offered for consideration by the.
Canadian Minister of Finance on July 12, 1943, was reproduced in the
BULLETIN for August 1943, pp. 718-728.
SEPTEMBER 1943
in their view that international monetary cooperation is essential if we are to avoid the collapse of some monetary systems, to prevent the
disruption of foreign exchanges and to facilitate
the restoration and balanced growth of international trade," he said.
There will be further discussions with the
representatives of other countries who are expected to arrive during the month, Secretary
Morgenthau said. He said that no conference
would be called until he had had an opportunity to consult with the Congressional committees.
"This revised draft," he said, "is in every
sense still a preliminary document. It has not
received the official approval either of the Treasury or of this Government."
Secretary Morgenthau pointed out that he is
keeping the appropriate committees of the
Senate and the House fully informed of the discussions. On April 5 and 6, 1943, Mr. Morgenthau appeared before three committees of the
Senate and three committees of the House to
explain the proposal for an International Stabilization Fund. Mr. Morgenthau said he intended to appear before the appropriate committees of the Senate and the House soon after
Congress convenes to consult with them further
on the proposal.
"Treasury officials," Mr. Morgenthau said,
"are arranging discussions with representative
public groups to explain what we are doing, and
to get their suggestions. There will be a conference of officers and directors of several Federal Reserve Banks in Chicago next week at
8x 7
POSTWAR INTERNATIONAL MONETARY STABILIZATION
which proposals for postwar stabilization of
currency will be fully discussed."
The Secretary indicated that similar conferences will be held with other Federal Reserve
Banks.
Within the next few weeks Treasury officials
will hold conferences with the Advisory Council of the American Bankers Association, the
New York City banks and other representative
banking groups. Arrangements are also being
made for meetings with members of the Foreign
Trade Council and other organizations representing business men engaged in foreign trade.
Secretary Morgenthau said the Treasury had
received a large number of letters regarding the
proposal, many of them embodying interesting
suggestions. All of these letters are being carefully considered.
SUMMARY OF THE REVISED PROPOSAL FOR AN INTERNATIONAL
STABILIZATION FUND
PURPOSES OF THE F U N D
The United Nations and the countries associated with them recognize, as declared in the
Atlantic Charter, the need for the fullest cooperation among nations with the object of
securing economic advancement and rising standards of living for all. They believe that attainment of these objectives will be facilitated by
international monetary cooperation.
Therefore, it is proposed that there be established an
International Stabilization Fund with the following purposes:
i. To help stabilize the foreign exchange
rates of the currencies of member countries.
z. To reduce the use of such foreign exchange
restrictions and discriminatory foreign exchange
practices as hamper world trade.
3. To help create conditions under which the
smooth flow of foreign trade and of productive
capital will be fostered.
COMPOSITION OF THE FUND
1. The Fund shall amount to at least 5 billion
dollars contributed on the basis of quotas determined by an appropriate formula. The quota
of a country can not be increased without its
consent.
z. Each country shall pay in gold 50 per cent
of its quota and the remainder in local currency.
A country with inadequate gold holdings may
have its gold contribution reduced and a country may substitute some government securities
(redeemable at par) for local currency.
3. The resources of the Fund shall be used
exclusively for the benefit of the member countries.
cept with the approval of 85 per cent of the
member votes.
z. The accounts of the Fund shall be kept and
published in terms of unitas. No change in
exchange rates shall be permitted to alter the
value of the assets of the Fund.
EXCHANGE RATES
1. Initial rates of exchange for member currencies shall be based upon their value in dollars
on July 1, 1943. If such a rate is clearly inappropriate, the initial rate shall be determined
by consultation between the country and the
Fund.
z. When essential to the correction of fundamental disequilibrium, exchange rates may be
changed only with the approval of three-fourths
of the member votes including the countries
concerned. Because of the extreme uncertainties of the immediate postwar period,
special provision is made for adjusting exchange
rates during the first three years.
POWERS AND OPERATIONS
1. The Fund may sell to any member country
foreign exchange required to meet an adverse
balance of payments predominantly on current
account. One-half of such exchange shall be
paid for with gold or acceptable foreign exchange.
z. The Fund's total holdings of the currency
of any member country shall not exceed its
quota by more than 100 per cent, except with
the specific approval of the Board of Directors,
and provided satisfactory measures are being
taken to correct the disequilibrium.
3. When a member country is preventing or
unduly delaying a sound balance in its interMONETARY UNIT OF THE FUND
national accounts, the Fund may place condi1. The monetary unit of the Fund shall be the tions upon additional sales of foreign exchange
unitas (UN) equal in value to 137^ grains of to that country. The Fund may also require
fine gold (equivalent to $10). No change in the country to deposit gold or other suitable
the gold value of the unitas shall be made ex- collateral.
8x8
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
4. When the Fund's holdings of the currency
of a member country become excessively small,
the Fund shall render a report to that country.
The Fund shall also inform member countries
of the probable supply of the currency and of a
proposed method for its equitable distribution.
5. Each member country agrees that it will
offer to sell to the Fund, for its local currency or
for foreign exchange which it needs, one-half of
the gold and foreign exchange it acquires in
excess of its official holdings at the time it became a member of the Fund.
6. During the first 2. years, the Fund may buy
from the governments of member countries,
blocked balances held in other member countries, not exceeding in the aggregate 10 per cent
of the quotas. At the end of 2. years, the Fund
shall propose a plan for the gradual further
liquidation of blocked balances.
7. The Fund may levy a charge on the amount
of currency held by the Fund in excess of the
quota of a country. If the Fund finds it necessary to borrow currency to meet the demands of
members, an additional charge shall be made
sufficient to cover the costs of borrowing.
8. The Fund shall deal only with member
governments and their fiscal agents and not intrude in the customary channels for conducting
international commerce and finance.
MANAGEMENT
1. The administration of the Fund shall be
vested in a Board of Directors consisting of one
director and alternate appointed by each member
government. The Board shall appoint an Executive Committee of not less than eleven of its
members.
1. Each country shall have 100 votes plus one
vote for each million dollars of its quota. No
country shall cast more than one-fifth of the
aggregate basic votes.
3. In voting on the sale of foreign exchange,
the votes of creditor countries shall be inceased
and those of debtor countries decreased. In
voting on proposals to suspend or restore members, each country shall cast one vote.
4. Any country may withdraw from the Fund
by giving notice of one year. A country failing to meet its obligations to the Fund may be
suspended by a majority of the member countries.
POLICIES OF MEMBER COUNTRIES
Each member country of the Fund undertakes:
1. To maintain by appropriate action exchange rates established by the Fund and not to
alter exchange rates except as provided above.
z. To abandon restrictions (except on capital
transfers) over foreign exchange transactions
with other member countries, and not to impose
additional restrictions without the approval of
the Fund.
3. Not to enter upon any new bilateral clearing arrangements or engage in multiple currency
practices which retard the growth of world
trade or the international flow of productive
capital.
4. To give consideration to the views of the
Fund on any monetary or economic policy, the
effect of which would be to bring about a serious
disequilibrium in the balance of payments of
other countries.
HIGHLIGHTS OF THE TENTATIVE PROPOSAL FOR AN INTERNATIONAL
STABILIZATION FUND
The proposed plan providing for the stabilization of currencies and establishing a mechanism
for supplying needed exchange under safeguards
can not by itself achieve monetary stability. It
can, however, provide a working basis for the
recovery of world trade, facilitate the restoration of international economic equilibrium, and
contribute to the maintenance of world monetary stability.
The plan provides in general for:
(1) An international agreement to help stabilize foreign exchange rates and avoid competitive currency depreciation.
(2.) Resources from which countries can buy
needed foreign exchange under approSEPTEMBER 1943
priate safeguards while taking timely
steps to adjust their international position.
(3) Encouragement for the adoption of measures to bring about equilibrium in the
international balance of payments of
member countries.
(4) Policies designed to eliminate exchange
controls and discriminatory currency practices which interfere with the balanced
growth of international trade.
More specifically, the principal features of the
tentative proposal are:
Membership: All of the United Nations and
the countries associated with them would es-
819
POSTWAR INTERNATIONAL MONETARY STABILIZATION
tablish the International Stabilization Fund as
an institution for international monetary cooperation. Other countries may be permitted
to join later. A country may withdraw from
membership by giving one year's notice. A
country may be suspended from membership if
it does not meet its obligations to the Fund.
Capital of the Fund: Each country agrees to
contribute to the Fund a stated amount (referred
to as its quota) partly in gold and partly in local
currencies and securities. The gold portion of
each country's quota is graduated in accordance
with the size of its gold holdings, up to a maximum of 50 per cent of the quota. The quota of
each country is determined by a formula which
takes account of its gold holdings, national income, the amount of its exports and fluctuations
in its net balance of trade. Aggregate quotas
shall amount to at least 5 billion dollars.
No country can be called on to contribute
more than its quota. For example, any dollars
in addition to the United States contribution
can be obtained by the Fund only by selling gold
to the United States or by borrowing. The
Fund can not borrow here without our consent.
Voting PowTer: A country's share in the voting power and management of the Fund is determined as follows: each country has 100 votes
plus 1 vote for every million dollars contributed
to the Fund. No country is entitled to more
than one-fifth of the total voting power. In
voting on the use of the Fund's resources, the
votes of countries whose currencies in the Fund
are being depleted are increased and those of
countries whose currencies in the Fund are
growing are decreased.
Foreign Exchange Sales to Member Countries:
Each member country may, under safeguarding
provisions, purchase foreign exchange from the
Fund for the purpose of meeting deficits in international balances of payments arising from
the purchase of goods and services. The Fund
may refuse to sell foreign exchange to a member
country that is using the resources of the Fund
to prevent or unduly delay the correction of a
maladjustment in its international position.
The Fund may also require a country to take
steps to adjust its position as a condition for
providing additional exchange.
The Fund may purchase blocked foreign balances held by member countries under repurchase
provisions. Such purchases are limited to 10
per cent of aggregate quotas in the first 2. years
of the Fund's operations. At the end of 2. years
the Fund will report a plan for gradual further
liquidation of blocked balances.
830
Exchange Rates: Initial exchange rates are
to be established at the dollar quotation for
member currencies on July 1, 1943, unless either
the member country or the Fund considers the
rate inappropriate. In such case the rate is to
be determined by consultation between the member country and the Fund. All member countries agree to maintain the exchange rates established.
Because of the uncertainty of postwar conditions, during the first 3 years a member country
may alter its rate by 10 per cent after consultation with the Fund in order to maintain a balanced position for that country.
Further
changes in the first three years require the approval of a majority vote of the Fund.
After the first three years changes in rates can
be made only when necessary for the correction
of a fundamental disequilibrium and with the
approval of a % vote of the Fund.
Although the Fund contemplates relative
stability of exchange rates it does not contemplate absolute rigidity. The Fund may recommend changes in exchange rates as a means of
restoring balance in an individual country's
foreign exchange transactions in those exceptional cases where such action is deemed in
the general interest.
Capital Movements: Large movements of
short-term funds from one country to another
for speculative reasons or because of a loss of
confidence in the monetary system of a particular country have been a disturbing element in
international monetary relations. Under the
proposal, any country is allowed to control
capital movements into or out of the country
and all countries agree to cooperate with other
countries which have imposed controls on the
export of capital with the approval of the Fund,
Furthermore, a country buying exchange from
the Fund may be required, if deemed essential,
to control an outflow of capital as a condition
of obtaining further aid from the Fund.
Exchange Controls: Another disturbing element has been the rapid growth of restrictions
of all sorts on foreign exchange transactions.
Under the proposal, member countries agree to
abandon all restrictions on foreign exchange
transactions as soon as they feel that they are in
a position to do so, except for the restrictions
which are imposed as a means of controlling
capital movements.' All countries agree not to
impose any new restrictions without the approval of the Fund except those required to control capital movements. More specifically,
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
member countries agree not to enter into any
new bilateral clearing arrangements nor to have
different exchange rates for different purposes
if, in the judgment of the Fund, these arrangements retard the growth of world trade or the
international flow of productive capital.
AN INTERNATIONAL STABILIZATION FUND OF THE UNITED AND
ASSOCIATED NATIONS
[Preliminary Draft Outline, Revised July 10, 1943]
FOREWORD
By
H E N R Y MORGENTHAU, Jr.,
Secretary of
the
Treasury
When the United Nations have brought this
war to a successful conclusion, they will be
faced with many urgent international economic
and financial problems. Some of these are new
problems arising directly from this war; others
are continuing consequences of failure to solve
the problems that have been with us since the
last war. The solution of these problems is
essential to the development of a sound economic
foundation for world peace and prosperity.
All of the important international economic
and financial problems are closely interrelated.
Monetary stabilization, commercial policy, the
provision of long-term international credit,
promotion of stability in the prices of primary
products, and arrangements for relief and rehabilitation are problems that join at innumerable points. Nevertheless, because of their
complexity, they must be taken up separately,
although each in turn must be integrated with
the rest.
It is generally recognized that monetary
stability and protection against discriminatory
currency practices are essential bases for the
revival of international commerce and finance.
For this reason, an appropriate starting point
might well be the consideration of postwar
international monetary problems. Success in
dealing with international monetary problems
in the postwar period will contribute toward
final solution of the other international financial
and economic problems. Despite the technical
difficulties involved, the common interest which
all countries have in the solution of postwar
monetary problems provides a basis for
agreement.
It is still too soon to know the precise form
and magnitude of postwar monetary problems.
But it is certain that we shall be confronted
with three inseparable monetary tasks: to prevent the disruption of foreign exchanges, to
avoid the collapse of monetary systems, and to
facilitate the restoration and balanced growth of
SEPTEMBER
1943
international trade. Clearly, such formidable
problems can be successfully handled only
through international action.
The creation of instrumentalities adequate to
deal with the inevitable postwar monetary
problems should not be postponed until the end
of hostilities. It would be ill-advised, if not
dangerous, to leave ourselves unprepared at the
end of the war for the difficult task of international monetary cooperation. Specific and
practical proposals must be formulated by the
experts and must be carefully considered by the
policy-shaping officials of the various countries.
In each country acceptance of a definitive
plan can follow only upon legislative or executive action. And even when a plan is finally
adopted, much time will be consumed in preparation before an international institution for
monetary cooperation can begin effective work.
There is another important reason for initiating now concrete discussions of specific
proposals. A plan for international monetary
cooperation can be a factor in winning the war.
It has been suggested, and with much cogency,
that the task of assuring the defeat of the Axis
powers would be made easier if the victims of
aggression could have greater assurance that a
victory of the United Nations will not mean in
the economic sphere a repetition of the exchange instability and monetary collapse that
followed the last war. The people in all of the
United Nations must be given some assurance
that there will not again be two decades of
postwar economic disruption. The people must
know that we at last recognize the fundamental
truth that the prosperity of each country is
closely linked to the prosperity of other
countries.
One of the appropriate agencies to deal with
international economic and monetary problems
would be an international stabilization fund
with resources and powers adequate to the task
of helping to achieve monetary stability and of
facilitating the restoration and balanced growth
of international trade. A proposal along these
lines was drafted by American technical experts and made public on April 7, 1943. There
831
POSTWAR INTERNATIONAL MONETARY STABILIZATION
have been informal discussions on this draft in
which nearly thirty countries have participated.
These discussions have shown that all countries
think joint action in this field is necessary for
the reconstruction of the world economy.
It is recognized that an international stabilization fund is only one of the instrumentalities
which may be needed in thefieldof international
economic cooperation. Other agencies may be
needed to provide long-term international credit
for postwar reconstruction and development,
to provide funds for rehabilitation and relief,
and to promote stability in the prices of primary
international commodities. There is a strong
inclination on the part of some to entrust to a
single agency the responsibility for dealing
with these and other international economic
problems. We believe, however, that an international economic institution can operate most
effectively if it is not burdened with diverse
duties of a specialized character.
Although an international stabilization fund
can provide the facilities for cooperation on
monetary questions, the establishment of such
an institution would not of itself assure the
solution of these difficult problems. The operations of such a fund can be successful only if
the powers and resources of the fund are used
wisely, and if member countries cooperate with
the fund's endeavors to maintain international
equilibrium at a high level of international
trade. Such cooperation must include commercial policies designed to reduce trade barriers
and to terminate discriminatory practices that
have in the past hampered the balanced growth
of international trade. The nations of this
world can be prosperous only if they are good
neighbors in their economic as well as their
political relations.
The draft proposals that have been put forward on a tentative basis have received wide
publicity in the United States, the United Kingdom, Canada, and in other countries. It is in
the best democratic tradition that the people
should have the fullest opportunity to express
their views and to shape the policies of their
Governments on the important problems affecting national well-being. And it is an
extension of this tradition that all the United
Nations should have an opportunity to participate in the formulation of a program for international monetary cooperation.
This revised draft is published with the hope
that it will call forth further comments and
constructive suggestions. It aims to present
only the essential elements of a workable inter83z
national stabilization fund, and its provisions
are in every sense tentative. Obviously, there
are many details that have been omitted and
that can be better formulated after there is
agreement on the more important points. We
believe that a workable and acceptable plan can
emerge only from the joint efforts of the United
Nations supported by enlightened public
opinion.
PRELIMINARY DRAFT OUTLINE OF A PROPOSAL FOR
AN INTERNATIONAL STABILIZATION FUND OF
THE UNITED AND ASSOCIATED NATIONS
PREAMBLE
I. There is a growing recognition that
progress toward establishment of a functioning
democratic world in the postwar period will
depend on the ability of free peoples to work
together in solving their economic problems.
Not the least of these is the problem of how to
prevent a widespread breakdown of currencies
with resultant international economic disorder.
We must assure a troubled world that the free
countries will solve these perplexing problems,
and that they will not resort to competitive
exchange depreciation, multiple currency practices, discriminatory bilateral clearing, or other
destructive foreign exchange devices.
z. These are not transitory problems of the
immediate postwar period affecting only a few
countries. The history of the past two decades
shows that they are continuing problems of
vital interest to all countries. There must be a
general realization that world prosperity, like
world peace, is indivisible. Nations must
act together to restore multilateral international
trade, and to provide orderly procedure for the
maintenance of balanced economic growth.
Only through international cooperation will it
be possible for countries successfully to apply
measures directed toward attaining and maintaining a high level of employment and income
which must be the primary objective of
economic policy.
3. The International Stabilization Fund of
the United and Associated Nations is proposed
as a permanent institution for international
monetary cooperation. The resources of this
Fund would be available under adequate safeguards to maintain currency stability, while
giving member countries time to correct maladjustments in their balance of payments without
resorting to extreme measures destructive of
international prosperity. The resources of the
Fund would not be used to prolong a basically
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
unbalanced international position. On the
contrary, the Fund would be influential in
inducing countries to pursue policies making
for an orderly return to equilibrium.
4. The Fund would deal only with member
governments and their fiscal agents, and would
not intrude in the customary channels for conducting international commerce and finance.
The Fund is intended to provide supplemental
facilities for the successful functioning of the
established foreign exchange institutions and to
free international commerce from harmful restrictions.
5. The success of the Fund must ultimately
depend upon the willingness of nations to act
together on their common problems. International monetary cooperation should not be
regarded as a matter of generosity. All countries have a vital interest in the maintenance of
international monetary stability, and in the
balanced growth of multilateral international
trade.
I. PURPOSES OF THE FUND
The United Nations and the countries associated with them recognize, as declared in the
Atlantic Charter, the need for the fullest cooperation among nations with the object of
securing economic advancement and rising
standards of living for all. They believe that
attainment of these objectives will be facilitated *by international monetary cooperation.
Therefore, it is proposed that there be established an International Stabilization Fund with
the following purposes:
1. To help stabilize the foreign exchange
rates of the currencies of the United Nations and
the countries associated with them.
z. To shorten the periods and lessen the degree of disequilibrium in the international
balance of payments of member countries.
3. To help create conditions under which the
smooth flow of foreign trade and of productive
capital among the member countries will be
fostered.
4. To facilitate the effective utilization of the
blocked foreign balances accumulating in some
countries as a consequence of the war situation.
5. To reduce the use of such foreign exchange
restrictions, bilateral clearing arrangements,
multiple currency devices, and discriminatory
foreign exchange practices as hamper world
trade and the international flow of productive
capital.
SEPTEMBER 1943
II. COMPOSITION OF THE FUND
1. The Fund shall consist of gold and the currencies and securities of member governments.
z. Each of the member countries shall subscribe a specified amount, to be called its quota.
The aggregate of quotas of the member countries shall be the equivalent of at least 5 billion
dollars.
3. Each member country shall meet its quota
contribution in full on or before the date set
by the Board of Directors for the Fund's operations to begin.
(a) A country shall pay in gold not less than
an amount determined as follows. If its
gold and free foreign exchange holdings
are :
(i) In excess of three times its quota, it
shall pay in gold 50 per cent of its
quota.
(ii) More than two but less than three
times its quota, it shall pay in gold
40 per cent of its quota plus 10 per
cent of its holdings in excess of
twice its quota.
(iii) More than its quota but less than
twice its quota, it shall pay in gold
30 per cent of its quota plus 10 per
cent of its holdings in excess of its
quota,
(iv) Less than its quota, it shall pay in
gold 30 per cent of its holdings.
The gold payment required of a member country, substantial parts of whose
home areas have been wholly or partly
occupied by the enemy, shall be only
three-fourths of the above. (For other
gold provisions, cf. v-z-a and v-6, 7.)
A member country may include in the
legal reserve account and in the published
statement of the reserves of gold and
foreign exchange in its Treasury or
Central Bank, an amount not to exceed
its gold contribution to the Fund, minus
its net purchases of foreign exchange
from the Fund paid for with local
currency.
(#) It shall pay the remainder of its quota in
local currency, except that a- member
country may substitute government securities (redeemable at par) for local
currency up to 50 per cent of its quota.
4. A quota for each member country shall be
computed by an agreed upon formula which
gives due weight to the important relevant
factors, e. g., a country's holdings of gold and
free foreign exchange, the magnitude and the
833
POSTWAR INTERNATIONAL MONETARY STABILIZATION
fluctuations of its balance of international
payments, its national income, etc.
Before computing individual quotas on the
basis of the agreed upon formula, there shall be
reserved an amount equal to 10 per cent of aggregate quotas to be used as a special allotment for
the equitable adjustment of quotas. Where
the initial quota of a member country as computed by the formula is clearly inequitable, the
quota may be increased from this special allotment.
5. Quotas shall be adjusted on the basis of
the most recent data 3 years after the establishment of the Fund, and at intervals of 5 years
thereafter, in accordance with the agreed upon
formula. In the period between adjustment of
quotas, the Fund may increase the quota of a
country, where it is clearly inequitable, out of
the special allotment reserved for the equitable
adjustment of quotas.
6. Any changes in the formula by which the
quotas of member countries are determined shall
be made only with the approval of a four-fifths
vote of the Board.
7. No increase shall be made in the quota of a
member country under 11-4, 5, or 6 without the
consent of the representative of the country
concerned.
8. The resources of the Fund shall be used exclusively for the benefit of the member countries.
III. MONETARY UNIT OF THE FUND
1. The monetary unit of the Fund shall be
the unitas (UN) equal in value to 137^ grains
of fine gold (equivalent to $10). No change in
the gold value of the unitas shall be made
except with the approval of 85 per cent of the
member votes. When such change is made,
the gain or loss sustained by the Fund on its
holdings of gold shall be distributed equitably
among the members of the Fund.
The accounts of the Fund shall be kept and
published in terms of unitas.
2.. The value of the currency of each member
country shall be established in terms of unitas
and may not be altered except as provided in
iv-5, below. (Cf. I V - I , i, below.)
No member country shall purchase or acquire gold, directly or indirectly, at a price in
terms of its national currency in excess of the
parity which corresponds to the value of its
currency in terms of unitas and to the value of
unitas in terms of gold; nor shall any member
country sell or dispose of gold, directly or indirectly, at a price in terms of its national currency below the parity which corresponds to
834
the value of its currency in terms of unitas and
to the value of unitas in terms of gold. (Cf.
vii-1.)
3. No change in the value of the currencies
of member countries shall be permitted to alter
the value in unitas of the assets of the Fund.
Whenever the currency of a member country
has depreciated to a significant extent, that
country must deliver to the Fund when requested an amount of its local currency or
securities equal to the decrease in the unitas
value of the Fund's holdings of the local currency and securities of the country. Likewise,
if the currency of a member country should
appreciate to a significant extent, the Fund must
return to that country an amount (in the currency or securities of that country) equal to
the resulting increase in the unitas value of the
Fund's holdings.
IV. EXCHANGE RATES
1. The rates at which the Fund will buy and
sell one member currency for another and at
which the Fund will buy and sell gold for local
currency shall be established in accordance with
the provisions below. (Cf. also in-x and v-2..)
2.. The initial rates of exchange for member
countries' currencies shall be determined as
follows:
(jd) For any country which becomes a member prior to the date on which the Fund's
operations begin, the rates initially used
by the Fund shall be based upon the value
of the currency in terms of United States
dollars which prevailed on July 1, 1943.
If, in the judgment of either the member country or the Fund, the above rate
is clearly inappropriate, the initial rate
shall be determined by consultation between the member country and the Fund.
No operations in such currency shall be
undertaken by the Fund until a rate has
been established which has the approval
of the Fund and of the member country
in question.
(£) For any member country which has been
occupied by the enemy, the Fund shall
use the exchange rate fixed by the government of the liberated country in consultation with the Fund and acceptable to the
Fund. Prior to the fixing of a definitive
rate, operations in such currency may be
undertaken by the Fund with the approval of the Board at a tentative rate
of exchange fixed by the member country
in consultation with the Board. No
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
operations shall be continued under this
provision for more than 3 months after
the liberation of the country or when
the local currency holdings of the Fund
exceed the quota of the country, except
that under special circumstances the
period and the amount of such operations may be extended by the Fund.
3. The Fund shall not come into operation
until agreement has been reached on the exchange rates for currencies of countries representing a majority of the aggregate quotas.
4. The Fund shall determine the range within
which the rates of exchange of member currencies shall be permitted to fluctuate. (Cf.
vii-i.)
5. Changes in the exchange value of the
currency of a member country shall be considered only when essential to the correction of
fundamental disequilibrium in its balance of
payments, and shall be made only with the
approval of three-fourths of the member votes
including the representative of the country
concerned.
Because of the extreme uncertainties of the
immediate postwar period, the following exceptional provisions may be used during the
first 3 years of the Fund's operations:
(a) When the existing rate of exchange of a
member country is clearly inconsistent
with the maintenance of a balanced international payments position for that
country, changes from the established
rate may be made at the special request
of that country and with the approval
of a majority of the member votes.
(V) A member country may change the established rate for its currency by not more
than 10 per cent provided that the member country shall notify the Fund of its
intention and shall consult with the
Fund on the advisability of its action.
V. POWERS AND OPERATIONS
The Fund shall have the following powers:
1. To buy, sell and hold gold, currencies, and
government securities of member countries; to
earmark and transfer gold; to issue its own obligations, and to offer them for discount or sale
in member countries.
The Fund shall purchase for local currency or
needed foreign exchange any member currency
in good standing acquired by another member
country in settlement of a balance of payments
on current account, where such currency can
not be disposed of in the foreign exchange
SEPTEMBER 1943
markets within the range established by the
Fund.
z. To sell to the Treasury of any member
country (or Stabilization Fund or Central Bank
acting as its agent) at the accepted rate of
exchange, currency of any member country
which the Fund holds, provided that:
(a) The foreign exchange demanded from the
Fund is required to meet an adverse
balance of payments predominantly on
current account with any member country. (Cf. v-3, for capital transfers.)
When the gold and free foreign exchange holdings of a member country
exceed 50 per cent of its quota, the Fund
in selling foreign exchange to such member country shall require that one-half
of such exchange shall be paid for with
gold or foreign exchange acceptable to
the Fund. (Cf. v-6, 7; on gold collateral, see v-2.-c.)
(F) The Fund's total holdings of the currency and securities of any member
country shall not exceed the quota of
such country by more than 50 per cent
during the first year of operation of the
Fund, and thereafter shall not exceed
such quota by more than 100 per cent
(except as otherwise provided below).
The total holdings thus permitted are
termed the -permissible quota of a country. When the Fund's holdings of local
currency and securities are equal to the
permissible quota of a country, the Fund
may sell foreign exchange for such additional local currency only with the
specific approval of the Board of Directors (cf. vi-3-a, below), and provided
that at least one of the following two
conditions is met:
(i) In the judgment of the Fund satisfactory measures are being or will be
taken by the country whose currency is acquired by the Fund, to
correct the disequilibrium in the
country's balance of payments; or
(ii) It is believed that the balance of
payments of the country whose currency is acquired by the Fund will
be such as to warrant the expectation that the excess currency
holdings of the Fund can be disposed
of within a reasonable time;
Provided further, that when the Fund's
holdings of the currency of any member
country or countries fall below zo per
835
POSTWAR INTERNATIONAL MONETARY STABILIZATION
cent of their respective quotas, the sale
shall also require the approval of the
representatives of these countries.
(c) When the Fund's holdings of local currency and securities exceed the permissible quota of a country, the Board
may require the member country to deposit collateral in accordance with
regulations prescribed by the Board.
Such collateral shall take the form of
gold, foreign or domestic currency or
Government bonds, or other suitable
collateral within the capacity of the
member country.
(d) When, in the judgment of the Fund, a
member country, whose currency and
securities held by the Fund exceed its
quota, is exhausting its permissible quota
more rapidly than is warranted, or is
using its permissible quota in a manner
that clearly has the effect of preventing
or unduly delaying the establishment of a
sound balance in its international accounts, the Fund may place such conditions upon additional sales of foreign
exchange to that country as it deems to
be in the general interest of the Fund.
3. The Fund may sell foreign exchange to a
member country, under conditions prescribed
by the Fund, to facilitate a transfer of capital,
or repayment or adjustment of foreign debts,
when in the judgment of the Board such a
transfer is desirable from the point of view of
the general international economic situation,
provided the Fund's holdings of the currency
and securities of the member country do not
exceed 150 per cent of the quota of that country.
When the Fund's holdings of the local currency
and securities of a member country exceed 150
per cent of the quota of that country, the Fund
may, in exceptional circumstances, sell foreign
exchange to the member country for the above
purposes with the approval of three-fourths of
the member votes. (Cf. v-i-a, above; on voting, vi-3-a, below.)
4. When the Fund's holdings of the currency
and securities of a member country become excessively small in relation to prospective acquisitions and needs for that currency, the Fund
shall render a report to that country. The
report shall embody an analysis of the causes of
the depletion of the Fund's holdings of that
currency, a forecast of the prospective balance
of payments in the absence of special measures,
and finally, recommendations designed to increase the Fund's holdings of that currency.
836
The representative of the country in question
shall be a member of the Fund committee
appointed to draft the report. This report
shall be sent to all member countries and, if
deemed desirable, be made public. Member
countries agree that they will give immediate
and careful attention to recommendations made
by the Fund.
5. Whenever it becomes evident to the Board
of Directors that the anticipated demand for
any particular currency may soon exhaust the
Fund's holdings of that currency, the Fund shall
inform the member countries of the probable
supply of the currency and of a proposed method
for its equitable distribution, together with
suggestions for helping to equate the anticipated demand for and supply of that currency.
The Fund shall make every effort to increase
the supply of the scarce currency by acquiring
that currency from the foreign balances of
member countries. The Fund may make special
arrangements with any member country for the
purpose of providing an emergency supply
under appropriate conditions which are acceptable to both the Fund and the member country.
To facilitate appropriate adjustment in the
balance of payments position of member countries, and to help correct the distortions in the
pattern of trade balances, the Fund shall apportion its sales of such scarce currency. In such
apportionment, it shall be guided by the
principle of satisfying the most urgent needs
from the point of view of the general international economic situation. It shall also
consider the special needs and resources of the
particular countries making the request for the
scarce currency.
The right of any member country to acquire
an amount of other currencies equal to its permissible quota shall be limited by the necessity
of assuring an appropriate distribution among
the various members of any currency the supply
of which is scarce.
6. In order to promote the most effective use
of the available and accumulating supply of
foreign exchange resources of member countries,
each member country agrees that it will offer to
sell to the Fund, for its local currency or for
foreign currencies which the member country
needs, one-half of the foreign exchange resources and gold it acquires in excess of its
official holdings at the time it became a member of the Fund, but no country need sell gold
or foreign exchange under this provision unless
its official holdings (/'. e., Treasury, Central
Bank, Stabilization Fund, etc.') are in excess of
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
X5 per cent of its quota. For the purpose of
this provision, only free and liquid foreign
exchange resources and gold shall be considered.
The Fund may accept or reject the offer. (Cf.
11-3-a, v-2.-a, and v-7.)
/ T o help achieve this objective each member
country agrees to discourage the excessive accumulation of foreign exchange resources and gold
by its nationals. The Fund shall inform any
member country when, in its opinion, any
further growth of privately held foreign exchange resources and gold appears unwarranted.
|l 7. When the Fund's holdings of the local
currency and securities of a member country
exceed the quota of that country, the Fund shall,
upon request of the member country, resell to
the member country the Fund's excess holdings
of the currency of that country for gold or
acceptable foreign exchange. (Cf. v-14, for
charges on holdings in excess of quota.)
8. To buy from the governments of member
countries, blocked foreign balances held in
other member countries, provided all the
following conditions are met:
(a) The blocked balances are held in member
countries and are reported as such (for
the purpose of this provision) by the
member governments and are verified
by the Fund.
(£) The member country selling the blocked
balances to the Fund agrees to transfer
these balances to the Fund and to repurchase from the Fund 40 per cent of
them (at the same price) with gold or
such free currencies as the Fund may wish
to accept, at the rate of z per cent of the
transferred balances each year for zo
years beginning not later than 3 years
after the date of transfer.
(/) The country in which the blocked
balances are held agrees to transfer to the
Fund the balances described in (F) above,
and to repurchase from the Fund 40 per
cent of them (at the same price) with
gold or such free currencies as the Fund
may wish to accept, at the rate of z
per cent of the transferred balances each
year for zo years beginning not later
than 3 years after the date of transfer.
(d) A charge of 1 per cent on the amount of
blocked balances sold to the Fund, payable in gold, shall be levied against the
country selling its blocked balances and
against the country in which the balances
are held. In addition a charge of not less
SEPTEMBER 1943
0?)
(/)
(g)
(P)
(f)
(/)
than one per cent, payable in gold, shall
be levied annually against each country
on the amount of such balances remaining to be purchased by it.
If the country selling blocked balances to
the Fund asks for foreign exchange rather
than local currency, the request will not
be granted unless the country needs the
foreign exchange for the purpose of
meeting an adverse balance of payments
not arising from the acquisition of gold,
the accumulation of foreign balances, or
other capital transactions.
Either country may, at its option, increase the amount it repurchases annually.
But, in the case of the country selling
blocked balances to the Fund, not more
than z per cent per annum of the original
sum taken over by the Fund shall become
free, and only after 3 years shall have
elapsed since the sale of the balances to
the Fund.
The Fund has the privilege of disposing
of any of its holdings of blocked balances
as free funds after the z3-year period is
passed, or sooner under the following
conditions:
(i) Its holdings of the free funds of the
country in which the balances are
held fall below zo per cent of its
quota; or
(ii) The approval is obtained of the country in which the balances are held.
The country in which the blocked
balances are held agrees not to impose
any restrictions on the use of the installments of the 40 per cent portion gradually
repurchased by the country which sold
the balances to the Fund.
The Fund agrees not to sell the blocked
balances acquired under the above authority, except with the permission or
at the request of the country in which
the balances are being held. The Fund
may invest these balances in the ordinary
or special government securities of that
country. The Fund shall be free to sell
such securities in any country under the
provisions of v-11, below.
The Fund shall determine from time to
time the maximum proportion of the
blocked balances it will purchase under
this provision.
Provided, however, that during the first
z years of its operation, blocked balances
purchased by the Fund shall not exceed
837
POSTWAR INTERNATIONAL MONETARY STABILIZATION
in the aggregate 10 per cent of the quotas
of all member countries. At the end of
2. years of operation, the Fund shall
propose a plan for the gradual further
liquidation of blocked balances still outstanding indicating the proportion of
the blocked balances which the Board
considers the Fund can appropriately
purchase.
Blocked balances acquired under this provision shall not be included either in computing
the amount of foreign exchange available to
member countries under their quotas (cf.
v-2., 3), or in computing charges on balances of
local currency in excess of the quotas (cf. v-14).
9. To buy and sell currencies of nonmember
countries but shall not acquire more than
10 million dollars of the currency of any one
nonmember country nor hold such currencies
beyond 60 days after date of purchase except
with the approval of the Board.
10. To borrow the currency of any member
country provided the additional amount is
needed by the Fund and provided the representative of that country approves.
11. To sell member-country obligations
owned by the Fund provided that the representatives of the country issuing the securities
and of the country in which the securities are
to be sold approve, except that the approval
of the representative of the issuing country
shall not be necessary if the obligations are to
be sold in its own market.
To use its holdings to obtain rediscounts or
advances from the Central Bank of any country
whose currency the Fund needs.
12.. To invest any of its currency holdings in
government securities of the country of that
currency provided that the representative of
the country approves.
13. To lend to any member country its local
currency from the Fund for 1 year or less up to
75 per cent of the currency of that country held
by the Fund, provided the local currency holdings of the Fund are not reduced below 2.0 per
cent of the quota.
14. To make a service charge on all gold and
exchange transactions.
To levy a charge uniform to all countries, at
a rate not less than 1 per cent per annum, payable in gold, against any country on the amount
of its currency held by the Fund in excess of the
quota of that country. An additional charge,
payable in gold, shall be levied by the Fund
against any member country on the Fund's
838
holdings of its currency in excess of the permissible quota of that country.
In case the Fund finds its necessary to borrow
currency to meet the demands of its members,
an additional charge, payable in gold, shall be
made by the Fund sufficient to cover the cost
of the borrowing.
15. To levy upon member countries a pro rata
share of the expenses of operating the Fund,
payable in local currency, not to exceed onetenth per cent per annum of the quota of each
country. The levy may be made only to the
extent that the earnings of the Fund are inadequate to meet its current expenses.
16. The Fund shall deal only with or through:
(a) The Treasuries, Stabilization Funds, or
Central Banks acting as fiscal agents of
member governments.
(F) Any international banks owned predominantly by member governments.
The Fund may, nevertheless, with the approval of the representatives of the governments of the countries concerned, sell its own
securities, or securities it holds, directly to the
public or to institutions of member countries.
VI.
MANAGEMENT
1. The administration of the Fund shall be
vested in a Board of Directors. Each government shall appoint a director and an alternate,
in a manner determined by it, who shall serve
for a period of 5 years, subject to the pleasure
of their government. Directors and alternates
may be re appointed.
x. In all voting by the Board, the director or
alternate of each member country shall be entitled to cast an agreed upon number of votes.
The distribution of basic votes shall be closely
related to the quotas of member countries,
although not in precise proportion to the quotas.
An appropriate distribution of basic voting
power would seem to be the following: Each
country shall have 100 votes, plus 1 vote for
the equivalent of each 100,000 unitas (1 million
dollars) of its quota.
No country shall be entitled to cast more
than one-fifth of the aggregate basic votes,
regardless of its quota.
3. All voting shall be according to basic
votes except as follows:
(a) In voting on proposals to authorize the
sale of foreign exchange, each country
shall cast a number of votes modified
from its basic vote:
(i) By the addition of one vote for each
2. million dollars of net sales of its
FEDERAL RESERVE BULLETIN
POSTWAR INTERNATIONAL MONETARY STABILIZATION
currency by the Fund (adjusted for
its net transactions in gold), and
(ii) By the subtraction of one vote for
each 2. million dollars of its net purchases of foreign exchange from the
Fund (adjusted for its net transactions
in gold).
(F) In voting on proposals to suspend or
restore membership, each member country shall cast one vote, as provided in
v - n , below.
4. All decisions, except where specifically
provided otherwise, shall be made by a majority of the member votes.
5. The Board of Directors shall select a
Managing Director of the Fund and one or more
assistants. The Managing Director shall become an ex officio member of the Board and shall
be chief of the operating staff of the Fund.
The operating staff shall be selected in accordance with regulations established by the Board
of Directors.
6. The Board of Directors shall appoint
from among its members an Executive Committee of not less than 11 members. The
Chairman of the Board shall be Chairman of the
Executive Committee, and the Managing Director of the Fund shall be an ex officio member
of the Executive Committee.
The Executive Committee shall be continuously available at the head office of the Fund
and shall exercise the authority delegated to it
by the Board. In the absence of any member
of the Executive Committee, his alternate shall
act in his place. Members of the Executive
Committee shall receive appropriate remuneration.
7. The Board of Directors may appoint such
other committees as it finds necessary for the
work of the Fund. It may also appoint advisory committees chosen wholly or partially
from persons not employed by the Fund.
8. The Board of Directors may at any meeting authorize any officers or committees of the
Fund to exercise any specified powers of the
Board not requiring more than a majority vote.
The Board may delegate any authority to the
Executive Committee, provided that the delegation of powers requiring more than a majority
of the member votes can be authorized only by
a majority (of the Board) of the same size as
specified, and can be exercised by the Executive Committee only by like majority.
Delegated powers shall be exercised only
until the next meeting of the Board, and in a
SEPTEMBER 1943
manner consistent with the general policies
and practices of the Board.
9. The Board of Directors may establish
procedural regulations governing the operations of the Fund. The officers and committees
of the Fund shall be bound by such regulations.
10. The Board of Directors shall hold an
annual meeting and such other meetings as it
may be desirable to convene. The annual meeting shall be held in places designated by the
Executive Committee, but not more than one
annual meeting in any 5-year period shall be
held within the same member country.
On request of member countries casting onefourth of the votes, the Chairman shall call a
meeting of the Board for the purpose of considering any matters placed before it.
11. A country failing to meet its obligations
to the Fund may be suspended provided a
majority of the member countries so decides.
While under suspension, the country shall be
denied the privileges of membership but shall be
subject to the same obligations as any other
member of the Fund. At the end of 1 year the
country shall be automatically dropped from
membership unless it has been restored to good
standing by a majority of the member countries.
Any country may withdraw from the Fund
by giving notice, and its withdrawal will take
effect 1 year from the date of such notice. During the interval between notice of withdrawal
and the taking effect of the notice, such country
shall be subject to the same obligations as any
other member of the Fund.
A country which is dropped or which withdraws from the Fund shall have returned to it an
amount in its own currency equal to its contributed quota, plus other obligations of the
Fund to the country, and minus any sum owed
by that country to the Fund. Any losses of the
Fund may be deducted pro rata from the contributed quota to be returned to the country that
has been dropped or has withdrawn from membership. Local currency holdings of the Fund
in excess of the above shall be repurchased by
that country with gold or foreign exchange
acceptable to the Fund.
When any country is chopped or withdraws
from membership, the rights of the Fund shall
be fully safeguarded. The obligations of a
country to the Fund shall become due at the
time it is dropped or withdraws from membership; but the Fund shall have 5 years within
which to liquidate its obligations to such
country.
839
POSTWAR INTERNATIONAL MONETARY STABILIZATION
12.. Net profits earned by the Fund shall be free from any restrictions as to their use. This
distributed in the following manner:
provision does not apply to blocked foreign
(a) Fifty per cent to reserves until the re- balances acquired by the Fund in accordance
serves are equal to 10 per cent of the with the provisions of v-8, above.
aggregate quotas of the Fund.
4. To cooperate effectively with other mem(V) Fifty per cent to be divided each year ber countries when such countries, with the
among the members in proportion to approval of the Fund, adopt or continue contheir quotas. Dividends distributed to trols for the purpose of regulating international
each country shall be paid in its own movements of capital. Cooperation shall incurrency or in gold at the discretion of clude, upon recommendation by the Fund,
the Fund.
measures that can appropriately be taken, such
as:
VII. POLICIES OF MEMBER COUNTRIES
(a) Not to accept or permit acquisition of
Each member country of the Fund undertakes
deposits, securities, or investments by
the following:
nationals of any member country imposi. To maintain by appropriate action exing restrictions on the export of capital
change rates established by the Fund on the
except with the permission of the governcurrencies of other countries, and not to alter
ment of that country and the Fund;
exchange rates except as provided in iv-5,
(b) To make available to the Fund or to the
above.
government of any member country such
Exchange rates of member countries may be
information as the Fund considers necespermitted to fluctuate within the specified
sary on property in the form of deposits,
range fixed by the Fund.
securities and investments of the nationals
2.. Not to engage in exchange dealings with
of the member country imposing the
member or nonmember countries that will
restrictions.
undermine stability of exchange rates estab5. Not to enter upon any new bilateral clearlished by the Fund.
ing arrangements, nor engage in multiple cur3. To abandon, as soon as the member coun- rency practices, which in the judgment of the
try decides that conditions permit, all restric- Fund would retard the growth of world trade
tions (other than those involving capital
flow of productive capital.
transfers) over foreign exchange transactions or 6.theTointernational
give
consideration
to the views of the
with other member countries, and not to im- Fund on any existing or proposed
monetary or
pose any additional restrictions (except upon
economic
policy,
the
effect
of
which
would be
capital transfers) without the approval of the
to
bring
about
sooner
or
later
a
serious
disFund.
The Fund may make representations to mem- equilibrium in the balance of payments of other
ber countries that conditions are favorable for countries.
7. To furnish the Fund with all information
the abandonment of restrictions over foreign
it
needs for its operations and to furnish such
exchange transactions, and each member country shall give consideration to such repre- reports as the Fund may require in the form
and at the times requested by the Fund.
sentations.
8. To adopt appropriate legislation or deAll member countries agree that all of the
local currency holdings of the Fund shall be crees to carry out its undertakings to the Fund.
840
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE SWISS NATIONAL BANK
The annual report of the Swiss National Bank for modity market the excess purchasing power
the year ending December 51, 1942, was-presentedto the which had resulted from an insufficiency of
supplies of goods.
annual meeting of the shareholders by the Board of
Directors on February in, 1943. The text of the
WARTIME SUPPLY PROBLEMS
report is given in translation herewith:1
By its duration and extension to all continents,
the war has paralyzed even more completely
than in previous years the functioning of world
economy—already so shattered that its very
existence might be doubted. Whereas before
the conflict the currents of commercial relations
flowed out in all directions, the exchange of
goods today can scarcely be effected at all except
as domestic trade within certain groups of
countries. The blockade measures applied by
both belligerents and the scarcity of transportation facilities, more particularly of shipping,
have impeded commerce even more; furthermore,
all countries restrict the import of nonessentials
and the export of essential goods. The disruptions in economic life occasioned by the war
have been extended and multiplied. Efforts
are made to mitigate the effects of the blockade
through the development of agricultural and
industrial production. In order to increase the
production of war materials countries engaged
in the conflict have found themselves forced to
utilize all available manpower and to reduce
considerably the output of goods for civilian
consumption. Since in all countries the whole
population is at work, the problem with which
the governments have been concerned is not one
of unemployment but rather that of the widening gap between the production and the demand
for goods. In order to insure the most equitable
distribution possible of articles of consumption
and to maintain equilibrium between purchasing
power and the supply of goods, the State has
had to intervene not only to increase production
but to direct consumption as well. The governments have tried, with varying success, to prevent the rise of prices and wages and for the
same purpose have limited the profits of enterprise. When the high level of business activity
increased earnings, efforts were made by means
of new taxes and the development of voluntary
and forced saving to drain away from the com1
The report, available in French, contains, in addition, a section on
the personnel and administration of the Bank as well as a number of
supplementary tables showing the detailed operations of the Bank.
For earlier reports, see BULLETIN for July 1942, July 1940, May 1939,
etc.
SEPTEMBER 1943
It is evident that the increasing difficulties
which have been besetting international trade
must affect the Swiss economy with increasing
severity. There was no interruption of negotiations with foreign countries to assure our supply
of foodstuffs and raw materials. The precarious
state of the food supply of the country and
the indeterminate length of the war forced
the authorities to issue a succession of new
measures. On the one hand, increases in agricultural and industrial production, intensive
exploitation of our own resources of raw materials, the manufacture of substitute products
and the utilization of salvaged materials have
increased the supply of goods; while on the
other hand restrictions, the allocation of raw
materials, limitation of deliveries of coal, rationing of electric power, and other provisions have
directed consumption into fixed channels. The
changes which have occurred and the adaptation
to the conditions of an economy of scarcity can
not be accomplished without a deep encroachment on the private economy.
The development of imports shows strikingly
how war hampered the building up of stocks of
foodstuffs and raw materials. In the course of
the year, only 44x,ooo carloads of 10 tons each
reached Switzerland—about 10 per cent less
than the preceding year. Imports amounted to
about three-fifths of the volume reported in 1938
and hardly half of that in 1939—a year when
imports were, it is true, extraordinarily high.
As for exports, they corresponded to about 65
per cent (by weight) of the figure for the last
prewar year. From the index of average values
in our foreign trade statistics, weighted according to volume, it appears that since 1938 imports
on the average have risen 116 per cent and exports 61 per cent. This rise indicates that of
the value of imports—say 2^049 million francs—
more than half, viz., 1,100 million francs, is the
result of price increases while of 1,572. million
francs representing the value of exports, some
595 million is due to the rise in prices since
1938. Since import goods have shown a much
greater rise than export commodities, the relation between imports and exports has been
841
ANNUAL REPORT OF THE SWISS NATIONAL BANK
increasingly to our disadvantage. The striking
difference which exists between the trend of
import prices and that of export prices arises
from the fact that Switzerland requires from
abroad principally foodstuffs and raw materials,
and sells abroad almost exclusively manufactured products. Experience shows that in
wartime the rise of prices of raw materials and
food is greater and more rapid than that of
finished goods on which wages, which have not
risen in proportion, exert a strong influence.
It must be remembered that considerable transportation costs are included in the prices of import goods and that the prices of exports are in
part set by trade agreements.
INDUSTRY AND AGRICULTURE
Although the scarcity of raw materials, of
solid and liquid fuels, and of lubricants has
forced enterprise to restrict its activity, industry
in general has been fairly busy, thanks to the
steps taken for the manufacture of new articles
and to bring about adaptation to changed conditions. Construction of dwellings and of industrial buildings has likewise been more active
than during 1941 despite the scarcity and higher
costs of materials. Since the execution of the
program for expansion of agriculture and of
public works has intensified the demand for
manpower, the state of the labor market remained favorable throughout the year. The
number of unemployed and of applications for
work were usually below the low figure of last
year. If it is desired to get an exact idea of the
conditions prevailing in the labor market, account must be taken of the number of workers
who are regularly under arms in voluntary
military service or occupied in labor companies
or surveillance groups.
The tourist trade remains unsatisfactory.
Compared with prewar years the number of
foreigners is negligible; the majority of them
come to Switzerland to convalesce in the climate
of the high-mountain resorts. Although the
influx of Swiss visitors has been greater than in
previous years, it was not sufficient to offset
the absence of the foreign clientele.
In the presence of the difficulties surrounding
the importation of foodstuffs, the abundant
crops obtained by our agriculture this year give
occasion for the utmost satisfaction. With
certain exceptions, the compulsory plan for the
extension of cultivation has been successfully
carried out. The cultivated area is nearly
double that of the prewar period. As in the
case of industry, agriculture has been obliged to
841
yield to the numerous official regulations instituting control of production and utilization
of output. The rise in prices of certain agricultural products has occasioned serious discussions on the problem of price. The index
of prices paid to producers has risen 8 per cent
during the year as against 18 per cent in 1941.
At the end of 1942., it is higher by 64 per cent
than in 1939. According to the index of prices
of agricultural equipment and supplies, agricultural costs have risen 50 per cent since the
outbreak of war.
PRICES AND THE COST OF LIVING
The upward movement of the index of wholesale prices, which includes food, feed, and fertilizers, as well as the price of industrial raw
materials and secondary products, has slackened
off. It has gone up 100 per cent in round numbers since the opening of hostilities; the index
number of imported commodities has risen 157
per cent and that of domestic products 63 per
cent. This year, as last, the new rise in the
index of foreign goods is attributable principally
to the increased transportation costs. The
official index of the cost of living, which reports
the trend of prices of necessities and is calculated
by taking as a base a fixed volume of consumption goods, has increased 45.5 per cent since the
beginning of the war.
The cause of the price rise up to the present is
well known. It results chiefly from swollen
prices of imports and from the increased costs
incident to the expansion of agriculture, to the
production of substitutes, and to the exploitation of native raw materials. Moreover, since
the prices of agricultural products were relatively low before the war, concessions which
are not entirely justified by increased prime
costs have been granted to agriculture in this
field. The extraordinary expenditures continuously made by the Confederation to insure the
military and economic defense of the country
have made an addition to the receipts and profits
of private enterprise which taxation has only
partially reabsorbed. Thus it is probable that
they have intensified the demand for merchandise and accordingly exercised a certain influence
on the level of prices.
The increasing cost of living in the past year
continued to hold the attention of the public.
The rise of prices, by reducing purchasing power
and discouraging the spirit of thrift, can be a
disturbing factor in society. It would also
render more difficult the reassociation of the
Swiss economy with the world economy in the
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE SWISS NATIONAL BANK
postwar period. That is why it is so necessary
to combat it at any cost. Even though it
would be out of the question to stabilize all
prices, it is necessary to consolidate forces to
prevent, as far as possible, any new price rise
imposed on consumers or paid to producers.
Present conditions do not appear unfavorable
to the attainment of a certain stability since by
reason of the falling off of imports, of the calm
prevailing in the movement of prices on foreign
markets, and the rise of domestic production,
imported goods are no longer invested with the
same importance as during the first years of the
conflict.
During the past year, the advisory commission on wages, established in 1941 by the Federal
Department of Public Economy, has issued
directives and established standard rates for the
adjustment of wages made necessary by the
rise in the cost of living. To determine these
standard rates, the commission has used as a
basis the official index of the cost of living
which expresses the price rise affecting the necessary expenses for the maintenance of a household; it has taken account, on the other hand,
of increases and decreases in consumption as
well as of changes in the character of expenditures by families of laborers and employees.
The advisory commission on wages assumes
that the official index number of the cost of
living accurately reflects the movement of
prices. But it is of the opinion that wage increases are justifiable only in so far as they are
necessary for the purchase of goods, the quantity of which is reduced because of the war.
It is of the opinion, also, that it is proper to
consider not only reductions in supply due to
present circumstances but also increases which
may occur later on. The data relative to the
increases and decreases in consumption are
based on the fixed rations and quotas for goods
under restriction, and on the estimates made by
the offices of war economy for other articles.
The estimates for the consumption of wage
earners are based upon the surveys of household expenditures, made in 1937 and 1938.
It results from the structure of consumption
that the standard rates set up to adjust wages
to the cost of living decrease in proportion as
income increases. At the end of September,
they stood at 19 per cent for incomes less than
3,000 frsncs, 2.4 per cent for incomes between
3JOOD and 4,000 francs, 2.1 per cent for incomes
between 4,000 and 5,000 francs, 2.0 per cent for
incomes from 5,000-6,000 francs, and 18 per
cent for a prewar income averaging 7,300 francs.
SEPTEMBER
1943
The commission recommends the setting up of a
descending scale of rates for prewar family incomes above that average. Lastly, it observes that the rates ought not to be applied
rigidly, but that account must be taken of the
particular circumstances of the wage earners
and of the enterprise. According to the quarterly statistical reports on workers engaged in
industry, wages, including the allowances
regularly granted, have risen on an average
some 2.4 per cent between the outbreak of
hostilities and the end of September 1942..
GOVERNMENT FINANCE
Under war conditions, the national defense
and the provisioning of the country occasioned
expenditures which imposed a heavy burden on
the public finances. Up to the end of 1942., the
expenditures and contracts let for army needs
reached a total of 5.7 billion francs—amortized
in the amount of 1.1 billion. About half of
the revenues were derived from a sacrifice tax;
2.50 million were furnished by the devaluation
profits of the National Bank; taxes introduced
during the year produced, up to the end of
1941, 400 million francs in all.
It is to the interest of the entire national economy, of the country's credit, and especially of
the currency, that the extraordinary expenditures be amortized as rapidly as possible. The
annual payment required to wipe out the debt in
the period contemplated—say 2.0 years—is 335
million francs. Since supplemental revenues
of 155 million francs each year are necessary to
make up this amount, as the national defense
tax and the tax on business turnover will bring
in only 180 million francs, the Federal Council
adopted a resolution on November zo, 1942.,
providing for an increase in the general tax for
national defense, the partial increase of the
business turnover tax, and the imposition of a
new sacrifice tax for national defense, the first
instalment falling due in 1945. Moreover, the
Federal Council is considering a tax deducted
at the source on the earnings of circulating
capital; and besides on October 31, 1942., it put
into effect the resolution of October 13, instituting a tax on luxury expenditures, the return from which will be held in reserve to provide for the unforeseen expenditure of the war
economy as is that from the war profits tax.
In the course of the year the Confederation
twice resorted to the capital market. At the
end of February and at the beginning of March
it issued for public subscription a 400 million
francs loan at 3 ^ per cent, amortizable in iz
843
ANNUAL REPORT OF THE SWISS NATIONAL BANK
years, the proceeds of which have been used
exclusively for conversion and repayment of
previous issues. In the middle of June, it
placed a loan amounting to 375 million francs.
Subscriptions to this issue greatly exceeded the
amounts required. The Confederation accepted
600 million francs in all, Z50 million in 1J/2 per
cent certificates of deposit maturing in 7 years,
2.50 million in 3 ^ per cent bonds redeemable
in 15 years and 100 million francs in 3 ^ per
cent bonds redeemable in 30 years. In addition
Treasury bills on the market which had reached
maturity have been renewed in part on terms
more favorable to the Confederation.
FOREIGN EXCHANGE AND INTERNATIONAL
PAYMENTS
The Swiss monetary policy, the principles of
which are established under the National Bank
Law, the resolution of the Federal Council of
September 17, 1936, and the instructions of the
Federal Council promulgated on the same date,
has been directed, as hitherto, toward insuring
the greatest possible stability for the Swiss franc.
The prices at which the bank of issue buys and
sells gold remain unchanged.
All efforts made to secure a relaxation of the
control freezing Swiss assets in the United States
and to obtain more freedom in payments, have,
unfortunately, been without success; on the contrary, difficulties have rather been aggravated.
Thus the National Bank has been unable to
accept dollars more liberally; it has limited
itself, as before, to accepting those which originated from the export of goods, from transit
trade and insurance, or remittances to the diplomatic corps, to the International Red Cross,
and to persons resident in Switzerland whose sole
support is made up of dollar funds. In return,
Switzerland has refused on principle dollars
arising from transfers or earnings of capital
because she considers it necessary above all to
safeguard the interests of foreign trade. In the
absence of possibilities of using the dollar, the
bank of issue must limit its acquisition of gold
and blocked exchange. Since importers' requirements can not nearly absorb the supply
from exporters and since it is practically impossible to utilize dollars in third countries,
monetary reserves have been greatly increased.
They consist principally of gold.
The agreement concluded with the banks in
September 1941, relative to the purchase and
sale of dollars, remains in effect.
Whereas formerly international payments
were carried out chiefly through the medium of
844
foreign exchange, settlement by the method of
clearing ("compensation") has gained importance in recent years. In 1938, only one-third of
our foreign trade was handled through clearing
agreements while in 1942. about three-fourths
was under this regime. This is a result of the
fact that payments between Switzerland and
European States other than Portugal and Sweden
are no longer free and that with the advent of
war trade between Switzerland and these States
has expanded because of the severe restrictions
on commercial relations with overseas areas.
Gold is generally used to cover deficits in the
balance of payments since the dollar can not be
employed as a means of international payment
to the same extent as formerly. Also, gold
transactions between the Swiss National Bank
and foreign banks of issue have sometimes
reached considerable amounts. Switzerland
finds itself forced to make payment in gold not
only for commodities from different countries
but also for transportation costs.
The National Bank makes a constant effort to
facilitate payments abroad. To this end it has
concluded arrangements with banks of issue of
South American States in order to put Swiss
francs at their disposal to pay for goods bought
in our country or to enable Swiss importers to
meet their obligations more easily.
The foreign exchanges have in general remained stable; the rates of the principal exchanges have not varied at all or at least have
undergone only minor fluctuations. Other
countries also have attached greater importance
than ever before to the maintenance of stability
in exchange. Only the French franc has fallen,
having dropped sharply in November, following
the events in North Africa and the occupation of
the whole of France by the Axis forces. At the
end of January, 1942., the Danish monetary
authorities revalued the krone by 8 per cent and
thereafter the clearing rate with Switzerland
rose from 83.2.5 to 90.08. After Switzerland
had considered the collection of a compensatory
premium Denmark gave assurance, in an agreement adopted February 2.6, 1942., that her principal export products would be sold to Switzerland
at the prices in force before the revaluation of
the krone.
GOLD TRANSACTIONS
The evolution of the gold market in Switzerland and especially the trade in gold coin induced
the National Bank at the beginning of August to
conclude an agreement with the banks concerning the trade in the metal. However, the
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE SWISS NATIONAL BANK
measures taken were not adequate to bring order
into the gold market; they remained ineffective
mainly because they provided no means of reaching certain important gold transactions which
were being negotiated without the aid of the
banks. That is why the Federal Council, at the
suggestion of the National Bank, issued its
resolution of December 7, 1942., regulating the
trade in gold. By virtue of this resolution and
of the regulations issued the same day by the
Federal Department of Public Economy and the
Federal Department of Finance and Customs, all
persons desiring to trade in gold must be provided with an authorization issued by the Central Bureau for the Control of Precious Metals;
only an authorized concessionnaire has the right
to buy or sell gold. The import and export of
gold are permitted only under a written authorization from the National Bank; but this authorization is conditional and may be revoked at any
time. Maximum prices for gold bars and gold
coin are fixed by the Federal Price Control
Service by agreement with the National Bank.
They apply to domestic trade as well as to imports or exports. The maximum price, exclusive
of the business turnover tax, for gold is 4,970
francs per fine kilogram; for the Swiss 2.0-franc
piece, it is 30.50 and for the 10-franc piece
15.15 francs. At the same time the Federal
Department of Finance and Customs imposed the
business turnover tax—at present 4 per cent—
on the trade in Swiss and foreign gold coin
which, however, had lost its function as a medium of exchange and become a mere commodity.
Thereafter it was customary, from the fiscal
standpoint, to treat coins the same as gold bullion which had been from the first subject to the
turnover tax. The control of gold does not
in any way influence Swiss monetary policy. Its
establishment was necessary to prevent abuses
which might arise in commercial and arbitrage
transactions in gold between Switzerland and
foreign countries from injuring our national
interests. The National Bank grants a monthly
quota of gold to industries and individual artisans who use the metal for trade and professional
purposes.
THE MONEY MARKET
During the entire year liquidity has prevailed
on the Swiss money market. Exclusive of the
debt of the Confederation, total deposits in giro
account at the bank of issue reached an annual
average of 1,197 million francs as against 1,309
million last year. During the first half of the
year the redemption of unconverted Federal
SEPTEMBER 1943
debentures and of the third instalment of the
national defense loan, the discount of commercial and government-endorsed bills resulting
from the obligatory accumulation of stocks of
goods, as well as the acquisition of gold and
foreign exchange by the bank of issue, supplied
liquid funds to the market; but the calling up of
subscriptions to federal loans in June absorbed
more than half a billion francs. The fact that
the defense expenditures of the Confederation,
the discount of commercial bills and the purchase
of gold and foreign exchange by the bank of issue
did not produce, later on, a greater increase in
the available funds in the money market must be
attributed to the fact that only a part of these
funds returned to the central collection centers
and also that toward the close of the year, certain holdings in giro accounts were converted
into currency.
The large volume of funds held by depositors
in postal checking accounts also gives evidence
of a high degree of liquidity on the market; during the entire year they exceeded 600 million
francs and reached a maximum figure of 761
million.
The demand by private enterprise for credit at
the bank of issue remained very limited. Only
the discount of bills created for the obligatory
accumulation of stocks of goods occasionally
reached high levels, which declined temporarily
when the Confederation was able to place its
available funds in bills of this type endorsed by
the special war agencies.
In the course of the year new measures of land
improvement were put into effect to insure the
food supply of the country. In 1942 as in previous years, the National Bank assisted in the
financing of a program to extend cultivation and
facilitated the reduction of costs by agreeing to
rediscount bills so created. But these bills
rarely entered the portfolio of the bank of issue;
in general they remained in the possession of the
banks which granted the credits.
Although foreign banks of issue have found
the State resorting to them for credit to an increasing extent, the portfolio of the SwissNational Bank contained bills of the Confederation for only a short period—from the end of
March to the end of June and in the last weeks of
December. The discount of government bills
reached a maximum of 172 million francs but the
average for the year was only 2.5 million. Thus,
creation of money to provide for the State's
requirements by recourse to the National Bank
has been negligible in the past year; rather is it
the Confederation which has provided the bank
845
ANNUAL REPORT OF THE SWISS NATIONAL BANK
of issue with funds, often in considerable volume, since they reached a maximum of 336
million francs and an annual average of 87
million.
In 194Z, the prevailing rates of interest on the
short-term money market remained unchanged.
By agreement, the banks continued to apply the
private rate of i j ^ per cent on bankers' acceptances and the highest grade of Swiss commercial
bills. The rates of the bank of issue—discount
rate iJ/2 P e r c e n t a n d r a t e o n secured advances
x}/2 per cent—did not undergo modification.
The policy of the National Bank is not one of
maintaining at all costs the lowest possible rate
but rather of insuring moderate and stable rates.
tion did not undergo any notable change in 194Z.
However, it registered some modifications by
comparison with the prewar period. Since the
circulation of 100-franc notes rose greatly from
the end of 1938 to the end of 1942., their proportion in the total monetary circulation passed
from 39.76 per cent to 42.-74 per cent while that
of 500 and 1,000-franc notes fell from 37.35 per
cent to 34.98 per cent. Despite the considerable
demand for small denominations, more suitable
for payments than for hoarding, their proportion
in the volume of circulation showed a slight
decline. Mention should be made of the relatively large increase in five-franc notes needed
in larger volume for replacement of the "ecus"
(5-franc silver coins).
NOTE CIRCULATION
During the early months of the year note circulation tended to rise somewhat, then registered
the usual fluctuations until autumn, thereafter
rising in the last months of the year from a high
level to a still higher one. It reached 2.,637
million francs at the end of December, about 300
million more than at the end of 1941.
The increase in the total circulation has been
somewhat greater, notes in circulation and
demand liabilities having reached 355 million
francs. If, however, this is surprising, it is due
to the fact that by contrast with what occurred
during the first years of the war, the domestic
and foreign political developments have probably not created an unusually large demand for
bills. Proof of that is the fact that the banks
have not been subject to unusual withdrawals of
funds; on the contrary, during the first 11 months
of the year, deposits other than interbank
deposits held by 43 establishments which are
required to submit periodic balance sheets
(cantonal banks, the big banks, and important
local banks) increased by 2.06 million francs of
which 77 million represent savings accounts.
The principal causes of the increase in fiduciary
circulation undoubtedly lie in the increased need
of notes for payments. Higher prices, abundant
crops, increased cost of living, rising wages and
the granting of cost of living allowances as well
as the activity in industry and the crafts required
more abundant means of payment and stronger
cash reserves.
During the year, notes of all denominations
registered a marked rise; compared with the
previous year, notes of 500 and 1,000 francs
increased by 139 million, those of 100 francs
increased by 114 million, and those of smaller
denominations by 48 million. The percentage
of different denominations in the total circula-
846
CAPITAL MARKET
The absorptive capacity of the Swiss capital
market has created conditions favorable to the
placement of loans. Besides the Confederation,
corporations of public interest and private enterprise resorted to the capital market. The volume, at the issue price, of loans issued for subscription in 1942. reached 1.5 billion francs,
almost the same amount as in the preceding year.
Since more than half of this sum was used for
conversions, the amount of new money raised
on the market is 695 million francs. However,
the capital market has not been the only source
called upon to furnish funds; some have been
provided by the repayment of loans. Including
the annuities applied to the amortization of
loans issued by the Confederation and the Federal Railways, the total repayment of loans in
the form of Swiss obligations included in the
statistics amounted to 2.65 million francs. Although the net amount of newr money raised on
the security market, say 430 million francs,
proves to be 300 million less than last year, it
should not be adjudged less worthy of note if
account is taken of the degree of liquidity from
which commerce and industry as well as the
cantons and municipalities benefited.
Rarely has the yield on government securities
shown as narrow fluctuations as in 1942..
Making allowance for the date of maturity, it
fluctuated around 3 per cent. Even the large
loans of the Confederation did not exert any
lasting influence on it. Under the influence of
the political events in the first part of November,
bond prices registered a slight decline which
raised their yield about J4 per cent.
The rates charged by banks tended to weaken
somewhat during the first half of the year but
their variations were of minor importance. It
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE SWISS NATIONAL BANK
frequently happened that, instead of lowering the middle of February 1942.. After a drop to 178
rate on new certificates of deposit, it was decided in the middle of June it recovered and stood at
to lengthen the maturity. Since mortgage se- 193 at the end of the year. The volume of stock
curities were ermuch
in demand, the mortgage exchange transactions was somewhat smaller
rate of 3% P c e n t has been applied with in- than in 1941.
creasing frequency. As a result of repayment or
In conclusion, it may be said that the year
transfers of debts, mortgage loans underwent a 1942. from an economic point of view was not too
reduction which doubtless would have been unfavorable. The mobilization of all forces to
much more marked but for the fixed terms gov- get the best possible results from a deficit econerning the duration of loans.
omy has made it possible to overcome the mountThe continued abundance of capital, the ing difficulties that the vicissitudes of war
public's desire to make investments, and the created for our country. The results achieved
satisfactory br.iness situation of many enter- must not be allowed to conceal the serious
prises have, in general, favored activity on the tensions existing in our economic system; the
stock exchanges. It is true that buyers some- longer the war lasts, the more arduous will be
times manifested a certain caution inspired by the adjustment to it. But these difficulties can,
the opinion they formed as to the probable without doubt, be conquered if all economic
duration of the war, the situation with regard to groups agree to collaborate in the spirit of
food and raw material supplies, and the possi- mutual confidence. In any event, it will not
bility of utilizing man power in industry. The be possible to cope with the ills of the times
index of share prices, which was 178 at the end without recourse to new and serious encroachof 1941, reached the highest level, 194, in the ments on economic life.
BALANCE SHEET OF THE SWISS NATIONAL BANK
[In thousands of francs]
Assets
Gold in Switzerland and abroad
Other cash items
Foreign exchange:
Eligible as note cover.
Other
Swiss portfolio:
Swiss bills
Government notes
Other discounts
Securities of the Federal Loan Office
Advance on securities: 10 days' notice...
Items for collection
Due from correspondents in Switzerland
Due from postal check offices
Miscellaneous assets
Government securities
Coupons.
Bank premises
Furniture and fixtures
Other assets
Unpaid capital
Total assets
Dec. 31, 1942
3,565,241
3,490
56,792
5,009
123,743
85,300
818
61,801
209,861
12,000
25,170
1,176
16,260
3,605
12,953
63,943
117
2,000
(1)
Dec. 31, 1941
2,878,499
2,751
671,535
7,466
32,526
4,400
2,259
679,001
39,185
12,800
25,006
1,558
15,774
2,287
30.629
69,641
41
2,500
Liabilities
Notes in circulation
Giro accounts
Federal accounts
Other deposits
Foreign clearing accounts
Miscellaneous liabilities
Drafts and checks in circulation
Other liabilities
Capital
Surplus
Reserve for printing bank notes.
Reserve for uninsured risks
Reserve for taxes
Net profits
Dec. 31,1942 Dec. 31,1941
2,637,298
1,147,848
13,608
42,036
95,666
68,354
1,961
2,336,693
145,768
50,000
15,500
1,000
1,000
1,000
5,413
145,957
50,000
15,000
1,000
1,000
1,000
5,253
4,226,450
3,880,571
896,874
194,661
44,636
108,863
78,008
1,626
(l)
223,832
25,000
95,900
25.000
4,226,450
3,880,571
Total liabilities.,
* Carried at 1 franc.
SEPTEMBER 1943
847
NATIONAL SUMMAEY OF BUSINESS CONDITIONS
Compiled August 19 and released for publication August 25. More complete discussion of
business and credit developments and charts appear in the Review
of the Month elsewhere in this BULLETIN
Industrial production advanced to a new high
level in July following a slight decline in June,
both of the changes reflecting chiefly fluctuations in coal production. Maximum food
prices were reduced recently with a consequent
slight decline in cost of living in July. Retail
sales continued in large volume.
INDUSTRIAL PRODUCTION
part price increases. In the first half of August
sales at department stores increased by about
the usual seasonal amount.
Freight carloadings rose sharply in July and
were maintained at a high level during the first
half of August. Total loadings were 10 per
cent higher than the previous month owing to
the largest volume of coal transported in many
years and shipments of grain and livestock
showed a considerable increase over June.
Industrial activity increased in July, reflecting
a large rise in mineral production. Output at
COMMODITY PRICES
coal mines advanced sharply from the reduced
level in June, production of crude petroleum
The general level of wholesale commodity
increased, and iron ore shipments reached the prices showed little change in July and the early
highest monthly rate on record.
part of August.
In manufacturing industries, output of most
The cost of living declined somewhat from
durable products and chemicals continued to June 15 to July 15, according to Bureau of Labor
increase in July, reflecting chiefly a further rise Statistics data. Food prices declined by 2. per
in production of munitions. At meat packing cent as a result of reductions in maximum prices
plants and cigarette factories production was for meats and seasonal declines in prices of
also larger in July. Output of leather and fresh vegetables from earlier high levels.
textile products had shown small decreases in
AGRICULTURE
June and further declines occurred in July.
Activity in most other nondurable goods inGeneral crop prospects improved somewhat
dustries showed little change from June to July. during July according to Department of AgriThe decline in the value of construction con- culture reports. Forecasts for the corn and
tracts awarded continued during July, according wheat crops were raised 6 per cent. Production
to reports of the F. W. Dodge Corporation. expected for corn and other feed grains, however,
Most of the decline is accounted for by a drop is 10 per cent less than last year and for wheat
in awards for publicly-financed industrial facili- is 15 per cent less than the large crop of 1942..
ties and for public works and utilities.
Milk production in July was as large as the same
period a year ago, while output of most other
DISTRIBUTION
livestock products was greater.
Value of retail sales declined less than seasonBANK CREDIT
ally in July and continued substantially larger
than a year ago. During the first six months
The average level of excess reserves at all
of this year sales had averaged about 12. per member banks, which had been about 1.5
cent larger than in the corresponding period of billion dollars in mid-July, declined to 1.2.
1942. and in July the increase was somewhat billion in the latter part of the month and congreater. The higher level of sales this year as tinued at that level during the first two weeks
compared with last year reflects for the most of August. There was some further decrease
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
of excess reserves at reserve city banks, but most
of the decline occurred at country banks, where
there had previously been little change. Two
factors were principally responsible for the
decline in excess reserves: an increase in deposits
subject to reserve requirements, as funds expended by the Treasury from war loan accounts
returned to the banks in other accounts; and a
growth of over 500 million dollars in money in
circulation. During the four weeks ending
August 18 additional reserve funds were supplied to member banks by an increase of 580
million dollars in Reserve Bank holdings of
Government securities, principally Treasury
bills bought with option to repurchase.
During the four weeks ending August 11,
member banks in 101 leading cities increased
their holdings of Government securities other
than Treasury bills by almost 800 million dollars. Of this amount, 570 million represented
allotments to banks of new certificates of indebtedness issued in early August. Bill holdings declined as member banks made sales to
adjust their reserve positions. Commercial
loans increased somewhat over the four-week
period, but other loans declined.
BROADENED BASIS FOR REGULATION V LOANS
The following press statement was released by the
Office of War Information on September 1, 1943:
Government guaranteed V loans will be made
available to war contractors and subcontractors
on a much broader basis than heretofore, effective immediately, under a plan jointly announced
today by the War and Navy Departments, the
U. S. Maritime Commission and the Federal
Reserve Board.
The plan is designed to assure contractors that
their working capital invested in war production
will not be frozen in the event of contract terminations. Interest on loans guaranteed under
the new program will be assumed by the Government upon termination of contracts as under
present Regulation V guarantees.
This decision to broaden industrial credit
facilities was reached with a view to preventing
any lag in war production, which might be
caused by fear on the part of contractors that
their capital would be tied up as contracts are
cancelled in response to swiftly changing war
requirements. This broadened V loan will go
far toward allaying such fears.
In the past, advances under V loans have been
restricted, in general, to working capital needs
for war production. The broadening of the
plan will enable contractors to obtain the use of
most of their own working capital immediately
SEPTEMBER 1943
upon termination of their contracts. Banks will
be enabled to make such advances at once, and
with a minimum of complications. The establishment of such credit arrangements will greatly
minimize the problem of termination of war
contracts.
The services stress the fact that cancellation
of contracts must not be construed as marking
the beginning of a general curtailment of war
production. On the contrary, with the war
rapidly becoming one of movement, with great
Allied offensives in progress and in prospect,
material requirements are subject to sudden and
unavoidable changes, and it is essential to remove all possible causes of delays in war production.
Details of the procedure for obtaining the
liberalized V loans have gone forward to all
Federal Reserve Banks from Washington.
FURTHER INFORMATION REGARDING THE
BROADENED V LOAN PROGRAM
The contractor or subcontractor will obtain a
V loan exactly as at present except that, if the
loan is intended to free his own working capital
upon termination of contracts as well as to provide him with working capital needed to finance
.them, then there are to be two changes in the
present guarantee agreement, viz.:
849
BROADENED BASIS FOR REGULATION V LOANS
( i ) The bank will be required at all times to
have a participation in the loan and, accordingly, the original percentage of guarantee
specified in the guarantee agreement will not be
increased by reason of contract cancellations, and
(2.) The bank must share with the Government any commitment fee, which may not exceed J^ of 1 per cent per annum on the undisbursed portion of the credit, in the same proportion that the guarantee fee now bears to the
interest payable on V loans, viz.; if the percentage of guarantee is
60 per cent, the Government's share is
10 per cent of the commitment fee.
65%
12.^%
70%
15%
75%
i73^%
80%
10%
85%
90%
The amount of loans which a contractor will
be entitled to obtain in the event of cancellations
of his contracts will be stated in the loan agreement as a percentage of inventories, work in
process, accounts receivable, and (without
duplication) amounts paid or concurrently to be
paid by him to subcontractors or suppliers by
reason of contract cancellations. Subcontractors and suppliers will receive protection under
this program, because a borrower will be required to pay them whatever he owes them in
connection with the items used as a basis for
the borrowing.
Loan agreements under the new program will
include provision for such amounts of working
capital to carry out war production contracts, as
may be needed by the contractor in the particular
case. In general, where the amount of credit
needed to carry out the war production contracts
is small in proportion to the amounts needed
to free his own working capital upon contract
terminations, the maturity of the credits under
the new program may be longer and a minimum
of restrictions will be placed upon the borrower
by the guaranteeing agencies.
When cancellations of the borrower's contracts occur, the maturity of that part of the
loan proportionate to the amount of the contracts cancelled will be suspended and interest
waived thereon, as is now provided under V
guarantees. This suspension of maturity and
waiver of interest will apply whether the funds
have been advanced to the borrower before or
after the cancellations have occurred.
CURRENT EVENTS
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 July 16, 1943 to August 15, 1943,
inclusive:
Connecticut
Hartford—Riverside Trust Company
Indiana
Akron—The State Bank of Akron
Fort Wayne—Dime Trust and Savings Bank
Medaryville—The Medaryville State Bank
North Manchester—Indiana Lawrence Bank and
Trust Company
850
Michigan
Lincoln Park—The State Savings Bank of
Lincoln Park, Michigan
Ohio
Rossford—The Rossford Savings Bank
Smithfield—The Miners & Merchants Bank
Pennsylvania
Chambersburg—Farmers and Merchants Trust
Company of Chambersburg
Virginia
Roanoke—Mountain Trust Bank
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL
UNITED STATES
STATISTICS
PAGE
Member bank reserves, Reserve Bank credit, and related i t e m s . . . .
Federal Reserve Bank discount rates; rates on time deposits, reserve
requirements, margin requirements..
....
Federal Reserve Bank statistics..
Guaranteed war production loans
Deposits and reserves of member banks.
Money in circulation
Gold stock; Postal Savings System; bank suspensions; bank debits...
All banks in the United States, number, deposits, loans and investments
Condition of all member banks..
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances...
Money rates and bond yields.
Security markets.
Corporate profits.
Treasury
finance..
Government corporations and credit agencies..
Business indexes
Department store statistics
Consumer credit statistics.
Wholesale prices.
Employment in nonagricultural establishments..
August crop report, by Federal Reserve districts. .
Current statistics for Federal Reserve chart book..
Member bank operating ratios, 194Z .
....
Changes in number of banking offices in the United States
853
854
855-859
859
860
861
862.
863
864-865
866-869
870
871
87Z-873
874
875-877
878
879-887
888-889
890-891
892
893
893
894-895
896-898
899
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to the
Board; index numbers of production are compiled by the Board on the basis of material collected by other
agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS
and from Annual Reports of the Board of Governors for 1937 and earlier years.
SEPTEMBER 1943
851
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
24
24
16
(2
4
1937
1938
1939
1940
Latest figures for Aug. 25.
852
1941
1942
1943
See p. 853.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Treas-
U.S. Government
securities
Date
Bills
discounted
Monthly averages of
daily figures:
1942—May
June
July
7
1943—May
June
.
July
End of month figures:
1942—May 30...
June 30
July 31
1943—May 31
June 30
July 31
Wednesday figures:
1942—Oct. 7
Oct. 14
Oct. 21
Oct. 28
5
4
18
14
13
7
3
4
31
5
16
Total
2,457
2,580
2,984
6,276
6,631
7,675
Treasury
bills
and
certificates
161
259
624
3,2')9
4,135
5,460
183
310
783
ury
Gold
stock
currency
outstanding
Money
in circulation
TreasOther
deTreas- ury
FedNonposits
eral
ury
memwith
Recash Federal ber deserve
holdposits
Reacings
serve
counts
Banks
All
other*
Total
2,297
2,321
2,360
2.977
2,496
2,215
150
176
180
387
425
508
2,614
2,761
3,168
6,681
7,070
8,197
22,706
22,725
22,742
22.451
22,406
22,360
3,296
3,310
3,319
4,041
4,078
4,086
11,898
12,213
12,532
16,815
17,217
17,681
2,191
2,192
2,204
2,252
2,271
2,272
317
136
425
433
148
454
1,407
1,334
1,363
1,336
1,301
1,497
138
126
188
394
369
483
2,634
2,775
3,345
6,647
7,576
8,685
22,714
22,737
22,744
22,426
22,388
22,335
3,305
3,313
3.326
4,069
4,077
4,086
12,074
12,383
12,739
17,114
17,421
17,955
2,192
2,187
2,223
2,257
2,268
2,264
261
290
266
62
455
345
All
other
Member
bank reserve
balances
Total
Excess2
294
297
296
312
326
330
12,510
12,624
12,409
12,024
12,293
12,410
2,667
2.704
2,237
1.730
1,461
1,327
1,429
1,362
1,401
1,366
1,483
1,622
293
297
294
313
328
329
12,405
12,305
12,492
12,031
12,085
12,590
2,486
2,362
2,130
1,728
1,212
1,268
2,489
2,645
3,153
6,222
7,202
8,187
3,541
4,907
5,988
2,306
2,336
2,370
2,681
2,295
2,199
1,104
1,101
1,111
1,137
2,488
2,708
3,114
3,304
184
222
261
127
3,784
4,042
4,494
4,578
22,756
22,758
22.745
22,739
3,356
3,359
3,363
3,366
13,830
13,932
13,995
14,082
2,235
2,228
2.238
2,249
393
123
521
372
1,342
1,283
1.254
1,448
295
291
290
286
11,801
12,303
12.304
12,246
2,291
2,713
2,352
2,158
9
3,592
3,809
4,225
4,441
Nov.
Nov.
Nov.
Nov.
4
11
18
25
11
10
8
10
4,551
4,658
4,695
4,843
,064
,113
,091
,117
3,486
3,545
3,603
3,725
119
256
343
229
4,680
4,925
5,045
5,083
22,739
22,741
22,741
22,742
3,369
3,373
3,375
3,377
14,312
14,408
14,465
14,648
2,260
2,234
2,249
2,239
361
234
300
68
1,363
1,391
1,252
1,233
283
278
274
267
12,211
12,493
12,622
12,746
2,118
2,402
2,489
2,518
Dec.
Dec.
Dec.
Dec.
Dec.
2
9
16
23
30
9
9
9
10
5,140
5,546
5^537
5,6?7
5,989
,217
,495
,'460
,515
1,856
3,923
4,051
4^077
4,112
4,133
311
258
508
655
435
5,460
5,813
6',055
6,292
6,428
22.743
22,743
22!744
22,735
22,726
3,381
3,383
3,569
3,628
14,848
14 986
15', 092
15,329
15,407
2,243
2 192
2,184
2,182
2,194
94
60
13
497
811
1,300
1,183
1,163
1,191
1,315
259
252
269
268
266
12,840
13,267
13,517
13,129
12,788
2,504
2,804
2,637
2,192
1,656
8
11
7
5
1943—Jan. 6
Jan. 13
Jan. 20
Jan.27
10
10
6,032
5,975
5,818
5,729
1,895
1,841
1,701
1,690
4,138
4,134
4,117
4,039
341
292
367
252
6,378
6,274
6,195
5,992
22,712
22,712
22,703
22,692
3,660
3,697
3,747
3,793
15,393
15,322
15,354
15,438
2,192
2,190
2,196
2,199
273
329
374
122
1,172
1,308
1,311
1,181
256
255
255
258
13,464
13, 279
13,156
13,278
2,326
2,149
1,998
2,094
Feb. 3
Feb. 10
Feb.17
Feb. 24
9
13
9
11
5,475
5,719
5,795
5',931
1,588
1,939
2,083
2,275
3,887
3,780
3,712
3,656
283
250
410
281
5,766
5,983
6,214
6,223
22,663
22,642
22,642
22,643
3,846
3,885
3,915
3,925
15,666
15,798
15,845
15.952
2,200
2,209
2,221
2,223
49
280
188
258
1,156
1,213
1,158
1,171
262
264
268
270
12,942
12,747
13,093
12,917
,700
,640
,992
,788
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
12
9
10
10
13
5,800
6,090
6,266
5,950
5,919
2,287
2,747
3,102
2,883
2,936
3,513
3,343
3,165
3,067
2,983
319
291
422
320
260
6,130
6,390
6,699
6,280
6,191
22,643
22,644
22,610
22,595
22,576
3,953
3,971
3,979
3,984
3,989
16,154
16,205
16,115
16,065
16,250
2,212
2,218
2,224
2,218
2,224
14
6
6
55
1,141
1,179
1,129
1,185
1,166
271
276
297
301
303
12,935
13,122
13,516
13,084
12,759
,786
,877
2,126
,632
,518
Apr.
Apr.
Apr.
Apr.
7
14
21
28
13
12
11
26
6,549
6,705
6,329
6,347
3,516
3,660
3.302
3,320
3,033
3,045
3.027
3,027
286
387
375
283
6,848
7,104
6,715
6,655
22,541
22,501
22.482
22,472
3,994
4,002
4,008
4,009
16,353
16,424
16,500
16,593
2,229
2,235
2.236
2,234
213
128
471
443
1,175
1,376
1,372
1,410
302
300
307
307
13,110
13,144
12,318
12,149
1,976
2,147
2.293
2,224
May
May
May
May
5
12
19
26
15
25
10
21
6,531
6,172
6,038
6,181
3,617
3,341
3,260
3,463
2,914
2,831
2,778
2,717
304
328
386
291
6,850
6,526
6,434
6,493
22,473
22,454
22,455
22,425
4,014
4,033
4,051
4,072
16,683
16,741
16,795
16,902
2,245
2,252
2,264
2,267
722
630
379
345
1,468
1,272
1,307
1,323
310
312
313
314
11,909
11,805
11,882
11,838
2,128
1,733
1,638
1,498
June
June
June
June
June
2
9
16
23
30
21
13
11
19
5
6,217
6,636
6,626
6,748
7,202
3,539
3.995
4,218
4,393
4,907
2,677
2,641
2,408
2,355
2,295
297
349
451
427
369
6,535
6,998
7,088
7,194
7,576
22,427
22,407
22,407
22,387
22,388
4,075
4,078
4,080
4,079
4,077
17,196
17,237
17,189
17,154
17,421
2,272
2,277
2,278
2,268
2,268
6
175
6
294
455
1,192
1,312
1,258
1,386
1,483
315
316
332
335
328
12,057
12,165
12,511
12,223
12,085
1,634
1,514
1,632
1,299
1,212
July
July
July
July
7
14
21
28
34
10
9
13
7,676
7,645
7,577
7,951
5,448
5,419
5.378
5,752
2.228
2,226
2,199
2,199
407
495
447
453
8,117
8,150
8,033
8,418
22,388
22,362
22,347
22,334
4,085
4,086
4,084
4,090
17,607
17,658
17,706
17,799
2,278
2,267
2,271
2,272
773
616
293
559
1,492
1,466
1,544
1,571
332
331
331
331
12,108
12,260
12,319
12,309
1,229
1,310
1,188
1,020
Aug.
Aug.
Aug.
Aug.
4
11
18
25
18
24
18
40
8,165
8,317
8,156
8,777
5,967
6,119
5.957
5,572
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
4
7
5
1
Includes industrial advances shown separately in subsequent tables.
End of month and Wednesday figures estimated.
J S J O T F — p o r description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article, together
with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves
in BULLETIN for August 1935, pp. 499-500.
2
SEPTEMBER
1943
853
FEDERAL RESERVE B A N K D I S C O U N T RATES
fin effect August 31. 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.
Advances to individuals, partnerships,
or corporations other than member banks
secured by direct obligations of the U. S.
(last par. Sec. 13)
Advances secured by
Government obligations
maturing or callable
beyond one year and Other secured advances
[Sec. 10(b)]
discounts of and
advances secured by
per ,1
I 13a)
Effective
Rate
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
Sept.
Aug.
Mar.
Apr.
Mar.
Mar.
Feb.
Mar.
Mar.
Apr.
Mar.
Apr.
Rate
Effective
Rate
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
21, 1942
28, 1942
14, 1942
28, 1942
11, 1942
21, 1942
4, 1942
To others
To nonmember banks
Rate
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
27, 1942
30, 1942
17, 1942
12, 1942
28, 1942
15, 1942
29, 1942
14, 1942
30, 1942
27, 1942
17, 1942
28, 1942
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
V
iy2
2
2
b
2
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27, 1942
30, 1942
17, 1942
27, 1942
28, 1942
15, 1942
17, 1942
27, 1942
30, 1942
27, 1942
17, 1942
28, 1942
1
Rates shown also apply to advances secured by obligations of Federal Intermediate Credit Banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal Inter(ex. .
and 4 mi
paragraph of Section 13 is 90 days.
FEDERAL RESERVE B A N K B U Y I N G RATES O N BILLS
[Per cent per annum ]
Maturity
Treasury bills 1
Bankers' acceptances:2
1- 90 days
91-120 days
121-180 days
Rate on
August 31
In effect beginning—
H
Apr. 30, 1942
Oct. 20, 1933
do
do
Previous
rate
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect August 31. Per cent per annum]
To industrial or
commercial
businesses
1
1
IX
1 Established rate a t which Federal Reserve Banks stand ready to buy
all Treasury bills offered.
2 Minimum buying rates on prime bankers' acceptances.
Federal Reserve
Bank
MEMBER B A N K RESERVE REQUIREMENTS
[Per cent of deposits!
Net demand deposits 1
Central
reserve
city
banks
June 21, 1917-Aug. 15, 1936
Aug. 16, 1936-Feb. 28, 1937
Mar. 1, 1937-Apr. 30, 1937
May 1, 1937-Apr. 15, 1938
Apr. 16, 1938-Oct. 31, 1941
Nov. 1, 1941-Aug. 19, 1942
Aug. 20, 1942-Sept. 13, 1942
Sept. 14, 1942-Oct. 2, 1942
Effective Oct. 3, 1942
13
19H
22%
26
22%
26
24
22
20
Reserve Country
city
banks
banks
10
15
173^
20
20
20
20
Time
deposits
(all
member
banks)
io
n
14
12
14
14
14
14
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and cash
items in process of collection.
M A R G I N REQUIREMENTS 1
[ Per cent of market value ]
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U . . . .
l Regulations T and U limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
Requirement under Regulation T was the margin "customarily required" by the broker. 3 Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
To financing institutions
Discounts or
purchases
On
On
.
On comOn
portion
advances 1 commit- for which On re- jmitments
ments
maining
instituportion
tion is
obligated
Boston
New York....
Philadelphia.
Cleveland
2^-5
2^-5
2^-5
Richmond.
Atlanta....
Chicago
St. Louis...
2^-5
2H-5
2^-5
2H5
Minneapolis
Kansas City
Dallas
San Francisco
2^-5
2H5
11M
8
8
1
2
3
4
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
May charge same rate as charged borrower by financing institution, if
lower.
5
Financing institution is charged }4 per cent on undisbursed portion of
loan under commitment.
M A X I M U M 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
Feb. 1,1935Dec. 31, 1935
Effective
Jan. 1,1936
Savings deposits
#
Postal savings deposits...
Other deposits payable:
In 6 months or more
In 90 days to 6 months.
In less than 90 days
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]
Wednesday figures
End of month
1943
1943
Aug. 25
Aug. 18
Aug. 11
Aug. 4
July 28
J u l y 21
July 14
July 7
July
1942
! June
July
Assets
Gold certificates on hand and
20,036,216 20 ,049,712 20, 069,214 20. 108,216 20, 111,215 20 ,130,216 20,145,717 20,167,716 20, 108,216*20,170,716 20,531,628
due from U. S. Treasury
86,414
74,985
53,510
Redemption fund—F.R. notes..
71,957
52,428
54,423
55,110
55,185
54,527
53,673
14,158
330,551
328,676
354,750
353,638
Other cash
333,981
340,738
354,080
342,328
345,067
357,587
255,792
20,453,181 20,453,373 20,475,152 20,503,377 20,519,475 20,536,282 20,554,907 20,565,229 20,507,810 20,581,976 20,801,578
Total reserves.
Bills discounted:
For member banks
For nonmember banks, e t c . . . .
40,239
125
17,822
125
24,105
125
17,420
100
12,955
50
Total bills discounted...
40,364
17,947
24,230
17,520
Industrial advances
U.S. Government securities:
Direct:
Bonds
Notes
Certificates:
Special series
Other
Bills:
Under repurchase option
Other
Guaranteed
11,791
11,491
11,687
11,826
8,771
50
10,222
50
33,632
15,810
50
13,005
8,821
10,272
33,632
15,860
12,126
12,688
12,934
12,597
4,990
2,614
1,500
4,990
4,114
12,676
11,984
1,450,732 1,444,732 1,444,732 1,444,732 1,444,732 1,444,732 1,450,132 1,452,132 1,444,732J 1,467,732 1,642,966
720,900
720,900
720,900
720,900
720,900
720,900
721,900
720,900
773,900
721,900
722,150
1,106,700 1,091,700 1,091,700 1,091,700 1,091,700 1,091,700 1,091,700 1,091,700 1,091,700 1,091,700
217,731
4,254,128 3,671,512 3,903,118 3,751,120 3,566,980 3,245,025 3,355,660 3,426,407 3,802,847 2,809,728
1,211,235 1,193,715 1,123,770 1,123,770 1,093,580 1,041,510
971,658
930,490 1,093,580 1,005,507
33,116
33,116
33,116
33,116
33,116
33,116
53,616
33,116
53,616
53,616
565,541
4,775
Total U.S. Government
securities, direct and
8,776,811 8,155,675 8,317,336 8,165,338 7.951,008 7,576,983 7,644,666 7,676,245 8,186,875 7,202,183 3,153,163
guaranteed
Other Reserve Bank credit outstanding
307,834
482,444
400,768
365,209
441,381
387,595
434,034
394,212
355,923
470,771
175,855
Total Reserve Bank
credit o u t s t a n d i n g . . . 9,136,800 5,585,881 8,718,462
i, 582,279 8,417,520 8,032,526 8,150,316 8,116,686 3,685,416 7,575,772 3,345,116
Liabilities
F.R. notes in actual circulation. 14,710,293 14,625,583 14,522,394 14,432,826 14,228,233 14,144,661 14,094,445 14,034,488 14,364,033 13,872,422 9,720,823
Deposits:
Member bank—reserve ac12,702,115 12,659,568 12,455,804 12,336,078 12,309,175 12,318,904 12,259,841 12,107,503 12,590,491 12,084,540 12,491,579
count
U. S. Treasurer—general
303,649
account
99,080
293,176
295,466
344,900
455,178
397,584
559,195
772,743
266,124
615,927
Foreign
| 1,229,603 1,148,042 1,272,141] 1,246,945 1,200,242 1,149,948 1,094,073 1,134,623 1,217,288 1,114,099
900,342
Other deposits
394,301
404,798
368,480
500,883
375,409
239,516
379,154
370,941
403,274
371,5601 357,848
Total deposits
14,610,776 14,146,206 14,402,565 14,383,881 14,439,553 14,156,329 14,341,401 14,372,717 14,557,477 14,022,297 14,158,928
Ratio of total reserves to deposit and F.R. note liabilities
combined (per cent)
69.8
70.8
72.6
72.3
72.4
70.9
73.8
87.1
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Within
15 days
16 to 30
days
Bills discounted:
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
13,005
17,520
24,230
17,947
40,364
11,660
12,400
17,995
16,230
38,376
425
3,450
4,505
95
970
Industrial advances:
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
12,126
11,826
11,687
11,491
11,791
10,368
10,092
10,026
10,156
10,460
396
394
4
7,951,008
8,165,338
8,317,336
8,155,675
8,776,811
893,691
617,751
767,735
911,218
979,120
667,439
709,530
673,605
689,549
967,009
U. S. Government securities, direct
and guaranteed:
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
SEPTEMBER 1943
62
31 to 60
days
640
1,170
1,080
930
923
61 to 90
days
91 days
to 6
months
6 months
to
1 year
1 year
to
2 years
2 years
to
5 years
280
500
650
692
95
403
157
147
155
102
53
54
39
39
492
423
361
435
442
249
257
256
257
248
321
322
323
321
312
129
126
126
124
125
1,633,717
1,819,081
2,191,827
2,217,103
2,242,868
1,832,988
2,185,418
1,990,671
1,644,307
1,873,316
698,825
346,160
206,100
206,100
217,100
426,600
689,650
689,650
689,650
693,650
239,600
239,600
239,600
239,600
239,600
698,671
698,671
698,671
698,671
698,671
76
Over
5 years
859,477
859,477
859,477
859,477
865,477
855
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars)
Total
Assets
Gold certificates on hand
and due from U. S.
Treasury:
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
20,111,21
20,108,21
20,069,21
20,049,71
20,036,21i
Redemption F u n d Federal Reserve Notes
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Boston
New
York
Philadelphia
1,222,590 5,054,534 1,229,670
1,215,161 4,949,440 1',246,237
1,250,955 4,846,601 1,248,635
1,215,665 4,935,137 1,186,483
,210, 182 4,606,779 1,210,898
Cleveland
Richmond
1,838,493 1,119,466
1,845,112 1,154,139
1,796,47' 1,154,318
1,826,125 1,132,818
1,885,185 1,155,425
Atlanta
Chicago
966,999 3,760,229
985,022
" 3,726,62r
998,039 3,742,530
991,829 3,795,977
990,345 3,900,146
St.
Louis
Minneapolis
675,820 486,1,510
678,518 483,,528
679,855 474,,553
665,423 455,,910
690,291 470,915
53,510
54,423
71,957
74,985
86,414
5,298
5,208
5,144
5,083
8,018
1,113
1,692
20,469
20,227
29,987
6,083
5,936
5,818
8,202
8,079
978
870
790
705
623
8,237
7,455
6,781
8,088
7,362
4,725
6,441
6,369
6,298
6,222
1,086
982
Other cash:
July 2 8 . . . .
Aug. 4 . . . .
Aug. 1 1 . . . .
Aug. 1 8 . . . .
Aug. 2 5 . . . .
354,750
340,738
333,
328,676
330,551
30,655
29,620
28,257
28,315
27,920
86,982
83,338
84,733
80,570
83,155
24,729
24,892
25,400
25,725
24,981
25,705
24,193
23,875
22,17.
23,366
32,608
31,954
29,923
29,995
28,283
17,496
17,312
16,790
16,969
15,942
43,736
41,351
40,284
39,935
40,793
13,791 9,868
12,878 10,036
12r917 8,568
12,069 9,10:
12,345 8,853
Total reserves:
July 2 8 . . . .
Aug. 4 . . . .
Aug. 1 1 . . . .
Aug. 1 8 . . .
Aug. 2 5 . . . .
20,519,475
20,503,377
20,475,152
20,453,373
20,453,181
,258,543*5,142,629 1,260,482
,249,989 5,034,470(1,277,065
,284,356'4,951,803 1,279,853
,249,063 5,035,93411,220,410
,246,120 4,719,921 1,243,958
,865,176
,870,175
,821,139
,849,005
,909,174
,160,311 989,220 3,805,051
,193,548 1,008,775 3,768,960
,191,022 1,021,198 3,783,701
,170,901 1,015,096 3,836,715
,191,070 1,012,509 3,941,661
710,077 496,557
711,826 493,729
713,173 483,277
697,862 465,165
722,977 479,907
Bills discounted:
Secured by U. S. Government obligations,
direct
and
guaranteed :
July 28
Aug. 4.
Aug. 1 1 . .
Aug. 18
Aug. 25
803
72:
20,466
20,430
20,401
20,370
20,341
179
165
156
148
139
Kansas
City
San
Dallas Francisco
2,333,202
829,804 593
828 982 612,' 763 2,382,687
2,411,090
842404 624
845, 548 613', 299 2,385,498
870,450 620,298 2,425,302
373
348
324
305
783
4,139
4,086
4,026
3,983
3,383
17,697 9,280
16,848 9,202
16,118 8,743
16,236 8,784
16,510 10,258
42,203
39,114
38,373
38,796
38,145
833
810
792
773
755
848,334 603,551 2,379,544
846,640 622,313 2,425,887
859,014 633,127 2,453,489
862,557 622,388 2,428,277
887,715 631,339 2,466,830
13,005
17,520
24,230
17,947
40,364
2,500
2,000
6,000
4,040
6,200
5,090
6,290
8,830
6,785
24,807
80
7,730
7,905
2,360
740
385
535
485
585
525
325
390
480
1,280
2,030
500
200
Total bills discounted:
July 28.
Aug. 4
Aug. 11
Aug. 18
Aug. 25
13,005
17,520
24,230
17,94'
40,364
2,500
2,000
6,000
4,040
6,200
5,090
6,290
8,830
6,785
24,807
7,730
7,905
2,360
740
385
535
485
585
525
325
390
480
1,280
2,030
500
200
Industrial advances:
July 28
Aug. 4.
Aug. 11
Aug. 1 8 . . .
Aug. 25
12,126
11,826
11,687
11,491
11,791
1,464
1,464
1,464
1,463
1,461
159
159
159
159
159
4,943
4,769
4,679
4,448
4,759
761
728
660
709
706
405
375
375
375
375
235
233
253
240
234
1,475,348
1,475,348
1,475,348
1,475,348
1,481,348
119,341
119,263
119,263
119,087
119,477
256,738
257,832
257,832
260,306
262,699
122,083
122,067
122,067
122,032
122,508
173,476
173,281
173,281
172,838
173,304
96,523
96,423
96,423
96,197
96,467
86,879
86,722
86,722
86,365
86,526
204,069
203,847
203,847
203,343
203,897
48,021
48,160
48,160
48,476'
48,842
50,289
50,249
50,249
50,159
50,314
72,850
72,835
72,835
72,800
73,076
74,834
74,712
74,712
74,437
74,593
170,245
169,957
169,957
169,308
169,645
723,400
723,400
723,400
723,400
723,400
58,516
58,478
58,478
58,391
58,345
125,885
126,421
126,421
127,635
128,286
59,861
59,853
59,853
59,835
59,825
85,059
84,964
84,964
84,747
84,631
47,328
47,279
47,279
47,168
47,109
42,599
42,522
42,522
42,347
42,254
100,060
99,951
99,951
99,704
99,571
23,546
23,614
23,614
23,769
23,851
24,658
24,638
24,638
24,594
24,570
35,720
35,713
35,713
35,696
35,686
36,693
36,633
36,633
36,498
36,427
83,475
83,334
83,334
83,016
82,845
Certificates:
July 2 8 . . . .
Aug. 4 . . . .
Aug. 1 1 . . . .
Aug. 1 8 . . . .
Aug. 2 5 . . . .
1,091,700
1,091,700
1,091,700
1,091,700
1,106,700
88,305
88,249
88,249
88,121
89,260
189,979
190,785
190,785
192,615
196,261
90,338
90,326
90,326
90,297
91,525
128,366
128,220
128,220
127,896
129,473
71,422
71,349
71,349,
71,182
72,067
64,287
64,170
64,170
63,909
64,641
151,004
150,838
150,838
150,465
152,331
35,535
35,638
35,638;
35,8681
36,490
37,213
37,183
37,183
37,115
37,588
53,906
53,894
53,894
53,868
54,597
55,372
55,285
55,285
55,083
55,725
125,973
125,763
125,763
125,281
126,742
Bills:
Under repurchase
option:
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
3,566,980
3,751,120
3,903,118
3,671,512
4,254,128
46, 126 2,473,988
50,641 2,588,738
49,704 2,657,716
50,303 2,570,053
,027,071
70,
166,337
150,622
159,777
196,427
205,152
31,951
54,001
62,061
48.911
56,046
30,286
36,331
41,751
35,251
50,537
15,390
24,165
24,315
17.999
30,420
378,165
430,963
484,890
384,137
410,672
232,237
228,717
234,217
226,984
216,900
18,690
18,055
27,330
28,095
35,850
21,080
30,983
27,573
19,618
17,778
17,800
20,374
19,974
5,374
16,164
134,930
117,530
113,810
88,360
116,985
2,550
50
150
2.425
5,500
275
2,550
50
150
2,425
5,500
275
10
100
1,100
100
100
100
100
25
50
117
117
200
200
230
230
230
1,100
100
100
100
100
25
50
117
117
200
200
230
230
230
Other bills discounted:
July 28
Aug. 4
Aug. 1 1 . . .
Aug. 18
Aug. 25
U. S. Government securities, direct and guaranteed:
Bonds:
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Notes:
' July
Aug.
Aug.
Aug.
Aug.
28
4
11
18
25
856
10
100
4,000
4,000
4,000
4,000
4,000
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
Other bills:
July 2 8 . . .
Aug. 4
Aug. 1 1 . . .
Aug. 1 8 . . .
Aug. 25
1,093,580
1,123,770
1,123,770
1,193,715
1,211,235
88,460
90,842
90,842
96,354
97,691
U. S. Government securi
ties, direct and guar
anteed—Total:
J u l y 28.
Aug. 4 . . . . . . . . . . . .
Aug. 1 1 . . . . . . . . . . . .
Aug. 1 8 . . . . . . . . . . . .
Aug. 2 5 . . . . . . . . .
7,951,008
8,165,338
8,317,336
8,155,675
8,776,811
400,748
407,473
406,
412,256
435,326
T o t a l bills a n d securities:
July 2 8 . . . . . .
Aug. 4 . . . . . .
....
Aug. 11 . . . . . . . . . . . .
Aug. 1 8 . . . . . . . . . . . . . .
Aug. 2 5 . . . . .
7,976,139
8,194,684
8,353,253
8,185,113
8,828,966
404, 712
410, 937
414, 000
417, 759
442,987
D u e from foreign b a n k s :
July 2 8 . . .
Aug. 4 . ,
Aug. 1 1 . . . . . .
Aug. 1 8 . . . . . . .
Aug. 2 5 . . . . . .
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne
apolis
Kansas
City
53,999
55,478
55,478
58,903
59,751
Dallas
San
Francisco
55,470
56,908
56,908
60,228
60,992
126,191
129,456
129,456
136,988
138,712
190 304 90,493
196 390 92,979
196 390 92,979
210 615 98,737
214 798 100,169
128,586
131,988
131,988
139,845
141,703
71,546
73,445
73,445
77,834
78,877
64,397
66,056
66,056
69,879
70,748
151,263
155,270
155,270
164,526
166,718
35,595
36,683
36,683
39,222
39,936
37,276
38,275
38,275
40,584
41,140
3,,236,894
3 ,360,166
,429,144
3,361,224
3,829,115
529,112
515,847
525,002
567,328
579,179
547,438
572,454
580,514
574,237
585,157
317,105
324,827
330,247
327,632
345,057
273,552
283,635
283,785
280,499
294,589
984,561
1,040,869
1,094,796
1,002,175
1,033,189
374,934
372,812
378,312
374,319
366, 019
168,126
168,400
177,675
180,547
189,462
237,555 240,169
248,903 243,912
245,493 243,512
240,
231,620
240,888 243,901
640,814
626,040
622,320
602,953
634,929
3 ,242,143
3 ,366,615
3 ,438,133
3 ,368,168
534,135
528,346
537,586
574,136
584,678
548,584
573,717
581,659
575,531
586,388
317,835
325,592
331,102
329,287
347,462
274,287
284,068
284,1,038
280,',739
294,823
984,626
1 ,040,873
1 ,094,800
1 ,002,194
1,033,208
377,484
372,862
378,462
376,744
371,519
168,447
168,446
177,720
180,602
189,,607
238,685 240,187
249,033 243,955
245,623 243,580
241,015 231,75.
241,018 244,036
645,014
630,240
626,550
607,183
639,159
3,854,081
134
134
127
127
127
Federal Reserve notes of
other b a n k s :
July 2 8 . . . . . .
Aug. 4.
Aug. 11
Aug. 1 8 . . . . . . . . . . . . . .
Aug. 2 5 . . . . . . . .
10
10
11
11
11
61,108
62,602
62,370
62,438
62,078
1,429
1,448
1,648
1,375
1,436
10,279
9,547
9,555
10,773
10,811
2,218
2,258
2,360
2,301
2,334
2,549
2,185
2,461
2,205
2,754
5,852
7,112
6,280
6,848
7,965
5,679
6,177
6,371
6,839
5,706
7,357
6,584
6,744
7,083
6,715
4,489
4,697
4,302
4,216
4,176
1,533
1,731
1,815
2,156
1,301
7,12,
6,923
7,449
6,289
7,572
2,243
2,568
2,229
2,838
2,218
10,355
11,372
11,156
9,515
9,090
1,563,134
1,612,704
1,521,120
1,705,955
1,422,466
135,099
150,765
144,650
147,917
132,362
340,014
333,515
292,404
361,082
303,565
84,362
94,081
85,355
100,395
78,953
184,679
173,883
170,802
183,479
148,554
115,934
115,465
109,419
123,700
110,065
80,648
97,239
95,182
93,113
'76,664
228,424
233,864
212,961
249,622
204,694
61,863
68,380
60,860
71,110
60,313
30,374
34,360
29,703
34,027
33,056
82,438
80,578
77,087
96,117
78,463
48,161
47,703
51,299
59,742
47,327
171,138
182,871
191,398
185,651
148,450
Bank premises:
July 2 8 . . . . . . . . .
Aug. 4 . . . . . . .
Aug. 1 1 . . . . . . . . . . . . . .
Aug. 1 8 . . . . . . . .
Aug. 2 5 . . . . . .
38,680
38,631
38,632
38,631
38,602
2,689
2,689
2,689
2,689
2,689
9,713
9,695
9,695
9,695
9,695
4,684
4,672
4,672
4,672
4,672
4,261
4,260
4,261
4,261
4,251
2,974
2,974
2,974
2,974
2,966
1,671
1,671
1,671
1,671
1,667
2,884
2,
2,884
2,8" '
2,8
2,084
2,083
2,083
2,083
2,082
1,295
1,292
1,292
1,292
1,292
2,767
2,761
2,761
2,761
2,761
1,010
1,002
1,002
1,002
1,002
2,648
2,648
2,648
2,647
2,641
Other assets:
July 2 8 . . . . . . . .
Aug. 4 . . . . . . . . . .
Aug. 1 1 . . . . .
Aug. 1 8 . . . . . . .
Aug. 2 5 . . . . .
63,102
62,310
62,947
64,298
64,071
4,549
4,454
4,466
4,616
4,540
11,737
11,685
12,186
12,462
12,558
4,576
4,573
4,563
4,637
4,634
8,260
8,078
8,111
8,281
8,153
4,039
4,079
3,976
3,945
4,005
3,405
3,388
3,384
3,465
3,478
8,932
8,664
8,717
8,977
8,776
2,221
2,316
2,297
2,328
2,262
2,203
2,221
2,218
2,272
2,268
3,012
3,099
3,056
3,101
3,125
3,222
3,086
3,153
3,270
3,176
6,946
6,667
6,820
6,944
7,096
Uncollected items:
July 2 8 . . . . .
Aug. 4 , . . . , .
Aug. 1 1 . . . . . . .
Aug. 1 8 . . . . . . .
Aug. 25..
T o t a l assets:
J u l y 28
Aug. 4 . . . . . . .
Aug. 1 1 . . . . . .
Aug. 1 8 . . . . . . .
Aug. 2 5 . . . . . . . . .
30,221,772 1,807,024
30,474,442 1,820,285
30,513,601 1,851,
30,509,935 1,823,
30,869,491 1,830, 137
8,756,569 1,890,470
1,765,581 1,911,008
8.
i,713,822 1,914,
,798,160 ,906,
1,919,242
8,910,677
;
Liabilities
Federal Reserve notes in
a c t u a l circulation:
14,228,233 ,016 577 3.,146,545
J u l y 28
14,432,826 ,027,095 3,181,460
Aug. 4.
14,522,394 ,032,479 3,198,349
Aug. 1 1 . . .
14,625,583 ,038,099 3,232,032
Aug. 1 8 . . . . . . . .
14,710,293 ,043,646 3,251,131
Aug. 2 5 . . . . . .
Deposits:
Member bank—reserve
account:
July 2 8 . . . . .
Aug. 4 . . .
Aug. 1 1 . . . . .
Aug. 1 8 . . . .
Aug. 2 5 . . . .
12,309,175
12,336,078
12,455,804
12,659,568
12,702,115
637,685
630, 405
652, 790
639, 199
623,
559,195
397,584
295,466
99,080
303,649
28,917
25,449
21,148
614
8,825
U . S. Treasurer—General a c c o u n t :
July 2 8 . . . . .
Aug. 4
Aug. 11
Aug. 18..
Aug. 2 5 . . .
1
21,613,522 ,606,951 1,354,915 5,037,291 1,158,221 700,411 1,182,365 898,378 3,215,655
21,632,311 1,648,77
,061,846 ,162,167 701,781 1,189,038 920,631 3,259,695
76 1 ,401,
,109,824 1,161,180 696,027 1,194,994 934,394 3,292,072
:,588,446 1 ,644,779 1,411,
:,622,:,775 1 ,637,661 1,400,928 5,107,492 1,154,346 685,516 1,211,844 920,999 3,240,228
21,659,•,287 1 ,663,539 1 ,394,852 5,197,955 1,163,332 707,433 1,220,658 929,102 3,273,277
999,466 1,296,536
1,007,078 1,306,355
,016,237 1,321,847
1,022,981 1,332,164
1,029,774 1,342,647
912,584
934,534
942,688
951,413
958,919
736,888
766,580
766,243
769,435
772,399
2!, 770,057
21,794,134
21,811,837
21,831,753
21,847,982
594,
,000
604,850 344,167
607,732 345,753
611,173 347,219
613,049 348,891
509,059
521,498
524,404
526,398
528,916
323,619 1,580,856
340,637 ,604,438
340,666 1,614,159
341,450 1,621,466
341,105 ,631,834
4[, 197,653643,438 1,002,249
4,218,212 640,818 979,995
4,219,956 653,957 974,085
4,389,029 655,""
i,353 1 ,010,830
,022,460
1,346,139 653,
506,938
514,750
515,260
512,209
523,782
477, 519
488,198
504,758
502,659
484,545
1,840,411
1,832,131
1,874,229
1,897,687
1,971,430
431,245 262,556
427,544 277,530
426,925 268,284
426,944 269,566
422,969 273,984
536,502
536,322
547,
562,629
564,562
459,802
473 ,817
,235
478,669
:75,354
,313,177
,316,356
,328,621
,314,794
,339,753
47,033
48,901
31,873
556
29,705
21,651
24,046
18,063
565
11,835
17,987
12,139
12,452
573
18,925
69,235
60,758
59,040
1,035
32,496
22,954 28,823
13,528 9,568
12,885 12,897
526
582
15,645 14,527
18,130 29,945
7,487 18,862
7,416 9,506
29,855
28,164
33,052
1,005
23,061
217,171
122,075
53,766
92,060
85,890
27,494
26,607
23,368
354
21,846
637
573
15,280 25,614
After deducting $80,000 participations of other Federal Reserve Banks on Aug. 4; $81,000 on Aug. 11, Aug. 18, and Aug. 25.
SEPTEMBER
1943
857
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Iota 1
Foreign:
July
Aug.
Aug
Aug
Aug.
Philadelphia
New
York
Boston
Cleveland
Richmond
Chicago
Atlanta
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
^66,013
586, 596
^ 9 5 , 160
^ 4 2 , 523
1577, 989
99, 986
104, 239
106, 998
95, 472
103, 276
96, 828
100, 947
103, 619
92, 458
100, 015
45, 257
47, 182
48, 431
43, 214
46, 746
36,837
38, 404
39, 420
35, 174
38, 049
128, 403
133, 865
137, 408
122, 607
132, 629
31,574
32,918
33,789
30,149
32,614
23,155
24,140
24,778
22,109
23,917
29, 469
30, 723
31, 536
28, 139
30, 439
31, 574
32, 918
33, 789
30, 149
32, 614
80, 226
83, 651
85, 858
76, 646
82, 689
7, 633
5, 630
5, 121
4, 653
4, 659
269, 155
279, 252
272, 050
143, 511
273, 537
6, 815
9, 411
4, 330
3, 804
5, 221
12, 313
18, 307
8, 641
8, 204
8, 874
5, 467
6, 418
5, 949
6, 441
8, 423
4, 325
2, 267
3, 088
2, 131
2, 674
4, 776
12, 700
4, 331
4, 285
4, 935
11,344
11,535
12,636
9,993
8,863
8,117
9,509
7,979
7,952
8,501
3, 668
4, 283
4, 076
2, 440
4, 544
1, 771
4, 095
6,005
5, 567
2, 476
35, 557
39, 867
44, 948
40, 535
42, 702
14, 439, 553
! 14. 383, 881
14. 402, 565
14, 146, 206
4, 610, 776
705, 155
692,846
710, 414
673, 868
665, 929
,249, 992
5,206, 135
5,140, 932
5,167, 123
5,283, 555
777, 733
781, 075
788, 653
754, 983
783, 661
,158, 423
,148, 150
,118, 218
,112, 048
,161, 054
579, 313
592, 396
587, 703
562, 429
590, 786
536, 668
541, 008
559, 718
540, 537
544, 193
,042, 825
,039, 454
,075, 008
,025, 614
,141, 490
497,117
485,525
486,235
467,612
480,091
22,651
20,747
13,938
00,209
20,929
587, 769
578, 815
590, 732
593, 845
614, 825
23, 092
29, 692
38, 535
14, 958
36, 058
,458, 815
,468, 038
,492, 479
,432, 980
,488, 20S
1, 121, 887
1, 225, 243
1, 156, 038
1, 305 314
1, 114, 759
55, 384
70, 134
79, 068
81, 491
90, 657
212, 495
230, 335
226, 660
250, 946
227, 652
74, 478
84, 108
70, 683
89, 768
66, 879
118, 361
137, 619
108, 095
138, 368
115, 300
95, 945
102, 622
95, 241
104 602
94, 647
65, 364
77, 765
69, 915
74, 988
62, 238
169, 235
173, 113
167, 739
194, 913
153, 110
52,639
57,366
52,787
61,191
55,783
24,459
25,553
25,000
26,748
26,227
71, 556
74, 786
65, 912
77, 670
62, 973
38, 149
36, 839
41, 732
51, 084
38, 380
143, 822
155, 003
153, 206
153, 545
120, 913-
5 581
5, 770
5 546
5 539
5 885
741
1, 015
664
771
674
1, 735
1, 842
1, 938
1, 983
2, 104
519
456
490
468
532
453
414
499
383
442
160
249
167
222
181
217
177
172
163
198
599
579
596
499
586
229
224
224
197
208
177
145
165
162
199
331
258
242
285
261
176
119
108
141
178
244
292
281
265
322:
795
047
086
082
441
254
720
543
642
713
1,777, 857
1,791, 090
1,822 625
1,794 229
1,800 906
1,144,031 689,287
1,147,965 690,612
1,146,978 684,856
,140,173 674,338
,149,131 696,246
,168, 715
,175, 357
,181, 290
,198, 198
,206,975
85
907
21
07
15
036
287
041
633
721
,183 737
3,227 771
3,260 125
,208, 256
,241, 274
Capital Accounts
Capital paid in:
July 28
Aug. 4
Aug. 11
Aug. 18
Auc 25
148
148
149
149
149
911
974
022
028
025
9
9
9
9
9
Surplus (section 7):
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25.
160
160
160
160
160
411
411
411
411
411
Surplus (section 13b):
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
26
26
26
26
26
829
829
829
829
829
Other capital accounts:
July 28
Aug. 4
Aug. 11
Aug. 18
Aug 25
90 367
90 ,508
90 ,796
91 ,025
91 ,513
1, 200, 242
1, 246, 945
1, 272, 141
1, 148, 042
1, 229, 603
30, 920
31, 362
31, 355
29, 402
28, 626
Other deposits:
July 28
Aug. 4
Aug 11
Aug. 18
Aug. 25
370, 941
403, 274
379, 154
239, 516
375, 409
Total deposits:
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
28
4
11
18
25
Deferred availability
items:
July 28
Aug. 4
Aug. 11
Aug. 18
Aug 25
Other liabilities, including accrued dividends:
July 28
A
A
Aug. 11
4
Aug
Aug. 18
Aug. 25
Total liabilities:
July 28
Aug. 4
Aug. 11
Aug 18
Aug. 25
29
30
30
30
30
1
8,610
8,619
8,567
8 652
8,764
767
772
879
084
442
,852, 196
,872, 717
,876, 063
,868, 200
,880*, 846
2,573, 773
2,592, 538
2,548, 659
2,582, 963
2,619, 443
,588
,629
,625
,618
,644
002
801
799
666
533
543
535
532
532
532
55
55
55
55
55
021
029
032
016
008
11, 680
11, 677
11, 706
11, 707
11, 706
15, 433
15, 435
15 436
15 444
15 444
5
6
6
6
6
991
029
030
038
038
5, 342
5, 347
5, 348
5, 348
5, 348
11
11
11
11
11
160
160
160
160
160
58
58
58
58
58
001
001
001
001
001
15
15
15
15
15
670
670
670
670
670
14
14
14
14
14
767
767
767
767
767
5
5
5
5
5
236
236
236
236
236
5
5
5
5
5
2
2
2
2
2
874
874
874
874
874
7
7
7
7
7
070
070
070
070
070
4
4
4
4
4
393
393
393
393
393
1
1
1
1
1
007
007
007
007
007
3
3
3
3
3
,339, 137 4,982, 716
,385, 530 ,007 280
,396, 048 ,055, 180
,385, 123 ,052, 779
,379, 028 ,143, 168
16, 540
16, 548
16 559
16 563
16, 566
4,636
4,636
4,636
4,637
4,637
3,185
3,185
3,185
3,186
3,187
4, 839
4, 841
4, 842
4, 841
4, 841
4
4
4
4
4
534
535
535
535
536
12, 167
12, 177
12, 181
12, 181
12, 182
725
725
725
725
725
22
22
22
22
22
925
925
925
925
925
4,966
4,966
4,966
4,966
4,966
3,221
3,221
3,221
3,221
3,221
3, 613
3, 613
3, 613
3, 613
3, 613
4
4
4
4
4
083
083
083
083
083
11, 044
11, 044
11, 044
11, 044
U , 044
244
244
244
244
244
717
717
717
717
717
1
1
1
1
1
429
429
429
429
429
530
530
530
530
530
1,000
1,000
1,000
1,000
1,000
1
1
1
1
1
137
137
137
137
137
1
1
1
1
1
307
307
307
307
307
4
4
4
4
4
061
090
112
055
092
3 418
3 419
3 ,428
3 441
3 ,455
6 586
6 582
6 601
6 626
6 ,656
1,182 365
1,189 ,038
1,194 ,994
1,211 ,844
1,220 ,658
898 ,378
920 ,631
934 ,394
920 ,999
929 ,102
3,215 ,655
3,259 ,695
3,292 ,072
3,240 ,228
3,273 ,277
5 590
5 626
5 621
5 627
5 ,665
25 ,710
25 ,709
25 ,840
25 ,989
26 ,156
6 531
6 551
6 570
6 594
6 ,627
8 542
8 564
8 577
8 ,594
8 ,626
4 ,478
4 ,466
4 ,470
4 ,477
4 ,488
3 994
4 004
4 011
4 015
4 ,034
13 681
13 ,664
13 ,731
13 ,796
13 ,867
4,058
4,070
4,070
4,040
4,068
3,718
3,763
3,765
3,771
3,779
Total liabilities and capital accounts:
30 ,221 ,772 1,807 ,024
July 28
30 ,474 ,44 1,820 ,285
Aug. 4
30 ,513 ,60 1,851 ,812
Aug. 11
30 ,509 ,93 1,823 ,422
Aug. 18
30 ,869 ,49 1,830 ,137
Aug. 25
8,756 ,569
8,765 ,58
8,713 ,82
8,798 ,160
8,910 ,67
1,890 ,470
1,911 ,008
1,914 ,402
1,906 ,564
1,919 ,242
2,613 ,522
2,632 ,31
2,588 ,446
2,622 ,775
2,659 ,28
1,606 ,951
1,648 ,776
1,644 ,779
1,637 ,661
1,663 ,539
1,354 ,915
1,401 ,323
1,411 ,849
1,400 ,928
1,394 ,852
5,037 ,291
5,061 ,846
5,109 ,824
5,107 ,492
5,197 ,955
1,158,221
1,162,167
1,161,180
1,154,346
1,163,332
700,411
701,78
696,027
685,516
707,433
Commitments to make industrial advances:
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
11 ,87
11 ,83
11 ,98
12 ,31
11 ,93
715
715
715
710
710
1 ,755
1 ,905
1 ,994
2 ,163
1 ,84
37
41
47
40
40
990
1 ,000
1 ,000
964
94
6
6
6
4
4
1,617
1,477
1,477
1,768
1,76
3 ,000
3 ,00
3 ,00
3 ,00
3 ,00
2
2
2
2
2
121
121
121
121
121
3 ,349
3 ,258
3 ,258
^ ,251
3 ,219
1
After deducting $629,293,000 participations of other Federal Reserve Banks on July 28; $655,789,000 on Aug. 4; $672,145,000 on Aug. 11; $603,017,000
on Aug. 18; and $650,566,000 on Aug. 25.
858
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes:
Issued to F . R. Bank by
F . R. agent:
July 28
14,801,591
14,927,438
Aug. 4
15,031,530
Aug. 11
15,143,377
Aug. 18
15,263,325
Aug. 25
Held by Federal Reserve
Bank:
573,358
July 28
494,612
Aug. 4
509,136
Aug. 11
517,794
Aug. 18
553,032
Aug. 25
1
In actual circulation:
14,228,233
July 28
14,432,826
Aug. 4
14,522,394
Aug. 11
14,625,583
Aug. 18
14,710,293
Aug. 25
Collateral held by agent as
security for notes issued to
Bank:
Gold certificates on hand
and due from U. S.
Treasury:
14,223,000
July 28
.14,138,00C
Aug. 4
14,029,000
Aug. 11
14,097,000
Aug. 18
14,011,000
Aug. 25
Eligible paper:
July 28
11,920
Aug. 4
16,560
Aug. 11
23,465
Aug. 18
17.000
Aug. 25
39,477
U. S. securities:
762,237
July 28
958,717
Aug. 4
1,164,217
Aug. 11
1,206,984
Aug. 18
1,416,900
Aug. 25
Total collateral:
1
Richmond
Philadelphia
Cleveland
1,032,468
1,039,960
1 ,046,290
1,053,344
1,060,555
1,337,154
1,340,183
1,354,305
1,374,445
1,378,132
941,563
957,434
967,772
979,823
985,778
33,002
32,
30,053
30,363
30,781
40,618
33,828
32,458
42,281
35,485
28,979
22,900
25,084
28,410
26,859
,016,57 3,146,545 999,466
,027,095 3,181,460 1,007,078
,032,479 3,198,349 1,016,237
,232,032 1,022,981
,038,
,043,646 3,251,131 1,029,774
1,296,536
1 ,306,355
1,321,847
1,332,164
1,342,647
912,584
934,534
942,688
951,413
958,919
980,000 3,265,000
980,000 3,095,000
980,000 2,920,000
990,000 2,945,000
970,000 2,770,000
1,345,000
1 ,350,000
1,360,000
1,380,000
1,380,000
1,069,192 3,250,677
1,066,768 3,289,287
1,075,027 3,299,"219
1,082,844 3,328,265
1,
884 3,347,702
4,997,157
.5,113,277
.5,216,682
5,320,984
.5,467,377
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
New
York
Boston
52,615
39,673
42,548
44,745
45,238
104,132
107,827
100,870
96,233
96,571
950,000
950, 000
950, COO
910,000
920,000
AtMinne- Kansas Dallas
St.
lanta Chicago Louis apolis
City
San
Francisco
794,•, 436 2,829,312
807
,843,663
811 ,155 2,,864,521
818^560 2',878,800
833,061 2,899,616
632 ,740
634 ,533
638,,081
636,,982
651 ,464
348,007
350,171
350,579
352,531
355,063
531,684
538,
543,870
546,554
553,553
361,045
,184
369,',874
369,282
377,236
1,673,313
1,696,939
1,710,837
1 ,721,947
1,732,281
57,548
40,597
44,912
49,125
60,662
59,255
49,529
52,684
47,047
51,634
38,694
29,683
30,349
25,809
38,415
6,007
6,004
4,826
5,312
6,172
22,625
16,641
19,466
20,156
24,637
37,426
22,547
29,208
27,832
36,131
92,457
92,501
96,678
100,481
100,447
736, 888
766,580
766,"243•
769 ,435
772,-~~
2,,770,057
2,794,134
2,811,837
2,831,753
,847,982
594 ,046
604,850
607,732
611 ,173
613 ,049
342,000
344,167
345,753
347,219
348,891
509,059
521,498
524,404
526,398
528,916
323 ,619
340,637
340,666
341,450
341,105
1 ,614,159
1 ,621,466
0,000 2,840,000 350,
837,000 710,
,000
0,000 2,870,000 350,000
847,
5,000 2,870,000 350,000
857,000 725
5,000 2,900,000 350,000
867,000 725
877,000 740,000 2,930,000 375 ,000
350,000
352,000
352,000
355,000
356,000
530,000 367,000 1,699,000
540,000 370,000 1,724,000
540,000 376,000 1,749,000
550,000 376,000 1,749,000
560,000 384,000 1,749,000
2,500
2,000
6,000
4,040
6,200
5,090
6,290
8,830
6,785
24,
80
7,730
7,905
2,360
740
325
390
480
1,280
2,030
100,000
100,000
100,000
100,000
120,000
200,000
400,000
400,000
600,000
100,COO
100,000
100,000
150,000
150,000
125,000
125,000
125,000
125,000
125,000
082,500 3,270,090
082,000 3,301,290
086,000 3,328,830
094, 040 3 ,351,785
096,200 3,394,807
1 ,050,080
,057,730
1,057,905
1.062,360
1,070,740
100,000
100,000
100,000
100,000
100,000
10
100
5,000
5,000
5,000
5,000
5,000
332,237
328,717
334,217
326,984
316,900
1 ,345,000 962,325 810,000 2,840,000 684,787
,350,000 972,390 810,000 2,870,000 678,767
1,360,000 982,480 825,000 2,870,000 684,367
1,380,000 993,280 825,000 2,900,000 679,409
1,380,000 1 ,004,030 840,000 2,930,000 697,400
1,631,834
1,100
100
100
100
100
275
2,550
50
150
2,425
5,500
1,580,856
1,604,438
350,275
352,000
352,000
355,010
356,100
536,100
545,100
545,100
555,100
565,100
367,000
370,000
376,000
376,000
384,000
1,699,000
1,724,000
1,749,000
1,749,000
1,749,000
Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing Bank.
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
"Wednesday or
last day of
period)
1934
1935
1936
1937
1938
1939
1940
1941
June 25
Dec. 31
1942
Mar. 25
June 24.
Sept. 30
Dec. 31
1943
J a n . 30
F e b . 27
Mar. 31
Apr. 30
May 31
June 30
July 31
ApAdCommit- Participroved
ments pations
but not vances
out- 2 outoutcom- 1 standing
standing
standing
pleted
Amount (amount) (amount) (amount) (amount)
Applications
approved
Number
984
1,993
2,280
2,406
2,653
2,781
2,908
49,634
124,493
139,829
150,987
175,013
188,222
212,510
20,966
11,548
8,226
3,369
1,946
2,659
13,954
13,589
32,493
25,526
20,216
17,345
13,683
9,152
8,225
27,649
20,959
12,780
14,161
9,220
5,226
1,296
8,778
7,208
7,238
12,722
10,981
6,386
3,067
3,202
238,505
279,860
8,090
8,294
10,549
10,337
13,072
14,597
14,011
19,600
3,261
3,352
3,394
3,423
297,945
338,822
364,916
408,737
17,698
26,346
8,199
4,248
9,312
11,265
15,882
14,126
14,364
16,832
12,187
10,661
19,086
26,430
23,180
17,305
3,432
3,440
3,443
3,447
3,448
3,452
3,455
434,638 i
446,319 I
459,296 !
467,733
473,399 !
475,468 |
477,681 I
6,672
5,882
5,164
3,732
3,045
3,203
2,883
12,897
i 13,717
12,160
12,117
13,143
13,438
12,950
12,132
11,832
23,915
23,177
20,316
20,333
20,166
19,070
18,832
13,182
13,188
13,378
13,044
12,320
1
Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial advances past due 3 months or more, which are not
included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and the
sum of the following four columns represents repayments of advances, and
applications for advances and commitments withdrawn or expired.
SEPTEMBER 1943
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
id loans
ized
Guaranteed loans
Additional
outstanding
Amount
amount
available to
borrowers
under guarantee agreements
outstanding
Date
1942
May 3 1 . . . . .
June 30.....
July 31
Aug. 31 . . ..
Sept. 30 . . . .
Oct. 31 .. .
Nov. 30.. ..
Dec. 31
100, 290
310, 680
509, 012
705, 842
944, 204
2,227, 704
2,367, 297
2,688, 397
Portion
81,108
151,154
294,720
427,918
527,186
644,558
803,720
guarai
teed
f1)
69, 674
137,888
158,340
131, 097
244, 532
206,609
356, 677
230,720
439, 989 1,308,168
520, 869 1,383,394
632, 474 1,430,121
1943
768 249 1,440,943
2,999, 731
974,083
Jan. 31 .... .
3,479, 172 1 ,040,828
828, 221 1,706,849
Feb. 28. ...
999, 394 1.865,618
3,726, 241 1 ,245,711
Mar. 31 . . . .
4,058, 731 1 ,339,078 1,073, 972 2,018,838
Apr. 30
4,554, 278 1 ,415,777 1,150 040 2,077,018
May 31.
4,718 818 1 ,428,253 1,153 756 2,216,073
June 30. ..
4,900, 905 1 ,536,296 1,269 416 2,388,741
July 31
1
Not available.
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and amounts available to borrowers under guarantee
agreements outstanding represents amounts repaid, guarantees available
but not completed, and authorizations expired or withdrawn.
859
DEPOSITS A N D RESERVES OF MEMBER BANKS, JULY 1943
[Averages of daily figures. In millions of dollars]
Gross demand deposits
Interbank
Total
All member banks
Central reserve city banks
New York
Chicago
Reserve city banks—Total.
Boston district
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district....
Country banks—Total
Boston district
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district.
Minneapolis district
Kansas City district.
Dallas district
San Francisco district
U.S.
Government
war loan
deposits 1
Reserves
Adjusted Net dedemand mand
dedeposits 3
posi ts
Other
Time
posits 4
Demand
balances
due
from
domestic
banks
Required
Held
Exces?
70,280
10,813
6,741
52,726
49,579
55,041
13,996
5,589
12,410
11,082
1,327
20,902
4,775
26,422
1,960
433
2,174
3,469
1,572
1,683
3,345
1,581
858
2,172
1,562
5,613
3,763
1,101
2,451
458
14,689
3,216
13,824
3,020
17,552
3,960
790
482
54
165
3,587
830
3,558
821
29
9
4,930
344
31
348
502
308
491
437
520
245
762
412
531
2,302
216
42
202
289
159
190
299
138
88
124
126
427
19,190
1,399
17,619
1,320
336
1,526
2,504
1,029
898
2,430
825
473
1,143
942
4,193
20,771
1,640
345
1,801
2,794
1,220
1,245
2,560
1,246
653
1,611
1,132
4,525
5,573
96
158
129
765
258
202
918
185
87
174
143
2,458
1,912
51
23
76
213
121
155
315
105
66
305
228
253
4,961
342
84
382
693
306
290
614
271
141
380
291
1,167
4,489
334
78
368
605
259
261
567
260
136
333
235
1,052
473
8
6
14
89
47
29
47
10
6
48
56
115
18,181
1,924
2,922
1,344
1,591
1,467
1,446
2,307
993
748
1,131
1,313
995
1,018
96
91
12
21
177
182
74
125
61
64
92
24
1,530
156
353
121
130
108
120
207
68
15,632
1,672
2,478
1,211
1,440
1,181
1,144
15,116
1,599
2,375
1,172
1,402
1,118
1,097
1,986
774
606
988
1,112
12,758
1,489
2,161
1,004
1,132
1,002
965
1,596
673
505
704
835
694
7,150
647
1,685
904
858
442
302
1,046
280
323
165
98
399
3,458
212
310
186
293
308
332
468
229
164
355
379
223
3,031
314
532
262
314
217
204
402
149
125
166
186
160
2,215
247
404
195
210
167
153
286
111
90
108
123
121
816
67
129
67
104
51
50
115
38
35
58
63
39
65
64
80
57
360
1,624
2,678
1,104
1,002
2,610
923
525
1,286
1,024
4,655
2,026
800
623
1,003
1,141
913
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
banks
Total reserves held:
1942—June
July
1943—June
July
Week ending (Friday):
1943—July 2
July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Excess reserves:
1942—June
July
1943—June
July
Week.ending (Friday):
1943—June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Central reserve
city banks
?o7k Chicago
12,624
12,409
12,293
12,410
4,859
4,609
3,501
3,587
979
1,000
816
830
12,211
12,289
12,505
12,470
12,399
12,461
12,446
12,642
3,520
3,526
3,573
3,616
3,634
3,664
3,649
3,721
820
818
832
832
838
839
841
858
2,704
2,237
1,461
1,327
l,444
1,316
1,366
1,463
1,321
1,154
p
l,174
p
l,140
p
l,207
r
Reserve
city
banks
DEPOSITS OF COUNTRY MEMBER
BANKS IN LARGE AND
SMALL CENTERS,1 JULY 1943
[Averages of daily figures. In millions of dollars]
Counbanks 1
Federal Reserve district
4,448
4,447
4,983
4,961
2,338
2,353
2,993
3,031
4,900
4,901
5,005
5,018
5,007
4,986
4,939
5,009
2,970
3,043
3,094
3,004
2,920
2,972
3,017
3,054
556
269
22
29
1,232
1,105
589
473
827
799
843
816
24
25
21
37
32
22
20
14
23
556
479
472
519
502
457
438
377
409
r
Total..
In places of 15,000
and over population
In places of under
15,000 population
Demand
deposits
except
interbank 2
Time
deposits
Demand
deposits
except
interbank 2
Time
deposits
10,801
4,194
6,362
2,957
Boston
New York
Philadelphia
Cleveland
1,586
2,184
795
955
512
1,090
423
459
242
647
537
614
135
595
482
399
Richmond
Atlanta
Chicago
St. Louis
833
903
1,375
369
214
208
631
154
456
361
859
500
228
93
415
126
Minneapolis
Kansas City
Dallas
San Francisco
858
800
864
895
780
670
p
710
p
742
p
1
r
Preliminary.
Revised.
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
860
FEDERAL RESERVE BULLETIN
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of month
1942—July
August
September
October
November
December
1943—January
February
March
April.
May
,
June
July
Total
Gold
certificates
Silver
dollars
Silver
certificates
Treasury
notes
of 1890
12,739
13,200
13,703
14,210
14,805
15,410
59
59
59
59
58
58
67
69
71
73
74
76
1,764
1,786
1,754
1,704
1,731
1,751
1
1
1
1
1
1
15,590
16,088
16,250
16,660
17,114
17,421
17,955
58
58
58
57
57
57
57
77
78
79
81
82
84
85
1,700
1,703
1,674
1,667
1.670
1,649
1,633
1
1
1
1
1
1
1
Subsidi- |
ary
silver
Federal
Reserve
Bank
notes
National
bank
notes
Minor
coin
United
States
notes
Federal
Reserve
notes
510
521
537
551
565
575
215
218
222
225
227
228
315
321
324
326
327
317
9,650
10,068
10,580
11,118
11,667
12,082
19
18
18
18
18
188
138
138
137
136
136
135
567
573
583
593
600
610
619
226
226
228
230
232
236
239
312
317
316
318
324
322
322
12,152
12,523
12,643
13,023
13,440
13,747
14,268
362
474
534
557
574
584
599
135
134
134
133
133
132
131
Back figures.—-See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve Banks.
Total
in circulation 1
Total
Coin
1942—July
August
September
October
November
December
12,739
13,200
13,703
14,210
14,805
15,410
9,398
9,795
10,207
10,629
11,12°
11,576
1943—January
February.
March
April
May
15,590
16 088
16,250
16 660
17,114
17,421
17,955
11,665
12,065
12,121
12 428
12,789
12,960
13,334
End of month
June
July
Coin and small denomination currency
In millions of dollars]
2
Large denomination currency 2
Unassorted2
$13
$2
$5
$10
$20
Total
$50
$100
$500
793
809
830
848
867
880
712
731
754
764
782
801
45
48
50
51
53
55
1,464
1 517
1,555
1,597
1,647
1,693
3,234
3,379
3,532
3,684
3,887
4,051
3,149
3,310
3,487
3,686
3,885
4,096
3,343
3,409
3,500
3,584
3,686
3,837
840
868
904
940
972
1,019
1,628
1,663
1,715
1,762
1,824
1,910
263
266
268
274
278
287
574
575
576
570
575
586
8
8
9
9
9
9
30
29
29
30
28
25
2
4
4
3
3
3
869
877
890
904
914
929
943
773
786
791
804
824
834
843
54
56
56
58
59
61
62
1,678
1,718
1,713
1,741
1,785
1,793
1,836
4,107
4,279
4,280
4,391
4,526
4,565
4,719
4,183
4,349
4,391
4,531
4,681
4,778
4,931
3,928
4,026
4,129
4,232
4,326
4,462
4,622
1,047
1,079
1,104
1,131
1,159
1,195
1,237
1,962
2,013
2,069
2,128
2,186
2,259
2,347
293
298
306
312
319
329
341
592
599
616
621
630
648
667
10
11
11
15
10
10
10
25
25
23
26
22
21
20
3
3
1
1
1
2
2
$1,000 $5,000 $10,000
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and FederalfReserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
destroyed.
3
Paper currency,,only; $1 silver coins reported under coin.
Back figures.—See Annual Report for 1937 (table 36).
2
STOCK OF UNITED STATES MONEY, JULY 31, 1943
[On basis of circulation statement of United States money.
In millions of dollars]
Money held in t h e T r e a s u r y
Kind of money
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total.
Total
outstanding
As security
against gold
and silver
certificates
22,335
*20,219
14,859
4
4,086
20,219
533
1,520
1,899
379
1,520
Standard silver dollars
Silver bullion
Sliver certificates and Treasury notes of 1890.,
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National bank notes
Total—July 31, 1943
June 30, 1943
July 31, 1942
3
Treasury
cash
2
For Federal
Reserve
Banks and
agents
17,347
38
111
1 ^ 899
36
4
3
r3
22,118
'22,199
22,577
Z
2,815
553
345
57
14,268
3,629
265
15
4
21
37
1
1,634
619
239
322
599
131
3,713
3,770
3,526
17,955
17,421
12,739
85
132
41,279
3
40,868
S
36,218
Money in
circulation 1
2,115
669
248
347
637
3
Money held
by Federal
Reserve
Banks and
agents
4
2,264
2,268
2,223
4
4
17,347
17,409
17,730
1
Includes any paper currency held outside the continental limits of the United States; figures for other end-of-month dates shown in table above
and totals by weeks are shown in table on p 853.
, .
,
• i
u A n
J
e ..
2
Includes $1,800,000,000 Exchange Stabilization Fund, $143,722,888 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.
e
3 The amounts of gold and silver certificates and Treasury notes of 1890 outstanding are not included in the total oi all torms ot mone;
since gold and silver held as security against them are included under gold, standard silver dollars, and silver bullion.
4
Figures for total Treasury currency outstanding and for total Treasury cash by weeks and months are shown in the table on p . 853.
5
Less than $500,000.
bank notes are in process of retirement.
SEPTEMBER
1943
POSTAL SAVINGS SYSTEM
[In millions of dollars]
ANALYSIS OF CHANGES I N GOLD STOCK OF
U N I T E D STATES
[In millions of dollars]
Assets
Period
2
1934
1935
1936
1937
1938
1939
1940
1941
1942
Gold
stock
a t end
of period
Increase
in gold
stock
Domestic gold
production 1
82.6
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
7.6
11.4
-1.3
-14.3
3.3
-17.2
-24.4
-21.8
-27.8
-56.4
-10.8
-31.0
12.8
10.2
11.8
12.0
7.8
6.2
22,683
22,644
22,576
22,473
22,426
22,388
22,335
-43.3
—39.3
-68.0
—103.1
-46.3
-38.9
-52.7
-76.1
-63.4
-59.0
-101.0
-45.1
-51.7
5
—63.7
4.7
4.1
4.5
4.9
4.1
3.9
'3.9
22,335
-391.4
8,238
10,125
311,258
312,760
14,512
17,644
21,995
22,737
22,726
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
1942—July
August....
September
October...
November
December.
22,744
22,756
22,754
22,740
22,743
22,726
1943—January . .
February..
March
April
May
June
July
Jan-July.
Earmarked
Net gold gold: decrease
import
or increase (—)
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
)
5
p
-460.0
30.1
p
Preliminary, f Figure carried forward.
1
Annual figures are estimates of the United States Mint. Monthly figures
are those published in table on p . 903, adjusted to exclude Philippine
Islands production received in United States.
2
Figures based on rate of $20.67 a fine ounce in January 1934, and $35 a
fine ounce thereafter.
3 Includes gold in the Inactive Account amounting to 27 million dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
4 The net gold import figures for months subsequent to December 1941
have not been released for publication.
5 Gold held under earmark a t Federal a Reserve Banks for foreign account
amounted to 3,133.7 million dollars on July 31, 1943.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).
End of month
Total,
all
banks
National
Insured 2
Deposits of suspended banks
(in thousands of dollars): 3
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943—j a n -July
57
34
44
59
55
42
22
8
9
3
36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
1,702
2,103
1
4
1
4
1
4
1
4
2
1
3
1
40
5,313
507
7,379
36
1,341
256
3,144
862
1,708
211
24,629
8
22
40
47
47
25
18
3
6
2
1,912
3,763
10,207
10,156
11,721
6,589
5,341
503
1 37^
1,241
Direct
Guaranteed
1,225
1,237
1,236
1,237
1,265
1,296
1,307
1,308
1,290
1,291
1,304
1,319
1,337
1,348
1,356
1,396
1,525
695
540
385
287
203
145
136
131
115
86
68
53
43
36
30
26
24
453
597
777
853
967
1,058
1,100
1,097
1,103
1,132
1,157
1,192
1,224
1,224
1,251
1,274
1,272
418
467
630
706
800
892
933
931
936
965
1,011
1,046
1,078
1,078
1,104
1,128
1,146
35
130
147
147
167
167
167
167
167
166
146
146
146
146
146
146
126
76
100
74
98
95
93
71
80
73
73
78
74
69
88
75
95
229
1942—Aug.
Sept
Oct
Nov
Dec
1,344
1,358
1,377
1,396
1,417
1,575
1,415
1,429
1,444'
1,464
20
19
18
17
16
1,271
1,267
1,266
1,266
1,345
1,146
1,141
1,140
1,140
1,220
126
126
126
126
126
283
129
146
161
102
1943—Jan
Feb
Mar
Apr
May
June
July
1,445
1,468
1,493
1,517
1,546
p
l,576
^1,622
1,493
1,517
1,545
1,569
1,596
14
14
13
12
12
1,381
1,378
1,421
1,450
1,500
1,255
1,270
1,360
1,389
1,449
126
109
61
61
51
98
125
111
107
83
p
Preliminary.
Outstanding principal, represented by certificates of deposit. Does not
include accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5 per cent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late
postmasters.
Back figures.—See BULLETIN for August 1935, pp. 501-502.
B A N K DEBITS
Debits to deposit accounts except interbank accounts
[In millions of dollars]
Noninsurec
Year and month
NT umber of banks suspended:
1934
1935
1936
1937
1938
1939
1940
1941
1942
. ...
1943—Jan.-July
Total
Cash
reserve
funds
etc. 2
1,198
1,207
1,205
1,201
1,232
1,260
1,268
1,270
1,252
1,252
1,262
1,279
1,293
1,304
1,304
1,314
1,316
Nonmember
banks
State
Total
U. S. Government
securities
Cash
in depository
banks
1934—June
Dec.
1935—June
Dec.
1936—June
Dec
1937—June
Dec
1938—June
Dec
1939—June
Dec
1940—June
Dec
1941—June
Dec
1942—June
BANK . SUSPENSIONS^
Member
banks
Depositors'
balances 1
48
g
3
6
6
10
3
1
3
34,985
939
592
480
1,044
2,439
346
79
327
1929
1937
1938
1939
1940
1941
1942
1942—June
July
August
September
October
November
December
1943—January
February
March
April
May
June
July
Total,
all
reporting
centers
New
York
City
I
140
other
centers 1
Other
reporting
centers2
982,531
469,463
405,929
423,932
445,863
537,343
607,071
603,089
197,836
168,778
171,382
171,582
197,724
210,961
331,938
235,206
204,745
218,298
236,952
293,925
342,430
47,504
36,421
32,406
34,252
37,329
45,694
53,679
52,848
52,975
51,989
55,701
58,334
53,773
68,822
57,972
54,872
65,782
73,661
64,246
66,894
65,347
18,601
18,401
18,324
19,919
19,823
18,512
25,897
21,437
21,112
24,062
29,193
25,737
25,464
23,976
28,751
28,968
28,286
29,990
32,131
29,489
36,077
30,723
28,437
35,261
37,683
32,602
34,959
34,954
5,496
5,605
5,379
5,791
6,380
5,772
6,848
5,812
5,323
6,459
6,784
5,908
6,472
6,417
1
Represents banks which, during the periods shown, closed temporarily
or permanently on account of financial difficulties; does not include banks
whose deposit liabilities were assumed by other banks at the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
loans).
2
Federal deposit insurance became operative Jan. 1, 1934.
3
Deposits of member banks and insured nonmember banks suspended are
as of dates of suspension, and deposits of noninsured nonmember banks
are based on the latest data available at the time the suspensions were
reported.
Back figures.—See Annual Report for 1937 (table 76).
1 National series for which bank debit figures are available beginning
with 1919.
2
Figure for 1929 includes 128 centers; for 1937-1942 annual figures include
133 centers; monthly figures include 193 centers.
NOTE.—See p . 717 of August 1943 BULLETIN for description of revision
beginning with May 1942.
Back figures.—Annual Report for 1937, p. 157. Annual totals, beginning
with 1919, by Federal Reserve districts and for individual centers, are
available for distribution and will be furnished upon request.
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such
private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935,
private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of
private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535.
Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
[In millions of dollars]
NUMBER OF BANKS
Nonmember
banks
Member banks 2
Call date
Total
National
State
Mutual
savings
banks
Other
nonmember
banks
Total
Member banks 2
Nonmember
banks
Total
National
State
Other
Mutual nonsavings membanks
ber
banks
All
banks
Call date
1929—June 29
Dec. 31
1933—June 30
Dec. 30
1938—June 30
Dec. 31
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
611
609
15,792
15,499
1929--June 29..
Dec. 31...
53,852
55,289
32,284
33,865
19,411
20,290
12,873
13,575
8,983
8,916
12,584
12,508
14,519
15,011
5,606
6,011
4,897
5,154
709
857
576
579
8,337
8,421
1933—June 30..
Dec. 30...
37,998
38,505
23,338
23,771
14,772
15,386
8,566
8,385
9,713
9,708
4,946
5,026
15,287
15,206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8,312
1938—June 30...
Dec. 31...
52,195
54,054
34,745
36,211
22,553
23,497
12,193
12,714
10, 296
10, 365
7,153
7,478
1939—June 30
Dec. 30
1940—June 29
Dec, 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
15,082
15,037
6,330
6,362
5,203
5,187
1,127
1,175
553
552
8,199
8,123
1939—June 30...
Dec. 30...
38,027
39,930
24, 534
25, 661
13,493
14,269
10,521
10, 613
7,444
7,801
14,953
14,895
6,398
6,486
8,004
7,858
1940—June 29...
Dec. 31...
42,039
46,007
26,931
29,214
15,108 310,631
16,793 10,658
37,912
8,356
6,556
6,619
1,234
1,342
1,426
1,502
551
551
14,855
14,825
14,773
14,680
5,164
5,144
5,130
5.117
55,992
58,344
60,582
65,021
547
545
7,752
7,661
1941—June 30...
Dec. 31. .
67,172
70,792
48,076
51,192
30,684
32,672
17,392
18,520
10,641
10,525
8,456
9,075
6,647
6,679
5,101
5,081
1,546 1
1,598 |
544
543
7,582
7,458
1942—June 30 5 .,
Dec. 3 1 . . .
72,382
88,436
53,434
67,276
34,036
43,069
19,397
24,208
10,387
10,664
8,562
10,494
For footnotes see table below
For footnotes see table below.
LOANS AND INVESTMENTS
[ In millions of dollars]
Nonmember banks
Member banks2
All banks
1
Mutual savings Danks
Call date
Total
Loans
Investments
Total
Loans
1929—June 29
Dec. 31
58,474
58,417
41,531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
1933—June 30
Dec. 30
40,076
40,319
22,203
21,977
17,872
18,342
24,786
25,220
1938—June 30
Dec. 314
47,381
48,929
21,130
21,354
26,252
27,575
1939—June 30
Dec. 30
49,616
50,885
21,318
22,169
1940-June 29
Dec. 31
51,335
54,188
1941—June 30
Dec. 31
1942—June 30 5
Dec. 31
Investments
Other nonmember banks
Total
Loans
Investments
Total
Loans
Investments
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
12,858
12,833
11,928
12,386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
30,721
32,070
12,938
13,208
17,783
18,863
10,196
10,255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
1,841
1,877
3,234
3,387
28,299
28,716
32,603
33,941
13,141
13,962
19,462
19,979
10,342
10,314
4,931
4,961
5,411
5,353
6,671
6,630
3,245
3,246
3,425
3,384
22,341
23,741
28,995
30,448
34,451
37,126
13,969
15,321
20,482
21,805
310,188
10,248
4,926
4,959
5,262
5,289
36,696
6,815
3,445
3,461
3,251
3,353
57,945
61,098
25,312
26,616
32,633
34,483
40,659
43,521
16,729
18,021
23,930
25,500
10,314
10,372
4,955
4,903
5,360
5,470
6,972
7,205
3,628
3,692
3,344
3,513
63,976
78,097
25,078
23,913
38,897
54,185
46,800
59,263
16,928
16,088
29,872
43,175
10,353
10,746
4,819
4,698
5,534
6,048
6,822
8,088
3,331
3,126
3,492
4,962
1
Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that
date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank
abstracts.
2 Includes, beginning June 30, 1941, two mutual savings banks in Wisconsin and one in Indiana.
3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, up to
and including Dec. 30, 1939, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column.
4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938^ were approximately $50,000,000 and $100,000,000, respectively.
^Decreases in "Other nonmember banks" figures (and corresponding increases in member bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 472 million dollars on June 30, 1942.
Back figures— See Annual Report for 1937 (tables 48-49).
SEPTEMBER 1943
863
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Call date
Total
loans
# and
investments
Total 1
Investments1
1
Loans for
purchasing
or carrying
Commer- Open- Agri- secun les Realcial mar- cules- Omer Total
and
ket tur- T o
tate oans 4
induspaper al 2 brok- T o loans
2
ers
trial
oth-3
and
ers
deal-
U. S. Government obligations
Total
CertiIcates
Bills
35,934
24,786
33,941
34,451
37,126
40,659
43,521
46,800
26,150
12,858
13,962
13,969
15,321
16,729
18,021
16,928
Dec. 31
59,263
1943—June 30*\... 67,150
16,088
14,822
583
595
455
450
456
537
607
5,386
5,538
6,204
7,270
8,064
7,888
495
•
730
736
865
738
972
726
1,089
7,387
2,463 7,685 3,191
953 3,752 2,372
700 2,957
790
668 3,069
447
642
652 3,228
635 3,365
575
598 3,494
594
562 3,501
554
12 ,229
5 ,187
2 ,944
3 ,062
3 ,273
3 ,609
3 ,692
3 ,203
538
3,423
2 ,717
1,257 2,145
759 1,044
934
of
in-
debt-
States Other
and secu-
Guar- politiancal
Notes Bonds teed sub-
9,784 3,863
11,928 6,887
19,979 4,328
20,482 4,722
21,805 5,823
23,930 18,078
25,500 19,539
29,872 24,098
rities
divi-
sions
ed-
ness
ers
Total—All
Member Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30 . . . .
Obligations
of
Direct
3,094
520
2,049 3,725
2,223 8,398
2,543 8,261
2,594 9,091
2,631 10 481
3,007 11,729
3,546 14,485
3,486
3,839
3,832
2,685
1,393
1,744
2,692
2,888
3,013
2,984
3,090
2,934
4,528
3,297
2,959
2,873
2.970
2,867
2,871
2,840
43,175 37,546 4,363 6,285 5,409 18,948 2,540
52,328 46,975
2,965
2,877
2,664
2,476
222
478
579
634
695
651
729
623
758
680
693
695
788
796
830
781
593
484
701
602
96
87
162
177
188
190
182
164
96
138
170
167
186
188
193
188
166
208
186
170
448
598
890
981
984
979
956
925
1,128
97
554
563
797
652
152
559
,127
971
,509
i',sn
3,iu
3,121
New York
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31 ....
1943—June 30*\...
8,774
7,133
9,339
9,829
10,910
12,493
12,896
14,019
17,957
18,982
6,683
3,424
3,296
3,014
3,384
3,778
4,072
4,066
City of
Chicago^
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942-June 30
1,757
1,287
2,105
2,205
2,377
2,707
2,760
3,116
1,448
Dec. 31
1943—June 30?....
3,973
4,315
832
781
Reserve City
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30?....
12,029
8,492
12,272
12,160
13,013
14,013
15,347
16,535
20,915
24,703
9,084
4,482
5,329
5,365
5,931
6,498
7,105
6,564
6,102
5,538
Country
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 3 1 . . . .
1943—June 30?....
13,375
7,873
10,224
10,257
10,826
11,446
12,518
13,130
16,419
19,149
8,936
4,275
4,768
4,987
5,309
5,607
5,890
5,393
5,038
4,494
4,116
4,009
677
569
603
696
846
954
906
195
364
611
320
465
422
412
430
188
188
190
186
169
167
169
157
133
137
130
129
123
121
2 ,917
1 ,099
469
458
468
536
554
499
787
193
117
451
"6
8
5
5
6
3
251
61
41
23
42
36
48
29
533
251
66
61
54
55
52
50
21
30
13
16
19
20
22
22
623
267
60
62
84
101
96
90
6
34
32
23
120 ' ' 7
1,768
103
6
1,801
100
6
2,025
97
3
2,405
91
8
2,716
66
9
2,775
s
2,546
21
19
60
17
16
17
21
21
" 365*
417
476
609
711
C97
15
v
658
2,ibo
2,134
2,436
2,879
3,206
3,103
2,957
y
168
126
155
156
153
202
250
215
•
201
35
163
174
187
216
245
198
1 15'
1,187
1,267
1,377
1,431
1,314
26
176
263
175
300
152
664
108
119
87
115
100
114
78
290
97
495
546
590
555
659
562
291
25
20
17
21
17
20
16
772
17
22i"
2,091
3,709
6,043
6,815
7,527
8,715
8,823
9,953
1,112
2,551
4,772
5,486
6,044
7,268
7,265
8,550
13,841 12,547 1,855 2,144 2,056
14,974 13,887
5,420
1,071
116
384
80
3,141
3,534
2,775 1,538
1,340 1,131
222 1,335
210 1,372
207 1,436
198 1,477
194 1,527
177 1,524
- ,937
1 ,777
1 ,177
1 ,230
1 ,322
1 ,466
1L.512
1 ,315
2,944
4,011
6,943
6,795
7,081
7,5!5
8,243
9,971
1,486
1 ,119
2,231 1,462
1,117 1.055
224 1,477
208 1,544
201 1,644
195 1,739
183 1,823
169 1,834
4.750
2,043
L,238
1,311
L,400
1,507
1,530
1,299
1 066
889
926
1,092
1,245
1,526
1,623
"663' 1,746
1,203
1,258
1,307
1,483
1,430
1,858
1,797
166
987
797
1,275"
1,324
1,615
1,751
1,679
1,166
1,536
1,602
1.681
1,861
1,806
2,210
161
23
309
2,385
2,650
2,977
3,415
3,652
4,572
309
610
153
34
330
315
421
207
577
311
402
2
57
94
97
701
710
752
803
903
"l8l"
19
82
176
161
145
125
153
162
1,068
112
138
119
90
637
391
1,282
83
66
131
165
681
819
839
771
606
751
981
1,112
1,597
3,339
3,052
3,281
3,858
4,248
5,149
972
969
1,049
1,162
1,173
806
14,813 13,038 1,441 2,253 1,723
19,166 17,436
6,810
811
954
943
821
786
627
581
4,439
3,598
5,456
5,270
5,517
5,839
6,628
7,737
149
153
254
297
417
256
357
2,789
3,155
397
1,368
2,483
5,194
4,947
5,204
5,700
6,467
8,188
25
73
63
87
103
73
295
579
"674'
"in
134
930
860
868
893
836
820
858
1,267
1,469
3,159
3,030
3,269
3,627
4,377
5,502
37
2
31
36
45
60
110
171
"355"
171
299
431
451
433
374
481
657
1,106
1,972
1,849
2,081
2,404
2,926
3,696
"725
695
710
788
861
624
1,061
1,097
1,146
1,165
1,222
1,222
2,546
1,549
1,236
1,144
1,102
1,047
1,028
1,013
11,380 9,172
14,655 12,497
671
1,251 1,240
5,436
574
1,252
1,241
956
917
59
63
999
p
Preliminary.
J Classincations uindicated
were revised as of Dec. 31, 1938; for explanation see BULLETIN for January 1939, pp. 22-23, and BULLETIN for April 1939
5? i<5c1 S S -i A i r t 4 e r J. e v l s i o n °f I?*"1 classification made Dec. 31, 1942; for explanation see p. 300 of the BULLETIN for April 1943. Beginning June
30, 1939, detailed classifications avaiJable on June and December dates only.
csumiugjuu
j Not shown in call reports prior to December 1938.
11111111
t O D e C 3 1 1 9 3 8 r e p r e s e n t a11 l o a n s o n s e c u r i t i e
to b r o l e ^ a n d ^ f e r s
^ ^
' '
'
s , regardless of purpose, excepting only loans on securities to banks and
with eariieiSfi ^ s ^ ^ ^ ^ i n c l u d e s l o a n S t o b a n k s * B e c a u s e
6
Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 52-58).
864
of t h e
revised loan classifications, figures beginning Dec. 31, 1938, are not comparable
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
except interbank
Call date
Total—A11
Member Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30**
New York
City*
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1 9 4 3 _ j u n e 3QP
City of
Chicago*
1929-Dec. 31
1933—June 30
1939—Dec. 30
1940—Tune 29
Dec. 31
i941—Tune 30
Dec. 31
1942—June 3C
Dec 31
1943—June 30*>
Reserve City
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—Tune 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30p
Country
Banks'
1929—Dec. 31
1933—June 30
1939—Dec 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—June 30
Dec. 31
1943—June 30*>
33
Reserves
with
Cash
Federal
in
Revault
serve
Banks
2,374
2,235
11,604
13,751
13,992
12,959
12,396
12,295
13,072
827
846
5,915
7,072
7,057
5,857
5,105
4,762
4,388
169
232
993
1,187
1,051
1,062
1^021
973
902
751
705
3,118
3,759
4,027
4,125
4,060
4,254
4,940
627
452
1,578
1,733
1,857
1,914
2,210
2,306
2,842
BalDeances mand
with
deU.S.
CertiIndiIndiDomestic
doposits viduals,
Govfied
viduals, States
banks
mestic1
ad- 2 partner- States
U.S. partnerand
ernand
and
banks justed
Gov- ships, polit- ment
ships, political offiern- and cor- ical
and
and cor- subdi- cers' ment
subdi- Postal Depora- visions checks
pora- visions
Sav- mand 3 Time
etc.
tions
tions
ings
1,681
595
300
432
410
435
397
418
400
332
122
788
51
59
56
55
50
49
56
3,517
3,057
8,507
8,852
9,581
9,610
9,714
9,110
10,101
95
89
144
134
135
138
133
109
82
698
146
759
703
706
688
678
752
816
879
191
3
3
3
3
4
6
5
6,709
4,837
5,522
5,608
5,698
5,800
5,886
5,991
6,101
1,112
33
4
43
29
51
27
29
17
23
18
110
1,198
1,255
3,542
3,840
4,032
3,948
3,595
3,284
3,209
40
22
1
597
128
695
650
646
623
612
683
736
179
8
2,105
1,582
1.502
1,599
1,615
1,625
1,648
1,698
L727
332
358
483
489
496
480
476
460
453
58
1
10
15
8
17
2
6
3
5
5
5
310
259
879
949
997
19
33
2
9
41
2
1,010
1,027
1,028
1,105
316
204
250
260
270
279
288
293
304
4,433
2,941
4,362
4,422
4,506
4,590
4,542
4,454
4,805
371
208
240
219
226
211
243
239
169
41
388
14
18
19
19
20
18
22
1,604
1,315
3,516
3,526
3,919
4,000
4,302
4,052
4,831
30
59
117
105
106
108
103
82
62
64
15
53
44
51
55
55
57
65
292
16
""2"
2,029
1,533
1,828
1,873
1,904
1,940
1,967
1,985
2,028
6,390
3,833
5,677
5,816
5,917
6,049
6,082
6,042
6,397
133
86
140
147
150
143
146
143
140
61
285
35
37
33
31
31
31
32
405
228
571
538
633
652
790
747
957
6
26
29
29
30
30
27
20
3
1
2
2
2
2
2
3
4
367
167
3
3
3
3
4
3
3
2,258
,517
,851
,876
,909
,956
,982
2,014
2,042
1,087
1,022
1,019
16,647
12,089
25,681
27,877
30,429
32,678
33,754
36,966
42,570
17,526
11,830
24,604
26,397
29,576
31,429
33,061
35,646
42,139
47 859
1,335
1,087
2,321
2,529
2,724
2,940
3,066
3,230
3,318
68
46
89
88
102
136
93
88
72
179
101
125
119
122
131
141
103
82
4,750
4,358
8,899
10,235
11,062
11,619
10,761
11,711
11,899
5,847
4,676
9,030
10,283
11,357
11,895
11,282
12,014
12,501
14,001
128
96
251
258
370
319
319
271
263
1,180
461
178
147
471
306
450
273
448
4,186
671
693
732
768
778
778
717
711
13
34
42
39
42
41
43
43
39
133
203
283
242
319
262
298
220
164
957
912
1,041
1,739
1,898
1,941
2,205
2,215
2,379
2,557
1,676
1,'782
1,905
2,109
2,152
2,292
2,588
2,970
42
87
167
199
174
213
233
226
178
32
16
24
17
27
33
34
24
38
8
46
80
79
90
95
127
201
665
156
122
348
334
396
385
425
357
365
1,002
2,485
2,679
2,741
2,793
2,590
2',279
2,202
5,229
3,764
8,176
8,774
9,581
10,480
11,117
12,515
14,849
5,547
3,708
8,002
8,372
9,468
10,142
11 127
12!199
15,061
17,291
423
349
813
956
995
300
108
190
147
228
209
286
218
385
76
312
435
422
327
341
491
422
321
203
363
328
452
437
526
533
542
2,614
2,711
3,002
3,106
3,216
3,168
3,699
5,711
3,054
6,866
6,969
7,845
8,374
9,661
10,360
13,265
5,091
2,576
5,896
5,960
6,846
7,282
8,500
9,141
11,989
13,598
947
908
702
870
1,139
1,144
1,304
1,319
742
555
1,090
1,115
1,184
1,269
1,370
1,429
1,558
657
563
475
913
738
1,009
711
1,142
169
72
172
164
187
190
239
196
272
143
806
743
711
616
619
1,709
1,724
7,923
20
332
74
67
48
32
866
863
1,982
39
116
154
143
151
151
225
237
1,090
Foreign
banks
Bor- Capital
rowacings counts
12,267
7,803
11,215
11,459
11,687
11,898
11,878
11,673
12,366
2,168
2,008
5,506
5,751
6,185
6,293
6,246
5,770
6,147
558
405
841
789
991
999
Interbank
deposits
Time deposits,
except interbank
3
7
8
8
8
10
12
7
Preliminary.
cash items reported on hand but not in process of collection.
3 Beginning June 30, 1942, excludes reciprocal bank balances,
4 Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 52-58).
SEPTEMBER
1943
865
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS A N D INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans
Date or month
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
U. S. Government obligations
Loans for purchasing
or carrying securities
To brokers
and dealers
To
U.S.
others
Govt.
Total
obligations
Real- Loans
estate
to
loans banks
Other
loans
Total
Total
Certificates
ofinBills debt- Notes
edness
Bonds
Guaranteed
Other
securities
Total—101 Cities
1942—July
32,998
10,741
6,796
561
401
1,233
32
1,718
22,257 18,852
1,656 1,465 2,886
10,809 2,036
3,405
1943-^March
April
May
June
July
41,784
43,449
46,958
46,589
46,370
9,502
10,013
10,261
9,593
9,549
574
5,981
5,822 1,153
5,757 1,334
998
5,606
5,612 1,034
339
422
565
450
399
1,170
1,160
1,154
1,151
1,156
58
88
91
59
56
1,380
1,368
1,360
1,329
1,292
32,282
33,436
36,697
36,996
36,821
29,021
30,217
33,609
33,927
33,858
4,340
4,418
5,334
5,368
4,583
5,006
5,508
6,821
6,938
6,995
4,146
4,199
4,189
4,023
4,602
13,602
14,123
15,437
15,720
15,880
1,927
1,969
1,828
1,878
1,798
3,261
3,219
3,088
3,069
2,963
1943—June
June
June
June
June
47,182
46,808
46,965
46,147
45,843
9,788
9,590
9,649
9,45<
9,485
5,662 1,046
983
5,637
5,625 1,019
5,365
927
5,542 1,014
491
465
438
432
424
1,150
1,150
1,144
1,153
1,158
94
33
95
46
28
1,345
1,322
1,328
1,331
1,319
37,39'
37,218
37,316
36,693
36,358
34,317
34,141
34,251
33,631
33,295
5,636
5,346
5,804
5,195
4,860
6,883
6,910
6,923
6,986
6,991
4,188
4,179
3,954
3,915
3,878
15,760
15,814
15,683
15,657
15,685
1,850
1,892
1,887
1,878
1,881
3,077
3,077
3,065
3,062
3,063
July 7
July 14
July 21
July 28
45,563
46,822
46,612
46,482
9,593
9,675
9,449
9,479
5,565 1,092
5,638 1,102
5,618
948
5,628
992
420
405
394
379
1,148
1,160
1,159
1,157
57
70
48
47
1,311
1,300
1,282
1,276
35,97C 32,987 4,463
37,14" 34,165 4,62'
37,163 34,207 4,762
37,003 34,072 4,478
6,985
6,9
6,9
7,029
3,872
4,819
4,863
4,852
15,775
15,859
15,900
15,988
1,892
1,878
1,697
1,725
2,983
2,982
2,956
2,931
Aug.
Aug.
Aug.
Aug.
46,954
46,899
47,040
46,719
9,57
9,543
9.56C
9,608
5,678 1,058
5,714
985
5,740 1,010
5,739 1,052
371
371
363
366
1,154
1,151
1,147
1,147
36
53
39
44
1,274
1,269
1,261
1,260
37,383 34,464
37,35' 34,437
37,48C 34,57'
37,11 34,209
7,599
7,581
7,603
7,633
4,872
4,890
4,880
4,870
15,992
16,049
16,155
16,213
1,763
1,803
1,804
1,815
2,919
2,919
2,906
2,902
New York City
1942—July
13,097
3,784
2,641
151
103
1943—March
April......
May
June
July
16,230
17,025
18,272
17,748
17,261
3,44
3,906
4,15i
3,708
3,664
2,379
456
2,298
965
2,248 1,132
2,172
850
2,149
885
622
718
396
414
146
195
314
236
194
1943—June
June
June
June
June
2....
9
16
23....
30
18,240
17,879
17,950
17,406
17,263
3,85C
3,718
3,74
3,59
3,63'
2,213
2,197
2,171
2,140
2,139
835
879
790
857
450
397
410
332
391
July 7
July 14
July 2 1 . . . . .
July 28
17,011
17,476
17,304
17,251
3,744
3,76:
3,565
3,584
2,147
2,165
2,143
2,139
946
949
806
841
Aug.
Aug.
Aug.
Aug.
17,464
17,345
17,438
17,283
3,663
3,62C
3,61
3,666
2,159
2,170
2,176
2,168
907
836
851
908
Outside
New York City
1942—July
19,901
6,95'
4,155
1943—March
April
May.......
June
July
25,554
26,424
28,686
28,841
29,109
6,06
6,io;
6,10.
5,88i
5,
3,602
3,524
3; 509
3,434
3,463
1943—June
June
June
June
June
28,942
28,929
29,015
28,741
28,580
5,938
5,
5,908
5,
5,
July 7
July 14
July 21
July 28
28,552
29,346
29,308
29,231
Aug.
Aug.
Aug.
Aug.
29,490
29,554
29,602
29,436
%....
9....
16
23
30
4
11
18
25
4
11
18
25
2....
9. . . .
16. . . .
23....
30
4
11
18
25
4,238
4,114
4,13!
3,678
415
9,313
8,06C
499
4,242 1,094
1,253
318
314
315
313
303
12,78*
13,11'
14,111
14,04C
13,59'
11,635
12,007
13,130
13,067
12,645
1,814
1,641
2,019
2,092
1,516
1,966
2,175
2,500
2,539
2,635
1,845
1,888
1,858
1,654
1,754
5,010 1,000
5,285 1,018
5,818
935
5,859
923
5,853
887
1,154
1,112
986
973
952
273
252
222
218
214
312
311
313
320
309
14.39C
14,16:
14,20S
13,815
13,624
13,41(3
13,188
13,245
12,844
12,642
2,273
2,011
2,373
1,999
1,803
2,500
2,507
2,51
2,570
2,600
1,813
1,791
1,594
1,558
1,516
5,924
5,937
5.834
5,804
5,798
906
942
927
913
925
974
973
964
971
982
481
480
333
361
207
194
191
182
310
304
301
298
13,26'
13,71.
13,73C
13,66r
12,323
12,748
12,78:
12,725
1,432
1,519
1,633
1,480
2,609
2,626
2,642
2,663
1,543
1,837
1,826
1,808
5,803
5,833
5,855
5,920
936
933
827
854
944
967
956
942
417
373
387
457
178
176
175
175
98
299
298
295
296
13,80
13,72.
13,8213,61
12,866
12,786
12,
12,683
1,394
1,295
1,311
1,030
2,855
2,833
2,867
2,918
1,793
1,791
1,793
1,773
5,938
5,941
5,997
6,034
926
923
928
935
939
932
934
117
250
1,130
1,303
12,944 10,792 1,157
1,247
6,567
942
2,152
118
188
202
148
149
193
227
251
214
205
1,072
1,062
1,056
1,054
1,058
1,062
1,054
1,045
1,016
989
19,49;
20,31'
22,58
22,956
23,224
17,386
18,210
20,479
20,860
21,213
2,526
2,77"
3,315
3,276
3,067
3,040
3,333
4,321
4,400
4,360
2,301
2,311
2,331
2,369
2,848
8,592
8,838
9,619
9,860
10,027
927
951
893
955
911
2,107
2,107
2,102
2,096
2,011
3,449
3,440
3,454
3,425
3,403
158
148
140
137
157
218
213
216
214
210
1,052
1,052
1,047
1,056
1,061
1,033
1,011
1,015
1,011
1,010
23,004
23,05'
23,10'
22,878
22,734
20,901
20,953
21,006
20,787
20,653
3,363
3,335
3,431
3,196
3,057
4,383
4,403
4,406
4,416
4,391
2,375
2,388
2,360
2,357
2,362
9,836
9,877
9,849
9,853
9,887
944
950
960
965
956
2,103
2,104
2,101
2,091
2,081
5,84S
5,91
5,88
5,89
3,418
3,473
3,475
3,489
146
153
142
151
213
211
203
197
1,051
1,062
1,061
1,059
1,001
996
981
978
22,703
23,43:
23,424
23,33i
20,664
21,417
21,42'
21,347
3,031
3,108
3,129
2,998
4,376
4,356
4,343
4,366
2,329
2,982
3,037
3,044
9,972
10,026
10,045
10,068
956
945
870
871
2,039
2,015
2,000
1,989
5,908
5,92.
5,94.
5,94.
3,519
3,544
3,564
3,571
151
149
159
144
193
195
188
191
1,056
1,053
1,049
1,051
975
971
966
964
23,58:
23,63
23,65
23,49.
21,598
21,65
21,683
21,52'
2,844
2,819
2,821
2,648
4,744
4,748
4,736
4,715
3,079
3,099
3,087
3,097
10,054
10,108
10,158
10,179
877
877
881
887
1,984
1,980
1,974
1,968
c
97
586 1,639
c
Corrected.
NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures
see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67), and corresponding
tables in previous Annual Reports.
866
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
ReDeBalserves
with Cash ances mand
Feddewith
in
eral
posits
doRe- vault mestic
ad- 1
banks justed
serve
Banks
Individuals,
partnerships,
and
corporations
Time deposits,
except interb ank
Interbank
deposits
IndiDomestic
vidU.S.
banks
States Certiuals, States
Govand
and
fied U.S. parternand
politForpolitGov- nerical ment
eign
ical
offiern- ships, suband
banks
sub- cers' ment
and
Postal
DediviTime
divi- checks
corSav- mand
sions
etc.
poraings
tions
Bor- CapBank
row- ital
deb-2
acings counts
its
Total 101 Cities
1942—July
9,421
494
2,820
25,992
25,756
1,767
1,657
4,962
125
20
8,538
82
679
15
3,951
9,437
1943—March
April
May
June
July
9,476
9,020
8,381
8,678
8,667
519
522
520
527
533
2,589
2,594
2,516
2,358
2,300
31,956
31,591
30,354
32,199
33,108
31,837
31,659
30,377
32,254
33,159
1,861
1,855
1,783
1,806
1,807
626
706
721
682
681
2,708
4,271
8,748
6,557
5,255
5,344
5,382
5,419
5,504
5,611
96
107
117
119
118
29
30
31
35
40
9,448
9,372
8,897
8,839
8,767
57
55
54
51
49
739
728
738
762
777
51
83
86
48
51
4,054
4,067
4,095
4,117
4,133
11,716
13,372
12,544
11,874
11,473
1943—June
June
June
June
June
2
9
16
23
30
8,570
8,694
8,894
8,677
8,556
504
538
558
531
503
2,410
2,335
2,441
2,308
2,297
31,386
32,061
32,787
32,472
32,289
31,395
31,890
33,064
32,383
32,536
1,838
1,794
1,793
1,756
1,852
625
740
677
699
7,981
7,029
6,358
5,764
5,652
5,480
5,485
5,494
5,529
5,530
121
117
117
119
119
32
34
34
35
39
8,826
8,823
9,106
8,773
8,666
53
53
51
50
50
755
763
760
765
772
82
21
82
41
14
4,112
4,119
4,120
4,118
4,115
11,211
10,847
12,493
12,083
12,734
July
July
July
July
7
14
21
28
8,529
8,683
8,740
8,714
514
552
528
539
2,272
2,382
2,307
2,238
32,325
32,883
33,386
33,840
32,330
33,236
33,381
33,688
1,781
1,790
1,811
1,846
706
748
578
693
4,924
5,973
5,345
4,777
5,564
5,586
5,616
5,677
116
119
117
120
40
40
40
40
8,908
8,868
8,7488,544
50
50
49
49
782
772
773
782
66
72
34
32
4,131
4,129
4,128
4,143
10,902
12,067
11,657
11,267
Aug.
Aug.
Aug.
Aug.
4
11
18
25
8,705
8,776
8,986
9,050
515
526
515
525
2,217
2,222
2,296
2,186
33,746
33,796
34,311
35,145
33,535
33,797
34,341
34,963
1,857
1,831
1,802
1,829
726
529
564
636
5,300
5,131
4,769
3,791
5,701
5,732
5,766
5,769
119
119
119
121
40
40
40
45
8,582
8,604
8,838
8,550
49
48
48
49
789
779
785
790
37
48
32
50
4,153
4,160
4,158
4,161
12,236
10,578
11,294
10,259
New York City
1942—July
4,203
75
10,552
10,801
322
877
651
12
3,151
610
14
1,541
3,694
1943—March
April
May
June
July
3,610
3,271
3,038
3,157
3,220
78
80
80
82
85
12,444
12,219
11,387
12,086
12,456
12,748
12,556
11,670
12,426
12,768
217
217
222
205
213
319
390
455
355
378
1,436
2,083
4,130
3,006
2,201
673
674
672
690
688
18
19
18
17
18
3,101
3,096
2,904
2,869
2,864
1
1
1
1
1
657
646
655
677
692
39
79
74
40
45
1,578
1,581
1,596
1,610
1,615
4,687
5,792
5,522
4,976
4,693
1943—June
June
June
June
June
2
9
16
23... .
30
3,089
3,169
3,204
3,176
3,149
79
84
86
79
80
11,850
12,070
12,251
12,105
12,156
12,184
12,331
12,628
12,395
12,591
212
195
194
194
232
341
356
386
343
349
3,709
3,232
2,915
2,617
2,556
688
687
692
705
679
18
16
16
17
18
2,841
2,850
2,988
2,872
2,794
1
1
1
1
1
669
677
677
678
683
66
15
79
32
11
1,605
1,611
1,615
1,609
1,610
4,764
4,691
5,297
4,978
5,150
July
July
July
July
7
14
21
28
3,191
3,187
3,250
3,253
85
89
81
84
12,151
12,297
12,557
12,820
12,453
12,713
12,837
13,068
174
227
228
223
384
442
280
407
2,208
2,472
2,188
1,937
687
684
690
692
18
18
17
20
2,874
2,931
2,866
2,783
1
1
1
1
692
688
688
700
60
66
30
24
1,612
1,613
1,613
1,623
4,588
5,108
4,528
4,547
Aug.
Aug.
Aug.
Aug.
4
11
18
25
3,295
3,292
3,433
3,421
81
84
81
81
12,929
12,872
13,111
13,449
13,197
13,195
13,422
13,702
206
204
196
194
434
264
287
362
2,142
2,048
1,901
1,489
693
694
699
702
20
20
20
22
1
2,771
2,748
2 881
2,751
1
1
1
1
703
694
707
714
26
32
22
36
1,631
1,633
1,632
1,631
4,980
4,208
4,222
3,859
Outside
New York City
1942—July
5,218
419
2,779
15,440
14,955
1,551
780
4,311
113
20
5,387
82
69
1
2,410
5,743
1943—March
April
May
June
July
5,866
5,749
5,343
5,521
5,447
441
442
440
445
448
2,551
2,563
2,486
2,333
2,274
19,512
19,372
18,967
20,113
20,652
19,089
19,103
18,707
19,828
20,391
1,644
1,638
1,561
1,601
1,594
307
316
266
327
303
1,272
2,188
4,618
3,551
3,054
4,671
4,708
4,747
4,814
4,923
78
88
99
102
100
29
30
31
35
40
6,347
6,276
5,993
5,970
5,903
56
54
53
50
48
82
82
83
85
85
12
4
12
8
6
2,476
2,486
2,499
2,507
2,518
7,029
7,580
7,022
6,898
6,780
1943—June 2 . . . . .
June 9
June 16.
June 23.
June 30
5,481
5,525
5,690
5,501
5,407
425
454
472
452
423
2,378
2,314
2,415
2,285
2,272
19,536
19,991
20,536
20,367
20,133
19,211
19,559
20,436
19,988
19,945
1,626
1,599
1,599
1,562
1,620
327
269
354
334
350
4,272
3,797
3,443
3,147
3,096
4,792
4,798
4,802
4,824
4,851
103
101
101
102
101
32
34
34
35
39
5,985
5,973
6,118
5,901
5,872
52
52
50
49
49
86
86
83
87
89
16
6
3
9
3
2,507
2,508
2,505
2,509
2,505
6,447
6,156
7,196
7,105
7,584
2,248
2,356
2,276
2,213
20,174
20,586
20,829
21,020
19,877
20,523
20,544
20,620
1,607
1,563
1,583
1,623
322
306
298
286
2,716
3,501
3,157
2,840
4,877
4,902
4,926
4,985
98
101
100
100
40
40
40
40
6,034
5,937
5,882
5,761
49
49
48
48
90
84
85
82
6
6
4
8
2,519
2,516
2,515
2,520
6,314
6,959
7,129
6,720
2,195
2,200
2,270
444 ] 2,161
20,817
20,924
21,200
21,696
20,338
20,602
20,919
21,261
1,651
1,627
1,606
1,635
292
265
277
274
3,158
3,083
2,868
2,302
5,008
5,038
5,067
5,067
99
99
99
99
40
40
40
44
5,811
5,856
5,957
5,799
48
47
47
48
86
85
78
76
11
16
10
14
2,522
2,527
2,526
2,530
7,256
6,370
7,072
6,400
July
July
July
July
7......
14
21
28
5,338
5,496
5,490
5,461
429
463
447
455
Aug.
Aug.
Aug.
Aug.
4
11
18
25
5,410
5,484
5,553
5,629
434
442
434
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 Debits to demand deposit accounts except interbank and U. S. Government accounts.
SEPTEMBER 1943
867
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[ l a millions of dollars
Loans
Federal Reserve
district and date
(1943)
Boston (6 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25.
Newv York (8 cities)*
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Philadelphia (4 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Cleveland (10 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
#
Richmond (12 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Atlanta (8 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Chicago (12 cities)*
July 28..
Aug. 4
Aug. 11
Aug. 18
Aug. 25
St. Louis (5 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Minneapolis (8 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Kansas City (12 cities)
July 28
Aug. 4
Aug. 1 1 . . . .
Aug. 18
Aug. 25
Dallas (9 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
San Francisco (7 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
City of Chicago*
July 2 8 . . . . . . .
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Loans for
purchasing
or carrying
securities
To
brokers
and
deal-
Investments
U. S. Government obligations
Real- Loans Other
Total
estate
to
loans banks loans
Total
To
others
Certifi
cates
of
GuarBills
in- Notes Bonds andebtteed
Other
securities
ed-
ness
ers
115
114
115
115
114
1,91
1,93
1,93
1,93
1,90
1,80
1,82
1,820
1,820
1,790
202
187
188
189
162
478
509
505
504
502
222
226
226
224
225
847
844
845
847
845
56
56
56
56
56
111
111
111
111
112
26
22
42
20
23
369
369
368
365
366
14,890
15,03
14,966
15,057
14,820
13,853
14,001
13,932
14,031
13,792
1,621
1,522
1,427
1,442
1,133
2,865
3,075
3,055
3,084
3,132
2,001
1,987
1,980
1,982
1,962
6,488
6,507
6,520
6,576
6,613
878
910
950
947
952
1,037
1,030
1,034
1,026
1,028
4
3
4
109
106
107
106
106
1,641
1,664
1,665
1,648
1,643
1,440
1,463
1,467
1,455
1,451
187
174
173
158
156
292
321
312
304
296
169
169
174
170
170
714
724
733
748
754
78
75
75
75
75
201
201
198
193
192
171
171
171
171
171
12
11
8
13
13
141
139
137
135
133
2,974
3,035
3,030
3,036
3,022
2,719
2,779
2,773
2,780
2,769
365
362
350
365
345
436
498
498
496
501
357
374
364
358
360
1,442
1,426
1,438
1,442
1,444
119
119
123
119
119
255
256
257
256
253
11
11
11
11
11
51
50
50
50
50
1
1
1
2
57
57
57
57
56
1,266
1,272
1,280
1,284
1,275
1,206
1 211
1^219
1,226
1,217
153
149
143
146
133
222
230
227
226
225
166
166
166
165
170
615
618
637
644
644
50
48
46
45
45
60
61
61
58
58
8
8
9
9
10
9
9
9
9
27
27
26
26
26
1
1
1
1
1
70
71
70
69
70
1,181
1,188
1,190
1,193
1,186
1,068
1,074
1,075
1,079
1,072
155
139
140
142
136
251
271
271
269
269
204
207
207
208
208
407
406
406
409
405
51
51
51
51
54
113
114
115
114
114
893
911
920
931
939
45
44
42
55
48
48
47
46
45
45
142
141
141
141
140
109
110
109
109
109
5,869
5,899
5,862
5,900
5,840
5,349
5,386
5,351
5,384
5,324
842
788
741
770
719
1,227
1,308
1,312
1,311
1,302
714
726
72/
724
725
2,349
2,347
2,356
2,363
2,362
217
217
215
216
216
520
513
511
516
516
344
344
348
347
348
204
206
209
209
208
5
4
4
4
4
9
8
9
8
9
66
66
66
66
66
60
60
60
60
60
1,083
1,100
1,098
1,104
1,094
968
985
983
989
979
101
103
99
104
95
215
230
225
225
221
145
143
149
149
148
475
476
477
478
480
32
33
33
33
35
115
115
115
115
115
880
893
893
891
888
176
175
174
175
175
107
106
105
107
107
1
1
2
2
1
4
4
4
4
4
15
15
15
14
15
47
48
48
48
48
704
718
719
716
713
664
678
679
676
674
113
115
105
101
98
132
144
145
145
146
85
85
107
110
111
308
308
296
294
293
26
26
26
26
26
40
40
40
40
39
1,573
1,589
1,593
1,597
1,601
337
338
341
340
341
225
227
229
229
230
3
3
4
3
3
8
8
8
8
8
42
42
42
42
42
59
58
58
58
58
1,236
1,251
1,252
1,257
1,260
1,111
1,128
1,129
1,134
1,137
175
164
165
165
164
219
246
249
251
252
231
233
234
235
236
435
433
429
431
432
51
52
52
52
53
125
123
123
123
123
1,211
1,223
1,232
1,231
1,227
273
275
275
273
276
199
199
199
200
200
1
2
2
1
2
14
14
14
13
13
18
19
19
19
20
40
41
41
40
41
938
948
957
958
951
884
894
903
904
898
116
113
115
109
104
207
224
231
235
233
153
152
151
150
150
353
351
352
353
354
55
54
54
57
57
54
54
54
54
53
4,220
4,255
4,319
4,313
4,320
915
911
913
917
915
446
443
447
455
452
12
11
11
12
11
26
26
27
26
26
331
330
329
325
327
100
101
99
99
99
3,305
3,344
3,406
3,396
3,405
3,005
3,043
3,106
3,096
3,106
448
422
468
441
433
485
543
551
553
554
405
404
405
405
405
1,555
1,552
1,560
1,570
1,587
112
122
122
127
127
300
301
300
300
299
4,411
4,435
4,402
4.458
4 ,391
812
826
829
850
849
655
671
678
686
692
39
37
35
48
41
41
41
40
40
40
24
23
23
23
23
53
54
53
53
53
3,599
3,609
3,573
3,608
3,542
3,271
3,288
3,255
3,286
3,220
499
466
431
463
406
797
839
840
837
829
455
464
465
463
464
1,450
1,449
1,450
1,454
1,452
70
70
69
69
69
328
321
318
322
322
2,529
2,539
2,545
2,540
2,502
613
606
614
609
600
392
389
393
392
389
25
22
25
21
17
12
12
12
12
12
69
68
68
68
68
i1
18,803
19,026
18,914
19,002
18,817
3,913
3,995
3,948
3,945
3,997
2,278
2,299
2,312
2,320
2,313
847
916
839
855
911
212
208
206
204
205
181
181
181
181
179
2,067
2,091
2,094
2,077
2,072
426
427
429
429
429
229
236
237
236
235
29
30
31
30
30
11
11
11
10
11
44
44
43
44
43
3,704
3,767
3,759
3,769
3,753
730
732
729
733
731
378
384
386
387
388
14
14
13
14
13
14
13
14
13
13
1,498
1. .SOS
232
233
235
234
237
109
112
112
111
115
3
3
4
4
3
1,464
L,470
1,469
168
166
165
163
163
7
1,470
1,464
283
282
279
277
278
7,106
7,152
7,120
7,181
7,121
1,237
1,253
1,258
1,281
1,281
1,427
1,444
1,446
1,451
1,442
1,515
1,518
1,512
1
1
2
1
1
* 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.
868
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars
Demand deposits,
except interbank
Federal Reserve
district and date
(1943)
Re| serves
DeIndiBalwith Cash ances mand
vidwith
Feddeuals,
in
eral
posits
dopartvault mestic
Readnerserve
banks usted 1 ships,
Banks
and
corporations
Boston (6 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
New York (8 cities)*
July 28.
Aug. 4
Aug. 11
Aug. 18.
Aug. 25
Philadelphia (4 cities)
July 28
Aug. 4 . . . . . . . .
Aug. 11
Aug. 18.
Aug. 25
Cleveland (10 cities)
July 28
,
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Richmond (12 cities)
July 28
Aug. 4
Aug. 1 1 . . . .
Aug. 18
Aug. 25
Atlanta (8 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
Chicago (12 cities)*
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25. . . . . . e
St. Louis (5 cities)
July 28
Aug. 4.
Aug. 11
Aug. 18
Aug. 25
Minneapolis (8 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
_Aug. 25 ;
Kansas City (12 cities)
July 2 8 . . .
Aug. 4
Aug. 11
Aug. 18
Aug. 25
:
Dallas (9 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
San Francisco (7 cities)
July 28
Aug. 4
Aug. 11
Aug. 18
Aug. 25
City of Chicago*
July 28
Aug. 4
Aug. 11
Aug. 18.
Aug. 25
Interbank
deposits
Time deposits,
except interbank
States Certified U.S.
and
and
politGovoffiical
erncers' ment
subdivi- checks
sions
etc.
Individuals,
partnerships,
and
corporations
States U. S.
Govand
ernpolitment
ical
and
subdivi- Postal
Savsions
ings
Domestic
banks
Demand
444
438
458
445
438
58
56
58
56
57
110
112
106
113
111
2,050
2,032
2,052
2,063
2,080
2,026
1,989
2,029
2,043
2,052
105
112
102
102
104
29
27
24
28
23
270
297
287
265
209
255
256
258
259
260
3,455
3,504
3,491
3,645
3,629
117
111
115
111
112
120
125
125
129
110
13,978
14,095
14,042
14,29'
14,616
14,078
14,205
14,208
14,444
14,717
402
390
396
386
380
435
463
294
315
384
2,087
2,304
2,204
2,046
1,603
1,096
1,099
1,102
1,109
1,114
22
22
22
22
24
2,855
2,844
2,819
2,954
2,819
397
392
403
405
403
27
27
28
27
27
75
78
75
83
83
1,663
1,652
1,659
1,681
1,72'
1,644
1,638
1,635
1,669
1,688
103
106
118
112
117
15
15
13
15
20
216
237
22'
210
174
159
160
160
161
162
2
2
2
2
2
345
350
363
356
344
732
710
692
730
741
68
65
67
66
67
246
235
236
244
235
2,787
2,754
2,747
2,804
2,876
2,801
2,746
2,772
2,843
2,890
118
120
119
118
126
41
36
36
37
37
29:
343
331
307
246
771
775
779
783
785
50
50
50
50
50
476
481
474
490
465
275
279
278
284
286
36
35
35
35
35
154
166
163
156
164
1,078
1,067
1,073
1,077
1,116
1,030
1,019
1.C37
1,047
1,080
105
108
105
100
101
21
20
17
19
18
169
186
178
165
131
220
221
222
224
224
2
2
2
2
2
279
282
293
296
285
26
25
24
24
25
150
152
158
158
139
983
970
981
992
1,010
929
914
935
939
951
131
139
135
138
134
194
208
200
185
148
224
226
227
229
229
1,316
1,305
1,356
1,366
1,437
94
91
93
90
92
432
406
406
409
397
5,231
5,148
5,187
5,266
5,471
5,108
5,009
5,088
5,160
5,322
409
400
389
390
408
48
57
43
49
51
670
747
726
673
534
281
278
276
274
274
19
18
18
18
19
118
111
114
114
113
928
925
934
941
969
946
942
955
964
986
62
62
63
61
61
10
9
9
10
9
159
161
159
161
167
10
9
9
9
9
91
79
80
88
84
609
59!
594
605
615
552
543
557
566
574
99
97
87
86
85
7
7
9
362
351
361
371
372
22
20
21
20
21
280
278
285
294
267
1,090
1,066
1,
1,102
1,123
1,086
1,060
1,078
1,095
1,112
124
124
123
124
126
285
286
296
286
282
21
20
20
20
21
234
237
239
252
234
990
1,003
986
995
1,013 1,011
1,017 1,021
1,0321 1,026
729
719
713
723
736
41
38
38
39
40
228
238
235
256
249
2,440
2,445
2,429
2,466
2,513
807
39
39
40
40
40
171
174
179
184
179
3,154
3,138
3,159
3,240
3,368
863
913
Foreign
banks
Bank
Bor- Capital
row- ac- debings counts its 2
Time
319
313
315
326
319
26
27
28
21
18
259
259
260
260
260
633
700
612
661
598
702
705
696
708
716
1,754
1,762
1,764
1,762
1,762
4,888
5,313
4,519
4,553
4,168
7
6
6
6
7
223
223
224
224
224
467
580
475
470
446
13
13
13
13
13
2
2
1
1
2
420
420
420
420
421
783
824
687
794
694
360
374
380
387
385
7
7
8
7
8
1
1
2
1
108
108
108
108
109
317
356
307
337
315
3
3
3
3
3
430
439
449
454
437
1
1
1
1
1
3
3
3
3
3
105
105
106
106
106
289
336
314
319
294
1,139
1,145
1,150
1,156
1,143
2
2
2
2
2
1,449
1,454
1,459
1,494
1,443
6
5
5
5
5
14
17
15
16
15
469
470
471
471
471
1,864
1,957
1,631
1,953
1,728
128
142
137
127
101
206
206
208
210
210
1
1
483
481
479
479
465
1
1
1
1
1
105
106
106
106
106
289
340
286
311
265
118
119
120
121
121
253
258
257
260
268
2
2
2
2
2
1
1
1
2
2
70
71
71
71
71
198
224
225
225
217
15
15
15
15
15
94
102
104
96
77
121
141
136
127
101
159
160
162
162
163
753
758
765
779
759
5
6
5
5
5
120
120
120
121
121
390
416
388
412
389
63
65
62
59
59
17
17
15
15
16
124
136
130
121
97
136
137
138
139
139
403
414
422
428
411
2
2
2
2
2
58
98
99
271
280
258
307
273
2,498
2,484
2,492
2,550
2,565
125
134
132
126
128
48
51
47
46
46
412
457
471
447
370
1,194
1,197
1,206
1,213
1,219
24
24
25
23
23
412
411
412
411
411
878
910
876
952
872
3,139
3,097
3,147
3,224
3,343
200
197
189
189
196
21
23
20
24
25
410
460
448
414
324
519
521
522
524
507
13
14
13
13
13
305
307
307
307
307
1,147
1,131
959
1,224
1,030
28
28
29
28
29
418
416
422
431
435
4
4
4
4
4
11
11
10
11
11
1,039
1,031
1,039
1,064
1,019
* See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2
Debits to demand deposit accounts except interbank and U. S. Government accounts.
1
SEPTEMBER
1943
869
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Based on
Accepting banks
Total
Own
bills
1942—April
May
Tune
July
August
September
October
November
December
373
354
315
305
297
282
271
261
230
177
174
163
156
139
123
119
116
118
139
133
122
119
108
97
94
90
93
86
82
78
77
71
64
63
61
60
1943—January
February
March
April
May
June
July
220
209
201
179
160
143
150
120
127
130
128
136
140
139
95
102
101
99
105
102
102
60
64
62
61
65
62
64
Others
Bills
bought
Imports
into
United
States
2
Exports
from
United
States
53
51
44
42
37
33
31
29
34
38
41
41
38
31
26
25
26
25
97
101
94
92
78
66
60
57
57
17
16
13
35
38
39
38
40
40
38
24
25
29
29
31
38
36
57
60
69
71
79
82
81
12
14
12
9
8
10
12
Dollar
exchange
6
6
6
9
Goods stored in or
shipped between
points in
United
States
Foreign
countries
48
43
52
45
41
41
40
39
38
14
13
4
11
11
10
12
12
14
38
41
39
38
37
36
35
12
12
10
11
12
12
10
(3)
1
2
3
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
Debit
End of month
Customers'
credit balances 1
Debit
Customers' balances in balances in
partners'
debit
firm
investment investment
balances
a n d trading and trading
(net) 1
accounts
Credit balances
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
accounts
Other credit balances
In p a r t n e r s '
investment
and trading
accounts
investment
and trading
accounts
In firm
In capital
accounts
(net)
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
1938—JUne
December
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
298
305
1939—June
December
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
1940—June
December
653
677
12
12
58
99
223
204
376
427
267
281
62
54
22
22
1941—June
December
616
600
11
8
89
86
186
211
395
368
255
289
65
63
17
17
11
5
6
7
5
5
7
5
1942—June
July
August
September
October
November
December
496
491
«490
e
500
e
510
e
9
7
86
95
180
172
16
16
4
4
189
185
154
160
240
238
240
e
240
e
250
e
250
270
56
57
7
309
307
«300
c
310
e
310
e
320
378
54
15
4
182
1943—January
February
March
April
May
June
July
6
e
e
66
15
7
212
1936—June
December
. ..
52O
543
540
e
55O
e
610
e
67O
e
740
761
e
780
9
190
167
290
e
320
e
350
c
570
e
55O
529
e
530
e
280
•310
e
320
e
330
e
330
334
e
340
280
277
269
247
222
213
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own 2 partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
87O
FEDERAL RESERVE BULLETIN
OPEN-MARKET MONEY RATES I N NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Yields on U. S.
Government securities
Stock
Prime
exPrime bankchange
comers'
9- to 12call
mercial acceptmonth
loan
paper, ances,
to 5certifi- 3-year
3re4- to 690
month
cates taxable
newmonthsl daysi
billss
of ina l
debted- notes
ness
1940 average
1941 average
1942 average
1942—July
August
September....
October
November . . . .
December
1943—January
February
March
April
May
June
July
Week ending:
July 31
Aug. 7
Aug. 14..
Aug. 21
Aug. 28
.56
.54
.66
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
5
A-%
5
A-%
5
A-%
5
A-%
5
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
.014
.103
.326
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
.368
.370
.370
.372
.371
.363
.367
.372
.373
.373
.373
.374
.374
%
%
%
1,00
1.00
1.00
1.00
1.00
.374
.374
.375
.374
.375
A-H
.80
.76
.75
.80
.80
.76
.73
.75
.78
.78
.70
.68
.76
1.13
1.20
1.25
1.27
1.28
1.28
1.34
1.29
1.24
1.33
1.39
1.36
1.32
1.30
.68
.74
.73
.75
.79
1.31
1.30
1.28
1.29
1.31
4
1 Monthly figures are averages of weekly prevailing
j rates,
2
The average rate on 90-day stock exchange time
me loans was 1.25 per
cent
during
the
entire
period.
3
Rate on new issues offered within period. Tax-exempt bills prior to
March
1941; taxable bills thereafter.
4
Average for Aug. 15 to 31.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
on Treasury bills and Treasury notes available on request.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per"cent per annum]
1934 average 11
1935 average 1
1936 average 1
1937 average 1
1938 average
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
11 Southern atid
Western
cities
3.45
2.93
2.68
2.59
2.53
2.45
1.76
1.72
1.73
1.69
3.71
3.39
3.04
2.88
2.75
4.32
3.76
3.40
3.25
3.26
2.78
1939 average
2.87
3.51
2.07
1940 average
2.63
2.04
2.56
3.38
1941 average
1.97
2.54
2.55
3.19
1942 average
2.07
2.61
2.58
3.26
2.13
2.95
3.05
3.77
1939—March
2.15
2.91
June
3.05
3.62
2.04
September..
2.68
2.78
3.31
1.96
2.59
2.59
3.32
December..
2.65
2.67
3.35
2.03
1940—March
2.59
2.49
3.38
2.00
June
2.68
2.56
3.43
2.14
September.
2.59
2.53
3.36
2.00
December..
2.58
2.53
3.25
2.06
2.55
2.58
3.23
1.95
1941—March
2.60
2.62
3.29
1.98
June
2.41
2.45
2.99
1.88
September..
2.48
1.85
2.48
3.20
December..
2.62
2.07
2.56
3.34
2.28
2.70
2.66
3.25
1942—March
2.09
2.63
2.63
3.26
June
September..
3.24
December..
2.76
2.36
2.76
3.38
3.00
2.98
2.70
1943—March
June
l Prior to March 1939figureswere reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures— See November 1939 BULLETIN, pp. 963-969 for description
and for back figures.
BOND YIELDS1
[Per cent per annum]
Corporate (Moody's) 5
U. S.
Year, month, or week
Partially
taxTaxable
exempt
Number of issues
2-6
2
Municipal
(high
grade) 3
Corporate
(highgrade) 4
By rating
By groups
Total
Aaa
Aa
A
Baa
Industrial
30
30
30
40
Railroad
Public
utility
15
5
120
30
40
40
"l.ZS"
2.50
2.10
2.36
2.77
2.67
2.75
3.55
3.34
3.34
2.84
2.77
2.83
3.02
2.94
2.98
3.57
3.30
3.28
4.75
4.33
4.28
3.10
2.95
2.96
4.30
3.95
3.96
3.25
3 11
3.11
2.34
2.34
2.34
2.33
2.34
2.36
2.32
2.28
2.25
2.22
2.20
2.26
2.74
2.73
2.73
2.72
2.71
2.72
3.35
3.34
3.33
3.31
3.31
3.32
2.83
2.81
2.80
2.80
2.79
2.81
2.99
2.99
2.98
2.95
2.94
2.96
3.28
3.27
3.26
3'. 24
3.24
3.23
4.30
4.28
4.26
4.24
4.25
4.28
2.94
2.94
2.95
2.94
2.93
2.94
4.02
3.98
3.95
3.92
3.93
3.96
3.09
3.09
3.08
3.07
3.06
3.07
. 2.06
2.06
2.08
2.02
1.92
1.85
1.82
2.32
2.32
2.33
2.32
2.30
2.29
2.27
2.27
2.22
2.21
2.20
2.13
2.07
1.97
2.70
2.68
2.70
2.68
2.65
2.63
2.58
3.27
3.23
3.20
3.19
3.16
3.14
3.11
2.79
2.77
2.76
2.76
2.74
2.72
2.69
2.93
2.89
2.88
2.88
2.87
2.85
2.82
3.20
3.17
3.14
3.14
3.13
3.11
3.09
4.16
4.08
4.01
3.96
3.91
3.88
3.81
2.90
2.88
2.87
2.87
2.86
2.84
2.80
3.86
3.78
3.73
3.69
3.64
3.61
3.56
3.05
3.02
3.00
3.01
3.00
2.98
2.95
1.83
1.84
1.83
1.83
1.83
2.28
2.28
2.28
2.28
2.28
1.92
1.91
1.91
1.91
1.91
2.57
2.56
2.56
2.58
2.58
3.10
3.10
3.10
3.10
3.11
2.69
2.69
2.69
2.69
2.69
2.80
2.80
2.81
2.81
2.82
3.09
3.09
3.08
3.08
3.09
3.80
3.81
3.81
3.81
3.82
2.79
2.79
2.79
2.79
2.79
3.55
3.56
3.55
3.55
3.56
2.95
2.95
2.95
2.96
2.96
1940 average
1941 average
1942 average
2.21
1.95
2.02
1942—July
August
September
October
November
December
2.00
-2.02
2.03
2.05
2.06
2.09
1943—January
February
March
April
May
June
July
Week ending:
July 31
Aug. 7
Aug. 14
Aug. 21..
Aug. 28
1
2
3
4
6
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Average of yields on all outstanding issues due or callable in more than 12 years.
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 4 and 10 to 5 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues, respectively.
Back figures—Set Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pp.
21-24. Figures for U. S. Government bonds available on request.
SEPTEMBER 1943
871
SECURITY MARKETS 1
Stock prices 6
Bond prices
Corporate 4
Year, month, or week
U.S. Municipal
Govern(highment2 grade) 3
Number of issues..
Medium and lower-grade
Highgrade
Total
Industrial
Railroad
DePublic faulted
utility
Preferrede
20
20
15
1940 average
1941 average
1942 average
107.2 123.6
111.0 130.9
109.9 I 126.2
115.9
117.8
118.3
94.8
98.9
100.1
97.3
103.9
109.1
83.8
86.9
86.6
103.5
106.1
104.8
14.0
21.9
27.2
169.2
171.9
162.4
1942—July
August
September.
October...
November..
December..
110.2
126.7
109.9 I 127.6
109.8
128.1
109.5 | 128.6
109.4 | 129.0
108.9 | 127.8
118.9
118.7
119.0
119.3
119.5
118.9
98.9
99.3
100.7
102.1
103.2
103.6
108.4
108.7
109.8
111.2
113.8
115.3
83.9
85.2
86.4
88.0
87.6
86.5
104.5
104.1
105.8
107.1
108.3
109.1
25.5
27.1
29.4
30.3
29.6
29.9
1943—January
Febr uary.
March
April
May
June
July
109.4 > 127.7
109.4
128.6
109.1
128.7
129.1
109.9
130.4
111.4
131.5
112.4
133.4
112.9
119.5
120.0
119.8
119.9
120.1
120.5
121.1
105.4
106.4
108.0
109.2
110.0
109.9
110.8
115.7
115.9
116.7
116.3
116.1
116.6
116.6
89.9
92.0
95.3
97.8
100.1
98.7
100.4
110.5
111.4
112.1
113.4
113.7
114.4
115.3
Week ending:
July 3 1 . . .
Aug. 7....
Aug. 14...
Aug. 2 1 . . .
Aug. 28...
112.7
112.6
112.7
112.7
112.7
134.4
134.6
134.6
134.6
134.6
121.5
121.3
121.2
121.1
121.0
110.6
110.4
110.5
110.5
110.3
116 7
116 8
99 .6
98 .8
98 .9
98 .8
98 .1
115.5
115.6
115.6
115.7
115.6
2-6
50
117.0
116 9
117 3
Volume
of trading?
(in thousands of
Public shares)
utility
Common (index, 1935-39 = 100)
Total
Industrial
I
Railroad
354
20
28
80
69
80
71
71
71
66
96
81
61
767
629
466
162.0
164.0
164.0
165.5
165.4
166.9
68
68
69
74
75
76
71
71
72
77
77
79
63
65
67
73
73
69
58
59
60
64
66
65
346
321
418
693
686
818
31.7
33.5
39.9
44.7
49.1
47.6
48.1
168.0
170.8
171.5
171.5
172.1
173.8
175.9
80
85
88
91
95
97
99
82
88
91
94
97
99
101
74
78
86
93
98
94
97
69
73
76
79
84
85
820
1,247
1,504
1,485
1,593
992
1,145
45.7
43.5
44.0
45.0
44.2
176.4
176.4
176.4
176.4
176.4
95
94
94
95
94
97
96
96
97
96
93
90
90
92
90
86
86
86
86
86
1,511
876
543
545
500
402
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis
of a 32% per cent, 16-year bond. Prices expressed in decimals.
Prices derived from average yields, as computed by Standa~d and Poor's Corporation, on basis of a 4 per cent 20-year bond.
4
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
5
Standard
and Poor's Corporation.
6
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79).
NEW SECURITY ISSUES
[In millions of dollars]
For refunding
For new capital
Year or month
Total
(new Total
and
(dore- mestic
fund- and
ing)
for- Total
eign)
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,803
5,546
2,119
720
1,386
1,457
1,972
2,138
2,360
2,289
1,951
2,854
1,075
1942—June
July
August
September
October...
November.
December.
201
142
162
100
115
100
150
97
41
103
45
28
31
41
1943—January...
February..
March
April
May
June
July
176
102
200
158
157
203
169
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
708
1 386
1,409
1,949
2,094
2,325
2,239
1,948
2,852
1 075
1
!
1
!
i
7 ;
58 1
90
36
44
41
31
State
and
municipal
483
803
855
735
712
971
931
751
518
342
97
41
103
45
28
31
41
18
11
45
17
26
7
4
47
33
10
12
10
7
58
87
36
44
41
31
Domestic
Domestic
7
9
Federal
agen-1
cies
Corporate
Total
161
178
404
64
405
150
22
157
481
924
461
1,192
1,225
1,272
1,062
873
383
736
108
624
2
3
77
17
17
• y3
1
4
28
59
28
2
7
Bonds
and Stocks
notes
40
144
334
839
817
807
287
601
889
506
120
35
69
352
408
67
97
135
173
118
69
27
57
18
8
15
7
13
3
11
55
19
29
30
19
3
11
47
15
25
22
6
Total
(do :
F or
mestic
- -2 and
eign*
Total
foreign)
12
48
23
44
35
50
2
1
2
10
2
2
7
4
4
8
13
2
343
774
283
765
State
and
municipal
3,242
4,242
1,799
2,089
3,553
2,852
2,693
1,044
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,044
37
136
365
382
191
129
195
482
435
181
105
102
59
55
87
69
110
105
102
59
55
87
69
110
15
37
3
7
12
10
9
170
44
110
122
114
162
139
80
44
110
122
114
162
139
45
11
17
13
25
41
42
Federal
agen-1
cies
26
317
987
353
281
665
Corporate
219
312
187
312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
1,782
3,187
28
32
50
18
31
46
34
62
33
6
30
44
14
66
55
33
6
30
44
13
66
27
32
55
35
44
43
31
8
2
38
75
45
78
66
8
2
32
73
42
67
65
1,537
344
698
440
Foreign2
Bonds
Total and Stocks
notes
422
856
1,236
1,596
1,834
1,430
411
32
81
200
352
31
137
193
126
11
60
9
26
119
119
28
88
4
7
90
7
2
2
11
1
1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
2 Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to
revision.
Back figures.—See Annual Report for 1937 (table 78).
87x
FEDERAL RESERVE
BULLETIN
NEW CORPORATE SECURITY ISSUES*
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated
Year or month
Estimated
net
proceeds 3
gross
proceeds 2
Working
capital !
Plant and
equipment
Total
1934
1935.
1936
1937
1938
1939.
1940
1941
1942. .
i
New money
32
1
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
57
208
858991
681
325
569
868
474
111
380
574
504
170
424
661
287
26
96
478
417
177
155
145
207
187
1941—October.........
November
December.......
204
155
144
201
152
142
91
92
57
64
61
36
1942—January.........
February.
March..........
April............
May..........
171
56
125
135
124
152
61
43
82
46
35
34
167
54
123
132
123
149
60
42
80
45
34
33
74
17
62
75
57
75
20
38
31
4
5
16
9
49
98
91
83
99
76
8
49
96
88
81
97
1
12
39
9
32
25
3
... .
Ml
Tnnpi .
September......
October........
November......
December
...
1943—January
February........
March
April...........
May.
June
July.
74
Retirement of securities
Total
Repayment
of
other debt
Preferred
stock
Bonds and
notes
Other
purposes
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
226
190
87
59
128
100
30
84
170
154
111
215
69
174
144
138
11
23
49
36
7
26
19
28
35
27
31
21
92
37
62
91
37
52
1
1
10
14
22
17
S
38
10
58
20
25
57
17
33
12
2
1
15
35
7
4
55
32
18
4
5
19
2
4
1
84
24
45
21
14
61
31
4
25
41
28
17
82
13
40
21
14
56
31
4
24
41
28
13
2
11
5
9
3
16
36
51
10
8
10
6
3
14
10
1
2
32
6
18
15
3
6
34
48
76
49
70
59
6
34
42
74
49
51
40
j
n ""
s" "
2
11
1
3
4
20
1
4
2
3
1
3
7
2
19
19
8
2
10
2""
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
Total
net
proceeds
Retire- All
New ment of other
money securi- purties
poses
172
120
774
338
54
182
319
361
47
21
57
139
228
24
85
115
253
32
120
54
558
110
30
97
186
108
15
1941—October
November
December.......
25
1
28
21
1
28
4
1942—J a n u a r y . . . .
February
March
April
May
. . . . ..
10
4
6
10
4
6
9
2
2
1
9
3
2
2
1
...... .
June
July
August
September..
October. . . . . . . .
November......
December
1943—January.........
February
March..........
April...........
May
vixay
. . . .
June
July
6
9
4
4
8
15
3
14
46
7
8
5
3
14
10
... _ . .
7
31
10
77
1
"is"
Other
Industrial
Public utility
Total
RetireAll
New ment of other
net
pro- money securi- purceeds
ties
poses 4
Total
net
proceeds
Total
RetireAll
RetireNew ment of other
New ment of
net
money securi- purpro- money securiposes 4 ceeds
ties
ties
130
1,250
1,987
751
1,208
1,246
1,180
1 340
464
11
30
63
89
180
43
245
317
145
77
1,199
1,897
611
943
1,157
922
993
292
42
30
27
50
86
47
13
30
27
62
7/4
1,280
1,079
831
584
961
828
527
25
74
439
616
469
188
167
244
293
34
550
761
373
226
353
738
463
"89
2
150
80
90
136
43
56
121
146
20
122
390
71
16
102
155
94
4
79
59
62
11
46
3
63
11
46
5
75
85
46
49
41
25
13
24
15
14
21
6
22
6
6
10
4
12
110
10
71
17
30
70
6
38
40
29
17
27
18
83
10
40
4
13
50
2
4
25
29
16
17
10
44
40
47
115
93
70
52
2
38
6
17
3
43
13
26
62
45
55
15
2
23
4
4
2
3
3
34
20
55
38
1
24
3
1
3
8
2
59
27
17
50
40
I
2
S3
5
11
25
3
39
22
58
38
1
26
31
13
12
17
3
34
6
1
10
2
1
1
5
3
9
1
14
•5
17
1
6
29
12
2
19
4
20
7
1
5
104
2t
5
•"13"
16
36
47 : : : : : : : . . . . . . .
10
15
3
12
1
\
6
2
18
22
7
23
26
"46" • • • • 7 2 "
218
152
57
7
8
7
9
88
42
9
55
18
4
All
other
purposes*
:::::::
8
""2"
11
12
2
7
4
2
1
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.
4
Includes repayment of other debt and other purposes.
Source.—Data published by Securities and Exchange Commission. For a description of data, see pp. 217-19 of the March 1942 BULLETIN.
2
3
SEPTEMBER
1943
871
QUARTERLY EARNINGS A N D DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits,1 b y industrial groups
Year or quarter
Total
Iron
and
steel
Machinery
Other
transportation
equipment
Automobiles
Nonferrous
metals
and
products
Other
durable
goods
Oil
Foods, produc- Indusbevering
trial
ages,
and
chemiand
refincals
tobacco
ing
Other
nondurable
goods
Dividends
Miscellaneous
services
Net
profits1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,169
1,792
146
278
325
236
115
158
193
159
223
242
274
209
102
173
227
202
119
133
153
138
70
88
113
90
151
148
159
151
98
112
174
152
186
194
207
164
134
160
187
136
122
132
159
165
847
1,028
1,144
883
90
90
92
88
564
669
705
554
1939—1
2
3
4
284
311
320
550
13
14
35
85
20
25
26
44
64
61
12
86
23
21
20
39
25
22
30
42
8
16
23
23
31
36
44
41
14
21
26
37
36
40
45
66
28
29
32
45
24
27
29
42
173
185
167
321
21
22
21
26
114
119
125
207
1940—1
2
3
4
422
412
396
588
47
51
79
101
33
39
34
52
69
53
17
103
41
36
33
63
33
29
30
40
14
21
25
28
34
38
33
43
34
30
25
24
46
45
52
51
41
41
39
39
29
30
29
44
246
230
211
342
21
21
22
25
136
158
158
217
1941—1
2
3
4
510
549
560
550
86
84
81
72
44
48
46
55
79
73
60
61
53
56
56
62
39
36
38
40
23
28
30
32
36
43
44
37
29
42
56
46
49
53
52
52
44
48
49
46
29
36
46
48
286
297
284
276
22
23
23
24
150
165
170
221
1942—1
2
3
4
419
364
451
557
52
52
51
72
38
35
36
49
46
25
46
92
7
51
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
21
23
134
136
126
158
441
452
51
52
39
43
r47
49
r7
42
41
36
39
211
216
21
22
127
132
Number of companies.
1939
1940
1941
1942
Quarterly
r
1943—1
2
148
7
49
7
54
r
54
51
7
r
34
33
19
22
r
39
40
r
36
42
r
r
r
42
40
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad 2
Year or quarter
Income
before
income
Operating
revenue
N e t income
All roads Insolvent
roads
Dividends
Number of companies..
1939
1940
1941
1942
Telephone 3
Electric power
1
Operating
revenue
Income
before
income
tax 4
Net
income 1
Dividends 5
Operating
revenue
Net
income 1
Dividends
28
28
28
28
32
32
32
126
159
186
196
692
735
799
159
177
202
226
137
142
133
118
116
118
115
98
1,067
1,129
1,235
1,362
191
194
178
163
175
178
172
163
21
23
21
61
175
166
167
184
46
37
34
43
39
32
30
36
19
19
19
22
259
267
266
274
44
49
47
51
42
42
43
48
-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
69
103
189
138
-5
0
23
5
28
36
34
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
90
199
283
387
12
37
60
64
29
35
34
216
202
208
221
63
53
55
56
33
25
26
35
19
19
19
19
324
336
344
358
47
48
22
44
42
39
38
229
220
r7l
61
34
29
19
18
366
383
42
44
40
42
3,995
4,297
5,347
7,466
126
249
674
1,718
93
189
500
959
1939—1
2
3
4
898
906
1,058
1,133
-38
-43
139
-43
-47
58
126
1940—1
2
3
4
986
1,010
1,130
1,171
-3
15
92
145
-12
3
71
127
1941—1
2
3
1,152
1,272
1,468
1,454
96
145
267
166
1942—1
2
3
4
1,483
1,797
2,047
2,139
179
389
556
594
-102
-73
23
173
Quarterly
1943—1..
2..
...
,.|
2,091
2,255
!
|
i
513
605
209
239
52
56
87
28
49
r
8o
4 6
r
Revised.
" N e t profits" and " n e t income" refer to income after all charges and taxes and before dividends.
Class I line-haul railroads.
3
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.
6
Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown.
J N o t available.
7
P a r t l y estimated.
8
Unlike other industrial groups in this table, deductions for Federal income and excess profits taxes in the first three quarters of 1942 were a t rates
specified in the Revenue Act of 1941. Most of the increase in taxes for the year is therefore reflected in the fourth quarter figure.
Sources.—Interstate
Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision, 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.
1
2
874
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury.
Marketable public issues 1
Total
gross
direct
debt
Total
interestbearing
direct
debt
1940—June..
Dec...
1941—June..
Dec...
,1942—June..
42,968
45,025
48,961
57,938
72,422
42,376
44,458
48,387
57,451
71,968
34,436
35,645
37,713
41,562
50,573
1,302
1,310
1,603
2,002
2,508
1942—Aug...
Sept..
Oct...
Nov..
Dec...
1943—Jan...
Feb...
Mar...
Apr. .
May..
June..
July..
81,685
86,483
92,904
96,116
108,170
111,069
114,024
115,507
129,849
135,913
136,696
141,524
81,244
85,847
92,265
95,458
107,308
110,024
112,851
114,287
128,643
134,675
135,380
140,238
57,176
60,402
65,008
66,554
76,488
77,496
78,726
79,662
91,392
95,382
95,310
98,613
4,168
4,619
5,126
5,721
6,627
7,423
8,232
9,234
10,044
10,853
11,864
12,460
End of month
Total2
CertifiTreasury
cates of
indebtedbills
ness
In millions of dollars]
Nonmarketable public issues
Special
issues
Treasury
bonds
Total 2
U. S.
savings
bonds
3,096
6,383
6,178
5,698
5,997
6,689
26,555
27,960
30,215
33,367
38,085
3,166
3,444
4,555
8,907
13,510
2,905
3,195
4,314
(,140
10,188
2,471
3,015
4,775
5,370
6,120
6,982
7,885
4,705
6,211
6,211
3
7,161
10,534
3
10,741
11,161
11,161
16,154
ij,561
16,561
16,561
6,689
7,958
10,095
10,095
9,863
9,863
9,863
9,797
9,797
9,797
9,168
11,875
41,418
41,418
43,381
43,381
49,268
49,273
49,273
49,273
55,201
57,975
57,520
57,520
15,805
16,936
18,672
20,117
21,788
23,356
24,560
24,622
27,456
29,095
29,200
30,169
11,751
12,479
13,381
14,079
15,050
16,246
17,067
17,891
19,267
20,507
21,256
22,030
3,739
4,137
4,964
5,703
6,384
6,749
7,125
6,346
7,783
8,163
7,495
7,678
8,262
8,509
8,585
8,787
9,032
9,172
9,565
10,004
9,795
10,198
10,871
11,156
Treasury
notes
Treasury
tax notes
Fully
Nonguaraninterest- teed inbearing
terestbearing
debt
securities
591
566
574
487
454
5,498
5,901
6,360
6,317
4,548
441
637
639
657
862
1,0-'. !>
1,1.3
1,119
1,206
1,238
1,316
1,286
4,567
4,552
4,243
4,244
4,283
4,277
4,275
4,350
4,363
A. 082
4,092
3,782 '
1
Including amounts held by Government agencies and trust funds, which aggregated $3,202,000,000 on June 30, and $3,144,000,000 (preliminary) on
July 31,1943.
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary bonds n o t shown separately.
3
Including special short-term certificates of indebtedness not shown separately amounting to $422,000,000 on Nov. 30 and $202,000,000 on Jan. 31.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, JULY 31, 1943
[On basis of daily statements of United States Treasury. In millions
of dollarsl
Amount
Issue
Treasury bills
Aug. 4, 1943
Aug. 12, 1943
Aug. 19, 1943
Aug. 26, 1943
Sept. 2, 1943
Sept. 9, 1943
Sept. 16, 1943
Sept. 23, 1943
Sept. 30, 1943
Oct. 7, 1943
Oct. 14, 1943
Oct. 21, 1943
Oct. 28, 1943
902
907
908
905
906
909
1,000
1,006
1,006
1,003
1,001
1,004
1,003
Cert, of indebtedness.
Aug. 1, 1943
Nov. 1, 1943
Dec. 1, 1943
Feb. 1, 1944
Apr. 1, 1944
May 1, 1944
1,609
2,035
3,800
2,211
5,251
1,655
Treasury notes
Sept. 15, 1943
Dec. 15, 1943
Mar. 15, 1944
June 15, 1944
Sept. 15, 1944
Sept. 15, 1944
Mar. 15, 1945
Mar. 15, 1945
Dec. 15, 1945
Mar. 15, 1946
Dec. 15, 1946
Sept. 15,1947
279
All
515
416
283
635
718
1,606
531
503
3,261
2,707
Treasury bonds
Oct. 15, 1943-451
Apr. 15, 1944-46
Dec. 15, 1944-54
Sept. 15, 1945-47
Dec. 15, 1945
Mar. 15, 1946-56
June 15, 1946-48
June 15, 1946-49
Oct. 15, 1947-52
Dec. 15, 1947
Mar. 15, 1948-50
Mar. 15, 1948-51
June 15, 1948
Sept. 15, 1948
1,401
1,519
1,037
1,214
541
489
1,036
819
759
701
1,115
1,223
3,062
451
Issue
Treasury bonds—Cont.
Dec. 15, 1948-50
June 15, 1949-51
Sept. 15, 1949-51
Dec. 15, 1949-51
Dec. 15, 1949-52
Dec. 15, 1949-53
Mar. 15, 1950-52
Sept. 15, 1950-52
Sept. 15, 1950-52
June 15, 1951-54
Sept. 15, 1951-55
Dec. 15, 1951-53
Dec. 15, 1951-55
Mar. 15, 1952-54
June 15, 1952-55
June 15, 1953-55
June 15, 1954-56
Mar. 15, 1955-60
Mar. 15, 1956-58
Sept. 15, 1956-59
June 15, 1958-63
Dec. 15, 1960-65
June 15, 1962-67
Dec. 15, 1963-68
June 15, 1964-69
Sept. 15, 1967-72
Postal Savings bonds
Conversion bonds
Panama Canal loan
Total direct issues
G u a r a n t e e d securities
Commodity Credit Corp.
Feb. 15, 1945
Fed. Farm Mortgage Corp.
Mar. 15, 1944-64
May 15, 1944-49
Fed.
Public
Housing
Authority
Feb. 1, 1944
Home Owners' Loan Corp.
May 1, 1944-52
June 1, 1945-47 <
Reconstruction Fin. Corp.
Apr. 15, 1944
J a n . 1 , 1945
Federal Housing Admin.
Various
Total guaranteed issues
UNITED STATES SAVINGS BONDS
[In millions of dollarsl
Amount
571
1,014
1,292
2,098
491
1,786
1,963
1,186
4,939
1,627
755
1,118
510
1,024
1,501
725
681
2,611
1,449
982
919
1,485
2,118
2,831
3,762
2,716
117
^9
50
98,613
412
95
835
114
779
755
Month
Amount
outstanding
a t end of
month 1
Funds received from sales during
month
Redemptions
All
series
1942—Apr
May .
June
July
Aug
Sept
Oct
Nov
Dec
8,951
9,569
10,188
11,078
11,751
12,479
13,381
14,079
15,050
531
634
634
901
697
755
935
735
1,014
1943—Jan
Feb
Mar
Apr
May
June
July
16,246
17,067
17,891
19,267
20,507
21,256
22,030
1,240
887
944
1,470
1,335
876
890
Date of issue
Maturity
From
From
From
From
From
From
From
From
From
Mar. 1, 1935
J a n . 1, 1936
J a n . 1, 1937
J a n . 1, 1938
J a n . 1, 1939
J a n . 1, 1940
J a n . 1 to Feb. 28, 1941
M a r . 1 to Apr. 30, 1941
May
Amount
outstanding
July 31, 1943
175
312
405
486
800
992
332
112
1,266
5,617
4,869224
1,240
638
2,457
416
1,583
106
571
129
22
3,711
i Called for redemption on Oct. 15, 1943.
SEPTEMBER
1943
875
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
End of month
1940—June
December
1941—June
December
1942—June
November
December
1943—January
February
March
April
May
June
47,874
50,360
54,747
63,768
76,517
99,702
111,591
114,301
117,126
118,637
133,006
138,757
139,472
Held by U. S. Government agencies
and trust funds
Special
issues
Public
issues
4,775
5,370
6,120
6,982
7,885
8,787
9,032
9,172
9,565
10,004
9,795
10,198
10,871
2,295
2,250
2,362
2,547
2,726
2,922
3,207
3,195
3,126
3,130
3,557
3,562
3,440
Privately held1
Held
by
Federal
Reserve
Banks
2,466
2,184
2,184
2,254
2,645
5,399
6,189
5,969
5,871
5,919
6,455
6,222
7,202
Total
38,338
40,556
44,081
51,985
63,261
82,594
93,163
95,965
98,564
99,584
113,199
118,775
117,959
Commercial
banks
16,550
17,760
20,100
21,790
26,390
36,700
41,340
42,970
43,450
44,090
48,740
52,510
p
52,OOO
Other investors
Insurance
companies
Mutual
savings
banks
3,110
3,220
3,430
3,700
3,890
4,180
4,560
4,630
4,710
4,630
5,170
5,240
5,280
Nonmarketable
issues
Marketable
issues
6,500
6,900
7,000
8,000
8,900
9,600
11,000
11,100
11,200
10,900
12,600
12,700
12,800
9,400
9,600
9,400
10,000
11,100
12,600
15,200
14,700
15,400
16,100
20,100
20,000
p
19,500
2,800
3,100
4,200
8,500
13,000
19,500
21,100
22,600
23,800
23,900
26,600
28,300
28,400
v
Preliminary.
l Figures for commercial banks and mutual savings banks have been rounded to nearest 10 million dollars and for insurance companies and other
investors to nearest 100 million.
Backfigures.—SeeJuly 1941 BULLETIN, p. 664.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES I$SUED OR GUARANTEED
BY THE UNITED STATES*
[Public marketable securities. Par values in millions of dollars]
Totals
1942—June
Dec
1943—Jan
Feb
Mar
TLfjLl
June
Treasury bills:
1942—June
1943—jan
Feb
Mar
Apr
May
June
Certificates:
1942—June
Dec
1943—Jan
Feb.
Mar
Apr
May
\
J
June
Treasury notes:
1942—June
Dec
1943—Jan
Feb
Mar
Apr
May
June
;
Guaranteed securities:
1942—June
Dec.
1943—Jan
Feb.
Mar
Apr
May
June
iioiuuigs
Total
outstanding
U.S.
Government
agencies
and
trust
funds
55,122
80,685
81,691
82,921
83,934
95,680
99,390
99,333
2,723
3,202
3,189
3,119
3,124
3,550
3,556
3,434
2,645
6,189
5,969
5,871
5,919
6,455
6,222
7,202
24,939
38,759
40,281
40,649
41,317
45,723
49,159
48,665
243
1,557
4,497
5,568
5,302
5,069
6,415
7,017
6,502
FedMuCom- tual Insureral
Re- mercial1 sav- ance Other
serve banks ings comBanks
banks panies
2,508
6,627
7,423
8,232
9,234
10,044
10,853
11,864
ii9
1,010
12
19
9
12
11
1,475
2,087
2,430
2,442
3,815
3,096
10,534
10,741
11,161
11,161
16,154
16,561
16,561
11
17
19
29
19
35
49
51
66
6,689
9,863
9,863
9,863
9,797
9,797
9,797
9,168
76
92
81
86
67
65
66
61
4,549
4,196
4,196
4,196
4,272
4,288
4,008
4,023
281
311
311
294
332
350
327
231
689
3,830 8,748
4,471 10,766
4,519 10,806
4,589 10,909
4,511 10,667
5,053 12,328
5,117 12,422
5,161 12,486
12,237
17,297
16,927
17,784
18,395
22,570
22,914
22,385
28
10
21
24
65
14
14
21
91
26
45
63
157
4
22
154
74
2,696
2,518
3,039
2,997
5,500
5,213
5,106
590
1,073
1,091
1,355
1 837
1,173
1,345
1,361
1,971
6,470
6,594
6,837
6,845
9,197
9,759
9,823
129
136
206
183
168
178
184
191
180
157
261
266
257
263
305
957
957
919
774
3,725
5,670
5,698
5,699
5,850
5,825
5,813
5,500
138
167
174
183
182
163
160
155
266
283
294
298
297
286
287
276
1,770
2,327
2,341
2,407
2,444
2,501
2,552
2,402
5
37
50
49
42
54
54
54
2,847
2,665
2,650
2,664
2,712
2,754
2,552
2,602
148
108
108
107
102
83
77
76
433
333
329
329
328
835
743
748
753
756
731
689
751
1,041
1,317
789
850
997
1,099
1,092
714
1,324
1,275
1,190
317
309
309
782
Total
outstanding
Treasury bonds:
Total:
38,085
1942—June. .
49,268
Dec
49,273
1943—Jan
49,273
Feb
Mar.
49,273
Apr. . .
. . 55,201
May
57,975
June
57,520
Maturing within 5 years:
1942—June
3,915
Dec
5,830
1943—Jan
'. 5,830
Feb.
5,830
Mar
5,830
Apr
5,830
May
5,830
June
9,474
Maturing in 5-10 years:
1942—June
9,436
Dec
17,080
1943—Jan.
17,080
Feb
17,080
Mar
17,080
Apr
19,448
May
22,019
June
17,921
Maturing in 10-20 years:
1942—June
18,731
Dec.
16,295
1943—Jan
16,295
Feb
16,295
Mar.
16,295
Apr
16^295
May
16,295
June
17,214
Maturing after 20 years:
1942—June
6,002
Dec.
10*065
1943—Jan
10,069
Feb
10^069
Mar.
10,069
Apr
13,629
May
13.831
June
12,912
U.S.
Government
agencies
and
trust
funds
Federal
Reserve
Banks
Commercial
banks
2,321
2,739
2,736
2,665
2,652
3,059
3,068
3,045
1,617
2,777
2,637
2,367
1,984
2,017
1,708
1,468
14,828
19,445
19,760
20,136
20,829
21,520
24,006
24,226
336
754
757
665
672
735
754
867
846
1, 574
l f 521
1, 420
1, 317
1, 349
1, 093
776
2, 168
2, 165
2, 090
1, 948
4
680
656
1, 623
645
593
021
004
998
965
1, 333
1, 305
1, 221
Mutual
savings
banks
Insurance
companies
Other
,442
t,055
1,080
4 ,067
* ,979
,624
1,787
4 ,725
7,766
9,944
9,981
9,958
9,618
11,464
11,539
11,442
8,110
10,308
10,079
10,081
10,212
12,517
12,967
12,615
224
253
248
235
222
190
186
298
581
725
726
715
664
599
597
991
,173
1,531
,521
,526
,532
L,500
2| 195
4,959
750
9,353 ,129
9 536 L, 145
9 ',505 1,165
9,672 1,113
10,032 ,430
12,423 ,435
10,107 ,308
1,347
2,101
2,142
2,236
2,189
2,693
2,731
2,325
1,535
2,920
2,737
2,758
2,789
3,943
4,335
3,401
7,009 ,957 3,510
580 2,778
6,240
6,'364 L,'555 2,'756
6,635 1,538 2 651
6,955 ,500 2,613
7,'122 ^381 2,604
7,202 1,376 2,534
7,611 ,405 2,896
4,086
3,531
3,'529
3,520
3,545
3! 530
3,507
3,657
1,599
2,565
2,577
2 686
2,'737
2,806
2 773
5412
,258
.',286
,*284
L',310
,463
L',56l
1,603
1,385
1
512
,095
131
L* 151
,141
U626
1,691
1,713
2,326
4*, 339
4 356
4*354
4,153
5^566
5,626
5,229
51Q
1,315
2,323
2 293
2',275
2,346
3',544
3,605
3,366
viuuLuuiug icia,Lively siiiaii CUIUJUIILS UI J
for certain dates are shown in the table above.
1 On June 30, 1943, commercial banks reporting to the Treasury held $19,658,000,000 of United States Government securities due or callable within
one year out of a total of $35,811,000,000 outstanding.
2 Including $196,000,000 of Postal Savings and prewar bonds not shown separately below.
876
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Income
taxes*
Period
Fiscal year ending:
June 1 9 4 2 . . . . . . . . . . 7,960
June 1 9 4 3 . . . . . . . . . 16,094
Miscellaneous
i nternal
reve-1
nue
3,847 1,194
4,553 1,508
273
155
2,126
206
199
1,972
306
380
4,732
1,000
940
3,803
1,255
1942—July
August
September
October
November
December..
1943—January
February.
March
April
May
June.
July..
Total
receipts
(TransInter- War fers to
Net
est
reactivi- trust
Other
on
acceipts 2 debt
ties counts,
etc.
13,668
23,385
794
797
2,528
12,799
22,282
747
587
2,527
607
Social
security Other
taxes
416
362
309
350
337
630
365
352
374
346
359
353
512
666
1,230
53
232
43
48
248
50
52
343
50
50
282
57
48
52
48
49
45
45
50
100
115
51
159
160
356
234
648
830
2,702
824
1,190
5,207
1,555
1,742
4,569
2,048
1,260
1,808
26,011
72,109
381
435
4,745
3,827
32,397
78,179
35
7
224
70
28
353
54
35
262
89
42
609
68
4,498
4,884
5,384
5,481
6,042
5,825
5,947
5,770
6,744
6,974
7,092
7,469
6,432
249
19
5
56
3
25
35
2
1
38
1
378
305
317
330
291
297
337
312
347
366
300
247
269
5,160
5,215
5,931
5.937
6,363
6,500
6,372
6,119
7,354
7,466
7,435
8,327
7,112
601
2,701
788
955
5,206
1,514
1,480
4,569
2,007
344
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
ExInvest- pendiments tures
Net expenditures
in checking accounts of
GovernRement
ceipts
agencies
Total
budget expenditures
23,461
64,274
4,714
4,549
4,798
6,420
3,212
12,054
2,899
2,954
1,483
14,342
6,064
784
4,828
Balance in
General Fund
Assets
Other
Ex-,
Invest- pendiments
tures
Total
Deposits
in
Federal
Reserve
Banks
Deposits
in
special
depositaries
2,327
2,810
1,705
2,350
614
456
3,625
2,194
863
1,130
221
655
533
147
3,443
10,149
603
1,038
1,679
7,667
1942—July
August
September...
October
November...
December...
1943—January
February....
March
April
May
June
July
212
433
30
126
471
75
110
498
36
111
539
169
245
117
184
214
49
170
350
43
230
272
35
258
428
179
53
52
45
38
34
33
35
35
36
33
31
31
29
78
262
25
583
—449
548
186
370
300
192
62
83
96
65
99
74
52
82
92
81
152
315
124
24
37
26
32
37
47
40
53
58
57
119
252
36
28
37
21
13
3,782
3,695
4,688
5,313
3,557
11,032
8,200
5,895
4,758
13,112
13,152
10,149
9,127
553
569
1,021
619
512
1,516
465
623
643
2,014
1,880
2,411
3,373
1,695
8,166
6,367
3,892
2,694
10,485
11,117
7,667
6,790
1
1
3
+358
19,598 -3,506
55,897 -1,861 +6,515
A
4,413
+296
4,628
-54
-134
3,404
- 2 4 5 +1,148
5,331
-496
+594
5,761
+736 -1,814
3,799
- 7 9 4 +7,461
5,584
- 1 3 5 -2,819
5,164
- 1 2 2 -2,331
2,147
- 5 4 9 -1,213
5,952
+ 4 8 +8,438
5,955
-39
+70
3,758
- 2 0 6 —3,180
5,105
-635
-912
General Fund of the Treasury (end of period)
Fiscal year ending:
June 1942
June 1943......
17
356
-82
726
Change
in
InTrust
Gen- crease
aceral
Deficit counts,
etc. 3 Fund
baldebt
-3
7
12
-41
30
9
1,215
651
1,038
979
Other
assets
1,162
1,444
1,215
1,246
1,256
1,321
1,350
1,350
1,368
1,381
1,421
1,412
1,383
1,444
1,358
Total
liabilities
Total
Working
balance
452
643
2,991
9,507
2,229
8,744
494
541
386
416
475
489
477
503
579
495
465
643
532
3,288
3,154
4,302
4,896
3,082
10,543
7,724
5,392
4,179
12,617
12,687
9,507
8,595
2,525
2,392
3,540
4,134
2.32D
9,780
6,961
4,630
3,416
11,854
11,924
8.744
7,832
Details on collection basis given in table below.
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
Excess of receipts ( + ) or expenditures (—).
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Miscellaneous internal revenue
Income taxes
Period
Current VicTotal individ- tory
tax
ual
Current
corporation
Back
taxes
Excess
profits
taxes
Other
profits
taxes
Total
Fiscal year ending:
June 1942
8,007
June 1943
16,299
3,108
5,771
686
2,764
4,137
460
557
1,618
5,064
57
84
3,838
4,571
1942-July
222
August
164
September.... 2,123
October
220
185
November
December.... 2,000
296
1943—January
434
February
4,868
March
1,008
April
753
May
r
4,026
June
1,231
July
53
32
662
19
19
556
48
167
1,951 ""2"
362
298
103
381
1,800
5
527
333
83
53
781
109
67
753
37
95
1,026
73
89
970
142
29
26
23
27
24
36
69
55
79
73
74
41
33
53
49
641
58
73
644
136
113
1,791
200
103
1,203
186
2
3
17
7
2
11
5
4
21
1
3
7
10
459
340
315
348
478
496
379
331
379
345
373
329
652
r
1
Alcoholic ToCapital Estate
and beverage
stock
bacco
gift
taxes
tax
taxes
taxes
282
329
i"
185
143
' i_l2
' 136 '
Manufacturers'
MisStamp
and
cellataxes retailers' neous
excise
taxes
taxes
433
447
1,048
1,423
781
924
42
45
852
670
401
732
46
30
28
35
27
30
47
29
62
40
46
29
48
114
123
111
119
104
129
137
128
121
113
109
115
125
74
74
3
3
3
3
3
3
4
4
4
5
5
5
4
62
60
56
66
47
64
68
51
47
49
60
39
59
160
51
39"
42
32
46
42
50
65
64
80
61
193
77
83
79
81
81
68
80
77
71
80
87
Revised.
Correction of December 1942 collection.
SEPTEMBER
1943
877
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
Preferred
stock,
etc.
Cash
U.S.
Govt.
direct
and
guaranteed
Other
Govt.
agencies 1
Accounts
and
other
receivables
Business
property
Property
held
for
sale
636
714
1,497
1,891
859
879
924
952
976
1,001
1,020
1,041
1,359
1,408
1,428
1,475
1,674
3,512
3,808
4,177
4,287
4,710
4,701
5,187
5,638
5,883
6,074
6,081
6,167
6,310
1941—June
December....
13,277
14,660
8,106
8,487
698
680
376
496
925
999
18
46
598
574
1942—June
July
J
J
August
September...
October
November...
December. . .
1943—January
February
March
April
May
June
17,962
18,482
19,401
19,974
20,534
20,992
21,715
22,643
23,437
24,151
24,706
24,805
26,708
8,379
8,307
8,233
8,190
8,159
8,158
8,127
8,086
8,022
8,003
8,092
7,949
7,685
648
642
626
623
622
621
620
605
565
562
560
557
556
403
407
609
625
581
563
553
605
590
597
536
504
1,765
1,097
1.113
1,144
1,197
L,219
1,222
1,272
L,284
1,375
1,424
L,510
1,549
1,565
57
58
57
56
60
52
33
32
27
26
24
24
22
853
1,065
1,088
1,069
1,085
1,205
1,440
1,303
1,464
1,514
1,788
in
in
Bonds, notes,
and debentures
Other
assets
u. s.
PriGovern- vately
ment
owned
Other
liabili- interest interest
ties
Fully
guaranteed
by
U.S.
Other 1
423
773
6,370
6,324
1,443
1,392
1,604
2,049
3,436
4,464
424
431
2,233
2,495
2,778
2,979
3,119
3,605
3,818
4,147
4,176
4,754
5,011
5,066
5,343
4,568
4,581
4,592
4,574
4,265
4,264
4,301
4,291
4,332
4,365
4,372
4,092
4,101
1,442
1,443
1,445
1,434
1,413
1,404
1,414
1,413
1,383
1,375
1,366
1,340
1,333
3,265
3,457
3,691
4,154
4,185
4,601
4,630
4,829
5,076
5,109
5,648
5,746
6,022
8,249
8,562
9,234
9,373
10,230
10,281
10,931
11,671
12,206
12,860
12,880
13,188
14,812
438
438
439
439
442
443
439
439
440
441
440
440
440
LOANS, OTHER T H A N INTERAGENCY LOANS
Home mortgage and housing
agencies 3
End of month
Total
loans2
T
Reconstruction Home FederRFC
Fial
OwnMortnance
Home gage
ers'
Corp. Loan
Loan
ComCorp. banks pany
Farm mortgage loans
Other farm credit loans
Fed.
Fed. Feder- Fed.
NaFarm
al
tional Public
Hous- land MortMortgage
ing
gage Auth. banks Corp.
Assoc.
Rural
ExElecFed.
trifica- portIminter- Banks Com- Farm Farm
tion
port
medi- for co- modity Credit SecuAdBank
ate
opera- Credit Adrity
min.
credit tives Corp. min. Admin.
banks
Other
1941—June
December....
8,106
8,487
1,082
1,433
1,870
1,777
170
219
65
72
194
207
316
367
1,818
1,764
630
597
255
235
74
113
244
233
263
250
461
467
289
323
114
139
261
291
1942—June
July
August
September...
October
November...
December . . .
1943—January
February
March
April
May
June
8,379
8,307
8,233
8,190
8,159
8,158
8,127
8,086
8,022
8,003
8,092
7,949
7,685
1,473
1,479
1,496
1,527
1,533
1,566
1,557
1,554
1,527
1,530
1,512
1,487
1,483
1,676
1,657
1,640
1,622
1,603
1,587
1,568
1,548
1,532
1,507
1,480
1,460
1,441
193
174
160
145
131
122
129
113
96
79
87
79
90
82
83
85
88
91
93
94
96
96
97
97
98
98
216
215
215
215
214
213
211
210
209
206
204
202
73
384
388
357
360
377
372
366
379
378
381
371
374
317
1,706
1,692
1,679
1,663
1,645
1,625
1,603
1,579
1,564
1,540
1,520
1,502
1,489
562
554
547
539
528
518
507
496
490
483
475
468
463
289
291
287
270
248
238
238
237
248
266
280
287
296
101
104
104
112
130
140
145
132
121
111
106
102
102
231
201
181
173
188
214
242
258
270
276
408
304
228
258
256
254
250
244
241
237
237
240
244
245
246
245
460
458
457
456
453
448
446
446
454
463
457
454
447
342
343
344
344
344
345
346
345
345
345
344
344
344
113
115
117
117
119
119
122
122
121
121
122
126
129
293
297
310
309
311
317
316
334
331
354
384
416
440
SELECTED ASSET ITEMS, O T H E R 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
Fed. land
struc- Owners'
banks and
tion
Other
Loan
Other Fed. Farm
Finance CorpoMortgage
Corp.
ration
Corp.
Property held for sale
ReconCommodity struction
Finance
Credit
Other
Corpo- Corp. and
war corration
porations
War
corporations
ComHome
modity Owners'
Credit Loan
Corpo- Corporation
ration
Other
1941—June
December...
1,082
1,433
193
165
480
473
409
795
429
401
183
175
86
104
219
219
79
34
68
80
232
241
257
703
753
749
319
288
168
151
1942—June
July
August
September. . .
October
November. . .
December. . .
1943—January
February....
March
April
May
June
1,473
1,479
1,496
1,527
1,533
1,566
1,557
1,554
1,527
1,530
1,512
1,487
1,483
144
143
144
153
153
169
167
161
159
155
153
150
148
472
472
472
473
472
471
460
463
449
444
437
434
426
857
864
880
901
908
926
930
930
919
931
922
903
909
378
377
372
369
368
367
366
364
361
359
358
355
354
167
162
153
152
152
152
152
140
110
109
109
109
108
103
103
101
102
102
102
102
101
94
94
93
93
94
225
226
231
226
225
213
207
203
205
195
197
192
193
96
107
35
61
80
65
57
129
103
75
209
187
350
151
144
238
484
490
497
531
519
659
677
700
763
800
302
296
349
294
293
294
290
354
473
356
358
372
445
2,041
2,285
2,561
2,619
2,921
3,221
3,469
3,793
3,928
4,041
4,442
4,703
4,963
1,068
1,126
L,226
1,286
1,415
1,109
,363
,495
,614
: ,700
i ,316
1,153
1,045
262
258
252
244
238
231
227
223
219
216
212
203
191
141
139
138
138
136
140
128
127
122
117
111
108
111
1
Excluding Federal land, bank bonds held by the Federal Farm Mortgage Corporation.
Excluding investments in preferred stock, the amount of which is shown in the lower section of this table.
Excluding loans by Federal savings and loan associations, which are privately owned institutions under the supervision of the Federal Home Loan
Bank Administration. Loans by these institutions amounted to 1,866 million dollars on June 30, 1943.
2
3
878
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year and
month
Income
payments
(value) i
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
p
2
3
Nondurable
Minerals
Total
Residential
All
other
Employment 4
1939 = 100
Nonagricultural
Factory
DepartFac- Freight ment Wholesale
of
tory carload- store
com- Cost
living 4
sales modity
ings*
4 1935-39
(val100
1939 = 1935-39
ue)* 6 prices
1926
= 100 1923-25
100
=
100
= 100
Ad- Unad- AdUnad- UnadAdAdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed 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
1940
January
February...
March
April
May
June
July
August
September .
October....
November..
December..
1941
January....
February...
March
April.......
May
June
July
August
September..
October
November..
December..
1942
January
February...
March
April
May
June
July
August
September..
October....
November..
December..
1943
January
February
March
April
May
June
July
August
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production
(physical volume) 2 *
1935-39 = 100
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
108
123
156
181
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
138
193
250
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
108
113
135
141
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
235
1O6!6'
98.1
88.3
77.6
78.6
86.3
90.1
96.8
102.7
95.1
100.0
104.2
115.6
124.2
106.8
107.2
82.1
90.8
103.9
96.5
99.9
101.8
99.6
99.7
106.1
92.5
78.2
66.4
73.5
85.8
91.4
99.1
108.7
91.0
100.0
107.5
132.1
152.3
106.2
127.1
82.0
88.0
111.6
104.1
109.7
113.1
111.0
112.3
119.8
96.9
73.5
50.7
54.4
70.0
80.4
93.0
111.2
85.1
100.0
114.5
167.5
242.3
120
129
110
121
142
139
146
152
147
148
152
131
105
Adjusted
Unad- Unadjusted justed
82
89
92
107
111
89
101
109
130
138
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
124
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
78
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
110.4
110.7
110.4
110.8
112.4
112.5
113.1
114.1
115.6
117.1
117.7
120.6
122
116
113
113
117
122
122
124
127
131
134
138
117
114
112
112
117
122
120
124
132
136
136
136
135
123
118
116
124
133
136
143
151
155
157
164
113
110
107
107
110
114
113
112
112
116
120
124
120
115
118
120
118
119
118
113
117
114
119
119
75
63
62
64
64
74
85
90
93
95
111
115
53
56
57
62
64
69
77
82
82
85
87
90
93
68
66
66
65
77
91
98
101
103
130
136
102.4
101.9
102.0
101.1
101.9
102.6
103.3
104.6
105.3
106.5
108.1
109.7
105.9
104.8
103.5
102.4
102.8
103.7
105.2
108.1
109.7
112.0
114.6
116.8
104.0
104.2
103.8
102.6
102.1
102.5
103.1
107.8
112.2
114.8
116.0
117.4
107.4
107.2
107.9
105.8
105.8
107.6
106.6
115.1
122.1
126.9
127.5
134.1
111
105
100
103
106
111
110
112
112
110
116
119
92
90
89
89
89
91
92
98
97
94
100
101
79.4
78.7
78.4
78.6
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0
100.5
121.3
123.5
125.4
128.2
133.7
138.9
140.3
143.2
144.4
146.3
147.5
153.9
140
143
147
144
154
159
160
160
161
164
167
167
136
140
145
144
155
160
159
163
167
168
167
164
170
175
179
180
191
196
200
200
202
208
209
213
123
126
128
131
135
139
138
139
138
139
143
141
120
119
126
96
121
127
126
128
132
134
133
134
103
99
94
103
101
117
139
152
161
145
138
123
84
76
74
101
115
112
105
87
74
69
117
118
109
121
111
129
158
184
206
192
189
167
110.3
111.5
111.7
111.8
113.6
115.3
117.1
118.4
118.9
119.2
119.8
120.3
118.9
121.3
123.3
126.3
129.5
133.0
136.1
137.8
138.7
139.7
139.9
141.0
116.9
120.0
122.7
125.8
128.6
132.0
135.5
138.4
141.2
141.8
141.3
141.1
132.6
140.3
145.9
150.2
161.3
170.5
172.0
178.8
184.8
190.2
188.6
195.1
122
124
126
112
135
139
138
139
130
127
135
137
101
103
103
104
105
104
115
134
116
105
116
111
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.3
110.2
110.5
r
155.2
r
157.1
r
159.1
r
171
172
172
173
174
176
178
183
187
191
195
197
165
167
168
172
175
177
180
187
193
195
195
194
221
225
230
234
239
244
249
258
265
275
279
285
143
142
139
139
138
136
138
140
142
144
148
149
133
133
126
125
126
127
126
130
131
129
130
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
130.5
142.2
143.7
145.3
147.1
149.1
150.9
153.4
155.1
156.9
158.9
160.9
164.4
139.8
142.3
144.3
146.3
148.0
149.9
153.4
157.1
159.6
160.7
161.9
164.5
200.7
208.2
215.1
221.4
228.7
234.5
242.7
254.8
261.8
270.9
280.4
287.9
140
139
137
143
143
141
142
143
136
133
134
134
138
126
124
117
108
104
121
130
123
128
138
125
96.0
96.7
97.6
98.7
98.8
98.6
98.7
99.2
99.6
100.0
100.3
101.0
112.0
112.9
114.3
115.1
116.0
116.4
117.0
117.5
117.8
119.0
119.8
120.4
199
202
202
203
203
202
^205
194
197
199
201
204
203
291
295
298
301
303
302
149
150
147
147
147
147
P147
125
131
133
131
130
118
145
102
85
63
52
45
79
56
42
33
31
32
198
140
119
87
68
55
p
50
130.4 167.1 164.8
130.5 167.9 166.4
129.9 168.6 167.6
129.3 168.5 167,7
128.4 168.2 167.2
128.9
169.7 168.7
P
128.6 PI69.5 '169.5
290.9
297.5
304.5
309.7
313.5
317.9
135
141
136
141
141
133
146
143
168
136
128
125
129
101.9
102.5
103.4
103.7
104.1
103.8
103.2
e
103.2
120.7
121.0
122.8
124.1
125.1
124.8
123.8
163.4
165.4
r
169.6
r
172.8
r
176.2
r
178.4
r
183.0
r
189.2
r
193.4
r
196.5
r
200.6
r
204.4
r
207.3
r
208.7
211.5
r
Hi
e
e
146
99.8
100.4
100.2
100.1
100.7
l
Preliminary. * Average per working day. Revised.
Estimated. Department of Commerce series on value of payments to individuals.
For indexes by groups or industries, see pp. 880-883; for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771.
Based on F. W. Dodge Corporation data; for'description, see p. 358 of BULLETIN for July 1931; by groups, see p. 886 of this BULLETIN.
of Labor
agricultural employment covers employees only and excludes personnel in the armed forces.
s For sales comparisons by cities and by departments see pp. 888-889 of this BULLETIN.
«,,«.,.,***
i
J
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and September 1941, pp. 933-937; for factory employment and pay
rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, October 1938, p. 918, and January 1941, p. 65;
for freight car loadings, June 1941, pp. 529-533.
SEPTEMBER 1943
879
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1943
Industry
Industrial Production—Total
Manufactures—Total
Durable
Nondurable*
Iron and Steel
Pig iron
Steel
Open hearth and Bessemer
Electric
Machinery
--
June
July
Aug.
Sept.
176
178
183
187
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
191
195
197
199
202
202
203
203
184
188
193
197
203
244
136
249
138
258
140
265
142
275
144
198
196
197
199
194
216
178
489
192
216
175
506
190
218
177
507
• • • 287
289
396
425
June July
202
p
p
205
217
210
212
215
215
2,6
217
217
279
148
285
149
291
149
295
150
298
147
301
147
303
147
302
147
^147
207
203
200
204
208
210
209
208
201
203
194
219
179
503
199
229
186
536
199
,224
182
527
197
179
523
197
226
182
542
201
2U
185
560
202
233
188
559
197
235
186
580
196
233
184
584
190
227
177
583
191
229
180
577
299
310
320
329
340
348
352
359
362
365
368
371
458
479
507
525
547
559
572
583
597
606
618
207
Government Arsenals and Quartermaster Depots
Transportation Equipment.
Aircraft....
Automobile bodies, parts, and assembly
Railroad cars
•
Locomotives
Shipbuilding
Private yards
Government yards
Nonferrous Metals and Products.
p
622
p
m
112
116
124
129
135
141
146
151
155
158
159
162
165
186
188
191
193
192
197
202
200
199
192
194
194
195
p
131
133
129
125
129
128
127
124
129
124
125
126
124
p
127
139
130
137
125
136
119
136
123
141
122
139
119
144
116
139
121
144
114
144
115
144
117
143
113
144
189
Nonferrous metal# smelting
Copper smelting
Zinc smelting.
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
Lumber and Products
Stone Clav and Glass Products.
Cement
XJnglazed brick
Glass containers
Polished nlate glass
. .
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption
WToolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products ...
Leather tanning
Cattle hide leathers
Calf and kip leather*
Goat and kid leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese
Canned and dried milk .
1
147
140
145
152
152
153
148
171
92
163
37
169
90
145
32
177
87
153
30
182
184
180
165
163
38
162
37
169
39
171
152
154
154
156
156
158
143
169
169
145
166
168
144
169
169
146
172
170
147
172
174
148
171
177
151
46
194
165
166
172
160
43
208
175
176
184
154
27
206
173
173
177
155
34
198
175
168
179
156
43
205
178
171
175
121
116
113
HI
122
143
88
94
120
119
144
89
79
115
117
141
95
70
110
115
136
96
76
108
p
156
169
156
146
134
131
124
114
199
197
39
194
200
°188
46
188
50
145
163
178
147
171
180
161
43
212
182
175
180
163
44
218
184
175
185
117
117
120
143
94
82
115
118
139
94
81
116
p
47
154
157
150
171
181
145
166
181
147
169
185
154
29
208
176
167
177
166
39
230
190
177
187
163
40
228
187
172
182
157
38
214
179
165
177
158
31
111
181
171
r
177
160
30
226
187
173
179
117
122
118
112
116
116
112
118
139
9?
84
116
111
142
95
89
122
118
136
93
89
118
113
127
92
93
111
115
131
91
90
117
117
134
92
90
115
107
122
86
86
115
p
143
143
102
106
105
101
108
115
126
129
138
145
105
168
168
143
154
108
169
164
143
153
108
165
172
*140
*>139
3*136
*14O
*141
102
156
167
100
145
168
98
141
156
103
138
169
107
148
166
146
160
155
144
160
183
138
148
42,
157
147
166
181
p
152
U5
208
38
40
138
134
149
157
145
p
p
155
163
39
144
126
157
p
155
P
152
126
130
p
Ul
110
148
166
p
U\
110
148
159
p
150
p
148
121
117
^140
^137
109
146
158
103
143
155
p
148
118
p
151
153
^182
p
110
PIII
p
U5
118
p
m
104
148
148
p
Preliminary.
eliminary.
* Included in total and group indexes but not available for publication separately,
Revised.
Pr
B
i i
iin JJanuary 1942
i
1942 includes
industrial alcohol produced in the alcoholic beverage industry. Figures not avai
lilable for publication separately.
Beginning
88o
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 1001
1943
1942
Industry
A
!
Sept.
Oct.
Mar.
Apr.
May
153
180
134
76
117
161
154
189
127
73
108
156
143
179
113
61
111
156
162
216
111
60
123
151
163
229
96
62
117
150
105
123
112
103
94
105
106
131
122
146
133
123
111
125
127
62
159
37
159
42
159
63
161
35
157
31
141
21
139
23
144
28
144
136
160
140
131
131
133
120
118
132
105
139
85
96
142
78
95
166
83
Nov.
Dec.
Jan.
June
July
153
177
137
103
104
140
146
168
130
103
116
147
153
174
136
113
127
146
159
187
129
127
137
153
145
157
133
129
141
152
147
167
122
128
156
159
158
193
119
107
156
165
145
170
126
76
122
165
Beverages
104
122
135
139
126
122
111
M a l t liquor
Whiskey
Other distilled spirits
Rectified spirits .
104
63
61
163
118
96
83
183
133
82
71
223
147
49
35
238
134
14
62
226
146
122
126
130
133
141
Manufactured Food
Products—Continued
M e a t packing
Pork a n d lard
Beef
Veal
L a m b and m u t t o n
. ..
Other manufactured foods
Alcoholic
Tobacco Products
...
Cigars.
Cigarettes
Manufactured tobacco and snuff....
Paper and Paper Products1
.
Paper and pulp .
Pulp
Groundwood pulp. . . .
Soda pulp
Sulphate pulp. . . .
Sulphite pulp
Paper
Paperboard .
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Printing
and Publishing2
Newsprint consumption
Petroleum and Coal
Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene . .
Coke
By-product coke
Beehive coke
Chemicals..
.
.
Aug.
Feb.
June
112
136
94
109
146
89
112
152
88
107
159
91
116
166
102
98
167
98
200
166
94
127
162
94
116
153
86
101
159
87
108
160
87
134
125
131
132
135
135
132
133
135
135
134
136
135
135
177
116
129
228
173
129
120
138
103
110
178
139
125
164
113
127
211
157
119
109
132
103
109
148
127
132
169
117
125
221
161
126
123
125
108
113
161
132
133
162
112
126
211
154
128
131
125
106
117
166
125
137
162
114
137
208
153
134
136
130
107
130
163
128
137
159
111
141
200
149
134
137
133
100
129
174
123
133
152
104
131
195
143
130
134
127
97
121
175
120
135
147
103
96
199
140
133
137
127
92
124
177
125
137
149
107
95
200
142
135
14?
123
93
127
170
129
137
146
103
91
199
137
136
150
120
90
122
170
127
136
149
100
r
90
204
141
134
150
119
89
119
163
125
139
154
102
92
211
147
136
150
129
89
119
r
168
130
137
145
105
84
186
145
136
152
126
91
124
180
118
104
106
111
109
116
118
114
113
113
no
110
111
112
97
103
108
101
102
110
106
102
99
97
100
102
100
115
118
121
122
123
123
119
117
120
118
120
121
123
108
101
123
123
103
164
153
539
111
105
127
117
105
163
153
502
1H
109
130
117
106
165
155
505
116
109
137
112
107
166
155
523
117
111
137
113
112
166
155
524
117
110
138
114
110
166
156
500
112
104
137
113
99
166
156
498
109
99
137
111
104
166
157
485
113
102
143
114
117
169
158
543
110
99
137
118
118
169
158
551
113
101
144
114
121
169
159
519
114
104
137
116
122
166
157
481
118
109
138
120
126
157
152
323
172
174
173
179
187
197
205
210
213
211
218
221
227
July
*178
P
242
P
113
P149
p
iu
143
91
p
114
104
161
152
462
p
228
*
Rubber Products
Rubber consumption
Tires and tubes
P n e u m a t i c tires
Inner tubes
Minerals—Total
.
Fuels
Bituminous coal
Anthracite
Crude petroleum
Metals ......
Metals other than gold a n d silver
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver
*
*
*
*
*
p
137
127
126
130
131
129
130
125
131
131
130
118
121
121
126
129
127
130
126
124
131
133
131
129
115
p
144
117
113
141
122
112
140
118
121
150
129
120
145
117
121
154
124
121
143
105
121
145
102
118
157
129
121
161
128
122
151
129
124
143
124
125
103
74
124
p
159
155
152
145
139
133
132
132
133
133
r
132
134
137
193
235
r
193
235
197
242
201
249
199
236
197
241
196
239
189
227
183
218
181
211
127
187
223
189
232
193
234
133
137
l55
^129
p
130
J>199
256
*
*
*
104
98
99
88
82
74
73
73
72
72
70
72
hen figures were last reported.
753-771 and 825-882.
SEPTEMBER
1943
881
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
Industry
June July
Aug. Sept. Oct. Nov. Dec
Jan.
Feb. Mar.
Apr. May
June
July
Industrial Production—Total.
177
180
187
193
193
195
194
194
197
199
201
204
203 P207
Manufactures—Total
185
189
196
203
205
206
207
208
211
212
215
217
218
P219
Durable
Nondurable1..
246
136
251
139
260
144
267
151
276
148
279
147
283
146
287
143
292
146
296
144
300
145
304
147
304
148
^306
198
196
197
207
203
210
209
208
201
203
194
216
178
489
192
216
175
506
190
218
177
507
194
219
179
503
199
229
186
536
199
224
182
527
197
221
179
523
197
226
182
542
201
231
185
560
202
233
188
559
197
235
186
580
196
233
184
584
190
227
177
583
191
229
180
577
287
289
299
310
320
329
340
348
352
359
365
368 P371
396
425
458
507
525
547
559
572
583
606
618 P622
124
135
146
151
155
158
Iron and Steel....
Pig iron
Steel
Open hearth and Bessemer..
Electric
Machinery
204
Government Arsenals and Quartermaster Depots...
Transportation Equipment
Aircraft
Automobile bodies, parts, and assembly
Railroad cars
Locomotives
Shipbuilding
Private yards
Government yards
Nonferrous Metals and Products
112
186
188
191
193
135
197
200
597
165 P168
192
194
195 p188
194
Nonferrous metal smelting..
Copper smelting
Zinc smelting.
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
Lumber and Products.
138
140
138
Lumber
Furniture...
Stone, Clay, and Glass Products.,
138
139
141
137
139
136
158
151
160
183
115
171
37
186
111
151
32
195
104
167
30
152
154
143
169
169
145
166
168
Cement
Unglazed brick
Glass containers
Polished plate glass. .^
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption....
Apparel wool consumption...
Woolen yarn
Worsted yarn
Woolen and worsted cloth
114
119
125
91
139
106
144
115
144
138
99
144
132
139
126
126
159
39
187
38
184
40
185
39
158
156
157
160
148
171
177
145
163
178
147
171
180
150
171
181
156
43
205
178
171
175
161
43
212
182
175
180
163
44
218
184
175
185
154
29
208
176
167
177
117
115
121
145
96
81
115
121
144
97
79
111
125
118
139
157
101
144
139
186
156
171
39
154
144
169
169
163
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Manufactured Food Products...
Wheat flour
Cane sugar meltings
Manufactured dairy products..
Ice cream
Butter
Cheese
Canned and dried milk....
107
135
119
141
91
85
110
P156 P151 P150
118
119
PUS
ioi'
158
154
"is'
106
109
121
*
^88
82
101
117
122
144
93
89
118
123 p125
144
149 PU1
154
137
131
197
46
157
194
42
155
214
47
157
154 P151
147
166
181
145
166
181
147
169
185
144
160
183
166
39
230
190
177
187
163
40
228
187
172
182
157
38
214
179
165
177
158
32
222
181
171
r
177
160
30
226
187
173
179
123
114
116
114
110
128
151
98
93
119
113
128
90
93
115
115
131
88
93
117
114
132
104
116
88
86
113
'140
130
141
130 P132
125
143
115
P134 P135 P142
129
123
p
148
114
195
50
p
108
p
157
116
PH9
86
107
126
94
119
141
132
156
108
153
179
133
194
224
146
213
218
r
Revised. p Preliminary.
*1 Included in total andgroupindexes but not available for publication separately.
Beginning in January 1942, includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately.
881
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1943
Industry
June July
Aug. Sept. Oct. Nov. Dec. Jan.
Feb. Mar. Apr. May
June July
Manufactured Food Products—Continued
Meat packing
Pork and lard..
Beef
Veal
Lamb and mutton
Other manufactured foods
.
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
Tobacco Products
Paper and Paper Products1...
Paper and pulp ..
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
..
Paperboard
Fine paper
^
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
.
Printing and Publishing2.
Newsprint consumption...
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil ...
Lubricating oil
Kerosene
Coke
By-product coke
Beehive coke
107
106
127
126
130
129
161
159
23
157
19
141
13
139
13
144
122
123
125
123
13
144
128
138
101
144
85
93
148
89
103
149
86
104
144
86
102
156
80
99
175
84
137
136
137
134
139
150
110
94
203
140
138
150
129
90
126
172
127
138
152
112
93
204
144
136
150
130
89
124
166
125
140
155
113
92
211
147
137
150
133
90
122
167
130
136
143
107
84
184
142
135
152
123
92
121
178
118
111 P103
136
170
105
61
108
137
90
110
105
100
128
123
27
159
38
161
137
132
154
147
83
103
159
91
134
129
132
137
137
159
114
141
200
151
133
137
129
103
127
172
123
131
147
108
127
185
139
129
134
124
98
120
168
120
135
149
107
96
201
140
132
137
128
92
124
172
125
140
154
111
98
206
146
138
143
131
92
131
177
129
132
131
137
114
125
173
147
150
144
140
153
198
146
147
144
142
150
170
166
200
128
131
152
161
116
133
140
140
123
103
94
134
50
36
130
148
53
39
183
152
45
34
223
149
39
48
238
121
13
164
226
111
105
130
159
46
159
132
131
135
144
149
141
113
153
91
115
160
89
123
170
98
140
169
104
117
167
97
133
122
130
134
138
134
174
118
127
226
169
128
120
135
104
108
177
139
121
156
100
119
207
150
115
109
120
101
102
140
127
130
166
100
125
221
161
125
123
118
105
110
161
132
132
159
98
127
211
154
128
131
118
106
116
172
125
138
164
106
137
212
156
134
136
130
107
131
169
128
186
249
119
101
148
158
171
221
126
73
128
145
143
89
103
96
103
109
120
121
114
HI
115
114
116
114
98
90
95
102
109
115
108 *97
98
101
107
106
101
115
117
121
122
123
123
119
116
120
118
121
121
122
108
101
123
123
97
164
153
539
110
105
127
115
97
163
153
502
167
114
109
130
116
101
165
155
505
116
109
137
112
106
166
155
523
117
110
138
114
113
166
156
500
114
101
144
118
124
169
159
519
114
104
137
121
124
166
157
481
199
109
99
137
108
106
166
157
485
209
110
99
137
117
120
169
158
551
181
112
104
137
112
102
166
156
498
206
113
102
143
113
123
169
158
543
170
117
111
137
113
112
166
155
524
192
213
216
221
220
117
109 ^109
138
120
119
161
157
152
152
462
323
P
221
125 133
122 P142
166
Chemicals
158 P166
222 ^218
94
63
111 PP141
142 154
140
171
115
69
105
138
138
151
131
102
110
157
120
.. ,... 150
96
Cigars
Cigarettes
Manufactured tobacco and snuff
162
216
111
62
126
138
147
180
121
67
117
140
149
172
134
104
99
133
91
Rubber Products
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
Minerals—Total...
132
131
136
137
134
132
119
116
122 124
Fuels
121
121
126
129
127
130
126
124
131
133
131
129
115 P137
144
117
113
141
122
112
140
118
121
150
129
120
145
117
121
154
124
121
143
105
121
145
102
118
157
129
121
161
128
122
151
129
124
143
124
125
103
74
124
195
192
194
184
176
143
79
68
69
85
154
164
266
382
264
393
264
388
249
358
239
335
192
229
93
19
80
85
114
60
234
321
251
359
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver
r
••
69
p
155
p
130
398
*
100
97
97
89
82
75
73
73
73
n
71
72
v
Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last
reported.
2
Includes also printing paper production shown under Paper.
NOTE.—For description and back figures, see BULLETIN for September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882.
1
SEPTEMBER
1943
883
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
1942
June
Total
Durable goods
Nondurable goods..
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
149.9
188.9
119.2
161.3
141
246
112
125
100
158
135
171
226
269
July
1942
Mar.
May
153.4 167.6 "167.7 167.2
193.9 224.3 225.6 225.9
121.4 122.9 122.0 120.9
162.5
140
250
112
123
103
159
132
176
229
271
174.1
135
281
91
124
115
195
154
198
263
292
Electrical Machinery
203.6 209.1
267.4
Machinery, except Electrical
Machin ery and machine shop products.
Tractors
Agricultural, excluding tractors
Pumps
204.0
207
143
131
274
90
207.0
210
146
125
275
94
233.3
239
157
124
307
Refrigerators
Apr.
174.4
135
284
93
125
114
196
158
198
264
290
173.2
135
279
96
125
115
196
160
196
r
262
290
268.- 268,
234.1
241
r
157
126
312
150
235,
243
r
158
129
315
151
June
July
128.1
121
125
118
134
Textile-Mill and Fiber Products
Cotton goods except small wares...
Silk and rayon goods
Woolen and worsted manufactures.
Hosiery
Knitted underwear
Dyeing and finishing textiles
Carpets and rugs, wool
113.4
129
88
123
79
119
102
89
Apparel and Other Finished Textiles..
Men's clothing, n.e.c
Shirts, collars, and nightwear...
Women's clothing, n.e.c
Millinery
1943
July
Mar.
Apr.
245.7
197
384
146
200
147
261
203
264
372
456
297.6
215
492
138
232
190
341
278
350
503
545
301.7
417.7
All
239
228
614
422.3
429
r
243
238
633
244
172.7
236.3
192
375
140
204
136
262
203
248
372
424
241.5
193
383
142
203
139
260
207
258
380
446
303.5
111
495
150
242
194
359
299
356
501
553
305.6
116
498
161
249
196
363
299
362
494
547
458.9
470.2
427.2
434
r
245
248
645
250
428.0
436
237
264
647
196.1
160
176
200.8
164
181
178.9
171
181.1
174
187.7
183
145
138
191
190.2
185
146
140
190
180.7
216
135
205
108
184
159
147
179.4
211
135
207
108
184
159
144
174.8
170
139
144
123
164.3
163
136
131
97
161.7
159
138
131
158.1 155.9
152
151
144
141
153.0
150
137
150.8
149
134
in
270.9
273.4
310.0
317.2
500
143
239
189
360
293
355
505
544
325.7 453.7 454.7
236.7
244
162
136
319
236.9
325.8
321
190
199
497
337.9
335
197
195
526
339.1
337
199
179
521
263
293
177.8
148
152
190.2
159
160
189.4 179.4 186.2
151
157
144
162
170
171
108.
105
109.1
105
109.9
162.7
157
161.3
153
157.1 r174.9 r177.9
170
172
150
125.7
115
126
116
132
122.0
123
106
93
136
122.3
124
104
92
134
121.5 122. b
125
103
102
90
91
132
1?9
122.2
168.9
161
152
154
174
167.6
151
161
155
171
163.2
141
162
153
163
113.0
129
88
123,
78
118
102
90
111.1
127
82
117
77
114
107
94
109.6
126
81
115
75
112
104
93
108.3
124
80
114
74
111
103
91
107.8
123
80
113
74
110
107,
91
106.6
160.6
196
128
184
94
166
137
117
161.1
196
128
187
93
167
132
124
162.0
193
126
201
91
166
135
125
110.6 109.7
113
110
97
97
84
85
65
67
114.4 112.6
110
111
89
90
92
93
91
96
109.3
107
86
89
107.7
106
86
105.3
150.9
157
142
118
71
132.9
144
136
92
59
135.2
139
135
101
64
Leather and Leather Products.,
Leather
Boots and shoes
108.6 107.7
107
105
98
98
101.9
103
91
94.7
151.7
146
141
148.3 148.7
144
147
137
137
Food and Kindred Products
Slaughtering and meatpacking .
Flour
Baking
Sugar, beet
Confectionery
Beverages, nonalcoholic
Malt liquors
Canning and preserving
110.8
144
100
106
46
95
112
115
89
107.7
138
114
110
38
117
115
118
60
Tobacco Manufactures.
Cigarettes
Cigars
99.0 100.2
103
108
100
99
Paper and Allied Products
Paper and pulp.
Paper goods, n.e.c
Paper boxes
117.7
117
121
107
r
113.7
113
118
104
106.5
129
113
107
40
110
119
121
67
99.9 r rggg
124
120
89
91
118.0
109
131
119
w
70
97.0
96.0
99
. 98
86
85
117.7
108
129
120
r
r
250
255
136
128
132
2,692. 9 2.,736.7
1,777.8
,481.3 1,585.5 1,753.22,583.3
286.7 297.1
305.8
183.2 193.4 202.5 283.9
245.9 253.0 260.0 312.1 r 318.5 r 322.0 325.0
252
286
175
190
265
277
183
238
237
221
228
236
234
224
192
204
154
168
198
205
156
109.8
106
123.1
149
102
110
55
102
122
120
142
June
173.3
134
279
102
128
115
198
162
195
111.0
107
99.8
100
89
May
317.9
242.7 304.5 309.6 '313.5
323.9 421.0 430.4 rr 437.1 442.9
163.3 190.7 191.7 192.6 195.8
153
149
Autos... 909.1 982.5 1,378.1 1,399.3 1,412.0 1,441.6 ,450. 11
120.6 127.4
162.3 164..0 167.1 170.4
Automobiles
161.4
180.9 181.0
166.3
179.2 178.
164.9
178.8
Nonferrous Metals and Products
167
134
160
163
130
156
125
Primary smelting and refining
130
123
121
132
124
Lighting
equipment.
116
107
113
115
103
112
Clocks and
watches
Lumber and Timber Basic Products..
114.8 115.3
114.0 114.1 114.
132.0 133.0
Sawmills
91
92
91
109
91
108
Planing and plywood mills
112
113
113
121
113
119
116.2 114.0
108
110
June
168.7 169.5 228.7 234.5
228.5 229.3 300.0 312.1
121.6 122.3 159.0 158.7
Transportation Equipment, except
Furniture and Lumber Products
Furniture
Stone, Clay, and Glass Products...
Glass
Cement
Brick, tile, and terra cotta....
Pottery and related products.
May
185.3
181
141
138
193
181.9
176
137
136
189
182.4
217
135
208
111
184
165
150
r
177.5
169
136
148
144
r
r
181.2
217
135
205
108
185
162
147
r
106.9
128
111
107
40
107
125
124
68
111.5
132
113
109
43
105
134
130
80
118.8
131.5
158
116
124
62
121
126
145
95
139.7
172
122
130
66
123
129
136
124
153.7
175
131
135
73
127
141
150
214
151.3
180
172
146
57
167
131
147
99
158.5
191
163
148
58
158
149
165
117
168.5
201
170
152
64
159
169
182
135
r
96.,
118
86
95.7
118
85
95.0
124.6
129
125
132.0
141
129
133.8
150
126
143., r146.8 r144.4
157
149
155
141
143
144
149.3
159
148
117.7
108
128
121
119.5
111
130
122
119.4
152.,
155
148
135
149.4
153
143
131
144.
147
140
126
173.1
166
179
172
181.9
175
187
180
150.3
170
165
143
59
161
140
156
114
175.5
167
182
176
178.0
170
181
179
Revised.
cover wage earners only.
884
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT A N D PAY ROLLS, BY
INDUSTRIES-Contsuued
(Without Seasonal Adjustment)
[Index~numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry and group
1942
June
Printing and Publishing
Newspaper periodicals
Book and job
99.0
1942
1943
Apr.
Mar.
July
May
June
101.8 100.6
100.4
101.8
96
100
95
105
96
101
96
103
99.3
98
97
Factory pay rolls
96
101
Chemical and Allied Products
Paints, varnishes, and colors
..
Drugs, medicines, and insecticides....
Rayon and allied products
Chemicals, n.e.c
Cottonseed oil
Fertilizers
...
208.3
212.8
254.8 258.3
255.8
257.2
108
134
108
161
61
96
103
136
106
160
66
89
103
159
107
162
117
159
103
161
106
163
93
130
106
167
107
166
83
100
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
120.7
121.5
115.6 116.0
117.3
118.5
110
124
110
125
107
117
110
115
111
116
Rubber Products
Rubber tires and inner tubes
Rubber boots and shoes.
Rubber goods, other.
120.7
126.3
153.8 153.8
153.9
156.4
114
116
116
121
125
118
153
146
140
154
147
139
157
150
141
147.6
147.0
162.8 r164.9
166.0
166.3
136
117
138
96
162
81
163
84
167
84
Miscellaneous Industries
Photographic apparatus..
Games, toys, and dolls
r
.
102
160
107
162
108
155
108
116
153
147
140
r
162
82
July
1943
June
May
May
June
123.0
126.4
112
131
Apr.
Mar.
July
r
r
111.0
110.2
110.0
107
110
107
108
104
111
108
128
295.6
306.1
317.2
409.7 r423.6
140
161
141
218
89
176
134
159
142
221
79
145
128
160
141
225
87
141
141
220
154
255
181
265
147.1
150.0
154.0
166.8 173.9
133
154
135
157
138
163
154
169
159.6
157.6
164.5
176.3
246.2 248.1
250.9
143
170
158
151
165
164
167
172
169
240
239
225
244
248
229
166.8
213.2
186 '
210.1
213.3
283.3 r290.3
192
159
189
127
250
140
101.7
256.5
118.8
161
122.3
121.7
111
126
110
124
r
147
225
157
262
r
r
177
292
155
228
160
265
151
244
189.2
175
189
182.3
171
163
169
178
240
244
228
252
141
432.5
161
234
164
274
142
188
425.2
264.0
257
260
241
r
296.7
265
143
296.2
257
149
Revised.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1943
1942
Group and year
Total
Durable
Nondurable
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
150.9
188.9
121.0
153.4
193.9
121.4
155.1
198 5
120.9
156.9
201.6
121.6
158.9
205.6
122.0
160.9
209.6
122.5
164.4
215.4
124.3
167.1
219.3
126.0
167.9
222.5
124.9
168.6
225.1
124.1
168.5
225.7
123.2
168.2
226.0
122.7
169.7
228.4
123.5
169.5
229.3
122.3
NOTE.—Figures for July 1943 are preliminary. Revised indexes based on new Bureau of Labor Statistics data released in February 1943.
back figures see p. 14 of January 1943 BULLETIN and p . 259 of March 1943 BULLETIN.
For
HOURS AND EARNINGS OF WAGE EARNERS I N MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics!
Average hourly earnings (cents per hour)
Avera ge hours worked per week
Industry and group
May
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—Mill and Fiber Products
Apparel and other Finished Products . . .
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Allied Products
Printing, Publishing, and Allied Industries
Chemicals and Allied Products
Products of Petroleum and Coal
Rubber Products
Miscellaneous Industries .
Feb.
Mar.
Apr.
45.0
46.8
May
June
May
June
Feb.
Mar.
Apr.
45.3
45.2
83.5
84.5
92.4
93.4
94.4
47.0
46.8
92.5
93.3
102.0
103.0
46.4
47.3
49.8
46.5
47.1
49.6
92.3
89.2
94.9
92.7
90.1
96.0
99.9
94.8
103.0
100.8
95.4
103.8
r
95.9
105.0
105.5
101.9
r
96.1
104.7
102.7
96.4
105.5
103.4
97.1
105.8
117.4 118.5
121.5 123.1
100.1 101.4
73.6
71.5
72.2 r 73.4
84.3
83.3
118.9
123.6
101.0
73.9
74.0
84.4
44.5
45.2
46.2
46.4
43.5
46.2
49.5
43.6
46.4
49.7
45.8
46.9
49.6
46.1
47.1
49.7
r
48 0
44.3
44.2
40.8
41.5
40.5
47 7
44.4
44.6
41.1
41.5
40.1
46 7
46.0
45.9
41.9
43.6
41.8
46.8
45.7
46.6
42.4
43.9
42.1
r
r
r
47 5
46.3
47.1
43.8
r
44.6
r
43.0
47.1
46.2
47.0
44.4
44.6
43.2
106 3
116.3
89.3
63.2
65.2
76.2
106.5
116.1
90.4
65.7
65.3
77.2
115.2
121.1
98.6
68.7
70.6
82.2
116.4
121.7
99.0
70.0
71.5
82.8
40.1
39.9
42.0
42.3
H2.5
r
42.8
42.8
71.2
71.8
77.3
78.2
79.0
41.7
r
39.0
40.2
43.3
r
40.0
45.3
r
39.8
r
45.5
43.5
45.1
46.4
r
4l.9
r
41.6
38.1
39.8
44.9
41.0
45.7
40.1
45.7
45.6
46.0
46.5
58.9
62.0
67.5
72.5
57.1
72.7
94.6
84.6
102.1
91.2
76.8
59.3
60.9
67.8
72.7
58.1
74.2
95.3
85.8
102.7
92.1
76.6
65.4
67.3
72.0
77.1
60.3
78.1
97.1
89.0
109.2
97.7
84.6
65.7
70.0
72.9
77.7
61.3
78.2
98.2
89.2
1091
99.2
85.5
66.0
70.4
73.9
78.8
62.0
79.0
r
98.8
r
90.1
111.1
99.8
r
87.O
40.3
36.8
38.6
40 9
37.7
41.6
42^7
39.1
41.4
44.0
40.2
35.4
38.1
41.5
38.5
40.6
38.0
42.8
39.0
41.5
43.9
41.5
38.2
40.2
42.9
38.5
44.5
39.5
44.6
42.4
44.6
46.0
41.6
38.8
40.4
43.4
39.5
44.9
39.8
45.0
42.6
45.1
46.6
47.5
45.9
46.8
43.1
r
44.5
42.7
r
38.4
40.2
44 7
r
40.2
45.6
r
39.9
r
45.6
44.5
45.4
46.4
r
Revised.
NOTE.—Revised data based on the classification of the 1939 Census of Manufactures.
June
104.0
42.9
45.2
46.2
47.0
49.8
May
r
95.4
44.7
42.9
. .
June
1943
1942
1943
1942
r
r
r
r
79.7
80.4
66.4
69.3
74.7
79.7
62.9
79.4
r
99.9
r
91.0
112.2
100.5
r
88.0
66.5
69.9
75.2
80.3
64.5
79.8
100.8
92.0
112.9
102.4
87.8
r
Back figures are available from the Bureau of Labor Statistics,
(Table of "Estimated Employment in Nonagricultural Establishments by Industry Division" appears on p. 893.)
SEPTEMBER 1943
885
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]
July. .
August
September
October
November
December
.
Year
1942
1943
1942
1943
1942
1943
316.8
433.6
610.8
498.7
673.5
1 190.3
943.8
721.0
723.2
780.4
654.2
708 7
350.7
393.5
339 7
303.4
234 4
229.6
102.8
168.0
219.3
162.1
148.0
185.5
127.4
100.6
126.7
161.2
156.7
159.7
110.8
93.3
71 8
79.4
63 3
61.5
75.4
84.5
112.7
145.1
178.0
271.8
303.5
261.1
377 8
240.3
106.7
70.6
73.1
87.7
63 8
40.7
24.2
53.7
8 255.1
2,227.5
1 817.7
C O N S T R U C T I O N C O N T R A C T S A W A R D E D , BY O W N E R S H I P
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Total
January
February....
March
April
May
Tune
July
August
September...
October
November...
December...
Year
6,007 8,255
1941
124
198
105
310
269
473
184
355
267
569
314 1,105
348
876
520
633
403
661
371
710
298
592
288
664
351
394
340
303
234
230
184
1941
1942 1943
.... 3,492 7,146
35
30
36
50
42
46
61
181
166
211
223
281
225
229
240
220
235
161
144
316
364
304
253
192
183
122
Title I Loans
1935
1936
1937
1938
1939 . .
1940
1941
1942
Property
improvement
320
557
495
694
954
1,026
1,186
1,137
224
246
60
160
208
251
262
141
1942—July
Aug
Sept
Oct
Nov
Dec
97
89
95
99
92
97
11
10
10
11
10
9
1943—Jan
Feb
Mar
Apr
May
June
July
80
64
73
59
72
78
84
7
5
6
7
7
8
7
1943
1942
1943
7.2
22.7
25.2
6.6
9.3
6.9
9.1
9.2
10.7
12.4
10.1
15.4
26.6
47.1
6.2
10.6
11.6
8.9
5.6
4.2
A. 5
5.9
5.3
7.9
21.0
54.2
71.6
46.5
86.0
234.9
124.3
107.7
76.8
103.3
124.1
168.6
68.2
72.7
51.5
43.0
36.5
26.3
90.9
95.9
159.7
101.7
227.7
436.4
327.3
213.2
129.6
246.2
241.0
271.0
85.8
113.0
123.0
127.7
95.8
73.3
302.2
1,219.1
147.9
2,540.6
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]
1943
1942
Small
home
construction
"ii "
25
26
21
15
1
1
*
1
1
1
*
*
1
....^...
*
*
Boston
New York....
Philadelphia..
Cleveland....
Richmond —
Atlanta
Chicago
St. Louis.
Minneapolis..
Kansas City.
Dallas
July
June
July
15,082
12,186
18,595
17,548
35,914
17,768
29,584
8,720
2,066
11,786
14,412
7,313
23,256
10,215
23,534
36,961
40,423
38,310
10,172
6,748
18,978
13,689
37,986
76,997
28,203
79,005
89,972
159,891
118,334
102,656
42,159
107,434
101,159
183,661
229,599
943,796
INSURED FHA HOME MORTGAGES (TITLE II) HELD I N
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
1- to 4- Rental
and
family
group
houses housing
(Title
(Title
II)
II)
94
309
424
473
669
736
877
691
2
2
11
48
51
13
13
6
63
52
48
44
39
39
2
*
31
20
19
16
18
19
21
*
*
War
housing
(Title
VI)
"l3 "
284
21
25
37
42
43
49
42
39
47
37
47
51
56
* Less than $500,000.
1942
Total (11 districts)
NOTE.—Figures represent gross insurance written during the period and do
not take account of principal repayments on previously insured loans.
886
1943
.... 2,515 1,109
[In millions of dollars]
Total
1942
1942 1943
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
Year or month
1943
Federal Reserve district
1942 1943
305
317
270
434
480
611
407
499
549
674
539 1,190
577
944
760
721
623
723
606
780
459
654
432
709
17.7
21.8
36.8
30.9
23.8
46.2
34.7
21.3
6 1
18.9
14.1
30.0
utilities
Other
Private ownership
Public ownership
Month
1941
1942
Public works
and public
Educational
Commercial
Factories
January
February...
March
April....
May
j une
Nonresidential build ing
Residential
building
Total
Month
End of month
Total
Commercial
banks
Mutual
sav-
Savings
and
loan
Insur- Fedance eral
com- agen- Other2
ciesl
panies
associbanks ations
1936—Dec
1937—Dec
1938—Dec
1,199
228
430
634
27
38
56
110
149
41
118
212
5
32
77
27
53
90
1939—June
Dec
1,478
1,793
759
902
50
71
167
192
271
342
137
153
94
133
1940—Mar
June
Sept
Dec
1,949
2,075
2,232
2,409
971
1,026
1,093
1,162
90
100
111
130
201
208
216
224
392
432
480
542
171
182
190
201
124
127
141
150
1941—Mar
June
Sept
Dec
2,598
2,755
2,942
3,107
1,246
1,318
1,400
1,465
146
157
171
186
230
237
246
254
606
668
722
789
210
220
225
234
160
154
178
179
1942—Mar
June
Dec
3,307
3,491
3,620
1,549
1,623
1,669
201
219
236
264
272
276
856
940
1,032
237
243
245
200
195
163
365
771
1
T h e R F C Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding
terminated mortgages and cases in transit to or being audited a t the Federal Housing Administration.
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND I M P O R T S
[In millions of dollars]
Merchandise imports2
M e r c h andise e x p o r t s 1
Excess of exports
Month
1939
1940
1941
1942
1943
1939
1940
1941
1942
695
?669
?927
178
158
190
242
200
217
229
234
268
254
254
272
P228
P234
2>249
35
61
77
128
147
134
96
69
89
228
226
355
l,124
PI,069
PI,004
186
202
179
212
211
211
287
297
280
235
191
215
p
45
47
57
111
112
138
100
88
50
482
345
433
650
704
732
169
176
182
232
221
195
278
282
262
213
186
196
61
74
107
84
130
101
87
178
162
437
518
536
666
492
653
802
787
873
215
235
247.
207
224
253
304
281
344
200
168
359
117
57
121
137
104
69
362
211
309
602
619
514
2,086
3,490
1,294
1,594
1,420
322
770
492
2,070
1939
1940
1941
1942
January
February
March
213
219
268
370
347
351
325
303
357
481
480
628
April
May
June
231
249
236
323
324
350
387
385
330
717
536
648
July
August
September
230
250
289
317
351
295
365
460
425
October
November
December
332
292
368
344
328
322
1,416
2,064
January-June
1943
3p
P
5,488
1,094
258
-P281
P302
PI ,552
1943
*>466
H35
p
678
3p
866
P788
P702
^3,936
P1 Preliminary.
Including both domestic and foreign merchandise.
2
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
3
Figure overstated owing to inclusion in April export statistics of shipments valued at 160 million dollars actually exported in first three months of 1943,
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
REVENUES, EXPENSES, AND JNCOME OF CLASS 1
RAILROADS
[In millions of dollars]
[Index numbers; 1935-39 average=100]
Total
Coal
Forest
Coke Grain Livestock prod-
Ore
ucts
Annual
1939
1940
1941
1942
Mis- Mereel- chanlane- dise
ous I.C.I.
Total
railway
operating
revenues
Annual
1939
1940
1941
1942 .
101
109
130
138
98
111
123
135
102
137
168
181
107
101
112
121
96
96
91
104
100
114
139
155
110
147
183
206
101
110
136
146
August
September....
October
November
December
143
141
142
143
136
133
134
134
163
161
155
154
135
121
125
116
197
198
205
208
188
180
176
177
115
113
95
106
126
130
126
143
98
103
90
106
102
110
114
117
155
160
172
165
154
149
140
137
289
183
180
176
174
221
221
210
142
144
149
152
146
144
144
146
SEASONALLY
ADJUSTED
62
60 1942—May
June
57
57
July
55
August
56
September
58
October
59
November......
1943—January
February
March........
April
May
......
June
July.... . . . . . .
135
141
136
141
141
133
146
119
127
140
158
156
119
172
161
154
182
208
195
180
207
157
170
152
145
144
143
119
102
113
130
135
117
118
112
133
138
138
110
115
140
150
202
193
216
209
209
171
178
149
153
141
142
143
144
148
57
61 1943—January
61
February
62
March
April
62
63
May
64
June..,
139
135
132
136
142
138
139
132
181
178
177
175
184
180
186
193
99
111
138
129
139
139
123
130
88
81
161
166
July
August
September....
October.......
November.....
December.....
138
139
142
144
152
150
140
126
76
100
135
173
173
167
158
138
122
303
318
325
308
304
260
206
59
144
145
148
152
162
163
150
135
UNADJUSTED
62
60 1942 May
June
57
July
57
57
August
58
September
59
October
56
November......
1943—January.......
February
March
April..........
May
June.
July
124
130
130
132
137
132
146
135
145
144
133
132
100
146
193
189
189
183
179
162
178
138
142
131
124
123
140
172
98
90
92
105
101
86
97
117
129
133
138
143
145
150
50
48
56
106
269
297
323
132
137
138
143
145
146
147
55
58 1943—January..
62
February
63
March
62
April
63
May
63
June
SEASONALLY
ADJUSTED
1942—May
June
July
97
96
100
69
3,995
4,297
5,347
7,466
December.
....
Total
railway
expenses
3,406
3,614
4,348
5,985
Net
railway
operating
income
Net
income
589
682
998
93
189
500
959
1,481
88
519
539
535
533
563
554
131
128
124
130
128
128
159
155
85
79
85
82
81
121
110
710
744
740
767
783
749
577
591
616
623
624
629
134
153
124
144
159
120
92
111
82
101
118
P78
601
624
665
684
698
746
690
703
491
505
532
549
543
561
541
532
119
133
135
155
185
149
171
11°
64
78
90
89
105
136
111
137
671
664
756
749
759
747
566
557
627
622
631
638
105
106
130
127
128
110
63
62
85
83
86
P71
618
627
643
669
663
661
722
708
r
487
499
UNADJUSTED
1942—May.
.......
June..........
169
144
113
December
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for I
Revised. p Preliminary. #
June 1941. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtained
tion of American Railroads. Total index compiled by combining indexes for classes from the Division of Research and Statistics. Basic data compiled
with weights derived from revenue data of the Interstate Commerce Commission, (by the Interstate Commerce Commission.
SEPTEMBER 1943
887
DEPARTMENT STORE STATISTICS
[Based on value figures]
M O N T H L Y I N D E X E S O F SALES A N D S T O C K S
WEEKLY INDEX OF SALES
[Daily average sales; end-of-month stocks. 1923-25 average = 100]
[Weeks ending on dates shown. 1935-39 average = 100]
1941
1940
1942
1943
Without seasonal adjustment
Unadjusted
Seasonally adjusted
1940
1941
1942
1943
January
February
March
April . . . .
May
June
July.
August
September....
October
November . . . .
December
92
90
89
89
89
91
92
98
97
94
100
101
138
103 ' 126
124
103
117
104
105
108
104
104
121
115
130
134
123
116
128
105
138
116
101
111
143
168
136
128
125
129
142
125
Year
71
71
86
86
89
87
64
77
105
101
114
79
82
93
106
105
100
79
106
125
112
133
108
99
118
115
108
100
83
103
133
137
157
179
197
222
94
110
124
61
68
71
71
70
64
61
66
73
79
83
66
64
69
75
76
75
73
74
84
95
108
110
87
85
97
111
123
130
130
'128
132
130
128
122
95
69
82
'118
111
132
121
133
125
124
98
STOCKS
January
February
March
April
May
June
July
August
September
October
November
December
1940
3
10
17
24
Mar. 2
9
16!....
23
30
Apr. 6
13
20
27...
May 4 . . .
11...
18...
25...,
June 1
15...
22...
29...
July 6 . . .
13...
20...
27...
Aug. 3 . . .
10...
17...
24.
31.
Sept. 7.
14.
21.
28.
Oct. 5.
...
68
71
70
68
68
68
68
69
70
70
72
71
71
73
73
73
74
76
82
87
91
97
95
92
95
102
109
118
127
136
'142
137
125
115
105
101
Year
102
93
91
87
90
98
110
92
89
93
90
92
93
99
r
Revised.
Back figures.—Sales, see BULLETIN for August 1936, p. 631, and subsequent issues. Stocks, see BULLETIN for March 1938, p. 232, and subsequent
issues.
1941
Feb. 1 . . . 9 4
8 ...95
15 . . . 9 7
22 . . . 8 8
Mar. 1 ...101
8 ...97
15 ...105
22 ...111
29 ...117
...131
...136
19 ...117
26 ...114
May 3 ...124
10 ...128
17 ...110
24 ...117
31 . . . 109
June 7 ...127
14 ... 120
21 ...107
28 ...109
July 5 . . . 8 6
12 . . . 9 3
19 . . . 8 9
26 . . . 8 7
Aug. 2 ...102
9 ...116
16 ...113
23 ...119
...152
Sep 30 ...122
...133
20 ...131
27 ...148
Oct. 4 . . . 169
1942
1943
Jan. 31.. ...121 Jan. 30 121
Feb. 7 . . ...114 Feb.
6
136
14.. ...116
13
163
21.. ...110
20
146
28.. ...119
27
150
Mar. 7 . . ...125 Mar. 6
142
14.. ...131
13
134
21.. ...140
20
137
28.. ...147
27
143
Apr. 4 . . ...160 Apr. 3
149
11.. ....120
10
153
18.. ....135
17
154
25.. ....129
24
166
May 2 . . ....134 May 1
127
9.. ....136
8
152
16.. ...115
15
133
23.. ...114
22
137
30.. . . . 95
29
136
June 6 . . ...135 June 5
137
13.. ...117
12
151
20.. ...116
19
148
27.. ...100
26
118
.
.
.
.
84
July
3
116
JU
....102
10
101
. . . . 93
17
Ill
24
109
18.. . . . . 92
31
107
25.. . . . . 96
117
Aug. 1. ....110 Aug. 7
14
118
8.. ....113
21
132
15.. ....116
28
22.. ....132
29.. ....153 Sept. 4
11
Sept. 5 . . ....129
18
12.. ....137
25
19.. ....155
26.. ....173 Oct. 2
Oct. 3 . .
Back figures.—See BULLETIN for April 1941, p. 311, and subsequent issues.
Feb.
SALES
M::
M::
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
July June Seven
mos.
1943 1943 1943
July June Seven
1943 1943 mos.
1943
United States..
Boston
New Haven
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Albany
Binghamton
Buffalo
Elmira
Niagara Falls..
New York City
Poughkeepsie...
Rochester
Schenectady
Syracuse
Utica
Philadelphia
Trenton
Lancaster
Philadelphia....
Reading
Wilkes Barre...
York
Cleveland
Akron
Cincinnati
Cleveland
Columbus
Toledo
+24
+15
+8
+34
+14
+14
+15
+19
+10
+13
+25
+4
+6
+15
+8
+18
+4
- 7 '+13
+12 +8
+47
+9
-4
+28
+9
+14
+4
+5
+17
+25
+11
+27
+16
+10
+18
+13
+13
+18
+21
+13
+16
+28
+27
+29
+20
—3
+34
+19
+15
+21
+16
+15
+25
r
+14
+20
'+25
+15
'+13
'+17
+13
+20
+29
+21
+20
+37
+27
+16
+10 Cleveland (cont.)
+1 Youngstown
+37 Erie
+9 Pittsburgh
+11 Wheeling
+10 Richmond
+7 Washington
Baltimore
Winston-Salem...
Charleston, S. C.
+17 Greenville, S. C .
+12 Lynchburg
-3
Norfolk
+35 Richmond
+8 Charleston.W.Va.
+5 Clarksburg
+8 Huntington
+7
+10 Atlanta
+15 Birmingham
Montgomery
+8 Jacksonville
+20 Miami
+10 Tampa
"...
+9 Atlanta
+11 Macon
Baton
Rouge
+10
+11 New Orleans
Jackson
+11 Chattanooga
+21 Knoxville
+12 Nashville . . .
+7
+30 Chicago
+17 Chicago
—4
0
-6
Chicago (cont.)
Peoria
Fort Wayne....
Indianapolis...
Des Moines
Sioux C i t y . . . . .
Detroit
Flint
Grand Rapids..
Lansing
Milwaukee
+10
+26
+29
+45
+12
+28
+20
+10
+18
/. Louis
Fort Smith..
Little Rock..
Quincy
Evansville...
Louisville
St. Louis
Springfield...
Memphis
+22
+44
+29
+34
+41
+19
+15
+43
+34
Minneapolis...
_|_39 Kansas City..
Denver..
Hutchinson
Topeka
Wichita
+12
+10
Kansas City...
St. Joseph
Omaha
Oklahoma City
Tulsa
+8 +13
+17
+38
+27
+48
+9
+14
+35
+11
+24
r
+28
+41
+36
r
+33
r
+45
+28
+24
+40
+41
+24 +26
+31
+20
+42
+41
+50
-r30
+30
+39
+23
+60
+46
+42
+40
+50
+47
+48
+27
+33
+59
+34
+73
+40
Dallas
+ 1 Shreveport
+9 Dallas
+26 Fort Worth
+21 Houston
+33 San Antonio....
+9
+20 St)an Francisco
+14 Phoenix
Tucson
Baker sfield
Fresno
+17 Long Beach
+33 Los Angeles
+38 Oakland and
+18
Berkeley
+46 Sacramento
+18 San Diego
+8 San Francisco...
+28 San Jose
+32 Santa Rosa
Stockton
+20 Vallejo and Nap;
Boise and
+33
Nampa
+31 Portland
+39 Salt Lake City.
+39 Bellingham
+41 Everett
+28 Seattle
+11 Spokane
+33 Tacoma...
+29 Walla Walla
+58 Yakima
+30
July June Seven
mos.
1943 1943 1943
+50
+28
+59
+54
+45
+37
+50
+18
+69
+71
+42
+34
+43
+14
+50
+47
+35
+44
+24
+31
+59
+35
+41
+21
+23
r
+34
+44
+70
+54
+31
+34
r
+38
+27
+34
+52
+38
+25
+29
+24
+24
+18
+12
+32
+30
+29
+47
+48
+27
+24
'+27
+33
+31
+30
+52
+56
+25
+21
+23
+29
+24
+27
+47
+46
+47
+23
+38
+20
+10
+16
+18
*
*
+46
+57
'+31
+37
+31
+31
+28
+39
+46
+29
+39
+17
+19
+23
+37
+27
+26
+15
'Revised.
* Data not yet available.
888
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES A N D STOCKS, BY MAJOR DEPARTMENTS
Sales during month (value)
Stocks a t end of month (value)
Ratio of stocks
to sales
Percentage change
Percentage change
June
Number
of stores
reporting
Department
June 1943 June 1943 June 1942 June 1943 June 1943 June 1942
from
from
from
from
from
from
June 1942 May 1943 May 1942 June 1942 May 1943 May 1942
1943
1942
GRAND TOTAL—entire store.
343
+27
-7
-27
+1
0
2.7
4.7
MAIN STORE—total..
343
+29
-2
-7
-27
0
2.8
5.1
Women's apparel and accessories.
Women's and misses' coats and s u i t s . . .
Women's and misses' dresses
Blouses,
skirts, sportswear, sweaters, knit
apparel
.
................
Juniors' and girls' wear.
Infants' wear
......
Aprons, housedresses, uniforms
Women's underwear, slips, negligees........
Corsets, brassieres
Hosiery (women's and c h i l d r e n ' s ) . . . . . . . . . .
Gloves (women's and c h i l d r e n ' s ) . . . . . . . . . . .
Shoes (women's and children's). . . . .
Furs
341
320
325
+39
+43
+42
+40
+44
+42
+33
+41
+27
-1
+29
+61
+300
-5
-52
-11
-14
-46
+15
+27
+3
+4
+1
+5
+48
-3
+7
2.2
4.6
0.9
3.6
5.7
1.0
2.0
1.8
2.3
1.0
2.1
2.3
2.9
5.9
2.2
14.7
2.7
2.4
4.8
1.6
4.7
4.9
4.5
11.9
4.5
39.0
Men's a n d b o y s ' w e a r . . . . . . . .
...........
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and s l i p p e r s . . . . . . . . . .
309
220
292
269
164
2.8
2.9
2.6
3.3
3.1
5.6
H o m e furnishings
.................
Furniture, beds, mattresses, s p r i n g s . . . . . . . . .
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves,
etc.)..
Domestics, blankets, linens, etc
China and glassware
Housewares
304
225
230
281
192
282
216
215
+40
Piece goods (dress and coat yard goods, all
materials)
276
112
+42
+35
323
210
310
279
+30
+31
+33
+23
285
+19
+17
+20
+17
+15
+34
+6
301
288
293
276
312
320
334
315
235
248
Cotton wash goods
Small wares
Notions
Toilet articles, drug sundries, prescriptions...
Jewelry and silverware
Miscellaneous
BASEMENT
S N T STORE—total
STO
209
197
158
118
52
130
Women's apparel and accessories . ^
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
+1
+10
-2
-7
+13
-4
-17
-40
+32
-17
-31
-20
-37
-39
-37
-36
-21
+50
+6
+10
+8
-13
-10
-2
-15
+3
+7
+4
+5
-12
+4
+1
-2
-6
+20
-35
-37
-34
-34
-30
-8
-9
-9
-1
-11
-1
+3
-39
-35
-44
-28
0
+2
+1
+5
+1
0
3.9
3.8
4.1
3.3
7.3
6.4
9.8
5.4
-76
—37
-26
—41
-16
—1
-1
+1
+2
+2
+2
2.5
3.4
6.1
3.3
5.1
7.7
9.1
6.5
-17
2.8
1.3
4.7
2.4
+3
-15
-24
-19
-22
-18
-16
-2
-19
+2
-13
-7
-2
-12
-1
+3
+4
+2
+5
+1
3.4
2.7
3.2
3.9
5.4
4.4
5.2
5.8
+7
+7
-31
+4
+4
+3
-5
-7
+19
-21
-17
-27
-21
-33
-38
-1.0
-17
+35
+22
+55
+2
+76
-51
-17
0
-5
—14
^?
_4
-1
-10
-4
-14
-36
-13
-37
-29
+34
+29
+33
+25
+25
+49
+13
+10
+34
+20
+
+8
—18
-13
-12
—22
-19
-5
+2
-3
—6
+32
-18
-6
+41
+24
+15
+40
+1
+9
-17
-19
-32
-20
-23
-5
-1
-17
-6
-2
-2
-3
-6
0
-3
0
-1
-4
+3
+1
+1
6.1
5.0
6.3
6.7
3.3
5.7
2.3
1.9
2.8
2.9
2.9
2.8
3.7
2.8
4.9
5.4
4.4
3.6
NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. 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, A N D COLLECTIONS
Percentage of total sales
[ndex numbers, without seasonal adjustment, 1941 average = 103
Sales during month
Year and month
1942—May
June
July
August
September.
October
November
December
.
Total
Cash
98
96
80
98
120
133
135
208
109
112
97
117
140
160
162
263
100
116
120
129
117
122
97
123
140
147
161
146
r
r
...........
1943—January
February
March
April
May
June
July....
Accounts receivable
at end of month
•.
r
152
126
Instalment
66
54
51
73
76
89
89
112
r
63
70
67
76
61
57
53
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
116
120
109
81
83
106
113
116
53
56
59
58
56
57
58
61
6
5
5
6
6
6
6
5
41
39
36
36
38
37
36
34
142
109
105
106
105
100
103
59
58
59
60
60
60
62
5
5
5
5
4
4
5
36
37
36
35
36
36
33
Charge
account
Instalment
Charge
account
Instalment
Charge
account
93
85
67
81
105
113
114
166
86
77
70
67
63
62
62
64
99
83
64
64
76
83
84
109
111
104
94
92
90
99
96
103
82
99
100
104
97
101
73
58
55
51
49
45
42
39
83
78
77
78
75
76
64
96
89
93
85
79
72
70
r
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.
SEPTEMBER 1943
889
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
Sale credit
Total
instalment
credit
Loans
Automotive
Total
1
Singlepayment
loans 2
Charge
accounts
Service credit
Other
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939.. .
1940
1941
1942
1942
7,089
6,341
5,177
3,846
3,717
4,159
5,148
6,396
7,054
6,618
7,518
8,767
9,499
6,155
3,167
2,706
2,214
1,515
1,581
1,846
2,599
3,466
3,919
3,539
4,351
5,434
5,921
2,922
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
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
652
674
619
516
459
529
794
1,030
1,167
1,226
1,559
1,984
2,174
1,428
1,577
1,451
1,051
726
588
659
785
991
1,119
1,069
1,089
1.123
,204
,072
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
596
573
531
491
467
451
472
520
557
523
534
560
610
648
June
July
Aug.
Sept
Oct
Nov.
Dec
7,513
7,007
6,719
6,557
6,403
6,169
6,155
4,327
4,036
3,748
3,504
3,255
3,054
2,922
2,474
2,247
2,032
1,862
1,704
1,571
1,494
1,120
1,004
874
769
664
573
482
1,354
1,243
1,158
1,093
1,040
998
1,012
1,853
1,789
1,716
1,642
1,551
1,483
1,428
,125
,112
,102
,095
,088
,085
,072
1,430
1,225
1,232
1,320
1,419
1,386
1,513
631
634
637
638
641
644
648
r
5,703
r
5,491
r
5,353
r
5,243
r
2,660
2,465
2,323
2,226
r
2,116
P2.046
PI,952
1,314
1,190
1,071
1,020
955
P896
P838
404
351
287
260
235
P208
P196
910
839
784
760
720
P688
P642
1,346
1,275
1,252
1,206
r
l,161
PI,150
PI,114
,058
L,038
1,031
1,029
1,027
p 1,014
P997
1,333
1,333
1,343
1,331
1,275
PI,338
Pi,222
1943
Jan.
Feb.
Mar
Apr.
May
Tune
July
5,079
P5,064
P4,843
r
652
r
655
r
656
r
657
r
661
P666
P
672
p
1
2
r
Preliminary.
Revised.
Includes repair and modernization loans.
An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers.
NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign
and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a
description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce,
were made at the Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. In millions of dollars]
Department
Total,
stores
End of month excluding
and
autoor year
mailmotive
order
houses
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
„.
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
439
469
254
583
539
454
313
299
314
336
406
469
485
536
599
619
391
1,354
L.243
1^ 158
1,093
1,040
998
1,012
332
300
277
261
253
247
254
512
475
449
428
408
392
391
160
155
138
103
119
146
186
256
314
302
377
Household
appliance
stores
Jewelry
stores
265
222
185
121
119
131
171
255
307
266
273
302
313
130
56
47
45
30
29
35
40
56
68
70
93
110
120
218
201
183
169
154
141
130
79
71
67
63
61
61
All
77
other
retail
stores
133
141
136
110
97
115
132
174
210
220
246
271
284
160
1942
June
JulyJ
\
Sept.
AU2
Oct
Nov.
Dec
77
213
196
182
172
164
157
160
1943
Jan
910
839
784
760
720
P688
P642
Feb.
Mar
Apr
May
June
July
p
228
210
196
190
178
PI 68
P154
Preliminary.
890
359
338
322
319
308
P301
P286
116
103
91
81
72
P64
P56
64
56
51
50
48
2> 47
P45
143
132
124
120
114
P108
P101
Repair
Small Indusand
trial
Credit Miscelloan
banking
laneous moderncomcom- unions lenders ization
panies panies
loans
End of
month or
year
Total
Commercial1
banks
1929
1930
1931
1932
1933
1934
1935
1936........
1937
1938
1939.
1940
1941
1942
652
674
619
516
459
529
794
1,030
1,167
1,226
1,559
1,984
2,174
1,428
43
45
39
31
29
39
71
130
215
248
380
586
687
370
263
287
289
257
232
246
267
301
350
346
435
505
535
424
219
218
184
143
121
125
156
191
221
230
257
288
298
202
32
31
29
27
27
32
44
66
93
113
147
189
217
141
95
93
78
58
50
60
79
102
125
117
96
99
102
91
1,853
1,789
1,716
1,642
1,551
1,483
1,428
546
521
491
460
421
393
370
493
481
466
452
437
428
424
261
253
246
236
222
211
202
179
173
166
160
152
145
141
98
97
95
94
92
91
91
276
264
252
240
227
215
200
1,346
1,275
1,252
1,206.
r
l 161
PI',150
PI,114
345
319
312
299
290
287
281
403
387
387
378
366
193
185
184
179
174
174
170
132
126
127
122
118
118
114
89
88
184
170
155
141
r
128
P114
P101
""27"
177
240
163
172
244
317
335
200
1942
June
July
Aug
Sept
Oct
Nov
Dec.
1943
Jan
Feb
Mar.
Apr
May
June
July
r
371
363
87
87
85
P86
P85
r
P1 Preliminary.
Revised.
These figures for amounts outstanding include only personal instalment
cash loans and retail automotive direct loans, which are shown on the following page and a small amount of other retail direct loans (11 million
dollars at the end of July 1943), which are not shown separately.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars!
Automotive
retail
Month or year
Total
Pur- Direct
chased loans
Outstanding at end of
period:
1939. ...
PerOther Repair
retail,
and
sonal
purmod- instal
chased erniza- ment
and
tion
cash
direct loans loans
1940
1941
1942
1,020
1,340
1,588
787
210
300
396
136
160
230
303
122
150
210
279
143
220
260
246
154
280
340
364
232
1942—June
July
August
September
October
November
December..
1,211
1,139
1,072
998
922
860
787
265
242
227
203
190
166
136
211
196
182
167
148
136
122
223
208
189
316
306
292
159
151
143
196
187
182
176
168
165
154
726
662
619
580
551
r
529
510
116
101
87
111
100
95
91
89
85
82
136
121
108
100
93
84
78
144
135
125
117
111
r
105
102
219
205
204
195
189
190
188
102
95
93
82
16
13
11
12
14
14
15
9
9
9
8
9
7
6
46
41
36
35
32
27
32
14
8
9
10
11
12
9
4
4
5
5
6
8
7
26
25
39
28
27
35
29
1943—January... . . . . . .
February........
March
April
May
June
July
Volume extended during
month:
1942—June
July
August
September
October
November
December
1943—January
February
March
April
May
June
July
77
69
65
60
77
15
16
23
14
11
64
69
7
6
16
16
14
13
11
9
10
59
52
74
64
65
77
66
6
6
8
9
9
9
8
9
9
13
12
12
13
13
175
277
257
242
232
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING INSTITUTIONS
[Estimates of volume made in period. In millions of dollars]
Small loan
companies
Commercial
banks 1
Month or year
1929
1930
1931
1932
1933
1934
1935
1936
1937.
1938
1939.......
1940
1941
1942..
Industrial
banking
companies
Credit
unions
705
463
503
498
376
304
384
423
563
619
604
763
927
983
798
413
380
340
250
202
234
288
354
409
417
489
536
558
408
42
41
38
34
33
42
67
105
148
179
257
320
343
215
80
66
80
71
61
64
58
52
49
44
37
43
66
65
86
72
58
68
63
60
60
59
59
82
40
35
42
37
34
36
34
33
31
30
25
31
18
19
25
19
18
20
18
16
16
14
14
18
36
35
53
41
40
50
43
45
50
86
62
58
r
80
62
25
26
38
31
29
r
35
34
11
13
22
15
14
19
15
1942
January
February
March
April
May
June
July
August
September
October.
November............
December.........
1943
January
February
March
April
May
June
July
1
These figures for loans made include only personal instalment cash
loans and retail automotive direct loans, which are shown elsewhere on
this page, and a small amount of other retail direct loans (one million
dollars
in July 1943), which are not shown separately.
r
Revised.
NOTE.—For descriptive material and back figures, see BULLETIN for
October
1942, pp. 992-994.
r
Revised.
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1
FURNITURE STORE STATISTICS
Item
Percentage
change from
preceding
month
July
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Accounts receivable, at end of
month:
Total
Instalment
Collections during month:
Total
Instalment.
Inventories, end of month, at
retail value
r
—2
+4
+8
+2 +17 r +18 + 9
+1 + 24 +21 +16
-3
—3
-2
-4
-36
-38
-4
-6
+4
+3
-7
-11
-3
-4
-22
r
-6
r_9
—5
-5
0
r
+4
r
Month
Department
stores
Furniture
stores
Household appliance
stores
1942
April
May
June
July
August
September..
October....
November. .
December...
21
22
22
23
24
25
29
29
31
13
13
14
14
16
16
18
17
18
13
13
13
13
13
14
15
15
15
1943
January.
February
March...
April . .
.
May....
..
June
July.... ...
28
28
31
31
30
29
30
17
17
19
20
22
21
22
16
16
18
18
20
r
21
21
July June May
1943 1943
+22 ^+22
+40 r+43
+14
+43
-38
-39
-40
r
r
-ll
-16
-7
-9
r
-20
-17
Charge
accounts
Instalment accounts
Jewelry
stores
Department
stores
19
20
22
22
25
26
30
31
•45
47
50
56
60
59
60
65
63
65
31
30
30
31
33
33
34
61
61
62
63
63
62
62
r
1
Ratio of collections during month to accounts receivable at beginning
of rmonth.
Revised.
Revised.
SEPTEMBER
-7
-6
June M a y
Percentage
change from
corresponding
month of
preceding year
1943
891
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8.
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94 8
103.2
110.2
94.0
88.7
79.3
73.9
72.1
75.3
79.0
82.6
77.0
76.0
77.0
84.6
97.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
96.0
96.7
97.6
98.7
98.8
98.6
98 7
99.2
99.6
100.0
100.3
101.0
100.8
101.3
102.8
104.5
104.4
104.4
105.3
106.1
107.8
109.0
110.5
113.8
93.7
94.6
96.1
98.7
98 9
99.3
99.2
100.8
102.4
103.4
103.5
104.3
94.6
94.9
95.2
95.6
95.7
95.6
95.7
95.6
95.5
95.5
95.8
95.9
114.9
115.3
116.7
119.2
118.8
118.2
118.2
118.2
118.1
117.8
117.8
117.8
93.6
95.2
96.6
97.7
98.0
97.6
97.1
97.3
97 1
97.1
97.1
97.2
78.2
78.0
77.7
77.7
78.0
78.4
79.0
79.0
79.0
79.0
79.1
79.2
103.5
103.6
103.8
103.8
103.9
103.9
103.8
103.8
103.8
103.8
103.8
103.8
109.3
110.1
110.5
110.2
110.1
110.1
110.3
110.3
110.4
110.4
110.1
110.0
96.0
97.0
97.1
97.1
97.3
97.2
96.7
96.2
96.2
96.2
99.5
99.5
102.4
102.5
102.6
102.8
102.9
102.9
102.8
102.7
102.5
102.5
102.5
102.5
89.3
89.3
89.7
90.3
90.5
90.2
89.8
88.9
88.8
88.6
90.1
90.5
1943—.January
1<W»rimrv
March....
April
May
...
June
July
101.9
102.5
103.4
103.7
104.1
103.8
103.2
117.0
119.0
122.8
123.9
125.7
126.2
125.0
105.2
105.8
107.4
108.4
110.5
109.6
107.2
96.0
96.2
96.5
96.6
96.7
96.8
96.9
117.8
117.8
117.8
117.8
117.8
117.8
117.8
97.3
97.3
97.3
97.4
97.4
97.4
97.4
79.3
79.8
80.3
80.6
80.8
81.0
81.0
103.8
103.8
103.8
103.8
103.8
103.8
103.7
109.8
110.2
110.4
110.3
110.5
110.6
110.7
100.2
100.3
100.0
100 1
100.2
100.0
100.1
102.5
102.6
102.6
102.6
102.7
102.8
102.6
90.7
90.9
91.4
91.6
91.9
91.8
92.3
Week ending
1943— »np 5
une 12
.
une 19
une 26
uly 3
uly 10
uly 17
uly 24
uly 31
1\ugust 7
1\ugust 14 ..
1August 21
i\ugust 28
103.9
104.0
103.5
103.1
103.0
103.0
102.9
102.9
102.8
103.0
102.7
0 102.8
126.3
127.6
127.0
126.2
125.9
126.0
125.0
124.8
124.3
125.0
122.9
123.8
110.6
110.9
109.0
J08.0
107.6
107.3
106.5
107.0
106.4
106.6
105.1
105.8
96.9
96.9
96.9
96.9
96.9
96.9
97.0
97.1
97.1
97.2
97.3
97.3
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
118.4
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
96.9
81.4
81.4
81.4
81.4
81.5
81.5
81.6
81.8
81.6
81.6
81.7
81.7
103.9
103.9
103.9
103.9
103.9
103.8
103.8
103.8
103.8
103.8
103.8
103.8
110.4
110.4
110.4
110.4
110.4
110.5
110.6
110.6
110.8
111.9
112.1
112.1
100.2
100.2
100.2
100.2
100.2
100.1
100.1
100.1
100.1
100.1
100.2
100.2
104.2
104.3
104.3
104.3
104.3
104.3
104.4
104.4
104.2
104.2
104.2
104.2
91.7
91.7
91.8
91.6
91.6
91.6
91.6
92.1
92.1
92.2
92.4
92.4
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939 .
1940
1941.
1942
. . .
.'.
1942— January
Kehrtiarv
March "
April
May
June
July
August
September
October ...
Novpmhpr
]December
Total
1942
ChemiHides and Textile Fuel and Metals Building cals
Houseand furnishlighting and metal
leather
allied
ing goods
products products materials products materials products
1943
1942
July
Apr.
May
June
July
89.1
117.8
101.5
112.5
134.0
120.0
I
130
PS 2
113.
128. 6
116.0
127.6
124.8
96.0
87.2
98.5
113.4
91.9
113.3
93.7
123.2
115.8
96.0
111 1
109.5
137 .7
115 0
96 4
Ill
108.9
93.8
138.0
105.9
97.1
Foods:
Dairy
Cereal
Fn lits
Meats
Other
products
Droducts
and vegetables
foods
Hides and Leather Products:
She)es
Hi(les and skins
Leeither
Otller leather products...
Textile Pro ducts:
Clc thing
Co tton goods
Ho siery and underwear...
Sillc
Ra von
Wo olen and worsted good s
Otller textile Droducts
Fuel and Lighting Materials:
An thracite
Bit uminous coal
Coke
Ele'Ctricity
Ga s
P e troleum products
75.1
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
1943
Subgroups
Subgroups
Farm Products:
Grains
Livestock and poultry
Other farm products
78.7
94.3
92.7
84.9
Miscellaneous
93. 6
143. 6
97. 0
July
96.9
98.0
97.3
112.8
86.0
90.4
96.9
98.0
97.1
112.8
86.0
90.4
135.6
102.2
90.4
107.3
101.6
99.0
93.6
136.3
102.0
90.4
107.3
101.7
99.0
93.6
13M
102.0
90.4
107.3
101.3
96.4
165.1
80.0
85.8
101.5
96.4
165.1
80.0
85 8
102.0
96.4
165.2
78.6
85.8
102.0
96.4
165.2
79.3
85.8
102.0
108 0
97.5
107.3
97.7
107.3
107.3
98.1
107.1
98.1
73 0
136 3
100.5
46 3
93.3
73 0
150 9
102.9
46.2
95.1
Apr.
96 9
98 0
97.2
112.8
85.6
94 1
96.9
98.0
97.2
112.8
86.0
90.4
98 0
94 2
132.9
100.7
94.1
107.3
103.8
98.7
94.2
134.7
102.5
90.4
107.3
101.6
96.5
129.1
78.5
82 8
104.2
Metals and Metal Products:
Agricultural imDlements
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...
126.4
118.5
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
126.4
116.0
101.3
115.2
107.2
112.7
69.7
107.0
112.6
70.5
107.0
112.6
70.5
107.0
112.6
70.5
107.0
112.6
70.5
30.3
111.0
98.2
30.3
112.5
98.7
30 .3
112 .5
98 7
30. 3
112. 5
98 7
30.3
112.5
98.7
85.7
109.8
122.1
62.7
81.4
60.6
89 .7
89.8
115 6 116 1
122 4 1?? 4
59 .5
60.6
77 .S
2 0 62 .5
89. 5
116
122. 4
89.6 Miscellaneous:
116 5
Auto tires and tubes
122.4
Cattle feed
Paper and pulp.
Rubber, crude
62.8
Other miscellanec5US
62. 6
June
July
]May
96.9
98.0
97.2
112.8
86.0
90.4
98.9
93.9
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
98.0
*n n
150 6
104.3
4fi.2
95.2
73 0 73 0
150.6 149 7
104.3 104.3
46.2
46 2
94.9
96.3
Back figures.—Bureau of Labor Statistics, Department of Labor.
891
FEDERAL RESERVE BULLETIN
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons!
Transportation and
public
utilities
Trade
Finance,
service,
and miscellaneous
1,851
1,916
1,959
1,902
1,889
2,004
3,471
3,490
3,482
3,466
3,508
3,535
6,609
6,607
6,523
6,619
6.673
6,635
4,296
4,317
4,313
4,324
4,333
4,331
5,255
5,366
5,462
5,601
5,690
5,766
870
873
864
858
842
842
833
1,843
1,748
1,564
1,363
1,213
1,123
1,050
3,549
3,545
3,551
3,572
3,577
3,610
3,631
6,513
6,458
6,424
6,433
6,357
6,373
6,381
4,350
4,356
4,347
4,331
4,302
4,297
4,306
5,734
5,866
5,863
5,896
5,933
5,961
5,953
14,641
14,980
15,233
15,313
15,434
15,684
923
918
910
902
894
885
2,108
2,181
2,185
2,028
1,896
1,674
3,519
3,533
3,542
3,539
3.520
3,502
6,504
6,496
6,561
6,697
6,771
7,107
4,355
4,371
4,397
4,327
4,295
4,279
5,184
5,323
5,520
5,672
5,723
5,811
15,743
15,851
15,958
15,956
15,911
16,056
16,127
867
867
861
850
837
835
828
1,470
1,386
1,357
1,328
1,299
1,277
1,201
3,463
3,456
3,475
3,552
3,587
3,653
3,684
6,371
6,291
6,328
6,423
6,331
6,371
6,283
4,259
4,270
4,281
4,337
4,349
4,355
4,364
5,689
5,837
5,855
5,890
5,948
5,938
5,883
Total
Manufacturing
Mining
1942—July
August
September
October
November
December
37,051
37,433
37,645
37,962
38,325
38,842
14,640
14,819
15,006
15,162
15,349
15,687
929
918
900
888
883
884
1943—January
February
March
April
May
June
Julv
38,791
38,821
38,656
38,478
38,222
38,345
38,281
15,932
15,975
16,043
16,025
15,998
16,139
16,127
1942—July
August
September
Occober
November
December
37,234
37,802
38,348
38,478
38,533
38,942
1943—January.
February
March
April
May
June
July
37,862
37,958
38,115
38,336
38,262
38,485
38,370
Year and month
mstruction*
Federal,
State, and
local govern
ment
SEASONALLY ADJUSTED
UNADJUSTED
* Includes contract construction and Federal force account construction.
'
»rated businesses, self-employed persons,
LSUHUI.^ m uiv armed forces. Figures for July 1943
rn on p. 1156 of the November 1942 BULLETIN.
AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of August 1, 1943. In thousands of units]
Cotton
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Corn
Production
1942
Estimate
Aug. 1, 1943
Bales
Bales
Production
Estimate
1942
>, Aug. 1,1943
588
3,745
576
415
4,046
469
Bushels
8 024
32,053
50,041
230,248
133 387
177,796
1,266 052
392,856
360,806
420,741
93,887
9,263
12,824
12,558
3,175,154
1 460
2,533
1
1 463
2,548
2
3,922
3,617
Oats
Federal Reserve district
Winter wheat
Bushels
7 645
26,371
47,738
183,798
139 528
166,032
1,159 762
324,502
334,488
374,818
102,093
7,936
2,874,711
Estimate
Aug. 1, 1943
Bushels
Bushels
Production
1942
Estimate
Aug. 1,1943
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Bushels
6,605
34,615
16,387
62,694
26,359
22,052
523,027
76,402
390,377
149,083
15,181
35,948
Bushels
5,444
13,732
14,347
44,726
26,547
21,575
432,161
66,968
354,455
156,358
19,850
33,383
Tons
3,489
6,227
2,392
5,613
4,658
4,203
20,962
9,327
11,949
8,943
1,989
12,493
Tons
3,372
6,212
2,450
5,681
4,991
4,178
18,838
8,124
11,369
7,690
1,872
12,836
Total
1,358,730
1,189,546
92,245
87,613
Estimate
Aug. 1,1943
Production
1942
Bushels
40
Estimate
Aug. 1, 1943
Bushels
40
8,266
13.944
40,608
26 208
7,381
35,045
23,358
42,573
365,641
49,053
91,176
5,265
12,460
28,633
20 801
6,102
32,837
28,695
24,814
277,006
36,386
60,858
128
52
146
49
1,316
20
250,295
5,442
107
20,594
1,015
16
253,958
5,031
67
40,665
703,253
533,857
278,074
301,037
T o b acco
Tame hay
Production
1942
Production
1942
Spring wheat
80
50
White potatoes
Estimate
Aug. 1, 1943
Production
1942
Pounds
27,3^3
1,636
46,016
107,635
808,552
143,263
29,670
242,243
2,472
3,607
Pounds
27,513
911
43,680
110,496
780,835
152,887
28,557
260,496
2,381
3,947
Bushels
50.889
32,627
19,348
16,159
24,784
15,920
36,285
13,436
45,785
37,817
6,068
72,032
Bushels
64,991
37,134
22,170
16,113
30,526
19,168
42,055
13,569
52,333
38,893
7,538
98,577
1,412,437
1,411,703
371,150
443,067
Production
1942
Estimate
Aug. 1, 1943
1
2
Includes 21,000 bales grown in miscellaneous territory.
Includes 20,000 bales grown in miscellaneous territory.
NOTE.—1942 figures for cotton are as revised in August 1943.
SEPTEMBER 1943
893
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page
1943
July Aug. Aug. Aug. Aug.
28
4
11
18
25
In billions of dollars
WEEKLY FIGURES i
2, 4
4
4
4
4
4
2
2
2
2
2
3
3
3
3
3
3
3
7.95
1.48
8.17
1.48
8.32
1.48
8.16
1.48
1.09
4.66
1.09
4.87
1.09
5.03
1.09
4.87
.72
.72
.72
.72
8.78
1.48
.72
1.11
5.47
22^33 22! 34 22.31 22^29 22.29
17.80 18.01 18.10 18.21 18.30
1.57 1.65 1.65 1.39 1.61
.03
.40
.30
.10
.56
12.31 12.34 12.46 12.66 12.70
1.11
1.02 1.03 1.20 1.29
1.15 PI.17 PI. 14 PI.21
.02
.01
.46
.67
.02
.01
.44
P.71
.01
.01
.38
P.74
.02
.01
.41
P.76
June
July
14
14
14
14
15
15
15
15
46.48 46.95 46.90 47.04 46.7:
33.84 33.75 33.80 34.31 35.15
34.07 34.46 34.44 34.57 34.21
9.48 9.57 9.54 9.56 9.61
5.63 5.68 5.71 5.74 5.74
2.14 2.16 2.17 2.18 2.17
3.49 3.52 3.54 3.56 3.57
.91
.84
.91
.85
.84
15
17
17
17
17
15
17
17
17
17
12.73 12.87 12.79 12.89 12.68
5.92 5.94 5.94 6.00 6.03
2.66 2.68 2.72 2.72 2.70
2.66 2.86 2.83 2.87 2.92
1.48 1.39 1.30 1.31 1.03
21.35 21.60 21.65 21.68 21.53
10.07 10.05 10.11 10.16 10.18
3.92 3.96 3.98 3.97 3.98
4.37 4.74 4.75 4.74 4.72
3.00 2.84 2.82 2.82 2.65
Per cent per annum
25
25
25, 33
25, 33
33
33
Reserve bank credit
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Reserve balances
Required reserves
Excess reserves, total
New York City
Chicago
Reserve city banks
Country banks
Money in circulation, total
Bills of |50 and over
$10 and #20 bills
Coins, $1, $2, and $5 bills
5
5
5
5
5
5, 8
8
8, 9
9
9
9
9
10
10
10
10
6.68
22.45
16.82
2.25
7.07
22.41
17.22
2.27
12.02
10.29
1.73
12.29
10.83
1.46
17.11
4.33
9.21
3.58
17.42
4.46
9.34
3.62
5.08
1.03
1.28
P5.06
PI.01
PI. 34
.43
.05
.01
.74
.93
.15
.02
.01
.59
.84
8.20
22.36
17.68
2.27
.45
12.41
10.98
1.33
.03
.01
.47
.82
17.96
4.62
9.65
3.68
CONSUMER CREDIT
MONEY RATES, ETC.
Treasury bills (new issues)
Treasury notes (taxable)
U. S. Govt. bonds:
Partially tax-exempt
Taxable
Corporate Aaa bonds
Corporate Baa bonds
May
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
r
1943
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
Reserve bank credit:
U. S. Govt. securities, total
Bonds
Notes
Certificates
Bills
Special certificates
Bills discounted
Gold stock
Money in circulation
Nonmember deposits
Treasury deposits
Member bank reserves
Excess reserves' 3
Excess reserves (weekly
average),total* 2
New York
City 2
2
Chicago
Reserve city banks 2
Country banks e 2
Chart
book
page
.374
1.31
.374
1.30
.375
1.28
.374
1.29
.375
1.31
1.83
2.28
2.69
3.80
1.84
2.28
2.69
3.81
1.83
2.28
2.69
3.81
1.83
2.28
2.69
3.81
1.83
2.28
2.69
3.82
Consumer credit, total
18
Single-payment loans
18
Charge accounts
18
Service credit
18
Instalment credit, total
18, 19
Instalment loans
19
Instalment sale credit, total
19
Automotive
19
Other
19
P.21
P. 69
P4.84
PI. 00
PI. 22
P.67
P1.95
PI.11
P.84
P. 20
P. 64
20
20
20
21
21
21
20
21
21
20
138.76 139.47
57.97 57.52
37.21 37.59
9.80
9.17
16.56 16.56
10.85 11.86
29.09 29.20
20.51 21.26
8.16
7.50
10.20 10.87
144.02
57.52
40.90
11.88
16.56
12.46
30.17
22.03
7.68
11.46
22
22
22
13.76 14.31
6.22
7.20
52.51 P52.00
P14.80
8.19
22
23
23
23
23
66.27 P65.96
5.24
5.28
12.70 12.80
48.30 ^47.90
20.00 P19.50
.66
2.12
1.16
.96
.24
.72
P.67
P2.05
PI.15
P. 90
TREASURY FINANCE
U. S. Govt. obligations outstanding, total interest-bearing
Bonds (marketable Treasury)..
Notes, cert., and bills, t o t a l . . .
Notes
Certificates
Bills
Savings bonds, tax notes, etc..
Savings bonds
Tax notes
Special issues
Holdings of U.S. Govt. obligations:
Fed. agencies and trust funds
Federal Reserve Banks
Commercial banks
Private holders other than
commercial banks, total
Mutual savings banks
Insurance companies
Other investors, total
Marketable issues....
Per cent per annum
In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
35
35
35
35
35
95.2
97.1
93.3
86.2
1.51
94.1
96.1
90.3
85.7
.88
94.4
96.4
90.3
85.6
.54
95.2
97.2
91.9
86.4
.55
BUSINESS CONDITIONS
Steel production (per cent of capacity) 5 .
Electric power prod. (mill. kw. hrs.)
Freight carloadings (thous. cars):
Total
Miscellaneous
Department store sales (1935-39 = 100)...
F.H.A. home mortgages,
new construction (thous.) 3
Wholesale prices (1926 = 100):
Total
Farm products
Other than farm and food
50
50
51
51
52
97.4 97.7 97.8 98.2
4,227 4,241 4,288
885.5 872.1 887.2 891.2
386.0 377.9 385.0 389.7
107
118
117
132
52
63
63
63
102.8 103.0 102.7 102.8
124.3 125.0 122.9 123.8
97.1 97.2 97.3 97.3
MONEY RATES, ETC.
F . R. Bank discount rate, N . Y . . . .
27
27
93.7 Treasury bills (new issues)
27
95.5 Treasury notes (taxable)
Commercial paper
29
85.7 U. S. Govt. bonds:
Partially tax-exempt
33
Taxable...33
Corporate Aaa bonds
29, 33
Corporate Baa bonds
33
.50
.50
.373
1.36
.374
1.32
.69
.50
.374
1.30
.69
1.92
2.30
2.74
3.91
1.85
2.29
2.72
3.88
1.82
2.27
2.69
3.81
.69
In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
^
Volume of trading (mill, shares)...
Brokers' balances (mill, dollars):
Credit extended customers....
Money borrowed
Customers'free credit balances.
35
35
35
35
35
37
37
37
95.2
97.2
97.5
84.0
1.59
e
740
55O
330
e
e
96.7
99.3
94.3
84.7
.99
98.5
100.9
96.6
87.7
1.15
761
529
334
780
530
340
e
1
2
p
r
Estimated.
Preliminary.
Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Figures for July 21 :# Total, 1.32; New York City, .03; Chicago, .01; Reserve city banks, .50; and Country banks, .78.
3
4
Publication discontinued.
Adjusted for seasonal variation.
5
New series based on increased capacity beginning July 1, 1943. Revised figures for earlier weeks are: July 7, 96.0; July 14, 96.4; July 21, 97.7 per
* Copies of the Chart Book may be obtained at a price of 50 cents each.
894
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKr-Continued
Chart
book
page
May
June
July
In unit indicated
MONTHLY FIGURES (Cont.)
11,683 PI 1,840
8,211 2*8,349
3,472 2*3,491
1,440 2*1,407
2*985
1,001
2*398
399
2*24
40
203
202
114.7
76.6
22.8
15.3
68.9
20.3
11.4
19.4
17.9
19.8
114.7
77.6
22.1
15.0
69.1
19.8
11.4
19.5
18.3
18.0
233
131
117
139
125
169
177
136
117
2*150
151
227
124
113
97
124
160
181
136
107
2*150
150
53.0
52.1
41.3
10.8
36.2
15.9
54.6
53.4
41.5
11.9
36.7
16.7
54.3
42.2
12.1
37.2
17.1
38.2
16.8
6.4
5.9
3.6
1.2
38.3
17.0
6.4
6.0
3.6
1.1
^38.3
17.0
2*6.4
2*6.0
2*3.6
2*1.1
r
313.5
167.2
317.9
168.7
r
43.22
r
95.4
r
45.3
43.35
95.9
45.2
235
314
177
247
338
177
176
214
143
2*270
P393
P179
P256
P343
P188
2*173
pin
2*140
51
33
18
17
1
53
28
25
24
1
212
58
154
185
60
125
2*205
PUS.3
2*78.1
22.3
14.9
2*6.88
2*19.5
2*11.5
2*19.5
2*18.4
1943
May
June
July
In unit indicated
MONTHLY FIGURES (Gont.)
BUSINESS CONDITIONS
Income payments (mill, dollars), total 4
38
Salaries and wages
38
Other
38
Cash farm income (mill, dollars), total.
39
Livestock and products
39
Crops
39
Govt. payments
39
Industrial production; 4
Total (1935739 = 100)
41, 42
Groups (points in total index)
Durable manufactures
41
Machinery, etc
42
Iron and steel
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquor, and tobacco
42
Other nondurable
42
Minerals
41, 42
Primary products (1935-39 = 100):
Steel
43
Cement
43
Lumber
43
Coal
43
Crude petroleum
43
Cotton consumption
43
Wool yarn
43
Paper
43
Leather
43
Meats and dairy products
43
Other manufactured foods
43
Labor force and employment (mill,
persons):
Labor force
44
Employment, total
44
Nonagricultural
44
Agricultural
44
Male
44
Female
44
Nonagricultural employment (mill.
persons), total 4
45
Manufacturing and mining
45
Trade
45
Government
45
Transportation and utilities
45
Construction
45
Factory employment and pay rolls
(1939 = 100):
Pay rolls
47
Employment
47
Hours and earnings at factories:
Weekly earnings (dollars)
48
Hourly earnings (cents)
48
Hours worked (per week)
48
New orders, shipments, and inventories
(1939 = 100):
New orders, total
49
Durable
49
Nondurable
49
Shipments, total
49
Durable
49
Nondurable
49
Inventories, total
49
Durable
49
Nondurable
49
Residential contracts (mill, dollars): 4
Total
53
Public
53
Private, total
53
1- and 2-family dwellings
53
Other
53
Construction contracts (3-mo. moving
av., mill, dollars): 4
Total
55
Residential
55
Other
55
Freight car loadings: 4
Total (1935-39 = 100)..,
57
Groups (points in total index)
Miscellaneous
57
Coal
57
All other
57
Department stores (1923-25 = 100) : 4
Sales
59
Stocks
59
Chart
book
page
BUSINESS CONDITIONS (cont.)
Exports and imports (mill, dollars):
Exports
Imports
Excess of exports
Excluding Lend-Lease exports .
Wholesale prices, total (1926 = 100)....
Farm products
Other than farm and food
Cost of living, all items (1935-39 = 100)
Food
Clothing
Rent...
61
61
61
61
63
63
63
65
65
65
65
2*1,069.3 2*1,004.3,
2*280.9 2*302.2
2*788.4 2*702.0
104.1
125.7
96.7
125.1
143.0
127.9
108.0
103.8
126.2
96.8
124.8
141.9
127.9
108.0
103.2
125.0
96.9
123.8
139.0
128.6
1942
1943
Oct.Dec.
Jan.- Apr.Mar. June
In millions of dollars
229
114
2*116
2*150
2>130
153
2*144
55.5
QUARTERLY FIGURES
Budget receipts and expenditures:
Expenditures, total
War activities
Net receipts
Internal revenue collections, total
Corporate income taxes
Individual income taxes
Misc. internal revenue
Corporate security issues:
Net proceeds
New money, total
Industrial
Railroad
Public utility
•
...
24
24
24
24
24
24
24
18,800
17,348
3,909
3,727
1,789
616
1,323
36
36
36
36
36
113
25
10
4
11
19,845 23,228
18,460 21,535
6,950 7,563
6,686 6,834
3,364 2,781
2,234 3,007
1,046
1,088
153
51
35
12
3
266
66
41
7
1
Per cent per annum
Bank rates on customers' loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities
29
31
31
31
2.63
2.09
2.63
3.26
2.76
2.36
2.76
3.24
3.00
2.70
2.98
3.38
June 30, Dec. 31, June 30,
1943
1942
1942
In billions of dollars
CALL DATE FIGURES
ALL BANKS IN THE U. S.
Total deposits and currency
Demand deposits adjusted
Time deposits ;
Currency outside banks
11
11
11
11
81.93
41.84
27.31
10.94
99.67
48.85
28.40
13.95
12
12
12
13
13
13
12
13
13
13
46.80
24.10
5.77
2.93
2.69
.15
16.93
9.11
3.50
.43
59.26
37.55
5.63
2.97
2.66
2*2.48
16.09
8.48
3.42
.79
2*14.82
16
16
16
16
8.55
1.86
8.19
5.50
12.55
2.79
13.04
9.17
2*13.89
2*3.16
2*17.44
2*12.50
16
16
16
16
16
14.49
3.55
1.87
1.51
2.69
18.95
5.41
6.29
4.36
2.54
MEMBER BANKS
2*179
2*66
2*113
141
133
146
78.3
33.2
29.1
79.1
25.3
28.2
81.0
36.6
27.9
125
90
129
98
142
110
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
2*67.15
p
46.98
2*5.35
2*2.88
For footnotes see preceding page.
SEPTEMBER
1943
895
MEMBER B A N K O P E R A T I N G R A T I O S , 1 9 4 2
AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS
[Expressed as percentages]
Federal Reserve district
Item
Ratios to total earnings:
Interest and dividends on securities.
Interest and discount on loans
Service charges on deposit accounts.
Other current earnings
All
dis-
New
Boston York
Phil- Cleve- Richadel- land mond
phia
Atlanta
Chicago
Min- Kansas
San
St.
City Dallas FranLouis neapolis
cisco
28.6
54.5
6.2
10.7
34.0
47.5
7.9
10.6
36.1
47.9
7.0
9.0
36A
51.2
3.7
8.7
33.8
52.8
4.7
8.7
26.4
59.3
5.2
9.1
24.7
55.3
6.6
13.4
29.2
52.8
7.3
10.7
28.7
54.6
5.7
11.0
24.8
51.4
4.4
19.4
20.3
61.0
7.8
10.9
19.3
64.1
6.9
9.7
23.8
58.8
6.2
11.2
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
32.1
13.9
27.9
33.1
11.9
29.3
31.5
15.1
28.4
26.1
19.2
27.9
28.2
18.5
27.7
29.7
19.1
26.2
32.6
12.7
28.7
32.1
14.4
26.7
31.7
12.9
28.9
31.9
16.3
27.1
37.2
7.9
38.2
3.5
31.6
34.3
15.3
24.8
Total expenses
73.9
74.3
75.0
73.2
74.4
75.0
74.0
73.2
73.5
75.3
Net current earnings.
26.1
25.7
25.0
26.8
25.6
25.0
26.0
26.8
26.5
24.7
2.4
3.3
5.3
2.9
5.5
2.4
17.8
1.8
2.5
2.5
.4
3.8
2.2
3.6
+.3
3.1
+ .0
3.3
+2.4
3.1
24.0
23.2
24.0
28.0
+4.1
5.1
27.0
Total earnings.
Salaries and wages
Interest on time deposits..
Other current expenses
Net charge-offs, etc.1..
Taxes on net income. .
26.9
72.0
73.3
74.4
26.7
25.6
.3
4.5
+.4
21.9
21.5
4.5
20.4
17.5
17.1
7.2
20.6
20.8
20.2
Ratios to total capital accounts:
Net current earnings.
Net profits
Cash dividends declared.
7.7
6.0
2.7
5.9
3.9
2.2
6.7
4.5
1.8
6.2
1.6
1.8
6.7
5.4
2.1
6.9
5.6
2.7
8.0
6.0
3.1
8.5
7.4
2.4
7.8
6.6
2.9
9.2
8.7
3.3
9.2
8.6
4.2
8.6
6.8
3.9
9.2
7.4
3.0
Ratios to total assets:
Total earnings
Net current earnings...
Net profits
3.0
.8
.6
2.8
.7
.5
2.9
.7
.5
3.2
.9
.2
2.9
.8
.6
2.8
.7
.6
2.8
.8
.6
2.7
.7
.7
2.8
.7
.6
3.3
3.3
.9
.9
3.3
.9
3.0
.8
.6
U. S. Government obligations.
Other securities
Loans
Real-estate assets.
Cash assets
22.9
10.9
30.1
2.0
33.9
27.1
11.7
29.6
2.0
29.5
30.9
13.1
28.7
2.5
24.6
25.1
15.1
31.9
3.7
24.1
24.4
13.9
28.7
2.1
30.8
21.7
8.5
31.8
2.3
35.5
17.7
9.7
27.2
2.0
43.1
25.1
10.7
27.9
1.4
34.9
21.9
10.6
27.0
1.7
38.7
23.7
9.5
32.6
1.6
32.4
17.2
7.6
33.3
1.2
40.6
13.7
9.4
31.4
1.7
43.7
21.4
8.0
30.9
1.7
37.9
Total capital accounts.
11.1
13.5
11.9
14.5
11.8
11.0
10.1
9.0
10.3
9.4
10.8
11.7
9.0
2.4
.2
.1
.4
2.4
.2
.2
.6
2.3
.2
.2
.5
2.7
.4
.2
1.1
2.5
.3
.2
.6
2.3
.2
.2
.3
2.4
.1
.2
.3
2.1
.2
.1
.4
2.4
.2
.1
.4
2.3
.3
.1
.3
2.5
.1
.1
.2
2.5
.1
.1
.2
2.3
.1
.1
.3
Net return on securities
2.3
2.2
2.2
2.2
2.4
2.4
2.4
2.0
2.3
2.4
2.5
2.5
2.2
Ratios to loans:
Interest and discount on loans.
Recoveries on loans.
Losses on loans
5.6
.5
.4
4.7
.4
.6
5.1
.4
.6
5.2
.2
.9
5.5
A
A
5.4
.3
.2
5.9
.4
.4
5.3
.5
.3
5.8
.5
.3
5.5
.7
.4
6.3
.8
.4
7.2
.8
.7
6.1
.5
.4
5.7
4.5
4.9
4.5
5.5
5.5
5.9
5.5
6.0
5.8
6.7
7.3
6.2
Net profits..
Ratios to securities:
Interest and dividends on securities.
Recoveries on securities
Profits on securities sold
Losses on securities
Net return on loans.,
Other ratios:
Total capital accounts to:
Securities, loans, and real-estate assets
Total assets less cash and U. S. Government
securities
Total deposits
17.3
19.7
15.9
17.3
18.4
14.2
17.6
14.3
18.7
21.3
15.0
33.6
16.2
28.7
13.8
19.2
29.8
17.3
17.3
27.7
12.8
28.3
13.6
26.9
12.6
27.2
11.6
25.2
10.1
28.4
11.7
23.1
10.5
27.5
12.3
29.4
13.7
24.1
10.0
Time to total deposits
Interest on time deposits to time deposits2. .
Trust department earnings to total earnings2.
34.9
1.4
3.9
32.8
1.1
5.1
49.0
1.0
3.8
54.3
1.3
4.2
44.7
1.3
5.1
39.0
1.6
4.1
26.0
1.5
3.0
36.1
1.2
3.5
27.7
1.5
3.0
39.9
1.5
2.7
17.4
1.6
3.1
8.1
1.7
2.9
33.4
1.5
5.1
6,609
344
793
638
682
460
315
918
433
450
743
Number of banks 3
564
269
1
A
A plus
2
Bk
Banks
3
indicates net recoveries, etc.
ih no time
i deposits,
d i or no trust department earnings, as the case may be, were excluded in computing this average,
with
The ratios for 70 member banks in operation at the end of 19*2 were l d d f
th
ilti
b
f
ilbili
plete year's operations certain accounting adjustments lack of compa
896
FEDERAL RESERVE BULLETIN
MEMBER BANK OPERATING RATIOS, 1942—Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS
[Expressed as percengages]
Ratio of tune deposits to total
deposits (per cent)
Size group—total deposits (in thousands of dollars)
All
groups
Item
Ratios to total earnings:
Interest and dividends on securities
Interest and discount on loans
Service charges on deposit accounts
Other current earnings
Total earnings
_
Salaries and wages
Interest on timek deposits
Other current expenses
Net charge-offs, etc. 1
'.
Taxes on net income
50-75
75
and
over
24.2
56.2
7.6
12.0
28.6
53.7
6.4
11.3
34.0
53.7
4.1
8.2
40.8
50.1
1.8
7.3
100.0
100.0
100.0
100.0
100.0
31.7
5.8
36.7
5.5
29.8
31.5
15.3
27.8
27.3
22.4
25.5
23.0
28.5
25.0
1,000
28.6
54.5
6.2
10.7
15.9
70.5
4.7
8.9
22.5
62.8
5.2
9.5
25.2
59.4
5.7
9.7
29.7
54.6
6.1
9.6
32.3
50.1
7.0
10.6
33.1
46.2
7.7
13.0
32.3
45.3
6.9
15.5
38.6
39.4
3.9
18.1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
32.1
13.9
27.9
38.7
8.4
34.3
13.2
28.2
32.1
14.9
27.1
31.0
15.5
27.1
31.3
14.6
27.6
31.6
12.9
29.2
32.8
10.2
30.2
75.7
74.1
73.6
73.5
73.7
73.2
26.1
Net current earnings
25-50
250500
73.9
Total expenses
1,000- 2,000- 5,000- 10,000- 50,000
and Under
2,000 5,000 10,000 50,000 over
25
Under
250
2.4
3.3
30.1
77.2
22.8
+ .6
3.4
20.4
24.3
25.9
26.4
26.5
•26.3
26.8
.4
3.6
1.5
3.6
2.8
3.1
4.0
2.9
4.2
3.0
1.9
3.7
20.5
20.3
Net profits
30.0
67.5
72". 0
74.6
75.2
76.5
28.0
25.4
24.8
23.5
+ .8
1.9
3.1
6.4
2.2
17.9
1.9
16.2
3.7
32.5
1.2
4.6
26.7
24.4
4.4
7.7
6.0
2.7
5.4
4.6
2.4
6.7
5.6
2.6
7.9
6.4
2.9
7.9
6.2
2.8
7.8
5.8
2.6
7.9
5.6
2.4
8.3
6.4
2.7
8.7
6.9
3.3
8.4
7.1
3.5
7.7
6.1
2.5
7.0
4.7
2.0
6.0
.9
1.9
3.0
.8
.6
4.0
1.0
3.5
.9
.7
3.2
.9
.7
3.0
.8
.6
2.8
.8
.5
2.7
.7
.5
2.4
.7
.5
1.9
.6
.5
2.9
.8
.7
3.0
.8
.6
3.2
.8
.5
3.4
.8
.1
U. S. Government obligations
Other securities
Loans
Real-estate assets
Cash assets
22.9
10.9
30.1
2.0
33.9
13.6
6.7
37.9
2.1
39.7
17.4
9.4
34.9
1.9
36.3
19.8
10.5
32.6
1.8
35.3
22.6
12.1
29.9
1.9
33.4
25.6
12.6
27.6
2.2
32.0
27.8
11.7
26.1
2.5
31.6
29.9
8.6
25.4
2.2
33.7
34.4
7.2
23.2
1.7
33.2
19.6
8.3
29.0
1.5
41.5
24.0
10.6
29.7
2.2
33.4
25.6
14.6
32.0
2.4
25.3
25.8
18.2
33.1
3.0
19.9
Total capital accounts
11.1
18.6
13.9
11.6
10.9
10.3
9.8
8.3
7.4
10.7
10.7
12.2
14.4
2.4
.2
.1
.4
2.9
.4
.1
.4
2.6
.2
.2
.3
2.5
.2
.1
.4
2.4
.2
.2
.5
2.2
.2
.2
.5
2.1
.2
.2
.5
1.9
.2
.2
.4
1.7
.1
.2
.3
2.3
.1
.1
.2
2.3
.2
.2
.4
2.5
.3
.2
.7
2.9
.4
.2
1.4
Net return on securities
2.3
3.0
2.7
2.4
2.3
2.0
1.9
1.7
2.3
2.3
2.3
2.1
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Losses on loans
5.6
.5
.4
7.7
.9
.7
6.5
.7
.6
6.1
.5
.4
5.7
.4
.4
4.9
.4
.5
4.4
.6
.5
3.2
.3
.3
5.9
.6
5.5
.5
.4
5.4
.4
.5
5.4
.2
.8
5.7
7.9
6.6
6.2
5.7
4.8
4.5
3.2
6.1
5.6
5.3
4.8
Ratios to total capital accounts:
Net current earnings
Net profits
Cash dividends declared
Ratios to total assets:
Total earnings
Net current earnings
Net profits
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Losses on securities
Net return on loans
5.3
.5
.5
Other ratios:
Total capital accounts to:
Securities, loans, and real-estate assets
Total assets less cash and U. S. Government
securities
Total deposits
17.3
31.9
22.6
18.4
16.6
15.4
14.5
12.6
19.0
16.3
16.4
18.0
27.7
12.8
42.5
23.6
32.2
16.6
27.9
13.4
26.8
12.4
26.1
11.7
25.6
11.1
24.9
9.2
24.6
8.1
29.8
12.4
26.6
12.2
26.3
14.1
29.3
17.3
Time to total deposits
Interest on time deposits to time deposits2
Trust department earnings to total earnings2.
34.9
1.4
3.9
19.7
1.9
4.2
31.1
1.7
2.6
34.8
1.6
2.2
38.1
1.4
2.1
39.8
1.2
2.8
36.9
1.0
4.1
27.9
1.0
6.0
14.5
.8
8.5
12.0
1.4
5.4
37.7
1.3
4.0
59.3
1.4
2.4
79.8
1.4
2.5
6,609
176
755
1.579
1,621
1,337
519
452
170
2,299
2,506
1,713
91
Number of banks 3
For numbered footnotes, see page 896.
Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1942. Balance sheet figures
used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 31, 1941, and Apr. 4,
June 30, and Dec. 31, 1942, except for a limited number of banks for which all four reports were not available; such reports as were available were used
in those instances.
Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (229 in number) are included with the
banks having ratios of time to total deposits of less than 25 per cent.
SEPTEMBER 1943
897
MEMBER BANK OPERATING RATIOS, 1942— Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK
[Expressed as percentages]
Banks with ratios of time to
total deposits
of under 25 per cent
All
groups
5002,000
2,000- 10,000
and Under
500
10,000 over
500- 2,000- 10,000
and
2,000 10,000 over
17.4
66.6
6.2
9.8
22.4
58.6
8.0
11.0
27.5
50.1
9.6
12.8
33.4
43.9
6.0
16.7
22.4
62.8
4.6
10.2
27.0
56.6
6.1
10.3
31.5
49.3
7.5
11.7
34.6
43.2
6.5
15.7
28.6
60.9
3.0
7.5
33.2
55.6
3.7
7.5
38.0
47.9
4.8
9.3
36.1
44.9
5.0
14.0
.•
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
...
32.1
13.9
27.9
39.4
4.8
29.9
36.6
5.4
29.0
36.4
6.2
30.3
33.7
5.4
31.7
32.7
16.3
28.2
31.3
16.4
27.2
31.3
14.1
28.3
31.4
13.0
28.4
28.6
24.0
26.0
26.7
23.7
25.0
27.4
20.7
25.9
28.0
18.2
26.6
Total earnings
.
2,000- 10,000
and Under
10,000 over
500
28.6
54.5
6.2
10.7
Interest and dividends on securities
Interest and discount on loans
Service charges on deposit accounts
Other current earnings
Salaries and wages
Interest on time deposits
Other current expenses
Banks with ratios of time to
total deposits
of 50 per cent and over
Size group—total deposits (in thousands of dollars):
Under 500500
2,000
Ratios to total earnings:
Banks with ratios of time to
total deposits
of 25-50 per cent
Total expenses
73.9
74.1
71.0
72.9
70.8
77.2
74.9
73.7
72.8
78.6
75.4
74.0
72.8
Net current earnings
26.1
25.9
29.0
27.1
29.2
22.8
25.1
26.3
27.2
21.4
24.6
26.0
27.2
2.4
3.3
+2.6
+1.4
4.5
1.7
4.1
.3
4.6
.6
3.2
3.0
2.9
3.2
3.0
6.4
2.2
6.8
2.6
24.2
25.9
21.3
24.3
19.0
20.4
21.0
12.8
6.8
2.4
15.4
7.3
2.0
20.4
1.2
3.2
20.7
16 7
17 S
7.7
6.0
2.7
7.0
6.3
3.4
9.0
7.9
3.8
8.5
6.5
3.3
8.3
6.7
3.0
6.3
5.3
2.1
7.7
6.2
2.7
7.9
6.0
2.4
8.6
6.4
2.6
5.3
3.4
1.5
7.0
4.6
2.0
7.2
4.6
2.2
8.6
5.8
2.9
3.0
8
3.6
1.0
3.0
9
2.6
.7
2.0
.6
3.5
8
2.6
.7
3.4
8
3.2
8
.8
.5
.5
.7
.6
.6
.5
.5
5
3.0
85
3.0
9
.9
3.1
8
2.8
8
.6
U. S. Government obligations
Other securities
Loans
• •• •
Real-estate assets
Cash assets
22.9
10.9
30.1
2.0
33.9
14.1
7.1
35.2
1.5
42.1
17.4
8.7
29.9
1.4
42.5
22.0
9.8
24.8
1.6
41.6
29.9
6.8
24.1
1.5
37.3
18.0
9.1
35.2
2.4
35.3
22.0
10.5
30.8
1.9
34.7
26.5
11.5
27.3
2.3
32.2
32.6
9.6
25.5
2.7
29.3
21.2
12.7
36.7
2.4
27.0
24.2
14.8
33.1
2.2
25.5
29.2
15.6
28.9
2.7
23-5
33.0
12.4
27.6
3.0
23.9
Total capital accounts. .
11.1
15.3
10.8
8.8
7.3
14.0
10.8
9.8
8.8
14.9
12.3
11.6
10.2
2.4
.2
1
.4
2.7
.2
1
.2
2.4
1
1
2
2.1
1
1
.3
1.7
2
1
.3
2.7
2
1
.3
2.3
2
2.0
2
2
.4
2.8
4
2
7
2.6
3
2
.3
2.2
2
2
.5
7
2.4
3
2
7
2.2
3
2
5
2.3
2.8
2.4
2.0
1.7
2.7
2.3
2.1
2.0
2.7
2.4
2.2
5.6
.5
7.3
.9
6.3
.6
3.7
.3
4
5.1
.44
4.5
.8
.3
5
5.8
.5
5.6
3
.4
6.4
.6
5.8
3
.6
4
5.4
.4
.4
6
5
5
5.1
46
5.1
57
5.7
7.6
6.5
5.4
3.7
6.5
5.9
5.1
4.7
5.6
5.4
4.9
4.9
Net charge-offs, etc.*
Taxes on net income
.
Net profits
Ratios to total capital accounts:
Net current earnings
Net profits
Cash dividends declared
..
Ratios to total assets:
Total earnings
Net current earnings
Net profits
.
4.3
6
Ratios to securities:
Interest and dividends on securities.
Recoveries on securities
Profits on securities sold
Losses on securities
Net return on securities...
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Losses on loans
Net return on loans..
Other ratios:
Total capital accounts to:
Securities, loans, and real-estate assets
Total assets less cash and U.S. Government
securities
Total deposits
17.3
27.4
19.3
15.6
11.9
22.2
16.7
14.8
12.5
20.5
16.5
15.2
13.4
27.7
12.8
38.0
18.7
29.6
12.4
26.3
9.9
24.4
8.0
31.3
16.7
26.6
12.3
25.4
11.1
25.2
9.8
29.5
17.8
25.9
14.2
26.5
13.4
26.0
11.5
Time to total deposits
...
#
Interest on time deposits to time deposits 2 ....
Trust department earnings to total earnings 2 ..
34.9
1.4
3.9
10.5
1.9
2.7
11.3
1.6
2.0
14.6
1.2
3.8
12.6
.9
7.5
37.6
1.7
3.1
37.8
1.5
2.5
37.9
1.1
3.7
36.5
1.0
6.0
59.9
1.6
.7
60.6
1.4
1.8
60.3
1.2
2.5
58.7
1.0
3.9
6,609
452
1,030
466
351
291
1462
816
237
188
1,008
574
34
Number of banks 3
For numbered footnotes, see page 896.
898
FEDERAL RESERVE BULLETIN
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for 1943 are preliminary]
Nonmember banks
Member banks
Total
National
State
Other than mutual
savings and
private banks
Private 1
579
579
551
545
543
4
542
98
241
56
52
Noninsured
Insured
Number of Banks (Head Offices)
Mutual
savings
2
8,341
7,693
1,108
6,951
851
6,809
800
6,666
741
6,597
727
15,029
16,063
14,895
14,825
14,680
14,619
5,154
5,462
5,144
5,117
5,081
5,060
857
980
1,342
3
l,502
3
1,598
3
1,643
2,911
3,133
3,666
3,699
3,739
3,825
1,121
1,243
1,539
1,565
1,592
1,667
960
981
1,002
1,015
1,023
1,032
940
932
935
939
44
46
46
45
125
126
135
135
137
4
136
1,728
2,097
694
973
779
253
128
811
11
34
115
21
Increases in number of banks:
Primary organizations (new banks) 7
Unclassified
+22
+1
+1
+2
Decreases in number of banks:
Suspensions
Consolidations and absorptions....
Voluntary liquidations 8
Unclassified
-48
-32
-1
-1
-17
-3
—6
-1
December 31,
December 31,
December 31,
December 31,
December 31,
June 30, 1943
1933
1934
1940
1941. „
1942
,
Number of Branches and Additional Offices
December 31, 1933
December 31, 1934
December 31, 1940
December 31, 1941
December 31, 1942
June 30, 1943, total
In head-office cities
Outside head-office cities..
2
700
778
6
5
50
Analysis of Bank Changes January 1—June 30, 1943
-3
Inter-class bank changes:
Conversions—
National into State
State into national
Federal Reserve membership9—
Admissions of State banks
Withdrawals of State banks.
Federal deposit insurance10—
Admissions of State banks
Withdrawals of State banks
-2
-20
-20
+5
-5
-7
-1
+4
+3
-3
+52
-2
....
-51
+1
-1
+1
+7
.
Net increase or decrease in number of banks...
+14
+1
....
-21
+45
-69
+2
+5
+8
+4
-14
Analysis of Branch Changes January 1—June 30, 194311
Increases in number of branches:
De novo branches
Banks converted into branches
+14
+12
+1
+3
Decreases in number of branches:
Branches discontinued
-28
-5
Inter-class branch changes:
From national to State
From State member to nonmember
From nonmember to State member. .
-1
. . .
+2
From uninsured to insured nonmember
Branches and additional offices established at military reservations.
N e t increase or decrease in number of branches.
+88
+86
+77
+75
+9
+9
+3
+1
+1
+1
+2
+4
1
The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a)
of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency, and accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years.
2
Federal deposit insurance did not become operative until J a n . 1, 1934.
3
Includes 3 mutual savings banks.
4
Number of banks comprises 58 insured and 484 noninsured; number of branches comprises 49 insured and 87 noninsured. The figures beginning with
1939 exclude 1 bank with 4 branches which prior to 1939 was classified as an insured mutual savings bank b u t is now included with "Nonmember banks
other than mutual savings and private b a n k s . "
5
Number of banks comprises 1 insured and 49 noninsured; all branches were noninsured.
6
Separate figures not available for branches of insured and noninsured banks.
7
Exclusive of new banks organized to succeed operating banks.
8
Exclusive of liquidations incident to the succession, conversion, and absorption of banks.
9
Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership.
10
Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance
Corporation membership.
11
This analysis covers all branches and other additional offices a t which deposits are received, checks paid, or money lent. Offices established at
military reservations (shown separately) include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositories and financial agents of the Government.
Back figures .—See Annual Report for 1942 (tables 17 and 18).
SEPTEMBER 1943
899
INTERNATIONAL FINANCIAL STATISTICS
PAGB
Gold reserves of central banks and governments
Gold production
903
Gold movements
903
Net capital movements to United States since January z, 1935
904
Central banks
905-908
Money rates in foreign countries
909
Commercial banks
910
Foreign exchange rates
911
Price movements:
Wholesale prices
91Z
Retail food prices and cost of living
913
Security prices
913
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins; some data arc reported to the Board directly. Figures
on international capital transactions of the United States 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 n , 1934. Back figures may in most cases be obtained from earlier BULLETINS and from
Annual Reports of the Board of Governors for 1937 and earlier /cars.
SEPTEMBER 1943
901
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
United
States
Argentina
Belgium
Brazil British
India
Bulgaria
Canada
Chile
Co- CzechoDenslolombia vakia
mark
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
11,258
12,760
14,512
17,644
21,995
22,737
501
469
431
466
1
353
354
632
597
581
609
2
734
734
25
32
32
40
51
70
275
274
274
274
274
274
20
24
24
24
188
184
192
214
37
5
29
30
30
30
30
30
19
16
24
21
17
16
91
92
83
56
58
61
54
53
53
53
52
44
1942—Aug.
Sept.
Oct..
Nov.
Dec.
1943—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
22,756
22,754
22,740
22,743
22,726
22,683
22,644
22,576
22,473
22,426
22,388
22,334
354
354
354
354
354
354
354
354
355
354
735
735
735
735
735
734
734
734
734
734
81
82
113
114
115
120
121
127
143
274
274
274
274
274
274
274
274
274
274
25
25
25
25
25
25
9
8
5
6
6
31
36
36
36
36
38
42
46
47
48
19
21
23
24
25
27
28
30
42
43
61
61
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
44
44
44
Norway
Peru
Poland
Hungary
Iran
I (Persia")
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
25
25
37
24
24
24
25
25
26
26
26
26
1942—Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
Apr
May
June
July
24
24
24
24
24
24
24
24
24
24
26
26
26
26
End of month
End of month
Sweden
! Switzer| land
7
6
6
5
5
6
NetherNew
lands Zealand
Italy
Japan
Java
Mexico
210
193
144
120
463
2ol
104
104
164
6
164
60
79
80
90
140
235
46
24
29
32
47
47
491
933
998
692
617
575
23
23
23
23
23
23
34
34
36
37
39
70
90
110
126
125
126
125
522
518
514
510
506
501
497
496
496
496
23
23
23
23
23
23
23
23
23
23
23
Turkey
United
Kingdom
Uruguay
Venezuela
Yugoslavia
B.I.S.
98
82
94
94
4 84
20
21
20
20
20
21
75
83
85
4 84
24
24
24
25
25
25
25
25
25
26
26
Other
coun-7
tries
Egypt
Portugal
Rumania
68
69
69
69
59
59
114
120
133
152
158
182
203
189
220
249
367
366
59
59
59
59
59
59
59
59
59
219
225
234
239
241
241
242
246
252
527
551
582
610
634
572
523
537
558
571
583
240
244
321
308
160
223
657
650
701
549
502
665
26
29
29
29
88
92
2,584
2,689
2,690
81
1
1
77
74
69
68
90
100
59
52
52
52
9 29
41
1942—Aug
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar
Apr
May
June
July
316
321
326
331
335
340
342
344
344
346
347
800
801
805
813
824
832
842
851
859
866
111
111
116
117
114
124
124
124
145
1
1
1
1
1
1
1
1
1
1
1
1
97
95
94
92
89
89
89
56
60
64
64
68
68
70
72
76
48
51
57
59
4
83
11
5
14
7
12
12
19
20
21
21
21
22
24
25
25
25
183
185
142
153
145
142
151
151
152
152
160
160
10
182
182
183
184
184
184
p
Preliminary.
1 Beginning April 1940, reports on certain Argentine gold reserves no longer available.
2 Change from previous December due largely to inclusion of gold formerly not reported.
3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since t h a t time is gold held by Minister of Finance.
4 Figures relate to last official report dates for the respective countries, as follows: Greece—
M a r . 31, 1941; Java—Jan. 31, 1942; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia
—Feb. 28, 1941.
5
Figures for December 1936 and December 1937 are those officially reported on Aug. 1,
1936, and Apr. 30, 1938, respectively.
6
Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
9 Beginning December 1940, figures refer to gold reserves of new Central Bank only.
10
Beginning February 1943, figure also includes gold reserves of new Central Bank of Ireland.
N O T E . — F o r description of table and back figures see BULLETIN for September 1940, pp.
925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p . 926 in t h a t issue.
9O2.
South
Africa
Spain
5
5
718
525
42
Government gold reserves1 not included
in previous figures
End of month United
United
Kingdom
1937—June ...
Dec
193g—Mar
June.. .
Dec. ...
1939—Mar. ...
May
June...
Sept....
Dec
1940—Mar. ...
June...
Sept....
Dec ...
1941—Mar. ...
June...
Sept....
Dec
1942—Mar....
June...
3 934
4 1,395
1,489
States
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec...
1941—Dec
Greece
Sept....
Dec
1943—Mar.. . .
169
44
80
154
85
164
156
145
86
105
48
88
89
24
25
12
4 759
1,732
5
France2
Belgium
115
81
331
559
477
62
44
17
876
17
""if
292
17
17
?
12
14
1 Reported a t infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c N o . 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes F u n d ; Belgium—Treasury.
2 For complete monthly series from October 1938May 1939, see BULLETIN for February 1941,
p . 1703 Figure for end of March 1937, first d a t e reported.
4 Figure for end of September.
5
Reported figure for total British gold reserves on
Aug. 31, 1939, less reported holdings of Bank of England on t h a t d a t e .
6
Figure for Sept. 1, 1941.
N O T E . — F o r details regarding special gold
transfers in 1939-40 between the British E. E. A.
and the Bank of England, and between the French
E. S. F . and the Bank of France, see BULLETIN
for September 1940, p. 926.
FEDERAL RESERVE BULLETIN
Estimated
world
Total
Year or month production
outside 1 reported
monthly
U.S.S.R.
1934
1935
1936
1937
1938
1939
1940
1941
1942
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297,349
1,288,945
1942—-June..
....
July
Aug....
Sept....
Oct
Nov....
Dec....
1943—Jan
Feb.....
Mar....
Apr.. . .
May
J u n e . ..
South
Africa
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
968,082
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
79,235
83,332
77,378
76,807
78,266
70,380
68,372
64,861
63,903
*61,761
P
63,467
^63,000
^62,365
42,005
42,784
41,454
40,559
41,023
39,144
38,616
37,687
38,835
35,489
37,604
38,367
37,424
GOLD P R O D U C T I O N
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
Other
North and South America
Africa
Austra-1
British
I
NicaraRhoWest Belgian
8
Chile I gua7
Africa2 Congps
lia
I India 9
desia
$1 = 15#i
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
26,611
grains of
12,153
13,625
16,295
20,784
24,670
28,564
32,163
32,414
29,225
gold x90 fine; i.e., an ounce of fine gold = $35
6,549 108,191 104,023 23,135 12,045
7,159 126,325 114,971 23,858 11,515
7,386 152,509 131,181 26,465 13,632
8,018 168,159 143,367 29,591 15,478
8,470 178,143 165,379 32,306 18,225
8,759 196,391 178,303 29,426 19,951
3 8,862 210,109 185,890 30,878 22,117
209,175 187,081 27,969 22,961
130,963 169,446 6 30,000 20,882
2,450
2,450
2,345
2,310
2,275
2,240
2,135
2,135
1,855
1,610
1,645
A , 645
•f 1,645
2,210
2,226
2,253
2,175
2,160
2,089
2,146
1,984
1,901
1,985
A,985
A , 985
•f 1,985
10,507
12,756
10,166
11,839
12,015
7,831
6,212
4,654
4,121
4,520
4,891
4,065
3,945
1,579
2,006
1,730
1,710
1,659
1,614
1,433
2,055
1,380
1,661
1,648
1,599
1,540
14,979
14,991
14,221
13,325
13,479
12,801
12,704
11,708
11,459
12,169
11,308
10,969
11,431
8,350
9,251
9,018
9,544
10,290
11,376
11,999
9,259
6,409
611
647
531
441
401
432
544
440
450
'450
•^450
•^450
^450
30,559
31,240
40,118
46, 982
54, 264
56,182
55,878
51,039
42,525
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
905
3,325
816
3,990
722
3,360
634
3,185
669
4,165
659
3,045
906
2,940
672
2,827
647
2,555
622 ^2,450
646 ^2,485
700 p2,415
724 •^2,415
665
665
595
630
420
525
735
700
700
805
805
'805
/805
1 ,166
868
807
848
1 ,557
3 ,506
5 ,429
7 ,525
8 ,623
1
Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics.
2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.
3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.
Includes Philippine Islands production received in United States. Annual figures are estimates of United States Mint. Monthly figures represent
estimates of the American Bureau of Metal Statistics, those for 1942 having been revised by adding to each monthly figure $359,634 so that aggregate for
1942 is equal to annual estimate for the year compiled by Bureau of Mint in cooperation with Bureau of Mines.
5
Figures^ for Canada beginning 1943 are subject to official revision.
6
Beginning April 1942, figures no longer reported. Annual figure for 1942 is rough estimate based on reported production of $7,809,000 in first three
months
of year.
7
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
8
Beginning December 1941, figures are those reported by American Bureau of Metal Statistics for total Australia.
9
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; and April 1933, pp. 233-235.
For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936,
pp. 108-109.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
N e t imports from or net exports (—) t o :
Year or
month
19341
1935
1936
1937
1938
1939
1940
1941
Total
net
imports
1
1
1
3
4
131, 994
739, 019
116, 584
585
973
574
744
982
503
569
151
472
378
734
108
118
171
747
United
Kingdom
870
727
093
531
, 2 0 8 728
1,826 403
633 083
3 ,779
499
315
174
891
1941
Tan.
Feb
Mar.
May
June..
July
Aug
Sept.
Oct
Nov.
Dec
600
S67
009
34 830
30 719
37 011
073
65 ,709
10 110
SO
52 ',896
37
1
Belgium
France
260
934
573
-13
81
3
241
Netherlands
223
8 902 94, 348
243
3 227, 185
671
3 351 71, 006
710 90 859
6 461
135 15 488 163 049
798 165 122 341 618
778
977 63 260
1
1
1
Sweden
60
28
161
1
Switzerland
86, 879
17 402
968
95, 171
72, 648
2 7 511
6 54 452
111, 480
76, 31.5
146 1 363
715 86 987 612, 949
489 90 320 2,622, 330
899 412, 056
747
1 746
337
817
71
474
54?
70
7 SO
ss
163
hilipColom- P pine
Canada Mexico
bia
Islands
1
46, 876
81, S?0
95, 610
20,
16, 306
17, S14
19
10 842
42, 56?
16 07?
24 017
20 377
30, 270
13, 667
39, 966
38, 482
36, 472
33, 610
29, 880
16, 791
16, 944
10, 899
11, 911
18, 397
10 557
23, 239
23 999
24 448
1, 147
814
866
1, 147
3 168
11
2 73?
2 034
9 704
060
800
1 0X0
843
40S
1
336
1 273
7
9
9
9
9
9
PS
488
107
110
2 238
Australia
South
Africa
1, 029
12
12,038
65
15,335
3, 498
8
21,513 23, 280
181
25,427 34, 713
401
27,880 39, 162
35,636 74, 250 22, 862
38,627 103, 777 184, 756
42,678 67, 492 292 893
3,185
2,772
3,984
3,587
3,384
2,114
4 970
5 098
3 107
3 141
1 830
5,506
11, 136 149, 73S
6, 738
06
76?
2 788
4, 770 132
4, 104
3 S04
60
4, S03
88
s 100
6, 71?
137
9, 064
3 604
1S1
10
s 080
3 713
190
Japan British
India
All
other
countries
4 76,820
75 268
77 892
246, 464 50 762
168, 740 16 159
165, 605 50 956
111, 739 40 989
9 444 9 665
32,304
46,989
39,735
29,998
2
67,975
3
102, 404
4
388,468
B
100,485
6 08 S
501
3 046
313
131
i
995
327
711
6,062
15,093
2,951
6,793
3,589
5,009
3,811
69,008
611,041
69 355
69'039
6
18!726
6
1
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $31,830,000 from Argentina.
3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other
countries.
4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R. t
$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.
SEPTEMBER 1943
903
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
From Jan. 2, 1935, through-
Total
Increase in foreign banking
funds in U. S.
Total
1935—Dec. (Jan. 1, 1936) .
1936—Dec. 30
1937—Dec. 29
1,412.5
2,608.4
3,410.3
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).
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
930.5
1,168.5
9.8
81.1
243.9
593.5
849.4
924.6
361.4
431.5
449.1
125.2
316.2
583.2
316.7
917.4
1,162.0
6.0
12.9
47.5
3,207.2
3,045.8
3,472.0
3,844.5
949.8
786.2
1,180.2
1,425.4
149.9
125.9
187.0
238.5
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
1,150.4
1,155.3
1,125.4
1,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
4,197.6
4,659.2
5,035.3
5,021.2
1,747.6
2,111.8
2,479.5
2,430.8
311.4
425.3
552.1
542.5
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3).
: (Ju!ly 3)
"
June
p . ((Oct.
c t . 2)
Sept.
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,no.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
,307.7
,375.1
,321.7
,053.7
1,841.0
1,818.2
1,817.7
1,802.6
767.4
818.6
805.3
791.3
812.7
834.1
841.1
855.5
701.8
631.2
623.5
626.7
95.9
98.2
100.9
100.9
1942—Jan. 7....
Jan- 14...
Jan. 21...
Jan. 28...
5,225.3
5,199.1
5,178.5
5,163.7
2,841.7
2,816.9
2,787.7
2,771.6
,052.6
,012.3
980.3
977.6
1,789.1
1,804.6
1,807.4
1,793.9
798.5
796.5
803.0
801.6
856.2
856.7
857.8
857.5
627.6
627.0
627.9
631.0
101.4
102.0
102.0
102.0
Feb.
Feb.
Feb.
Feb.
4...
11..
18..
25..
5,098.2
5,081.6
5,035.7
5,069.0
2,703.5
2,687.5
2,646.2
2,675.5
936.7
926.4
866.1
879.4
1,766.8
1,761.1
1,780.2
1,796.0
803.5
802.9
806.8
809.2
858.8
859.1
855.9
856.2
630.2
630.0
624.5
626.2
102.1
102.2
102.4
102.0
Mar. 4...
Mar. 11..
Mar. 18..
Mar. 25..
Apr. 1...
5,105.8
5,112.1
5,070.3
5,051.7
5,082.4
2,706.1
2,714.6
2,672.5
2,654.4
2,684.0
941.0
955.6
917.8
908.1
932.0
1,765.1
1,759.0
1,754.7
1,746.3
1,752.0
814.6
815.8
817.5
817.2
819.7
855.4
852.7
851.6
851.4
849.6
627.0
626.6
625.6
625.0
624.9
102.6
102.4
103.1
103.7
104.3
Apr. 8...
Apr. 15..
Apr. 22..
Apr. 29..
5,079.5
5,300.8
5,317.1
5,309.6
2,675.1
2,893.6
2,912.9
2,906.1
918.2
,132.1
,129.7
,106.7
1,756.9
1,761.6
1.783.2
1,799.4
827.3
830.1
829.1
829.8
847.2
845.3
844.4
843.2
625.2
627.1
626.6
626.6
104.7
104.6
104.1
103.9
May
May
May
May
6. . . .
13. ..
20. ..
27. ..
June 3
5,375.2
5,358.6
5,358.4
5,384.8
5,413.4
2,971.0
2,951.4
2,948.5
2,974.7
2,996.8
,160.1
,140.1
,153.3
,153.5
,144.0
1,811.0
1,811.3
1,795.2
1,821.2
1,852.8
831.2
834.3
836.4
836.5
839.8
841.9
841.4
841.7
840.9
843.2
627.2
626.5
626.9
627.3
629.0
104.0
105.0
104.8
' 105.4
104.6
June 10. .
June 17..
June 24..
June302..
5,456.4
5,497.8
5,515.3
5,495.3
3,039.1
3,077.9
3,095.9
3,075.9
,193.0
,210.3
,220.0
,211.7
1,846.0
1,867.6
1,875.9
1,864.2
841.7
842.8
843.7
842.3
840.9
840.7
839.1
838.8
630.0
631.1
631.6
632.0
104.8
105.2
105.0
106.2
July 31
Aug. 3 1 . . . .
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
,242.7
,293.1
,339.1
,341.1
,366.1
,412.0
1,878.7
1,891.7
1,873.5
1,863.2
1,884.1
1,908.3
854.9
839.9
858.2
890.0
901.6
888.8
829.3
828.6
830.5
842.1
844.8
848.2
633.3
642.7
646.1
654.3
661.0
673.3
103.7
103.9
107.5
104.1
104.1
104.4
1943—Jan. 3 0 . . .
Feb. 2 7 . . .
Mar. 31....
Apr. 30....
May 29. ..
5,907.7
6,014.9
6,147.1
6,212.3
6,282.6
3,471.1
3,590.1
3,643.4
3,690.5
3
3,769.6
,536.6
,671.8
,723.1
.,800.4
8
1,870.2
1,934.5
1,918.3
1,920.3
1,890.0
3
1,899.4
889.8
890.5
898.7
909.9
3
905.1
761.3
751.9
810.5
809.5
807.0
678.5
676.0
685.9
692.9
692.5
107.0
106.4
108.6
109.5
3
108.5
603.3
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 BUL-
LETIN for January 1943, p. 98.
3
Amounts outstanding on May 29, in millions of dollars: total foreign banking funds in United States, 4,436.8, including official funds, 2,487.8, and other
funds, 1,949.0; United States banking funds abroad, 230.4; and brokerage balances (net due "foreigners") 31.6. Figures for "official funds" and "other
funds" not strictly comparable to the corresponding figures for preceding months, owing to a change in reporting practice. The cumulative figures have
been adjusted to exclude the unreal movements introduced into the data by this change in reporting practice.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to
and claims on "foreigners" as reported by banks and brokers. For description of the statistics, see BULLETIN for Ja
"" April
* " 1939,
January 1943, p. 98;
pp. 284-296; and May 1937, pp. 394-431.
9°4
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Cash reserves
Discounts
and advances
Gold1
Other
assets 2
Coin
Notes
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
.2
.6
.6
.8
1.0
.5
.6
.6
.8
.8
1.0
.9
.3
26.3
38.8
31.6
23.6
58.7
47.1
' 35.5
46.3
41.1
51.7
25.6
13.3
28.5
22.3
49.0
27.3
18.5
16.8
*.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
6
630.0
5 780.0
1942—Aug. 26.
Sept. 30.
Oct. 28..
Nov. 25.
Dec. 30.
.2
.2
.2
.2
.2
880.0
880.0
880.0
880.0
5
950.0
1.2
1.4
1.4
1.1
.9
1943—Jan. 27..
Feb. 24.
Mar. 31.
Apr. 28.
May 26.
June 30.
July 28.
.2
.2
.2
.2
.2
.2
.2
950.0
950.0
950.0
6
1,000.0
1,000.0
1,000.0
1,000.0
.5
.8
1.2
1.0
.9
.9
1.3
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.
25.
31
30.
28
27.
26.
25.
30.
29.
28
27.
25.
31.
Liabilities of banking department
Assets of banking department
Securities
Note
circulation 3
Deposits
Bankers'
4.3
4.0
6.4
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
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
51.7
42.2
29.1
10.2
26.8
6.7
2.4
2.5
2.7
3.5
158.4
169.6
178.6
206.6
267.9
828.6
838.0
851.2
870.0
923.4
146.0
135.7
141.1
148.8
223.4
42.2
32.8
15.7
46.8
55.3
53.9
32.1
4.4
5.1
9.9
5.3
4.6
4.9
7.3
208.0
218.5
198.4
196.2
185.3
261.0
208.4
908.1
917.4
934.5
953.4
945.0
946.3
968.1
175.9
178.2
144.3
170.1
174.1
238.1
169.9
7.6
8.5
17.5
9.2
28.5
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
md United
States
dollars
Dominion and provincial government
securities
9.0
46.8
51.5
48.9
46.3
48.8
18.0
18.1
17.7
17.8
17.9
4.7
7.1
5.9
8.3
3.2
9.5
6.6
56.6
53.9
56.8
53.1
51.0
55.3
54.6
17.9
18.0
18.1
17.7
17.8
17.8
17.9
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
7.3
10.3
3.8
7.7
Note
circulation!
Other
liabilities
Dominion
government
Other
99.7
135.7
165.3
175.3
232.8
359.9
496.0
181.6
187.0
196.0
200.6
217.0
217.7
232.0
17.9
18.8
11.1
16.7
46.3
10.9
73.8
.8
2.1
3.5
3.1
17.9
9.5
6.0
7.7
13.4
14.4
9.3
13.3
28.5
35.1
14.7
22.1
21.7
17.8
31.3
592.6
625.4
657.6
666.3
693.6
225 A
246.0
- 304.6
273.2
259.9
15.5
18.5
19.3
24.6
51.6
28.1
24.7
12.2
13.8
19.1
24.1
21.6
25.3
25.2
24.0
17.6
18.5
16.2
34.2
24.9
20.8
22.1
677.6
691.7
719.1
744.1
746.8
758.4
776.1
237.7
258.5
261.0
284.5
313.1
301.1
295.0
14.8
21.5
21.2
56.5
46.8
90.1
48.4
61.3
15.3
24.7
35.5
34.2
19.2
13.2
26.3
17.9
19 A
42.6
24.4
28.9
23.7
30.9
61.3
82.3
144.6
181.9
448.4
391.8
83.4
99.0
91.6
40.9
49.9
127.3
216.7
8.6
8.2
21.7
5.2
5.5
12.4
33.5
1942—Aug. 31.
Sept. 30..
Oct. 31..
Nov. 30..
Dec. 31 .
1.0
.8
.5
.5
.5
518.7
628.7
797.5
780.6
807.2
351.3
284.7
199.3
204.2
209.2
1943—Jan. 30...
Feb. 27..
Mar. 31..
Apr. 30..
May 31...
June 30..
July 3 1 . .
.3
.3
.3
.6
11.8
47.2
.5
768.0
722.2
752.5
850.4
826.1
816.7
800.7
231.8
263.8
276.4
278.0
302.5
313.0
333.1
(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
Chartered
banks
4.2
9.1
14.9
28.4
64.3
38.4
200.9
180.5
179.4
179.8
185.9
225.7
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
7.7
Deposits
Other
assets
Other
31..
31..
31..
31..
30..
31..
31..
Other
8.8
6.6
Liabilities
Shortterm*
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
Public
Other
liabilities
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
... million pou
pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds tram
*
5.5
:ransferred
from Exchange Account
to bank;
pounds transferred from Bank to Exchange
b 6a n k ;on
o n Sept.
S e t . 6,1939,
,
, 279 million
....^
„ Account.
Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds
on Dec. 2, 1942; and by 50 million pounds on Apr. 13, 1943.
6 Securities maturing in two years or less.
7 Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940.
pp. 677-678).
NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp. 81-83. The headings in the table for the Bank of
Canada correspond to the items in that Bank's statements, except that the headings "Other assets" and "Other liabilities" include certain small asset
and liability items shown separately in the statements.
SEPTEMBER
1943
905
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
1929—Dec. 27.
1930—Dec. 26.
1931—Dec. 30.
1932—Dec. 30.
1933—Dec. 29.
1934—Dec. 28.
1935—Dec. 27.
1936—Dec. 30.
1937—Dec. 30.
1938—Dec. 29.
1939—Dec. 28.
1940-Dec. 26.
1941—Dec. 31.
1942—May 28.
June 25.
July 30.
Aug. 27.
Sept. 24
Oct. 29.
Nov. 26.
Dec. 31.
1943—Jan. 28.
Feb. 25.
Mar. 25.
Apr. 29.
May 27.
Advances to
Government
Domestic bills
Gold
1
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
84,598 I
84,598 |
84,598 !
84,598 i
84,598
84,598
84,598
I
84,598
84,598
84,598
84,598
84,598
Foreign
exchange
25 ,942
26 ,179
21 ,111
4 ,484
1 ,158
963
1 ,328
1 ,460
911
821
112
42
38
! Special*! Other
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
1,379
652
1,797
2,345
661
12
42,804
42,699
43,743
43,427
43,869
44,239
44,562
43,661
43,448
43,103
42,938
42,883
42,930
11
9
9
i"
69
212
169
108
105
23
26
6
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
For occupation
costs 3
Deposits
Other
assets
Other
2
Note
circulation
'
I Government
C.A.R.
1929—Dec. 31.
1930—Dec. 31.
1931—Dec. 31
1932—Dec. 31
1933—Dec. 30
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31.
1939—Dec. 30
1940—Dec. 31.
1941—Dec. 31
Reserves of gold and
foreign exchange
Other
Other
liabilities
72,317
142,507
17,698
31,909
20,627
34,673
63,900
69,500
'ii.'ioo'
64,580
7, 850
11, 698
22, 183
20, 072
13, 414
15, 359
8, 716
13 655
19 326
25 595
14 751
27 202
25 272
4,176
4,000
4,744
4,525
4,038
4,599
6,509
5,368
168,930
174,938
180,678
180,999
183,758
193,376
198,868
210,965
66,250
62,950
57,650
63,850
67,500
66,900
68,700
68,250
54,410
48,093
39,908
35,371
31,100
25,726
19,769
16,857
30 653
30 724
31 963
33 298
32 142
35 ,007
35 ,181
29 935
4
4
3
4
5
3
3
4
5,061
7,533
6,108
6,686
6,199
216,334
230,911
230,740
248,320
260,919
62,600
57,800
69,250
57,650
56,900
9,051
9,521
8,429
8,749
10,166
30 ,654
32 ,886
33 ,776
34 ,186
37 ,750
4 705
4 299
5 556
4 058
5 ,177
Bills (and
checks),
including
Treasury
bills
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
,244
11,392
15,419
21,656
1, 812
2 f 241
l[ 989
2, 041
l f 940
1, 907
2, 113
2, 557
3 160
2 718
2 925
3 586
3 894
040
753
985
111
293
807
547
461
Liabilities
Assets
Reichsbank
(Figures in millions of
reichsmarks)
4
Securities
Eligible
as note
cover
Other
Note
circulation
Deposits
Other
liabilities
1,621
2,498
2,066
2,311
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
1,032
1,012
1,059
1,527
2,018
2,561
3,649
205
204
204
201
210
210
2,162
2,262
2,251
2,117
2,146
1,664
21,344
21,808
22,037
22,600
23,052
24,375
2,804
2,864
2,985
2,887
3,241
5,292
1,448
1,530
1,594
1,624
1,673
1,680
185
180
85
78
121
67
2,477
2,370
2,345
2,319
2,268
2,178
23,664
24,266
24,697
25,442
25,922
26,650
3,892
3,820
4,340
4,226
4,606
4,881
1,526
1,369
1,397
1,427
1,563
1,711
445
349
221
106
557
804
32
107
92
102
161
398
322
319
315
303
286
298
393
357
283
1942—July 31
Aug. 31.
Sept. 30
Oct. 31.
Nov. 30.
Dec. 31.
21
34
68
63
71
87
1943—Jan. 30.
Feb. 27.
Mar. 31.
Apr. 30.
May 31.
June 30.
51
49
41
1
17
1
""259
Other
assets
656
638
1,065
1,114
735
827
853
765
861
755
652
755
540
640
984
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,493
1
Gold revalued March 1940, November 1938, July 1937, and October 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939,
p. 29;
September 1937, p. 853; and November 1936, pp. 878-880.
2
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through Mar. 31, 1943, advances of 261,000 million
francs
were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred horn Exchange Stabilization Fund to Bank of France;
in week
ending Mar. 7,1940,30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Gold not shown separately in weekly Reichsbank statement after June 15,1939.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
906
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1943
July
June
1942
May
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
1,074
1,074
Other gold and foreign exchange.
1,408
1,506
Negotiable Government b o n d s . . . .
379
349
Rediscounted paper
251
Other assets
"251
1,692
Note circulation
1,648
844
Deposits—Member bank
873
Government
429
467
Other
77
49
Foreign exchange sold forward
104
io9
Other liabilities
C o m m o n w e a l t h Bank of Australia
(thousands of pounds):
Issue department:
35,141 35,141
Gold and English s t e r l i n g . . . .
112,477 112,483
Securities
Banking department:
7,399
7,583
Coin, bullion, and cash
45,310 45,419
London balances
21,976 20,548
Loans and discounts
213,959 215,534
Securities
175,692 176,91
Deposits
138,356 138,356
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 Issue of Brussels (mil
lions of belga) i1
4,331
Gold.
4,331
7,586
Foreign exchange
7,835
3,267
3,2701
Credits to State and public bodies
75
85
Credits to private economy
730
Reichskreditkasse
717
510
Other assets
508
Note circulation.
14,760 14,508
878
Demand deposits
845
831
Postal Checking Office
......
851
283
Other liabilities
291
N a t i o n a l Bank of Bohemia a n d Moravia (millions of koruny):
Gold
1,515
1,515
746
Foreign exchange
741
944
Discounts
944
Loans
'22^611 21,586
Other assets
17,450 16,642
Note circulation
4,541
Demand deposits
.....
4,311
3,604
Other liabilities
4,055
C e n t r a l B a n k of Bolivia (thousands
of bolivianos):
554,005
G o l d a t home and abroad.
374,684
Foreign exchange
231,525
Loans and discounts
542,151
Securities—Government
41,586
Other
129,601
Other assets
944,949
Note circulation
836,817
Deposits
91,787
Other liabilities
N a t i o n a l B a n k of Bulgaria 2
Central Bank of Chile (millions of
pesos):
233
240
Gold
37
44
Discounts for member banks. . . . . .
785
773
Loans to Government
947
939
Other loans and discounts
822
874
Other assets
2,018
2,090
Note circulation
413
363
Deposits—Bank
115
153
Other
277
263
Other liabilities
B a n k of t h e R e p u b l i c of Colombia
(thousands of pesos):
89,744 78,122 75,486
Gold
79,052 81,272 74,505
Foreign exchange
3,854
5,129 12,456
Loans and discounts
55,822
55,925 55,925
Government loans and securities...
30,573 27,994 37,519
Other assets
108,327 108,495 104,702
Note circulation
96,380 92,190 100,409
Deposits
55,613 55,084 42,177
Other liabilities
July
Central B a n k
(Figures as of last report
date of month)
N a t i o n a l Bank of Denmark (millions
of kroner):
Gold
1,07
60S
Foreign exchange
Clearing accounts (net)
362
Loans and discounts
Securities
1,489
Govt. compensation account 3
654
Other assets
4<
Note circulation
3
Deposits—Government
Other
Other liabilities
Central B a n k of Ecuador (thousands of sucres):
Gold
26,61'
Foreign exchange (net)
Loans and discounts
87,41
Other assets
7,26=
Note circulation
38,18^
Demand deposits
27,612
Other liabilities
104,465 N a t i o n a l B a n k of E g y p t 2
129,425 Central Reserve B a n k of El Salva104,85i
dor (thousands of colones):
Gold 5
....
Foreign exchange
Loans and discounts
4,33.
Government debt and securities..
3,496
Other assets
4,194
Note circulation
6'
Deposits
78S
Other liabilities
58 B a n k of F i n l a n d (millions of
11,695
markkaa):
758
Gold
78'
Foreign assets
22:
Loans and discounts
Domestic securities
Other assets
1,515
Note circulation
769
Deposits
917
Foreign clearing accounts
Other liabilities
' 14 ,'820 B a n k of Greece 2
10,510 N a t i o n a l Bank of H u n g a r y (millions
3,869
of pengo):
3,641
Gold
Foreign exchange reserve
Discounts
,
388,282
Loans—To Treasury
306,905
To foreign countries
299,406
Other
492,229
Other assets
41,220
Note circulation
72,373
Demand deposits
717,715
Consolidated foreign credits of 1931.
724,114
Other liabilities
158,585 Reserve B a n k of India (millions of
rupees):
Issue department:
Gold at home and a b r o a d . . . .
Sterling securities
261
Indian Govt. securities
729
Rupee coin
907
Note circulation
112
Banking department:
1,582
Notes of issue department
278
Balances abroad
88
Treasury bills discounted
210
Loans to Government
Other assets
Deposits
30,676
Other liabilities
52,336 C e n t r a l B a n k of I r e l a n d (thousands
15,384 of pounds) : 6
59,493
Gold
32,119
Sterling funds
83,150
64,465
42,393
Note circulation
1943
July I June
97
20
1,474
35
62
125
1 825
1,058
1,573
696
311
1942
May
97
20
1,367
36
66
125
1,721
1,022
1,468
634
308
July
98
16
1,011
55
32
125
1,124
839
1,049
332
240
(Feb.)
137,093 97,110
86,383 45,212
81,22'
85,317
52,461 46,721
172,701 140,934
150,239 98,853
34,225 34,573
24,218
27,684
463
6,802
682
24,230
25,397
401
6,821
568
32,062 31,661
21,832 19,849
5,908
5,955
(Dec.
1942)4
171
763
15,873
328
441
9,617
1,189
2,956
3,814
100
2,183
690
653
15
928
3,201
454
18
900
100
4
2,130
714
624
15
945
3,084
519
18
910
1,282
760,
430!
351
5221
2,254!
377
21
485
444
5,325
1,207
176
7,041
444
2,868
1,024
297
4,510
111
823
7
123
806
1
6
8&
878
146
116
850
208
2,646
20,518
23,164
21,703
10,138
652
7,150
530
23,420
10,974
5,779
(Dec.
1941)
171
1,227
12,225
377
178
7,317
1,296
1,490
4,076
100
7i
2,646
20,515
23,161
1
S e p a r a t e figures for N a t i o n a l B a n k of Belgium n o t a v a i l a b l e . T h e B a n k of Issue of Brussels w a s founded b y t h e G e r m a n M i l i t a r y A d m i n i s t r a t i o n
on J u n e 27,1940; i t h a s no n o t e issue, d r a w i n g its resources principally from a d v a n c e s from t h e N a t i o n a l B a n k a n d deposits b y t h e P o s t a l Checking Office.
2
F o r last available r e p o r t s from t h e c e n t r a l b a n k s of B u l g a r i a ( J a n u a r y 1943) a n d E g y p t (December 1942), see B U L L E T I N for J u l y 1943, p . 697;
a n d from Greece (March 1941), see B U L L E T I N for M a r c h 1942, p . 281.
3
R e p r e s e n t s B a n k ' s claim on t h e G o v e r n m e n t for t h e B a n k ' s foreign exchange losses resulting from t h e r e v a l u a t i o n of t h e k r o n e on J a n . 23, 1942.
4
Latest month for which report is available for this institution.
5
Gold revalued June 30, 1942, a t 0.3555 gram fine gold per colon, a 20 per cent reduction in the gold value of thecolon.
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, pp.
122-127.
SEPTEMBER 1943
907
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1943
July
June
1
Bank of Japan
1
Bank of Java
Bank of Mexico (thousands
of pesos):
Metallic reserve 2
"Authorized" holdings of securities, etc..
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of guilders):
Gold
Silver (including subsidiary coin).
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand (thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway 1
Bank of the Republic of Parag u a y (millions of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
Note circulation
Demand deposits—Government....
Other
Other liabilities
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
escudos):
Gold4
Other reserves (net)
Nonre serve 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 B a n k (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
387,357
1,101,
139,
56,
915,
634,
134,
4
1,292
140
256
!,596
569
340
73
1942
May
July
1943
Central Bank
(Figures as of last report
date of month)
July
S o u t h African Reserve Bank (Continued)
Note circulation
373,707 224,883
Deposits
Other liabilities
1
1,055,014 620 ,196 Bank of Spain
138,005 107,402 Bank of Sweden (millions of kronor):
61,038 58,118
Gold
895,916 612:,920
Foreign assets (net)
598,919 286,,610
Swedish Govt. securities and ad132,930 111,069
vances to National Debt Office5.
Other domestic bills and advances.
Other assets
886
Note circulation
939
4
Demand deposits—Government...
6
2,250 1,179
Other
Other liabilities
151
140
162 Swiss National B a n k (millions of
235
226 francs):
Gold.
2,482 2,451
Foreign exchange
589
Loans and discounts
370
148
Other
assets
73
64
Note circulation
Other sight liabilities
Other liabilities
2,802 2,802
26,789 24,669 Central Bank of the Republic of
Turkey (thousands of pounds):
Gold.
42,671 32,300
Foreign clearing accounts
10,298 4,146
Loans and discounts
2,956 1,229
Securities
31,812 25,923
Other assets
50,372 36,499
Note circulation
3,332 2,724
Deposits—Gold
Other
Other liabilities
20
Bank of the Republic of Uruguay
2,127
(thousands of pesos):
81
Issue department:
1,552
Gold and silver
2,226
Note circulation
2,231
Banking department:
494
Gold and silver
1,711
Notes and coin
1,570
Advances to State and to
government bodies
(Mar.')3
Other loans and discounts
119,215 89,330
Other assets
13,649 14,860
Deposits
285,189 248
1,011
Other liabilities
21,055 :24,189 Central Bank of Venezuela (thou287,843 254,760 sands of bolivares):
132,612 86,253
Gold
18,653 35,378
Foreign exchange (net)
Credits to national banks
(Jan.) 3
Other assets
1,392 1,374
Note circulation—Central Bank..
3,226 2,352
National banks..
6,290 4,846
Deposits
218
283
Other liabilities
1,060 1,028 National Bank
of the Kingdom of
933
879 Yugoslavia 1
5,289 4,585 Bank for International Settlements
6,983 5,448 (thousands of Swiss gold francs7):
846
730
Gold in bars
Cash on hand and on current account with banks
49,166 40,533
Sight funds at interest
30,524 19,896
Rediscountable bills and accept37,651 33,839
ances (at cost)
281
428
Time funds at interest
20,853 21,235
Sundry bills and investments
55,566 38,404
Other assets
120,954 97,441
Demand deposits (gold)
49,024 41,747
Short-term deposits (various cur24,064 15,147
rencies) :
Central banks for own account
Other
.m
69,355 60,963
Long-term deposits: Special ac9,655 1,206
counts
500
377
Other liabilities
85,886 59,946
June
July
35,657
82,601
4,233
762
596
686
546
766
627
1,037
97
893
1,969
353
476
610
1,047
85
795
1,969
563
181
606
3,791
66
3,750
62
106
346
2,642
1,351
271
( ef
May
43,077 44,191
121,246 116,598
4,668 4,606
811
571
2,670
1,395
1942
1,183 \ 863
89
816
1,001
1,702
1,918
685
292
293
704
549
937
3,746
53
107
381
2,603
r
l,413
272
3,464
108
62
274
2,245
1,378
285
138,603
53,041
589,131
189,867
17,842
599,527
79,358
143,846
165,753
197,955
64,860
659,311
193,454
18,645
736,297
79,358
151,317
167,253
(Feb.) 3
90,797 92,237
114,733 111,157
55,414
34,995
66,839
41,128
40,602
105,898
138,286
140,944
234,252
33,394
102,371
109,889
137,414
216,208
245,504 245,504 245,503
37,178 33,640 26,831
31,230 31,230 31,230
18,393 5,203 5,232
235,167 224,028 212,452
30,448 32,048 33,704
60,734 52,570 55,988
6,654
5,956 6,931
171,377
30,148
35,230
11,137
156,551
45,205
39,781
6,355
75,824
65,242
27,874
15,575
35,861
15,804
149,034 144,368
20,936 20,940
194,692 199,722
41
147
38,953 37,721
15,226
2,539
15,899
5,425
229,001 229,001
198,362 193,932
r
1
Revised. c Corrected.
For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (Februarv 1941), see BULLETIN for March 1942, pp. 281-282; from Bank of Java (January 1942), see BULLETIN for March 1943, p. 278; and from Bank of Spain (December 1942), see
BULLETIN for May 1943, p. 414.
2
3
4
5
6
7
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Latest month for which report is available for this institution.
Valued at average cost beginning October 1941.
Includes small amount of non-Government bonds.
Figure not available.
See BULLETIN for December 1936, p. 1025.
908
FEDERAL RESERVE BULLETIN
M O N E Y RATES I N 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. 2 5 . . . . . . . . . . . .
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
Mav 29
June 27
In effect August 31,
1943
United
King- France Germany
dom
2
3
2H
Belgium
2
4
Netherlands
Sweden
m
3
2Y2
3
2
"Hi"
2
4
6
5
4
Switzerland
Albania
Argentina
Belgium
Bohemia and
Moravia
2
4
3
2
Date
effective
Central
bank of—
Rate
Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940
Japan
Java.
Latvia
Lithuania. ..
Mexico......
3.29
3
5
6
Oct.
Bolivia
British India..
Bulgaria
Canada
Chile
Colombia.....
2
2H
Rate
Aug.
31
Central
bank of—
6
3
5
4
1, 1940
Date
effective
Apr.
Jan.
Feb.
July
June
7,
14,
17,
15,
4,
1936
1937
1910
1939
1942
Nov. 8, 1940
Nov. 28. 1935
Dec. , 1. 1940
Mar. 11,'1935
Dec. 16, 1936
July 18, 1933
Netherlands
New Zealand
Norway
Peru........ 5
Portugal.... 3
July
May
Aug.
Apr.
26,
13,
1,
8,
Oct.
May
Mar.
Oct.
Dec.
16, 1940
26, i938
30, 1939
1, 1935
3, 1934
Rumania....
South Africa
Spain
Sweden
Switzerland.
3
3
4
3
Sept.
June
Dec.
May
Nov.
12, 1940
2, 1941
1, 1938
29, 1941
26, 1936
Mar.
Apr.
Mar.
Oct.
May
17, 1941
9, 1940
1, 1942
22, 1940
18, 1936
Turkey
United^Kingdom.......
U. S. S. R...
Yugoslavia.
4
July
1, 1938
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
June 27, 1941
1941
1940
1940
1943
3
V/2
2
4
Denmark
Ecuador......
El Salvador...
Estonia
Finland
2
4
3
4
7
3
3
3
2
4
3
2
sy2
3H
1%
France
Germany
Greece
Hungary
Italy.........
6
3
2H
2
NOTE.—Changes since July 31: none.
3
2
OPEN-MARKET RATES
[ Per cent per annum ]
United Kingdom
Germany
Netherlands
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
Month
Bankers'
icceptances
3 months
Treasury
bills
3 months
1929—June..
1930—June.
1931—June..
1932—June..
1933— une..
1934— une..
1935—
1936—
1937—
1938—;
1939—
1940—'
1941—
1942—
5.32
-2.31
2.09
1.05
.50
.91
.71
.78
.68
.59
.75
4.23
1.93
1.64
.99
1.03
1.03
5.35
2.30
2.10
.85
.40
.85
.64
.78
.68
.59
.76
.02
.00
.00
1942-July..
Aug. .
Sept..
Oct...
Nov...
Dec...
1943—Jan...
Feb...
Mar...
Apr...
May..
June..
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
.00
.00
.00
.00
.00
.01
.01
.00
.00
.01
.00
1.00
1.00
1.00
1.05
1.04
1.00
1.00
1.08
1.10
.90
1.03
1.07
1.06
1.03
Bankers'
Day-to-day allowance
money
on deposits
.62
.92
.75
.75
.79
.75
.77
1.00
1.00
1.00
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
7.50
3.58
6.05
4.75
3.88
3.76
3.00
2.88
2.88
2.88
2.79
2.38
2.13
2.13
7.90
3.74
6.74
5.70
4.93
4.57
3.16
2.67
2.78
3.06
2.71
1.98
1.93
1.90
5.30
1.89
1.05
.39
2.18
.78
4.42
3.92
.15
.13
.49
(J)
1.88
5.30
1.93
1.07
1.00
2.06
1.00
3.83
3.95
1.00
.50
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
1.75
1.68
1.83
1.80
1.75
1.96
1.84
.75
C1)
2.25
3.26
2.06
1.12
1.50
1.50
1.50
2.60
2.25
.00
.00
.00
.50
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25.25
.25
1.25
1.25
1
Figure not available.
NOTE.—For fagures lor other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
SEPTEMBER 1943
909
COMMERCIAL BANKS
t i l London clearing banks.
Figures in millions of
pounds sterling)
1935—December
1937 December
1938—December
1939—December
1940—December
1941—December
1942—July
August
September
October
November
December
Liabilities
Assets
United Kingdom 1
..
..
....
L943—January
Februarv
March
April
May
June
Cash
reserves
Money a t
Treasury
call and Bills dis- deposit
short
counted
receipts 2
notice
244
244
243
274
324
3o6
195
163
160
174
159
141
322
300
250
334
265
171
342
351
349
350
367
390
379
373
377
375
377
387
132
133
127
136
135
142
146
154
139
142
158
165
273
283
277
271
241
198
197
148
173
128
154
236
Loans to
Securities customers
Other
assets
Deposits
Total
Security
loans
1936—December
1937—December
1938—December
1939—December
1940—December
1941—December
114
76
65
53
40
32
1942—July
August
September
October
November
December
1943—January
February
March
April..."
May
June
26
24
27
25
29
31
29
29
24
25
33
42
314
758
249
256
263
290
293
324
2,315
2,330
2,254
2,441
2,800
3,329
1,288
1,284
1,256
1,398
1,770
2,168
1,012
1,026
997
1,043
1,030
1,161
245
252
269
256
250
253
607
634
693
744
804
896
935
933
884
964
924
859
1,075
1,082
1,097
1,108
1,117
1,120
1,112
1,109
1,132
1,137
1,150
1,159
807
795
785
785
774
794
773
775
789
767
769
758
261
257
263
263
269
325
271
272
283
268
268
305
3,264
3,305
3,358
3,424
3,472
3,629
3,577
3,525
3,542
3,545
3,566
3,630
2,138
2,161
2,218
2,261
2,287
2,429
2,369
2,324
2,362
2,350
2,380
2.432
1.126
1,143
1,140
1,163
1,185
L,200
1,207
1,201
L.180
1,195
1,185
1,199
232
231
233
232
234
236
237
237
235
235
234
238
Liabilities
Deposits payable in Canada
excluding interbank deposits
Other
loans
and discounts
Total
1,958
2,192
2,340
2,379
2,304
2,293
2,302
2,380
2,689
2,818
2,728
2,687
Cash
reserves
Due from
banks
Bills discounted
Demand
i Other
j liabilities
Time
2,303
2,335
2,500
2,774
2,805
3,105
755
752
840
1,033
1,163
1,436
1,548
1,583
1,660
,741
,641
,669
837
850
843
963
846
962
3,174
3,311
3,486
3,604
3,680
3,657
3,494
3,533
3,816
3,984
4,152
4,101
1,521
1,612
1,738
1,895
2,050
1,984
1,772
1,738
1,927
2,058
2,419
2,319
,654
,700
,748
,709
,630
,673
,723
,796
,890
,926
,732
1,782
999
1,008
1,006
1,018
1,032
1,049
1,050
1,048
1,044
1,056
1,068
1,084
Liabilities
Assets
France
(4 large banks. End of month
figures in millions
of francs)
Other
liabilities
890
984
971
1,015
924
823
Entirely in Canada
|
Time 3
660
635
635
609
771
999
Assets
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Demand 3
Loans
Other
assets
Deposits
Total
Demand
Other
liabilities
Time
Own
acceptances
1936—December
1937—December
1938—December
1939—December
1940—December 4
3,100
3,403
3,756
4,599
6,258
2,975
4,116
4,060
3,765
3,546
17,582
18,249
21,435
29,546
44,243
7,631
7,624
7,592
7,546
7,984
1,957
2,134
1,940
2,440
1,999
28,484
30,348
33,578
42,443
58,890
27,955
29,748
33,042
41,872
58,413
529
600
537
571
477
473
661
721
844
535
4,289
4,517
4,484
4,609
4,604
1941—April4
May
5,542
5,740
5,905
6,021
5,613
5,952
6,205
5,997
6,589
6,054
6,321
6,166
6,085
5,928
6,061
6,200
6,224
3,442
3,522
3,558
3,474
3,487
3,451
3,488
3,509
3,476
3,385
3,367
3,122
3,153
3,236
3,211
3,221
3,272
54,198
56,229
58,255
57,503
59,856
60,721
59,854
60,942
61,897
62,679
62,308
63,506
64,463
67,539
68,897
70,427
71,963
8,155
8,129
8,410
7,897
7,741
8,010
9,202
8,150
8,280
8,807
9,301
9,674
9,570
9,496
10,185
10,259
10,265
1,665
1,588
1,674
1,828
1,736
1,764
1,873
1,994
2,033
1,279
1,237
1,297
1,371
1,421
1,550
1,784
1,842
68,239
70,321
72,589
71,456
73,094
74,397
75,108
74,946
76,675
77,415
77,759
78,777
79,430
82,239
84,405
86,180
87,753
67,275
69,379
71,607
70,476
72,111
73,425
74,156
74,018
75,764
76,514
76,873
78,382
79,051
81,879
84,044
85,835
87,423
964
941
982
980
984
972
952
928
912
901
887
395
379
361
362
346
330
490
477
497
479
438
402
415
446
413
388
377
298
302
344
349
392
383
4,273
4,409
4,716
4,788
4,900
5,099
5,098
5,201
5,187
4,401
4,398
4,691
4,910
5,037
5,150
5,318
5,429
June
July
August
September
October
November..
December
1942—January
Feb
:bruary.
March....
April
May
June
July
August. ..
/Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by
individual banks for days, varying from bank to bank, toward the end of the month.
ergency at a discount equal to the Bank of England rate.
:e included in total.
^
.,.
~
. „
....^^ September 1940-March 1941.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for June 1941, p. 596; August
1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646.
9IO
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Argentina
(peso)
Year or month
Official
Special
Export
Australia
(pound)
Official
Free
1934....,
1935
1936
1937
1938
1939....
1940
1941
1942
33.579
400.95
32.659
388.86
33.137
395.94
393.94
32.959
389.55
32.597
30.850
353.38
2322!80' 305.16
29.773
29.773 '223^704' 322.80 321.27
322.80 321.50
29.773
23.704
1942—Aug
Sept.
Oct
Nov
Dec
29.773
29.773
29.773
29.773
29.773
23.704
23.704
23.704
23.704
23.704
322.80
322.80
322.80
322.80
322.80
321.50
321.50
321.50
321.50
321.50
1943_jan
Feb
29.773
29.773
29.773
29.773
29.773
29.773
29.773
23.704
23.704
23.704
24.332
25.188
25.188
25.188
322.80
322.80
322.80
322.80
322.80
322.80
322.80
321.50
321.50
Mar
Apr
May
June :
July
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
Colom- Czechobia
slovakia
(peso) (koruna)
61.780
56.011
57.083
56.726
55.953
57.061
57.085
. . . . . . 57.004
57.052
4.2424
4.1642
4.0078
3.4930
3.4674
2
3.4252
Belgium
(belga)
23 287
18.424
16.917
16.876
16.894
16.852
2
16.880
Brazil
(cruzeiro1)
Free
Official
8.4268
8.2947
8.5681
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
British
India
(rupee)
(lev)
C a n a d a (dollar)
Official
Official
mi nnfi
99.493
99.913
100.004
99.419
96.018
85.141
87.345
88.379
10.1452
5.0833
5.1240
5.1697
5.1716
5.1727
5.1668
2
5.1664
34.094
36.571
29.751
29.606
21.360
11.879
6.000
2
5.313
6.0580
6.0580
6.0592
6.0600
6.0593
5.1450
5.1423
5.1480
5.1526
5.1520
30.122
30.122
30.122
30.122
30.122
90.909
90.909
90.909
90.909
90.909
89.523
87.820
87.631
88.087
87.883
6.0586
6.0586
6.0586
6.0586
6.0587
6.0586
6.0586
5.1316
5.1292
5.1275
5.1275
5.1276
5.1275
5.1275
30.122
30.122
30.122
30.122
30.123
30.122
30.122
90.909
90.909
90.909
90.909
90.909
90.909
90.909
89.640
90.037
89.923
90.199
90.137
90.099
90.585
FinGerl a n d F r a n c e many Greece Hong
Kong
(mark- (franc) (reichs- (drachma)
(dollar)
mark)
ka)
22.500
21.883
22.189
22.069
21.825
20.346
2
19.308
2.2277
2.1627
2.1903
2.1811
2.1567
1.9948
1.8710
2
2.0101
39.375
40.258
40.297
40.204
40.164
40.061
40.021
2
39.968
.9402
.9386
.9289
.9055
.8958
.8153
2
.6715
38.716
48.217
31.711
30.694
30.457
27.454
22.958
2
24.592
1.2852
1.2951
1.2958
1.2846
1.2424
2
1.2111
2
' 90-909
90.909
90.909
-
China
Free
5.1248
5.0214
5.0705
5.1427
5.8788
6.1983
C h i l e (peso)
(yuan
Shanghai)
Export
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
30.122
2
Denmark
(krone)
6.5688
6.6013
6.1141
4.0460
2.8781
2.5103
2
2.0827
Bulgaria
2
4.0000
4.0000
4.0000
4.0000
2
4. 0000
Neth-
New
Zealand
Hungary
(pengo)
Italy
(lira)
Japan
(yen)
Mexico erlands
(guild(peso)
29.575
29.602
29.558
19.779
19.727
19.238
18.475
2
19.770
8.5617
8.2471
7.2916
5.2607
5.2605
5.1959
5.0407
2
5.0703
29.715
28.707
29.022
28.791
28.451
25.963
23.436
2
27.742 67.383
27.778 67.715
27.760 64.481
27.750 55.045
22.122 55.009
19.303 53.335
18.546 253.128
20.538
20.569
402.46
391.26
398.92
396.91
392.35
354.82
306.38
322.54
322.78
23.439
er)
(pound)
1942—Aug
Sept
Oct
Nov.
Dec.
57.186
57.064
57.023
57.030
57.177
20.568
20.573
20.573
20.573
20.573
322.78
322.78
322.78
322.78
322.78
1943—Jan
Feb
Mar.
Apr
May
57.222
57.220
57.233
57.280
57.280
57.280
57.278
20.573
20.573
20.573
20.574
20.580
20.580
20.577
322.78
323.30
324.42
324.42
324.42
324.42
324.42
June
July
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1942
Norway P o l a n d
(krone) (zloty)
25.316
24.627
24.974
24.840
24.566
23.226
2
22.709
18.846
18.882
18.875
18.923
18.860
2
18.835
Straits
Portu- Ruma- South Spain SettleSweden Switzgal
nia Africa
erland
(escudo) (leu) (pound) (peseta) ments (krona) (franc)
1.0006
.9277
.7382
.7294
.7325
7111
2
.6896
1942—Aug.
Sept
Oct
Nov
Dec
1943—Jan
Feb
Mar. . . .
Apr
May
June
July
Yugoslavia
Free
Controlled
32.366
32.497
30.189
22.938
22.871
22.525 2
22.676 ' 403!50'
2
23.210
403.50
403.50
503.93
490.18
497.09
494.40
488.94
443.54
383.00
403.18
403.50
79.956
80.251
79.874
79.072
64.370
62.011
65.830
65.830
65.830
2.2719
2.2837
2.2965
2.3060
2.3115
2
36!789 2.2716
37.601 2.2463
43.380 22.2397
398 00
398.00
398.00
398.00
398 00
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
65.830
65.830
65.830
65.830
65.830
52.744
52.722
52.720
52.733
52.734
398.00
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
65.830
65.830
65.830
65 830
65.830
65.830
65.830
52.754
52.803
52.805
52.749
52.710
52.829
52.866
498.29
484.66
491.65
489.62
484.16
440.17
397.99
398.00
398.00
•*QR
00
| 3Q8 HO
398.00
398.00
1
Urug,uay
(peso)
Non- (dinar)
controlled
(dollar)
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
2
4.0023
United 1k i n g d o m
(povind)
i 398 00
I 398 on
13.615
13.678
12.314
6.053
5.600
10.630
9.322
29.130
59.005
57.173
58.258
57.973
56.917
51.736
46.979
47.133
2
46.919
25.982
25.271
25.626
25.487
25.197
23.991
23.802
2
23.829
Official
403.50
52.723
1
2
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."
Average of daily rates for that part of the year during which quotations were available.
NOTE.—Developments affecting averages during 1943:
Certified rates discontinued: Australia and United Kingdom, free rates, after Feb. 1.
Changes in nominal status (noted only if affecting quotations for at least five days a month): none.
For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1943,
see BULLETIN for February 1943, p. 201; March 1942, p. 285; February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and
March 1938, p. 244.
SEPTEMBER 1943
911
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
United
Kingdom
Canada
France
Germany
Japan
Italy
(October
(1926=100) (1926=100) (1930=100) (1913=100) (1913 = 100) (1928=100) (1900=100)
1926
100
100
1124
695
134
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
86
73
65
66
75
80
81
86
79
77
79
87
99
87
72
67
67
72
72
75
85
79
75
83
90
96
100
88
86
86
88
89
94
109
101
103
137
153
159
554
500
427
398
376
338
411
581
653
2
681
125
111
97
93
98
102
104
106
106
107
110
112
114
99
99
100
100
100
96
96
96
97
97
160
159
159
160
161
161
162
162
162
163
163
163
*>164
1942—JulyAugust
September
October
November
December
1943—January
February
March
April
May
June
July
101
97
102
103
103
104
104
104
97
93
99
99
99
100
P100
103
85
75
70
63
62
68
76
89
95
99
116
132
115
115
115
115
115
Netherlands
(1926-30
=100;
237
106
1126
144
181
153
161
180
178
186
193
238
251
278
311
329
90
76
65
63
63
62
64
76
72
74
88
i 103
l 94
i 92
i 90
i 96
100
102
114
111
115
146
172
189
126
110
96
91
90
90
96
111
107
111
143
1*4
210
193
192
192
193
195
212
211
212
212
214
195
215
3
P3S3
P
357
P358
^357
P
358
2*358
115
116
116
116
116
116
116
Switzerland
(July 1914
(1935 = 100)
=100)
Sweden
196
197
197
p
197
P197
P197
*>355
215
217
217
218
P218
116
p
Preliminary.
1 Approximate figure, derived from old index (1913 = 100).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3 Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above!
United States
(1926=100)
Year or month
1926
,
Farm
products
Foods
United Kingdom
(1930 = 100)
Canada
(1926=100)
Other
Farm
commod- products
ities
100
100
100
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
88
65
48
51
65
79
81
86
69
65
68
82
106
91
75
61
61
71
84
82
86
74
70
71
83
100
85
75
70
71
78
78
80
85
82
81
83
89
96
82
56
48
51
59
64
69
87
74
64
67
71
82
1942—July......
August ...
September
October...
November.
December.
1943—January...
February..
March. ...
April
May
June
July
105
106
108
109
111
114
117
119
123
124
126
126
125
99
101
102
103
104
104
105
106
107
108
111
110
107
96
96
96
96
96
96
96
96
97
81
81
84
86
86
87
83
89
91
92
93
94
*>96
97
97
97
97
100
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
Germany
(1913 = 100)
Induslnaus*
Agricul- trial raw
tural
and semi- trial finished
products finished
products products
129
130
150
84
73
67
75
82
90
87
75
70
70
73
73
74
81
78
75
82
89
92
100
89
88
83
85
87
92
102
97
97
133
146
158
100
87
85
87
90
90
96
112
104
106
138
156
160
113
104
91
87
96
102
105
105
106
108
111
112
115
120
103
89
88
91
92
94
96
94
95
99
100
102
150
136
118
113
116
119
121
125
126
126
129
133
134
90
90
91
93
93
93
93
94
96
97
98
99
92
92
92
92
92
93
93
93
93
93
93
93
159
155
154
156
158
159
160
160
160
161
162
161
160
160
161
162
162
162
163
163
163
163
163
164
116
117
117
116
116
117
119
118
118
119
119
119
102
102
102
102
102
102
102
103
103
103
102
102
134
134
134
134
134
134
134
134
135
134
134
135
100
82
62
55
57
64
66
71
P100
100
P93
*164
p
Preliminary.
Sources— See BULLETIN for May 1942, p . 451; March 1935, p. 180; and March 1931, p. 159.
9
iz
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
Year or month
1932
1933
1934
1935
1936
1937
1938
1839
1940
1941
1942
United
States
(1935-39
= 100)
Canada
(1935-39
= 100)
87
84
94
100
101
105
98
95
97
106
124
86
85
93
95
98
103
104
101
106
116
127
125
126
127
130
131
133
133
134
137
141
143
142
139
130
130
129
130
132
133
127
127
128
129
130
131
p
132
. . .
1942-July
August
September..
October . . . .
November .
December .
1943—January . . . .
February . . .
March
April
May
June
July
United
SwitzG e r - NetherKingerland
lands
dom
many
(June
(1911-13
(July (1913-14
1914
= 100)
= 100)
1914
= 100)
= 100)
126
120
122
125
130
139
141
in
164
168
161
160
160
160
162
163
164
164
164
165
165
165
165
168
116
113
118
120
122
122
122
123
128
129
132
119
120
124
118
120
127
130
130
2140
139
136
129
128
129
129
131
132
133
133
134
Canada
States
(1935-39 (1935-39
= 100)
= 100)
United
Year or month
United
Kingdom
(July
1914
= 100)
G e r - Netherlands
many
(1913-14 (1911-13
= 1JO)
= 100)
125
117
115
114
120
130
130
132
146
175
200
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
98
92
96
98
99
103
101
99
100
105
117
99
94
96
96
98
101
102
102
106
112
117
144
140
141
143
147
154
156
158
184
199
200
121
118
121
123
125
125
126
126
130
133
137
203
202
203
204
206
208
209
210
210
210
1942-July
August
September..
October
November..
December. . .
1943-January
February
March
April
May
June
July
117
118
118
119
120
120
121
121
123
124
125
125
124
118
118
117
118
119
119
117
117
117
118
118
119
PI 19
200
201
200
200
200
200
199
199
199
198
199
198
200
140
139
135
135
135
136
137
137
138
138
139
141
139
140
136
*132
137
139
140
3148
Switzerland
(June
1914
= 100;
138
131
129
123
130
137
137
138
151
174
193
196
195
195
197
199
200
201
201
201
203
P203
*203
^Preliminary.
J Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
a
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified 1
Bonds
Year or month
United
States
(derived
price)1
United
Germany
France
Kingdom
(December (1913=100) (average
price) 2
1921 = 100)
Number of issues
15
1926
90.1
110.0
57.4
1932
1933.
1934
1935
1936
1937
1938
1939
1940
1941
1942
84.4
91.2
98.2
105.5
109.5
110.2
111.1
113.8
115.9
117.8
118.3
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.3
88.6
81.3
82.1
83.5
76.3
75.1
77.3
83.9
'84.7
p
98.7
7
100.1
118.9
118.7
119.0
119.3
119.5
118.9
119.5
120.0
119.8
119.9
120.1
120.5
121.1
127.7
127.5
127.8
128.1
127.5
127.3
129.0
128.9
128.8
129.0
1
.. .
1942—July
August
September
October
November
December
1943—January
February
March
April
May
June
July
Common stocks
87
36
2
5
139
67.1
82.5
c90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
io ^103.0
7
103.3
Netherlands3
8
94.8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
8 77.9
(1926=100)
United
States
(1935-39
= 100)
United
Kingdom
France
Germany
402
278
300
(4)
105.6
100.0
100.0
100.0
51.2
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
105.2
99.6
83.3
79.7
77.2
97.4
89.7
98.3
i 120.6
"289.7
*>476
68.2
68.3
69.4
74.2
75.2
75.9
79.7
84 8
88.2
91.3
95.2
96.7
98.5
73.8
74.4
75.7
78.4
80.4
80.1
82.4
82.2
82.6
83.7
P455
^518
*511
*>5O7
*>529
2*583
6
50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
136.8
142.1
Netherlands
(1930=100)
100
46
52
55
55
66
104.2
95.8
89.7
•95.0
142.2
142.4
141.9
142.7
142.8
143.5
145.1
Preliminary .
1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both2 series. Source.—Standard and Poor's Corporation.
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4J£ per cent. The series prior to that
date3is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning
January
1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.
4
This number, originally 329, has declined as the number of securities eligible for the index has diminished. In May 1941, it was down to 287.
57 Average May-Dec only; exchange closed Jan. 1-Apr. 11.
J 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. 1 0° Average based on figures for 7 months; no data available May-Sept.
9
Average
based
on
figures
for
9
months;
no
data
available
May-July.
Average based on figures for 11 months; no data available for December.
11
Average based on figures for 10 months; no data available Jan.-Feb.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p 373; June 1935, p. 394; and February 1932, p. 121.
SEPTEMBER 1943
9*3
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. M C K E E
RONALD RANSOM,
Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
OFFICE OF T H E SECRETARY
DIVISION OF BANK OPERATIONS
CHESTER MORRILL, Secretary
EDWARD L. SMEAD, Chief
LISTON P. BETHEA, Assistant Secretary
J. R. VAN FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
DIVISION OF SECURITY LOANS
LEGAL DIVISION
WALTER WYATT, General Counsel
J. P . DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
B. MAGRUDER WINGFDSLD, Assistant General
Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
WALTER R. STARK, Assistant Director
CARL E. PARRY, Chief
DIVISION OF PERSONNEL
TION
ADMINISTRA-
ROBERT F . LEONARD, Director
OFFICE OF ADMINISTRATOR
LOANS COMMITTEE
FOR WAR
EDWARD L. SMEAD, Acting Administrator
GARDNER L. BOOTHE, II, Assistant Adminis-
trator
DIVISION OF EXAMINATIONS
LEO H . PAULGER, Chief
C. E. CAGLE, Assistant Chief
WILLIAM B. POLLARD, Assistant Chief
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice
WM. A. DAY
ERNEST G. DRAPER
R. M. EVANS
M. J. FLEMING
JOHN K. M C K E E
W. S. MCLARIN, J R .
W. W. PADDOCK
RONALD RANSOM
M. S. SZYMCZAK
Chairman
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
MALCOLM H. BRYAN, Associate Economist
KENNETH H. MACKENZIE, Associate Economist
OLIVER P. WHEELER, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
•Account
914
FEDERAL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
GEORGE L. HARRISON, N E W YORK DISTRICT
Vice President
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
B . G . HUNTINGTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
H. LANE YOUNG,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
RALPH C. GIFFORD,
ST. LOUIS DISTRICT
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
W. DALE CLARK,
KANSAS CITY DISTRICT
NATHAN ADAMS,
DALLAS DISTRICT
GEORGE M. WALLACE,
SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and
Federal Reserve
Agent
Federal
Reserve
Bank of
Boston
Albert M. Creighton
Deputy Chairman
President
Henry S. Dennison
W. W. Paddock
Cleveland....
Geo. C. Brainard
Richmond. . . Robt. Lassiter
Vice Presidents
William Willctt
Allan Sproul
L. R. Rounds
Warren F. Whitticr
Alfred H. Williams
Frank J. Drinncn
R. E. Klages
M. J. Fleming
R. B. Hays
W. G. Wysor
Hugh Leach
J.S, Waldcn,Jr.
New Y o r k . . . Beardsley Ruml
Philadelphia.. Thomas B. McCabe
First Vice President
K. K. Carrick
J. C. Hunter 1
Carl B. Pitman
R. M. Gidney
T W VnnVt*
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
W. J. Davis
F C Hill
C. A. Mcllhenny*
C. A. Sienkiewicz
Wm. H. Fletcher
J. W. Kossin
A. H. Laning 2
B. J. Lazar
K. H. MacKenzic
W. F. Taylor
J. G. Fry
OrPn
Atlanta
Frank H. Neely
J. F. Porter
W. S. McLarinJr.
Malcolm H. Bryan
Chicago
Simeon E. Leland
W. W. Waymack
C. S. Young
H. P. Preston
St. Louis
Wm. T. Nardin
Oscar G. Johnston
Chester C. Davis
F. Guy Hitt
Minneapolis..
W. C. Coffey
Roger B. Shepard
J. N. Peyton
O. S. Powell
Kansas City.. R. B. Caldwell
Dallas
Jay Taylor
H
O. M.
Henry
C. M.
A. W.
Robert L. Mehornay
H. G. Leedy
Henry O. Koppang
J. B. Cozzo
R. R. Gilbert
E. B, Stroud
Attebery
H. Edmiston
Stewart
Mills1
E. W. Swanson
Sigurd Ueland
A. R. Upgren
Harry I. Ziemer
Raymond W. Hall
D. W. Woolley2
R. B. Coleman
v\7 T p
San Francisco Henry F. Grady
St. George Holdcn
Wm. A. Day
JCt*f>Qf»*l
R. W. Mercer
Edw. A. Wayne
L. M. Clark
H F CnnnifF
Allan M. Black1
J. H. Dillard
Charles B. Dunn
E. C. Harris
Alfred T. Sihler
_
W. O. Ford
W. D. Gentry*
C. E. Earhart
Ira Clerk
H. N. Mangels1
R. B. West
MANAGING OFFICERS OF BRANCHES OF FEDERAL RESERVE BANKS
Branch
Managing Director
Federal Reserve
Bank of
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
R. B. Wiltse
B. J. Lazar 3
J. W. Kossin3
W. R. Milford
W. T. Clements
P. L. T. Beavers
Geo. S. Vardeman, Jr.
Joel B. Fort, Jr.
E. P. Paris
E. C. Harris 3
A. F. Bailey
C. A. Schacht
W. H. Glasgow
Minneapolis....
Helena
R. E. Towle
Kansas C i t y . . . .
Denver
Oklahoma City
Omaha
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas
El Paso
Houston
San Antonio
J. L. Hermann 4
E. B. Austin4
L. G. Pondrom4.
San Francisco...
Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
1
SEPTEMBER
1943
Cashier.
2
Also Cashier.
3
Vicc President.
Branch
4
Managing Director
Managcr.
915
ON
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
w
0
w
f1
7*
w
td
q
§2
sssa BOUNDARIES OF FEDERAL RESERVE DISTRICTS
—
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^L
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
<§)
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
JANUARY 2. 1943
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
@FedFRASER