Full text of Federal Reserve Bulletin : September 1944
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FEDERAL RESERVE
BULLETIN
SEPTEMBER 1944
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT TRURSTON
E. A. GOLDENWEISER
CARL E. PARRY
The Federal Reserve BULLETIN is issued monthly under the direction of the staff
editorial committee. This committee is responsible for interpretations and opinions
expressed, except in official statements and signed articles.
CONTENTS
PAGE
Review of the Month—Wartime Production and Incomes
839-849
Bretton Woods Agreements, by E. A. Goldenweiser and Alice Bourneuf .
850-870
Commercial Banking after the War, by E. A. Goldenweiser. .
871-873
Revised Weekly Index of Department Store Sales . ,
874-875
Law Department:
Financing of War Production and War Contract Termination:
General Regulation No. 1 of Director of Contract Settlement .
876-877
Revision of Regulation V
877-878
Schedule of Guarantee and Commitment Fees and Maximum Interest
Rate..
879
Amendment to Regulation A.
879
Current Events
880
National Summary of Business Conditions
881-882.
Financial, Industrial, Commercial Statistics, U. S. (Sec p. 883 for list of tables)...
883-93 5
International Financial Statistics (See p. 937 for list of tables)
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
937~949
950
Senior Officers of Federal Reserve Banks; Managing Officers of Branches...
951
Map of Federal Reserve Districts
951
Federal Reserve Publications (See inside of back cover)
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ERAL RESERVE BULLETIN
VOLUME 30
September 1944
NUMBER 9
WARTIME PRODUCTION AND INCOMES
Economic activity has been maintained
this year close to the peak level reached in
the autumn of 1943. This has been accomplished with a declining labor force resulting from further expansion of the armed
services by over a million men. With activity on the fighting fronts constantly
changing and expanding, the aggregate demand for munitions and war supplies has
continued at maximum levels. The construction phase of the war production program, however, has been reduced further by
a substantial amount and is now about onethird what it was in 1942..
Most activities supplying civilian needs
have shown little change this year. Increased availability of certain raw materials has permitted expansion in manufacture of some civilian goods, but in most
cases shortages of other materials, component parts, and manpower have continued to
restrict output. In agriculture, where
about three-fourths of current output goes
to civilians and one-fourth to the armed
forces and lend-lease, production has continued in large volume. Early forecasts
indicate that crops this year will be larger
than last year. The physical volume of
services rendered consumers has been reduced somewhat further, as a result primarily of labor shortages.
In general, with the exception of automobiles and certain other durable products, the
SEPTEMBER 1944
total volume of goods and services available
to consumers during the peak period of war
production has been much larger than was
expected two years ago. It has, nevertheless, been small in comparison with sharply
expanded consumer incomes.
Total employment has been reduced during the past year by more than a million
workers, and production has been maintained close to peak levels through
improved utilization of manpower. Additional plants have been brought into operation in 1944 and in many industries economies in operation have been achieved as
output has been stabilized at a high level.
Important increases have also occurred since
1939 in output per worker on farms and in
other activities outside of industry.
Increases since the beginning of the war in
basic wage rates and in overtime pay have
brought about a more rapid increase in industrial wage and salary payments than in
the physical volume of industrial production. Business profits have also increased,
and agricultural incomes have expanded
greatly. Rapid increases in the pay rolls of
the Federal Government, including the
armed forces, have added substantially to
individual incomes. In recent months total
income has been maintained partly by further increases in Government pay rolls,
while gross earnings of factory workers
have declined with decreasing employment.
839
REVIEW OF THE MONTH
PROSPECTIVE
INCREASE
IN
OUTPUT
OF
CIVILIAN GOODS
On August 14 the Chairman of the War
Production Board announced the removal
of direct production controls from a variety
of simple items which can be produced from
idle and excess quantities of materials held
by manufacturers, where manpower not
needed in war production is available.
Any expansion in output resulting from this
change is likely to be limited and gradual
as long as manpower shortages continue,
but the new policy will make possible more
effective utilization of available resources in
specific cases.
It has also been announced by the War
Production Board that after the defeat of
Germany production of munitions may be
curtailed by about 40 per cent. This decrease in war production will release manpower and other resources, a part of which
will be used to expand production of
civilian goods. Some of these resources
will not be adaptable to civilian use and
some may be absorbed by a shortening of
working hours, the desire of some temporary workers not to seek other employment,
and a release of various other pressures that
have made possible a high level of performance. The extent and timing of the subsequent increase in civilian goods output will
depend upon the nature of the reconversion
process and the adaptability of the released
resources to other uses, as well as upon the
public's demand for more goods and services.
STABILITY OF PRICES
Prices of farm products and manufactured
commodities have been fairly stable during
the past year, much more so than at any
other time since the beginning of 1941. In
many cases, however, commodity prices are
higher now than a year ago, reflecting the
granting of somewhat higher ceilings by the
840
Government, and there have been substantial increases in some uncontrolled prices.
Important illustrations of the latter are
rural and urban land and property values.
Farm real-estate values, which are usually
slow to respond to price influences and did
not rise much until 1942., are now about 40
per cent higher than before the war. Values of urban properties have risen considerably but probably not as much as this in most
localities.
In general, a remarkable degree of stability has been achieved in the whole economy at high wartime levels of production
and incomes. Federal price and rationing
controls have contributed to this stability,
and in June they were extended for another
year, with some modifications. The relatively orderly character of developments
during the past year will make the postwar adjustments less difficult; nevertheless,
great and widespread problems of readjustment lie ahead, as may be readily seen from
consideration of the great changes which
have occurred in the economy since 1939 in
production, employment, and income.
SHIFTS IN INDUSTRIAL PRODUCTION
Since the early part of 1943 output at factories, where wartime production is concentrated, has been at a level more than two
and a half times the average for the years
193 5-1939 and probably three times the
highest level reached during the first world
war. This exceptional level of activity has
been reached in large part by utilizing idle
resources and by shifting and expanding
facilities to turn out products not previously
made on a large scale in either the prSwar
period or during the previous war.
Munitions
and -producers equipment.—War
production x6 years ago consisted mainly of
output of foodstuffs, industrial materials,
and ammunition to supply our Allies and a
relatively large shipbuilding program.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
The peak rate at which this country produced highly fabricated munitions then was
not as high as that already reached by the
time of Pearl Harbor. It is the large rise
in the manufacture of finished munitions
plus the increase in output of other products
involved in their manufacture that accounts
mostly for the present high level of production at factories and mines. The great importance of the rise in output of munitions
and producers equipment, largely for war
purposes, is shown on the chart, which also
indicates the extent to which changes in
INDUSTRIAL PRODUCTION
POINTS
SEASONALLY ADJUSTED. 1935-39 AVERAGE FOR TOTAL- 100
"Producers equipment and munitions" includes the iron and steel
group, exclusive of pig iron and the steel subgroup; machinery; manufacturing arsenals and depots; transportation equipment; and explosives and ammunition; prior to February 1942, however, the automobile
industry was included in the consumer goods group. "Consumer
goods" includes furniture; the textile group, exclusive of fabrics; shoes;
manufactured foods; alcoholic beverages; tobacco products; fine and
tissue paper; printing and publishing; soap; drugs and i osrnetics; rubber
products; anthracite; and, for the period from 1939 up to February 1942,
automobiles. All other series are in the "materials" group; leading
items in this group are shown in the table on p. 843. The weights are
those of the industrial production index. Latest month shown is
July 1944.
output of consumer goods and of materials
have accounted for changes in total industrial production. The data from which the
lines are drawn are expressed as points,in
the total index and thus the sum of the
three groups shown is equivalent to the
total index.
SEPTEMBER 1944
Output of munitions—planes, ships, combat vehicles, and ordnance—during 1943
constituted about one-third of total industrial production, or about 80 of the n o or
so points shown on the chart for the producers equipment and munitions group. A
large part of the remaining production in
that group was equipment to be used in
producing munitions. The sharply increased level shown in the chart for output
of materials at mines and factories was also
required mostly to supply the materials used
to produce this new equipment and munitions. The increase in output of materials,
however, has not been as great as that of the
more highly fabricated products made from
them.
Since the autumn of 1943 output of munitions has declined somewhat and there has
been a greater decline in output of equipment for their manufacture. This has made
possible some increase in output of producers equipment for other purposes. Agricultural machinery, for example, is now
being made in large volume and locomotive
plants have been largely reconverted to
their peacetime product.
It is highly uncertain how large output
of producers equipment will be in the postwar period as compared with that in 1939,
when such output accounted directly for
about one-fifth of the total activity represented by the Board's index. Production of
such equipment as machinery, commercial
aircraft, railroad cars and locomotives, and
iron and steel products in 1939 was 10 per
cent higher than the average for the 19351939 period but was below the 1919 peak.
During 1940 and most of 1941 output
of equipment for use in civilian production was in large volume; and part of the
equipment produced for war uses during
those years, and also in the three years since
REVIEW OF THE MONTH
then, will be useable for civilian purposes.
Since the end of 1941 output of equipment
for use directly in civilian production, however, has been restricted.
At the same time the use of most new and
old equipment has been at an unusually high
rate. Also, lend-lease exports of both old
and new industrial equipment have been of
some importance. Over-all, however, it is
certain that the country's stock of producers
equipment available almost immediately at
the end of the war for peacetime production
will be considerably larger than in 1939.
How much of the remainder of the equipment will be adaptable to civilian uses can
not be predicted accurately.
Even though stocks of equipment have
been augmented during the war, there are
likely to be important demands for additional new equipment after the war. The
expansion during the war has been highly
selective and there are many lines in which
new machinery and other equipment have
not been available to make replacements or
to undertake expansions. Output of various consumer goods has been restricted or discontinued during the war
period and it is expected that the resumption of production of these goods in large
volume after the war will also require new
producers equipment. Moreover, the purchase of new equipment will be stimulated
by the interest of producers of all types of
goods in applying the many new techniques
and engineering improvements that have
been developed during the war.
Consumer goods.—The effect of the war
the level and make-up of industrial
production is not fully accounted for by the
rise in activity in the industries producing
munitions and the materials and equipment
used in munitions manufacture. There is
in addition the output for the armed services and lend-lease export of those manufactures which are essentially consumer type
84X
goods and are included in the consumer
goods group shown on the chart. On the
other hand, the requirements of the war
program have resulted in an enforced reduction in output of various consumer goods.
Among the consumer goods going to the
armed forces or lend-lease in important volume are manufactured foods, clothing,
shoes, paper products, soap, drugs, cigarettes, tires, and camp equipment. Altogether the war use of these products
probably accounts for about one-fourth of
total consumer goods production at factories and mines. Since total output of
consumer goods has increased by one-fifth,
productive activity engaged in the output of consumer goods available to civilians
is smaller than in 1939 by about 10 per cent.
This lower level of output for civilians is
accounted for chiefly by the conversion to
war production in the early part of 194Z of
automobile plants and most other plants
producing consumer durable goods, except
furniture. The sharp drop in output of
consumer goods shown on the chart for
February 1942. reflects the transfer of the
automobile industry to the producers equipment and munitions group.
On balance, output at factories and mines
of other consumer goods, such as food,
clothing, and household fuels, available for
civilian use is at about the same rate as in
1939, although substantially less than in
1941. During the past two years there has
been little change in the output of such
goods for civilian use.
on These are approximate figures but they
suggest the general magnitude of some of
the shifts which have occurred in industrial
production of consumer goods. They also
suggest the size of the postwar readjustments involved if consumer goods output
is to be expanded from current levels on such
a scale as to provide much more employment
in those lines than there is at present or
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
there was before the war. If output of
consumer durable goods should be 50 per
cent larger than in 1941, which would be
more than double the 1935-39 l eve l* a n d
output of nondurable goods should continue at the present high rate, the total
industrial output of consumer goods would
be 60 per cent larger than the average for
the years 1935 to 1939. Since the manufacture of consumer nondurable goods for war
purposes will be greatly curtailed after the
war, maintenance or expansion of nondurable consumer goods from the present
advanced level—45 per cent above the 193539 average—will necessitate considerably
increased output for civilians in this
country or elsewhere.
Materials.—In the materials group shown
on the chart most of the current output of
metals and some other materials is consumed in the output of munitions. In addition, during the early stages of the war program most of the building materials like
lumber, cement, and steel shapes were used
to construct war plants and military installations. Finally, substantial amounts
of such materials as textile yarns, leather,
rubber, and wood pulp have been used to
produce the consumer goods purchased by
the armed services or for lend-lease export.
In general, production of materials is not of
a specialized character and the capacity of
these industries can readily be used for
peacetime purposes.
Wartime changes in production of materials have been quite diverse, depending
partly on their importance to the war program and the nature of the resources on
which their production depends. Output
of materials currently accounts for 8z, or
about a third, of the 2.33 points in the total
industrial production index, as compared
with 46 out of 100 in the 1935-1939 period.
This rise of 80 per cent is an average of a
SEPTEMBER 1944
very wide range of changes, as shown in
the table, which lists materials accounting
for three-fourths of total materials production at factories and mines. In the first
group are listed manufactured materials
which have shown decreases in output since
December 1941; these materials have also
shown the smallest increases in output compared with the 193 5-193 9 base period. The
second group includes those that have continued to increase since December 1941.
INDUSTRIAL OUTPUT OF LEADING MATERIALS
[Seasonally adjusted]
Percentage change to July 1944
Manufactured materials:
Cement
Lumber
Leather
Paper and pulp
Cotton consumption
Woolen and worsted yarn.
Coke
Rayon
Steel
.
Copper deliveries
Industrial chemicals
Aluminum.
Aviation gasoline
Minerals:
Crude petroleum.
Bituminous coal..
Iron ore
From 1935-39
average
From December 1941
-16
+14
+14
+36
+39
+63
-50
-12
-11
-13
-17
-6
+72
+120
+122
+169
+311
+536
+7
+21
+8
+17
+44
+51
+123
+68
+120
+1,000
+12
+5
+9
NOTE.—Based on Federal Reserve production indexes. Monthly
figures for aviation gasoline are confidential; the change shown is
for 100-octane grade based on published statements of the Petroleum
Administration foi War.
During 1940 and 1941 there were considerable and widespread increases in output
of materials in response to large demands
from civilian goods industries and rising
war production requirements. Since that
time demand generally has continued large
and output of many materials has increased
further. Owing largely to difficulty in obtaining workers, however, production of
lumber, pulpwood, and cotton and woolen
materials has been at reduced levels. Employee earnings in these industries have
recently ranged between $2.5 and $35 per
week as contrasted to $40 to $55 in most of
the other industries listed in the table. In
843
REVIEW OF THE MONTH
the case of leather, output has been at a
lower level since the early part of 1942.
because of a reduction in imports of hides.
Production of cement and various other
building materials, which remained at a
high level throughout 1942., has been curtailed sharply since that time, owing to the
decline in war construction.
Increases since December 1941 in output
of other leading manufactured materials,
which have been needed for war purposes,
have been made possible by large plant expansions completed since that time. Aviation gasoline is now 10 times as great as at
that time and its output is still rising
sharply. Aluminum output, which had
already been greatly expanded by December 1941, is now 110 per cent higher, although reduced about a third from the
peak of last autumn. Synthetic rubber
production is now at an annual rate of
800,000 tons as compared with only a few
experimental tons per year before the war.
There has also been a substantial growth
in industrial chemicals, while increases
in output of rayon and of metals other than
aluminum and magnesium have been moderate.
The growth in bituminous coal production has been accomplished largely by
increasing average working hours per week
by about 40 per cent since 1941, while employment has declined. In the case of metal
mining there have been increases in hours
and also large additions to equipment.
RISE IN INDUSTRIAL PAY ROLLS
Changes in employment numbers have
been extraordinary, too, but not so great as
changes in production, owing chiefly to
increases in average hours worked per employee and to a continued rise in output per
man-hour. Employment of wage earners
at factories and mines increased from an
average of 9 million in 1939 to a peak of
about 15 million last autumn, a rise of
around 70 per cent. Since last autumn
employment has declined by about 1 million
and the latest figure for July 1944 is 14
million, as shown in the table. In addition to employment figures, the table shows
average hours and earnings for selected
dates summarized by the same three major
groups of industries described earlier for
industrial production. At the present time
employment in the consumer goods industries is slightly smaller than before the
war, while employment in the industries
producing materials is 10 per cent larger and
in the producers equipment and munitions
industries is 4 times as large as in 1939.
INDUSTRIAL EMPLOYMENT AND EARNINGS
All industries
Producers
equipment
and
munitions
Consumer
goods
Materials
Employment, in millions of wage earners
1939, average. .
December 1941
July 1944
8.9
12.4
14.1
1.6
3.5
6.4
3.4
3.9
3.3
3.9
5.0
4.4
36.9
38.3
42.7
36.7
38.9
44.6
Average hours per week
1939, average . . . .
December 1941
July 1944
37.2
40.5
45.4
38.9
45.3
47.3
Average hourly earnings
1939, average....
December 1941...
July 1944
$.65
.80
1.03
$.74
.91
1.17
$.64
.75
.87
$.62
.74
.93
$23.80
28.80
37.10
$23.00
29.10
41.40
Average weekly earnings
The unusual increases and shifts in wartime industrial production have been accompanied by even greater changes in industrial pay rolls. This difference is due
chiefly to increases in wage rates and longer
hours with more overtime work requiring
premium payments.
844
1939 average
December 1941
July 1944
$24.30
32.40
46.60
$28.30
41.10
55.10
NOTE.—Bureau of Labor Statistics data for wage earners at factories
and mines; Federal Reserve grouping as described in the subscript to
the chart on p. 841, except that data for Government arsenals and
shipyards are not included. Earnings in the consumer goods industries
in July 1944 would average 92 cents per hour and $40 per week if an
allowance for present earnings in the automobile industry were included. All July 1944 figures for hours and earnings are assumed to be
the same as reported for June 1944; the employment figures for July
1944 are adjusted by Federal Reserve to ta&e into account recent revisions in employment totals published by the Bureau of Labor Statistics.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
The average hours worked per week in
industry is shown as having increased from
37 hours in 1939 to 45 at the present time,
or a rise of about zo per cent. In most consumer goods industries, however, average
hours worked per week have increased less
than 15 per cent since 1939, while in other
industries average hours have risen more
than zo per cent.
As a result of these changes in employment and average hours, total man-hours
worked in each of the three major groups of
industries have moved similarly to production in those industries since 1939. Increases in man-hours, however, have been
smaller than in production, reflecting a
continued general rise in output per manhour. Exceptionally large increases in
output per man-hour have occurred during
this period in such industries as tobacco
products, small arms ammunition, and
industrial chemicals.
Practically all of the rise of 5 million
wage earners .at factories and mines has been
concentrated in the producers equipment
and munitions industries, as shown in the
table. Some of these workers have been
drawn from the consumer goods industries
and industries producing materials, others
from the trade and service industries, and
others were formerly unemployed or not in
the labor force.
Hourly earnings, which in 1939 were
higher in producers equipment than in consumer goods industries, have shown an
increased spread, and as a consequence the
differential in average weekly earnings has
widened greatly. Workers in the producers
equipment and munitions industries now
have average earnings of $55 per week,
which is about $15 greater than average
earnings in the consumer goods industries—
including an allowance for the present high
earnings in the automobile industry—and
the differential is even greater as compared
SEPTEMBER 1944
with most workers outside of manufacturing and mining. In 1939 the average difference between earnings in the consumer
goods industries and in the producers
equipment industries was $4 per week. The
present widened differential, together with
the increased employment in the higherpaid lines, has been an important factor in
the rapid rise in industrial pay rolls.
INDUSTRIAL PAYROLLS
SILUONS OF
DOLLARS
MONTHLY FIGURES IN TERMS OF ANNUAL RATES
1
36
r
r
i
L-
r\
TOTAL
-
-
/v
/
J \
/
PRODUCERS
/
E QUIP. £k MUN TIONS /
f
1
-
-
I
1
/
1
1
I
/
/
-
j
1
I
1
MAT ERIAL
r\
l\
l\
i
i /
CONSUMER
GOODS
1
^.>
1
NOTE.—Federal Reserve groupings of wage and salary payments in
manufacturing and mining, as described in the subscript to the chart
on p. 841, except that Government arsenals and shipyards are not
included here. Based on Department of Commerce and Bureau of
Labor Statistics data. Latest month shown, Federal Reserve estimates for July.
The accompanying chart shows the
dominant influence on total industrial pay
rolls of the rise in pay rolls at producers
equipment and munitions plants. In addition, part of the pay rolls at plants producing materials and consumer goods are
845
REVIEW OF THE MONTH
generated directly by the war program.
These different industrial developments
have greatly influenced wartime changes
in employment opportunities, production
costs, prices, and consumer incomes and
savings, and will in turn influence the readjustment problems in the postwar period.
In general, it is apparent that war production has been largely responsible for the
present level of consumer incomes, which is
far in excess of the supply of goods and
services available for consumer purchases.
The rise in industrial pay rolls, including
all wage and salary payments to employees
at factories and mines, has accounted for
nearly 40 per cent of the increase in total
income payments to individuals since 1939.
Income payments have been at an annual
rate of over 150 billion dollars in recent
months as compared with 71 billions in
1939. Government pay rolls have more
than tripled, reflecting increased payments
to the armed forces and to workers in Government arsenals and shipyards, and now
constitute more than 15 per cent of total income payments. The remaining relatively
large increase in income since 1939 has been
received by agriculture, especially as net
income of farm operators. Dividends received by individuals have shown little
change although corporate profits after
taxes have more than doubled.
ADVANCED LEVEL OF AGRICULTURAL
PRODUCTION
The volume of agricultural production
of foods this year is expected by the Department of Agriculture to be 38 per cent
larger than the 1935-39 average and 5 per
cent larger than in 1943. All of the increase in output over last year is likely to
be taken for war purposes, but the volume
of food available for civilian consumption
on a per capita basis is expected to be at the
846
peak 1941 level, which was 8 per cent above
the prewar average.
Total agricultural production, including
feed grains, hay, cotton, wool, and tobacco,
as well as foods, has risen less than food
production, owing chiefly to a reduction
in the size of the cotton crop. The wartime rise in total production has nevertheless been exceptionally great when compared with changes during the past three
decades, as shown in the chart.
AGRICULTURAL PRODUCTION AND PRICES
ANNUAL, 1935-39 AVERAGE-!OO
r
1
160
1
140
100 v
1
v—
/
PRICES
v'
_
1
1
1
1
•••
5
/
j
\/
1
120
r
1
z
160
140
120
/
100
S/PRODUCTION
80
Department of Agriculture data; 1944 figures partly estimated by
Federal Reserve.
The sharp rise in domestic agricultural
production and food consumption is in
contrast to developments during the first
world war. During that period output of
livestock products increased only about iz
per cent above the prewar average, compared with a rise of 39 per cent during this
war. Unfavorable weather conditions reduced grain and forage crop yields during
some of the years in World War I and, as
during the current war period, cotton production declined. Although the harvested
acreage in principal crops was expanded
from an average of 310 million acres in
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
1910-14 to over 340 million in 1918 and
1919, crop production showed only a small
increase. Harvested acreage of those same
crops has been about the same since 1941 as
in 1910-14 and crop yields per acre have
been about one-fifth larger than at that
time, reflecting in part improvements in
cultivation methods and in seed used. Over
the same period labor requirements per unit
of crop harvested have declined considerably.
During the present war the increase in
output of livestock products has been about
twice as large as that for crops, as shown in
the table. The fact that a large part of the
increase has occurred in livestock operations
where labor requirements per unit of output
are relatively greater than in crop production is noteworthy, considering that agricultural employment has declined about 10
per cent since 1939 while agricultural
production was rising 2.5 per cent. Some
part of the expansion shown in livestock
production was made possible by the large
stocks of feed grains on hand at the beginning of the war. Favorable weather has
contributed to high crop yields and to good
pasture conditions but accounts only in part
for the sharp increase in output per worker
on farms.
AGRICULTURAL PRODUCTION
[1935-1939 = 100]
1944
Total.
1943
1939
132
129
106
Livestock and products.
Meat animals
Poultry and products .
Dairy products
139
155
150
113
138
150
152
113
106
109
102
108
Crops
Oil seeds
Grains and hay
Fruits and vegetables..
Tobacco
Cotton and cottonseed.
Sugar
121
260
144
125
114
336
120
116
96
87
80
107
143
112
107
129
89
106
HI
84
83
NOTE.—Department of Agriculture data regrouped by Federal Reserve. Figures for 1944 are estimated.
Additional factors which made possible the recent large rise in agricultural
SEPTEMBER 1944
production were the existence before the
war of large areas of under-utilized manpower, production techniques, and farm
land—the latter partly due to Government
measures designed to limit crop surpluses.
During the war period production was
stimulated by large increases in demand
and a sharp rise in prices of farm products.
Finally, and of considerable importance,
were the steps taken by Federal agencies
and local committees to encourage production in the war period by a variety of
measures.
Changes in wartime production within
groups of agricultural commodities have
varied considerably. The large rise for
oil seeds shown in the table reflects the
sharp expansion in production of peanuts,
flaxseed, and soybeans to replace the loss of
foreign vegetable oil supplies. Increased
acreages planted in these crops contributed
to some curtailments of acreage for cotton
and tobacco. The decreases shown for
cotton and sugar crops are due partly to the
difficulty of maintaining this type of production in a period of labor shortages. The
figures shown for cotton production in 1943
and 1944 overstate the decline in output as
compared with most years before the war
owing to the huge crop in 1937.
Within the animal group, hog marketings are expected to be larger this year than
in 1943 and 80 per cent above the prewar
average, but this year the pig crop is expected to be about one-fourth smaller than
last year, reflecting the development during
the past season of a feed shortage. With
some easing of the feed situation in recent
months, owing partly to imports of grain
and prospects of a record wheat crop of over
a billion bushels, livestock numbers on
farms have been kept at a level considerably
above that before the war, although reduced
847
REVIEW OF THE MONTH
in the case of hogs and chickens from the
peak reached at the end of 1943.
FARM PRICES AND INCOMES
Although production has increased much
more during this war than during the last,
prices received by farmers have risen by
about the same amount as during the
previous war period, excluding the immediate postwar rise. As a result, the growth
in farm income has been greater than ever
before. Cash income from marketings
amounted to 19 billion dollars in 1943 and
may increase to over zo billion this year,
as compared with 8 billion in the years
1935 t o I939- Cash farm income increased
from 6 billion dollars in 1914 to 13.5 billion
in 1918 and 14.6 in 1919 and then declined
to around 8 billion by 1911. Total Government payments to farmers have increased somewhat during the past year,
as new subsidies to prevent further price
increases have more than offset declines in
soil conservation and parity payments.
Values of home-consumed products and
farm home rentals have also increased
sharply. Gross farm income totaled 2.2..J
billion dollars in 1943 and, with production expenses showing a much smaller
increase since prewar than gross incomes,
net income of farm operators this year is
likely to aggregate over iz billion dollars,
as compared with 4.7 billion in 1935-1939.
Reflecting current increases in earning
power, farm land values have advanced
considerably in most commercial farming
areas.
Existing legislation provides that for a
two year period beginning with the January first following the end of the war
Federal loans will be made to farmers on
cotton at 9z}^ per cent of parity and loans
at somewhat lower levels will be made on
other basic crops. In addition, Federal
848
price support programs have been authorized for many other agricultural commodities and various other Federal measures
have been proposed relating to agricultural
foreign trade relationships and production
controls to handle the prospective readjustment problems in agriculture after the war.
The actual execution of these programs
will be dependent upon appropriations by
Congress of the necessary funds at the
proper time.
RECONVERSION TO PEACETIME
PRODUCTION
War demands have required a tremendous
expansion in output and major shifts in the
distribution of manpower and resources
in the production of various types of goods
and services. The period of expansion
seems to have ended and most of the needed
adjustments have been made. As the war
approaches an end, consideration is being
given to the problems of readjustment that
will be faced in the period of reconversion
frcm a wartime to a peacetime basis.
War has demonstrated that our economy
has tremendous productive capacity. In
the early years of peace it is not to be
expected that production will continue at
the wartime peak; although the number of
people to be employed, including most of
those now in the armed forces, will be
larger, hours of work will be shorter, and
many pressures for maximum effort will
cease. But to provide jobs for all those
seeking employment and to provide the
high standard of living that the economy is
capable of producing, output will need to
be much larger than it was in any prewar
year.
This should mean, first of all, a considerably higher production level for con-,
sumer goods and services than existed
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
during either the war or prewar period.
In the early postwar years it may be expected that consumer durable goods will be
in great demand and the volume of residential building and other types of construction
will be much larger than at present. For a
stable economy it would be necessary for
consumption of nondurable goods and services to increase and to be maintained above
any previous level.
It may be expected that output of industries making producers equipment will be
much less than their output, including
munitions, during the war period, but if the
resources of these important industries are
to be adequately utilized, they must operate
SEPTEMBER 1944
at much above prewar levels. Output of
materials should not decline as much after
the end of the war as the output of finished
products, because peacetime products generally are not as highly fabricated as wartime products. There will be available,
however, foreign sources of supply for some
materials that were restricted during the
war. At the same time it is to be hoped
that consumption in other countries will
also be at a relatively high level, and that
these countries will be in a position to buy
increased amounts of our products in exchange for theirs, thereby supplementing
greatly increased domestic demand for our
products.
849
BRETTON WOODS AGREEMENTS
by
E. A. GOLDENWEISER and ALICE BOURNEUF
Division of Research and Statistics
In July of this year there was held in Bretton
Woods, New Hampshire, a United Nations
Monetary and Financial Conference. At this
meeting there were representatives of forty-four
United and Associated Nations'* In addition
the Danish Minister to the United States was
present in his personal capacity. Agreement
was reached on the establishment of an International Monetary Fund and of an International
Bank for Reconstruction and Development.
There were also agreements on certain other
matters. All the agreements are in draft form
to be submitted to the various governments,
none of which is bound to accept them.
The International Monetary Fund aims at the
restoration of conditions under which transactions arising out of foreign trade could be settled
smoothly with the elimination of unnecessary
risks and harmful pressures on the economies of
participating countries. The Fund is not intended to correct economic maladjustments in
the different countries, but to exert an influence
on members to undertake corrective action and
to afford them time to make such action effective. It proposes to promote exchange stability
and to offer facilities for orderly adjustment of
exchanges when necessary to the correction of
basic maladjustments.
The proposed International Bank for Reconstruction and Development is designed for the
purpose of making long-term productive foreign
loans to member countries out of its own funds
or out of funds borrowed from private investors,
and of guaranteeing such loans made through
the investment market. All members would
share the risks in proportion to their participation. It is intended to assure funds for the reconstruction of devastated countries and for the
development of resources in all member countries.
The two institutions would be mutually supplementary. The operations of the Fund would
reduce the exchange risks involved in international investment, and the Bank would provide
help to countries in developing their economies
in such a way as to be able to keep their international payments in balance. They would not
and do not aspire to provide all the elements
necessary for the re-establishment of sustained
international trade and prosperity. In particular, they could not take the place of the development of sound domestic policies nor of the
adoption of rational commercial policies shaped
in accordance with the position of various
countries as creditors or debtors in their international relationships.
In addition to what was accomplished at
Bretton Woods, much more will have to be done
to rehabilitate the countries devastated by the
war and to eliminate disruptive tendencies that
were operative before the war.
INTERNATIONAL MONETARY FUND
Revival and expansion of international trade
is the central objective of the International
Monetary Fund. The Agreement aims to eliminate unnecessary exchange risks by promoting
exchange stability and establishes a procedure
for the orderly adoption of such changes in
exchange rates as may be agreed to be necessary.
The Fund also aims to eliminate the destructive
NOTE.—Reprints of this article may be obtained upon request.
85O
practices which interfered with the flow of
world trade before the war, such as indiscriminate exchange restrictions, multiple currency
practices, and bilateral clearing agreements, and
to assure member countries that the proceeds of
sales to any one member can be used for the
purchase of goods from any other member.
In order to assist member countries to maintain stable exchange rates and avoid harmful
restrictions on trade, a pool of resources
FEDERAL RESERVE BULLETIN
BRETTON WOODS AGREEMENTS
contributed by all member countries would be established. The Fund's resources would be used
to give member countries faced with an international drain a breathing spell during which
they could make necessary adjustments. The
Fund is intended to be a revolving fund from
which members could meet temporary shortages.
After a reasonable time a member country would
be expected to cease to be dependent on the
Fund in order to enable it to continue to serve
others.
By providing for alterations in exchange rates
when necessary and by giving member countries
time in which to take corrective action the
Fund would aim to eliminate the harmful pressures on the economies of individual countries
which otherwise might have adverse effects
not only on the country concerned but on other
countries as well.
Each country's original contribution would
be definite and its commitment to the Fund
would be limited to that amount. If the Fund
wished to obtain more of a member's currency
it could do so only by buying it with gold or by
borrowing it with the member's consent. Since
the Fund would deal only with central authorities and would handle only net balances not
cleared in the market, the Fund's operations
would in no way interfere with the regular
exchange market.
A question arises about the similarities and
the differences between the functioning of the
proposed International Monetary Fund and the
functioning of the gold standard. The fundamental forces at work would be the same under
both systems. Under the gold standard, as
under the Fund, each country ultimately must
find means of paying for its foreign purchases by
the sale of its goods and services. Under both
arrangements temporary deficits can be met by
' gold shipments and by credit, and under neither
of the arrangements can these methods offer
permanent solutions.
The Fund proposes to re-establish international
currencies on a gold basis, but to eliminate or
moderate the disturbing rigidities which characterized the gold standard. One important
SEPTEMBER 1944
difference between the gold standard world and
the one visualized under the International
Monetary Fund is that such adjustments as
might have to be made in exchange rates are
intended to be orderly, systematic, noncompetitivc, and to be taken in the light of full information and consultation with an impartial body.
They should not involve a breakdown of established machinery, as they did under the gold
standard. Another important difference is that
such borrowing of short-term funds as was done
under the gold standard was entirely uncontrolled and consequently subject to uncertain
conditions prevailing in the short-term money
market, while under the Fund there would be
facilities available for obtaining temporarily the
use of foreign currencies on reasonable and equal
terms for all countries, regardless of pressures
that might exist in money markets. The result
of these differences is that under the International Monetary Fund the violent domestic adjustments at times required by the gold standard
would be avoided both because the Fund would
enable a country to tide over a bad situation and
would exert its influence to cause proper adjustments to be made and because a change of exchange rates would be permitted when it
became necessary.
In the following pages there is presented a
description of the proposed Fund's mechanism.
Full details are given in the published text
of the Agreement.
I. EXCHANGE RATES
Exchange rates and members1 obligations in
respect to them are a central feature of the
Fund agreement. After the par value of a
member's currency has been established, in
accordance with an agreed procedure, the Fund
will prescribe a margin above and below par
value for transactions in gold by that member
and the member is not allowed to buy gold at a
price above par value by more than that margin
or sell it at a price below par value by more than
that margin. Members undertake to permit
exchange transactions between their currencies
and other member currencies only at rates within
851
BRETTON WOODS AGREEMENTS
a prescribed range. This range in the case of
spot exchange transactions is one per cent above
and below par. A member whose monetary
authorities freely buy and sell gold for the settlement of international transactions within the
prescribed margin of parity for such transactions
is considered to be fulfilling the undertaking
not to permit exchange transactions outside the
prescribed range. In substance, then, a member
undertakes to maintain, if necessary by freely
buying or selling gold, the established rate of
exchange between its currency and foreign
currencies, except as methods for orderly and
necessary changes are provided by the Agreement.
The Fund's purpose is to promote exchange
stability as an important means for the restoration of world trade, but it recognizes that certain
changes in rates may become necessary. No
change in a member's rate can be made except
on its own proposal and members agree not to
propose a change except to correct a fundamental
disequilibrium. Member countries are given
the right, after consultation with the Fund but
without obtaining its concurrence, to alter the
par value of their currencies by 10 per cent from
that initially established. For any proposed
changes beyond 10 per cent the Fund has a right
to concur or object, but on changes which do not
exceed a further 10 per cent the Fund must either
concur or object within ji. hours if the member
so requests. There is a special proviso that a
member may change the par value of its currency
without the concurrence of the Fund if the
change does not affect the international transactions of members of the Fund. It is difficult to
conceive of such a situation.
In order to protect member countries from
deflationary pressures resulting from inability to
adjust exchange rates to world conditions, it is
provided that the Fund must concur in a proposed change if it is satisfied that the change is
necessary to correct a fundamental disequilibrium. Also it must not reject such a change on
account of the domestic, social, or political
policies of the proposing member. It is for the
Fund to determine whether or not a change is
necessary to correct a fundamental disequilibrium. This places on the Fund the responsibility for acting impartially and rationally on
such proposed changes as may come before it.
It is recognized that the postwar transition
period will be one of change and adjustment
and that during this period the Fund must give
members the benefit of any reasonable doubt in
deciding on their requests. It is certain that
during the immediate postwar period more than
ordinary flexibility in exchange rates will be
required. It would be impossible for the Fund
to act immediately after the war with such
wisdom as to provide rates of exchange that
would in all cases continue to be appropriate
as the process of reconstruction proceeds.
The question may be raised whether these
provisions would go a long way toward diminishing the hoped-for stability of exchange
rates. Their purpose is to accomplish the opposite. Stability does not mean rigidity and
rigidity in the past has resulted in extreme instability. A country which finds that its
domestic economy is suffering greatly from inability to balance its international transactions
at its existing exchange rate and which finds it
impossible to correct the situation by other adjustments without seriously harmful consequences, has no alternative but to change its
rate. Persistence in attempts to maintain the
existing rate is likely to have important disturbing effects both at home and abroad and to result
in the necessity of larger and more frequent
changes in rates when the changes are eventually
made than would have been necessary had the
country acted promptly. The provision for
orderly changes in rates at such times, in consultation with the Fund and with its concurrence,
is, therefore, expected to result in the long run
in mere rather than less stability of exchange
rates. Stability, however, is viewed not as an
end in itself but as a means of promoting trade,
and, through trade, a high level of employment
and income. Insistence on stable rates, irrespective of the effects of those rates on employment
and income, might have meant losing sight of
this objective.
FEDERAL RESERVE BULLETIN
BRETTON WOODS AGREEMENTS
If a country changes its rate by more than 10
per cent from the initial rate without the Fund's
concurrence, the Fund has authority to declare
the country ineligible to use the Fund's resources. In such cases, if the Fund and the
member do not come to an agreement on the rate
within a reasonable period, the Fund can require
the country to withdraw from membership in
the Fund.
There is a special arrangement whereby the
Fund may decide to make a uniform proportionate change in the par values of all member
currencies. The decision to make such a uniform change requires the approval of a majority
of the total votes plus the approval of each
country having 10 per cent or more of the quotas,
i.e., the United States, United Kingdom, and
the Union of Soviet Socialist Republics. Any
country, however, may refuse to accept such a
change in respect to its own currency provided
it notifies the Fund within 72. hours. Such a
uniform change in par values would result in no
change in the world pattern of exchange rates.
Values of currencies in gold would change, but
values in terms of other currencies would remain
the same.
II. EXCHANGE RESTRICTIONS
Member countries undertake the obligation
not to impose restrictions on the making of payments and transfers for current international
transactions without the approval of the Fund.
Payments for current transactions are defined in
the Agreement as including payments due in
connection with trade, service, and normal
short-term banking and credit activities, payments of interest on loans and of net income
from other investments, payments in moderate
amount for amortization of loans or for depreciation of direct investments, and moderate
remittances for family living expenses. In particular, current transactions do not include
payments for the purpose of transferring capital.
The Fund is empowered to determine whether
specific transactions are current or capital transactions. Each member has a right to control
international capital movements provided it does
SEPTEMBER
so in a manner which does not restrict payments
for current transactions or unduly delay transfers
of funds in settlement of commitments.
Besides the general obligation to avoid restrictions on current transactions, members are
obliged not to engage in any discriminatory currency arrangements or multiple currency practices without the approval of the Fund. If a
member is engaged in such practices when the
Fund Agreement comes into force, it must
consult with the Fund as to their progressive
removal.
Exception to the general rule is made in respect
to scarce currencies, which are discussed later.
There are also provisions by which members may
avail themselves of special arrangements made
for the postwar transitional period. Members
intending to avail themselves of these arrangements must notify the Fund. Under these
special arrangements members may maintain and
adapt to changing circumstances restrictions on
payments and transfers for current international
transactions. However, members which maintain restrictions in accordance with this arrangement must take all possible measures to facilitate
international payments and must withdraw such
restrictions as soon as they believe that they will
be able, without the restrictions, to settle their
balances of payments without being forced to
draw too heavily on the resources of the Fund.
Starting three years after the Fund begins
operations the Fund must issue an annual report
on the restrictions still in force under these
transitional arrangements. After the fifth year,
any member still imposing such restrictions
must consult with the Fund. The Fund may
indicate to a member that it is in a favorable
position to withdraw any or all of its restrictons
and, after a suitable time, may require a member
to withdraw from the Fund if it continues to
maintain those restrictions.
The reason for these exemptions is that it
would be impossible to require all member
countries immediately to remove all restrictions
on current transactions. If that were done,
some members would be forced to rely heavily
on the Fund with the consequence that the
853
BRETTON WOODS AGREEMENTS
Fund's resources would be used increasingly in
financing deficits in international payments incurred by countries which are as yet in no
position to take advantage of the Fund's temporary assistance to balance their trade with the
rest of the world without such restrictions. On
the other hand, all member countries are committed gradually to abandon restrictions, and
after five years the Fund has the power to refuse
the use of its resources to, or require the withdrawal of, a member which is not eliminating
its restrictions as rapidly as the Fund believes
this should be done.
In addition to the obligations to avoid restrictions on current transactions and discriminatory
currency practices just described there is a special
convertibility provision. Subject to specified
exceptions this provision assures a member (i.e.,
a government and its agencies as distinct from
the general public) that it can bring home the
balances it holds in another member country ( i )
if the balances have been recently acquired as a
result of current transactions or (2.) if their
conversion is needed for making payments for
current transactions. The first part of this provision assures a member that the proceeds of
merchandise exports and other current transactions can be brought home at the parity rate—
an assurance that is implicitly given to the
general public as well elsewhere in the Agreement. If, for instance, the French authorities
have recently acquired sterling balances as a
result of current transactions, France can require
England to convert the balances into francs (or,
at England's option, into gold which is readily
convertible into francs).
The second part of the provision applies to
balances acquired at an earlier period or from
other than current account transactions. The
principle adopted is that these balances, too,
which are part of the monetary reserves of the
countries concerned, should be convertible for
making payments for current transactions.
Since each member is free, however, to regulate
international capital movements, it is free to
restrict the use of balances of this character;
854
and hence it can at its own discretion relieve
itself at any time of this second obligation.
There are other limitations to both obligations. In the example given, England will not
be obliged to purchase the sterling balances if
at that time England is, for any reason, not entitled to purchase foreign currencies from the
Fund. The obligations in this special form
apply only when England is in a position to
fulfill them through purchase of the required
currency from the Fund. The obligations lapse,
also, if the currency needed for making the
purchase, in this case francs, has been declared
scarce. If francs have been declared scarce,
England may be able to obtain a certain amount
of francs from the Fund but she is authorized
to restrict franc transactions as she sees fit and
therefore can not be forced to convert sterling
balances into francs. Similarly, the obligations
do not apply if England has obtained the approval of the Fund to restrict payments due on
current transactions or if the balances have been
acquired contrary to England's exchange regulations. Finally, the obligations do not apply to
sterling balances accumulated during the transitional period if England has availed herself of
the special transitional arrangements.
Although the special convertibility obligations are tied up to the Fund mechanism and
lapse when a member is for any reason no longer
entitled to purchase foreign currencies from the
Fund, the general obligation not to impose
restrictions on the making of payments and
transfers for current international transactions
without permission of the Fund is binding on all
member countries, irrespective of whether or not
they are entitled at any particular time to draw
on the resources of the Fund.
III. SUBSCRIPTIONS TO THE FUND
Member countries subscribe to the Fund in
gold and national currencies. Each member
subscribes its assigned quota, the gold part of
the subscription being a minimum of Z5 per cent
of its quota or 10 per cent of its net official
holdings of gold and United States dollars,
FEDERAL RESERVE BULLETIN
BRETTON WOODS AGREEMENTS
whichever is the smaller.1 Table I shows the
quotas of the countries represented at the United
Nations Monetary and Financial Conference,
totaling 8.8 billion dollars, the amount of the
required United States gold contribution, and a
rough estimate of the required gold contributions of the other countries.
The Fund's gold will be held in the central
banks or other designated depositories of member countries. At the outset, one-half of the
Fund's gold will be held in the Federal Reserve
System and 40 per cent in the central banks of
the United Kingdom, the Union of Soviet Socialist Republics, China, and France.
The currency subscription of a member country, and any subsequent acquisitions by the Fund
of the currency of a member country, will be held
by the Fund in that member country's central
bank or designated depository. Presumably in
most countries the Fund will have a deposit
account at the Central Bank. Under the terms
of the Agreement a member can substitute noninterest bearing demand obligations of the
government for any part of its currency which
the Fund does not consider it necessary to hold
as an operating or working balance.
The gold value of the Fund's assets will be
maintained irrespective of changes in the par or
foreign exchange value of a member's currency.
Each member is obligated to compensate the
Fund for any fall in the gold value of its currency
held by the Fund. The Fund, in turn, must
reimburse the member for any rise in the gold
value of its currency held by the Fund. The
Fund may waive this obligation if a uniform
proportionate change is made in the par values
of all currencies.
IV. PURPOSES FOR WHICH MEMBER COUNTRIES
CAN USE THE FUND
Member countries can use the resources of the
Fund, in general, only to finance current transactions with other member countries. This is
1
Holdings are measured as of the date on which the Fund notifies
members that it will soon be able to begin exchange transactions. For
this purpose net official holdings of gold and United States dollars
means a member's official holdings after deducting central holdings
of its currency by other countries and such holdings of its currency
by banks and other institutions in other countries which carry specified rights of conversion into gold or United States dollars. The
meaning of official holdings and central holdings is explained in a
later section of this paper dealing with the definition of monetary
reserves.
SEPTEMBER 1944
brought out in the statement on the purposes of
the Fund which says that the Fund is to assist
in the establishment of a multilateral system
of payments in respect of current transactions.
TABLE I
INTERNATIONAL MONETARY FUND QUOTAS AND
ESTIMATED GOLD SUBSCRIPTIONS OF MEMBERS
REPRESENTED AT THE UNITED NATIONS MONETARY
AND FINANCIAL CONFERENCE
[In millions of United States dollarsl
Quotas
Australia
Belgium
Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Ethiopia
France
Greece
Guatemala
Haiti
Honduras
Iceland
India
Iran
Iraq
Liberia
Luxembourg
Mexico
Netherlands
New Zealand
Nicaragua
Norway
Panama
Paraguay
Peru
Philippine Commonwealth
Poland
Union of South Africa
Union of Soviet Socialist Republics
United Kingdom
United States
Uruguay . . .
Venezuela
Yugoslavia
*.
Total
200
225
10
150
300
50
550
50
5
50
125
(*)
5
5
45
2.5
6
450
40
5
5
2.5
1
400
25
8
.5
10
90
275
50
2
50
.5
2
25
15
125
100
1,200
1,300
2,750
15
15
60
8,800
Estimated Gold Subscription s
United States
Others
Total
687.5
955.5
1,643
2
1
The quota of Denmark shall be determined by the Fund after the
Danish Government has declared its readiness to sign this Agreement
but2 before signature takes place.
Figure based on gross official gold and dollar holdings at the end
of March 1944. In cases where gold reserves are not reported officially
the figures have been estimated and are subject to revision. In general, gold confiscated in invaded countries is attributed to those countries since their claims will presumably be honored after the war. To
the extent that there have been net transfers of such gold to other
accounts there is double counting.
It is also brought out in the section of the Agreement which states that members may not make
net use of the Fund's resources to meet large or
sustained outflows of capital, and that the Fund
may request a member to exercise controls to
855
BRETTON WOODS AGREEMENTS
prevent such use of the resources of the Fund and
declare a member ineligible to use the Fund if it
does not exercise appropriate controls.
The Fund is not intended to enable member
countries to meet all deficits arising from current
transactions. The Agreement says that the
Fund is not intended to provide facilities for
relief or reconstruction or to deal with international indebtedness arising out of the war and
it is made clear that members are not intended
to use the Fund as a source of permanent financing. The Fund is to be a revolving fund which
makes its resources available to members over
reasonably short periods of time to provide them
with an opportunity to correct balance of payments maladjustments.
The Fund may limit a member's use of the
resources of the Fund if it is of the opinion that
the member is using them in a manner contrary
to the Fund's purposes. When the Fund so limits
a member's use of the Fund it must issue a report
to the member. If the member does not make
a satisfactory reply to the report, the Fund may
continue to limit the member's use of the Fund
or declare it ineligible to use the Fund.
V. MANNER OF USING THE FUND
Dealings between the Fund and member countries can take place only through the treasuries,
central banks, stabilization funds, or similar
fiscal agencies of member countries. Ordinary
transactions in exchange by nationals of member
countries will continue to be effected through
the usual channels. Only when a shortage of
foreign currencies develops will the market
come to the central authorities, which in turn
will apply to the Fund.
The essential feature of the Fund arrangement
is that member countries are entitled to obtain
currencies of other member countries from the
Fund in exchange for their own currencies. In
the Fund, a country's currency is an obligation
of that country, a claim on its resources. It is
important to an understanding of the Fund's
operations to recognize that a country's
currency, as such, is good only in the issuing
country, and that when it acquires foreign currencies from the Fund and pays for them in its
856
own currency, it, in effect, borrows these foreign
currencies and gives the Fund, in exchange,
demand obligations which constitute a claim on
its goods and services. Currencies are obtained
from the Fund only for immediate use in making
payments in other countries, whereas currencies
paid into the Fund in exchange are claims held
by the Fund for use when and if a demand for
them develops. The transaction has elements
of a loan by the Fund to the country which
purchases exchange from it, notwithstanding
the fact that the currency paid into the Fund for
the foreign exchange is money in its own
country. This is the explanation of the fact
that throughout the Fund Agreement a country's
use of the Fund's resources at a given time is
measured by the amount of its currency in the
Fund's possession in excess of its original
contribution.
It is also essential to an understanding of the
Fund's operations to realize that the Fund must
maintain a balance in its holdings of various
currencies. Certain currencies will be much
more in demand by member countries than others
and the Fund would be seriously handicapped if
its holdings of such currencies became very small
and its holdings of currencies which are not in
demand became too large. It is for this reason,
particularly, that measures are provided in the
Agreement to encourage replacement in the Fund
of currencies purchased from it.
Members may also buy foreign currencies from
the Fund with gold. Such purchases would not
constitute a drain on the Fund. Any member
wishing to buy the currency of another member
with gold is expected, if it can do so with equal
advantage, to acquire the foreign currency
through the sale of gold to the Fund. In this
way the Fund's holdings of gold, with which it
can buy any member's currency, will be steadily
replenished. The repurchase provisions described later also tend to replenish the Fund's
supply of gold or of currencies in demand.
VI. QUANTITATIVE LIMITS ON USE OF FUND
A member may not increase the Fund's holdings of its own currency by an amount larger
than one-quarter of its quota in any 11-month
FEDERAL RESERVE BULLETIN
BRETTON WOODS AGREEMENTS
period, except by special permission, or when
the Fund's holdings of its currency had previously fallen below 75 per cent of its quota. In
the aggregate, it can not purchase foreign
currencies with its own currency in an amount
that would bring the Fund's holdings of its
currency to more than 2.00 per cent of its quota,
except by special permission. This means that,
if a country's quota is ico million dollars, of
which 15 million is contributed in gold and 75
million in currency, the country's net purchases
of foreign exchange from the Fund with its own
currency could total 125 million, this being the
amount that would bring the Fund's holdings
of the purchasing member's currency to zco
million dollars or 2.00 per cent of its quota. This
general limit of 100 per cent of a member's quota
is equivalent to saying that a member's net
purchases of foreign exchange from the Fund
with its own currency may not exceed the
amount of its quota plus its gold contribution.
These quantitative limits on a member's use
of the Fund have been carefully worked out with
a view to the need of keeping the Fund in a
position to meet the demands which may be
made on the Fund by other member countries.
The limits apply in general to all countries, but
the Fund can waive them, as well as the other
conditions governing a member's purchases of
foreign currencies from the Fund. The Fund
may decide to waive these limits in the case of
member countries which have a record of avoiding large or continuous use of the Fund, or have
periodic or exceptional needs for foreign currencies, or are willing to pledge acceptable
collateral.
VII.
REPURCHASES FROM THE FUND
There are two provisions requiring a member
in certain circumstances to repurchase its currency from the Fund. The broad purposes of
the first of these provisions are to limit a
country's use of the Fund when it has ample
other means of meeting its international payments and to make it share with the Fund such
additions to its monetary reserves as may occur
from time to time, provided it has been using
the resources of the Fund.
SEPTEMBER 1944
For these purposes a member whose reserves
are in excess of its quota is required at the end
of each financial year to examine changes in its
reserve position in relation to its use of the
Fund's resources and to make adjustment in
accordance with the following rules. If the
member's reserves have not changed, it must use
its reserves to the extent necessary to reduce by
one-half the year's increase in the Fund's holdings of its currency. If its reserves have increased, then it must use its reserves as in the
previous case and, in addition, must use half of
the increase in its reserves to reduce the Fund
holdings of its currency whenever acquired. If
the country's reserves have decreased but are
still in excess of its quota, it must use enough of
its reserves to make the decrease of its reserves
for the year equal to the year's increase in the
Fund's holdings of its currency.
The second repurchase provision is intended to
limit the use of one currency, such as the dollar
for example, for financing adverse balances of
payments between two other countries. This
provision is that if a member country, after
having made the repurchases required under the
first provision, still shows an increase in its
holdings of another country's currency (or of
gold acquired from that country) and this increase arises from transactions with a third
country, then the member country must turn
that increase over to the Fund in exchange for
its own currency. This provision is necessary
to reduce the absorption of scarce currencies into
the financing of balances between other
countries.
There are certain limits on the repurchases
which must take place under these two provisions. First, no member is required under these
repurchase provisions to reduce its monetary
reserves to below the amount of its quota.
Second, no member is required by these repurchases to reduce the Fund's holdings of its
currency below 75 per cent of its quota. This
means that a member is required to make these
repurchases only if it has been making net use
of the resources of the Fund or if it originally
contributed less than 15 per cent of its quota in
gold. Third, no repurchases shall raise the
857
BRETTON WOODS AGREEMENTS
Fund's holdings of the currency of any country
above 75 per cent of that country's quota.
There are also other rules concerning the currencies to be used in connection with the
repurchase provision. These rules are framed
with a view to protecting the Fund from acquiring currencies under these repurchase provisions
of which it already has an ample supply and
insuring that the Fund will acquire only such
currencies as are in demand.
A member's monetary reserves include a
member's net official holdings of gold and convertible currencies, convertible currencies being,
in general, currencies of members of the International Monetary Fund that have not taken
advantage of the special transitional arrange-
holdings its currency liabilities to official institutions or banks in the territories of other members or nonmembers the holdings of the currencies of which are included in the member's
official holdings.
VIII.
CHARGES
Members purchasing foreign exchange from
the Fund with their own currencies are required
to pay on each purchase a uniform service charge
of three-fourths of 1 per cent. This charge may
be altered by majority vote to not less than onehalf or not more than 1 per cent. If a member's
purchases from the Fund raise the Fund's holdings of its currency above its quota, additional
charges must be levied by the Fund on its hold-
TABLE n
MINIMUM PERCENTAGE CHARGES PAYABLE BY A COUNTRY ON FUND'S HOLDINGS OF ITS CURRENCY IN EXCESS
OF ITS QUOTA
Amount of country's
currency held by Fund
to which rates indicated apply as percentage of country's
quota
101-125
126-150
151-175
176-200
201-225
226-250
Additional amounts
Per cent per annum payable on excess currency during
1st Year
1H
2
2nd Year
i*
3
3H
3rd Year
4th Year
2
5th Year
6th Year
3
7th Year
8th Year
2
&
4H
5
5
5
Correspo nding increzises up to 5 per cent
4
4^
5
5
5
9th Year
4H
5
5
5
5
10th Year
5
5
5
5
5
5
1
2
No payment in first three months; % per cent in next nine.
At this point the Fund and the member shall consider ways and means by which the Fund's holdings of the member's currency can be reduced.
NOTE.—No charge is made on use of the Fund resources in an amount equivalent to a member's gold subscription.
ments and currencies of such nonmembers as the ings in excess of the quota. These charges are
Fund may from time to time specify. There is a levied in proportion to the Fund's holdings of
special exception by which occupied countries the currency of a member because, as explained
need not include in their monetary reserves gold above, this measures the extent of a country's
newly mined in the first five years of the Agree- use of the resources of the Fund. Unless a
ment. The term currency includes coins, paper member's monetary reserves are less than half
money, bank balances, bank acceptances, and its quota all charges are payable in gold.
The rates charged on holdings in excess of the
government obligations issued with a maturity
not exceeding iz months. A member's official quota are uniform for all countries and vary with
holdings means central holdings, i.e., holdings the amount of the currency held and the length
of treasuries, central banks, stabilization funds, of time over which it is held by the Fund.
and similar agencies and also such holdings of Table II gives the rates charged for each step in
other official institutions or other banks as are the upward scale, both as to amount and as to
substantially in excess of working balances and time. It should be noted that these are not
are deemed official by the Fund after consul- average charges on the entire amount or over the
tation with the member. Net holdings are cal- entire period but charges on each indicated unit
culated by deducting from a member's official of volume and of duration.
858
FEDERAL RESERVE BULLETIN
BRETTON WOODS AGREEMENTS
The Agreement provides, as indicated in the
table, that special consultations between the
Fund and a member must take place with a view
to decreasing the Fund's holdings of that member's currency when the rate payable by that
member on any amount or for any period of time
has reached 4 per cent. If the rate rises to 5
per cent, as indicated in the table, and if the
amount held or the period of time over which
the currency is held continues to increase, the
Fund may impose such charges as it deems appropriate. The scale of charges just described
may be altered by a three-fourths vote.
It is clear from the more substantial nature of
these charges and the fact that the rates charged
become progressively higher as a member uses
more of the resources of the Fund or uses them
over a longer period of time that these charges,
unlike the service and handling charges, are
intended to act as serious deterrents to countries
making large or prolonged use of the Fund's
resources. This is consistent with one of the
major purposes of the Fund which is to be in a
position at all times to help any member to meet
a temporary deficit in its balances of payments
and give it time to correct maladjustments.
The Fund's power to help all member countries
would be seriously threatened if unduly large
amounts of its total resources were used to meet
the needs of any one country, or if any substantial part of its resources were in use over long
periods of time. In such cases the Fund's
holdings of currencies in demand by most members would shrink and might become inadequate
for further operations while its holdings of
currencies not in demand accumulated.
IX.
SCARCE CURRENCIES
If a country sells goods or services to the rest
of the world in larger amount than it buys
abroad, then the rest of the world must either
be borrowing the difference or drawing upon
its monetary reserves or the Fund to pay for its
purchases. The maladjustment in the sphere of
trade, services, and capital maybe of so persistent
a character as to force heavy drafts upon limited
national reserves or resources in the Fund. In
SEPTEMBER 1944
such a case, there is danger that the increasing
difficulties of obtaining the currency may start
a scramble to obtain it before it is too late.
Rather than let things develop to this critical
point, the Fund, long before the situation has
become acute, may inform members that a
general scarcity of the currency is developing
and may issue a report analyzing the causes of
the scarcity and recommending measures
designed to bring it to an end.
Should the Fund's holdings of the particular
currency become scarce, the Fund may require
the member concerned to sell its currency to the
Fund for gold and all members undertake to buy
gold offered to them by the Fund if it is in need
of their currencies. Or the Fund may make an
effort, with the approval of the member concerned, to borrow its currency. It will have the
choice of borrowing from the member itself or
from other members which happen to have a
supply of the desired currency. But aside from
the original subscription, no country is obliged
to lend its currency to the Fund, since the total
commitment of each country is limited to its
original subscription to the Fund.
If the demands on the Fund are so great that
the Fund's ability to supply the scarce currency
is seriously threatened, the Fund must formally;
declare the currency to be scarce and apportion
its supply among member countries. In doing
this the Fund must take into consideration the
relative needs of member countries, the general
international economic situation, and any other
pertinent factors. It must also issue a report
concerning its action.
Once a currency has formally been declared
scarce, any member may limit the freedom of
exchange transactions in that currency to the
extent necessary to reduce the demand for that
currency to the level of its supply. Each member may determine for itself the way in which
it limits transactions in the scarce currency
provided it does not violate its obligations in
regard to exchange rates. Members agree not
to invoke the obligations of prior agreements
in such a way as to prevent a member from
limiting its transactions in the scarce currency
859
BRETTON WOODS AGREEMENTS
sions, both as to the setting of the initial par
values of member currencies and the commencement of exchange transactions by the Fund in
particular currencies, insure a reasonable and
gradual procedure. They should reassure those
who are apprehensive about the absorption of
the Fund's entire resources during the period of
postwar disturbances.
No part of the Agreement will enter into force
or be binding on any country until governments
having 65 per cent of the total assigned quotas,
that is countries having aggregate quotas of almost 6 billion dollars, have agreed to accept the
obligations of membership, and in no event before May 1, 1945. The governments represented
at Bretton Woods which accept membership before December 31, 1945, will constitute the
original members of the Fund. After that time
membership will be open to any country on
X. WITHDRAWAL, VOLUNTARY AND
such terms as may be prescribed by the Fund.
COMPULSORY
There is a special provision that countries which
If any member fails to fulfill any of its obliga- have been under enemy occupation may sign
tions under the Fund Agreement, it may first the Agreement and become original members,
be declared ineligible to use the resources of the but may postpone actual acceptance of the obliFund, and if it persists in its failure, it may be gations of membership until six months after
required to withdraw from membership in the their territories have been liberated from the
Fund. Neither of these steps will be taken enemy.
without first informing the member of the situaWhen countries having 65 per cent of the total
tion and giving the member an opportunity to be quotas have accepted the obligations of memberheard. Compulsory withdrawal of a member ship and the Agreement comes into force, the
requires the approval of the majority of the United States, having the largest quota, will call
member countries having a majority of the vot- a meeting of the Directors appointed by the
ing power.
members. The Board of Directors will arrange
Any member has a right to withdraw from the for the selection of provisional executive direcFund at any time by giving notice in writing. tors to serve until a regular election of Executive
In case a member withdraws either voluntarily Directors can be held as soon as is practicable
or otherwise, a member's accounts with the after January 1, 1946.
Fund are settled either by agreement with the
The first task of the Fund will be to arrange
Fund or according to a carefully worked out for the fixing of the initial par values and for the
formula. The formula provides that all obli- commencement of exchange operations in memgations to the withdrawing country shall be ber currencies. When the Fund decides that it
met in its currency unless it agrees otherwise.
will shortly be in a position to begin exchange
transactions it will undertake to establish initial
XL SETTING UP THE FUND
par values. It will ask each member country
The Articles of Agreement include carefully to communicate the par value of its currency
worked out arrangements for the coming into based on the rates of exchange prevailing 60 days
operation of the Monetary Fund. The provi- before the Agreement entered into force. The
to the extent necessary in the circumstances just
described; but each member also agrees to give
sympathetic consideration to the representations
of other members with regard to its administration of the restrictions.
One of the Fund's endeavors will be to prevent the development of a shortage of any
currency. But a persistent demand for a
country's goods in excess of its purchases of
other countries' goods will inevitably result,
with or without the Fund, in a shortage of that
country's currency. Other countries may meet
the shortage temporarily by selling gold to the
country whose currency is scarce, or by borrowing from it. But, in the end, such a scarcity can
be eliminated only by the re-establishment of
balance between the country's exports and its
imports.
860
FEDERAL RESERVE BULLETIN
BRETTON WOODS AGREEMENTS
date will therefore be sometime between March
i, 1945, and October 31, 1945. If either the
Fund or the member is of the opinion that this
par value is unsatisfactory, it must say so within
90 days. The Fund can object to this par value
if it appears that it can not be maintained
without leading to undue use of the resources
of the Fund either by that member or by other
members. The Fund and the member must agree
on an initial par value within a reasonable
period, and if no agreement is reached the member will be deemed to have withdrawn.
Special provisions for countries which have
been occupied by the enemy allow these countries to postpone communicating the par value
of their currencies until major hostilities have
ceased in their territories, or until such later
time as the Fund may determine, and also allow
these countries and the Fund more than 90 days
in which to register objections to the communicated par value. Such countries may also use
the Fund before their initial par values have
finally been established, in amounts and under
conditions prescribed by the Fund, and may in
the meanwhile alter their communicated rates
by agreement with the Fund without prejudice
to their ability to alter their rates after initial
par values have finally been established.
Once the initial par values of their currencies
have been established, countries become eligible
to use the resources of the Fund in accordance
with the general provisions of the Agreement;
and, as has been noted, occupied countries will
become eligible to use the Fund on a limited
basis whenever the Fund grants such privileges.
The Fund can not begin transactions in exchange
until members having 65 per cent of the total
quotas have become eligible to draw upon it
and until major hostilities in Europe have
ceased. Even then the Fund need not start
exchange operations if world conditions appear
unfavorable to its proper functioning. It has
full discretion to wait until the situation has
cleared.
There is a provision which gives special power
to the Fund to postpone exchange transactions
with any particular member, even if that member
has become eligible to use the Fund and the Fund
SEPTEMBER 1944
has decided to begin exchange transactions.
This is when the circumstances of the member
are such that, in the opinion of the Fund, exchange transactions with it would lead to use
of the resources of the Fund in a manner contrary to the purposes of the Agreement. Under
this provision the Fund can protect itself and
other members by refusing to deal with a country
in an unstable economic or political condition.
XII.
MANAGEMENT OF THE FUND
Provisions for the management and organization of the Fund need not be described here in
detail. The Board of Governors, in which all
the powers of the Fund will be vested, will
consist of one Governor appointed by each
member country. The Board may delegate its
powers to the Executive Directors, except for
the power to decide on certain issues of major
economic or political significance. The Executive Directors will conduct the general operations of the Fund. There will be at least twelve
Executive Directors, five appointed by the five
members having the largest quotas, which at
the outset will be the United States, the United
Kingdom, the Union of Soviet Socialist Republics, China, and France, two elected by the
American Republics other than the United
States, and five elected by the other members.
The procedure by which the elected Executive
Directors are to be chosen is designed to see that
each member will have an appropriate voice in
the election of at least one of the Directors.
Two additional Executive Directors may be
appointed to represent the two countries the
currencies of which are being used by the Fund
in the largest absolute amounts, if these countries are not included in those already entitled
to appoint Directors. As new countries become
members of the Fund the number of Executive
Directors may be increased. The Executive
Directors will appoint a Managing Director who
will be in charge of the operating staff of the
Fund and will conduct the ordinary business of
the Fund. The principal office of the Fund will
be in the United States, since this country will
have the largest quota.
The voting power of member countries is
861
BRETTON WOODS AGREEMENTS
determined by giving each member country 150
votes plus one additional vote for each $100,000
of its quota. The voting power of the countries
represented at the United Nations Monetary and
Financial Conference is indicated in Table III.
For voting on certain matters indicated below,
the distribution of voting power shown in the
table will be modified. When the Fund is voting on the question of whether or not to waive
any of the conditions governing a member's
use of the resources of the Fund, or on the
question of declaring a member ineligible to use
the resources of the Fund because it is using
them in a manner contrary to the purposes of
the Fund, the votes of member countries will be
altered as follows: the voting power of a member
country will be increased by one vote for each
$400,000 of net sales of its currency by the Fund
and decreased by one vote for each $400,000 of
its net purchases of the currencies of other
members, provided net purchases or net sales
do not exceed the quota of the member involved.
By way of example, if the Fund's net sales of
dollars equal one-half the United States quota
(that is, if foreign countries will have drawn on
the Fund for 1,375 million dollars) the percentage of total voting power of the United States
will be 31.5 per cent rather than 2.8 per cent.
The theory of this provision is that on these
problems involving the use of the Fund's resources the voting power of countries which
have made substantial use of them should be
decreased and that of countries of whose subscriptions other countries have made substantial
use should be increased. These changes in voting power, however, are relatively small.
In voting by the Board of Governors, the
Governor appointed by each member has the
voting power allotted to that member. The
Executive Directors cast the number of votes
either of the country by which they are appointed, or, in the case of the elected Executive
Directors, of the countries which have elected
them. An Executive Director must cast all the
votes of which he has control as a unit. He is
not permitted to cast some of his votes in one
way and some in another. The countries whose
votes counted toward his election are precluded
86z
from urging him to cast the number of votes
which they individually are entitled to in
accordance with their particular wishes.
Most decisions of the Fund are by a majority
of the votes cast in accordance with the distriTABLE III
VOTING POWER IN THE INTERNATIONAL MONETARY
FUND OF MEMBERS REPRESENTED AT THE UNITED
NATIONS MONETARY AND FINANCIAL CONFERENCE
Number
of votes
Country
Australia
Belgium
Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Ethiopia
France
Greece
Guatemala
Haiti
Honduras
Iceland
India
Iran
Iraq
Liberia
Luxembourg
Mexico
Netherlands
New Zealand
Nicaragua
Norway
Panama
Paraguay
Peru
Phili
Philippine Commonwealth
Poland
Union of South Africa
Union of Soviet Socialist Republics.
United Kingdom
United States
Uruguay
Venezuela
Yugoslavia
Total.
2,250
2,500
350
1,750
3,250
750
5,750
750
300
750
1,500
(2)
300
300
700
275
310
4,750
650
300
300
275
260
4,250
500
330
255
350
1,150
3,000
750
270
750
255
270
500
400
1,500
1,250
12,250
13,250
27,750
400
400
850
99,000
Percentage
of total
votes1
2.3
2.5
.3
1.8
3.3
.8
5.8
.3
.7
.3
.3
4.8
.6
.3
.3
.3
.3
4.3
.5
.3
.2
.3
1.2
3.0
.8
.3
.8
.2
.3
.5
.4
1.5
1.3
12.4
13.4
28.0
.4
.4
.8
100.0
1
The percentage of total votes is calculated on the assumption that
only those nations represented at the Conference will join the Fund.
As other countries join the Fund, each individual country's share of
the2 total votes will decline.
To be determined when the Danish Government has declared its
readiness to sign the Agreement.
NOTE.—Of the total number of votes, the British Empire controls
25.3 per cent, Continental Europe, excluding the U.S.S.R., 16.0 per
cent, and Latin America 9.7 per cent.
bution of voting power, but certain specified
decisions require more than a simple majority of
votes or the approval of a stated proportion of
member countries.
Decision as to what part of the Fund's net
income should be distributed to members will
FEDERAL RESERVE BULLETIN
BRETTON WOODS AGREEMENTS
rest with the Board of Governors, and can not
be delegated to the Executive Directors. There
are certain rules, however. If income is distributed at all, z per cent must be paid to
countries on the amount of their currency subscription that has been used by the Fund to meet
the needs of other countries. This preferred 2.
per cent is noncumulative. Any further amounts
distributed must be paid to all members in
proportion to their quotas.
The management of the Fund has the right to
make recommendations to any member, whether
that member is using the Fund or not. The
Fund may communicate its views informally or
may, by a two-thirds vote, decide to publish a
report regarding a member's monetary or economic condition or developments which are
directly tending to produce a serious disequilibrium in the international balance of payments
of members.
The Executive Directors have power in an
emergency to suspend all transactions of the
Fund. The Fund may not be liquidated except
by decision of the Board of Governors. If the
Fund is liquidated, this must be done in accordance with a procedure specified in the Agreement
which is designed to insure fair treatment of all
member countries.
Questions of interpretation of the Agreement
are to be submitted to the Executive Directors,
and may be submitted on appeal by a member
country to the Board of Governors. In special
cases involving withdrawal or liquidation a
special arbitration tribunal may be appointed.
Most of the Articles of the Agreement may be
amended if the amendment is approved first by
the Board of Governors and then by three-fifths
of the member countries having four-fifths of the
total votes. However, three of the provisions
of the Agreement can be amended only with the
acceptance of all member countries. They refer
to a member's right of withdrawal, a member's
right to veto a change in its quota, and the
prohibition against a change in the par value of
a member's currency being made otherwise than
in response to its own proposal.
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
While the Monetary Fund aims at greater
stability of conditions in world trade and is
concerned with the member countries' shortterm foreign exchange requirements, the Bank
for Reconstruction and Development is intended
to promote the international flow of long-term
capital. By direct loans of its own resources
and of such funds as it may itself borrow, and by
guaranteeing loans made by private investors,
the Bank is expected to help in the restoration of
economies destroyed or disrupted by war, the
reconversion of productive facilities to peacetime needs, and the development of productive
facilities and resources in less developed
countries.
The Bank is intended to set a pattern of interest rates and other conditions for international loans that would be reasonable, and
would tend to eliminate abuses such as occurred
in this field in the period after the first World
War. It is also intended indirectly to exert a
salutary influence on terms and conditions of all
SEPTEMBER 1944
international investments. In the long run it is
expected to contribute to the development of a
balanced growth of world trade and the maintenance of equilibrium in the international
accounts of member countries.
Total loans and guarantees by the Bank would
be limited in amount to a maximum equal to
the Bank's capital, surplus, and reserves. While
member countries would be jointly and severally
liable on the guarantees, each country's liability
would be limited to its subscription, which in
the case of the United States would be 3,175
million dollars, or 35 per cent of the total.
Since only zo per cent of the Bank's capital
could be called for use in making loans while 80
per cent could be called only to meet losses, and
since the Bank would make or guarantee only
such loans as the borrower could not obtain
elsewhere on reasonable terms, the Bank is
intended to promote rather than to hinder the
flow of private funds into international investment channels.
863
BRETTON WOODS AGREEMENTS
I. MEMBERSHIP AND CAPITAL SUBSCRIPTIONS
All members of the Bank must also be members
of the International Monetary Fund. This
provision will reduce the exchange risk for
funds invested by or through the instrumentality
of the Bank. Withdrawal from the Fund entails
withdrawal from the Bank after three months,
unless the Bank by three-fourths of its total
voting power rules otherwise.
Original members of the Bank will be those
who accept membership in the Bank before
December 31, 1945. After that date membership will be open to others on such terms and
conditions as may be prescribed by the Bank.
Each member is required to subscribe to a
minimum number of shares of the capital stock
of the Bank. The authorized capital is 10
billion dollars of which the countries represented at the United Nations Monetary and
Financial Conference are expected to subscribe 9.1 billion, 300 million more than the
quotas of these same countries in the International Monetary Fund. The total authorized
capital may be increased. If it is increased each
country will have an opportunity, but no obligation, to subscribe in proportion to its original
subscription. Minimum subscriptions for the
different members are similar to their quotas in
the Monetary Fund. The United States, however, will subscribe 415 million dollars more to
the Bank than to the Fund and Canada and China
will subscribe 15 and 50 millions more, respectively. Latin American countries combined
will subscribe 154 million dollars less and six
other countries a total of 46 millions less.
Required subscriptions will be divided into
two parts: 2.0 per cent for the Bank's own loan
fund and 80 per cent as a guarantee fund either
to meet such losses as the Bank might incur in
connection with loans made out of funds borrowed by it or to discharge its obligations in
connection with loans it has guaranteed.
Initially member countries will be required to
pay 2. per cent of their subscription in gold or
United States dollars. Within a year, the Bank
will call for 8 per cent more, payable in the
member's currency. No further calls on subscriptions will be made except as needed, and
864
such further calls as are made within any threemonth period on that part of the subscription for
the Bank's own loan fund shall not exceed 5 per
cent of the price of the shares.
TABLE IV
REQUIRED SUBSCRIPTIONS TO THE INTERNATIONAL
BANK FOR RECONSTRUCTION AND DEVELOPMENT
OF COUNTRIES REPRESENTED AT THE UNITED
NATIONS MONETARY AND FINANCIAL CONFERENCE
[In millions of United States dollars]
Amount of total
subscription which
may be used
Total
subscription
Country
Australia
Belgium
Bolivia
Brazil
Canada
Chile
China t
Colombia
Costa Rica
Cuba
Czechoslovakia
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Eth iopia
France
Greece
Guatemala
Haiti
Honduras
Iceland
India
Iran
Iraq
Liberia
Luxembourg
Mexico
Netherlands
N ew Zea land
N icaragua
Norway
Panama
Paraguay
Peru
Philippine Commonwealth
Poland
.
Union of South Africa
Union of Soviet Socialist Republics
United Kingdnm
United States
Uruguay
Venezuela
Yugoslav ia
Total.
200
225
7
105
325
35
600
35
2
35
125
(2)
2
3.2
40
1
3
450
25
2
2
1
1
400
24
6
.5
10
65
275
50
.8
50
.2
.8
17.5
15
125
100
1,200
300
3,175
in.5
10.5
40
9,100
For
Bank's
own loan
fund1
40
45
1.4
21
65
7
120
7
.4
7
25
2
.64
8
.2
.6
90
5
.4
.4
.2
.2
80
4.8
1.2
.1
2
13
55
10
.16
10
.04
.16
3.5
3
25
20
240
260
635
2.1
2.1
1,820
Only to
meet
Bank's
obligations
160
180
5.6
84
260
28
480
28
1.6
28
100
(2)
1.6
2.56
32
.8
2.4
360
20
1.6
1.6
320
19.2
4.8
.4
8
52
220
40
.64
40
.16
.64
14
12
100
80
960
1,040
2,540
8.4
8.4
32
7,280
1
Twenty p^r cent of total subscription. Of this amount 10 per
cent or a total of 182 million dollars must be paid in gold or United
States
dollars.
2
The quota of Denmark shall be determined by the Bank after
Denmark accepts membership in accordance with the Articles of
Agreement.
The required minimum subscription of each
country represented at the United Nations
Monetary and Financial Conference is given in
Table IV, as well as the amount of each member's subscription for the Bank's own loan fund
FEDERAL RESERVE BULLETIN
BRETTON WOODS AGREEMENTS
and the amount which may be called only to
meet losses.
When calls are made on members for the
Bank's own loan fund, a member pays in its own
currency. When calls are made for the purpose
of meeting losses a member may pay, at its
option, in gold, in United States dollars, or in
the currency in which the obligation is to be
met. As in the case of the.Fund, the Bank
will accept noninterest bearing demand notes
of member governments for such funds as it does
not need currently.
The arrangements concerning the depositories
in which the Bank's gold and currency holdings
shall be kept are identical with those in the
Fund Agreement. The gold value of the Bank's
funds, in so far as the xo per cent for the Bank's
own loan fund is concerned, is protected by
provisions similar to those in the Monetary
Fund.
II. NATURE OF THE BANK'S ACTIVITIES
The Bank may make or facilitate loans in
three principal ways. First, it may make
direct loans out of its own funds; secondly,
it may make loans out of funds borrowed from
private investors in member countries; and,
thirdly, it may guarantee either in whole or in
part loans made by private investors through
the usual investment channels.
III.
CONDITIONS ON WHICH THE BANK
GUARANTEE OR MAKE LOANS
MAY
Total loans and guarantees by the Bank
shall not exceed the amount of the unimpaired
subscribed capital, reserves, and surplus of the
Bank. Thus, if the Bank's capital funds so
defined equal 10 billion dollars, and i billion
has been lent out of subscribed funds and 2.
billions out of funds borrowed by the Bank
in the market, then the Bank's authority
to guarantee loans will be limited to 7 billions.
The Bank is to give "equitable consideration"
to projects for reconstruction of devastated areas
SEPTEMBER 1944
and projects for development alike. Also, in
determining the conditions and terms of loans
the Bank must pay special regard to lightening
the financial burden and expediting the reconstruction and restoration of countries devastated
by enemy action.
As in the case of the Fund, the Bank will
deal with members only through their treasuries, stabilization funds, central banks, or other
similar fiscal agencies. Through these agencies
it may make or guarantee loans to political subdivisions, or to particular enterprises.
All the Bank's loans, participations, and
guarantees must be for specific projects of reconstruction or development. Exceptions are permitted in special circumstances. The Bank must
appoint a committee to study any proposed
project and can go ahead on the project only if
the committee so recommends in a written report. The committee must in each case include
an expert representing the member in whose
territory the project is located.
The Bank can finance or aid in the financing
of a project only if it is satisfied that the borrower, without its help, would not be able to
get the loan on reasonable terms. The Bank
must be sure that only reasonable interest and
other charges are levied and that the repayment
schedule is appropriate to the project being
financed. It must give special attention to the
general financial position of the borrower and
guarantor and to the prospects of the borrower
or guarantor being able to meet its obligations.
When a loan made or guaranteed by the Bank is
not made directly to a member government, it
must be fully guaranteed either by the member
government or by the central bank or some comparable agency of the member which is acceptable to the Bank. The Bank can not impose
the condition that loans made or guaranteed
by the Bank be spent in any particular country.
However, the borrowing country can use a direct
loan from the Bank to make purchases in England, for example, only if the Bank is able to
furnish sterling. If the Bank is not able to
provide sterling, the borrower may have to decide to buy the goods elsewhere.
865
BRETTON WOODS AGREEMENTS
IV. DIRECT LOANS OUT OF THE BANK'S
OWN FUNDS
The Bank may make direct loans out of its
own funds, derived from the IO per cent subscribed for this purpose. The i per cent paid in
gold can be freely used by the Bank for any
purpose. Amounts paid in in currency, however, can not be loaned or exchanged for other
currencies without the subscribing country's
approval. This means that in so far as member
governments subscribe to the Bank in currency
for the Bank's own loan fund, they have the
right to pass upon the projects to be financed
with this currency. Their permission will also
be required if the currency is to be exchanged
for other currency. Interest and principal payments on loans made out of these funds must be
paid to the Bank in the currencies lent unless
the member whose currency is lent agrees otherwise. The approval of the country continues
to be required in relending or exchanging
currencies received by the Bank in payments on
account of principal on these direct loans.
Members, therefore, can control the use of their
currencies paid into the Bank for its direct
operations. However, if the 80 per cent portion
of the Bank's capital specially designated for
meeting losses and repaying its own obligations
is insufficient for that purpose, the Bank may
use for that purpose any currencies that it
possesses. In any case, the Bank's receipts from
payrrents of interest and commissions on these
loans can be used or exchanged for other currencies in any way the Bank sees fit.
The fact that a member's approval is required
if the Bank desires to convert into another currency some of that member's currency paid in as
a part of the Bank's loan fund gives the subscribing member the opportunity to prevent the
use of its currency outside its borders, unless
it is required to meet losses. The exercise by a
country of the right to refuse permission to
convert its currency paid in as part of the Bank's
own loan fund into another currency may limit
the borrower's use of that currency to purchases
in that country.
866
All currency due to the Bank on direct loans
made out of its own funds must be equal in value
(expressed in some other currency specified by
the Bank by a three-fourths vote) to the contractual payments at the time the loan was
made. Say, for example, the loan is made
and is repayable in francs, interest and other
payments in francs must equal the dollar value
of the franc payments contracted for at the time
when the loan was made, provided the dollar
was specified as the standard in the original
contract. This may be described as a "specified
currency clause." Special exception may be
made in case a uniform proportionate change in
the par value of all member currencies is made
under the International Monetary Fund Agreement.
V. DIRECT LOANS OUT OF FUNDS BORROWED
BY THE BANK
The Bank, with the approval of the member
in whose markets the funds are raised, may
borrow funds to make direct loans. If the
Bank makes the direct loan in terms of the currency of a member other than the member in
which the funds were raised, the approval of
that member is also required. After approval
has been given, however, the Bank will have
authority to convert the currencies so raised, as
well as proceeds of the service of the loan, into
any other currency it may require, or into gold.
Uses of the proceeds of loans out of funds borrowed by the Bank, therefore, are free from the
control of member countries where they are
raised or of others. The Bank itself has full
authority over the use to which such funds
are put.
It is specifically provided that the Bank, in
making loans out of funds raised by it in member
countries can not at any time have payments due
it in any one currency on account of these loans
in excess of the amount of its outstanding
borrowings payable in that currency. This
clause is designed to prevent the Bank from
taking an exchange position. It also operates
as a protection to a member country, for example,
FEDERAL RESERVE BULLETIN
BRETTON WOODS AGREEMENTS
the United States, against the Bank requiring payments in dollars of amounts due to it on
loans made from funds raised in other countries,
except to the extent that dollars were borrowed
by the Bank in the United States. If the Bank
did require such payments to be made in dollars
the result might be a strain on the dollar resources of other member countries and consequent pressure on their dollar exchange rates in
no way related to the need for making payments
in the United States.
VI.
PROVISION OF CURRENCIES ON DIRECT
LOANS
In general, the Bank will lend foreign currencies only to finance the borrower's needs outside
its borders. The Bank will expect the borrowers to raise the domestic currency needed for
meeting local expenditures without recourse
to the Bank, and member countries normally
will be able to do so. There is a special proviso,
however, that in exceptional cases in which a
borrowing country can not raise its local currency requirements on reasonable terms the Bank
can provide the borrower with an appropriate
amount of that currency.
In case the carrying out of a reconstruction or
development project leads to an indirect need for
foreign exchange, the Bank may provide such
foreign exchange in an amount not to exceed the
local expenditures of the borrower. The need
may arise, for example, because the project is
taking labor and materials which were formerly
used in producing goods for export or domestic
consumption. If this is the case, foreign exchange receipts from exports will diminish or
foreign exchange requirements to pay for additional imports will increase.
In providing foreign exchange to a borrower,
the Bank must give him the particular currencies
he may require. It will not give the borrower
dollars unless the borrower needs dollars to
spend in the United States. The borrower is
not permitted to acquire currencies from the
Bank in order to sell them in the exchange
markets for other currencies. If the currency
of a country held by the Bank is to be used
SEPTEMBER 1944
to finance purchases in other countries it must
be exchanged into other currencies by the Bank.
It is probable that in time the great bulk of
currencies of the Bank will be available for free
exchange by the Bank for any currency that may
be required. This will apply to funds raised
from private investors, or received in payment
for loans made out of funds so raised, or from the
sale of gold, or received as interest or commission
charges on direct loans made out of its own
funds, or as commissions on loans guaranteed by
the Bank.
It is only in regard to currencies subscribed by
member governments for the Bank's own loan
fund that there are restrictions on the Bank's
authority to exchange them for other currencies.
Currencies so acquired the Bank can not lend or
exchange without the approval of the subscribing countries. If a borrower wishes to borrow
sterling to purchase goods in England and zo
per cent of the British subscription has been fully
loaned out or England does not approve the use
of its sterling subscribed to the Bank, the Bank
must use other sterling in its possession, or gold,
or sell for sterling currencies acquired otherwise
than from subscriptions, or obtain permission
from other countries to exchange some of their
currency subscribed to the Bank for sterling.
If the Bank can not provide sterling in any of
these ways, the borrowing country may have to
change its plans and decide to purchase the goods
in some other country.
From the outset, however, the Bank will
have some gold which will be available for the
purchase of any currency, and as time goes on
the Bank will acquire more and more free currency through payments of interest and charges
and through borrowings from private investors.
Consequently, the possibility that the Bank,
because of its inability to provide particular
currencies, would have to force borrowers to
redirect their proposed purchases will constantly
diminish.
In so far as the Bank has gold or foreign
exchange which is available for its unrestricted
use (or can obtain the approval of members to so
use their currencies), it can help a country
867
BRETTON WOODS AGREEMENTS
which, after having agreed to the use of its own
currency to finance another member's purchases,
finds itself short of foreign exchange. An
example would be a case in which England
agreed to the Bank's lending part of its sterling
subscription to finance some other country's
purchase of British machinery, and then found
that to build this machinery it had to buy
some of the needed materials abroad. The
Bank, in such a case, can provide foreign
exchange to England up to the amount of the
resulting increased need for foreign exchange.
VII.
CHARGES AND SCHEDULE OF REPAYMENT
ON DIRECT LOANS
The Bank determines the interest rate, the
amortization payments, the maturity, and the
commission to be charged in connection with
each direct loan. The charges and the schedule
of repayment must be reasonable and appropriate
to the project being financed. It is provided in
the Agreement that the rate of commission
charged by the Bank on direct loans made out of
funds raised by the Bank in member countries,
as distinct from its own funds, shall be between
i and i Yi per cent per annum for the first 10
years of the Bank's operations. The commission does not represent the spread between the
Bank's borrowing rate and its lending rate.
The total cost to the borrower will be similar
to what he would have to pay on a loan guaranteed by the Bank. The commission will be
charged on the outstanding portion of a loan.
After 10 years the Bank may reduce the commission rate if its accumulated reserves or other
earnings are considered to justify the reduction,
and such a reduction may apply to loans already
made or to future loans. The Bank may also
raise the commission rate on future loans.
If a borrower or guarantor is unable to make
the payments due to the Bank on direct loans in
the currencies in which the payments are due,
because it is suffering from an acute exchange
stringency, the Bank may relax the conditions of
payment at the request of the borrower. For
periods not to exceed three years, it may accept
payments in the currency of the member con-
868
cerned with appropriate arrangements concerning the use of that currency by the Bank, the
maintenance of its foreign exchange value,
and the repurchase of the currency by the member. The Bank also may modify the terms of
amortization or extend the life of the loan.
This provides flexibility and enables the Bank to
make the repayment of its direct loans less
burdensome for borrowers when circumstances
make this desirable.
VIII.
GUARANTEES
The third way in which the Bank will promote international investment is by guaranteeing loans made by private investors through
the usual investment channels. Loans which
are guaranteed by the Bank must meet the
general conditions described in Section III
above, which apply to all loans. Also, the
Bank can not guarantee a loan without the
approval of the member in whose markets the
funds are raised and the member in whose currency the loan is denominated. Furthermore,
when members give their approval it must carry
with it the agreement that the funds borrowed
can be exchanged by the borrowers for other
member currencies without restriction.
Similar conditions must be met in the case of
loans made directly by the Bank with funds
borrowed in member countries. As explained
in connection with such loans, this means that
the member country in which such a loan is
raised can not require the proceeds to be spent
in purchasing its own goods and services. The
member can approve or disapprove of the Bank's
guaranteeing the loan but, once approval has
been given, the borrower is free to use the proceeds of the loan to finance purchases in any
member country.
No special procedure for making the loan
available is laid down in the case of loans
guaranteed by the Bank since the loans are made
through the usual investment channels and not
through the Bank.
The Bank must receive suitable compensation
for its risks in guaranteeing loans. The Agreement specifies that for the first 10 years the
FEDERAL RESERVE BULLETIN
BRETTON WOODS AGREEMENTS
commission charged by the Bank on guarantees
shall be between i and i ^ per cent and shall be
payable on amounts outstanding, as in the case
of direct loans made by the Bank with funds
borrowed in member countries. After the first
10 years the commission may be lowered on
outstanding loans and either raised or lowered
on future loans.
In the case of a default by the borrower, and
by the guarantor if there is one, the Bank may
terminate its liability with respect to interest
on a guaranteed loan by buying the bonds or
other obligations at par plus interest accrued up
to a specified date.
IX.
SPECIAL RESERVE
All payments to the Bank of commissions
either on direct loans made by the Bank or on
loans guaranteed by the Bank must be kept in
liquid form as a special reserve to meet the
Bank's liabilities on account of its borrowings
or guarantees.
X.
MANAGEMENT
The arrangements for the organization and
management of the Bank are very similar to the
arrangements in the case of the International
Monetary Fund. The Board of Governors is
constituted in the same way and the Executive
Directors, to whom the Board may delegate
all except certain specified powers, are elected or
appointed in much the same manner. There is
no proviso, however, in the Bank proposal,
as there is in the Fund, that two directors are
to be elected by the American Republics or that
those providing the largest part of the resources
used by the Bank can appoint two of the directors. Such arrangements would not be appropriate in the case of the Bank, because each
member country has authority to protect its
interests by approving or disapproving of the
Bank's use of funds subscribed by it.
The chief executive of the Bank is called
President. The Bank also will have an Advisory Council of seven members elected by
the Board of Governors, which will include
SEPTEMBER 1944
representatives of banking, commercial, industrial, labor, and agricultural interests. The
principal office of the Bank, as in the case of
the Fund, will be located in the United States
which will make the largest capital subscription.
TABLE V
VOTING POWER IN INTERNATIONAL BANK TOR
RECONSTRUCTION AND DEVELOPMENT OF COUNTRIES
REPRESENTED AT THE UNITED NATIONS
MONETARY AND FINANCIAL CONFERENCE
Country
Australia
Belgium
Bolivia
Brazil
Canada
Chile
China
Colombia
Costa Rica
Cuba
Czechoslovakia
Denmark
;
Dominican Republic
Ecuador
Egypt
El Salvador
Ethiopia
France
Greece
Guatemala
Haiti
Honduras
Iceland
Im ia
Iran
Iraq
Liberia
Luxembourg
Mexico...
Netherlands
New Zealand
Nicaragua
Norway
Panama
Paraguay
Peru
Philippine Commonwealth
Poland
t
Union of South Africa
Union of Soviet Socialist Republics.
United Kingdom
United States
Uruguay
Venezuela
Yugoslavia
Total.
Number
of votes
2,250
2,5'JO
320
1,300
3,500
600
6,250
600
270
600
1,500
(2)
270
282
650
260
280
4,750
500
270
270
260
260
4,250
490
310
255
350
900
3,000
750
258
750
252
258
425
400
1,500
1.250
12,250
13.250
32,000
355
355
650
102,000
Percentage
of total
votes 1
2.2
2.4
.3
1.3
3.4
.6
61
.6
.3
.6
'.6
.3
.3
4.6
.5
.3
.3
.3
.3
4.2
.5
.3
.2
.3
.9
2.9
.7
.3
.7
.2
.3
.4
.4
1.5
1.2
12.0
13.0
31.4
.3
.3
.6
100.0
1
The percentage of total votes is calculated on assumption that
only those nations represented at the Conference will join the Bank.
As other countries join the Bank, each individual country's share of
the 2 total votes will decline.
To be determined when Danish Government accepts membership.
NOTE.—Of the total number of votes, the British Empire controls
24.8 per cent, Continental Europe, excluding the U.S.S.R., 15.2, and
Latin America 7.9 per cent.
Distribution of voting power in the Bank
Agreement is by the same formula as that in the
Fund Agreement. Each member has 150 votes
plus one vote for each $100,000 subscribed to the
Bank, or each share of stock held irrespective
869
BRETTON WOODS AGREEMENTS
of the extent to which calls have been made for
payment on subscriptions.
The voting power of countries represented at
the United Nations Monetary and Financial
Conference, on the assumption that each member
subscribes the required minimum, is given in
Table V.
The arrangement for distribution of net income is similar to that in the Fund. The
Board of Governors can decide what part, if
any, to distribute and when it does distribute
any part it must first pay up to 2. per cent to each
member in its own currency on the average
amount of the loans outstanding which the Bank
has made directly out of currency subscribed
by that member for the Bank's own loan fund.
The 2. per cent payment is noncumulative. Any
remaining net income to be distributed must be
distributed in proportion to subscriptions and in
the currency of the subscribing member, if
possible. If the income is distributed to one
member in another member's currency, the receiving member can use it in any way it wishes.
The provisions concerning voluntary withdrawal, suspension of privileges or rights and
compulsory withdrawal are closely parallel to
those in the Fund. The only difference is that a
member may be suspended by a majority vote,
and a suspended member is automatically forced
to withdraw after a year, unless a majority vote
decides otherwise.
Many of the other technical and legal arrangements concerning settlement of accounts with
withdrawing members, settlement of obligations
if the Bank suspends operations, interpretation
and amendment procedure, and immunities and
privileges are worked out in detail as in the Fund
Agreement. The arrangements for the entry
into force of the Bank Agreement are similar
to the Fund arrangements, but are simpler, since
the Bank does not have to deal with the difficult
problems of initial exchange rates.
RECOMMENDATIONS ON OTHER MATTERS
The Conference also agreed to certain recommendations on matters not directly related to
the International Monetary Fund or the International Bank for Reconstruction and Development. One recommendation is that the
problems resulting from wide fluctuations in
the value of silver should be further studied by
the interested nations. Another recommendation is that the Bank for International Settlements be liquidated as soon as possible. Steps
being taken by the United Nations aimed at
restoring property looted by the enemy to its
lawful owners were approved and it was recommended that all countries represented at the
Conference call upon the neutral countries to
870
assist in various ways the achievement of this
end. The Conference further took the position
that the purposes stated in the Fund agreement
can not be achieved through the instrumentality
of the Fund alone and it therefore recommended
that the governments represented at the Conference reach agreements on ways and means of
reducing obstacles to international trade, securing orderly marketing of staple commodities,
dealing with problems of international concern
arising from the cessation of war production,
and harmonizing national policies to promote
high levels of employment and rising standards
of living.
FEDERAL RESERVE BULLETIN
COMMERCIAL BANKING AFTER THE
by
E . A . GOLDENWEISER
Division of Research and Statistics
As our armed forces press closer to victory,
bankers are asking themselves what problems
the future will hold for them. They will emerge
from the war with deposits in excess of any
amount that could have been imagined a decade
ago and with portfolios in which Government
securities predominate. Will deposits fall off
sharply after the war is over, and what will be
the position of bank assets? I am convinced
that deposits will stay at a high level for many
years after the war, perhaps indefinitely, and that
Government securities will always be prime
investments.
The principal reason for the tremendous wartime growth in deposits is the large amount of
money we have had to spend in fighting the war
and the extensive purchase of Government securities by banks. In the four years since the
beginning of the defense effort, the Government
has spent 113 billion dollars, much more than
any government has previously spent in a decade
or even a much longer period. This 1x3 billions,
plus an increase in the Treasury's cash balance,
came from 87 billions of taxes, 89 billions borrowed from individuals and nonbanking institutions, and 64 billions borrowed from banks.
The 64 billions borrowed from banks has
resulted in a corresponding increase in bank
deposits, for when banks buy Government securities they pay for them with bank credit.
There will probably be a further growth in
deposits before the war is over, and even a
gradual increase immediately after the war
would not be surprising. On the basis of the
best information available, I believe that when
peace comes the volume of deposits will be
between 12.5 and 150 billion dollars and the volume of currency between zo and Z5 billions.
The disposition of this enormous amount of
liquid funds, and of the billions of dollars the
public has invested in Government securities,
will help to determine the level of business
* Based on an address delivered at the 54th Annual Convention
of the Illinois Bankers Association, Chicago, 111., May 26, 1944.
SEPTEMBER
1944
activity and employment in years to come and
so to advance or retard the attainment of postwar security and progress. This is a matter of
grave concern for bankers and all other groups
in the country. Before discussing the future
of deposits from the bankers' point of view,
therefore, I should like to discuss briefly the
function of liquid assets in the years immediately
following the war.
If liquid assets held by the public are utilized
only gradually as the flow of goods from reconverted plants becomes adequate to meet demand,
these assets will ease the difficult task of re-establishing full employment on a peacetime basis
and act as a safeguard against deflationary
forces that might threaten stability after reconversion has been accomplished. If, on the other
hand, liquid assets swell the volume of hasty
and indiscriminate purchases by persons who are
weary of war restrictions, the result could be a
disastrous inflation. It is for this reason that
some of the restraints on prices, wages, and consumption should be retained for at least a short
while after the war.
No DANGER OF DEPOSIT CONTRACTION
Of more immediate concern to bank management is the question whether the banking business will have to be adjusted to a lower level of
deposits after the war. As indicated above, I
do not believe that deposits will decrease after
the war. Their wartime expansion has been
due to the purchase of Government securities by
banks, and this fact is of great importance to
bankers. It means that deposits will not diminish unless the banks reduce their holdings of
Government securities. There is little likelihood of such action.
An appreciable reduction in bank holdings of
Government securities would have to come
through rapid contraction of the public debt or
through extensive sales of bank holdings to the
public. I believe the pressing problems which
will confront us after the war will prevent the
871
COMMERCIAL BANKING AFTER THE WAR
Government from reducing its debt immediately,
and that the public is much more likely to want
to sell some of its bonds in order to use the cash
than it is to buy more bonds from the banks.
In short, I believe the banks will continue to
hold their Government securities and hence that
deposits will not diminish.
There will be some shifting of deposits from
region to region, but I do not believe it will be
very extensive. With the wartime growth in
deposits, which has been proportionately smaller
in the financial centers than elsewhere, there
has been a net movement of deposits away from
the large financial centers into the producing
areas for the reason that tax collections and
sales of Government securities in the money
markets have been greater than Government
expenditures there. This movement was more
pronounced in 1 9 ^ than in 1943 and is no longer
taking place. The financial areas, having extended themselves near to capacity, have not
been buying as large a proportion of Government
issues as they did in the two earlier years, while
other sections of the country have been enlarging
their share of the total. In view of this early
adjustment of some of the major wartime shifting of funds, it seems likely that there will be no
wholesale movement of deposits from one region
or district to another immediately after the war.
Every banker will of course have to look to
his own individual situation. Some banks will
lose deposits and others will gain them. The
interbank flow of deposits within a community
is the result of competitive conditions with
which I am not familiar. Each one of you will
be your own judge of these conditions and I do
not believe your judgment need make allowance
for an unusual regional shifting of funds or a
reduction in the aggregate of deposits.
No PRESSURE FOR LIQUIDATION OF ASSETS
After this war there will be no pressure for
liquidation of bank assets as there was following
the last war and the speculative security movement in the i9io's. Since Government securities
comprise by far the greater part of the increase
in bank assets since the war began, there will be
87x
no fear of deterioration in value operating as a
motive for liquidation. This is different from
the situation after the last war, when bank
assets deteriorated as commodity prices declined,
or in 192.9, when there was great pressure for the
liquidation of security loans based on swollen
values. The inherent value of Government securities now in bank portfolios is as steady as
the Government itself.
This leads to the question which I am sure all
bankers have been considering. Is a rise in
interest rates going to bring serious shrinkage
in the value of Government securities? My
answer is reassuring. I think that the interest
rate on long-term Government securities is
going to continue to be steady. Interest rates
on either long-term or short-term investments
are not likely to rise while there is a large
supply of investment funds such as there will
be after the war. Liquid assets will be in large
supply not only in the hands of individuals but
also with business concerns. Corporations have
set up large reserves for postwar contingencies
and increased their bank deposits and holdings
of Government securities. This does not mean
that particular industries or firms will not have
to raise funds, but it does indicate that the broad
problem for bankers is likely to be how to find
enough profitable outlets for available funds.
They are not likely to be under pressure to sell
Government securities in order to meet demands
of customers for loans.
There is the additional fact that to a large
extent bank holdings of Government securities
are short-term in character. Over one-third of
all Government securities owned by banks will
mature in one year, and a security having only a
year to run can not depreciate much in value.
About three-fifths of all member and nonmember
bank holdings will mature within five years,
and only 14 per cent of the total have maturities
of ten or more years. Long-term bonds in bank
portfolios are much smaller in volume than are
time deposits and they are little in excess of
capital. The distribution of maturities, in
addition to the quality of the security and the
prospect of relatively low interest rates, assures
FEDERAL RESERVE BULLETIN
COMMERCIAL BANKING AFTER THE WAR
the banker against depreciation of assets after
the war.
As you know, the bank supervisory authorities have agreed, so far as bank examination is
concerned, that you may hold your Government
securities at par or at amortized cost value.
Conceding, however, that it would be small
comfort for you to know that the bank examiner
would not report your capital impaired if the
value of your Government securities declined
to the point where the market value of your
assets would be less than your liabilities, I wish
to mention two broad factors which will work
in the direction of relatively low interest rates
and stable value of Government securities.
One is that this country has become the
greatest creditor country in the world, and a
creditor country tends to have a relatively low
rate of interest. A creditor position denotes a
surplus of capital which is not consistent with
high interest rates.
Public policy also is likely to be such as to
maintain low rates. Naturally, I am speaking
only for myself, trying to appraise the situation
as it appears from the research man's desk.
Clearly, it would be good public policy to maintain moderately low interest rates and to support
the Government security market. It would not
be sound policy to do otherwise in view of the
large investment in securities on the part of
banks, insurance companies, private and public
institutions, corporations, and individuals.
Then, too, there is the desirability of keeping
rates low in order to keep down the cost of the
debt. For reasons stated earlier I believe that
the market for Government securities will be
strong and the interest rate relatively low even
without Government intervention. Should it
become necessary for the Government to act,
however, I believe that the course of action
pursued will be in the direction of maintaining
relatively low rates and supporting the market.
SEPTEMBER
1944
THE QUEST FOR INVESTMENT OUTLETS
To me the greatest banking problem after the
war will be how to find outlets for funds, not
how to meet a loss of deposits or a deterioration
of assets. In view of the great liquidity of
business enterprises, it is going to be difficult to
find loans. The banker who has been restricting
his efforts to saying " n o " to loan applicants
most of the time and "yes" only occasionally
will have to widen his horizons if he is to succeed in the future. If bankers are to do a livewire job they will have to search for unconventional outlets and new fields for investments.
More attention will have to be given to small
loans to individuals, to financing consumption,
and to real estate and other loans that are not
business financing in the old sense. Whether
business requirements for outside financing will
furnish a sizable outlet for bank funds after
reconversion has been accomplished will in
large measure depend upon the demand for peacetime products. With reasonably full employment, demand would be much above prewar
levels and more funds would flow through business channels. This is but an example of the
interaction of forces which will determine the
fate of all sections of the economy.
The value of banks and bankers to our economy is beyond question. They have contact
with every phase of activity and perform a
needed unifying function. So long as they
follow the principle of serving the public and
meeting the needs of their communities to the
best of their ability, I believe that the banking
business will continue to receive reasonable
returns on capital. In my estimation, bankers
have less cause for worry over the future than
any other group. If they analyze carefully
their functions in the national economy and
in their own communities, and manage their
businesses with imagination and competence,
they can face the future with assurance.
873
REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES
The Board's weekly index of department store
sales has been revised for the period since 1937,
when the series was first begun. The revision
consists principally of an enlargement of the
sample of reporting stores for recent years and
an adjustment of the weekly index to the annual
levels indicated by the Board's more comprehensive monthly index recently revised and
presented in the Federal Reserve BULLETIN for
June 1944. Figures for the revised weekly series
are shown in the accompanying table and the
movements of the index in recent years are
shown in the accompanying chart.
The weekly index is computed and published
in order to provide a more frequent indication of
changes in sales than is possible with a monthly
index and to give some information as to fluctuations in department store sales within particular
months. It is believed that the present index
serves these two purposes satisfactorily. For
other purposes, however, the monthly index is a
more accurate indicator of changes in sales and
should be used in preference to the weekly index.
Moreover, the monthly index is adjusted for
seasonal variations and for changes in the number of business days—refinements which have
not been attempted for the weekly index.
The present weekly index is computed from a
reporting sample made up of 451 large and
medium-sized department stores, including a
selected group of the retail outlets of mail-order
firms. In 1943 sales of the stores in this sample
accounted for approximately 60 per cent of the
estimated sales volume of all department stores
and were distributed among Federal Reserve
districts in about the same proportion as were
total department store sales in that year.
Inasmuch as the weekly index is based on a
874
DEPARTMENT STORE SALES
sample which is both smaller and less representative than that used for the Board's monthly
index, it is not as accurate a measure of sales
movements. The seasonal pattern of sales of the
stores reporting weekly is slightly different from
that indicated by the monthly index and also,
although the current weekly sample appears to
measure year-to-year changes in sales fairly
accurately, some downward bias has been evident in past years. Over the period covered by
the weekly index the sample has shown, relative
to the monthly index, a downward bias averaging somewhat less than 1 per cent a year and not
exceeding 1% per cent in any year. Correction
for this bias has been made in the weekly series
through 1943, and adjustment to the annual
levels shown by the monthly index will be made
when necessary in the future.
FEDERAL RESERVE BULLETIN
REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES
REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES
Weeks ending on dates shown
[1935-39 average = 100]
1937
Jan. 9
16
23
30
1939
1938
1940
93 Jan. 8. ... 93 Jan. 7. ...
14. ...
15.... 85
86
21. . ..
22. .. 80
81
28. .
29. .. 76
86
1941
1942
1943
1944
79 Jan. 6. ... 82 Jan. 4... 87 Jan. 3... Ill Jan. 2... 117 Jan. 1.... 110
8. ... 143
9. .. 146
84
13
10. .. 135
87
11. .. 102
16. .. 139
81
20 . ... 84
17. .. 136
18. .. 93
15. ... 146
22.... 145
23. .. 125
77
27. . 80
24. .. 122
25.
90
29.... 137
30. .. 126
31. ... 125
84 Feb. 4. . .. 80 Feb. 3. ... 87 Feb. 1... 96 Feb. 7... 119 Feb. 6... 170 Feb. 5.... 147
81
11. ... 81
12
142
13. .. 178
10. ... 82
14. .. 122
8. .. 98
82
18. ... 82
19. ... 142
20. .. 155
17. ... 84
21. ... 115
15. .. 101
82
25. .. 80
27. .. 162
24
28
127
84
22. .. 91
26.... 146
87 Feb. 5.
Feb. 6
12. .
13...... 88
19. ..
88
20
26. .
94
27
Mar. 6
13
20
27......
101 Mar. 5... 85 Mar 4. ... 92 Mar. 2. ... 100 Mar. 1. .. 106 Mar. 7 . ...130 Mar. 6. .. 150 Mar. 4. ... 153
11. . .. 91
12. .. 88
13. .. 144
102
9. ... 100
14. ... 137
8. .. 101
11. ... 1)0
18. ... 95
18. ... 172
19. .. 90
20. .. 147
105
16. ... 102
21. .. 148
15. .. 110
100
25. ... 104
26.
27. ... 155
117
23. ... 117
28. .. 157
22. .. 116
25. ... 132
30. . . 91
29. .. 124
Apr. 3
10
17
24
105 Apr. 2... 104 Apr. 1. . ..113 Apr. 6... 116 Apr. 5. . 137 Apr. 4. ... 170 Apr. 3. .. 161 Apr. 1.... 212
8. ... 120
8.... 208
9. .. 97
10. .. 168
103
13.... 91
11. .. 129
12... 129
15. ... 95
15
16. .. 115
17. .. 170
106
20 . . ..
18. .. 146
106
19. .. 126
152
22. . .. 96
22
23. .. 94
24. .. 182
106
27. ... 103
25. ... 140
26. . 122
163
29. . ..101
29.... 168
30. .. 93
May 1
8
15
22
29
107 May 7... 109 May 6
108 May 4. ... 116 M a y
123
14. ... 88
13. ... 110
11. ... 122
20. ... 98
21. ... 90
103
18. ... 106
27. ... 100
28. .. 91
105
25. ... 104
111
June 5
12
19
26
109 June 4.... 92 June 3. ... 102 June 1. ... 96 June 7... 136 June 6.... 147 June 5... 151 June 3.... 163
10
172
11. ... 96
10. . ..108
12.... 168
111
8. ... 126
13.... 128
14. .. 130
17. ... 173
18. ... 95
17. ... 102
19. ... 168
104
15. ... 114
20. ... 129
21. .. 117
24
25. ... 83
24. ... 88
26. .. 132
91
22. ... 100
27. ... 109
28. .. 118
151
29
95
July 3
10
17
24
31
93 July 2... 84 July 1
89 July 6. ... 73 July 5... 95 July 4.... 95 July 3... 134 July 1.... 149
8. ... 116
9. ... 62
8. ... 66
10. .. 113
66
13.... 84
11. ... 112
12.... 101
15
145
16. ... 70
15. ... 76
17. ... 126
77
20. ... 80
18. ... 105
19. .. 99
22. ... 138
23 . ... 63
22
24. ... 124
72
70
27. ... 76
25.... 103
26. . .. 97
29.. .. 132
30. ... 69
29. ... 69
31.... 118
77
Aug. 7
14
21
28
80
81
80
92
Aug. 6.
13.
20.
27.
...
. ..
...
...
72 Aug 5. ...
71
12. ...
73
19
81
26. ...
80 Aug. 3.... 85
77
10 . ... 86
79
17. ... 87
86
24.... 98
31. ... 124
3...
10. ..
17. ..
24. ..
31....
127 Oct. 1. ...
8. ...
122
15
127
22
116
29 . .
114
Nov. 6
13
20
27
119 Nov. 5
111 Nov 4
12. ... 110
110
11
19 . ...115
120
18
26. ... 104
106
25. ...
Dec. 4
11
18
25
151 Dec. 3. ...
10. ...
184
17....
218
24. ...
190
31
1938
Jan. 1
107 Oct. 7. ...
114
14. ...
104
21
106
28. ...
109
..
1
8.
15.
22.
29.
..
..
..
...
142 May 6
184
169
13;;;. 197
20
149
177
27. ... 168
153
151
Aug. 2... 109 Aug. 1.... 105 Aug. 7.... 131 Aug. 5.... 137
12. ... 148
14.... 131
8.... 122
9. . . 127
19. ... 148
21. ... 146
15. ... 125
16. .. 123
26.... 171
28 . ...145
22. ... 126
23 . ...128
29. ... 142
30. ... 162
Sept. 4.... .. 107 Sept. 3. ... 106 Sept .1. ... 111 Sept. 7.... 114 Sept. 6
10. ... 95
9. . ..
101
102
11
14.... 131
13....
17. ... 114
16
130
118
18
21. ... 127
20
24. . ..106
23. ... 113
114
25
28. ... 130
27. ...
30. ... 126
Oct. 2
9
16
23
30
134 May 2... 147 M a y
9. .. 149
139
16. .. 127
120
23. ... 125
127
30. ... 104
116
129 Sept. 5. ... 165 Sept. 4. ... 169 Sept. 2
195
9
11. ... 156
142
12. ... 140
16. ...
18. ... 179
152
142
19 . . ..
23....
25. ... 176
161
26. . ..172
30....
183 Oct. 2. ... 175 Oct. 7. ...
128 Oct. 5. ... 132 Oct. 4. ... 179 Oct. 3
188
14. ...
9
116
12. ... 119
10 . ...171
11. ... 135
21. ...
16. ... 189
122
166
19. ... 132
17
18. ... 141
28....
23. ... 194
120
172
26
144
24
133
25
187
30
31. ... 168
127 Nov. 2. ...
120
9. ...
120
16
111
23....
30
121 Nov. 1. ... 145 Nov. 7. ...
14
130
8. ... 150
159
21
138
15
28. ...
125
22. ... 139
151
29. ... 176
182 Nov. 6. ... 202 Nov. 4....
211
11. ...
13
182
18....
20. ... 223
182
25....
27. ... 201
176
149 Dec. 2. ... 144 Dec. 7. ... 203 Dec. 6. ... 225 Dec. 5. ... 250 Dec. 4. ... 269 Dec. 2. ...
182
9. ...
11. ... 297
9
194
14.... 244
12. ... 295
13. ... 250
223
16
18. ... 321
16. ... 243
21. ... 277
19 . ...333
20. .. 299
217
274
23
25
23
251
'28. ... 136
26 . ...222
27. .. 191
74
30. ...
30. ... 81
72
SEPTEMBER
1944
875
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Financing of War Production and
War Contract Termination
In connection with the inauguration of the
T-Loan program, under which contracting
agencies of the Government are authorized to
guarantee loans made to war contractors in
anticipation of the settlement of their terminated war contracts, the Director of Contract
Settlement has issued his General Regulation
No. i, and the Board of Governors has revised its
Regulation V, amended its Regulation A, and,
with the concurrence of the Director, prescribed
guarantee and commitment fees and a maximum
rate of interest with respect to termination
guarantees and loans.
General Regulation N o . 1 of Director of
Contract Settlement
On August 18, 1944, the Director of Contract
Settlement issued his General Regulation No. 1
prescribing procedures and policies to be followed in the guaranteeing of termination loans
by the War and Navy Departments and the
Maritime Commission, through the agency of
the Federal Reserve Banks, pursuant to the
Contract Settlement Act of 1944. Standard
forms of T-Loan Guarantee Agreement, Termination Loan Agreement, and Explanatory Notes
regarding the use of such forms^ were appended
to the Director's Regulation. These forms and
Explanatory Notes, as approved by the War
and Navy Departments, the Maritime Commission, and the Board of Governors of the Federal
Reserve System, have been distributed in printed
form to the Federal Reserve Banks; and copies
are being furnished by the Federal Reserve Banks
to the banks in their districts. The text of the
Director's General Regulation No. 1 is as
follows:
876
Office of Contract Settlement
Washington, D. C.
August 18, 1944
GENERAL REGULATION N O . I
Pursuant to the authority conferred upon me
by Sections 4(b) and 8(c) of the Contract Settlement Act of 1944, I hereby prescribe the procedure for the guaranteeing of termination loans
by the War Department, the Navy Department
and the Maritime Commission through the
Federal Reserve Banks, outlined in the Guarantee Agreement, the Loan Agreement, and
Explanatory Notes attached hereto as exhibits
A, B, and C, respectively.
Technical amendments not affecting policy
may be made in exhibits B and C by agreement
among the War and Navy Departments, the
Maritime Commission and the Federal Reserve
Board.
In the execution of this procedure the following policies will be observed:
1. Termination loan (hereinafter called
T-Loan) guarantees should not be refused
by the contracting agency having the preponderant interest in the borrower's war
contracts if the borrower is or has been
engaged in performing an operation connected with or related to war production,
except in such classes of cases as may be
prescribed by the Director. The borrow*
er's certification of his investment in
termination inventories and receivables and
of the amounts payable to subcontractors
should not be questioned by the Federal
Reserve Bank or the contracting agency
unless there is reason to believe that it is
substantially overstated in value. FinancFEDERAL RESERVE BULLETIN
LAW DEPARTMENT
ing institutions should be encouraged to
make unguaranteed production and termination loans, and the fact that a financing
institution has made such an unguaranteed
loan shall not affect its right subsequently
to apply for a T-Loan guarantee, even if the
proceeds of the T-Loan are used to retire
the existing loan.
x. If a contracting agency which utilizes the
Federal Reserve Banks as fiscal agents for
T-Loan guarantees has local representatives
in ccnnecticn therewith, it should delegate
to such banks authority to approve, after
ccnsultaticn with and in the absence of
objection by such representatives, all applications for guarantees of loans totaling
(a) $5co,cco or less to any one borrower
when the requested percentage of guarantee
is not in excess of 90 per cent, and (b)
$ico,oco or less to any one borrower when
the requested percentage of guarantee is
not in excess of 95 per cent. Any such contracting agency which does not have such
local representatives will provide them
in the localities where, and at the times
when, it is determined that they are required, in the light of its prospective
volume of contract terminations and after
consultation with the Director, and in the
absence of such representatives should delegate such authority to the Reserve Banks as
is necessary to insure prompt processing of
applications for and execution of such
guarantees.
3. Conditions other than those required under
the standard loan agreement should be prescribed by the contracting agencies or the
Federal Reserve Banks only in exceptional
circumstances and when they are clearly
necessary to protect the Government's interest. Additional conditions agreed upon
by the borrower and the financing institution, if not unreasonable and not inconsistent with the standard loan agreement,
should not be objected to by the contracting
agency or the Reserve Banks.
4. The requested percentage of guarantee
SEPTEMBER
1944
should not ordinarily be questioned by the
Federal Reserve Bank or the contracting
agency if it does not exceed 90 per cent;
and a contracting agency should not authorize a percentage of guarantee in excess
of 90 per cent, or 95 per cent in the case of
small loans, unless the circumstances
clearly justify the financing institution in
requesting it and other means of interim
financing are not promptly available.
5. In general, the percentages in the loan
formula certificate agreed upon by the
financing institution and the borrower
should not be questioned by the Federal
Reserve Bank or the contracting agency.
After ccnsultaticn with the Board of
Governors of the Federal Reserve System,
the contracting agencies will, to the extent
practicable, specify general criteria or
standard maximums which may be employed in typical classes of cases.
(Signed) ROBERT H. HINCKLEY
Robert H. Hinckley
Director
Revision of Regulation V
Effective September 11, 1944, the Board of
Governors of the Federal Reserve System revised its Regulation V, Financing of War Production and War Contract Termination, so as to
cover operations of the Federal Reserve Banks
pursuant to the Contract Settlement Act of
1944, as well as under the President's Executive
Order No. 9112. of March 16, 1942.. The text of
the Board's revised Regulation V follows:
REGULATION V
Revised effective September 11, 1944
FINANCING OF WAR PRODUCTION
AND WAR CONTRACT
TERMINATION
SECTION I .
AUTHORITY
This regulation is based upon and issued
pursuant to the Executive Order of the President,
877
LAW DEPARTMENT
No. 91 iz, dated March x6, 1942. (herein called
the Executive Order), section 7 of the Act of
June 11, 1942., 50 U.S.C. (Appendix) 1107, the
Contract Settlement Act of 1944, approved July
i, 1944 (herein called the Settlement Act) and
various provisions of the Federal Reserve Act,
and has been approved by the Director of Contract Settlement.1
SECTION 2..
OBJECTIVE OF THE FEDERAL RESERVE
SYSTEM
The objective of the Federal Reserve System
in carrying out the purposes of the applicable
provisions of the Executive Order and of the
Settlement Act is to facilitate and expedite the
financing of contractors, subcontractors and
others in connection with war production and
in connection with claims arising out of the
termination of war contracts or operations.
The Board of Governors of the Federal Reserve
System and the Federal Reserve Banks will cooperate fully in order to achieve this objective.
The Federal Reserve Banks have heretofore been
designated as fiscal agents of the United States
by the Secretary of the Treasury pursuant to the
terms of the Executive Order and are authorized
by the Settlement Act to act on behalf of the
contracting agencies2 as fiscal agents of the
United States in carrying out the purposes of
the Act.
SECTION 3.
OPERATIONS OF THE FEDERAL
RESERVE BANKS
The operations of the Federal Reserve Banks
pursuant to the provisions of the Executive
Order and of the Settlement Act will be conducted, under the supervision of the Board of
Governors of the Federal Reserve System, in accordance with such instructions as may be
issued by the contracting agencies.
1 The Executive Order, section 7 of the Act of June 11, 1942, and
pertinent provisions of the Contract Settlement Act of 1944 are printed
in the
Appendix.
2
The term "contracting agency" is used herein with the same meaning as that given it in the Contract Settlement Act of 1944.
878
SECTION 4 .
RATES
Rates of interest, guarantee and commitment
fees, and other charges with respect to loans
made or guaranteed in whole or in part by any
contracting agency through the agency of any
Federal Reserve Bank will from time to time be
prescribed, either specifically or by maximum
limits or otherwise, by the Board of Governors
of the Federal Reserve System with the concurrence of the Director of Contract Settlement.
SECTION
5.
RESPONSIBILITY
AND
EXPENSES OF
FEDERAL RESERVE BANKS
No Federal Reserve Bank shall have any responsibility or accountability except as agent
in taking any action under the Executive Order,
the Settlement Act, or this regulation. In any
case in which any Federal Reserve Bank shall
make or participate in making any loan, discount, advance, guarantee or commitment as
agent of any contracting agency under authority
of the Executive Order or of the Settlement Act,
all such funds as may be necessary to carry out
any obligation assumed on behalf of such contracting agency shall be supplied by and disbursed under authority from such agency in
accordance with such procedure as it may require. Each Federal Reserve Bank shall be reimbursed by each contracting agency for all
expenses and losses (including, but not limited
to, attorneys' fees and expanses of litigation)
incurred by such Federal Reserve Bank in acting
as fiscal agent of the United States on behalf of
such contracting agency under or pursuant to
the Executive Order or the Settlement Act.
SECTION 6.
REPORTS
Each Federal Reserve Bank shall make such
reports as the Board of Governors of the Federal
Reserve System shall require with respect to its
operations pursuant to the terms of the Executive Order or the Settlement Act and of this
regulation.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Schedule of Guarantee and Commitment
Fees and Maximum Interest Rate
Pursuant to section 4 of the revised Regulation
V, and with the concurrence of the Director of
Contract Settlement, the Board prescribed, effective September 11, 1944, the following schedule
of guarantee and commitment fees with respect
to termination (T-Loan) guarantees and loans:
GUARANTEE F E E S
O N TERMINATION LOANS GUARANTEED PURSUANT
TO THE CONTRACT SETTLEMENT ACT OF 1944
Guarantee fee
(Per cent of interest
payable by borrower
Per cent of loan
on guaranteed
guaranteed
portion of loan)
80 or less
10
85
15
90
20
95
30
Over 95
50
MAXIMUM COMMITMENT F E E
THAT MAY B E CHARGED BORROWER BY FINANCING
INSTITUTION
34 of 1 per cent per annum1
or
A flat fee of not to exceed $50,002
iTo be based on avsra?2 daily uai53i balati:2 of the maximum
principal amount of the loan.
2
Without regard to the amount or maturity of the commitment.
In connection with commitment fees, the
Board has provided that no termination fee,
SEPTEMBER
1944
service fee or other fee of a similar character,
except charges covering out-of-pocket expenses,
may be charged a borrower by a financing institution.
The Board has also fixed, with the concurrence
of the Director of Contract Settlement, a rate
of 43^ per cent as the maximum interest rate
on T-Loans.
Amendment to Regulation A
In connection with the revision of the Board's
Regulation V, the * Board also amended its
Regulation A, Discounts for and Advances to
Member Banks by Federal Reserve Banks, effective September n , 1944, by changing the last
sentence of subsection (P) of section 1 of that
regulation to read as follows:
The requirement of this section of the regulation that a note, draft, or bill of exchange
be negotiable shall not be applicable with
respect to any note, draft, or bill of exchange
evidencing a loan which is in whole or in part
the subject of a guarantee or commitment
made pursuant to Executive Order No. 91 ix
or the Contract Settlement Act of 1944.
879
CURRENT EVENTS
Resignation and Election of Class B Directors
The Federal Reserve Bank of New York on
August 17, 1944, accepted the resignation of
Mr. Frederick E. Williamson, President, The
New York Central Railroad Company, as a
Class B director of the Bank. Mr. Williamson
had served as a Class B director since January
1, 1941.
The Federal Reserve Bank of Boston on September 7, 1944, announced the election of Mr.
Laurence F. Whittemore, Assistant to President,
Boston and Maine Railroad, Boston, Massachusetts, as a Class B director of the Bank to
fill the unexpired portion of the term ending
December 31, 1945. Mr. Whittemore succeeds
Mr. Edward J. Frost, deceased.
for the unexpired portion of the term ending
December 31, 1946. Mr. Stone is engaged in
farming.
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, 1944,10 August 15,
1944, inclusive:
Idaho
Challis—Custer County Bank
Illinois
Saybrook—State Bank of Saybrook
Missouri
Stockton—Sac River Valley Bank
Death of Director
New York
Clarence H. Adams, President, International
Trust Company, Denver, Colorado, who had
served as a director of the Denver Branch of
the Federal Reserve Bank of Kansas City since
January 14, 1943, died on August 25, 1944.
Appointment of Branch Director
The Board of Governors of the Federal Reserve System on September 8, 1944, announced
the appointment of Mr. Roscoe Stcne of Hickman, Kentucky, as a director of the Louisville
Branch of the Federal Reserve Bank of St. Louis
880
Luzerne—The Luzerne-Hadley Bank
Ohio
Corning—The Bank of Corning Company
Ottoville—The Ottoville Bank Company
Tennessee
Mt. Pleasant—Farmers and Merchants Bank
Wisconsin
Cleveland—Cleveland State Bank
Delavan—Wisconsin State Bank
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Corn-piled August 22, and released for publication August 26. Figures shown on
charts may differ from preliminary figures used in text.
Industrial production and employment declined slightly further in July. Wholesale
commodity prices generally continued to show
little change, while the cost of living increased
somewhat.
food products declined slightly. Cotton consumption showed little change from the rate
of the last two months. Activity in the rubber
products industry continued to decline slightly
in July and supplies of heavy truck and bus tires
available for civilians during the third quarter
INDUSTRIAL PRODUCTION
were substantially below estimated needs. OutOutput at factories and mines continued to de- put of chemicals likewise continued to decline
cline slightly in July and the Board's seasonally slightly.
adjusted index was 133 per cent of the 1935-39
Crude petroleum output and metal mining
average as compared with 135 in June. The were maintained in large volume during July.
decrease in industrial production largely re- Coal production dropped 5 per cent from the
flected small declines in a number of industries level of the preceding month, but for the year
due to continued minor readjustments in the through August 12. was approximately 8 per
munitions program and to manpower shortages. cent above the corresponding period of last
Output of steel and of nonferrous metals year, reflecting uninterrupted operations, longer
declined further in July to levels respectively 8 working hours, and a great expansion of strip
per cent and 10 per cent below the high levels of mining.
last autumn. A small decrease in activity in
So far this year the value of construction contransportation equipment industries reflected tracts awarded, as reported by the F. W. Dodge
partly the indirect effects of manpower shortages Corporation for 37 States, has fluctuated around
in foundries and continued readjustments in the 160 million dollars a month—the lowest level
shipbuilding and aircraft industries. In August since early 1935.
a cutback in aircraft production was announced
DISTRIBUTION
which was expected to result in the immediate
release of 20,000 aircraft workers and the gradDepartment store sales declined considerably
ual release of 100,000 more during the balance less than is usual in July, and have continued in
of this year.
August at a higher level than a year ago.
Production of manufactured dairy products
Freight carloadings continued to rise in July
and meats, after allowance for seasonal change,
COST OF LIVING
was maintained in July while output of other
INDUSTRIAL PRODUCTION
PER
CE
LLY ADJUSTED, 1935- 39-IOfl
80
PE
<dt>O
240
-
-
170
60
160
150
A
40
/
200
FOODS/
-
-
30
-
20
/
180
/
160
i
-
-
-
120
L
' " \
I- M
J
120
-
-
SEPTEMBER
1944
140
^
130
120
LL ITEMS
ir\
1(0
RENT
100 '—iv.—"^r5—/MT*^^
100
^
90
90
80
1937
1937 1938 1939 1940 1941 1942 1943 1944
Federal Reserve index. Monthly figures, latest shown is for July0
^*
CLOTHING/ /
140
140
80
180
—
50
220
100
- —
70
1938
1939
1940
1941
1942
1943
1944
Bureau of Labor Statistics' indexes. Last month in each calendar
quarter through September 1940, monthly thereafter. Midmonth
figures, latest shown are for July.
88i
NATIONAL SUMMARY OF BUSINESS CONDITIONS
and were maintained at a high level during the
first two weeks in August. There were considerable increases in shipments of grain, forest
products, and miscellaneous freight, offset
partly by a small decrease in coal shipments.
quired reserves; the rapid outflow of currency
into circulation was renewed; and excess reserves
declined.
In the five weeks from July i i through August
16 loans to brokers and dealers for purchasing
and carrying Government securities declined 500
AGRICULTURE
million dollars to about the predrive level.
Dry weather during July in the east central Loans to others for purchasing and carrying
area has reduced somewhat national prospects Government securities declined about the same
for corn, hay, and potatoes. Aggregate crop amount, but are still considerably larger than
production, however, is likely to exceed last before the drive. Commercial loans continued
year by 5 per cent, reflecting chiefly a record to show little change.
wheat crop 35 per cent larger than last year.
Treasury war-loan balances at all depositories
Total production of all feed grains is esti- declined in the five-week period by z.7 billion
mated at 112. million tons compared with 115 dollars. At weekly reporting banks, Governmillion produced in 1943. While hay produc- ment deposits fell by x.2. billion during the same
tion, except in the drought areas, has been large, period and adjusted demand deposits increased
it will provide a smaller supply per animal unit by 1.4 billion. Time deposits continued the
than has been available in any of the last six steady increase that has been in progress for
years.
more than a year.
Crop prospects for most fruits and vegetables,
Following a slackened rate of outflow during
except potatoes, are better than last year. To- the war loan drive, currency renewed its rapid
bacco production is indicated as being above outflow and in the next few weeks increased at
average and cotton yields may be good as dry a rate of about 500 million dollars a month.
weather has held the boll weevil in check.
The resulting drain on bank reserves and the increase in required reserves were met in part by purBANK CREDIT
chases of Government securities by the Reserve
In the five weeks following the close of the Banks and in part by a decline in excess reserves.
Fifth War Loan Drive, loans by banks for purWeekly average excess reserves of all member
chasing and carrying U. S. Government securi- banks declined about 300 million dollars from
ties declined sharply; calls on war loan deposits their peak during the war loan drive and
and subsequent Treasury expenditures increased amounted close to 1.1 billion dollars in midadjusted demand deposits and consequently re- August. The rate of decline was about the
MEMBER BANKS IN LEADING CITIES
same at reserve city and at country banks.
MEMBER BANK RESERVES AND RELATED ITEMS
Demand deposits (adjusted) exclude U. S. Government and interbank deposits and collection items. Government securities include
direct and guaranteed issues. Wednesday figures, latest shown are for
Aug. 23.
88z
Wednesday figures, latest shown are for Aug. 23.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL
UNITED STATES
Member bank reserves, Reserve Bank credit, and related items. . .
Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements. .
Federal Reserve Bank statistics....
Guaranteed war production loans
Deposits and reserves of member banks.
Money in circulation
Gold stock; bank debits and deposit turnover
Deposits and currency; Postal Savings System; bank suspensions.
All banks in the United States, by classes
All insured commercial banks in the United States, by classes .
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
August crop report, by Federal Reserve districts.
Current statistics for Federal Reserve chart book .
Member bank operating ratios, 1943
Changes in number of banking offices in the United States.
STATISTICS
885
886
887-891
891
891-892
893-894
894
895
896-897
898-899
900-903
904
905
906-907
908
909-911
912.
913-922.
9x3-92.5
926-927
928
929
93°~93I
932-~934
935
Tables on the following pages include the principal available statistics of current significance re'«irmg
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 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and ?.{oncta^y Statistics; back
figures for most other tables may be obtained from earlier BULLETINS.
SEPTEMBER
1944
883
MEMBER
BANK RESERVES AND RELATED ITEMS
WEDNESDAY
BILLIONS OP DOLLARS
BILLIONS OF DOLLARS
FIGURES
MONEY IN " I
CIRCULATION/
1938
1939
1940
1941
1942
1943
1944
Wednesday figures, latest shown are for Aug. 23. See p. 885.
FEDERAL RESERVE
BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In mill ons of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Discounts
and
advances
Date
Monthly averages of
daily figures:
1943—May
June
July
1944—May
June
July
End of month figures:
1943—May 31
June 30
July 31
1944—May 31
June 30
July 31
Wednesday figures:
1943—Oct. 6
Oct. 13
Oct. 20
Oct. 27
Treasury
All
Total bills
and
other
certificates
All
other 1
Total
Gold
stock
Treasury
currency
outstanding
TreasOther
ury deFedMoney Treasposits Noneral
ury
in cirwith
memRecash
culaber de- serve
hold- Federal
tion
Reposits
acings
serve
counts
Banks
18
14
13
160
155
35
6,276 3,299
6,631 4,135
7,675 5,460
13,716 11,103
14,920 12,279
14,745 12,176
2,977
2,496
2,215
2,614
2,641
2,569
387
425
508
387
420
421
6,681
7,070
8,197
14,264
15,495
15,201
22,451
22,406
22,360
21,343
21,214
21,077
4,041 16,815
4,078 17,217
4,086 r 17,681
4,097 r21,822
4,104 22,296
4,108 22,580
31
5
16
236
13
37
6,222 3,541
7,202 4,907
8,187 5,988
14,251 11,613
14,901 12,254
14,915 12,447
2,681
2,295
2,199
2,638
2,647
2,468
394
369
483
272
358
374
6 647
7,576
8,685
14,759
15,272
15,325
22,426
22,388
22,335
21,264
21,173
20,996
4,069
4,077
4,086
4,101
4,104
4,109
Member
bank reserve
balances
Total
Excess
2,252
2,271
2,272
r
2,325
r
2,334
2,317
433
148
454
318
347
396
1,336
1,301
1,497
1,922
1 953
1^829
312
326
330
355
364
364
12,024
12,293
12,410
12,962
13,518
12,900
1,730
17,114
17,421
17,955
22,160
22,504
22,699
2,257
2,268
2,264
2,310
2,296
2,346
62
455
345
307
650
388
1,366
1,483
1,622
1,946
1,870
1,779
313
328
330
355
364
363
12,031
12,085
12,590
13,046
12,866
12,855
1,728
1,212
1,268
711
1,306
1,188
1,461
1,327
868
1,081
1^232
13
18
11
13
9,387
9,062
8,914
9,291
7,166
6,841
6,687
7,056
2,221
2,221
2,227
2,235
375
282
456
381
9,775
9,362
9,380
9,686
22,176
22,155
22,132
22,132
4,098
4,099
4,101
4,103
18,883
18,978
19,019
19,090
2,279
2,281
2,284
2,295
1,013
380
530
530
1,633
1,621
1,437
1,659
337
335
341
342
11,903
12,021
12,002
12,005
1,697
1,608
1,407
1,062
Nov.
Nov.
Nov.
Nov.
3
10
17
24
39
22
34
48
9,476
9,865
9,832
10,364
7,230
7,611
7,577
8,101
2,246
2,254
2,254
2,263
321
344
506
381
9,835
10,231
10,372
10,792
22,116
22,096
22,096
22,081
4,106
4,100
4,101
4,101
19,354
19,514
19,559
19,726
2,298
2,297
2,293
2,295
334
369
407
479
1,668
1,716
1,714
1,739
333
333
333
333
12,069
12,198
12,263
12,402
1,084
1,080
1,096
1,044
Dec.
Dec.
Dec.
Dec.
Dec.
1
8
15
22
29
53
108
90
70
101
10,447
11,016
11,014
11,551
11,615
8,169
8,720
8,748
9,260
9,313
2,278
2,296
2,266
2,291
2,302
374
417
600
837
714
10,874
11,540
11,704
12,459
12,430
22,065
22,044
22,004
22,004
22,004
4,101
4,102
4,097
4,097
4,096
19,940
20,135
20,235
20,382
20,428
2,299
2,301
2,293
2,325
2,316
275
686
379
967
764
1,630
1,664
1,622
1,864
1,908
333
331
343
344
345
12,562
12,569
12,932
12,677
12,769
1,096
918
1,238
919
1,126
1944—Jan.
Jan.
Jan.
Jan.
5
12
19
26
31
47
41
24
11,651
11,855
11,913
12,026
9,340
9,543
9,598
9,711
2,310
2,312
2,314
2,315
691
413
464
334
12,372
12,315
12,418
12,385
21,938
21,938
21,938
21,928
4,094
4,092
4,093
4,C93
20,436
20,404
20,408
20,387
2,314
2,318
2,327
2,331
961
638
404
351
1,751
1,845
1,959
1,994
339
339
338
340
12,602
12,801
13,014
13,002
971
,128
1,122
1,023
Feb. 2
Feb. 9
Feb. 16 ....
Feb. 23
24
22
32
47
11,781
11,169
11,394
11,816
9,162
8,560
8,782
9,237
2,618
2,609
2,612
2,579
327
319
534
21,910
21,836
21,802
21,742
4,093
4,094
4,093
4,090
20,534
20,586
20,610
20,696
2,322
2,315
2,335
2,336
175
377
12,132
11,511
11,961
12,240
8
360
646
1,916
1,707
1,968
1,944
342
341
340
340
12,847
12,482
12,244
12,109
L,538
1,444
,269
L.O77
Mar.
Mar.
Mar.
Mar.
Mar.
1
8
15
22
29
37
52
65
9,043
9,443
9,507
9,637
9,685
2,581
2,586
2,603
2,606
2,613
381
357
467
415
369
12,042
12,438
12,643
12,722
12,749
21,712
21,670
21,670
21,600
21,600
4,091
4,090
4,089
4,090
4,092
20,823
20,963
21,006
20,934
21,037
2,350
2,340
2,342
2,333
2,329
77
83
11,624
12,029
12,110
12,243
12,297
495
753
1,815
1,905
1,922
1,893
1,918
337
339
352
352
351
12,380
12,383
12,705
12,405
12,053
,215
,013
1.263
'926
630
Apr.
Apr.
Apr.
Apr.
5
12
19
26
44
55
87
89
12,332 9,719
12,648 10,040
12,734 10,128
12,998 10,392
2,613
2,609
2,606
2,606
389
402
508
398
12,766
13,106
13,330
13,485
21,540
21,479
21,469
21,429
4,093
4,093
4,093
4,094
21,191
21,295
21,334
21,396
2,347
2,327
2,321
2,327
426
274
204
373
1,801
1,823
1,967
2,019
356
356
362
357
12,277
12,604
12,704
12,537
859
986
927
640
May
May
May
May
May
3
10
17
24
31
85
136
152
227
236
13,292
13,249
13,808
13,989
14,251
10,679
10,636
11,196
11,376
11,613
2,613
2,613
2,613
2,613
2,638
353
328
421
309
272
13,730
13,713
14,382
14,525
14,759
21,375
21,375
21,354
21,324
21,264
4,092
4,097
4,099
4,100
4,101
21,614
21,725
21,846
21,911
22,160
2,334
2,333
2,298
2,333
2,310
229
214
397
389
307
1,973
1,826
1,953
1,960
1,946
357
356
355
355
355
12,690
12,729
12,986
13,000
13,046
794
771
936
764
711
June 7 . . . .
J u n e 14 . . . .
240
173
172
52
14,609
15,001
15,180
15,081
11,972
12,362
12,539
12,434
2,638
2,639
2,641
2,647
334
431
435
291
15,183
15,606
15,786
15,423
21,212
21,211
21,201
21,193
4,101
4,104
4,107
4,107
22,255
22,333
22,293
22,421
2,330
2,332
2,339
2,314
262
154
334
561
1,934
2,028
2,000
1,978
357
359
369
369
13,358
13,715
13,758
13,081
818
1,059
1,213
1,239
22,598
22,561
22,531
22,584
2,296
2,303
2,348
2,313
219
517
360
403
1,861
1,863
1,798
1,773
364
364
364
365
12,987
12,849
12,754
12,793
1,470
1,563
1,462
1,280
22,734
22,910
23,020
23,047
2,339
2,340
2,345
2,404
261
487
317
549
1,771
1,790
1,804
1,766
368
371
368
370
12,884
12,810
12,935
12,922
1,190
1,049
1.001
868
65
June 21 . . . .
June 28
July
July
July
July
5
12
19
26
22
45
39
37
14,738
14,816
14,556
14,802
12,091
12,174
12,037
12,309
2,647
2,642
2,519
2,493
325
374
403
285
15,085
15,236
14,999
15,124
21,133
21,114
21,047
20,996
4,107
4,107
4,109
4,111
Aug.
Aug.
Aug.
Aug.
2
9
16
23
36
62
53
107
14,891
15,222
15,231
15,592
12,429
12,781
12,828
13,226
2,462
2,441
2,404
2,366
321
319
397
300
15,249
15,604
15,682
15,999
20,996
20,996
20,998
20,947
4,112
4,108
4,109
4,112
C
140
269
i
c
1
2
r
Corrected.
Revised.
Includes industrial loans shown separately in subsequent tables.
End of month and Wednesday figures estimated.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
SEPTEMBER
1944
88^
FEDERAL RESERVE BANK DISCOUNT RATES
[In 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)
Rate
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
.......
San Francisco
1
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
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
discounts of and
[Sec. 10(b)J
advances secured by
eligible paper 1
(Sees. 13 and 13a)
Rate
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Effective
Sept. 1,
Aug. 25,
Mar. 21,
Apr. 11,
Mar. 14,
Mar. 21,
Feb. 28,
Mar. 14,
Mar. 28,
Apr. 11,
Mar. 21,
Apr. 4,
Rate
Effective
Rate
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Aug.
Mar.
Oct.
Oct.
Oct.
Oct.
1939
1939
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
To others
To uonmember banks
27, 1942
30, 1942
17, 1942
12, 1942
28, 1942
15, 1942
29, 1942
14, 1942
30, 1942
27, 1942
17, 1942
28, 1942
Rate
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
2
2
2
k
2
Effective
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
27,
30,
17,
27,
28,
15,
17,
27,
30,
27,
17,
28,
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Rates =
NOTI
gage Cor]
medii
(exce,,
paragraph of Section 13 is 90 days.
Back figures—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
FEDERAL RESERVE BANK BUYING RATES ON BILLS
AND COMMITMENTS UNDER SECTION 13b
[Per cent per annum ]
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
Previous
In effect beRate on
Maturity
[In effect August 31. Per cent per annum]
rate
ginning—
August 31
Treasury bills1
Bankers' acceptances:2
1- 90 days
91-120 days
121-180 days
H
Apr. 30, 1942
\
Oct. 20, 1933
Oct. 20,1933
Oct. 20, 1933
To industrial or
commercial
businesses
1
1
1 Established rate at which Federal Reserve Banks stand ready to buy
all Treasury bills offered. Effective Aug. 3, 1942, purchases of such bills,
if desired by the seller, were made on condition that the Reserve Bank,
upon request before maturity, would sell back bills of like amount and
maturity at the same rate of discount. Since May 15, 1943, all purchases
have
been made subject to repurchase option.
2
Minimum buying rates on prime bankers' acceptances.
Backfigures.—SeeBanking and Monetary Statistics, Table 117, pp. 443-445-
Net demand deposits
1
Time
deposits
Central
reserve
city
hanks
June
Aug.
Mar.
May
Apr.
Nov.
Aug.
21, 1917-Aug.
16, 1936-Feb.
1, 1937-Apr.
1, 1937-Apr.
16, 1938-Oct.
1, 1941-Aug.
20, 1942-Sept.
Sept.14, 1942-Oct.
15, 1936
28, 1937
30, 1937
15, 1938
31, 1941
19, 1942
13, 1942
2,1942
Effective Oct. 3, 1942
13 i
22M
26
22%
26
24
22
20
Reserve
city
banks
Country
banks
10
15 ^
20
20
20
20
20
(all
member
banks)
3
14
12'
14
14
14
¥
5
6
6
6
6
1
Demand deposits subject to reserve requirements; i . e . , demand deposits other than war loan deposits, minus cash items in process of
collection and demand balances due from domestic banks.
MARGIN 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....
Apr. 1,
1936- Effective
1,
Oct. 31, Nov.
1937
1937
(4
40
50
40
3
55
1 Regulations T and U limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
2
Requirement under Regulation T was the margin "customarily required" by the broker. 3 Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and ,oans to brokers and dealers.
886
Discounts or
purchases
Federal Reserve
Bank
°n
loans1
Boston
New York
Philadelphia
Cleveland
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
On
On
On comcommitportion
ments for which On re- mitments
maining
instituportion
tion is
obligated
V2-IH
V2-1H
V2-1K
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
To financing institutions
I?
K5
i-iy2
2H-5
2K-5
23^-5
ft
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 \i per cent on uadisbursed portion of
loan under commitment.
Back figures.—See Banking and Monetary Statistics,Table 118, pp. 446-447.
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum 1
Nov. 1, 1933Jan.31,1935
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more
In 90 clays to 6 months.
In less than 90 days
Feb. 1,1935Dec. 31, 1935
VA
ly
Effective
Jan. 1,1936
1
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective Feb. 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS A N D LIABILITIES OF ALL FEDERAL RESERVE BANKS
(In thousands of dollars]
Wednesday figures
End of month
1944
1944
Aug. 23
Aug. 16
Aug. 9
Aug. 2
July 26
July 19
July 12
July
July 5
1943
June
July
Assets
Gold certificates on hand and
18,336,365 18,415,365 18,417,365 18,423,620 18,399,125 18,453,125 18, 528,125 18,,551,875 18,396,122 18,599,37S 20, 108,216
due from U. S. Treasury
427,226
410,317
412,185
444,323!
417,036
416,748
425,735
423,915
417,450
420,533
54,527
Redemption fund—F.R. notes.
280,944
277,364
279,731
271,772)
270,009
273,331
290,304
271,256
286,656
276,023
345,067
Other cash
19,052,460 19,102,410 19,107,444 19,115,536 19,115,164 19,163,696 19,224,681 19,240,581 19,104,292 19,287,056 20,507,810
Total reserves.
Discounts and advances:
For member banks
For nonmember banks, etc
Total discounts and
advances
Industrial loans
U. S. Government securities;
Direct:
Bills:
Under repurchase option
—
Other
Certificates:
Special
Other
Notes
.Bonds
Guaranteed
105,554
975
52,374
965
60,680
965
35,224
965
36,220
r
965
38,030
900
44,225
900
21,095
900
36,114
965
12,530
150
15,810
50
106,529
53,339
61,645
36,189
37,185
38,930
45,125
21,995
37,079
12,680
15,860
10,353
10,330
10,774
10,901
10,749
10,945
11,176
11,145
10,838
11,084
11,910
4,276,439 3,867,068 3,838,942 3,546,431 3,522,649 3,353,682 3,519,732 3,492,099 3,563,858 3,655,233 3,802,847
5,567,480 5,578,790 5,560,283 5,500,697 5,404,568 5,301,433 5,272,628 5,217,183 5,500,697 5,217,183 1,093,580
3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 3,381,990 1,091,700
1,091,271 1,106,671 1,111,771 1,117,071 1,130,571 1,135,371 1,180,035 1,180,035 1,119,571 1,180,035
720,900
1,272,626 1,294,426 1,326,826 1,342,736 1,359,936 1,381,396 1,459,096 1,464,096 1,345,936 1,464,096 1,444,732
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
33,116
2,500
Total U. S. Government
securities, including
guaranteed securities. 15,592,306 15,231,445 15,222,312 14:,891, 425 14,802,214 14,556,372 14,815,981 14,737,903 14,914,552 14,901,037 8,186,875
Other Reserve Bank credit out289,539
standing
309,429
347,317
273,712
363,301
314,434
470,771
392,395
386,796
310,005
362,948
Total Reserve Bank
credit outstanding —
Liabilities
Federal Reserve n o t e s . .
15,998,727 15,681,910 15,604,160 15,248,520 15,123,860 14,998,642 15,235,583 15,085,477 15,325,417 15,272,118 8,685,416
19,521,287 19,440,265 19,331,778 19,165,021 18,995,287 18,980,884 18,958,749 18,971,663 19,126,734 18,898,960 14,364,033
Deposits:
Member bank—reserve
account
U. S. Treasurer—general
account
Foreign
Other deposits
Total deposits.,
12,921,515 12,934,742 12,809,601 12,884,227 12,792,593 12,754,049 12,849,307 12,986,913 12,855,406 12,865,826 12,590,491
359,740
344,900
548,723
487,496
516,761
219,248
387,851
316,983
260,698
402,698
650,457
1,404,544 1,440,318 1,446,333 1,431,317 1,414,721 1,461,908 1,487,693 1,470,508 1,443,743 1,507,511 1,217,288
343,749
335,756
375,130
361,793
363,628
339,587
358,354
335,290
362,493
390,528
404,798
15,236,575 15,055,671 15,087,179 14,915,829 14,968,366 14,911,453 15,228,891 15,067,197 15,022,290 15,386,287 14,557,477
Ratio of total reservesto deposit and F.R. note liabilities
combined (per cent)
r
55.4
54.8
55.5
56.1
56.3
56.5
56.2
70.9
56.5
Revised,
MATURITY D I S T R I B U T I O N OF LOANS A N D U . S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
-..
U. S. Government securities, including guaranteed securities:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
SEPTEMBER 1944
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6 months !
to
1 year
1
lyear
to
2 years
2 years
to
5 years
Over
5 years
I
Discounts and advances:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Industrial loans:
July 26
Aug. 2
Aus. 9
Aug. 16
Aug. 23
Within
15 days
37,185
36,189
61,645
53,339
106,529
25,375
15,629
41,110
32,655
83,649
1,175
2,825
2,530
5,244
3,8801
2,440
5,945
5,865
7,420
5,950
8,195
11,790
12,140
8,020
13,050
10,749
10,901
10,774
10,330
10,353
9,685
9,832
9,695
9,911
9,586
18
466
460|
3
464
17
17
27
22
196
201|
221
13!
9!
210
213
210
206
558|
70
70!
70;
70 i
691
1,482,772
2,136,115
2,212,286
2,263,329
1,678,253
3,883,563
3,752,075
3,699,509
3,475,756
3,581,197
3,220,832
2,594,076
2,695,645
2,736,287
2,883,213!
417,250
583,500
583,500
646,930|
646,930
1,704,371
2,100,461
2,100,461
2,097,961
2,097,961
14,802,214
14,891,425
15,222,312
15,231,445
15,592,306
2,087,090
1,749,562
1,976,485
2,155,186
2,885,956|
17,800
17,8OO|
17,8001
17,800j
17,800
957,302
941,802
936,502
931,402
915,002
1,031,234
1,016,034
1,000,124
906,794
885,994
887
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Gold ctfs. on hand and
due from U. S.Treas.
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Redemption fund—
F. R. notes:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Other cash:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Total reserves:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Discounts & advances:
Secured by U. S.
Govt. securities:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Other:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Total discounts and
advances:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Industrial loans:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
U. S. Govt. securities:
Bills:
Under repurchase
option:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Other bills:
July 26
Aug. 2
Aug. 9
Aug. 16
m Aug. 23
Certificates:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Notes:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Bonds:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Total U. S. Govt. sec,
incl. guar. s e c :
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Boston
Philadelphia
New
York
18,399,125
985,617 4,830,996
18,423,620 1,002,441 4,834,178
18,417,365 1,000,693 4,654,981
18,415,365
984,366 ,595,095
18,336,365
977,647 4,590,831
425,735'
412,185
416,748
417,036
444,323
27,796
27,722
27,651
27,574
29,491
99,764
84,503
84,256
83,963
103,699
290,304
279,731
273,331
270,009
271,772
19,714
19,523
18,999
18,881
18,639
73,254
69,484
68,841
66,260
67,489
19,115,164
19,115,536
19,107,444
19,102,410
19,052,460
,033, 127 5,004,014
,049,686 4,988,165
,047,343 4,808,078
,030,821 4,745,318
,025, 777
^ 4,762,019
Cleveland
Richmond
940,370 1,490,601 990,634
904,435 1,465,988 988,793
930,939
1,009,487
915,54: 1,451,! 1,026,559
927,048 1,471,195 1,045,142
1,508,814
35,291
28,413
35,428
27,755
35,338
35,175
40,500
27,093
35,555
40,392
35,427
28,383
35,320 40,278
29,742
23,414
21,870
23,491
21,640
23,289
18,443
17,070
14,828
14/280
13,249
997,656 1,549,443
962,363 1,523,196
987,974 1,515,011
972,368 1,533,227
983,587 1,572,381
1,037,490
1,033,618
1,051,408
1,069,222
1,088,133
21,995
22,753
21,480
21,398
21,219
Atlanta Chicago
909,971 3 ,577,449
917,
,559,669
940,055 3,569,485
949, 269
"" 3,585,501
3
,478,046
948,
Minneapolis
St.
Louis
Kansas
City
614,162
609,534
636,392
645,117
630,813
359,790
365,339
370,352
367,204
355,454
687,581
667,225
713,948
715,706
719,719
28,612
28,580
28,547
28,508
28,469
11,495
11,486
11,477
11,466
11,445
14,442
17,416
17,391
17,367
17,333
12,941
12,917
13,391
13,361
13,329
50,342
50,292
50,094
50,025
49,961
21,238
20,593
19,515
21,790
21,175
41,619
40,627
38,759
36,055
36,694
13,367
12,454
12,497
12,533
12,832
6,467
6,403
6,120
6,034
6,220
13,272
13,442
13,187
14,109
13,744
9,182
8,406
8,237
8,661
8,205
28,339
27,106
27,377
28,368
29,017
956,831 3,674,657
963,677 3,655,779
984,982 3,663,625
996, 358 3,676,827
994, 667 3,574,816
656,141
650,568
677,436
686,158
672,114
377,752
383,228
387,949
384,704
373,119
715,295
698,083
744,526
747,182
750,796
516,i,934 2 ,595,824
555,930 2 ,651,243
564,:,998 2,674,114
569,>,855 2 ,690,370
565,537 2,689,514
75
500
500
500
500
75
500
500
500
500
19,615
9,815
34,675
22,325
53,770
4,200
2,705
3,170
2,555
5,260
445
5,245
4,300
1,720
1,859
2,245
2,259
2,819
925
2,925
2,925
2,800
2,750
3,300
4,800
4,800
4,800
4,700
4,820
9,220
8,170
5,520
21,420
330
2,330
2,430
430
6,430
37,185
36,189
61,645
53,339
106,529
2,275
2,035
2,
6,905
4,505
19,615
9,815
34,675
22,325
53,770
4,200
2,705
3,170
2,555
5,260
445
5,245
4,300
1,720
1,859
2,245
2,259
2,819
925
2,925
2,925
2,800
2,750
3,300
4,800
4,800
4,800
4,700
4,820
9,220
8,170
5,520
21,420
330
2,330
2,430
430
6,430
10,749
10,901
10,774
10,330
10,353
1,533
1,533
1,530
1,523
1,523
89
89
89
89
89
4,359
4,521
4,367
4,121
4,119
355
350
364
350
350
187
175
174
174
174
33
33
33
32
32
3,522,649
3,546,431
3,838,942
3,867,068
4,276,439
94,977 2,003,993
85,476 2",021,094
83,122 2,299,659
111,942 2",255,801
144, 734 2,389,047
141,056
160,871
166,364
185,034
190,952
65,526
65,667
100,300
79,860
78,775
38,132
39,323
41,938
36,673
34,435
32,574
27,200
26,712
24,924
34,355
744,591
737,782
761,949
799,679
937,593
5,404,568
5,500,697
5,560,283
5,578,790
5,567,480
409,315 1,135,467
416,584 1,157,110
421,086 1,170,490
422,493 1,173,967
421,647 1,170,507
444,412
452,284
457,166
458,694
457,786
604,323
614,824
621,339
623,480
622,400
356,415
362,545
366,350
367,631
367,042
331,581
337,055
340,456
341,712
341,337
3,381,990
3,381,990
3,381,990
3,381,990
3,381,990
256,142
256,128
256,125
256,127
256,133
710,536
711,421
711,943
711,687
711,033
278,095
278,075
278,063
278,073
278,090
378,166
378,012
377,922
377,964
378,080
223,031
222,904
222,828
222,864
222,958
1,133,071
1,119,571
1,114,271
1,109,171
1,093,771
85,813
84,
84,385
84,000
82,836
238,051
235,510
234,564
233,407
229,954
93,171
92,055
91,615
91,197
89,935
126,697
125,137
124,515
123,960
122,275
1,359,936
1,342,736
1,326,826
1,294,426
1,272,626
102,995
101,689
100,482
98,029
96,381
285,714
282,454
279,309
272,391
267,557
111,826
110,404
109,092
106,429
104,642
494,,,811 2,517,143
534,607 2,573,845
543,37'
(70 2,596,643
547,833 2,,611,977
544,c ,003 2 ,610,536
55,589
55,483
55,381
55,271
60,076
2,275
2,035
2,285
6,905
4,505
888
San
Francisco
25,622
25,518
25,412
25,299
25,180
37,185
36,189
61,645
53,339
106,529
14,802,214
14,891,425
15,222,312
15,231,445
15,592,306
Dallas
198
205
222
21
21
25
25
25
25
25
100,761
112,404
91,884
96,290
123,512
27,025
32,168
32,493
38,568
61,063
47,245
60,137
40,327
31,678
38,054
18,834
18,254
21,149
14,234
19,969
207,935
186,055
173,045
192,385
223,950
601,691
612,503
619,199
621,232
619,T"
260,981
265,552
268,389
269,299
268,809
160,472
163,365
165,157
165,696
165,332
282,086
287,021
290,086
291,073
290,544
243,919
248,158
250,791
251,654
251,216
573,906
583,696
589,774
591,859
590,971
207,489
207,229
207,080
207,154
207,344
376,518
376,582
376,625
376,601
376,555
163,315
163,274
163,245
163,262
163,291
100,415
100,439
100,452
100,446
100,427
176,522
176,472
176,439
176,456
176,493
152,635
152,577
152,538
152,555
152,601
359,126
358,877
358,730
358,801
358,985
74,723
73,790
73,416
73,092
72,108
69,516
68,602
68,227
67,939
67,058
126,145
124,664
124,086
123,513
121,782
54,715
54,048
53,785
53,542
52,809
33,643
33,250
33,097
32,943
32,481
59,139
58,418
58,133
57,871
57,080
51,138
50,508
50,258
50,034
49,353
120,320
118,801
118,190
117,673
116,100
152,064
150,080
148,267
144,664
142,269
89,684
88,498
87,421
85,300
83,899
83,435
82,276
81,241
79,286
78,023
151,402
149,514
147,757
144,142
141,696
65,670
64,822
64,044
62,485
61,445
40,379
39,878
39,411
38,446
37,792
70,980
70,063
69,222
67,537
66,413
61,377
60,576
59,845
58,390
57,423
144,410
142,48'2
140,735
137,327
135,086
949,242 4,373,761 1,068,560 1,326,776
944,665 4,407,589 1,093,689 1,333,720
945,200 ,695,965 1,102,300 1,372,343
972,591 4,647,253 1,119,427:1,349,928
,001,731 4,768,098 1,121,405|1,343,799
781,985
787,060
791,953
785,560
780,442
724,595 2,000,347
722,36212,001,045
723,716 2,029,616
721,015 2,065,167
728,117 2,197,515
645,442
660,100
641,347
644,878
669,866
361,934
369,100
370,610
376,099
397,095
635,972
652,111
634,207
624,615
628,584
527, 903
530, 073
534,581
526,867
530, 562
1,405,697
1,389,911
1,380,474
1,398,045
1,425,092
3,970
3,970
3,970
3,995
4,020
FEDEBAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Total loans and s e c :
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Due from foreign banks:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Federal Reserve notes
of other banks:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Uncollected items:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Bank premises:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23..
Other assets:
July 26,
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Total assets:
July 2 6 . . . . .
Aug. 2
Aug. 9
Aug. 16
Aug. 23...
Liabilities
Federal Reserve notes:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Deposits:
Member bank-reserve
account:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
U. S. Treasurergeneral account:
July 26,
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Foreign:
July 26
Aug. 2
Aug. 9.
Aug. 16
Aug. 23
Other deposits:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Total deposits:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Deferred availability
items:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
City
apolis .
Dallas
San
Francisco
14,850,148
14,938,515
15,294,731
15,295,114
15,709,188
953,050
948,233
949,015
981,019
,007,759
4,,393,465
4,417,493
4i,730,729
4,669,667
4;,821,957
1,077,119
1,100,915
1,109,837
1,126,103
1,130,784
,327,131
,334,070
,373,152
,355,523
,348,449
783,892
789,094
794,372
787,993
783,435
725,553
725,320
726,674
723,847
730,899
,003,647
,005,845
,034,416
,069,967
,202,215
650,262
669,320
649,517
650,398
691,286
362,132
369,305
370,832
376,120
397,116
636,327
654,466
636,662
625,070
635,039
527,903
530,073
534,581
526,867
530,637
1,409,667
1,394,381
1,384,944
1,402,540
1,429,612
136
136
136
136
136
10
10
10
10
10
149
149
149
149
149
12
12
12
12
12
12
12
12
12
12
6
6
6
6
6
4
4
4
4
4
17
17
17
17
17
4
4
4
4
3
3
3
3
3
4
4
4
4
4
4
4
4
4
11
11
11
11
11
89,398
84,634
78,250
79,861
76,733
1,850
1,660
1,324
1,594
1,584
15,385
13,644
12,104
13,196
12,170
3,140
3,614
2,405
2,447
2,708
3,549
3,007
2,610
2,983
2,951
10,957
8,778
7,960
6,999
6,102
7,197
6,906
6,813
7,064
6,732
9,399
8,855
8,365
8,605
8,282
5,625
5,560
5,360
5,360
5,743
4,773
4,847
4,593
4,329
3,020
7,149
5,602
6,200
6,409
6,223
3,550
3,139
2,949
3,060
2,910
16,824
19,022
17,567
17,815
18,308
1,621,251
1,691,621
1,543,047
1,851,865
1,599,571
113,421
119,703
106,268
117,702
107,182
329,626
377,009
310,613
417,134
331,171
96,849
104,852
112,168
106,632
106,856
159,757
175,973
145,751
200,923
175,319
115,594
121,672
105,059
127,847
114,513
86,365
92,307
92,918
91,410
87,436
272,302
274,101
255,234
330,163
256,993
65,915
64,131
68,986
81,947
67,964
36,248
33,574
37,272
38,467
34,'
79,602
80,570
83,890
92,705
98,303
71,110
58,196
58,179
63,322
59,224
194,462
189,533
166,709
183,613
159,622
34,665
34,617
34,617
34,617
34,607
1,638
1,633
1,633
1,633
1,633
9,002
8,983
8,983
8,983
8,983
3,516
3,516
3,516
3,516
3,516
4,148
4,148
4,148
4,148
4,139
2,887
2,887
2,887
2,887
2,887
1,629
1,629
1,629
1,629
1,628
2,912
2,906
2,906
2,906
2,906
2,041
2,039
2,039
2,039
2,039
1,266
1,264
1,264
1,264
1,264
2,700
2,693
2,693
2,693
2,693
947
940
940
940
940
1,979
1,979
1,979
1,979
1,979
64,601
63,086
64,004
65,450
65,493
4,582
4,520
4,582
4,744
4,655
13,087
12,457
12,415
12,899
12,598
4,765
4,687
4,780
4,887
4,967
7,500
7,379
7,455
7,658
7,542
4,570
4,457
4,580
4,723
4,627
3,816
3,707
3,768
3,908
3,984
7,837
7,549
7,812
7,834
8,006
3,239
3,290
3,295
3,339
3,303
1,892
1,872
1,917
1,967
2,059
3,247
3,274
3,317
3,358
3,304
2,972
2,764
2,824
2,934
2,938
7,094
7,130
7,259
7,199
7,510
35,775,363
35,928,145
36,122,229
36,429,453
36,538,188
,107,678 9,764,628 ,183,057 ,051,540 ,955,396 ,781,395 ,970,771 ,383,227
,125,445 9,817,800 2,179,959 ,047,785 ,960,512 ,793,550 ,955,052 ,394,912
,110, " ,882,971 2,220,692 ,048,139 ,966,272 ,816,788 ,972,375 ,406,637
,137,523 9,867,246 2,215,965 104,474 ,999,677 ,824,220 ,096,319 ,429,245
,148,600 9,
",948,947 2,232,430 110,793 ,999,703 ,825,350 ,053,235 ,442,453
784,066
794,093
803,830
806,854
811,569
18,995,287
19,165,021
19,331,778
19,440,265
19,521,287
,240,631 4,247,707
,247,092 4,279,171
,255, 185 4 ,299,933
,260,064 4,328,065
,265, 787 4,351,079
12,792,593
12,884,227
12,809,601
12,934,742
12,921,515
,444,324 ,123,420 ,225,861
,444,692 151,046 ,263,299
,477,292 164,475 ,252,583
,477,421 ,166,982 ,303,527
,496,362 162,190 ,306,556
1,266,328 1,685,713
1,271,555 ,694,233
1,282,295 1,708,236
1,290,472 ,720,493
1,295,340 1,728,778
,230,277
,245,572
,254,500
,264,750
,274,655
$8,956
1,112,785
1,118,771
1,121,636
,118,256
,524,019
,544,041
,572,547
,594,525
,614,610
800,014
810,569
813,696
816,900
816,655
420,592
422,083
425,412
427,961
430,880
697,703
713,269
716,277
718,139
718,932
464,802
480,029
481,531
481,308
479,596
:, 328,545
,344,622
,403,395
,415,952
:,426,719
610, 579 4;, 197,007 635,476 ,015,086
612, 793 4,252,026 637,070 1,010,511
594,832 4:, 175,482 636,254 ,004,026
612, 395 1,163,102 640,436 1,014,040
625,056 4,205,613 641,273 ,012,874
518,824
512,445
525,396
525,074
525,477
526,474
522,739
550,104
549,153
533,091
,964,959
,956,888
,931,775
,976,110
,945,526
445,506
435,220
453,244
462,706
459,881
281,301
284,897
280,381
287,932
282,123
601,454
589,055
611,588
610,560
614,058
526,885
560,142
571,102
565,968
555,181
,469,042
,510,441
,475,417
,527,266
,521,362
402,698
260,698
487,496
316,983
548,723
22,572
26,813
27,812
23,914
29,148
106,982
45,501
203,973
108,311
161,636
25,700
11,600
46,113
20,068
35,042
41,481
21,300
40,156
23,'-"
50,730
23,606
19,437
17,234
20,716
20,674
23,765
12,026
14,771
5,053
34,206
35,711
19,680
38,029
48,081
61,002
10,969
17,153
13,953
10,795
41,767
8,965
13,649
24,278
15,048
27,195
13,988
1,088
19,221
9,873
24,808
13,576
7,270
5,034
19,981
75,383
65,181
36,922
25,990
42,534
1,414,721
1,431,317
1,446,333
1,440,318
1,404,544
97,569
98,345
100,058
100,065
96,957
2538,922
2545,457
2544,749
2543,968
2531,770
126,486
127,995
130,273
129,415
126,088
122,362
123,822
126,025
125,195
121,977
54,994
55,650
56,640
56,267
54,821
43,995
44,520
45,312
45,014
43,856
170,481
172,516
175,585
174,429
169,945
42,620
43,129
43,896
43,607
42,486
30,247
30,608
31,117
30,947
30,152
39,871
40,346
41,064
40,794
39,745
39,871
40,346
41,064
40,794
39,745
107,303
108,583
110,550
109,823
107,002
358,354
339,587
343,749
363,628
361,793
4,156
4,639
4,926
4,857
4,760
255,780
256,165
261,327
265,534
279,812
9,122
5,446
6,316
8,423
6,574
6,667
14,000
6,739
4,226
2,512
2,231
3,633
1,617
7,217
3,551
2,570
6,382
2,750
12,993
4,947
4,633
4.852
4J201
10,840
10,742
9,183
10,066
9,836
3,001
2,551
2,352
2,450
1,817
1,949
2,242
2,381
2,957
2,967
4,204
2,685
3,""
6,240
3,091
36,443
37,533
37,275
36,799
37,318
796,784 1,187,352
782,111 1,162,207
818,956 1,176,874
795,777 1,176,721
809,288 1,192,320
601,650
590,044
601,501
605,690
602,589
601,451 2,184,144
582,836 2,154,031
612,757 2,150,022
605,602 2,203,472
613,903 2,180,674
509,935
506,244
520,276
527,174
553,970
323,514
331,705
338,128
336,377
341,287
657,262
632,731
674,254
664,184
681,578
57,764
62,456
56,972
69,496
56,051
27,434
27,766
27,702
29,899
26,717
74,085
83,276
71,316
79,658
80,328
14,968,366
14,915,829
15,087,179
15,055,671
15,236,575
1,347,675
1,381,752
1,233,754
1,465,205
1,310,168
734,876 5,098,691
742,590 5,099,149
727, 628
""" 5:,185,531
741,231 5,080,91"
755,921 5,178,831
100,784
: 104,301
93,737
104,587
95,101
262,05'
283,006
240,315
300,606
261,114
6', 885
79,568
85,756
78,796
89,003
86,958
134,60'
147,336
118,852
163,076
145,351
102,513
103,804
89,160
107,965
101,196
73,130
80,305
67,203
79,206
74,784
202,750
196,709
189,445
237,82'
197,318
5,•" "
584,536 1,688,171
610,443 1,721,738
621,088 1,660,164
618,650 1,699,878
617,998 1,708,216
58,976
45,500
46.72C
51,
49,302
174,007
161,537
153,536
152,081
135,947
1
2
After deducting $87,000 participations of other Federal Reserve Banks.
After deducting $874,403,000 participations of other Federal Reserve Banks on July 26; $884,839,000 on Aug. 2; $900,583,000 on Aug. 9; $894,652,000 on
Aug. 16; and $871,653,000 on Aug. 23.
SEPTEMBER 1944
889
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY
[In thousands of dollars]
Total
Other liabilities, including accrued div.:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Total liabilities:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Capital Accounts
Capital paid in:
July 26
Aug. 2
Aug. 9
Aug. 16...
Aug. 23
Surplus (section 7):
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Surplus (section 13b):
July 26
Aug. 2.
Aug. 9
Aug. 16
Aug. 23
Other capital accounts:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23.^
Total liabilities and
capital accounts:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Commitments to make
industrial loans:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Boston
7,546
6,916
9,919
7,708
8,522
35,318,874
35,469,518
35,662,630
35,968,849
36,076,552
780
717
2,809
761
804
New
York
Philadelphia
1,959
1,794
2,209
2,375
2,328
Cleveland
526
514
532
513
554
791
725
782
671
708
Richmond
Atlanta
616
282
657
282
284
348
302
397
310
WEEKS-Continued
St.
Louis
Chicago
1,022
1,044
1,115
1,068
1,229
Minneapolis
219
180
200
202
235
281
279
266
251
270
2,077,0719,610,414 2,143,206 3,008,463 1,934,724 1,764,153 5,911,935 1,367,994
2,094,700 9,663,120 2,139,936 3,004,501 1,939,768 1,776,208 5,895,825 1,379,548
2,079,359 9,727,988 2,180,579 3,004,744 1,945,463.1,799,388
1
5,913,129 1,391,210
2,106,643 9,711,961 2,175,765 3,060,961 1,978,802 1,806,726 6,036,892 1,413,821
2,117,613 9,793,352 2,192,140 3,067,157 1,978,750 1,807,791 5,993,831 1,426,946
Kansas
City
273
303
262
277
279
Dallas
294
193
216
259
285
San
Francisco
501
537
569
652
672
771,759 1,429,323 1,108,608 4,191,224
781,734 1,429,579 1,136,
,228,434
791,442 1,462,109 1,149,555 4,217,664
794,439 1,462, 258 1,152,
!,018
" 4 ,268,563
799,119 1,481,117 1,147,,182 4,271,554
159,182
159,252
159,352
159,427
159,437
9,947
9,948
9,947
9,953
9,951
58,123
58,124
58,155
58,155
58,157
12,106
12,119
12,123
12,130
12,112
16,224
16,231
16,237
16,239
16,240
6,376
6,381
6,382
6,391
6,396
5,713
5,716
5,717
5,749
5,751
18,830
18,838
18,851
18,857
18,868
4,870
4'~~
4,
4,894
3,458
3,460
3,460
3,461
3,462
5,155
5,160
5,158
5,158
5,160
5,012
5,012
5,012
5,012
5,012
13,370
13,393
13,422
13,433
13,434
188,097
188,097
188,097
188,097
188,097
13,206
13,206
13,206
13,206
13,206
70,012
70,012
70,012
70,012
70,012
17,859
17,859
17,859
17,859
17,859
16,026
16,026!
16,026
16,026
16,026
5,236
5,236
5,236
5,236
5,236
5,725
5,725
5,725
5,725
5,725
26,490
26,490
26,490
26,490
26,490
6,330
6,330
6,330
6,330
6,330
3,669
3,669
3,669
3,669
3,669
4,554
4,554
4,554
4,554
4,554
4,831
4,831
4,831
4,831
4,831
14,159
14,159
14,159
14,159
14,159
26,965
26,965
26,965
26,965
26,965
2,874
2,874
2,874
2,874
2,874
7,092
7,092
7,092
7,092
7,092
4,421
4,421
4,421
4,421
4,421
1,007
1,007
1,007
l,007|
l,007|
3,290
3,290
3,290
3,290
3,290
749
749
749
749
749
1,429
1,429
1,429
1,429
1,429
530
530
530
530
530
1,000
1,000
1,000
1,000
1,000
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,129
2,129
2,129
2,129
2,129
82,245
84,313
85,185
86,115
87,137
4,580
4,717
4,789
4,847
4,956
18,987
19,452
19,724
20,026
20,334
5,465
5,624
5,710
5,790
5,;
9,820
10,020
10,125
10,241
10,363
5,770
5,837
5,901
5,958
6,031
5,055
5,152
5,209
5,271
5,334
12,087
12,470
12,476
12,651
12,617
3,505
3,634
3,679
3,675
3,753
4,180
4,230
4,259
4,285
4,319
4,155
4,262
4,334
4,314
4,394
3,662
3,731
3,770
3,814
3,858
4,979
5,184
5,209
5,243
5,280
35,775,363
35,928,145
36,122,229
36,429,453
36,538,188
2,107,678
2,125,445
2,110, 175
2,137,523
2,148,600
3,648
3,920
4,040
3,960
3,878
275
275
275
275
275
9>, 764,628 2 ,183, 057 3,,051,540 1,955,396 1,781,395 5,970,771 1,383,227
9',817,800 2,179, 959 3 ,047,785 1,960,512 1,793,550 5,955,052 1,394,912
9•,882,971 2,220,692 3,048,139 1,966,272 1,816,788 5,972,375 1,406,637
9>,867,246 2 ,215,""
965 3,,104,474 1,999,677 1,824,220 6,i,096,319 1,429,245
,232, 430 3 ,110,793 1,999,703 1,825,350 6,,053,235 1,442,453
9',948,
2,005
•1,842
1,996|
1,942
1,937
959
8991
885!
884!
83-1'
784, 066 1,444,324 1,123,420 4:, 225,863
794,093 1,444,692 1,151,046 4,,263,299
803,830 1,477,292 1,164,475 4r, 252,583
806,854 1,477,421 1,166,982 4:, 303,527
811, 569 1,496,362 1,162, 190 4:, 306,556
303
798
778
753
726
48
48
48
48
48!
FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
'In thousands of dollars)
Total
Federal Reserve notes outstanding (issued to Bank):
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Collateral held against notes
outstanding:
Gold certificates:
July 26
Aug. 2
Aug. 9
Aug. 16
. Aug. 23
Eligible paper:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
IT. S. Govt. securities:
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Total collateral:
July 26
Aug 2
Aug. 9
Aug. 16
Aug. 23
890
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
St.# Minne- Kansas Dallas
Chicago Louis
apolis City
San
Francisco
19,703,192 1,283, 675 4 ,423, 899 1,300,912 1,727,117 1,271,324 1,152, 674 3 ,598,716 840,480 430,315 725,126 499,611 2,449,343
19,755,125 1,287,
,447,341 1,306,831 1,731,
,270,900 1,152, 118 3 ,600,685 841, 104 4311218 731,355 504,537 2,449,743
19,910,194 1,291, 513 4:, 4 6 5 ,284
" 1,323,^ 1,741,403 1,282,232 1,157, 570 3,,626,097 847, 059 433,109 734,128 509,477 2,498,777
20,026,979 1,297,491 4,486,274 1,320,845 1,756,661 1,292,614 1,166,115 3,652,184 847, 258 433,
741,052 510,368 2,522,370
20,107,578 1,305,
,495,886 1,327, 976 1,762, 478
" 1,302, 458 ',171,287
739,783 511,277 2,535,344
3,668,760 849,744 437^
1
12,155,000
12,340 000
12,123,000
12,193,000
11,819,000
32,960
27,964
52,975
39,994
94,004
7,950,761
7,822,404
8,101,884
8,131,290
8,548,512
741,,000 2 ,770,000
741,000 2,970,000
741, 000 2,820,000
741,000 2,820,000
716,000 ",520,000
2,
2,275
2,035
2,285
6,905
4,505
610, 000 1.,028,000
610, 000 1,033,000
627,000 949,000
627,000 959,000
632,000 965,000
1,774,000
1,774,000
1,774,000
1,774,000
1,774,000
:25,000 300,',000 250,000
125,000 350,000 260,000
!25,000 350,000 260,000
125,000 350,000 260i,000
125,000 350,000 260,000
800,000
800,000
800,000
800,000
800,000
1,314,200 1,728,000 1,301,7:
720 1,160,000 3,620,000 930,581 441,000 730,330 506,000
1,312,705 1,733,000 1,301,859 1,160,000 3,640,000 946,62*14 441,000 742,330 516,000
000 1,302,245 ' ">,000 3640,000 925 054 441,000 742,430 516,000
1,330,""
170 1,749,""
1,329,555 1,759, 000 1,327,259
),000 3 680,000 926,810 441 000 750,430 516 ,000
000 1 ,327,819 i, 180^000 3J700,000 969,932 441,000 756 230 516,000
1 , 3 3 7260
, " ',765,
1
,574,000
,574,000
,574,000
,574,000
,574,000
19,615
9,815
34,675
22,325
53,770
4,200
2,705
3,170
2,555
5,260
600,000 1 ,700,000
600,1,000 1 ,500,000
600,>,000 1,700,000
600,1,000 1 ,700,000
600,1,000 2 ,000,000
700,000
700,000
700,000
700,000
700,000
20,138,721 343, 275 4 ,489,61
20,190,368 343, 035 4 ,479,815
20,277,859 ,343, 285 4 ,554,675
20,364,284 347,905 4,542,325
20,461,516 ,320,505 4,573,770
660,000 2,520,000 375,,000 216,000 430,000
660,000 2,540,000 375 ,000 216,000 390,000
660,000 2,540,000 375 ,000 216,000 390,000
670,000 2,580,000 375,000 216,000 400,000
680,000 2,510,000 375,000 216,000 400,000
256,000
256,000
256,000
256,000
256,000
700,000
700,000
800,000
800,000
800,000
775,000
775,000
775,000
775,000
775,000
1,720
1,859
2,245
2,259
2,819
4,820
9,220
8,170
5,520
21,420
525,000
525,000
525,000
550,000
550,000
500,000 1,100,000 550,761
500,000 1,100,000 562,404
500,000 1,100,000 541,884
500,000 1,100,000 546,290
500,000 1,190,000 573,51"
330
2,330
2,430
430
6,230
FEDERAL RESERVE BULLETIN
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last
Wednesday or
last day of
period)
ApParticiproved
Loans Commitments
pations
but not
outoutoutcom- 1 standing2 standing
standing
pleted (amount) (amount) (amount)
Number Amount (amount)
1934
1935
1936
1937
1938
1939
1940
1941
1942
June 24
Dec. 31
1943
Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 31
June 30
July 3 1 . .
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
1944
Jan. 31
Feb. 29
Mar. 31
Apr. 29
May 31
June 30
July 31
Applications
approved
1,993
2,280
2,406
2,653
2,781
2,908
3,202
49,634
124,493
139,829
150,987
175,013
188,222
212,510
279,860
20,966
11,548
8,226
3,369
1,946
2,659
13,954
8,294
13,589
32,493
25,526
20,216
17,345
13,683
9,152
10,337
8,225
27,649
20,959
12,780
14,161
9,220
5,226
14,597
1,296
8,778
7,208
7,238
12,722
10,981
6.386
19,600
3,352
3,423
338,822
408,737
26,346
4,248
11,265
14,126
16,832
10,661
26,430
17,305
3,432
3,440
3,443
3,447
3,448
3,452
3,455
3,458
3,460
3,464
3,466
3,471
434,638
446,319
459,296
467,733
473,399
475,468
477,681
481,288
483,608
486,098
488,422
491,342
6,672
5,882
5,164
3,732
3,045
3,203
2,883
4,354
2,860
305
401
926
12,897
13,717
13,182
13,188
13,378
13,044
12,258
12,000
12,227
12,409
11,811
10,532
12,160
12,117
13,143
13,438
12,950
12,132
11,832
11,614
11,474
9,978
9,920
9,270
23,915
23,177
20,316
20,333
20,166
19,070
18,832
18,400
18,928
18,616
18,621
17,930
3,475
3,478
3,481
3,482
3,483
3,483
3,485
495,738
497,875
503,330
505,726
508,170
510,857
513,134
1,808
835
1,408
276
208
45
295
10,369
10,198
11,774
12,250
12,073
11,366
11,115
10,146
10,292
9,069
8,744
3,956
4,048
3,975
18.247
18,531
18,267
17,137
11,321
11,063
10,841
1
Includes applications approved conditionally by the Federal Reserve
Banks
and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of
Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and the
sum of the following four columns represents repayments of advances, and
applications for loans and commitments withdrawn or expired.
MEMBER BANK RESERVE BALANCES, BY CLASS OF1BANKS
[Averages of daily figures. In millions of dollars]
Central reserve
city banks
All
member
banks
T o t a l reserves h e l d :
1943—June
July
1944—June
July.....
Week ending (Friday):
1944—June 30
July 7
Tuly 14
July 21
July 28
Aug. 4
Aug. 11
Aug. 18
Excess reserves:
1943—June
July
1944—June
July....#
Week ending (Friday):
1944—Tune 30
July 7
July 14
July 21
July 28
Aug. 4
Aug. 11
Aug. 18
1
York
Reserve
city
Chicago banks
816
830
876
839
4,983
4,961
5,339
5,129
2,993
3,031
3,444
3,406
13,255
13,003
12,927
12,842
12,835
12,904
12,948
12,997
3,702
3,526
3,505
3,516
3,535
3,569
3,532
3,538
847
842
842
835
835
838
839
841
5,221
5,128
5,112
5,097
5,100
5,103
5,164
5,214
3,485
3,507
3,467
3,394
3,365
3,394
3,413
3,404
1,461
1,327
1,081
1,232
22
29
20
19
7
9
3
8
589
473
312
390
843
816
746
816
1 305
1,385
1,358
1,169
1,085
1,074
1,086
*l,047
38
27
21
14
14
12
12
12
10
12
2
5
5
h
393
433
405
353
315
297
315
875
916
920
800
751
760
752
^725
Guaranteed loans
outstanding
Date
Total
amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
1942
June 30
Sept. 30
Dec. 31
565
1,658
2,665
310,680
944,204
2,688,397
81,108
427,918
803,720
1943
Jan. 31
Feb.28
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct 31
Nov. 30..Dec. 31
2,961
3,198
3,534
3,773
4,002
4,217
4,404
4,599
4,787
4,948
5,123
5,347
2,999,731
3,479,172
3,725,241
4,058,731
4,554,278
4,718,818
4,900,905
5,153,941
5,452,498
5,546,555
6,234,047
6,563,048
974,083
1,040,828
1,245,711
1,339,078
1,415,777
1,428,253
1,536,296
1,646,921
1,708,022
1,815,162
1,798,272
1,914,040
768,249
828,221
999,394
1,073,972
1,150,040
1,153,756
1,269,416
1,366,178
1,413,159
1,511,847
1,495,910
1,601,518
1,440.943
1,706,849
1,865,618
2,018,818
2,076,998
2,216,053
2,388,721
2,482,875
2,494,855
2,586,563
2,798,283
3,146,286
1944
Jan. 31;
Feb. 29
Mar.31
Apr. 30
May 31
June 30
July 31
5,565
5,720
5,904
6,079
6,283
6,433
6,590
6,989,682
7,172,719
7,466,762
7,647,180
7,797,400
8,046,672
8,333,741
2,020,294
2,030,547
2,009,511
1,990,996
2,033,579
2,064,318
2,083,435
1,691,802
1,700,400
1,680,046
1,666,185
1,706,421
1,735,777
1,765,841
3,278,822
3,451,581
3,615,963
3,684,568
3,795,558
3,810,797
3,904,215
69,674
137,888
356,677
230,720
632,474 1,430,121
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.
DEPOSITS OF COUNTRY MEMBER
BANKS I N LARGE AND
SMALL CENTERS, 1 JULY 1944
[Averages of daily figures. In millions of dollars]
Federal Reserve district
3,501
3,587
3,859
3,525
305
Guaranteed loans
authorized
Country
banks 1
12,293
12,410
13,518
12,900
5
WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME
COMMISSION THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V
[Amounts in thousands of dollars]
Total..
In places of 15,000
population and over
In places of under
15,000 population
Demand
deposits
except
interbank 2
Time
deposits
Demand
deposits
except
interbank 2
lime
deposits
13,671
5,180
8,157
3,594
Boston
New York
Philadelphia
Cleveland
1,939
2,710
988
1,195
598
1,321
479
565
275
819
677
779
159
725
557
488
Richmond
Atlanta
Chicago
St. Louis
1,063
1,209
1,762
476
262
275
831
197
565
470
1,146
657
271
116
536
154
415
387
680
846
163
68
73
346
456
996
915
403
245
126
42
174
Minneapolis
Kansas City
Dallas.....
San Francisco
1
Includes any banks in outlying sections of reserve cities which have
been given permission to carry the same reserves as country banks. All
reserve
cities have a population of more than 15,000.
2
Includes war loan deposits, shown separately for all country banks
in the table on the following page.
i
Preliminary.
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
p
1
SEPTEMBER
1944
891
DEPOSITS AND RESERVES OF MEMBER BANKS
[Averages of daily figures. In millions of dollars]
Gross demand deposits
Reserves
Demand
deposits
adjusted2
Class of bank and
Federal Reserve district
Held
Excess
First half of July 1944
All member banks.
Central reserve city banks:
New York
Chicago
Reserve city banks. .
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St ; Louis
» Minneapolis
Kansas City
Dallas
San Francisco
Country banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
85,105
11,336
18,417
55,352
51,719
57,228
16,990
5,941
12,965
11,590
1,375
24,896
5,707
3,990
1,154
6,551
1,301
14,356
3,252
13,240
3,029
17,187
3,996
901
544
57
187
3,517
844
3,492
832
26
12
31,659
2,278
519
2,446
4,093
1,919
1,990
4,097
1,785
1,042
2,502
1,877
7,110
5,127
307
28
334
525
291
550
463
502
244
863
450
571
6,565
663
83
587
896
521
409
859
365
277
361
309
1,235
19,966
1,309
408
1,525
2,672
1,107
1,031
2,775
918
521
1,279
1,118
5,303
18,255
1,222
381
1,419
2,473
1,020
917
2,583
814
462
1,119
1,024
4,821
2Jl,459
1,475
385
1,676
2,791
1,172
1,286
2,746
1,209
641
1,682
1,262
5,137
6,819
117
192
147
875
293
255
1,147
212
105
218
186
3,072
1,963
55
25
78
208
142
185
304
109
66
303
215
272
5,144
334
94
364
679
303
312
658
269
138
400
316
1,279
4,701
302
88
344
611
252
272
618
254
134
349
263
1,212
443
32
5
20
69
51
39
40
14
3
50
52
67
22,843
2,297
3,603
1,669
1,987
1,792
1,902
2,973
1,263
936
1,449
1,701
1,270
1,065
88
76
12
22
171
210
74
137
64
80
107
24
4,000
571
807
315
372
306
339
497
152
139
151
199
152
17,779
1,638
2,719
1,343
1,593
1,316
1,353
2,402
974
733
1,219
1,394
1,094
17,196
1,559
2,597
1,299
1,549
1,250
1,306
2,352
942
713
1,203
1,364
1,061
14,585
1,449
2,365
1,111
1,265
1,095
1,142
1,899
834
606
892
1,057
871
8,726
754
2,037
1,032
1,046
530
390
1,358
349
407
193
115
515
3,734
202
315
202
309
333
387
531
249
173
395
420
219
3,460
289
605
284
350
247
253
484
182
148
202
226
188
2,565
248
453
217
240
185
183
347
138
109
137
155
153
895
41
152
66
111
62
70
137
44
39
66
71
36
Second half of July 1944
AUmember banks ...
Central reserve city banks:
85,174
10,920
18,409
55,845
52,627
58,017
17,168
5,665
12,838
11,740
1,098
24,763
5,740
3,830
1,102
6,516
1,370
14,416
3,267
13,531
3,060
17,327
3,994
912
546
52
170
3,532
836
3,520
832
12
4
Reserve city banks
31,767
2,279
520
2,413
4,093
1,923
1,970
4,115
1,788
1,039
2,519
1,922
7,185
4,956
287
27
324
508
279
511
440
496
226
843
444
570
6,494
650
81
565
855
518
412
857
352
278
358
315
1,253
20,317
1,342
411
1,524
2,731
1,126
1,047
2,818
940
535
1,318
1,163
5,362
18,709
1,263
388
1,428
2,536
1,048
943
2,638
839
482
1,166
1,071
4,907
21,809
1,504
396
1,684
2,845
1,201
1,275
2,792
1,229
648
1,719
1,296
5,222
6,891
118
194
149
881
296
258
1,162
214
106
221
190
3,103
1,901
48
19
68
201
129
183
293
109
61
294
223
273
5,115
334
94
356
673
289
295
662
265
139
394
314
1,300
4,775
308
91
346
622
258
270
628
259
136
357
271
1,231
340
26
4
11
52
31
25
34
6
2
37
44
69
Country banks
22,905
2,306
3,603
1,684
2,009
1,805
1,862
2,984
1,274
935
1,468
1,702
1,274
1,031
87
72
12
26
171
196
67
135
64
72
105
24
4,029
557
802
310
376
318
332
505
160
146
157
205
17,845
1,661
2,729
1,362
1,607
1,316
1,335
2,412
979
725
1,239
1,392
1,089
17,327
1,595
2,623
1,321
1,566
1,256
1,292
2,369
951
707
1,224
1,365
1,059
14,887
1,499
2,411
1,143
1,297
1,112
1,148
1,948
846
612
921
1,070
881
8,818
760
2,056
1,040
1,058
536
393
1,374
353
411
195
116
524
3,540
188
291
193
298
324
353
493
243
162
381
407
208
3,355
283
570
281
340
237
241
468
179
145
200
225
187
2,613
255
461
222
245
188
184
355
140
110
14'1
157
155
742
28
109
59
95
49
56
113
39
35
60
68
32
New York
Chicago
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis . ;
Minneapolis
Kansas City
Dallas....m
San Francisco
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,
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks.
Total
in circula-1
tion
Total
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
5,519
5,536
5,832
6,543
6,550
6,856
7,598
8,732
11,160
15,410
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
442
452
478
517
537
550
590
648
751
8S0
1943—January
February
March
April
May
15,590
16,088
16,250
16,660
17,114
17,421
17,955
18,529
18,844
19,250
19,918
20,449
20,529
20,824
21,115
21,552
22,160
22,504
22,699
11,665
12,065
12,121
12,428
12,789
12,960
13,334
13,715
13,891
14,135
14,598
14,871
14,817
15,004
15,100
15,342
15,731
15,925
16,034
869
877
890
904
914
929
943
963
970
987
1,006
1,019
1,013
1,018
1,029
1,039
1,055
1,065
1,077
End of year and
month
June
July
August
September....
October
November....
December
1944—January
February
March
April
May
Tune
July
In millions of dollars]
Large denomination currency 2
Coin and small denomination currency 2
Coin
3
$2
$5
610
6Q^
801
33
32
33
35
33
34
36
39
44
55
773
786
791
804
824
834
843
858
866
872
886
909
880
877
881
885
903
906
910
54
56
56
58
59
61
62
64
64
65
68
70
69
70
70
70
72
72
73
$1
402
423
460
499
505
524
$10
$20
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,229
1,288
1,373
1.563
1,560
1,611
1,772
2,021
2,731
4,051
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
4,096
1,678
1,718
1,713
1,741
1,785
1,793
1,836
1,878
1,887
1,902
1,950
1,973
1,940
1,952
1,951
1,964
2,003
2,010
2,016
4,107
4,279
4,280
4,391
4,526
4,565
4,719
4,853
4,893
4,962
5,127
5,194
5,174
5,255
5,265
5,344
5,498
5,544
5,569
4,183
4,349
4,391
4,531
4,681
4,778
4,931
5,102
5,211
5,347
5,561
5,705
5,742
5,832
5,905
6,040
6,198
6,326
6,388
Total
$500
Unassorted
$50
$100
$1,000 $5,000 $10,000
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
364
337
358
399
387
409
460
538
724
1,019
618
577 |
627 I
707
710
770
919
1,112
1,433
1,910
125
112
122
135
139
160
191
227
261
287
237
216
239
265
288
327
425
523
556
586
8
5
7
7
6
17
20
30
24
9
10
7
16
18
12
32
32
60
46
25
8
10
5
8
3,928
4,026
4,129
4,232
4,326
4,462
4,622
4,816
4,951
5,118
5,323
5,580
5,715
5,823
6,017
6,212
6,431
6,581
6,667
1,047
1,079
1,104
1,131
1,159
1,195
1,237
•1,293
1,327
1,366
1,416
1,481
1,509
1,534
1,576
1,618
1,668
1,699
1,722
1,962
2,013
2,069
2,128
2,186
2,259
2,347
2,453
2,535
2,636
2,761
2,912
2,992
3,054
3,152
3,270
3,371
3,458
3,516
293
298
306
312
319
329
341
353
360
373
388
407
418
426
444
456
473
481
487
592
599
616
621
630
648
667
687
698
713
729
749
767
777
814
836
887
912
911
10
11
11
15
10
10
10
9
11
11
10
9
9
9
9
9
9
9
9
25
25
23
26
22
21
20
22
20
20
19
22
21
22
22
23
23
22
22
3
3
1
1
1
2
2
2
2
3
2
2
3
3
1
1
2
2
2
7
5
2
4
4
3
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, p p . 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money held in the Treasury
Total outstanding
July 31,
1944
Gold
*
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver d o l l a r s . . . .
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
Minor coin . . . .
. .
. . . . .
United States notes
Federal Reserve Bank notes
National bank notes
Total—July 31, 1944
Tune 30,1944 .
July 31, 1943
.
.
As security
against
gold and Treasury
cash
silver
certificates
2
For
Federal
Reserve
Banks
and
agents
Money
held by
Federal
Reserve
Banks and
agents
July 31,
1944
June 30,
1944
July 31,
1943
2 815
'702
281
54
18 951
3,694
54
18 750
3,700
57
14,268
3,629
20 996
18 877
19 747
3
4,109
18,877
1,807
93
134
494
1 520
* 1,807
743
279
347
600
127
287
1,520
101
2
105
103
85
20
9
2
1
(5)
228
16
4
22
8
1
1,579
707
266
322
590
125
1,589
700
263
322
597
126
1,634
619
239
322
599
131
(4)
(4)
20,684
20 879
22,118
3,798
3 812
3,713
22,699
4
2 119
16 008
z
2,346
2 296
2,264
16,008
16 194
17,347
22 504
17,955
1
Outside Treasury and Federal Reserve Banks.
Includes any paper currency held outside the continental limits of the United States; totals for
other end-of-month dates shown in table above, totals by weeks in table on p. 885, and seasonally adjusted figures in table on p. 894.
2
Includes $1,800,000,000 Exchange Stabilization Fund, $143,894,146 balance of increment resulting from reduction in weight of the gold dollar,
and $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not
included in total Treasury currency outstanding.
4
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance
5
and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii)
as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as
security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal
Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured
by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligibb
under the terms of the Federal Reserve Act, or, until June 30, 1945, of direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, including
the redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates
pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in
gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.
SEPTEMBER
1944
893
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
(Outside Treasury and Federal Reserve Banks. In millions of dollars]
Date
End of year figures:
1938
1939
1940
. .
1941
1942
1943
Monthly averages of daily
figures:
1943—August
September
October
November
December
1944—January
February
March
April
May
June
July
August
Wednesday figures:
1944—July 5
12
19
26
Aug. 2
9
16
23
30
Amount—
unadjusted
for seasonal
variation
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series1
+306
+742
+1,134
+2,428
+4,250
+5,039
6,856
7,598
8,732
11,160
15,410
20,449
18,196
18,729
19,001
19,566
20,243
20,428
20,635
20,964
21,312
r
21,822
r
22,296
r
22,580
22,988
18,287
18,767
19,001
19,507
19,944
20,367
20,635
21,027
21.484
r
21,976
r
22,408
r
22,625
23,104
+571
+480
+234
+506
+437
+423
+268
+392
+457
r
+492
+432
r
+217
+479
22,598
22,561
22,531
22,584
22,734
22,910
23,020
23,047
23,221
22,530
22,606
22,667
22,812
22,894
23,025
23,159
23,186
23,268
-26
+76
+61
+145
+82
+131
+134
+27
+82
r
1
Revised.
For end of year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see September 1943 BULLETIN, pp. 822-826.
Because of an apparent recent change in the seasonal pattern around the
year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942; seasonally adjusted figures for
money in circulation, as shown in Banking and Monetary Statistics, Table
111, p. 414, and described on p. 405, are based on an older series of adjustment factors.
Period
19342
1935
1936
1937
1938
1939
1940
1941
1942
1943
Gold
stock
at end
of period
Jan.-July
Earmarked
Domes-
Net gold gold: de- tic gold
crease
import
producor intion1
crease (-)
.2
-85.9
-200.4
-333.5
-534.4
—644.7
-407.7
-458.4
-803.6
82.6
92.9
110.7
131.6
143.9
148.6
161.7
170.2
169.1
125.4
48.3
-52.7
-92.0
-67.8
-59.3
-51.0
—127.0
-19.6
• -206.6
— 111.7
-170.7
— 165.5
-90.7
-177.1
-63.7
-91.3
-80.6
-40.6
-44.1
-87.0
-27.6
11.5
-48.7
-70.5
-93.1
-6.4
5-96.6
4.0
3.7
3.4
3.9
3.4
3.6
3.1
3.4
2.9
2.9
2.9
2.4
'2.4
-941.9
e-331.5
8,238
10,125
11,258
3
12,760
14,512
17,644
21,995
22,737
22,726
21,938
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
-788.5
22,335
22,243
22,175
22,116
22,065
21,938
21,918
21,712
21,600
21,429
21,264
21,173
20,996
20,996
3
1943—July
August
September...
October
November ...
December
1944—January
February... .
March
April
May
June
July
Increase
in gold
stock
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
982.4
(*)
(4)
p
20.1
p
1
Preliminary. f Figure carried forward.
Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on p. 939, adjusted to exclude Philippine
Islands
production received in United States.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a
fine
ounce thereafter.
3
Includes gold in the Inactive Account amounting to 27 million dollars
on4 Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
The net gold import figures for months subsequent to December 1941
have
not been released for publication.
5
Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 3,808.9 million dollars on July 31, 1944.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 156,
pp. 536-538, and for description of statistics see pp. 522-523 in the same
publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts except
interbank accounts
Year and month
Total, all
reporting
centers
New
York
City 1
Other
140 other reporting
centers
centers 2
Annual rate of
turnover of total
deposits except
interbank
New
York
City
333 other
reporting
centers
Debits to demand
deposit accounts
except interbank
and Government
New
York
City
178,498
204,831
193,143
164,945
167,939
167,373
193,729
Annual rate of
turnover of demand
nPr\f^cifc
ftyrnr\t
u.cpusics except
interbank and
Government
100 other
leading
cities
York
City
100 other
leading
cities
31.5
31.4
29.5
25.1
21.0
17.1
17.3
18.0
22.7
22.4
22.4
19.9
19.4
18.6
19.4
18.4
New
1935
1936
1937
1938
1939
1940
1941
1942—old series 3
1942—new series 3
1943
402,718
461,889
469,463
405,929
423,932
445*863
537,343
607,071
641,778
792,937
184,006
208^936
197,836
168,778
171,382
171*582
197,724
210,961
226,865
296,368
190,165
219,670
235,206
204,745
218,298
236*, 952
293,925
342,430
347,837
419,413
28,547
33,283
36,421
32,406
34,252
37,329
45,694
53,679
67,074
77,155
16.1
16.5
13.1
11.7
200,337
175,902
202,267
215,090
186,140
200,636
217,744
270,439
308,913
258,398
369,396
20.5
17.4
1943—July
August
September
October
November
December
1944—January
February
March
April
May
June
July
65,347
60,614
75,758
66,266
65,025
76,499
r
71,87O
r
70,691
r
76,060
r
66,690
r
67,258
r
83,844
72,909
23,976
21,221
27,913
23,990
23,327
28,936
27,031
27,592
29,644
25,297
24,708
33,563
28,474
34,954
33,359
40,452
35,614
35,215
40,155
r
37,926
r
36,472
r
39,382
r
34,915
r
36,048
r
42,592
37,588
6,417
6,034
7,393
6,663
6,483
7,409
6,914
6,627
7,034
6,478
6,502
7,689
6,847
16.2
14.3
18.2
14.3
15.2
17.8
17.3
17.7
16.5
16.0
15.5
19.7
16.2
11.4
10.6
13.0
10.5
11.1
11.8
11.5
11.3
10.8
10.6
10.4
11.8
10.3
21,261
18,500
24,377
20,923
20,759
24,446
24,994
22,887
25,650
21,284
20,927
28,988
25,423
30,750
29,130
35,850
31,390
30,738
34,751
33,749
31,566
33,937
30,482
31,105
38,024
32,934
19.2
16.0
22.7
20.5
21.1
21.8
22.9
24.0
22.8
19.7
17.9
24.3
24.8
16.4
15.2
19.6
17.4
17.8
17.7
17.9
18.5
17.4
16.4
15.5
18.7
18.0
r
1
Revised.
National series for which bank deb't figures are available beginning with 1919.
*3 Annual figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and 1943, and monthly figures, include 193 centers.
See p. 717 of August 1943 BULLETIN for description of revision beginning with May 1942; deposits and debits of new series for first four months of
1942 partly estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported since 1942 for 334 reporting centers; the deposits, from which
rates of turnover have been computed, have likewise been reported by most banks and have been estimated for others. Debits to demand deposit
accounts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by member banks in 101 leading cities#since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table
55, p. 254, due to differences in method of computation.
894
FEDERAL RESERVE BULLETIN
DEPOSITS A N D CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS
[Figures partly estimated. In millions of dollars]
Total
deposits
adjusted
and
currency
outside
banks
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
55,171
54,713
26,179
26,366
51,532
51,156
22,540
22,809
1933—June........
December . . .
1934—June
December
1935—Junq
December
1936—June.........
December
1937—June .
December
1938—June .
December
1939—June..............
December
1940—June
December .
1941—June
December.....
1942—June
December
1943—June.......
41,680
•42,548
45,961
47,985
49,881
52,182
55,052
57,351
57 258
56,639
56,565
58,955
60,943
64,099
66,952
70,761
74,153
78,231
81,963
99,701
110,161
19,172
19,817
21,353
23,114
25,216
27,032
29,002
30,999
30,687
29,597
29,730
31,761
33,360
36,194
38,661
42,270
45,521
48,607
52,806
62,868
71,853
36,919
37,766
41,302
43,330
45,098
47,265
49,830
51,835
51,769
51,001
51,148
53,180
54,938
57,698
60,253
63,436
65,949
68,616
71,027
85,755
94^ 347
1943—July
August
September
October
. .
November
December
. .
1944—January^
February^
March p
Aprils
May p .
June?........
112,900
114,500
119,800
123,700
123,500
122,812
125,200
128,500
127,800
127,400
127,800
135,700
75,000
78,500
72,000
74,000
77,900
79,652
81,400
77,300
79,100
82,000
85,600
81,000
96,500
97,600
102,600
106,100
105)200
103,975
106,300
109,300
108,300
107,500
107,300
114,800
End of month
1929—June.. .
December.....
1
Demand
deposits
adjusted 1
United
States
Government
deposits 2
Time deposits
Total
Mutual
savings
banks 4
381
158
28,611
28,189
19,557
19,192
8,905
8,838
149
159
3,639
3,557
14,411
15,035
16,694
18,459
20,433
22,115
23,780
25,483
25,198
23,959
24,313
25 986
27,355
29,793
31,962
34 945
37,317
38,992
41,870
48,922
56)039
852
1,016
1,733
1,715
811
909
1,142
991
666
824
599
889
792
846
828
753
753
1 895
1,837
8,402
8) 048
21,656
21,715
22,875
23,156
23,854
24,241
24,908
25,361
25,905
26,218
26,236
26,305
26,791
27,059
27,463
27,738
27,879
27 729
27,320
28,431
301260
10,849
11,019
11,988
12,213
12,820
13,170
13,706
14,046
14,513
14,779
14,776
14,776
15,097
15,258
15,540
15,777
15,928
15,884
15,610
16,352
17',543
9,621
9,488
9,691
9,738
9,830
9,871
9,971
10,056
10,125
10,170
10,209
10,278
10,433
10,523
10,631
10,658
10,648
10,532
10,395
10,664
11,141
1,186
1,208
1,196
1,205
1,204
1,200
1,231
1,259
1,267
1,269
1,251
1,251
1,261
1,278
1,292
1,303
1,303
1,313
1,315
1,415
1,576
4,761
4,782
4,659
4,655
4,783
4,917
5,222
5,516
5,489
5,638
5,417
5,775
6,005
6,401
6,699
7,325
8,204
9,615
10,936
13,946
15,814
58,600
61,600
54)800
56,400
59,600
60,815
62'500
58,100
59,600
62,100
65,100
60,100
7,100
4,700
16,300
17,900
13*300
10,424
10*700
17,600
14,700
10,900
7,100
19,100
30,803
31,300
3l)503
31,800
32)300
32,736
33)l00
33,600
34,000
34,500
35,100
35,600
1
11,200
11,300
11,400
11,500
11,600
11,737
ll)800
11,900
12,000
12,100
12,200
12,400
1,600
1,700
1,700
1,700
1,800
1,786
1 800
1,900
1 900
1,900
2,000
2,000
16,400
16,900
17,200
17,600
18,300
18,837
18,900
19,200
19 500
19,900
20,500
20,900
8,000
18,300
18,400
18,600
18,900
19,213
19)500
19,800
20,100
20,500
20,900
21,200
Postal
Savings
System 5
Currency
outside
banks
Commercial
banks 3 4
v
Preliminary.
Includes demand deposits, other than interbank and United States Government, less cash items in process of collection.
Beginningwith December 1938, includes United States Treasurer's lime deposits, open account.
3
Excludes interbank time deposits and postal savings redeposited in banks.
4
Beginning with June 1941, the commercial bank figures exclude and the mutual savings bank figures include three member mutual savings banks.
5
Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions.
NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and
Table 9, pp. 34-35, for back figures.
POSTAL SAVINGS SYSTEM
BANK SUSPENSIONS^
[In millions of dollars]
Nonmember
Member
banks
banks
Total,
Assets
all
banks
NonNaInState
DeposU. S. Government
tional
sured 2 insured
Cash
itors'
Cash
securities
End of month
in debalreNumber of banks suspended:
posiances 1 Total
serve
1
g
Guar- funds
1934
48
57
tory
Di8
anTotal
1935
4
22
34
banks
etc. 2
rect
1
teed
3
1936
40
44
1937 .
59
4
2
6
47
1
1
6
1938
55
47
1934—Dec.
540
467
130
1,237
1,207
100
597
3
4
10
1939 . . . .
25
42
1935-Dec.........
287
706
147
1,201 1,237
98
853
18
3
1940
22
1
1936—Dec.........
145
892
167
1,296
1,260
93
1,058
3
1941
8
1
4
1937—Dec
131
931
167
1,308
1,270
1,097
80
3
6
9
1942 . .
1938-Dec.........
86
965
166
1,291
1,252
1,132
73
1943
2
4
2
1939—Dec
,
53
1,319
1,046
146
1,279
1,192
74
1
1
1944—Jan .-July
1940—Dec........
36
1,078
146
1,304
1,348
1,224
88
1941—Dec.........
26
1,396
1,128
146
1,314
1,274
95
Deposits of suspended banks
1942—Dec
16
126
1,417
1,464
1,345 1,220
102
(in thousands of dollars): 3
1934.
40
1,912 34,985
36,937
1943—Aug.. . . . . . .
1,588
121
11
1,588
1,660 1,719
5,313
3,763
939
1935
10,015
Sept.
1,631 1,631
10
97
1,683 1,739
507
10,207
11,306
592
1936.
Oct.........
1,646
1,646
10
117
1,716 1,773
7,379
10,156
19,723
1,708
480
1937
Nov. . . . . . . .
1,678
1,812
1,678
10
125
1,752
13,012
36
211 11,721
1,044
1938.
Dec........
1,716
1,716
10
118
1,788 1,843
1,341 24,629
1939
34,998
6,589
2,439
346
256
5,341
1940
5,943
1,719
1944—Jan.........
1,719
162
1,891
9
1,833
3,726
3,144
503
79
1941
1,783
1,783
135
Feb. . . . . . .
1,926
9
1,867
1,702
1,375
1942
327
1,823
1,823
132
9
1,906 1,964
Mar
6,223
4,982
1943
1,241
1,870 1,870
129
9
Apr.. . . . . . 1,947 2,008
1944—Jan.-July
405
405
1,912
132
9
1,912
1,994 2,053
May
1
Represents banks which, during the periods shown, closed temporarily
1,951 1,951
135
9
2,034 2,095
June
or permanently on account of financial difficulties; does not include banks
July
. . . ^2,082
whose deposit liabilities were assumed by other banks a t the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
v
Preliminary. 1 Outstanding principal, represented by certificates of
loans).
2
deposit. Does not include accrued interest or outstanding savings stamps.
Federal deposit insurance became operative Jan. 1, 1934.
2
3
Includes working cash with postmasters, 5 per cent reserve fund and
Deposits of member banks and insured nonmember banks suspended are
miscellaneous working funds with Treasurer of United States, accrued
as of dates of suspension, and deposits of noninsured nonmember banks
interest on bond investments, and accounts due from late postmasters.
are based on the latest data available at the time the suspensions were
Back figures.—See Banking and Monetary Statistics, p . 519; for descripreported.
tion, see p. 508 in the same publication.
Back figures.—See Banking and Monetary Statistics, p p . 283-292; for
description, see pp. 281-282 in the same publication.
1
2
SEPTEMBER 1944
895
ALL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Investments
Class of banks, and call dates
Total
Loans
Total
U. S.
Government
obligations
All banks:
1934—June 30
1937—June 30
1940—June 29
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
December 31
1944—June 30e
Other
Other
securities
Total 1
Inter-1
bank
Number
of banks
Demand
Time
42,552
49,565
51,336
57,946
61,101
64,009
78,137
87,881
96,971
108,650
21,306
22,410
22,340
25,311
26,616
25,081
23,915
22,241
23,596
25,350
21,246
27,155
28,996
32,635
34,485
38,928
54,222
65,640
73,375
83,300
11,278
16,954
19,666
23,521
25,488
30,301
45,932
57,748
65,941
75,800
9,968
10,201
9,330
9,114
8,997
8,627
8,290
7,892
7,434
7,500
46,435
59,222
70,770
78,120
81,780
82,706
99,796
107,224
117,659
128,550
4,560
6,332
10,188
10,948
10,989
10,287
11,318
10,895
11,012
11,350
19,527
28,118
34,336
40,530
44,316
46,357
61,395
67,554
75,574
83,500
22,348
24,773
26,246
26,641
26,476
26,062
27,083
28,775
31,073
33,700
15,929
15,539
14,955
14,855
14,825
14,775
14,682
14,618
14,579
14,554
All commercial b a n k s :
1934—June 30
1937—June 30
1940—June 29
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
December 31
1944—June 30*
32,742
39,472
41,148
47,625
50,722
53,649
67,391
76,633
85,103
95,650
15,700
17,432
17,414
20,353
21,711
20,259
19,217
17,660
19,117
20,900
17,042
22,040
23,734
27,272
29,011
33,390
48,174
58,974
65,986
74,750
10,307
14,563
16,553
20,095
21,788
26,410
41,373
52,458
59,845
68,500
6,735
7,477
7,181
7,177
7,223
6,980
6,801
6,516
6,141
6,250
36,744
49,097
60,139
67,472
71,248
72,311
89,132
96,083
105,923
116,100
4,560
6,332
10,188
10,948
10,989
10,287
11,318
10,895
11,012
11,350
19,527
28,118
34,336
40,530
44,316
46,357
61,395
67,554
75,574
83,500
12,657
14,648
15,615
15,993
15,944
15,667
16,419
17,634
19,337
21,250
15,353
14,976
14,404
14,305
14,277
14,228
14,136
14,073
14,034
14,010
All insured commercial b a n k s
1934—June 30
1937—June 30
1940—June 29
1941—June 30
December 31
1942—June 303
December 31
1943—June 30
December 31
31,688
38,218
39,830
46,186
49,288
52,642
66,240
75,270
83,50'
15,190
17,041
17,011
19,909
21,258
19,920
18,903
17,390
18,841
16,498
21,177
22,819
26,276
28,030
32,722
47,336
57,880
64,666
10,005
13,964
15,900
19,370
21,046
25,934
40,705
51,534
58,683
6,493
7,213
6,919
6,907
6,984
6,789
6,631
6,347
5,983
35,833
47,824
58,418
65,608
69,411
71,150
87,803
94,563
104,094
4,435
6,146
9,795
10,545
10,654
10,076
11,144
10,681
10,705
19,013
27,240
33,272
39,320
43,061
45,664
60,504
66,509
74,309
12,385
14,438
15,351
15,742
15,697
15,410
16,154
17,374
19,081
13,939
13,883
13,479
13,422
13,426
13,399
13,343
13,298
13,270
14,652
18,454
5,239
5,765
5,761
5,852
5,961
5,774
5,629
5,352
5,022
5,164
31,012
41,490
51,729
58,512
61,717
63,404
78,277
84,016
92,262
101,276
4,355
6,051
9,690
10,436
10,525
9,971
11,000
10,552
10,555
10,903
16,976
24,230
30,111
35,725
38,846
41,311
54,523
59,670
66,438
73,488
9,681
11,210
11,928
12,350
12,347
12,122
12,754
13,794
15,268
16,
6,375
6,357
6,398
6,556
6,619
6,647
6,679
6,703
6,738
6,773
All member b a n k s :
1934—June 30
1937—June 30
1940—June 29 2
1941—June 30
December 31
1942—June 303
December 31
1943—June 30
December 31
1944—June 30
All n a t i o n a l b a n k s :
1934—June 30
1937— Tune 30
1940—June 29
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
December 31
1944—June 30
,
S t a t e member b a n k s :
1934—June 30
1937—June 30
1940—June 29
1941—June 302
December 31
1942—June 303
December 31
1943—Tune 30
December 31
1944—June 30.
17,011
20,893
22,038
25,818
27,571
29,464
37,576
42,805
47,499
53,343
12,523
14,285
13,969
16,729
18,021
16,928
16,088
14,823
16,288
18,084
23,930
25,500
29,872
43,175
52,332
57,970
65,503
9,413
12,689
14,722
18,078
19,539
24,098
37,546
46,'
52,948
60,339
7,681
8,796
9,156
10,897
11,725
10,880
10,183
9,173
10,116
11,213
9,331
12,09"
12,882
14,922
15,845
18,584
27,393
33,632
37,382
42,129
5,847
8,206
9,094
11,111
12,039
14,"23,744
30,102
34,065
38,640
3,484
3,891
3,787
3,811
3,80b
3,706
3,648
3,529
3,318
3,490
19,896
26,716
33,014
37,273
39,458
40,534
50,468
54,589
59,961
65,585
2,767
3,790
6,083
6,589
6,786
6,497
7,400
7,155
7,159
7,402
10,356
15,162
18,702
22,302
24,350
25,861
34,499
38,205
42,605
46,879
6,772
7,764
8,228
8,382
8,322
8,176
8,570
9,229
10,196
11,304
5,417
5,293
5,164
5,130
5,117
5,101
5,081
5,060
5,040
5,036
4,842
5,488
4,813
5,832
6,29.
6,048
5,905
5,649
6,171
6,870]
5,321
6,357
7,600
9,008
9,654
11,288
15,783
18,701
20,588
23,373
3,566
4,483
5,627
6,967
7,500
9,220
13,802
16,878
18,883
21,699
1,755
1,874
1,973
2,041
2,15;
2,068
1,980
1,823
1,705
1,674
11,116
14,774
18,715
21,238
22,259
22,871
27,808
29,427
32,302
35,690
1,588
2,261
3,608
3,84'
3,739
3,474
3,600
3,396
3,397
3,501
6,620
9,068
11,409
13,423
14,495
15,451
20,024
21,465
23,833
26,609
2,908
3,446
3,699
3,969
4,025
3,946
4,184
4,566
5,072
5,580
958
1,064
1,234
1,426
1,502
1,546
1,598
1,643
1,698
1,737
2 0 , •"-
* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of the
Currency
and the Federal Deposit Insurance Corporation for national banKS and insured banks respectively.
e
Estimated. Figures have been rounded to the nearest 50 million.
1
Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated 600 million dollars at all member banks and 614 million
dollars
at all insured commercial banks.
2
Beginning June 30, 1941, member bank figures and insured mutual savings bank figures both include 3 member mutual savings banks with total deposits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercial
banks"
and are included only once in "all banks."
3
Decreases in "noninsured nonmember commercial banks" and "all nonmember commercial^ banks" figures (with corresponding increases in member bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank with
total4 loans and investments aggregating 472 million dollars on June 30, 1942.
Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previouslv included in these statistics; on Dec. 31, 1941, its deposits, excluding interbank deposits, were 33 million dollars and its loans and investments 26 million dollars.
Back figures—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
896
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES—Continued
LOANS, INVESTMENTS, DEPOSITS, A N D NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of banks, and call dates
Total
Loans
Total
All nonmember commercial b a n k s :
1934—June 30....
1937—June 30....
1940—June 29....
1941—June 30.. .
December 31.
1942—June 30 3 - 4 ....
December 31.
1943—June 30
December 31...
1944—June 30e
U. S.
Government
obligations
Other
Other
securities
Total 1
Inter-1
bank
Number
of banks
Demand
Time
5,567
6,733
6,697
6,973
7,208
6,856
8,135
9,486
10,855
12,050
3,177
3,147
3,445
3,627
3,693
3,334
3,132
2,840
2,832
2,800
2,390
3,586
3,252
3,346
3,515
3,522
5,003
6,647
8,022
9,250
895
1,874
1,831
2,018
2,251
2,314
3,829
5,482
6,902
8,150
1,495
1,712
1,421
1,328
1,264
1,208
1,174
1,165
1,120
1,100
5,732
7,607
8,410
8,969
9,539
8,915
10,864
12,076
13,671
14,850
498
512
464
316
318
343
457
450
Insured nonmember commercial
banks:
1934—June 30..
1937—June 30
1940—June 29
1941—June 30
December 31
1942—June 30
December 31
1943—June 30
December 31
4,513
5,479
5,379
5,534
5,774
5,849
6,984
8,123
9,258
2,667
2,756
3,042
3,183
3,241
2,995
2,818
2,570
2,556
1,846
2,723
2,337
2,350
2,533
2,854
4,166
5,553
6,702
592
1,275
1,178
1,293
1,509
1,837
3,162
4,557
5,739
1,254
1,448
1,159
1,057
1,025
1,017
1,004
996
962
4,821
6,334
6,689
7,104
7,702
7,754
9,535
10,557
11,842
Noninsured nonmember commercial
banks:
1934—June 30
1937—June 30
1940—June 29
1941—June 30
December 31
1942—June 303>4
December
31
e
1943—June 30
c
ember
31
Dec
1,054
1,254
1,318
1,439
1,434
1,007
1,151
1,363
1,596
510
391
403
444
452
339
314
270
276
544
863
915
996
982
668
837
1,094
1,320
303
599
653
725
742
477
667
925
1,162
241
264
262
271
239
191
170
169
158
911
1,273
1,721
1,865
1,837
1,161
1,329
1,519
1,829
9,810
10,093
10,188
10,321
10^379
10,360
10,746
11,248
11,868
13',000
5,606
4,978
4,926
4,958
4,905
4,822
4,698
4,581
4 479
4^450
4,204
5,115
5,262
5,363
5,474
5,538
6,048
6,666
7,380
8,550
971
2,391
3,113
3,426
3,700
3,891
4,559
5,290
6,096
7,300
3,233
2,724
2,149
1,937
1,774
1,647
1,489
1,376
1,293
1,250
9,691
10,125
10,631
10,648
10,532
10,395
10,664
11,141
11,737
12,450
9,691
10,125
10,631
10,648
10,532
10,395
10,664
11,141
11,737
12,450
576
563
551
550
548
547
546
545
545
544
Insured m u t u a l savings b a n k s :
1934—June 30
1937—June 30
1940—June 29
1941—June 302
December 31
1942—June 30
December 31
1943—June 30
December 31
1,022
969
1,317
1^655
1,693
1,800
21007
2,704
7,525
576
470
598
641
642
692
740
1,013
3,073
446
499
719
1,015
1,050
1 108
l|267
1,691
4,452
120
252
420
569
629
686
861
1,264
3,844
325
247
299
446
421
422
405
427
608
1,040
1,002
1,428
1,803
1,789
1,864
2,048
2,739
7,534
1,040
1,002
1,428
1,803
1,789
1,864
2,048
2,739
7,534
66
56
51
53
52
53
56
61
184
Noninsured mutual savings b a n k s :
1934—June 30
.....
1937—June 30.....
1940—June 29
1941—June 30
December 31
1942—June 30
December 31..
1943—June 30
..
December 31..
8,788
9^124
8*871
8,666
8,686
8,560
8,739
8,544
41343
5,030
4*508
4! 328
4,317
4,263
4,130
3,958
3,568
U405
3,758
4 616
4^543
4,348
4,424
4,430
4,781
4 975
2,937
851
2,139
2,693
2,857
3,071
3,205
3,698
4,026
2,252
2,908
2,477
1,850
1,491
1,353
1,225
1,084
949
685
8,651
9,123
9', 203
8,845
8,743
8,531
8,616
8,402
4,203
8,651
9,123
9,203
8,845
8,743
8,531
8,616
8,402
4,203
510
507
500
497
496
494
490
484
361
All m u t u a l savings b a n k s :
1934—June 30
1937—June 30
1940—June 29 2
1941—June 30
December 31
1942—June 30
December 31
1943—Tune 30
December 31
1944—June 30e
205
281
2,551
3,888
4,225
4,805
5,470
5,046
6,872
7,884
9,135
10,000
2,976
3,438
3,687
3,651
3,605
3,553
3,674
3,849
4,079
4,400
8,978
8,619
8,006
7,752
7,661
7,584
7,460
7,373
7,299
7,240
80
96
104
110
129
105
145
129
149
2,037
3,010
3,161
3,595
4,215
4,353
5,981
6,839
7,870
2,704
3,228
3,423
3,400
3,358
3,296
3,409
3,589
3,823
7,564
7,526
7,081
6,869
6,810
6,755
6,667
6,598
6,535
125
185
394
402
335
211
173
214
307
514
878
1,064
1,210
1,255
693
891
1,045
1,265
272
1,414
1,093
925
883
851
829
793
;
210
264
251
247
257
265
260
256
775
764
footnotes see opposite page.
SEPTEMBER
1944
897
ALL INSURED COMMERCIAL BANKS I N THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars}
Investments 1
Loan.
Class of banks,
and call dates
Total
loans
and
investments1
Commercial,
Total1
including
open-
market
paper 1
All insured commercial banks:
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
30 . . .
30
29....
30....
30....
30....
31, 688
38, 218
39, 830
46, 186
52, 642
75, 270
Dec. 31.... 83, 507
15, 190
17 041
17 011 " 6 ,502
19 909
8 ,342
19 920
8 ,867
6 ,887
17, 390
18 841
7 ,777
Loans for
purchasing
or carrying
securities
AgriculTo
tur-1
al brokers
and
dealers
To
others 1
U . S. Government obligations
Real- Cones- sumer Other Total
tate loans loans 1
loans
Total
Obligations
of
Direct
States Other
and
CerGuar- politi- secutifirities
ancal
cates
Bi 11s of in- Notes Bonds teed subdividebtsions
edness
j
1,184
1,167
1,164
1,316
1,505
1,329 3,714 3, 462
1,566 3,150 3, 583
464
742 4, 281
592
703 4, 629
569
620 4, 770
1,134
671 4, 547
1,414
922 4, 437
6,684
16,498
8,744
21,177
3,840
22,819
4,476
26,276
3,928
32,722
896 57,880
1,937
1,868
918 64,666
10,005
13,964
15,900
19,370
25,934
51,534
58,683
794
656
827
805
1, 135
1, 536 1 978
6, 557 10 315
4, 636 13 218
s 047
,637
,,699
,758
,732
,716
,672
5,210
6,386
9,026
11,397
15,812
26,286
30,656
5 ,988
7 ,807
8 ,383
6 ,554
7 ,421
736
738
726
854
1,023
1,290 3,309 2, 357
1 536 2,829 2, 505
447
668 3, 069
575
635 3, 365
554
562 3, 501
1,120
603 3, 351
1,398
839 3, 274
4,838
5,689
8,261
10,481
14,485
23,545
27,265
1,023 2,200 2,130 3, 207
9,413
12,689
14,722
18,078
24,098
46,980
52,948
56,771
60,339
791
637 5,871
t L 361
821
797
2,543
1, 127
2,631
1, 509 i 872 3,546
278
9
418
5,251
6,
4, 360 12 071 6,906
7 ,023
5,568
14,652
18,454
7,414
3,062
20,482
3,609
23,930
29,872
3,203
1,540
801 52,332
1,484
848 57,970
61,892
1,467 1,033 65,503
Member banks,
total
J934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—Apr.
30
30
29...
302...
30....
30....
31....
13. , .
27, 175
32, 739
34, 451
40, 659
46, 800
67, 155
74, 258
78, 027
June 30.... 83, 587
12
14
13
16
16
14
16
16
18
523
285
969
729
928
823
288
135
084
4, 466 14 228 10,640 30,118
298
2 280
2, 115 2 684
3, 370
4, 080
2, 874
2, 661
2, 501
3
3
3
3
3
482
551
493
440
287
A
851
2 150
2 888
2 984
2 934
2 876
2 729
2 818
887 2 ,834
276
1 ( 819
3, 121
3, 839
2, 685
2, 487
2, 345
4, 213
530
3', 436
3, 356
3, 295
2, 907
2, 696
3. 388
3' 615
2, 873
2, 867
2, 840
2, 476
2, 294
2, 303
2, 331
New York City:z
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—Apr.
30....
30
29....
30....
30....
30
31....
13
7, 666
9, 006
9, 829
12, 493
14, 019
18 982
19, 994
20,805
June 30.... 22 669
Chicago :z
1934—June 3 0 . . . .
1937—June 30
1940—June 29
1941—June 3 0 . . . .
1942—June 3 0 . . . .
1943—June 3 0 . . . .
Dec. 3 1 . . . .
*" 1944—Apr. 13
June 3 0 . . . .
3
4
3
3
4
4
4
4
5
401
276
014 " i ,905
778 2 ,503
066
2 ,841
009
2 ,274
428
2 ,515
594
479 "l ,430
1
1
2
2
3
4
4
4
5
445
969
205
707
116
332
554
727
124
556
675
603
846
906
784
1 004
962
1 064
9
11
12
14
16
24
27
28
30
609
629
160
013
535
677
521
676
943
Country banks:
1934—June 3 0 . . . .
8 456
1937—June 3 0 . . . . 10 134
1940—June 2 9 . . . . 10 257
1941—June 3 0 . . . . 11 446
1942—June 3 0 . . . . 13 130
1943—June 3 0 . . . . 19 164
Dae. 3 1 . . . . 22 188
1944—Apr. 13
23 819
June 30.... 24 850
Reserve city
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—Apr.
June
hanks:
30....
30....
29....
30....
30....
30....
31....
13
30
Insured nonmember commercial banks:
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
30....
30....
29....
30....
30....
30....
31....
4
5
5
5
5
8
9
513
479
379
534
849
123
258
938
1,295
6
320
3
422
9
430
24
955
24 1,054
882
824
188
186
167
240
323
156
149
137
129
121
113
107
64 1,657
751
93
1,425
4,265 3,210
607
347
543
4,730 3,630
2,008
421
458
6,815 5,486
536
8,715 7,268
577
499
9,953 8,550
402
663
140 14,974 13,887 1, 985 2 818
264
252
153 15,566 14,563 1, 328 3 409
16,211 15,175
232
251 17,190 16,157 1 258 4 242
286
465
62
101
90
76
94
134
138
90
75
74
1,665
31
114
173
177
190
164
209
158
186
204
115
121
167
188
188
172
155
163
169
632
752
981
979
925
942
913
933
963
1 046
981
868
836
858
785
726
737
735
1 595
1 759
1 144
1, 047
1 013
917
855
855
849
587
3,535
103
178
195
4,902
4,947
87
5,700
73
8,188
579
674
17,417 2 626 3 529
19,682 1 802 4 691
21,009
22,484 1 914 5 ,586
1,148
1,777
839
606
981
1,828
2,497
1 385
1 840
5,214
2,639
6,635
1,230
6,795
1,466
7,515
1,315
9,971
670
276 19,144
658
301 21,321
22,680
650
350 24,183
3,893 10,689
402
59 1,039
33
828
17
208
17
195
16
169
17
164
25
197
1 056
1 179
1 544
1 739
1, 834
1 750
1, 725
2,018
2,301
1,311
1,507
1.299
555
371
528
381
345
1 708
536
392
2,007
16
53
3,155
52
3,030
36
3,627
60
5,502
355
171
12,509 1 194 2 276
15,465 1 032 3 094
17,170
18,009
926 3 ,362
446
792
451
374
657
1,368
2,096
33
4,283
5,794
5,270
5,839
7,737
14,667
17,534
19,238
20,071
25
681
635
880
695 1 ,097
788 1 ,165
624 1 ,222
581 1 ,241
538 1 ,214
1 ,212
252 1 ,212
40
30
17
18
15
14 !
16 1
405
321
74
68
57
68
1,116
1,329
778
865
726
397
96
385
70
1,846
2,723
2,337
2,350
2,854
5,553
6,702
51
45
15
14
710
11
102
130
21
49
40
4
4
5
6
6
5
.6
5
6
394
994
365
2 ,290
3 ,081
498
564
3 ,318
2 ,652
533
201 3 ,058
997
761 "2 ,787
176
175
152
205
279
232 1,200
158 1,032
87
210
100
198
78
177
107
157
217
267
1 124
1, 164
1, 372
1 477
1 524
1, 465
1, 420
277
409
903
4
4
4
5
5
4
4
4
4
172
340
987
607
393
497
654
582
780
512* " ' 4 4 8
534
429
485
439
333
463
356
482
268
511
710
803
1,068
1,424
1,602
1 038
21
13
16
20
22
23
22
2 667
2 756
3 042
3 183
2 ,995
2 ,570
2 ,556
201
367
188
145
61
55
50
41
52
671
7,650
630
755
695
796
781
602
558
548
577
181
795
877
60
51
23
36
29
40
102
1 ,096
2,805
425
344
634
651
623
484
444
487
456
194
366
161
125
162
399
484
8
5
3
2
6
"546
555
562
623
713
661
1,001
1,258
1,483
1,858
3,167
3,238
3,417
3,688
1,015
157
1,207
454
2,650 1, 324
3,415 1, 751
4,572 1, 166
6,454
974
7,014
984
64
30
254
417
357
473
199
'432'
630
712
612
763
i *361
1 ,593
1 ,512
1 ,017
1 ,084
889
1,295
1,602
1,861
2,210
3,548
3,550
3,765
4,060
1,084
L,426
1,092
1,526
1,746
1,656
L,829
1
1
1
1
1
1
82 1
105
078
212
267
273
199|
165 |
592
1,275
1,178
1,293
1,837
4,557
5,739
59
4
20
6
8
8
27
'l06
278
896
276 1 ,147
2,088
19
2,295
635
3,052
969
3,858 1, 162
5,149
806
8,576
857
9,943
749
1,467
1,676
1,849
2,404
3,696
7,091
8,705
3'355 10'114
175
276
156
127
185
465
766
372
697
765
918
1,329
2,744
3,395
21
296
249
241
189
174
156
429
534
595
568
561
565
559
824
914
563
489
456
431
403
* These figures do not include data for banks in possessions of the United States and therefore duler from those published by the Federal Deposit
Insurance Corporation.
1
Classifications of loans and investments were revised as of Dec. 31, 1938, and consequently figures for some items prior to December 1938 are not
comparable with subsequent figures. For explanation see Banking atid Monetary Statistics, p p . 64 and 69.
2 Beginning June 30, 1941, member bank figures include three member mutual savings banks with total deposits of 8 million dollars in June 1941, which
became members of t h e Federal Reserve System during 1941. These banks are not included in " a l l insured commercial b a n k s . "
3 Central reserve city banks.
898
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits
Demanc deposits
Class of banks,
and call dates
All insured commercial banks:
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
Reserves
with
federal
Reserve
Banks
Cash
in
vault
30....
30....
29....
30....
30....
30....
31....
3,819
6,897
13,751
12,959
12,295
12,092
12,834
Member b a n k s ,
total
1934—June 3 0 . . . .
1937—June 3 0 . . . .
1940—June 2 9 . . . .
1941—June 3 0 . . . .
1942—June 3 0 . . . .
1943—June 3 0 . . . .
Dec. 3 1 . . . .
1944—Apr. 13....
June 30
3,819
6,897
13,751
12,959
12,295
12,093
12,835
12,497
12,813
1,022
1,142
1,132
1,265
1,143
New York City:5
1934—June 3 0 . . . .
1937—June 3 0 . . . .
1940—June 29....
1941—June 3 0 . . . .
1942—June 3 0 . . . .
1943—June 3 0 . . . .
Dec. 3 1 . . . .
1944—Apr 13....
June 3 0 . . . .
1,417
2,749
7,072
5,857
4,762
3,473
3,596
3,530
3,455
436
596
Chicago:*
1934—June
1937—June
1940—June
1941—June
1942—June
1943—June
Dec.
1944—Apr.
June
30....
30....
29....
30....
30....
30....
31....
13....
30
Reserve city banks:
1934—June 3 0 . . .
1937—June 30...
1940—June 29...
1941—June 30...
1942—June 3 0 . . .
1943—June 30...
Dec. 3 1 . . .
1944—Apr. 13....
June 30...
Countr y banks:
1934— une 30...
1937— une 30...
1940— une 29...
1941— une 30...
1942— une 30...
1943— une 30...
Dec. 3 1 . . .
1944—Apr. 13....
June 30...
Insured non-
DeBalances mand
dewith
posits
doad- 5
mestic4
banks justed
Interbank
deposits
DoFormestic4 eign
3,661
4,495
7,538
8,296
8,102
8,431
8,445
16,211
24,340
30,944
36,167
41,216
55,271
59,921
4,144
5,379
8,937
9,700
9,200
9,768
9,743
156
618
699
682
748
834
893
2,760
3,207
5,751
6,293
5,770
5,578
5,450
5,266
5,799
14,261
21,401
27,877
32,678
36,966
48,957
52,642
53,255
51,829
4,070
5,298
8,852
9,610
9,110
9,648
9,603
9,263
9,904
155
615
696
681
746
832
891
937
937
64
60
88
136
88
92
92
111
85
97
105
119
131
103
52
61
4,800
6,733
10,235
11,619
11,711
13,543
13,899
13,989
13,254
1,592
2,014
3,840
3,948
3,284
2,939
2,867
2,792
3,105
135
575
646
618
679
744
810
855
852
162
156
242
262
220
173
158
182
179
1,077
1,509
1,898
2,205
2,379
3,002
391
536
949
2
6
973
786
821
795
811
40
27
39
41
43
39
38
40
41
3,019
3,070
1,010
1,028
1,032
'972
1,011
1,090
8
10
13
14
14
15
1,19"
2,21C
3,75"
4,125
4,254
4,848
5,116
4,998
5,109
154
212
334
385
357
395
391
442
399
1,397
1,392
2,679
2,793
2,279
1,892
1,758
1,784
1,922
4,593
7,132
8,774
10,480
12,515
17,403
18,654
18,996
18,405
1,785
2,339
3,526
4,000
4,052
4,749
4,770
4,531
4,757
16
33
41
53
55
71
63
62
65
215
1,104
1,554
2,711
3,106
3,168
3,462
3,474
3,242
3,638
3,792
6,027
6,969
8,374
10,360
15,009
17,039
17,251
17,099
303
409
538
652
747
928
994
929
951
1
2
2
2
3
4
5
6
1,187
1,062
769
1,337
1,733
1,914
2,306
2,987
3,303
3,173
3,438
member commercial b a n k s
1934—June
30...
1937—June 30
1940—June 29...
1941—June 30...
1942—June 30
1943—June 30...
Dec. 3 1 . . .
623
844
984
1,242
1,290
1,448
1,445
473
629
789
999
330
328
437
533
616
611
671
618
57
60
3] 050
901
1,288
1,788
2,004
2,333
2,853
2,996
1,949
2,939
3,066
3,488
4,250
6,314
7,279
5
1,708
651
756
666
1,771
7,699
9,950
2,024
3,165
3,098
3,534
3,865
4,261
4,352
400
802
521
792
766
1,132
1,669
14,881
22,623
28,897
34,328
39,262
53,416
58,338
134
149
159
163
128
78
68
661
132
74
65
56
74
124
384
346
502
475
471
412
395
11,340
13,929
14,775
15,203
14,883
16,887
18,561
79
35
14
11
12
24
46
6,244
6,395
6,606
6,772
6,943
7,228
7,453
130
137
142
145
114
71
62
60
63
585
100
59
55
49
71
120
113
104
333
292
410
397
400
341
327
347
333
8,763
10,818
11,459
11,898
11,673
13,382
14,822
15,645
16,448
40
17
3
3
6
18
39
100
75
5,105
5,339
5,608
5,800
5,991
6,252
6,475
6,627
6,696
69
12
17
29
27
17
21
26
23
17
649
767
732
778
717
755
816
846
861
1,598
2,577
2,529
2,940
3,230
3,522
3,602
3,613
3,638
1,050
1,573
1,058
1,460
13,349
20,272
26,397
31,429
35,646
47,863
51,820
52,126
50,756
167
368
258
319
271
249
252
201
213
154
427
147
306
273
404
710
396
722
4,894
6,934
10,283
11,895
12,014
14,001
14,373
14,482
13,740
8
12
5
6
4
4
4
6
11
47
41
79
95
201
506
713
866
174
208
199
213
226
202
174
155
218
15
22
17
33
24
36
44
30
41
944
1
1,409
1,782
2,109
2,292
2 981
3',097
3,088
3,040
635
212
422
341
422
526
934
956
117
163
147
209
218
333
475
344
384
4,361
6,840
8,372
10,142
12,199
17,276
18,790
18,879
18,367
106
110
109
109
84
49
41
39
37
85
139
164
190
196
344
288
314
3,150
5,089
5,960
7,282
9,141
13,604
15,561
15,677
15,609
29
51
46
54
55
83
96
1,532
2,350
2,500
2,900
3,616
5,554
6,518
1,658
628
711
619
1,724
7,236
9,444
11,468
17,634
802
306
67
32
863
2,820
3,395
4,026
6,150
1,105
2,383
3,373
3,975
6,453
174
69
143
151
237
1,527
1,962
2,601
3,926
1,139
1,304
1,452
1,448
1,496
1,464
731
1,067
1,115
1,269
1,429
1,619
1,727
1,761
1,743
372
752
475
738
711
277
Individuals, Bor- Capipartner- row- tal
acships, ings counts
nd corporations
6
7
1
"3"
3
11
29
68
64
1
1
1
361
452
489
480
460
477
505
514
543
259
35
18
19
18
31
56
55
45
234
190
219
211
239
172
151
167
158
3,366
4,140
4,422
4,590
4,454
5,265
5,902
6,237
6,567
3
2
15
15
29
30
27
17
17
15
15
256
64
37
31
31
37
56
52
52
87
85
147
143
143
148
149
156
157
4,388
5,459
5,816
6,049
6,042
6,886
7,599
8,048
8,477
36
13
3
3
3
4
11
17
18
14
76
32
15
10
7
6
4
4
51
54
92
77
71
71
68
2,576
3,112
3,316
3,312
3,218
3,514
3,750
39
18
10
8
6
6
6
""5"
5
2
2
15
17
1,632
1,598
1,599
1,625
1,698
1,774
1,862
1,891
1,907
228
245
260
279
293
312
326
329
343
4
7
10
28
11
1,633
1,723
1,873
1,940
1,985
2,071
2,135
2,186
2,207
1,612
1,774
1,876
1,956
2,014
2,094
2,153
2,221
2,239
i
I
150
214
194
242
268
307
313
7
U.S.
Certi- IndiGov- States
viduals,
States
fied
ernand
U. S.
and
and partner- Inter- ment
politGov- )olitical
ships,
offiand
bank
ical
ern- subdi- cers' nd corPostal subdiment visions
checks poraSav- visions
tions
etc.
ings
74
81
84
90
89
120
141
2
3
3
1
2
2
2
50
23
45
47
47
463
506
426
586
570
594
635
740
750
7
1,139
1,057
998
973
952
977
979
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 million
dollars at all insured commercial banks.
.
.
5
Demand deposits other than interbank and U. S. Government less cash items reported as in process of collection.
For other footnotes, see opposite page.
Back figures.—Sec Banking and Monetary Statistics, Tables 18-45, pp. 72-103, and 108-113.
SEPTEMBER 1944
899
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Inves tments
Loans
Date or month
Total
loans
and
investments
Total
For purchasing
or carrying securities
Commercial,
To brokers
To others Real- Loans Other
indus- and dealers
estate
to
trial,
loans banks loans
and
agri- U . S . Other U . S . Other
Govt. s e
cul- Govt.
se:
obtural
curi- obliga- cunliga- ties
ties
tions
tions
Total—101 Cities
1943—July
46,370
9,549
1944—Mar
Apr
May
June
July
52,698
51,437
50,366
51,656
56,960
11,338
10,553
10,186
10,746
12,085
6,367 1,015
680
6,156
632
5,958
904
5?, 938
6,058 1,075
May 31
49,988
10,081
5,846
622
June 7
June 14
June 21
June 28
50,C32
50,405
51,152
55,036
10,155
10,249
10,416
12,164
5,870
5,913
5,939
6,027
696
736
812
1,380
July 5
July 12
July 19
July 26
56,262
57,211
57,304
57,065
12,283
12,331
11,999
11,727
6,037 1,159
6,040 1,242
6,068 1,019
880
6,088
Aug. 2
Aug. 9
Aug. 16
Aug. 23
56,917
56,524
56,383
55,906
11,487 6,015
11,296 6,013
11,208 "6,001
11,086 6,006
New York City
1943—July
5,612
399
1,034
618
656
619
451
300
582
529
606
641 1,467
Total
CerOther
tificates
Guar- secuBills of in- Notes Bonds an- rities
debtteed
edness
1,156
56
1,292
36,821 33,858 4,583 6,995 4,602 15,880 1,798
1,084
1,077
1,073
1,072
1,070
76
71
54
48
94
1,219
1,204
1,281
1,338
1,343
41,360
40,884
40,180
40,910
44,875
38,487
37,999
37,338
38,008
41,962
3,544
3,167
2,553
2,491
3,725
8,956
8,963
8,928
9,329
11,020
6,639
7,193
7,107
7,164
7,433
18,242 1,106
18,026 650
18,118 632
18,409 615
19,161 623
2,963
2,873
2,885
2^842
2,902
2,913
310 1,073
55
1,326
39,907 37,029 2,299 8,886 7,094 18,134
616
2,878
303
309
311
321
1,071
1,072
1,072
1,073
53
49
38
53
1,325
1,329
1,336
1,363
39,877
40,156
40,736
42,872
37,027
37,259
37,832
39,917
2,285
2,357
2,381
2,942
8,834
8,911
9,231
10,341
7,097
7,111
7,185
7,262
18,203
18,275
18,416
18,743
608
605
619
629
2,850
2,897
2,904
2,955
1,575
1,575
1,399
1,318
344
332
326
346
1,069
1,070
1,072
1,070
92
74
127
84
1,343
1,345
1,352
1,332
43,979
44,880
45,305
45,338
41,048
41,917
42,424
42,460
3,549
3,623
3,907
3,821
10,755
11,098
11,093
11,135
7,302
7,421
7,504
7,503
18,814
19,153
19,300
19,378
628
622
620
623
2,931
2,963
2,881
2,878
807
758
710
742
639 1,213
593 1,161
594 1,091
971
605
334
337
364
341
1,071
1,068
1,071
1,072
87
50
66
45
1,321
1,316
1,311
1,304
45,430
45,228
45,175
44,820
42,488
42,289
42,229
41,875
3,881
3,725
3,658
3,324
11,057
11,004
10,990
11,009
7,502
7,477
7,453
7,411
19,435
19,478
19,520
19,532
613
605
608
599
2,942
2,939
2,946
2,945
98
35
303
13,597 12,645 1,516 2,635 1,754
5,853
887
952
87
85
83
81
81
58
51
43
33
80
278
274
323
352
349
14,697
14,648
14,240
14,379
15,895
13,744 1,118 3,285 2,484
13,710 1,178 3,367 2,740
867 3,337 2,637
13,351
670 3,405 2,651
13,460
14,946 1,216 3,999 2,741
6,352
6,213
6,306
6,553
6,795
505
212
204
181
195
953
938
889
919
949
570
664
653
636
609
3,664
2,149
414
471
19,352
18,778
18,178
18,672
20,956
4,655
4,130
3,938
4,293
5,061
2,478
2,400
2,311
2,306
2,309
779
490
486
719
830
484
483
443
460
498
May 31
17,972
3,893
2,250
494
June
June
June
June
7
14
21
28
18,004
18,168
18,455
20,061
3,979
4,057
4,164
4,971
568
2,279
610
2,300
681
2,311
2,337 1,016
July 5
July 12
July 19
July 26
20,717
21,092
21,111
20,905
5,049
5,239
5,081
4,874
2,316
2,293
2,303
2,323
899
977
777
668
Aug. 2
Aug. 9
Aug. 16
Aug. 23
20,809
20,474
20,337
20,109
4,702
4,579
4,523
4,404
2,284
2,281
2,270
2,275
603
562
524
559
June
July
Total
272
565
265
576
285
623
652 1,295
17,261
1944_Mar
Apr
May
\ J
303
295
306
311
337
U. S. Government obligations
279
194
376
231
124
214
777
115
116
125
128
137
429
111
127
82
49
351
14,079 13,175
744 3,294 2,614
6,330
193
904
432
439
466
502
110
107
119
520
122
128
129
130
82
82
81
80
36
41
26
30
350
350
351
356
14,025
14,111
14,291
15,090
13,128
13,194
13,372
14,145
648
665
582
786
3,255
3,269
3,359
3,738
2,613
2,611
2,666
2,711
6,432
6,475
6,583
6,722
180
174
182
188
897
917
919
945
510
503
505
473
695
850
804
759
131
136
133
148
80
81
81
80
68
57
121
74
350
342
357
349
15,668
15,853
16,030
16,031
14,726
14,872
15,092
15,097
1,136
1,071
1,358
1,299
3,966
4,039
3,979
4,012
2,733
2,758
2,735
2,739
6,704
6,806
6,823
6,848
187
198
197
199
942
981
938
934
482
459
463
469
693
680
626
517
131
132
158
133
80
79
79
79
79
40
56
28
350
346
347
344
16,107
15,895
15,814
15,705
15,114
14,892
14,810
14,701
1,322
1,188
1,168
1,099
4,004
3,920
3,868
3,869
2,733
2,713
2,691
2,673
6,866
6,890
6,902
6,885
189
181
181
175
993
1,003
1,004
1,004
Outside
New York City
1943—July
29,109
5,885
3,463
1944—-Mar
Apr
May
June
July
33,346
32,659
32,188
32,984
36,004
6,683
6,423
6,248
6,453
7,024
3,889
3,756
3,647
3,632
3,749
236
190
146
185
245
149
1,058
21
989
23,224 21,213 3,067 4,360 2,848 10,027
188
179
181
183
200
997
992
990
991
989
18
20
11
15
14
941
930
958
986
994
26,663
26,236
25,940
26,531
28,980
205
134
136
139
146
143
280
220
176
315
690
24,743
24,289
23,987
24,548
27,016
2,426
1,989
1,686
1,821
2,509
5,671
5,596
5,591
5,924
7,021
4,155
4,45,5
4,470
4,513
4,692
911
2,011
11,890
11,813
11,812
11,856
12,366
601
438
428
434
428
1,920
1,947
1,953
1,983
1,964
May 31
32,016
6,188
3,596
128
141
168
183
991
6
975
25,828 23,854 1,555
5,592 4.48C 11,804
423
1,974
June
June
June
June
7
14
21
28
32,028
32,237
32,697
34,975
6,176
6,192
6,252
7,193
3,591
3,613
3,628
3,690
128
126
131
364
133
137
157
150
162
158
166
775
181
181
182
191
989
990
991
993
17
8
12
23
975
979
985
1,007
25,852
26,0i5
26,445
27,782
23,899
24,065
24,460
25,772
1,637
1,692
1,799
2,156
5,579
5,642
5,872
6,603
4,484
4,5C0
4,519
4,551
11,771
11,800
11,833
12,021
428
431
437
441
1,953
1,980
1,985
2,010
July 5
July 12
July 19
July 26
35,545
36,119
36,193
36,160
7,234
7,092
6,918
6,853
3,721
3,747
3,765
3,765
260
265
242
212
154
150
131
136
880
725
595
559
213
196
193
198
989
989
991
990
24
17
6
10
993
1,003
995
983
28,311
29,027
29,275
29,307
26,322
27,045
27,332
27,363
2,413
2,552
2,549
2,522
6,789
7,059
7,114
7,123
4,569
4,663
4,769
4,764
12,110
12,347
12,477
12,530
441
424
423
424
1,989
1,982
1,943
1,944
Aug.
Aug.
Aug.
Aug.
36,108
36,050
36,046
35,797
6,785
6,717
6,685
6,682
3,731
3,732
3,731
3,731
204
196
186
183
157
134
131
136
520
481
465
454
203
205
206
208
991
989
992
993
8
10
10
17
971
970
964
960
29,323
29,333
29,361
29,115
27,374
27,397
27,419
27,174
2,559
2,537
2,490
2,225
7,053
7,084
7,122
7,140
4,769
4,764
4,762
4,738
12,569
12,588
12,618
12,647
424
424
427
424
1,949
1,936
1,942
1,941
2
9
16
23
Back figures .—See Banking and Monetary Statistics, pp. 127-227.
9OO
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
Total 101 Cities
1943—July
Reserves
DeBalwith Cash ances mand
Feddewith
in
eral vault
posits
doRead- 1
mestic
serve
banks justed
Banks
Individuals,
partnerships,
and
corporations
Time deposits,
except interbank
States Certiand
fied U.S.
polit- and
Govical
offiernsub- cers'
divi- checks ment
sions
etc.
IndiDomestic
vidU.S.
banks
Bor- CapBank
uals, States
Govrow- ital
and
deb-2
part- polit- ernacFor- ings counts
its
nerment
ical
eign
ships, suband
banks
and
Postal
De- Time
divi- Sav- mand
corpora- sions ings
tions
8,667
533
2,300
33,108
33,159
1,807
681
M aajry
r
June
July
8,521
8,659
8,934
9,313
8,748
535
547
543
575
563
2,108
2,034
2,031
2,179
2,341
32,814
33,853
35,424
35,886
32,873
33,049
33,936
r
35,287
r
35,959
33,183
1,707
1,848
r
l,995
r
l,921
1,669
889
779
684
798
840
May 31
9,060
526
2,118
36,208
r
r
2,054
667
r
l,962
r
l,912
r
2,043
r
l,765
620
751
913
907
4,149
4,263
5,486
12,589
6,623
6,639
6,639
6,643
1944—Mar
Apr
36,184
Interbank
deposits
5,255 5,611
118
40
8,767
49
777
51
4,133
52,011
6,266
6,370
6,519
6,636
6,705
126
128
129
125
118
58
56
48
47
45
8,365
8,102
8,053
8,688
8,931
41
40
39
38
36
847
869
891
877
885
69
83
139
146
92
4,327
4,356
4,388
4,405
4,421
59,587
51,766
52,031
67,012
58,357
4,934 6,575
130
48
8,108
38
896
188
4,403
10,861
127
127
126
119
47
47
47
48
8,409
8,713
8,872
•8,759
38
38
38
37
882
877
882
867
210
152
159
65
4,406
4,402
4,411
4,403
11,582
12,676
16,093
21,041
10,829
8,651
6,070
6,622
14,283
7
14
21
28
9,282
9,526
9,493
8,952
539
588
580
595
2,059
2,189
2,202
2,267
36,879
37,229
36,426
33,008
r
36,649
r
37,569
r
36,447
r
July 5
July 12
July 19
July 26
8,826
8,719
8,686
8,761
548
586
561
556
2,373
2,425
2,287
2,280
32,561
32,481
32,945
33,503
r
32,658
r
33,031
r
33,303
r
1,706
L,660
r L,619
33,738 r 1,690
892
981
774
712
13,917
14,755
14,472
13,989
6,663
6,685
6,720
6,751
117
118
118
119
46
46
46
45
9,051
9,231
8,825
8,617
36
37
37
36
881
878
886
894
76
64
148
79
4,420
4,424
4,417
4,422
14,051
14,491
13,940
12,596
Aug. 2
Aug. 9
Aug. 16
Aug. 23
8,764
8,750
8,817
8,883
532
535
526
545
2,177
2,186
2,239
2,132
33,597
33,565
33,894
34,400
33,650
33,519
34,233
34,449
1,777
1,750
1,719
L,741
721
627
594
701
13,602
13,085
12,601
11,783
6,798
6,850
6,890
6,921
119
117
119
121
45
46
46
46
8,654
8,742
8,810
8,540
37
36
36
36
881
868
877
873
42
51
47
88
4,437
4,442
4,444
4,449
13,348
11,300
12,027
11,644
New York City
1943—July
3,220
85
26
12,456
12,768
213
378
2,201
688
18
2,864
1
692
45
1,615
21,261
1944—Mar
Apr
May
June
July
3,167
3,257
3,347
3,484
3,175
86
89
90
93
92
35
32
32
25
26
12,148
12,611
13,202
13,436
11,944
12,561
12,965
13,484
13,806
12,345
174
187
237
191
145
546
457
362
441
475
4,498
3,552
2,443
2,563
5,864
759
769
784
793
790
20
19
18
17
15
6
6
6
6
7
2,658
2,609
2,590
2,831
2,965
1
1
1
1
1
768
787
807
792
801
42
56
49
73
68
1,708
1,716
1,728
1,732
1,734
25,650
21,284
20,927
28,989
25,423
May 31
3,384
91
58
13,586
13,968
226
325
1,960
791
19
6
2,547
1
810
36
1,735
4,440
June
June
June
June
3,503
3,568
3,573
3,291
89
96
90
97
26
27
25
25
13,905
13,985
13,715
12,141
14,170
14,428
14,137
12,489
196
197
197
176
315
389
525
534
1,630
1,626
1,996
4,998
799
799
792
783
19
19
17
15
6
6
6
7
2,654
2,818
2,947
2,903
1
1
1
1
795
793
797
783
96
66
82
49
1,733
1,732
1,734
1,728
4,786
5,297
6,822
9,517
3,230
July 5
3,134
July 12
July 19.... . 3,116
3,221
July 26
95
95
88
88
25
26
26
27
11,863
11,768
11,949
12,197
12,182
12,221
12,368
12,608
144
151
140
147
483
616
419
382
5,715
6,067
5,934
5,739
785
783
792
798
15
14
14
15
7
7
7
7
3,031
3,084
2,920
2,825
1
1
1
1,
796
797
802
810
62
32
123
56
1,734
1,735
1,734
1,732
6,417
6,373
6,002
5,487
Aug 2
Aug. 9
Aug. 16
Aug 23
3,248
3,213
3,198
3,251
84
87
82
87
25
20
26
26
12,348
12,195
12,249
12,524
12,675
12,465
12,648
12,875
175
179
169
161
381
326
280
399
5,556
5,347
5,148
4,800
810
815
820
819
15
15
15
15
7
7
7
7
2,816
2,798
2,788
2,689
1
1
1
1
796
789
798
791
23
30
24
31
1,744
1,746
1,746
1,746
5,564
4,721
4,919
4,662
Outside
New York City
1943—July
5,447
448
2,274
20,652
20,391
1,594
503
3,054 4,923
100
40
5,903
48
85
6
2,518
30,750
1944—Mar
Apr
May
June
July
5,354
5,402
5,587
5,829
5,573
449
458
453
482
471
2,073
2,002
1,999
2,154
2,315
20,666
21,242
22,222
22,450
20,929
20,488
20,971
r
21,803
r
22,153
20,838
1,533
1,661
r
l,758
r
l,730
1,524
343
322
322
357
365
6,331
5,099
3,627
4,059
8,419
5,507
5,601
5,735
5,843
5,915
106
109
111
108
103
52
50
42
41
38
5,707
5,493
5,463
S.857
5,966
40
39
38
37
35
79
82
84
85
84
27
27
90
73
24
2,619
2,640
2,660
2,673
2,687
33,937
30,482
31,104
38,023
32,934
5,676
435
2,060
22,622
r
r
l,828
342
2,974 5,784
111
42
5,561
37
86
152
2,668
6,421
r
l,766
r
l,715
r
l,846
r
305
362
388
373
2,519
2,637
3,490
7,591
5,824
5,840
5,847
5,860
108
108
109
104
41
41
41
41
5,755
5,895
5,925
5,856
37
37
37
36
87
84
85
84
114
86
77
16
2,673
2,670
2,677
2,675
6,796
7,379
9,271
11,524
June
June
June
June
7
14
21
28
May 31
22,216
5,779
5,958
5,920
5,661
450
492
490
498
2,033
2,162
2,177
2,242
22,974
23,244
22,711
20,867
r
22,479
r
23,141
r
22,310
r
July 5
July 12.. .
July 19..
July 26. .
5,596
5,585
5,570
5,540
453
491
473
468
2,348
2,399
2,261
2,253
20,698
20,713
20,996
21,306
r
20,476
r
20,810
r
20,935
r
r
l,562
r
l,509
r
l,479
r
l,543
409
365
355
330
8,202
8,688
8,538
8,250
5,878
5,902
5,928
5,953
102
104
104
104
39
39
39
38
6,020
6,147
5,905
5,792
35
36
36
35
85
81
84
84
14
32
25
23
2,686
2,689
2,683
2,690
7,634
8,118
7,938
7,109
Aug.
Aug.
Aug.
Aug.
5,516
5,537
5,619
5,632
448
448
444
458
2,152
2,166
2,213
2,106
21,249
21,370
21,645
21,876
20,975
21,054
21,585
21,574
1,602
1,571
1,550
1,580
340
301
314
302
8,046
7,738
7,453
6,983
5,988
6,035
6,070
6,102
104
102
104
106
38
39
39
39
5,838
5,944
6,022
5,851
36
35
35
35
85
79
79
82
19
21
23
57
2,693
2,696
2,698
2,703
7,784
6,579
7,108
<>,982
June
June
June
June
r
1
2
33,170
7
14
21
28
2
9
16
23
20,681
21,130
l,589
Revised.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
SEPTEMBER
901
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[ In millions of dollars]
Investments
Loans
Total
loans
Federal Reserve and
district and date
invest- Total
ments
Boston
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
New York*
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Philadelphia
July 26
Aug. 2
Aug. 9
Aug. 16
Aug.23
Cleveland
July 26
Aug. 2
Aug. 9
Aug. 16
Aug.23
Richmond
July 26
Aug. 2
Aug. 9
Aug.16
:..
Aug.23
Atlanta
July 26
Aug. 2 . :
Aug. 9
Aug.16
Aug.23.:......
Chicago*
Jiily'26
Aug.:
2.:.:.-...
Ayg< 9 . ;
Aug.16
,..
Aug.23.,... i ..
To brokers
and dealers
To others
U.S.
U.S.
Govt. Other Govt. Other
obli- secur- obli- securga- ities ga- ities
tions
U. S. Government obligations
Real- Loans Other
Total
estate
to
loans banks loans
Total
CertifiOther
cates
of
Guar- secuBills in- Notes Bonds an- rities
debtteed
edness
414
411
407
408
407
25
21
22
21
21
19
17
17
14
16
11
11
11
10
10
20
20
20
20
20
62
63
63
64
64
5
4
5
5
6
113
112
113
113
113
2,462
2,465
2,459
2,425
2,377
2,365
2,371
2,365
2,333
2,284
271
276
277
246
215
672
666
662
670
683
359
359
357
345
315
1,048
1,054
1,054
1,057
1,056
15
16
15
15
15
97
94
94
92
93
22,804 5,237
22,703 5,068
22,364 4,942
22,239
21,994 4^765
2,485
2,449
2,445
2,433
2,438
672
609
566
528
564
477
486
463
789
721
708
653
543
171
154
154
180
155
157
157
156
156
156
75
80
41
57
29
411
412
409
410
407
17,567
17,635
17,422
17,354
17,229
16,560
16,565
16,343
16,273
16,148
1,378
1,396
1,252
1,237
1,155
4,335
4,310
4,228
4,172
4,173
3,056
3,055
3,036
3,014
2,994
7,566
7,588
7,619
7,640
7,622
225
216
208
210
204
1,007
1,070
1,079
1,081
1,081
2,416
2,388
2,391
2,375
2,359
439
433
433
431
430
241
238
238
238
238
9
9
7
5
3
6
5
5
5
5
9
9
9
9
9
36
36
36
37
37
103
103
103
104
103
1,977
1,955
1,958
1,944
1,929
1,808
1,789
1,793
1,779
1,767
194
175
175
164
155
398
389
390
388
378
234
242
243
242
243
928
928
930
930
936
54
55
55
55
55
169
166
165
165
162
4,552
4,568
4,533
4,554
4,565
889
64
66
67
66
63
105
101
93
874
881
401
402
405
405
406
13
13
13
13
14
164
164
164
164
165
129
129
127
126
124
3,663
3,681
3,651
3,680
3,684
3,428
3,442
3,415
3,442
3,441
310
317
281
304
305
858
865
872
875
874
518
518
518
519
519
1,697
1,698
1,699
1,699
1,699
45
44
45
45
44
235
239
236
238
243
1,838
1,836
1,833
1,834
1,825
319
317
319
317
315
111
112
115
116
117
77
76
73
71
68
10
10
10
10
10
50
50
51
51
51
59
57
57
56
57
1,519
1,519
1,514
1,517
1,510
1,463
1,463
1,459
1,462
1,455
120
119
114
115
108
331
331
330
333
333
263
258
259
255
254
733
739
740
743
744
16
16
16
16
16-
56
56
55
55
55
1,736
1,738
1,734
1,735
1,731
311
305
297
292
289
164
161
161
157
156
39
37
32
30
29
6
7
6
7
7
26
26
25
26
26
69
67
66
66
65
1,42.
1,433
1,437
1,443
1,442
1,311
1,318
1,321
1,327
1,325
93
96
95
95
93
347
351
352
356
359
313
306
306
309
306
534
542
546
545
546
24
23
22
22
21
114
115
116
116
117
8,801
8,796
8,752
8,727
8,600
1,581
1,569
1,522
1,520
1,510
1,018
1,001
997
1,001
998
150
138
123
120
115
49
50
50
50
51
133
133
132
133
132
127
125
126
126
125
7,220
7,227
7,230
7,207
7,090
6,710
6,711
6,716
6,687
6,575
707
756
750
703
582
1,955
1,899
1,911
1,919
1,906
1,096 2,876
1,098 2,882
1,097 2,882
1,097 2,892
1,092 2,918
76
76
76
76
77
510
516
514
520
515
1,686
,685
,701
,707
,695
409
405
403
401
403
221
219
221
220
222
28
26
24
25
23
7
7
65
65
65
65
65
81
81
79
76
77
1,27
1,280
1,298
1,306
1,292
1,169
1,171
1,189
1,196
1,183
51
52
70
66
46
332
331
333
342
342
230
230
225
226
231
535
537
540
540
543
21
21
21
22
21
108
109
109
110
109
,119
,115
,114
,108
,093
188
189
187
187
190
99
102
101
101
104
14
14
13
12
12
23
23
23
23
23
45
44
44
44
44
931
926
927
921
903
864
864
839
70
67
67
58
35
240
241
240
241
246
391
392
393
393
394
11
11
11
11
11
68
62
63
65
64
,903
,911
,906
345
341
341
339
340
218
214
215
214
215
21
20
20
19
19
38
38
38
37
38
56
57
57
57
56
1,541
1,545
1,562
1,572
1,566
1,41'
1,438
1,447
1,440
125
115
125
131
116
369
380
387
387
392
151
153
153
15;
15.
297
300
296
303
309 ,
586
587
593
589
586
37
37
37
37
37
127
126
124
125
126
,572
,555
1,564
1,576
1,573
360
347
342
339
339
249
237
236
233
232
27
25
22
22
23
20
21
20
20
20
42
43
42
42
42
1,212
1,208
1,222
1,237
1,234
1,168
1,164
1,178
1,193
1.19C
125
124
127
133
348
348
353
357
356
215
213
21
219
219
460
459
460
460
461
20
20
21
21
21
44
44
44
44
44
5,524
5,523
5,518
5,537
5,531
980
967
970
968
967
467
469
472
475
473
51
39
37
36
36
296
295
295
295
295
97
91
93
91
91
4,54
4,556
4; 548
4,569
4,564
4,20
4,21
4,20S
4,23.
4,22*
377
388
392
403
381
950
946
946
950
967
771
770
770
771
776
2,024
2,029
2,022
2,032
.2,027
79
78
78
78
77
343
345
340
335
336
5,359
5,345
5,295
5,267
5,181
082
083
043
036
032
751
741
737
739
737
99
90
81
78
75
23
23
23
22
22
4,277
4,262
4,252
4,23:
4,14«
3,94?
3,92i
3,91i
3,88(
3,81
437
468
453
407
325
1,166
1,107
1,117
1,126
1,125
614
613
611
611
606
1,701
1,707
1,705
1,715
1,724
30
30
30
30
31
329
337
336
342
338
Kansas City
July 26
Aug. 2
Aug. 9
Aug.16
Aug.: 23'.
DallasJuly 26
Aug. 2
Aug. 9
Aug.16
Aug.23
San Francisco
July 26
Aug. 2
Aug. 9
Aug.16
Aug.23
City of Chicago*
July 26
Aug. 2
Aug. 9
Aug.16
Aug.23
For purchasing or carrying securities
669
659
658
655
657
3,131
3,124
3,117
3,080
3,034
St. Lows'.
Jdly|26.;......
Aug.' 2 . :
Aug. 9
Aug.16
Aug;23,:
Minneapolis
Jiily.26..
Aug. 2 . : . . . i . .
Aug. 9
Aug.16
Aug.23.
Commercial,
industrial,
and
agricultural
r6
* 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.
9O1
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE
DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Federal Reserve
district and date
Reserves
DeBalIndiwith Cash ances mand
vidwith
deFeduals,
in
do- posits parteral vault
mestic ad- 1 nerReserve
banks justed ships,
Banks
and
corporations
Boston (6 cities)
July 26
Aug. 2
Aug. 9...
Aug. 16
Aug. 23
New York (8 cities)*
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Philadelphia (4 cities)
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Cleveland (10 cities)
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Richmond (12 cities)
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Atlanta (8 cities)
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Chicago (12 cities)*
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
St. Louis (5 cities)
July 26
Aug. 2
Aug. 9
Aug. 16
. .
Aug. 23
Minneapolis (8 cities)
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Kansas City (12 cities)
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Dallas (9 cities)
July 26
Aug 2
Aug. 9
Aug. 16
Aug. 23
San Francisco(7 cities)
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
City of Chicago*
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Time deposits,
except interbank
Demand deposits,
except interbank
!
IndividStates Certiuals,
fied
and
S. partpolit- and U.
Gov- nerical
offiern- ships,
sub- cers' ment
and
divi- checks
corsions etc.
porations
Interbank
deposits
Domestic
banks
Bor- Cap- Bank
States U.S.
Govrow- ital
and
ernac- debpolit- ment
its 2
For- ings counts
ical
eign
and
sub- Postal Debanks
divi- Sav- mand Time
sions ings
•
i
•
•
413
412
401
415
425
58
55
55
55
57
118
109
103
102
102
1,944
1,946
1,947
1,960
1,983
1,923
1,914
1,916
1,942
1,952
102
115
104
103
104
24
29
24
25
23
933
905
868
838
784
305
308
310
312
313
3,448
3,476
3,419
3,396
3,462
120
114
118
112
118
105
113
108
107
107
13,416
13,585
13,416
13,478
13,761
13,677
13,744
13,522
13,729
13,948
330
380
378
362
363
409
409
352
307
423
6,100
5,906
5,685
5,474
5,104
1,275
1,289
1,297
1,304
1,305
376
370
373
373
376
28
26
27
27
28
77
72
70
75
78
1,569
1,540
1,568
1,569
1,597
1,621
1,587
1,604
1,625
1,641
44
47
52
48
48
19
12
12
13
13
606
586
566
546
517
700
693
697
700
707
71
71
67
67
69
230
212
203
213
201
2,799
2,790
2,783
2,826
2,900
2,832
2,806
2,780
2,873
2,912
128
133
135
133
132
42
45
36
39
40
262
260
268
273
276
36
34
35
34
34
193
172
179
172
156
1,077
1,063
1,080
1,092
1,106
1,059
1,046
1,069
1,083
1,096
83
86
76
85
79
286
289
304
306
300
27
25
26
26
26
164
160
171
180
162
1,024
1,035
1,052
1,069
1,070
977
987
999
1,363
1,348
1,335
1,371
1,353
96
93
94
92
95
409
388
399
404
380
273
260
277
285
284
20
19
19
18
19
157
160
160
164
162
3
3
3
3
3
270
273
281
273
276
17
17
17
17
17
9
9
10
10
10
2,888
2,883
2,864
2,853
2,752
172
173
174
175
175
9
9
9
8
9
1
1
1
1
1
340
346
343
352
342
915
893
859
823
769
905
910
917
921
926
48
48
47
49
50
18
19
15
15
16
515
498
478
461
430
256
257
259
261
262
2
2
2
2
2
1,030
1,007
133
137
138
134
149
9
9
9
9
9
384
372
358
344
321
284
286
288
291
292
5,251
5,227
5,245
5,317
5,331
5,131
5,071
5,110
5,226
5,176
429
425
420
412
421
60
67
56
65
60
2,083
2,036
1,955
1,879
1,766
1,333
1,344
1 358
1,365
1,372
120
116
118
117
112
899
889
918
941
947
931
932
940
978
973
61
61
65
65
63
13
14
11
10
10
340
329
315
304
284
246
247
249
250
252
11
10
10
10
11
84
80
79
77
80
610
604
609
614
618
572
577
587
591
78
81
79
76
76
12
9
9
10
9
307
297
285
274
256
146
147
148
149
150
377
377
390
386
390
23
22
22
22
23
286
270
279
285
272
1,127
1 109
1,141
1,155
1,176
1,133
1,124
1,145
1,170
1,179
122
121
119
118
122
16
16
15
16
17
340
333
321
310
290
199
200
202
203
204
1
296
306
323
315
308
24
21
22
21
23
231
230
229
247
235
1,070
1,064
1,075
1,092
1,101
1,092
1,075
1,085
1,123
1,120
49
54
54
50
48
22
19
17
17
17
333
323
310
300
280
175
810
813
803
833
840
42
42
40
42
42
263
255
248
260
247
2,717
2,745
2,731
2,781
2,810
2,781
2,792
2,772
2,867
2,854
131
137
130
133
136
68
73
71
68
64
1,133
1,124
1,085
1,048
982
1,455
1,461
1,471
1,480
1,490
849
838
838
851
838
42
42
42
41
43
186
182
182
190
3,122
3,108
3,099
3,U4
3,165
3,107
3,078
3,074
3,145
3,146
209
201
198
191
190
27
30
27
26
29
1,346
1,317
1,263
1,213
1,133
561
568
576
578
580
184
r
581
r
'
176
177
179
180
4
4
3
3
4
488
504
494
508
490
8
8
8
8
8
7
7
7
7
7
339
340
355
357
350
5
5
5
3
3
2
3
3
3
3
3
3
3
426
425
442
448
441
3
3
3
3
3
4
4
4
4
4
1,491
1,509
1,513
1,523
1,450
5
5
5
5
5
1
1
1
1
5
5
'"i"
1
1
2
2
4
7
6
265
265
266
265
266
633
621
536
555
521
812
798
791
800
793
66
23
31
25
42
1,870
1,884
1,886
1,886
1,886
5,796
5,902
5,059
5,264
4,996
7
7
7
7
8
3
3
3
2
2
230
231
231
231
231
506
650
446
455
427
8
441
442
442
444
443
790
875
766
844
772
1
2
1
1
1
115
115
115
115
116
341
370
313
325
330
4
4
4
4
4
111
111
111
111
112
330
336
311
330
334
5
4
4
4
4
17
19
18
18
18
3
3
3
3
3
515
516
516
517
518
1,920
2,245
1,685
1,919
1,969
502
500
517
520
499
1
1
1
1
5
113
113
113
113
113
337
321
311
320
330
233
243
251
252
251
6
6
1
1
2
77
76
77
77
77
211
234
241
238
241
130
130
130
130
131
448
426
400
458
425
108
108
108
108
108
311
332
284
323
327
3
3
3
3
3
781
786
803
811
790
11
11
11
11
11
2
2
2
2
2
447
25
25
25
25
25
8
8
8
8
8
412
394
402
423
421
5
5
5
5
16
16
16
16
16
5
1
5
5
5
5
5
2
2
6
1
1
2
1
2
451
477
490
478
9
9
9
9
9
1,068
1,076
1,080
1,085
1,030
9
8
5
21
24
23
23
24
24
447
973
446 1,036
447
948
447
996
448
972
14
15
15
15
15
337
338
338
338
338
1,119
1,396
1,030
1,078
1,130
i
r
* See note on preceding page.
Revised.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
1
2
SEPTEMBER 1944
903
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollarsl
Dollar acceptances outstanding
Based on
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Accepting banks
Total
1943—April
May
June
July
August...
September.
October....
November.
December
179
160
143
150
156
170
188
203
202
128
136
140
139
130
117
115
111
117
99
105
102
102
94
84
1944—January
February..
March
April
May
June
July
209
214
195
172
151
137
143
120
135
129
126
113
112
110
94
106
100
96
90
87
90
Own
bills
! Others
Bills
bought
Imports
into
United
States
2
Exports
from
United
States
61
65
62
64
59
50
48
53
52
38
40
40
38
36
33
39
35
38
29
31
38
36
36
33
27
23
27
71
79
82
81
77
69
67
59
66
10
12
10
7
9
11
11
55
57
52
51
49
44
46
38
49
48
45
41
43
41
27
29
30
29
24
25
23
71
S3
79
77
71
74
72
12
12
12
12
10
11
12
DOIIL/
Goods stored in or
shipped between
points in
exchange
United
States
Foreign
countries
38
37
36
35
33
30
29
31
30
11
12
12
10
11
11
10
9
9
(3)
(3)
29
32
31
30
28
24
24
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.
Backfigures.—SeeBanking and Monetary*Statistics, Table 127, pp. 465-467; for description, see p. 427.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances
Debit'balances
End of month
Debit
Debit
Customers' balances in balances in
debit
firm
partners'
balances
investment investment
(net) 1
and trading and trading
accounts
accounts
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
j
Other credit balances
In partners' In firm
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
1936—June
December
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
25
26
13
10
397
355
1938—June
December
774
991
27
32
88
106
215
190
495
754
258
247
92
85
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—j une
December
653
677
12
12
58
99
223
204
376
427
267
281
22
22
1941—June
December
616
600
11
8
89
86
186
211
395
368
255
289
62
54
65
63
17
17
11
5
6
7
5
5
7
5
1942—June
December
496
543
9
7
9
86
154
180
160
309
378
240
270
16
15
4
4
189
182
190
167
529
«530
e
490
e
56
54
66
15
7
212
65
14
5
198
95
15
11
216
1943—June
Tulv
August
September
October
November
December
1944—January
February
March
April
May
June
July
761
e
780
e
740
e
820
e
830
e
780
788
e
11
188
181
c
780
e
800
e
820
e
780
e
790
887
940
e
77O
740
600
557
e
5
253
196
334
340
340
e
320
e
330
e
340
354
e
269
247
222
213
e
c
€
e
e
560
650
e
630
e
600
c
550
r
619
e
660
280
277
37O
37O
e
380
c
390
c
400
424
e
420
i
e
Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number of
large firms. r Revised.
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own 2 partners.
Inclu %
NOTE.-
which the _ o
,
„-—
to be taken as representing the actual net capital of the reporting firms.
Backfigures.—-SeeBanking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail
at semiannual dates prior to 1942.
9°4
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6monthsl
1941 average. ..
1942 average.. ..
1943 average
1943-July
August ...
September,
October .
November
December.
1944—January...
February..
March
April
May
June
July
Week ending:
July 29....
Aug. 5 . . . .
Aug. 12....
Aug. 19
Aug. 26....
Yields on U. S. #
Government securities
Prime Stock
exbank- change
9- to 12ers'
call
month
accept- loan
to 5cer tin- 3-year
3ances,
reea tes taxable
month3
90
newof inbills
daysl
als2
debted- notes
ness
.44
.44
.44
.44
.44
.44
.44
.44
,44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.103
.326
.373
.374
.375
.375
.375
.375
.375
.374
.375
.375
.375
.375
.375
.375
.68
.75
.77
.78
.77
.77
.78
.78
.80
.78
.77
.79
4
.77
1.00
1.00
1.00
1.00
1.00
.375
.375
.375
.375
.375
.76
.77
.77
.75
.75
.76
1.13
1.31
1.30
1.29
1.31
1.31
1.29
1.30
1.30
1.32
1.36
1.36
1.35
1.34
1.31
1.31
1.30
1.30
1.30
1.30
i Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.25 per
cent
during the entire period.
3
Rate on new issues offered within period. Tax-exempt bills prior to
March
1941; taxable bills thereafter.
4
Number of issues decreased from 2 to 1 on July 1 and increased to 2 on
July 10.
Back figures.—See Banking and Monetary Statistics, Tables 120-123, pp.
448-462; for description, see pp. 424-426.
Total
19 cities
New
York
City
7 Other
Northern and
Eastern
cities
1935 average 11
1936 average 1
1937 average 1
1938 average
2.93
2.68
2.59
2.53
1.76
1.72
1.73
1.69
3.39
3.04
2.88
2.75
1939 average
1940 average
1941 average
1942 average
1943 average
1939—December
1940—March
June
September
December
1941—March
June
September
December
1942—March
June
September
December
2.78
2.63
2.54
2.61
2.72
2.59
2.65
2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.62
2.70
2.63
2.07
2.04
1.97
2.07
2.30
1.96
2.03
2.00
2.14
2.00
2.06
1.95
1.98
1.88
1.85
2.07
2.28
2.09
2.87
2.56
2.55
2.58
2.80
2.59
2.67
2 49
2.56
2.53
2.53
2.58
2.62
2.45
2.48
2.56
2.66
2.63
1943—March
June
September
December
2.76
3.00
2.48
2.65
2.36
2.70
2.05
2.10
2.76
2.98
2.71
2.76
1944-March
June
2.63
2.63
2.10
2.23
2.75
2.54
1 Prior to March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp.
463-464; for description, see pp. 426-427.
B O N D YIELDS 1
[Per cent per annumj
U. S. Government
Year, month,
or week
Corporate (Moody's) 4
Municipal
Taxable
Long-term
partially
years grade) 2
tax7 to 9 15 and
exempt
years
over
Number of issues
1-5
1941 average
1942 average
1943 average
2.05
2.09
1.98
1943—July
August
September
October
November
December
1-5
Corporate
(high
grade) 3
By groups
By rating
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
1-6
15
5
120
30
30
30
30
40
40
40
1^93
1.96
2^46
2.47
2.10
2.36
2.06
2.67
2.75
2.64
3^34
3.34
3.16
2.77
2.83
2.73
2.94
2.98
2.86
3.30
3.28
3.13
4.33
4.28
3.91
2.95
2.96
2.85
3 95
3^96
3.64
3.11
3.11
2.99
1.91
1.92
1.90
1.90
1.94
1.95
1.92
1.95
1.97
1.98
2.00
2.00
2.45
2.46
2.48
2.48
2.48
2.49
1.97
1.91
1.92
1.88
1.90
2.00
2.58
2.57
2.59
2.60
2.61
2.63
3.11
3.10
3.11
3.11
3.13
3.14
2.69
2.69
2.69
2.70
2.71
2.74
2.82
2.81
2.82
2.83
2.84
2.87
3.09
3.08
3.10
3.10
3.11
3.13
3.81
3.81
3.83
3.82
3.83
3.82
2.80
2.79
2.82
2.82
2.85
2.86
3.56
3.55
3.56
3.55
3.56
3.56
2.95
2.96
2.96
2.96
2.98
3.00
1944—January
February
March
April
May
June
July.....
1.95
1.93
1.91
1.94
1.94
1.91
1.89
1.99
1.96
1.95
1.95
1.95
1.95
51.95
2.49
2.49
2.48
2.48
2.49
2.49
2.49
1.92
1.85
1.84
1.85
1.86
1.87
1.84
2.65
2.65
2.64
2.61
2.58
2.58
2.60
3.11
3.10
3.09
3.08
3.06
3.05
3.04
2.72
2.74
2.74
2.74
2.73
2.73
2.72
2.83
2.83
2.82
2.82
2.81
2.81
2.80
3.11
3.10
3.10
3.09
3.07
3.07
3.05
3.76
3.72
3.70
3.68
3.63
3.59
3.57
2.83
2.83
2.83
2.83
2.81
2.79
2.79
3.51
3.49
3.48
3.45
3.41
3.40
3.37
2.99
2.98
2.C7
2.97
2.97
2.96
2.95
W^ek ending:
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
1.90
1.90
1.91
1.91
1.90
1.95
1.94
1.93
1.93
1.92
2.49
2.48
2.48
2.48
2.48
1.82
1.82
1.81
1.81
1.82
2.60
2.58
2.57
2.57
2.57
3.04
3.03
3.03
3.03
3.02
2.72
2.71
2.72
2.72
2.72
2.81
2.80
2.80
2.79
2.79
3.05
3.05
3.05
3.04
3.04
3.56
3.55
3.55
3.55
3.55
2.80
2.79
2.80
2.79
2.79
3.36
3.35
3.34
3.34
3.34
2.94
2.95
2.95
2.95
2.94
1
2
3
4
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
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
fromfi 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5"*issues.
Number of issues included increased from 4 to 5 on July 10.
Back figures.—-See Banking and Monetary Statistics, Tables 128-129, pp. 468-474.
SEPTEMBER 1944
905
SECURITY MARKETS 1
Stock prices6
Bond prices
Corporate4
Year, month, or week
U.S.
Government
N u m b e r o f i s s u e s ...,
1941 average.,
1942 average.,
1943 average..
Municipal
(high
grade) 3
Medium- and lovrer-grade
Highgrade
1-6
Total
Railroad
106.1
104.8
114.0
21.9
27.2
44.0
20
50
15
DePublic f a u l t e d
utility
Industrial
20
402
354
20
171.9
162.4
172.7
80
69
92
80
71
94
71
66
89
81
61
82
629
466
1,032
48.1
44.2
46.4
49.9
45.4
46.9
175.9
176.4
175.9
175.1
172.6
169.1
99
94
96
95
91
92
101
96
98
97
93
94
97
91
91
92
87
86
86
87
87
85
85
1,145
604
663
633
886
807
115.5
115.8
115.9
116.6
116.0
115.9
116.3
52.8
58.1
60.1
59.0
58.9
61.2
61.3
171.2
172.7
173.4
173.8
173.2
175.8
177.6
95
94
97
95
97
102
104
96
96
98
97
99
104
107
91
96
99
97
99
101
105
87
87
88
87
88
90
91
788
807
1,124
659
730
1,598
1,283
116.3
116.2
116.2
116.1
116.2
59.7
58.0
57.0
58.2
57.0
176.8
177.3
176.4
176.4
177.3
102
103
101
103
103
104
105
103
105
105
104
104
102
103
102
91
91
91
92
93
769
834
1,045
944
75a
100.72
100.50
130.9
126.2
131.8
117.8
118.3
120.3
98.9
100.1
109.5
103.9
109.1
117.0
86.9
86.6
97.6
1943—July
August
September..
October....
November..
December..
100.75
100.53
100.35
100.39
100.24
100.19
133.4
134.6
134.4
135.2
134.9
132.8
121.1
121.1
120.8
120.9
120.4
120.0
110.8
110.4
110.4
110.6
111.3
112.1
116.6
117.0
117.1
117.9
118.9
119.4
100.4
98.6
98.4
98.6
99.8
101.7
115.3
115.6
115.7
115.4
115.2
115.1
1944—January..,
February.
March
April
M a y
June
July
100.18
100.14
100.26
100.26
100.19
100.16
100.19
134 4
135.8
136.0
135.8
135.6
135.5
136.1
120.5
120.4
120.5
120.7
120.9
120.9
121.3
113.2
113.6
113.7
114.4
114.7
114.5
114.7
119.8
119.3
11.9.8
121.0
121.5
121.5
121.1
104.1
105.7
105.3
105.5
106.5
106.2
106.8
week endi
July
Aug.
Aug.
Aug.
Aug.
100.20
100.26
100.32
100.35
100.40
136.4
136.4
136.6
136.6
136.4
121.3
121.2
121.1
121.2
121.2
114.8
114.7
114.8
114.9
114.8
121.0
120.7
120.8
120.9
121.1
107.2
107.3
107.4
107.6
107.1
ng:
29..
5..
12..
19..
26.,
Preferrede
Volume
C o m m o n ( i n d e x , 1 9 3 5 - 3 9 - 1 0 0 ) of trading*
(in thousands of
Rail- Public
shares)
Total Indusroad
trial
utility
1
2
3
4
g
6
7
M o n t h l y a n d w e e k l y d a t a a r e a v e r a g e s o f d a i l yf i g u r e s ,e x c e p t f o r m u n i c i p a l b o n d s a n d f o r s t o c k s , w h i c h a r e b a s e d o n W e d n e s d a y f i g u r e s .
A v e r a g e o f t a x a b l e b o n d s d u e o r c a l l a b l ei n 1 5 y e a r s a n d o v e r .
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4per cent 20-year bond.
Pricesderivedfrom averagesof median yields,as computed by Standard and Poor'sCorporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a$7 annual dividend.
Average dailyvolume of tradingin stockson the New York Stock Exchange.
B a c k f i g u r e s . — S e e B a n k i n g and M o n e t a r y S t a t i s t i c s , T a b l e s 1 3 0 , 1 3 3 , 1 3 4 , a n d 1 3 6 , p p . 4 7 5 , 4 7 9 , 4 8 2 , a n d 4 8 6 ,
respectively.
N E W S E C U R I T Y I S S U E S
[In millions of dollars]
For refunding
For new capital
Year or month
Total
(new Total
and
(doremestic
fundand
ing)
foreign)
Domestic
Total
State
and
municipal
2,160
4,699
6,214
3,937
4,449
5,842
4,803
... 5 , 5 4 6
2 114
2,174
1,386
1,457
1,972
2,138
2,360
2,289
1 951
2,854
1 075
642
1 386
1,409
1 949
2,094
2,325
2,239
1 948
2,852
1 075
640
169
1943—July
August
145
September..
140
October
201
N o v e m b e r .. 3 5 7
December...
163
31
29
51
57
165
33
31
29
51
57
165
33
7
7
10
5
21
10
1944—January
February
March
April
Mav
June
July
103
73
58
80
93
73
58
80
24
11
13
7
1934
1935
1936
1937
1938
1939
1940 .
1941
1942
1943
240
220
178
235
418
213
274
53
42
70
53
42
64
803
855
735
712
971
Federal
a g e n 1cies
405
150
22
157
481
924
461
518 1 , 2 7 2
931
751
342
176
21
23
12
108
90
4
' " 3 1 "
n
23
10
31
4
Corporate
Total
178
404
Bonds
and
notes
F o r -2
eign
Stocks
35
873
144
334
839
817
807
287
601
97
135
624
889
506
173
118
1,192
1,225
383
736
1,062
374
282
774
69
352
408
67
48
23
44
35
1
92
19
22
10
41
121
14
6
14
10
33
87
8
13
8
•••y •
34
6
38
63
45
73
15
59
28
21
33
15
52
14
11
43
22
4
17
52
19
5
10
Total
(domestic
and
foreign)
50
2
2
10
Domestic
Total
765
State
and
municipal
136
365
382
191
129
Federal
a g e n 1cies
317
987
353
281
665
3,242
4,242
1,799
2,089
3,553
2,852
2,693
1,039
1,532
3,216
4,123
1,680
2,061
3,465
2,852
2,689
1,039
1,442
139
116
89
144
192
130
139
116
89
144
192
130
42
22
10
11
15
8
31
15
24
46
107
39
137
146
120
155
137
146
120
149
14
26
12
10
25
30
31
365
170
204
356
170
204
139
8
22
195
482
1,537
344
259
497
435
181
698
440
33
83
27
Corporate
Bonds
Total a n d S t o c k s
notes
312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
312
1,782
3,187
856
1,236
1,596
1,834
1,430
81
200
352
31
137
193
Foreign2
9
26
119
119
28
88
126
11
4
603
82
90
66
79
55
87
70
83
65
69
51
59
58
77
1
10
5
27
12
7
123
96
78
108
. 184
62
93
59
53
61
3
19
55
418
685
79
154
407
169
76
133
15
3
21
6
9
1
I n c l u d e s p u b l i c l y - o f f e r e d i s s u e so f F e d e r a l c r e d i t a g e n c i e s ,b u t e x c l u d e s d i r e c t o b l i g a t i o n so f U . S . T r e a s u r y .
Includesissuesof noncontiguous U. S. Territories andPossessions.
Source—For
domestic issues, Commercial
and F i n a n c i a l C h r o n i c l e ' , f o r f o r e i g n i s s u e s , U . S . D e p a r t m e n t
of Commerce.
revision.
Back
figures.—See
Banking
and M o n e t a r y
Statistics, Table 137, p. 487.
2
9O6
Monthly
figures subject
to
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated
net
proceeds 3
Estimated
gross
proceeds 2
Year or month
384
2,266
4,431
2,239
2,110
2,115
2,615
417
177
155
145
207
187
129
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
651
2
4
1
41
28
17
41
28
13
91
3
1
2
32
6
18
15
3
3
5
3
31
10
6
34
48
76
49
70
59
80
50
101
69
79
6
34
42
74
49
51
40
79
42
97
64
75
19
19
1
9
4
5
4
2
8
5
22
6
3
23
18
32
24
17
8
22
11
31
16
28
6
15
24
114
33
147
93
120
117
122
54
32
129
55
115
103
109
60
1
18
38
5
13
13
2
4
3
1
3
18
1.043
1,089
32
111
380
574
504
170
424
661
287
156
46
35
34
45
34
33
4
5
16
2
1
15
1943—January
February
March
April.
......
May.......
June
....
July
August. . . . . . . . .
September......
October
November
December.......
9
49
98
91
83
99
76
106
69
130
200
103
8
49
96
88
81
97
74
103
68
127
197
100
1
12
39
9
32
25
3
15
11
3
122
14
1944—January.........
February
March
April
May............
June...
.
July
154
97
203
155
148
163
178
150
95
199
150
146
160
174
34
49
48
53
23
23
46
1942—October.
November
December.......
2.623
!
Total
Repayment
of
other debt
Preferred
stock
Bonds and
notes
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
395
721
57
208
858
991
681
325
569
868
474
285
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,112
Working
capital
Plant and
equipment
Total
1934
1935 ..
...
1936
1937
1938 . . . . . . . . .
1939....
1940 . .
1941
1942............ .......
1943
Retirement of securities
New money
26
96
478
i
1
io""
6
3
14
10
12
6
71""
226
190
87
59
128
100
30
70
Other
purposes
84
170
154
til
11
23
49
36
7
26
19
28
35
28
215
69
174
144
138
54
1
4
2
3
1
7
2
8
3
2
10
l"
1
5
1
8
1
3
1
6
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Other
Industrial
Total
Retire- All
Total
Retire- All
Total
Total
All
RetireAll
RetireNew ment of other
net
New ment of other
net
net
New ment of other
net
New ment of other
pro- money securi- pur- 4 pro- money securi- purpro- money securi- pur-4
pro- money securi- purposes ceeds
ties
ceeds
ties
ties
poses* ceeds
poses 4 ceeds
ties
poses
Year or month
1934.....
1935
1936 . .
1937
1938 .
...
1939
1940 .
1941
1942
1943
Public utility
172
120
774
338
54
182
319
361
47
159
.. .
. . .
1942—October.
November..
December
21
57
139
228
24
85
115
253
32
46
1943—January
February....... i
March
1
April
!
May
June
..
July............
August. . . . . . . . . !
September
October......... •
November
December.......
1944—January.........
February.......
March
April........
May.....
!
June........
July
4
4
8
15
3
14
46
7
6
4
8
5
3
14
......
10
46
7
4
28
26
3
3
8
9
29
8
9
29
2
45
2
7
54
558
110
30
97
186
108
15
113
9
9
\
120
28
23
3
4
7
41
31
10
77
1
"is*"
130
,250
,987
751
,208
L.246
1,180
L 340
464
439
29
17
27
39
22
58
38
2*
46
49
50
37
75
61
30
140
28
58
24
58
77
11
30
63
89
180
43
245
317
145
8
1,190
1,897
611
943
1,157
922
993
292
414
10
29
16
17
2
1
1
4
6
""s"
34
20
55
38
1
24
46
41
49
37
70
61
30
134
28
58
23
52
42
30
27
50
86
47
13
30
27
17
3
1
3
i
4
5
1
62
774
1,280
1,079
831
584
961
828
527
468
25
74
439
616
469
188
167
244
293
219
34
550
761
373
226
353
738
463
89
187
2
150
80
90
136
43
56
121
146
62
6
17
3
4
4
2
3
12
1
I
8
2
59
27
17
50
40
49
14
48
134
19
1
2
33
5
11
25
3
9
3
2
119
7
6
2
18
22
7
23
26
35
9
24
9
9
8
81
55
28
118
85
58
109
26
40
14
49
19
17
34
53
3
11
65
62
22
70
20
122
390
71
16
102
155
94
4
23
46
218
57
8
9
42
55
4
12
72
152
7
7
88
9
18
""2"
11
6
12
7
4
3
22
6
3
1
1
1
3
3
2
12
4
3
4
19
5
2
3
2
4
1
33
7"
2
19
4
20
7
1
5
104
21
3
2
1
2
3
1
2
1
31
1
2
3
4
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilations of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of
the Board of Governors.
SEPTEMBER
1944
907
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits, 1 by industrial groups
Year or quarter
Total
Number of companies...
Iron
and
steel
Machinery
Other
Nontrans- ferrous
porta- metals
and
tion
equip- products
ment
Automobiles
Other
durable
goods
Oil
Foods, producIndusbevering
trial
ages,
and
chemiand
refincals
tobacco ing
Other
nondurable
goods
Miscellaneous
services
Dividends
Net
profits1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2 169
1.792
1,823
146
278
325
226
205
115
158
193
159
168
223
242
274
209
201
102
173
227
202
203
119
133
153
138
128
70
88
113
90
83
151
148
159
151
163
98
112
174
152
185
186
194
207
164
169
134
160
187
136
144
122
132
159
165
173
847
1,028
1,144
883
902
90
90
92
88
86
564
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
29
36
46
48
286
297
284
276
22
23
23
24
150
165
170
221
1942—1.. .
2
419
364
451
557
52
52
51
72
38
35
36
49
46
25
46
92
51
«6
48
649
6
54
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
32
34
52
47
204
174
211
294
21
23
20
23
134
135
125
158
437
441
464
481
53
48
51
53
39
42
41
46
47
49
52
53
654
6
52
6
51
6
46
34
32
31
32
19
22
20
23
39
40
42
42
36
42
49
58
42
41
41
46
36
35
37
36
39
38
49
47
208
221
227
245
21
22
21
23
127
132
127
169
222
226
20
22
1939
1940
1941
1942
1943
1940—1
2
Quarterly
3
3
4
1943—1
2.....
3 .
4
1944—1
2
r
452
462
r
r
47
46
40
44
r
r
52
60
658
654
r
29
30
20
23
r
40
35
.
r
49
51
r
46
r
42
44
•
36
39
r
r
39
37
669
705
552
555
r
142
149
PUBLIC UTILITY CORPORATIONS
[ In millions of dollars ]
Railroad2
Year or quarter
1939
1940
1941
1942
1943
Operating
revenue
Income
before
income
Electric power3
Net income1
Dividends
A" roads
Telephone4
Operating
revenue
Income
before
income
tax6
Net
income1
Dividends
Operating
revenue
Net
income1
Dividends
3,995
4,297
5,347
7,466
9,054
126
249
674
1,658
2,209
93
189
500
902
874
-102
-73
23
147
187
126
159
186
202
216
2,647
2,797
3,029
3,216
3,471
629
692
774
847
926
535
548
527
490
506
1,067
1,129
1,235
1,362
1,537
191
194
178
163
180
175
178
172
163
166
986
1,010
1,130
1,171
-3
15
92
145
-12
-29
-33
-14
3
25
29
29
78
709
675
682
731
187
161
156
188
148
128
123
149
274
281
281
294
49
50
45
50
44
44
44
46
1941—1
2
3
4
1,152
1,272
1,468
1,454
96
145
267
166
69
103
189
138
—5
0
23
5
28
36
34
87
751
723
750
805
209
182
183
200
154
126
107
139
295
308
311
321
43
44
45
46
44
45
44
40
1942—1
2
3
4
1,483
1,797
2,047
2,139
178
390
556
534
90
198
286
327
12
37
60
38
24
46
30
101
816
770
792
839
234
196
195
222
131
104
105
150
324
337
342
359
41
41
39
43
44
42
39
38
1943—1
2
3
4
2,091
2,255
2,368
2,340
513
605
653
438
209
239
249
177
52
56
55
25
28
49
39
100
865
836
861
257
224
213
231
137
119
115
135
366
383
389
400
42
44
45
48
40
42
43
41
1944—1
2
2,273
2,363
458
511
148
174
27
22
31
55
930
263
242
135
123
400
406
42
43
42
42
1940—1
2
3
4
Quarterly
• 71
127
r
1
2
3
4
Revised.
"Net profits" and "net income" refer to income after all charges and taxes and before dividends.
Class I line-haul railroads, covering about 95 per cent of all railroad operations.
New series, Class A and B electric utilities covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.
Thirty large companies, covering about 85 per cent of all telephone operations. (During 1942, two companies formerly reporting separately were
merged with another in the group.) Series excludes American Telephone and Telegraph Company, the greater part of whose income consists of dividends
received
on stock holdings in the 30 companies.
5
After all charges and taxes except Federal income and excess profits taxes.
J Partly estimated.
* Not available.
Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (nonelectric operations and quarterly figures
prior to 1942 are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. 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 th<* March 1942 BULLETIN,
go 8
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars ]
Marketable public issues 1
Total
gross
direct
debt
Total
interestbearing
direct
debt
48,961
57,938
72,422
108,170
136,696
48,387
57,451
71,968
107,308
135,380
37,713
41,562
50,573
76,488
95,310
1,603
2,002
2,508
6,627
11,864
1943—July
Aug
Sept
Oct
Nov
Dec
141,524
144,059
158,349
165,047
166,158
165,877
140,238
142,721
157,053
163,589
164,781
164,508
98,613
99,935
111,426
115,944
115,909
115,230
1944—Jan
Feb
Mar
Apr
May
June
July
170,659
183,107
184,715
184,967
186,366
201,003
208,574
167,043
181,709
183,348
183,413
184,874
199,543
207,117
115,259
126,171
128,080
127,440
128,029
140,401
144,919
End of month
1941—June
1942—June
Dec
1943—June
"
Totals
Fully
NonguaranSpecial interest- teed inissues bearing terestdebt
securities
bearing
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtedbills
notes
bonds
ness
Total 2
U.S.
savings
bonds
Treasury
tax and
savings
notes
3,096
10,534
16,561
5,698
5,997
6,689
9,863
9,168
30,215
33,367
38,085
49.268
57,520
4,555
8,907
13,510
21,788
29,200
4,314
6,140
10,188
15,050
21,256
2,471
3,015
6,384
7,495
6,120
6,982
7,885
9,032
10,871
574
487
454
862
1,316
6,360
6,317
4,548
4,283
4,092
12,460
12,846
13,054
13,064
13,074
13,072
16,561
17,497
21,136
23,199
23,103
22,843
11,875
11,875
11,596
11,596
11,596
11,175
57,520
57,520
65,444
67,889
67,940
67,944
30,169
30,879
33,910
35,776
36,595
36,574
22,030
22,694
24,478
26,056
26,697
27,363
7,678
7,703
8,851
9,109
9,278
8,586
11,456
11,907
11,717
11,868
12,278
12,703
1,286
1,338
1,296
1,458
1,377
1,370
3,782
3,934
3,964
4,113
4,154
4,225
13,101
13,112
13,147
13,150
13,766
14,734
15,524
22,843
25,680
25,680
25,306
25,266
28,822
30,035
11,175
13,302
16,244
16,263
16,265
17,405
18,067
67,944
73,882
72,813
72,526
72,537
79,244
81,097
38,911
42,370
41,762
42,275
42,724
44,855
47,237
28,901
31,515
31,974
32,497
32,987
34,606
36,538
9,384
10,220
9,116
9,092
9,050
9,557
10,000
12,873
13,168
13,507
13,697
14,122
14,287
14,961
3,616
1,398
1,367
1,554
1,492
1,460
1,456
4,269
4,227
2,258
2,258
1,529
1,516
1,468
3
1
Including amounts held by Government agencies and trust funds, which aggregated $4,602,000,000 on June 30, 1944, and $4,594,000,000 (preliminary)
on July
31,1944.
.*
2
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service and
depositary
bonds not shown separately.
3
Including prepayments amounting to $2,193,000,000 on securities dated Feb. 1, 1944, sold in the Fourth War Loan Drive beginning Jan. 18,1944.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING, JULY 3 1 , 1944
[On basis of daily statements of United States Treasury. In millions
of dollars]
Issue and coupon rate
Amount
Treasury bills 1
Aug. 3, 1944....
Aug. 10, 1944....
Aug. 17, 1944....
Aug. 24, 1944....
Aug. 31, 1944....
Sept. 7, 1944....
Sept. 14, 1944....
Sept. 21, 1944....
SeDt. 28, 1944....
Oct. 5, 1944....
Oct. 13, 1944...
Oct. 19, 1944....
Oct. 26, 1944
1,017
1,207
1,206
1,214
1,215
1,203
1,201
1,212
1,208
1,216
1,204
1,207
1,214
Cert, of indebtedness r
Aug.
Sept.
Oct.
Dec.
Feb.
Apr.
May
June
1, 1944
1, 1944.
1, 1944
1, 1944
1, 1945
1, 1945
1, 1945
1, 1945
2,545
4,122
3.519
3,540
4
5,048
4,877
4
Vs 1,615
V% 4,770
4
4
4
...', 4
Treasury notes
Sept. 15, 1944.... .1
Sept. 15, 1944....
Mar. 1, 1945.... 90
Mar. 15, 1945....
Mar. 15, 1945
V.iH
Dec. 15, 1945....
Mar. 15, 1946.... ... 1
Dec. 15, 1946
Mar. 15, 1947.... \H
Sept. 15, 1947.... • .1/^
Sept. 15, 1948.... ..1H
Treasury bonds
Dec.
Sept.
Dec.
Mar.
June
June
Oct.
Dec.
Mar.
Mar.
15, 1944-54. . . . . 4
15, 1945-47. • -2H
15, 1 9 4 5 . . .
15, 1946-56. '.'.3%
15, 1946-48. . . . . 3
15, 1946-49. 3)4
15, 1947-52. '.'AH
15, 1947.... . . . .2
15, 1948-50. . . . . 2
15, 1948-51. • •2%
283
635
2,127
718
1,606
531
503
3,261
1,948
2,707
3,748
1,037
1,214
541
489
1,036
819
759
701
1,115
1,223
Amount
Issue and coupon rate
Treasury bonds—Cont.
• 1M 3,062
June 15, 1948
451
. .23^
Sept. 15, 1948
571
2
Dec. 15, 1948-50 . . . .
....2
1,014
June 15, 1949-51
...2
1,292
Sept. 15, 1949-51
...2
2,098
Dec. 15, 1949-51
491
• -3}4
Dec. 15, 1949-52
2M> 1,786
Dec. 15, 1949-53
'.'.. 2
1,963
Mar. 15, 1950-52
2 /L
1,186
Sept. 15, 1950-52
'.'...2
4,939
Sept. 15, 1950-52
1.627
June 15, 1951-54
..2H
7,986
....2
Sept. 15, 1951-53
755
... 3
Sept. 15, 1951-55
1,118
..2H
Dec. 15, 1951-53
... 2
510
Dec. 15, 1951-55
1.024
Mar. 15, 1952-54
5,675
'.'...2
June 15, 1952-54
1,501
June 15, 1952-55
..2H
... 2
725
June 15, 1953-55
681
..1H
June 15, 1954-56
2,611
Mar. 15, 1955-60
1,449
..2Vi
Mar. 15, 1956-58
982
• -2H
Sept. 15, 1956-59
3,823
Sept. 15, 1956-59
919
'.'.2%
lune 15, 1958-63
• -2M 1.485
Dec. 15, 1960-65
2,118
Tune 15, 1962-67
'.'•2Yi
2.831
Dec. 15, 1963-68
3,762
..2V2
Tune 15, 1964-69
3.838
Dec. 15, 1964-69
• . 23^2
5,174
Mar. 15, 1965-70
• •2x/i
2,716
Sept. 15, 1967-72
117
Postal Savings bonds.2H
29
Conversion bonds. . . . 3
50
Panama Canal loan ... 3
Total direct issue s
144,919
X
Guaranteed securities
Commodity Credit Corp.
• 1/^3
Feb. 15, 1945
Home Owners' Loan Corp.
June 1, 1945-47 ... • 1M
Federal Housing Admin.
Various
Total guaranteed issues
412
755
24
1,191
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
1943—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec
1944—Jan
Feb
Mar
Apr
May
Tune
July
Amount
outstanding
at end of
month
Funds received from sales during
month
All
series
Series
E
16,246
17,067
17,891
19,267
20,507
21,256
22,030
22,694
24,478
26,056
26,697
27^363
1,240
815
634
720
28,901
31,515
31,974
32,497
32,987
34,606
36,538
887
944
1,470
1,335
1,007
876
890
802
995
696
683
661
1,927
1,708
1,400
1,340
1,698
2,782
1,085
2,102
709
739
751
576
606
624
1,842
2,125
1,350
1,687
798
853
665
728
Redemptions
Series
F
Series
G
All
series
77
348
205
180
353
254
144
169
112
387
275
109
101
63
76
131
103
104
141
138
152
155
144
170
207
487
522
110
114
111
188
185
268
237
279
248
227
48
44
110
86
35
38
28
139
93
23
24
127
157
23
19
15
115
101
377
337
Maturities and amounts outstsmding, July 31, 1944
Year of maturity
1945 .
. .
1946
1947
1948
1949
1950 .
1951
1952
1953
1954
1955
1956
Unclassified
Total
All
series
179
Series
A-D
Series
E
Series
F
Series
G
179
320
408
488
801
992
1,683
5,332
10,272
10,088
3 249
2,578
147
320
408
488
801
992
36,538
3,633
444
1,239
5,332
8,839
7,076
219"
617
706
550
22,486
2,091
1,215
2,395
2 543
2,028
8,182
1
Sold on discount basis, See table on Open-Market Money Rates,
p. 905.
SEPTEMBER. 1944
909
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Total
interestbearing
securities
End of month
Held by U. S. Government agencies
and trust funds
Special
issues
Public
issues
Privately held1
Held
by
Federal
Reserve
Banks
Total
Commercial
banks
Other investors
Insurance
companies
Mutual
savings
banks
Marketable
issues
Nonmarketable
issues
1941—June
December.
1942—June
December.
1943-June
54,747
63,768
76,517
111,591
139,472
6,120
6,982
7,885
9,032
10,871
2,362
2,547
2,726
3,207
3,446
2,184
2,254
2,645
6,189
7,202
44,081
51,985
63,261
93,163
117,959
20,095
21,788
26,410
41,373
52,458
3,426
3,700
3,891
4,559
5,290
7,000
8,000
8,900
11,000
12,800
9,400
10,000
11,100
15,100
19,000
4,200
8,500
13,000
21,100
28,400
1943—October...
November
December.
1944—January...
February.
March
April
May
June
167,701
168,935
168,732
171,312
185,936
185,606
185,670
186,403
201,059
11,868
12,278
12,703
12,873
13,168
13,507
13,697
14,122
14,287
4,125
4,157
4,231
4,279
4,616
4,598
4,649
4,243
4,789
9,354
10,348
11,543
12,073
11,632
12,115
13,220
14,251
14,901
142,354
142,152
140,255
142,087
156,520
155,386
154,104
153,787
167,082
61,900
61,300
59,845
61,800
64,900
64,100
63,800
63,200
68,500
6,000
6,000
6,096
5,700
6,700
6,800
6,800
6,700
7,300
14,400
14,500
14,700
14,200
15,700
15,900
15,900
16,000
16,800
25,400
24,900
24,100
22,800
28,200
28,300
26,800
26,700
31,200
34,700
35,500
35,500
37,600
41,000
40,300
40,800
41,200
43,300
i Figures for insurance companies and'other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banks
and mutual savings banks have been rounded to nearest 100 million for all dates except June and December for which call report data are available.
Back figures.—See Banking and Monetary Statistics, Table 149, p. 512.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES*
[Public marketable securities. Par values in millions of dollars]
End of month
Total:2
1942—Dec
1943—June
Dec
1944—Feb
Mar
Apr
May
June
Treasury bills:
1942-Dec
1943—June
Dec
1944—Feb
Mar
Apr
May
June
Certificates:
1942—Dec
1943—June
Dec
1944—Feb
Mar
Apr
May
June
Treasury notes:
1942—Dec
1943—June
Dec
1944—Feb
Mar
Apr
May
June...;...
Guaranteed securities
1942—Dec
1943—June
Dec
1944—Feb
Mar
Apr
May
June
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
funds
FedMuteral
ComRe- mercial1
serve banks ings
Banks
banks
80.685
99,218
118,813
129,640
129,623
128,944
129,218
141,591
3,202 6,189
3,319 7,202
3,787 11,543
4,037 11,632
4,050 12,115
4,050 13,220
4,056 14,251
4,604 14,901
38,759
48 ,*665
55,549
60,029
59,358
59,117
58,634
63,523
6,627
11,864
13,072
13,112
13,147
13,150
13,766
14,734
1,010
3,815
6,768
6,354
6,532
7,641
8,466
8,872
4,497
6,502
4,716
5,484
4,606
4,137
3,627
4,894
10
21
12
5
8
9
10
2
Insurance
com- Other
panies
4,471 10,766 17,297
5,161 12,486 22,385
5,962 14,386 27,586
6,488 15,437 32,017
6,626 15,577 31,898
6,670 15,620 30,267
6,593 15,649 30,035
7,158 16,471 34,935
26 1,073
154 1,361
72 1,484
1,263
1,983
1,34
1,630
960
10,534
16,561
22,843
25,680
25,680
25,306
25,266
28,822
17
51
50
69
73
84
82
67
1,041
1,092
2,467
2,696
2,070
2,973
3,147
3,382
6,470
9,823
12,701
13,049
12,944
12,979
12,950
15,037
129
184
208
159
163
171
210
126
180
305
367
382
485
518
557
339
2,696
5,106
7,050
9,325
9,044
8,581
8,320
9,871
9,863
9,168
11,175
13,302
16,244
16,263
16,265
17,405
92
61
66
69
74
76
69
58
1,324
774
665
882
1,159
1,156
1,186
1,180
5,670
5,500
7,389
9,046
11,402
11,486
11,499
11,718
167
155
197
175
244
271
274
286
283
276
275
259
293
300
301
337
2,327
2,402
2,583
2,870
3,072
2,974
2,935
3,826
4,196
3,908
3,583
3,469
1,544
1,503
1,190
1,190
311
116
4
3
3
3
3
1
37
54
83
2,665
2,602
2,466
2,459
1,033
999
944
949
108
76
38
30
12
12
10
6
333
309
283
193
84
81
64
26
743
751
709
696
408
404
166
205
End of month
Treasury bonds:
Total:
1942—Dec.
1943—June
Dec
1944—Feb
Mar
Apr
•
May
June
Maturing within 5 years:
1942—Dec
1943—June
Dec
1944—Feb
Mar
Apr
May
June
Maturing in 5-10 years:
1942-Dec
1943—June
Dec
1944—Feb
Mar
Apr
May
June
Maturing in 10-20 years:
1942—Dec
1943—June
Dec
1944—Feb
Mar
Apr
May
June
Maturing after 20 years:
1942—Dec
1943—June
Dec
1944—Feb
Mar
Apr
May
June
U.S.
GovernTotal ment
out- agenstand- cies
ing
and
trust
Funds
49,268
57,520
67,944
73,882
72,813
72,526
72,537
79,244
Federal
Reserve
Banks
2,739
3,045
3,614
3,854
3,858
3,842
3,846
4,4371
Com- Mutual Insurmer- savance Other
cial
combanks
panies
2,777 19,445
1,468 24,226
1,559 28,264
1,613 29,976
1,450 29,35"
1,445 29,501
1,447 29,601
1,464 30,910
4,055r
4,72,
5,506
6,118
6,199
6,207
6,088
6,736
253
298
211
197
172
179
183
189
1,129
1,308
2,030
1,774
2,125
2,124
2,051
2,712
3,160 5,640
3, ' 5,505
5,453
3,
3,673 7,505
9,944 10,308
11,442 12,015
13,389 15,613
14,603 17,718
14,704 17,245
14,718 16,814
14,718 16,838
15,768 19,929
5,830
9,474
8,524
8,524
7,328
7,005
7,005
7,824
754
867
665
604
454
449
449
536
17,080
17,921
28,360
28,360
29,384
29,384
29,384
34,399
1,574
776
1,495
1,447
1,495
1,496
1,498
1,570
2,565
5,12:
5,044
5,231
4,414
4,299
4,265
4,697
9,353
10,107
15,642
16,545
16,961
17,161
17,294
18,937
16,295
17,214
14,310
18,035
17,079
17,099
17,109
15,482
2,165
1,645
1,270
,335
,269
,252
,256
,097
6,240
7,611
6,051
6,575
6,352
6,389
6,384
5,509
1,580
1,405
1,219
2,145
1,901
1,919
1,891
1,857
2,778
2,896
2,571
3,172
3,101
3,154
3,162
2,792
3,531
3,657
3,203
4,809
4,453
4,383
4,412
4,228
10,065
12,912
6,751
18,963
19,022
.9,037
19,039
21,539
,021
,221
,745
2,083
2,087
2,087
2,088
2,696
1,286
1,385
1,526
1,623
1,627
1,646
1,660
1,766
1,095
1,713
2,046
2,001
2,002
1,983
1,963
1,981
4,339
5,229
6,737
7.678
7,804
7,844
7,835
8,640
2,323
3,366
4,699
726
991
828
683
638
624
629
663
1,531
2,195
1,775
1,807
1,649
1,452
1,480
1,740
2,101 2,920
2,326 3,401
3,254 5,934
3,070 5,522
5,579
5,499
5.476
5,493
6,456
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and the
residual "other" are not entirely comparable from month to month. Since June 1943, the coverage by the survey of commercial banks has been expanded.
Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total
holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table
above.
1
Including stock savings banks. On June 30, 1944, commercial banks reporting to the Treasury held $24,763,000,000 of United States Government
securities
due or callable within one year out of a total of $51,246,000,000 outstanding.
2
Including $196,000,000 of Postal Savings and prewar bonds not shown separately below.
9IO
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury. In millions of dollars]
Period
Fiscal year ending:
June 1942
June 1943
June 1944
MisIncome taxes1 cellaneous Social
Other
inter- securerity ceipts
nal
taxes
With-2
reveheld Other nue1
Total
receipts
TransInter- War fers to Other Total
Net
est ictivi- trust
ex- budget Defire- 1
ac- pendi- expend- cit
ceipts"
ties counts,
tures itures
debt
etc.
3,847
4,553
5,291
1,194
1,508
1,751
666
1,230
3,711
13,668
23,385
45,408
12,799
22,282
44,149
7,960
16,094
8,393 26,262
1,260 26,011
1,808 72.109
2,609 87,039
381
435
556
4,745
3,827
3,540
32,397 19,598
78,179 55,897
93,744 49,595
Change
Inin
gen- crease
eral
fund
gross
baldebt
ance
Trust
accounts,
etc.4
-3,506
+358
-1,861 +6,515
-4,051 +10,662
23,461
64,274
64,307
1943—July
. 19
August
548
674
September..
557
October... :
November .. 1,010
713
December...
1,236
1,016
4,091
746
449
4,327
512
729
344
464
363
386
48
310
53
46
292
60
234
403
285
256
255
251
2,048
3,005
5,448
2,069
2,370
5,737
2,007
2,721
5,447
2,033
2,099
5,736
' 68
46
311
131
47
497
6,432
7,232
6,952
6,989
7,541
6,718
344
15
2
36
2
2
269
324
269
300
248
236
7,112
7,617
7,535
7,456
7,839
7,452
5,105
4,896
2,087
5,426
5,740
1,716
-635
+131
-410
-132
""'
+290
-667
-912
-2,231
+11,794
+1,139
-4,338
-2,664
4,828
2,534
14,291
6,697
1,112
-281
1944—January
574
February.... 1,137
March
750
April
560
1,104
May
746
June
594
July
1,153
610
5,161
1,915
1,063
4,495
654
412
344
375
421
520
422
681
49
373
69
39
337
75
56
590
290
220
183
232
511
227
2,779
2,754
6,576
3,119
3,256
6,249
2,212
2,747
2,503
6,573
3,087
2,950
6,247
2,163
87
56
449
117
52
747
86
7,138
7,518
7,726
7,346
7,879
7,567
7,201
37
5
7
40
26
40
451
308
283
343
355
334
271
372
7,570
7,862
8,525
7,859
8,292
8,625
8,110
4,823
5,359
1,952
4,772
5,342
2,378
5,947
-14
-173
-2,205
+193
+185
-613
+133
-55
+6,916
-2,549
-4,327
-3,757
+11,646
+1,756
4,781
12,448
1,608
252
1,399
14,637
7,570
Details of trust accounts, etc.
Social Security
accounts
Period
Net
receipts
ExInvest- pendiments tures
Net expenditures
in checking accounts of
GovernRement
ceipts
agencies
Fiscal year ending:
June 1942
June 1943
June 1944
2,327
2,810
3,202
1,705
2,350
2,816
614
456
380
3,625
2,194
4,403
863
1,117
1,851
1943—July...
August
September. ..
October
November
December
245
596
32
109
562
87
179
292
296
50
277
29
30
30
29
29
30
726
148
146
199
-64
427
315
101
116
139
75
114
General fund of the Treasury (end of period)
Balance in
general fund
Assets
Other
Deposits
in
special
depositaries
Other
assets
3,443
10,149
20,775
603
1,038
1,442
1,679
7,667
18,007
1,162
1,444
1,327
452
643
607
2,991
9,507
20,169
2,229
8,744
19,406
9,127
6,845
18,734
19,838
15,492
12,878
979
1.076
1,538
1,095
1,245
1,408
6,790
4,362
15,676
17,280
12,770
9,942
1,358
1,406
1,519
1,462
1,477
1,528
532
481
576
541
534
584
8,595
6,364
18,158
19,297
14,958
12,294
7,832
5,601
17,395
18,534
14,196
11,532
12,239
19,155
16,606
12,279
8,522
20,169
21,924
11,476
18,392
15,844
11,517
7,759
19,406
21,162
Total
221
655
1,313
533
133
192
9
21
14
16
252 |
75
72
86
96
81
Total
, liabilities
Deposits
in
Federal
Reserve
Banks
ExInvest- pendiments
tures
102
83
32
634
1944—January
165
164
81
12,873
1,461
1,098
10,314
514
350
33
571
February
1,460
331
121
59
35
19,726
1,172
17,095
46
172
35
1,424
664
March
2,002
94
102
35
17,270
1,540
14,306
110
1,396
51
34
617
April
202
75
12,896
87
954
10,546
— 127
1,436
584
269
34
622
May
179
103
9,144
148
942
6,766
24
1,327
213
489
34
607
231
231
20,775
June
88
1,442
18,007
215
1,394
305
225
31
415
32") ! -181 22,513
1,269
July
193
19,850
* Details on collection basis given in table below.
2
Withheld by employers (Current Tax Payment Act of 1943).
3
Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance
4
Excess of receipts ( + ) or expenditures (—).
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
Total
Working
balance
trust fund.
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Income taxes
Period
Current With-1 VicTotal indiheld tory
tax
vidual
Fiscal year ending:
June 1942
June 1943
June 1944
Current
corporation
Miscellaneous internal revenue
Back
taxes
Excess
profits
taxes
Other
profits
taxes
Total
ManufacCapi- Estate AlcoMisholic
To- Stamp turers'
tal
and
and
cellabever- bacco taxes retailers'
stock
gift
neous
age
taxes
tax
excise
taxes taxes
taxes
taxes
8,007 3,108
16,299 5,771
" # 686
33,028 10,254 7*038
785
1943—July
333
1,231
527
i 438
August.,
814
55
September .... 4,192 1,963
l
6
October
3
1,644
74 1,006
November.. .. 1,471
2
47 1,087
December
1
4,591 2,158
14
2,764
4,137
4,763
460
557
705
1,618
5,064
9,345
57
84
137
3,838
4,571
5,353
282
329
381
433
447
511
142
111
877
181
84
1,012
33
44
103
35
32
49
186
162
1,228
337
204
1,352
10
3
15
9
16
5
652
595
394
421
376
388
136
188
35
20
1944—January
1,584
February
2,477
March
5,358
2,809
April
2,289
May
4,568
June
1,729
July
T
Revised.
1
Withheld by employers
16
64
994
152
86
1,044
93
184
41
63
43
28
49
30
352
300
2,370
370
312
2,174
290
6
5
28
12
10
19
7
382
339
401
424
483
499
754
SEPTEMBER 1944
629
396
221 1,844
70
1,833
804
1,427
309 1,545
38
1,245
132 1,179
1
1
1
128
1,048
1,423
l,618
781
924
988
42
45
51
48
25
28
41
34
36
125
129
117
122
117
120
87
90
86
90
93
87
4
5
4
4
4
4
59
56
53
59
56
64
193
103
71
86
70
76
52
38
60
56
42
50
48
108
108
124
169
182
r
195
210
77
67
77
72
81
81
77
4
4
5
5
4
4
5
68
63
59
51
72
58
76
70
97
r
103
214
r
852
401
670 - 732
729 1,075
77
64
72
(Current Tax Payment Act of 1943).
911
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
Bonds, notes,
and debentures
Other
Govt.
agencies1
Accounts
and
other
receivables
Business
property
Property
held
for
sale
Other
assets
Fully
guaranteed
by
U.S.
Other1
PriU.S.
Govern- vately
ment
owned
Other
liabili- interest interest
ties
17,962
1942—June
December. . . 21,715
1943—June
26,708
8,379
8,127
7,685
648
620
556
403
553
515
1,097
1,272
1,565
57
33
22
774
1,085
1,788
859
1,020
1,674
3,512
5,187
6,310
2,233
3,818
5,343
4,568
4,301
4,101
1,442
1,414
1,333
3,265
4,630
6,022
8,249
10,931
14,812
438
439
440
1943—July
August
September...
October
November...
December
25,555
26,435
26,284
27,218
27,788
28,625
7,615
7,580
7,557
7,487
7,459
7,444
524
498
497
493
492
486
538
539
501
486
493
524
1,638
1,691
1,722
1,784
1,833
1,895
16
11
7
6
6
23
1,514
1,450
1,487
1,850
1,963
1,926
1,561
1,966
1,470
1,602
1,611
1,624
6,750
7,019
7,234
7,115
7,309
7,512
5,399
5,681
5,809
6,395
6,622
7,191
3,936
4,046
4,081
4,125
4,180
4,239
1.276
1,271
1,274
1,285
1,308
1,342
5,757
5,972
5,560
5,867
5,788
5,874
14,146
14,706
14,929
15,501
16,073
16,732
441
440
441
440
439
438
1944—January
February....
March
April
May
June
29,508
29,791
30,263
31,083
31,153
31,666
7,410
7,411
7,366
7,304
7,220
7,188
470
452
442
439
436
433
580
516
526
518
628
610
1,942
2,099
2,090
2,161
1,750
1,701
23
23
23
23
6
6
1,951
2,062
2,140
2,455
2,379
1,970
1,645
1,658
1,677
1,671
1,685
1,702
7,588
7,753
7,829
7,985
8,042
8,392
7,899
7,817
8,170
8,527
9,007
9,664
4,277
4,226
2,273
2,274
1,672
1,766
1,332
1,322
1,326
1,302
1,427
1,413
5,247
4,956
4,950
5,589
5,623
6,185
18,216
18,853
21,280
21,484
21,996
21,858
435
435
433
435
435
443
LOANS, OTHER T H A N INTERAGENCY LOANS
Farm mortgage loans
Home mortgage and housing
agencies 3
Reconstruction
Home FederFial
nance Own- Home
ers'
Corp.
Loan Loan
Corp. banks
Other farm credit loans
Fed.
Fed. Feder- Fed.
NaFarm
tional Public
al
HousMortland Mortgage
ing
gage
banks Corp.
Assoc. Auth.
Rural
ExElecFed.
trifica- po rtIminter- Banks Com- Farm Farm
tion
port
medi- for co- modity Credit SecuAdBank
ate
opera- Credit
rity
Admin.
credit tives Corp. min. Admin.
banks
End of month
Total
loans2
1942—June
December...
1943—June
8,379
8,127
7,685
1,473
1,557
1,483
1,676
1,568
1,441
193
129
90
82
94
98
216
211
73
384
366
317
1,706
1,603
1,489
562
507
463
289
238
296
101
145
102
231
242
228
258
237
245
460
446
447
342
346
344
113
122
129
293
316
440
1943—July.
August
September...
October
November...
December...
7,615
7,580
7,557
7,487
7,459
7,444
1,459
1,463
1,460
1,432
1,427
1,413
1,419
1,400
1,383
1,366
1,354
1,338
92
81
130
127
116
110
97
100
99
100
99
101
71
69
67
66
65
65
317
317
317
317
318
318
1,472
1,452
1,431
1,406
1,381
1,358
455
447
437
423
412
403
296
284
269
251
240
243
107
111
148
189
215
235
225
225
222
228
278
330
244
242
237
232
229
226
443
441
433
427
All
416
344
344
345
345
345
347
132
136
136
140
136
136
442
468
443
438
423
405
1944—January
February
March
April
May
June
7,410
7,411
7,366
7,304
7,220
7,188
1,393
1,393
1,379
1,355
1,348
1,335
1,318
1,300
1,279
1,260
1,240
1,220
115
114
99
83
72
128
103
107
110
110
112
114
64
63
62
61
61
60
319
319
319
320
318
310
1,332
1,315
1,290
1,274
1,258
1,245
394
389
381
376
370
367
242
253
301
302
297
304
238
221
197
171
152
143
378
409
408
400
391
347
224
227
231
233
233
233
416
417
419
408
400
403
347
348
349
350
350
348
141
142
142
217
220
223
386
394
400
384
398
408
RFC
Mortgage
Company
Other
SELECTED ASSET ITEMS, OTHER T H A N INTERAGENCY ITEMS
Loans by Reconstruction
Finance Corporation
End ot month
Total
Loans
to fi- Loans
to
nancial
railinstiroads
tutions
Other
Accounts and other
receivables
Preferred stock held
Fed. land
Recon- Home
banks a n d
struc- Owners'
tion
Loan
Other Fed. Farm
Finance CorpoMortgage
Corp.
ration
Corp.
Property held for sale
ReconCommodity struction
Credit Finance Other
and
Corpo- Corp.
war corration porations
ComHome
War
modity Owners'
corpo- Credit
Loan
rations Corpo- Corporation
ration
Other
1942—June
December. . .
1943—June
1,473
1,557
1,483
144
167
148
472
460
426
857
930
909
378
366
354
167
152
108
103
102
94
225
207
193
96
57
350
151
531
800
302
290
445
2,041
3,469
4,963
1,068
1,363
1,045
262
227
191
141
128
111
1943—July
August
September...
October
November...
December . . .
1,459
1,463
1,460
1,432
1,427
1,413
145
141
138
126
134
131
423
423
423
406
405
398
891
899
899
890
888
884
351
346
345
343
341
338
80
64
64
63
63
63
93
88
88
87
88
85
192
193
187
186
174
168
210
177
196
489
533
488
825
790
832
778
734
728
287
290
272
397
522
542
5,241
5,528
5,784
6,0i6
6,231
6,423
1,223
1,220
1,196
865
873
897
182
169
152
136
111
96
104
102
102
98
94
96
1944—January
February....
March
April
May
June
1,393
1,393
1,379
1,355
1,348
1,335
129
127
113
104
99
87
396
395
392
384
381
381
868
871
874
867
868
867
334
329
325
322
319
316
54
47
47
47
47
47
82
76
70
70
70
70
161
160
153
153
148
145
575
553
607
615
587
550
702
665
656
652
622
574
513
684
724
1,035
1,022
701
6,582
6,789
6,915
7,094
7,184
7,395
827
795
757
741
720
861
85
76
66
57
47
36
94
93
91
93
91
100
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 are reported quarterly and amounted to 1,973 million dollars on June 30, 1944.
2
3
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) 1
1935-39
= 100
Manufactures
Total
Durable
A
justed
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production2
(physical volume) *
1935-39 = 100
Nondurable
-! Minerals
Total
Ad- Unad- AdAdAdAdjusted justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
72
75
58
73
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
109
125
162
199
P239
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
139
201
279
^360
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
109
115
142
158
P176
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
129
*>132
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
166
Residential
All
other
Employment 4
1939 a= 100
Nonagricultural
Factory
Depart- Wholesale
Freight ment
of
com- | Cost
carload- store
living 4
sales modity
ings*
(val4 j1935-39
I = 100
ue)* 5 prices
1939 = 1935-39
1926
= 100 1935-39
100
=
100
100
I
Factory
Ad- Unad- UnadAdAdAdusted justed justed justed justed justed
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
82
40
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
106.8
107.2
82.1
90.8
103.9
96.5
99.9
101.8
99.6
99.7
106.1
92.5
78.2
66.4
73.5
85.8
91.4
99.1
108.7
91.0
100.0
107.5
132.1
152.3
168.7
106.2
127.1
82.0
88.0
111.6
104.1
109.7
113.1
111.0
112.3
119.8
96.9
73.5
50.7
54.4
70.0
80.4
93.0
111.2
85.1
100.0
114.5
167.5
242.3
316.4
Adjusted
Adjusted
Unadjusted
Unadjusted
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
138
137
83
99
92
94
105
105
110
113
114
115
117
108
97
75
73
83
88
100
107
99
106
114
133
149
168
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
116.5
123.6
1927
1928
1929
122.9
106.0
1930
109.1
98.1
1931
92.3
88.3
1932
70.6
77.6
1933
68.9
78.6
1934
78.7
86.3
87.1
1935
90.1
1936
96.8
101.3
102.7
1937
107.7
95.1
1938
98.5
100.0
1939
105.4
104.7
1940
113.5
117.5
1941
138.0
149
126.7
1942
173.6
235
130.7
1943...
211.7
92
1940
November
79.6 100.1
111
159
120
108.7 114.6 116.0 127.5
138
136
117.3
130
119
123
87
116
December
119.9
80.0 100.7
110.0 116.8 117.4 134.1
166
140
115
90
126
139
136
119
120
117
1941
January
80.8 100.8
143
110.8 118.8 116.9 132.6
103
84
121.3
172
139
120
118
117
120
127
February
80.6 100.8
147
111.9 120.9 120.0 140.3
99
76
124.1
178
144
122
122
131
118
119
March
81.5 101.2
152
113.4 122.9 122.7 145.9
94
74
126.2
133
184
149
127
124
109
126
April
83.2 102.2
113.5 126.3 125.8 150.2
103
80
137
• 129.3 149
186
149
112
128
121
96
May
84.9 102.9
142
160
116.2 129.8 128.6 161.3
101
88
134.6
198
160
129
132
111
121
87.1 104.6
144
164
June
117.8 133.3 132.0 170.5
117
101
139.9
203
165
131
131
129
127
144
88.8 105.3
166
119.5 136.6 135.5 172.0
139
115
July
142.0
208
165
132
138
158
126
146
90.3 106.2
167
120.6 137.8 138.4 m.8
152
112
August
144.8
209
170
136
157
184
128
146
91.8 108.1
169
121.2 138.8 141.2
161
105
September
145.3
212
174
134
140
206
132
148
92.4 109.3
172
121.5 139.5 141.8 184.8
145
87
October
146.8
219
176
134
128
192
134
151
92.5 110.2
174
121.9 139.9 141.3 190.2
138
74
November
148.1
220
175
137
138
189
133
150
93.6 110.5
176
121.5 140.6 111.1 188.6
123
69
December....
153.7
225
173
138
136
167
133
195.1
1942
96.0 112.0
January
118
82
235
140
122.1 141.6 139.8 200.7
133
152
181
156.2
158
147
177
96.7 112.9
128
February
100
241
138
122.5 143.2 142.3 208.2
133
153
183
158.7
145
151
183
97.6 114.3
125
95
250
March
138
123.2 144.8 144.3 215.1
126
153
186
160.7
150
149
182
98.7 115.1
128
82
257
138
124.3 147.0 146.3 221.4
125
154
189
April
164.7
143
165
187
148.0
98.8
148.7
116.0
158
228.7
76
264
136
125.1
126
153
191
166.9
135
226
192
May
98.6 116.4
193
76
272
134
125.9 150.8 149.9 234.5
127
152
193
171.2
134
288
195
June
153.4
98.7
153.2
117.0
206
242.7
74
278
137
127.1
126
154
197
174.2
145
313
199
July
99.2 117.5
182
65
290
140
128.6 155.8 157.1 254.8
133
158
204
178.1
152
278
207
August
159.6
99.6
157.4
117.8
179
261.8
70
299
140
129.1
131
161
208
181.1
150
268
213
September
100.0 119.0
185
83
311
140
130.0 159.6 160.7 270.9
129
165
215
185.8
158
269
218
October
161.9
100.3
161.5
119.8
198
280.4
90
319
136
130.5
130
168
220
191.4
159
286
220
November
101.0 120.4
175
91
328
135
131.4 164.2 164.5 287.9
127
169
223
194.9
157
243
221
December
1943
101.9 120.7
145
135
164
79
125
January
193
337
224
227
131.6 165.8 164.8 293.9
171
197.7
102.5 121.0
102
139
192
56
131
140
344
229
232
February
131.6 167.4 166.4 297.5
174
202.4
103.4 122.8
85
138
163
42
133
119
351
232
235
March
132.0 168.1 167.6 304.5
174
206.0
103.7 124.1
63
136
159
33
131
87
356
236
237
April
131.4 168.4 167.7 309.7
175
208.3
104.1 125.1
52
135
158
31
129
68
359
239
239
130.9 167.9 167.2 313.5
176
209.3
May
103.8 124.8
45
127
167
32
117
55
358
238
237
131.0 169.0 168.8 317.1
177
212.1
June
103.2 123.9
60
141
171
36
134
80
360
241
240
131.4 169.7 169.8 315.6
177
213.4
July
103.1 123.4
59
140
165
35
135
79
365
245
242
130.9 169.6 170.8 322.2
178
215.2
August
103.1 123.9
65
170.1
140
162
35
138
328.0
89
368
248
244
130.1 168.3
179
215.2
September.. .
103.0 124.4
49
137
173
34
136
61
374
249
247
130.1 170.1 170.5 332.6
179
217.5
October
102.9 124.2
60
171.0
139
181
37
133
336.5
78
376
247
247
130.2
180
220.8
170.9
November.. .
103.2 124.4
61
144
165
35
137
81
365
239
241
130.1 169.1 169.4 328.2
174
222.9
December
1944
r
103.3 124.2
240
175
176
369
243
226.4
145
29
130.0 167.8 166.9 327.9
76
139
January
55
103.6 123.8
175
177
367
240
244
231.1
143
21
129.6 166.9 165.9 327.6
64
142
February
45
103.8 123.8
185
175
364
241
230.2
140
17
238
128.7 164.1 163.6 324.4
59
139
March..
40
103.9 124.6
172
171
361
239
229.4
138
17
52 r 128.1 161.5 160.8 r 318.2
140
237
36
April
r
r
104 0 125.1
181
169
231.0 r236
138
16
356
46 127.7 159.6 159.0 317.8
143
33
236
May
104.3 125.4
175
^232.5
139
15
354 p 169
127.4 158.8 158.6 318.3
50
142
34
236
235
June
p
P
104.1 126.1
193
168
143
?54
^140
35O
P36
^234
^157.6 P157.8
233
July
e
e
103.9
142
August
v
r
e
l
* Average per working day. Preliminary.
Revised.
Estimated.
Department of Commerce series on value of payments to individuals.
2
For indexes by groups or industries, see pp. 914-917.
3
Based
on
F.
W.
Dodge
Corporation
data;
for
description,
see
p.
358
of
BULLETIN
for July 1931; by groups, see p. 921 of this BULLETIN.
4
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau
of Labor Statistics. Figures prior to 1939 for factory employment and pay rolls and nonagricultural employment are adjusted for level through 1937; the
1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Nonagricultural
employment covers employees only and excludes personnel in the armed forces.
5
For indexes by Federal Reserve districts and other department store data, see pp. 923-925.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory
employment and pay rolls, October 1938, pp. 839-866, February 1941, p. 166, and January 1943, p. 13; for department store sales, June 1944, pp. 549-561.
SEPTEMBER 1944
9H
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1943
Industry
June
Industrial Production—Total
237
Manufactures—Total..
258
Durable Manufactures
358
Iron and Steel
July Aug. Sept.
Oct. Nov.
Dec. Jan.
240
247
241
259
360
201
Pig iron
Steel
Open hearth
190
227
177
583
Electric
191
230
181
577
242
261
244
263
266
247
268
260
243
262
Feb. Mar. Apr. May June
244
262
241
239
259
256
r
236
July
235
253
252
P249
365
368
374
376
365
369
367
364
361
356
354
210
214
215
210
200
208
212
214
213
210
204
202
203
234
188
559
198
225
183
526
196
222
184
491
202
231
186
554
206
238
191
570
206
236
192
549
452
445
207
236
188
578
202
236
185
598
205
239
190
593
202
242
191
607
200
236
186
592
198
222
178
536
441 I 440 445
451
458
463
453
786
763
754
746
734
730
247
248
240
244
238
233
232
286
289
285
285
287
292
308
307
297
299
297
289
266
280
280
283
131
129
122
150
119
149
118
142
168
167
165
172
58
212
88
131
198
312
175
59
216
83
131
194
308
183
59
227
78
125
183
297
173
66
210
76
122
r
176
300
187
65
230
84
127
176
297
171
169
169
147
145 PJ44
458
r
443 P441
Machinery
Manufacturing Arsenals and Depots1..
754
762
215
220
232
262
256
264
277
303
743
Transportation Equipment
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government) 1
Nonferrous Metals and Products...
Smelting and refining
_
:
(Copper smelting; Lead refining; Zinc smelting;
Aluminum; Magnesium; Tin)*
,
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium products; Tin consumption) 1
Lumber and Products
Lumber
Furniture.
Stone, Clay, and Glass Products.
,764
276
278
279
294
257
247
258
270
279
128
128
130
129
128
136
137
133
118
148
119
152
173
118
149
115
152
127
152
131
150
125
118
148
148
r
726
716 ^705
226
228
264
r
273
253
282
269
r
115
142
PI 14
144
168 P165
145
168
171
168
169
158
41
199
127
139
204
325
162
45
203
119
132
198
326
162
49
202
114
132
203
327
159
53
196
112
125
194
321
169
47
212
107
124
194
326
165
54
204
98
124
196
329
169
55
209
101
122
192
319
Nondurable Manufactures ...
177
177
178
179
179
180
174
176
177
175
155
148
145
150
152
152
143
149
152
151
146
160
183
139
153
183
136
147
177
141
156
181
142
153
191
133
142
189
140
150
186
142
151
187
141
150
191
141
151
196
137
142
195
135
140
160
30
226
181
186
174
179
146
24
207
164
168
159
164
150
33
210
168
176
158
166
151
29
206
172
178
163
169
143
156
186
154
37
201
173
175
171
172
154
39
205
172
176
166
171
142
36
186
159
161
156
160
154
42
210
173
176
168
170
159
42
219
177
181
171
178
155
46
216
171
174
167
172
153
51
213
167
171
163
168
152
53
213
167
169
r
163
r
165
148
49
197
163
166
159
163
114
112
110
110
105
102
108
111
114
122
86
86
162
114
111
116
85
84
169
112
106
109
80
82
174
114
105
107
81
88
164
114
104
102
76
95
173
114
98
101
67
90
146
109
97
98
68
83
162
105
103
107
70
83
166
112
105
110
76
84
161
114
107
113
79
86
155
116
144
146
145
146
146
153
151
154
158
159
102
103
110
111
117
128
128
139
125
114
139
106 104
96
150 | 154 150
161 I 171 157
95
150
154
^146
87
144
137
143
132
P139
86
147
131
88
149
132
90
146
139
96
152
156
159
222
96
63
119
178
221
130
131
161
168
193
135
151
173
185
221
145
150
166
173
206
139
121
158
187
234
144
104
135
215
291
149
94
112
202
270
143
96
110
Textiles and
Products...
Textile fabrics
Cotton consumption
Rayon deliveries
;
Nylon and silk consumption 1
Wool textiles
Carpet wool consumption
Apparel wool consumption
WoolenT and worsted yarn
W oolen yarn
Worsted yarn
Woolen and worsted cloth
;
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products ..
Wheat flour
Cane sugar meltings 1
Manufactured dairy products.
Butter
Cheese
.•••••.
Canned and dried milk —
Ice cream
Meat packing
Pork and lard
Beef.
Veal
Lamb and mutton...
r
Revised.
p
Preliminary.
914
168
P
1
186
260
110
73
140
182
241
119
109
154
171
54
213
86
129
203
319
^246
127 *>124
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products
Other stone and clay products 1
175
P225
r
116
115
60
222
86
126
*>176
^292
P139
p
105
117
125
88
79
168
116
136
114
114
124
85
84
141
116
158
154
153 P151
114
110
110
92
155
169
139
93
r
153
173
93
158
180
89
155
198
266
136
107
109
180
239
124
100
113
225
121
117
125
175
219
127
160
134
110
118
r
p
Series included in total and group indexes but not available for publication separately.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted jor Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1944
1943
Industry
Manufactured Food
Sept. Oct.
Nov.
144
127
120
152
146
135
120
153
150
135
123
159
153
142
134
159
156
140
134
163
157
140
138
165
160
155
147
164
HI
135
130
141
143
131
126
131
0
40
157
164
0
77
156
155
0
90
158
169
0
62
178
172
0
42
189
160
0
46
162
148
0
40
182
134
136
134
139
148
143
125
99
166
84
96
169
92
101
165
87
100
173
93
101
186
100
90
181
99
86
155
87
140
135
143
143
140
140
132
136
143
106
84
184
142
135
152
123
122
176
118
91
133
141
111
87
193
131
132
143
126
117
158
127
91
141
153
115
93
214
139
139
151
135
126
169
130
90
140
150
112
93
211
134
138
155
124
125
174
126
88
138
153
112
93
213
141
135
148
127
124
163
128
83
137
147
103
93
212
131
136
151
126
122
160
130
86
131
142
107
103
196
127
129
135
116
122
163
127
83
112
111
115
111
110
106
102
105
103
97
96
90
June
July
Aug.
146
130
144
145
126
134
152
144
128
123
152
106
106
127
0
22
144
127
0
23
144
124
102
149
78
Dec. Jan.
Feb.
Mar. Apr.
May
June
July
P
p
Products—Continued
Other manufactured foods
Processed fruits and vegetables..
Confectionery
Other food products.
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
...
154
136
147
160
150
^124
^127
158
152
154
161
157
145
152
160
137
123
116
119
128
167
0
33
173
146
0
39
172
135
0
34
174
140
0
31
177
146
0
37
205
119
123
126
124
121
122
92
145
79
92
154
73
89
161
73
89
154
80
89
151
79
86
154
78
136
138
137
138
142
140
134
147
106
96
213
130
132
144
119
119
156
129
79
135
151
110
98
217
133
133
148
121
119
151
133
74
134
150
108
93
209
137
132
147
120
117
154
128
77
134
151
110
97
213
136
131
152
117
119
156
120
73
137
151
108
92
217
135
135
159
115
115
159
127
76
136
156
108
91
232
137
133
156
110
115
159
125
80
105
104
102
100
101
98
100
P101
89
89
85
83
84
81
85
87
237
242
r
Industrial Alcohol from Beverage PianistTobacco Products
Cigars
Cigarettes ...
Other tobacco products
Paper and Paper Products
Paper and pulp
Pulp
Ground wood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper .
Paperboard .
Fine paper
Printing paper
Tissue an< 1 absorbent paper
Wrapping paper.
Newsprint ^
Paperboard c o n t a i n e r s (same as Paperboard)
Printing
and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal
Products..
Petroleum refining....
Gasoline
Fuel o i l . . .
Lubricating oil.
Kerosene
Other petroleum products 1
Coke
By-product coke .. .
Beehive coke..
Chemical Products
Paints
Soap
Rayon
Industrial chemicals.
Explosives and ammunition 1
Other chemical products 1
177
182
193
202
207
213
219
226
230
234
180
109
138
120
126
185
109
145
121
118
196
116
153
123
107
206
122
156
123
115
212
122
151
134
113
221
123
159
137
117
226
123
159
120
120
234
125
159
128
132
238
128
161
126
124
243
129
163
130
130
242
129
161
120
125
246
130
162
118
126
252
136
164
131
130
157
152
318
162
153
453
170
159
523
171
161
538
169
158
535
163
155
459
172
161
519
174'
164
496
176
166
503
174
165
487
176 " 1 7 5
167
166
470
463
172'
164
463
399
402
404
395
397
390
365
364
359
341
323
135
123
213
366
139
120
222
371
140
124
223
382
137
123
221
383
138
120
225
396
140
129
223
398
137
131
226
394
140
133
226
405
140
134
229
406
140
133
233
405
138
137
232
408
234
241
240
242
244
242
136
133
137
139
142
139
230
229
227
231
Minerals—Total...
117
134
135
138
Fuels
Coal
Bituminous coal ..
Anthracite
Crude petroleum
. . .
Metals other than gold and silver
Iron ore
(Copper" Lead* Zinc)1
Gold
Silver
r
V
,
1
83
^37
172
164
443
324
320
nu
137
137
235
410
138
138
237
412
P144
231
230
228
*227
140
143
142
P140
r
^237
115
136
137
140
138
134
140
142
145
141
143
146
146
P
97
103
74
124
150
155
129
128
148
153
128
131
150
155
129
136
141
144
127
137
125
131
102
139
147
156
114
136
153
161
119
137
158
162
143
139
148
155
123
138
150
155
129
139
154
159
134
142
152
158
128
143
PI 44
PI 19
P144
128
128
123
124
123
124
124
124
127
126
122
120
120
PJ20
187
188
184
188
187
P223
187
186
185
190
189
184
182
181
P180
'"28*
31
73
31
73
31
75
28
73
27
67
72
ni3
••
p
233
. . .
Rubber Products
Metals
r
148
37
83
34
87
28
80
"'27'
70
"26"
T
144
mi
7'
72 " 2 79
76
Revised
Preliminary.
Series included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940,
pp. 753-771 and 825-882.
SEPTEMBER
1944
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governoi s. 1935-39 average = 100]
1943
1944
Industry
June
July Aug. Sept.
Oct.
Nov.
Dec. Jan.
Feb.
Mar.
Apr.
Industrial Production—Total
238
241
245
248
249
247
239
240
240
238
237
Manufactures—Total ....
259
260
264
267
269
268
258
259
259
257
255
359
361
366
370
375
376
364
367
366
363
361
201
204
210
214
215
210
200
208
212
214
190
227
177
583
191
230
181
577
202
236
185
598
205
239
190
593
202
242
191
607
200
236
186
592
198
222
178
536
202
231
186
554
207
236
188
578
206
238
191
570
441
440
445
451
458
463
453
461
458
452
445
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth
Electric
....
Machinery
Manufacturing
Arsenals
Transportation
Equipment
1
and Depots
r
May
June July
r
236
236
P234
P251
253
252
357
355
213
210
204
P202
206
236
192
549
203
234
188
559
198
225
183
526
196
222
184
491
443
P441
r
r
439
r
...
...
Automobiles
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—Private and Government)1
Nonferrous Metals and Products
743
754
762
764
780
786
763
754
746
734
730
215
220
232
239
247
248
240
244
238
233
232
r
726
716
?705
226
228
P225
262
255
264
277
286
289
278
285
285
287
292
279
264
275
277
279
294
303
309
307
297
299
297
289
273
252
257
247
258
270
279
282
266
280
280
283
293
r
282
269
135
135
137
136
133
133
126
121
122
124
125
r
127
133
128
148
128
148
130
152
129
149
124
152
124
152
114
150
107
148
107
150
110
149
116
142
119
r
142
127
145
177
173
179
174
178
172
164
161
161
163
163
165
168
p
Glass products
Plate elass
Glass containers
Cement
Clay products
Gypsum and plaster products
Abrasive and asbestos products1 .
Other stone and clay products
157
41
197
136
137
208
325
156
45
195
131
132
198
326
168
49
210
129
135
204
327
162
53
200
130
129
198
321
174
47
218
124
131
199
326
166
54
206
106
129
198
329
158
55
195
92
126
196
319
168
54
208
70
121
196
319
167
58
205
67
125
191
312
175
59
216
68
126
188
308
183
59
227
74
122
181
297
184
66
225
79
r
122
r
179
300
186
65
228
90
125
179
297
174
63
213
94
P125
H16
^292
Nondurable Manufactures
178
178
181
184
183
181
172
172
173
171
169
168
169
^169
145
150
152
152
143
149
152
151
151
147
145
P144
143
156
186
142
153
191
133
142
189
140
150
186
142
151
187
141
150
191
141
151
196
137
142
195
135
140
196
139
193
152
53
213
167
169
r
163
r
165
148
49
197
163
166
159
163
Smelting and refining
(Copper smelting, Lead refining, Zinc 1smelting; Aluminum; Magnesium; Tin) . . .
Fabricating
(Copper products; Lead shipments-; Zinc shipments; Aluminum products;1 Magnesium
products; Tin consumption)
Lumber and Products
Lumber . . . . . . . , . Furniture
...
Stone Clay and Glass Products .
Textiles and Products
155
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption1
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
..
Leather tanning
....
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
Manufactured Food Products ...
Wheat flour
Cane sugar meltings1
Manufactured dairy products
Butter
Cheese
Canned and dried milk .
Ice cream
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
r
Revised.
p
p
148
146
160
183
139
153
183
136
147
177
141
156
181
160
30
226
181
186
174
179
146
24
207
164
168
159
164
33
210
168
176
158
166
iso
151
29
206
172
178
163
169
154
37
201
173
175
171
172
154
39
205
172
176
166
171
142
36
186
159
161
156
160
154
42
210
173
176
168
170
159
42
219
177
181
171
178
155
46
216
171
174
167
172
153
51
213
167
171
163
168
113
110
110
110
110
106
101
108
114
112
116
112
114
112
117
88
86
160
114
105
109
84
83
157
112
105
105
84
80
180
114
103
105
80
* 89
161
104
103
78
95
173
114
101
105
69
87
155
109
96
98
66
83
154
105
103
109
69
83
154
112
113
119
79
88
177
114
106
113
77
86
150
116
116
125
85
81
165
116
110
118
83
84
147
114
111
119
87
85
139
116
144
155
164
156
154
147
145
143
142
143
98
102
109
124
129
126
139
127
111
110
206
127
189
198
P179
106
167
161
75
130
111
67
107
95
68
106
101
H3
73
110
107
79
120
125
87
137
153
^143
94
161
191
170
229
111
73
134
154
185
120
107
151
168
181
147
172
180
205
206
259 . 271
139
150
113
160
155
166
225
307
147
97
143
207
285
137
83
113
187
251
130
90
108
183
242
128
105
105
203
146
213
223
158
222
94
63
111
p
114
165
121
153
91
153
142
p
160
175
140
144
173
r
153
r
r
P245
130
P144
165
P103
v
160
106
106
120
205
240
*>225
128
225
249
108
190
180
239
124
104
115
172
225
118
117
116
162
193
128
160
129
Preliminary. * Series included in total and group indexes but not available for publication separate!}'.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average =» 100]
1944
1943
Industry
June July
Aug. Sept. Oct. Nov.
Dec.
Jan.
Feb.
Mar.
Apr. May June July
Manufactured Food Products—Continued
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
Alcoholic Beverages .
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
141
94
117
157
145 P156
105
109 P104
162 P 164
127
127
143
151
153
0
23
172
154
0
21
174
177
0
19
177
183
0
205
117
120
124
126
727
89
150
73
89
154
81
89
158
80
86
162
78
137
100
107
152
151
164
110
155
168
243
133
155
172
249
155
155
163
174
157
161
156
125
145
166
149
111
135
162
143
91
138
157
142
89
139
157
142
85
137
157
140
92
128
154
127
126
122
138
132
119
120
111
115
128
161
0
13
144
159
0
13
144
150
0
21
157
166
0
105
156
144
0
234
158
130
0
130
178
137
0
47
189
131
0
30
162
133
0
24
182
155
0
21
173
128
138
140
141
144
151
132
124
114
Industrial Alcohol from Beverage Plants*
Tobacco Products
Cigars
• Cigarettes
Other tobacco products
102
156
80
Paper and Paper Products ..
140
Paper and pulp
Pulp
Groundwood pulp
Soda puln
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing ..
Newsprint consumption ...
Printing paper (same as shown under Paper). .
Petroleum and Coal Products ..
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products*
Coke
By-product coke
Beehive coke
Chemical Products ...
Paints . ...
Soap .
Rayon
Industrial chemicals
Explosives and ammunition 1
Other chemical products1 .
' 99 96
175
177
84
89
134
143
101
190
103
101
176
93
100
179
99
143
140 140
90
167
87
86
155
85
92
136
77
92
143
73
131
136
139
137
138
142
141
134
153
121
97
213
136
132
152
117
119
157
120
75
137
152
117
92
217
135
135
159
115
115
159
127
77
137
156
109
91
232
137
134
156
148
110
115
162
125
80 ' "82'
137
143
107
84
184
142
136
152
123
122
180
118
92
132
140
99
87
193
131
131
143
126
117
152
127
89
140
151
101
93
214
139
139
151
135
126
169
130
89
140
148
99
93
211
134
138
155
124
125
174
126
38
138
152
104
93
213
141
135
148
127
124
165
128
83
138
148
109
93
212
131
136
151
126
122
160
130
87
130
142
108
103
196
127
128
135
116
122
158
127
82
134
148
111
96
213
130
131
144
119
119
154
129
79
136
151
115
98
217
133
134
148
121
119
157
133
74
134
150
115
93
209
137
132
147
120
117
154
128
77
111
104
110
112
112
no
108
101
101
101
104
100
100
101
91
93
98
101
98
93
83
83
86
89
84
84
177
182
193
202
207
213
219
226
230
234
233
237
242
180
109
138
120
119
185
109
145
120
110
196
116
153
121
102
206
122
156
123
114
212
122
151
134
113
221
123
159
137
120
226
123
159
118
124
234
125
159
124
134
238
128
161
124
130
243
129
163
128
132
242
129
161
125
127
246
130
162
123
127
252
136
164
131
123
157
152
318
396
162
153
453
398
170
159
523
400
171
161
538
396
169
158
535
163
155
459
172
161
519
174
164
496
176
166
503
176
167
463
392
367
362
175
166
470
325 r323
172
164
463
400
174
165
487
360 r344
172
164
443
317 P314
139
120
213
366
137
119
222
371
139
126
223
382
135
128
221
383
138
126
225
396
138
130
223
398
137
131
226
394
137
131
226
405
139
133
229
406
140
134
232
408
142
132
235
410
142 Pp143
135 135
237 P237
412 P411
140
133
233
405
75
H37
Rubber'Products .,
230
229
227
231
234
241
240
242
244
242
231
230 228 P227
Minerals—Total ...
121
140
140 143
140
132
132 133
136
133
138
146 146 V144
Fuels
Coal
Bituminous coal
Anthracite
Crude petroleum
.
Metals .... .
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1 ...
Gold
Silver
.
r
p
115
136
137
140
138
134
140
142
145
141
143
146
146 P144
97
103
74
124
150
155
129
128
148
153
128
131
150
155
129
136
141
144
127
137
125
131
102
139
147
156
114
136
153
161
119
137
158
162
143
139
148
155
123
138
150
155
129
139
154
159
134
142
159
163
161
160
149
116
87
82
85
86
152 P144
158
128 pPI 19
143 144
148 PJ44
243
341
250
365
249
363
247
351
228
310
170
182
121
83
113
70
34
80
32
86
31
78
31
70
31
72
31
80
28
75
29
74
119
72
27
74
120
76
27
77
112 r144
168
188
226
313
231
330
25
73
24
66
69
P224
323
1
Revised. Preliminary. Series included in total and group indexes but not available for publication separately.
NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp.
753-771 and 825-882.
SEPTEMBER
1944
9
I7
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
1943
June
Total
1944
July
Mar.
Apr.
May
1943
June
July
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
173.4
134
279
104
128
117
198
162
195
263
298
172.9
133
280
111
128
119
195
164
196
261
295
Electrical Machinery
271.1
275.5 289.4 285.
Machinery, except Electrical
Machinery and machine shop products
Tractors
Agricultural, excluding tractors
Pumps
,
236.7
243
162
136
319
153
236.8
244
167
139
316
223.7
234
191
162
333
114.8
92
113
115.1 102.8 101.
92
80
81
114
102
105
Furniture^ and Lumber Products
Furniture
109.1
105
109.8 106.0 r103.
106
100
103
Stone, Clay, and Glass Products
Glass
Cement
Brick, tile, and terra cotta
Pottery and related products
122.5
127
102
91
129
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
107.8
123
80
113
74
110
103
91
122.1 115.5 114.3
127
133
133
101
72
72
90
76
78
128
126
127
106.5 100.7 98.7
122
113
115
79
76
78
111
104
106
73
67
69
108
95
98
100
94
96
87
80
81
112.9 113.7 112.9
133
131
72
71
75
75
126
125
97.2 96.6 95.4
110
111
75
75
101
102
68
67
94
94
90
93
79
79
Apparel and Other Finished Textiles
Men's clothing, n.e.c
Shirts, collars, and nightwear
Women's clothing, n.e.c
Millinery
108.0
106
86
105.6 102.3
104
99
84
78
84
85
76
86
r
Refrigerators
Equipment, except
Autos...
Automobiles
,
Nonferrous Metals and Products
Primary smelting and refining
Clocks and watches
Lighting equipment
Lumber and Timber Basic Products
Sawmills
Planing and plywood mills
,
•
170.6
126
261
112
132
134
190
163
212
257
283
230.7
239
192
166
345
167.8
125
256
114
131
133
188
160
212
250
r
277
167.0 167.4 167.0
124
124
247
251
125
118
128
128
137
134
186
187
160
159
214
214
238
243
r
270
274
July
Mar.
Apr.
226.
235
191
164
340
151
May
June
r
317.8
r
444
r
193.8
318.3
443.1
196.3
303.5
222
495
156
242
194
359
299
356
501
553
304.6
224
497
166
249
199
363
299
362
494
547
308.0
221
463
189
266
248
352
313
415
487
r
530
308.6
221
461
196
260
253
354
313
435
473
r
528
311.0
225
452
207
263
259
346
323
421
466
527
282.1 281.4 277.9
458.9
463.9 462.8 513.2 502.0
501.0
507.5
223.5 220.5
233
192
165
335
151
427.2
433
245
247
645
428.0
435
248
265
647
420.4
432
298
333
703
425.0
435
304
336
716
299.6
224
478
173
242
198
361
297
356
456
542
420.1
426
254
256
630
314.
222
478
186
271
254
357
326
424
515
550
432.8
441
301
331
732
424.3
429
298
333
769
155
272
260
269
250
276
154
150
269
255
,309.6 1,275.8
1,370.
,452.61,394.3
,736.7 2,768.02,790.62,819.12,798.0 '2,775.12,691.0
/ 1,346.2 1
170.7 166.7
176.
167.9 172.6
297.1 305.8 314.3 335.4 330.0 r318.1 317.6
180.1
'173.1
180.9 180.6 176.2 r 171.
169.1 168.1 167.0 322.0 325.0 321.1 328.4 r 318.3 314.8 315.9
211
179
189
337
373
206
185
356
346
348
196
351
342
122
125
122
226
260
124
122
253
250
234
124
236
253
119
128
122
203
231
116
123
223
218
205
124
204
222
99.3
98
77
82
101.2 102.0 104.2
82
81
99
100
r
102.5
98
103.4 103.3
99
97.4
97
76
79
77
97.9
98
76
80
70
86
80
85
r
184.4
r
176
187.5
178
187.7
183
145
136
191
189.6
185
146
138
190
184.4
182
145
135
179
189.'
211
104
121
193
187.3
209
108
117
193
187.7
208
109
119
193
189.8
210
111
123
196
180.7
216
135
205
108
184
157
147
178.7 173.0 173.9
207
202
211
131
138
135
198
200
207
102
109
108
174
174
184
153
155
157
139
135
144
170.0
201
135
193
103
169
152
131
171.2
202
136
193
106
167
152
132
172.5
205
136
195
107
169
151
136
163.0
166
134
128
102
166.2
166
135
135
91
153.5
147
140
155.9
148
143
153.0 150.8 145.9 153.1 152.3
145
149
142
150
147
139
134
137
131
138
111.5
132
113
109
46
105
134
130
81
118.9
134
114
110
48
104
142
134
120
110.1 110.1 110.5 114.1 121.9
130
131
134
128
113
113
117
112
112
111
112
110
40
40
35
42
116
119
114
114
125
127
131
144
132
139
134
141
r
r
74
74
67
82
Tobacco Manufactures
Cigarettes
Cigars
95.7
118
85
95.1
121
82
89.5
118
75
Paper and
Paper
Paper
Paper
119.0
109
128
122
118.9
109
127
123
193.9
159
172
178.6 188.2 H82.7
172
183
176
99.8
Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Sugar, beet
Confectionery
Beverages, nonalcoholic
Malt liquors
Canning and preserving
89.4
86
80
186.9
152
170
178.9 181.1
172
174
164.3 161.7
163
159
138
136
131
131
80
97
95.0
96
85
90.1
87
81
196.1 200.8 193.3 182.9 184.5
160
156
147
149
164
176
179
171
181
174
94.9
96.0
98
85
Leather and Leather Products
Leather
Boots and shoes
Allied Products
and pulp
goods, n.e.c
boxes
1944
June
168.8 169.8 163 6 160.8 r159.0 158.6 157.8 313.5 317.1 315.6 324.4 318.2
228.5 229.7 224.9 220.9 218.3 216.6 214.0 437.1 441.6 439. 454.8 447.9
196.9 191.4
121.7 122.6 115.4 113.4 112.2 112.8 113.4 192.6 195.4 194.
Durable goods
Transportation
May
155.8
151
131
125
98
178.5 161.3
167
158
137
130
153
132
141
109
r
r
158.5 167.4
191
201
164
171
148
152
60
66
158
159
149
166
165
182
117
137
175.9
204
170
153
68
149
178
190
201
173.8
206
181
160
60
183
r
159
192
r
141
179.9
217
180
164
61
183
r
169
202
'143
185.6
218
188
167
63
186
193
211
157
89.3
144.4 149.3
155
159
141
148
153.5 146.6 142.8
160
182
164
143
138
133
152.9
182
138
157.9
189
142
117.0 115.4 114., 114.2 114.9
106
107
105
106
126
127
124
123
116
119
115
114
178.0 180.9
170
173
183
189
179
180
176.3
169
181
174
186.4
176
198
183
184.!
177
195
177
187.0
181
194
179
89.5
123
73
121
71
89.5
125
71
174.4
212
184
163
52
191
156
186
127
183.6
175
195
177
r
Revised
NOTE.—Figures for July 1944 are preliminary. Indexes for major groups and totals have been adjusted to final data for 1941 and preliminary
data for the second quarter of 1942 made available by the Bureau of Employment Security of the Federal Security Agency. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of month
and cover wage earners only.
918
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT AND PAY ROLLS, BY
INDUSTRIES-Conttnued
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory employment
Industry and group
Factory pay rolls
1943
June
1943
July
Mar.
May
Apr.
Printing and Publishing
Newspaper periodicals
Book and job
96
103
Chemical and Allied Products
Paints, varnishes, and colors
Drugs, medicines, and insecticides
Rayon and allied products
Chemicals, n.e.c
Cottonseed oil
Fertilizers
257.7 258.6 216.1 208. i
106
107
106
106
167
170
190
189
109
109
108
108
166
168
173
173
83
79
113
102
102
95
148
139
June
July
June
May
July
Apr.
Mar.
June
May
100. <
93
104
101.9
123.0
111
126
126.4
112
131
127.0
112
133
135.2
114
147
133.7
114
144
205.6 202.9
106
106
185
186
108
107
172
173
88
78
120
104
203.3
425.2
155
228
163
265
151
253
432.5
161
234
167
274
140
195
435.7
158
232
169
277
133
189
372.5
164
294
215
305
359.1 360.2 358.4
164
169
167
268
267
271
171
174
174
295
299
297
194
149
170
r
286
267
228
Products of Petroleum and Coal
Petroleum refining
Coke and by-products.
118.5 119.1 120.2 121.1 122.8 124.4
111
113
116
122
118
120
116
106
113
105
106
106
125.1
182.3
171
180
187.5
175
180
190.3
180
175
204.1
196
180
206.6 212.6
200
205
179
183
215.7
208
188
Rubber Products
Rubber tires and inner tubes
Rubber boots and shoes
Rubber goods, other
156.4
157
150
141
161.4 159.7 157.8
165
169
167
135
136
140
143
141
140
156.7
250.9
244
248
229
264.0
257
260
241
256.1
253
247
228
294.3
299
255
258
278.8 280 A
280
283
243
249
249
248
279.0
279
246
251
153.1
297.1
257
149
298.2
291.4
301.3 296.7
280
2U
160
160
Miscellaneous Industries
Photographic apparatus
Games, toys, and dolls
r
j
103.4 102.5 101.3 100.3
94
93
93
93
107
107
104
105
158.9
162
149
141
165.7
173
144
147
166.3 166.4 158.1 157.0
172
177
170
169
84
85
84
85
155.1
169
83
154.i
169
85
in
276
172
264
133
143
135.0
116
145
137.4
117
149
297.3
273
167
295 A
in
160
Revised,
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
{Index numbers of the Board of Governors, 1939 = 100J
1944
1943
Group
Total
Durable
Nondurable.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
169.0
228.3
122.3
169.7
229.4
122.6
169.6
230.0
121.9
168.3
230.0
119.6
170.1
232.2
121.1
170.9
234.0
121.2
169.1
232.8
118.9
167.8
230.3
118.4
166.9
228.8
118.1
164.1
225.3
116.0
Apr.
May
161.5
r
221.1
114.5
159.6
r
218.3
r
113.4
June
158.8
216.5
113.3
July
JJ
157.6
p
213.8
P113.4
p
r
Preliminary.
Revised.
NOTE.—-Indexes based on Bureau of Labor Statistics data. For back figures see p. 14 of January 1943 BULLETIN, and p. 1187 of December 1943
BULLETIN.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Average hours worked per week
Industry and group
1943
May
All Manufacturing..
45.2
Durable Goods
46.9
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
r
June
45.1
Mar.
June
Apr.
May
45.3
45.5
46.7
46.9
46.8
46.3
48.8
46.9
46.6
49.1
r
47.4
r
47.3
45.9
47.1
44.6
44.6
43.9
45.3
45.3
45.0
r
46.7
46.7
r
r
46.5
1944
1943
1944
Feb.
June
Feb.
Mar.
95.3
95.9
100.3
100.6 101.3
101.8
105.0
105.4
110.0
110.3
111.0
111.3
102.6
96.5
105.6
103.1
97.0
105.9
106.9
100.5
110.7
107.0
101.0
111.0
107.7
101.4
111.5
108.2
103.0
112.3
118.5
123.1
101.4
73.7
73.4
84.3
118.9
123.6
101.1
74.1
74.1
84.4
124.7
125.7
104.0
77.0
79.2
87.9
125.1
126.1
104.4
77.1
79.7
88.2
126.1
126.2
104.5
78.8
r
80.5
89.1
126.2
127.2
104.8
79.8
81.3
89.3
May
46.4
47.3
49.7
46.4
47.0
49.4
47.1
46.8
49.1
46.9
46.7
49.1
46.5
46.2
48.8
47.5
46.3
47.1
43.8
44.6
42.9
47.1
46.2
46.9
44.4
44.6
43.1
46.9
46.3
47.0
42.9
44.2
43.3
47.0
46.3
46.9
43.2
44.5
43.6
47.1
46.4
46.6
43.2
43.7
43.2
42.8
42.7
43.2
43.2
42.5
r
43.1
43.4
79.6
80.3
84.2
84.6
41.9
38.4
40.1
44.6
40.2
45.6
39.9
45.7
44.5
45.4
46.4
41.5
38.1
39.8
44.9
41.0
45.7
40.1
45.6
44.9
46.0
46.5
41.8
38.7
41.2
45.5
41.3
45.6
40.7
45.7
46.5
45.7
46.2
41.9
38.9
41.4
45.3
40.9
45.8
40.8
45.8
46.6
45.6
46.3
41.2
37.3
41.1
44.8
39.0
45.5
40.6
45.6
46.3
44.7
r
45.8
r
41.5
38.2
41.2
r
45.7
42.0
46.0
40.9
46.0
47.0
45.1
r
46.1
42.0
38.2
41.7
45.9
42.3
46.3
41.2
46.0
46.8
45.2
46.1
66.4
69.3
74.7
79.7
62.9
79.4
99.8
90.9
112.2
100.5
88.2
66.4
69.9
74.9
80.2
64.5
79.8
100.6
92.2
112.8
102.4
88.1
68.6
77.8
77.8
83.8
67.8
82.9
104.4
93.5
115.9
107.2
93.8
69.0
78.9
78.2
83.9
67.9
83.4
104.9
93.8
116.3
108.6
94.2
45.5
46.6
43.4
44.4
43.7
Apr.
r
r
85.0
June
85.8
86.2
71.0
70.1
77.2
77.0
79.0 r 80.1
85.5
84.5
69.8
69.1
84.2
83.7
105.9 107.2
95.5
94.4
r
117.4 '117.4
107.5 r108.9
95.2
94.7
71.2
78.3
80.1
85.1
70.6
84.6
107.7
96.3
118.1
109.3
95.8
Revised.
NOTE.—Data based on the classification of the 1939 Census of Manufactures. Back figures are available from the Bureau of Labor Statistics.
SEPTEMBER 1944
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Thousands of persons]
Construction'
Transporta ;
tion and
public
utilities
Trade
Finance,
service,
and miscellaneous
Federal,
State, and
local
government
845
916
947
970
891
1,753
1,722
2,236
2,078
1,259
2,912
3,013
3,248
3,433
3,619
6,618
6,906
7,378
7,263
7,030
4,160
4,310
4,438
4,447
4,115
3,988
4,136
"4,446
5,203
5,890
10,439
10,395
10,402
10,458
10,570
10,776
11,017
11,181
11,409
11,589
916
908
907
908
912
914
918
920
925
926
1,496
1,561
1,641
1,736
1,756
1,723
1,758
1,825
1,971
2,135
2,990
2,976
2,996
2,998
3,009
3,015
3,025
3,041
3,054
3,076
6,821
6,822
6,847
6,865
6,895
6,936
6,951
7,005
7,043
7,076
4,264
4,281
4,293
4,300
4,312
4,328
4,341
4,357
4,395
4,393
4,094
4,104
4,118
4,112
4,136
4,148
4,159
4,156
4,196
4,202
33,638
33,973
34,406
34,441
35,269
35,758
36,277
36,597
36,774
36,892
36,991
36,864
11,720
11,934
12,174
12,456
12,776
13,032
13,342
13,473
13,580
13,642
13,752
13,748
938
935
943
643
949
970
981
997
1,000
1,003
1,004
1,002
2,243
2,256
2,260
2,133
2,176
2,239
2,256
2,258
2,327
2,295
2,248
2,115
3,072
3,082
3,131
3,161
3,224
3,254
3,292
3,330
3,331
3,355
3,369
3,367
7,065
7,123
7,192
7,266
7,302
7,388
7,495
7,579
7,548
7,537
7,526
7,487
4,366
4,374
4,397
4,438
4,441
4,441
4,442
4,458
4,454
4,472
4,479
4,493
4,234
4,269
4,309
4,344
4,401
4,434
4,469
4,502
4,534
4,588
4,613
4,652
1942—January
February
March
April
May
June...
July
August
September
October
November
December
37,057
37,195
37,391
37,724
37,981
38,204
38,581
39,042
39,171
39,452
39,597
39,898
13,879
14,041
14,255
14,463
14,649
14,865
15,143
15,442
15,644
15,798
16,048
16,333
996
981
976
982
982
981
982
973
962
954
944
933
2,102
2,090
2,055
2,054
2,048
2,057
2,077
2,101
2,077
2,136
2,095
2,041
3,372
3,357
3,382
3,402
3,419
3,419
3,433
3,448
3,448
3,484
3,503
3,525
7,481
7,414
7,331
7,319
7,280
7,206
7,210
7,222
7,227
7,224
7,132
7,136
4,520
4,491
4,523
4,541
4,521
4,532
4,520
4,518
4,382
4,330
4,255
4,229
4,707
4,821
4,869
4,963
5,082
5,144
5,216
5,338
5,431
5,526
5,620
5,701
1943—January
February
March
April
May
June
July
August
September
October
November
December
39,934
39,935
40,066
39,891
39,740
39,775
39,876
39,737
39,475
39,486
39,526
39,479
16,506
16,682
16,831
16,858
16,837
16,908
17,059
17,097
17,051
17,108
17,152
16,995
927
924
915
908
893
893
888
878
876
869
859
863
1,899
1,734
1,604
1,476
1,358
1,263
1,164
1,082
1,020
936
891
864
3,540
3,556
3,574
3,588
3,597
3,620
3,634
3,639
3,633
3,671
3,683
3,687
7,133
7,064
7,110
7,006
6,988
7,017
7,061
7,015
7,006
7,006
7,000
6,962
4,146
4,146
4,121
4,110
4,102
4,112
4,127
4,110
4,079
4,078
4,119
4,127
5,783
5,829
5,911
5,945
5,965
5,962
5,943
5,916
5,810
5,818
5,822
5,981
1944—January
February
March
April
May
June
July
39,454
39,352
39,079
38,868
38,761
38,665
38,579
16,910
16,819
16,592
16,394
r
16,209
16,087
16,025
862
862
852
848
r
843
844
835
830
786
737
719
r
673
667
646
3,720
3,780
3,780
3,763
r
3,768
3,762
3,748
7,096
7,043
7,046
6,982
r
6,997
7,009
7,059
4,170
4,173
4,171
4,257
r
4,369
4,400
4,416
5,866
5,889
5,901
5,905
5,902
5,896
5,850
1943—June
July
August
September
October
November
December
39,859
39,921
39,860
39,678
39,718
39,847
40,197
16,908
17,059
17,182
17,136
17,194
17,238
17,080
873
863
867
1,288
1,222
1,169
1,091
1,002
918
829
3,656
3,689
3,694
3,688
3,689
3,683
3,669
6,982
6,920
6,875
6,936
7,076
7,245
7,554
4,174
4,230
4,172
4,079
4,037
4,078
4,127
5,962
5,913
5,886
5,868
5,847
5,822
6,071
1944—January.
February
March
April.
May
June
July
38,965
38,840
38,681
38,692
38,684
38,743
38,607
16,825
16,735
16,509
16,312
r
16,128
16,087
16,025
858
858
852
844
r
839
840
835
764
715
678
683
r
686
680
678
3,664
3,704
3,723
3,744
r
3,768
3,800
3,804
6,919
6,867
6,919
6,968
r
6,962
6,974
6,918
4,128
4,131
4,129
4,236
r
4,369
4,466
4,526
5,807
5,830
5,871
5.905
5,932
5,896
5,821
Total
Manufacturing
30,353
31,784
35,668
38,447
39,728
10,078
10,780
12,974
15,051
16,924
1940—March
April
May
June
July
August
September
October
November
December
31,020
31,047
31,204
31,377
31,590
31,840
32,169
32,485
32,993
33,397
1941—January
February
March
April
May
June
July
August
September
October
November
December
Year and month
1939
1940
1941
1942
1943
Mining
SEASONALLY ADJUSTED
UNADJUSTED
* Includes Contract Construction and Federal Force Account Construction. r Revised.
NOTE.—Revised seasonally adjusted estimates of the Board of Governors based on revised Bureau of Labor Statistics data released in May 1944. Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th
of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. July 1944 figures are preliminary.
For back seasonally adjusted estimates, see BULLETIN for June 1944, p. 600. Back unadjusted data are available from the Bureau of Labor Statistics.
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
Factories
Commercial
Educational
1943 | 1944
1943
1944
1943
1944
1943
1944
1943
January.......
February
March
April
May
June.
July
August
September
October
November
December
350.7
393.5
339.7
303.4
234.4
229.6
183.7
413.:
175.1
213.5
184.4
252.2
159.2
137.2
176.4
179.3
144.2
163.9
110.8
93.3
71.8
79.4
63.3
61.5
71.8
67.5
54.1
69.7
58.4
66.2
41.0
24.9
35.2
37.8
34.5
30.6
73.1
87.7
63.8
40.7
24.2
53.7
31.9
234.8
31.1
34.5
29.0
62.0
34.0
29.9
48.7
33.0
27.1
24.4
7.2
22.7
25.2
6.6
9.3
6.9
5.3
7.4
5.1
11.2
7.9
6.0
Year......
3,274.0
1
766.2
5.6
4.2
4.5
5.9
5.3
7.9
4.8
4.2
5.8
5.7
3.3
5.1
120.7
4
5
3.
10
Public works
and public
utilities
Other
1943
1944
1943
1944
68.2
72.7
51.5
43.0
36.5
26.3
19.9
26.4
29.0
28.9
26.9
45.7
21.1
23.1
19.5
25.0
17.1
18.9
85.8
113.0
123.0
127.7
95.8
73.3
50.0
73.4
50.1
63.5
59.0
67.4
50.3
55.1
61.3
72.0
55.8
70.7
I 981.9
4-74.9
62.4
Negative because of revision of a prior month's entry.
C O N S T R U C T I O N CONTRACTS AWARDED, BY O W N E R S H I P
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Total
Public ownership
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
Private ownership
1943
1944
Federal Reserve district
Month
1942
1943
January
317
434
February
611
March
499
April
674
May
......
1,190
June
944
July
August
. 721
723
September...
780
October
654
November...
709
December ...
Year.......
1944
1942
159
198
310
137
176
473
355
179
569
144
164 1,105
876
191
633
661
710
592
664
351
394
340
303
234
230
184
414
175
214
184
252
1943
316
364
304
253
192
183
122
351
120
157
135
198
7,146 2,695
8,255 3,274
1944
1942
1943
119
123
138
144
105
85
68
88
62
71
62
45
35
30
36
50
42
46
61
62
56
56
50
54
1,109
579
122
109
133
133
98
122
148
1944
37
28
43
46
46
42
42
Total
Year or month
1935
1936
1937
1938
1939
1940
1941
1942
1943
Small
home
construction
Property
improvement
320
557
495
694
954
1,026
1 186
1,137
942
1943—July
Aug.
Sept
Oct.
Nov
Dec
84
90
88
85
92
77
1944—Jan
Feb "
Mar.
Apr.........
May
75
79
62
67
69
63
71
June
July
224
246
60
160
208
251
262
141
96
7
10
12
8
to
9
6
16
6
9
9
9
7
13
25
26
21
15
1
1944
4,927
22,002
12,921
11,938
27,904
18,694
24,647
8,997
5,377
16,370
10,089
15,082
12,186
18,595
17,548
35,914
17,768
29,584
8,720
2,066
11,786
14,412
190,539
163,866
183,661
INSURED FHA HOME MORTGAGES (TITLE II) HELD I N
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Mortgages on
1- to 4family
houses
(Title
II)
94
309
424
473
669
736
877
691
243
Rental
and
War
group housing
housing (Title
(Title
VI)
II)
2
2
11
48
51
13
13
6
13
284
601
21
20
20
20
21
18
56
60
55
57
60
50
19
14
13
13
18
18
18
50
50
44
45
42
36
46
* Less than $500,000.
NOTE.—Figures represent gross insurance written during the period and
do not take account of principal repayments on previously insured loans.
SEPTEMBER
8,639
17,834
19,034
26,451
17,737
42,704
9,457
2,924
9,455
9,451
26,853
Total (11 districts) . . . . . . . .
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Boston....
.................
New York
Philadelphia...................
Cleveland
Richmond
.....;
Atlanta.....
Chicago.
St. Louis
Minneapolis . . . . . .
Kansas C i t y . . . . . . . . . . . . . . . . . . .
Dallas..... . . . . . . . . . . . . . . . . . . . .
July
June
July
End of month
Total
Commercial
banks
SavMuings Insur- Fedtual
eral Other2
ance
and
com- agenloan
savings associ- panies cies 1
banks ations
1936—Dec
1937—Dec
1938—Dec...
365
771
1,199
228
430
634
8
27
38
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
1.246J
1,318!
l,400l
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
1.549J
1.623J
1,669:
201
219
236
264
272
276
856
940
1,032
237
243
245
200
195
163
1943—June
Dec
3,700
3,626
1,700!
1,705
252
256
284
292
1,071
1,134
235
79
158
159
56
1
The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
Housing
Corporation.
2
Including mortgage companies, finance companies, industrial banks,
endowed institutions, private and State benefit funds, etc.
NOTE.—Figures represent gross amount of mortgages held, excluding
terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
9x1
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports2
Merchandise exports1
Excess of exports
Month
1940
1941
1942
1940
1941
1942
1943
1940
1941
1942
1943
1944
January
February
March...
370
347
351
325
303
357
481
480
628
730 PI,090
719 PI,085
989 PI,157
242
200
217
229
234
268
254
254
272
229
234
249
p
300
P313
P359
128
147
134
P79O
P772
P799
323
324
350
387
385
330
717
536
648
979 Pi,182
1,085 Pi,419
1,002 PI,271
212
211
211
287
297
280
235
191
215
258
281
295
P359
P386
P330
111
112
138
228
226
355
482
345
433
502
485
739
April
May........
June
96
69
89
100
88
50
r
721
r
p
822
PI,033
P941
July
August
September.
317
351
295
365
460
425
650
703
732
Pi,261
Pi,202
Pi,235
232
221
195
278
282
262
213
186
196
p
302
P316
P286
84
130
101
87
178
162
437
517
536
P960
P887
P949
October
November
December
344
328
322
666
492
653
801
787
873
Pi,195
p
l,O72
Pi,244
207
224
253
304
281
344
200
168
358
P329
P3H
P278
137
104
69
362
211
309
602
619
515
P866
P761
P
966
2,064
2,086
1,294
1,594
1,420
1,546
770
492
2,070
3,957
January-June
1943
3,490
1944
5,504 P7.204
1944
p
2,047
803
706
p
5,157
r
P1 Preliminary. Revised.
Including both domestic and foreign merchandise
2
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses
Source.—Department of Commerce.
Back figures.—Set BULLETIN for April 1940, p. 347; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers; 1935-39average=1001
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
Mis- Mereel- chanOre lanedise
LiveTotal Coal Coke irain stock
Total
railway
operating
revenues
I.C.I.
98
111
123
135
138
1939..
1940...
1941....
1942
1943......
102
137
168
181
186
107
101
112
120
146
110
147
183
206
192
96
96
91
104
117
101
110
136
146
145
Net
income
.........
August
September
October
November
December
1944—January......
February
March.
April
May
June
July
97
96
100
69
63
1939
1940
1941
1942
1943
3,995
4,297
5,347
7,466
9,055
3,406
3,614
4,348
5,982
7,693
589
682
998
1,484
1,362
93
189
500
904
874
SEASONALLY
ADJUSTED 1
SEASONALLY
ADJUSTED
June
July
Net
railway
operating
income
Annual
Annual
1943—May.
Total
railway
expenses
135
127
141
140
140
137
139
144
181
166
184
191
195
195
186
192
140
137
143
147
137
167
161
153
145
143
140
138
138
139
143
185
180
185
190
190
194
194
159
148
136
123
128
135
144
112
117
114
119
132
122
138
139
150
148
139
137
150
154
163
192
202
208
209
191
191
209
144
142
146
145
143
140
147
148
1943—April
May.
June
July
August
September
October
November
December
746
753
756
763
768
767
769
769
782
630
639
642
648
653
651
654
662
680
116
114
115
115
114
116
115
107
102
73
73
73
74
74
75
76
69
67
121
135
131
120
118
r
124
124
147
146
141
141
140
148
156
203
193
174
195
195
187
189
149
147
149
146
144
143
150
1944—January
February
March
April
May
June
778
775
782
780
779
810
662
671
690
689
688
701
116
103
92
91
91
109
79
66
53
54
53
1943—April
May
June
July
August
September
October
November
December
749
759
747
791
800
777
796
762
782
620
630
638
671
676
666
683
666
705
1944—January
February
March
April
May
June
•741
735
797
760
804
799
658
651
705
672
706
700
113
r
112
r
no
UNADJUSTED
UNADJUSTED
1943—May
June
July
August
September
October
November
December
1944—January
February
March
April
May
Tune
July
137
132
146
145
151
147
142
133
133
133
132
135
141
144
147
133
100
146
145
152
140
127
147
150
149
140
141
147
148
143
179
162
178
183
193
191
186
202
194
191
187
186
188
191
188
123
140
172
158
153
167
157
144
159
145
125
108
113
137
172
102
86
97
111
151
183
166
118
116
108
103
107
106
100
102
143
145
150
156
150
144
147
138
133
140
141
141
146
154
157
269
297
323
312
314
274
193
65
51
48
51
168
281
291
302
145
146
147
147
154
153
153
139
136
138
142
144
145
147
151
77
86
87
71
82
84
70
76
63
35
83
84
93
88
99
100
45
46
54
48
59
P60
129
129
109
121
125
110
113
96
r
r
r
P Preliminary.
Revised.
1
Includes redistribution of wage accruals in 1943.
NOTE.—Descriptive material and back figures may be obtained
from the Division of Research and Statistics. Basic data compiled
by the Interstate Commerce Commission.
FEDERAL RESERVB
BULLETIN
DEPARTMENT STORE STATISTICS
[Based on value figures]
MONTHLY INDEXES O F SALES
[1935-39 average = 100]
Federal Reserve district
United
States
Year and month
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
Boston
New
York
Phila- IClevedelphia land
Richmond
St.
Atlanta Chicago Louis
Minne- Kansas
apolis
City
83
99
92
95
110
108
84
100
96
106
126
120
84
106
94
73
81
78
88
105
90
80
105
113
126
117
94
105
112
119
99
106
122
135
95
108
75
85
83
98
103
115
110
134
87
91
96
114
112
120
121
106
85
94
105
110
113
123
127
116
120
135
138
109
110
92
96
95
99
102
106
114
115
128
126
123
124
133
127
110
110
95
95
100
100
117
108
128
123
129
126
128
118
116
105
96
92
98
91
97
114
116
105
93
86
75
73
83
90
84
90
91
86
91
83
80
88
68
69
81
68
68
81
88
100
107
99
106
114
133
149
168
92
100
104
100
104
108
126
140
148
93
101
106
99
101
106
119
127
134
91
102
107
96
104
111
129
143
151
86
101
111
96
106
114
138
153
167
87
98
105
101
109
120
144
170
194
145
136
126
137
144
152
150
136
140
132
126
148
141
156
149
158
159
144
144
131
130
142
143
157
149
130
147
164
143
132
145
192
163
159
158
167
171
165
162
161
151
146
146
145
147
143
139
148
137
127
130
131
173
181
165
Dallas
San
Francisco
93
112
92
67
80
75
86
91
78
91
119
119
94
93
120
121
124
119
124
123
98
103
99
106
108
114
119
120
117
110
125
119
101
103
107
110
116
101
122
110
110
105
117
111
104
96
79
88
97
98
96
81
112
104
60
65
78
67
68
79
76
72
83
79
76
85
74
73
85
61
62
76
71
68
77
84
97
105
103
113
123
145
162
204
86
100
109
98
107
116
135
149
161
85
97
106
102
111
119
143
158
179
90
99
104
101
106
109
122
133
149
89
99
107
100
105
110
127
149
184
80
97
105
106
112
117
138
157
212
86
100
106
100
109
117
139
169
200
177
155
145
154
127
142
153
174
169
161
164
150
148
165
152
133
136
148
157
157
161
157
161
179
187
177
178
160
158
176
173
138
140
166
176
174
173
166
172
176
183
185
158
173
177
156
163
135
159
177
187
171
186
190
166
167
144
194
184
18S
196
T66
152
157
164
171
164
158
231
184
186
182
197
200
187
193
218
185
181
196
209
221
201
210
192
157
155
146
157
168
161
151
218
168
157
164
184
185
177
171
182
142
147
138
144
148
149
147
214
168
173
163
187
r
134
132
173
150
148
148
151
154
143
148
174
179
246
185
195
191
220
220
208
211
217
197
190
192
200
199
198
189
145
158
148
136
144
130
153
160
144
170
178
r
164
191
215
187
222
220
208
169
174
154
188
197
172
148
166
146
194
203
174
231
227
215
211
212
206
175
175
148
148
135
137
r
169
166
208
209
224
225
172
162
182
194
160
176
207
203
206
241
208
185
172
181
175
162
157
164
151
157
158
157
212
199
211
225
222
233
237
173
165
167
163
195
173
197
189
159
157
158
151
193
181
192
192
247
232
228
245
209
218
201
216
210
193
160
141
147
183
166
181
166
263
187
216
165
221
277
223
1942—July
August
September
October . ..... .......
November
December
.... ,..
107
127
161
170
187
261
94
105
152
160
169
256
84
96
133
149
161
229
116
143
171
186
208
287
107
126
163
165
181
256
114
142
167
182
197
263
101
118
154
157
162
208
112
139
173
174
190
259
112
138
177
188
204
287
138
158
184
1943—January
. ...
February ...................
March
. .....
April
129
116
155
144
164
155
155
139
173
125
130
155
145
138
102
110
152
186
214
272
161
184
255
156
181
226
137
142
119
115
112
114
.
.
...
....... . . .
... , .
. .
,
...
.
. . .
.
...
...
......
SEASONALLY
ADJUSTED
1942—July
. ....
August
September .
October
November
. ...
December
........... ..
1943—January
February
March
. .. ........
April
...................
May
June
July
August
September
October
..
November
December
1944-—January ...................
February
March
.............
April
. ..................
r
May
June
July
r
136
r
139
149
r
173
162
168
r
r
184
94
196
"203
213
95
114
144
161
181
263
106
136
162
167
189
254
124
144
182
200
220
306
109
112
133
136
152
126
137
108
143
158
123
115
129
123
122
r
91
98
140
137
135
151
142
136
112
151
157
146
163
156
155
126
143
168
176
166
190
181
177
141
155
208
188
171
196
192
175
166
179
218
155
140
160
149
154
124
136
166
172
153
172
164
166
137
152
188
127
124
151
139
144
117
132
166
169
156
177
165
172
145
163
196
204
168
193
191
183
160
183
232
150
184
171
188
181
184
165
180
197
173
201
256
182
214
262
212
252
332
233
257
336
174
200
253
194
224
277
168
192
224
203
219
283
250
269
343
219
254
324
122
124
132
133
152
159
179
194
131
131
149
153
119
122
153
160
177
200
166
178
159
173
UNADJUSTED
May
June
. .............
July
..................
August
September
....
October
November
December
1944—January
February
March
April
May
June
Tulv
r
..............
-
r
127
r
107
191
220
296
170
172
144
161
138
136
162
159
167
172
203
193
219
228
159
166
185
183
140
159
182
183
227
228
197
192
178
162
162
144
141
r
131
161
r
l43
179
157
210
182
228
199
170
160
160
151
194
177
228
203
203
193
143
110
99
119
144
150
197
139
197
170
130
175
202
185
160
Revised.
NOTE.—For description and monthly indexes for back years, see pp. 542-561 of BULLETIN for June 1944.
SEPTEMBER 1544
92-3
DEPARTMENT STORE STATISTICS—Continued
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average — 100]
SALES, STOCKS, A N D OUTSTANDING ORDERS
[As reported by 296 department stores in various Federal Reserve districts]
Amount
(In millions of dollars)
OutSales Stocks stand- Season(total (end
ing
ally
of orders
for
month) month) (end of adjusted
month)
Jan.
Unadjusted
99
101
120
172
r
146
1939 average
1940 average
1941 average
1942 average
1943 average
128
136
156
r
179
r
204
344
353
419
r
599
r
507
1942—Oct
Nov
Dec
r
211
212
r
324
r
652
624
r
481
251
254
254
168
155
147
187
179
138
1943—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
157
182
187
200
182
188
150
165
r
206
r
230
259
r
338
r
467
453
472
462
471
r
480
r
502
559
r
581
r
593
r
576
r
466
347
398
441
461
563
671
r
693
624
568
550
560
487
150
136
133
128
132
r
144
160
167
160
r
153
143
142
134
130
r
136
133
135
r
138
144
r
161
r
167
170
165
r
134
1944—Jan
Feb
Mar
Apr
May
June
July
167
170
r
227
r
206
220
199
162
r
525
526
488
475
521
r
590
630
153
154
l48
145
147
r
157
163
137
147
151
150
151
r
150
147
r
478
512
525
524
r
525
r
522
511
r
Without seasonal adjustment
Index of stocks1
(1935-39 average
= 100)
108
194
263
530
r
r
Feb.
Mar
Apr.
May
1941
4
11
18
25
1
8....
15 . . .
22...
1....
8....
15....
22
29
5
12
19
26
3
10
17
24
31
June 7
14
21
28
July 5
12
19
26
Aug. 2
9
16
23
30
Sept. 6
13
20
27
87
..102
.. 93
. . 90
.. 96
.. 98
..101
.. 91
..106
..101
..110
116
..124
137
..129
126
..122
..134
..139
..120
127
..116
136
130
..117
..118
.. 95
..101
.. 99
.. 97
..109
..127
..123
..128
.162
.129
.142
.142
.161
1942
3
10....
17....
24....
31
Feb. 7
14
21
28
Mar 7
14
21
28
Apr. 4
11
18
25
May 2
9
16
23
30
June 6
13
20
27
July 4
11
18
25
Aug. 1
8
15
22
29
Sept . 5
12
19
26
Jan.
1943
Tan. 2
.111
.135
.135
.121
.125
.119
.122
.115
.127
.130
.137
148
.157
170
.129
146
.140
.147
.149
.127
.125
.104
.147
.128
.129
.109
. 95
.112
.105
.103
.105
.122
.125
.126
.142
.165
.140
.152
.172
.117
.146
.139
.125
126
.170
178
.155
.162
.150
.144
147
.155
161
io.!!!. .168
17
.170
24
182
.142
May 1
8
.169
15
.149
22
.153
29
151
.151
June 5
12.. . . .168
19
168
26
.132
.134
July 3
10
.113
.126
17
24
.124
31
.118
Aug. 7
.131
1 4 . . . . .131
21
.146
2 8 . . . . .145
Sept. 4
.169
11
.156
18
.179
25
.176
9...
16....
23....
30
Feb. 6 . . . .
13
20....
27....
Mar. 6 . . .
13
20
27.".'.
Apr. 3
' ^ f o r m e r index on a 1923-25 average base, recomputed on a 1935-39 / JtbgtoSSS!
* * * *" deSC"ptioD
average base.
/
Back figures.—Division of Research and Statistics.
/
SALES BY FEDERAL RESERVE DISTRICTS A N D BY CITIES
[Percentage change from corresponding period of preceding year]
Seven
July June mos.
1944 1944 1944
Seven
July June mos.
1944
1944
United States..
Boston
New Haven
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Albany
Binghamton
Buffalo
Elmira
Niagara Falls...
New York City.
Poughkeepsie...
Rochester
Schenectady.. .
Syracuse
Utica
Philadelphia
Trenton
Lancaster
Philadelphia....
Reading
Wilkes-Barre...
York
Cleveland
Akron
Cincinnati
Cleveland
Columbus
Toledo
Youngstown
+7
+5
+4
+12
-3
-3
±t
+1
0
+11
3
-15
+9
+1
+4
0
+2
+4
+31
+7
+7
-2
+12
+2
+9
+10
+1
+5
+4
+1
+5
+6
+9
0
-1
+9
+3
+12
+1
+12
+13
+2
-3
+9
—4
r
r-3
+4
r +2
+3
r+18
+9
+i
-3
0
-1
+3
+4
+6
+7
+4
±1
+5
+8
0
+3
+6
+6
+9
0
+10
+14
+7
+14
+4
+7
+5
+7
+6
+6
+20
+9
+4
-2
+7"
+9
+8
Cleveland—Cont.
Erie
Pittsburgh
Wheeling
Richmond
Washington
Baltimore
Winston-Salem...
Charleston, S. C
Greenville, S. C .
Lynchburg
Norfolk
Richmond
Charleston.W.Va
Clarksburg
Huntington
Atlanta
Birmingham
Mobile
Montgomery
Jacksonville
Miami...
Tampa
Atlanta
Macon
Baton Rouge.
New Orleans
Jackson
Chattanooga.. .
Knoxville
Nashville
Chicago
Chicago
Peoria
+6
+14
+19
+1
—2
-2
+14
+6
+12
+15
+9
+6
+2
+8
+28
+15
+15
+3
+21
+19
+16
+10
+13
+12
+12
+13
+10
+17
+44
+17
+6
+9
+26
Chicago—Cont.
+4 Fort Wayne....
Indianapolis...
+ 4 +7
Terre Haute...
+ 9 +14
Des Moines
+2 +5
Sioux City
+1
Detroit
+1
Flint
+8
Grand Rapids..
+12
Lansing
+10 +10
Milwaukee
+16 +18
Green Bay
+6 +17
+6 +12 5/. Louis
+13
Fort Smith
Little Rock....
0 +10
Quincy
+17 +21
Evansville
+15 +19
Louisville
+ 9 +12
St. Louis
+6 +7
Springfield
+27 +23
Memphis
+13 +19
+12 +21 Minneapolis
+ 9 +15
+18 +21 Kansas City
Denver
+7 +13
Pueblo
+14 +10
Hutchinson ...
+17 +18
Topeka
+9 +16
Wichita
+12 +20
Joplin
+47
+36
Kansas City...
+12 +23
St. Joseph
+4 +5 Omaha
Oklahoma City
+5
Tulsa
+12
I
a n d back
6gures
Seven
July June mos.
1944
1944
+4
+18
+6
—1
+11
+11
+1
-3
-1
+3
+6
+16
±+9S
+6
+11
+13
+9
+14
+10
+28
-15
+14
+6
+27
+12
+11
+11
+5
*
+23
+14
+13
+4
+8
+21
+25
+14
+2
+10
+3
+10
r
"-15
+8
-1
+20
+11
+7
+9
+18
+
+1
n
+20
-5
+13
+6
+24
+14
+8
+7
+3 +3
+8 •+11
+7 +14
+5 +14
+7 +15
+1 +6
+6 +6
0
-1
+9
+2
+16
+10
+16
+7
see
87i 75
""•
*
July June Seven
1944 1944 mos.
1944
Dallas
Shreveport.
Dallas
Fort Worth
Houston
San Antonio
OSiIan Francisco
+9
+15
+8
1944
1
110
S..... .143
.146
15
.145
22
29.. .. .137
.147
Feb. 5
142
19!!!!! !l42
.146
26
.153
Mar. 4
11
.160
18
172
2 5 ! . . ! ! .182
212
Apr. 1
!208
15
152
.163
22
.168
29
.184
May 6
197
13
20
177
27
168
June 3
.163
1 0 . ! . . . 172
17
173
24.. .. .151
.149
July 1
8
.116
.145
15
22
.138
29
.132
.137
Aug. 5
12
.148
19... . .149
26
.171
Sept. 2
9
16
23
Jan.
Phoenix
Tucson
Bakersfield
Fresno
Long Beach
Los Angeles
Oakland and
Berkeely
Riverside and
San Bernadino.
Sacramento
San Diego.
San Francisco
San Jose...
Santa Rosa
Stockton
Vallejoand Napa
Boise and
Nampa..
Portland...
Salt Lake City..
Bellingham
Everett....
Seattle
Spokane...
Tacoma
Yakima....
+11 +11 +15
+14 +16 +20
+12 +17 +22
+9 + 8 +12
+14 + 8 +
+8 +10
+8
+5
-XI+18
r
+2
r
0
lt
«
+3
+7 +16
+25 +18 +28
+16 +11 +15
+11 +7 +11
+6 +5 +6
+6 r * +16
+7 +6 +7
+10 +5 +5
+8 +8
+5 +10 +9
+20 +16 +14
+13 + 8 +9
+9 +18 +14
+10
*
0
+1
+14
+12
+5
+4
+2
+5 "*+9
+2 - 1
0
-5
—3 +8
0 +6
0 +3
-2
-4
'-8
+10 +25 +25
r
Revised.
* Data not yet available.
** Six months 1944.
92.4
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES A N D STOCKS, BY MAJOR
Sales during month (value)
Stocks at end of month (value)
Ratio of stocks
to sales
Percentage change
Percentage change
June
Number
of stores
reporting
Department
DEPARTMENTS
June 1944 J u n e 1944 J u n e 1943 June 1944 J u n e 1944 J u n e 1943
from
from
from
from
from
from
June 1943 M a y 1944 M a y 1943 June 1943 M a y 1944 M a y 1943
GRAND TOTAL—en tire store..
351
+6
-10
+3
+7
-2
MAIN S T O R E - t o t a l
351
+6
-10
+2
+7
-1
Women's apparel a n d accessories
Women's and misses' coats and suits
Women's and misses' dresses
Blouses, skirts, sportswear, sweaters,
apparel
Juniors' and girls' wear
Infants' wear
Aprons, liousedresses, uniforms
Women's underwear, slips, negligees
Corsets, brassieres
Hosiery (women's and children's)
Gloves (women's and children's)
Shoes (women's and children's)
Furs
349
328
331
+7
+1
-15
-49
-16
0
-47
+11
+13
+11
+22
-2
-14
-42
-12
-13
knit
310
294
302
282
318
327
341
320
240
254
Men's and boys' wear..
Men's
Men's
Boys'
Men's
320
230
303
278
173
clothing
furnishings, hats, caps..
clothing and furnishings
and boys' shoes and slippers..
Home furnishings
313
230
235
290
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves,
etc.)
Domestics, blankets, linens, etc
China and glassware
;
Housewares
188
287
219
219
Piece goods (dress and coat yard goods, all
materials)
285
119
Cotton wash goods
Small wares
Notions
Toilet articles, drug sundries, prescriptions
Jewelry and silverware
332
221
318
247
Miscellaneous
BASEMENT STORE-total
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
216
206
166
122
54
124
'I
+13
+5
+21
+18
+12
+25
-7
+5
+16
+5
+17
0
+2
2.7
2.7
+1
+5
+48
-17
2.9
2.8
2.3
3.4
0.9
2.2
2.0
3.0
1.2
2.3
1.9
2.1
6.2
3.2
36.4
2.2
4.5
0.9
2.0
1.8
23
1.0
2.1
2.3
2.9
5.8
2.2
14.6
3.2
3.3
2.7
4.1
5.5
2.8
2.9
2.6
3.3
3.1
3.6
3.6
3.1
2.7
3.9
3.8
4.1
3.3
-4
-15
-1
-1
-1
2.8
3.6
4.7
4.0
2.6
3.4
6.2
3.8
-1
-11
2.4
1.1
3.8
3.0
4.1
4.2
2.9
1.4
3.4
2.7
3.2
3.9
+5
+14
-18
+23
+24
+58
+23
+34
-7
—5
+6
-16
+5
+6
-13
-38
+39
-10
+34
+18
-36
+27
-1
-9
+15
+6
+11
+42
+10
+1
+8
+37
-5
-5
-8
+15
+41
+26
+62
+8
+85
-14
-12
-24
-22
-10
-9
-18
-16
-2
-9
-2
-4
— 19
-11
-38
+4
+11
-6
+10
-49
+8
+15
-1
+19
+9
+6
+2
-4
-3
-3
-12
-13
-6
—4
-11
0
-5
-18
-5
-6
-7
-44
0
+2
-2
-2'
0
— 19
0
-11
+17
+16
+24
-2
—4
0
—4
+3
+4
+2
+5
+4
+8
3.0
3.3
-3
+1
+7
2.3
1.8
3.0
2.8
2.1
3.7
2.3
1.8
2.8
2.9
3.0
2.8
0
+7
+1
+10
+5
+43
-12
+10
+50
+4
-1
0
0
+10
+2
-9
-12
-21
0
+2
+5
-28
-8
+4
+3
+23
-1
-8
-10
-8
-1
-10
-11
+10
+18
+4
-12
+33
+12
0
-2
2
-7
+4
+18
+8
+15
+9
-13
+2
+7
-14
-36
-8
-11
-19
-75
+6
+11
+8
+1
0
-6
-16
1943
+1
-1
-24
1944
-13
+2
+5
+9
+5
+7
+6
0
-14
•
+1
-4
-4
0
-5
-5
-4
+2
-6
-9
NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. 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
Index numbers, without seasonal adjustment, 1941 average = 100
Accounts receivable
at end of month
Sales during month
Year and month
Total
Cash
1943—June
July
August
September
October
November
December
121
96
107
131
147
166
217
150
125
138
167
187
210
289
1944—January
February
March .
April
May
June
J U ly
106
109
144
132
141
127
103
140
140
182
171
180
165
138
Cash
sales
Instalment
sales
Chargeaccount
sales
100
103
85
84
104
116
121
60
63
62
61
61
61
65
4
5
5
5
5
5
4
36
32
33
34
34
34
31
143
107
100
107
109
111
102
64
63
62
62
62
63
65
4
4
4
4
4
3
4
32
33
34
34
34
34
31
Charge
account
Instalment
Charge
account
Instalment
account
56
53
64
70
84
93
99
100
r
73
82
104
115
130
159
42
39
38
38
40
44
48
77
64
63
72
70
67
67
75
81
82
53
57
73
59
58
50
44
79
84
114
104
112
99
76
44
41
40
38
36
34
32
77
72
Instal-
ment
r
Collections during
month
74
81
90
109
82
72
79
79
82
78
67
78
67
67
61
56
Charge
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 a
preceding page.
SEPTEMBER 1944
915
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
(Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of month
or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
. . .
Sale credit
Total
instalment
credit
Loans
Total
Automotive
1
Singlepayment
loans 2
Charge
accounts
Service credit
Other
1,318
928
637
322
459
576
940
1,289
1,384
970
1,267
1,729
1,942
482
175
1,197
1,104
958
677
663
741
865
1,147
1,368
1,343
1,525
1,721
1,805
1,012
641
652
674
619
516
459
529
794
1,030
1,167
1,226
1,559
1,984
2,174
1,438
1,123
1,577
1,451
1,051
726
588
659
785
991
1,119
1,069
1,089
1,123
1,204
1,072
1,034
1,749
1,611
1,381
1,114
1,081
1,203
1,292
1,419
1,459
1,487
1,544
1,650
1,764
1,513
1,498
596
573
531
491
467
451
472
520
557
523
534
560
610
648
687
7,089
6,341
5,177
3,846
3,717
4,159
5,148
6,396
7,054
6,618
7,518
8,767
9,499
6,165
5,158
3,167
2,706
2,214
1,515
1,581
1,846
2,599
3,466
3,919
3,539
4,351
5,434
5,921
2,932
1,939
2,515
2,032
1,595
999
1,122
1,317
1,805
2,436
2,752
2,313
2,792
3,450
3,747
1,494
816
5,095
4,883
4,810
4,909
5,010
5,114
5,158
2,075
1,993
1,939
1,917
1,891
1,882
1,939
896
838
807
786
777
778
816
208
196
190
186
181
177
175
688
642
617
600
596
601
641
1.179
1,155
1,132
1,131
1,114
L,104
1,123
1,014
994
996
1,038
1,073
1,084
1,034
1,338
1,222
1,198
1,275
1,366
1,466
1,498
668
674
677
679
680
682
687
4,818
4,662
4,836
4,801
4,898
P4.945
1,836
1,785
1,804
1,785
1,801
Pi,826
PI,831
745
707
696
689
700
169
167
167
171
181
576
540
529
518
519
P515
P204
996
962
955
966
997
PI,033
PI,044
1,294
1,218
1,376
1,346
1 390
PI,370
PI,287
692
697
701
704
710
P7O4
L,091
L,O78
1,108
1,096
.101
PI,119
PI,127
.
1943
June
July
Aug
Sept
Oct.
Nov
Dec.
1944
Jan
Feb
Mar
Apr.
May
. .
June
July .
P721
P Preliminary.
1
Includes repair and modernization loans. A revision of repair and modernization estimates was shown on p . 392 of t h e BULLETIN for April 1944*
This revision is preliminary and subject to change.
2
An estimated total of noninstalment consumer loans; i.e., single-payment loans of commercial banks and loans by pawnbrokers.
NOTE.—National estimates of consumer short-term credit for the period from January 1929 through August 1942 were prepared by the Bureau of Foreign
and Domestic Commerce, United States Department of Commerce, and published in the November 1942 issue of the Survey of Current Business with a
description of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce,
were made a t the Board of Governors of the Federal Reserve System.
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOTIVE
[Estimated amounts outstanding. In millions of dollars]
End of month
or year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
. ..
. .
Total,
excluding
automotive
1,197
1,104
958
677
663
741
865
1.147
1,368
1,343
1,525
1,721
1,805
1.012
641
Department
stores
and
mailorder
houses
Furniture
stores
160
155
138
103
119
146
186
256
314
302
377
439
469
254
174
583
539
454
313
299
314
336
406
469
485
536
599
619
391
271
Household
appliance
stores
265
222
185
121
119
131
171
255
307
266
273
302
313
130
29
Jewelry
stores
56
47
45
30
29
35
40
56
68
70
93
110
120
77
66
All
other
retail
stores
133
141
136
110
97
115
132
174
210
220
246
271
284
160
101
1943
June
July
Aug
Sept.
Oct
Nov.
Dec.
. ..
. ..
688
642
617
600
596
601
641
168
155
149
148
151
160
174
301
286
279
272
269
266
271
64
55
48
42
37
32
29
47
45
44
44
45
48
66
108
101
97
94
94
95
101
1944
Jan
Feb
Mar
Apr
May
June
July
576
540
529
518
519
P515
P500
158
147
144
141
141
P138
P130
p Preliminary.
9X6
248
236
231
229
235
P237
p
234
24
21
19
18
16
P15
P14
55
51
52
48
45
P44
HS
91
85
83
82
82
P81
P79
CONSUMER INSTALMENT LOANS
[Estimated amounts outstanding. In millions of dollars]
End of
month or
Total
year
1929
1930
1931........
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1943
June
July
Aug . . . —
Sept
Oct
Nov
Dec
1944
Jan...
Feb
Mar
Apr
May
June
July
652
674
619
516
459
529
794
1 ,030
1 ,167
1 ,226
1 ,559
1 ,984
2 ,174
1 ,438
1 ,123
1,179
1 ,155
1 ,132
1 ,131
1 ,114
1 ,104
1 ,123
1 ,091
1,078
1 ,108
1 ,096
1 ,101
PI ,119
PI ,127
Commercial
banks 1
43
45
39
31
29
39
71
130
215
248
380
IndusSmall
trial
loan
banking
comcompanies
panies
Repair
and
Credit Miscel- modernunions laneous
lenders ization
loans 2
263
287
289
257
232
246
267
301
350
346
435
505
535
424
372
219
218
184
143
121
125
156
191
221
230
257
288
298
202
165
32
31
29
27
27
32
44
66
93
113
147
189
217
141
110
287
283
278
277
273
270
273
371
363
357
358
354
355
372
174
170
168
169
167
165
165
118
114
112
113
111
109
110
86
143
140
133
129
125
121
117
267
266
276
279
285
294
298
360
356
369
363
362
365
367
161
161
164
164
165
169
170
106
105
109
106
105
107
106
85
84
86
85
85
P85
P85
112
106
104
99
99
P99
P101
586
687
370
273
95
93
78
58
50
60
79
102
125
117
96
99
102
91
86
86
85
84
85
84
84
27
177
240
163
172
244
317
335
210
117
P Preliminary.
1
These figures for amounts outstanding include only personal instalment
cash loans and retail automotive direct loans, which are shown on the following page, and a small amount of other retail direct loans (12 million
dollars at the end of July 1944), which are not shown separately.
2
See footnote 1 for table above.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollarsl
Other Repair
retail, and
pur- modchased ernizaPur- Direct and
tion
chased loans direct loans
Automotive
retail
Month or year
Outstanding at end of
period:
1939
1940
1941
1942...
1943
Total
1,020
1,340
1,588
787
469
210
300
396
136
54
160
230
303
122
82
150
210
279
143
67
220
260
246
154
86
1943—June
July
August
September
October..
November
December
529
515
498
489
480
470
469
65
60
58
57
57
55
54
85
82
82
82
82
82
82
84
80
74
70
67
66
67
105
103
98
95
92
89
86
1944—January.
February
March
April
May
June
July
460
448
452
452
459
471
479
51
51
50
51
52
r
55
59
81
70
64
60
59
60
r
61
60
82
78
77
9
8
9
9
8
12
8
9
7
7
7
7
6
5
Volume extended during
month:
1943—June
July
August
September
,
October
November
December...
1944—January
February
March
April
May
June
July
67
68
72
68
66
72
81
83
13
13
14
14
13
13
14
7
7
6
6
8
9
10
10
12
65
62
85
73
88
90
85
#.
86
90
92
96
76
73
73
73
74
8
9
11
12
13
14
14
18
4
4
5
6
7
13
8
10
10
14
12
10
17
20
19
19
8
8
CONSUMER INSTALMENT LOANS MADE BY PRINCIPAL
LENDING I N S T I T U T I O N S
[Estimates of volume made in period. In millions of dollars]
Personal
Month or year
instalment
cash
loans 1929....
1930....
1931....
1932....
1933....
280
1934....
340
1935...
364
1936....
232
1937.., .
180
1938....
1939....
190
1940..,.
190
1941....
186
1942....
185
1943....
182
178
1942
180
December
176
1943
174
January
183
February.
183
March........
184
April...
190
May.
190
June..........
July
August
September....
35
October...
30
November.
30
December.....
33
29
1944
28
January.
33
February.
March....
28
April.....
30
May
44
June......
31
July..
37
41
36
Industrial
banking
companies
Credit
unions
705
525
463
503
498
376
304
384
423
563
619
604
763
927
983
798
>809
413
380
340
250
202
234
288
354
409
417
489
536
558
408
364
42
41
38
34
33
42
67
105
148
179
257
320
343
215
193
43
82
31
18
36
35
53
41
40
50
44
45
47
43
42
r
49
45
50
86
62
58
80
62
64
70
67
70
95
25
26
38
31
29
35
30
29
32
28
29
32
11
13
22
15
14
19
15
15
18
16
15
20
42
44
S3
60
94
61
72
75
73
27
29
38
30
35
38
33
13
16
23
14
17
19
16
Small loan
| Commercial
companies
S banks 1
r
r
64
r
r
50
58
62
57
r
1
Revised.
These figures for loans made include only personal instalment cash
loans and retail automotive direct loans, which are shown elsewhere on
Revised.
this page, and a small amount of other retail direct loans (two million
NOTE.—For descriptive material and back figures, see BULLETIN for dollars in July 1944), which are not shown separately,
October 1942, pp. 992-994.
r
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1
FURNITURE STORE STATISTICS
Item
July
1944
Net sales:
Total
Cash sales
Credit sales:
Instalment
.......
Charge account....
.
June May
1944 1944
-13
9
-11 r ~
-17
-18
-19
—19
-22
-23
., 2
-3
+9
+8
—13
—16
-11
-11
-12
-14
-2
-1
-16
-16
'-16
-18
o
0
Collections during month:
Total.,,...
Instalment
-3
Inventories, end of month, at
retail value
+2
SEPTEMBER 1944
+4
+17
+1
—2
-2
' Revised.
+3
+5 r+12
-5
p
-8
-10
A
+17
+18
-l
-s
r
+3
Charge
accounts
Instalment accounts
Month
Department
stores
Furniture
stores
Household appliance
stores
Jewelry
stores
Department
stores
1943
June
July
August
September
October
November
December.......
29
30
32
33
37
37
35
21
22
22
21
22
23
22
21
21
21
21
22
23
22
33
34
34
33
37
39
55
62
62
62
62
65
66
63
1944
January
February
March
April
May
June
July
30
31
36
31
33
31
30
20
20
23
23
25
r
24
23
22
22
26
26
26
28
29
31
31
34
28
30
30
31
61
61
65
63
64
63
61
June May
1944 1944
July
1944
-6
-15
-13
—11
Accounts receivable, a t end of
month:
Total
Instalment
Percentage
change from
corresponding
month of
preceding year
Percentage
change from
preceding
month
r
1
Revised.
Ratio of collections during month to accounts receivable at begianing
of month.
92-7
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
103.1
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
94,0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.6
97.1
100.3
94,3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
1943—January
February........
March
April............
May..
June.........
July . . . . . . . . . . . .
August..........
September...
October.........
November.
December.
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
102.9
103.2
117.0
119.0
122.8
123.9
125.7
126.2
125.0
123.5
123.1
122.2
121.4
121.8
105.2
105.8
107.4
108.4
110.5
109,6
107.2
105.8
105.0
105.1
105.8
105.6
96.0
96.2
96.5
96.6
96.7
96.8
96.9
97.1
97.2
97.3
97.4
97.6
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
117.8
116.5
117.0
97.3
97.3
97.3
97.4
97.4
97.4
97.4
97.4
97.5
97.6
97.7
97.7
79.3
79.8
80.3
80.6
80.8
81.0
81.0
80.9
81.0
81.0
81.2
82.1
103.8
103.8
103.8
103.8
103.8
103.8
103.7
103.7
103.7
103.7
103.8
103.8
109.8
110.2
110.4
110.3
110.5
110.6
110.7
112.2
112.5
112.7
113.1
113.4
100.2
100.3
100.0
100.1
100.2
100.0
100.1
100.2
100.3
100.4
100.3
100.4
102.5
102.6
102.6
102.6
102.7
102.8
102.6
102.6
102.6
102.6
102.8
.102.8
90.7
90.9
91.4
91.6
91.9
91.8
92.3
92.6
93.0
93.1
93.2
93.3
1944—January...
February.
March
April..
May*
June
July..
103.3
103.6
103.8
103.9
104.0
104.3
104.1
121.8
122.5
123.6
123.-2
122.9
125.0
124.1
104.9
104.5
104.6
104.9
105.0
106.5
105,8
97.8
98.0
98.1
98.4
98.5
98.5
98.5
117.2
116.9
116.9
116.9
117.0
116.4
116.2
97.7
97.7
97.8
97.8
97.8
97.8
98.0
82.3
83.1
83.0
83.0
83.2
83.3
83.2
103.7
103.7
103.7
103.7
103.7
103.7
103.7
113.5
113.6
114.2
115.2
115.7
115.9
115.9
100.4
100.4
100.4
105.4
105.4
105.2
105.3
104.5
104.2
104.3
104.3
104.3
104.3
104.3
93.2
93.4
93.5
93.5
93.5
93.5
93.6
103.6
103.8
103.9
103.9
104.0
103.7
103.7
104.1
103.9
103.9
103.9
103.9
103.6
104.0
103.6
103.5
122.4
123.3
123.7
123.9
125.0
122.9
123.0
125,5
124.1
124.2
124.1
124.1
122.5
124.8
122.3
121.8
104.6
104.7
104.9
105.2
105.4
104.9
104.9
106.7
106.0
105.6
106.0
105.3
104.6
106.1
104.5
104.0
98.6
98.7
98.7
98.7
98.7
98.7
98.7
98.7
98.7
98.6
98.7
98.7
98.7
98.7
98.7
98.7
117.6
117.6
117.7
117.7
117.7
117.7
117.7
116.8
116.8
116.8
116.8
116.8
116.8
116.8
116.4
116.6
97.3
97.3
97.3
97.3
97.3
97.3
97.3
97.3
97.3
97.3
97.4,
97.4
97.5
97.5
97.5
97.6
83.7
83.9
83.9
83.7
83.7
83.7
83.8
83.8
83.8
83.8
83.9
83.9
83.8
83.8
83.8
83.7
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
103.8
130.8
103.8
103.8
103.8
103.8
115.0
115.6
115.6
115.7
115.8
115.8
115.9
115.9
115.8
115.8
115.9
115.9
116.0
116.0
116.0
116.0
105.4
105.4
105.4
105.3
105.3
105.3
105.3
105.3
105.4
105.2
105.2
105.2
105.2
105.2
105.3
105.3
106.0
106.0
106.0
106.0
106.0
106.0
106.0
106.0
106.0
106.0
106.0
106.0
106.0
106.0
106.0
106.0
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
93.3
Vear, month, or week
1929
1930..
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943...
..
Week ending;
1944—May 13
May 20
May 27..
June 3
June 1 0 . . . . . . . . . .
June 17
June 24
July 1
July 8
July 1 5 . . . . . . . . . .
July 22...
July 2 9 . . . . . . . . . .
Aug. 5 . . . . .
Aug, 12....,
Aug. 19
Aug. 26
Total
ChemiHides and | Textile Fuel and j Metals Building cals
Houseand furnishleather products lighting | and metal
allied
materials
products
materials j products
products ing goods
1943
1944
1943
July
Farm Products:
Grains
Livestock and poultry.
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Bides and Leather Products:
Shoes.
Hides and skins
Leather
Other leather p r o d u c t s . . . .
Textile Products:
Clothing
Cotton goods
. .
Hosi ery and underwear
Silk
Rayon
Woolen and worsted goods
Other textile products
Fuel and Lighting Materials:
Anthracite
....
Bituminous coal
Coke
Electricity
Gas
Petroleum Droducts
1944
Subgroups
Subgroups
Apr.
May
June
July
116.0
127.6
124.8
129.6
123.6
120.3
129.7
122.6
120.4
127.2
123.0
124.7
125.2
123.4
123.2
108.9
93.8
138.0
105.9
97.1
110.2
95.2
126.5
106.2
92.2
110.3
95.0
126.8
106.6
91,9
110.3
94.7
137.7
106.1
93.0
110.3
94.3
129.9
105.9
94.7
126.4
116.0
101.3
115.2
126.3
111.2
101.3
115.2
126.3
111.9
101.3
115.2
126.3
108.4
101.3
115.2
126.3
106.8
101.3
115.2
107.0
112.6
70.5
107.0
113.9
70.5
107.0
113.9
70.5
107.0
113.9
70.6
107.0
114.0
70.6
30 3
112.5
98.7
30 3
112.5
100.5
30.3
112.5
100.5
30.3
112.5
100.5
30.3
112.9
100.5
89.6
116.5
122.4
59.0
77 6
62.8
95.8
120.3
130.7
59.9
77.1
64.0
96.4
120.4
130.7
59.0
78.4
64.0
95.5
120.4
130.7
95.4
120.5
130.7
79^3
64.0
64.0
Metals and Metal Products:
Agricultural implements
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber .
.
....
Paint and paint materials......
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
IJousefurnishing Goods:
Furnishings
Furniture .
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber crude
••
Other miscellaneous
Miscellaneous
July
Apr.
May
June
July
96.9
98.0
97.1
112.8
86.0
90.4
97.2
98.3
97.1
112.8
85.8
91.8
97.2
98.4
97.1
112.8
85.8
92.4
97.2
98.4
97.1
112.8
85.8
92.4
97.3
98.4
97.1
112.8
85.7
92.4
99.0
93.6
139.7
102.0
90.4
107.3
101.3
100.3
93.9
153.4
104.4
91.8
107.3
102.8
100.5
96.4
154.0
104.7
92.4
107.3
103.0
100.6
96.4
154.0
105.7
92.4
107.3
103.0
100.7
96.4
154.2
105.5
92.4
107.3
103.1
96.4
165.2
79.3
85.8
102.0
96.3
220.1
81.4
86.3
102.0
96.3
220.1
81.4
86.3
102.0
96.2
220.1
79.9
86 3
102.0
96.2
220.1
81.1
86 3
102.0
107.1
98.1
107.2
101.4
107.2
101.4
107.2
101.4
107.2
101.4
73.0
149.7
104.3
46.2
96.3
73.0
159.6
107.2
46.2
96.7
73.0
159.6
107.2
46.2
96.8
73.0
159.6
107.2
46.2
96.7
73.0
159.6
107.2
46.2
96.9
Back figures.—Bureau of Labor Statistics, Department of Labor.
9x8
FEDERAL RESERVE BULLETIN
AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of August 1, 1944. In thousands of units]
Corn
Cotton
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond ..,
Atlanta
Chicago . . . . . . . . . . . . . . . . . . .
St. Louis
Minneapolis
Kansas City
...............
Dallas
San Francisco
Total..
Production
1943
Estimate
Aug. 1, 1944
Bales
Bales
Production
1943
Estimate
Aug. 1, 1944
Bushels
7,865
31,250
47,702
181,093
124,597
133,625
1,166,673
337,053
374,661
442,187
74,896
7,515
2,929,117
319
3,578
614
3,117
459
482
Bushels
7,383
26,008
43,147
214,444
133,876
179,025
1,287,286
362,072
342,268
369,806
102,083
8,761
11,427
11,022
3,076,159
1,479
2,184
1,316
2 538
2
i3,2i7
3,146
Tame hay
Oats
Federal Reserve district
Boston
Vew York
Philadelphia
Cleveland
Richmond
Atlanta .
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
,
Total
Production
1943
Winter wheat
Estimate
Aug. 1, 1944
Production
1943
Production
1943
Estimate
Aug. 1, 1944
Production
1943
Estimate
Aug. 1, 1944
Bushels
Bushels
Bushels
48
Bushels
44
46
128
46
76
123
51
911
16
252,933
4,749
111
47,704
920
14
296,259
4,858
114
43,522
306,692
345,981
5,098
12,066
30,115
20,538
5,958
31,987
28,034
26,240
271,457
37,142
60,971
10,103
18,149
54,145
35,869
9,290
55,754
51,973
31,847
347,754
78,111
93,129
529,606
786,124
Tobacco
Estimate
Aug. 1, 1944
Spring wheat
Production
1943
White potatoes
Estimate
Aug. 1, 1944
Production
1943
Estimate
Aug. 1, 1944
Bushels
5,007
10,726
9,434
36,014
25,250
21,458
418,048
65,969
328,779
161,135
26,111
35,936
Bushels
5,837
26,304
15,195
47,725
29,875
27,366
399,222
51,308
394,214
108,943
47,978
33,812
Tons
3,421
6,498
2,467
5,491
4,605
4,196
18,362
7,927
11,332
7,756
2,018
13,191
Tons
2,747
5,679
2,221
4,902
4,325
3,355
18,272
7,551
10,464
8,684
1,968
13,285
Pounds
28,277
997
40,014
110,402
768,814
154,509
28,152
262,416
2,229
4,125
Pounds
30,481
1,194
45 420
111,115
938,970
184,981
29,760
267,284
2,452
4,841
Bushels
83,826
35,542
20 846
15,730
29,364
18,749
42,261
13 254
58,085
39,374
7,504
100,121
Bushels
70 982
27,536
19 543
12,494
17,638
14 144
31,667
9 263
48,220
34,455
5 731
93,622
1,143,867
1,187,779
87,264
83,453
1,399,935
1,616,498
464,656
385,295
1
2
Includes 14,000 bales grown in miscellaneous territory.
Includes 17,000 bales grown in miscellaneous territory.
NOTE.—1943 figures for cotton are as revised in August 1944,
SEPTEMBER 1944
9x9
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
O N BANK CREDIT, MONEY RATES, AND BUSINESS
1944
Chart
book
page
Aug. Aug. Aug. Aug.
2
9
16
23
In billions of dollars
WEEKLY FIGURES*
May
June
July
RESERVES AND CURRENCY
Reserve Bank credit:
U. S. Govt. securities, total
Bills
Certificates
Notes
Bonds
Special certificates
Discounts and advances
Gold stock
Money in circulation
Nonmember deposits
Treasury deposits
Member bank reserves
Excess reserves*
Excess reserves (weekly average),total*
New York City
Chicago
Reserve city banks
Country banks 6
2, 4
4
4
4
4
4
2
2
2
2
2
3
3
3
3
3
3
3
Reserve Bank credit
14.80 14.89 15.22 15.23 15.59 Gold stock
Money
in circulation
9.84
8.93 9.05 9.40 9.45
3.38 3.38 3.38 3.38 3.38 Treasury cash
Treasury
deposits
1.09
1.13 1.12 1.11 1.11
1.36 1.34 1.33 1.29 1.27 Reserve balances
Required reserves
Excess reserves, total
.04
.06
.05
"!04
New York City
21.00 21.00 21.00 21.00 20.95
Chicago
22.58 22.73 22.91 23.02 23.05
Reserve city banks
1.77
1.77
1.77 1.79 1.80
Country banks
.49
.32
.55
.40
.26
12.79 12.88 12.81 12.94 12.92 Money in circulation, total
Bills of $50 and over
.87
1.28 1.19 1.05 1.00
$10 and $20 bills
1.09 1.07 1.09 PI .05
Coins, $1, $2, and $5 bills
.01
.01
.01
.01
.01
.32
.75
.01
.30
.76
.01
.32
.75
.01
.31
14
14
14
14
15
IS
15
15
57.07
33.50
42.46
11.73
6.09
2.32
3.77
1.14
15
17
17
17
17
15
17
17
17
17
15.10
6.85
2.94
4.01
1.30
27.36
12.53
5.19
7.12
2.52
25
25
.375
1.31
25, 33
25,33
~..
33
33
1.90
2.49
2.72
3.56
MONEY RATES, ETC.
. .„...
5
5
5
5
5
5, 8
8
8, 9
9
9
9
9
10
10
10
10
Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
11
11
11
11
56.52
33.57
42.29
11.30
6.01
2.28
3.73
1.02
56.38
33.89
42.23
11.21
6.00
2.27
3.73
In unit indicated
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
15.49
21.21
22.30
r
2.33
15.20
21.08
22.58
2.32
12.96
12.09
13.52
12.44
1.08
12.90
11.67
1.23
.32
.87
.01
.01
.26
.59
22.16
6.43
11.70
4.03
.35
.40
.02
(4)
.31
.75
.02
.0.1
.39
.82
22.50
6.58
11.87
4.05
22.70
6.67
11.96
4.08
P127.80 P135.7O
P65.10 ^60.10
P35.IO P35.60
P20.50 P20.90
CONSUMER CREDIT
55.91
5
,...,.
18
34.40 Consumer credit, total
Single-payment loans
18
41.88
Charge accounts
18
11.09
Service
credit
18
6.01
5
Instalment credit, total
18, 19
2.28
Instalment loans5
19
3.73
Instalment sale credit, total
19
.99 1.03
Automotive
19
Other
19
15.11 14.89 14.81 14.70
6.87 6.89 6.90 6.89
TREASURY FINANCE
2.92 2.89 2.87 2.85
4.00 3.92 3.87 3.87 U. S. Govt. obligations outstand1.10
ing,
total
interest-bearing
20
1.32 1.19 1.17
Bonds (marketable Treasury)..
20
27.37 27.40 27.42 27.17
12.65
Notes,
cert.,
and
bills,
t
o
t
a
l
.
.
.
20
12.57 12.59 12.62
Notes
21
5.19 5.19 5.19 5.16
7.14
Certificates
21
7.05 7.08 7.12
Bills
21
2.56 2.54 2.49 2.23
Savings bonds, tax notes, etc..
20
Savings bonds
21
Tax
notes
21
Per cent per annum
Special issues
20
Holdings of U. S. Govt. obligations:
Fed. agencies and trust funds
22
.375 .375 .375 .375
Federal Reserve Banks
22
1.30 1.30 1.30 1.30
Commercial banks
22
Private holders other than
1.90 1.91 1.91 1.90
commercial banks, total
22
2.48 2.48 2.48 2.48
Mutual savings banks
23
2.71 2.72 2.72 2.72
Insurance companies
23
3.55 3.55 3.55 3.55
Other investors, total
23
Marketable issues
23
56.92
33.60
42.49
11.49
6.02
2.28
3.73
1.09
14.26
21.34
21.82
r
2.32
ALL BANKS IN U. S.
P.73
MEMBER BANES IN LEADING CITIES
Loans and investments
Demand deposits adjusted
U. S. Govt. obligations
Total loans
Commercial loans, total
New York City
100 cities outside New York
Brokers' loans—New York City
U. S. Govt. obligations:
New York City, total
Bonds
Notes and guar. securities
Certificates
Bills
100 cities outside New York, total..
Bonds
;.;
Notes and guar. securities
Certificates
Bills
.,
1944
In billions oj dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
Treasury bills (new issues)
Treasury notes (taxable)
U. S. Govt. bonds:
Partially tax-exempt
Taxable
Corporate Aaa bonds
Corporate Baa bonds
Chart
book
page
4.90
1.00
1.39
P4.94
PI.03
Pi.37
P.72
PI. 83
Pi. 12
.52
P. 19
P.52
P4.88
PI.04
PI. 29
P.72
PI.83
PI. 13
P. 70
P.20
P. 50
186.40
72.54
55.30
16.26
25.27
13.77
42.72
32.99
9.05
14.12
201.06
79.24
60.96
17.40
28.82
14.73
44.85
34.61
9.56
14.29
208.58
81.10
63.63
18.07
30.04
15.52
47.24
36.54
10.00
14.96
18.37
14.25
63.20
19.08
14.90
68.50
19.57
14.91
90.60
6.70
16.00
67.90
r
26.70
98.60
7.30
16.80
74.50
31.20
.71
1.80
1.10
.70
.18
P.71
Per cent per annum
MONEY RATES, ETC.
„
35
35
35
35
35
27
102.2 102.5 101.4 103.2 103.3 F. R. Bank discount rate, N . Y . . . .
bills (new issues)
27
104.3 104.6 103.3 105.3 105.4 Treasury notes
(taxable)
27
103.8 104.0 101.8 102.9 102.2 Treasury
Commercial
paper
29
90.5 91.3 91.2 92.4 92.7 U. S. Govt. bonds:
.83 1.05
.94
.76
.77
Partially tax-exempt
33
Taxable
33
Corporate Aaa bonds
29, 33
Corporate Baa bonds
,..
33
50
50
95.9 96.9 97.0 96.0 94.5
4,391 4,399 4,415 4,451 4,418
BUSINESS CONDITIONS
Steel production (per cent of capacity)..
Electric power prod. (mill. kw. h r s . ) . . .
Freight car loadings (thous. cars):
Total
Miscellaneous
."
Department store sales (1935-39 = 100) 2 ..
F.H.A. home mortgages,
new construc3
tion (thous.)
Who!-sale prices (1926 = 100):
Total
_....
Farm products
Other than farm and food
51
51
52
910.5 890.5 896.2 887.4 905.7
400.5 395.1 397.6 396.6 403.5
132
137
148
149
171
52
63
63
63
103.9 103.6 104.0 103.6 103.5
124.1 122.5 124.8 122.3 121.8
98.7 98.7 98.7 98.7 98.7
.50
.50
.50
.375
1.35
.75
.375
1.34
.75
.375
1.31
.75
1.94
2.49
2.73
3.63
1.91
2.49
2.73
3.59
1.89
2.49
2.72
3.57
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
97.2
99.0
99.3
87.8
37
37
37
e
790
e
550
e
.73
400
101.5
103.9
100.8
89.6
1.60
r
887
619
424
104.3
106.7
105.3
91.3
1.28
«940
e
660
e
420
For footnotes see following page.
93°
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
MONTHLY
1944
May | June
July
In unit indicated
FIGURES-Cont.
May
MONTHLY
BUSINESS CONDITIONS
Income payments (mill, dollars), total: 6
38
Salaries and wages
38
Other.....
38
Cash farm income (mill, dollars), total.
39
Livestock and products
,
39
Crops
39
Govt. payments. 6
,
,
39
Industrial production:
Total (1935-39 = 100)
41, 42
Groups (points in total index)
Durable manufactures
41
Machinery, etc
42
Iron and steel
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquor, and tobacco
42
Other nondurable
42
Minerals
41, 42
Primary products (1935-39 = 100):
Steel
43
Cement
43
Lumber
43
Coal.....
43
Crude petroleum
43
Cotton consumption
43
Wool yarn
,
43
Paper
43
Leather
43
Meats and dairy products
43
Other manufactured foods
43
Labor force and employment (mill,
persons):
Labor force
44
Employment, total
44
Nonagricultural
44
Agricultural
44
Male.....
44
Female
„
44
Nonagricultural 6 employment {mill.
persons), total
45
Manufacturing and mining
45
Trade
,
45
Government
45
Transportation and utilities
45
Construction
45
Factory employment and pay rolls
(1939 - 100):
Pay rolls
47
Employment
47
Hours and earnings at factories:
Weekly earnings (dollars)
48
Hourly earnings (cents)
48
Hours worked (per week)
48
New orders, shipments, and inventories
(1939 = 100):
New orders, total
49
Durable
49
Nondurable
49
Shipments, total
49
Durable...
49
Nondurable
49
Inventories, total
49
Durable....
49
Nondurable
49
6
Residential contracts (mill, dollars):
Total
S3
Public,
53
Private, total
53
1- and 2-family dwellings
53
Other.
53
Construction contracts
(3-mo. moving
av., mill, dollars): 6
Total..
55
Residential
55
Other..
55
1944
Chart
book
June
July
In unit indicated
FIGURES-Cont,
BUSINESS CONDITIONS—Cont.
12,929 ^13,018
9,061 ^9,137
3,868 ^3,881
1,546 1,558
1,049
997
403
504
94
57
r
p47
235
^233
135.2
r
93.9
23.1
18.1
r
79.3
19.0
10.8
20.5
r
29.0
r
21.6
134.2
93.7
22.4
18.1
79.0
18.9
10.8
20.4
28.8
21.6
*132.8
^92.8
22.3
P17.7
*78.4
*18.6
234
76
115
154
142
142
167
135
110
161
157
225
84
118
152
143
140
163
133
114
163
222
86
^114
2>144
*144
139
52.8
52.0
43.4
8.6
34.5
17.5
54.2
53.2
43.6
9.6
35.0
18.2
55.0
54.0
44.3
9.7
35.4
18.6
38.8
17.1
7.0
5.9
3.8
0.7
38.7
16.9
7.0
5.9
3.8
0.7
^38.6
2*16.9
'317.8
159.0
318.3
158.6
r
46.28
101.8
45.5
r
236
46.03
101.7
r
45.3
no. 8
2*20.3
*28.8
2*21.3
154
258
352
188
272
369
197
174
204
147
2*261
p
347
2>196
*>276
p
374
2*200
P174
p
204
^148
31
12
19
14
5
29
10
19
10
9
134
29
105
141
28
113
3.7
2*0.6
Freight car loadings:6
Total (1935-39 = 100)
,
Groups (points in total index)
Miscellaneous
,
Coal
All other
Department stores (1935-39 = 100) ^
Sales
Stocks
,
Exports and imports (mill, dollars):
Exports
Imports
Excess of exports
Excluding Lend-Lease exports
Wholesale prices, total (1926 = 100)...
Farm products
Other than farm and food
Cost of living, all items (1935-39 » 100)
Food
,
Clothing
Rent
57
138
139
143
57
57
57
78.7
31.3
28.5
78.1
31.5
r
29.3
81.9
30.4
30.2
175
181
r
157
147
2*1,418. '1,271.4
386.0 ^330.3
p
l,032.6 2*941.1
P-124.5 P-69.9
104.0
104.3
122.9
125.0
98.5
98.5
125.1
125.4
135.5
135.7
137.4
138.0
108.1
108.1
193
163
59
59
61
61
61
61
63
63
63
65
65
65
65
Oct.Dec.
1943
Apr.June
1944
In millions of dollars
QUARTERLY FIGURES
Budget receipts and expenditures:
Expenditures, total
War activities
Net receipts
Internal revenue collections, total
Corporate income taxes
Individual income taxes
Misc. internal revenue
Corporate security issues:
Net proceeds
New money, total
Industrial
Railroad
Public utility.
Bank rates on customers' loans:
Total, 19 cities
New York City
Other Northern and Eastern cities
Southern and Western cities
...
23,957
22,382
11,823
10,542
4,390
5,029
1,122
24
24
24
24
24
24
24
22,747
21,248
9,866
8,890
3,295
4,410
1,185
36
36
36
36
36
424
139
128
444
455
99
131
86
79
6
46
7
1
6
Per cent per annum
29
31
31
31
2.65
2.10
2.76
3.17
2.63
2.10
2.75
3.12
24,775
22,792
12,284
11,072
4,275
5,392
1,406
2.63
2.23
2.54
3.18
Dec. 31, Apr. 13, June 30,
1943
1944
1944
^157.8
CALL DATE FIGURES
In billions of dollars
MEMBER BANKS
P149
Mar'.
1944
104.1
124.1
98.5
126.1
137.4
138.2
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
kinds of securities:
Bonds
Notes
Certificates.
Bills
Guaranteed
:
12
12
12
13
13
13
12
13
13
13
52.95
5.02
2.73
2.29
16.29
8.44
3.27
1.05
;
16
16
16
16
14.56
3.24
19.68
15.47
16
16
16
16
16
27.27
6.91
12.07
4.36
2.35
83.59
60.34
5.16
2.83
2.33
18.08
8.05
3.21
1.66
74.26
15.18
3.42
21.01
17.17
16.16
3.69
22.48
18.01
30.12
10.64
14.23
4.47
.89
e
r
Estimated.
* Preliminary.
Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
Revised series. For back figures
see
p . 875.
4
Publication discontinued.
Less than 5 million dollars.
Includes preliminary revisions for repair and modernization credit.
Adjusted for seasonal variation.
'Figures available for June and December dates only,
* Copies o£ the Chart Book may be obtained at a price of 50 cents each.
1
2
3
5
6
SEPTEMBER
1944
93x
MEMBER BANK OPERATING RATIOS, 1943
AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS
[Expressed as percentages)
Federal Reserve district
All
districts Boston New
York
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings
Profits before income taxes
Net profits after taxes
Cash dividends declared
.
Percentage of total assets:
Total earnings
Net current earnings
Net profits after taxes
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on securities.........
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
.
Net current earnings
Net charge-offs, etc. (or recoveries + ) . . . , . .
Taxes on net income
—
Net profits after taxes
Rates of earnings on securities and loans:
Percentage of total securities:
Interest and dividends on securities....... .
Net losses (or recoveries and profits + )
.
Philadelphia
Cleve Richland mond
Atlanta
Chicago
St.
Louis
Minneap- Kansas
City Dallas
olis
San
Francisco
8.6
9.4
8.3
2.8
6.3
6.4
5.6
2.2
7.3
7.9
7.2
2.0
6.2
5.6
5.2
1.9
7.1
7.8
7.2
2.1
8.1
8.7
7.5
2.6
9.9
10.0
8.9
3.1
9.8
10.9
9.8
2.6
9.4
8.5
3.0
10.1
11.9
10.5
3.0
10.3
12.3
10.6
4.1
9.3
10.4
9.0
4.1
10.7
11.4
9.7
2.9
2.4
.7
.7
2.3
.6
.6
2.4
.6
.6
2.6
.7
.6
2.4
.6
.7
2.3
.7
.6
2.2
.7
.6
2.2
.7
.7
2.2
.7
.7
2.6
.7
.7
2.4
2.4
.7
.7
2.3
.6
.6
37.5
45.0
39.5
7.0
8.5
43.5
43.2
4.2
9.1
42.1
43.0
5.7
9.2
36.6
48.2
6.2
9.0
35.8
43.0
8.1
13.1
39.8
41.1
10.5
38.2
43.9
6.6
11.3
33.3
41.0
5.7
20.0
27.3
52.8
8.8
11.1
26.3
54.9
8.0
10.8
34.4
46.4
10.9
42.8
37.9
8.3
11.0
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
32.2
12.1
27.2
32.8
11.7
28.7
31.5
14.8
27.2
27.1
17.5
28.4
28.8
16.1
28.3
30.1
15.1
26.0
32.2
8.9
27.9
31.9
12.2
25.6
32.0
10.0
28.3
31.8
14.9
26.1
37.0
6.0
25.7
38.5
34.7
13.1
24.0
71.5
73.2
73.5
73.0
73.2
71.2
69.0
69.7
70.3
72.8
68.7
28.5
26.8
26.5
27.0
28.8
31.0
30.3
29.7
27.2
31.3
+3.3
+1.2
+3.0
+4.4
+2.8
+5.8
+7.2
44.6
7.0
2.2
1.8
23.0
+3.1 +2.6
28.4
3.3
24.7
1.8
+ .1
1.9
1.9
2.1
1.9
+ .1
+ .2
+ .2
+ .1
+ .1
5.1
3.4
2.5
27.0
2.4
27.5
4.2
27.2
1.8
+
3.7
28.2
1.8
+ .1
8.6
2.6
7.5
11.7
30.3
3.2
31.5
3.2
29.3
1.8
1.7
+ .0
+.1
3.8
29.2
1.7
+ .1
71.8
71.4
28.2
28.6
+4.5
+3.3
4.4
28.7
4.4
27.1
1.7
1.8
.0
1.6
.0
5.3
33.2
+ .0
Percentage of total loans:
Earnings on loans
Net losses (or recoveries + )
+.1
+ .0
5.2
.3
5.5
+ .3
+ .2
+.1
+ .4
+ .3
+ .5
6.3
+ .3
+ .6
6.5
+ .5
+ .4
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real-estate assets
38.8
8.2
20.0
31.4
1.4
43.9
8.7
19.4
26.4
1.5
47.0
9.6
19.4
22.0
1.8
40.4
11.8
22.3
22.6
2.8
40.3
10.9
19.2
28.0
1.5
38.3
6.8
21.5
31.6
1.7
35.2
7.4
17.4
38.4
1.3
42.1
8.5
17.3
31.1
.9
38.5
8.2
17.8
34.3
1.2
40.6
30.7
5.3
22.0
41.2
26.4
6.2
23.7
42.5
1.1
39.7
5.7
19.0
34.4
1.1
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government and cash assets
Total deposits
11.1
41.7
13.0
9.6
34.2
10.8
12.2
35.1
14.1
9.7
33.7
10.9
9.0
31.9
10.1
7.6
31.8
8.4
7.2
33.0
9.9
31.8
8.2
34.5
9.1
7.4
28.8
8.1
7.9
31.9
8.7
8.5
31.7
9.6
6.4
28.3
7.0
Time to total deposits
•
Interest on time deposits to time deposits1. .,
Trust department earnings to total earnings1.
29.4
1.1
3.9
29.2
1.0
4.8
43.0
.9
47.7
1.1
4.5
38.8
1.1
4.9
32.2
1.2
4.0
19.9
1.1
2.6
30.9
.9
3.4
21.2
1.2
• 3.6
33.4
1.3
2.8
11.9
1.4
3.0
5.3
1.5
2.6
27.6
1.2
4.8
6,673
343
803
636
707
465
311
938
449
454
730
Number of banks 2
5.6
4.8
5.4
5.7
5.4
7.8
6.0
5.4
6.9
20.9
30.3
1.1
567
5.9
270
1
Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average. Banks in the St.
Louis
District were excluded in computing the average ratios of trust department earnings to total earnings.
2
The ratios for 66 member banks in operation at the end of 1943 were excluded from the compilations because of unavailability of data covering the
complete year's operations, certain accounting adjustments, lack of comparability, etc. Two banks that merged on Dec. 31, 1943, are included in these
tabulations as two separate banks.
NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios
computed from aggregate dollar amounts shown in the May 1944 issue of the BULLETIN. Such differences result from the fact that each bank's figures
have an equal weight in calculation of the averages whereas the figures of the many small- and medium-sized banks have but little influence on the aggregate dollar amounts.
93z
FEDERAL RESERVE BULLETIN
MEMBER BANK OPERATING RATIOS, 1945-Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS
[Expressed as percentages]
Ratio of time deposits to total
deposits (per cent)
Size group—total deposits (in thousands of dollars)
All
groups
Item
Summary ratios:
Percentage of total capital accounts:
Net current earnings
Profits before income taxes
Net profits after taxes
Cash dividends declared.
Percentage of total assets:
Total earnings
Net current earnings
Net profits after taxes.
1,000- 2,000- 5,000- 10,000- 50,000
and Under
25-50
2,000 5,000 10,000 50,000 over
25
50-75
75
and
over
9.6
10.7
9.3
3.4
8.2
8.7
7.9
2.3
6.9
7.4
6.9
2.1
5.7
5.1
4.7
2.1
6
.5
2.2
7
.7
2.4
7
.7
2.6
7
.7
30
7
43.6
34.8
7.7
13.9
48.3
31.3
3.9
16.5
33.6
45.7
8.4
12.3
39.2
43.6
6.7
10.5
43.6
44.1
4.3
8.0
44.4
46.6
1.9
7.1
Under
250
250500
5001,000
8.6
9.4
8.3
2.8
4.4
5.2
4.6
1.9
6.2
7.1
6.2
2.5
7.9
9.0
8.0
2.8
8.7
9.6
8.5
2.8
8.9
9.6
8.6
2.8
8.7
9.3
8.3
2.6
9.7
10.4
9.0
2.6
11.3
11.4
9.1
3.2
2 4
7
7
3.1
7
2.8
7
2.6
.7
.7
2.4
.7
.7
2.3
7
.7
2.2
2.1
1.7
,7
20.3
28.3
65.7' 56.5
4.5 . 5.7
9.5
9.5
32.6
50.7
6.4
10.3
36.1
47.0
6.8
10.1
39.9
41.9
8.0
10.2
42.0
37.8
8.0
12.2
.8
6
.6
6
.6
s
Sources and disposition of earnings:
Percentage of t o t a l earnings:
I n t e r e s t a n d dividends on s e c u r i t i e s . . . . . . . . . .
E a r n i n g s on loans
;
Service charges on deposit a c c o u n t s . . . . . . . . .
Other current e a r n i n g s . . . . .
.............
T o t a l earnings.
Salaries a n d wages
I n t e r e s t on time deoosits
Other current expenses...
T o t a l expenses.
................
.
N e t current earnings.
N e t charge-offs, etc. (or recoveries + ) . . . . . .
Taxes on net i n c o m e . . . . . . . . . . . . . . . . . . . . . . . . .
N e t profits after taxes
37.5
44.6
7.0
10.9
100.0
100.0
100.0
130.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
32.2
12.1
27.2
41.5
5.2
29.8
35.5
10.5
29.0
33.4
12.4
27.2
31.6
13.3
26.5
31.6
12.5
26.9
31.5
12.2
27.6
32.0
9.8
28.2
29.6
5.6
27.7
35.5
5.2
28.2
30.6
15.3
27.0
27.4
22.3
25.1
24.7
27.0
26.0
71.5
76.5
75.0
73.0
71.4
71.0
71.3
70.0
62.9
68.9
72.9
74.8
77.7
28.5
23.5
25.0
27.0
28.6
29.0
28.7
30.0
37.1
31.1
27.1
25.2
22.3
+3.3
+5.1
+3.8
+4.5
+3.5
+2.6
2.6
3.2
28.1
+2.9
+1.0
7.5
30.6
+4.4
+2.6
+2.2
3.8
1.2
17.3
3.4
28.4
3.4
25.2
3.6
25.2
3.3
28.2
3.2
28.9
3.0
28.6
4.2
28.7
4.6
30.9
2.8
26.9
1.8
25.6
Rates of earnings on securities and loans:
P e r c e n t a g e of t o t a l s e c u r i t i e s :
Interest a n d dividends o n securities.
N e t losses (or r e c o v e r i e s a n d profits + ) . . . . .
P e r c e n t a g e of t o t a l l o a n s :
Earnings on l o a n s . . . . . . . . . . . . . . . . . .
N e t losses (br recoveries + ) . . . .
......
......
1.8
2.3
2.1
1.9
+ .1
+ .2
+ .1
+ .1
5.6
7.7
6.8
6.2
1.8
+ .1
5.8
1.8
1.7
+ .1
+ .1
5.4
5.0
1.6
+ .1
4.5
1.5
+ .1
3.3
1.7
+ .0
5.7
1.8
+ .1
5.5
2.0
2.4
+ .2
+ .0
5.5
5.4
+ .3
+ .5
+ .4
+ .3
+ .3
+ .2
+ .3
+.2
+ .1
+ .4
+ .2
+ .0
38.8
8.2
20.0
31.4
1.4
20.5
5.3
27.9
44.3
1.8
29.8
6.6
25.1
37.1
1.4
34.2
7.7
22.5
34.3
1.2
37.4
8.6
20.8
31.7
1.3
40.4
9.4
18.6
30.1
1.5
44.0
8.6
17.4
28.2
1.6
46.4
7.2
16.5
28.1
1.6
49.9
5.2
16.7
26.6
1.3
35.7
6.0
19.4
37.7
1.0
41.3
9.0
20.0
27.9
1.6
41.3
12.1
21.9
22.7
1.8
36.3
15.1
27.2
18.7
2.6
Total capital accounts t o :
Total assets
. ................. ......
T o t a l assets less G o v e r n m e n t a n d cash a s s e t s . .
Total deposits
. .. . . . . . . . . . . . . . . . . .
....
8.8
33.0
9.9
18.5
59.5
24.3
12.3
41.9
14.2
9.9
35.2
11.2
8.9
32.3
9.9
8.3
31.0
9.2
8.0
32.2
8.8
6.9
30.2
7.5
6.0
27.6
6.5
8.1
34.5
9.0
8.9
31.6
10.0
10.4
32.0
11.8
13.1
30.9
15.4
Time to total d e p o s i t s . . . . . . .
....
Interest on time deposits to time deposits1 . . . . .
Trust department earnings to total earnings1....
29.4
1.1
3.9
11.7
1.7
24.2
1.6
2.5
31.3
1.2
2.6
32.2
1.0
2.5
32.4
.9
3.7
25.7
.8
5.3
13.3
.7
7.5
383
1,756
1,686
683
598
214
57.8
1.1
3.5
2,618
80.7
1.1
3.3
52
11.1
1.2
5.0
2,944
57.5
1.1
2.4
6,673
28.3
1.4
2.5
1,301
1,079
32
Distribution of assets:
Percentage of total assets:
U. S. Government securities. .
Other securities
Loans
. ..
Cash assets
. ...
Real-estate assets
.3
Other ratios:
Number of banks 2 ...
......
For numbered footnotes, see p. 932.
Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1943. 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, 1942 and June 30,
Oct. 18, 1943, except for a limited number of banks for which all three reports were not available; such reports as were available were used in tho«e instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (247 in number) are included wiui the
banks having ratios of time to total deposits of less than 25 per cent.
SEPTEMBER 1944
933
MEMBER BANK OPERATING RATIOS, 1943—Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK
[Expressed in percentages]
Banks with ratios of time
to total deposits of
under 25 per cent
All
groups
Item
Banks with ratios of time
to total deposits of
25-50 per cent
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
Under
500
5002,000
10,000
10 000 Under
and
500
over
5002000
2,000- 10,000and Under
10,000 over
500
5002,000
2,000- 10,000
and
10,000 over
Summary ratios:
Percentage of total capital accounts:
Net current earnings
Profits before income taxes
Net profits after taxes
Cash dividends declared
8.6
9.4
8.3
2.8
6.8
7.9
6.8
3.0
9.5
11.0
9.6
3.7
10.0
10.9
9.6
3.3
10.6
11.2
9.2
2.9
4.9
5.4
4.8
1.6
7.8
8.6
7.7
2.3
8.6
9.0
8.2
2.4
9.6
9.9
8.7
2.6
4.9
5.5
5.0
1.7
6.8
7.1
6.6
1.9
7.1
7.7
7.2
2.4
9.5
Percentage of total assets:
Total earnings
Net current earnings...
Net profits after taxes.
2.4
.7
.7
2.9
2.4
.7
2.1
.7
.6
1.8
.6
.5
2.8
.6
.6
2.5
.7
.7
2.3
.7
.6
2.3
.7
.6
2.8
.6
.6
2.7
.7
.7
2.5
.7
.7
2.6
.7
.7
37.5
44.6
7.0
29.2
50.8
8.4
11.6
36.9
40.5
10.1
12.5
45.4
32.7
6.6
15.3
33.9
50.8
5.1
10.2
37.0
47.0
6,1
9.9
41.2
41.0
7.5
10.3
43.3
35.6
7.1
14.0
38.6
51.0
2.6
7.8
41.9
46.7
10.9
21.7
62.4
6.4
9.5
3.9
7.5
46.0
40.7
4.8
8.5
48.5
36.4
4.6
10.5
100.0
100.0
10C.0
130.0
130.0
130.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
32.2
12.1
27.2
39.7
4.1
29.2
36.2
35.2
5.5
28.2
32.0
5.1
29.0
32.7
15.6
29.7
33.6
15.3
26.9
30.4
14.5
26.8
30.8
13.3
26.9
28.4
23.4
26.8
27.3
23.1
24.8
27.2
21.3
25.6
27.6
22.1
23.7
71.5
73.0
68.9
66.1
78.0
73.3
71.7
71.0
78.6
75.2
74.1
73.4
28.5
27.0
31.1
33.9
22.0
26.2
28.3
29.0
21.4
24.8
25.9
26.6
+3.3
+5.4
+3.5
4.0
+2.3
+2.4
+3.2
+2.1
2.8
21.6
2.7
26.7
+2.2
2.9
27.5
3.4
27.8
Sources and disposition of earnings:
Percentage of total earnings:
Interest and dividends on securities..
Earnings on loans
Service charges on deposit accounts.
Other current earnings
Total earnings.,
Salaries and wages
Interest on time deposits
Other current expenses
Total expenses
—-
Net current earnings
Net charge-offs, etc. (or recoveries + )
Taxes on net income
Net profits after taxes
3.4
28.4
Rates of earnings on securities 2nd loans:
Percentage of total securities:
Interest and dividends on securities
Net losses (or recoveries and profits +)
4.3
28.1
2.1
5.4
27.6
69.2
30.3
+5.6
4.4
32.0
1.8
+.1
+.0
7.5
6.2
30.6
1.6
+.0
Percentage of total loans:
Earnings on loans
Net losses (cr recoveries + ;
5.6
Distribution of assets:
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real-estate assets
38.3
£.2
20.3
31.4
24.2
4.4
26.7
43.5
1.1.
31.8
5.9
21.2
40.1
.9
38.4
7.0
15.6
Other ratios:
Total capital accounts to:
Total assets
Total assets less Government and cash assets
Total deposits
8.8
33.0
9.9
12.9
47. D
15.4
Time to total deposits
Interest on time deposits to time deposits1. ..
Trust department earnings to total earnings1..
29.4
1.1
3.9
7.6
Number of banks2..
6,6/3
252
1.5
+.1
2.1
1.9
+ .1
+.1
5.3
1.9
20.1
2.2
+.1
+.3
1.8
24.7
2.1
+.2
1.7
26.5
2.0
+.2
2.4
29.1
2.0
+.2
4.6
5.9
.0
5.6
.0
+.0
+.2
42.8
9.7
18.8
48.1
7.6
17.6
24.5
2.0
36.2
11.7
25.0
25.2
1.8
39.1
12.3
23.1
23.5
1.8
44.0
12.1
20.5
21.4
2.0
45.5
12.4
20.0
20.0
1.9
30.0
9.3
8. A
7.3
30.0
8.0
13.0
36.1
15.1
10.8
31.1
12.3
10.0
32.7
11.3
8.8
32.0
9.9
38.3
1.2
2.6
37.8
1.0
3.0
35.6
.9
5.1
59.6
1.3
.5
58.5
1.2
2.4
57.6
1.0
2.3
57.7
1.1
3.8
1,165
1,039
282
51
577
445
38
1.1
47.0
5.7
15.7
30.1
1.2
34.1
8.5
23.1
323
2.0
3?.2
8.8
21.2
29.2
1.5
8.6
35.6
9.6
7.1
32.3
7.7
6.1
29.3
6.6
13.2
41.4
15.6
9.4
32.4
13.5
10.2
1.4
2.7
12.9
1.0
3.6
12.2
.3
6.5
37.3
1.3
2.6
1,315
885
492
132
36.8
1.7
+ .6 +1.7 +2.3 +4.9
+.3
6,3
+ .1
+
1.8
+.1
8.6
2.7
+ .2
3.3
+ .2
+.6
1 .u
2.9
5.4
6.3
29.9
8.1
5.3
26.8
1.7
5.2
4.9
For numbered ioocncUs, see p.
934
FEDERAL RESERVE BULLETIN
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for last date shown are preliminary
Mutual savings
banks
Commercial banks
All
banks
Total
Number of Banks (Head Offices)
December 31, 1933
December 31, 1934
December 31, 1941
December 31, 1942
December 31, 1943
June 30, 1944
15,029
16,063
14,825
14,680
14,579
14,554
14,450
15,484
14,277
14,134
14,034
14,010
2,911
3,133
3,699
3,739
3,933
3,987
Analysis of Bank Changes
Jan. 1-June 30, 1944
Increases in number of banks:
Primary organizations (new banks)6
Decreases in number of banks:
Suspensions
Consolidations and absorptions
Voluntary liquidations7
Number of Branches 4and Additional
Offices
December 31, 1933 ..
December 31, 1934
December 31 1941
December 31 1942. .
December 31, 1943
June 30 1944
Nonmember banks 1
Member banks
Total
6,011
6,442
National
State
member
Total
Insured2
7,699
6,810
6,667
6,535
6,494
Noninsured
Insured
6,773
5,154
5,462
5,117
5,081
5,040
5,036
3980
l,502
3
1,598
3
1,698
3
1,737
8,439
9,042
7,661
7,458
7,299
7,240
2,786
3,007
3,564
3,602
3,797
3,848
2,081
2,224
2,580
2,615
2,793
2,835
1,121
1,243
1,565
1,592
1,741
1,778
960
981
1,015
1,023
1,052
1,057
705
783
984
987
1,004
1,013
932
935
952
961
52
52
52
52
+30
+30
+3
+3
+27
+25
+2
-1
-35
,-19
-1
-34
-19
-15
-1
-6
-1
-19
-18
-1
-16
-16
-3
-2
-1
+2
+2
-4
-4
-49
+3
+15
-15
+9
-9
-18
+8
-9
+1
+1
+'
+2
+1
Inter-class bank changes:
Conversions—
National into State
State into national
Federal Reserve membership8
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance9
Admissions of State banks
Withdrawals of State banks
3
6,619
3
6,679
3
6,738
3
-2
+4
+49
-3
-9
-1
85/
3
—2
+8
-4
+49
-49
+3
-25
-24
+35
-4
+39
-59
-41
Analysis of Branch Changes
Jan. 1-June 30, 1944
Increases in number of branches
De novo branches
Banks converted into branches
+12
+16
+10
+15
+4
+7
+2
+5
+2
+2
+6
+8
+6
+8
Decrease in number of branches:
Branches discontinued
-12
-12
-5
-3
-2
—7
-7
Inter-class branch changes:
+1
+1
+38
+35
2
-3
-3
+51
+42
+37
+41
+41
Branches and additional offices discontinued at military reservations
-3
Net increase or decrease in number of
branches
+54
139
1,343
851
791
764
746
68
5 79
511
496
490
361
352
152
*56
3
184
3
192
1 ?a
12fi
7C
^783
Net increase or decrease in number of banks
Branches and additional offices established at military reservations
Noninsured 2
B
32
35
95
97
103
102
41
42
i
+1
i
-1
+3
+3
+3
+5
+9
+9
1
2
3
Includes unincorporated (private) banks.
Federal deposit insurance did not become operative until Jan. 1,1934.
^
.
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks, which became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in all
taries and financial agents of the Government. Four of these banking faciites a
tellers
windows; each of these facilities is counted as one banking office only.
6
Separate figures not available for branches of insured and noninsured banks.
6
Exclusive cf new banks organized to succeed operating banks.
7
Exclusive of liquidations incident to the succession, conversion, and absorption of banks.
8
Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they
are 9included under "conversions."
.
,
Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do
not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank changes.
Back figures—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
SEPTEMBER
1944
935
INTERNATIONAL FINANCIAL STATISTICS
PAOB
Gold reserves of central banks and governments...
938
Gold production . .
939
Gold movements..,
939
Net capital movements to United States since January i , 1935. .
940
Central banks..
941-944
Money rates in foreign countries .
945
Commercial banks...
946
Foreign exchange rates..
947
Price movements:
Wholesale prices
948
Retail food prices and cost of living ..
949
Security prices .,
949
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial
bank statements and official statistical bulletins; some data are reported to the Board directly. Figures
on international capital transactions of the United States arc collected by the Federal Reserve Banks
from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November n , 1934. Back figures for all except price tables, togcthef with descriptive text,
may be obtained from the Board's publication, Banking and Monetary Statistics,
SEPTEMBER 1944
937
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argen- 1
tina
1938—Dec..
1939—Dec.
1940—Dec.
194!—Dec.
1942-Dec.
14,512
17,644
21,995
22.737
22,726
431
466
353
354
*658
1943—Aug..
Sept,.
Oct..,
Nov..
Dec.
1944—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
22,243
22,175
22,116
22,065
21,938
21,918
21,712
21,600
21,429
21,264
21,173
20,996
353
353
353
354
*939
363
368
371
381
386
391
End of month
Iran
Hungary
(Persia)
1938—Dec.
1939—Dec,
1940—Dec.
1941—Dec.
1942—Dec.
37
24
24
24
24
26
26
26
*26
7
34
1943—Aug
Sept
Oct
Nov
Dec
1944—Jan
Feb
Mar
Apr
May
June
July
24
24
24
24
24
24
24
24
24
24
24
66
76
78
80
92
92
End of month
Sweden
End of month
321
308
160
223
335
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Aug...
Sept...
Oct...
Nov..
Dec...
1944—Jan....
Feb...
Mar...
Apr...
May..
June.
July..
p
1
371
374
378
384
387
399
401
421
426
430
432
435
r
Switzerland
701
549
502
665
824
887
900
903
964
973
984
994
1,004
1,010
PI,023
PI,030
Belgium
2
Brazil
British
India
581
609
734
734
735
32
40
51
70
115
274
274
274
274
274
734
734
734
734
734
734
734
734
734
734
202
223
243
254
254
254
255
255
276
296
297
274
274
274
274
274
274
274
274
274
274
Italy
Japan
193
144
120
164
164
164
«164
Turkey
29
29
88
92
114
161
161
161
161
161
171
171
191
191
Java
90
140
235
4
216
United
Kingdom
Uruguay
2.690
69
68
90
100
89
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
103
108
111
117
121
13
P136
^139
Bulgaria
4
Canada Chile
24
24
24
24
25
192
214
37
25
7
6
5
7
5
6
7
5
4
5
6
6
6
6
Mexico
53
53
52
44
44
55
55
52
52
52
2,430
2,709
2,000
2,000
2,000
29
29
29
29
29
54
54
54
51
51
51
51
56
56
56
56
53
55
56
58
59
76
77
79
80
82
84
86
61
61
61
61
61
61
61
61
61
44
44
44
44
44
44
44
44
44
52
52
52
52
52
52
52
52
52
52
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
29
23
23
23
23
23
174
200
200
202
203
205
229
230
227
226
224
222
500
500
500
500
500
500
500
500
500
500
23
23
23
23
23
23
23
23
23
23
23
84
84
84
84
89
89
100
100
100
110
110
110
57
59
82
4
83
B.I.S.
Norway
94
94
4 84
Peru
20
20
20
21
25
Other
coun-8
tries
14
7
12
12
21
142
153
145
142
160
26
26
27
27
45
45
45
39
39
39
39
r
202
r
202
r
2O2
r
203
r
204
r
205
r
210
r
212
r
213
r
217
r
216
216
Greece
4
27
28
28
Ruma- South
Poland Portugal
Africa
nia
85
4 84
26
26
26
31
31
31
31
33
34
34
34
36
Preliminary.
Revised.
Figures through March 1940 and figure for December 1942 and December 1943 include, in addition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold belonging to the Argentine Stabilization Fund.
2 Change from previous December due largely to inclusion of gold formerly not reported.
3 On May 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance.
4 Figures relate to last official report dates for the respective countries, as follows: Bulgaria—
Jan. 31, 1943; Greece—Mar. 31, 1941; Java—Jan. 31,1942; Norway—Mar. 30, 1940; PolandJuly5 31, 1939; Yugoslavia—Feb. 28, 1941.
Figure for December 1938 is that officially reported on Apr. 30,1938.
6
Figure for February 1941; beginning Mar. 29,1941, gold reserves no longer reported separately.
7
Beginning December 1942, includes gold reserves abroad, formerly not reported.
8
These countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian Congo,
Bolivia, China, Costa Rica beginning July 1943, Danzig through Aug. 31,1939, Ecuador, El Salvador,
Estonia, Finland, Guatemala, Iceland, Ireland beginning February 1943, Latvia,Lithuania,Morocco,
and Thailand (Siam). Figures for certain of these countries have been carried forward from last
previous
official report.
9
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—For back figures, see Banking and Monetary Statistics, Tables 156-160, pp. 536-555,
and for a description of figures, including details regarding special internal gold transfers affecting
the reported data, see pp. 524-535 in the same publication.
938
Germany
83
56
58
61
61
998
692
617
575
506
52
52
29
41
68
France
24
21
17
16
25
Nether- New
lands Zealand
Yugoslavia
Egypt
30
30
30
30
36
29
32
47
47
39
Venezuela
Co- CzechoDenslolombia vakia
mark
69
69
59
59
59
133
152
158
182
241
220
249
367
366
634
59
59
60
60
60
60
60
282
289
302
305
316
316
P
323
628
644
667
685
706
716
740
728
727
741
749
42
42
85
96
98
Government gold reserves1 not included
in previous figures
United
End of month United
France
States Kingdom
1938—Dec. ...
1939—Mar. ...
May
June...
Sept....
Dec
1940—Mar. ...
June...
Sept....
Dec. ...
1941—Mar. ...
June...
Sept....
Dec
1942—Mar....
JUL2...
Sept....
Dec
1943—Mar....
June....
Sept....
Dec
1944—Mar.. ..
80
154
85
164
156
145
86
105
48
88
89
24
25
12
8
7
12
14
11
7
43
14
2
759
1,732
8
876
331
559
477
Belgium
44
17
17
17
292
4
151
17
17
17
17
17
17
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2 Figure for end of September.
* Reported figure for total British gold reserves on
Aug. 31,1939, less reported holdings of Bank of England on that date.
J Figure for Sept. 1,1941.
NOTE.—For certain back figures and for details
regarding special internal gold transfers affecting
the British and French institutions, see Banking and
Monetary Statistics, p. 526.
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
Estimated
world
Year or month production
outside 1
U.S.S.R.
1934...
1935....
1936....
1937...,
1938....
1939....
1940....
1941....
1942....
1943....
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,297,349
1,288,945
Total
reported
monthly
South
Africa
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
1,089,395
968,112
r
738,471
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
494,439
448,153
r
61,672
r
6O,272
r
60,108
r
59,943
r
58,372
r
58,309
P
56,588
p
37,962
37,297
36,783
37,162
36,889
36,653
36,169
34,100
36,266
34,879
36,921
35,264
1943—-July....
Aug....
Sept....
Oct....
Nov....
Dec. ...
1944—Jan.....
Feb....,
Mar....
Apr. ...
May....
June...
54,163
^57,152
p
53,916
p
57,298
^54,465
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
Africa
North and South America
RhoWest Belgian
I Canada*|Mexico«| bia
Chile
Africa? CongoS
desia
$1 = 15
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
26,641
23,009
1,907
1,862
1,920
1,896
1,790
1,814
l,709
Pi,706
/p
l,706
•^1,706
grains of gold
6,549
12,153
7,159
13,625
7,386
16,295
8,018
20,784
8,470
24,670
8,759
28,564
32,163 3 8,862
32,414
29,225
19,740
1,540
1,540
1,540
1,540
1,540
1,505
1,540
1,540
1,575
1,610
1,575
A,575
fine; i.e.,an ounce of fine gold = $35
108,191 104,023 23 ,135 12,045
8,350
126,325 114,971 23 ,858
11,515
9,251
152,509 131,181 26 ,465 13,632
9,018
168,159 143,367 29 ,591 15,478
9,544
178,143 165,379 32 ,306 18,225 10,290
196,391 178,303 29 ,426 19,951 11,376
210,109 185,890 30 ,878 22,117 11,999
209,175 187,081 27 ,969 22,961
9,259
130,963 169,446 6 30 ,000 20,882
6,409
48,808 r127,796
19,789
6,081
4,031
3,720
3,392
3,899
3,452
3,605
3,085
3,429
2,933
2,936
2,881
2,431
r
10,243
r
10,265.
r
9,875
r
9,800
r
9 370
r
1,763
1,704
1,659
1,672
1,512
1,600
1,581
1,344
2,056
PI,365
p
2,030
9,198
9,023
8,988
9,333
8,568
8,989
8,397
454
549
598
511
450
501
676
617
*577
/P577
/p
577
^577
I
Other
British
NicaraAustra-1
lia 8 I India*
gua7
1,166
868
807
848
1,557
3,506
5,429
7.525
8,623
7,715
30,559
31, 240
40, 118
46, 982
54, 264
56, 182
55, 878
51, 039
42,525
28,560
11,223
11.468
11,663
11,607
11,284
11,078
10,157
9,940
8,960
8,820
770
735
735
735
665
700
700
630
665
665
595
622
2,380
2,170
433
2,835
770
2,100
628
2,100
605
2,100
633
756
1,295
651
1,155
677
1,365
665 p P945
693 l,330
560 ^1,330
,
nipn aoiiars;iy.«, 100 mime
r
Preliminary.
Revised.
* Figure carried forward.
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.
J4 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 the United States Mint. Monthly figures represent
estimates of American Bureau of Metal Statistics, those for 1943 haying been revised by adding to each monthly figure $85,455 so that aggregate for 1943
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 the period December 1941-December 1943 they represent9 total Australia; beginning January 1944, western Australia only.
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; April 1933t pp. 233-235;
and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period
3910-1941, see Banking and Monetary Statistics, pp. 542-543.
v
1
GOLD MOVEMENTS
UNITED STATES
[In thousands of doll irs a t approximately $35 a, fine ounce]
Net imports from or net exports (—) t o :
Year or
month
1934 1 .....
1935
1936. . . . .
1937. . . . .
1938.......
1939.......
1940.......
1941......
1941
Jan.......
Feb.......
Mar.......
Apr. . . . . .
May......
June.....
July......
Aug......
Sept.... .
Oct......
Nov......
Dec
Total
net
imports
United
Kingdom
Bel- NetherFrance gium
lands
Sweden
Switzerland
1,131,994 499,870 260,223
8,902 94,348
1,739,019 315,727 934,243
3 227,185
1,116,584 174,093 573,671
3,351 71,006
2
1,585,503 891,531 -13,710 90,859
6,461
6
1,973,569 1,208,728 81,135 15,488 163,049 60,146
3,798 165,122 341,618 28,715
3,574,151 1,826,403
4,744,472 633,083 241,778
977 63,260 161,489
3.779
1
982,378
1
1,747
234,242
108,609
118,567
171,992
34,830
30,712
37,041
36,973
65,702
40,440
50,374
52,896
37
1,218
817
21
2
474
542
79
250
55
121
163
1
1,746
1
Philip- Auspine
Canada Mexico Colombia
Islands tralia
86,829 30,270
12,402
95,171 13,667
968
72,648 39,966
7,511
54,452 111,480 38,482
76,315 36,472
1,363
86,987 612,949 33,610
90,320 2,622,330 29,880
899 412,056 16,791
563
337
46,876
81,529
95,619
20,216
16,306
17,514
19,224
10,842
42,562
16,072
24,917
20,377
1,147
814
866
1,147
969
800
1,080
843
495
1,020
6,336
1,273
16,944
10,899
11,911
18,397
10,557
23,239
23,999
24,448
3,168
11
2,232
2,934
2,794
7
2,128
2,230
2,488
2,107
2,110
2,238
South
Africa
12
1,029
12,038
65
3,498
15,335
8
21,513 23,280
181
25,427 34,713
401
27,880 39,162
35,636 74,250 22,862
38,627 103,777 184,756
42,678 67,492 292,893
3,185
2,772
3,984
3,587
3,384
2,114
4,970
5,098
3,107
3,141
1,830
5,506
11,136 149,735
96
6,738
2,788
6,262
4,720 132,261
3,594
4,194
69
4,593
88
5,199
137
6,742
3,694
2,064
200
6,151
40
5,980
190
3,713
Japan British
India
4 76,820
75,268
77,892
'246,'464 50,762
168,740 16,159
165,605 50,956
111,739 49,989
9,444 9,665
6,085
4,501
3,046
313
131
1,995
2,327
711
All
other
countries
32,304
46,989
39,735
29,998
2
67,975
3
102,
404
4
388,468
5
100,485
6,062
15,093
2,951
6,793
3,589
5,009
3,811
6
9,008
6
11,041
6
9,365
6
9,039
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.,
$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.
8
Includes imports from U. S. S. R. as follows: February—$11,236,000, August—$3,407,000, September—$5,652,000, October—$5,550,000, November—
$5,615,000, December—$13,460,000.
NOTE.—Figures for months subsequent to December 1941 have not been released for publication. For back figures see Banking and Monetary Statistics,
Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication.
SEPTEMBER 1944
939
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
From Jan. 2, 1935, through—
Total
Increase in foreign banking
funds in U. S.
Total
Official 1
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935-Mar. (Apr. 3)
June (July 3).
Sept. (Oct. 2)
Dec. (Jan. 1, 1936)
259.5
616.0
899.4
1,412.5
57.7
213.8
350.7
603.3
-2.0
6.1
-4.5
9.8
59.7
207.7
355.2
593.5
155.0
312.8
388.6
361.4
31.8
43.7
40.1
125.2
-6.2
15.8
90.3
316.7
21.1
29.8
29.8
1936-Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30
1,511.1
1,949.2
2,283.3
2,608.4
578.4
779.0
898.5
930.5
44.4
35.9
37.4
81.1
534.0
743.1
861.1
849.4
390.3
449.0
456.2
431.5
114.4
180.5
272.2
316.2
427.6
524.1
633.3
917.4
16.5
23.2
12.9
1937—Mar. 31
June 30
Sept. 29
Dec. 29
2,931.4
3,561.9
3,911.9
3,410.3
1,121.6
1,612.4
1,743.6
1,168.5
62.8
215.3
364.6
243.9
1,058.8
1,397.1
1,379.0
924.6
411.0
466.4
518.1
449.1
319.1
395.2
493.3
583.2
1,075.7
,069.5
1,125.1
L,162.0
18.3
31.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
3,207.2
3,045.8
3,472.0
3,844.5
949.8
786.2
1,180.2
1,425.4
149.9
125.9
187.0
238.5
799.9
660.4
993.2
1,186.9
434.4
403.3
477.2
510.1
618.5
643.1
625.0
641.8
L,150.4
L,155.3
1,125.4
L,219.7
54.2
57.8
64.1
47.6
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
4,197.6
4,659.2
5,035.3
5,021.2
1,747.6
2,111.8
2,479.5
2,430.8
311.4
425.3
552.1
542.5
1,436.2
1,686.5
1,927.3
1,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)....
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)
5,115.9
5,440.7
5,748.1
5,727.6
2,539.0
2,830.1
3,092.8
3,159.0
539.1
922.3
1,112.3
1,200.8
1,999.9
1,907.8
1,980.5
1,958.3
631.6
684.1
773.6
775.1
761.6
785.6
793.1
803.8
1,095.0
1,042.1
987.0
888.7
88.7
98.9
101.6
100.9
1941—Mar. (Apr. 2)
June (July 2)
Sept.(Oct. 1)
Dec. 31
5,526.5
5,575.4
5,510.3
5,230.7
3,148.8
3,193.3
3,139.5
2,856.2
1,307.7
1,375.1
1,321.7
1,053.7
1,841.0
,818.2
,817.7
,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—Tan. 28
Feb.25
Mar. (Apr. 1)
Apr. 29..
May (June 3)
June 302
5,163.7
5,069.0
5,082.4
5,309.6
5,413.4
5,495.3
2,771.6
2,675.5
2,684.0
2,906.1
2,996.8
3,075.9
977.6
879.4
932.0
1,106.7
1,144.0
1,211.7
,793.9
,796.0
,752.0
,799.4
,852.8
,864.2
801.6
809.2
819.7
829.8
839.8
842.3
857.5
856.2
849.6
843.2
843.2
838.8
631.0
626.2
624.9
626.6
629.0
632.0
102.0
102.0
104.3
103.9
104.6
106.2
July 31
Aug. 31
Sept. 30
Oct. 31
Nov.30
Dec. 31
5,542.6
5,599.9
5,654.9
5,694.7
5,761.6
5,835.0
3,121.4
3,184.8
3,212.6
3,204.2
3,250.2
3,320.3
1,242.7
1,293.1
1,339.1
1,341.1
1,366.1
1,412.0
,878.7
,891.7
,873.5
,863.2
,884.1
,908.3
854.9
839.9
858.2
890.0
901.6
888.8
829.3
828.6
830.5
842.1
844.8
848.2
633.3
642.7
646.1
654.3
661.0
673.3
103.7
103.9
107.5
104.1
104.1
104.4
1943—Jan. 30
Feb. 27
Mar. 31
Apr. 30
May 29
June 30
5,907.7
6,014.9
6,147.1
6,212.3
6,282.6
6,506.4
3,471.1
3,590.1
3,643.4
3,690.5
3,769.6
4,002.6
1,536.6
1,671.8
1,723.1
1,801.8
1,871.6
2,071.4
,934.5
,918.3
,920.3
,888.6
1,898.0
1,931.2
890.5
898.7
909.9
905.1
896.9
761.3
751.9
810.5
809.5
807.0
806.8
678.5
676.0
685.9
692.9
692.5
687.9
107.0
106.4
108.6
109.5
108.5
112.1
6,556.0
6,726.3
6,771.3
6,904.6
7,073.6
7,118.6
4,056.4
4,107.9
4,130.6
4,284.4
4,435.7
4,496.3
2,103.4
2,122.6
2,190.9
2,312.9
2,450.0
2,461.5
1,953.0
1,985.3
1,939.7
1,971.5
1,985.7
2,034.8
901.9
909.4
888.6
870.5
882.6
877.6
792.9
907.8
929.3
928.3
929.8
925.9
692.3
687.0
708.1
707.4
710.1
701.1
112.6
114.3
114.8
114.1
115.4
117.8
7,272.9
7,418.6
7,462.9
7,464.3
7,458.9
4,658.2
4,833.2
4,885.4
4,881.0
3
4,882.7
2,649.3
2,815.7
2,856.0
2,780.5
3
2,726.8
2,009.0
2,017.5
2,029.4
2,100.6
3
2,155.9
870.8
843.5
868.0
873.4
8
872.9
931.7
924.2
904.1
905.4
903.2
695.1
698.8
685.8
686.2
680.1
117.0
118.9
119.6
118.3
S
119.9
July 3 1 . . . . .
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
1944—Jan. 31
Feb. 29
Mar. 31
Apr. 29
May 31..
6.0
.4
4.1
1
This category made up as follows: through Sept. 21,1938, funds held by foreign central banks at the Federal Reserve Bank of New York; beginning
Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of
New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to
government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by
foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic
and 2consular establishments, etc.).
Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BULLETIN
for January 1943, p. 98.
3
Amounts outstanding on May 31, in millions of dollars: total foreign banking funds in United States 5,539.6, including official funds, 3,364.4, and
other funds, 2,175.2; United States banking funds abroad, 262.6; and brokerage balances (net due "foreigners") 43.0.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 1941, have been published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to
and claims on "foreigners" as reported by banks and brokers. For back figures, see Banking and Monetary Statistics, Tables 161-163, pp. 574-637, and
lor full description of statistics see pp. 558-560 in the same publication.
940
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of issue
department
Bank of England
(Figures in millions of
pounds sterling)
1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
1941—Dec. 31
1942—Dec. 30
Other
assets2
Gold1
....
....
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
s
630.0
5
780.0
5
950.0
.2
.2
1943—Aug. 25
Sept 29
Oct. 27
Nov 24
Dec 29
.2
.2
.2
.2
1944—Jan. 26
Feb. 23
Mar 29
Apr. 26
May 31
June 28
July 26...
.2
.2
.2
.2
...
.2
.2
.2
.2
Assets of banking department
Cash reserves
Coin
Notes
.2
.6
.6
.8
1.0
.5
.6
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
25.3
13.8
51.8
31.2
11.6
3.4
1.9
1.6
6.0
33.0
22.8
45.6
25.8
14.7
19.4
13.4
4.4
2.1
15.4
.6
.8
.8
1.0
.9
.3
.9
1,000.0
1,000.0
1,050.0
1,050.0
5
1,100.0
1.4
1.7
1.8
1.7
1,100.0
1,100.0
5
1 150.0
1,150.0
1,150.0
1,150.0
1,150.0
.6
.9
.4
5
Discounts
and advances
.9
.4
.7
.9
1.0
Liabilities of banking department
Securities
6.4
3.5
2.5
5.8
1.0
1.2
4.7
Note
circulation 3
Deposits
Bankers'
Bank of C a n a d a
Gold
Sterling
and United
States
dollars
Other
17.9
1S.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
218.3
238.7
211.3
222.1
307.9
974.9
986.5
998.5
1,019.0
1,088.7
166.8
173.4
190.3
183.2
234.3
7.2
9.3
5.4
6.8
10.3
56.6
55.1
53.1
53.3
60.4
18.0
18.1
17.7
17.8
17.9
229.0
255.2
212.7
245.6
239.8
282.2
261.7
1,067.3
1,077.5
1,104.6
1,124.5
1,135.5
1,130.9
1,136.8
187.8
200.3
188.8
198.5
165.1
217.7
199.8
8.5
8.9
7.1
52.7
53.7
60.2
56.9
58.2
55.6
55.4
17.9
18.0
18.1
17.7
17.8
17.9
17.9
Assets
(Figures in millions of
Canadian dollars)
Public
Other
liabilities
4.5
15.0
12.5
7.7
Liabilities
Dominion and provin cial government
securities
Deposits
Other
assets
Note
circulation7
Other
liabilities
Chartered
banks
Dominion
government
Other
Shorttermfi
Other
4.2
9.1
14.9
28.4
64.3
38.4
200.9
.5
30.9
61.3
82.3
144.6
181.9
448.4
391.8
807.2
83.4
99.0
91.6
40.9
49.9
127.3
216.7
209.2
8.6
8.2
21.7
5.2
5.5
12.4
33.5
31.3
99.7
135.7
165.3
175.3
232.8
359.9
496.0
693.6
181.6
187.0
196.0
200.6
217.0
217.7
232.0
259.9
17.9
18.8
11.1
16.7
46.3
10.9
73.8
51.6
.8
2.1
3.5
3.1
17.9
9.5
6.0
19.1
7.7
13.4
14.4
9.3
13.3
28.5
35.1
24.0
1943-Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31
37.6
31.0
68.5
26.5
.6
798.8
786.7
787.4
797.1
787.6
340.8
360.7
434.0
466.7
472.8
29.2
19.0
22.1
30.6
47.3
796.7
815.1
836.6
844.6
874.4
308.6
305.7
339.2
360.6
340.2
59.7
36.2
88.9
66.1
20.5
10.3
11.4
15.6
16.1
17.8
31.0
29.1
31.7
33.6
55.4
1944—Jan. 31.
Feb. 29
Mar..31
Apr. 29
.4
.2
.3
.2
.3
.2
25.9
799.9
789.2
788.9
777.1
879.0
803.5
801.6
486.8
508.9
557.0
567.7
548.7
576.1
602.6
25.4
31.3
44.0
26.4
23.8
39.9
24.4
860.6
875.4
897.9
915.3
911.5
920.5
"942.4
360.9
362.7
359.2
385.2
377.7
414.7
414.9
34.8
40.1
65.8
24.6
101.8
8.2
43.0
22.3
31.5
22.8
17.4
26.6
22.0
22.3
33.4-'
19.8
44.5
28.8
34.1
54.3
31.9
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942-Dec.
Mav
31
31
31
31
30
31
31
31
31
June 30
July 31
180.5
179.4
179.8
185.9
225.7
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was
officially set at 168 shillings per fine ounce.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about
S.5 million pounds (at current rjrice) transferred from Exchange Account to Bank; on July 12,1939, 20 million pounds transferred from Exchange Account
to bank;
on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3,1941, and Apr. 22 and July 28, 1942; by 70 million pounds
on Dec. 2, 1942; and by 50 million pounds on Apr. 13, Oct. 6, and Dec. 8, 1943, and on Mar. 7,1944.
6
Securities maturing in two years or less.
7
Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940,
pp. 677-678).
NOTE.—For back figures on Bank of England and Bank of Canada, see Banking and Monetary Statistics, Tables 164 and 166, pp. 638-640 and pp.
<644-645, respectively; for description of statistics see pp. 560-564 in same publication.
SEPTEMBER 1944
941
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
Advances to
Government
Domestic bills
Gold
1
Foreign
exchange
2
Open
market 2 Special
1929—Dec. 27..
1930—Dec. 26..
1931—Dec. 30..
1932—Dec. 30..
1933—Dec. 29..
1934—Dec. 28..
1935—Dec. 27..
1936—Dec. 30..
1937—Dec. 30..
1938—Dec. 29..
1939—Dec. 28..
1940—Dec. 26..
1941—Dec. 31..
1942—Dec. 31..
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
5
97,267
6
84,616
84,598
84,598
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
42
38
37
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
43,194
42,115
43,661
1943—May 27.
June 24.
July 29.
Aug. 26.
Sept. 30.
Oct. 28.
Nov. 25 .
Dec. 30.
84,598
84,598
84,598
84,598
84,598
84,598
84,598
84,598
37
37
38
37
37
37
37
37
42,930
42,998
43,261
43,108
43,412
44,591
44,860
44,699
1944—Jan. 27..
Feb. 24..
Mar. 30..
Apr. 27..
84,598
84,598
84,598
84,598
37
37
37
37
44,870
45,018
44,359
44,706
Other
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
3,646
4,517
5,368
For occupation
costs 3
Deposits
Other
assets
Other2
Note
circulation
Government
72,317
142,507
210,965
17,698
31,909
20,627
34,673
63,900
69,500
68,250
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
23,179
22,121
21,749
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
218,383
270,144
382,774
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
984
1,517
770
35
29
6,200
5,573
6,456
6,908
4,968
4,799
6,472
7,543
260,919
260,927
271,371
288,308
295,807
306,689
320,843
326,973
56,990
63,550
61,150
53,500
69,500
65,500
55,950
64,400
21,768 419,530
21,042 426,974
21,472 440,291
21,078 448,270
23,519 468,015
21,000 475,868
21,457 484,060
21,420 500,386
12
3
19
12
8,196
8,469
8,349
7,718
343,300
351,000
351,000
367,300
56,050
60,500
69,800
66,800
21,614
20,598
21,570
21,437
506,035
514,323
530,174
539,058
1,379
652
1,797
2,345
661
12
169
6
1
C.A.R.4
41,400
64,580
16,857
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
27,202
25,272
29,935
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
3,586
3.894
4,461
734
837
754
743
821
627
755
578
10,166
14,670
11,170
14,674
15,450
12,191
14,083
10,724
37,750
29,574
31,864
29,615
33,199
34,111
31,133
33,137
5,177
6,669
4,267
4,235
4,355
4,417
4,220
4,872
825
749
786
793
12,365
13,905
9,063
8,811
34,339
35,359
35,100
38,017
5,112
5,887
4,608
5,928
Liabilities
Assets
Reichsbank
(Figures in millions of
reichsmarks)
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
1942—Dec. 31
Reserves of gold and
foreign exchange
Security
loans
71
71
71
71
71
71
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
21,656
29,283
251
256
245
176
183
146
84
74
60
45
30
38
32
25
71
32,317
34,570
35,010
36,117
37,870
41,342
39,584
39,269
40,379
40,909
42,159
42,150
Gold
2,687
2,283
2,216
2,685
1,156
920
396
84
88
72
76
76
78
78
77
76
1943—July 31
Aug. 31
Sept. 30
Oct. 30
Nov. 30
Dec. 31......
77
77
77
77
77
77
1944—Jan. 31
Feb. 29
Mar. 31
Apr. 29
M a y 31
June 30
77
77
77
77
77
77
Securities
Bills (and
checks),
including
Treasury
bills
Total
reserves
984
806
386
79
82
66
Other
Other
liabilities
Other
Other
assets
Note
circulation
92
102
161
398
322
319
315
303
286
298
393
357
283
210
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
2,311
1,664
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
19.325
24,375
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
3,649
5,292
736
822
1,333
1,313
34
17
22
17
66
27
100
107
105
136
79
65
2,003
1,569
2,436
2,583
2,733
2,337
27,597
29,029
30,099
30,922
31,772
33,683
5,199
5,456
5,601
5,967
6,951
8,186
1.735
1,857
1,951
2,040
2.104
1,980
43
26
46
38
28
26
42
66
33
31
23
27
2,296
2,360
2,281
2,525
2,096
2,397
33,012
33,508
33,792
34,569
35,229
35,920
7,176
6,636
7,237
7,179
1,855
1,654
1,788
1,833
1,915
2,004
Eligible
as note
cover
259
445
349
221
106
557
804
32
107
87
Deposits
7,240
6,754
Other
liabilities
836
1,001
923
953
970
1,091
1,378
1,396
1.493
1,680
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. 23, 1944, advances of 381,000 million
francs
were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week
ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Gold not shown separately in weekly Reichsbank statement after June 15,1939.
NOTE.—For back figures on Bank of France and Reichsbank, see Banking and Monetary Statistics, Tables 165 and 167, pp. '641-643 and pp. 645-647,
respectively; for description of statistics see pp. 562-565 in same publication.
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange..
Government securities
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Certificates of participation in
Government securities
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
National Bank of Belgium and Bank
of Issue
of Brussels (millions of
belga): 1
Gold
Foreign exchange
Credits to State and public bodies.
Credits to private economy
Reichskreditkasse
Other assets
Note circulation
Demand deposits
Postal Checking Office
Other liabilities
National Bank of Bohemia and
Moravia (millions of koruny):
Gold...
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of Bolivia (millions
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government...........
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria 3
Central Bank of Chile (millions
of pesos):
Gold
Discounts for member banks..
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities..
Other assets
Note circulation
Deposits
Other liabilities
1944
July
June
1943
May
July
1,187
2,290
889
1,173
2,229
889
1,073
1,603
349
163
2,064
1,340
594
124
162
2,032
1,253
642
122
""'250
1,687
881
519
78
231
176
235
168
108
49,293 48,043 36,391
148,602 144,867 114,719
10,600
118,928
27,636
241,943
203,244
189,512
6,995
10,285
103,220 45,152
21,411
23,745
235,559 210,565
179,823 168,721
184,512 141,762
4,
11,900
3,619
120
740
713
18,301
1,083
1,656
382
4,332
8,172
3,366
93
733
702
15,270
975
852
300
'36^845
24,833
8,030
8,848
1,515
755
1,116
1
22,781
18,064
3,692
4,412
599
407
320
624
41
69
1,160
798
102
579
363
295
630
41
82
1,160
744
86
554
361
319
545
41
75
1,003
791
100
273
53
715
988
1,110
2,377
311
183
268
273
39
719
1,073
1,112
2,373
406
143
294
774
2,578
146,893
109,684
2,940
56,655
29,675
137,064
139,56.
69,218
244
97
761
870
876
2,033
397
150
266
144,058 89,744
107,884 74,490
5,129
2,396
56,665 55,822
30,783 35,135
129,010 108,327
145,830 96,380
66,946 55,613
Central Bank
(Figures as of last report
date of month)
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Loans and discounts
Securities
Govt. compensation account 4 ...
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Bank
of Ecuador (thousands
of sucres) :5
Gold
Foreign exchange
Note circulation.
Deposits
National Bank of Egypt 6 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities...
Other assets
Note circulation
Deposits
Other liabilities.
Bank of Finland33
Bank of Greece
National Bank of Hungary (millions
of pengo):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of
1931
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Govt. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Treasury bills discounted
Loans to Government
Other assets
Deposits
Other liabilities
Central Bank of Ireland (thousands
of pounds):
Gold
Sterling funds
Note circulation
3
Bank of Japan
Bank of Java 3
1944
July
June
1943
May
July
(Apr.)2
97
22
2,272
29
97
21
1,542
36
64
125
1,901
1,075
742
1,648
319
72
85
3,076
1,455
1,478
2,314
406
(Feb.) 2
249,579 207,992
67,830 76,731
222,746 203,936
204,941 193,190
6,241
14,489
2,199
6,241
10,850
3,178
234,105 184,302
12,886
5,993
98,088 85,407
62,745 43,678
95,975 68,495
13,113 12,984
32,711
36,698
713
6,341
1,269
43,314
28,240
6,178
26,684
25,663
611
6,835
563
32,396
22,019
5,941
100
4
4,915
543
855
2
1,398
5,288
1,121
100
5
4,556
544
926
2
1,367
5,134
989
100
4
2,554
682
658
14
976
3,477
556
12
1,394
12
1,365
15
942
444
8,048
583
137
9,103
444
5,829
1,083
152
7,404
110
12
1
153
1,906
259
104
955
1
3
112
988
186
2,646
25,527
28,173
2,646
21,024
23,671
1,
2,646
25,392
28,038
1
Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration
on June 27,1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office.
23 Latest month for which report is available for this institution.
For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BULLETIN for April 1944, p. 405; of Greece (March 1941) and Japan (September 1941), see BULLETIN for March 1942, p. 281; and of Java (January 1942), see
BULLETIN for March 1943, p. 278.
4
5
6
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.
Detailed statement not available.
Items for issue and banking departments consolidated.
SEPTEMBER 1944
943
CENTRAL BANKS—Continued
Central B a n k
(Figures as of last report
date of month)
1944
July
Bank of Mexico (millions cf pesos):
Metallic reserve 1
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank
(millions of
guilders):
Gold.....
......
Silver (including subsidiary coin)..
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government..... . . . . . .
Other
Other liabilities.
,
Reserve Bank of New Zealand (thousands of pounds):
Gold
..
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation.
Demand deposits
Other liabilities
Bank of Norway 3
Bank of t h e Republic of Paraguay
(millions of pesos):
Gold,
:
Foreign exchange
Loans and discounts
Government loans and securities...
Other a s s e t s . . . . . . . . . . . . . . . .
Note circulation.
......
Demand deposits—Government... .
Other
Other liabilities
.....
Central Reserve Bank of Peru (thou
sands of soles): ^
Gold and foreign e x c h a n g e . . . . . . . . .
Discounts
Government loans.
~.
Other assets
Note circulation
Deposits....
Other liabilities
B a n k of Portugal (millions of escudos):
Gold 4
Other reserves (net)
Nonreserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
N a t i o n a l Bank of R u m a n i a (millions
of lei):
Gold.....
Special exchange accounts
Loans and discounts
Special loans (in l i q u i d a t i o n ) . . . . . .
Government debt
Other assets
Note circulation
....
Demand deposits
Other liabilities
S o u t h African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation.
Deposits
Other liabilities
June
1943
May
July
527
514
398
,352
290
95
,195
912
157
1,370
256
71
1,192
865
155
1,145
125
61
953
639
137
vApr.) 2
932
3,910
932
4
2,476
'"'"134
84
4,021
108
754
176
"l34
69
2,738
455
313
110
2,802
30,687
2,802
25,778
43,132
11,734
2,397
37,031
50,433
3,287
326
,420
178
,391
,476
,639
793
,358
,001
34,047
10,314
3,566
32,833
40,584
3,089
326
2,322
149
2,257
1,617
2,550
834
2,335
951
(Mar.);
157,261
11,148
358,836
27,122
357,748
171,902
24,717
(Jan.):
1,400
4,272
8,096
227
1,023
1,030
6,703
8,367
978
139,682
9,087
313,844
22,249
322,399
140,967
21,496
1,398
3,691
7,105
232
1,025
983
5,683
7,853
900
(Jan.)2
59,651 51,098
32,813 32,917
54,953 42,486
264
139
20,470 20,759
70,106 56,202
162,283 127,083
47,336 49,337
28,512 27,306
89,891 74,132
21,598 10,028
510
2,011
85,140 92,805
51,027 46,979
142,760 125,909
4,854
4,587
Central Bank
(Figures as of last report
date of month)
B a n k of Spain (millions of pesetas):
Gold
Silver
Government loans and securities...
Other loans and discounts
Other assets
Note circulation.
Deposits—Government
Other
Other liabilities
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and advances to National Debt Office5.
Other domestic bills and advances.
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Not
irculation
Note circulation
Other
sight liabilities
O
Other liabilities
Centrall B a n k of t h e Republic of
Turkey (thousands of pounds):
Gold ;
Foreign exchange and foreign
clearings
Loans and discounts.
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities
Bank of t h e R e p u b l i c of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation.
Banking department:
Gold and silver
Notes and coin
Advances to State and to government bodies..
Other loans and discounts
Other assets
Deposits..
Other liabilities.
Central Bank of Venezuela (thousands of bolivares):
Gold.
Foreign exchange (net)
Credits to national banks:
Other assets
Note circulation—Central Bank...
National banks.
Deposits.
Other liabilities
National Bank of t h e Kingdom of
Yugoslavia 3
Bank for International S e t t l e m e n t s
(thousands of Swiss gold francs):^
Gold in bars
Cash on hand and on current account with banks
Sight funds at interest
Rediscountable bills and acceptances (at cost)
,
Time funds at interest
Sundry bills and investments
Other assets
Demand deposits (gold)
Short-term deposits (various currencies) :
Central banks for own account
Other
Long-term deposits: Special accounts.
Other liabilities
1944
July
June
May
July
2
(Apr.)
1,074
621
16,043
2,765
2,178
16,161
1,966
4,023
530
960
600
951
570
949
564
811
571
1,229
89
974
2,187
582
452
631
1,121
81
982
2,226
634
207
638
1,087
74
955
2,157
532
307
632
1,037
97
893
1,969
353
476
610
4,455
87
4,427
82
64
158
3,004
1,432
293
4,372
93
r
68
151
2,945
1,449
291
3,791
66
152
326
2,670
1,395
270
6
62
3,028
1,441
(Apr.) 2
238,650 197,232
102,297
736,268
196,437
18,526
878,946
85,139
138,191
189,902
66,839
662,382
194,810
17,419
726,593
79,358
172,217
160,514
(Dec.
1943) 2
120,343 90,197
140,711 117,032
72,323
38,279
73,075
31,975
234,478 36,125
92,785 96,453
185,648 161,915
174,373 153,590
238,139 245,953
338,108 338,108 338,108 245,504
32,209 31,906 32,733 37,178
26,370 26,370 26,370 31,230
33,241 29,721 29,444 18,393
266,989 262,865 266,971 235,167
22,273 22,795 23,318 30,448
133,810 133,390 128,469 60,734
5,956
6,856
7,056
7,""
118,871 118,873
78,683
18,180
6,945
23,403
15,846
21,620
7,447
102,513 104,870 151,757
21,569 21,075 21,393
197,492 197,306 192,692
3>
366
363
29,266 28,579 40,863
8,700
2,704
7,600
2,798
15,834
2,539
229,001 229,001 229,001
200,203 199,636 195,575
r
Revised.
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.
3
For last available reports from the central banks of Norway (March 1940), and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
4
Valued at average cost beginning October 1940.
5
, Includes small amount of non- Government bonds.
6
Figure not available.
1
2
7
See BULLETIN for December 1936,
944
p.
1025.
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL
{Per cent per a n n u m ]
BANKS
Central bank of—
Date effective
United
King- France Germany
dom
In effect Oct. 2,
1936
Oct. 9
Oct. 16
Oct. 2 0 . . . . .
Nov. 26
Dec. 3
Jan. 28, 1937
June 15
July 7..
Aug .4
Sept. 3 . . .
Nov. 13
May 10, 1938
May 13...
May 30
..
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940
Apr. 9
May 17
Mar 17, 1941
Mav 29
June 27
In effect Aug. 31,
1944......
2
k
Belgium
4
2
Netherlands
Sweden
Switzerland
2
3
2>2
4
2y2
...
2
Belgium
Bohemia and
Moravia....
2
4
6
5
4
33^
3
Albania
3
Date
effective
Central
bank of—
Rate
Aug.
31
Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940
Italy
Japan
Java
Latvia
Lithuania. ..
3.29
3
5
6
Rate
Aug.
31
Central
bank of—
2
Oct.
1, 1940
Date
effective
May
Apr.
Jan.
Feb.
July
18, 1936
7, 1936
14, 1937
17, 1940
15, 1939
6
Bolivia
3
British India..
5
Bulgaria
Canada
C h i l e . . . . . . . . . 3-4 }J
4
Colombia
Nov. 8, 1940
Nov. 28, 1935
Dec. 1, 1940
Feb. 8, 1944
Dec. 16, 1936
July 18, 1933
Mexico
Netherlands 2H
New Zealand
Norway
3 2
Peru........ 5
Portugal....
June 4,
June 27,
July 26,
May 13,
Aug. 1,
Jan. 12,
Denmark,
4
7
3
Oct.
May
Mar.
Oct.
Dec.
16, 1940
26, 1938
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
4
Mar.
Apr.
Mar.
Oct.
Nov.
17, 1941
9, 1940
1, 1942
22, 1940
23, 1943
Turkey
United Kingdom
U. S. S. R...
Yugoslavia.
4
July
1, 1938
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
1942
1941
1941
1940
1940
1944
3
2%
2
4
3
2H
4
El Salvador...
Finland...
3
3
2
3
2
1%
Germany
Greece........
Hungary.
Ireland.......
3
2
2
3
NOTE .—Changes3 since July 31: none.
IK
OPEN-MARKET RATES
[ P e r cent per annum J
United Kingdom
Germany
Month
Bankers'
Day-to-day allowance
money
on deposits
1929—June............
1930—June . . . . . . . . . .
1931—June
1932—June............
1933—June.............
1934—June............
1935—June............
1936—June............
1937—June....
1938—June............
1939—June............
1940—June............
1941—June............
1942—June............
1943—June...........
5.35
2.30
2.10
.85
.40
,85
.64
.78
.68
.59
1.02
1.00
1.00
1.00
.62
.92
,75
,75
.79
,75
.77
1.00
1.00
1.00
1.06
1943—July............
Aug....
Sept
Oct
Nov.....
....
Dec
1944—Jan.....
Feb.
Mar
Apr.
May
June..
1.00
1.00
1.00
1.00
1.00
1.01
1.01
1.00
1.00
1.01
1.00
1.00
1.04
1.11
1.07
1.00
1.00
1.00
1.08
1.13
1.13
1.13
1.13
1.13
.76
4.23
1.93
1.64
.99
Netherlands
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
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
1.90
5.30
1.89
1.05
.39
2.18
.78
4.42
3.92
.15
.13
.49
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
1.86
1.89
1.93
C1)
1.88
.75
C1)
2.25
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3.26
2.06
1.12
1.50
1.50
1.50
2.60
2.25
1.00
1.00
1.00
1.50
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1
Figure not available.
NOTE—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp, 571-572 in same publication.
SEPTEMBER 1944
945
COMMERCIAL BANKS
(11 London clearing banks.
Figures in millions of
pounds sterling)
Cash
reserves
1936—December
1937—December
1938—D cember
1939—L/eceinbe'
1940—December
1941—December
1942— December
1943—July
August
SeDtember
October .
November
December
Liabilities
Assets
United Kingdom 1
Demand 3
Time 3
1,288
1,284
1,256
1,398
1,770
2,168
2,429
1,012
1,026
997
1,043
1,030
1,161
1,200
322
300
250
174
159
141
334
265
171
142
198
896
794
325
375
383
389
394
403
422
416
414
160
156
148
151
155
151
244
232
209
181
184
133
900
957
1,045
1,135
1,187
1,307
1,1 20
1 162
,1 62
,160
,158
,167
,154
2,315
2,330
2,254
2,441
2,800
3,329
3,629
753
739
741
749
732
761
279
285
293
289
283
349
3,628
3,670
3,737
3,813
3,865
4,032
2,428
2,456
2,504
2,556
2,588
2,712
1,200
1,214
1,233
1,256
1,277
1,319
157
150
138
124
113
149
174
202
,149
,141
,136
,152
,161
,169
288
287
155
164
173
185
1,305
1,264
1,331
1,314
1,310
1,246
754
761
423
430
418
427
781
762
765
784
290
285
292
327
3,962
3,897
3,988
4,017
4,051
4,100
2,650
2,583
2,652
2,672
2,704
2,730
1,312
1,314
1,336
1,345
1,347
1,370
274
324
366
390
...
Total
163
160
244
243
1944—Tanuarv
February
March
April
May
June
Deposits
Other
assets
195
244
.....
Money a t
Loans to
call and Bills dis- Treasury
deposit 2 Securities customers
counted receipts
short
notice
660
609
771
999
314
758
249
890
256
263
984
971
1,015
635
635
290
293
324
924
823
Entirely in Canada
(10 chartered banks. # End of
month figures in millions
of Canadian dollars)
1935—December
1937—December
193g—December
1939—December
1940—December
1941—December
1942—December
. ...
1943—July
August
September
October
.
December
.• •
1944—Tanuarv
February
March
April
Mav
June
Cash
reserves
Security
loans
1936—December
1937—December
1938—December
1939—December 4
1940—December
1941—December
1942—December
1943—January
February
March
April
May
July
August
September
October
November
December
Security
loans
abroad
and net Securities
due from
foreign
banks
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
...
.
.
. .
Other
liabilities
Demand
Time
755
752
1,049
103
96
88
85
80
71
60
2,303
2,335
2,500
2,774
2,805
3,105
3,657
1,033
1,163
1,436
1,984
1,548
1.583
1,660
1,741
1,641
1,669
1,673
48
1,194
1,121
1,045
1,038
1,259
1,156
185
242
198
202
233
2,652
2,681
2,881
2,870
2,938
2,940
626
641
679
659
669
48
46
46
45
43
3,959
3,978
4,085
4,107
4,454
4,395
2,133
2,062
2,096
2,146
2,572
2,447
1,826
1,916
1,989
1,961
1,883
1.948
1,094
1,131
1,133
1,115
1,141
1,172
53
52
1,085
1,003
229
227
2,950
2,994
3,156
3,390
3,374
3,358
674
664
41
40
4,273
4,216
4,368
4,506
4,850
4,836
2,247
2,093
2,143
2,253
2,756
2,641
2,026
2,124
2,225
2,254
2,094
2,195
1,167
1,170
1,182
1,198
1,256
1,339
406
434
427
460
496
36
35
34
38
44
491
486
468.
41
42
81
71
791
862
940
1,088
1,108
1,169
1,168
982
920
1,175
1,104
250
210
212
275
294
744
42
732
669
712
856
39
38
37
3t
Cash
reserves
Due from
banks
3,100
3,403
3,756
4,599
6,258
6,589
7,810
2,975
4,116
4,060
3,765
3,546
3,476
3,458
17,582
18,249
21,435
29,546
44,243
61,897
73 917
7,631
7,624
7,592
7,546
7,984
8,280
10 625
7,538
6,710
6,813
6,720
7,132
6,632
6,770
6,486
6,935
7,133
7,203
8,548
3,672
3,835
3,803
3,665
3,750
3,851
3,795
3, ISt
3,832
3,877
3.96C
4,09=
76,928
73 478
74,664
77,922
81 620
80,276
83,362
82 685
85,079
88,289
86,754
90,897
11,054
11 749
15,245
15,043
14 980
15,518
14,696
14 644
14,084
14,215
14 361
14,191
Bills discounted
840
837
850
843
963
846
962
Liabilities
Assets
.
242
240
242
240
554
575
535
612
570
653
657
France
(4 large banks. End of month
figures in millions
of francs)
236
245
244
248
245
245
245
245
243
1.384
1,411
1,463
1,646
1,531
1.759
2,293
114
76
65
53
40
32
31
510
525
526
256
250
253
161
102
166
132
159
168
231
240
255
263
292
323
356
387
471
Other
loans
and discounts
245
252
269
Liabilities
Assets
Canada
Other
liabilities
Loans
Other
assets
Deposits
Time
Own
acceptances
Other
liabilities
27,955
29,748
33,042
41,872
58,413
75,764
91,225
529
600
537
571
477
912
324
473
661
721
844
535
413
462
4,289
4,517
4,484
4,609
4,604
5,187
6,422
94,665
91,452
95,783
98,419
102,437
101,118
102,578
101 525
103,657
107,100
105,811
111,191
331
340
648
451
433
426
733
836
387
397
929
383
5,270
4,982
5,205
5,461
5,563
5,716
6,730
6,859
6,987
7,182
7,326
7,506
Total
Demand
1, 957
2, 134
1, 940
440
1, 999
033
9, 622
28,484
30,348
33,578
42,443
58,890
76,675
91,549
525
l ' 435
j ' 536
94,996
91 792
96,431
99,152
103 272
102,047
103,596
102 602
104,830
108,368
107 200
112,732
650
750
j ' 869
2, 024
2, 206
2, 228
2, 448
2, 653
2, 935
1,017
1,078
1,173
1,268
1,390
1,541
321
347
341
411
404
428
1
Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by
individual
banks for days, varying from bank to bank, toward the end of the month.
2
Represent six-month loans to the Treasury at \% per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
3
Through
December 1937, excludes deposits in offices outside England and Wales which are included in total.
4
Figures for three banks only. Data for Credit Industriel et Commercial not available September 1940-March 1941.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Table 168, pp. 648-655, and for description of
statistics see pp. 566-571 in same publication.
946
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
I 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
1936
1937
1938
1939
1940
1941
1942
1943
33.137
32.959
32.597
30.850
29.773
29.773 '223!704'
29.773
23.704
29.773
24.732
1943—Aug
Sept
Oct
Nov
Dec
1944—Jan
Feb
Mar
Apr
May
June
July
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
Year or month
57.083
56.726
55.953
57.061
57.085
57.004
57.052
57.265
1943—Aug
Sept
Oct
Nov
Dec
1944—Jan
Feb
Mar
Apr.
May
June
July
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57.277
57 277
Year or month
1943—Aug
Sept
Oct
Nov
Dec.
1944—Jan.
Feb
Mar
Apr.
May
June
July
4.0078
3.4930
3.4674
2
3.4252
2322'. 80'
322.80
322.80
322.80
. . .
. ...
Free
395.94
393.94
389.55
353.38
305.16
321.27
321.50
2
321.50
Belgium
(belga)
16.917
16.876
16.894
16.852
2
16.880
322.80
322.80
322.80
322.80
322.83
322.80
322.80
322.80
322.80
322.80
322.80
322.80
22.189
22.069
21.825
20.346
2
19.308
Brazil
(cruzeiro 1 )
British
India
(rupee)
Official
Free
8.5681
8.6437
5.8438
6.0027
6.0562
6.0575
6.0584
6.0586
5.8788
6.1983
5A2iS
5.0214
5.0705
5.1427
5.1280
37.523
37.326
36.592
33.279
30.155
30.137
30.122
30.122
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0586
6.0587
6.0598
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
5.1275
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
30.122
Bulgaria
(lev)
1.2958
1.2846
1.2424
2
1.2111
Canada (dollar)
Official
Free
290.909
90.909
90.909
90.909
99.913
100.004
99.419
96.018
85.141
87.345
88.379
89.978
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.638
90.150
89.426
89.422
89.404
89.554
89.586
89.326
89.969
90.507
90.403
90.178
FinGerland France many Greece Hong
Kong
(mark- (franc) (reichs- (drachma)
(dollar)
ka)
mark)
Hungary
(pengo)
Italy
(lira)
Japan
(yen)
2.1903
2.1811
2.1567
1.9948
1.8710
2
2.0101
29.558
19.779
19.727
19.238
18.475
2
l9.770
7.2916
5.2607
5.2605
5.1959
5.0407
2
5.0703
29.022
28.791
28.451
25.963
23.436
2
23.439
6.1141
4.0460
2.8781
2.5103
2
2.0827
40.297
40.204
40.164
40.061
40.021
2
39.968
.9289
.9055
.8958
.8153
2
.6715
31.711
30.694
30.457
27.454
22.958
2
24.592
Chile (peso)
Official
18.875
18.923
18.860
18.835
2
Portu- Ruma- South Spain Straits
Settle- Sweden
nia
Africa
gal
(krona)
(escudo) (leu) (pound) (peseta) ments
(dollar)
4.5130
4.4792
4.4267
4.0375
3.7110
2
4.0023
.7382
.7294
.7325
.7111
2
.6896
491.65
489.62
484.16
440.17
397.99
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398 00
398.00
12.314
6.053
5.600
10.630
9.322
29.130
58.258
57.973
56.917
51.736
46.979
47.133
2
46.919
25.626
25.487
25.197
23.991
23.802
2
23.829
Switzerland
(franc)
United Kingdom
(pound)
Official
30.189
22.938
22.871
22.525 2
22.676 ' 403!50'
2
23.210
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403 50
403.50
China
(yuan
ShangExport hai)
5.1240
5.1697 24.0000
5.1716 4.0000
5.1727 4.0000
5.1668 4.0000
2
5.1664 24.0000
29.751
29.606
21.360
11.879
6.000
2
5.313
Neth- New
Mexico erlands Zea(peso) (guild- land
er)
(pound'
27.760
27.750
22.122
19.303
18.546
20.538
20.569
20 577
64.481
55.045
55.009
53.335
2
53.128
Uruguay
(peso)
Free
Controlled
497.09
494.40
488.94
443.54
383.00
403.18
403.50
2
403.50
79.874
79.072
64.370
62.011
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
398.92
396.91
392.35
354.82
306.38
322.54
322.78
324.20
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
324.42
20.575
20 578
20.580
20.580
20.582
20.582
20.582
20.582
20.582
20.582
20 582
20.576
Norway Poland
(krone) (zloty)
24.974
24.840
24.566
23.226
2
22.709
1936
1937
1938
1939
1940
1941
1942
1943
Official
Colom- Czecho- Denbia slovakia mark
(peso) (koruna) (krone)
1936
1937
1938
1939
1940
1941
1942
1943
.,
25.188
25.147
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
25.125
Australia
(pound)
Noncontrolled
2
Yugoslavia
(dinar)
2.2965
2.3060
2.3115
3o!789' 2.2716
37.601 2 2.2463
43.380 2.2397
52.723
52.855
52.871
52.929
52.978
53.003
52.969
52.946
52.945
52.954
52.961
52.964
52.962
53.421
1
Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."1
Average of daily rates for that part of the year during which quotations were certified.
NOTE.—For back figures, see Banking^ and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publicaFebruary 1943, p. 201, and
tion, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN fcr Fet
February 1944, p. 209. There are no developments to record for 1944,
2
SEPTEMBER 1944
947
PRICE MOVEMENTS I N PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]
Year o r m o n t h
United
States
United
Kingdom
Canada
(1926=100) (1926=100) (1930=100)
France
(1913=100)
1926..,..
100
100
i 124
695
134
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
65
66
75
80
81
86
79
77
79
87
99
103
67
67
72
72
75
85
79
75
83
90
96
100
86
86
88
89
427
398
376
338
97
93
98
102
94
411
104
103
103
103
103
103
103
103
104
104
104
104
104
104
100
100
101
102
102
103
103
103
103
103
103
103
*>103
....
1943—July
August.....
September
October
November.......
December
1944—January
February........
March
April
May
June
July...
109
101
103
137
153
159
163
581
653
2
681
106
106
107
in
112
114
116
U
164
162
163
163
163
163
164
165
165
166
166
166
*>167
Italy
Japan
(October
(1913 = 100) (1928=100) (1900=100)
Germany
70
63
62
68
76
89
95
99
116
132
117
117
116
116
116
117
117
117
117
118
118
Netherlands
(1926-30
= 100)
Switzerland
(July 1914
= 100)
(1935 = 100)
Sweden
237
106
1126
144
161
180
178
186
198
238
251
278
311
329
65
63
63
62
l 92
i 90
i 96
100
96
91
90
90
64
102
3
96
114
111
115
146
172
189
196
76
72
88
111
107
111
143
184
210
218
196
195
195
195
*381
p
382
218
218
220
220
220
220
221
221
223
223
223
195
195
195
*>387
P
39l
*>396
*>39S
195
195
195
197
?400
197
p
Preliminary.
1 Approximate figure, derived from old index (1913=100).
)ber 1935, p . 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United Statea
(1926=100)
Year or month
1926
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
.. . . . . . . . . . . . . . . .
Foods
.
100
100
100
100
100
100
...
48
70
71
78
78
80
85
82
81
83
89
96
97
48
51
59
64
69
87
74
64
67
71
83
96
55
57
64
66
71
84
73
67
75
82
90
99
70
65
79
81
86
69
65
68
82
106
123
61
61
71
84
82
86
74
70
71
83
100
107
125
124
123
122
121
122
122
123
124
123
123
125
124
107
106
105
105
106
106
105
105
105
105
105
107
106
97
97
97
97
97
98
98
98
98
98
99
99
99
96
97
98
104
104
105
104
104
105
104
102
102
?102
100
101
101
103
104
104
104
105
105
105
104
104
*>104
. . .
1943—July
...............
August
September
October
November
. ..
December
........
1944—January
February
March
•
•• •
April
May
June
July
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Farm
products
.
.
Other
Farm
commodproducts
ities
51
Germany
[1913 = 100)
United Kingdom
(1930=100)
Canada
1926=100)
70
73
73
74
81
78
75
82
89
92
Foods
88
83
85
87
92
Industrial
products
85
87
90
90
96
102
97
97
133
146
112
104
106
138
156
158
160
93
160
93
93
94
94
94
164
158
159
157
157
94
94
158
159
164
164
164
165
165
165
166
166
94
94
159
158
167
168
94
94
94
P
93
158
158
158
169
170
170
IndusIndusAgricul- trial raw trial
finand semi- ished
tural
products finished products
products
129
130
150
91
87
96
102
105
105
106
108
111
112
115
119
89
118
121
121
119
119
119
119
119
119
121
122
122
88
91
92
113
116
119
94
121
96
94
95
99
100
125
126
126
129
133
102
134
102
135
102
102
102
103
103
135
136
136
136
136
103
103
136
136
103
103
103
103
136
136
136
136
v
Preliminary.
Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
94 8
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS I N PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
Year or month
United j C a n States
ada
(1935-39 I (1935-39
= 100) ! =100)
United
Kingdom
(July
1914
= 100)
1933...
1934 . .
1935 . .
1936 . .
1937...
1938 ...
1939 ...
1940 ...
1941 ...
1942 . ..
1943....
84
94
100
101
105
98
95
97
106
124
138
85
93
95
98
103
104
101
106
116
127
131
120
122
125
130
139
141
141
164
168
161
166
1943—July. .
August
September
October
November.
December
1944—January,, .
February...
March......
April.......
May..
139
137
137
138
137
137
136
135
134
135
136
136
137
132
133
134
133
133
133
132
131
131
132
132
131
^132
168
167
166
168
168
168
168
168
168
168
168
168
^169
June.......
July........
SwitzGer- Nether- erland
many lands
(June
(1913-14 (1911-13 1914
= 100) = 100) = 100)
113
118
120
122
122
122
123
128
129
132
134
120
124
118
120
127
130
130
2
140
140
139
.133
132
133
134
135
135
136
153
138
139
146
United
Ger- NetherKingCanm a n y lands
dom
States
ada
(1935-39 (1935-39 (July (1913-14 (1911-13
= 100) = 100)
= 100)
= 100)
1914
= 100)
United
Year or month
103
101
99
100
105
117
124
94
96
96
98
101
102
102
106
112
117
118
140
141
143
147
154
156
158
184
199
200
199
118
121
123
125
125
126
126
130
133
137
139
124
123
124
124
124
124
124
124
124
125
125
125
126
119
119
119
119
119
119
119
119
119
119
119
119
PH9
200
199
198
199
199
199
199
200
200
200
200
200
142
141
138
138
138
139
139
140
140
140
141
142
146
92
96
98
99
117
115
114
120
130
130
132
146
175
200
211
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
211
211
212
212
213
213
213
214
214
215
215
1943—July
August....
September..
October
November..
December..
1944—January....
February...
March..
April.......
May.......
June
July
P2G1
139
140
136
132
137
139
140
3148
2
Switzerland
(June
1914
= 100)
131
129
128
130
137
137
138
151
174
193
203
204
204
204
205
205
205
206
206
206
207
208
v
1
2
3
Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources— See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
States
(derived
price) l
United
Kingdom
(December
1921 = 100)
France
(1913=100)
87
36
Number of issues
15
1926
90.1
110.0
57.4
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
91.2
98.2
105.5
109.5
hlQ.2
111.1
113.8
115.9
117.8
118.3
120.3
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
127.3
127.8
81.3
82.1
83.5
76.3
75.1
77.3
83.9
6
84.7
^98.7
6
100.1
121.1
121.1
120.8
120.9
120.4
120.0
120.5
120.4
120.5
120.7
120.9
120.9
121.3
127.8
127.2
126.9
127.4
127.1
127.2
127.4
127.6
127.3
127.1
127 0
127.2
127.3
1943—July.
August
September
October
November
December
1944—January.
February
March
April.
May
June............
July....
Germany
(average2
price)
2
139
82.5
90.7
95.1
95.8
98.7
99.9
99.0
100.7
103.0
6
103.3
5
Netherlands3
8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
7
77.9
84.3
94.7
United
States
(1935-39
= 100)
(1926=100)
United
Kingdom
France
Netherlands
Germany (1930=100)
278
300
(4)
105.6
100.0
100.0
100.0
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
69.4
91.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
75.3
84.5
99.6
83.3
79.7
77.2
97.4
89.7
98.3
6
120.6
9
289.7
p
476
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
136.8
142.1
145.0
52
55
55
66
104.2
95.8
89.7
8
95.0
129.0
131.5
151.0
98.5
94.4
95.6
94.8
91.4
91.8
94.6
94.4
96.6
95.1
97.2
101.5
104.3
85.6
86.0
86.6
86.3
85.0
85.3
86.2
86.9
87.1
87.2
88.0
89.3
90.3
144.9
144.6
144.7
144.8
145.0
145.1
145.2
145.3
145.6
145.8
145.8
145.7
151.9
151.7
152.1
152.1
152.2
152.2
402
100
v
Preliminary.
1 Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States
see Banking
and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
Since Apr. 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4H per cent. The series prior to that
date3 is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929= 100; average yield in base year was 4.57 percent. For new index beginning
January
1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.
4
This
number originally 329, has declined as the number of securities eligible for
the index has diminished. In May 1941, it was down to 287.
6
6
Average Apr.-Dec. only. Average Jan.-Mar. on old basis was 95.9.
Average based on figures for 5 months; no data available June-Dec.
8
'Average
based
on
figures
for
7
months;
no
data
available
May-Sept.
Average
based on figures for 9 months; no data available May-July.
9
Average based on figures for 10 months; no data available Jan.-Feb.
Sources,—See BULLETIN for November 1937, p . 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
SEPTEMBER 1944
949
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
M. S. SZYMCZAK
JOHN K. MCKEE
RONALD RANSOM,
Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
OFFICE OF THE SECRETARY
DIVISION OF BANK OPERATIONS
CHESTER MORRILL, Secretary
EDWARD L. SMEAD, Director
LISTON P BETHEA, Assistant Secretary
J. R VAN FOSSEN, Assistant Director
J. E HORBETT, Assistant Director
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
LEGAL DIVISION
WALTER W YATT, General Counsel
J. P. DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
DIVISION OF SECURITY LOANS
CARL E. PARRY, Director
BONNAR BROWN, Assistant Director
DIVISION OF PERSONNEL
TION
ADMINISTRA-
ROBERT F. LEONARD, Director
DIVISION OF RESEARCH AND STATISTICS
E, A GOLDENWEISER, Director
WOODUEF THOMAS, Assistant Director
OFFICE OF ADMINISTRATOR
LOANS COMMITTEE
FOR WAR
EDWARD L. SMEAD, Administrator
GARDNER L. BOOTHE, II, Assistant
Adminis-
trator
DIVISION OF EXAMINATIONS
LEO H PAULGER, Director
C. E. CAGLE, Assistant Director
WILLIAM B. POLLARD, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES Chairman
ALLAN SPROUL, Viet Chairman
CHESTER C, DAVIS
ERNEST G. DRAPER
R, M. EVANS
HUGH LEACH
JOHN K. M C K E E
J. N. PEYTON
RONALD RANSOM
M. S. SZYMCZAK
C. S. YOUNG
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
HENRY H. EDMISTON, Associate Economist
FISCAL AGENT
O. E FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
Vice President
JOHN C. TRAPHAGEN,
N E W YORK DISTRICT
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
B. G. HUNTINGTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
KEEHN W. BERRY,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
RALPH C. GLFFORD,
ST. LOUIS DISTRICT
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
A. E. BRADSHAW,
KANSAS CITY DISTRICT
JOHN K. LANGHM, Associate Economist
ARTHUR R. UPGREN Assnriat* Economist
ED. H. WINTON,
DALLAS DISTRICT
Jonv H. WILUAMF Associate Economist
ROBERT G. RotSE, Manager of System Open Market
Account
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
E. A. KINCAID, Associate Economist
950
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN