Federal Reserve Bulletin September 1944ERAL RESERVE BULLETIN VOLUME 30 September 1944 NUMBER 9 WARTIME PRODUCTION AND INCOMES Economic activity has been maintained this year close

FEDERAL RESERVE

BULLETINSEPTEMBER 1944

BOARD OF GOVERNORS

OF THE FEDERAL RESERVE SYSTEM

WASHINGTON

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE

ELLIOTT TRURSTON E. A. GOLDENWEISER CARL E. PARRY

The Federal Reserve BULLETIN is issued monthly under the direction of the staffeditorial committee. This committee is responsible for interpretations and opinionsexpressed, except in official statements and signed articles.

CONTENTSPAGE

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) 937~949Board of Governors and Staff; Open Market Committee and Staff; Federal Ad-

visory Council 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 BULLETINVOLUME 30 September 1944 NUMBER 9

WARTIME PRODUCTION AND INCOMES

Economic activity has been maintainedthis year close to the peak level reached inthe autumn of 1943. This has been accom-plished with a declining labor force result-ing from further expansion of the armedservices by over a million men. With ac-tivity on the fighting fronts constantlychanging and expanding, the aggregate de-mand for munitions and war supplies hascontinued at maximum levels. The con-struction phase of the war production pro-gram, however, has been reduced further bya substantial amount and is now about one-third what it was in 1942..

Most activities supplying civilian needshave shown little change this year. In-creased availability of certain raw ma-terials has permitted expansion in manu-facture of some civilian goods, but in mostcases shortages of other materials, compo-nent parts, and manpower have continued torestrict output. In agriculture, whereabout three-fourths of current output goesto civilians and one-fourth to the armedforces and lend-lease, production has con-tinued in large volume. Early forecastsindicate that crops this year will be largerthan last year. The physical volume ofservices rendered consumers has been re-duced somewhat further, as a result prima-rily of labor shortages.

In general, with the exception of automo-biles and certain other durable products, the

total volume of goods and services availableto consumers during the peak period of warproduction has been much larger than wasexpected two years ago. It has, neverthe-less, been small in comparison with sharplyexpanded consumer incomes.

Total employment has been reduced dur-ing the past year by more than a millionworkers, and production has been main-tained close to peak levels throughimproved utilization of manpower. Addi-tional plants have been brought into opera-tion in 1944 and in many industries econ-omies in operation have been achieved asoutput has been stabilized at a high level.Important increases have also occurred since1939 in output per worker on farms and inother activities outside of industry.

Increases since the beginning of the war inbasic wage rates and in overtime pay havebrought about a more rapid increase in in-dustrial wage and salary payments than inthe physical volume of industrial produc-tion. Business profits have also increased,and agricultural incomes have expandedgreatly. Rapid increases in the pay rolls ofthe Federal Government, including thearmed forces, have added substantially toindividual incomes. In recent months totalincome has been maintained partly by fur-ther increases in Government pay rolls,while gross earnings of factory workershave declined with decreasing employment.

SEPTEMBER 1944 839


REVIEW OF THE MONTH

PROSPECTIVE INCREASE IN OUTPUT OF

CIVILIAN GOODS

On August 14 the Chairman of the WarProduction Board announced the removalof direct production controls from a varietyof simple items which can be produced fromidle and excess quantities of materials heldby manufacturers, where manpower notneeded in war production is available.Any expansion in output resulting from thischange is likely to be limited and gradualas long as manpower shortages continue,but the new policy will make possible moreeffective utilization of available resources inspecific cases.

It has also been announced by the WarProduction Board that after the defeat ofGermany production of munitions may becurtailed by about 40 per cent. This de-crease in war production will release man-power and other resources, a part of whichwill be used to expand production ofcivilian goods. Some of these resourceswill not be adaptable to civilian use andsome may be absorbed by a shortening ofworking hours, the desire of some tempo-rary workers not to seek other employment,and a release of various other pressures thathave made possible a high level of perform-ance. The extent and timing of the subse-quent increase in civilian goods output willdepend upon the nature of the reconversionprocess and the adaptability of the releasedresources to other uses, as well as upon thepublic's demand for more goods and serv-ices.

STABILITY OF PRICES

Prices of farm products and manufacturedcommodities have been fairly stable duringthe past year, much more so than at anyother time since the beginning of 1941. Inmany cases, however, commodity prices arehigher now than a year ago, reflecting thegranting of somewhat higher ceilings by the

840

Government, and there have been substan-tial increases in some uncontrolled prices.Important illustrations of the latter arerural and urban land and property values.Farm real-estate values, which are usuallyslow to respond to price influences and didnot rise much until 1942., are now about 40per cent higher than before the war. Val-ues of urban properties have risen considera-bly but probably not as much as this in mostlocalities.

In general, a remarkable degree of sta-bility has been achieved in the whole econ-omy at high wartime levels of productionand incomes. Federal price and rationingcontrols have contributed to this stability,and in June they were extended for anotheryear, with some modifications. The rela-tively orderly character of developmentsduring the past year will make the post-war adjustments less difficult; nevertheless,great and widespread problems of readjust-ment lie ahead, as may be readily seen fromconsideration of the great changes whichhave occurred in the economy since 1939 inproduction, employment, and income.

SHIFTS IN INDUSTRIAL PRODUCTION

Since the early part of 1943 output at fac-tories, where wartime production is con-centrated, has been at a level more than twoand a half times the average for the years193 5-1939 and probably three times thehighest level reached during the first worldwar. This exceptional level of activity hasbeen reached in large part by utilizing idleresources and by shifting and expandingfacilities to turn out products not previouslymade on a large scale in either the prSwarperiod or during the previous war.

Munitions and -producers equipment.—Warproduction x6 years ago consisted mainly ofoutput of foodstuffs, industrial materials,and ammunition to supply our Allies and arelatively large shipbuilding program.

FEDERAL RESERVE BULLETIN


REVIEW OF THE MONTH

The peak rate at which this country pro-duced highly fabricated munitions then wasnot as high as that already reached by thetime of Pearl Harbor. It is the large risein the manufacture of finished munitionsplus the increase in output of other productsinvolved in their manufacture that accountsmostly for the present high level of produc-tion at factories and mines. The great im-portance of the rise in output of munitionsand producers equipment, largely for warpurposes, is shown on the chart, which alsoindicates the extent to which changes in

INDUSTRIAL PRODUCTIONPOINTS SEASONALLY ADJUSTED. 1935-39 AVERAGE FOR TOTAL- 100

"Producers equipment and munitions" includes the iron and steelgroup, exclusive of pig iron and the steel subgroup; machinery; manu-facturing arsenals and depots; transportation equipment; and explo-sives and ammunition; prior to February 1942, however, the automobileindustry was included in the consumer goods group. "Consumergoods" includes furniture; the textile group, exclusive of fabrics; shoes;manufactured foods; alcoholic beverages; tobacco products; fine andtissue paper; printing and publishing; soap; drugs and i osrnetics; rubberproducts; anthracite; and, for the period from 1939 up to February 1942,automobiles. All other series are in the "materials" group; leadingitems in this group are shown in the table on p. 843. The weights arethose of the industrial production index. Latest month shown isJuly 1944.

output of consumer goods and of materialshave accounted for changes in total indus-trial production. The data from which thelines are drawn are expressed as points,inthe total index and thus the sum of thethree groups shown is equivalent to thetotal index.

Output of munitions—planes, ships, com-bat vehicles, and ordnance—during 1943constituted about one-third of total indus-trial production, or about 80 of the n o orso points shown on the chart for the pro-ducers equipment and munitions group. Alarge part of the remaining production inthat group was equipment to be used inproducing munitions. The sharply in-creased level shown in the chart for outputof materials at mines and factories was alsorequired mostly to supply the materials usedto produce this new equipment and muni-tions. The increase in output of materials,however, has not been as great as that of themore highly fabricated products made fromthem.

Since the autumn of 1943 output of muni-tions has declined somewhat and there hasbeen a greater decline in output of equip-ment for their manufacture. This has madepossible some increase in output of produc-ers equipment for other purposes. Agri-cultural machinery, for example, is nowbeing made in large volume and locomotiveplants have been largely reconverted totheir peacetime product.

It is highly uncertain how large outputof producers equipment will be in the post-war period as compared with that in 1939,when such output accounted directly forabout one-fifth of the total activity repre-sented by the Board's index. Production ofsuch equipment as machinery, commercialaircraft, railroad cars and locomotives, andiron and steel products in 1939 was 10 percent higher than the average for the 1935-1939 period but was below the 1919 peak.During 1940 and most of 1941 outputof equipment for use in civilian produc-tion was in large volume; and part of theequipment produced for war uses duringthose years, and also in the three years since

SEPTEMBER 1944


REVIEW OF THE MONTH

then, will be useable for civilian purposes.Since the end of 1941 output of equipmentfor use directly in civilian production, how-ever, has been restricted.

At the same time the use of most new andold equipment has been at an unusually highrate. Also, lend-lease exports of both oldand new industrial equipment have been ofsome importance. Over-all, however, it iscertain that the country's stock of producersequipment available almost immediately atthe end of the war for peacetime productionwill be considerably larger than in 1939.How much of the remainder of the equip-ment will be adaptable to civilian uses cannot be predicted accurately.

Even though stocks of equipment havebeen augmented during the war, there arelikely to be important demands for addi-tional new equipment after the war. Theexpansion during the war has been highlyselective and there are many lines in whichnew machinery and other equipment havenot been available to make replacements orto undertake expansions. Output of vari-ous consumer goods has been re-stricted or discontinued during the warperiod and it is expected that the resump-tion of production of these goods in largevolume after the war will also require newproducers equipment. Moreover, the pur-chase of new equipment will be stimulatedby the interest of producers of all types ofgoods in applying the many new techniquesand engineering improvements that havebeen developed during the war.

Consumer goods.—The effect of the war onthe level and make-up of industrialproduction is not fully accounted for by therise in activity in the industries producingmunitions and the materials and equipmentused in munitions manufacture. There isin addition the output for the armed serv-ices and lend-lease export of those manufac-tures which are essentially consumer type

84X

goods and are included in the consumergoods group shown on the chart. On theother hand, the requirements of the warprogram have resulted in an enforced reduc-tion in output of various consumer goods.

Among the consumer goods going to thearmed forces or lend-lease in important vol-ume are manufactured foods, clothing,shoes, paper products, soap, drugs, cig-arettes, tires, and camp equipment. Alto-gether the war use of these productsprobably accounts for about one-fourth oftotal consumer goods production at fac-tories and mines. Since total output ofconsumer goods has increased by one-fifth,productive activity engaged in the out-put of consumer goods available to civiliansis smaller than in 1939 by about 10 per cent.This lower level of output for civilians isaccounted for chiefly by the conversion towar production in the early part of 194Z ofautomobile plants and most other plantsproducing consumer durable goods, exceptfurniture. The sharp drop in output ofconsumer goods shown on the chart forFebruary 1942. reflects the transfer of theautomobile industry to the producers equip-ment and munitions group.

On balance, output at factories and minesof other consumer goods, such as food,clothing, and household fuels, available forcivilian use is at about the same rate as in1939, although substantially less than in1941. During the past two years there hasbeen little change in the output of suchgoods for civilian use.

These are approximate figures but theysuggest the general magnitude of some ofthe shifts which have occurred in industrialproduction of consumer goods. They alsosuggest the size of the postwar readjust-ments involved if consumer goods outputis to be expanded from current levels on sucha scale as to provide much more employmentin those lines than there is at present or



REVIEW OF THE MONTH

there was before the war. If output ofconsumer durable goods should be 50 percent larger than in 1941, which would bemore than double the 1935-39 level* a n doutput of nondurable goods should con-tinue at the present high rate, the totalindustrial output of consumer goods wouldbe 60 per cent larger than the average forthe years 1935 to 1939. Since the manufac-ture of consumer nondurable goods for warpurposes will be greatly curtailed after thewar, maintenance or expansion of non-durable consumer goods from the presentadvanced level—45 per cent above the 1935-39 average—will necessitate considerablyincreased output for civilians in thiscountry or elsewhere.

Materials.—In the materials group shownon the chart most of the current output ofmetals and some other materials is con-sumed in the output of munitions. In addi-tion, during the early stages of the war pro-gram most of the building materials likelumber, cement, and steel shapes were usedto construct war plants and military in-stallations. Finally, substantial amountsof such materials as textile yarns, leather,rubber, and wood pulp have been used toproduce the consumer goods purchased bythe armed services or for lend-lease export.In general, production of materials is not ofa specialized character and the capacity ofthese industries can readily be used forpeacetime purposes.

Wartime changes in production of ma-terials have been quite diverse, dependingpartly on their importance to the war pro-gram and the nature of the resources onwhich their production depends. Outputof materials currently accounts for 8z, orabout a third, of the 2.33 points in the totalindustrial production index, as comparedwith 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 inthe table, which lists materials accountingfor three-fourths of total materials produc-tion at factories and mines. In the firstgroup are listed manufactured materialswhich have shown decreases in output sinceDecember 1941; these materials have alsoshown the smallest increases in output com-pared with the 193 5-193 9 base period. Thesecond group includes those that have con-tinued to increase since December 1941.

INDUSTRIAL OUTPUT OF LEADING MATERIALS[Seasonally adjusted]

Manufactured materials:CementLumberLeatherPaper and pulpCotton consumptionWoolen and worsted yarn.

CokeRayonSteel .Copper deliveriesIndustrial chemicalsAluminum.Aviation gasoline

Minerals:Crude petroleum.Bituminous coal..Iron ore

Percentage change to July 1944

From 1935-39average

-16+14+14+36+39+63

+72+120+122+169+311+536

+44+51

+123

From Decem-ber 1941

-50-12-11-13-17- 6

+7+21+8

+17+68

+120+1,000

+12+5+9

NOTE.—Based on Federal Reserve production indexes. Monthlyfigures for aviation gasoline are confidential; the change shown isfor 100-octane grade based on published statements of the PetroleumAdministration foi War.

During 1940 and 1941 there were consid-erable and widespread increases in outputof materials in response to large demandsfrom civilian goods industries and risingwar production requirements. Since thattime demand generally has continued largeand output of many materials has increasedfurther. Owing largely to difficulty in ob-taining workers, however, production oflumber, pulpwood, and cotton and woolenmaterials has been at reduced levels. Em-ployee earnings in these industries haverecently ranged between $2.5 and $35 perweek as contrasted to $40 to $55 in most ofthe other industries listed in the table. In

843


REVIEW OF THE MONTH

the case of leather, output has been at alower level since the early part of 1942.because of a reduction in imports of hides.Production of cement and various otherbuilding materials, which remained at ahigh level throughout 1942., has been cur-tailed sharply since that time, owing to thedecline in war construction.

Increases since December 1941 in outputof other leading manufactured materials,which have been needed for war purposes,have been made possible by large plant ex-pansions completed since that time. Avia-tion gasoline is now 10 times as great as atthat time and its output is still risingsharply. Aluminum output, which hadalready been greatly expanded by Decem-ber 1941, is now 110 per cent higher, al-though reduced about a third from thepeak of last autumn. Synthetic rubberproduction is now at an annual rate of800,000 tons as compared with only a fewexperimental tons per year before the war.There has also been a substantial growthin industrial chemicals, while increasesin output of rayon and of metals other thanaluminum and magnesium have been mod-erate.

The growth in bituminous coal produc-tion has been accomplished largely byincreasing average working hours per weekby about 40 per cent since 1941, while em-ployment has declined. In the case of metalmining there have been increases in hoursand also large additions to equipment.

RISE IN INDUSTRIAL PAY ROLLS

The unusual increases and shifts in war-time industrial production have been ac-companied by even greater changes in in-dustrial pay rolls. This difference is duechiefly to increases in wage rates and longerhours with more overtime work requiringpremium payments.

844

Changes in employment numbers havebeen extraordinary, too, but not so great aschanges in production, owing chiefly toincreases in average hours worked per em-ployee and to a continued rise in output perman-hour. Employment of wage earnersat factories and mines increased from anaverage of 9 million in 1939 to a peak ofabout 15 million last autumn, a rise ofaround 70 per cent. Since last autumnemployment has declined by about 1 millionand the latest figure for July 1944 is 14million, as shown in the table. In addi-tion to employment figures, the table showsaverage hours and earnings for selecteddates summarized by the same three majorgroups of industries described earlier forindustrial production. At the present timeemployment in the consumer goods indus-tries is slightly smaller than before thewar, while employment in the industriesproducing materials is 10 per cent larger andin the producers equipment and munitionsindustries is 4 times as large as in 1939.

INDUSTRIAL EMPLOYMENT AND EARNINGS

All in-dustries

Producersequipment

andmunitions

Con-sumergoods

Materials

Employment, in millions of wage earners

1939, average. .December 1941July 1944

1939, average . . . .December 1941July 1944

1939, average.. . .December 1941...July 1944

1939 averageDecember 1941July 1944

8.912.414.1

Average hours

37.240.545.4

Average hourly

$.65.80

1.03

Average weekly

$24.3032.4046.60

1.63.56.4

3.43.93.3

per week

38.945.347.3

36.938.342.7

earnings

$.74.91

1.17

$.64.75.87

earnings

$28.3041.1055.10

$23.8028.8037.10

3.95.04.4

36.738.944.6

$.62.74.93

$23.0029.1041.40

NOTE.—Bureau of Labor Statistics data for wage earners at factoriesand mines; Federal Reserve grouping as described in the subscript tothe chart on p. 841, except that data for Government arsenals andshipyards are not included. Earnings in the consumer goods industriesin July 1944 would average 92 cents per hour and $40 per week if anallowance for present earnings in the automobile industry were in-cluded. All July 1944 figures for hours and earnings are assumed to bethe same as reported for June 1944; the employment figures for July1944 are adjusted by Federal Reserve to ta&e into account recent revi-sions in employment totals published by the Bureau of Labor Statistics.



REVIEW OF THE MONTH

The average hours worked per week inindustry is shown as having increased from37 hours in 1939 to 45 at the present time,or a rise of about zo per cent. In most con-sumer goods industries, however, averagehours worked per week have increased lessthan 15 per cent since 1939, while in otherindustries average hours have risen morethan zo per cent.

As a result of these changes in employ-ment and average hours, total man-hoursworked in each of the three major groups ofindustries have moved similarly to produc-tion in those industries since 1939. In-creases in man-hours, however, have beensmaller than in production, reflecting acontinued general rise in output per man-hour. Exceptionally large increases inoutput per man-hour have occurred duringthis period in such industries as tobaccoproducts, small arms ammunition, andindustrial chemicals.

Practically all of the rise of 5 millionwage earners .at factories and mines has beenconcentrated in the producers equipmentand munitions industries, as shown in thetable. Some of these workers have beendrawn from the consumer goods industriesand industries producing materials, othersfrom the trade and service industries, andothers were formerly unemployed or not inthe labor force.

Hourly earnings, which in 1939 werehigher in producers equipment than in con-sumer goods industries, have shown anincreased spread, and as a consequence thedifferential in average weekly earnings haswidened greatly. Workers in the producersequipment and munitions industries nowhave average earnings of $55 per week,which is about $15 greater than averageearnings in the consumer goods industries—including an allowance for the present highearnings in the automobile industry—andthe differential is even greater as compared

SEPTEMBER 1944

with most workers outside of manufactur-ing and mining. In 1939 the average differ-ence between earnings in the consumergoods industries and in the producersequipment industries was $4 per week. Thepresent widened differential, together withthe increased employment in the higher-paid lines, has been an important factor inthe rapid rise in industrial pay rolls.

INDUSTRIAL PAYROLLS

MONTHLY FIGURES IN TERMS OF ANNUAL RATES

1i

L -

-

-

-

TOTAL

/

/

/

//

jr\l\l\

i

r\

-

-

-

rr

/ v

JPRODUCERS /E

MAT

QUIP. £

ERIAL

k MUN

i /^ . >

TIONS /

f1

I1

1

1

I

1

I1

\

CONSUMERGOODS

1

1

SILUONS OFDOLLARS

3 6

NOTE.—Federal Reserve groupings of wage and salary payments inmanufacturing and mining, as described in the subscript to the charton p. 841, except that Government arsenals and shipyards are notincluded here. Based on Department of Commerce and Bureau ofLabor Statistics data. Latest month shown, Federal Reserve esti-mates for July.

The accompanying chart shows thedominant influence on total industrial payrolls of the rise in pay rolls at producersequipment and munitions plants. In addi-tion, part of the pay rolls at plants produc-ing materials and consumer goods are

8 4 5


REVIEW OF THE MONTH

generated directly by the war program.These different industrial developmentshave greatly influenced wartime changesin employment opportunities, productioncosts, prices, and consumer incomes andsavings, and will in turn influence the read-justment problems in the postwar period.In general, it is apparent that war produc-tion has been largely responsible for thepresent level of consumer incomes, which isfar in excess of the supply of goods andservices available for consumer purchases.

The rise in industrial pay rolls, includingall wage and salary payments to employeesat factories and mines, has accounted fornearly 40 per cent of the increase in totalincome payments to individuals since 1939.Income payments have been at an annualrate of over 150 billion dollars in recentmonths as compared with 71 billions in1939. Government pay rolls have morethan tripled, reflecting increased paymentsto the armed forces and to workers in Gov-ernment arsenals and shipyards, and nowconstitute more than 15 per cent of total in-come payments. The remaining relativelylarge increase in income since 1939 has beenreceived by agriculture, especially as netincome of farm operators. Dividends re-ceived by individuals have shown littlechange although corporate profits aftertaxes have more than doubled.

ADVANCED LEVEL OF AGRICULTURAL

PRODUCTION

The volume of agricultural productionof foods this year is expected by the De-partment of Agriculture to be 38 per centlarger than the 1935-39 average and 5 percent larger than in 1943. All of the in-crease in output over last year is likely tobe taken for war purposes, but the volumeof food available for civilian consumptionon a per capita basis is expected to be at the

846

peak 1941 level, which was 8 per cent abovethe prewar average.

Total agricultural production, includingfeed grains, hay, cotton, wool, and tobacco,as well as foods, has risen less than foodproduction, owing chiefly to a reductionin the size of the cotton crop. The war-time rise in total production has neverthe-less been exceptionally great when com-pared with changes during the past threedecades, as shown in the chart.

AGRICULTURAL PRODUCTION AND PRICES

ANNUAL, 1935-39 AVERAGE-!OO

160

140

120

100

80

vv—

r1

1

1

/ _

1

1 •••

5 /\/jv'

PRICES

S/PRODUCTION

r11

11z

/

160

140

120

100

Department of Agriculture data; 1944 figures partly estimated byFederal Reserve.

The sharp rise in domestic agriculturalproduction and food consumption is incontrast to developments during the firstworld war. During that period output oflivestock products increased only about izper cent above the prewar average, com-pared with a rise of 39 per cent during thiswar. Unfavorable weather conditions re-duced grain and forage crop yields duringsome of the years in World War I and, asduring the current war period, cotton pro-duction declined. Although the harvestedacreage in principal crops was expandedfrom an average of 310 million acres in



REVIEW OF THE MONTH

1910-14 to over 340 million in 1918 and1919, crop production showed only a smallincrease. Harvested acreage of those samecrops has been about the same since 1941 asin 1910-14 and crop yields per acre havebeen about one-fifth larger than at thattime, reflecting in part improvements incultivation methods and in seed used. Overthe same period labor requirements per unitof crop harvested have declined con-siderably.

During the present war the increase inoutput of livestock products has been abouttwice as large as that for crops, as shown inthe table. The fact that a large part of theincrease has occurred in livestock operationswhere labor requirements per unit of outputare relatively greater than in crop produc-tion is noteworthy, considering that agri-cultural employment has declined about 10per cent since 1939 while agriculturalproduction was rising 2.5 per cent. Somepart of the expansion shown in livestockproduction was made possible by the largestocks of feed grains on hand at the begin-ning of the war. Favorable weather hascontributed to high crop yields and to goodpasture conditions but accounts only in partfor the sharp increase in output per workeron farms.

AGRICULTURAL PRODUCTION[1935-1939 = 100]

1939

Total.

Livestock and products.Meat animalsPoultry and products .Dairy products

CropsOil seedsGrains and hayFruits and vegetables..TobaccoCotton and cottonseed.Sugar

1944

132

139155150113

121260144125HI8483

1943

129

138150152113

114336120116968780

106

106109102108

10714311210712989

106

NOTE.—Department of Agriculture data regrouped by Federal Re-serve. Figures for 1944 are estimated.

Additional factors which made pos-sible the recent large rise in agricultural

SEPTEMBER 1944

production were the existence before thewar of large areas of under-utilized man-power, production techniques, and farmland—the latter partly due to Governmentmeasures designed to limit crop surpluses.During the war period production wasstimulated by large increases in demandand a sharp rise in prices of farm products.Finally, and of considerable importance,were the steps taken by Federal agenciesand local committees to encourage produc-tion in the war period by a variety ofmeasures.

Changes in wartime production withingroups of agricultural commodities havevaried considerably. The large rise foroil seeds shown in the table reflects thesharp expansion in production of peanuts,flaxseed, and soybeans to replace the loss offoreign vegetable oil supplies. Increasedacreages planted in these crops contributedto some curtailments of acreage for cottonand tobacco. The decreases shown forcotton and sugar crops are due partly to thedifficulty of maintaining this type of pro-duction in a period of labor shortages. Thefigures shown for cotton production in 1943and 1944 overstate the decline in output ascompared with most years before the warowing to the huge crop in 1937.

Within the animal group, hog market-ings are expected to be larger this year thanin 1943 and 80 per cent above the prewaraverage, but this year the pig crop is ex-pected to be about one-fourth smaller thanlast year, reflecting the development duringthe past season of a feed shortage. Withsome easing of the feed situation in recentmonths, owing partly to imports of grainand prospects of a record wheat crop of overa billion bushels, livestock numbers onfarms have been kept at a level considerablyabove that before the war, although reduced

847


REVIEW OF THE MONTH

in the case of hogs and chickens from thepeak reached at the end of 1943.

FARM PRICES AND INCOMES

Although production has increased muchmore during this war than during the last,prices received by farmers have risen byabout the same amount as during theprevious war period, excluding the imme-diate postwar rise. As a result, the growthin farm income has been greater than everbefore. Cash income from marketingsamounted to 19 billion dollars in 1943 andmay increase to over zo billion this year,as compared with 8 billion in the years1935 t o I939- Cash farm income increasedfrom 6 billion dollars in 1914 to 13.5 billionin 1918 and 14.6 in 1919 and then declinedto around 8 billion by 1911. Total Gov-ernment payments to farmers have in-creased somewhat during the past year,as new subsidies to prevent further priceincreases have more than offset declines insoil conservation and parity payments.Values of home-consumed products andfarm home rentals have also increasedsharply. Gross farm income totaled 2.2..Jbillion dollars in 1943 and, with produc-tion expenses showing a much smallerincrease since prewar than gross incomes,net income of farm operators this year islikely to aggregate over iz billion dollars,as compared with 4.7 billion in 1935-1939.Reflecting current increases in earningpower, farm land values have advancedconsiderably in most commercial farmingareas.

Existing legislation provides that for atwo year period beginning with the Janu-ary first following the end of the warFederal loans will be made to farmers oncotton at 9z}^ per cent of parity and loansat somewhat lower levels will be made onother basic crops. In addition, Federal

848

price support programs have been author-ized for many other agricultural com-modities and various other Federal measureshave been proposed relating to agriculturalforeign trade relationships and productioncontrols to handle the prospective readjust-ment problems in agriculture after the war.The actual execution of these programswill be dependent upon appropriations byCongress of the necessary funds at theproper time.

RECONVERSION TO PEACETIME

PRODUCTION

War demands have required a tremendousexpansion in output and major shifts in thedistribution of manpower and resourcesin the production of various types of goodsand services. The period of expansionseems to have ended and most of the neededadjustments have been made. As the warapproaches an end, consideration is beinggiven to the problems of readjustment thatwill be faced in the period of reconversionfrcm a wartime to a peacetime basis.

War has demonstrated that our economyhas tremendous productive capacity. Inthe early years of peace it is not to beexpected that production will continue atthe wartime peak; although the number ofpeople to be employed, including most ofthose now in the armed forces, will belarger, hours of work will be shorter, andmany pressures for maximum effort willcease. But to provide jobs for all thoseseeking employment and to provide thehigh standard of living that the economy iscapable of producing, output will need tobe much larger than it was in any prewaryear.

This should mean, first of all, a consider-ably higher production level for con-,sumer goods and services than existed



REVIEW OF THE MONTH

during either the war or prewar period.In the early postwar years it may be ex-pected that consumer durable goods will bein great demand and the volume of residen-tial building and other types of constructionwill be much larger than at present. For astable economy it would be necessary forconsumption of nondurable goods and serv-ices to increase and to be maintained aboveany previous level.

It may be expected that output of indus-tries making producers equipment will bemuch less than their output, includingmunitions, during the war period, but if theresources of these important industries areto be adequately utilized, they must operate

at much above prewar levels. Output ofmaterials should not decline as much afterthe end of the war as the output of finishedproducts, because peacetime products gen-erally are not as highly fabricated as war-time products. There will be available,however, foreign sources of supply for somematerials that were restricted during thewar. At the same time it is to be hopedthat consumption in other countries willalso be at a relatively high level, and thatthese countries will be in a position to buyincreased amounts of our products in ex-change for theirs, thereby supplementinggreatly increased domestic demand for ourproducts.

SEPTEMBER 1944 849


BRETTON WOODS AGREEMENTSby

E. A. GOLDENWEISER and ALICE BOURNEUF

Division of Research and Statistics

In July of this year there was held in BrettonWoods, New Hampshire, a United NationsMonetary and Financial Conference. At thismeeting there were representatives of forty-fourUnited and Associated Nations'* In additionthe Danish Minister to the United States waspresent in his personal capacity. Agreementwas reached on the establishment of an Inter-national Monetary Fund and of an InternationalBank for Reconstruction and Development.There were also agreements on certain othermatters. All the agreements are in draft formto be submitted to the various governments,none of which is bound to accept them.

The International Monetary Fund aims at therestoration of conditions under which transac-tions arising out of foreign trade could be settledsmoothly with the elimination of unnecessaryrisks and harmful pressures on the economies ofparticipating countries. The Fund is not in-tended to correct economic maladjustments inthe different countries, but to exert an influenceon members to undertake corrective action andto afford them time to make such action effec-tive. It proposes to promote exchange stabilityand to offer facilities for orderly adjustment ofexchanges when necessary to the correction ofbasic maladjustments.

The proposed International Bank for Recon-struction and Development is designed for the

purpose of making long-term productive foreignloans to member countries out of its own fundsor out of funds borrowed from private investors,and of guaranteeing such loans made throughthe investment market. All members wouldshare the risks in proportion to their participa-tion. It is intended to assure funds for the re-construction of devastated countries and for thedevelopment of resources in all member countries.

The two institutions would be mutually sup-plementary. The operations of the Fund wouldreduce the exchange risks involved in interna-tional investment, and the Bank would providehelp to countries in developing their economiesin such a way as to be able to keep their inter-national payments in balance. They would notand do not aspire to provide all the elementsnecessary for the re-establishment of sustainedinternational trade and prosperity. In particu-lar, they could not take the place of the de-velopment of sound domestic policies nor of theadoption of rational commercial policies shapedin accordance with the position of variouscountries as creditors or debtors in their inter-national relationships.

In addition to what was accomplished atBretton Woods, much more will have to be doneto rehabilitate the countries devastated by thewar and to eliminate disruptive tendencies thatwere operative before the war.

INTERNATIONAL MONETARY FUND

Revival and expansion of international tradeis the central objective of the InternationalMonetary Fund. The Agreement aims to elimi-nate unnecessary exchange risks by promotingexchange stability and establishes a procedurefor the orderly adoption of such changes inexchange 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 ofworld trade before the war, such as indiscrimi-nate exchange restrictions, multiple currencypractices, and bilateral clearing agreements, andto assure member countries that the proceeds ofsales to any one member can be used for thepurchase of goods from any other member.

In order to assist member countries to main-tain stable exchange rates and avoid harmfulrestrictions on trade, a pool of resources



BRETTON WOODS AGREEMENTS

contributed by all member countries would be es-tablished. The Fund's resources would be usedto give member countries faced with an inter-national drain a breathing spell during whichthey could make necessary adjustments. TheFund is intended to be a revolving fund fromwhich members could meet temporary shortages.After a reasonable time a member country wouldbe expected to cease to be dependent on theFund in order to enable it to continue to serveothers.

By providing for alterations in exchange rateswhen necessary and by giving member countriestime in which to take corrective action theFund would aim to eliminate the harmful pres-sures on the economies of individual countrieswhich otherwise might have adverse effectsnot only on the country concerned but on othercountries as well.

Each country's original contribution wouldbe definite and its commitment to the Fundwould be limited to that amount. If the Fundwished to obtain more of a member's currencyit could do so only by buying it with gold or byborrowing it with the member's consent. Sincethe Fund would deal only with central authori-ties and would handle only net balances notcleared in the market, the Fund's operationswould in no way interfere with the regularexchange market.

A question arises about the similarities andthe differences between the functioning of theproposed International Monetary Fund and thefunctioning of the gold standard. The funda-mental forces at work would be the same underboth systems. Under the gold standard, asunder the Fund, each country ultimately mustfind means of paying for its foreign purchases bythe sale of its goods and services. Under botharrangements temporary deficits can be met by

' gold shipments and by credit, and under neitherof the arrangements can these methods offerpermanent solutions.

The Fund proposes to re-establish internationalcurrencies on a gold basis, but to eliminate ormoderate the disturbing rigidities which char-acterized the gold standard. One important

SEPTEMBER 1944

difference between the gold standard world andthe one visualized under the InternationalMonetary Fund is that such adjustments asmight have to be made in exchange rates areintended to be orderly, systematic, noncompeti-tivc, and to be taken in the light of full informa-tion and consultation with an impartial body.They should not involve a breakdown of estab-lished machinery, as they did under the goldstandard. Another important difference is thatsuch borrowing of short-term funds as was doneunder the gold standard was entirely uncon-trolled and consequently subject to uncertainconditions prevailing in the short-term moneymarket, while under the Fund there would befacilities available for obtaining temporarily theuse of foreign currencies on reasonable and equalterms for all countries, regardless of pressuresthat might exist in money markets. The resultof these differences is that under the Interna-tional Monetary Fund the violent domestic ad-justments at times required by the gold standardwould be avoided both because the Fund wouldenable a country to tide over a bad situation andwould exert its influence to cause proper adjust-ments to be made and because a change of ex-change rates would be permitted when itbecame necessary.

In the following pages there is presented adescription of the proposed Fund's mechanism.Full details are given in the published textof the Agreement.

I. EXCHANGE RATES

Exchange rates and members1 obligations inrespect to them are a central feature of theFund agreement. After the par value of amember's currency has been established, inaccordance with an agreed procedure, the Fundwill prescribe a margin above and below parvalue for transactions in gold by that memberand the member is not allowed to buy gold at aprice above par value by more than that marginor sell it at a price below par value by more thanthat margin. Members undertake to permitexchange transactions between their currenciesand other member currencies only at rates within

851



a prescribed range. This range in the case ofspot exchange transactions is one per cent aboveand below par. A member whose monetaryauthorities freely buy and sell gold for the settle-ment of international transactions within theprescribed margin of parity for such transactionsis considered to be fulfilling the undertakingnot to permit exchange transactions outside theprescribed range. In substance, then, a memberundertakes to maintain, if necessary by freelybuying or selling gold, the established rate ofexchange between its currency and foreigncurrencies, except as methods for orderly andnecessary changes are provided by the Agree-ment.

The Fund's purpose is to promote exchangestability as an important means for the restora-tion of world trade, but it recognizes that certainchanges in rates may become necessary. Nochange in a member's rate can be made excepton its own proposal and members agree not topropose a change except to correct a fundamentaldisequilibrium. Member countries are giventhe right, after consultation with the Fund butwithout obtaining its concurrence, to alter thepar value of their currencies by 10 per cent fromthat initially established. For any proposedchanges beyond 10 per cent the Fund has a rightto concur or object, but on changes which do notexceed a further 10 per cent the Fund must eitherconcur or object within ji. hours if the memberso requests. There is a special proviso that amember may change the par value of its currencywithout the concurrence of the Fund if thechange does not affect the international transac-tions of members of the Fund. It is difficult toconceive of such a situation.

In order to protect member countries fromdeflationary pressures resulting from inability toadjust exchange rates to world conditions, it isprovided that the Fund must concur in a pro-posed change if it is satisfied that the change isnecessary to correct a fundamental disequilib-rium. Also it must not reject such a change onaccount of the domestic, social, or politicalpolicies of the proposing member. It is for theFund to determine whether or not a change is

necessary to correct a fundamental disequilib-rium. This places on the Fund the responsi-bility for acting impartially and rationally onsuch proposed changes as may come before it.

It is recognized that the postwar transitionperiod will be one of change and adjustmentand that during this period the Fund must givemembers the benefit of any reasonable doubt indeciding on their requests. It is certain thatduring the immediate postwar period more thanordinary flexibility in exchange rates will berequired. It would be impossible for the Fundto act immediately after the war with suchwisdom as to provide rates of exchange thatwould in all cases continue to be appropriateas the process of reconstruction proceeds.

The question may be raised whether theseprovisions would go a long way toward di-minishing the hoped-for stability of exchangerates. Their purpose is to accomplish the op-posite. Stability does not mean rigidity andrigidity in the past has resulted in extreme in-stability. A country which finds that itsdomestic economy is suffering greatly from in-ability to balance its international transactionsat its existing exchange rate and which finds itimpossible to correct the situation by other ad-justments without seriously harmful conse-quences, has no alternative but to change itsrate. Persistence in attempts to maintain theexisting rate is likely to have important disturb-ing effects both at home and abroad and to resultin the necessity of larger and more frequentchanges in rates when the changes are eventuallymade than would have been necessary had thecountry acted promptly. The provision fororderly changes in rates at such times, in con-sultation with the Fund and with its concurrence,is, therefore, expected to result in the long runin mere rather than less stability of exchangerates. Stability, however, is viewed not as anend in itself but as a means of promoting trade,and, through trade, a high level of employmentand income. Insistence on stable rates, irrespec-tive of the effects of those rates on employmentand income, might have meant losing sight ofthis objective.




If a country changes its rate by more than 10per cent from the initial rate without the Fund'sconcurrence, the Fund has authority to declarethe country ineligible to use the Fund's re-sources. In such cases, if the Fund and themember do not come to an agreement on the ratewithin a reasonable period, the Fund can requirethe country to withdraw from membership inthe Fund.

There is a special arrangement whereby theFund may decide to make a uniform proportion-ate change in the par values of all membercurrencies. The decision to make such a uni-form change requires the approval of a majorityof the total votes plus the approval of eachcountry having 10 per cent or more of the quotas,i.e., the United States, United Kingdom, andthe Union of Soviet Socialist Republics. Anycountry, however, may refuse to accept such achange in respect to its own currency providedit notifies the Fund within 72. hours. Such auniform change in par values would result in nochange in the world pattern of exchange rates.Values of currencies in gold would change, butvalues in terms of other currencies would remainthe same.

II. EXCHANGE RESTRICTIONS

Member countries undertake the obligationnot to impose restrictions on the making of pay-ments and transfers for current internationaltransactions without the approval of the Fund.Payments for current transactions are defined inthe Agreement as including payments due inconnection with trade, service, and normalshort-term banking and credit activities, pay-ments of interest on loans and of net incomefrom other investments, payments in moderateamount for amortization of loans or for de-preciation of direct investments, and moderateremittances for family living expenses. In par-ticular, current transactions do not includepayments for the purpose of transferring capital.The Fund is empowered to determine whetherspecific transactions are current or capital trans-actions. Each member has a right to controlinternational capital movements provided it does

SEPTEMBER

so in a manner which does not restrict paymentsfor current transactions or unduly delay transfersof funds in settlement of commitments.

Besides the general obligation to avoid re-strictions on current transactions, members areobliged not to engage in any discriminatory cur-rency arrangements or multiple currency prac-tices without the approval of the Fund. If amember is engaged in such practices when theFund Agreement comes into force, it mustconsult with the Fund as to their progressiveremoval.

Exception to the general rule is made in respectto scarce currencies, which are discussed later.There are also provisions by which members mayavail themselves of special arrangements madefor the postwar transitional period. Membersintending to avail themselves of these arrange-ments must notify the Fund. Under thesespecial arrangements members may maintain andadapt to changing circumstances restrictions onpayments and transfers for current internationaltransactions. However, members which main-tain restrictions in accordance with this arrange-ment must take all possible measures to facilitateinternational payments and must withdraw suchrestrictions as soon as they believe that they willbe able, without the restrictions, to settle theirbalances of payments without being forced todraw too heavily on the resources of the Fund.Starting three years after the Fund beginsoperations the Fund must issue an annual reporton the restrictions still in force under thesetransitional arrangements. After the fifth year,any member still imposing such restrictionsmust consult with the Fund. The Fund mayindicate to a member that it is in a favorableposition to withdraw any or all of its restrictonsand, after a suitable time, may require a memberto withdraw from the Fund if it continues tomaintain those restrictions.

The reason for these exemptions is that itwould be impossible to require all membercountries immediately to remove all restrictionson current transactions. If that were done,some members would be forced to rely heavilyon the Fund with the consequence that the

853



Fund's resources would be used increasingly infinancing deficits in international payments in-curred by countries which are as yet in noposition to take advantage of the Fund's tempo-rary assistance to balance their trade with therest of the world without such restrictions. Onthe other hand, all member countries are com-mitted gradually to abandon restrictions, andafter five years the Fund has the power to refusethe use of its resources to, or require the with-drawal of, a member which is not eliminatingits restrictions as rapidly as the Fund believesthis should be done.

In addition to the obligations to avoid restric-tions on current transactions and discriminatorycurrency practices just described there is a specialconvertibility provision. Subject to specifiedexceptions this provision assures a member (i.e.,a government and its agencies as distinct fromthe general public) that it can bring home thebalances it holds in another member country ( i )if the balances have been recently acquired as aresult of current transactions or (2.) if theirconversion is needed for making payments forcurrent transactions. The first part of this pro-vision assures a member that the proceeds ofmerchandise exports and other current transac-tions can be brought home at the parity rate—an assurance that is implicitly given to thegeneral public as well elsewhere in the Agree-ment. If, for instance, the French authoritieshave recently acquired sterling balances as aresult of current transactions, France can requireEngland to convert the balances into francs (or,at England's option, into gold which is readilyconvertible into francs).

The second part of the provision applies tobalances acquired at an earlier period or fromother than current account transactions. Theprinciple adopted is that these balances, too,which are part of the monetary reserves of thecountries concerned, should be convertible formaking payments for current transactions.Since each member is free, however, to regulateinternational capital movements, it is free torestrict the use of balances of this character;

854

and hence it can at its own discretion relieveitself at any time of this second obligation.

There are other limitations to both obliga-tions. In the example given, England will notbe obliged to purchase the sterling balances ifat that time England is, for any reason, not en-titled to purchase foreign currencies from theFund. The obligations in this special formapply only when England is in a position tofulfill them through purchase of the requiredcurrency from the Fund. The obligations lapse,also, if the currency needed for making thepurchase, in this case francs, has been declaredscarce. If francs have been declared scarce,England may be able to obtain a certain amountof francs from the Fund but she is authorizedto restrict franc transactions as she sees fit andtherefore can not be forced to convert sterlingbalances into francs. Similarly, the obligationsdo not apply if England has obtained the ap-proval of the Fund to restrict payments due oncurrent transactions or if the balances have beenacquired contrary to England's exchange regula-tions. Finally, the obligations do not apply tosterling balances accumulated during the transi-tional period if England has availed herself ofthe special transitional arrangements.

Although the special convertibility obliga-tions are tied up to the Fund mechanism andlapse when a member is for any reason no longerentitled to purchase foreign currencies from theFund, the general obligation not to imposerestrictions on the making of payments andtransfers for current international transactionswithout permission of the Fund is binding on allmember countries, irrespective of whether or notthey are entitled at any particular time to drawon the resources of the Fund.

III. SUBSCRIPTIONS TO THE FUND

Member countries subscribe to the Fund ingold and national currencies. Each membersubscribes its assigned quota, the gold part ofthe subscription being a minimum of Z5 per centof its quota or 10 per cent of its net officialholdings of gold and United States dollars,




whichever is the smaller.1 Table I shows thequotas of the countries represented at the UnitedNations Monetary and Financial Conference,totaling 8.8 billion dollars, the amount of therequired United States gold contribution, and arough estimate of the required gold contribu-tions of the other countries.

The Fund's gold will be held in the centralbanks or other designated depositories of mem-ber countries. At the outset, one-half of theFund's gold will be held in the Federal ReserveSystem and 40 per cent in the central banks ofthe United Kingdom, the Union of Soviet So-cialist Republics, China, and France.

The currency subscription of a member coun-try, and any subsequent acquisitions by the Fundof the currency of a member country, will be heldby the Fund in that member country's centralbank or designated depository. Presumably inmost countries the Fund will have a depositaccount at the Central Bank. Under the termsof the Agreement a member can substitute non-interest bearing demand obligations of thegovernment for any part of its currency whichthe Fund does not consider it necessary to holdas an operating or working balance.

The gold value of the Fund's assets will bemaintained irrespective of changes in the par orforeign exchange value of a member's currency.Each member is obligated to compensate theFund for any fall in the gold value of its currencyheld by the Fund. The Fund, in turn, mustreimburse the member for any rise in the goldvalue of its currency held by the Fund. TheFund may waive this obligation if a uniformproportionate change is made in the par valuesof all currencies.

IV. PURPOSES FOR WHICH MEMBER COUNTRIES

CAN USE THE FUND

Member countries can use the resources of theFund, in general, only to finance current transac-tions with other member countries. This is

1 Holdings are measured as of the date on which the Fund notifiesmembers that it will soon be able to begin exchange transactions. Forthis purpose net official holdings of gold and United States dollarsmeans a member's official holdings after deducting central holdingsof its currency by other countries and such holdings of its currencyby banks and other institutions in other countries which carry speci-fied rights of conversion into gold or United States dollars. Themeaning of official holdings and central holdings is explained in alater section of this paper dealing with the definition of monetaryreserves.

brought out in the statement on the purposes ofthe Fund which says that the Fund is to assistin the establishment of a multilateral systemof payments in respect of current transactions.

TABLE IINTERNATIONAL MONETARY FUND QUOTAS ANDESTIMATED GOLD SUBSCRIPTIONS OF MEMBERS

REPRESENTED AT THE UNITED NATIONS MONETARYAND FINANCIAL CONFERENCE

[In millions of United States dollarsl

QuotasAustralia 200Belgium 225Bolivia 10Brazil 150Canada 300Chile 50China 550Colombia 50Costa Rica 5Cuba 50Czechoslovakia 125Denmark (*)Dominican Republic 5Ecuador 5Egypt 45El Salvador 2.5Ethiopia 6France 450Greece 40Guatemala 5Haiti 5Honduras 2.5Iceland 1India 400Iran 25Iraq 8Liberia .5Luxembourg *. 10Mexico 90Netherlands 275New Zealand 50Nicaragua 2Norway 50Panama .5Paraguay 2Peru 25Philippine Commonwealth 15Poland 125Union of South Africa 100Union of Soviet Socialist Republics 1,200United Kingdom 1,300United States 2,750Uruguay . . . 15Venezuela 15Yugoslavia 60

Total 8,800

Estimated Gold Subscription sUnited States 687.5Others 2955.5

Total 1,6431 The quota of Denmark shall be determined by the Fund after the

Danish Government has declared its readiness to sign this Agreementbut before signature takes place.

2 Figure based on gross official gold and dollar holdings at the endof March 1944. In cases where gold reserves are not reported officiallythe figures have been estimated and are subject to revision. In gen-eral, gold confiscated in invaded countries is attributed to those coun-tries since their claims will presumably be honored after the war. Tothe extent that there have been net transfers of such gold to otheraccounts there is double counting.

It is also brought out in the section of the Agree-ment which states that members may not makenet use of the Fund's resources to meet large orsustained outflows of capital, and that the Fundmay request a member to exercise controls to

SEPTEMBER 1944 855



prevent such use of the resources of the Fund anddeclare a member ineligible to use the Fund if itdoes not exercise appropriate controls.

The Fund is not intended to enable membercountries to meet all deficits arising from currenttransactions. The Agreement says that theFund is not intended to provide facilities forrelief or reconstruction or to deal with interna-tional indebtedness arising out of the war andit is made clear that members are not intendedto use the Fund as a source of permanent financ-ing. The Fund is to be a revolving fund whichmakes its resources available to members overreasonably short periods of time to provide themwith an opportunity to correct balance of pay-ments maladjustments.

The Fund may limit a member's use of theresources of the Fund if it is of the opinion thatthe member is using them in a manner contraryto the Fund's purposes. When the Fund so limitsa member's use of the Fund it must issue a reportto the member. If the member does not makea satisfactory reply to the report, the Fund maycontinue to limit the member's use of the Fundor declare it ineligible to use the Fund.

V. MANNER OF USING THE FUND

Dealings between the Fund and member coun-tries can take place only through the treasuries,central banks, stabilization funds, or similarfiscal agencies of member countries. Ordinarytransactions in exchange by nationals of membercountries will continue to be effected throughthe usual channels. Only when a shortage offoreign currencies develops will the marketcome to the central authorities, which in turnwill apply to the Fund.

The essential feature of the Fund arrangementis that member countries are entitled to obtaincurrencies of other member countries from theFund in exchange for their own currencies. Inthe Fund, a country's currency is an obligationof that country, a claim on its resources. It isimportant to an understanding of the Fund'soperations to recognize that a country'scurrency, as such, is good only in the issuingcountry, and that when it acquires foreign cur-rencies from the Fund and pays for them in its

856

own currency, it, in effect, borrows these foreigncurrencies and gives the Fund, in exchange,demand obligations which constitute a claim onits goods and services. Currencies are obtainedfrom the Fund only for immediate use in makingpayments in other countries, whereas currenciespaid into the Fund in exchange are claims heldby the Fund for use when and if a demand forthem develops. The transaction has elementsof a loan by the Fund to the country whichpurchases exchange from it, notwithstandingthe fact that the currency paid into the Fund forthe foreign exchange is money in its owncountry. This is the explanation of the factthat throughout the Fund Agreement a country'suse of the Fund's resources at a given time ismeasured by the amount of its currency in theFund's possession in excess of its originalcontribution.

It is also essential to an understanding of theFund's operations to realize that the Fund mustmaintain a balance in its holdings of variouscurrencies. Certain currencies will be muchmore in demand by member countries than othersand the Fund would be seriously handicapped ifits holdings of such currencies became very smalland its holdings of currencies which are not indemand became too large. It is for this reason,particularly, that measures are provided in theAgreement to encourage replacement in the Fundof currencies purchased from it.

Members may also buy foreign currencies fromthe Fund with gold. Such purchases would notconstitute a drain on the Fund. Any memberwishing to buy the currency of another memberwith gold is expected, if it can do so with equaladvantage, to acquire the foreign currencythrough the sale of gold to the Fund. In thisway the Fund's holdings of gold, with which itcan buy any member's currency, will be steadilyreplenished. The repurchase provisions de-scribed later also tend to replenish the Fund'ssupply of gold or of currencies in demand.

VI. QUANTITATIVE LIMITS ON USE OF FUND

A member may not increase the Fund's hold-ings of its own currency by an amount largerthan one-quarter of its quota in any 11-month




period, except by special permission, or whenthe Fund's holdings of its currency had previ-ously fallen below 75 per cent of its quota. Inthe aggregate, it can not purchase foreigncurrencies with its own currency in an amountthat would bring the Fund's holdings of itscurrency 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, ofwhich 15 million is contributed in gold and 75million in currency, the country's net purchasesof foreign exchange from the Fund with its owncurrency could total 125 million, this being theamount that would bring the Fund's holdingsof the purchasing member's currency to zcomillion dollars or 2.00 per cent of its quota. Thisgeneral limit of 100 per cent of a member's quotais equivalent to saying that a member's netpurchases of foreign exchange from the Fundwith its own currency may not exceed theamount of its quota plus its gold contribution.

These quantitative limits on a member's useof the Fund have been carefully worked out witha view to the need of keeping the Fund in aposition to meet the demands which may bemade on the Fund by other member countries.The limits apply in general to all countries, butthe Fund can waive them, as well as the otherconditions governing a member's purchases offoreign currencies from the Fund. The Fundmay decide to waive these limits in the case ofmember countries which have a record of avoid-ing large or continuous use of the Fund, or haveperiodic or exceptional needs for foreign curren-cies, or are willing to pledge acceptablecollateral.

VII. REPURCHASES FROM THE FUND

There are two provisions requiring a memberin certain circumstances to repurchase its cur-rency from the Fund. The broad purposes ofthe first of these provisions are to limit acountry's use of the Fund when it has ampleother means of meeting its international pay-ments and to make it share with the Fund suchadditions to its monetary reserves as may occurfrom time to time, provided it has been usingthe resources of the Fund.

SEPTEMBER 1944

For these purposes a member whose reservesare in excess of its quota is required at the endof each financial year to examine changes in itsreserve position in relation to its use of theFund's resources and to make adjustment inaccordance with the following rules. If themember's reserves have not changed, it must useits reserves to the extent necessary to reduce byone-half the year's increase in the Fund's hold-ings of its currency. If its reserves have in-creased, then it must use its reserves as in theprevious case and, in addition, must use half ofthe increase in its reserves to reduce the Fundholdings of its currency whenever acquired. Ifthe country's reserves have decreased but arestill in excess of its quota, it must use enough ofits reserves to make the decrease of its reservesfor the year equal to the year's increase in theFund's holdings of its currency.

The second repurchase provision is intended tolimit the use of one currency, such as the dollarfor example, for financing adverse balances ofpayments between two other countries. Thisprovision is that if a member country, afterhaving made the repurchases required under thefirst provision, still shows an increase in itsholdings of another country's currency (or ofgold acquired from that country) and this in-crease arises from transactions with a thirdcountry, then the member country must turnthat increase over to the Fund in exchange forits own currency. This provision is necessaryto reduce the absorption of scarce currencies intothe financing of balances between othercountries.

There are certain limits on the repurchaseswhich must take place under these two provi-sions. First, no member is required under theserepurchase provisions to reduce its monetaryreserves to below the amount of its quota.Second, no member is required by these re-purchases to reduce the Fund's holdings of itscurrency below 75 per cent of its quota. Thismeans that a member is required to make theserepurchases only if it has been making net useof the resources of the Fund or if it originallycontributed less than 15 per cent of its quota ingold. Third, no repurchases shall raise the

857



Fund's holdings of the currency of any countryabove 75 per cent of that country's quota.There are also other rules concerning the cur-rencies to be used in connection with therepurchase provision. These rules are framedwith a view to protecting the Fund from acquir-ing currencies under these repurchase provisionsof which it already has an ample supply andinsuring that the Fund will acquire only suchcurrencies as are in demand.

A member's monetary reserves include amember's net official holdings of gold and con-vertible currencies, convertible currencies being,in general, currencies of members of the Inter-national Monetary Fund that have not takenadvantage of the special transitional arrange-

holdings its currency liabilities to official institu-tions or banks in the territories of other mem-bers or nonmembers the holdings of the cur-rencies of which are included in the member'sofficial holdings.

VIII. CHARGES

Members purchasing foreign exchange fromthe Fund with their own currencies are requiredto pay on each purchase a uniform service chargeof three-fourths of 1 per cent. This charge maybe altered by majority vote to not less than one-half or not more than 1 per cent. If a member'spurchases from the Fund raise the Fund's hold-ings of its currency above its quota, additionalcharges must be levied by the Fund on its hold-

TABLE nMINIMUM PERCENTAGE CHARGES PAYABLE BY A COUNTRY ON FUND'S HOLDINGS OF ITS CURRENCY IN EXCESS

OF ITS QUOTA

Amount of country'scurrency held by Fund

to which rates indi-cated apply as per-centage of country's

quota

101-125126-150151-175176-200201-225226-250

Additional amounts

Per cent per annum payable on excess currency during

1st Year

1 H

2

2nd Year

i*33H

3rd Year 4th Year

2

Correspo

5th Year

nding increz

6th Year

3

5ises up to 5

7th Year

&4H55

per cent

8th Year

244 ^

555

9th Year

4H5555

10th Year

555555

1 No payment in first three months; % per cent in next nine.2 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 re-

duced.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 theFund may from time to time specify. There is aspecial exception by which occupied countriesneed not include in their monetary reserves goldnewly mined in the first five years of the Agree-ment. The term currency includes coins, papermoney, bank balances, bank acceptances, andgovernment obligations issued with a maturitynot exceeding iz months. A member's officialholdings means central holdings, i.e., holdingsof treasuries, central banks, stabilization funds,and similar agencies and also such holdings ofother official institutions or other banks as aresubstantially in excess of working balances andare deemed official by the Fund after consul-tation with the member. Net holdings are cal-culated by deducting from a member's official

858

ings in excess of the quota. These charges arelevied in proportion to the Fund's holdings ofthe currency of a member because, as explainedabove, this measures the extent of a country'suse of the resources of the Fund. Unless amember's monetary reserves are less than halfits quota all charges are payable in gold.

The rates charged on holdings in excess of thequota are uniform for all countries and vary withthe amount of the currency held and the lengthof time over which it is held by the Fund.Table II gives the rates charged for each step inthe upward scale, both as to amount and as totime. It should be noted that these are notaverage charges on the entire amount or over theentire period but charges on each indicated unitof volume and of duration.




The Agreement provides, as indicated in thetable, that special consultations between theFund and a member must take place with a viewto decreasing the Fund's holdings of that mem-ber's currency when the rate payable by thatmember on any amount or for any period of timehas reached 4 per cent. If the rate rises to 5per cent, as indicated in the table, and if theamount held or the period of time over whichthe currency is held continues to increase, theFund may impose such charges as it deems ap-propriate. The scale of charges just describedmay be altered by a three-fourths vote.

It is clear from the more substantial nature ofthese charges and the fact that the rates chargedbecome progressively higher as a member usesmore of the resources of the Fund or uses themover a longer period of time that these charges,unlike the service and handling charges, areintended to act as serious deterrents to countriesmaking large or prolonged use of the Fund'sresources. This is consistent with one of themajor purposes of the Fund which is to be in aposition at all times to help any member to meeta temporary deficit in its balances of paymentsand give it time to correct maladjustments.The Fund's power to help all member countrieswould be seriously threatened if unduly largeamounts of its total resources were used to meetthe needs of any one country, or if any substan-tial part of its resources were in use over longperiods of time. In such cases the Fund'sholdings of currencies in demand by most mem-bers would shrink and might become inadequatefor further operations while its holdings ofcurrencies not in demand accumulated.

IX. SCARCE CURRENCIES

If a country sells goods or services to the restof the world in larger amount than it buysabroad, then the rest of the world must eitherbe borrowing the difference or drawing uponits monetary reserves or the Fund to pay for itspurchases. The maladjustment in the sphere oftrade, services, and capital maybe of so persistenta character as to force heavy drafts upon limitednational reserves or resources in the Fund. In

SEPTEMBER 1944

such a case, there is danger that the increasingdifficulties of obtaining the currency may starta scramble to obtain it before it is too late.Rather than let things develop to this criticalpoint, the Fund, long before the situation hasbecome acute, may inform members that ageneral scarcity of the currency is developingand may issue a report analyzing the causes ofthe scarcity and recommending measuresdesigned to bring it to an end.

Should the Fund's holdings of the particularcurrency become scarce, the Fund may requirethe member concerned to sell its currency to theFund for gold and all members undertake to buygold offered to them by the Fund if it is in needof their currencies. Or the Fund may make aneffort, with the approval of the member con-cerned, to borrow its currency. It will have thechoice of borrowing from the member itself orfrom other members which happen to have asupply of the desired currency. But aside fromthe original subscription, no country is obligedto lend its currency to the Fund, since the totalcommitment of each country is limited to itsoriginal subscription to the Fund.

If the demands on the Fund are so great thatthe Fund's ability to supply the scarce currencyis seriously threatened, the Fund must formally;declare the currency to be scarce and apportionits supply among member countries. In doingthis the Fund must take into consideration therelative needs of member countries, the generalinternational economic situation, and any otherpertinent factors. It must also issue a reportconcerning its action.

Once a currency has formally been declaredscarce, any member may limit the freedom ofexchange transactions in that currency to theextent necessary to reduce the demand for thatcurrency to the level of its supply. Each mem-ber may determine for itself the way in whichit limits transactions in the scarce currencyprovided it does not violate its obligations inregard to exchange rates. Members agree notto invoke the obligations of prior agreementsin such a way as to prevent a member fromlimiting its transactions in the scarce currency

859



to the extent necessary in the circumstances justdescribed; but each member also agrees to givesympathetic consideration to the representationsof other members with regard to its administra-tion of the restrictions.

One of the Fund's endeavors will be to pre-vent the development of a shortage of anycurrency. But a persistent demand for acountry's goods in excess of its purchases ofother countries' goods will inevitably result,with or without the Fund, in a shortage of thatcountry's currency. Other countries may meetthe shortage temporarily by selling gold to thecountry whose currency is scarce, or by borrow-ing from it. But, in the end, such a scarcity canbe eliminated only by the re-establishment ofbalance between the country's exports and itsimports.

X. WITHDRAWAL, VOLUNTARY AND

COMPULSORY

If any member fails to fulfill any of its obliga-tions under the Fund Agreement, it may firstbe declared ineligible to use the resources of theFund, and if it persists in its failure, it may berequired to withdraw from membership in theFund. Neither of these steps will be takenwithout first informing the member of the situa-tion and giving the member an opportunity to beheard. Compulsory withdrawal of a memberrequires the approval of the majority of themember countries having a majority of the vot-ing power.

Any member has a right to withdraw from theFund at any time by giving notice in writing.In case a member withdraws either voluntarilyor otherwise, a member's accounts with theFund are settled either by agreement with theFund or according to a carefully worked outformula. The formula provides that all obli-gations to the withdrawing country shall bemet in its currency unless it agrees otherwise.

XL SETTING UP THE FUND

The Articles of Agreement include carefullyworked out arrangements for the coming intooperation of the Monetary Fund. The provi-

sions, both as to the setting of the initial parvalues of member currencies and the commence-ment of exchange transactions by the Fund inparticular currencies, insure a reasonable andgradual procedure. They should reassure thosewho are apprehensive about the absorption ofthe Fund's entire resources during the period ofpostwar disturbances.

No part of the Agreement will enter into forceor be binding on any country until governmentshaving 65 per cent of the total assigned quotas,that is countries having aggregate quotas of al-most 6 billion dollars, have agreed to accept theobligations of membership, and in no event be-fore May 1, 1945. The governments representedat Bretton Woods which accept membership be-fore December 31, 1945, will constitute theoriginal members of the Fund. After that timemembership will be open to any country onsuch terms as may be prescribed by the Fund.There is a special provision that countries whichhave been under enemy occupation may signthe Agreement and become original members,but may postpone actual acceptance of the obli-gations of membership until six months aftertheir territories have been liberated from theenemy.

When countries having 65 per cent of the totalquotas have accepted the obligations of member-ship and the Agreement comes into force, theUnited States, having the largest quota, will calla meeting of the Directors appointed by themembers. The Board of Directors will arrangefor the selection of provisional executive direc-tors to serve until a regular election of ExecutiveDirectors can be held as soon as is practicableafter January 1, 1946.

The first task of the Fund will be to arrangefor the fixing of the initial par values and for thecommencement of exchange operations in mem-ber currencies. When the Fund decides that itwill shortly be in a position to begin exchangetransactions it will undertake to establish initialpar values. It will ask each member countryto communicate the par value of its currencybased on the rates of exchange prevailing 60 daysbefore the Agreement entered into force. The

860 FEDERAL RESERVE BULLETIN



date will therefore be sometime between Marchi, 1945, and October 31, 1945. If either theFund or the member is of the opinion that thispar value is unsatisfactory, it must say so within90 days. The Fund can object to this par valueif it appears that it can not be maintainedwithout leading to undue use of the resourcesof the Fund either by that member or by othermembers. The Fund and the member must agreeon an initial par value within a reasonableperiod, and if no agreement is reached the mem-ber will be deemed to have withdrawn.

Special provisions for countries which havebeen occupied by the enemy allow these coun-tries to postpone communicating the par valueof their currencies until major hostilities haveceased in their territories, or until such latertime as the Fund may determine, and also allowthese countries and the Fund more than 90 daysin which to register objections to the communi-cated par value. Such countries may also usethe Fund before their initial par values havefinally been established, in amounts and underconditions prescribed by the Fund, and may inthe meanwhile alter their communicated ratesby agreement with the Fund without prejudiceto their ability to alter their rates after initialpar values have finally been established.

Once the initial par values of their currencieshave been established, countries become eligibleto use the resources of the Fund in accordancewith the general provisions of the Agreement;and, as has been noted, occupied countries willbecome eligible to use the Fund on a limitedbasis whenever the Fund grants such privileges.The Fund can not begin transactions in exchangeuntil members having 65 per cent of the totalquotas have become eligible to draw upon itand until major hostilities in Europe haveceased. Even then the Fund need not startexchange operations if world conditions appearunfavorable to its proper functioning. It hasfull discretion to wait until the situation hascleared.

There is a provision which gives special powerto the Fund to postpone exchange transactionswith any particular member, even if that memberhas become eligible to use the Fund and the Fund

SEPTEMBER 1944

has decided to begin exchange transactions.This is when the circumstances of the memberare such that, in the opinion of the Fund, ex-change transactions with it would lead to useof the resources of the Fund in a manner con-trary to the purposes of the Agreement. Underthis provision the Fund can protect itself andother members by refusing to deal with a countryin an unstable economic or political condition.

XII. MANAGEMENT OF THE FUND

Provisions for the management and organiza-tion of the Fund need not be described here indetail. The Board of Governors, in which allthe powers of the Fund will be vested, willconsist of one Governor appointed by eachmember country. The Board may delegate itspowers to the Executive Directors, except forthe power to decide on certain issues of majoreconomic or political significance. The Execu-tive Directors will conduct the general opera-tions of the Fund. There will be at least twelveExecutive Directors, five appointed by the fivemembers having the largest quotas, which atthe outset will be the United States, the UnitedKingdom, the Union of Soviet Socialist Repub-lics, China, and France, two elected by theAmerican Republics other than the UnitedStates, and five elected by the other members.The procedure by which the elected ExecutiveDirectors are to be chosen is designed to see thateach member will have an appropriate voice inthe election of at least one of the Directors.Two additional Executive Directors may beappointed to represent the two countries thecurrencies of which are being used by the Fundin the largest absolute amounts, if these coun-tries are not included in those already entitledto appoint Directors. As new countries becomemembers of the Fund the number of ExecutiveDirectors may be increased. The ExecutiveDirectors will appoint a Managing Director whowill be in charge of the operating staff of theFund and will conduct the ordinary business ofthe Fund. The principal office of the Fund willbe in the United States, since this country willhave the largest quota.

The voting power of member countries is

861



determined by giving each member country 150votes plus one additional vote for each $100,000of its quota. The voting power of the countriesrepresented at the United Nations Monetary andFinancial Conference is indicated in Table III.

For voting on certain matters indicated below,the distribution of voting power shown in thetable will be modified. When the Fund is vot-ing on the question of whether or not to waiveany of the conditions governing a member'suse of the resources of the Fund, or on thequestion of declaring a member ineligible to usethe resources of the Fund because it is usingthem in a manner contrary to the purposes ofthe Fund, the votes of member countries will bealtered as follows: the voting power of a membercountry will be increased by one vote for each$400,000 of net sales of its currency by the Fundand decreased by one vote for each $400,000 ofits net purchases of the currencies of othermembers, provided net purchases or net salesdo not exceed the quota of the member involved.By way of example, if the Fund's net sales ofdollars equal one-half the United States quota(that is, if foreign countries will have drawn onthe Fund for 1,375 million dollars) the percent-age of total voting power of the United Stateswill be 31.5 per cent rather than 2.8 per cent.The theory of this provision is that on theseproblems involving the use of the Fund's re-sources the voting power of countries whichhave made substantial use of them should bedecreased and that of countries of whose sub-scriptions other countries have made substantialuse should be increased. These changes in vot-ing power, however, are relatively small.

In voting by the Board of Governors, theGovernor appointed by each member has thevoting power allotted to that member. TheExecutive Directors cast the number of voteseither of the country by which they are ap-pointed, or, in the case of the elected ExecutiveDirectors, of the countries which have electedthem. An Executive Director must cast all thevotes of which he has control as a unit. He isnot permitted to cast some of his votes in oneway and some in another. The countries whosevotes counted toward his election are precluded

from urging him to cast the number of voteswhich they individually are entitled to inaccordance with their particular wishes.

Most decisions of the Fund are by a majorityof the votes cast in accordance with the distri-

TABLE IIIVOTING POWER IN THE INTERNATIONAL MONETARYFUND OF MEMBERS REPRESENTED AT THE UNITEDNATIONS MONETARY AND FINANCIAL CONFERENCE

Country

AustraliaBelgiumBoliviaBrazilCanadaChileChinaColombiaCosta RicaCubaCzechoslovakiaDenmarkDominican RepublicEcuadorEgyptEl SalvadorEthiopiaFranceGreeceGuatemalaHaitiHondurasIcelandIndiaIranIraqLiberiaLuxembourgMexicoNetherlandsNew ZealandNicaraguaNorwayPanamaParaguayPeruPhiliPhilippine CommonwealthPolandUnion of South AfricaUnion of Soviet Socialist Republics.United KingdomUnited StatesUruguayVenezuelaYugoslavia

Total.

Numberof votes

2,2502,500350

1,7503,250750

5,750750300750

1,500(2)300300700275310

4,750650300300275260

4,250500330255350

1,1503,000750270750255270500400

1,5001,25012,25013,25027,750

400400850

99,000

Percentageof totalvotes1

2.32.5

.31.83.3

.85.8

.3

.7

.3

.34.8

.6

.3

.3

.3

.34.3

.5

.3

.2

.31.23.0

.8

.3

.8

.2

.3

.5

.41.51.3

12.413.428.0

.4

.4

.8

100.0

1 The percentage of total votes is calculated on the assumption thatonly those nations represented at the Conference will join the Fund.As other countries join the Fund, each individual country's share ofthe total votes will decline.

2 To be determined when the Danish Government has declared itsreadiness to sign the Agreement.

NOTE.—Of the total number of votes, the British Empire controls25.3 per cent, Continental Europe, excluding the U.S.S.R., 16.0 percent, and Latin America 9.7 per cent.

bution of voting power, but certain specifieddecisions require more than a simple majority ofvotes or the approval of a stated proportion ofmember countries.

Decision as to what part of the Fund's netincome should be distributed to members will

86z FEDERAL RESERVE BULLETIN



rest with the Board of Governors, and can notbe delegated to the Executive Directors. Thereare certain rules, however. If income is dis-tributed at all, z per cent must be paid tocountries on the amount of their currency sub-scription that has been used by the Fund to meetthe needs of other countries. This preferred 2.per cent is noncumulative. Any further amountsdistributed must be paid to all members inproportion to their quotas.

The management of the Fund has the right tomake recommendations to any member, whetherthat member is using the Fund or not. TheFund may communicate its views informally ormay, by a two-thirds vote, decide to publish areport regarding a member's monetary or eco-nomic condition or developments which aredirectly tending to produce a serious disequilib-rium in the international balance of paymentsof members.

The Executive Directors have power in anemergency to suspend all transactions of theFund. The Fund may not be liquidated except

by decision of the Board of Governors. If theFund is liquidated, this must be done in accord-ance with a procedure specified in the Agreementwhich is designed to insure fair treatment of allmember countries.

Questions of interpretation of the Agreementare to be submitted to the Executive Directors,and may be submitted on appeal by a membercountry to the Board of Governors. In specialcases involving withdrawal or liquidation aspecial arbitration tribunal may be appointed.Most of the Articles of the Agreement may beamended if the amendment is approved first bythe Board of Governors and then by three-fifthsof the member countries having four-fifths of thetotal votes. However, three of the provisionsof the Agreement can be amended only with theacceptance of all member countries. They referto a member's right of withdrawal, a member'sright to veto a change in its quota, and theprohibition against a change in the par value ofa member's currency being made otherwise thanin response to its own proposal.

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

While the Monetary Fund aims at greaterstability of conditions in world trade and isconcerned with the member countries' short-term foreign exchange requirements, the Bankfor Reconstruction and Development is intendedto promote the international flow of long-termcapital. By direct loans of its own resourcesand of such funds as it may itself borrow, and byguaranteeing loans made by private investors,the Bank is expected to help in the restoration ofeconomies destroyed or disrupted by war, thereconversion of productive facilities to peace-time needs, and the development of productivefacilities and resources in less developedcountries.

The Bank is intended to set a pattern of in-terest rates and other conditions for interna-tional loans that would be reasonable, andwould tend to eliminate abuses such as occurredin this field in the period after the first WorldWar. It is also intended indirectly to exert asalutary influence on terms and conditions of all

SEPTEMBER 1944

international investments. In the long run it isexpected to contribute to the development of abalanced growth of world trade and the main-tenance of equilibrium in the internationalaccounts of member countries.

Total loans and guarantees by the Bank wouldbe limited in amount to a maximum equal tothe Bank's capital, surplus, and reserves. Whilemember countries would be jointly and severallyliable on the guarantees, each country's liabilitywould be limited to its subscription, which inthe case of the United States would be 3,175million dollars, or 35 per cent of the total.

Since only zo per cent of the Bank's capitalcould be called for use in making loans while 80per cent could be called only to meet losses, andsince the Bank would make or guarantee onlysuch loans as the borrower could not obtainelsewhere on reasonable terms, the Bank isintended to promote rather than to hinder theflow of private funds into international invest-ment channels.

863



I. MEMBERSHIP AND CAPITAL SUBSCRIPTIONS

All members of the Bank must also be membersof the International Monetary Fund. Thisprovision will reduce the exchange risk forfunds invested by or through the instrumentalityof the Bank. Withdrawal from the Fund entailswithdrawal from the Bank after three months,unless the Bank by three-fourths of its totalvoting power rules otherwise.

Original members of the Bank will be thosewho accept membership in the Bank beforeDecember 31, 1945. After that date member-ship will be open to others on such terms andconditions as may be prescribed by the Bank.

Each member is required to subscribe to aminimum number of shares of the capital stockof the Bank. The authorized capital is 10billion dollars of which the countries repre-sented at the United Nations Monetary andFinancial Conference are expected to sub-scribe 9.1 billion, 300 million more than thequotas of these same countries in the Inter-national Monetary Fund. The total authorizedcapital may be increased. If it is increased eachcountry will have an opportunity, but no obliga-tion, to subscribe in proportion to its originalsubscription. Minimum subscriptions for thedifferent members are similar to their quotas inthe Monetary Fund. The United States, how-ever, will subscribe 415 million dollars more tothe Bank than to the Fund and Canada and Chinawill subscribe 15 and 50 millions more, respec-tively. Latin American countries combinedwill subscribe 154 million dollars less and sixother countries a total of 46 millions less.

Required subscriptions will be divided intotwo parts: 2.0 per cent for the Bank's own loanfund and 80 per cent as a guarantee fund eitherto meet such losses as the Bank might incur inconnection with loans made out of funds bor-rowed by it or to discharge its obligations inconnection with loans it has guaranteed.Initially member countries will be required topay 2. per cent of their subscription in gold orUnited States dollars. Within a year, the Bankwill call for 8 per cent more, payable in themember's currency. No further calls on sub-scriptions will be made except as needed, and

864

such further calls as are made within any three-month period on that part of the subscription forthe Bank's own loan fund shall not exceed 5 percent of the price of the shares.

TABLE IVREQUIRED SUBSCRIPTIONS TO THE INTERNATIONALBANK FOR RECONSTRUCTION AND DEVELOPMENT

OF COUNTRIES REPRESENTED AT THE UNITEDNATIONS MONETARY AND FINANCIAL CONFERENCE

[In millions of United States dollars]

Country

AustraliaBelgiumBoliviaBrazilCanadaChileChina tColombiaCosta RicaCubaCzechoslovakiaDenmarkDominican RepublicEcuadorEgyptEl SalvadorEth iopiaFranceGreeceGuatemalaHaitiHondurasIcelandIndiaIranIraqLiberiaLuxembourgMexicoNetherlandsN ew Zea landN icaraguaNorwayPanamaParaguayPeruPhilippine CommonwealthPoland .Union of South AfricaUnion of Soviet Socialist RepublicsUnited KingdnmUnited StatesUruguayVenezuelaYugoslav ia

Total.

Totalsubscrip-

tion

200225

7105325

35600

352

35125(2)

23.2

4013

45025

2211

400246

.51065

27550

.850

.2

.817.515

125100

1,200300

3,175in.510.540

9,100

Amount of totalsubscription which

may be used

ForBank's

own loanfund1

4045

1.42165

7120

7.4

725

2

.648

.2

.690

5.4.4.2.2

804.81.2

.12

135510

.1610

.04

.163.53

2520

240260635

2.12.1

1,820

Only tomeet

Bank'sobliga-tions

1601805.68426028480281.628100(2)1.62.5632.8

2.4360201.61.6

32019.24.8.4

85222040.64

40.16.64

141210080960

1,0402,540

8.48.432

7,280

1 Twenty p^r cent of total subscription. Of this amount 10 percent or a total of 182 million dollars must be paid in gold or UnitedStates dollars.

2 The quota of Denmark shall be determined by the Bank afterDenmark accepts membership in accordance with the Articles ofAgreement.

The required minimum subscription of eachcountry represented at the United NationsMonetary and Financial Conference is given inTable IV, as well as the amount of each mem-ber's subscription for the Bank's own loan fund




and the amount which may be called only tomeet losses.

When calls are made on members for theBank's own loan fund, a member pays in its owncurrency. When calls are made for the purposeof meeting losses a member may pay, at itsoption, in gold, in United States dollars, or inthe currency in which the obligation is to bemet. As in the case of the.Fund, the Bankwill accept noninterest bearing demand notesof member governments for such funds as it doesnot need currently.

The arrangements concerning the depositoriesin which the Bank's gold and currency holdingsshall be kept are identical with those in theFund Agreement. The gold value of the Bank'sfunds, in so far as the xo per cent for the Bank'sown loan fund is concerned, is protected byprovisions similar to those in the MonetaryFund.

II. NATURE OF THE BANK'S ACTIVITIES

The Bank may make or facilitate loans inthree principal ways. First, it may makedirect loans out of its own funds; secondly,it may make loans out of funds borrowed fromprivate investors in member countries; and,thirdly, it may guarantee either in whole or inpart loans made by private investors throughthe usual investment channels.

III. CONDITIONS ON WHICH THE BANK MAY

GUARANTEE OR MAKE LOANS

Total loans and guarantees by the Bankshall not exceed the amount of the unimpairedsubscribed capital, reserves, and surplus of theBank. Thus, if the Bank's capital funds sodefined equal 10 billion dollars, and i billionhas been lent out of subscribed funds and 2.billions out of funds borrowed by the Bankin the market, then the Bank's authorityto guarantee loans will be limited to 7 bil-lions.

The Bank is to give "equitable consideration"to projects for reconstruction of devastated areas

SEPTEMBER 1944

and projects for development alike. Also, indetermining the conditions and terms of loansthe Bank must pay special regard to lighteningthe financial burden and expediting the recon-struction and restoration of countries devastatedby enemy action.

As in the case of the Fund, the Bank willdeal with members only through their treasur-ies, stabilization funds, central banks, or othersimilar fiscal agencies. Through these agenciesit may make or guarantee loans to political sub-divisions, or to particular enterprises.

All the Bank's loans, participations, andguarantees must be for specific projects of recon-struction or development. Exceptions are per-mitted in special circumstances. The Bank mustappoint a committee to study any proposedproject and can go ahead on the project only ifthe committee so recommends in a written re-port. The committee must in each case includean expert representing the member in whoseterritory the project is located.

The Bank can finance or aid in the financingof a project only if it is satisfied that the bor-rower, without its help, would not be able toget the loan on reasonable terms. The Bankmust be sure that only reasonable interest andother charges are levied and that the repaymentschedule is appropriate to the project beingfinanced. It must give special attention to thegeneral financial position of the borrower andguarantor and to the prospects of the borroweror guarantor being able to meet its obligations.When a loan made or guaranteed by the Bank isnot made directly to a member government, itmust be fully guaranteed either by the membergovernment or by the central bank or some com-parable agency of the member which is ac-ceptable to the Bank. The Bank can not imposethe condition that loans made or guaranteedby the Bank be spent in any particular country.However, the borrowing country can use a directloan from the Bank to make purchases in Eng-land, for example, only if the Bank is able tofurnish sterling. If the Bank is not able toprovide sterling, the borrower may have to de-cide to buy the goods elsewhere.

865



IV. DIRECT LOANS OUT OF THE BANK'S

OWN FUNDS

The Bank may make direct loans out of itsown funds, derived from the IO per cent sub-scribed for this purpose. The i per cent paid ingold can be freely used by the Bank for anypurpose. Amounts paid in in currency, how-ever, can not be loaned or exchanged for othercurrencies without the subscribing country'sapproval. This means that in so far as membergovernments subscribe to the Bank in currencyfor the Bank's own loan fund, they have theright to pass upon the projects to be financedwith this currency. Their permission will alsobe required if the currency is to be exchangedfor other currency. Interest and principal pay-ments on loans made out of these funds must bepaid to the Bank in the currencies lent unlessthe member whose currency is lent agrees other-wise. The approval of the country continuesto be required in relending or exchangingcurrencies received by the Bank in payments onaccount of principal on these direct loans.Members, therefore, can control the use of theircurrencies paid into the Bank for its directoperations. However, if the 80 per cent portionof the Bank's capital specially designated formeeting losses and repaying its own obligationsis insufficient for that purpose, the Bank mayuse for that purpose any currencies that itpossesses. In any case, the Bank's receipts frompayrrents of interest and commissions on theseloans can be used or exchanged for other curren-cies in any way the Bank sees fit.

The fact that a member's approval is requiredif the Bank desires to convert into another cur-rency some of that member's currency paid in asa part of the Bank's loan fund gives the sub-scribing member the opportunity to prevent theuse of its currency outside its borders, unlessit is required to meet losses. The exercise by acountry of the right to refuse permission toconvert its currency paid in as part of the Bank'sown loan fund into another currency may limitthe borrower's use of that currency to purchasesin that country.

All currency due to the Bank on direct loansmade out of its own funds must be equal in value(expressed in some other currency specified bythe Bank by a three-fourths vote) to the con-tractual payments at the time the loan wasmade. Say, for example, the loan is madeand is repayable in francs, interest and otherpayments in francs must equal the dollar valueof the franc payments contracted for at the timewhen the loan was made, provided the dollarwas specified as the standard in the originalcontract. This may be described as a "specifiedcurrency clause." Special exception may bemade in case a uniform proportionate change inthe par value of all member currencies is madeunder the International Monetary Fund Agree-ment.

V. DIRECT LOANS OUT OF FUNDS BORROWED

BY THE BANK

The Bank, with the approval of the memberin whose markets the funds are raised, mayborrow funds to make direct loans. If theBank makes the direct loan in terms of the cur-rency of a member other than the member inwhich the funds were raised, the approval ofthat member is also required. After approvalhas been given, however, the Bank will haveauthority to convert the currencies so raised, aswell as proceeds of the service of the loan, intoany other currency it may require, or into gold.

Uses of the proceeds of loans out of funds bor-rowed by the Bank, therefore, are free from thecontrol of member countries where they areraised or of others. The Bank itself has fullauthority over the use to which such fundsare put.

It is specifically provided that the Bank, inmaking loans out of funds raised by it in membercountries can not at any time have payments dueit in any one currency on account of these loansin excess of the amount of its outstandingborrowings payable in that currency. Thisclause is designed to prevent the Bank fromtaking an exchange position. It also operatesas a protection to a member country, for example,




the United States, against the Bank requir-ing payments in dollars of amounts due to it onloans made from funds raised in other countries,except to the extent that dollars were borrowedby the Bank in the United States. If the Bankdid require such payments to be made in dollarsthe result might be a strain on the dollar re-sources of other member countries and conse-quent pressure on their dollar exchange rates inno way related to the need for making paymentsin the United States.

VI. PROVISION OF CURRENCIES ON DIRECT

LOANS

In general, the Bank will lend foreign curren-cies only to finance the borrower's needs outsideits borders. The Bank will expect the borrow-ers to raise the domestic currency needed formeeting local expenditures without recourseto the Bank, and member countries normallywill be able to do so. There is a special proviso,however, that in exceptional cases in which aborrowing country can not raise its local cur-rency requirements on reasonable terms the Bankcan provide the borrower with an appropriateamount of that currency.

In case the carrying out of a reconstruction ordevelopment project leads to an indirect need forforeign exchange, the Bank may provide suchforeign exchange in an amount not to exceed thelocal expenditures of the borrower. The needmay arise, for example, because the project istaking labor and materials which were formerlyused in producing goods for export or domesticconsumption. If this is the case, foreign ex-change receipts from exports will diminish orforeign exchange requirements to pay for addi-tional imports will increase.

In providing foreign exchange to a borrower,the Bank must give him the particular currencieshe may require. It will not give the borrowerdollars unless the borrower needs dollars tospend in the United States. The borrower isnot permitted to acquire currencies from theBank in order to sell them in the exchangemarkets for other currencies. If the currencyof a country held by the Bank is to be used

SEPTEMBER 1944

to finance purchases in other countries it mustbe exchanged into other currencies by the Bank.It is probable that in time the great bulk ofcurrencies of the Bank will be available for freeexchange by the Bank for any currency that maybe required. This will apply to funds raisedfrom private investors, or received in paymentfor loans made out of funds so raised, or from thesale of gold, or received as interest or commissioncharges on direct loans made out of its ownfunds, or as commissions on loans guaranteed bythe Bank.

It is only in regard to currencies subscribed bymember governments for the Bank's own loanfund that there are restrictions on the Bank'sauthority to exchange them for other currencies.Currencies so acquired the Bank can not lend orexchange without the approval of the subscrib-ing countries. If a borrower wishes to borrowsterling to purchase goods in England and zoper cent of the British subscription has been fullyloaned out or England does not approve the useof its sterling subscribed to the Bank, the Bankmust use other sterling in its possession, or gold,or sell for sterling currencies acquired otherwisethan from subscriptions, or obtain permissionfrom other countries to exchange some of theircurrency subscribed to the Bank for sterling.If the Bank can not provide sterling in any ofthese ways, the borrowing country may have tochange its plans and decide to purchase the goodsin some other country.

From the outset, however, the Bank willhave some gold which will be available for thepurchase of any currency, and as time goes onthe Bank will acquire more and more free cur-rency through payments of interest and chargesand through borrowings from private investors.Consequently, the possibility that the Bank,because of its inability to provide particularcurrencies, would have to force borrowers toredirect their proposed purchases will constantlydiminish.

In so far as the Bank has gold or foreignexchange which is available for its unrestricteduse (or can obtain the approval of members to souse their currencies), it can help a country

867



which, after having agreed to the use of its owncurrency to finance another member's purchases,finds itself short of foreign exchange. Anexample would be a case in which Englandagreed to the Bank's lending part of its sterlingsubscription to finance some other country'spurchase of British machinery, and then foundthat to build this machinery it had to buysome of the needed materials abroad. TheBank, in such a case, can provide foreignexchange to England up to the amount of theresulting increased need for foreign exchange.

VII. CHARGES AND SCHEDULE OF REPAYMENT

ON DIRECT LOANS

The Bank determines the interest rate, theamortization payments, the maturity, and thecommission to be charged in connection witheach direct loan. The charges and the scheduleof repayment must be reasonable and appropriateto the project being financed. It is provided inthe Agreement that the rate of commissioncharged by the Bank on direct loans made out offunds raised by the Bank in member countries,as distinct from its own funds, shall be betweeni and i Yi per cent per annum for the first 10years of the Bank's operations. The commis-sion does not represent the spread between theBank's borrowing rate and its lending rate.The total cost to the borrower will be similarto what he would have to pay on a loan guaran-teed by the Bank. The commission will becharged on the outstanding portion of a loan.After 10 years the Bank may reduce the com-mission rate if its accumulated reserves or otherearnings are considered to justify the reduction,and such a reduction may apply to loans alreadymade or to future loans. The Bank may alsoraise the commission rate on future loans.

If a borrower or guarantor is unable to makethe payments due to the Bank on direct loans inthe currencies in which the payments are due,because it is suffering from an acute exchangestringency, the Bank may relax the conditions ofpayment at the request of the borrower. Forperiods not to exceed three years, it may acceptpayments in the currency of the member con-

cerned with appropriate arrangements concern-ing the use of that currency by the Bank, themaintenance of its foreign exchange value,and the repurchase of the currency by the mem-ber. The Bank also may modify the terms ofamortization or extend the life of the loan.This provides flexibility and enables the Bank tomake the repayment of its direct loans lessburdensome for borrowers when circumstancesmake this desirable.

VIII. GUARANTEES

The third way in which the Bank will pro-mote international investment is by guarantee-ing loans made by private investors throughthe usual investment channels. Loans whichare guaranteed by the Bank must meet thegeneral conditions described in Section IIIabove, which apply to all loans. Also, theBank can not guarantee a loan without theapproval of the member in whose markets thefunds are raised and the member in whose cur-rency the loan is denominated. Furthermore,when members give their approval it must carrywith it the agreement that the funds borrowedcan be exchanged by the borrowers for othermember currencies without restriction.

Similar conditions must be met in the case ofloans made directly by the Bank with fundsborrowed in member countries. As explainedin connection with such loans, this means thatthe member country in which such a loan israised can not require the proceeds to be spentin purchasing its own goods and services. Themember can approve or disapprove of the Bank'sguaranteeing the loan but, once approval hasbeen given, the borrower is free to use the pro-ceeds of the loan to finance purchases in anymember country.

No special procedure for making the loanavailable is laid down in the case of loansguaranteed by the Bank since the loans are madethrough the usual investment channels and notthrough the Bank.

The Bank must receive suitable compensationfor its risks in guaranteeing loans. The Agree-ment specifies that for the first 10 years the




commission charged by the Bank on guaranteesshall be between i and i ^ per cent and shall bepayable on amounts outstanding, as in the caseof direct loans made by the Bank with fundsborrowed in member countries. After the first10 years the commission may be lowered onoutstanding loans and either raised or loweredon future loans.

In the case of a default by the borrower, andby the guarantor if there is one, the Bank mayterminate its liability with respect to intereston a guaranteed loan by buying the bonds orother obligations at par plus interest accrued upto a specified date.

IX. SPECIAL RESERVE

All payments to the Bank of commissionseither on direct loans made by the Bank or onloans guaranteed by the Bank must be kept inliquid form as a special reserve to meet theBank's liabilities on account of its borrowingsor guarantees.

X. MANAGEMENT

The arrangements for the organization andmanagement of the Bank are very similar to thearrangements in the case of the InternationalMonetary Fund. The Board of Governors isconstituted in the same way and the ExecutiveDirectors, to whom the Board may delegateall except certain specified powers, are elected orappointed in much the same manner. There isno proviso, however, in the Bank proposal,as there is in the Fund, that two directors areto be elected by the American Republics or thatthose providing the largest part of the resourcesused by the Bank can appoint two of the direc-tors. Such arrangements would not be appro-priate in the case of the Bank, because eachmember country has authority to protect itsinterests by approving or disapproving of theBank's use of funds subscribed by it.

The chief executive of the Bank is calledPresident. The Bank also will have an Ad-visory Council of seven members elected bythe Board of Governors, which will include

SEPTEMBER 1944

representatives of banking, commercial, indus-trial, labor, and agricultural interests. Theprincipal office of the Bank, as in the case ofthe Fund, will be located in the United Stateswhich will make the largest capital subscription.

TABLE VVOTING POWER IN INTERNATIONAL BANK TOR

RECONSTRUCTION AND DEVELOPMENT OF COUNTRIESREPRESENTED AT THE UNITED NATIONS

MONETARY AND FINANCIAL CONFERENCE

Country

AustraliaBelgiumBoliviaBrazilCanadaChileChinaColombiaCosta RicaCubaCzechoslovakiaDenmark ;Dominican RepublicEcuadorEgyptEl SalvadorEthiopiaFranceGreeceGuatemalaHaitiHondurasIcelandIm iaIranIraqLiberiaLuxembourgMexico...NetherlandsNew ZealandNicaraguaNorwayPanamaParaguayPeruPhilippine CommonwealthPoland tUnion of South AfricaUnion of Soviet Socialist Republics.United KingdomUnited StatesUruguayVenezuelaYugoslavia

Total.

Numberof votes

2,2502,5'JO320

1,3003,500600

6,250600270600

1,500(2)270282650260280

4,750500270270260260

4,250490310255350900

3,000750258750252258425400

1,5001.25012,25013.25032,000

355355650

102,000

Percentageof totalvotes1

2.22.4

.31.33.4

.66 1

.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

1.51.2

12.013.031.4

.3

.3

.6

100.0

1 The percentage of total votes is calculated on assumption thatonly those nations represented at the Conference will join the Bank.As other countries join the Bank, each individual country's share ofthe total votes will decline.

2 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, andLatin America 7.9 per cent.

Distribution of voting power in the BankAgreement is by the same formula as that in theFund Agreement. Each member has 150 votesplus one vote for each $100,000 subscribed to theBank, or each share of stock held irrespective

869



of the extent to which calls have been made forpayment on subscriptions.

The voting power of countries represented atthe United Nations Monetary and FinancialConference, on the assumption that each membersubscribes the required minimum, is given inTable V.

The arrangement for distribution of net in-come is similar to that in the Fund. TheBoard of Governors can decide what part, ifany, to distribute and when it does distributeany part it must first pay up to 2. per cent to eachmember in its own currency on the averageamount of the loans outstanding which the Bankhas made directly out of currency subscribedby that member for the Bank's own loan fund.The 2. per cent payment is noncumulative. Anyremaining net income to be distributed must bedistributed in proportion to subscriptions and inthe currency of the subscribing member, ifpossible. If the income is distributed to one

member in another member's currency, the re-ceiving member can use it in any way it wishes.

The provisions concerning voluntary with-drawal, suspension of privileges or rights andcompulsory withdrawal are closely parallel tothose in the Fund. The only difference is that amember may be suspended by a majority vote,and a suspended member is automatically forcedto withdraw after a year, unless a majority votedecides otherwise.

Many of the other technical and legal arrange-ments concerning settlement of accounts withwithdrawing members, settlement of obligationsif the Bank suspends operations, interpretationand amendment procedure, and immunities andprivileges are worked out in detail as in the FundAgreement. The arrangements for the entryinto force of the Bank Agreement are similarto the Fund arrangements, but are simpler, sincethe Bank does not have to deal with the difficultproblems of initial exchange rates.

RECOMMENDATIONS ON OTHER MATTERS

The Conference also agreed to certain recom-mendations on matters not directly related tothe International Monetary Fund or the Interna-tional Bank for Reconstruction and Develop-ment. One recommendation is that theproblems resulting from wide fluctuations inthe value of silver should be further studied bythe interested nations. Another recommenda-tion is that the Bank for International Settle-ments be liquidated as soon as possible. Stepsbeing taken by the United Nations aimed atrestoring property looted by the enemy to itslawful owners were approved and it was recom-mended that all countries represented at theConference call upon the neutral countries to

assist in various ways the achievement of thisend. The Conference further took the positionthat the purposes stated in the Fund agreementcan not be achieved through the instrumentalityof the Fund alone and it therefore recommendedthat the governments represented at the Con-ference reach agreements on ways and means ofreducing obstacles to international trade, se-curing orderly marketing of staple commodities,dealing with problems of international concernarising from the cessation of war production,and harmonizing national policies to promotehigh levels of employment and rising standardsof living.



COMMERCIAL BANKING AFTER THEby

E . A . GOLDENWEISER

Division of Research and Statistics

As our armed forces press closer to victory,bankers are asking themselves what problemsthe future will hold for them. They will emergefrom the war with deposits in excess of anyamount that could have been imagined a decadeago and with portfolios in which Governmentsecurities predominate. Will deposits fall offsharply after the war is over, and what will bethe position of bank assets? I am convincedthat deposits will stay at a high level for manyyears after the war, perhaps indefinitely, and thatGovernment securities will always be primeinvestments.

The principal reason for the tremendous war-time growth in deposits is the large amount ofmoney we have had to spend in fighting the warand the extensive purchase of Government se-curities by banks. In the four years since thebeginning of the defense effort, the Governmenthas spent 113 billion dollars, much more thanany government has previously spent in a decadeor 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 bor-rowed from individuals and nonbanking insti-tutions, and 64 billions borrowed from banks.The 64 billions borrowed from banks hasresulted in a corresponding increase in bankdeposits, for when banks buy Government se-curities they pay for them with bank credit.

There will probably be a further growth indeposits before the war is over, and even agradual increase immediately after the warwould not be surprising. On the basis of thebest information available, I believe that whenpeace comes the volume of deposits will bebetween 12.5 and 150 billion dollars and the vol-ume of currency between zo and Z5 billions.The disposition of this enormous amount ofliquid funds, and of the billions of dollars thepublic has invested in Government securities,will help to determine the level of business

* Based on an address delivered at the 54th Annual Conventionof the Illinois Bankers Association, Chicago, 111., May 26, 1944.

SEPTEMBER 1944

activity and employment in years to come andso to advance or retard the attainment of post-war security and progress. This is a matter ofgrave concern for bankers and all other groupsin the country. Before discussing the futureof deposits from the bankers' point of view,therefore, I should like to discuss briefly thefunction of liquid assets in the years immediatelyfollowing the war.

If liquid assets held by the public are utilizedonly gradually as the flow of goods from recon-verted plants becomes adequate to meet demand,these assets will ease the difficult task of re-es-tablishing full employment on a peacetime basisand act as a safeguard against deflationaryforces that might threaten stability after recon-version has been accomplished. If, on the otherhand, liquid assets swell the volume of hastyand indiscriminate purchases by persons who areweary of war restrictions, the result could be adisastrous inflation. It is for this reason thatsome of the restraints on prices, wages, and con-sumption should be retained for at least a shortwhile after the war.

No DANGER OF DEPOSIT CONTRACTION

Of more immediate concern to bank manage-ment is the question whether the banking busi-ness will have to be adjusted to a lower level ofdeposits after the war. As indicated above, Ido not believe that deposits will decrease afterthe war. Their wartime expansion has beendue to the purchase of Government securities bybanks, and this fact is of great importance tobankers. It means that deposits will not di-minish unless the banks reduce their holdings ofGovernment securities. There is little likeli-hood of such action.

An appreciable reduction in bank holdings ofGovernment securities would have to comethrough rapid contraction of the public debt orthrough extensive sales of bank holdings to thepublic. I believe the pressing problems whichwill 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 wantto sell some of its bonds in order to use the cashthan it is to buy more bonds from the banks.In short, I believe the banks will continue tohold their Government securities and hence thatdeposits will not diminish.

There will be some shifting of deposits fromregion to region, but I do not believe it will bevery extensive. With the wartime growth indeposits, which has been proportionately smallerin the financial centers than elsewhere, therehas been a net movement of deposits away fromthe large financial centers into the producingareas for the reason that tax collections andsales of Government securities in the moneymarkets have been greater than Governmentexpenditures there. This movement was morepronounced in 1 9 ^ than in 1943 and is no longertaking place. The financial areas, having ex-tended themselves near to capacity, have notbeen buying as large a proportion of Governmentissues as they did in the two earlier years, whileother sections of the country have been enlargingtheir share of the total. In view of this earlyadjustment of some of the major wartime shift-ing of funds, it seems likely that there will be nowholesale movement of deposits from one regionor district to another immediately after the war.

Every banker will of course have to look tohis own individual situation. Some banks willlose deposits and others will gain them. Theinterbank flow of deposits within a communityis the result of competitive conditions withwhich I am not familiar. Each one of you willbe your own judge of these conditions and I donot believe your judgment need make allowancefor an unusual regional shifting of funds or areduction in the aggregate of deposits.

No PRESSURE FOR LIQUIDATION OF ASSETS

After this war there will be no pressure forliquidation of bank assets as there was followingthe last war and the speculative security move-ment in the i9io's. Since Government securitiescomprise by far the greater part of the increasein bank assets since the war began, there will be

87x

no fear of deterioration in value operating as amotive for liquidation. This is different fromthe situation after the last war, when bankassets deteriorated as commodity prices declined,or in 192.9, when there was great pressure for theliquidation of security loans based on swollenvalues. The inherent value of Government se-curities now in bank portfolios is as steady asthe Government itself.

This leads to the question which I am sure allbankers have been considering. Is a rise ininterest rates going to bring serious shrinkagein the value of Government securities? Myanswer is reassuring. I think that the interestrate on long-term Government securities isgoing to continue to be steady. Interest rateson either long-term or short-term investmentsare not likely to rise while there is a largesupply of investment funds such as there willbe after the war. Liquid assets will be in largesupply not only in the hands of individuals butalso with business concerns. Corporations haveset up large reserves for postwar contingenciesand increased their bank deposits and holdingsof Government securities. This does not meanthat particular industries or firms will not haveto raise funds, but it does indicate that the broadproblem for bankers is likely to be how to findenough profitable outlets for available funds.They are not likely to be under pressure to sellGovernment securities in order to meet demandsof customers for loans.

There is the additional fact that to a largeextent bank holdings of Government securitiesare short-term in character. Over one-third ofall Government securities owned by banks willmature in one year, and a security having only ayear to run can not depreciate much in value.About three-fifths of all member and nonmemberbank holdings will mature within five years,and only 14 per cent of the total have maturitiesof ten or more years. Long-term bonds in bankportfolios are much smaller in volume than aretime deposits and they are little in excess ofcapital. The distribution of maturities, inaddition to the quality of the security and theprospect of relatively low interest rates, assures



COMMERCIAL BANKING AFTER THE WAR

the banker against depreciation of assets afterthe war.

As you know, the bank supervisory authori-ties have agreed, so far as bank examination isconcerned, that you may hold your Governmentsecurities at par or at amortized cost value.Conceding, however, that it would be smallcomfort for you to know that the bank examinerwould not report your capital impaired if thevalue of your Government securities declinedto the point where the market value of yourassets would be less than your liabilities, I wishto mention two broad factors which will workin the direction of relatively low interest ratesand stable value of Government securities.

One is that this country has become thegreatest creditor country in the world, and acreditor country tends to have a relatively lowrate of interest. A creditor position denotes asurplus of capital which is not consistent withhigh interest rates.

Public policy also is likely to be such as tomaintain low rates. Naturally, I am speakingonly for myself, trying to appraise the situationas it appears from the research man's desk.Clearly, it would be good public policy to main-tain moderately low interest rates and to supportthe Government security market. It would notbe sound policy to do otherwise in view of thelarge investment in securities on the part ofbanks, insurance companies, private and publicinstitutions, corporations, and individuals.Then, too, there is the desirability of keepingrates low in order to keep down the cost of thedebt. For reasons stated earlier I believe thatthe market for Government securities will bestrong and the interest rate relatively low evenwithout Government intervention. Should itbecome necessary for the Government to act,however, I believe that the course of actionpursued will be in the direction of maintainingrelatively low rates and supporting the market.

THE QUEST FOR INVESTMENT OUTLETS

To me the greatest banking problem after thewar will be how to find outlets for funds, nothow to meet a loss of deposits or a deteriorationof assets. In view of the great liquidity ofbusiness enterprises, it is going to be difficult tofind loans. The banker who has been restrictinghis efforts to saying "no" to loan applicantsmost of the time and "yes" only occasionallywill have to widen his horizons if he is to suc-ceed in the future. If bankers are to do a live-wire job they will have to search for unconven-tional outlets and new fields for investments.More attention will have to be given to smallloans to individuals, to financing consumption,and to real estate and other loans that are notbusiness financing in the old sense. Whetherbusiness requirements for outside financing willfurnish a sizable outlet for bank funds afterreconversion has been accomplished will inlarge measure depend upon the demand for peace-time products. With reasonably full employ-ment, demand would be much above prewarlevels and more funds would flow through busi-ness channels. This is but an example of theinteraction of forces which will determine thefate of all sections of the economy.

The value of banks and bankers to our econ-omy is beyond question. They have contactwith every phase of activity and perform aneeded unifying function. So long as theyfollow the principle of serving the public andmeeting the needs of their communities to thebest of their ability, I believe that the bankingbusiness will continue to receive reasonablereturns on capital. In my estimation, bankershave less cause for worry over the future thanany other group. If they analyze carefullytheir functions in the national economy andin their own communities, and manage theirbusinesses with imagination and competence,they can face the future with assurance.

SEPTEMBER 1944 873


REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES

The Board's weekly index of department storesales has been revised for the period since 1937,when the series was first begun. The revisionconsists principally of an enlargement of thesample of reporting stores for recent years andan adjustment of the weekly index to the annuallevels indicated by the Board's more compre-hensive monthly index recently revised andpresented in the Federal Reserve BULLETIN forJune 1944. Figures for the revised weekly seriesare shown in the accompanying table and themovements of the index in recent years areshown in the accompanying chart.

The weekly index is computed and publishedin order to provide a more frequent indication ofchanges in sales than is possible with a monthlyindex and to give some information as to fluctua-tions in department store sales within particularmonths. It is believed that the present indexserves these two purposes satisfactorily. Forother purposes, however, the monthly index is amore accurate indicator of changes in sales andshould be used in preference to the weekly index.Moreover, the monthly index is adjusted forseasonal variations and for changes in the num-ber of business days—refinements which havenot been attempted for the weekly index.

The present weekly index is computed from areporting sample made up of 451 large andmedium-sized department stores, including aselected group of the retail outlets of mail-orderfirms. In 1943 sales of the stores in this sampleaccounted for approximately 60 per cent of theestimated sales volume of all department storesand were distributed among Federal Reservedistricts in about the same proportion as weretotal department store sales in that year.

Inasmuch as the weekly index is based on a

DEPARTMENT STORE SALES

sample which is both smaller and less representa-tive than that used for the Board's monthlyindex, it is not as accurate a measure of salesmovements. The seasonal pattern of sales of thestores reporting weekly is slightly different fromthat indicated by the monthly index and also,although the current weekly sample appears tomeasure year-to-year changes in sales fairlyaccurately, some downward bias has been evi-dent in past years. Over the period covered bythe weekly index the sample has shown, relativeto the monthly index, a downward bias averag-ing somewhat less than 1 per cent a year and notexceeding 1% per cent in any year. Correctionfor this bias has been made in the weekly seriesthrough 1943, and adjustment to the annuallevels shown by the monthly index will be madewhen necessary in the future.





Weeks ending on dates shown[1935-39 average = 100]

1937

Jan. 9162330

Feb. 613......2027

Mar. 6132027......

Apr. 3101724

May 18152229

June 5121926

July 310172431

Aug. 7142128

Sept. 4.... ..111825

Oct. 29162330

Nov. 6132027

Dec. 4111825

1938Jan. 1

93868186

87888894

101102105117

105103106106

107123103105111

10911110491

9366777277

80818092

107101130114

127122127116114

119110120106

151184218190

72

1938

Jan. 8. ...15....22. ..29. ..

Feb. 5.12. .19. ..26. .

Mar. 5...12. ..19. ..26.

Apr. 2...9. ..16. ..23. ..30. ..

May 7...14. ...21. ...28. ..

June 4....11. ...18. ...25. ...

July 2...9. ...

16. ...23 . ...30. ...

Aug. 6. ...13. . ..20. ...27. ...

Sept. 3. ...10. ...17. ...24. . ..

Oct. 1. ...8. ...152229 . . ..

Nov. 512. ...19 . ...26. ...

Dec. 3. ...10. ...17....24. ...31

93858076

84818282

858890100

104971159493

109889091

92969583

8462706369

72717381

10695114106

107114104106109

111110115104

14918222321774

Jan.

Feb.

Mar

Apr.

May

June

July

Aug

Sept

Oct.

Nov

Dec.

1939

7. ...14. ...21. . ..28. .

4. . ..11. ...18. ...25. ..

4. ...11. . ..18. ...25. ...

1. . ..8. ...

15. ...22. . ..29. . ..

613. ...20. ...27. ...

3. ...10. . ..17. ...24. ...

18. ...

15. ...2229. ...

5. ...12. ...1926. ...

.1. ...9. . ..1623. ...30. ...

7. ...14. ...2128. ...

4111825. ...

2. ...916. ...2330. ...

79848177

80818280

929195104

1131209596101

10811098100

10210810288

8966767069

80777986

111102118113126

128116122120

127120120111

14419424325181

1940

Jan. 6. ...1320 . ...27. .

Feb. 3. ...10. ...17. ...24

Mar. 2. ...9. ...16. ...23. ...30. . .

Apr. 6...13....20 . . ..27. ...

May 4. ...11. ...18. ...25. ...

June 1. ...8. ...15. ...22. ...29

July 6. ...13....20. ...27. ...

Aug. 3....10 . ...17. ...24....31. ...

Sept. 7....14....21. ...28. ...

Oct. 5. ...12. ...19. ...26

Nov. 2. ...9. ...1623....30

Dec. 7. ...14....21. ...'28. ...

82878480

87828484

10010010211791

11691106103

116122106104

9612611410095

73848076

85868798124

114131127130

132119132133

121130138125151

203244277136

1941

Jan. 4...11. ..18. ..25.

Feb. 1...8. ..15. ..22. ..

Mar. 1. ..8. ..15. ..22. ..29. ..

Apr. 5. .12...19. ..26. .

May 3...10. ..17. ..24. ..31....

June 7...14. ..21. ..28. ..

July 5...12....19. ..26. . ..

Aug. 2...9. . .16. ..23 . ...30. ...

Sept. 613....2027. ...

Oct. 4. ...11. ...18. ...25

Nov. 1. ...8. ...1522. ...29. ...

Dec. 6. ...13. ...20. ..27. ..

871029390

969810191

106101110116124

137129126122

134139120127116

136130117118

951019997

109127123128162

129142142161

179135141144

145150159139176

225250299191

1942

Jan. 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. . ..

Oct. 310 . ...172431. ...

Nov. 7. ...142128. ...

Dec. 5. ...12. ...19 . ...26 . ...

Ill135136122125

119122115127

130137148157

170129146140

147149127125104

147128129109

95112105103

105122125126142

165140152172

183171166172168

182182182176

250295333222

1943

Jan. 2...9. ..

16. ..23. ..30. ..

Feb. 6...13. ..20. ..27. ..

Mar. 6. ..13. ..20. ..27. ...

Apr. 3. ..10. ..17. ..24. ..

May 18. ..15. ..22. ..29. ...

June 5...12....19. ...26. ..

July 3...10. ..17. ...24. ...31....

Aug. 7....14....21. ...28 . ...

Sept. 4. ...11. ...18. ...25. ...

Oct. 2. ...916. ...23. ...30

Nov. 6. ...1320. ...27. ...

Dec. 4. ...11. ...18. ...25

117146139125126

170178155162

150144147155

161168170182

142169149153151

151168168132

134113126124118

131131146145

169156179176

175188189194187

202211223201

269297321274

1944

Jan. 1....8. ...15. ...22....29....

Feb. 5....1219. ...26....

Mar. 4. ...11. ...18. ...25. ...

Apr. 1....8....152229....

May 613;;;.2027. ...

June 3....1017. ...24

July 1....8. ...1522. ...29.. ..

Aug. 5....12. ...19. ...26....

Sept. 2916. ...23....30....

Oct. 7. ...14. ...21. ...28....

Nov. 4....11. ...18....25....

Dec. 2. ...9. ...162330. ...

110143146145137

147142142146

1531)0172132

212208152163168

184197177168

163172173151

149116145138132

137148148171

195

SEPTEMBER 1944 875


LAW DEPARTMENT

Administrative interpretations of banking laws, new regulations issued bythe Board of Governors, and other similar material.

Financing of War Production andWar Contract Termination

In connection with the inauguration of theT-Loan program, under which contractingagencies of the Government are authorized toguarantee loans made to war contractors inanticipation of the settlement of their termi-nated war contracts, the Director of ContractSettlement has issued his General RegulationNo. i, and the Board of Governors has revised itsRegulation V, amended its Regulation A, and,with the concurrence of the Director, prescribedguarantee and commitment fees and a maximumrate of interest with respect to terminationguarantees and loans.

General Regulation No. 1 of Director ofContract Settlement

On August 18, 1944, the Director of ContractSettlement issued his General Regulation No. 1prescribing procedures and policies to be fol-lowed in the guaranteeing of termination loansby the War and Navy Departments and theMaritime Commission, through the agency ofthe Federal Reserve Banks, pursuant to theContract Settlement Act of 1944. Standardforms of T-Loan Guarantee Agreement, Termina-tion Loan Agreement, and Explanatory Notesregarding the use of such forms^ were appendedto the Director's Regulation. These forms andExplanatory Notes, as approved by the Warand Navy Departments, the Maritime Commis-sion, and the Board of Governors of the FederalReserve System, have been distributed in printedform to the Federal Reserve Banks; and copiesare being furnished by the Federal Reserve Banksto the banks in their districts. The text of theDirector's General Regulation No. 1 is asfollows:

876

Office of Contract Settlement

Washington, D. C.

August 18, 1944

GENERAL REGULATION NO. I

Pursuant to the authority conferred upon meby Sections 4(b) and 8(c) of the Contract Settle-ment Act of 1944, I hereby prescribe the pro-cedure for the guaranteeing of termination loansby the War Department, the Navy Departmentand the Maritime Commission through theFederal Reserve Banks, outlined in the Guar-antee Agreement, the Loan Agreement, andExplanatory Notes attached hereto as exhibitsA, B, and C, respectively.

Technical amendments not affecting policymay be made in exhibits B and C by agreementamong the War and Navy Departments, theMaritime Commission and the Federal ReserveBoard.

In the execution of this procedure the follow-ing policies will be observed:

1. Termination loan (hereinafter calledT-Loan) guarantees should not be refusedby the contracting agency having the pre-ponderant interest in the borrower's warcontracts if the borrower is or has beenengaged in performing an operation con-nected with or related to war production,except in such classes of cases as may beprescribed by the Director. The borrow*er's certification of his investment intermination inventories and receivables andof the amounts payable to subcontractorsshould not be questioned by the FederalReserve Bank or the contracting agencyunless there is reason to believe that it issubstantially overstated in value. Financ-



LAW DEPARTMENT

ing institutions should be encouraged tomake unguaranteed production and termi-nation loans, and the fact that a financinginstitution has made such an unguaranteedloan shall not affect its right subsequentlyto apply for a T-Loan guarantee, even if theproceeds of the T-Loan are used to retirethe existing loan.

x. If a contracting agency which utilizes theFederal Reserve Banks as fiscal agents forT-Loan guarantees has local representativesin ccnnecticn therewith, it should delegateto such banks authority to approve, afterccnsultaticn with and in the absence ofobjection by such representatives, all ap-plications for guarantees of loans totaling(a) $5co,cco or less to any one borrowerwhen the requested percentage of guaranteeis not in excess of 90 per cent, and (b)$ico,oco or less to any one borrower whenthe requested percentage of guarantee isnot in excess of 95 per cent. Any such con-tracting agency which does not have suchlocal representatives will provide themin the localities where, and at the timeswhen, it is determined that they are re-quired, in the light of its prospectivevolume of contract terminations and afterconsultation with the Director, and in theabsence of such representatives should dele-gate such authority to the Reserve Banks asis necessary to insure prompt processing ofapplications for and execution of suchguarantees.

3. Conditions other than those required underthe standard loan agreement should be pre-scribed by the contracting agencies or theFederal Reserve Banks only in exceptionalcircumstances and when they are clearlynecessary to protect the Government's in-terest. Additional conditions agreed uponby the borrower and the financing institu-tion, if not unreasonable and not incon-sistent with the standard loan agreement,should not be objected to by the contractingagency or the Reserve Banks.

4. The requested percentage of guarantee

SEPTEMBER 1944

should not ordinarily be questioned by theFederal Reserve Bank or the contractingagency if it does not exceed 90 per cent;and a contracting agency should not au-thorize a percentage of guarantee in excessof 90 per cent, or 95 per cent in the case ofsmall loans, unless the circumstancesclearly justify the financing institution inrequesting it and other means of interimfinancing are not promptly available.

5. In general, the percentages in the loanformula certificate agreed upon by thefinancing institution and the borrowershould not be questioned by the FederalReserve Bank or the contracting agency.After ccnsultaticn with the Board ofGovernors of the Federal Reserve System,the contracting agencies will, to the extentpracticable, specify general criteria orstandard maximums which may be em-ployed in typical classes of cases.

(Signed) ROBERT H. HINCKLEYRobert H. Hinckley

Director

Revision of Regulation V

Effective September 11, 1944, the Board ofGovernors of the Federal Reserve System re-vised its Regulation V, Financing of War Pro-duction and War Contract Termination, so as tocover operations of the Federal Reserve Bankspursuant to the Contract Settlement Act of1944, as well as under the President's ExecutiveOrder No. 9112. of March 16, 1942.. The text ofthe Board's revised Regulation V follows:

REGULATION V

Revised effective September 11, 1944

FINANCING OF WAR PRODUCTIONAND WAR CONTRACT

TERMINATION

SECTION I . AUTHORITY

This regulation is based upon and issuedpursuant to the Executive Order of the President,

877


LAW DEPARTMENT

No. 91 iz, dated March x6, 1942. (herein calledthe Executive Order), section 7 of the Act ofJune 11, 1942., 50 U.S.C. (Appendix) 1107, theContract Settlement Act of 1944, approved Julyi, 1944 (herein called the Settlement Act) andvarious provisions of the Federal Reserve Act,and has been approved by the Director of Con-tract Settlement.1

SECTION 2.. OBJECTIVE OF THE FEDERAL RESERVE

SYSTEM

The objective of the Federal Reserve Systemin carrying out the purposes of the applicableprovisions of the Executive Order and of theSettlement Act is to facilitate and expedite thefinancing of contractors, subcontractors andothers in connection with war production andin connection with claims arising out of thetermination of war contracts or operations.The Board of Governors of the Federal ReserveSystem and the Federal Reserve Banks will co-operate fully in order to achieve this objective.The Federal Reserve Banks have heretofore beendesignated as fiscal agents of the United Statesby the Secretary of the Treasury pursuant to theterms of the Executive Order and are authorizedby the Settlement Act to act on behalf of thecontracting agencies2 as fiscal agents of theUnited States in carrying out the purposes ofthe Act.

SECTION 3. OPERATIONS OF THE FEDERAL

RESERVE BANKS

The operations of the Federal Reserve Bankspursuant to the provisions of the ExecutiveOrder and of the Settlement Act will be con-ducted, under the supervision of the Board ofGovernors of the Federal Reserve System, in ac-cordance with such instructions as may beissued by the contracting agencies.

1 The Executive Order, section 7 of the Act of June 11, 1942, andpertinent provisions of the Contract Settlement Act of 1944 are printedin the Appendix.

2 The term "contracting agency" is used herein with the same mean-ing as that given it in the Contract Settlement Act of 1944.

SECTION 4 . RATES

Rates of interest, guarantee and commitmentfees, and other charges with respect to loansmade or guaranteed in whole or in part by anycontracting agency through the agency of anyFederal Reserve Bank will from time to time beprescribed, either specifically or by maximumlimits or otherwise, by the Board of Governorsof the Federal Reserve System with the con-currence of the Director of Contract Settlement.

SECTION 5. RESPONSIBILITY AND EXPENSES OF

FEDERAL RESERVE BANKS

No Federal Reserve Bank shall have any re-sponsibility or accountability except as agentin taking any action under the Executive Order,the Settlement Act, or this regulation. In anycase in which any Federal Reserve Bank shallmake or participate in making any loan, dis-count, advance, guarantee or commitment asagent of any contracting agency under authorityof the Executive Order or of the Settlement Act,all such funds as may be necessary to carry outany obligation assumed on behalf of such con-tracting agency shall be supplied by and dis-bursed under authority from such agency inaccordance with such procedure as it may re-quire. Each Federal Reserve Bank shall be re-imbursed by each contracting agency for allexpenses and losses (including, but not limitedto, attorneys' fees and expanses of litigation)incurred by such Federal Reserve Bank in actingas fiscal agent of the United States on behalf ofsuch contracting agency under or pursuant tothe Executive Order or the Settlement Act.

SECTION 6. REPORTS

Each Federal Reserve Bank shall make suchreports as the Board of Governors of the FederalReserve System shall require with respect to itsoperations pursuant to the terms of the Execu-tive Order or the Settlement Act and of thisregulation.



LAW DEPARTMENT

Schedule of Guarantee and CommitmentFees and Maximum Interest Rate

Pursuant to section 4 of the revised RegulationV, and with the concurrence of the Director ofContract Settlement, the Board prescribed, effec-tive September 11, 1944, the following scheduleof guarantee and commitment fees with respectto termination (T-Loan) guarantees and loans:

GUARANTEE FEESON TERMINATION LOANS GUARANTEED PURSUANT

TO THE CONTRACT SETTLEMENT ACT OF 1944Guarantee fee

(Per cent of interestpayable by borrower

Per cent of loan on guaranteedguaranteed portion of loan)

80 or less 1085 1590 2095 30Over 95 50

MAXIMUM COMMITMENT F E ETHAT MAY B E CHARGED BORROWER BY FINANCING

INSTITUTION

34 of 1 per cent per annum1

orA flat fee of not to exceed $50,002

iTo be based on avsra?2 daily uai53i balati:2 of the maximumprincipal amount of the loan.

2 Without regard to the amount or maturity of the commitment.

In connection with commitment fees, theBoard has provided that no termination fee,

service fee or other fee of a similar character,except charges covering out-of-pocket expenses,may be charged a borrower by a financing in-stitution.

The Board has also fixed, with the concurrenceof the Director of Contract Settlement, a rateof 43^ per cent as the maximum interest rateon T-Loans.

Amendment to Regulation A

In connection with the revision of the Board'sRegulation V, the * Board also amended itsRegulation A, Discounts for and Advances toMember Banks by Federal Reserve Banks, effec-tive September n , 1944, by changing the lastsentence of subsection (P) of section 1 of thatregulation to read as follows:

The requirement of this section of the regu-lation that a note, draft, or bill of exchangebe negotiable shall not be applicable withrespect to any note, draft, or bill of exchangeevidencing a loan which is in whole or in partthe subject of a guarantee or commitmentmade pursuant to Executive Order No. 91 ixor the Contract Settlement Act of 1944.

SEPTEMBER 1944 879


CURRENT EVENTS

Resignation and Election of Class B Directors

The Federal Reserve Bank of New York onAugust 17, 1944, accepted the resignation ofMr. Frederick E. Williamson, President, TheNew York Central Railroad Company, as aClass B director of the Bank. Mr. Williamsonhad served as a Class B director since January1, 1941.

The Federal Reserve Bank of Boston on Sep-tember 7, 1944, announced the election of Mr.Laurence F. Whittemore, Assistant to President,Boston and Maine Railroad, Boston, Massa-chusetts, as a Class B director of the Bank tofill the unexpired portion of the term endingDecember 31, 1945. Mr. Whittemore succeedsMr. Edward J. Frost, deceased.

Death of Director

Clarence H. Adams, President, InternationalTrust Company, Denver, Colorado, who hadserved as a director of the Denver Branch ofthe Federal Reserve Bank of Kansas City sinceJanuary 14, 1943, died on August 25, 1944.

Appointment of Branch Director

The Board of Governors of the Federal Re-serve System on September 8, 1944, announcedthe appointment of Mr. Roscoe Stcne of Hick-man, Kentucky, as a director of the LouisvilleBranch of the Federal Reserve Bank of St. Louis

for the unexpired portion of the term endingDecember 31, 1946. Mr. Stone is engaged infarming.

Admissions of State Banks to Membership in theFederal Reserve System

The following State banks were admitted tomembership in the Federal Reserve Systemduring 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

New York

Luzerne—The Luzerne-Hadley Bank

Ohio

Corning—The Bank of Corning CompanyOttoville—The Ottoville Bank Company

Tennessee

Mt. Pleasant—Farmers and Merchants Bank

Wisconsin

Cleveland—Cleveland State BankDelavan—Wisconsin State Bank



NATIONAL SUMMARY OF BUSINESS CONDITIONSCorn-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 de-clined slightly further in July. Wholesalecommodity prices generally continued to showlittle change, while the cost of living increasedsomewhat.

INDUSTRIAL PRODUCTION

Output at factories and mines continued to de-cline slightly in July and the Board's seasonallyadjusted index was 133 per cent of the 1935-39average as compared with 135 in June. Thedecrease in industrial production largely re-flected small declines in a number of industriesdue to continued minor readjustments in themunitions program and to manpower shortages.

Output of steel and of nonferrous metalsdeclined further in July to levels respectively 8per cent and 10 per cent below the high levels oflast autumn. A small decrease in activity intransportation equipment industries reflectedpartly the indirect effects of manpower shortagesin foundries and continued readjustments in theshipbuilding and aircraft industries. In Augusta cutback in aircraft production was announcedwhich was expected to result in the immediaterelease of 20,000 aircraft workers and the grad-ual release of 100,000 more during the balanceof this year.

Production of manufactured dairy productsand meats, after allowance for seasonal change,was maintained in July while output of other

PER CE

<dt>O

240

220

200

180

160

140

120

100

80

-

-

-

-

L ' " \

I- M

INDUSTRIAL

J

PRODUCTIONLLY ADJUSTED, 1935- 39-IOfl

/

/

/

PE

-

-

-

-

-

-

-

140

120

1937 1938 1939 1940 1941 1942 1943 1944Federal Reserve index. Monthly figures, latest shown is for July0

food products declined slightly. Cotton con-sumption showed little change from the rateof the last two months. Activity in the rubberproducts industry continued to decline slightlyin July and supplies of heavy truck and bus tiresavailable for civilians during the third quarterwere substantially below estimated needs. Out-put of chemicals likewise continued to declineslightly.

Crude petroleum output and metal miningwere maintained in large volume during July.Coal production dropped 5 per cent from thelevel of the preceding month, but for the yearthrough August 12. was approximately 8 percent above the corresponding period of lastyear, reflecting uninterrupted operations, longerworking hours, and a great expansion of stripmining.

So far this year the value of construction con-tracts awarded, as reported by the F. W. DodgeCorporation for 37 States, has fluctuated around160 million dollars a month—the lowest levelsince early 1935.

DISTRIBUTION

Department store sales declined considerablyless than is usual in July, and have continued inAugust at a higher level than a year ago.

Freight carloadings continued to rise in July

COST OF LIVING

80

70

60

50

40

30

20

i ir\

100

90

80

- — —

A

FOODS/ ^

CLOTHING/ /

LL ITEMS

'—iv.—"^r5—/MT*^^ ^

RENT

* ^

180

170

160

150

140

130

120

1(0

100

90

1937 1938 1939 1940 1941 1942 1943 1944

SEPTEMBER 1944

Bureau of Labor Statistics' indexes. Last month in each calendarquarter through September 1940, monthly thereafter. Midmonthfigures, latest shown are for July.

88i


NATIONAL SUMMARY OF BUSINESS CONDITIONS

and were maintained at a high level during thefirst two weeks in August. There were consid-erable increases in shipments of grain, forestproducts, and miscellaneous freight, offsetpartly by a small decrease in coal shipments.

AGRICULTURE

Dry weather during July in the east centralarea has reduced somewhat national prospectsfor corn, hay, and potatoes. Aggregate cropproduction, however, is likely to exceed lastyear by 5 per cent, reflecting chiefly a recordwheat crop 35 per cent larger than last year.

Total production of all feed grains is esti-mated at 112. million tons compared with 115million produced in 1943. While hay produc-tion, except in the drought areas, has been large,it will provide a smaller supply per animal unitthan has been available in any of the last sixyears.

Crop prospects for most fruits and vegetables,except potatoes, are better than last year. To-bacco production is indicated as being aboveaverage and cotton yields may be good as dryweather has held the boll weevil in check.

BANK CREDIT

In the five weeks following the close of theFifth War Loan Drive, loans by banks for pur-chasing and carrying U. S. Government securi-ties declined sharply; calls on war loan depositsand subsequent Treasury expenditures increasedadjusted demand deposits and consequently re-

MEMBER BANKS IN LEADING CITIES

quired reserves; the rapid outflow of currencyinto circulation was renewed; and excess reservesdeclined.

In the five weeks from July i i through August16 loans to brokers and dealers for purchasingand carrying Government securities declined 500million dollars to about the predrive level.Loans to others for purchasing and carryingGovernment securities declined about the sameamount, but are still considerably larger thanbefore the drive. Commercial loans continuedto show little change.

Treasury war-loan balances at all depositoriesdeclined in the five-week period by z.7 billiondollars. At weekly reporting banks, Govern-ment deposits fell by x.2. billion during the sameperiod and adjusted demand deposits increasedby 1.4 billion. Time deposits continued thesteady increase that has been in progress formore than a year.

Following a slackened rate of outflow duringthe war loan drive, currency renewed its rapidoutflow and in the next few weeks increased ata rate of about 500 million dollars a month.The resulting drain on bank reserves and the in-crease in required reserves were met in part by pur-chases of Government securities by the ReserveBanks and in part by a decline in excess reserves.

Weekly average excess reserves of all memberbanks declined about 300 million dollars fromtheir peak during the war loan drive andamounted close to 1.1 billion dollars in mid-August. The rate of decline was about thesame at reserve city and at country banks.

MEMBER BANK RESERVES AND RELATED ITEMS

Demand deposits (adjusted) exclude U. S. Government and inter-bank deposits and collection items. Government securities includedirect and guaranteed issues. Wednesday figures, latest shown are forAug. 23.

88z

Wednesday figures, latest shown are for Aug. 23.



FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

Member bank reserves, Reserve Bank credit, and related items. . . 885Federal Reserve Bank discount rates; rates on time deposits, re-

serve requirements, margin requirements. . 886Federal Reserve Bank stat ist ics. . . . 887-891Guaranteed war production loans 891Deposits and reserves of member banks. 891-892Money in circulation 893-894Gold stock; bank debits and deposit turnover 894Deposits and currency; Postal Savings System; bank suspensions. 895All banks in the United States, by classes 896-897All insured commercial banks in the United States, by classes . 898-899Weekly reporting member banks 900-903Commercial paper, bankers' acceptances, and brokers' balances. . 904Money rates and bond yields . . . 905Security markets. . 906-907Corporate profits. . 908Treasury finance 909-911Government corporations and credit agencies. 912.Business indexes 913-922.Department store statistics. 9x3-92.5Consumer credit statistics. . 926-927Wholesale prices 928August crop report, by Federal Reserve districts. 929Current statistics for Federal Reserve chart book . 93°~93I

Member bank operating ratios, 1943 932-~934Changes in number of banking offices in the United States. 935

Tables on the following pages include the principal available statistics of current significance re'«irmgto financial and business developments in the United States. The data relating to the Federal ReserveBanks and the member banks of the Federal Reserve System are derived from regular reports made to theBoard; index numbers of production are compiled by the Board on the basis of material collected by otheragencies; figures for gold stock, money in circulation, Treasury finance, and operations of Governmentcredit 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 ob-tained largely from other sources. Back figures for banking and monetary tables, together with de-scriptive text, may be obtained from the Board's publication, Banking and ?.{oncta^y Statistics; backfigures for most other tables may be obtained from earlier BULLETINS.

SEPTEMBER 1944 883


MEMBER BANK RESERVES AND RELATED ITEMS

BILLIONS OP DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS

MONEY IN " ICIRCULATION/

1938 1939 1940 1941 1942 1943

Wednesday figures, latest shown are for Aug. 23. See p. 885.

1944



MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS

Date

Monthly averages ofdaily figures:

1943—MayJuneJuly

1944—MayJuneJuly

End of month figures:1943—May 31

June 30July 31

1944—May 31June 30July 31

Wednesday figures:1943—Oct. 6

Oct. 13Oct. 20Oct. 27

Nov. 3Nov. 10Nov. 17Nov. 24

Dec. 1Dec. 8Dec. 15Dec. 22Dec. 29

1944—Jan. 5Jan. 12Jan. 19Jan. 26

Feb. 2Feb. 9Feb. 16 . . . .Feb. 23

Mar. 1Mar. 8Mar. 15Mar. 22Mar. 29

Apr. 5Apr. 12Apr. 19Apr. 26

May 3May 10May 17May 24May 31

J u n e 7 . . . .June 14 . . . .June 21 . . . .June 28

July 5July 12July 19July 26

Aug. 2Aug. 9Aug. 16Aug. 23

Dis-counts

andad-

vances

181413

16015535

315

16236

1337

13181113

39223448

531089070

101

31474124

24223247

3752656583

44558789

85136152227236

24017317252

22453937

366253

107i

Reserve Bank credit outstanding

U. S. Governmentsecurities

Total

6,2766,6317,675

13,71614,92014,745

6,2227,2028,187

14,25114,90114,915

9,3879,0628,9149,291

9,4769,8659,832

10,364

10,44711,01611,01411,55111,615

11,65111,85511,91312,026

11,78111,16911,39411,816

11,62412,02912,11012,24312,297

12,33212,64812,73412,998

13,29213,24913,80813,98914,251

14,60915,00115,18015,081

14,73814,81614,55614,802

14,89115,22215,23115,592

Treas-urybillsand

certifi-cates

3,2994,1355,460

11,10312,27912,176

3,5414,9075,988

11,61312,25412,447

7,1666,8416,6877,056

7,2307,6117,5778,101

8,1698,7208,7489,2609,313

9,3409,5439,5989,711

9,1628,5608,7829,237

9,0439,4439,5079,6379,685

9,71910,04010,12810,392

10,67910,63611,19611,37611,613

11,97212,36212,53912,434

12,09112,17412,03712,309

12,42912,78112,82813,226

Allother

2,9772,4962,2152,6142,6412,569

2,6812,2952,1992,6382,6472,468

2,2212,2212,2272,235

2,2462,2542,2542,263

2,2782,2962,2662,2912,302

2,3102,3122,3142,315

2,6182,6092,6122,579

2,5812,5862,6032,6062,613

2,6132,6092,6062,606

2,6132,6132,6132,6132,638

2,6382,6392,6412,647

2,6472,6422,5192,493

2,4622,4412,4042,366

Allother1

387425508387420421

394369483272358374

375282456381

321344506381

374417600837714

691413464334

327319534377

381357467415369

389402508398

353328421309272

334431435291

325374403285

321319397300

[In mill

Total

6,6817,0708,197

14,26415,49515,201

6 6477,5768,685

14,75915,27215,325

9,7759,3629,3809,686

9,83510,23110,37210,792

10,87411,54011,70412,45912,430

12,37212,31512,41812,385

12,13211,51111,96112,240

12,04212,43812,64312,72212,749

12,76613,10613,33013,485

13,73013,71314,38214,52514,759

15,18315,60615,78615,423

15,08515,23614,99915,124

15,24915,60415,68215,999

ons of dollars]

Goldstock

22,45122,40622,36021,34321,21421,077

22,42622,38822,33521,26421,17320,996

22,17622,15522,13222,132

22,11622,09622,09622,081

22,06522,04422,00422,00422,004

21,93821,93821,93821,928

21,91021,83621,80221,742

21,71221,67021,67021,60021,600

21,54021,47921,46921,429

21,37521,37521,35421,32421,264

21,21221,21121,20121,193

21,13321,11421,04720,996

20,99620,99620,99820,947

Treas-urycur-

rencyout-

stand-ing

4,0414,0784,0864,0974,1044,108

4,0694,0774,0864,1014,1044,109

4,0984,0994,1014,103

4,1064,1004,1014,101

4,1014,1024,0974,0974,096

4,0944,0924,0934,C93

4,0934,0944,0934,090

4,0914,0904,0894,0904,092

4,0934,0934,0934,094

4,0924,0974,0994,1004,101

4,1014,1044,1074,107

4,1074,1074,1094,111

4,1124,1084,1094,112

Moneyin cir-cula-tion

16,81517,21717,681

r21,822r22,29622,580

17,11417,42117,95522,16022,50422,699

18,88318,97819,01919,090

19,35419,51419,55919,726

19,94020,13520,23520,38220,428

20,43620,40420,40820,387

20,53420,58620,61020,696

20,82320,96321,00620,93421,037

21,19121,29521,33421,396

21,61421,72521,84621,91122,160

22,25522,33322,29322,421

22,598C22,56122,53122,584

22,73422,91023,02023,047

Treas-ury

cashhold-ings

2,2522,2712,272

r2,325r2,3342,317

2,2572,2682,2642,3102,2962,346

2,2792,2812,2842,295

2,2982,2972,2932,295

2,2992,3012,2932,3252,316

2,3142,3182,3272,331

2,3222,3152,3352,336

2,3502,3402,3422,3332,329

2,3472,3272,3212,327

2,3342,3332,2982,3332,310

2,3302,3322,3392,314

2,2962,3032,3482,313

2,3392,3402,3452,404

Treas-ury de-positswith

FederalRe-

serveBanks

433148454318347396

62455345307650388

1,013380530530

334369407479

275686379967764

961638404351

1758

360646

14026977

495753

426274204373

229214397389307

262154334561

219517360403

261487317549

Non-mem-

ber de-posits

1,3361,3011,4971,9221 9531^829

1,3661,4831,6221,9461,8701,779

1,6331,6211,4371,659

1,6681,7161,7141,739

1,6301,6641,6221,8641,908

1,7511,8451,9591,994

1,9161,7071,9681,944

1,8151,9051,9221,8931,918

1,8011,8231,9672,019

1,9731,8261,9531,9601,946

1,9342,0282,0001,978

1,8611,8631,7981,773

1,7711,7901,8041,766

OtherFed-eralRe-

serveac-

counts

312326330355364364

313328330355364363

337335341342

333333333333

333331343344345

339339338340

342341340340

337339352352351

356356362357

357356355355355

357359369369

364364364365

368371368370

Memberbank reserve

balances

Total

12,02412,29312,41012,96213,51812,900

12,03112,08512,59013,04612,86612,855

11,90312,02112,00212,005

12,06912,19812,26312,402

12,56212,56912,93212,67712,769

12,60212,80113,01413,002

12,84712,48212,24412,109

12,38012,38312,70512,40512,053

12,27712,60412,70412,537

12,69012,72912,98613,00013,046

13,35813,71513,75813,081

12,98712,84912,75412,793

12,88412,81012,93512,922

Excess

1,7301,4611,327

8681,0811^232

1,7281,2121,268

7111,3061,188

1,6971,6081,4071,062

1,0841,0801,0961,044

1,096918

1,238919

1,126

971,128

1,1221,023

L,5381,444,269

L.O77

,215,013

1.263'926630

859986927640

794771936764711

8181,0591,2131,239

1,4701,5631,4621,280

1,1901,0491.001

868

cCorrected. r Revised.1 Includes industrial loans shown separately in subsequent tables.2 End of month and Wednesday figures estimated.Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.

SEPTEMBER 1944 88̂


FEDERAL RESERVE BANK DISCOUNT RATES[In effect August 31. Per cent per annum]

Federal Reserve Bank

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..D a l l a s . . . . . . .San Francisco

Discounts for and advances to member banks

Advances secured byGovernment obliga-

tions maturing orcallable in one year

or less (Sec. 13)

Rate Effective

Oct. 27, 1942Oct. 30, 1942Oct. 17, 1942Oct. 27, 1942Oct. 28, 1942Oct. 15, 1942Oct. 17, 1942Oct. 27, 1942Oct. 30, 1942Oct. 27, 1942Oct. 17, 1942Oct. 28, 1942

Advances secured by 'Government obligations

maturing or callablebeyond one year and

discounts of andadvances secured by

eligible paper(Sees. 13 and 13a)1

Rate Effective

Sept. 1, 1939Aug. 25, 1939Mar. 21, 1942Apr. 11, 1942Mar. 14, 1942Mar. 21, 1942Feb. 28, 1942Mar. 14, 1942Mar. 28, 1942Apr. 11, 1942Mar. 21, 1942Apr. 4, 1942

Other secured advances[Sec. 10(b)J

Rate Effective

Oct. 27, 1942Oct. 30, 1942Oct. 17, 1942Sept. 12, 1942Oct. 28, 1942Oct. 15, 1942Aug. 29, 1942Mar. 14, 1942Oct. 30, 1942Oct. 27, 1942Oct. 17, 1942Oct. 28, 1942

Advances to individuals, partnerships,or corporations other than member bankssecured by direct obligations of the U. S.

(last par. Sec. 13)

To uonmember banks

Rate Effective

Sept. 1, 1939Aug. 25, 1939Mar. 21, 1942Apr. 11, 1942Mar. 14, 1942Sept. 16, 1939Sept. 1, 1939Sept. 16, 1939Mar. 28, 1942Sept. 16, 1939Sept. 16, 1939Apr. 4, 1942

To others

Rate

22

2

k2

Effective

Oct. 27, 1942Oct. 30, 1942Oct. 17, 1942Oct. 27, 1942Oct. 28, 1942Oct. 15, 1942Oct. 17, 1942Oct. 27, 1942Oct. 30, 1942Oct. 27, 1942Oct. 17, 1942Oct. 28, 1942

1 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 BUYING RATES ON BILLS[Per cent per annum ]

Maturity

Treasury bills1

Bankers' acceptances:21- 90 days

91-120 days121-180 days

Rate onAugust 31

H

\

In effect be-ginning—

Apr. 30, 1942

Oct. 20, 1933Oct. 20,1933Oct. 20, 1933

Previousrate

11

1 Established rate at which Federal Reserve Banks stand ready to buyall 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 andmaturity at the same rate of discount. Since May 15, 1943, all purchaseshave been made subject to repurchase option.

2 Minimum buying rates on prime bankers' acceptances.Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445-

MEMBER BANK RESERVE REQUIREMENTS[Per cent of deposits]

June 21, 1917-Aug. 15, 1936Aug. 16, 1936-Feb. 28, 1937Mar. 1, 1937-Apr. 30, 1937May 1, 1937-Apr. 15, 1938Apr. 16, 1938-Oct. 31, 1941Nov. 1, 1941-Aug. 19, 1942Aug. 20, 1942-Sept. 13, 1942Sept.14, 1942-Oct. 2,1942Effective Oct. 3, 1942

Net demand deposits1

Centralreserve

cityhanks

13i

22M2622%26242220

Reservecity

banks

1015 ^

20

20202020

Countrybanks

1412'141414

Timedeposits

(allmemberbanks)

3

¥56666

1 Demand deposits subject to reserve requirements; i .e. , demand de-posits other than war loan deposits, minus cash items in process ofcollection and demand balances due from domestic banks.

MARGIN REQUIREMENTS1

[ Per cent of market value ]

Prescribed by Board of Governors of the FederalReserve System in accordance with Securities

Exchange Act of 1934

For extensions of credit by brokers and dealers onlisted securities, under Regulation T

For short sales, under Regulation TFor loans by banks on stocks, under Regulation U....

Apr. 1,1936-

Oct. 31,1937

(43 55

EffectiveNov. 1,

1937

405040

1 Regulations T and U limit the amount of credit that may be extended ona security by prescribing a maximum loan value, which is a specifiedpercentage of its market value at the time of the extension; the "marginrequirements" shown in this table are the difference between the marketvalue (100%) and the maximum loan value.

2 Requirement under Regulation T was the margin "customarily re-quired" 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

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANSAND COMMITMENTS UNDER SECTION 13b

OF THE FEDERAL RESERVE ACTMaturities not exceeding five years

[In effect August 31. Per cent per annum]

Federal ReserveBank

BostonNew YorkPhiladelphiaCleveland

RichmondAtlantaChicagoSt. Louis

MinneapolisKansas CityDallasSan Francisco

To industrial orcommercialbusinesses

°nloans1

To financing institutions

Discounts orpurchases

Oncommit-

ments

V2-IHV2-1HV2-1K

Onportion

for whichinstitu-tion is

obligated

2H-52K-523^-5

I?

K 5i-iy2

ft

On re-mainingportion

On com-mitments

1 Including loans made in participation with financing institutions.2 Rate charged borrower less commitment rate.3 Rate charged borrower.4 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 DEPOSITSMaximum 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

Savings depositsPostal savings deposits...Other deposits payable:

In 6 months or moreIn 90 clays to 6 months.In less than 90 days

Nov. 1, 1933-Jan.31,1935

Feb. 1,1935-Dec. 31, 1935

VAly

EffectiveJan. 1,1936

1

NOTE.—Maximum rates that may be paid by insured nonmember banksas established by the F. D. I. C , effective Feb. 1, 1936, are thesame as those in effect for member banks. Under Regulation Q the ratepayable by a member bank may not in any event exceed the maximumrate payable by State banks or trust companies on like deposits underthe laws of the State in which the member bank is located.



PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS(In thousands of dollars]

Wednesday figures

AssetsGold certificates on hand and

due from U. S. TreasuryRedemption fund—F.R. notes.Other cash

Total reserves.

Discounts and advances:For member banksFor nonmember banks, etc

Total discounts andadvances

Industrial loansU. S. Government securities;

Direct:Bills:

Under repurchase op-tion —

OtherCertificates:

SpecialOther

Notes.Bonds

Guaranteed

1944

Aug. 23 Aug. 16 Aug. 9 Aug. 2 July 26 July 19 July 12 July 5

Total U. S. Governmentsecurities, includingguaranteed securities.

Other Reserve Bank credit out-standing

Total Reserve Bankcredit outstanding —

LiabilitiesFederal Reserve notes . .

Deposits:Member bank—reserve

accountU. S. Treasurer—general

accountForeignOther deposits

Total deposits.,

Ratio of total reservesto de-posit and F.R. note liabilitiescombined (per cent)

18,336,365 18,415,365444,323! 417,036271,772) 270,009

19,052,460 19,102,410

105,554975

106,529

10,353

4,276,4395,567,480

3,381,9901,091,2711,272,626

2,500

15,592,306

289,539

15,998,727

19,521,287

12,921,515

548,7231,404,544

361,793

15,236,575

52,374965

53,339

10,330

3,867,0685,578,790

3,381,9901,106,6711,294,426

2,500

15,231,445

386,796

15,681,910

19,440,265

12,934,742

316,9831,440,318

363,628

15,055,671

54.8 55.4

18,417,365416,748273,331

19,107,444 19,115,536 19,115,164

60,680965

61,645

10,774

3,838,9425,560,283

3,381,9901,111,7711,326,826

2,500

15,222,312 14:

309,429

15,604,160

19,331,778

12,809,601

487,4961,446,333

343,749

15,087,179

55.5

18,423,620412,185279,731

35,224965

36,189

10,901

3,546,4315,500,697

3,381,9901,117,0711,342,736

2,500

,891,

310,005

15,248,520

19,165,021

12,884,227

260,6981,431,317

339,587

14,915,829

56.1

18,399,125425,735290,304

36,220r965

37,185

10,749

3,522,6495,404,568

3,381,9901,130,5711,359,936

2,500

425 14,802,214

273,712

15,123,860

18,995,287

12,792,593

402,6981,414,721

358,354

14,968,366

56.3

18,453,125 18,423,915286,656

19,163,696 19,224,681

38,030900

38,930

10,945

3,353,6825,301,433

3,381,9901,135,3711,381,396

2,500

14,556,372

392,395

14,998,642

18,980,884

359,7401,461,908

335,756

14,911,453

56.5

528,125 18,420,533276,023

44,225900

45,125

11,176

3,519,7325,272,628

3,381,9901,180,0351,459,096

2,500

14,815,981

363,301

15,235,583

18,958,749

12,754,049 12,849,307 12,986,913

516,7611,487,693

375,130

15,228,891

56.2

,551,875417,450271,256

19,240,581

21,095900

21,995

11,145

3,492,0995,217,183

3,381,9901,180,0351,464,096

2,500

14,737,903

314,434

15,085,477

18,971,663

219,2481,470,508

390,528

15,067,197

56.5

End of month

1944

July

18,396,122427,226280,944

19,104,292

36,114965

37,079

10,838

3,563,8585,500,697

3,381,9901,119,5711,345,936

2,500

14,914,552

362,948

15,325,417

19,126,734

387,8511,443,743

335,290

15,022,290

June

18,599,37S 20,410,317277,364

19,287,056 20,507,810

12,530150

12,680

11,084

3,655,2335,217,183

3,381,9901,180,0351,464,096

2,500

14,901,037

347,317

15,272,118

12,855,406 12,865,826

650,4571,507,511362,493

15,386,287

1943

July

108,21654,527

345,067

15,81050

15,860

11,910

3,802,8471,093,580

1,091,700720,900

1,444,73233,116

8,186,875

470,771

8,685,416

18,898,960 14,364,033

12,590,491

344,9001,217,288

404,798

14,557,477

70.9

r Revised,

MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIESHELD BY FEDERAL RESERVE BANKS

[In thousands of dollars]

Discounts and advances:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Industrial loans:July 26Aug. 2Aus. 9Aug. 16Aug. 23 -..

U. S. Government securities, includ-ing guaranteed securities:

July 26Aug. 2Aug. 9Aug. 16Aug. 23

Total

37,18536,18961,64553,339106,529

10,74910,90110,77410,33010,353

14,802,21414,891,42515,222,31215,231,44515,592,306

Within15 days

25,37515,62941,11032,65583,649

9,6859,8329,6959,9119,586

1,749,5621,976,4852,155,186

16 to 30days

31 to 60days

1,1752,8252,5305,2443,8801

2,4405,9455,8657,4205,950

18 464466 17460| 17

3 2722

2,087,090 1,482,7722,136,1152,212,2862,263,329

2,885,956| 1,678,253

61 to 90days

3,883,5633,752,0753,699,5093,475,7563,581,197

8,19511,79012,1408,020

13,050

91 daysto 6

months

3,220,8322,594,0762,695,6452,736,2872,883,213!

196 210201| 213221 210

13! 2069! 558|

6 mon ths !to 1

1 year

l y e a rto

2 years

I

7070!70;70 i691

2 yearsto

5 years

417,250 1,704,371583,500 2,100,461583,500 2,100,461646,930| 2,097,961646,930 2,097,961

17,80017,8OO|17,800117,800j17,800

957,302941,802936,502931,402915,002

Over5 years

1,031,2341,016,0341,000,124

906,794885,994

SEPTEMBER 1944 887


STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS[In thousands of dollars]

Gold ctfs. on hand anddue from U. S.Treas.


Redemption fund—F. R. notes:


Other cash:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Total reserves:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Discounts & advances:Secured by U. S.

Govt. securities:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Other:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Total discounts andadvances:


Industrial loans:July 26Aug. 2Aug. 9Aug. 16Aug. 23

U. S. Govt. securities:Bills:

Under repurchaseoption:


Other bills:July 26Aug. 2Aug. 9Aug. 16

m Aug. 23Certificates:


Notes:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Bonds:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Total U. S. Govt. sec,incl. guar. sec:


Total

18,399,12518,423,62018,417,36518,415,36518,336,365

425,735'412,185416,748417,036444,323

290,304279,731273,331270,009271,772

19,115,16419,115,53619,107,44419,102,41019,052,460

37,18536,18961,64553,339106,529

37,18536,18961,64553,339106,529

10,74910,90110,77410,33010,353

3,522,6493,546,4313,838,9423,867,0684,276,439

5,404,5685,500,6975,560,2835,578,7905,567,480

3,381,9903,381,9903,381,9903,381,9903,381,990

1,133,0711,119,5711,114,2711,109,1711,093,771

1,359,9361,342,7361,326,8261,294,4261,272,626

14,802,21414,891,42515,222,31215,231,44515,592,306

Boston

985,6171,002,4411,000,693

984,366977,647

27,79627,72227,65127,57429,491

19,71419,52318,99918,88118,639

127 5,033,,049,,047,343,030,821,025, ^

686 4

777 4

2,2752,0352,2856,9054,505

2,2752,0352,6,9054,505

1,5331,5331,5301,5231,523

476 294,97785,83,122111,144,

942 2734 2

086 1

409,315416,584421,422,493421,647

256,142256,128256,125256,127256,133

85,81384,84,38584,00082,836

102,995101,689100,48298,02996,381

NewYork

4,830,9964,834,1784,654,981

,595,0954,590,831

99,76484,50384,25683,963

103,699

73,25469,48468,84166,26067,489

,004,014,988,165

4,808,0784,745,318

,762,019

19,6159,81534,67522,32553,770

19,6159,81534,67522,32553,770

8989898989

2,003,993",021,0942,299,659",255,801,389,047

1,135,4671,157,110,170,490

1,173,9671,170,507

710,536711,421711,943711,687711,033

238,051235,510234,564233,407229,954

285,714282,454279,309272,391267,557

Phila-delphia

940,370904,435930,939915,54:927,048

35,29135,17535,55535,42735,320

21,99522,75321,48021,39821,219

997,656962,363987,974972,368983,587

4,2002,7053,1702,5555,260

4,2002,7053,1702,5555,260

4,3594,5214,3674,1214,119

141,056160,871166,364185,034190,952

444,412452,284457,166458,694457,786

278,095278,075278,063278,073278,090

93,17192,05591,61591,19789,935

111,826110,404109,092106,429104,642

949,242 4,373,761 1,068,560944,665 4,407,589 1,093,689945,200972,591,001,731

,695,965 1,102,300 1,372,3434,647,253 1,119,427:1,349,928

Cleve-land

1,490,6011,465,9881,451,!1,471,1951,508,814

35,42835,33840,50040,39240,278

23,41421,87023,49121,64023,289

443 11,549,1,523,1961,515,0111,533,2271,572,381

4455,2454,300

4455,2454,300

355350364350350

65,52665,667100,30079,86078,775

604,323614,824621,339623,480622,400

378,166378,012377,922377,964378,080

126,697125,137124,515123,960122,275

152,064150,080148,267144,664142,269

1,326,7761,333,720

4,768,098 1,121,405|1,343,799

Rich-mond

990,634988,793

1,009,4871,026,5591,045,142

28,41327,75527,09328,38329,742

18,44317,07014,82814/28013,249

,037,4901,033,6181,051,4081,069,2221,088,133

1,7201,8592,2452,2592,819

1,7201,8592,2452,2592,819

187175174174174

38,13239,32341,93836,67334,435

356,415362,545366,350367,631367,042

223,031222,904222,828222,864222,958

74,72373,79073,41673,09272,108

89,68488,49887,42185,30083,899

781,985787,060791,953785,560780,442

Atlanta

971 3909,917,940,055949, ""948,

269 3

,577,449,559,669

3,569,4853,585,501,478,046

25,62225,51825,41225,29925,180

21,23820,59319,51521,79021,175

956,831963,677984,982996,994,

358 3667 3

9252,9252,9252,8002,750

55,58955,48355,38155,27160,076

41,61940,62738,75936,05536,694

3,674,6573,655,7793,663,625,676,827,574,816

3,3004,8004,8004,8004,700

9252,9252,9252,8002,750

3333333232

32,57427,20026,71224,92434,355

331,581337,055340,456341,712341,337

207,489207,229207,080207,154207,344

69,51668,60268,22767,93967,058

83,43582,27681,24179,28678,023

Chicago

3,3004,8004,8004,8004,700

744,591737,782761,949799,679937,593

601,691612,503619,199621,232619,T"

376,518376,582376,625376,601376,555

126,145124,664124,086123,513121,782

151,402149,514147,757144,142141,696

724,595 2,000,347722,36212,001,045723,716 2,029,616721,015 2,065,167728,117 2,197,515

St.Louis

614,162609,534636,392645,117630,813

28,61228,58028,54728,50828,469

13,36712,45412,49712,53312,832

656,141650,568677,436686,158672,114

4,8209,2208,1705,52021,420

4,8209,2208,1705,520

21,420

100,761112,40491,88496,290123,512

260,981265,552268,389269,299268,809

163,315163,274163,245163,262163,291

54,71554,04853,78553,54252,809

65,67064,82264,04462,48561,445

645,442660,100641,347644,878669,866

Minne-apolis

359,790365,339370,352367,204355,454

11,49511,48611,47711,46611,445

6,4676,4036,1206,0346,220

377,752383,228387,949384,704373,119

1982052222121

27,02532,16832,49338,56861,063

160,472163,365165,157165,696165,332

100,415100,439100,452100,446100,427

33,64333,25033,09732,94332,481

40,37939,87839,41138,44637,792

361,934369,100370,610376,099397,095

KansasCity

687,581667,225713,948715,706719,719

14,44217,41617,39117,36717,333

13,27213,44213,18714,10913,744

715,295698,083744,526747,182750,796

3302,3302,430430

6,430

3302,3302,430430

6,430

2525252525

47,24560,13740,32731,67838,054

282,086287,021290,086291,073290,544

176,522176,472176,439176,456176,493

59,13958,41858,13357,87157,080

70,98070,06369,22267,53766,413

635,972652,111634,207624,615628,584

Dallas

,,811 2494,534,607543,37'547,833 2,544,

(70 2

c,003 2

12,94112,91713,39113,36113,329

9,1828,4068,2378,6618,205

i,934 2516,555,930 2564,569,565,537

:,998 2>,855 2

75

75

18,83418,25421,14914,23419,969

243,919248,158250,791251,654251,216

152,635152,577152,538152,555152,601

51,13850,50850,25850,03449,353

61,37760,57659,84558,39057,423

903 1527,530,534,581526,867530,

073 1

562 1

SanFran-cisco

,517,1432,573,845

,596,643,611,977,610,536

50,34250,29250,09450,02549,961

28,33927,10627,37728,36829,017

,595,824,651,243,674,114,690,370

2,689,514

500500500500

500500500500

3,9703,9703,9703,9954,020

207,935186,055173,045192,385223,950

573,906583,696589,774591,859590,971

359,126358,877358,730358,801358,985

120,320118,801118,190117,673116,100

144,410142,48'2140,735137,327135,086

,405,697,389,9111,380,4741,398,045,425,092

888 FEDEBAL RESERVE BULLETIN


STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued[In thousands of dollars]

Total Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis .

KansasCity Dallas

SanFran-cisco

Total loans and sec:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Due from foreign banks:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Federal Reserve notesof other banks:


Uncollected items:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Bank premises:July 26Aug. 2Aug. 9Aug. 16Aug. 23..

Other assets:July 26,Aug. 2Aug. 9Aug. 16Aug. 23

Total assets:July 2 6 . . . . .Aug. 2Aug. 9Aug. 16Aug. 23. . .

LiabilitiesFederal Reserve notes:


Deposits:Member bank-reserve

account:July 26Aug. 2Aug. 9Aug. 16Aug. 23

U. S. Treasurer-general account:

July 26,Aug. 2Aug. 9Aug. 16Aug. 23

Foreign:July 26Aug. 2Aug. 9.Aug. 16Aug. 23

Other deposits:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Total deposits:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Deferred availabilityitems:


14,850,14814,938,51515,294,73115,295,11415,709,188

136136136136136

89,39884,63478,25079,86176,733

1,621,2511,691,6211,543,0471,851,8651,599,571

34,66534,61734,61734,61734,607

64,60163,08664,00465,45065,493

35,775,36335,928,14536,122,22936,429,45336,538,188

18,995,28719,165,02119,331,77819,440,26519,521,287

12,792,59312,884,22712,809,60112,934,74212,921,515

402,698260,698487,496316,983548,723

1,414,7211,431,3171,446,3331,440,3181,404,544

358,354339,587343,749363,628361,793

14,968,36614,915,82915,087,17915,055,67115,236,575

1,347,6751,381,7521,233,7541,465,2051,310,168

953,050 4,948,233 4949,015 4i981,019 4,007,759 4;

1010101010

,393,465,417,493,730,729,669,667,821,957

149149149149149

1,8501,6601,3241,5941,584

113,421119,703106,268117,702107,182

1,6381,6331,6331,6331,633

4,5824,5204,5824,7444,655

15,38513,64412,10413,19612,170

329,626377,009310,613417,134331,171

9,0028,9838,9838,9838,983

13,08712,45712,41512,89912,598

,107,678,125,445,110, ",137,523,148,600 9,

9,764,6289,817,800,882,971

9,867,246",948,947

,240,631,247,,255,,260,,265,

092 4185 4064 4787 4

4,247,707,279,171,299,933,328,065,351,079

610,612,594,612,625,

579 4793 4832 4395 1056 4

;, 197,007,252,026:, 175,482,163,102,205,613

22,57226,81327,81223,91429,148

97,56998,345100,058100,06596,957

4,1564,6394,9264,8574,760

734,876742,590727, """741,231755,921

628 5:

106,98245,501

203,973108,311161,636

2538,9222545,4572544,7492543,9682531,770

255,780256,165261,327265,534279,812

5,098,6915,099,149,185,531

5,080,91"5,178,831

1,077,1191,100,9151,109,8371,126,1031,130,784

1212121212

3,1403,6142,4052,4472,708

96,849104,852112,168106,632106,856

3,5163,5163,5163,5163,516

4,7654,6874,7804,8874,967

,183,0572,179,9592,220,6922,215,9652,232,430

1,266,3281,271,5551,282,2951,290,4721,295,340

635,476637,070636,254640,436641,273

25,70011,60046,11320,06835,042

126,486127,995130,273129,415126,088

9,1225,4466,316

6', 885

796,784782,111818,956795,777809,288

,327,131,334,070,373,152,355,523,348,449

1212121212

3,5493,0072,6102,9832,951

159,757175,973145,751200,923175,319

4,1484,1484,1484,1484,139

7,5007,3797,4557,6587,542

,051,540,047,785,048,139104,474110,793

1,685,713,694,233

1,708,236,720,493

1,728,778

,015,0861,010,511,004,026

1,014,040,012,874

41,48121,30040,15623,'-"50,730

122,362123,822126,025125,195121,977

8,4236,5746,66714,0006,739

1,187,3521,162,2071,176,8741,176,7211,192,320

783,892789,094794,372787,993783,435

66666

10,9578,7787,9606,9996,102

115,594121,672105,059127,847114,513

2,8872,8872,8872,8872,887

4,5704,4574,5804,7234,627

,955,396,960,512,966,272,999,677,999,703

,230,277,245,572,254,500,264,750,274,655

518,824512,445525,396525,074525,477

725,553725,320726,674723,847730,899

44444

7,1976,9066,8137,0646,732

86,36592,30792,91891,41087,436

1,6291,6291,6291,6291,628

3,8163,7073,7683,9083,984

,781,395,793,550,816,788,824,220,825,350

$8,9561,112,7851,118,7711,121,636,118,256

526,474522,739550,104549,153533,091

100,784: 104,30193,737104,58795,101

262,05'283,006240,315300,606261,114

79,56885,75678,79689,00386,958

134,60'147,336118,852163,076145,351

23,60619,43717,23420,71620,674

54,99455,65056,64056,26754,821

4,2262,5122,2313,6331,617

601,650590,044601,501605,690602,589

102,513103,80489,160107,965101,196

23,76512,02614,7715,053

34,206

43,99544,52045,31245,01443,856

7,2173,5512,5706,3822,750

601,451582,836612,757605,602613,903

,003,647,005,845,034,416,069,967,202,215

1717171717

9,3998,8558,3658,6058,282

272,302274,101255,234330,163256,993

2,9122,9062,9062,9062,906

7,8377,5497,8127,8348,006

,970,771,955,052,972,375,096,319,053,235

,524,019,544,041,572,547,594,525,614,610

,964,959,956,888,931,775,976,110,945,526

35,71119,68038,02948,08161,002

170,481172,516175,585174,429169,945

12,9934,9474,6334.8524J201

2,184,1442,154,0312,150,0222,203,4722,180,674

73,13080,30567,20379,20674,784

202,750196,709189,445237,82'197,318

650,262669,320649,517650,398691,286

4444

5,6255,5605,3605,3605,743

65,91564,13168,98681,94767,964

2,0412,0392,0392,0392,039

3,2393,2903,2953,3393,303

,383,227,394,912,406,637,429,245,442,453

800,014810,569813,696816,900816,655

445,506435,220453,244462,706459,881

10,96917,15313,95310,79541,767

42,62043,12943,89643,60742,486

10,84010,7429,18310,0669,836

509,935506,244520,276527,174553,970

57,76462,45656,97269,49656,051

362,132369,305370,832376,120397,116

33333

4,7734,8474,5934,3293,020

36,24833,57437,27238,46734,'

1,2661,2641,2641,2641,264

1,8921,8721,9171,9672,059

784,066794,093803,830806,854811,569

420,592422,083425,412427,961430,880

281,301284,897280,381287,932282,123

8,96513,64924,27815,04827,195

30,24730,60831,11730,94730,152

3,0012,5512,3522,4501,817

323,514331,705338,128336,377341,287

27,43427,76627,70229,89926,717

636,327654,466636,662625,070635,039

44444

7,1495,6026,2006,4096,223

79,60280,57083,89092,70598,303

2,7002,6932,6932,6932,693

3,2473,2743,3173,3583,304

,444,324,444,692,477,292,477,421,496,362

697,703713,269716,277718,139718,932

601,454589,055611,588610,560614,058

13,9881,088

19,2219,873

24,808

39,87140,34641,06440,79439,745

1,9492,2422,3812,9572,967

657,262632,731674,254664,184681,578

74,08583,27671,31679,65880,328

527,903530,073534,581526,867530,637

4444

3,5503,1392,9493,0602,910

71,11058,19658,17963,32259,224

947940940940940

2,9722,7642,8242,9342,938

,123,420151,046164,475,166,982162,190

464,802480,029481,531481,308479,596

526,885560,142571,102565,968555,181

13,5767,2705,0345 , • " "

19,981

39,87140,34641,06440,79439,745

4,2042,6853 , " "6,2403,091

584,536610,443621,088618,650617,998

58,97645,50046.72C51,49,302

1,409,6671,394,3811,384,9441,402,5401,429,612

1111111111

16,82419,02217,56717,81518,308

194,462189,533166,709183,613159,622

1,9791,9791,9791,9791,979

7,0947,1307,2597,1997,510

,225,861,263,299,252,583,303,527,306,556

:, 328,545,344,622,403,395,415,952:,426,719

,469,042,510,441,475,417,527,266,521,362

75,38365,18136,92225,99042,534

107,303108,583110,550109,823107,002

36,44337,53337,27536,79937,318

1,688,1711,721,7381,660,1641,699,8781,708,216

174,007161,537153,536152,081135,947

1 After deducting $87,000 participations of other Federal Reserve Banks.2 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 WEEKS-Continued[In thousands of dollars]

Total Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Other liabilities, includ-ing accrued div.:


Total liabilities:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Capital AccountsCapital paid in:

July 26Aug. 2Aug. 9Aug. 16. . .Aug. 23

Surplus (section 7):July 26Aug. 2Aug. 9Aug. 16Aug. 23

Surplus (section 13b):July 26Aug. 2.Aug. 9Aug. 16Aug. 23

Other capital accounts:July 26Aug. 2Aug. 9Aug. 16Aug. 23.^

Total liabilities andcapital accounts:


Commitments to makeindustrial loans:


7,5466,9169,9197,7088,522

35,318,87435,469,51835,662,63035,968,84936,076,552

159,182159,252159,352159,427159,437

188,097188,097188,097188,097188,097

26,96526,96526,96526,96526,965

82,24584,31385,18586,11587,137

35,775,36335,928,14536,122,22936,429,45336,538,188

3,6483,9204,0403,9603,878

780717

2,809761804

1,9591,7942,2092,3752,328

526514532513554

791725782671708

284348302397310

2,077,0719,610,414 2,143,206 3,008,463 12,094,700 9,663,120 2,139,936 3,004,5012,079,359 9,727,988 2,180,579 3,004,744 12,106,643 9,711,961 2,175,765 3,060,9612,117,613 9,793,352 2,192,140 3,067,157

616282657282

1,0221,0441,1151,0681,229

,934,724 1,764,153 5,911,9351,939,768 1,776,208 5,895,8251,945,463.1,799,388 5,913,1291,978,802 1,806,726 6,036,8921,978,750 1,807,791 5,993,831

9,9479,9489,9479,9539,951

13,20613,20613,20613,20613,206

2,8742,8742,8742,8742,874

4,5804,7174,7894,8474,956

2,107,2,125,2,110,2,137,2,148,

678 9445 9175 9523 9600 9

58,12358,12458,15558,15558,157

70,01270,01270,01270,01270,012

7,0927,0927,0927,0927,092

18,98719,45219,72420,02620,334

628 2

12,10612,11912,12312,13012,112

17,85917,85917,85917,85917,859

4,4214,4214,4214,4214,421

5,4655,6245,7105,7905,;

16,22416,23116,23716,23916,240

16,02616,026!16,02616,02616,026

1,0071,0071,007l,007|l,007|

9,82010,02010,12510,24110,363

>, 764,',817,•,882,971>,867,',948,

800 2

246 2

057 3,,183,,179,

2,220,692,215,"",232,

959 3

965 3,430 3

,051,540,047,785

3,048,139,104,474,110,793 1

6,3766,3816,3826,3916,396

5,2365,2365,2365,2365,236

3,2903,2903,2903,2903,290

5,7705,8375,9015,9586,031

396 11,955,1,960,5121,966,2721,999,677,999,703

275275275275275

2,005•1,8421,996|1,9421,937

5,7135,7165,7175,7495,751

5,7255,7255,7255,7255,725

749749749749749

5,0555,1525,2095,2715,334

18,83018,83818,85118,85718,868

26,49026,49026,49026,49026,490

1,4291,4291,4291,4291,429

12,08712,47012,47612,65112,617

281279266251270

1,367,9941,379,5481,391,2101,413,8211,426,946

4,8704'~~4,4,894

6,3306,3306,3306,3306,330

530530530530530

3,5053,6343,6793,6753,753

219180200202235

771,759781,734791,442794,439 1799,119

273303262277279

323 1

294193216259285

1,429,1,429,1,462,109,462,

1,481,

579 1

258 1117 1

,108,608 4,136,1,149,555,152, ",147,

!,018 4,182 4

,781,3951,793,5501,816,7881,824,1,825,

220 6,350 6,

5,970,7715,955,0525,972,375i,096,319 1,053,235

9598991885!884!83-1'

1,383,2271,394,9121,406,637,429,245

1,442,453

4848484848!

3,4583,4603,4603,4613,462

3,6693,6693,6693,6693,669

1,0001,0001,0001,0001,000

4,1804,2304,2594,2854,319

066 1

5,1555,1605,1585,1585,160

4,5544,5544,5544,5544,554

1,1371,1371,1371,1371,137

4,1554,2624,3344,3144,394

5,0125,0125,0125,0125,012

4,8314,8314,8314,8314,831

1,3071,3071,3071,3071,307

3,6623,7313,7703,8143,858

501537569652672

,191,224,228,434

4,217,664,268,563,271,554

13,37013,39313,42213,43313,434

14,15914,15914,15914,15914,159

2,1292,1292,1292,1292,129

4,9795,1845,2095,2435,280

784,794,803,830806,854811,

093 1

569 1

,444,324,444,6921,477,2921,477,421,496,362

1,123,1,151,1,164,1,166,1,162,

420 4046 4475 4982 4190 4

:, 225,863,,263,299r, 252,583:, 303,527:, 306,556

303798778753726

FEDERAL RESERVE NOTES-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS'In thousands of dollars)

Federal Reserve notes out-standing (issued to Bank):


Collateral held against notesoutstanding:

Gold certificates:July 26Aug. 2Aug. 9Aug. 16

. Aug. 23Eligible paper:


IT. S. Govt. securities:July 26Aug. 2Aug. 9Aug. 16Aug. 23

Total collateral:July 26Aug 2Aug. 9Aug. 16Aug. 23

Total

19,703,19219,755,12519,910,19420,026,97920,107,578

12,155,00012,340 00012,123,00012,193,00011,819,000

32,96027,96452,97539,99494,004

7,950,7617,822,4048,101,8848,131,2908,548,512

20,138,72120,190,36820,277,85920,364,28420,461,516

Boston

675 41,283,1,287,1,291,1,297,4911,305,

899 1

513 4:

,423,,447,341,465 , "

4,486,274,495,886

,000 2741,741,741,741,000716,000 2,

2,2752,0352,2856,9054,505

600,000 1600,600,600,600,

1,000 1>,000 11,000 11,000 2

275 4343,343,

,343,347,905

,320,505 4

035 4285 4

NewYork

284 1

,770,000000 2,970,000000 2,820,000

2,820,000",520,000

19,6159,81534,67522,32553,770

,700,000,500,000,700,000,700,000,000,000

,489,61,479,815,554,675

4,542,325,573,770

Phila-delphia

,300,9121,306,831

,323,^1,320,8451,327, 976 1

000 1000 1

610,610,627,000627,000632,000

4,2002,7053,1702,5555,260

700,000700,000700,000700,000700,000

1,314,2001,312,7051,330,""1,329,5551 ,337 , "

170 1

260 1

Cleve-land

1,727,1171,731,1,741,4031,756,661

,762, "478 1

.,028,000,033,000949,000959,000965,000

700,000700,000800,000800,000800,000

1,728,0001,733,000

,749,""1,759,',765,

000 1000 1000 1

Rich-mond

1,271,324,270,900

1,282,2321,292,614

,302, 458 1

775,000775,000775,000775,000775,000

1,7201,8592,2452,2592,819

525,000525,000525,000550,000550,000

720 1

At-lanta

674 31,152,1,152,1,157,1,166,115',171,287

118 3570 3,

660,000660,000660,000670,000680,000

500,000500,000500,000500,000500,000 1

1,301,7:1,301,859,302,245,327,259,327,819 i, 180^000 3J

,160,000 3,1,160,000 3,' ">,000 3

),000 3

Chicago

,598,716 840,480 430,315,600,685 841,,626,097 847,

3,652,184 847,3,668,760 849,744 437̂

2,520,000 375,2,540,000 3752,540,000 3752,580,0002,510,000

1,100,0001,100,0001,100,0001,100,000,190,000

St.#Louis

725,126 499,611104 4311218 731,355 504,537059 433,109 734,128 509,477

741,052 510,368739,783 511,277

258 433,

,000,000,000

375,000375,000

4,8209,2208,1705,520

21,420

550,761562,404541,884546,290573,51"

620,000 930,581 441,000640,000640,000680,000 926,810 441700,000

946,62*925

Minne-apolis

969,932 441,000 756

KansasCity

:25,000 300,125,000!25,000125,000 350,000 260125,000

',000350,000350,000

730,33014 441,000 742,330

054 441,000 742,430000 750,430 516

Dallas

2,449,3432,449,7432,498,7772,522,3702,535,344

216,000 430,000 256,000 1,774,000216,000 390,000 256,000 1,774,000216,000 390,000 256,000 1,774,000216,000 400,000 256,000 1,774,000216,000 400,000 256,000 1,774,000

3302,3302,430

4306,230

250,000260,000260,000

i,000350,000 260,000

506,000516,000516,000

,000230 516,000

SanFran-cisco

800,000800,000800,000800,000800,000

,574,000,574,000,574,000,574,000,574,000



INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS[Amounts in thousands of dollars]

Date (lastWednesday or

last day ofperiod)

19341935193619371938193919401941

1942June 24Dec. 31

1943Jan. 30Feb. 27Mar. 31Apr. 30May 31June 30July 31 . .Aug. 31Sept. 30Oct. 30Nov. 30Dec. 31

1944Jan. 31Feb. 29Mar. 31Apr. 29May 31June 30July 31

Applicationsapproved

Number Amount

1,9932,2802,4062,6532,7812,9083,202

3,3523,423

3,4323,4403,4433,4473,4483,4523,4553,4583,4603,4643,4663,471

3,4753,4783,4813,4823,4833,4833,485

49,634124,493139,829150,987175,013188,222212,510279,860

338,822408,737

434,638446,319459,296467,733473,399475,468477,681481,288483,608486,098488,422491,342

495,738497,875503,330505,726508,170510,857513,134

Ap-provedbut not

com-pleted1

(amount)

20,96611,5488,2263,3691,9462,65913,9548,294

26,3464,248

6,6725,8825,1643,7323,0453,2032,8834,3542,860305401926

1,808835

1,40827620845295

Loansout-

standing2

(amount)

13,58932,49325,52620,21617,34513,6839,15210,337

11,26514,126

12,89713,71713,18213,18813,37813,04412,25812,00012,22712,40911,81110,532

10,36910,19811,77412,25012,07311,36611,115

Commit-mentsout-

standing(amount)

8,22527,64920,95912,78014,1619,2205,22614,597

16,83210,661

12,16012,11713,14313,43812,95012,13211,83211,61411,4749,9789,9209,270

10,14610,2929,0698,7443,9564,0483,975

Partici-pations

out-standing(amount)

1,2968,7787,2087,238

12,72210,9816.386

19,600

26,43017,305

23,91523,17720,31620,33320,16619,07018,83218,40018,92818,61618,62117,930

18.24718,53118,26717,13711,32111,06310,841

1 Includes applications approved conditionally by the Federal ReserveBanks and under consideration by applicant.

2 Includes industrial loans past due 3 months or more, which are not in-cluded in industrial loans outstanding in weekly statement of condition ofFederal Reserve Banks.

NOTE.—The difference between amount of applications approved and thesum of the following four columns represents repayments of advances, andapplications for loans and commitments withdrawn or expired.

WAR PRODUCTION LOANS GUARANTEED BY WAR DE-PARTMENT, NAVY DEPARTMENT, AND MARITIME

COMMISSION THROUGH FEDERAL RESERVEBANKS UNDER REGULATION V

[Amounts in thousands of dollars]

Date

1942June 30Sept. 30Dec. 31

1943Jan. 31Feb.28Mar.31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct 31Nov. 30..-Dec. 31

1944Jan. 31;Feb. 29Mar.31Apr. 30May 31June 30July 31

Guaranteed loansauthorized

Number

5651,6582,665

2,9613,1983,5343,7734,0024,2174,4044,5994,7874,9485,1235,347

5,5655,7205,9046,0796,2836,4336,590

Amount

310,680944,204

2,688,397

2,999,7313,479,1723,725,2414,058,7314,554,2784,718,8184,900,9055,153,9415,452,4985,546,5556,234,0476,563,048

6,989,6827,172,7197,466,7627,647,1807,797,4008,046,6728,333,741

Guaranteed loansoutstanding

Totalamount

81,108427,918803,720

974,0831,040,8281,245,7111,339,0781,415,7771,428,2531,536,2961,646,9211,708,0221,815,1621,798,2721,914,040

2,020,2942,030,5472,009,5111,990,9962,033,5792,064,3182,083,435

Portionguaran-

teed

69,674356,677632,474

768,249828,221999,394

1,073,9721,150,0401,153,7561,269,4161,366,1781,413,1591,511,8471,495,9101,601,518

1,691,8021,700,4001,680,0461,666,1851,706,4211,735,7771,765,841

Additionalamount

available toborrowers

under guar-antee agree-

mentsoutstanding

137,888230,720

1,430,121

1,440.9431,706,8491,865,6182,018,8182,076,9982,216,0532,388,7212,482,8752,494,8552,586,5632,798,2833,146,286

3,278,8223,451,5813,615,9633,684,5683,795,5583,810,7973,904,215

NOTE.—The difference between guaranteed loans authorized and sumof loans outstanding and amounts available to borrowers under guaranteeagreements outstanding represents amounts repaid, guarantees availablebut not completed, and authorizations expired or withdrawn.

MEMBER BANK RESERVE BALANCES, BY CLASS OF1BANKS[Averages of daily figures. In millions of dollars]

Coun-try

banks1

Tota l reserves held :1943—June

July1944—June

J u l y . . . . .Week ending (Friday):

1944—June 30July 7Tuly 14July 21July 28Aug. 4Aug. 11Aug. 18

Excess reserves:1943—June

July1944—June

Ju ly . . . . #Week ending (Friday):

1944—Tune 30July 7July 14July 21July 28Aug. 4Aug. 11Aug. 18

Allmem-

berbanks1

12,29312,41013,51812,900

13,25513,00312,92712,84212,83512,90412,94812,997

1,4611,3271,0811,232

1 3051,3851,3581,1691,0851,0741,086

*l,047

Centralcity

York

3,5013,5873,8593,525

3,7023,5263,5053,5163,5353,5693,5323,538

22292019

3827211414121212

reservebanks

Chicago

816830876839

847842842835835838839841

7938

1012255h

5

Re-servecity

banks

4,9834,9615,3395,129

5,2215,1285,1125,0975,1005,1035,1645,214

589473312390

393433405353315297315305

i

2,9933,0313,4443,406

3,4853,5073,4673,3943,3653,3943,4133,404

843816746816

875916920800751760752

^725

p Preliminary.1 Weekly figures of excess reserves of all member banks and of country

banks are estimates.

DEPOSITS OF COUNTRY MEMBER BANKS I N LARGE ANDSMALL CENTERS,1 JULY 1944

[Averages of daily figures. In millions of dollars]

Federal Reserve district

Total..

BostonNew YorkPhiladelphiaCleveland

RichmondAtlantaChicagoSt. Louis

MinneapolisKansas CityDallas... . .San Francisco

In places of 15,000population and over

Demanddepositsexceptinter-bank2

13,671

1,9392,710

9881,195

1,0631,2091,762

476

415387680846

Timedeposits

5,180

5981,321

479565

262275831197

1636873

346

In places of under15,000 population

Demanddepositsexceptinter-bank2

8,157

275819677779

565470

1,146657

456996915403

l imedeposits

3,594

159725557488

271116536154

24512642

174

1 Includes any banks in outlying sections of reserve cities which havebeen given permission to carry the same reserves as country banks. Allreserve cities have a population of more than 15,000.

2 Includes war loan deposits, shown separately for all country banksin the table on the following page.

SEPTEMBER 1944 891


DEPOSITS AND RESERVES OF MEMBER BANKS[Averages of daily figures. In millions of dollars]

Class of bank andFederal Reserve district

All member banks.

Central reserve city banks:New YorkChicago

Reserve city banks. .BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt; Louis

» MinneapolisKansas CityDallasSan Francisco

Country banksBostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

AUmember banks ...Central reserve city banks:

New YorkChicago

Reserve city banksBostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Country banksBostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. Louis . ;MinneapolisKansas CityDallas.... mSan Francisco

Gross demand deposits

85,105

24,8965,707

31,6592,278

5192,4464,0931,9191,9904,0971,7851,0422,5021,8777,110

22,8432,2973,6031,6691,9871,7921,9022,9731,263936

1,4491,7011,270

85,174

24,7635,740

31,7672,279

5202,4134,0931,9231,9704,1151,7881,0392,5191,9227,185

22,9052,3063,6031,6842,0091,8051,8622,9841,274935

1,4681,7021,274

Demanddepositsadjusted2

Reserves

Held

First half of July 1944

11,336

3,9901,154

5,12730728334525291550463502244863450571

1,0658876122217121074137648010724

18,417

6,5511,301

6,56566383587896521409859365277361309

1,235

4,000571807315372306339497152139151199152

55,352

14,3563,252

19,9661,309408

1,5252,6721,1071,0312,775918521

1,2791,1185,303

17,7791,6382,7191,3431,5931,3161,3532,402974733

1,2191,3941,094

51,719 57,228

13,2403,029

18,2551,222381

1,4192,4731,020917

2,583814462

1,1191,0244,821

17,1961,5592,5971,2991,5491,2501,3062,352942713

1,2031,3641,061

17,1873,996

2Jl,4591,475385

1,6762,7911,1721,2862,7461,209641

1,6821,2625,137

14,5851,4492,3651,1111,2651,0951,1421,899834606892

1,057871

Second half of July 1944

10,920

3,8301,102

4,95628727324508279511440496226843444570

1,0318772122617119667135647210524

18,409

6,5161,370

6,49465081565855518412857352278358315

1,253

4,029557802310376318332505160146157205

55,845

14,4163,267

20,3171,342411

1,5242,7311,1261,0472,818940535

1,3181,1635,362

17,8451,6612,7291,3621,6071,3161,3352,412979725

1,2391,3921,089

52,627

13,5313,060

18,7091,263388

1,4282,5361,048943

2,638839482

1,1661,0714,907

17,3271,5952,6231,3211,5661,2561,2922,369951707

1,2241,3651,059

58,017

17,3273,994

21,8091,504396

1,6842,8451,2011,2752,7921,229648

1,7191,2965,222

14,8871,4992,4111,1431,2971,1121,1481,948

846612921

1,070881

Excess

16,990

901544

6,819117192147875293255

1,147212105218186

3,072

8,726754

2,0371,0321,046530390

1,358349407193115515

5,941

57187

1,96355257820814218530410966303215272

3,734202315202309333387531249173395420219

12,965

3,517844

5,14433494364679303312658269138400316

1,279

3,460289605284350247253484182148202226188

11,590

3,492832

4,70130288344611252272618254134349263

1,212

2,565248453217240185183347138109137155153

1,375

2612

4433252069513940143505267

895411526611162701374439667136

17,168

912546

6,891118194149881296258

1,162214106221190

3,103

8,818760

2,0561,0401,058536393

1,374353411195116524

5,665

52170

1,90148196820112918329310961294223273

3,540188291193298324353493243162381407208

12,838

3,532836

5,11533494356673289295662265139394314

1,300

3,355283570281340237241468179145200225187

11,740

3,520832

4,77530891346622258270628259136357271

1,231

2,61325546122224518818435514011014'1157155

1,098

124

340264115231253462374469

74228109599549561133935606832

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. Gov-ernment 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 loanaccounts.

3 Demand deposits subject to reserve requirements; i.e., demand deposits other than war loan deposits, minus cash items in process of collection anddemand 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,



UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of year andmonth

1933193419351936193719381939194019411942

1943—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. . . .OctoberNovember . . . .December

1944—JanuaryFebruaryMarchAprilMayTuneJuly

Totalin cir-cula-tion1

5,5195,5365,8326,5436,5506,8567,5988,732

11,16015,410

15,59016,08816,25016,66017,11417,42117,95518,52918,84419,25019,91820,44920,52920,82421,11521,55222,16022,50422,699

Total

4,1674,2924,5185,0215,0155,1475,5536,2478,120

11,576

11,66512,06512,12112,42812,78912,96013,33413,71513,89114,13514,59814,87114,81715,00415,10015,34215,73115,92516,034

Coin and small

Coin

442452478517537550590

$1 3

402423460499505524

648 610751 6Q^8S0

869877890904914929943963970987

1,0061,0191,0131,0181,0291,0391,0551,0651,077

801

773786791804824834843858866872886909880877881885903906910

denomination currency2

$2

33323335333436394455

54565658596162646465687069707070727273

$5

719771815906905946

1,0191,1291,3551,693

1,6781,7181,7131,7411,7851,7931,8361,8781,8871,9021,9501,9731,9401,9521,9511,9642,0032,0102,016

$10

1,2291,2881,3731.5631,5601,6111,7722,0212,7314,051

4,1074,2794,2804,3914,5264,5654,7194,8534,8934,9625,1275,1945,1745,2555,2655,3445,4985,5445,569

$20

1,3421,3261,3591,5011,4751,4811,5761,8002,5454,096

4,1834,3494,3914,5314,6814,7784,9315,1025,2115,3475,5615,7055,7425,8325,9056,0406,1986,3266,388

Large denomination currency2

Total

1,3601,2541,3691,5301,5421,7142,0482,4893,0443,837

3,9284,0264,1294,2324,3264,4624,6224,8164,9515,1185,3235,5805,7155,8236,0176,2126,4316,5816,667

$50

364337358399387409460538724

1,019

1,0471,0791,1041,1311,1591,1951,237•1,2931,3271,3661,4161,4811,5091,5341,5761,6181,6681,6991,722

$100

618577 |627 I707710770919

1,1121,4331,910

1,9622,0132,0692,1282,1862,2592,3472,4532,5352,6362,7612,9122,9923,0543,1523,2703,3713,4583,516

$500

125112122135139160191227261287

293298306312319329341353360373388407418426444456473481487

$1,000

237216239265288327425523556586

592599616621630648667687698713729749767777814836887912911

$5,000

85776

172030249

101111151010109

11111099999999

$10,000

107

1618123232604625

25252326222120222020192221222223232222

Unas-sorted

81058752443

3311122223223311222

1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as

destroyed.3 Paper currency only; $1 silver coins reported under coin.Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS[On basis of circulation

Gold *Gold certificatesFederal Reserve notesTreasury currency—total

Standard silver d o l l a r s . . . .Silver bullionSilver certificates and Treasury notes of 1890Subsidiary silver coinMinor coin . . . . . . . . . . .United States notesFederal Reserve Bank notesNational bank notes

Total—July 31, 1944Tune 30,1944 . . .July 31, 1943

statement of

Total out-standingJuly 31,

1944

20 99618 87719 74734,109

4941 520

* 1,807743279347600127

(4)(4)

4

United States money. In millions of dollars]

Money held in the Treasury

As securityagainst

gold andsilver

certificates

18,877

z 1,807

2871,520

20,68420 87922,118

Treasurycash

22 119

93134

101

20921

(5)

2,3462 2962,264

ForFederalReserveBanks

andagents

16 008

16,00816 19417,347

Moneyheld byFederalReserve

Banks andagents

2 815'702281

2

228164

2281

3,7983 8123,713

Money in circulation1

July 31,1944

5418 9513,694

105

1,579707266322590125

22,699

June 30,1944

5418 7503,700

103

1,589700263322597126

22 504

July 31,1943

5714,2683,629

85

1,634619239322599131

17,955

1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals forother 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 notincluded 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 significanceand is not shown. See note for explanation of these duplications. 5 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) assecurity for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver cer-tificates; 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. FederalReserve 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 securedby 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 eligibbunder 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 theBoard of Governors of the Federal Reserve System. Federal Reserve Banks must maintain a reserve in gold certificates of at least 40 per cent, includingthe redemption fund which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificatespledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable ingold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.

SEPTEMBER 1944 893


MONEY IN CIRCULATION WITH ADJUSTMENT FORSEASONAL VARIATION

(Outside Treasury and Federal Reserve Banks. In millions of dollars]

Date

End of year figures:193819391940 . .194119421943

Monthly averages of dailyfigures:

1943—AugustSeptemberOctoberNovemberDecember

1944—JanuaryFebruaryMarchAprilMayJuneJulyAugust

Wednesday figures:1944—July 5

121926

Aug. 29

162330

Amount—unadjustedfor seasonal

variation

6,8567,5988,732

11,16015,41020,449

18,19618,72919,00119,56620,24320,42820,63520,96421,312

r21,822r22,296r22,58022,988

22,59822,56122,53122,58422,73422,91023,02023,04723,221

Amount—adjusted for

seasonalvariation

18,28718,76719,00119,50719,94420,36720,63521,02721.484

r21,976r22,408r22,62523,104

22,53022,60622,66722,81222,89423,02523,15923,18623,268

Change inseasonallyadjustedseries1

+306+742

+1,134+2,428+4,250+5,039

+571+480+234+506+437+423+268+392+457

r+492+432

r+217+479

-26+76+61

+145+82

+131+134+27+82

r Revised.1 For end of year figures, represents change computed on absolute

amounts in first column.NOTE.—For discussion of seasonal adjustment factors and for back

figures on comparable basis see September 1943 BULLETIN, pp. 822-826.Because of an apparent recent change in the seasonal pattern around theyear end, adjustment factors have been revised somewhat for dates af-fected, beginning with December 1942; seasonally adjusted figures formoney in circulation, as shown in Banking and Monetary Statistics, Table111, p. 414, and described on p. 405, are based on an older series of adjust-ment factors.

ANALYSIS OF CHANGES IN GOLD STOCK OFUNITED STATES

[In millions of dollars]

Period

19342

193519361937193819391940194119421943

1943—JulyAugustSeptember...OctoberNovember . . .December

1944—JanuaryFebruary... .MarchAprilMayJuneJuly

Jan.-July

Goldstockat end

of period

8,23810,125

311,258312,760

14,51217,64421,99522,73722,72621,938

22,33522,24322,17522,11622,06521,93821,91821,71221,60021,42921,26421,17320,996

20,996

Increasein goldstock

4,202.51,887.21,132.51,502.51,751.53,132.04,351.2

741.8- 1 0 . 3

-788.5

-52 .7- 9 2 . 0-67 .8- 5 9 . 3-51 .0

—127.0- 1 9 . 6

• -206.6— 111.7-170.7— 165.5

-90 .7-177.1

-941.9

Net goldimport

1,133.91,739.01,116.61,585.51,973.63,574.24,744.5

982.4(*)(4)

Ear-marked

gold: de-creaseor in-

crease (-)

82.6.2

-85.9-200.4-333.5-534.4—644.7-407.7-458.4-803.6

-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

e-331.5

Domes-tic goldproduc-

tion1

92.9110.7131.6143.9148.6161.7170.2169.1125.448.3

4.03.73.43.93.43.63.13.42.92.92.92.4

'2.4p20.1

p Preliminary. f Figure carried forward.1 Annual figures are estimates of the United States Mint. Monthly

figures are those published in table on p. 939, adjusted to exclude PhilippineIslands production received in United States.

2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 afine ounce thereafter.

3 Includes gold in the Inactive Account amounting to 27 million dollarson Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.

4 The net gold import figures for months subsequent to December 1941have not been released for publication.

5 Gold held under earmark at Federal Reserve Banks for foreign accountamounted 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 samepublication.

BANK DEBITS AND DEPOSIT TURNOVER[Debits in millions of dollars]

Year and month

19351936193719381939194019411942—old series3

1942—new series3

1943

1943—JulyAugustSeptemberOctoberNovemberDecember

1944—JanuaryFebruaryMarchAprilMayJuneJuly

Debits to total deposit accounts except

Total, allreporting

centers

402,718461,889469,463405,929423,932445*863537,343607,071641,778792,937

65,34760,61475,75866,26665,02576,499

r71,87Or70,691r76,060r66,690r67,258r83,84472,909

interbank accounts

NewYorkCity1

184,006208^936197,836168,778171,382171*582197,724210,961226,865296,368

23,97621,22127,91323,99023,32728,93627,03127,59229,64425,29724,70833,56328,474

140 other

centers

190,165219,670235,206204,745218,298236*, 952293,925342,430347,837419,413

34,95433,35940,45235,61435,21540,155

r37,926r36,472r39,382r34,915r36,048r42,59237,588

Otherreportingcenters2

28,54733,28336,42132,40634,25237,32945,69453,67967,07477,155

6,4176,0347,3936,6636,4837,4096,9146,6277,0346,4786,5027,6896,847

Annual rate ofturnover of totaldeposits except

interbank

NewYorkCity

16.116.5

16.214.318.214.315.217.817.317.716.516.015.519.716.2

333 otherreporting

centers

13.111.7

11.410.613.010.511.111.811.511.310.810.610.411.810.3

Debits to demanddeposit accountsexcept interbankand Government

NewYorkCity

178,498204,831193,143164,945167,939167,373193,729

200,337

258,398

21,26118,50024,37720,92320,75924,44624,99422,88725,65021,28420,92728,98825,423

100 otherleadingcities

175,902202,267215,090186,140200,636217,744270,439

308,913

369,396

30,75029,13035,85031,39030,73834,75133,74931,56633,93730,48231,10538,02432,934

Annual rate ofturnover of demand

nPr\f^cifc ftyrnr\t

u.cpusics exceptinterbank andGovernment

NewYorkCity

31.531.429.525.121.017.117.318.0

20.5

19.216.022.720.521.121.822.924.022.819.717.924.324.8

100 otherleadingcities

22.722.422.419.919.418.619.418.4

17.4

16.415.219.617.417.817.717.918.517.416.415.518.718.0

r Revised.1 National series for which bank deb't figures are available beginning with 1919.* Annual figures for 1935-1942 (old series) include 133 centers; annual figures for 1942 (new series) and 1943, and monthly figures, include 193 centers.3 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 depositaccounts, except interbank and United States Government, and the deposits from which rates of turnover have been computed have been reported by mem-ber banks in 101 leading cities#since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table55, p. 254, due to differences in method of computation.



DEPOSITS AND CURRENCY-ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS[Figures partly estimated. In millions of dollars]

End of month

1929—June.. .D e c e m b e r . . . . .

1

1933—June. . . . . . . .December . . .

1934—JuneDecember

1935—JunqDecember

1936—June. . . . . . . . .December

1937—June .December

1938—June .December

1 9 3 9 — J u n e . . . . . . . . . . . . . .December

1940—JuneDecember .

1941—JuneDecember . . . . .

1942—JuneDecember

1943—June.. . . . . .

1943—JulyAugustSeptemberOctober . .NovemberDecember . .

1944—January^February^Marchp

AprilsMayp .J u n e ? . . . . . . . .

Totaldepositsadjusted

andcurrencyoutsidebanks

55,17154,713

41,680•42,54845,96147,98549,88152,18255,05257,35157 25856,63956,56558,95560,94364,09966,95270,76174,15378,23181,96399,701

110,161

112,900114,500119,800123,700123,500122,812125,200128,500127,800127,400127,800135,700

Totaldemanddepositsadjusted

andcurrencyoutsidebanks

26,17926,366

19,17219,81721,35323,11425,21627,03229,00230,99930,68729,59729,73031,76133,36036,19438,66142,27045,52148,60752,80662,86871,853

75,00078,50072,00074,00077,90079,65281,40077,30079,10082,00085,60081,000

Totaldepositsadjusted

51,53251,156

36,91937,76641,30243,33045,09847,26549,83051,83551,76951,00151,14853,18054,93857,69860,25363,43665,94968,61671,02785,75594^ 347

96,50097,600

102,600106,100105)200103,975106,300109,300108,300107,500107,300114,800

Demanddepositsadjusted1

22,54022,809

14,41115,03516,69418,45920,43322,11523,78025,48325,19823,95924,31325 98627,35529,79331,96234 94537,31738,99241,87048,92256)039

58,60061,60054)80056,40059,60060,81562'50058,10059,60062,10065,10060,100

UnitedStates

Govern-ment

deposits2

381158

8521,0161,7331,715

811909

1,142991666824599889792846828753753

1 8951,8378,4028) 048

7,1004,700

16,30017,90013*30010,42410*70017,60014,70010,9007,100

19,100

Time deposits

Total

28,61128,189

21,65621,71522,87523,15623,85424,24124,90825,36125,90526,21826,23626,30526,79127,05927,46327,73827,87927 72927,32028,431301260

30,80331,3003l)50331,80032)30032,73633)l0033,60034,00034,50035,10035,600

Com-mercialbanks3 4

19,55719,192

10,84911,01911,98812,21312,82013,17013,70614,04614,51314,77914,77614,77615,09715,25815,54015,77715,92815,88415,61016,35217',543

18,00018,30018,40018,60018,90019,21319)50019,80020,10020,50020,90021,200

Mutualsavingsbanks4

8,9058,838

9,6219,4889,6919,7389,8309,8719,971

10,05610,12510,17010,20910,27810,43310,52310,63110,65810,64810,53210,39510,66411,141

11,20011,30011,40011,50011,60011,737ll)80011,90012,00012,10012,20012,400

PostalSavingsSystem5

149159

1,1861,2081,1961,2051,2041,2001,2311,2591,2671,2691,2511,2511,2611,2781,2921,3031,3031,3131,3151,4151,576

1,6001,7001,7001,7001,8001,7861 8001,9001 9001,9002,0002,000

Currencyoutsidebanks

3,6393,557

4,7614,7824,6594,6554,7834,9175,2225,5165,4895,6385,4175,7756,0056,4016,6997,3258,2049,615

10,93613,94615,814

16,40016,90017,20017,60018,30018,83718,90019,20019 50019,90020,50020,900

v Preliminary.1 Includes demand deposits, other than interbank and United States Government, less cash items in process of collection.2 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


End of month

1934—Dec.1935-Dec . . . . . . . . .1936—Dec.... . . . . .1937—Dec1938-Dec . . . . . . . . .1939—Dec ,1940—Dec........1941—Dec...... . . .1942—Dec

1943—Aug.. . . . . . .Sept.O c t . . . . . . . . .Nov. . . . . . . .D e c . . . . . . . .

1944—Jan..... . . . .Feb. . . . . . .MarApr.. . . . . .MayJuneJuly . . .

Depos-itors'bal-

ances1

1,2071,2011,2601,2701,2521,2791,3041,3141,417

1,6601,6831,7161,7521,788

1,8331,8671,9061,9471,9942,034

^2,082

Assets

Total

1,2371,2371,2961,3081,2911,3191,3481,3961,464

1,7191,7391,7731,8121,843

1,8911,9261,9642,0082,0532,095

Cashin de-posi-tory

banks

5402871451318653362616

1110101010

999999

U. S. Governmentsecurities

Total

597853

1,0581,0971,1321,1921,2241,2741,345

1,5881,6311,6461,6781,716

1,7191,7831,8231,8701,9121,951

Di-rect

467706892931965

1,0461,0781,1281,220

1,5881,6311,6461,6781,716

1,7191,7831,8231,8701,9121,951

Guar-an-teed

130147167167166146146146126

Cashre-

servefundsetc.2

10098938073748895

102

12197

117125118

162135132129132135

v Preliminary. 1 Outstanding principal, represented by certificates ofdeposit. Does not include accrued interest or outstanding savings stamps.

2 Includes working cash with postmasters, 5 per cent reserve fund andmiscellaneous working funds with Treasurer of United States, accruedinterest on bond investments, and accounts due from late postmasters.

Back figures.—See Banking and Monetary Statistics, p. 519; for descrip-tion, see p. 508 in the same publication.

BANK SUSPENSIONS^

Number of banks suspended:1934193519361937 .19381939 . . . .194019411942 . .19431944—Jan .-July

Deposits of suspended banks(in thousands of dollars):3

1934.19351936.19371938.193919401941194219431944—Jan.-July

Total,all

banks

573444595542228941

36,93710,01511,30619,72313,01234,9985,9433,7261,7026,223

405

Memberbanks

Na-tional

14141414

2

405,313

5077,379

361,341

2563,144

4,982

State

213

1,708211

24,629

Nonmemberbanks

In-sured2

g2240474725183621

1,9123,763

10,20710,15611,7216,5895,341

5031,3751,241

405

Non-insured

488366

10313

34,985939592480

1,0442,439

34679

327

1 Represents banks which, during the periods shown, closed temporarilyor permanently on account of financial difficulties; does not include bankswhose deposit liabilities were assumed by other banks at the time of closing(in some instances with the aid of Federal Deposit Insurance Corporationloans).

2 Federal deposit insurance became operative Jan. 1, 1934.3 Deposits of member banks and insured nonmember banks suspended are

as of dates of suspension, and deposits of noninsured nonmember banksare based on the latest data available at the time the suspensions werereported.

Back figures.—See Banking and Monetary Statistics, pp. 283-292; fordescription, see pp. 281-282 in the same publication.

SEPTEMBER 1944 895


ALL BANKS IN THE UNITED STATES, BY CLASSES*LOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS

[Amounts in millions of dollars]

Class of banks, and call dates

Loans and investments

All banks:1934—June 301937—June 301940—June 291941—June 30

December 311942—June 30


December 311944—June 30e

All commercial b a n k s :1934—June 301937—June 301940—June 291941—June 30



December 311944—June 30*

All insured commercial banks1934—June 301937—June 301940—June 291941—June 30



December 31

All member b a n k s :1934—June 301937—June 301940—June 291941—June 302




All na t i ona l b a n k s :1934—June 301937— Tune 301940—June 291941—June 30



December 311944—June 30 ,

S ta te member banks :1934—June 301937—June 301940—June 291941—June 302


December 311943—Tune 30

December 311944—June 30.

Total

42,55249,56551,33657,94661,10164,00978,13787,88196,971108,650

32,74239,47241,14847,62550,72253,64967,39176,63385,10395,650

31,68838,21839,83046,18649,28852,64266,24075,27083,50'

17,01120,89322,03825,81827,57129,46437,57642,80547,49953,343

Loans

21,30622,41022,34025,31126,61625,08123,91522,24123,59625,350

15,70017,43217,41420,35321,71120,25919,21717,66019,11720,900

15,19017,04117,01119,90921,25819,92018,90317,39018,841

12,52314,28513,96916,72918,02116,92816,08814,82316,28818,084

7,6818,7969,15610,89711,72510,88010,1839,17310,11611,213

4,8425,4884,8135,8326,29.6,0485,9055,6496,1716,870]

Investments

Total

21,24627,15528,99632,63534,48538,92854,22265,64073,37583,300

17,04222,04023,73427,27229,01133,39048,17458,97465,98674,750

16,49821,17722,81926,27628,03032,72247,33657,88064,666

14,65218,4542 0 , •"-23,93025,50029,87243,17552,33257,97065,503

9,33112,09"12,88214,92215,84518,58427,39333,63237,38242,129

5,3216,3577,6009,0089,65411,28815,78318,70120,58823,373

U. S.Govern-

mentobliga-tions

11,27816,95419,66623,52125,48830,30145,93257,74865,94175,800

10,30714,56316,55320,09521,78826,41041,37352,45859,84568,500

10,00513,96415,90019,37021,04625,93440,70551,53458,683

9,41312,68914,72218,07819,53924,09837,54646,'52,94860,339

5,8478,2069,09411,11112,03914,"-23,74430,10234,06538,640

3,5664,4835,6276,9677,5009,22013,80216,87818,88321,699

Othersecurities

9,96810,2019,3309,1148,9978,6278,2907,8927,4347,500

6,7357,4777,1817,1777,2236,9806,8016,5166,1416,250

6,4937,2136,9196,9076,9846,7896,6316,3475,983

5,2395,7655,7615,8525,9615,7745,6295,3525,0225,164

3,4843,8913,7873,8113,80b3,7063,6483,5293,3183,490

1,7551,8741,9732,0412,15;2,0681,9801,8231,7051,674

Deposits

Total1

46,43559,22270,77078,12081,78082,70699,796107,224117,659128,550

36,74449,09760,13967,47271,24872,31189,13296,083105,923116,100

35,83347,82458,41865,60869,41171,15087,80394,563104,094

31,01241,49051,72958,51261,71763,40478,27784,01692,262101,276

19,89626,71633,01437,27339,45840,53450,46854,58959,96165,585

11,11614,77418,71521,23822,25922,87127,80829,42732,30235,690

Other

Inter-bank1

4,5606,33210,18810,94810,98910,28711,31810,89511,01211,350

4,5606,33210,18810,94810,98910,28711,31810,89511,01211,350

4,4356,1469,79510,54510,65410,07611,14410,68110,705

4,3556,0519,69010,43610,5259,97111,00010,55210,55510,903

2,7673,7906,0836,5896,7866,4977,4007,1557,1597,402

1,5882,2613,6083,84'3,7393,4743,6003,3963,3973,501

Demand

19,52728,11834,33640,53044,31646,35761,39567,55475,57483,500

19,52728,11834,33640,53044,31646,35761,39567,55475,57483,500

19,01327,24033,27239,32043,06145,66460,50466,50974,309

16,97624,23030,11135,72538,84641,31154,52359,67066,43873,488

10,35615,16218,70222,30224,35025,86134,49938,20542,60546,879

6,6209,068

11,40913,42314,49515,45120,02421,46523,83326,609

Time

22,34824,77326,24626,64126,47626,06227,08328,77531,07333,700

12,65714,64815,61515,99315,94415,66716,41917,63419,33721,250

12,38514,43815,35115,74215,69715,41016,15417,37419,081

9,68111,21011,92812,35012,34712,12212,75413,79415,26816,

6,7727,7648,2288,3828,3228,1768,5709,22910,19611,304

2,9083,4463,6993,9694,0253,9464,1844,5665,0725,580

Numberof banks

15,92915,53914,95514,85514,82514,77514,68214,61814,57914,554

15,35314,97614,40414,30514,27714,22814,13614,07314,03414,010

13,93913,88313,47913,42213,42613,39913,34313,29813,270

6,3756,3576,3986,5566,6196,6476,6796,7036,7386,773

5,4175,2935,1645,1305,1175,1015,0815,0605,0405,036

9581,0641,2341,4261,5021,5461,5981,6431,6981,737

* These figures do not include data for banks in possessions of the United States and therefore differ from those published by the Comptroller of theCurrency 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 de-

posits of 8 million dollars in June 1941, which became members of the Federal Reserve System during 1941. These banks are not included in "commercialbanks" 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 mem-ber bank and all insured commercial bank figures) reflect principally the admission to membership in the Federal Reserve System of one large bank withtotal loans and investments aggregating 472 million dollars on June 30, 1942.

4 Beginning June 30, 1942, includes Bank of North Dakota, a nonmember bank not previouslv included in these statistics; on Dec. 31, 1941, its de-posits, 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.



ALL BANKS IN THE UNITED STATES, BY CLASSES—ContinuedLOANS, INVESTMENTS, DEPOSITS, AND NUMBER OF BANKS

[Amounts in millions of dollars]

Class of banks, and call dates

All nonmember commercial banks :1934—June 30....1937—June 30.. . .1940—June 29.. . .1941—June 30.. .

December 31.1942—June 303-4....

December 31.1943—June 30

December 31. . .1944—June 30e

Insured nonmember commercialbanks :

1934—June 30..1937—June 301940—June 291941—June 30



December 31

Noninsured nonmember commercialbanks :

1934—June 301937—June 301940—June 291941—June 30

December 311942—June 303>4

December 31e1943—June 30

Deccember 31

All mu tua l savings banks :1934—June 301937—June 301940—June 291941—June 302


December 311943—Tune 30

December 311944—June 30e

Insured m u t u a l savings banks :1934—June 301937—June 301940—June 291941—June 302



December 31

Noninsured mutual savings banks :1934—June 30 . . . . .1937—June 30. . . . .1940—June 291941—June 30


December 31..1943—June 30 ..

December 31..

Loans and investments

Total

5,5676,7336,6976,9737,2086,8568,1359,486

10,85512,050

4,5135,4795,3795,5345,7745,8496,9848,1239,258

1,0541,2541,3181,4391,4341,0071,1511,3631,596

9,81010,09310,18810,32110^37910,36010,74611,24811,86813',000

1,022969

1,3171̂ 6551,6931,800210072,7047,525

8,7889^1248*8718,6668,6868,5608,7398,54441343

Loans

3,1773,1473,4453,6273,6933,3343,1322,8402,8322,800

2,6672,7563,0423,1833,2412,9952,8182,5702,556

510391403444452339314270276

5,6064,9784,9264,9584,9054,8224,6984,5814 4794^450

576470598641642692740

1,0133,073

5,0304*5084! 3284,3174,2634,1303,9583,568U405

Investments

Total

2,3903,5863,2523,3463,5153,5225,0036,6478,0229,250

1,8462,7232,3372,3502,5332,8544,1665,5536,702

544863915996982668837

1,0941,320

4,2045,1155,2625,3635,4745,5386,0486,6667,3808,550

446499719

1,0151,0501 108l|2671,6914,452

3,7584 6164^5434,3484,4244,4304,7814 9752,937

U. S.Govern-mentobliga-tions

8951,8741,8312,0182,2512,3143,8295,4826,9028,150

5921,2751,1781,2931,5091,8373,1624,5575,739

303599653725742477667925

1,162

9712,3913,1133,4263,7003,8914,5595,2906,0967,300

120252420569629686861

1,2643,844

8512,1392,6932,8573,0713,2053,6984,0262,252

Othersecurities

1,4951,7121,4211,3281,2641,2081,1741,1651,1201,100

1,2541,4481,1591,0571,0251,0171,004

996962

241264262271239191170169158

3,2332,7242,1491,9371,7741,6471,4891,3761,2931,250

325247299446421422405427608

2,9082,4771,8501,4911,3531,2251,084

949685

Deposits

Total1

5,7327,6078,4108,9699,5398,915

10,86412,07613,67114,850

4,8216,3346,6897,1047,7027,7549,535

10,55711,842

9111,2731,7211,8651,8371,1611,3291,5191,829

9,69110,12510,63110,64810,53210,39510,66411,14111,73712,450

1,0401,0021,4281,8031,7891,8642,0482,7397,534

8,6519,1239', 2038,8458,7438,5318,6168,4024,203

Inter-bank1

205281498512464316318343457450

8096

104110129105145129149

125185394402335211173214307

Other

Demand

2,5513,8884,2254,805

; 5,4705,0466,8727,8849,135

10,000

2,0373,0103,1613,5954,2154,3535,9816,8397,870

514878

1,0641,2101,255

693891

1,0451,265

Time

2,9763,4383,6873,6513,6053,5533,6743,8494,0794,400

2,7043,2283,4233,4003,3583,2963,4093,5893,823

272210264251247257265260256

9,69110,12510,63110,64810,53210,39510,66411,14111,73712,450

1,0401,0021,4281,8031,7891,8642,0482,7397,534

8,6519,1239,2038,8458,7438,5318,6168,4024,203

Numberof banks

8,9788,6198,0067,7527,6617,5847,4607,3737,2997,240

7,5647,5267,0816,8696,8106,7556,6676,5986,535

1,4141,093

925883851829793775764

576563551550548547546545545544

6656515352535661

184

510507500497496494490484361

footnotes see opposite page.

SEPTEMBER 1944 897


ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*LOANS AND INVESTMENTS

[In millions of dollars}

Class of banks,and call dates

All insured com-mercial banks:1934—June 30 . . .1937—June 301940—June 29 . . . .1941—June 30 . . . .1942—June 30 . . . .1943—June 3 0 . . . .

Dec. 31... .

Member banks,total

J934—June 301937—June 301940—June 2 9 . . .1941—June 30 2 . . .1942—June 30 . . . .1943—June 30 . . . .

Dec. 3 1 . . . .1944—Apr. 13. , .

June 30....

New York City:z

1934—June 30 . . . .1937—June 301940—June 29 . . . .1941—June 30 . . . .1942—June 3 0 . . . .1943—June 30

Dec. 3 1 . . . .1944—Apr. 13

June 30....

Chicago :z

1934—June 30 . . . .1937—June 301940—June 291941—June 30 . . . .1942—June 30 . . . .1943—June 30 . . . .

Dec. 3 1 . . . .*" 1944—Apr. 13

June 30 . . . .

Reserve city hanks: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

Country banks:1934—June 3 0 . . . .1937—June 3 0 . . . .1940—June 2 9 . . . .1941—June 3 0 . . . .1942—June 30 . . . .1943—June 30 . . . .

Dae. 3 1 . . . .1944—Apr. 13

June 30....

Insured non-member com-mercial banks:1934—June 30 . . . .1937—June 30 . . . .1940—June 29 . . . .1941—June 3 0 . . . .1942—June 30 . . . .1943—June 30 . . . .

Dec. 3 1 . . . .

Totalloansand

invest-ments 1

31,38,39,46,52,75,83,

27,32,34,40,46,67,74,78,83,

7,9,9,

12,14,1819,

688218830186642270507

175739451659800155258027587

666006829493019982994

20,80522

112234445

91112141624272830

81010111319222324

4555589

669

445969205707116332554727124

609629160013535677521676943

456134257446130164188819850

513479379534849123258

Total 1

15,1717191917,18

121413161614161618

343344445

1

1

445665.656

444554444

2233222

190041011909920390841

523285969729928823288135084

401276014778066009428594479

556675603846906784004962064

394994365498564533201997761

172340987607393497654582780

667756042183

,995,570,556

Com-mer-cial,in-

clud-ing

open-mar-ket

paper1

" 68867

57867

7

"i2222

"l

23323

"2

i1111

1

,502,342,867,887,777

,988,807,383,554,421

,023

,905,503,841,274,515

,430

'432'630712612763

710

,290,081,318,652,058

,787

*361,593,512,017,084

,096

512*534485333356

Agri-cul-tur-al1

1,1841,1671,1641,3161,505

736738726854

1,023

1,023

639

2424

64

85326

11

176175152205279

277

"546555562623713

671

" ' 4 4 8429439463482

Loan.

Loans forpurchasingor carryingsecurities

Tobrok-

ersanddeal-ers

1,3291,566

464592569

1,1341,414

1,2901 536

447575554

1,1201,398

2,200

9381,295

320422430955

1,054

1,657

605123362940

102

102

23215887

10078

107217

409

59331717161725

33

40301718151416

Tooth-ers1

3,7143,150

742703620671922

3,3092,829

668635562603839

2,130

882824188186167240323

751

1881456155504152

130

1,2001,032

210198177157267

903

1,039828208195169164197

345

405321

746857

! 681 82

Real-es-tate

loans

3,3,4,4,4,4,4,

2,2,3,3,3,3,3,

3,

11,1,111,1,

1

11111,11,

1

1111111

462583281629770547437

357505069365501351274

207

156149137129121113107

93

21131620222322

21

124164372477524465420

385

056179544739834750725

708

105078212267273

Con-sumerloans

Otherloans1

6,6848,7443,8404,4763,928

1,9371,868

896918

5,5687,4143,0623,6093,203

1,5401,484

1,467

801848

1,033

1,4252,008

458536499

264252

232

140153

251

286465

6210190

5145

49

1514

40

1 8402,6391,2301,4661,315

670658

650

276301

350

2,0182,3011,3111,5071.299

555528

536

371381

392

1,1161,329

778865726

199| 397165 | 385

9670

Total

16,49821,17722,81926,27632,72257,88064,666

14,65218,45420,48223,93029,87252,33257,97061,89265,503

4,2654,7306,8158,7159,953

14,97415,56616,21117,190

8891,2951,6021,8612,2103,5483,5503,7654,060

5,2146,6356,7957,5159,971

19,14421,32122,68024,183

4,2835,7945,2705,8397,737

14,66717,53419,23820,071

1,8462,7232,3372,3502,8545,5536,702

U

Total

10,00513,96415,90019,37025,93451,53458,683

9,41312,68914,72218,07824,09846,98052,94856,77160,339

3,2103,6305,4867,2688,550

13,88714,56315,17516,157

6611,0011,2581,4831,8583,1673,2383,4173,688

3,5354,9024,9475,7008,188

17,41719,68221,00922,484

2,0073,1553,0303,6275,502

12,50915,46517,17018,009

5921,2751,1781,2931,8374,5575,739

. S

Bi

1,1,6,4,

1,1,6,4,

4,

1,1,

1

21

1

11

Investments1

. Government obligations

11s

794827805135536557636

791821797127509278360

466

607543421577402985328

258

6430

254417357473199

367

1031958773

579626802

914

16523660

171194032

926

4688

27278276

Direct

Cer-tifi-

catesof in-debt-

ed-ness

11013

i9

12

14

23

4

1

34

5

23

3

1

656

978315218

637

872418071

228

347

663818409

242

59

181795877

038

178

674529691

,586

53

355276094

,362

20

'l06896

,147

Notes

j

t

s047,637

,,699,758,732,716,672

5,871L 3612,5432,6313,5465,2516,906

10,640

1,084L,4261,0921,5261,7461,656L,829

2,805

194366161125162399484

587

1,1481,777

839606981

1,8282,497

3,893

446792451374657

1,3682,096

3'355

175276156127185465766

Bonds

5,2106,3869,026

11,39715,81226,28630,656

4,8385,6898,261

10,48114,48523,54527,265

30,118

1,0151,2072,6503,4154,5726,4547,014

7,650

268511710803

1,0681,4241,602

1,665

2,0882,2953,0523,8585,1498,5769,943

10,689

1,4671,6761,8492,4043,6967,0918,705

10'114

372697765918

1,3292,7443,395

Guar-an-teed

2,3,4,2,2,2,

1(

3,3,2,2,2,

1,1,1,

1,

298115370080874661501

276819121839685487345

887

157454324751166974984

201

7694

134138907574

31

19635969162806857749

402

25635695788624581538

252

21296249241189174156

Obli-gations

ofStates

andpoliti-

calsub-divi-sions

2233333

A

22222222

1111111

280684482551493440287

851150888984934876729818

,834

425344634651623484444487456

114173177190164209158186204

632752981979925942913933963

681880

,097,165,222,241,214,212,212

429534595568561565559

Othersecu-rities

4,

3',3,3,2,2,

3.3 '2,2,2,2,2,2,2,

1

1111,1

213530436356295907696

388615873867840476294303331

630755695796781602558548577

115121167188188172155163169

046981868836858785726737735

595759144047013917855855849

824914563489456431403

* These figures do not include data for banks in possessions of the United States and therefore duler from those published by the Federal DepositInsurance 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 notcomparable with subsequent figures. For explanation see Banking atid Monetary Statistics, pp. 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, whichbecame members of the Federal Reserve System during 1941. These banks are not included in "all insured commercial banks . "

3 Central reserve city banks.



ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES—ContinuedRESERVES AND LIABILITIES


Class of banks,and call dates

All insured com-mercial banks:

1934—June 30 . . . .1937—June 30 . . . .1940—June 29 . . . .1941—June 30 . . . .1942—June 30 . . . .1943—June 30 . . . .

Dec. 3 1 . . . .

Member banks ,total


Dec. 3 1 . . . .1944—Apr. 13. . . .

June 30

New York City:5


Dec. 3 1 . . . .1944—Apr 13.. . .

June 3 0 . . . .

Chicago:*1934—June 30 . . . .1937—June 30 . . . .1940—June 29 . . . .1941—June 30 . . . .1942—June 30 . . . .1943—June 30 . . . .

Dec. 3 1 . . . .1944—Apr. 13. . . .

June 30

Reserve city banks:1934—June 30. . .1937—June 30. . .1940—June 29. . .1941—June 30. . .1942—June 30. . .1943—June 30. . .

Dec. 3 1 . . .1944—Apr. 13. . . .

June 30. . .

Countr1934—1937—1940—1941—1942—1943—

y banks:une 30...une 30...une 29...une 30...une 30...une 30...

Dec. 3 1 . . .1944—Apr. 13.. . .

June 30...Insured non-

member com-mercial banks

1934—June 30...1937—June 301940—June 29...1941—June 30...1942—June 301943—June 30...

Dec. 31 . . .

Re-serveswith

federalRe-

serveBanks

3,8196,897

13,75112,95912,29512,09212,834

3,8196,897

13,75112,95912,29512,09312,83512,49712,813

1,4172,7497,0725,8574,7623,4733,5963,5303,455

436596

1,1871,062

973786821795811

1,19"2,21C

3,75"4,1254,2544,8485,1164,9985,109

7691,3371,7331,9142,3062,9873,3033,1733,438

Cashin

vault

623844984

1,2421,2901,4481,445

473629789999

1,0221,1421,1321,2651,143

646088

136889292

11185

402739414339384041

154212334385357395391442399

215330328437533616611671618

150214194242268307313

Bal-anceswithdo-

mesticbanks4

3,6614,4957,5388,2968,1028,4318,445

2,7603,2075,7516,2935,7705,5785,4505,2665,799

9710511913110352615760

162156242262220173158182179

1,3971,3922,6792,7932,2791,8921,7581,7841,922

1,1041,5542,7113,1063,1683,4623,4743,2423,638

9011,2881,7882,0042,3332,8532,996

De-mand

de-positsad-

justed5

16,21124,34030,94436,16741,21655,27159,921

14,26121,40127,87732,67836,96648,95752,64253,25551,829

4,8006,733

10,23511,61911,71113,54313,89913,98913,254

1,0771,5091,8982,2052,3793,0023] 0503,0193,070

4,5937,1328,774

10,48012,51517,40318,65418,99618,405

3,7926,0276,9698,374

10,36015,00917,03917,25117,099

1,9492,9393,0663,4884,2506,3147,279

Demanc

Interbankdeposits

Do-mestic4

4,1445,3798,9379,7009,2009,7689,743

4,0705,2988,8529,6109,1109,6489,6039,2639,904

1,5922,0143,8403,9483,2842,9392,8672,7923,105

391536949

1,0101,0281,032'972

1,0111,090

1,7852,3393,5264,0004,0524,7494,7704,5314,757

303409538652747928994929951

I

7481849089

120141

For-eign

156618699682748834893

155615696681746832891937937

135575646618679744810855852

2678

1013141415

163341535571636265

122234565

i

2331222

U. S.Gov-ern-

ment

1,708651756666

1,7717,6999,950

1,658628711619

1,7247,2369,444

11,46817,634

802306

6732

8632,8203,3954,0266,150

47417995

201506713866

1,105

635212422341422

2,3833,3733,9756,453

17469

143151237

1,5271,9622,6013,926

5023454747

463506

deposits

Statesand

)oliticalsubdi-visions

2,0243,1653,0983,5343,8654,2614,352

1,5982,5772,5292,9403,2303,5223,6023,6133,638

167368258319271249252201213

174208199213226202174155218

526934956

1,1391,3041,4521,4481,4961,464

7311,0671,1151,2691,4291,6191,7271,7611,743

426586570594635740750

Certi-fiedandoffi-

cers'checks

etc.

400802521792766

1,1321,669

372752475738711

1,0501,5731,0581,460

154427147306273404710396722

152217332436443041

117163147209218333475344384

85139164190196277344288314

29514654558396

Indi-viduals,partner-

ships,nd cor-pora-tions

14,88122,62328,89734,32839,26253,41658,338

13,34920,27226,39731,42935,64647,86351,82052,12650,756

4,8946,934

10,28311,89512,01414,00114,37314,48213,740

9441,4091,7822,1092,2922 9813',0973,0883,040

4,3616,8408,372

10,14212,19917,27618,79018,87918,367

3,1505,0895,9607,2829,141

13,60415,56115,67715,609

1,5322,3502,5002,9003,6165,5546,518

Inter-bank

1341491591631287868

13013714214511471626063

812564446

11

1

1061101091098449413937

151529302717171515

41117181476

Time deposits

U.S.Gov-ern-mentand

PostalSav-ings

66113274655674

124

58510059554971

120113104

69

67

1

""5"5

22

2593518191831565545

2566437313137565252

76321510744

Statesand

polit-ical

subdi-visions

384346502475471412395

333292410397400341327347333

121729271721262317

1517

111

234190219211239172151167158

8785

147143143148149156157

51549277717168

Indi-viduals,partner-ships,nd cor-pora-tions

11,34013,92914,77515,20314,88316,88718,561

8,76310,81811,45911,89811,67313,38214,82215,64516,448

649767732778717755816846861

361452489480460477505514543

3,3664,1404,4224,5904,4545,2655,9026,2376,567

4,3885,4595,8166,0496,0426,8867,5998,0488,477

2,5763,1123,3163,3123,2183,5143,750

Bor-row-ings

79351411122446

4017336

1839

10075

" 3 "

311296864

32

4

36133337

102811

3918108666

Capi-talac-

counts

6,2446,3956,6066,7726,9437,2287,453

5,1055,3395,6085,8005,9916,2526,4756,6276,696

1,6321,5981,5991,6251,6981,7741,8621,8911,907

228245260279293312326329343

1,6331,7231,8731,9401,9852,0712,1352,1862,207

1,6121,7741,8761,9562,0142,0942,1532,2212,239

1,1391,057

998973952977979

4 Beginning June 30, 1942, excludes reciprocal bank balances, which on that date aggregated 600 million dollars at all member banks and 614 milliondollars 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 OUTSIDELOANS AND INVESTMENTS

[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or month

Total—101 Cities1943—July

1944—MarAprMayJuneJuly

May 31

June 7June 14June 21June 28



New York City1943—July

1944_MarAprMay\ J

JuneJuly

May 31




OutsideNew York City

1943—July

1944—-MarAprMayJuneJuly

May 31




Totalloansand

invest-ments

46,370

52,69851,43750,36651,65656,960

49,988

50,C3250,40551,15255,036

56,26257,21157,30457,065

56,91756,52456,38355,906

17,261

19,35218,77818,17818,67220,956

17,972

18,00418,16818,45520,061

20,71721,09221,11120,905

20,80920,47420,33720,109

29,109

33,34632,65932,18832,98436,004

32,016

32,02832,23732,69734,975

35,54536,11936,19336,160

36,10836,05036,04635,797

Loans

Total

9,549

11,33810,55310,18610,74612,085

10,081

10,15510,24910,41612,164

12,28312,33111,99911,727

11,48711,29611,20811,086

3,664

4,6554,1303,9384,2935,061

3,893

3,9794,0574,1644,971

5,0495,2395,0814,874

4,7024,5794,5234,404

5,885

6,6836,4236,2486,4537,024

6,188

6,1766,1926,2527,193

7,2347,0926,9186,853

6,7856,7176,6856,682

Com-mer-cial,

indus-trial,andagri-cul-

tural

5,612

6,3676,1565,9585?, 9386,058

5,846

5,8705,9135,9396,027

6,0376,0406,0686,088

6,0156,013

"6,0016,006

2,149

2,4782,4002,3112,3062,309

2,250

2,2792,3002,3112,337

2,3162,2932,3032,323

2,2842,2812,2702,275

3,463

3,8893,7563,6473,6323,749

3,596

3,5913,6133,6283,690

3,7213,7473,7653,765

3,7313,7323,7313,731

For purchasingor carrying

To brokersand dealers

U .S .Govt.

ob-liga-tions

Otherse-

curi-ties

1,034

1,015680632904

1,075

622

696736812

1,380

1,1591,2421,019

880

807758710742

414

779490486719830

494

568610681

1,016

899977777668

603562524559

618619582606641

570

565576623652

664653636609

639593594605

471

484483443460498

429

432439466502

510503505473

482459463469

149

236190146185245

128

128126131364

260265242212

204196186183

134136139146143

141

133137157150

154150131136

157134131136

securities

To others

U . S .Govt.

ob-liga-tions

Otherse :

cun-ties

399

656451300529

1,467

279

272265285

1,295

1,5751,5751,3991,318

1,2131,1611,091

971

303295306311337

310

303309311321

344332326346

334337364341

194

376231124214777

111

110107119520

695850804759

693680626517

115116125128137

127

122128129130

131136133148

131132158133

205

280220176315690

168

162158166775

880725595559

520481465454

188179181183200

183

181181182191

213196193198

203205206208

Real-estateloans

1,156

1,0841,0771,0731,0721,070

1,073

1,0711,0721,0721,073

1,0691,0701,0721,070

1,0711,0681,0711,072

98

8785838181

82

82828180

80818180

80797979

1,058

997992990991989

991

989990991993

989989991990

991989992993

Loansto

banks

56

7671544894

55

53493853

9274

12784

87506645

35

5851433380

49

36412630

6857

12174

79405628

21

1820111514

6

178

1223

24176

10

8101017

Otherloans

1,292

1,2191,2041,2811,3381,343

1,326

1,3251,3291,3361,363

1,3431,3451,3521,332

1,3211,3161,3111,304

303

278274323352349

351

350350351356

350342357349

350346347344

989

941930958986994

975

975979985

1,007

9931,003

995983

971970964960

Total

36,821

41,36040,88440,18040,91044,875

39,907

39,87740,15640,73642,872

43,97944,88045,30545,338

45,43045,22845,17544,820

13,597

14,69714,64814,24014,37915,895

14,079

14,02514,11114,29115,090

15,66815,85316,03016,031

16,10715,89515,81415,705

23,224

26,66326,23625,94026,53128,980

25,828

25,85226,0i526,44527,782

28,31129,02729,27529,307

29,32329,33329,36129,115

Inves tments

U. S. Government obligations

Total

33,858

38,48737,99937,33838,00841,962

37,029

37,02737,25937,83239,917

41,04841,91742,42442,460

42,48842,28942,22941,875

12,645

13,74413,71013,35113,46014,946

13,175

13,12813,19413,37214,145

14,72614,87215,09215,097

15,11414,89214,81014,701

21,213

24,74324,28923,98724,54827,016

23,854

23,89924,06524,46025,772

26,32227,04527,33227,363

27,37427,39727,41927,174

Bills

4,583

3,5443,1672,5532,4913,725

2,299

2,2852,3572,3812,942

3,5493,6233,9073,821

3,8813,7253,6583,324

1,516

1,1181,178

867670

1,216

744

648665582786

1,1361,0711,3581,299

1,3221,1881,1681,099

3,067

2,4261,9891,6861,8212,509

1,555

1,6371,6921,7992,156

2,4132,5522,5492,522

2,5592,5372,4902,225

Cer-tifi-

catesof in-debt-

ed-ness

6,995

8,9568,9638,9289,329

11,020

8,886

8,8348,9119,231

10,341

10,75511,09811,09311,135

11,05711,00410,99011,009

2,635

3,2853,3673,3373,4053,999

3,294

3,2553,2693,3593,738

3,9664,0393,9794,012

4,0043,9203,8683,869

4,360

5,6715,5965,5915,9247,021

5,592

5,5795,6425,8726,603

6,7897,0597,1147,123

7,0537,0847,1227,140

Notes

4,602

6,6397,1937,1077,1647,433

7,094

7,0977,1117,1857,262

7,3027,4217,5047,503

7,5027,4777,4537,411

1,754

2,4842,7402,6372,6512,741

2,614

2,6132,6112,6662,711

2,7332,7582,7352,739

2,7332,7132,6912,673

2,848

4,1554,45,54,4704,5134,692

4.48C

4,4844,5C04,5194,551

4,5694,6634,7694,764

4,7694,7644,7624,738

Bonds

15,880

18,24218,02618,11818,40919,161

18,134

18,20318,27518,41618,743

18,81419,15319,30019,378

19,43519,47819,52019,532

5,853

6,3526,2136,3066,5536,795

6,330

6,4326,4756,5836,722

6,7046,8066,8236,848

6,8666,8906,9026,885

10,027

11,89011,81311,81211,85612,366

11,804

11,77111,80011,83312,021

12,11012,34712,47712,530

12,56912,58812,61812,647

Guar-an-teed

1,798

1,106650632615623

616

608605619629

628622620623

613605608599

887

505212204181195

193

180174182188

187198197199

189181181175

911

601438428434428

423

428431437441

441424423424

424424427424

Othersecu-rities

2,963

2,8732,8852^8422,9022,913

2,878

2,8502,8972,9042,955

2,9312,9632,8812,878

2,9422,9392,9462,945

952

953938889919949

904

897917919945

942981938934

9931,0031,0041,004

2,011

1,9201,9471,9531,9831,964

1,974

1,9531,9801,9852,010

1,9891,9821,9431,944

1,9491,9361,9421,941

Back figures .—See Banking and Monetary Statistics, pp. 127-227.

9OO FEDERAL RESERVE BULLETIN


WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—ContinuedRESERVES AND LIABILITIES

[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or month

Total 101 Cities1943—July

1944—MarAprMayr ajr

JuneJuly

May 31




New York City1943—July


May 31


July 5July 12July 19 . . . . .July 26

Aug 2Aug. 9Aug. 16Aug 23

OutsideNew York City

1943—July


May 31


July 5July 12.. .July 19..July 26. .


Re-serveswithFed-eralRe-

serveBanks

8,667

8,5218,6598,9349,3138,748

9,060

9,2829,5269,4938,952

8,8268,7198,6868,761

8,7648,7508,8178,883

3,220

3,1673,2573,3473,4843,175

3,384

3,5033,5683,5733,291

3,2303,1343,1163,221

3,2483,2133,1983,251

5,447

5,3545,4025,5875,8295,573

5,676

5,7795,9585,9205,661

5,5965,5855,5705,540

5,5165,5375,6195,632

Cashin

vault

533

535547543575563

526

539588580595

548586561556

532535526545

85

8689909392

91

89969097

95958888

84878287

448

449458453482471

435

450492490498

453491473468

448448444458

Bal-anceswithdo-

mesticbanks

2,300

2,1082,0342,0312,1792,341

2,118

2,0592,1892,2022,267

2,3732,4252,2872,280

2,1772,1862,2392,132

26

3532322526

58

26272525

25262627

25202626

2,274

2,0732,0021,9992,1542,315

2,060

2,0332,1622,1772,242

2,3482,3992,2612,253

2,1522,1662,2132,106

De-mand

de-posits

ad-justed1

33,108

32,81433,85335,42435,88632,873

36,208

36,87937,22936,42633,008

32,56132,48132,94533,503

33,59733,56533,89434,400

12,456

12,14812,61113,20213,43611,944

13,586

13,90513,98513,71512,141

11,86311,76811,94912,197

12,34812,19512,24912,524

20,652

20,66621,24222,22222,45020,929

22,622

22,97423,24422,71120,867

20,69820,71320,99621,306

21,24921,37021,64521,876

Demand deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

33,159

33,04933,936

r35,287r35,95933,183

r36,184r36,649r 37,569r36,447r33,170r32,658r33,031r33,303r33,738

33,65033,51934,23334,449

12,768

12,56112,96513,48413,80612,345

13,968

14,17014,42814,13712,489

12,18212,22112,36812,608

12,67512,46512,64812,875

20,391

20,48820,971

r21,803r22,15320,838

r22,216r22,479r23,141r22,310r20,681r20,476r20,810r20,935r21,130

20,97521,05421,58521,574

Statesand

polit-icalsub-divi-sions

1,807

1,7071,848

rl ,995rl ,9211,669

r2,054rl,962rl,912r2,043rl ,765

rr

1,706L,660L,6191,690

1,7771,7501,719L,741

213

174187237191145

226

196197197176

144151140147

175179169161

1,594

1,5331,661

rl,758rl,7301,524

rl ,828rl ,766rl ,715rl,846rl,589rl,562rl,509rl ,479rl ,543

1,6021,5711,5501,580

Certi-fiedandoffi-cers'

checksetc.

681

889779684798840

667

620751913907

892981774712

721627594701

378

546457362441475

325

315389525534

483616419382

381326280399

503

343322322357365

342

305362388373

409365355330

340301314302

U.S.Gov-ern-

ment

5,255

10,8298,6516,0706,622

14,283

4,934

4,1494,2635,486

12,589

13,91714,75514,47213,989

13,60213,08512,60111,783

2,201

4,4983,5522,4432,5635,864

1,960

1,6301,6261,9964,998

5,7156,0675,9345,739

5,5565,3475,1484,800

3,054

6,3315,0993,6274,0598,419

2,974

2,5192,6373,4907,591

8,2028,6888,5388,250

8,0467,7387,4536,983

Time deposits,except interbank


ships,andcor-

pora-tions

5,611

6,2666,3706,5196,6366,705

6,575

6,6236,6396,6396,643

6,6636,6856,7206,751

6,7986,8506,8906,921

688

759769784793790

791

799799792783

785783792798

810815820819

4,923

5,5075,6015,7355,8435,915

5,784

5,8245,8405,8475,860

5,8785,9025,9285,953

5,9886,0356,0706,102

Statesand


118

126128129125118

130

127127126119

117118118119

119117119121

18

2019181715

19

19191715

15141415

15151515

100

106109111108103

111

108108109104

102104104104

104102104106

U.S .Gov-ern-

mentand

PostalSav-ings

40

5856484745

48

47474748

46464645

45464646

66667

6

6667

7777

7777

40

5250424138

42

41414141

39393938

38393939

Interbankdeposits

Domesticbanks

De-mand

8,767

8,3658,1028,0538,6888,931

8,108

8,4098,7138,872•8,759

9,0519,2318,8258,617

8,6548,7428,8108,540

2,864

2,6582,6092,5902,8312,965

2,547

2,6542,8182,9472,903

3,0313,0842,9202,825

2,8162,7982,7882,689

5,903

5,7075,4935,463S.8575,966

5,561

5,7555,8955,9255,856

6,0206,1475,9055,792

5,8385,9446,0225,851

Time

4 9

4140393836

38

38383837

36373736

37363636

1

11111

1

1111

1111,

1111

48

4039383735

37

37373736

35363635

36353535

For-eign

banks

777

847869891877885

896

882877882867

881878886894

881868877873

692

768787807792801

810

795793797783

796797802810

796789798791

85

7982848584

86

87848584

85818484

85797982

Bor-row-ings

51

6983

13914692

188

21015215965

7664

14879

42514788

45

4256497368

36

96668249

6232

12356

23302431

6

2727907324

152

114867716

14322523

19212357

Cap-italac-

counts

4,133

4,3274,3564,3884,4054,421

4,403

4,4064,4024,4114,403

4,4204,4244,4174,422

4,4374,4424,4444,449

1,615

1,7081,7161,7281,7321,734

1,735

1,7331,7321,7341,728

1,7341,7351,7341,732

1,7441,7461,7461,746

2,518

2,6192,6402,6602,6732,687

2,668

2,6732,6702,6772,675

2,6862,6892,6832,690

2,6932,6962,6982,703

Bankdeb-its2

52,011

59,58751,76652,03167,01258,357

10,861

11,58212,67616,09321,041

14,05114,49113,94012,596

13,34811,30012,02711,644

21,261

25,65021,28420,92728,98925,423

4,440

4,7865,2976,8229,517

6,4176,3736,0025,487

5,5644,7214,9194,662

30,750

33,93730,48231,10438,02332,934

6,421

6,7967,3799,271

11,524

7,6348,1187,9387,109

7,7846,5797,108<>,982

r Revised.1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.2 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 DISTRICTSLOANS AND INVESTMENTS

[ In millions of dollars]

Federal Reservedistrict and date

BostonJuly 26Aug. 2Aug. 9Aug. 16Aug. 23

New York*July 26Aug. 2Aug. 9Aug. 16Aug. 23

PhiladelphiaJuly 26Aug. 2Aug. 9Aug. 16Aug.23

ClevelandJuly 26Aug. 2Aug. 9Aug. 16Aug.23

RichmondJuly 26Aug. 2Aug. 9Aug.16 : . .Aug.23

AtlantaJuly 26Aug. 2 . :Aug. 9Aug.16A u g . 2 3 . : . . . . . .

Chicago*Jiily'26A u g . : 2.:.:.-...Ayg< 9. ;Aug.16 , . .Aug .23 . , . . . i . .

St. Lows'.J d l y | 2 6 . ; . . . . . .Aug.' 2 . :Aug. 9Aug.16Aug;23,:

MinneapolisJiily.26..Aug. 2 . : . . . i . .Aug. 9Aug.16Aug.23.

Kansas CityJuly 26Aug. 2Aug. 9Aug.16Aug.: 23'.

Dallas-July 26Aug. 2Aug. 9Aug.16Aug.23

San FranciscoJuly 26Aug. 2Aug. 9Aug.16Aug.23

City of Chicago*July 26Aug. 2Aug. 9Aug.16Aug.23

Totalloansandin-

vest-ments

3,1313,1243,1173,0803,034

22,80422,70322,36422,23921,994

2,4162,3882,3912,3752,359

4,5524,5684,5334,5544,565

1,8381,8361,8331,8341,825

1,7361,7381,7341,7351,731

8,8018,7968,7528,7278,600

1,686,685,701,707,695

,119,115,114,108,093

,903,911,906

,572,555

1,5641,5761,573

5,5245,5235,5185,5375,531

5,3595,3455,2955,2675,181

Loans

Total

669659658655657

5,2375,0684,942

4^765

439433433431430

889

874881

319317319317315

311305297292289

1,5811,5691,5221,5201,510

409405403401403

188189187187190

345341341339340

360347342339339

980967970968967

082083043036032

Com-mer-cial,in-

dus-trial,andagri-cul-tural

414411407408407

2,4852,4492,4452,4332,438

241238238238238

401402405405406

111112115116117

164161161157156

1,0181,001997

1,001998

221219221220222

99102101101104

218214215214215

249237236233232

467469472475473

751741737739737

For purchasing or carry-ing securities

To brokersand dealers

U.S.Govt.obli-ga-

tions

2521222121

672609566528564

99753

6466676663

Othersecur-ities

1917171416

477486463

To others

U.S.Govt.obli-ga-

Othersecur-ities

1111111010

789721708653543

65555

10510193

7776737168

3937323029

150138123120115

2826242523

1414131212

2120201919

2725222223

5139373636

9990817875

2020202020

171154154180155

99999

1313131314

1010101010

67677

4950505051

77

Real-estateloans

6263636464

157157156156156

3636363737

164164164164165

5050515151

2626252626

133133132133132

6565656565

2323232323

3838383738

2021202020

296295295295295

2323232222

Loansto

banks

54556

7580415729

Otherloans

113112113113113

411412409410407

103103103104103

129129127126124

5957575657

6967666665

127125126126125

8181797677

4544444444

5657575756

4243424242

9791939191

Investments

Total

2,4622,4652,4592,4252,377

17,56717,63517,42217,35417,229

1,9771,9551,9581,9441,929

3,6633,6813,6513,6803,684

1,5191,5191,5141,5171,510

1,42.1,4331,4371,4431,442

7,2207,2277,2307,2077,090

1,271,2801,2981,3061,292

931926927921903

1,5411,5451,5621,5721,566

1,2121,2081,2221,2371,234

4,544,5564; 5484,5694,564

4,2774,2624,2524,23:4,14«

U. S. Government obligations

Total

2,3652,3712,3652,3332,284

16,56016,56516,34316,27316,148

1,8081,7891,7931,7791,767

3,4283,4423,4153,4423,441

1,4631,4631,4591,4621,455

1,3111,3181,3211,3271,325

6,7106,7116,7166,6876,575

1,1691,1711,1891,1961,183

864864

839

1,41'1,4381,4471,440

1,1681,1641,1781,1931.19C

4,204,214,20S4,23.4,22*

3,94?3,92i3,91i3,88(

3,81

Bills

271276277246215

1,3781,3961,2521,2371,155

194175175164155

310317281304305

120119114115108

9396959593

707756750703582

5152706646

7067675835

125115125131116

125124127r6133

377388392403381

437468453407325

Certifi-catesofin-

debt-ed-ness

672666662670683

4,3354,3104,2284,1724,173

398389390388378

858865872875874

331331330333333

347351352356359

1,9551,8991,9111,9191,906

332331333342342

240241240241246

369380387387392

348348353357356

950946946950967

1,1661,1071,1171,1261,125

Notes

359359357345315

3,0563,0553,0363,0142,994

234242243242243

518518518519519

263258259255254

313306306309306

1,0961,0981,0971,0971,092

230230225226231

15115315315;15.297300296303309

21521321219219

771770770771776

614613611611606

Bonds

1,0481,0541,0541,0571,056

7,5667,5887,6197,6407,622

928928930930936

1,6971,6981,6991,6991,699

733739740743744

534542546545546

2,8762,8822,8822,8922,918

535537540540543

391392393393394

586587593589

, 586

460459460460461

2,0242,0292,0222,032

.2,027

1,7011,7071,7051,7151,724

Guar-an-

teed

1516151515

225216208210204

5455555555

4544454544

1616161616-

2423222221

7676767677

2121212221

1111111111

3737373737

2020212121

7978787877

3030303031

Othersecu-rities

9794949293

1,0071,0701,0791,0811,081

169166165165162

235239236238243

5656555555

114115116116117

510516514520515

108109109110109

6862636564

127126124125126

4444444444

343345340335336

329337336342338

* 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 theNew 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—ContinuedRESERVES AND LIABILITIES


Federal Reservedistrict and date

Boston (6 cities)July 26Aug. 2Aug. 9.. .Aug. 16Aug. 23

New York (8 cities)*July 26Aug. 2Aug. 9Aug. 16Aug. 23

Philadelphia (4 cities)July 26Aug. 2Aug. 9Aug. 16Aug. 23

Cleveland (10 cities)July 26Aug. 2Aug. 9Aug. 16Aug. 23

Richmond (12 cities)July 26Aug. 2Aug. 9Aug. 16Aug. 23

Atlanta (8 cities)July 26Aug. 2Aug. 9Aug. 16Aug. 23

Chicago (12 cities)*July 26Aug. 2Aug. 9Aug. 16Aug. 23

St. Louis (5 cities)July 26Aug. 2Aug. 9Aug. 16 . .Aug. 23

Minneapolis (8 cities)July 26Aug. 2Aug. 9Aug. 16Aug. 23

Kansas City (12 cities)July 26Aug. 2Aug. 9Aug. 16Aug. 23

Dallas (9 cities)July 26Aug 2Aug. 9Aug. 16Aug. 23

San Francisco(7 cities)July 26Aug. 2Aug. 9Aug. 16Aug. 23

City of Chicago*July 26Aug. 2Aug. 9Aug. 16Aug. 23

Re-serveswithFed-eralRe-

serveBanks

413412401415425

3,4483,4763,4193,3963,462

376370373373376

700693697700707

262260268273276

286289304306300

1,3631,3481,3351,3711,353

273260277285284

157160160164162

377377390386390

296306323315308

810813803833840

849838838851838

Cashin

vault

5855555557

120114118112118

2826272728

7171676769

3634353434

2725262626

9693949295

2019191819

1110101011

2322222223

2421222123

4242404242

4242424143

!

Bal-anceswithdo-

mesticbanks

118109103102102

105113108107107

7772707578

230212203213201

193172179172156

164160171180162

409388399404380

120116118117112

8480797780

286270279285272

231230229247235

263255248260247

186182182190184

i

De-mand

de-posits

ad-justed1

•

1,9441,9461,9471,9601,983

13,41613,58513,41613,47813,761

1,5691,5401,5681,5691,597

2,7992,7902,7832,8262,900

1,0771,0631,0801,0921,106

1,0241,0351,0521,0691,070

5,2515,2275,2455,3175,331

899889918941947

610604609614618

1,1271 1091,1411,1551,176

1,0701,0641,0751,0921,101

2,7172,7452,7312,7812,810

3,1223,1083,0993,U43,165

Demand deposits,except interbank


ships,andcor-

pora-tions

1,9231,9141,9161,9421,952

13,67713,74413,52213,72913,948

1,6211,5871,6041,6251,641

2,8322,8062,7802,8732,912

1,0591,0461,0691,0831,096

977987999

1,0301,007

5,1315,0715,1105,2265,176

931932940978973

r581572577587591

1,1331,1241,1451,1701,179

1,0921,0751,0851,1231,120

2,7812,7922,7722,8672,854

3,1073,0783,0743,1453,146

Statesand


102115104103104

330380378362363

4447524848

128133135133132

8386768579

133137138134149

429425420412421

6161656563

r7881797676

122121119118122

4954545048

131137130133136

209201198191190

Certi-fiedandoffi-cers'

checksetc.

•

2429242523

409409352307423

1912121313

4245363940

1819151516

99999

6067566560

1314111010

1299

109

' 1616151617

2219171717

6873716864

2730272629

U. S.Gov-ern-ment

933905868838784

6,1005,9065,6855,4745,104

606586566546517

915893859823769

515498478461430

384372358344321

2,0832,0361,9551,8791,766

340329315304284

307297285274256

340333321310290

333323310300280

1,1331,1241,0851,048

982

1,3461,3171,2631,2131,133

Time deposits,except interbank


ships,andcor-pora-tions

305308310312313

1,2751,2891,2971,3041,305

172173174175175

905910917921926

256257259261262

284286288291292

1,3331,3441 3581,3651,372

246247249250252

146147148149150

199200202203204

175176177179180

1,4551,4611,4711,4801,490

561568576578580

Statesand

polit-• i

icalsub-divi-sions

1717171717

99989

4848474950

22222

33233

33333

11111

1111111111

2525252525

U.S.Gov-ern-

mentand

PostalSav-ings

33333

99

101010

11111

77777

33333

44444

55555

33333

22222

88888

Interbankdeposits

Domesticbanks

De-mand

270273281273276

2,8882,8832,8642,8532,752

340346343352342

488504494508490

339340355357350

426425442448441

1,4911,5091,5131,5231,450

502500517520499

233243251252251

781786803811790

447451477490478

412394402423421

1,0681,0761,0801,0851,030

Time

44334

88888

55555

'"i"11

55555

55555

99999

For-eign

banks

1616161616

812798791800793

77778

54444

12111

44444

1719181818

11111

66112

11212

2423232424

1415151515

Bor-row-ings

22476

6623312542

33322

8

33333

5985

21

22

6

Cap-italac-

counts

265265266265266

1,8701,8841,8861,8861,886

230231231231231

441442442444443

115115115115116

111111111111112

515516516517518

113113113113113

7776777777

130130130130131

108108108108108

447446447447448

337338338338338

Bankdeb-its2

633621536555521

5,7965,9025,0595,2644,996

506650446455427

790875766844772

341370313325330

330336311330334

1,9202,2451,6851,9191,969

337321311320330

211234241238241

448426400458425

311332284323327

9731,036

948996972

1,1191,3961,0301,0781,130

* See note on preceding page. r Revised.1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.2 Debits to demand deposit accounts except interbank and U. S. Government accounts.

SEPTEMBER 1944 903


COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING[In millions of dollarsl

End of month

Commer-cial

paperout-

standing1

Dollar acceptances outstanding

Totalout-

standing

Held by

Accepting banks

Total Ownbills

Billsbought

! Others2

Based on

Importsinto

UnitedStates

Exportsfrom

UnitedStates

DOIIL/exchange

Goods stored in orshipped between

points in

United ForeignStates countries

1943—AprilMayJuneJulyAugust . . .September.October....November.December

1944—JanuaryFebruary..MarchAprilMayJuneJuly

179160143150156170188203202

209214195172151137143

128136140139130117115111117

120135129126113112110

991051021029484

90

94106100969087

616562645950485352

55575251494446

384040383633393538

38494845414341

293138363633272327

27293029242523

717982817769675966

71S37977717472

10121079

1111

12121212101112

(3)(3)

383736353330293130

29323130282424

1112121011111099

1 As reported by dealers; includes some finance company paper sold in open market.2 None held by Federal Reserve Banks.3 Less than $500,000.Back figures.—See Banking and Monetary*Statistics, Table 127, pp. 465-467; for description, see p. 427.

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGEFIRMS CARRYING MARGIN ACCOUNTS

[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]

End of month

1936—JuneDecember

1937—JuneDecember

1938—JuneDecember

1939—June...December

1940—juneDecember

1941—JuneDecember

1942—JuneDecember

1943—JuneTulvAugustSeptemberOctoberNovemberDecember


Debit'balances

Customers'debit

balances(net)1

1,2671,395

1,489985

774991

834906

653677

616600

496543

761e780e740e820e830e780788

c780e800e820e780e790887

e940

Debitbalances inpartners'

investmentand trading

accounts

6764

5534

2732

2516

1212

118

97

9

11

5

Debitbalances in

firminvestmentand trading

accounts

164164

161108

88106

7378

5899

8986

86154

190

188

253

Cash onhand

and inbanks

219249

214232

215190

178207

223204

186211

180160

167

181

196

Credit balances

Moneyborrowed2

9851,048

1,217688

495754

570637

376427

395368

309378

529«530e490e77Oe740e600557

c560e650e630e600c550r619e660

Customers ' jcredit balances1

Free

276342

266278

258247

230266

267281

255289

240270

334e340e340e320e330e340354

€37Oe37Oe380c390

Other(net)

86103

9285

8960

7069

6254

6563

5654

66

Other credit balances

In partners'investmentand trading

accounts

2430

2526

2222

2123

2222

1717

1615

15

65 14

c400 i424

e42095 15

In firminvestmentand trading

accounts

1412

1310

115

67

55

75

44

7

5

11

In capitalaccounts

(net)

420424

397355

298305

280277

269247

222213

189182

212

198

216

e Estimated. Complete reports now collected semiannually; monthly figures for three items estimated on basis of reports from a small number oflarge 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 partners.

2 Inclu %

NOTE.-which the _o , „-—to be taken as representing the actual net capital of the reporting firms.

Back figures.—-See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detailat semiannual dates prior to 1942.

FEDERAL RESERVE BULLETIN9°4


OPEN-MARKET MONEY RATES IN NEW YORK CITY[Per cent per annum]

Year,month, or

week

Primecom-

mercialpaper,

4- to 6-monthsl

1941 average. ..1942 average.. ..1943 average

1943-JulyAugust . . .September,October .NovemberDecember.

1944—January...February..MarchAprilMayJuneJuly

Week ending:July 29. . . .Aug. 5 . . . .Aug. 12. . . .Aug. 19Aug. 26.. . .

Primebank-

ers'accept-ances,

90daysl

Stockex-

changecallloanre-

new-als2

Yields on U. S. #Government securities

.44

.44

.44

.44.44.44.44.44,44

.44

.44

.44

.44

.44

.44

.44

1.001.001.00

1.001.001.001.001.001.00

1.001.001.001.001.001.001.00

1.001.001.001.001.00

3-monthbills3

9- to 12-monthcer tin-ea tesof in-

debted-ness

.103

.326

.373

.374

.375

.375

.375

.375

.375

.374

.375

.375

.375

.375

.375

.375

.375

.375

.375

.375

.375

.68

.75

.77

.78.77.77

.78

.78

.80

.78

.77

.794.77

.76

.77

.77

.75

.75

3- to 5-year

taxablenotes

.761.131.31

1.301.291.311.311.291.30

1.301.321.361.361.351.341.31

1.311.301.301.301.30

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.

COMMERCIAL LOAN RATESAVERAGES OF RATES CHARGED CUSTOMERS BY BANKS

IN PRINCIPAL CITIES[Per cent per annum]

1935 average1

1936 average1

1937 average1

1938 average1

1939 average1940 average1941 average1942 average1943 average1939—December1940—March

JuneSeptemberDecember

1941—MarchJuneSeptemberDecember



1944-MarchJune

Total19 cities

2.932.682.592.53

2.782.632.542.612.722.592.652.592.682.592.582.552.602.412.482.622.702.63

2.763.002.482.65

2.632.63

NewYorkCity

1.761.721.731.69

2.072.041.972.072.301.962.032.002.142.002.061.951.981.881.852.072.282.09

2.362.702.052.10

2.102.23

7 OtherNorth-ern andEasterncities

3.393.042.882.75

2.872.562.552.582.802.592.672 492.562.532.532.582.622.452.482.562.662.63

2.762.982.712.76

2.752.54

1 Prior to March 1939 figures were reported monthly on a basis not strictlycomparable 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

Year, month,or week

Number of issues

1941 average1942 average1943 average

1943—JulyAugustSeptemberOctoberNovemberDecember

1944—JanuaryFebruaryMarchAprilMayJuneJ u l y . . . . .

W^ek ending:July 29Aug. 5Aug. 12Aug. 19Aug. 26

U. S. Government

Long-termpartially

tax-exempt

1-5

2.052.091.98

1.911.921.901.901.941.95

1.951.931.911.941.941.911.89

1.901.901.911.911.90

Taxable

7 to 9years

1-5

1^931.96

1.921.951.971.982.002.00

1.991.961.951.951.951.95

51.95

1.951.941.931.931.92

15 yearsand

over

1-6

2^462.47

2.452.462.482.482.482.49

2.492.492.482.482.492.492.49

2.492.482.482.482.48

Munic-ipal

grade)2

15

2.102.362.06

1.971.911.921.881.902.00

1.921.851.841.851.861.871.84

1.821.821.811.811.82

Corpo-rate

(highgrade)3

5

2.672.752.64

2.582.572.592.602.612.63

2.652.652.642.612.582.582.60

2.602.582.572.572.57

Corporate (Moody's)4

Total

120

3^343.343.16

3.113.103.113.113.133.14

3.113.103.093.083.063.053.04

3.043.033.033.033.02

By rating

Aaa

30

2.772.832.73

2.692.692.692.702.712.74

2.722.742.742.742.732.732.72

2.722.712.722.722.72

Aa

30

2.942.982.86

2.822.812.822.832.842.87

2.832.832.822.822.812.812.80

2.812.802.802.792.79

A

30

3.303.283.13

3.093.083.103.103.113.13

3.113.103.103.093.073.073.05

3.053.053.053.043.04

Baa

30

4.334.283.91

3.813.813.833.823.833.82

3.763.723.703.683.633.593.57

3.563.553.553.553.55

By groups

Indus-trial

40

2.952.962.85

2.802.792.822.822.852.86

2.832.832.832.832.812.792.79

2.802.792.802.792.79

Rail-road

40

3 953^963.64

3.563.553.563.553.563.56

3.513.493.483.453.413.403.37

3.363.353.343.343.34

Publicutility

40

3.113.112.99

2.952.962.962.962.983.00

2.992.982.C72.972.972.962.95

2.942.952.952.952.94

1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.2 Standard and Poor's Corporation.3 U. S. Treasury Department.4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced

from 10 to 5 and 10 to 6 issues, respectively, and the railroad Aaa group from 10 to 5"*issues.fi 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 MARKETS1

B o n d p r i c e s

Y e a r , m o n t h , o r w e e k

N u m b e r o f i s s u e s ...,

1 9 4 1 a v e r a g e . ,1 9 4 2 a v e r a g e . ,1 9 4 3 a v e r a g e . .

1 9 4 3 — J u l yA u g u s tS e p t e m b e r . .O c t o b e r . . . .N o v e m b e r . .D e c e m b e r . .

1 9 4 4 — J a n u a r y . . ,F e b r u a r y .M a r c hA p r i lM a yJuneJuly

w e e k e n d i n g :J u l y 2 9 . .A u g . 5 . .A u g . 1 2 . .A u g . 1 9 . .A u g . 2 6 . ,

U .S .Gov-ern-

ment

1-6

1 0 0 . 7 21 0 0 . 5 0

100.75100.53100.35100.39100.24100.19

100.18100.14100.26100.26100.19100.16100.19

100.20100.26100.32100.35100.40

Munic-ipal

(highgrade)3

1 3 0 . 91 2 6 . 21 3 1 . 8

1 3 3 . 41 3 4 . 61 3 4 . 41 3 5 . 21 3 4 . 91 3 2 . 8

134 4135.8136.0135.8135.6135.5136.1

1 3 6 . 41 3 6 . 41 3 6 . 61 3 6 . 61 3 6 . 4

C o r p o r a t e 4

High-grade

1 5

1 1 7 . 81 1 8 . 31 2 0 . 3

1 2 1 . 11 2 1 . 11 2 0 . 81 2 0 . 91 2 0 . 41 2 0 . 0

1 2 0 . 51 2 0 . 41 2 0 . 51 2 0 . 71 2 0 . 91 2 0 . 91 2 1 . 3

1 2 1 . 31 2 1 . 21 2 1 . 11 2 1 . 21 2 1 . 2

Medium- and lovrer-grade

Total

50

9 8 . 91 0 0 . 11 0 9 . 5

1 1 0 . 81 1 0 . 41 1 0 . 41 1 0 . 61 1 1 . 31 1 2 . 1

1 1 3 . 21 1 3 . 61 1 3 . 71 1 4 . 41 1 4 . 71 1 4 . 51 1 4 . 7

1 1 4 . 81 1 4 . 71 1 4 . 81 1 4 . 91 1 4 . 8

I n d u s -t r i a l

1 0 3 . 91 0 9 . 11 1 7 . 0

1 1 6 . 61 1 7 . 01 1 7 . 11 1 7 . 91 1 8 . 91 1 9 . 4

1 1 9 . 81 1 9 . 31 1 . 9 . 81 2 1 . 01 2 1 . 51 2 1 . 51 2 1 . 1

1 2 1 . 01 2 0 . 71 2 0 . 81 2 0 . 91 2 1 . 1

Rail-road

20

8 6 . 98 6 . 69 7 . 6

1 0 0 . 49 8 . 69 8 . 49 8 . 69 9 . 8

1 0 1 . 7

1 0 4 . 11 0 5 . 71 0 5 . 31 0 5 . 51 0 6 . 51 0 6 . 21 0 6 . 8

1 0 7 . 21 0 7 . 31 0 7 . 41 0 7 . 61 0 7 . 1

Publicutility

20

1 0 6 . 11 0 4 . 81 1 4 . 0

1 1 5 . 31 1 5 . 61 1 5 . 71 1 5 . 41 1 5 . 21 1 5 . 1

1 1 5 . 51 1 5 . 81 1 5 . 91 1 6 . 61 1 6 . 01 1 5 . 91 1 6 . 3

1 1 6 . 31 1 6 . 21 1 6 . 21 1 6 . 11 1 6 . 2

D e -f a u l t e d

2 1 . 92 7 . 24 4 . 0

4 8 . 14 4 . 24 6 . 44 9 . 94 5 . 44 6 . 9

5 2 . 85 8 . 16 0 . 15 9 . 05 8 . 96 1 . 26 1 . 3

5 9 . 75 8 . 05 7 . 05 8 . 25 7 . 0

S t o c k p r i c e s 6

Pre-ferrede

1 7 1 . 91 6 2 . 41 7 2 . 7

1 7 5 . 91 7 6 . 41 7 5 . 91 7 5 . 11 7 2 . 61 6 9 . 1

1 7 1 . 21 7 2 . 71 7 3 . 41 7 3 . 81 7 3 . 21 7 5 . 81 7 7 . 6

1 7 6 . 81 7 7 . 31 7 6 . 41 7 6 . 41 7 7 . 3

C o m m o n ( i n d e x , 1 9 3 5 - 3 9 - 1 0 0 )

Total

402

8 06 99 2

9 99 49 69 59 19 2

9 59 49 79 59 7

1 0 21 0 4

1 0 21 0 31 0 11 0 31 0 3

Indus-trial

354

807194

1019698979394

9696989799104107

104105103105105

Rail-road

20

716689

979191928786

9196999799101105

104104102103102

Publicutility

816182

8687878585

87878887889091

9191919293

Volumeof trad-

ing*(in thou-sands ofshares)

629466

1,032

1,145604663633886807

788807

1,124659730

1,5981,283

769834

1,04594475a

1 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 y f 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 .2 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 e i n 1 5 y e a r s a n d o v e r .3 P r i c e s d e r i v e d f r o m a v e r a g e y i e l d s , a s c o m p u t e d b y S t a n d a r d a n d P o o r ' s C o r p o r a t i o n , o n b a s i s o f a 4 p e r c e n t 2 0 - y e a r b o n d .4 P r i c e s d e r i v e d f r o m a v e r a g e s o f m e d i a n y i e l d s , a s c o m p u t e d b y S t a n d a r d a n d P o o r ' s C o r p o r a t i o n .g S t a n d a r d a n d P o o r ' s C o r p o r a t i o n .6 P r i c e s d e r i v e d f r o m a v e r a g e s o f m e d i a n y i e l d s o n n o n c a l l a b l e h i g h - g r a d e s t o c k s o n b a s i s o f a $ 7 a n n u a l d i v i d e n d .7 A v e r a g e d a i l y v o l u m e o f t r a d i n g i n s t o c k s o n t h e N e w Y o r k S t o c k E x c h a n g e .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 , r e s p e c t i v e l y .

N E W S E C U R I T Y I S S U E S[ I n m i l l i o n s o f d o l l a r s ]

Year or month

1 9 3 41 9 3 51 9 3 61 9 3 71 9 3 81 9 3 91 9 4 0 .1 9 4 1 . . .1 9 4 21 9 4 3

1 9 4 3 — J u l yA u g u s tS e p t e m b e r . .O c t o b e rN o v e m b e r ..D e c e m b e r . . .

1 9 4 4 — J a n u a r yF e b r u a r yM a r c hA p r i lMavJuneJuly

Total(newa n d

r e -f u n d -

i n g )

2 , 1 6 04 , 6 9 96 , 2 1 43 , 9 3 74 , 4 4 95 , 8 4 24 , 8 0 35 , 5 4 62 1 1 42 , 1 7 4

1 6 91 4 51 4 02 0 13 5 71 6 3

2 4 02 2 01 7 82 3 5418213274

Total( d o -

m e s t i ca n df o r -

e i g n )

1 , 3 8 61 , 4 5 71 , 9 7 22 , 1 3 82 , 3 6 02 , 2 8 91 9 5 1

2 , 8 5 41 0 7 5

6 4 2

3 12 95 15 7

1 6 533

1 0 37 35 88 0534270

F o r n e w c a p i t a l

D o m e s t i c

T o t a l

1 3 8 61 , 4 0 91 9 4 92 , 0 9 42 , 3 2 52 , 2 3 91 9 4 8

2 , 8 5 21 0 7 5

6 4 0

3 12 95 15 7

1 6 533

9 37 35 88 0534264

S t a t ea n dm u -

n i c i -p a l

8038557357129719 3 17 5 15183421 7 6

77

1 05

2 11 0

2 41 11 3

7212312

F e d -e r a l

a g e n -c i e s 1

40515022

1574819 2 44 6 1

1 , 2 7 2108

9 0

4

' " 3 1 "n2 31 0

3 1

4

C o r p o r a t e

T o t a l

178404

1 , 1 9 21 , 2 2 5

8733 8 37 3 6

1 , 0 6 26243 7 4

1 92 21 04 1

1 2 11 4

3 86 34 57 3331552

B o n d sa n d

n o t e s

1443348398178072 8 76 0 18895062 8 2

61 41 0338 7

8

1 55 92 82 1141143

Stocks

3569

352408

679 7

1 3 5173118

9 2

1 38

•••y •3 4

6

2 24

1 75 2195

10

F o r -e i g n 2

482344355 0

21

2

10

T o t a l( d o -

m e s t i ca n df o r -

e i g n )

7743 , 2 4 24 , 2 4 21 , 7 9 92 , 0 8 93 , 5 5 32 , 8 5 22 , 6 9 31 , 0 3 91 , 5 3 2

1 3 91 1 6

8 91 4 41 9 21 3 0

1 3 71 4 61 2 01 5 5365170204

T o t a l

7653 , 2 1 64 , 1 2 31 , 6 8 02 , 0 6 13 , 4 6 52 , 8 5 22 , 6 8 91 , 0 3 91 , 4 4 2

1 3 91 1 6

8 91 4 41 9 21 3 0

1 3 71 4 61 2 01 4 9356170204

S t a t ea n dm u -

n i c i -p a l

1363653821911291 9 54 8 24351812 5 9

4 22 21 01 11 5

8

1 42 61 21 0

1398

22

F o r r e f u n d i n g

Domestic

F e d -e r a l

a g e n -c i e s 1

317987353281665

1 , 5 3 73 4 46984404 9 7

3 11 52 44 6

1 0 73 9

2 53 03 1338327

Corporate

Total

3121 , 8 6 4

3 , 3 8 71 , 2 0 91 , 2 6 71 , 7 3 32 , 0 2 61 , 5 5 7

4186 8 5

6 67 95 58 77 08 3

1 2 39 67 8

1 0 8. 1 8 4

79154

B o n d sa n d

n o t e s

3121 , 7 8 23 , 1 8 7

8561 , 2 3 61 , 5 9 61 , 8 3 41 , 4 3 0

4076 0 3

6 56 95 15 95 87 7

6 2935 95 3

16976

133

S t o c k s

81200352

311 3 71 9 3126118 2

11 0

52 71 2

7

6 13

1 95 5153

21

F o r -e i g n 2

926

1191192888

4

90

69

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 s o 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 s o f U . S . T r e a s u r y .2 I n c l u d e s i s s u e s o f n o n c o n t i g u o u s U . S . T e r r i t o r i e s a n d P o s s e s s i o n s .S o u r c e — F o r d o m e s t i c i s s u e s , C o m m e r c i a l 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 o f C o m m e r c e . M o n t h l y f i g u r e s s u b j e c t t o

r e v i s i o n .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 1 3 7 , p . 4 8 7 .

9O6 FEDERAL RESERVE BULLETIN


NEW CORPORATE SECURITY ISSUES1

PROPOSED USES OF PROCEEDS, ALL ISSUERS[In millions of dollars]

Year or month

19341935 . . . . .193619371938 . . . . . . . . .1 9 3 9 . . . .1940 . .19411 9 4 2 . . . . . . . . . . . . . . . . . . .1943

1942—October.NovemberDecember. . . . . . .

1943—JanuaryFebruaryMarchApril. . . . . . .M a y . . . . . . .June . . . .JulyAugust. . . . . . . . .September . . . . . .OctoberNovemberDecember . . . . . . .

1944—January.. . . . . . . .FebruaryMarchAprilM a y . . . . . . . . . . . .June. . . .July

Estimatedgross

proceeds2

3972,3324,5722,3102,1552,1642,6772,667

Estimatednet

proceeds3

3842,2664,4312,2392,1102,1152,6152.623

1,062 ! 1.0431,112

463534

9499891839976

10669

130200103

15497

203155148163178

1,089

453433

8499688819774

10368

127197100

15095

199150146160174

Proposed uses of net proceeds

New money

Total

57208858991681325569868474285

45

16

112399

32253

15113

12214

34494853232346

Plant andequipment

32111380

Workingcapital

2696

478574 i 417504 1 177170424661287156

21

15

i o " "63

1410

126

913

23183224178

22

155145207187129

241

12

326

18153353

3110

113116286

1524

Retirement of securities

Total

2311,8653,3681,1001,2061,6951,8541,583

395721

412817

63448764970598050

1016979

11433

14793

120117122

Bonds andnotes

2311,7943,143

9111,1191,6371,7261,483

366651

412813

63442744951407942976475

5432

12955

115103109

Preferredstock

7 1 " "2261908759

1281003070

4

72

191919454

601

18385

1313

Repaymentof

other debt

84170154til215

6917414413854

1

2313

285

2263

24313

18

Otherpurposes

11234936

72619283528

8

210l"1

5

1813

16

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS[In millions of dollars]

Year or month

1934. . . . .19351936 . .19371938 . . . . . . .19391940 . . . .194119421943

1942—October.November . .December

1943—JanuaryF e b r u a r y . . . . . . .MarchAprilMayJune ..J u l y . . . . . . . . . . . .A u g u s t . . . . . . . . .SeptemberO c t o b e r . . . . . . . . .NovemberD e c e m b e r . . . . . . .

1944—Janua ry . . . . . . . . .F e b r u a r y . . . . . . .MarchA p r i l . . . . . . . .M a y . . . . .J u n e . . . . . . . .July

Totalnetpro-

ceeds

172120774338

5418231936147

159

9

\ 4

i 81 15! 3

1446

7! 6

4• 2 8

263

89

29

! 245

7

Railroad

Newmoney

2157

1392282485

1152533246

4

853

14

. . . . . .

4

33

89

29

247

Retire-ment ofsecuri-

ties

12054

5581103097

18610815

113

9

10

467

2823

41

Allotherpur-

poses4

311077

1

"is*"

Public utility

Totalnet

pro-ceeds

130,250,987751

,208L.2461,180L 340

464439

291727

39225838

2*4649503775

6130

14028582458

Newmoney

11306389

18043

245317145

8

10

211

4

6

" " s "


ties

771,1901,897

611943

1,157922993292414

291617

34205538

1244641493770

6130

13428582352

Allotherpur-

poses*

42302750864713302717

313

i4

5

1

Industrial

Totalnetpro-

ceeds

62774

1,2801,079

831584961828527468

6173

82

5927175040491448

13419

815528

1188558

109

Newmoney

2574

439616469188167244293219

442

12

335

11253932

1197

26401449191734


ties

34550761373226353738463

89187

312

1

6

1822

72326359

2499

533

1165622270

Allotherpur-

poses4

21508090

1364356

121146

62

I

2

8

""2"116

32263

212434

195

Other

Totalnet

pro-ceeds

20122390

7116

102155944

23

12

2311

3

241

33

Newmoney

462185789

42554

12

7

1

3

312


ties

72152

77

889

18

7 "

4

2

1

2

31

Allotherpur-

poses4

194

20715

10421

3

2

1

1 Estimates of new issues sold for cash in the United States. Current figures subject to revision.2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.4 Includes repayment of other debt and other purposes.Source.—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 CORPORATIONSINDUSTRIAL CORPORATIONS


Year or quarter

Number of companies...

19391940194119421943

Quarterly1940—1

234

1941—1234

1942—1.. .234

1943—12 . . . . .3 .4

1944—12

Net profits,1 by industrial groups

Total

629

1,4651,8182 1691.7921,823

422412396588

510549560550

419364451557

437441464481

r452462

Ironandsteel

47

146278325226205

475179

101

86848172

52525172

53485153

r4746

Ma-chin-ery

69

115158193159168

33393452

44484655

38353649

39424146

r4044

Au-tomo-biles

15

223242274209201

695317

103

79736061

46254692

47495253

r5260

Othertrans-porta-tion

equip-ment

68

102173227202203

41363363

53565662

« 5 16486 4 9654

654652651646

r658654

Non-ferrousmetals

andprod-ucts

77

119133153138128

33293040

39363840

36323436

34323132

2930

Otherdura-ble

goods

75

7088

1139083

14212528

23283032

19182230

19222023

r2023

Foods,bever-ages,and

tobacco

49

151148159151163

34383343

36434437

32324244

39404242

r4035

Oilproduc-

ingand

refin-ing

45

98112174152185

34302524

29425646

35274249

. 36424958

r4951

Indus-trial

chemi-cals

30

186194207164169

46455251

49535252

39354148

42414146

r4244

Othernon-dura-

blegoods

80

134160187136144

41413939

4448494 6 •

39273535

36353736

r3639

Mis-cella-neousserv-ices

74

122132159165173

29302944

29364648

32345247

39384947

r3937

Profits anddividends

Netprofits1

152

8471,0281,144

883902

246230211342

286297284276

204174211294

208221227245

r222226

Dividends

Pre-ferred

152

9090928886

21212225

22232324

21232023

21222123

2022

Com-mon

152

564669705552555

136158158217

150165170221

134135125158

127132127169

r142149

PUBLIC UTILITY CORPORATIONS[ In millions of dollars ]

Year or quarter

Railroad2

Operat-ing

revenue

Incomebeforeincome

Net income1

A" roads

Divi-dends

Electric power3

Operat-ing

revenue

Incomebeforeincome

tax6

Netincome1

Divi-dends

Telephone4

Operat-ing

revenueNet

income1Divi-dends

19391940194119421943

Quarterly1940—1

234

1941—1234

1942—1234

1943—1234

1944—12

3,9954,2975,3477,4669,054

9861,0101,1301,171

1,1521,2721,4681,454

1,4831,7972,0472,139

2,0912,2552,3682,340

2,2732,363

126249674

1,6582,209

-31592145

96145267166

178390556534

513605653438

458511

93189500902874

-12

• 71127

69103189138

90198286327

209239249177

148174

-102-7323147187

-29-33-14

3

—50235

12376038

52565525

2722

126159186202216

25292978

28363487

244630101

284939100

3155

2,6472,7973,0293,2163,471

709675682731

751723750805

816770792839

865836861

930

629692774847926

187161156188

209182183200

234196195222

257224213231

263242

535548527490506

148128123149

154126107139

131104105150

137119115135

135123

1,0671,1291,2351,3621,537

274281281294

295308311321

324337342359

366383389400

400406

191194178163180

49504550

43444546

41413943

42444548

4243

175178172163166

44444446

44454440

44423938

40424341

4242

r Revised.1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends.2 Class I line-haul railroads, covering about 95 per cent of all railroad operations.3 New series, Class A and B electric utilities covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations.4 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 dividendsreceived 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 com-panies and for telephone dividends. Figures for the current and preceding year subject to revision, especially for war producers whose contracts are underrenegotiation. 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 ]

End of month

1941—June

1942—June "Dec

1943—June

1943—JulyAugSeptOctNovDec

1944—JanFebMarAprMayJuneJuly

Totalgrossdirectdebt

48,96157,93872,422

108,170136,696

141,524144,059158,349165,047166,158165,877

170,659183,107184,715184,967186,366201,003208,574

Totalinterest-bearingdirectdebt

48,38757,45171,968

107,308135,380

140,238142,721157,053163,589164,781164,508

167,043181,709183,348183,413184,874199,543207,117

Marketable public issues1

Totals

37,71341,56250,57376,48895,310

98,61399,935

111,426115,944115,909115,230

115,259126,171128,080127,440128,029140,401144,919

Treasurybills

1,6032,0022,5086,627

11,864

12,46012,84613,05413,06413,07413,072

13,10113,11213,14713,15013,76614,73415,524

Certifi-cates of

indebted-ness

3,09610,53416,561

16,56117,49721,13623,19923,10322,843

22,84325,68025,68025,30625,26628,82230,035

Treasurynotes

5,6985,9976,6899,8639,168

11,87511,87511,59611,59611,59611,175

11,17513,30216,24416,26316,26517,40518,067

Treasurybonds

30,21533,36738,08549.26857,520

57,52057,52065,44467,88967,94067,944

67,94473,88272,81372,52672,53779,24481,097

Nonmarketable public issues

Total2

4,5558,907

13,51021,78829,200

30,16930,87933,91035,77636,59536,574

38,91142,37041,76242,27542,72444,85547,237

U.S.savingsbonds

4,3146,140

10,18815,05021,256

22,03022,69424,47826,05626,69727,363

28,90131,51531,97432,49732,98734,60636,538

Treasurytax andsavingsnotes

2,4713,0156,3847,495

7,6787,7038,8519,1099,2788,586

9,38410,2209,1169,0929,0509,557

10,000

Specialissues

6,1206,9827,8859,032

10,871

11,45611,90711,71711,86812,27812,703

12,87313,16813,50713,69714,12214,28714,961

Non-interest-bearing

debt

574487454862

1,316

1,2861,3381,2961,4581,3771,370

33,6161,3981,3671,5541,4921,4601,456

Fullyguaran-teed in-terest-

securitiesbearing

6,3606,3174,5484,2834,092

3,7823,9343,9644,1134,1544,225

4,2694,2272,2582,2581,5291,5161,468

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 anddepositary bonds not shown separately.

3Including 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 PUBLICSECURITIES OUTSTANDING, JULY 31, 1944

[On basis of daily statements of United States Treasury. In millionsof dollars]

Issue and coupon rate

Treasury bills1

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

Cert, of indebtednessAug. 1, 1944Sept. 1, 1944.Oct. 1, 1944Dec. 1, 1944Feb. 1, 1945Apr. 1, 1945May 1, 1945June 1, 1945

Treasury notesSept. 15, 1944....Sept. 15, 1944....Mar. 1, 1945....Mar. 15, 1945.. . .Mar. 15, 1945Dec. 15, 1945....Mar. 15, 1946....Dec. 15, 1946Mar. 15, 1947....Sept. 15, 1947....Sept. 15, 1948... .

Treasury bondsDec. 15, 1944-54.Sept. 15, 1945-47.Dec. 15, 1 9 4 5 . . .Mar. 15, 1946-56.June 15, 1946-48.June 15, 1946-49.Oct. 15, 1947-52.Dec. 15, 1947....Mar. 15, 1948-50.Mar. 15, 1948-51.

...',

r444444VsV%

.1

90

V.iH

. . . 1

\H• . 1 / ^..1H

. . . . 4• -2H

'.'.3%. . . . 3

3)4'.'AH. . . .2. . . . 2• •2%

Amount

1,0171,2071,2061,2141,2151,2031,2011,2121,2081,2161,2041,2071,214

2,5454,1223.5193,5405,0484,8771,6154,770

283635

2,127718

1,606531503

3,2611,9482,7073,748

1,0371,214

541489

1,036819759701

1,1151,223

Issue and coupon rate

Treasury bonds—Cont.June 15, 1948Sept. 15, 1948Dec. 15, 1948-50 . . . .June 15, 1949-51Sept. 15, 1949-51Dec. 15, 1949-51Dec. 15, 1949-52Dec. 15, 1949-53Mar. 15, 1950-52Sept. 15, 1950-52Sept. 15, 1950-52June 15, 1951-54Sept. 15, 1951-53Sept. 15, 1951-55Dec. 15, 1951-53Dec. 15, 1951-55Mar. 15, 1952-54June 15, 1952-54June 15, 1952-55June 15, 1953-55June 15, 1954-56Mar. 15, 1955-60Mar. 15, 1956-58Sept. 15, 1956-59Sept. 15, 1956-59lune 15, 1958-63Dec. 15, 1960-65Tune 15, 1962-67Dec. 15, 1963-68Tune 15, 1964-69Dec. 15, 1964-69Mar. 15, 1965-70Sept. 15, 1967-72

• 1M. .23^

2. . . . 2

. . . 2. . . 2

• -3}42M>

'. '.. 22X/L

'.'...2

..2H

. . . . 2

. . . 3

..2H

. . . 2

'.'...2..2H. . . 2..1H

..2Vi• -2H

'.'.2%• -2M

'.'•2Yi..2V2

• . 23^2

• •2x/iPostal Savings bonds.2HConversion bonds.Panama Canal loan

Total direct issue

. . . 3

. . . 3s

Guaranteed securitiesCommodity Credit

Feb. 15, 1945Home Owners' Loan

June 1, 1945-47 ...

Corp.• 1/^3

Corp.• 1M

Federal Housing Admin.Various

Total guaranteed issues

Amount

3,062451571

1,0141,2922,098

4911,7861,9631,1864,9391.6277,986

7551,118

5101.0245,6751,501

725681

2,6111,449

9823,823

9191.4852,1182.8313,7623.8385,1742,716

1172950

144,919

412

755

24

1,191

1 Sold on discount basis,p. 905.

See table on Open-Market Money Rates,

UNITED STATES SAVINGS BONDS[In millions of dollars]

Month

1943—JanFebMarAprMayJuneJulyAugSeptOct.NovDec

1944—JanFebMarAprMayTuneJuly

Amountout-

standingat end of

month

16,24617,06717,89119,26720,50721,25622,03022,69424,47826,05626,69727^363

28,90131,51531,97432,49732,98734,60636,538

Funds received from sales during

Allseries

1,240887944

1,4701,335

876890802

1,9271,708

798853

1,6982,782

709739751

1,8422,125

month

SeriesE

815634720

1,007995696683661

1,4001,340

665728

1,0852,102

576606624

1,3501,687

SeriesF

774844

11086353828

139932324

127157231915

115101

SeriesG

348205180353254144169112387275109101

487522110114111377337

Redemp-tions

Allseries

6376

131103104141138152155144170207

188185268237279248227

Maturities and amounts outsts

Year of maturity

1945 . . .19461947194819491950 .195119521953195419551956Unclassified

Total

Allseries

179320408488801992

1,6835,332

10,27210,0883 2492,578

147

36,538

SeriesA-D

179320408488801992444

3,633

mding, July 31, 1944

SeriesE

1,2395,3328,8397,076

22,486

SeriesF

219"617706550

2,091

SeriesG

1,2152,3952 5432,028

8,182

SEPTEMBER. 1944 909


OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED[In millions of dollars]

End of monthTotal

interest-bearing

securities

54,74763,76876,517

111,591139,472

167,701168,935168,732171,312185,936185,606185,670186,403201,059

Held by U. S. Gov-ernment agenciesand trust funds

Specialissues

6,1206,9827,8859,032

10,871

11,86812,27812,70312,87313,16813,50713,69714,12214,287

Publicissues

2,3622,5472,7263,2073,446

4,1254,1574,2314,2794,6164,5984,6494,2434,789

Heldby

FederalReserveBanks

2,1842,2542,6456,1897,202

9,35410,34811,54312,07311,63212,11513,22014,25114,901

Total

44,08151,98563,26193,163

117,959

142,354142,152140,255142,087156,520155,386154,104153,787167,082

Com-mercialbanks

20,09521,78826,41041,37352,458

61,90061,30059,84561,80064,90064,10063,80063,20068,500

Privately held1

Mutualsavingsbanks

3,4263,7003,8914,5595,290

6,0006,0006,0965,7006,7006,8006,8006,7007,300

Insur-ancecom-panies

7,0008,0008,900

11,00012,800

14,40014,50014,70014,20015,70015,90015,90016,00016,800

Other investors

Market-ableissues

9,40010,00011,10015,10019,000

25,40024,90024,10022,80028,20028,30026,80026,70031,200

Non-market-

ableissues

4,2008,500

13,00021,10028,400

34,70035,50035,50037,60041,00040,30040,80041,20043,300

1941—JuneDecember.

1942—JuneDecember.

1943-June

1943—October...NovemberDecember.

1944—January...February.MarchAprilMayJune

i Figures for insurance companies and'other investors have been rounded to nearest 100 million dollars for all dates, and figures for commercial banksand 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 GUARANTEEDBY THE UNITED STATES*

[Public marketable securities. Par values in millions of dollars]

End of monthTotalout-

stand-ing

U.S.Gov-ern-

mentagen-ciesandtrustfunds

Fed-eralRe-

serveBanks

Com-mercialbanks1

Mut-

ingsbanks

Insur-ancecom-

paniesOther End of month

Totalout-

stand-ing

U.S.Gov-ern-mentagen-ciesandtrustFunds

Fed-eralRe-

serveBanks

Com-mer-cial

banks

Mut-ualsav-

Insur-ancecom-

paniesOther

10,30812,01515,61317,71817,24516,81416,83819,929

1,5312,1951,7751,8071,6491,4521,4801,740

2,9203,4015,9345,5225,6405,5055,4537,505

3,5313,6573,2034,8094,4534,3834,4124,228

2,3233,3664,6995,5795,4995.4765,4936,456

Tota l : 2

1942—Dec1943—June

Dec1944—Feb

MarAprMayJune

Treasury bills:1942-Dec1943—June

Dec1944—Feb

MarAprMayJune

Certificates:1942—Dec1943—June

Dec1944—Feb

MarAprMayJune

Treasury notes:1942—Dec1943—June

Dec1944—Feb

MarAprMayJune . . . ; . . .

Guaranteed securities1942—Dec1943—June

Dec1944—Feb

MarAprMayJune

80.68599,218118,813129,640129,623128,944129,218141,591

6,62711,86413,07213,11213,14713,15013,76614,734

10,53416,56122,84325,68025,68025,30625,26628,822

9,8639,16811,17513,30216,24416,26316,26517,405

4,1963,9083,5833,4691,5441,5031,1901,190

3,2023,3193,7874,0374,050

6,1897,20211,54311,63212,115

4,050 13,2204,056 14,2514,604 14,901

1751506973848267

9261666974766958

311116433331

1,0103,8156,7686,3546,5327,6418,4668,872

1,0411,0922,4672,6962,0702,9733,1473,382

1,324774665882

1,1591,1561,1861,180

375483

38,75948 ,*66555,54960,02959,35859,11758,63463,523

4,4976,5024,7165,4844,6064,1373,6274,894

6,4709,82312,70113,04912,94412,97912,95015,037

5,6705,5007,3899,04611,40211,48611,49911,718

2,6652,6022,4662,4591,033999944949

10,76612,48614,38615,437 32,017

4,4715,1615,9626,4886,626 15,577

15,62015,64916,471

2615472

17,29722,38527,586

6,6706,5937,158

102112589102

129184208159163171210126

167155197175244271274286

1087638301212106

180305367382485518557339

283276275259293300301337

31,89830,26730,03534,935

1,0731,3611,4841,2631,9831,341,630960

2,6965,1067,0509,3259,0448,5818,3209,871

2,3272,4022,5832,8703,0722,9742,9353,826

333 74330928319384816426

751709696408404166205

Treasury bonds:Total:

1942—Dec.1943—June

Dec1944—Feb

MarApr •MayJune

Maturing within 5 years:1942—Dec1943—June

Dec1944—Feb

MarAprMayJune

Maturing in 5-10 years:1942-Dec1943—June

Dec1944—Feb

MarAprMayJune

Maturing in 10-20 years:1942—Dec1943—June

Dec1944—Feb

MarAprMayJune

Maturing after 20 years:1942—Dec1943—June

Dec1944—Feb

MarAprMayJune

49,26857,52067,94473,88272,81372,52672,53779,244

5,8309,4748,5248,5247,3287,0057,0057,824

17,08017,92128,36028,36029,38429,38429,38434,399

16,29517,21414,31018,03517,07917,09917,10915,482

10,06512,9126,75118,96319,022.9,03719,03921,539

2,7393,0453,6143,8543,8583,8423,8464,4371

2,7771,4681,5591,6131,4501,4451,4471,464

754867665604454449449536

1,574776

1,4951,4471,4951,4961,4981,570

2,1651,6451,270

,335,269,252,256,097

,021,221,745

2,0832,0872,0872,0882,696

19,44524,22628,26429,97629,35"29,50129,60130,910

2,5655,12:5,0445,2314,4144,2994,2654,697

9,35310,10715,64216,54516,96117,16117,29418,937

6,2407,6116,0516,5756,3526,3896,3845,509

1,2861,3851,5261,6231,6271,6461,6601,766

4,0554,72,r5,5066,1186,1996,2076,0886,736

253298211197172179183189

1,1291,3082,0301,7742,1252,1242,0512,712

1,5801,4051,2192,1451,9011,9191,8911,857

1,0951,7132,0462,0012,0021,9831,9631,981

9,94411,44213,38914,60314,70414,71814,71815,768

726991828683638624629663

2,1012,3263,2543,0703,1603, '3,3,673

2,7782,8962,5713,1723,1013,1543,1622,792

4,3395,2296,7377.6787,8047,8447,8358,640

* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, and theresidual "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 totalholdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the tableabove.

1 Including stock savings banks. On June 30, 1944, commercial banks reporting to the Treasury held $24,763,000,000 of United States Governmentsecurities 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

Income taxes1

With-held2 Other

Mis-cella-neousinter-nal

reve-nue1

Socialsecu-ritytaxes

Otherre-

ceipts

Totalre-

ceipts

Netre-

ceipts"1

Inter-est

debt

Warictivi-

ties

Trans-fers totrustac-

counts,etc.

Otherex-

pendi-tures

Totalbudgetexpend-itures

Defi-cit

Trustac-

counts,etc.4

Changein

gen-eral

fundbal-ance

In-crease

grossdebt

Fiscal year ending:June 1942June 1943June 1944

1943—JulyAugustSeptember..October... :November ..December...

1944—JanuaryFebruary....MarchAprilMayJuneJuly

8,393

. 19548674557

1,010713

5741,137750560

1,104746594

7,96016,09426,262

1,2361,0164,091746449

4,327

1,153610

5,1611,9151,0634,495654

3,8474,5535,291

512729344464363386

412344375421520422681

1,1941,5081,751

48310534629260

4937369393377556

6661,2303,711

234403285256255251

590290220183232511227

13,66823,38545,408

2,0483,0055,4482,0692,3705,737

2,7792,7546,5763,1193,2566,2492,212

12,79922,28244,149

2,0072,7215,4472,0332,0995,736

2,7472,5036,5733,0872,9506,2472,163

1,2601,8082,609

' 684631113147497

8756

4491175274786

26,01172.10987,039

6,4327,2326,9526,9897,5416,718

7,1387,5187,7267,3467,8797,5677,201

381435556

3441523622

3757

402640451

4,7453,8273,540

269324269300248236

308283343355334271372

32,39778,17993,744

7,1127,6177,5357,4567,8397,452

7,5707,8628,5257,8598,2928,6258,110

19,59855,89749,595

5,1054,8962,0875,4265,7401,716

4,8235,3591,9524,7725,3422,3785,947

-3,506-1,861-4,051

+358+6,515

+10,662

-635+131

-132+290-667

-912-2 ,231

-410 +11,794""' +1,139

-4 ,338-2 ,664

- 1 4-173

-2,205+193+185-613+133

-55+6,916-2,549-4,327-3,757

+11,646+1,756

23,46164,27464,307

4,8282,53414,2916,6971,112-281

4,78112,4481,608

2521,399

14,6377,570

Period

Details of trust accounts, etc.

Social Securityaccounts

Netre-

ceiptsInvest-ments

Ex-pendi-tures

Net ex-pendituresin check-ing ac-

counts ofGovern-

mentagencies

Other

Re-ceipts

Invest-ments

Ex-pendi-tures

General fund of the Treasury (end of period)

Assets

Total

De-posits

inFederalReserveBanks

De-posits

inspecialdeposi-taries

Otherassets

Total, liabili-

ties

Balance ingeneral fund

TotalWork-

ingbal-ance


1943—July...AugustSeptember. ..OctoberNovemberDecember


2,3272,8103,202

24559632

10956287

10251446110584213305

1,7052,3502,816

17929229650

277

8335017251269489225

614456380

293030292930

32333534343431

3,6252,1944,403

726148146199- 6 4427

165331

2,0028714888193

8631,1171,851

31510111613975114

16412194202179231415

221655

1,313

252 |7572869681

81591027510323132")

533133192

9211416

3535

— 12724215

! -181

3,44310,14920,775

9,1276,84518,73419,83815,49212,878

12,87319,72617,27012,8969,14420,77522,513

6031,0381,442

9791.0761,5381,0951,2451,408

1,0981,1721,540954942

1,4421,269

1,6797,66718,007

6,7904,36215,67617,28012,7709,942

10,31417,09514,30610,5466,76618,00719,850

1,1621,4441,327

1,3581,4061,5191,4621,4771,528

1,4611,4601,4241,3961,4361,3271,394

452643607

532481576541534584

634571664617622607

2,9919,50720,169

8,5956,36418,15819,29714,95812,294

12,23919,15516,60612,2798,52220,16921,924

2,2298,74419,406

7,8325,60117,39518,53414,19611,532

11,47618,39215,84411,5177,75919,40621,162

* Details on collection basis given in table below.2 Withheld by employers (Current Tax Payment Act of 1943).3 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.4 Excess of receipts ( + ) or expenditures (—).Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.

I N T E R N A L REVENUE C O L L E C T I O N S[On basis of reports of collections. In millions of dollars]

Period


1943—JulyAugust.,September .. . .OctoberNovember.. . .December


Income taxes

Total

8,00716,29933,028

1,231814

4,1921,6441,4714,591

1,5842,4775,3582,8092,2894,5681,729

Cur-rentindi-

vidual

3,1085,771

10,254

52755

1,9637447

2,158

396221

1,8331,427

3091,245

132

With-held1

7*038

il

1,0061,087

14

6291,844

70804

1,54538

1,179

Vic-torytax

" # 686785

333438

6321

11

Cur-rent

corpo-ration

2,7644,1374,763

14211187718184

1,012

1664

99415286

1,04493

Backtaxes

460557705

3344

103353249

184416343284930

Excessprofitstaxes

1,6185,0649,345

186162

1,228337204

1,352

352300

2,370370312

2,174290

Otherprofitstaxes

5784

137

103

159

165

65

28121019

7

Miscellaneous internal revenue

Total

3,8384,5715,353

652595394421376388

382339401424483499754

Capi-tal

stocktax

282329381

1361883520

1128

Estateandgift

taxes

433447511

482528413436

52386056425048

Alco-holic

bever-age

taxes

1,0481,423

rl ,618

125129117122117120

108108124169182

r195210

To-baccotaxes

781924988

879086909387

77677772818177

Stamptaxes

424551

454444

4455445

Manufac-turers'

andretailers'

excisetaxes

852670729

595653595664

68635951776472

Mis-cella-neoustaxes

401- 732

1,075

19310371867076

7258767097

r103214

T Revised.1 Withheld by employers (Current Tax Payment Act of 1943).

SEPTEMBER 1944 9 1 1Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES[Based on compilation by United States Treasury Department. In millions of dollars]

PRINCIPAL ASSETS AND LIABILITIES

End of month

1942—JuneDecember. . .

1943—June

1943—JulyAugustSeptember...OctoberNovember. . .December

1944—JanuaryFebruary . . . .MarchAprilMayJune

Assets, other than interagency items

Total

17,96221,71526,708

25,55526,43526,28427,21827,78828,625

29,50829,79130,26331,08331,15331,666

Loans

8,3798,1277,685

7,6157,5807,5577,4877,4597,444

7,4107,4117,3667,3047,2207,188

Pre-ferredstock,etc.

648620556

524498497493492486

470452442439436433

Cash

403553515

538539501486493524

580516526518628610

Securities

U.S.Govt.directand

guaran-teed

1,0971,2721,565

1,6381,6911,7221,7841,8331,895

1,9422,0992,0902,1611,7501,701

OtherGovt.agen-cies1

573322

1611766

23

2323232366

Ac-counts

andother

receiv-ables

7741,0851,788

1,5141,4501,4871,8501,9631,926

1,9512,0622,1402,4552,3791,970

Busi-ness

prop-erty

8591,0201,674

1,5611,9661,4701,6021,6111,624

1,6451,6581,6771,6711,6851,702

Prop-ertyheldforsale

3,5125,1876,310

6,7507,0197,2347,1157,3097,512

7,5887,7537,8297,9858,0428,392

Otherassets

2,2333,8185,343

5,3995,6815,8096,3956,6227,191

7,8997,8178,1708,5279,0079,664

Liabilities, other thaninteragency items

Bonds, notes,and debentures

Fullyguar-

anteedby

U.S.

4,5684,3014,101

3,9364,0464,0814,1254,1804,239

4,2774,2262,2732,2741,6721,766

Other1

1,4421,4141,333

1.2761,2711,2741,2851,3081,342

1,3321,3221,3261,3021,4271,413

Otherliabili-

ties

3,2654,6306,022

5,7575,9725,5605,8675,7885,874

5,2474,9564,9505,5895,6236,185

U.S.Govern-

mentinterest

8,24910,93114,812

14,14614,70614,92915,50116,07316,732

18,21618,85321,28021,48421,99621,858

Pr i -vatelyownedinterest

438439440

441440441440439438

435435433435435443

LOANS, OTHER THAN INTERAGENCY LOANS

End of month


1943—June

1943—July.AugustSeptember...OctoberNovember...December. . .

1944—JanuaryFebruaryMarchAprilMayJune

Totalloans2

8,3798,1277,685

7,6157,5807,5577,4877,4597,444

7,4107,4117,3667,3047,2207,188

Recon-struc-tionFi-

nanceCorp.

1,4731,5571,483

1,4591,4631,4601,4321,4271,413

1,3931,3931,3791,3551,3481,335

Home mortgage and housingagencies3

HomeOwn-ers '

LoanCorp.

1,6761,5681,441

1,4191,4001,3831,3661,3541,338

1,3181,3001,2791,2601,2401,220

Feder-al

HomeLoanbanks

19312990

9281

130127116110

115114998372

128

RFCMort-gageCom-pany

829498

9710099

10099

101

103107110110112114

Fed.Na-

tionalMort-gage

Assoc.

216211

73

716967666565

646362616160

Fed.PublicHous-

ingAuth.

384366317

317317317317318318

319319319320318310

Farm mort-gage loans

Feder-al

landbanks

1,7061,6031,489

1,4721,4521,4311,4061,3811,358

1,3321,3151,2901,2741,2581,245

Fed.FarmMort-gageCorp.

562507463

455447437423412403

394389381376370367

Other farm credit loans

Fed.inter-medi-ate

creditbanks

289238296

296284269251240243

242253301302297304

Banksfor co-opera-tives

101145102

107111148189215235

238221197171152143

Com-modityCreditCorp.

231242228

225225222228278330

378409408400391347

FarmCredit

Ad-min.

258237245

244242237232229226

224227231233233233

FarmSecu-rity

Admin.

460446447

443441433427All416

416417419408400403

RuralElec-

trifica-tionAd-min.

342346344

344344345345345347

347348349350350348

Ex-po rt-Im-portBank

113122129

132136136140136136

141142142217220223

Other

293316440

442468443438423405

386394400384398408

SELECTED ASSET ITEMS, OTHER THAN INTERAGENCY ITEMS

End ot month


1943—June

1943—JulyAugustSeptember...OctoberNovember. . .December . . .

1944—JanuaryFebruary . . . .MarchAprilMayJune

Loans by ReconstructionFinance Corporation

Total

1,4731,5571,483

1,4591,4631,4601,4321,4271,413

1,3931,3931,3791,3551,3481,335

Loansto fi-

nancialinsti-

tutions

144167148

145141138126134131

1291271131049987

Loansto

rail-roads

472460426

423423423406405398

396395392384381381

Other

857930909

891899899890888884

868871874867868867

Preferred stock held

Recon-struc-tion

FinanceCorp.

378366354

351346345343341338

334329325322319316

HomeOwners'

LoanCorpo-ration

167152108

806464636363

544747474747

Other

10310294

938888878885

827670707070

Accounts and otherreceivables

Fed. landbanks andFed. FarmMortgage

Corp.

225207193

192193187186174168

161160153153148145

Com-modityCreditCorpo-ration

9657

350

210177196489533488

575553607615587550

Recon-structionFinance

Corp. andwar cor-

porations

151531800

825790832778734728

702665656652622574

Other

302290445

287290272397522542

513684724

1,0351,022

701

Property held for sale

Warcorpo-rations

2,0413,4694,963

5,2415,5285,7846,0i66,2316,423

6,5826,7896,9157,0947,1847,395

Com-modityCreditCorpo-ration

1,0681,3631,045

1,2231,2201,196

865873897

827795757741720861

HomeOwners'

LoanCorpo-ration

262227191

18216915213611196

857666574736

Other

141128111

104102102989496

9493919391

100

1 Excluding Federal land bank bonds held by the Federal Farm Mortgage Corporation.2 Excluding investments in preferred stock, the amount of which is shown in the lower section of this table.3 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.



BUSINESS INDEXES[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Year andmonth

1919192019211922192319241925192619271928192919301931193219331934193519361937193819391940194119421943...

1940NovemberDecember

1941JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember....

1942JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1943JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember.. .OctoberNovember.. .December

1944JanuaryFebruaryMarch..AprilMayJuneJulyAugust

Incomepay-

ments(value)1

1935-39= 100

Ajusted

122.9109.192.370.668.978.787.1

101.3107.798.5

105.4113.5138.0173.6211.7

117.3119.9

121.3124.1126.2

• 129.3134.6139.9142.0144.8145.3146.8148.1153.7

156.2158.7160.7164.7166.9171.2174.2178.1181.1185.8191.4194.9

197.7202.4206.0208.3209.3212.1213.4215.2215.2217.5220.8222.9

226.4231.1230.2229.4231.0

^232.5

Industrial production(physical volume) *2

1935-39 = 100

Total

Ad-justed

136140

143147152149160164166167169172174176

181183186189191193197204208215220223

227232235237239237240242244247247241

243244241239

r236235

P233

Unad-justed

72755873

829096959911091755869758710311389109125162199

P239

138139

139144149149160165165170174176175173

177183182187192195199207213218220221

224229232236239238241245248249247239

240240238237

r236236

^234

Manu-factures

Dur-able

Ad-justed

849353811039510711410711713298674154658310812278109139201279

^360

159166

172178184186198203208209212219220225

235241250257264272278290299311319328

337344351356359358360365368374376365

369367364361

r356354

p35O

Non-dur-able

Ad-justed

626057677269767983859384797079819010010695109115142158P176

123126

127131133137142144144146146148151150

152153153154153152154158161165168169

171174174175176177177178179179180174

176177175171169169

p168

-! Min-erals

Constructioncontracts

awarded (value)3

1923-25 = 100

Ad-

Total

Ad-justed justed

71836671988992100100991079380677680869911297106117125129

*>132

119119

12011912696121127126128132134133133

133133126125126127126133131129130127

125131133131129117134135138136133137

139142139140143142

^140

636356798494

1221291291351179263282532375559647281

122166

111115

1039994103101117139152161145138123

118128125128158193206182179185198175

14510285635245605965496061

554540363334

P36

Resi-den-tial

Ad-usted

Allother

443044688195124121117126875037131112213741456072898240

8790

8476748088101115112105877469

8210095827676746570839091

795642333132363535343735

292117171615

Ad-justed

79906588869412013513914214212584403748507074

14923592

130136

117118109121111129158184206192189167

147151149165226288313278268269286243

193140119876855807989617881

766459524650

?54

Employment4

1939 a= 100

Non-agri-cul-

tural

Ad-justed

106.098.188.377.678.686.390.196.8102.795.1100.0104.7117.5126.7130.7

108.7110.0

110.8111.9113.4113.5116.2117.8119.5120.6121.2121.5121.9121.5

122.1122.5123.2124.3125.1125.9127.1128.6129.1130.0130.5131.4

131.6131.6132.0131.4130.9131.0131.4130.9130.1130.1130.2130.1

130.0129.6128.7128.1

r127.7127.4

Factory

Ad-justed

114.6116.8

118.8120.9122.9126.3129.8133.3136.6137.8138.8139.5139.9140.6

141.6143.2144.8147.0148.7150.8153.2155.8157.4159.6161.5164.2

165.8167.4168.1168.4167.9169.0169.7169.6168.3170.1170.9169.1

167.8166.9164.1161.5159.6158.8

^157.6

Unad-justed

106.8107.282.190.8

103.996.599.9

101.899.699.7

106.192.578.266.473.585.891.499.1

108.791.0

100.0107.5132.1152.3168.7

116.0117.4

116.9120.0122.7125.8128.6132.0135.5138.4141.2141.8141.3111.1

139.8142.3144.3146.3148.0149.9153.4157.1159.6160.7161.9164.5

164.8166.4167.6167.7167.2168.8169.8170.8170.1170.5171.0169.4

166.9165.9163.6160.8159.0158.6

P157.8

Fac-tory

1939 =100

Unad-justed

Freightcarload-

ings*1935-39= 100

106.2127.182.088.0

111.6104.1109.7113.1111.0112.3119.896.973.550.754.470.080.493.0

111.285.1

100.0114.5167.5242.3316.4

127.5134.1

132.6140.3145.9150.2161.3170.5172.0m.8184.8190.2188.6195.1

200.7208.2215.1221.4228.7234.5242.7254.8261.8270.9280.4287.9

293.9297.5304.5309.7313.5317.1315.6322.2328.0332.6336.5328.2

327.9327.6324.4318.2

r317.8318.3

Ad-justed

1201291101211421391461521471481521311057882899210711189101109130138137

116117

120122127112129131132136134134137138

140138138138136134137140140140136135

135139138136135127141140140137139144

145143140138138139143

e142

Depart-mentstoresales(val-ue)*5

1935-39100

Whole-sale

com-modity

prices4

1926= 100

Ad-justed

83999294105105110113114115117108977573838810010799106114133149168

120120

118122124128132131138157140128138136

158145150143135134145152150158159157

164192163159158167171165162173181165

r175175185172181175193

| Cost ofliving4

j1935-39I = 100

I

Unad- Unad-justed justed

138.6154.497.696.7

100.698.1

103.5100.095.496.795.386.473.064.865.974.980.080.886.378.677.178.687.398.8

103.1

79.680.0

80.880.681.583.284.987.188.890.391.892.492.593.6

96.096.797.698.798.898.698.799.299.6

100.0100.3101.0

101.9102.5103.4103.7104.1103.8103.2103.1103.1103.0102.9103.2

103.3103.6103.8103.9104 0104.3104.1

e103.9

124.5143.2127.7119.7121.9122.2125.4126.4124.0122.6122.5119.4108.797.692.495.798.199.1

102.7100.899.4

100.2105.2116.5123.6

100.1100.7

100.8100.8101.2102.2102.9104.6105.3106.2108.1109.3110.2110.5

112.0112.9114.3115.1116.0116.4117.0117.5117.8119.0119.8120.4

120.7121.0122.8124.1125.1124.8123.9123.4123.9124.4124.2124.4

124.2123.8123.8124.6125.1125.4126.1

* Average per working day. v Preliminary. r Revised. e Estimated. l 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; the1938 figures and the 1939 base period averages applied to earlier data are preliminary. Figures since 1939 are adjusted to Social Security data. Non-agricultural 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]

Industry

Industrial Production—Total

Manufactures—Total..

Durable Manufactures

Iron and Steel

Pig ironSteel

Open hearth

Electric

Machinery

Manufacturing Arsenals and Depots1..

Transportation Equipment

Automobiles(Aircraft; Railroad cars; Locomotives; Shipbuild-

ing—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 ship-

ments; Aluminum products; Magnesium prod-ucts; Tin consumption)1

Lumber and Products

1943

June July Aug. Sept. Oct. Nov. Dec.

237

258

358

201

190227177583

240

259

360

191230181577

441 I 440

743

215

262

276

257

LumberFurniture.

Stone, Clay, and Glass Products.

Glass productsPlate glassGlass containers

CementClay productsGypsum and plaster productsAbrasive and asbestos productsOther stone and clay products1

Nondurable Manufactures ...

Textiles and Products...

Textile fabricsCotton consumptionRayon deliveries ;Nylon and silk consumption1

Wool textilesCarpet wool consumptionApparel wool consumptionWoolen and worsted yarn

WToolen yarnWorsted yarn

Woolen and worsted cloth ;

Leather and Products

Leather tanningCattle hide leathersCalf and kip leathersGoat and kid leathersSheep and lamb leathers

Shoes

Manufactured Food Products ..

Wheat flourCane sugar meltings1

Manufactured dairy products.ButterCheese .•••••.Canned and dried milk —Ice cream

Meat packingPork and lardBeef.VealLamb and mut ton . . .

754

220

256

278

247

128

118148

175

15841199127139204325

177

155

146160183

16030226181186174179

114

1141228686162114

144

102

128

118148

16245203119132198326

177

148

139153183

14624207164168159164

112

1111168584169112

146

103P139106 104150 | 154161 I 171

1592229663119

18626011073140

242

261

365

210

202236185598

445

762

232

264

279

258

130

119152

173

16249202114132203327

178

145

136147177

15033210168176158166

1061098082174114

145

110

96150157

182241119109154

244

263

368

214

205239190593

451

,764

277

294

270

129

118149

168

15953196112125194321

179

150

141156181

15129206172178163169

110

1051078188164114

146

111

95150154

178221130131161

247

266

374

215

202242191607

458

247

286

303

279

128

115152

171

16947212107124194326

179

152

14315618615437201173175171172

110

1041027695173114

146

117

^14687144137

168193135151173

247

268

376

210

200236186592

463

786

248

289

308

136

127152

168

1655420498124196329

180

152

142153191

15439205172176166171

105

981016790146109

153

128

143132

185221145150166

241

260

365

200

198222178536

453

763

240

307

266

137

131150

169

16955209101122192319

174

143

133142189

14236186159161156160

102

97986883162105

151

128

P13986147131

173206139121158

Jan. Feb. Mar. Apr. May June July

243

262

369

208

202231186554

754

244

285

297

280

133

125

148

168

1715421386129203319

176

149

140150186

15442210173176168170

108

1031077083166112

154

139

88149132

187234144104135

244

262

367

212

207236188578

458

746

238

285

299

280

131

122150

168

1725821288131198312

177

152

142151187

15942219177181171178

111

1051107684161114

158

125

90146139

21529114994112

241

259

364

214

206238191570

r452

734

233

287

297

283

129

119149

167

1755921683131194308

175

151

141150191

15546216171174167172

1071137986155116

159

114

96152156

20227014396110

239

256

361

213

206236192549

445

730

232

292

289

118142

165

1835922778125183297

171

141151196

15351213167171163168

116

1171258879168116

r158

114

92155169

198266136107109

r236

253

356

210

203234188559

726r226

273

r282

115r142

1736621076122

r176300

169

147

137142195

15253

r213167169

r163r165

110118

136114

154

110p139

93r153173

180239124100113

235

252

354

204

198225183526

443

716

228

264

253

269

127

145

168

1876523084127176297

169

145

135140

14849197163166159163

115

1141248584141116

153

110

93158180

225121117125

P249

202

196222184491

P441

^705

P225

^246

*>124

PI 141 4 4

P165

6022286126

*>176^292

PJ44

P139

p105

P151

89155

175219127160134

r Revised. p Preliminary. 1 Series included in total and group indexes but not available for publication separately.



INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Adjusted jor Seasonal Variation)

[Index numbers of the Board of Governors. 1935-39 average = 100]

Industry

Manufactured Food Products—Continued

Other manufactured foodsProcessed fruits and vegetables..ConfectioneryOther food products.

Alcoholic Beverages

Malt liquor . . .WhiskeyOther distilled spiritsRectified liquors

Industrial Alcohol from Beverage Pianist-

Tobacco Products

CigarsCigarettes . . .Other tobacco products

Paper and Paper Products

Paper and pulpPulp

Ground wood pulpSoda pulpSulphate pulpSulphite pulp

Paper .Paperboard .Fine paperPrinting paperTissue an< 1 absorbent paperWrapping paper.Newsprint ^

Paperboard containers (same as Paperboard)

Printing and Publishing

Newsprint consumptionPrinting paper (same as shown under Paper)

Petroleum and Coal Products..

Petroleum refining... .GasolineFuel o i l . . .Lubricating oil.KeroseneOther petroleum products1

CokeBy-product coke .. .Beehive coke..

Chemical Products

PaintsSoapRayonIndustrial chemicals.Explosives and ammunition1 . . .Other chemical products1

Rubber Products

Minerals—Total...

Fuels

CoalBituminous coal ..Anthracite

Crude petroleum

M e t a l s . . .

Metals other than gold and silverIron ore(Copper" Lead* Zinc)1

Gold ,Silver • •

1943

June

146130144

106

1270

22144

124

102149

78

140

13614310684

18414213515212312217611891

112

102

177

180109138120126

157152318

399

135123213366

230

117

115

9710374

124

128

187

3783

July

145126134152

106

1270

23144

134

9916684

135

13314111187

19313113214312611715812791

111

105

182

185109145121118

162153453

402

139120222371

229

134

136

150155129128

128

188

3487

Aug.

144128123152

HI

1310

40157

136

9616992

143

14115311593

21413913915113512616913090

115

103

193

196116153123107

170159523

404

140124223382

227

135

137

148153128131

123

184

ni32880

Sept.

144127120152

135

1640

77156

134

10116587

143

14015011293

21113413815512412517412688

111

97

202

206122156123115

171161538

395

137123221383

231

138

140

150155129136

124

188

" ' 2 7 '70

Oct.

146135120153

130

1550

90158

139

10017393

140

13815311293

21314113514812712416312883

110

96

207

212122151134113

169158535

397

138120225396

234

136

138

141144127137

123

187P223

"26"72

Nov.

150135123159

141

1690

62178

148

101186100

140

13714710393

21213113615112612216013086

106

90

213

221123159137117

163155459

390

140129223398

241

133

134

125131102139

124

187

mi

" 2 7 '79

Dec.

153142134159

143

1720

42189

143

9018199

132

13114210710319612712913511612216312783

105

89

219

226123159120120

172161519

365

137131226394

240

137

140

147156114136

124

186

' " 2 8 *76

1944

Jan.

156140134163

131

1600

46162

125

8615587

136

13414710696

21313013214411911915612979

104

89

226

234125159128132

174'164496

364

140133226405

242

139

142

153161119137

124

185

3173

Feb.

157140138165

126

1480

40182

119

92145

79

138

13515111098

217133133148121119151133

74

102

85

230

238128161126124

176166503

359

140134229406

244

142

145

158162143139

127

190

3173

Mar.

160155147164

137

1670

33173

123

92154

73

137

13415010893

209137132147120117154128

77

100

83

234

243129163130130

174165487

341

140133233405

242

139

141

148155123138

126

189

3175

Apr.

158r152154161

123

1460

39172

126

89161

73

138

13415111097

213136131152117119156120

73

101

84

r233

242129161120125

176167463

323

138137232408

231

140

143

150155129139

122

184

2873

May

157145152160

116

1350

34174

124

8915480

142

13715110892

217135135159115115159127

76

98

81

V237

246130162118126

"175166470

r324

137137235410

230

143

146

154159134142

T120

182

2767

June

P154136147160

119

1400

31177

121

89151

79

140

13615610891

23213713315611011515912580

100

85

242

252136164131130

172'164463

320

138138237412

228

142

146

152158128143

120

181

72

July

p150^124^127

128

1460

37205

122

8615478

148

83

P101

87

^ 3 7

172164443

nuP144

^237

*227

P140

P144

PI 44

PI 19P144

PJ20

P180

r Revised p Preliminary. 1 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

Industry

Industrial Production—Total

Manufactures—Total ....

Durable Manufactures

Iron and Steel

Pig iron . . . .Steel

Open hearthElectric

Machinery

Manufacturing Arsenals and Depots1 . . .

Transportation Equipment . . .

Automobiles(Aircraft; Railroad cars; Locomotives; Shipbuild-

ing—Private and Government)1

Nonferrous Metals and Products

Smelting and refining(Copper smelting, Lead refining, Zinc smelt-

ing; Aluminum; Magnesium; Tin)1 . . .Fabricating

(Copper products; Lead shipments-; Zinc ship-ments; Aluminum products; Magnesiumproducts; Tin consumption)1

Lumber and Products

Lumber . . . . . . . , . -Furniture . . .

Stone Clay and Glass Products .

Glass productsPlate elassGlass containers

CementClay productsGypsum and plaster productsAbrasive and asbestos products .Other stone and clay products1

Nondurable Manufactures

Textiles and Products

Textile fabricsCotton consumptionRayon deliveriesNylon and silk consumption1

Wool textilesCarpet wool consumptionApparel wool consumptionWoolen and worsted yarn

Woolen yarnWorsted yarn

Woolen and worsted cloth

Leather and Products ..

Leather tanning . . . .Cattle hide leathersCalf and kip leathersGoat and kid leathersSheep and lamb leathers

Shoes

Manufactured Food Products ...

Wheat flourCane sugar meltings1

Manufactured dairy productsButterCheeseCanned and dried milk .Ice cream

Meat packingPork and lardBeefVealLamb and mutton

s. 1935-39 average

1943

June

238

259

359

201

190227177583

441

743

215

262

275

257

135

128148

177

15741

197136137208325

178

155

146160183

16030

226181186174179

113

1121178886

160114

144

98

p203146213223

1582229463

111

July

241

260

361

204

191230181577

440

754

220

255

277

247

135

128148

173

15645

195131132198326

178

148

139153183

14624

207164168159164

110

1051098483

157112

155

102

p206127189198

17022911173

134

Aug.

245

264

366

210

202236185598

445

762

232

264

279

258

137

130152

179

16849

210129135204327

181

145

136147177

iso33

210168176158166

110

1051058480

180114

164

109

P179106167161

154185120107151

Sept.

248

267

370

214

205239190593

451

764

239

277

294

270

136

129149

174

16253

200130129198321

184

150

141156181

15129

206172178163169

110

10310580

* 89161

114

165

121p153

91153142

160175140144173

Oct .

249

269

375

215

202242191607

458

780

247

286

303

279

133

124152

178

17447

218124131199326

183

152

143156186

15437

201173175171172

110

1041037895

173114

156

124

75130111

168181147172180

Nov.

247

268

376

210

200236186592

463

786

248

289

309

282

133

124152

172

16654

206106129198329

181

152

142153191

15439

205172176166171

106

1011056987

155109

154

129

6710795

206259150160166

Dec.

239

258

364

200

198222178536

453

763

240

278

307

266

126

114150

164

15855

19592

126196319

172

143

133142189

14236

186159161156160

101

96986683

154105

147

126

68106101

205. 271

139113155

= 100]

1944

Jan.

240

259

367

208

202231186554

461

754

244

285

297

280

121

107148

161

16854

20870

121196319

172

149

140150186

15442

210173176168170

108

1031096983

154112

145

139

H373

110107

22530714797

143

Feb.

240

259

366

212

207236188578

458

746

238

285

299

280

122

107150

161

16758

20567

125191312

173

152

142151187

15942

219177181171178

114

113119

7988

177114

143

127

79120125

20728513783

113

Mar.

238

257

363

214

206238191570

r452

734

233

287

297

283

124

110149

163

17559

21668

126188308

171

151

141150191

15546

216171174167172

112

1061137786

150116

142

111

87137153

18725113090

108

Apr.

237

255

361

213

206236192549

445

730

232

292

289

293

125

116142

163

18359

22774

122181297

169

151

141151196

15351

213167171163168

116

1161258581

165116

143

110

^14394

161191

183242128105105

May

r236

253r357

210

203234188559

r439

726

r226

279

273

r282

r127

119r142

165

18466

22579

r122r179300

168

147

137142195

15253

r213167169

r163r165

112

1101188384

147114

106

r120r205240

180239124104115

June

236

252

355

204

198225183526

r443

716

228

264

252

269

133

127145

168

18665

22890

125179297

169

145

135140196

14849

197163166159163

114

1111198785

139116

153

106

*>225128225249

172225118117116

July

P234

P251

P202

196222184491

P441

?705

P225

P245

130

P144

p165

17463

21394

P125H16^292

^169

P144

139193

P103

v160

108190

162193128160129

r Revised. p Preliminary. * Series included in total and group indexes but not available for publication separate!}'.



INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued{Without Seasonal Adjustment)

[Index numbers of the Board of Governors. 1935-39 average =» 100]

Industry

Manufactured Food Products—Continued

Other manufactured foodsProcessed fruits and vegetablesConfectioneryOther food products

Alcoholic Beverages .

Malt liquorWhiskeyOther distilled spiritsRectified liquors

Industrial Alcohol from Beverage Plants*

Tobacco Products

Cigars• CigarettesOther tobacco products

Paper and Paper Products ..

Paper and pulpPulp

Groundwood pulpSoda pulnSulphate pulpSulphite pulp

PaperPaperboardFine paperPrinting paperTissue and absorbent paperWrapping paperNewsprint

Paperboard containers (same as Paperboard)

Printing and Publishing ..

Newsprint consumption ...Printing paper (same as shown under Paper). .

Petroleum and Coal Products ..

Petroleum refiningGasolineFuel oilLubricating oilKeroseneOther petroleum products*

CokeBy-product cokeBeehive coke

Chemical Products ...

Paints . ...Soap .RayonIndustrial chemicalsExplosives and ammunition1

Other chemical products1 .

Rubber'Products .,

Minerals—Total ...

Fuels

CoalBituminous coalAnthracite

Crude petroleum .

Metals .... .

Metals other than gold and silverIron ore(Copper; Lead; Zinc)1 ...

GoldSilver .

1943

June

137100107152

127

161013144

128

10215680

140

1371431078418414213615212312218011892

111

101

177

180109138120119

157152318

396

139120213366

230

121

115

9710374124

159

243341

3480

July

151164110155

126

159013144

138

' 9917584

134

132140998719313113114312611715212789

104

91

182

185109145120110

162153453

398

137119222371

229

140

136

150155129128

163

250365

3286

Aug.

168243133155

122

150021157

140

9617789

143

1401511019321413913915113512616913089

110

93

193

196116153121102

170159523

400

139126223382

227

140

137

148153128131

161

249363

3178

Sept.

172249155155

138

1660

105156

141

10117693

143

140148999321113413815512412517412638

112

98

202

206122156123114

171161538

396

135128221383

231

143

140

150155129136

160

247351

3170

Oct.

163174157161

132

1440

234158

144

10017999

140

1381521049321314113514812712416512883

112

101

207

212122151134113

169158535

400

138126225396

234

140

138

141144127137

149

228310

3172

Nov.

156125145166

119

1300

130178

151

101190103

140

1381481099321213113615112612216013087

no98

213

221123159137120

163155459

392

138130223398

241

132

134

125131102139

116

170182

3180

Dec.

149111135162

120

137047189

132

9016787

131

13014210810319612712813511612215812782

108

93

219

226123159118124

172161519

367

137131226394

240

132

140

147156114136

87

12183

2875

Jan.

14391138157

111

131030162

124

8615585

136

1341481119621313013114411911915412979

101

83

226

234125159124134

174164496

362

137131226405

242

133

142

153161119137

82

11370

2974

Feb.

14289139157

115

133024182

114

9213677

139

1361511159821713313414812111915713374

101

83

230

238128161124130

176166503

360

139133229406

244

136

145

158162143139

85

11972

2774

Mar.

14285137157

128

155021173

117

9214373

137

1341501159320913713214712011715412877

101

86

234

243129163128132

174165487r344

140133233405

242

133

141

148155123138

86

12076

2777

1944

Apr.

14092128154

127

153023172

120

8915073

138

1341531219721313613215211711915712075

104

89

233

242129161125127

176167463

325

140134232408

231

138

143

150155129139

112

168188

2573

May

14194117157

127

154021174

124

8915481

142

1371521179221713513515911511515912777

100

84

237

246130162123127

175166470

r323

142132235410

230

146

146

154159134142

r144

226313

2466

June

145105109162

143

177019177

126

8915880

141

1371561099123213713415611011516212580

100

84

242

252136164131123

172164463

317

142135237412

228

146

146

152158128143

148

231330

69

July

P156

P104P164

151

1830

205

727

8616278

148

' "82'

75

H37

172164443

P314P143p135P237P411

P227

V144

P144

P144

PI 19p144

PJ44

P224323

r Revised. p Preliminary. 1 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 I 7


FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES{Without Seasonal Adjustment)

[Index numbers of the Bureau of Labor Statistics, 1939 =* 100]

Industry and group

TotalDurable goodsNondurable goods

Iron and Steel and ProductsBlast furnaces, steel works, etcSteel castingsTin cans and other tinwareHardwareStoves and heating equipmentSteam, hot-water heating apparatus...Stamped and enameled wareStructural and ornamental metal workForgingsScrew machine products

Electrical Machinery

Machinery, except ElectricalMachinery and machine shop productsTractorsAgricultural, excluding tractorsPumps ,

Refrigerators

Transportation Equipment, except Autos...

Automobiles ,

Nonferrous Metals and ProductsPrimary smelting and refining ,Clocks and watchesLighting equipment

Lumber and Timber Basic ProductsSawmillsPlaning and plywood mills

Furniture^ and Lumber ProductsFurniture

Stone, Clay, and Glass ProductsGlassCementBrick, tile, and terra cottaPottery and related products

Textile-Mill and Fiber ProductsCotton goods except small waresSilk and rayon goodsWoolen and worsted manufactures.. . .HosieryKnitted underwearDyeing and finishing textilesCarpets and rugs, wool

Apparel and Other Finished TextilesMen's clothing, n.e.c •Shirts, collars, and nightwearWomen's clothing, n.e.cMillinery

Leather and Leather ProductsLeatherBoots and shoes

Food and Kindred ProductsSlaughtering and meat packingFlourBakingSugar, beetConfectioneryBeverages, nonalcoholicMalt liquorsCanning and preserving

Tobacco ManufacturesCigarettesCigars

Paper and Allied ProductsPaper and pulpPaper goods, n.e.cPaper boxes

Factory employment

1943

June July

168.8228.5121.7

173.4134279104128117198162195263298

271.1

236.7243162136319153

167.9

180.9206124116

114.892

113

109.1105

122.512710291

129

107.812380

11374

11010391

108.010686

96.09885

111.513211310946

10513413081

95.711885

119.0109128122

169.8229.7122.6

172.9133280111128119195164196261295

275.5

236.8244167139316

155

,452.6

172.6180.6211122119

115.192114

109.8106

122.112710190128

106.5122791117310810087

105.6104848476

95.09685

118.913411411048104142134120

95.112182

118.9109127123

1944

Mar. Apr. May June July

163 6224.9115.4

170.6126261112132134190163212257283

289.4

230.7239192166345

154

1,394.3

180.1176.2196124124

102.881105

106.0103

115.51337278127

100.71157810669989681

102.399788586

90.18781

110.11341171123511912513267

89.511875

117.0107127119

160.8220.9113.4

167.8125256114131133188160212250

r277

285.

226.235191164340151

1,370.

176.

171.r189122122

101.80102

r103.100

114.31337276126

98.71137610467959480

99.3987782

89.48680

110.113011311140116127134r74

89.512373

115.4106126116

159.0r218.3112.2

167.0124251118128134187159214243

r274

282.1

223.7234191162333

150

/ 1,346.2 1

'173.1169.1185122123

101.281100

r102.598

112.91317175125

97.21117510267949379

r97.497767977

8680

110.512811211042114131139r74

12171

114.,105124115

158.6216.6112.8

167.4124247125128137186160214238270

281.4

223.5233192165335151

,309.6 1,275.8

166.7

167.0

170.7

168.1179125128

102.08299

103.499

113.71337275126

96.61107510168949079

97.998768070

85

114.11311131124011414414182

89.512571

114.2106123114

157.8214.0113.4

167.0

277.9

220.5

104.2

103.3

112.9

95.4

94.9

99.8

121.9

89.3

114.9

Factory pay rolls

1943

May June July

313.5437.1192.6

303.5222495156242194359299356501553

458.9

427.2433245247645

250

,736.7

297.1322.0346234205

196.1160176

178.9172

187.7183145136191

180.7216135205108184157147

164.316313613197

153.0150137

158.519116414860158149165117

144.4155141

178.0170183179

317.1441.6195.4

304.6224497166249199363299362494547

463.9

428.0435248265647

255

2,768.0

305.8325.0351236204

200.8164181

181.1174

189.6185146138190

178.7211135207108184157144

161.715913813180

150.8149134

167.420117115266159166182137

149.3159148

180.9173189180

315.6439.194.

299.6224478173242198361297356456542

462.8

420.1426254256630

260

2,790.6

314.3321.1373226203

193.3156179

178.6172

184.4182145135179

173.0207131198102174153139

155.815113112598

145.9142131

175.920417015368149178190201

153.5182138

176.3169181174

1944

Mar. Apr. May June

324.4454.8196.9

314.222478186271254357326424515550

513.2

432.8441301331732

276

2,819.1

335.4328.4356253223

182.9147174

188.2183

189.'211104121193

173.9202138200109174155135

178.5167137153141

153.1145139

174.421218416352191156186127

146.6160143

186.4176198183

318.2447.9191.4

308.0221463189266248352313415487

r530

502.0

424.3429298333769

269

2,798.0

330.0318.3

r348250218

184.5149171

H82.7176

187.3209108117193

170.0201135193103169152131

161.3158130132109

152.3147138

173.820618116060

183r159192

r141

142.8164133

183.6175195177

r317.8r444r193.8

308.6221461196260253354313435473

r528

501.0

420.4432298333703

269

'2,775.1

r318.1314.8342253222

186.9152170

r184.4r176

187.7208109119193

171.2202136193106167152132

r163.0166134128102

153.5147

r140

179.921718016461183

r169202'143

152.9182138

184.!177195177

318.3443.1196.3

311.0225452207263259346323421466527

507.5

425.0435304336716

272

2,691.0

317.6315.9337260231

193.9159172

187.5178

189.8210111123196

172.5205136195107169151136

166.216613513591

155.9148143

185.621818816763186193211157

157.9189142

187.0181194179

r RevisedNOTE.—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 indus-tries not here shown are obtainable from the Bureau of Labor Statistics. Underlying figures are for pay roll period ending nearest middle of monthand cover wage earners only.



FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES-Conttnued(Without Seasonal Adjustment)

[Index numbers of the Bureau of Labor Statistics, 1939 = 100]

Industry and group

Printing and PublishingNewspaper periodicalsBook and job

Chemical and Allied ProductsPaints, varnishes, and colorsDrugs, medicines, and insecticidesRayon and allied productsChemicals, n.e.cCottonseed oilFertilizers

Products of Petroleum and CoalPetroleum refiningCoke and by-products.

Rubber ProductsRubber tires and inner tubesRubber boots and shoesRubber goods, other

Miscellaneous IndustriesPhotographic apparatusGames, toys, and dolls j

Factory employment

1943

June

96103

257.710616710916683102

118.5111116

156.4157150141

166.317284

July

103.494107

258.61071701091687995

119.1113113

158.9162149141

166.417785

Mar.

102.593107

216.1106190108173113148

120.2116106

165.7173144147

158.117085

Apr.

101.393105

208. i106189108173102139

121.1118105

161.4169136143

157.016984

May

100.393

104

205.610618610717388120

122.8120106

159.7167140141

155.116983

June

100. <93

104

140

154.i16985

July

101.9

202.910618510817278

104

124.4122106

157.8165135

203.3

125.1

156.7

153.1

Factory pay rolls

1943

May

123.0111126

425.2155228163265151253

182.3171180

250.9244248229

297.1257149

June

126.4112131

432.5161234167274140195

187.5175180

264.0257260241

298.2in143

July

127.0112133

435.7158232169277133189

190.3180175

256.1253247228

291.4264133

Mar.

135.2114147

372.5164276172294215305

204.1196180

294.3299255258

301.3280160

Apr.

133.7114144

359.1164268171295194286

206.6200179

278.8280243249

296.72U160

May

135.0116145

360.2167271174297170

r267

212.6205183

280 A283249248

295 Ain160

June

137.4117149

358.4169267174299149228

215.7208188

279.0279246251

297.3273167

r Revised,FACTORY EMPLOYMENT

(Adjusted for Seasonal Variation){Index numbers of the Board of Governors, 1939 = 100J

Group

TotalDurableNondurable.

1943

June

169.0228.3122.3

July

169.7229.4122.6

Aug.

169.6230.0121.9

Sept.

168.3230.0119.6

Oct.

170.1232.2121.1

Nov.

170.9234.0121.2

Dec.

169.1232.8118.9

1944

Jan.

167.8230.3118.4

Feb.

166.9228.8118.1

Mar.

164.1225.3116.0

Apr.

161.5r221.1114.5

May

159.6r218.3r113.4

June

158.8216.5113.3

July

JJ157.6p213.8P113.4

p Preliminary. rRevised.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]

Industry and group

All Manufacturing..Durable Goods

Iron and Steel and ProductsElectrical MachineryMachinery Except ElectricalTransportation Equipment Except

AutomobilesAutomobilesNonferrous Metals and ProductsLumber and Timber Basic ProductsFurniture and Finished Lumber Products.Stone, Clay, and Glass Products

Nondurable Goods

Textiles—Mill and Fiber ProductsApparel and other Finished Products ..Leather and ManufacturesFood and Kindred ProductsTobacco ManufacturesPaper and Allied ProductsPrinting, Publishing, and Allied IndustriesChemicals and Allied ProductsProducts of Petroleum and CoalRubber ProductsMiscellaneous Industries

Average hours worked per week

1943

May June

45.2

46.9

46.447.349.7

47.546.347.143.844.642.9

42.8

41.938.440.144.640.245.639.945.744.545.446.4

45.1

46.447.049.4

47.146.246.944.444.643.1

42.7

41.538.139.844.941.045.740.145.644.946.046.5

1944

Feb. Mar. Apr.

45.3

46.7

47.146.849.1

46.946.347.042.944.243.3

43.2

41.838.741.245.541.345.640.745.746.545.746.2

45.346.7

46.946.749.1

47.046.346.943.244.543.6

43.2

41.938.941.445.340.945.840.845.846.645.646.3

45.0r46.5

46.546.248.8

47.146.446.643.243.743.2

42.5

41.237.341.144.839.045.540.645.646.344.7

r45.8

May

r45.3r46.7

46.846.348.8

r47.4r45.546.643.444.443.7

r43.1r41.538.241.2

r45.742.046.040.946.047.045.1

r46.1

June

45.5

46.9

46.946.649.1

47.345.947.144.644.643.9

43.4

42.038.241.745.942.346.341.246.046.845.246.1

Average hourly earnings (cents per hour)

1943

May

95.3

105.0

102.696.5

105.6

118.5123.1101.473.773.484.3

79.6

66.469.374.779.762.979.499.890.9

112.2100.588.2

June

95.9105.4

103.197.0

105.9

118.9123.6101.174.174.184.4

80.3

66.469.974.980.264.579.8

100.692.2

112.8102.488.1

1944

Feb.

100.3

110.0

106.9100.5110.7

124.7125.7104.077.079.287.9

84.2

68.677.877.883.867.882.9

104.493.5

115.9107.293.8

Mar.

100.6110.3

107.0101.0111.0

125.1126.1104.477.179.788.2

84.6

69.078.978.283.967.983.4

104.993.8

116.3108.694.2

Apr.

101.3111.0

107.7r101.4111.5

126.1r126.2104.578.8

r80.589.1

85.0

70.177.079.084.569.183.7

105.994.4

r117.4107.594.7

June

85.8

71.077.280.1

r85.569.884.2

107.295.5

'117.4108.9r95.2

101.8

111.3

108.2103.0112.3

126.2127.2104.879.881.389.3

86.2

71.278.380.185.170.684.6

107.796.3

118.1109.395.8

r 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]

Year and month Total

30,35331,78435,66838,44739,728

31,02031,04731,20431,37731,59031,84032,16932,48532,99333,397

33,63833,97334,40634,44135,26935,75836,27736,59736,77436,89236,99136,864

37,05737,19537,39137,72437,98138,20438,58139,04239,17139,45239,59739,898

39,93439,93540,06639,89139,74039,77539,87639,73739,47539,48639,52639,479

39,45439,35239,07938,86838,76138,66538,579

39,85939,92139,86039,67839,71839,84740,197

38,96538,84038,68138,69238,68438,74338,607

Manufac-turing

10,07810,78012,97415,05116,924

10,43910,39510,40210,45810,57010,77611,01711,18111,40911,589

11,72011,93412,17412,45612,77613,03213,34213,47313,58013,64213,75213,748

13,87914,04114,25514,46314,64914,86515,14315,44215,64415,79816,04816,333

16,50616,68216,83116,85816,83716,90817,05917,09717,05117,10817,15216,995

16,91016,81916,59216,394

r16,20916,08716,025

16,90817,05917,18217,13617,19417,23817,080

16,82516,73516,50916,312

r16,12816,08716,025

Mining Construction'Transporta;

tion andpublic

utilitiesTrade

6,6186,9067,3787,2637,030

6,8216,8226,8476,8656,8956,9366,9517,0057,0437,076

7,0657,1237,1927,2667,3027,3887,4957,5797,5487,5377,5267,487

7,4817,4147,3317,3197,2807,2067,2107,2227,2277,2247,1327,136

7,1337,0647,1107,0066,9887,0177,0617,0157,0067,0067,0006,962

7,0967,0437,0466,982

r6,9977,0097,059

6,9826,9206,8756,9367,0767,2457,554

6,9196,8676,9196,968

r6,9626,9746,918

Finance,service,

and miscel-laneous

4,1604,3104,4384,4474,115

4,2644,2814,2934,3004,3124,3284,3414,3574,3954,393

4,3664,3744,3974,4384,4414,4414,4424,4584,4544,4724,4794,493

4,5204,4914,5234,5414,5214,5324,5204,5184,3824,3304,2554,229

4,1464,1464,1214,1104,1024,1124,1274,1104,0794,0784,1194,127

4,1704,1734,1714,257

r4,3694,4004,416

4,1744,2304,1724,0794,0374,0784,127

4,1284,1314,1294,236

r4,3694,4664,526

Federal,State, and

localgovernment

3,9884,136"4,4465,2035,890

4,0944,1044,1184,1124,1364,1484,1594,1564,1964,202

4,2344,2694,3094,3444,4014,4344,4694,5024,5344,5884,6134,652

4,7074,8214,8694,9635,0825,1445,2165,3385,4315,5265,6205,701

5,7835,8295,9115,9455,9655,9625,9435,9165,8105,8185,8225,981

5,8665,8895,9015,9055,9025,8965,850

5,9625,9135,8865,8685,8475,8226,071

5,8075,8305,8715.9055,9325,8965,821

19391940194119421943

SEASONALLY ADJUSTED

1940—MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1941—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1942—JanuaryFebruaryMarchAprilMayJune...JulyAugustSeptemberOctoberNovemberDecember

1943—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


UNADJUSTED

1943—JuneJulyAugustSeptemberOctoberNovemberDecember

1944—January.FebruaryMarchApril.MayJuneJuly

845916947970891

916908907908912914918920925926

938935943643949970981997

1,0001,0031,0041,002

996981976982982981982973962954944933

927924915908893893888878876869859863

862862852848

r843844835

873863867

858858852844

r839840835

1,7531,7222,2362,0781,259

1,4961,5611,6411,7361,7561,7231,7581,8251,9712,135

2,2432,2562,2602,1332,1762,2392,2562,2582,3272,2952,2482,115

2,1022,0902,0552,0542,0482,0572,0772,1012,0772,1362,0952,041

1,8991,7341,6041,4761,3581,2631,1641,0821,020936891864

830786737719

r673667646

1,2881,2221,1691,0911,002918829

764715678683

r686680678

2,9123,0133,2483,4333,619

2,9902,9762,9962,9983,0093,0153,0253,0413,0543,076

3,0723,0823,1313,1613,2243,2543,2923,3303,3313,3553,3693,367

3,3723,3573,3823,4023,4193,4193,4333,4483,4483,4843,5033,525

3,5403,5563,5743,5883,5973,6203,6343,6393,6333,6713,6833,687

3,7203,7803,7803,763

r3,7683,7623,748

3,6563,6893,6943,6883,6893,6833,669

3,6643,7043,7233,744

r3,7683,8003,804

* 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. Es-

timates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15thof 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.



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]

Month

January. . . . . . .FebruaryMarchAprilMayJune.JulyAugustSeptemberOctoberNovemberDecember

Y e a r . . . . . .

Total

1943

350.7393.5339.7303.4234.4229.6183.7413.:175.1213.5184.4252.2

3,274.0

1944

159.2137.2176.4179.3144.2163.9

Residentialbuilding

Nonresidential building

Factories

1943

110.893.371.879.463.361.571.867.554.169.758.466.2

1944

41.024.935.237.834.530.6

1943

73.187.763.840.724.253.731.9

234.831.134.529.062.0

766.2

1944

34.029.948.733.027.124.4

Commercial

1943

1 Negative because of revision of a prior month's entry.

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP[Figures for 37 States east of the Rocky Mountains, as reported by the

F. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

JanuaryFebruaryMarchAprilMay . . . . . .JuneJulyAugustSeptember...OctoberNovember. . .December .. .

Year . . . . . . .

1942

317434611499674

1,190944

. 721723780654709

8,255

Total

1943

351394340303234230184414175214184252

3,274

1944

159137176179144164191

Public ownership

1942

198310473355569

1,105876633661710592664

7,146

1943

316364304253192183122351120157135198

2,695

1944

122109133133

98122148

Private ownership

1942

119123138144105

85688862716245

1,109

1943

353036504246616256565054

579

1944

37284346464242

7.222.725.26.69.36.95.37.45.1

11.27.96.0

120.7

Educational

1943 | 1944

5.64.24.55.95.37.94.84.25.85.73.35.1

62.4

453.

10

Other

1943

68.272.751.543.036.526.319.926.429.028.926.945.7

4-74.9

1944

21.123.119.525.017.118.9

Public worksand publicutilities

1943

85.8113.0123.0127.795.873.350.073.450.163.559.067.4

I 981.9

1944

50.355.161.372.055.870.7

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]


Boston.. . . . . . . . . . . . . . . . . . . .New YorkP h i l a d e l p h i a . . . . . . . . . . . . . . . . . . .ClevelandRichmond . . . . . ;At lanta . . . . .Chicago.St. LouisMinneapolis . . . . . .Kansas C i t y . . . . . . . . . . . . . . . . . . .Da l las . . . . . . . . . . . . . . . . . . . . . . . . .

Total (11 districts) . . . . . . . .

1944

July

8,63926,85317,83419,03426,45117,73742,704

9,4572,9249,4559,451

190,539

June

4,92722,00212,92111,93827,90418,69424,6478,9975,377

16,37010,089

163,866

1943

July

15,08212,18618,59517,54835,91417,76829,5848,7202,066

11,78614,412

183,661

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION[In millions of dollars]

Year or month

193519361937193819391940194119421943

1943—JulyAug.SeptOct.NovDec

1944—JanFeb "Mar.A p r . . . . . . . . .MayJuneJuly

Total

320557495694954

1,0261 1861,137

942

849088859277

75796267696371

Title I Loans

Prop-ertyim-

prove-ment

224246

6016020825126214196

710128

to9

61669997

Smallhomecon-struc-tion

1325262115

1

Mortgages on

1- to 4-familyhouses(Title

II)

94309424473669736877691243

212020202118

19141313181818

Rentaland

grouphousing

(TitleII)

22

11485113136

Warhousing(Title

VI)

13284601

566055576050

50504445423646

* 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.

INSURED FHA HOME MORTGAGES (TITLE II) HELD INPORTFOLIO, BY CLASS OF INSTITUTION


End of month

1936—Dec1937—Dec1938—Dec...

1939—June.D e c . . .

1940—MarJune.SeptDec

1941—Mar.....June.. . .SeptDec

1942—MarJuneDec.. . . . . .

1943—JuneDec

Total

365771

1,199

1,4781,793

1,9492,0752,2322,409

2,5982,7552,9423,107

3,3073,4913,620

3,7003,626

Com-mer-cial

banks

228430634

759902

9711,0261,0931,162

1.246J1,318!l,400l1,465

1.549J1.623J1,669:

1,700!1,705

Mu-tual

sav-ings

banks

82738

5071

90100111130

146157171186

201219236

252256

Sav-ingsandloan

associ-ations

56110149

167192

201208216224

230237246254

264272276

284292

Insur-ancecom-

panies

41118212

271342

392432480542

606668722789

856940

1,032

1,0711,134

Fed-eral

agen-cies1

53277

137153

171182190201

210220225234

237243245

23579

Other2

275390

94133

124127141150

160154178179

200195163

158159

1 The RFC Mortgage Company, the Federal National Mortgage Associa-tion, the Federal Deposit Insurance Corporation, and the United StatesHousing 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, excludingterminated mortgages and cases in transit to or being audited at the Fed-eral Housing Administration.

SEPTEMBER 1944 9x1


MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

JanuaryFebruaryMarch...

AprilMay........June

JulyAugustSeptember.

OctoberNovemberDecember

January-June

Merchandise exports1

1940

370347351

323324350

317351295

344328322

2,064

1941

325303357

387385330

365460425

666492653

2,086

1942

481480628

717536648

650703732

801787873

3,490

1943

730719989

9791,0851,002

Pi,261Pi,202Pi,235

Pi,195pl,O72Pi,244

5,504

1944

PI,090PI,085PI,157

Pi,182Pi,419PI,271

P7.204

Merchandise imports2

1940

242200217

212211211

232221195

207224253

1,294

1941

229234268

287297280

278282262

304281344

1,594

1942

254254272

235191215

213186196

200168358

1,420

1943

229234249

258281295

p302P316P286

P329P3HP278

1,546

1944

p300P313P359

P359P386P330

p2,047

Excess of exports

1940

128147134

111112138

84130101

13710469

770

1941

966989

1008850

87178162

362211309

492

1942

228226355

482345433

437517536

602619515

2,070

1943

502485739

r721r803706

P960P887P949

P866P761P966

3,957

1944

P79OP772P799p822

PI,033P941

p5,157

P Preliminary. r Revised.1 Including both domestic and foreign merchandise2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehousesSource.—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

Total

Annual1939..1940...1941....19421943.. . . . .

SEASONALLYADJUSTED

1 9 4 3 — M a y . . . . . . . . . .JuneJulyAugustSeptemberOctoberNovemberDecember

1944—January......FebruaryMarch.AprilMayJuneJuly

UNADJUSTED

1943—MayJuneJulyAugustSeptemberOctoberNovemberDecember

1944—JanuaryFebruaryMarchAprilMayTuneJuly

135127141140140137139144

145143140138138139143

137132146145151147142133

133133132135141144147

Coal

98111123135138

133100146145152140127147

150149140141147148143

Coke

102137168181186

181166184191195195186192

185180185190190194194

179162178183193191186202

194191187186188191188

irain

107101112120146

140137143147137167161153

159148136123128135144

123140172158153167157144

159145125108113137172

Live-stock

969691104117

113r112r112117114119132122

121135131120118

r124124

1028697111151183166118

116108103107106100102

138139150148139137150154

147146141141140148156

143145150156150144147138

133140141141146154157

Ore

110147183206192

163192202208209191191209

203193174195195187189

26929732331231427419365

514851168281291302

Mis-eel-lane-

101110136146145

144142146145143140147148

149147149146144143150

145146147147154153153139

136138142144145147151

Mer-chan-diseI.C.I.

9796

1006963

REVENUES, EXPENSES, AND INCOME OF CLASS IRAILROADS


Annual19391940194119421943

SEASONALLYADJUSTED1

1943—AprilMay.JuneJulyAugustSeptemberOctoberNovemberDecember


UNADJUSTED

1943—AprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


Totalrailway

operatingrevenues

3,9954,2975,3477,4669,055

746753756763768767769769782

778775782780779810

749759747791800777796762782

•741735797760804799

Totalrailwayexpenses

3,4063,6144,3485,9827,693

630639642648653651654662680

662671690689688701

620630638671676666683666705

658651705672706700

Netrailway

operatingincome

589682998

1,4841,362

116114115115114116115107102

116103929191109

129129

r1091211251101139677

8384938899100

Netincome

93189500904874

737373747475766967

7966535453

no86

r8771828470766335

4546544859P60

P Preliminary. rRevised.1 Includes redistribution of wage accruals in 1943.

NOTE.—Descriptive material and back figures may be obtainedfrom the Division of Research and Statistics. Basic data compiledby the Interstate Commerce Commission.

FEDERAL RESERVB BULLETIN


DEPARTMENT STORE STATISTICS[Based on value figures]

MONTHLY INDEXES OF SALES[1935-39 average = 100]

Year and month

19191920192119221923192419251926 . . . .1927 . ....... . . .1928 ... , .19291930 . .1931193219331934 , . . .1935 .193619371938 . . .19391940 . ...194119421943 ... ......

SEASONALLYADJUSTED

1942—July . ....AugustSeptember .OctoberNovember . ...December ........... ..

1943—JanuaryFebruaryMarch . .. ........April ...................MayJuneJulyAugustSeptemberOctober . .NovemberDecember

1944-—January ...................FebruaryMarch .............April . ..................MayJuneJuly

UNADJUSTED

1942—JulyAugustSeptemberOctober . ..... .......NovemberDecember .... ,..

1943—January . . . .February ...................March . .....AprilMayJune . .............July ..................AugustSeptember ....OctoberNovemberDecember

1944—JanuaryFebruary ..............MarchAprilMay -JuneTulv

UnitedStates

83999294105105110113114115117108977573838810010799106114133149168

145152150158159157

164192163159158167171165162173181165

r175175185172181175193

107127161170187261

129155144164155155

r127139173186214272

137142170172178162143


Boston

9511010811211912112312712812612812311490849092100104100104108126140148

136136140144144149

143161151146146145147143139145158148

148148162157164151160

94105152160169256

116125130155145138102110152161184255

119115144161162144110

NewYork

8410096991061101161201231241291261169186919310110699101106119127134

126132126131130130

132148137127130131

r136134132136144130

135137157

r139149

r141147

8496133149161229

109123115129123122r9198140156181226

112114138136141

r13199

Phila-delphia

1061261201221351341351381331271281181058380889110210796104111129143151

137148141142143147

145173150148148151154143148153160144

158157173162168

r159173

95114144161181263

112137135151142136

r107112151173201256

122124162159161

rl43119

ICleve-land

841069495108106109110110110116105936869818610111196106114138153167

144156149157161158

r171196T66152157164171164158170178

r164

r169166183166181166196

106136162167189254

133157146163156155126143168182214262

132133167172179157144

Rich-mond

738178758587929695959692866868818798105101109120144170194

177174169179187173

186231184186182197200187193191215187

208209212199211"203213

124144182200220306

136176166190181177141155208212252332

152159203193210182150

Atlanta

881059085949195991001009891796065788497105103113123145162204

155161164177178177

190218185181196209221201210222220208

224225225222233237263

116143171186208287

152188171196192175166179218233257336

179194219228228199197

Chicago

80839896102106108114116101886768798610010998107116135149161

145150148160158156

166192157155146157168161151169174154

172162173165167163187

107126163165181256

126155140160149154124136166174200253

131131159166170160139

St.Louis

105103115114120121119120122110977672838597106102111119143158179

154165152176173163

167218168157164184185177171188197172

182194195173197189216

114142167182197263

137172153172164166137152188194224277

149153185183197170160

Minne-apolis

113126117112120119124119117110110105987976859099104101106109122133149

127133136138140135

144182142147138144148149147148166146

160176159157158151165

101118154157162208

108127124151139144117132166168192224

119122140159160151130

KansasCity

119124123125119117111967473858999107100105110127149184

142148157166176159

194214168173163187

r184174179194203174

207203193181192192221

112139173174190259

143169156177165172145163196203219283

153160182183194177175

Dallas

93112928691949810310110310496816162768097105106112117138157212

153157161174173177

184246185195191220220208211231227215

206241247232228245277

112138177188204287

158204168193191183160183232250269343

177200227228228203202

SanFran-cisco

678075789193991061071101121049471687786100106100109117139169200

166172176183185187

18S217197190192200199198189211212206

208209218201216210223

138158184191220296

150184171188181184165180197219254324

166178197192203193185

r 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—ContinuedSALES, STOCKS, AND OUTSTANDING ORDERS

[As reported by 296 department stores in various Federal Reserve districts]

1939 average1940 average1941 average1942 average1943 average

1942—OctNovDec

1943—JanFebMarAprMayJuneJulyAugSeptOctNovDec


Amount(In millions of dollars)

Sales(total

formonth)

128136156

r179r204

r211212

r324

157r182187200182188150165

r206r230259

r338

167170

r227r206220199162

Stocks(end ofmonth)

344353419

r599r507r652624

r481r467453472462471

r480r502559

r581r593r576r466

r478512

r525524

r525r522511

Out-stand-ing

orders(end ofmonth)

108194263530

251254254

347398441461563671

r693624568550560487

525526488475521

r590630

Index of stocks1(1935-39 average

= 100)

Season-ally

adjusted

168155147

150136133128132

r144160167160

r153143142

153154

rl48145147

r157163

Unad-justed

99101120172

r146

187179138

134130

r136133135

r138144

r161r167170165

r134

137147

r151150151

r150147

WEEKLY INDEX OF SALES[Weeks ending on dates shown. 1935-39 average — 100]

Without seasonal adjustment

Jan.

Feb.

Mar

Apr.

May

June

July

Aug.

Sept.

1941

411182518 . . . .

15 . . .2 2 . . .

1 . . . .8 . . . .

15 . . . .2229

51219263

101724317

1421285

121926

29

162330

6132027

87..102. . 93. . 90.. 96.. 98..101.. 91..106..101..110

116..124

137..129

126..122..134..139..120

127..116

136130

..117

..118

.. 95

..101

.. 99

.. 97

..109

..127

..123

..128.162.129.142.142.161

Jan.

Feb.

Mar

Apr.

May

June

July

Aug.

Sept

19423

10. . . .17 . . . .24 . . . .31

7142128

7142128

411182529

162330

61320274

111825

18

152229. 5121926

.111

.135

.135

.121

.125

.119

.122

.115

.127

.130

.137148

.157170

.129146

.140

.147

.149

.127

.125

.104

.147

.128

.129

.109

. 95

.112

.105

.103

.105

.122

.125

.126

.142

.165

.140

.152

.172

Tan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

194329 . . .

16 . . . .2 3 . . . .306 . . . .

1320 . . . .27 . . . .6 . . .

132027 . " . ' .3

io.!!!.172418

152229

512.. . .19263

101724317

14. . . .2128 . . . .4

111825

.117

.146

.139

.125126

.170178

.155

.162

.150

.144147

.155161

.168

.170182

.142

.169

.149

.153151

.151

.168168

.132

.134

.113

.126

.124

.118

.131

.131

.146

.145

.169

.156

.179

.176

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

19441S.....

152229.. . .5

19!!!!!264

111825! . . ! !

1

1522296

1320273

10. ! . . .1724.. . .18

1522295

1219... .2629

1623

110.143.146.145.137.147142

!l42.146.153.160172

.182212

!208152

.163

.168

.184197177168

.163172173

.151

.149

.116

.145

.138

.132

.137

.148

.149

.171

' ^ f o r m e r index on a 1923-25 average base, recomputed on a 1935-39 / JtbgtoSSS! * * * *" deSC"ptioD a n d back 6gures s e e ""• 87i*75

average base. /Back figures.—Division of Research and Statistics. /

SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES[Percentage change from corresponding period of preceding year]

United States..

BostonNew HavenPortlandBostonSpringfieldProvidence

New YorkBridgeportNewarkAlbanyBinghamtonBuffaloElmiraNiagara Falls...New York City.Poughkeepsie...RochesterSchenectady.. .SyracuseUtica

PhiladelphiaTrentonLancasterPhiladelphia....ReadingWilkes-Barre...York

ClevelandAkronCincinnatiClevelandColumbusToledoYoungstown

July1944

+7+5

+4+12- 3- 3

±t+1

0

+11

3-15+9+1+40

+2+4+31+7+7-2+12+2+9+10+1

June

+5+4+1

+5

+6

+9

0-1+9+3+12+1+12+13+2-3+9—4

r-3r+4+2r+3

+18r+9+i- 3

0- 1+3+4+6

Sevenmos.1944

+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.EriePittsburghWheeling

RichmondWashingtonBaltimoreWinston-Salem...Charleston, S. CGreenville, S. C .LynchburgNorfolkRichmondCharleston.W.VaClarksburgHuntington

AtlantaBirminghamMobileMontgomeryJacksonvilleMiami...TampaAtlantaMaconBaton Rouge.New OrleansJacksonChattanooga.. .KnoxvilleNashville

ChicagoChicagoPeoria

July1944

+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

June1944

+4+9+2+1+1+8

+10+16+6+6

0+17

+15+9+6

+27+13+12+9

+18+7

+14+17+9

+12+36+12

+4

Sevenmos.1944

+4+7

+14+5

I+12+10+18+17+12+13+10+21+19+12+7

+23+19+21+15+21+13+10+18+16+20+47+23

+5+5

+12

Chicago—Cont.Fort Wayne....Indianapolis...Terre Haute. . .Des MoinesSioux CityDetroitFlintGrand Rapids..LansingMilwaukeeGreen Bay

5/. LouisFort SmithLittle Rock....QuincyEvansvilleLouisvilleSt. LouisSpringfieldMemphis

Minneapolis

Kansas CityDenverPuebloHutchinson . . .TopekaWichitaJoplinKansas City...St. JosephOmahaOklahoma CityTulsa

July1944

+18+6

+11+11

- 3- 1

+16+6

+11+13+9

+14+10+28-15+14+6

+27+12+11

+11+5*

+23+14+13+4+8

+21+25

June

+4— 1

+1

+3+6

±S+9

+14r+2+10+3

+10"-15

+8- 1

+20+11+7+3+8+7+5+7+1+6

0- 1+9+2

Sevenmos.1944

+7+9+1+8

+1

DallasShreveport.DallasFort WorthHoustonSan Antonio

OSi

+9+15

+8n+20- 5

+13+6

+24+14+8

+3•+11+14+14+15+6+6

+16+10+16+7

Ian FranciscoPhoenixTucsonBakersfieldFresnoLong BeachLos AngelesOakland and

BerkeelyRiverside and

San Bernadino.SacramentoSan Diego.San FranciscoSan Jose...Santa RosaStocktonVallejoand NapaBoise and

Nampa..Portland...Salt Lake City..BellinghamEverett....SeattleSpokane...TacomaYakima....

July1944

+11+14+12+9

+14+8+8

-XI+25+18+16+11

+6

+6+7

+10+10+5

+20+13+9*

0+1

+14+12+5+4+2

+10

June1944

+11+16+17+8+8

+10

+50r+2r+7

+18+11+7+5*

r+6+5+8

+10+16+8

+18

+5+2- 5—3

00

- 2' - 8+25

Sevenmos.1944

+15+20+22+12+lt«+3

+16+28+15+11

+6

+16+7+5+8+9

+14+9

+14

"*+9- 1

0+8+6+3- 4

+25

r Revised.* Data not yet available.** Six months 1944.

92.4 FEDERAL RESERVE BULLETIN


DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS, BY MAJOR DEPARTMENTS

DepartmentNumberof storesreporting

Sales during month (value)

Percentage change

June 1944from

June 1943

+6

+6

+7+1

+13

+13+11+22+5

+21+18+12+25- 1 9- 7 5

- 1- 9+6

+11- 3 8

+4+11

- 6+10

- 4 9+8

+15- 1

+19+9+6+2- 4- 3

+18

+3+8- 2+4

+23- 2 1

June 1944from

May 1944

- 1 0

- 1 0

- 1 5- 4 9- 1 6

- 2- 1 4- 4 2- 1 2- 1 3- 7

- 1 4- 3 6

- 8- 1 1

+15- 3

+42- 1 2+15

- 1 4- 1 2- 2 4- 2 2

- 9- 2- 4

— 19

- 1 3- 6

—4- 1 1

0- 5

0

- 9- 1 2+18- 1 8

- 5- 6

June 1943from

May 1943

Stocks at end of month (value)

Percentage change

June 1944from

June 1943

+7

+7

+11- 2 4+14

+23+24+58+23+34

- 6- 1 6+34+18- 3 6

+10+1+8

+37+9- 2+5

- 2 8- 8

- 4 4+12- 1 3+4

0— 19

+17+16+24+5+9

+5+7+6

0- 1 4 •+1

June 1944from

May 1944

- 2

- 1

- 1+5

- 1 8

- 7—5+6

- 1 6+1

0+6

+152

+27

- 5- 5- 8+4- 1

0+2- 1

0

- 70

+2- 4

0- 1 1

- 2—4

0—4

+4

- 3- 4- 4

0- 5- 5

J u n e 1943from

May 1943

Ratio of stocksto sales

June

1944 1943

GRAND TOTAL—en tire store..

MAIN STORE-total

Women's apparel and accessoriesWomen's and misses' coats and suitsWomen's and misses' dressesBlouses, skirts, sportswear, sweaters, knit

apparelJuniors' and girls' wearInfants' wearAprons, liousedresses, uniformsWomen's underwear, slips, negligeesCorsets, brassieresHosiery (women's and children's)Gloves (women's and children's)Shoes (women's and children's)Furs

Men's and boys' wear..Men's clothingMen's furnishings, hats, caps..Boys' clothing and furnishingsMen's and boys' shoes and slippers..

Home furnishingsFurniture, beds, mattresses, springsDomestic floor coveringsDraperies, curtains, upholsteryMajor appliances (refrigerators, washers, stoves,

etc.)Domestics, blankets, linens, etcChina and glassware ;Housewares

Piece goods (dress and coat yard goods, allmaterials)

Cotton wash goods

Small waresNotionsToilet articles, drug sundries, prescriptionsJewelry and silverware

Miscellaneous

BASEMENT STORE-totalWomen's apparel and accessoriesMen's and boys' clothing and furnishingsHome furnishingsPiece goodsShoes

'I

351

351

349328331

310294302282318327341320240254

320230303278173

313230235290

188287219219

285119

332221318247

216206166122

54124

+3

+2

0- 4 7+5

+16+5

+170

+2- 1 3-38+39-10

+41+26+62+8

+85

- 1 0- 9

- 1 8- 1 6

- 1 1

+4- 1 1

0

+10+2

0+7+1

+10

+10+5

+43-12+10+50

+1

+1+5

+48-17

+6+11+8

- 1 3+5- 7+2+7

- 1 2+33

- 8- 1 0

- 8- 1

- 1 0

+2- 2- 2 '

- 1 5- 1- 1- 1

- 1- 1 1

+3+4+2+5

+8

+1+7- 4+2- 6- 9

2.7

2.9

2.33.40.9

2.22.03.01.22.31.92.16.23.2

36.4

3.23.32.74.15.5

3.63.63.12.7

2.83.64.74.0

2.41.1

3.83.04.14.2

3.0

2.31.83.02.82.13.7

2.7

2.8

2.24.50.9

2.01.82 31.02.12.32.95.82.2

14.6

2.82.92.63.33.1

3.93.84.13.3

2.63.46.23.8

2.91.4

3.42.73.23.9

3.3

2.31.82.82.93.02.8

NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for mainstore owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. The ratio of stocks to sales is obtainedby 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 monthin terms of sales for that month.

SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS

Year and month

1943—JuneJulyAugustSeptemberOctoberNovemberDecember

1944—JanuaryFebruaryMarch .AprilMayJuneJUly

Index numbers, without seasonal adjustment, 1941 average = 100

Sales during month

Total

12196

107131147166217

106109144132141127103

Cash

150125138167187210289

140140182171180165138

Instal-ment

r56536470849399

53577359585044

Chargeaccount

100r7382

104115130159

7984

1141041129976

Accounts receivableat end of month

Instal-ment

42393838404448

44414038363432

Chargeaccount

776463748190

109

82727979827867

Collections duringmonth

Instal-ment

72706767758182

77727867676156

Chargeaccoun t

1001038584

104116121

143107100107109111102

Percentage of total sales

Cashsales

60636261616165

64636262626365

Instal-mentsales

4555554

4444434

Charge-account

sales

36323334343431

32333434343431

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 apreceding page.

SEPTEMBER 1944 915


CONSUMER CREDIT STATISTICSTOTAL CONSUMER CREDIT, BY MAJOR PARTS

(Estimated amounts outstanding. In millions of dollars]

End of monthor year

19291930 . . . .1931193219331934193519361937193819391940194119421943

1943JuneJulyAugSeptOct.NovDec.

1944JanFebMarApr. . .MayJuneJuly .

Totalconsumercredit

7,0896,3415,1773,8463,7174,1595,1486,3967,0546,6187,5188,7679,4996,1655,158

5,0954,8834,8104,9095,0105,1145,158

4,8184,6624,8364,8014,898

P4.945

Instalment credit

Totalinstalment

credit

3,1672,7062,2141,5151,5811,8462,5993,4663,9193,5394,3515,4345,9212,9321,939

2,0751,9931,9391,9171,8911,8821,939

1,8361,7851,8041,7851,801

Pi,826PI,831

Sale credit

Total

2,5152,0321,595

9991,1221,3171,8052,4362,7522,3132,7923,4503,7471,494

816

896838807786777778816

745707696689700

P7O4

Automotive

1,318928637322459576940

1,2891,384

9701,2671,7291,942

482175

208196190186181177175

169167167171181

P204

Other

1,1971,104

958677663741865

1,1471,3681,3431,5251,7211,8051,012

641

688642617600596601641

576540529518519

P515

Loans1

652674619516459529794

1,0301,1671,2261,5591,9842,1741,4381,123

1.1791,1551,1321,1311,114L,1041,123

L,091L,O781,1081,096.101

PI,119PI,127

Single-payment

loans2

1,5771,4511,051

726588659785991

1,1191,0691,0891,1231,2041,0721,034

1,014994996

1,0381,0731,0841,034

996962955966997

PI,033PI,044

Chargeaccounts

1,7491,6111,3811,1141,0811,2031,2921,4191,4591,4871,5441,6501,7641,5131,498

1,3381,2221,1981,2751,3661,4661,498

1,2941,2181,3761,3461 390

PI,370PI,287

Service credit

596573531491467451472520557523534560610648687

668674677679680682687

692697701704710

P721

P Preliminary.1 Includes repair and modernization loans. A revision of repair and modernization estimates was shown on p . 392 of the 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 adescription of sources of data and methods of estimation. Later estimates, comparable with those formerly published by the Department of Commerce,were made at the Board of Governors of the Federal Reserve System.

CONSUMER INSTALMENT SALE CREDIT, EXCLUDINGAUTOMOTIVE

[Estimated amounts outstanding. In millions of dollars]

End of monthor year

19291930193119321933 . . .193419351936193719381939194019411942 . .1943

1943JuneJulyAugSept.OctNov. . . .Dec. . . .

1944JanFebMarAprMayJuneJuly

Total,excluding

auto-motive

1,1971,104

958677663741865

1.1471,3681,3431,5251,7211,8051.012

641

688642617600596601641

576540529518519

P515P500

Depart-mentstoresand

mail-orderhouses

160155138103119146186256314302377439469254174

168155149148151160174

158147144141141

P138P130

Furni-ture

stores

583539454313299314336406469485536599619391271

301286279272269266271

248236231229235

P237p234

House-hold

appli-ance

stores

26522218512111913117125530726627330231313029

64554842373229

2421191816

P15P14

Jewelrystores

5647453029354056687093

1101207766

47454444454866

5551524845

P44HS

Allotherretailstores

13314113611097

115132174210220246271284160101

10810197949495

101

9185838282

P81P79

p Preliminary.

CONSUMER INSTALMENT LOANS[Estimated amounts outstanding. In millions of dollars]

End ofmonth or

year

192919301 9 3 1 . . . . . . . .193219331934193519361937193819391940194119421943

1943

JuneJulyAug . . . —SeptOctNovDec

1944Jan. . .FebMarAprMayJuneJuly

Total

11111211

1111111

11111

PIPI

652674619516459529794

,030,167,226,559,984,174,438,123

,179,155,132,131,114,104,123

,091,078,108,096,101,119,127

Com-mercialbanks 1

43453931293971

130215248380586687370273

287283278277273270273

267266276279285294298

Smallloancom-

panies

263287289257232246267301350346435505535424372

371363357358354355372

360356369363362365367

Indus-trial

bankingcom-

panies

219218184143121125156191221230257288298202165

174170168169167165165

161161164164165169170

Creditunions

323129272732446693

113147189217141110

118114112113111109110

106105109106105107106

Miscel-laneouslenders

95937858506079

1021251179699

1029186

86858485848486

8584868585

P85P85

Repairand

modern-izationloans2

27177240163172244317335210117

143140133129125121117

1121061049999

P99P101

9X6

P Preliminary.1 These figures for amounts outstanding include only personal instalment

cash loans and retail automotive direct loans, which are shown on the fol-lowing page, and a small amount of other retail direct loans (12 milliondollars at the end of July 1944), which are not shown separately.

2 See footnote 1 for table above.



CONSUMER CREDIT STATISTICS—Continued

CONSUMER INSTALMENT CREDITS OF COMMERCIALBANKS, BY TYPE OF CREDIT

[Estimates. In millions of dollarsl

Per-sonalinstal-mentcashloans

Month or year

Outstanding at end ofperiod:

1939194019411942...1943

1943—JuneJulyAugustSeptemberOctober..NovemberDecember

1944—January.FebruaryMarchAprilMayJuneJuly

Volume extended duringmonth:

1943—JuneJulyAugustSeptember ,OctoberNovemberDecember...


Total

1,0201,3401,588

787469

529515498489480470469

460448452452459471479

77676872686672

65628573889085

Automotiveretail

Pur-chased

21030039613654

65605857575554

5151505152

r5559

9899877

6689

101012

Directloans

16023030312282

85828282828282

818 1 .83 #

86909296

13131414131314

14141817201919

Otherretail,pur-

chasedand

direct

15021027914367

84807470676667

7064605960

r6160

12989

111213

138

1010141210

Repairand

mod-erniza-

tionloans

22026024615486

1051039895928986

82787673737374

8777765

4456788

280340364232180

190190186185182178180

176174183183184190190

35303033292833

28304431374136

r Revised.NOTE.—For descriptive material and back figures, see BULLETIN for

October 1942, pp. 992-994.

CONSUMER INSTALMENT LOANS MADE BY PRINCIPALLENDING INSTITUTIONS

[Estimates of volume made in period. In millions of dollars]

Month or year | CommercialS banks1

1929....1930....1931....1932....1933....1934....1935...1936....1937.., .1938....1939....1940..,.1941....1942....1943....

1942December

1943JanuaryFebruary.M a r c h . . . . . . . .April . . .May.J u n e . . . . . . . . . .JulyAugustSeptember....October.. .November.December.. . . .

January.February.March. . . .Apr i l . . . . .MayJune . . . . . .July..

1944

705r525

43

3635534140504445474342

r49

4244

r64r5058

r6257

Small loancompanies

463503498376304384423563619604763927983798

>809

82

455086625880626470677095

S3609461727573

Industrialbanking

companies

413380340250202234288354409417489536558408364

31

252638312935302932282932

27293830353833

Creditunions

42413834334267105148179257320343215193

18

111322151419151518161520

13162314171916

r Revised.1 These figures for loans made include only personal instalment cash

loans and retail automotive direct loans, which are shown elsewhere onthis page, and a small amount of other retail direct loans (two milliondollars in July 1944), which are not shown separately,

FURNITURE STORE STATISTICS

Item

Net sales:TotalCash salesCredit sales:

Instalment . . . . . . .Charge account. . . . .

Accounts receivable, at end ofmonth:

TotalInstalment

Collections during month:T o t a l . , , . . .Instalment

Inventories, end of month, atretail value

Percentagechange from

precedingmonth

July1944

- 1 3- 1 1

- 1 3—11

—2- 2

- 3A

+2

June1944

r ~ 9

- 8-10

o0

., 2- 3

- 2

May1944

+17+18

+1

+9+8

- 1

Percentagechange from

correspondingmonth of

preceding year

May1944

July1944

- 5+5

- 6- 1 5

- 1 7- 1 8

—13—16

-16

June1944

+3r+12p - l

-s

- 1 9—19

- 1 1- 1 1

r-16

+4+17

+3

- 2 2- 2 3

- 1 2- 1 4

' -16 - 1 8

' Revised.

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1

Month

1943JuneJulyAugustSeptemberOctoberNovemberDecember . . . . . . .

1944JanuaryFebruaryMarchAprilMayJuneJuly

Instalment accounts

Depart-mentstores

29303233373735

30313631333130

Furni-ture

stores

21222221222322

2020232325

r2423

House-hold ap-pliancestores

21212121222322

22222626262829

Jewelrystores

33343433373955

31313428303031

Chargeaccounts

Depart-mentstores

62626262656663

61616563646361

r Revised.1 Ratio of collections during month to accounts receivable at begianing

of month.

SEPTEMBER 1944 92-7


WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index numbers of the Bureau of Labor Statistics. 1926 -100]

Vear, month, or week

19291930..1931193219331934193519361937193819391940194119421943... , . ......

1943—JanuaryF e b r u a r y . . . . . . . .MarchA p r i l . . . . . . . . . . . .May..J u n e . . . . . . . . .July . . . . . . . . . . . .A u g u s t . . . . . . . . . .September...O c t o b e r . . . . . . . . .November.December.

1944—January... ..February.MarchApril..May*JuneJuly..

Week ending;1944—May 13

May 20May 27..June 3June 1 0 . . . . . . . . . .June 17June 24July 1July 8July 1 5 . . . . . . . . . .July 22...July 2 9 . . . . . . . . . .Aug. 5 . . . . .Aug, 12.. . . ,Aug. 19Aug. 26

Allcom-

modi-ties

95.386.473.064.865.974.980.080.886.378.677.178.687.398.8

103.1

101.9102.5103.4103.7104.1103.8103.2103.1103.1103.0102.9103.2

103.3103.6103.8103.9104.0104.3104.1

103.6103.8103.9103.9104.0103.7103.7104.1103.9103.9103.9103.9103.6104.0103.6103.5

Farmprod-ucts

104.988.364.848.251.465.378.880.986.468.565.367.782.4

105.9122.6

117.0119.0122.8123.9125.7126.2125.0123.5123.1122.2121.4121.8

121.8122.5123.6123.-2122.9125.0124.1

122.4123.3123.7123.9125.0122.9123.0125,5124.1124.2124.1124.1122.5124.8122.3121.8

Foods

99.990.574.661.060.570.583.782.185.573.670.471.382.799.6

106.6

105.2105.8107.4108.4110.5109,6107.2105.8105.0105.1105.8105.6

104.9104.5104.6104.9105.0106.5105,8

104.6104.7104.9105.2105.4104.9104.9106.7106.0105.6106.0105.3104.6106.1104.5104.0

Other commodities

Total

91.685.275.070.271.278.477.979.685.381.781.383.089.095.596.9

96.096.296.596.696.796.896.997.197.297.397.497.6

97.898.098.198.498.598.598.5

98.698.798.798.798.798.798.798.798.798.698.798.798.798.798.798.7

Hides and |leather

products

109.1100.086.172.980.986.689.695.4

104.692.895.6

100.8108.3117.7117.5

117.8117.8117.8117.8117.8117.8117.8117.8117.8117.8116.5117.0

117.2116.9116.9116.9117.0116.4116.2

117.6117.6117.7117.7117.7117.7117.7116.8116.8116.8116.8116.8116.8116.8116.4116.6

Textileproducts

Fuel and j Metalslighting | and metal

materials j products

90.480.366.354.964.872.970.971.576.366.769.773.884.896.997.4

97.397.397.397.497.497.497.497.497.597.697.797.7

97.797.797.897.897.897.898.0

97.397.397.397.397.397.397.397.397.397.397.4,97.497.597.597.597.6

83.078.567.570.366.373.373.576.277.676.573.171.776.278.580.8

79.379.880.380.680.881.081.080.981.081.081.282.1

82.383.183.083.083.283.383.2

83.783.983.983.783.783.783.883.883.883.883.983.983.883.883.883.7

100.592.184.580.279.886.986.487.095.795.794.495.899.4

103.8103.8

103.8103.8103.8103.8103.8103.8103.7103.7103.7103.7103.8103.8

103.7103.7103.7103.7103.7103.7103.7

103.8103.8103.8103.8103.8103.8103.8103.8103.8103.8103.8130.8103.8103.8103.8103.8

Buildingmaterials

95.489.979.271.477.086.285.386.795.290.390.594.8

103.2110.2111.4

109.8110.2110.4110.3110.5110.6110.7112.2112.5112.7113.1113.4

113.5113.6114.2115.2115.7115.9115.9

115.0115.6115.6115.7115.8115.8115.9115.9115.8115.8115.9115.9116.0116.0116.0116.0

Chemi-cals and

alliedproducts

94,088.779.373.972.175.379.078.782.677.076.077.084.697.1

100.3

100.2100.3100.0100.1100.2100.0100.1100.2100.3100.4100.3100.4

100.4100.4100.4105.4105.4105.2105.3

105.4105.4105.4105.3105.3105.3105.3105.3105.4105.2105.2105.2105.2105.2105.3105.3

House-furnish-ing goods

94,392.784.975.175.881.580.681.789.786.886.388.594.3

102.4102.7

102.5102.6102.6102.6102.7102.8102.6102.6102.6102.6102.8

.102.8

104.5104.2104.3104.3104.3104.3104.3

106.0106.0106.0106.0106.0106.0106.0106.0106.0106.0106.0106.0106.0106.0106.0106.0

Miscel-laneous

82.677.769.864.462.569.768.370.577.873.374.877.382.089.792.2

90.790.991.491.691.991.892.392.693.093.193.293.3

93.293.493.593.593.593.593.6

93.393.393.393.393.393.393.393.393.393.393.393.393.393.393.393.3

Subgroups

Farm Products:GrainsLivestock and poultry.Other farm products

Foods:Dairy productsCereal productsFruits and vegetablesMeatsOther foods

Bides and Leather Products:Shoes.Hides and skinsLeatherOther leather p r o d u c t s . . . .

Textile Products:ClothingCotton goods . .Hosi ery and underwearSilkRayonWoolen and worsted goodsOther textile products

Fuel and Lighting Materials:Anthracite . . . .Bituminous coalCokeElectricityGasPetroleum Droducts

1943

July

116.0127.6124.8

108.993.8

138.0105.997.1

126.4116.0101.3115.2

107.0112.670.5

30 3112.598.7

89.6116.5122.459.077 662.8

Apr.

129.6123.6120.3

110.295.2

126.5106.292.2

126.3111.2101.3115.2

107.0113.970.5

30 3112.5100.5

95.8120.3130.759.977.164.0

1944

May

129.7122.6120.4

110.395.0

126.8106.691,9

126.3111.9101.3115.2

107.0113.970.5

30.3112.5100.5

96.4120.4130.759.078.464.0

June

127.2123.0124.7

110.394.7

137.7106.193.0

126.3108.4101.3115.2

107.0113.970.6

30.3112.5100.5

95.5120.4130.7

79^364.0

July

125.2123.4123.2

110.394.3

129.9105.994.7

126.3106.8101.3115.2

107.0114.070.6

30.3112.9100.5

95.4120.5130.7

64.0

Subgroups

Metals and Metal Products:Agricultural implementsFarm machineryIron and steelMotor vehiclesNonferrous metalsPlumbing and heating

Building Materials:Brick and tileCementLumber . . . . . .Paint and paint materials . . . . . .Plumbing and heatingStructural steelOther building materials

Chemicals and Allied Products:ChemicalsDrugs and PharmaceuticalsFertilizer materialsMixed fertilizersOils and fats

IJousefurnishing Goods:FurnishingsFurniture .

Miscellaneous:Auto tires and tubesCattle feedPaper and pulpRubber crude • •Other miscellaneous

1943

July

96.998.097.1

112.886.090.4

99.093.6

139.7102.090.4

107.3101.3

96.4165.279.385.8

102.0

107.198.1

73.0149.7104.346.296.3

Apr.

97.298.397.1

112.885.891.8

100.393.9

153.4104.491.8

107.3102.8

96.3220.181.486.3

102.0

107.2101.4

73.0159.6107.246.296.7

1944

May

97.298.497.1

112.885.892.4

100.596.4

154.0104.792.4

107.3103.0

96.3220.181.486.3

102.0

107.2101.4

73.0159.6107.246.296.8

June

97.298.497.1

112.885.892.4

100.696.4

154.0105.792.4

107.3103.0

96.2220.1

79.986 3

102.0

107.2101.4

73.0159.6107.246.296.7

July

97.398.497.1

112.885.792.4

100.796.4

154.2105.592.4

107.3103.1

96.2220.181.186 3

102.0

107.2101.4

73.0159.6107.246.296.9

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]


BostonNew YorkPhiladelphiaClevelandRichmond .. ,AtlantaChicago . . . . . . . . . . . . . . . . . . .St. LouisMinneapolisKansas City . . . . . . . . . . . . . . .DallasSan Francisco

Total . .


BostonVew YorkPhiladelphiaClevelandRichmondAtlanta . ,ChicagoSt LouisMinneapolisKansas CityDallasSan Francisco

Total

Cotton

Production1943

Bales

1,3162 538

i3,2i7

3193,578

459

11,427

EstimateAug. 1, 1944

Bales

1,4792,184

23,146

6143,117

482

11,022

Oats

Production1943

Bushels5,007

10,7269,434

36,01425,25021,458

418,04865,969

328,779161,13526,11135,936

1,143,867


Bushels5,837

26,30415,19547,72529,87527,366

399,22251,308

394,214108,94347,97833,812

1,187,779

Corn

Production1943

Bushels7,383

26,00843,147

214,444133,876179,025

1,287,286362,072342,268369,806102,083

8,761

3,076,159


Bushels7,865

31,25047,702

181,093124,597133,625

1,166,673337,053374,661442,18774,8967,515

2,929,117

Tame hay

Production1943

Tons3,4216,4982,4675,4914,6054,196

18,3627,927

11,3327,7562,018

13,191

87,264


Tons2,7475,6792,2214,9024,3253,355

18,2727,551

10,4648,6841,968

13,285

83,453

Winter wheat

Production1943

Bushels

5,09812,06630,11520,5385,958

31,98728,03426,240

271,45737,14260,971

529,606


Bushels

10,10318,14954,14535,8699,290

55,75451,97331,847

347,75478,11193,129

786,124

Tobacco

Production1943

Pounds28,277

99740,014

110,402768,814154,50928,152

262,4162,2294,125

1,399,935


Pounds30,4811,194

45 420111,115938,970184,98129,760

267,2842,4524,841

1,616,498

Spring wheat

Production1943

Bushels4846

12846

91116

252,9334,749

11147,704

306,692


Bushels4476

12351

92014

296,2594,858

11443,522

345,981

White potatoes

Production1943

Bushels83,82635,54220 84615,73029,36418,74942,26113 25458,08539,3747,504

100,121

464,656


Bushels70 98227,53619 54312,49417,63814 14431,6679 263

48,22034,4555 731

93,622

385,295

1 Includes 14,000 bales grown in miscellaneous territory.2 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*ON BANK CREDIT, MONEY RATES, AND BUSINESS

Chartbookpage

WEEKLY FIGURES*

RESERVES AND CURRENCY

Reserve Bank credit:U. S. Govt. securities, total 2, 4

Bills 4Certificates 4Notes 4Bonds 4Special certificates 4

Discounts and advances 2Gold stock 2Money in circulation 2Nonmember deposits 2Treasury deposits 2Member bank reserves 3Excess reserves* 3Excess reserves (weekly average),total* 3

New York City 3Chicago 3Reserve city banks 3Country banks6 3

MEMBER BANES IN LEADING CITIES

Loans and investments 14Demand deposits adjusted 14U. S. Govt. obligations 14Total loans 14Commercial loans, total 15

New York City IS100 cities outside New York 15

Brokers' loans—New York City 15U. S. Govt. obligations:

New York City, total 15Bonds 17Notes and guar. securities 17Certificates 17Bills 17

100 cities outside New York, to ta l . . 15Bonds ; . ; 17Notes and guar. securities 17Certificates 17Bills 17

MONEY RATES, ETC.

Treasury bills (new issues) . .„... 25Treasury notes (taxable) 25U. S. Govt. bonds:

Partially tax-exempt 25, 33Taxable 25,33

Corporate Aaa bonds ~.. 33Corporate Baa bonds ., 33

Stock prices (1935-39 = 100):Total 35Industrial 35Railroad 35Public utility „ 35

Volume of trading (mill, shares) 35

BUSINESS CONDITIONS

Steel production (per cent of capacity).. 50Electric power prod. (mill. kw. hrs . ) . . . 50Freight car loadings (thous. cars):

Total 51Miscellaneous ." 51

Department store sales (1935-39 = 100)2.. 52F.H.A. home mortgages, new construc-

tion (thous.)3 52Who!-sale prices (1926 = 100):

Total _ . . . . 63Farm products 63Other than farm and food 63

1944

Aug. Aug. Aug. Aug.2 9 16 23

In billions of dollars

14.808.933.381.131.36

"!0421.0022.58

1.77.40

12.791.281.09

.01

.01

.32

.75

57.0733.5042.4611.736.092.323.771.14

15.106.852.944.011.30

27.3612.535.197.122.52

14.899.053.381.121.34

.0421.0022.731.77

.2612.881.191.07

.01

.01

.30

.76

56.9233.6042.4911.496.022.283.731.09

15.116.872.924.001.32

27.3712.575.197.052.56

15.229.403.381.111.33

.0621.0022.911.79

.4912.811.051.09

.01

.01

.32

.75

56.5233.5742.2911.306.012.283.731.02

14.896.892.893.921.19

27.4012.595.197.082.54

15.239.453.381.111.29

.0521.0023.021.80

.3212.941.00

PI .05.01.01.31

P.73

56.3833.8942.2311.216.002.273.73

.99

14.816.902.873.871.17

27.4212.625.197.122.49

.3751.31

1.902.492.723.56

.3751.30

1.902.482.713.55

.3751.30

1.912.482.723.55

.3751.30

1.912.482.723.55

In unit indicated

102.2104.3103.890.5

.77

95.94,391

910.5400.5

132

103.9124.198.7

102.5104.6104.091.3

.83

96.94,399

890.5395.1

137

103.6122.598.7

101.4103.3101.891.21.05

97.04,415

896.2397.6

148

104.0124.898.7

103.2105.3102.992.4

.94

96.04,451

887.4396.6

149

103.6122.398.7

15.599.843.381.091.27

20.9523.051.77

.5512.92

.87

55.9134.4041.8811.096.012.283.731.03

14.706.892.853.871.10

27.1712.655.167.142.23

Per cent per annum

.3751.30

1.902.482.723.55

103.3105.4102.292.7

.76

94.54,418

905.7403.5171

103.5121.898.7

Chartbookpage

MONTHLY FIGURES

RESERVES AND CURRENCY

Reserve Bank credit 5Gold stock 5Money in circulation 5Treasury cash 5Treasury deposits 5Reserve balances 5, 8Required reserves 8Excess reserves, total 8, 9

New York City 9Chicago 9Reserve city banks 9Country banks 9

Money in circulation, total 10Bills of $50 and over 10$10 and $20 bills 10Coins, $1, $2, and $5 bills 10

ALL BANKS IN U. S.

Total deposits and currency 11Demand deposits adjusted 11Time deposits 11Currency outside banks 11

CONSUMER CREDIT

Consumer credit, total5 ,...,. 18Single-payment loans 18Charge accounts 18Service credit 18Instalment credit, total5 18, 19

Instalment loans5 19Instalment sale credit, total 19

Automotive 19Other 19

TREASURY FINANCE

U. S. Govt. obligations outstand-ing, total interest-bearing 20

Bonds (marketable Treasury).. 20Notes, cert., and bills, t o t a l . . . 20

Notes 21Certificates 21Bills 21

Savings bonds, tax notes, etc.. 20Savings bonds 21Tax notes 21

Special issues 20Holdings of U. S. Govt. obligations:

Fed. agencies and trust funds 22Federal Reserve Banks 22Commercial banks 22Private holders other than

commercial banks, total 22Mutual savings banks 23Insurance companies 23Other investors, total 23

Marketable issues 23

MONEY RATES, ETC.

F. R. Bank discount rate, N. Y. . . . 27Treasury bills (new issues) 27Treasury notes (taxable) 27Commercial paper 29U. S. Govt. bonds:

Partially tax-exempt 33Taxable 33

Corporate Aaa bonds 29, 33Corporate Baa bonds , . . 33

Stock prices (1935-39 » 100):Total „ ,..-.„. 35Industrial ~... .„ 35Railroad ... „. 35Public utility 35

Volume of trading (mill, shares)... 35Brokers' balances (mill, dollars):

Credit extended customers 37Money borrowed 37Customers' free credit balances. 37

1944

May June July

In billions oj dollars

14.2621.3421.82r2.32

.3212.9612.09

.87

.01

.01

.26

.5922.166.43

11.704.03

P127.80P65.10P35.IOP20.50

4.901.001.39

.711.801.10

.70

.18

.52

186.4072.5455.3016.2625.2713.7742.7232.999.05

14.12

18.3714.2563.20

90.606.70

16.0067.90

r26.70

15.4921.2122.30r2.33

.3513.5212.441.08

.02(4)

.31

.7522.506.58

11.874.05

P135.7O^60.10P35.60P20.90

P4.94PI.03Pi.37P.72

PI. 83Pi . 12

P.71P. 19P.52

201.0679.2460.9617.4028.8214.7344.8534.619.56

14.29

19.0814.9068.50

98.607.30

16.8074.5031.20

15.2021.0822.582.32

.4012.9011.671.23

.02

.0.1

.39

.8222.706.67

11.964.08

P4.88PI.04PI. 29P.72

PI.83PI. 13P. 70P.20P. 50

208.5881.1063.6318.0730.0415.5247.2436.5410.0014.96

19.5714.91

Per cent per annum

.50.3751.35

.75

1.942.492.733.63

.50.3751.34

.75

1.912.492.733.59

.50.3751.31

.75

1.892.492.723.57

In unit indicated

97.299.099.387.8

.73

e790e550e400

101.5103.9100.889.61.60

887r619424

104.3106.7105.391.31.28

«940e660e420

For footnotes see following page.

93° FEDERAL RESERVE BULLETIN


CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued

Chartbookpage

MONTHLY FIGURES-Cont.BUSINESS CONDITIONS

Income payments (mill, dollars), total:6 38Salaries and wages 38Other . . . . . 38

Cash farm income (mill, dollars), total. 39Livestock and products , 39Crops 39Govt. payments. , , 39

Industrial production:6

Total (1935-39 = 100) 41, 42Groups (points in total index)

Durable manufactures 41Machinery, etc 42Iron and steel 42Other durable 42

Nondurable manufactures 41Textiles and leather 42Paper and printing 42Foods, liquor, and tobacco 42Other nondurable 42

Minerals 41, 42Primary products (1935-39 = 100):

Steel 43Cement 43Lumber 43Coal. . . . . 43Crude petroleum 43Cotton consumption 43Wool yarn , 43Paper 43Leather 43Meats and dairy products 43Other manufactured foods 43

Labor force and employment (mill,persons):

Labor force 44Employment, total 44

Nonagricultural 44Agricultural 44Male . . . . . 44Female „ 44

Nonagricultural employment {mill.persons), total6 45

Manufacturing and mining 45Trade , 45Government 45Transportation and utilities 45Construction 45

Factory employment and pay rolls(1939 - 100):

Pay rolls 47Employment 47

Hours and earnings at factories:Weekly earnings (dollars) 48Hourly earnings (cents) 48Hours worked (per week) 48

New orders, shipments, and inventories(1939 = 100):

New orders, total 49Durable 49Nondurable 49

Shipments, total 49Durable... 49Nondurable 49

Inventories, total 49Durable... . 49Nondurable 49

Residential contracts (mill, dollars):6

Total S3Public, 53Private, total 53

1- and 2-family dwellings 53Other. 53

Construction contracts (3-mo. movingav., mill, dollars):6

Total. . 55Residential 55Other.. 55

1944

May | June July

In unit indicated

12,9299,0613,8681,5461,04940394

r236

135.2r93.923.118.1

r79.319.010.820.5

r29.0r21.6

23476115154142142167135110161157

52.852.043.48.634.517.5

r38.817.17.05.93.80.7

'317.8159.0

r46.03101.7r45.3

258352188272369197174204147

311219145

13429105

^13,018^9,137^3,8811,55899750457

235

134.293.722.418.179.018.910.820.428.821.6

22584118152143140163133114163154

54.253.243.69.635.018.2

38.716.97.05.93.80.7

318.3158.6

46.28101.845.5

2*261p3472>196*>276p3742*200P174p204^148

291019109

14128113

p 4 7

^233

*132.8^92.822.3

P17.7*78.4*18.6no. 82*20.3*28.82*21.3

22286

^1142>144*144

139

55.054.044.39.7

35.418.6

^38.62*16.9

3.72*0.6

^157.8

P149

Chartbook

MONTHLY FIGURES-Cont,BUSINESS CONDITIONS—Cont.

Freight car loadings:6

Total (1935-39 = 100) , 57Groups (points in total index)

Miscellaneous , 57Coal 57All other 57

Department stores (1935-39 = 100) ^Sales 59Stocks , 59

Exports and imports (mill, dollars):Exports 61Imports 61Excess of exports 61

Excluding Lend-Lease exports 61Wholesale prices, total (1926 = 100)... 63

Farm products 63Other than farm and food 63

Cost of living, all items (1935-39 » 100) 65Food , 65Clothing 65Rent 65

QUARTERLY F I G U R E SBudget receipts and expenditures:

Expenditures, total 24War activities 24

Net receipts 24Internal revenue collections, total 24

Corporate income taxes 24Individual income taxes 24Misc. internal revenue 24

Corporate security issues:Net proceeds 36New money, total 36

Industrial 36Railroad 36Public utility. 36

Bank rates on customers' loans:Total, 19 cities 29New York City 31Other Northern and Eastern cities 31Southern and Western cities . . . 31

CALL DATE FIGURESMEMBER BANKS

Loans and investments, total : 12U. S. Govt. obligations 12Other securities 12

State and local obligations 13Other domestic securities 13Foreign securities 13

Loans, total 12Commercial loans 13Real-estate loans 13Street loans (brokers'loans) 13

Holdings of U. S. Govt. securities:By classes of banks:

New York City ; 16Chicago 16Reserve city banks 16Country banks 16kinds of securities:Bonds 16Notes 16Certificates. 16Bills 16Guaranteed 16

138

78.731.328.5

181147

2*1,418.386.0

pl,032.6P-124.5

104.0122.998.5

125.1135.5137.4108.1

1944

May June July

In unit indicated

Oct.-Dec.1943

139

78.131.5

r29.3

175r157

'1,271.4^330.32*941.1

P-69.9104.3125.098.5

125.4135.7138.0108.1

Mar'.1944

143

81.930.430.2

193163

104.1124.198.5

126.1137.4138.2

Apr.-June1944

In millions of dollars

22,74721,2489,8668,8903,2954,4101,185

42413912871

23,95722,38211,82310,5424,3905,0291,122

44413179466

24,77522,79212,28411,0724,2755,3921,406

45599866

Per cent per annum

2.652.102.763.17

2.632.102.753.12

Dec. 31, Apr. 13, June 30,1943 1944 1944

2.632.232.543.18

In billions of dollars

74.2652.955.022.732.29

16.298.443.271.05

14.563.24

19.6815.47

27.276.91

12.074.362.35

15.183.42

21.0117.17

83.5960.345.162.832.33

18.088.053.211.66

16.163.69

22.4818.01

30.1210.6414.234.47

.89

e Estimated. * Preliminary. r Revised.1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.2 Revised series. For back figures see p . 875.3 Publication discontinued. 4 Less than 5 million dollars.5 Includes preliminary revisions for repair and modernization credit.6 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.

SEPTEMBER 1944 9 3 x


MEMBER BANK OPERATING RATIOS, 1943AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS

[Expressed as percentages)

Item

Summary ratios:Percentage of total capital accounts:

Net current earningsProfits before income taxesNet profits after taxesCash dividends declared .

Percentage of total assets:Total earningsNet current earningsNet profits after taxes

Sources and disposition of earnings:Percentage of total earnings:

Interest and dividends on securities.........Earnings on loansService charges on deposit accountsOther current earnings

Total earnings

Salaries and wagesInterest on time depositsOther 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 +) .

Percentage of total loans:Earnings on loansNet losses (or recoveries + )

Distribution of assets:Percentage of total assets:

U. S. Government securitiesOther securitiesLoansCash assetsReal-estate assets

Other ratios:Total capital accounts to:

Total assetsTotal assets less Government and cash assetsTotal deposits

Time to total deposits - •Interest on time deposits to time deposits1. .,Trust department earnings to total earnings1.

Number of banks2

Alldis-

tricts

8.69.48.32.8

2.4.7.7

37.544.67.0

10.9

100.0

32.212.127.2

71.5

28.5

+3.33.4

28.4

1.8+ .1

5.6+ .3

38.88.2

20.031.41.4

33.09.9

29.41.13.9


Boston

6.36.45.62.2

2.3.6.6

42.837.98.3

11.0

100.0

32.811.728.7

73.2

26.8

+1.23.3

24.7

1.9+ .1

4.8+.1

43.98.7

19.426.41.5

11.141.713.0

29.21.04.8

NewYork

7.37.97.22.0

2.4.6.6

45.039.57.08.5

100.0

31.514.827.2

73.5

26.5

+3.02.5

27.0

1.9+ .2

5.1+ .0

47.09.6

19.422.01.8

9.634.210.8

43.0.9

• 3.6

Phil-adel-phia

6.25.65.21.9

2.6.7.6

43.543.24.29.1

100.0

27.117.528.4

73.0

27.0

2.21.8

23.0

2.1+ .2

5.2.3

40.411.822.322.62.8

12.235.114.1

47.71.14.5

Cleveland

7.17.87.22.1

2.4.6.7

42.143.05.79.2

100.0

28.816.128.3

73.2

+3.12.4

27.5

1.9+ .1

5.5+ .3

40.310.919.228.01.5

9.733.710.9

38.81.14.9

Rich-mond

8.18.77.52.6

2.3.7.6

36.648.26.29.0

100.0

30.115.126.0

71.2

28.8

+2.64.2

27.2

1.8+ .1

5.4+ .2

38.36.8

21.531.61.7

9.031.910.1

32.21.24.0

At-lanta

9.910.08.93.1

2.2.7.6

35.843.08.1

13.1

100.0

32.28.9

27.9

69.0

31.0

+3.7

28.2

1.8+ .1

5.7+.1

35.27.4

17.438.41.3

7.631.88.4

19.91.12.6

Chi-cago

9.810.99.82.6

2.2.7.7

39.841.18.6

10.5

100.0

31.912.225.6

69.7

30.3

+4.43.2

31.5

1.7+.1

5.4+ .4

42.18.5

17.331.1

.9

7.231.87.8

30.9.9

3.4

St.Louis

9.48.53.0

2.2.7.7

38.243.96.6

11.3

100.0

32.010.028.3

70.3

29.7

+2.83.2

29.3

1.8+ .0

6.0

+ .3

38.58.2

17.834.31.2

8.234.59.1

21.21.2

Min-neap-olis

KansasCity

10.111.910.53.0

2.6.7.7

33.341.05.7

20.0

100.0

31.814.926.1

72.8

27.2

+5.83.8

29.2

1.7

+ .1

5.4+ .5

40.66.9

20.930.31.1

7.428.88.1

33.41.32.8

Dallas

10.312.310.64.1

2.4

27.352.88.8

11.1

100.0

37.06.0

25.7

68.7

31.3

+7.25.3

33.2

1.7+ .0

6.3+ .6

30.75.3

22.041.2

7.931.98.7

11.91.43.0

9.310.49.04.1

2.4.7.7

26.354.98.0

10.8

100.0

38.52.6

30.3

71.4

28.6+4.5

4.428.7

1.8.0

6.5+ .5

26.46.2

23.742.51.1

8.531.79.6

5.31.52.6

SanFran-cisco

10.711.49.72.9

2.3.6.6

34.446.4

7.511.7

100.0

34.713.124.0

71.8

28.2

+3.34.4

27.1

1.6.0

5.9+ .4

39.75.7

19.034.41.1

6.428.37.0

27.61.24.8

6,673 343 803 636 707 465 311 938 449 454 730 567 270

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 thecomplete year's operations, certain accounting adjustments, lack of comparability, etc. Two banks that merged on Dec. 31, 1943, are included in thesetabulations as two separate banks.

NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratioscomputed from aggregate dollar amounts shown in the May 1944 issue of the BULLETIN. Such differences result from the fact that each bank's figureshave 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 aggre-gate dollar amounts.

93z FEDERAL RESERVE BULLETIN


MEMBER BANK OPERATING RATIOS, 1945-ContinuedAVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS

[Expressed as percentages]

Item


Net current earningsProfits before income taxesNet profits after taxesCash dividends declared.

Percentage of total assets:Total earningsNet current earningsNet profits after taxes.

Sources and disposition of earnings:Percentage of to ta l earnings:

Interes t and dividends on s e c u r i t i e s . . . . . . . . . .Earnings on loans ;Service charges on deposit a c c o u n t s . . . . . . . . .Other current e a r n i n g s . . . . . . . . . . . . . . . . . .

To ta l earnings.

Salaries and wagesInteres t on time deoositsOther current expenses. . . . . . . . . . . . . . . . . . .

To ta 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

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 :

I n t e r e s t a n d d i v i d e n d s on secu r i t i e s .N e t losses (or recover i e s a n d prof i ts + ) . . . . .

P e r c e n t a g e of t o t a l l o a n s :E a r n i n g s on l o a n s . . . . . . . . . . . . . . . . . . . . . . . .N e t losses (br recover ies + ) . . . . . . . . . .


U. S. Government securities. .Other securitiesLoans . ..Cash assets . . . .Real-estate assets

Other ratios:T o t a l c a p i t a l a c c o u n t s t o :

T o t a l a s s e t s . . . . . . . . . . . . . . . . . . . . . . . .T o t a l a s s e t s l e s s G o v e r n m e n t a n d c a s h a s s e t s . .T o t a l d e p o s i t s . . . . . . . . . . . . . . . . . . . . . . . .

T i m e t o t o t a l d e p o s i t s . . . . . . . . . . .I n t e r e s t o n t i m e d e p o s i t s t o t i m e d e p o s i t s 1 . . . . .T r u s t d e p a r t m e n t e a r n i n g s t o t o t a l e a r n i n g s 1 . . . .

Number of banks2... . . . . . .

Allgroups

8.69.48.32.8

2 477

37.544.67.0

10.9

100.0

32.212.127.2

71.5

28.5

+3.33.4

28.4

1.8+ .1

5.6+ .3

38.88.2

20.031.41.4

8.833.09.9

29.41.13.9

6,673

Size group—total deposits (in thousands of dollars)

Under250

4.45.24.61.9

3.17

.8

20.365.7'4.59.5

100.0

41.55.2

29.8

76.5

23.5

+5.13.4

25.2

2.3+ .2

7.7+ .5

20.55.3

27.944.31.8

18.559.524.3

11.71.7

52

250-500

6.27.16.22.5

2.87

,7

28.356.5

. 5.79.5

100.0

35.510.529.0

75.0

25.0

+3.83.6

25.2

2.1+ .1

6.8+ .4

29.86.6

25.137.11.4

12.341.914.2

24.21.62.5

383

500-1,000

7.99.08.02.8

2.6.7.7

32.650.76.4

10.3

130.0

33.412.427.2

73.0

27.0

+4.53.3

28.2

1.9+ .1

6.2+ .3

34.27.7

22.534.31.2

9.935.211.2

28.31.42.5

1,301

1,000-2,000

8.79.68.52.8

2.4.7.7

36.147.06.8

10.1

100.0

31.613.326.5

71.4

28.6

+3.53.2

28.9

1.8+ .1

5.8+ .3

37.48.6

20.831.71.3

8.932.39.9

31.31.22.6

1,756

2,000-5,000

8.99.68.62.8

2.37

.7

39.941.98.0

10.2

100.0

31.612.526.9

71.0

29.0

+2.63.0

28.6

1.8+ .1

5.4+ .2

40.49.4

18.630.11.5

8.331.09.2

32.21.02.5

1,686

5,000-10,000

8.79.38.32.6

2.26

.6

42.037.88.0

12.2

100.0

31.512.227.6

71.3

28.7

2.63.2

28.1

1.7+ .1

5.0+ .3

44.08.6

17.428.21.6

8.032.28.8

32.4.9

3.7

683

10,000-50,000

9.710.49.02.6

2.16

.6

43.634.87.7

13.9

100.0

32.09.8

28.2

70.0

30.0

+2.94.2

28.7

1.6+ .1

4.5+.2

46.47.2

16.528.11.6

6.930.27.5

25.7.8

5.3

598

50,000andover

11.311.49.13.2

1.76

.5

48.331.33.9

16.5

100.0

29.65.6

27.7

62.9

37.1

+1.07.5

30.6

1.5+ .1

3.3+ .1

49.95.2

16.726.61.3

6.027.66.5

13.3.7

7.5

214

Ratio of time deposits to totaldeposits (per cent)

Under25

9.610.79.33.4

2.27

.7

33.645.78.4

12.3

100.0

35.55.2

28.2

68.9

31.1

+4.44.6

30.9

1.7+ .0

5.7+ .4

35.76.0

19.437.7

1.0

8.134.59.0

11.11.25.0

2,944

25-50

8.28.77.92.3

2.47

.7

39.243.66.7

10.5

100.0

30.615.327.0

72.9

27.1

+2.62.8

26.9

1.8+ .1

5.5+ .2

41.39.0

20.027.91.6

8.931.610.0

57.81.13.5

2,618

50-75

6.97.46.92.1

2.67

.7

43.644.14.38.0

100.0

27.422.325.1

74.8

25.2

+2.21.8

25.6

2.0+ .2

5.5+ .0

41.312.121.922.71.8

10.432.011.8

57.51.12.4

1,079

75andover

5.75.14.72.1

3 07s

44.446.61.97.1

100.0

24.727.026.0

77.7

22.3

3.81.2

17.3

2.4+ .0

5.4.3

36.315.127.218.72.6

13.130.915.4

80.71.13.3

32

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 figuresused 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 in-stances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (247 in number) are included wiui thebanks having ratios of time to total deposits of less than 25 per cent.

SEPTEMBER 1944 933


MEMBER BANK OPERATING RATIOS, 1943—ContinuedAVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK

[Expressed in percentages]

Item


Net current earningsProfits before income taxesNet profits after taxesCash dividends declared

Percentage of total assets:Total earningsNet current earnings...Net profits after taxes.

Sources and disposition of earnings:Percentage of total earnings:

Interest and dividends on securities..Earnings on loansService charges on deposit accounts.Other current earnings

Total earnings.,

Salaries and wagesInterest on time depositsOther current expenses

Total expenses — -

Net current earnings

Net charge-offs, etc. (or recoveries + )Taxes on net incomeNet profits after taxes

Rates of earnings on securities 2nd loans:Percentage of total securities:

Interest and dividends on securitiesNet losses (or recoveries and profits +)

Percentage of total loans:Earnings on loansNet losses (cr recoveries + ;


U. S. Government securitiesOther securitiesLoansCash assetsReal-estate assets

Other ratios:Total capital accounts to:

Total assetsTotal assets less Government and cash assetsTotal deposits

Time to total depositsInterest on time deposits to time deposits1. ..Trust department earnings to total earnings1..

Allgroups

8.69.48.32.8

2.4.7.7

37.544.67.0

10.9

100.0

32.212.127.2

71.5

28.5

+3.33.4

28.4

5.6

38.3£.2

20.331.4

8.833.09.9

29.41.13.9

Banks with ratios of timeto total deposits ofunder 25 per cent

Banks with ratios of timeto total deposits of

25-50 per cent

Banks with ratios of timeto total deposits of50 per cent and over

Size group—total deposits (in thousands of dollars)

Under500

6.87.96.83.0

2.9

21.762.46.49.5

100.0

39.74.1

29.2

73.0

27.0

+5.44.3

28.1

2.1+.1

7.5+.6

24.24.4

26.743.5

1.1.

12.947. D15.4

7.61 .u2.9

500-2,000

9.511.09.63.7

2.4.7

29.250.88.4

11.6

10C.0

36.25.4

27.6

69.2

30.3+5.6

4.432.0

1.8+.0

6.2

31.85.9

21.240.1

.9

8.635.69.6

10.21.42.7

10 00010,000

10.010.99.63.3

2.1.7.6

36.940.510.112.5

130.0

35.25.5

28.2

68.9

31.1

+3.54.0

30.6

1.6+.0

5.4+

38.47.0

15.636.81.1

7.132.37.7

12.91.03.6

andover

10.611.29.22.9

1.8.6.5

45.432.76.6

15.3

130.0

32.05.1

29.0

66.1

33.9

+2.36.3

29.9

1.5

+.13.3

+ .2

47.05.7

15.730.11.2

6.129.36.6

12.2.3

6.5

Under500

4.95.44.81.6

2.8.6.6

33.950.85.1

10.2

130.0

32.715.629.7

78.0

22.0

+2.42.8

21.6

2.1+ .1

6,3+ .1

500-2000

7.88.67.72.3

2.5.7.7

37.047.06,19.9

100.0

33.615.326.9

73.3

26.2

+3.22.7

26.7

1.9+.1

5.3

34.18.5

23.13232.0

13.241.415.6

37.31.32.6

3?.28.8

21.229.21.5

9.432.413.5

38.31.22.6

2,000-10,000

10,000-andover

8.69.08.22.4

2.3.7.6

41.241.07.5

10.3

100.0

30.414.526.8

71.7

28.3

+2.12.9

27.5

1.8

+.15.3

+ .2

42.89.7

18.826.8

1.7

8. A30.09.3

37.81.03.0

9.69.98.72.6

2.3.7.6

43.335.67.1

14.0

100.0

30.813.326.9

71.0

29.0

+2.23.4

27.8

1.7+.1

4.6+.3

48.17.6

17.624.52.0

7.330.08.0

35.6.9

5.1

Under500

4.95.55.01.7

2.8.6.6

38.651.02.67.8

100.0

28.423.426.8

78.6

21.4

+ .61.9

20.1

2.2+.3

5.9.0

36.211.725.025.21.8

13.036.115.1

59.61.3

.5

500-2,000

6.87.16.61.9

2.7.7.7

41.946.73.97.5

100.0

27.323.124.8

75.2

24.8

+1.71.8

24.7

2.1+.2

5.6.0

39.112.323.123.51.8

10.831.112.3

58.51.22.4

2,000-10,000

7.17.77.22.4

2.5.7.7

46.040.74.88.5

100.0

27.221.325.6

74.1

25.9

+2.31.7

26.5

2.0+.2

5.2+.0

44.012.120.521.42.0

10.032.711.3

57.61.02.3

10,000andover

8.19.58.62.7

2.6.7.7

48.536.44.6

10.5

100.0

27.622.123.7

73.4

26.6

+4.92.4

29.1

2.0

+.2

4.9+.2

45.512.420.020.01.9

8.832.09.9

57.71.13.8

Number of banks2.. 6,6/3 252 1,315 885 492 132 1,165 1,039 282 51 577 445 38

For numbered ioocncUs, see p.



CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES

Number of Banks (Head Offices)December 31, 1933December 31, 1934December 31, 1941December 31, 1942December 31, 1943June 30, 1944

Number of Branches and AdditionalOffices4

December 31, 1933 ..December 31, 1934December 31 1941December 31 1942. .December 31, 1943June 30 1944

Analysis of Bank ChangesJan. 1-June 30, 1944

Increases in number of banks:Primary organizations (new banks)6

Decreases in number of banks:SuspensionsConsolidations and absorptionsVoluntary liquidations7

Inter-class bank changes:Conversions—

National into StateState into national

Federal Reserve membership8

Admissions of State banksWithdrawals of State banks

Federal deposit insurance9

Admissions of State banksWithdrawals of State banks

Net increase or decrease in number of banks

Analysis of Branch ChangesJan. 1-June 30, 1944

Increases in number of branchesDe novo branchesBanks converted into branches

Decrease in number of branches:Branches discontinued

Inter-class branch changes:

Branches and additional offices estab-lished at military reservations

Branches and additional offices discontin-ued at military reservations

Net increase or decrease in number ofbranches

[Figures for

Allbanks

15,02916,06314,82514,68014,57914,554

2,9113,1333,6993,7393,9333,987

+30

- 1- 3 5

, - 1 9

- 2 5

+12+16

- 1 2

+41

- 3

+54

last date shown are preliminary

Commercial banks

Total

14,45015,48414,27714,13414,03414,010

2,7863,0073,5643,6023,7973,848

+30

- 1- 3 4- 1 9

- 2 4

+10+15

- 1 2

+41

2

+51

Member banks

Total

6,0116,442

36,61936,67936,73836,773

2,0812,2242,5802,6152,7932,835

+3

- 1 5- 1

- 2+4

+49- 3

+35

+4+7

- 5

+1

+38

- 3

+42

National

5,1545,4625,1175,0815,0405,036

1,1211,2431,5651,5921,7411,778

- 9- 1

—2+8

- 4

+2+5

- 3

+1

+35

- 3

+37

Statemember

85/3980

3 l ,50231,59831,69831,737

960981

1,0151,0231,0521,057

+3

- 6

- 4

+49

+39

+2+2

- 2

i

+1

+3

+5

Nonmember banks1

Total

8,4399,0427,6617,4587,2997,240

705783984987

1,0041,013

+27

- 1-19-18

+2- 4

- 4 9

+3

- 5 9

+6+8

—7

i

+3

+9

Insured2

7,6996,8106,6676,5356,494

7C

Non-insured2

1391,343

851791764746

^783932935952961

+25

- 1-16-16

+2- 4

- 4 9

+3+15

-41

+6+8

- 7

- 1

+3

+9

52525252

+2

- 3- 2

- 1 5

- 1 8

Mutual savingsbanks

Insured

568

152*56

31843192

1

Non-insured

79511496490361352

?aB12fi

32359597

- 1

+9

+8

+1+1

+2

1031024142

- 9

- 9

+ '

+1

1 Includes unincorporated (private) banks.2 Federal deposit insurance did not become operative until Jan. 1,1934. ^ .3 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks, which became mem-

bers 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 atellers 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 included under "conversions." . ,9 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 relatingto 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 commercialbank statements and official statistical bulletins; some data are reported to the Board directly. Figureson international capital transactions of the United States arc collected by the Federal Reserve Banksfrom banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regula-tion 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]

End of month UnitedStates

Ar-gen-tina1

Bel-gium Brazil British

IndiaBul-garia Canada Chile Co-

lombiaCzecho-

slo-vakia

Den-mark Egypt France Ger-

many Greece

1938—Dec..1939—Dec.1940—Dec.194!—Dec.1942-Dec.

1943—Aug..Sept,.Oct..,Nov..Dec.

1944—Jan..Feb..Mar..Apr..May.June.July.

14,51217,64421,99522.73722,726

22,24322,17522,11622,06521,93821,91821,71221,60021,42921,26421,17320,996

431466353354*658

353353353354*939363368371381386391

581609

2 734734735

734734734734734734734734734734

32405170115

202223243254254254255255276296297

274274274274274

274274274274274274274274274274

2424242425

425

19221437

56

765756754666

3030303036

5454545151515156565656

2421171625

535556585976777980828486

8356586161

616161616161616161

5353524444

444444444444444444

5555525252

52525252525252525252

2,4302,7092,0002,0002,000

2,0002,0002,0002,0002,0002,0002,0002,0002,000

2929292929

272828

4

29

End of month Hun-gary

Iran(Persia) Italy Japan Java Mexico Nether-

landsNew

ZealandNor-way Peru Poland Portu-

galRuma-

niaSouthAfrica

1938—Dec.1939—Dec,1940—Dec.1941—Dec.1942—Dec.

1943—AugSeptOctNovDec


3724242424

2424242424242424242424

262626

*26734

667678809292

193144120

164164164

«164

90140235

4216

2932474739

174200200202203205229230227226224222

998692617575506

500500500500500500500500500500

2323232323

2323232323232323232323

9494

4 84

2020202125

262626313131313334343436

854 84

6969595959

59596060606060

133152158182241

282289302305316316

P323

220249367366634

628644667685706716740728727741749

4242

85

9698

End of month Swe-den

Switzer-land

1938—Dec1939—Dec1940—Dec1941—Dec1942—Dec

1943—Aug...Sept...Oct...Nov. .Dec. . .

1944—Jan....Feb...Mar...Apr...May..June.July..

321308160223335

371374378384387399401421426430432435

701549502665824

887900903964973984994

1,0041,010

PI,023PI,030

Tur-key

UnitedKing-dom

29298892

114

161161161161161171171191191

2.690

111

111111111111

Uru-guay

696890

10089

103108111117121

13P136^139

Vene-zuela

5252294168

848484848989

100100100110110110

Yugo-slavia

575982

483

B.I .S.

147

121221

2626272745454539393939

Othercoun-tries8

142153145142160

r202r202r2O2r203r204r205r210r212r213r217r216216

p Preliminary. r Revised.1 Figures through March 1940 and figure for December 1942 and December 1943 include, in ad-

dition to gold of the Central Bank held at home, gold of the Central Bank held abroad and gold be-longing 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 Con-

trol 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; Poland-July 31, 1939; Yugoslavia—Feb. 28, 1941.

5 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 lastprevious official report.

9 Gold holdings of Bank of England reduced to nominal amount by gold transfers to BritishExchange 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 affectingthe reported data, see pp. 524-535 in the same publication.

Government gold reserves1 not includedin previous figures

End of month

1938—Dec. .. .1939—Mar. ...

MayJune...Sept. . . .Dec

1940—Mar. ...June . . .Sept. . . .Dec. . . .

1941—Mar. ...June. . .Sept....Dec

1942—Mar....JUL2.. .Sept . . . .Dec

1943—Mar....June....Sept....Dec

1944—Mar.. ..

UnitedStates

80154

8516415614586

10548888924251287

121411

74314

UnitedKing-dom

27591,732

8876

292

4151

France

331559477

Bel-gium

44

17

17

17

17

17

17

17

17

17

1 Reported at infrequent intervals or on de-layed basis: U. S.—Exchange Stabilization Fund(Special A/c No. 1); U. K.—Exchange Equali-zation Account; France—Exchange StabilizationFund 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 Eng-land on that date.J Figure for Sept. 1,1941.

NOTE.—For certain back figures and for detailsregarding special internal gold transfers affectingthe British and French institutions, see Banking andMonetary Statistics, p. 526.



GOLD PRODUCTIONOUTSIDE U. S. S. R.[In thousands of dollars]

Year or month

1934...1935....1936....1937...,1938....1939....1940....1941....1942....1943....

1943—-July....Aug.. . .Sept.. . .O c t . . . .Nov. . . .Dec. ...

1944—Jan.....Feb. . . . ,Mar . . . .Apr. . . .May. . . .J u n e . . .

Estimatedworld

productionoutside

U.S.S.R.1

Production reported monthly

Totalreportedmonthly

AfricaSouthAfrica

Rho-desia

WestAfrica?

BelgianCongoS

North and South America

I Canada*|Mexico«| bia Chile I Nicara-gua7

OtherAustra-1

l ia 8 IBritishIndia*

823,003882,533971,514

1,041,5761,136,3601,208,7051,297,3491,288,945

708,453752,847833,895893,384958,770

1,020,2971,094,2641,089,395

968,112r738,471

r61,672r6O,272r60,108r59,943r58,372r58,309P56,588p54,163^57,152p53,916p57,298^54,465

366,795377,090396,768410,710425,649448,753491,628504,268494,439448,153

37,96237,29736,78337,16236,88936,65336,16934,10036,26634,87936,92135,264

$1 = 1524,26425,47728,05328,29628,53228,00929,15527,76526,64123,009

1,9071,8621,9201,8961,7901,814

l,709Pi,706

/ p l ,706•^1,706

grains of gold12,15313,62516,29520,78424,67028,56432,16332,41429,22519,740

1,5401,5401,5401,5401,5401,5051,5401,5401,5751,6101,575A,575

6,5497,1597,3868,0188,4708,759

3 8,862

fine; i.e.,108,191126,325152,509168,159178,143196,391210,109209,175130,96348,808

4,0313,7203,3923,8993,4523,6053,0853,4292,9332,9362,8812,431

an ounce104,023114,971131,181143,367165,379178,303185,890187,081169,446

r127,796r10,243r10,265.r9,875r9,800

of fine gold = $35

r9 370r9,1989,0238,9889,3338,5688,9898,397

2323262932293027

630

,135,858,465,591,306,426,878,969,000

12,04511,51513,63215,47818,22519,95122,11722,96120,88219,789

1,7631,7041,6591,6721,5121,6001,5811,3442,056

PI,365p2,030

8,3509,2519,0189,544

10,29011,37611,9999,2596,4096,081

454549598511450501676617

*577/P577/p577^577

1,166868807848

1,5573,5065,4297.5258,6237,715

622433770628605633756651677665693560

30,55931, 24040, 11846, 98254, 26456, 18255, 87851, 03942,52528,560

2,3802,1702,8352,1002,1002,1001,2951,1551,365P945

pl,330^1,330

11,22311.46811,66311,60711,28411,07810,1579,9408,9608,820

770735735735665700700630665665595

, nipn aoiiars;iy.«, 100 mimev Preliminary. r Revised. * Figure carried forward.1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on estimates of American Bureau of Metal Statistics.2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.J Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.4 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 1943is 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 repre-

sent total Australia; beginning January 1944, western Australia only.9 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; 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 period3910-1941, see Banking and Monetary Statistics, pp. 542-543.

GOLD MOVEMENTSUNITED STATES

Year ormonth

19341 . . . . .19351936. . . . .1937. . . . .1938... . . . .1939... . . . .1940.... . . .1 9 4 1 . . . . . .

1941J a n . . . . . . .F e b . . . . . . .Mar . . . . . . .Apr. . . . . .M a y . . . . . .J u n e . . . . .J u l y . . . . . .Aug. . . . . .Sept . . . . .O c t . . . . . .Nov . . . . . .Dec

Totalnet

imports

1,131,9941,739,0191,116,5841,585,5031,973,5693,574,1514,744,472

982,378

234,242108,609118,567171,99234,83030,71237,04136,97365,70240,44050,37452,896

[In thousands of doll irs a t approximately $35 a, fine ounce]Net imports from or net exports (—) to :

UnitedKing-dom

499,870315,727174,093891,531

1,208,7281,826,403

633,0833.779

371,218

817212

47454279

25055

121163

France

260,223934,243573,671

-13,71081,1353,798

241,7781

1

Bel-gium

8,9023

3,35190,85915,488

165,122977

1

Nether-lands

94,348227,18571,0066,461

163,049341,61863,260

Swe-den

26

60,14628,715

161,4891,747

1,746

1

Switz-erland

12,402968

7,51154,452

1,36386,98790,320

899

563337

Canada

86,82995,17172,648

111,48076,315

612,9492,622,330

412,056

46,87681,52995,61920,21616,30617,51419,22410,84242,56216,07224,91720,377

Mexico

30,27013,66739,96638,48236,47233,61029,88016,791

1,147814866

1,147969800

1,080843495

1,0206,3361,273

Colom-bia

16,94410,89911,91118,39710,55723,23923,99924,448

3,16811

2,2322,9342,794

72,1282,2302,4882,1072,1102,238

Philip-pine

Islands

12,03815,33521,51325,42727,88035,63638,62742,678

3,1852,7723,9843,5873,3842,1144,9705,0983,1073,1411,8305,506

Aus-tralia

1,0293,498

23,28034,71339,16274,250

103,77767,492

11,1366,7386,2624,7204,1944,5935,1996,7422,0646,1515,9803,713

SouthAfrica

12658

181401

22,862184,756292,893

149,73596

2,788132,261

3,5946988

1373,694

20040

190

Japan

4

'246,'464168,740165,605111,739

9,444

6,085

3,046313

BritishIndia

76,82075,26877,89250,76216,15950,95649,989

9,665

4,501

131

1,995

2,327

711

Allothercoun-tries

32,30446,98939,73529,998

267,9753102, 4044388,4685100,485

6,062615,093

2,9516,7933,5895,0093,811

69,008611,041

69,36569,039

618,726

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, $10,775,000from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.

5 Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America, and $44,603,000 from other countries.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—

1935-Mar. (Apr. 3)June (July 3).Sept. (Oct. 2)Dec. (Jan. 1, 1936)

1936-Mar. (Apr. 1)June (July 1)Sept. 30Dec. 30

1937—Mar. 31June 30Sept. 29Dec. 29

1938—Mar. 30June 29Sept. 28Dec. (Jan. 4, 1939)

1939—Mar. 29June 28Sept. 27Dec. (Jan. 3, 1940)

1940—Mar. (Apr. 3). . . .June (July 3)Sept. (Oct. 2)Dec. (Jan. 1, 1941)

1941—Mar. (Apr. 2)June (July 2)Sept.(Oct. 1)Dec. 31

1942—Tan. 28Feb.25Mar. (Apr. 1)Apr. 29..May (June 3)June 302

July 31Aug. 31Sept. 30Oct. 31Nov.30Dec. 31

1943—Jan. 30Feb. 27Mar. 31Apr. 30May 29June 30

July 31 . . . . .Aug. 31Sept. 30Oct. 30Nov. 30Dec. 31

1944—Jan. 31Feb. 29Mar. 31Apr. 29May 31..

Total

259.5616.0899.4

1,412.5

1,511.11,949.22,283.32,608.4

2,931.43,561.93,911.93,410.3

3,207.23,045.83,472.03,844.5

4,197.64,659.25,035.35,021.2

5,115.95,440.75,748.15,727.6

5,526.55,575.45,510.35,230.7

5,163.75,069.05,082.45,309.65,413.45,495.3

5,542.65,599.95,654.95,694.75,761.65,835.0

5,907.76,014.96,147.16,212.36,282.66,506.4

6,556.06,726.36,771.36,904.67,073.67,118.6

7,272.97,418.67,462.97,464.37,458.9

Increase in foreign bankingfunds in U. S.

Total

57.7213.8350.7603.3

578.4779.0898.5930.5

1,121.61,612.41,743.61,168.5

949.8786.2

1,180.21,425.4

1,747.62,111.82,479.52,430.8

2,539.02,830.13,092.83,159.0

3,148.83,193.33,139.52,856.2

2,771.62,675.52,684.02,906.12,996.83,075.9

3,121.43,184.83,212.63,204.23,250.23,320.3

3,471.13,590.13,643.43,690.53,769.64,002.6

4,056.44,107.94,130.64,284.44,435.74,496.3

4,658.24,833.24,885.44,881.0

34,882.7

Official1

- 2 . 06.1

- 4 . 59.8

44.435.937.481.1

62.8215.3364.6243.9

149.9125.9187.0238.5

311.4425.3552.1542.5

539.1922.3

1,112.31,200.8

1,307.71,375.11,321.71,053.7

977.6879.4932.0

1,106.71,144.01,211.7

1,242.71,293.11,339.11,341.11,366.11,412.0

1,536.61,671.81,723.11,801.81,871.62,071.4

2,103.42,122.62,190.92,312.92,450.02,461.5

2,649.32,815.72,856.02,780.5

32,726.8

Other

59.7207.7355.2593.5

534.0743.1861.1849.4

1,058.81,397.11,379.0

924.6

799.9660.4993.2

1,186.9

1,436.21,686.51,927.31,888.3

1,999.91,907.81,980.51,958.3

1,841.0,818.2,817.7,802.6

,793.9,796.0,752.0,799.4,852.8,864.2

,878.7,891.7,873.5,863.2,884.1,908.3

,934.5,918.3,920.3,888.6

1,898.01,931.2

1,953.01,985.31,939.71,971.51,985.72,034.8

2,009.02,017.52,029.42,100.6

32,155.9

Decreasein U. S.banking

fundsabroad

155.0312.8388.6361.4

390.3449.0456.2431.5

411.0466.4518.1449.1

434.4403.3477.2510.1

550.5607.5618.4650.4

631.6684.1773.6775.1

767.4818.6805.3791.3

801.6809.2819.7829.8839.8842.3

854.9839.9858.2890.0901.6888.8

890.5898.7909.9905.1896.9

901.9909.4888.6870.5882.6877.6

870.8843.5868.0873.4

8872.9

Foreignsecurities:

Returnof U. S.

funds

31.843.740.1

125.2

114.4180.5272.2316.2

319.1395.2493.3583.2

618.5643.1625.0641.8

646.7664.5676.9725.7

761.6785.6793.1803.8

812.7834.1841.1855.5

857.5856.2849.6843.2843.2838.8

829.3828.6830.5842.1844.8848.2

761.3751.9810.5809.5807.0806.8

792.9907.8929.3928.3929.8925.9

931.7924.2904.1905.4903.2

Domesticsecurities:Inflow offoreignfunds

-6 .215.890.3

316.7

427.6524.1633.3917.4

1,075.7,069.5

1,125.1L,162.0

L,150.4L,155.31,125.4L,219.7

1,188.91,201.41,177.31,133.7

1,095.01,042.1

987.0888.7

701.8631.2623.5626.7

631.0626.2624.9626.6629.0632.0

633.3642.7646.1654.3661.0673.3

678.5676.0685.9692.9692.5687.9

692.3687.0708.1707.4710.1701.1

695.1698.8685.8686.2680.1

Inflow inbrokeragebalances

21.129.829.86.0

.416.523.212.9

4.118.331.947.5

54.257.864.147.6

63.974.083.180.6

88.798.9

101.6100.9

95.998.2

100.9100.9

102.0102.0104.3103.9104.6106.2

103.7103.9107.5104.1104.1104.4

107.0106.4108.6109.5108.5112.1

112.6114.3114.8114.1115.4117.8

117.0118.9119.6118.3S119.9

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; beginningSept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank ofNew York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank togovernment names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States byforeign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomaticand consular establishments, etc.).

2 Reported figures for capital movement through July 1 have been adjusted to represent the movement through June 30 on the basis of certain signifi-cant movements known to have occurred on July 1. Subsequent figures are based upon new monthly statistical series. For further explanation, see BUL-LETIN for January 1943, p. 98.

3 Amounts outstanding on May 31, in millions of dollars: total foreign banking funds in United States 5,539.6, including official funds, 3,364.4, andother 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 pub-lished in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities toand claims on "foreigners" as reported by banks and brokers. For back figures, see Banking and Monetary Statistics, Tables 161-163, pp. 574-637, andlor full description of statistics see pp. 558-560 in the same publication.



CENTRAL BANKS

Bank of England

(Figures in millions ofpounds sterling)

1929—Dec. 251930—Dec. 311931—Dec. 301932—Dec 281933—Dec. 271934—Dec. 26 . . . .1935—Dec. 251936—Dec. 301937—Dec. 291938—Dec. 28 . . . .1939—Dec. 271940—Dec. 251941—Dec. 311942—Dec. 30

1943—Aug. 25Sept 29Oct. 27Nov 24Dec 29

1944—Jan. 26Feb. 23Mar 29Apr. 26May 31June 28July 26... . . .

Assets of issuedepartment

Gold1

145.8147.6120.7119.8190.7192.3200.1313.7326.4326.4

4.2.2.2.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

.2

Otherassets2

260.0260.0275.0275.0260.0260.0260.0200.0220.0230.0580.0

s630.05780.05950.0

1,000.01,000.0

51,050.01,050.0

51,100.0

1,100.01,100.0

51 150.01,150.01,150.01,150.01,150.0

Assets of banking department

Cash reserves

Coin

.2

.6

.6

.81.0

.5

.6

.6

.8

.81.0

.9

.3

.9

1.41.71.81.7

.9

.6

.9

.4

.4

.7

.91.0

Notes

26.338.831.623.658.747.135.546.341.151.725.613.328.526.8

25.313.851.831.211.6

33.022.845.625.814.719.413.4

Dis-countsand ad-vances

22.349.027.318.516.87.68.5

17.59.2

28.54.34.06.43.5

3.41.91.66.02.5

4.42.1

15.45.81.01.24.7

Securi-ties

84.9104.7133.0120.1101.498.294.7

155.6135.590.7

176.1199.1267.8267.9

218.3238.7211.3222.1307.9

229.0255.2212.7245.6239.8282.2261.7

Notecircula-

tion3

379.6368.8364.2371.2392.0405.2424.5467.4505.3504.7554.6616.9751.7923.4

974.9986.5998.5

1,019.01,088.7

1,067.31,077.51,104.61,124.51,135.51,130.91,136.8

Liabilities of banking department

Deposits

Bankers'

71.0132.4126.4102.4101.289.172.1

150.6120.6101.0117.3135.7219.9223.4

166.8173.4190.3183.2234.3

187.8200.3188.8198.5165.1217.7199.8

Public

8.86.67.78.9

22.29.9

12.112.111.415.929.712.511.29.0

7.29.35.46.8

10.3

8.58.97.14.5

15.012.57.7

Other

35.836.240.333.836.536.437.139.236.636.842.051.254.148.8

56.655.153.153.360.4

52.753.760.256.958.255.655.4

Otherliabili-

ties

17.91S.018.018.018.018.018.018.018.018.017.917.917.917.9

18.018.117.717.817.9

17.918.018.117.717.817.917.9

Bank of Canada

(Figures in millions ofCanadian dollars)

Assets

Gold

Sterlingand United

Statesdollars

Dominion and provin -cial government

securities

Short-termfi Other

Otherassets

Notecirculation7

Liabilities

Deposits

Charteredbanks

Dominiongovern-ment

Other

Otherliabilities

1935—Dec.1936—Dec.1937—Dec.1938—Dec.1939—Dec.1940—Dec.1941—Dec.1942-Dec.

1943-Aug.

3131313130313131

31Sept. 30Oct.Nov.Dec.

1944—Jan.Feb.Mar.Apr.Mav

303031

31.29

.312931

June 30July 31

180.5179.4179.8185.9225.7

4.29.1

14.928.464.338.4

200.9.5

37.631.068.526.5

.6

.4

.2

.3

.2

.3

.225.9

30.961.382.3

144.6181.9448.4391.8807.2

798.8786.7787.4797.1787.6

799.9789.2788.9777.1879.0803.5801.6

83.499.091.640.949.9

127.3216.7209.2

340.8360.7434.0466.7472.8

486.8508.9557.0567.7548.7576.1602.6

8.68.2

21.75.25.5

12.433.531.3

29.219.022.130.647.3

25.431.344.026.423.839.924.4

99.7135.7165.3175.3232.8359.9496.0693.6

796.7815.1836.6844.6874.4

860.6875.4897.9915.3911.5920.5

"942.4

181.6187.0196.0200.6217.0217.7232.0259.9

308.6305.7339.2360.6340.2

360.9362.7359.2385.2377.7414.7414.9

17.918.811.116.746.310.973.851.6

59.736.288.966.120.5

34.840.165.824.6

101.88.2

43.0

.82.13.53.1

17.99.56.0

19.1

10.311.415.616.117.8

22.331.522.817.426.622.022.3

7.713.414.49.3

13.328.535.124.0

31.029.131.733.655.4

33.4-'19.844.528.834.154.331.9

1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, whenit 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 Accountto 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 poundson 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

Bank of France

(Figures in millionsof francs)

Assets

Gold1 Foreignex-

change

Domestic bills

Openmarket2 Special2 Other

Advances toGovernment

For oc-cupation

costs3Other2

Otherassets

Liabilities

Notecircula-

tion

Deposits

Govern-ment C.A.R.4 Other

Otherliabili-

ties

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..

1943—May 27.June 24.July 29.Aug. 26.Sept. 30.Oct. 28.Nov. 25 .Dec. 30.

1944—Jan. 27..Feb. 24..Mar. 30..Apr. 27..

41,66853,57868,86383,01777,09882,12466,29660,35958,93387,265

597,267684,61684,59884,598

84,59884,59884,59884,59884,59884,59884,59884,598

84,59884,59884,59884,598

25,94226,17921,1114,4841,158963

1,3281,460911821112423837

3737383737373737

37373737

5,6125,3047,1576,8026,1225,8375,8005,6405,5807,42211,27343,19442,11543,661

42,93042,99843,26143,10843,41244,59144,86044,699

44,87045,01844,35944,706

8,6248,4297,3893,4384,7393,971

1,379652

1,7972,34566112169

61

3529

1231912

9,7128,465

10,0667,8805,1493,6464,5175,368

6,2005,5736,4566,9084,9684,7996,4727,543

8,1968,4698,3497,718

72,317142,507210,965

260,919260,927271,371288,308295,807306,689320,843326,973

343,300351,000351,000367,300

17,69831,90920,62734,67363,90069,50068,250

56,99063,55061,15053,50069,50065,50055,95064,400

56,05060,50069,80066,800

8,1249,51011,27511,71211,17311,50011,70512,64211,73318,49820,09423,17922,12121,749

21,76821,04221,47221,07823,51921,00021,45721,420

21,61420,59821,57021,437

68,57176,43685,72585,02882,61383,41281,15089,34293,837110,935151,322218,383270,144382,774

419,530426,974440,291448,270468,015475,868484,060500,386

506,035514,323530,174539,058

11,73712,6245,8982,3112,3223,7182,8622,0893,4615,0611,914984

1,517770

734837754743821627755578

825749786793

41,40064,58016,857

10,16614,67011,17014,67415,45012,19114,08310,724

12,36513,9059,0638,811

7,85011,69822,18320,07213,41415,3598,71613,65519,32625,59514,75127,20225,27229,935

37,75029,57431,86429,61533,19934,11131,13333,137

34,33935,35935,10038,017

1,8122,2411,9892,0411,9401,9072,1132,5573,1602,7182,9253,5863.8944,461

5,1776,6694,2674,2354,3554,4174,2204,872

5,1125,8874,6085,928

Assets

Reichsbank(Figures in millions of

reichsmarks)

Reserves of gold andforeign exchange

Totalreserves Gold

Bills (andchecks),includingTreasury

bills

Securityloans

Securities

Eligibleas notecover

OtherOtherassets

Liabilities

Notecircula-

tionDeposits

Otherliabili-

ties

1929—Dec. 311930—Dec. 311931—Dec. 311932—Dec. 311933—Dec. 301934—Dec. 311935—Dec. 311936—Dec. 311937—Dec. 311938—Dec. 311939—Dec. 301940—Dec. 311941—Dec. 311942—Dec. 31

1943—July 31Aug. 31Sept. 30Oct. 30Nov. 30Dec. 31......

1944—Jan. 31Feb. 29Mar. 31Apr. 29May 31June 30

2,6872,6851,156

920396848872767678787776

777777777777

777777777777

2,2832,216

984806386798266717171717171

71

2,8482,5724,2422,8063,2264,0664,5525,5106,1318,244

11,39215,41921,65629,283

32,31734,57035,01036,11737,87041,342

39,58439,26940,37940,90942,15942,150

2512562451761831468474604530383225

341722176627

432646382826

2594453492211065578043210787

92102161398322319315303286298393357283210

1001071051367965

426633312327

656638

1,0651,114735827853765861

1,6212,4982,0662,3111,664

2,0031,5692,4362,5832,7332,337

2,2962,3602,2812,5252,0962,397

5,0444,7784,7763,5603,6453,9014,2854,9805,4938,223

11,79814,03319.32524,375

27,59729,02930,09930,92231,77233,683

33,01233,50833,79234,56935,22935,920

755652755540640984

1,0321,0121,0591,5272,0182,5613,6495,292

5,1995,4565,6015,9676,9518,186

7,1766,6367,2377,1797,2406,754

736822

1,3331,313

8361,001

923953970

1,0911,3781,3961.4931,680

1.7351,8571,9512,0402.1041,980

1,8551,6541,7881,8331,9152,004

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.




Central Bank(Figures as of last report

date of month)

Central Bank of the Argentine Re-public (millions of pesos):

Gold reported separatelyOther gold and foreign exchange..Government securitiesRediscounted paperOther assetsNote circulationDeposits—Member bank

GovernmentOther

Certificates of participation inGovernment securities

Other liabilitiesCommonwealth Bank of Australia

(thousands of pounds):Issue department:

Gold and English sterlingSecurities

Banking department:Coin, bullion, and cashLondon balancesLoans and discountsSecuritiesDeposits

Note circulationNational Bank of Belgium and Bank

of Issue of Brussels (millions ofbelga):1

GoldForeign exchangeCredits to State and public bodies.Credits to private economyReichskreditkasseOther assetsNote circulationDemand depositsPostal Checking OfficeOther liabilities

National Bank of Bohemia andMoravia (millions of koruny):

Gold...Foreign exchangeDiscountsLoansOther assetsNote circulationDemand depositsOther liabilities

Central Bank of Bolivia (millionsof bolivianos):

Gold at home and abroadForeign exchangeLoans and discountsSecurities—Government.... . . . . . . .

OtherOther assetsNote circulationDepositsOther liabilities

National Bank of Bulgaria3

Central Bank of Chile (millionsof pesos):

GoldDiscounts for member banks..Loans to GovernmentOther loans and discountsOther assetsNote circulationDeposits—Bank

OtherOther liabilities

Bank of the Republic of Colombia(thousands of pesos):

GoldForeign exchangeLoans and discountsGovernment loans and securities..Other assetsNote circulationDepositsOther liabilities

1944

July June May

1,1872,290

889

1632,0641,340

594124

231176

49,293148,602

10,600118,92827,636241,943203,244189,512

5994073206244169

1,160798102

27353715988

1,1102,377311183268

146,893109,6842,94056,65529,675137,064139,56.69,218

1,1732,229889

1622,0321,253642122

235168

48,043144,867

10,285103,22023,745235,559179,823184,512

4,11,9003,619

120740713

18,3011,0831,656382

7742,578

'36^84524,8338,0308,848

5793632956304182

1,16074486

27339719

1,0731,1122,373406143294

144,058107,8842,39656,66530,783129,010145,83066,946

1943

July

1,0731,603349

""'2501,68788151978

108

36,391114,719

6,99545,15221,411210,565168,721141,762

4,3328,1723,366

93733702

15,270975852300

1,515755

1,1161

22,78118,0643,6924,412

5543613195454175

1,003791100

24497761870876

2,033397150266

89,74474,4905,12955,82235,135108,32796,38055,613


date of month)

National Bank of Denmark (millionsof kroner):

GoldForeign exchangeClearing accounts (net)Loans and discountsSecuritiesGovt. compensation account4...Other assetsNote circulationDeposits—Government


Central Bank of Ecuador (thousandsof sucres) :5

GoldForeign exchangeNote circulation.Deposits

National Bank of Egypt6 (thou-sands of pounds):

GoldForeign exchangeLoans and discountsBritish, Egyptian, and other Gov-

ernment securitiesOther assetsNote circulationDeposits—Government


Central Reserve Bank of El Salva-dor (thousands of colones):

GoldForeign exchangeLoans and discountsGovernment debt and securities...Other assetsNote circulationDepositsOther liabilities.

Bank of Finland3

Bank of Greece3

National Bank of Hungary (millionsof pengo):

GoldForeign exchange reserveDiscountsLoans—To Treasury

To foreign countriesOther

Other assetsNote circulationDemand depositsConsolidated foreign credits of

1931Other liabilities

Reserve Bank of India (millions ofrupees):

Issue department:Gold at home and abroadSterling securitiesIndian Govt. securitiesRupee coinNote circulation

Banking department:Notes of issue departmentBalances abroadTreasury bills discountedLoans to GovernmentOther assetsDepositsOther liabilities

Central Bank of Ireland (thousandsof pounds):

GoldSterling fundsNote circulation

Bank of Japan3

Bank of Java3

1944

July June May

1004

4,915543855

21,3985,2881,121

121,394

2,64625,39228,038

(Apr.)2

1005

4,5565449262

1,3675,134989

121,365

4448,048

583137

9,103

1101,

121

1531,906259

2,64625,52728,173

1943

July

9722

2,272297285

3,0761,4551,4782,314406

(Feb.)2

249,57967,830222,746204,941

6,24114,4892,199

234,10512,88698,08862,74595,97513,113

32,71136,698

7136,3411,269

43,31428,2406,178

9721

1,5423664125

1,9011,075742

1,648319

207,99276,731203,936193,190

6,24110,8503,178

184,3025,993

85,40743,67868,49512,984

26,68425,663

6116,835563

32,39622,0195,941

1004

2,55468265814

9763,477

556

15942

4445,8291,083152

7,404

104955

13

112988186

2,64621,02423,671

1 Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administrationon June 27,1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office.

2 Latest month for which report is available for this institution.3 For last available report from the central bank of Bulgaria (January 1943), see BULLETIN for July 1943, p. 697; of Finland (August 1943), see BUL-

LETIN 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), seeBULLETIN for March 1943, p. 278.

4 Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.5 Detailed statement not available.6 Items for issue and banking departments consolidated.

SEPTEMBER 1944 943




date of month)

1944 1943

July

Bank of Mexico (millions cf pesos):Metallic reserve1

"Authorized" holdings of securi-ties, etc

Bills and discountsOther assetsNote circulationDemand liabilitiesOther liabilities

Netherlands Bank (millions ofguilders):

Gold. . . . . . . . . . .Silver (including subsidiary coin)..Foreign billsDiscountsLoansOther assetsNote circulationDeposits—Government..... . . . . . .

OtherOther liabilities. ,

Reserve Bank of New Zealand (thou-sands of pounds):

Gold . .Sterling exchange reserveAdvances to State or State under-

takingsInvestmentsOther assetsNote circulation.Demand depositsOther liabilities

Bank of Norway3

Bank of the Republic of Paraguay(millions of pesos):

Gold, :Foreign exchangeLoans and discountsGovernment loans and securities...Other a s s e t s . . . . . . . . . . . . . . . .Note circulation. . . . . . .Demand deposits—Government... .

OtherOther liabilities . . . . .

Central Reserve Bank of Peru (thousands of soles): ^

Gold and foreign exchange. . . . . . . . .DiscountsGovernment loans. ~.Other assetsNote circulationDeposits . . . .Other liabilities

Bank of Portugal (millions of es-cudos):

Gold4

Other reserves (net)Nonreserve exchangeLoans and discountsGovernment debtOther assetsNote circulationOther sight liabilitiesOther liabilities

Na t iona l Bank of Rumania (millionsof lei):

Gold. . . . .Special exchange accountsLoans and discountsSpecial loans (in l iquidat ion) . . . . . .Government debtOther assetsNote circulation . . . .Demand depositsOther liabilities

South African Reserve Bank (thou-sands of pounds):

GoldForeign billsOther bills and loansOther assetsNote circulation.DepositsOther liabilities

June

527

,35229095

,195912157

May

326,420178

,391,476,639793

,358,001

514

1,37025671

1,192865155

vApr.)2

932

3,910

' " ' "13484

4,021108754176

2,80230,687

43,13211,7342,397

37,03150,4333,287

3262,322

1492,2571,6172,550834

2,335951

(Mar.);

157,26111,148

358,83627,122357,748171,90224,717

(Jan.):

1,4004,2728,096227

1,0231,0306,7038,367978

(Jan.)2

59,65132,81354,953

13920,47070,106162,28347,33628,512

89,89121,5982,011

85,14051,027142,7604,854

July

398

1,14512561953639137

9324

2,476

" l 3 469

2,738455313110

2,80225,778

34,04710,3143,56632,83340,5843,089

139,6829,087

313,84422,249322,399140,96721,496

1,3983,6917,105232

1,025983

5,6837,853900

51,09832,91742,486

26420,75956,202127,08349,33727,306

74,13210,028

51092,80546,979125,9094,587


date of month)

1944

Bank of Spain (millions of pesetas):GoldSilverGovernment loans and securities...Other loans and discountsOther assetsNote circulation.Deposits—Government


Bank of Sweden (millions of kronor):GoldForeign assets (net)Swedish Govt. securities and ad-

vances to National Debt Office5.Other domestic bills and advances.Other assetsNote circulationDemand deposits—Government


Swiss National Bank (millions offrancs):

GoldForeign exchangeLoans and discountsOther assetsNote circulationONot irculationOther sight liabilitiesOther liabilities

lOther liabilities

Central Bank of the Republic ofTurkey (thousands of pounds):

Gold;

Foreign exchange and foreignclearings

Loans and discounts.SecuritiesOther assetsNote circulationDeposits—Gold


Bank of the Republic of Uruguay(thousands of pesos):

Issue department:Gold and silverNote circulation.

Banking department:Gold and silverNotes and coinAdvances to State and to gov-

ernment bodies..Other loans and discountsOther assetsDeposits..Other liabilities.

Central Bank of Venezuela (thou-sands of bolivares):

Gold.Foreign exchange (net)Credits to national banks:Other assetsNote circulation—Central Bank...

National banks.Deposits.Other liabilities

National Bank of the Kingdom ofYugoslavia3

Bank for International Sett lements(thousands of Swiss gold francs):^

Gold in barsCash on hand and on current ac-

count with banksSight funds at interestRediscountable bills and accept-

ances (at cost) ,Time funds at interestSundry bills and investmentsOther assetsDemand deposits (gold)Short-term deposits (various cur-

rencies) :Central banks for own accountOther

Long-term deposits: Special ac-counts.

Other liabilities

July June May

960600

1,22989

9742,187582452631

4,45587

6 6 2

3,0281,441

338,10832,20926,37033,241266,98922,273133,8106,856

951

570

1,12181982

2,226634207638

4,4278264158

3,0041,432293

338,10831,90626,37029,721262,86522,795133,3907,056

118,871

21,620

7,447

102,51321,569197,492

36329,266

8,7002,704

(Apr.)2

1,074621

16,0432,7652,17816,1611,9664,023530

949564

1,08774

9552,157532307632

4,37293

r68151

2,9451,449291

(Apr.)2

238,650

102,297736,268196,43718,526

878,94685,139138,191189,902

(Dec.1943)2

120,343140,711

72,32338,279

234,47892,785185,648174,373238,139

338,10832,73326,37029,444266,97123,318128,4697,""

118,873

18,1806,945

104,87021,075197,306

36628,579

7,6002,798

229,001 229,001200,203 199,636

July

811571

1,03797893

1,969353476610

3,79166152326

2,6701,395270

197,232

66,839662,382194,81017,419726,59379,358172,217160,514

90,197117,032

73,07531,975

36,12596,453161,915153,590245,953

245,50437,17831,23018,393235,16730,44860,7345,956

78,683

23,40315,846

151,75721,393192,692

3>40,863

15,8342,539

229,001195,575

r Revised.1 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.2 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.7 See BULLETIN for December 1936, p. 1025.



MONEY RATES IN FOREIGN COUNTRIESD I S C O U N T R A T E S O F C E N T R A L B A N K S

{Per cent per annum]

Date effective

In effect Oct. 2,1936

Oct. 9Oct. 16Oct. 20 . . . . .Nov. 26Dec. 3Jan. 28, 1937June 15July 7..Aug .4Sept. 3 . . .Nov. 13May 10, 1938May 13...May 30 ..Sept. 28Oct. 27Nov. 25Jan. 4, 1939Apr. 17May 11July 6Aug. 24Aug. 29Sept. 28Oct. 26Dec. 15Jan. 25, 1940Apr. 9May 17Mar 17, 1941Mav 29June 27In effect Aug. 31,

1944......

Central bank of—

UnitedKing-dom

2

4

32

2

France

k

465433^3

2y2

3

2

1%

Ger-many

4

Bel-gium

2

4

3

2%

432H

2

2

Neth-er-

lands

3

2>2

2

3

Swe-den

3

3

3

Switz-er-

land

2

IK

Centralbank of—

Albania . . .

BelgiumBohemia and

Moravia....

BoliviaBritish India..BulgariaCanadaChi le . . . . . . . . .Colombia

Denmark,

El Salvador...

Finland...

GermanyGreece... . . . . .Hungary.Ireland. . . . . . .

RateAug.31

2 2

635

3-4 }J4

473

4

3

Dateeffective

Mar. 21, 1940Mar. 1, 1936Jan. 25, 1940

Oct. 1, 1940

Nov. 8, 1940Nov. 28, 1935Dec. 1, 1940Feb. 8, 1944Dec. 16, 1936July 18, 1933

Oct. 16, 1940May 26, 1938Mar. 30, 1939Oct. 1, 1935Dec. 3, 1934

Mar. 17, 1941Apr. 9, 1940Mar. 1, 1942Oct. 22, 1940Nov. 23, 1943

Centralbank of—

ItalyJapanJavaLatviaLithuania. . .

MexicoNetherlandsNew ZealandNorwayP e r u . . . . . . . .Portugal. . . .

Rumania....South AfricaSpainSwedenSwitzerland.

TurkeyUnited King-

domU. S. S. R.. .Yugoslavia.

RateAug.

31

3.29356

2H

3 2

5

3343

4

245

Dateeffective

May 18, 1936Apr. 7, 1936Jan. 14, 1937Feb. 17, 1940July 15, 1939

June 4, 1942June 27, 1941July 26, 1941May 13, 1940Aug. 1, 1940Jan. 12, 1944

Sept. 12, 1940June 2, 1941Dec. 1, 1938May 29,1941Nov. 26, 1936

July 1, 1938

Oct. 26, 1939July 1, 1936Feb. 1, 1935

NOTE .—Changes since July 31: none.

O P E N - M A R K E T R A T E S[ Per cent per annum J

Month

United Kingdom

1 9 2 9 — J u n e . . . . . . . . . . . .1930—June . . . . . . . . . .1931—June1 9 3 2 — J u n e . . . . . . . . . . . .1 9 3 3 — J u n e . . . . . . . . . . . . .1 9 3 4 — J u n e . . . . . . . . . . . .1 9 3 5 — J u n e . . . . . . . . . . . .1 9 3 6 — J u n e . . . . . . . . . . . .1937—June.. . .1 9 3 8 — J u n e . . . . . . . . . . . .1 9 3 9 — J u n e . . . . . . . . . . . .1 9 4 0 — J u n e . . . . . . . . . . . .1 9 4 1 — J u n e . . . . . . . . . . . .1 9 4 2 — J u n e . . . . . . . . . . . .1 9 4 3 — J u n e . . . . . . . . . . .

1 9 4 3 — J u l y . . . . . . . . . . . .Aug. . . .SeptOctN o v . . . . . . . . .Dec

1944—Jan.....Feb .MarApr.MayJune. .

5.352.302.10

.85

.40,85.64.78.68.59.76

1.021.001.001.00

1.001.001.001.001.001.011.011.001.001.011.001.00

Day-to-daymoney

4.231.931.64.99.62.92,75,75.79,75.77

1.001.001.001.06

1.041.111.071.001.001.001.081.131.131.131.131.13

Bankers'allowance

on deposits

Germany

Privatediscount

rate

7.503.586.054.753.883.763,002.882.882.882.792.382.132.132.13

2.132.132.132.132.132.132.132.132.132.132.13

Day-to-daymoney

7.903.746.745.704.934.573.162.672.783.062.711.981.931.901.90

1.861.891.93

Netherlands

Privatediscount

rate

5.301.891.05

.392.18

.784.423.92

.15

.13

.49C1)

1.88

Moneyfor

1 month

5.301.931.071.002.061.003.833.951.00,50.75

C1)2.25

Sweden

Loansup to 3months

Switzer-land

Privatediscount

rate

3.262.061.121.501.501.502.602.251.001.001.001.501.251.251.25

1.251.251.251.251.251.251.251.251.251.251.251.25

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


United Kingdom1

(11 London clearing banks.Figures in millions of

pounds sterling)

1936—December1937—December1938—D cember1939—L/eceinbe'1940—December1941—December1942— December

1943—July . . . . .AugustSeDtemberOctober .NovemberDecember . . .

1944—TanuarvFebruaryMarchAprilMayJune

Canada

(10 chartered banks. # End ofmonth figures in millions

of Canadian dollars)

1935—December . . . .1937—December193g—December1939—December1940—December1941—December1942—December

1943—JulyAugust .SeptemberOctober

December . • •

1944—TanuarvFebruaryMarchAprilMavJune

France

(4 large banks. End of monthfigures in millions

of francs)

1936—December . . . .1937—December1938—December1939—December1940—December4

1941—December1942—December

1943—JanuaryFebruaryMarchApril .May

July . . .AugustSeptemberOctoberNovemberDecember

COMMERCIAL BANKSAssets

Cashreserves

244244243274324366390

375383389394403422

416414423430418427

Money a tcall and

shortnotice

195163160174159141142

160156148151155151

157150155164173185

Bills dis-counted

322300250334265171198

244232209181184133

138124113149174202

Treasurydepositreceipts2

314758896

900957

1,0451,1351,1871,307

1,3051,2641,3311,3141,3101,246

Securities

660635635609771999

1,1

1 1,1

20

6262

,160,158,167,154

,149,141,136,152,161,169

Loans tocustomers

890984971

1,015924823794

753739741749732761

754761781762765784

Assets

Entirely in Canada

Cashreserves

240255263292323356387

406434427460496471

491486468.510525526

Securityloans

114766553403231

363534384448

535241428171

Otherloans

and dis-counts

791862940

1,0881,1081,1691,168

1,1941,1211,0451,0381,2591,156

1,0851,003

982920

1,1751,104

Securityloans

abroadand net

due fromforeignbanks

161102166132159168231

185242198202233250

229227210212275294

Securities

1.3841,4111,4631,6461,5311.7592,293

2,6522,6812,8812,8702,9382,940

2,9502,9943,1563,3903,3743,358

Otherassets

554575535612570653657

626641679659669744

674664732669712856

Assets

Cashreserves

3,1003,4033,7564,5996,2586,5897,810

7,5386,7106,8136,7207,1326,6326,7706,4866,9357,1337,2038,548

Due frombanks

2,9754,1164,0603,7653,5463,4763,458

3,6723,8353,8033,6653,7503,8513,7953, ISt3,8323,8773.96C4,09=

Bills dis-counted

17,58218,24921,43529,54644,24361,89773 917

76,92873 47874,66477,92281 62080,27683,36282 68585,07988,28986,75490,897

Loans

7,6317,6247,5927,5467,9848,280

10 625

11,05411 74915,24515,04314 98015,51814,69614 64414,08414,21514 36114,191

Otherassets

1,2,1,

1,

9,

l 'j '

j '

2,2,2,2,2,2,

957134940440999033622

525435536650750869024206228448653935

Otherassets

249256263290293324325

279285293289283349

288287290285292327

Liabilities

Deposits

Total

2,3152,3302,2542,4412,8003,3293,629

3,6283,6703,7373,8133,8654,032

3,9623,8973,9884,0174,0514,100

Demand3

1,2881,2841,2561,3981,7702,1682,429

2,4282,4562,5042,5562,5882,712

2,6502,5832,6522,6722,7042,730

Time3

1,0121,026

9971,0431,0301,1611,200

1,2001,2141,2331,2561,2771,319

1,3121,3141,3361,3451,3471,370

Otherliabilities

245252269256250253236

245244248245245245

245243242240242240

Liabilities

Notecircula-

tion

103968885807160

484646454342

41403938373t

Deposits payable in Canadaexcluding interbank deposits

Total

2,3032,3352,5002,7742,8053,1053,657

3,9593,9784,0854,1074,4544,395

4,2734,2164,3684,5064,8504,836

Demand

755752840

1,0331,1631,4361,984

2,1332,0622,0962,1462,5722,447

2,2472,0932,1432,2532,7562,641

Time

1,5481.5831,6601,7411,6411,6691,673

1,8261,9161,9891,9611,8831.948

2,0262,1242,2252,2542,0942,195

Otherliabilities

837850843963846962

1,049

1,0941,1311,1331,1151,1411,172

1,1671,1701,1821,1981,2561,339

Liabilities

Deposits

Total

28,48430,34833,57842,44358,89076,67591,549

94,99691 79296,43199,152

103 272102,047103,596102 602104,830108,368107 200112,732

Demand

27,95529,74833,04241,87258,41375,76491,225

94,66591,45295,78398,419

102,437101,118102,578101 525103,657107,100105,811111,191

Time

529600537571477912324

331340648733836929

1,0171,0781,1731,2681,3901,541

Ownaccept-ances

473661721844535413462

451433426387397383321347341411404428

Otherliabilities

4,2894,5174,4844,6094,6045,1876,422

5,2704,9825,2055,4615,5635,7166,7306,8596,9877,1827,3267,506

1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported byindividual 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.



FOREIGN EXCHANGE RATESI Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]

Year or month

19361937193819391940194119421943



Year or month

19361937193819391940194119421943


1944—JanFebMarApr. . ,MayJuneJuly

Year or month

19361937193819391940194119421943

1943—AugSeptOctNovDec. . . .

1944—Jan.FebMarApr.May . . . .JuneJuly

Argentina(peso)

Official

33.13732.95932.59730.85029.77329.77329.77329.773

29.77329.77329.77329.77329.77329.77329.77329.77329.77329.77329.77329.773

Colom-bia

(peso)

57.08356.72655.95357.06157.08557.00457.05257.265

57.27757.27757.27757.27757.27757.27757.27757.27757.27757.27757.27757 277

Norway(krone)

24.97424.84024.56623.226

222.709

SpecialExport

'223!704'23.70424.732

25.18825.14725.12525.12525.12525.12525.12525.12525.12525.12525.12525.125

Czecho-slovakia(koruna)

4.00783.49303.4674

23.4252

Poland(zloty)

18.87518.92318.860

218.835

Australia(pound)

Official

2322'. 80'322.80322.80322.80

322.80322.80322.80322.80322.83322.80322.80322.80322.80322.80322.80322.80

Den-mark(krone)

22.18922.06921.82520.346

219.308

Portu-gal

(escudo)

4.51304.47924.42674.03753.7110

24.0023

Free

395.94393.94389.55353.38305.16321.27321.50

2321.50

Fin-land

(mark-ka)

2.19032.18112.15671.99481.8710

22.0101

Ruma-nia(leu)

.7382

.7294

.7325

.71112.6896

Bel-g ium

(belga)

16.91716.87616.89416.852

216.880

France(franc)

6.11414.04602.87812.5103

22.0827

SouthAfrica(pound)

491.65489.62484.16440.17397.99398.00398.00398.00

398.00398.00398.00398.00398.00398.00398.00398.00398.00398.00398 00398.00

Brazil(cruzeiro1)

Official

8.56818.64375.84386.00276.05626.05756.05846.0586

6.05866.05866.05866.05866.05866.05866.05866.05866.05866.05866.05876.0598

Ger-many(reichs-mark)

40.29740.20440.16440.06140.021

239.968

Spain(peseta)

12.3146.0535.600

10.6309.322

29.130

Free

5.87886.1983

5A2iS5.02145.07055.14275.1280

5.12755.12755.12755.12755.12755.12755.12755.12755.12755.12755.12755.1275

Greece(drach-

ma)

.9289

.9055

.8958

.81532.6715

StraitsSettle-ments(dollar)

58.25857.97356.91751.73646.97947.133

246.919

BritishIndia

(rupee)

37.52337.32636.59233.27930.15530.13730.12230.122

30.12230.12230.12230.12230.12230.12230.12230.12230.12230.12230.12230.122

HongKong

(dollar)

31.71130.69430.45727.45422.958

224.592

Sweden(krona)

25.62625.48725.19723.99123.802

223.829

Bul-garia(lev)

1.29581.28461.2424

21.2111

Hun-gary

(pengo)

29.55819.77919.72719.23818.475

2l9.770

Switz-erland(franc)

30.18922.93822.87122.52522.676

223.210

Canada (dollar)

Official

290.90990.90990.90990.909

90.90990.90990.90990.90990.90990.90990.90990.90990.90990.90990.90990.909

Italy(lira)

7.29165.26075.26055.19595.0407

25.0703

Free

99.913100.00499.41996.01885.14187.34588.37989.978

90.63890.15089.42689.42289.40489.55489.58689.32689.96990.50790.40390.178

J a p a n(yen)

29.02228.79128.45125.96323.436

223.439

United Kingdom(pound)

Official

'2403!50'403.50403.50403.50

403.50403.50403.50403.50403.50403.50403.50403.50403.50403.50403 50403.50

Free

497.09494.40488.94443.54383.00403.18403.50

2403.50

Chile (peso)

Official

5.12405.16975.17165.17275.1668

25.1664

Mexico(peso)

27.76027.75022.12219.30318.54620.53820.56920 577

20.57520 57820.58020.58020.58220.58220.58220.58220.58220.58220 58220.576

Export

24.00004.00004.00004.0000

24.0000

Neth-erlands(guild-

er)

64.48155.04555.00953.335

253.128

Uruguay(peso)

Con-trolled

79.87479.07264.37062.01165.83065.83065.83065.830

65.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.83065.830

Non-con-

trolled

23o!789'37.60143.38052.72352.855

52.87152.92952.97853.00352.96952.94652.94552.95452.96152.96452.96253.421

China(yuanShang-hai)

29.75129.60621.36011.8796.000

25.313

NewZea-land

(pound'

398.92396.91392.35354.82306.38322.54322.78324.20

324.42324.42324.42324.42324.42324.42324.42324.42324.42324.42324.42324.42

Yugo-slavia(dinar)

2.29652.30602.31152.27162.2463

22.2397

1 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis."1

2 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 publica-

tion, and for further information concerning developments affecting the averages during 1942 and 1943 see BULLETIN fcr FetFebruary 1944, p. 209. There are no developments to record for 1944,

February 1943, p. 201, and

SEPTEMBER 1944 947


PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES-ALL COMMODITIES

[Index numbers]

Year or month

1 9 2 6 . . , . .

193219331934193519361937193819391940194119421943 . . . .

1943—JulyA u g u s t . . . . .SeptemberOctoberN o v e m b e r . . . . . . .December

1944—JanuaryF e b r u a r y . . . . . . . .MarchAprilMayJuneJuly...

UnitedStates

(1926=100)

100

6566758081867977798799

103

103103103103103103103104104104104104104

Canada

(1926=100)

100

6767727275857975839096

100

100100101102102103103103103103103103

*>103

UnitedKingdom

(1930=100)

i 124

8686888994

109101103137153159163

U164162163163163163164165165166166166

*>167

France

(1913=100)

695

427398376338411581653

2 681

Germany

(1913 = 100)

134

979398

102104106106107in112114116

117117116116116117117117117118118

Italy

(1928=100)

7063626876899599

116132

Japan(October

(1900=100)

237

161180178186198238251278311329

*381p382

*>387P39l*>396*>39S?400

Nether-lands

(1926-30= 100)

106

65636362647672

3 88

Sweden

(1935 = 100)

1126

l 92i 90i 96

100102114111115146172189196

196195195195195195195195195195197197

Switzer-land

(July 1914= 100)

144

9691909096

111107111143184210218

218218220220220220221221223223223

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]

Y e a r o r m o n t h

1926 .

1932 . . . . . . . . . . . . . . . . . . . .19331934193519361937 .193819391940 . . . .194119421943

1943—July . . . . . . . . . . . . . . .AugustSeptemberOctoberNovember . . .December . . . . . . . .

1944—JanuaryFebruaryMarch • • • •AprilMayJuneJuly

United Statea(1926=100)

Farmproducts

100

48516579818669656882

106123

125124123122121122122123124123123125124

Foods

100

61617184828674707183

100107

107106105105106106105105105105105107106

Othercommod-

ities

100

707178788085828183899697

97979797979898989898999999

Farmproducts

100

485159646987746467718396

969798

104104105104104105104102102

?102

Canada1926=100)

Raw andpartlymanu-

facturedgoods

100

555764667184736775829099

100101101103104104104105105105104104

*>104

Fully andchieflymanu-

facturedgoods

100

707073737481787582899293

939394949494949494949494

P93

Uni ted Kingdom(1930=100)

Foods

8883858792

1029797

133146158160

164158159157157158159159158158158158

Indus-trial

products

8587909096

112104106138156160164

164164165165165166166167168169170170

Agricul-tural

products

129

918796

102105105106108111112115119

121121119119119119119119121122122

Germany[1913 = 100)

Indus-trial rawand semi-finished

products

130

898891929496949599

100102102

102102102103103103103103103103103

Indus-trial fin-

ishedproducts

150

118113116119121125126126129133134135

135136136136136136136136136136136

v Preliminary.Sources.—See BULLETIN for May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—ContinuedRETAIL FOOD PRICES COST OF LIVING

[Index numbers] [Index numbers]

Year or month

1933...1934 . .1935 . .1936 . .1937...1938 ...1939 ...1940 ...1941 ...1942 . ..1943....

United j C a n -States ada(1935-39 I (1935-39

= 100) ! =100)

1943—July. .AugustSeptemberOctoberNovember.December

1944—January,, .February...March.. . . . .Apri l . . . . . . .May. .J u n e . . . . . . .J u l y . . . . . . . .

8494

100101105989597

106124138

139137137138137137136135134135136136137

85939598103104101106116127131

132133134133133133132131131132132131

^132

UnitedKing-d o m(July1914

= 100)

120122125130139141141164168161166

168167166168168168168168168168168168

^169

Ger-many

(1913-14= 100)

113118120122122122123128129132134

140139.133132133134135135136153138139146

Nether-lands

(1911-13= 100)

120124118120127130130

2140

Switz-erland

(June1914

= 100)

117115114120130130132146175200211

211211212212213213213214214215215

Year or month

19331934193519361937193819391940194119421943

1943—JulyA u g u s t . . . .September..OctoberNovember..December..

1944—January....February.. .March..A p r i l . . . . . . .M a y . . . . . . .JuneJuly

Uni tedStates(1935-39= 100)

92969899

10310199

100105117124

124123124124124124124124124125125125126

Can-ada

(1935-39= 100)

94969698

101102102106112117118

119119119119119119119119119119119119

PH9

UnitedKing-dom(July1914

= 100)

140141143147154156158184199200199

200199198199199199199200200200200200

P2G1

Ger-many

(1913-14= 100)

118121123125125126126130133137139

142141138138138139139140140140141142146

Nether-lands

(1911-13= 100)

139140136

2132137139140

3148

Switz-er land(June1914

= 100)

131129128130137137138151174193203

204204204205205205206206206207208

v Preliminary.1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373).2 Average based on figures for 3 months; no data available since March 1940, when figure was 141.3 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]

Year or month

Number of issues

1926

19331934193519361937193819391940194119421943

1943—July.AugustSeptemberOctoberNovemberDecember

1944—January.FebruaryMarchApril.MayJ u n e . . . . . . . . . . . .J u l y . . . .

Bonds

UnitedStates(derivedprice)l

15

90.1

91.298.2

105.5109.5

hlQ.2111.1113.8115.9117.8118.3120.3

121.1121.1120.8120.9120.4120.0120.5120.4120.5120.7120.9120.9121.3

UnitedKingdom(December1921 = 100)

87

110.0

119.7127.5129.9131.2124.6121.3112.3118.3123.8127.3127.8

127.8127.2126.9127.4127.1127.2127.4127.6127.3127.1127 0127.2127.3

France(1913=100)

36

57.4

81.382.183.576.375.177.383.9

684.7^98.7

6100.1

Germany(averageprice)2

2 139

82.590.7

595.195.898.799.999.0

100.7103.0

6103.3

Nether-lands 3

8

105.3113.4107.8109.1

3101.8105.990.9

777.984.394.7

Common stocks

UnitedStates(1935-39

= 100)

402

105.6

67.076.682.9

117.5117.588.294.288.180.069.491.9

98.594.495.694.891.491.894.694.496.695.197.2

101.5104.3

(1926=100)

UnitedKingdom

278

100.0

78.685.786.397.096.380.875.970.872.575.384.5

85.686.086.686.385.085.386.286.987.187.288.089.390.3

France

300

100.0

99.683.379.777.297.489.798.3

6120.69289.7p476

Germany

(4)

100.0

61.771.182.991.6

102.6100.194.1

114.6136.8142.1145.0

144.9144.6144.7144.8145.0145.1145.2145.3145.6145.8145.8145.7

Nether-lands

(1930=100)

100

52555566

104.295.889.7

8 95.0129.0131.5151.0

151.9151.7152.1152.1152.2152.2

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 forboth series. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United Statessee 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 thatdate is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.

3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929= 100; average yield in base year was 4.57 percent. For new index beginningJanuary 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 Average Apr.-Dec. only. Average Jan.-Mar. on old basis was 95.9. 6 Average based on figures for 5 months; no data available June-Dec.'Average based on figures for 7 months; no data available May-Sept. 8 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 GOVERNORSOF THE FEDERAL RESERVE SYSTEM

MARRINER S. ECCLES, Chairman

M. S. SZYMCZAKJOHN K. MCKEE

RONALD RANSOM, Vice Chairman

ERNEST G. DRAPERR. M. EVANS

LAWRENCE CLAYTON, Assistant to the Chairman

ELLIOTT THURSTON, Special Assistant to the Chairman

OFFICE OF THE SECRETARYCHESTER MORRILL, SecretaryLISTON P BETHEA, Assistant SecretaryS. R. CARPENTER, Assistant SecretaryFRED A. NELSON, Assistant Secretary

LEGAL DIVISIONWALTER W YATT, General CounselJ. P. DREIBELBIS, General AttorneyGEORGE B. VEST, Assistant General Attorney

DIVISION OF RESEARCH AND STATISTICSE, A GOLDENWEISER, DirectorWOODUEF THOMAS, Assistant Director

DIVISION OF EXAMINATIONSLEO H PAULGER, DirectorC. E. CAGLE, Assistant DirectorWILLIAM B. POLLARD, Assistant Director

FEDERALOPEN MARKET COMMITTEE

MARRINER S. ECCLES ChairmanALLAN SPROUL, Viet ChairmanCHESTER C, DAVISERNEST G. DRAPERR, M. EVANSHUGH LEACHJOHN K. MCKEEJ. N. PEYTONRONALD RANSOMM. S. SZYMCZAKC. S. YOUNG

CHESTER MORRILL, SecretaryS. R. CARPENTER, Assistant SecretaryWALTER WYATT, General CounselJ. P. DREIBELBIS, Assistant General CounselE. A. GOLDENWEISER, EconomistHENRY H. EDMISTON, Associate EconomistE. A. KINCAID, Associate EconomistJOHN K. LANGHM, Associate EconomistARTHUR R. UPGREN Assnriat* EconomistJonv H. WILUAMF Associate EconomistROBERT G. RotSE, Manager of System Open Market

Account

DIVISION OF BANK OPERATIONSEDWARD L. SMEAD, DirectorJ. R VAN FOSSEN, Assistant DirectorJ. E HORBETT, Assistant Director

DIVISION OF SECURITY LOANSCARL E. PARRY, Director

BONNAR BROWN, Assistant Director

DIVISION OF PERSONNEL ADMINISTRA-TION

ROBERT F. LEONARD, Director

OFFICE OF ADMINISTRATOR FOR WARLOANS COMMITTEE

EDWARD L. SMEAD, AdministratorGARDNER L. BOOTHE, II, Assistant Adminis-

trator

FISCAL AGENTO. E FOULK, Fiscal AgentJOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERALADVISORY COUNCIL

CHAS. E. SPENCER, JR., BOSTON DISTRICTVice President

JOHN C. TRAPHAGEN, NEW YORK DISTRICT

WILLIAM F. KURTZ, PHILADELPHIA DISTRICT

CLEVELAND DISTRICT

RICHMOND DISTRICT

ATLANTA DISTRICT

CHICAGO DISTRICT

B. G. HUNTINGTON,

ROBERT V. FLEMING,

KEEHN W. BERRY,

EDWARD E. BROWN,President

RALPH C. GLFFORD, ST. LOUIS DISTRICT

LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT

A. E. BRADSHAW, KANSAS CITY DISTRICT

ED. H. WINTON, DALLAS DISTRICT

GEORGE M. WALLACE, SAN FRANCISCO DISTRICT

WALTER LICHTENSTEIN, Secretary



Documents

Federal Reserve Bulletin September 1944ERAL RESERVE BULLETIN VOLUME 30 September 1944 NUMBER 9 WARTIME PRODUCTION AND INCOMES Economic activity has been maintained this year close