Federal Reserve Bulletin, 1940-08

FEDERAL RESERVE BULLETIN AUGUST 1940 Review of the Month—Recent Course of Industrial Activity From the Board's Correspondence—The Interdistrict Settlement Fund Statistics of All Banks in the United States New Index of Industrial Production BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Contents PAGE Review of the Month—Recent Course of Industrial Activity 745-752 New Federal Reserve Index of Industrial Production 6See p. 825 for list of tables.) 753-771 From a Legal Standpoint: Investments by Member Banks in Obligations of Certain Government Agencies 772 Obtaining Payment for Purchase of Securities in Cash Account Under Regulation T 772 Executive Order and Regulations on Transfers of Property of Latvia, Estonia and Lithuania 773 General Licenses Issued by the Secretary of the Treasury 774-775 From the Board's Correspondence: The Interdistrict Settlement Fund ... 776-777 Current Events ... 778 National Summary of Business Conditions 779-780 Financial, Industrial, Commercial Statistics, United States (See v- 781 for list of tables.) 781-882 Statistics of all Banks in the United States . 820-824 International Financial Statistics (See p. 883 for list of tables.) . 883-901 Federal Reserve Publications 902 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 903 Senior Officers of Federal Reserve Banks; Managing Directors of Branches 904 Subscription Price of Bulletin The FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve System and is sent to member banks without charge. The subscription price in the United States, Canada, Mexico, and insular possessions is $2.00 per year or 20 cents per single copy; elsewhere, $2.60 per year or 25 cents per single copy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 26 AUGUST 1940 No. 8 Recent (2out±e ofi JJndtu3ttial -Qctivity In May and June there was a sharp increase BULLETIN. Income payments, which had dein industrial activity, following a decline clined less than production in the first four earlier in the year, and dur-months of this year, have also advanced re- SmaXnbUSineSS ing the past two months o^- cently as a result of increases in employment. put has again been near the Distribution of commodities to domestic conpeak level reached in the latter part of 1939. sumers has been largely sustained near the These movements are shown on the accom- levels reached in the latter part of last year, panying chart, which includes the Board's and exports, though below the peak reached revised index of industrial production, pub- last winter, have continued in much larger lished for the first time in this issue of thevolume than before the outbreak of war. Wholesale prices of basic commodities have SELECTED BUSINESS SERIES generally continued to decline in recent 80 ASIS * AIMNU months, but prices of some products have re- \ . >. INCOME PAYMENTS ^ \\ Ji*S~^ ^V (ADJUSTED) ^<^J ^ mained near the advanced levels reached 60 earlier. In the security markets prices of 140 common stocks have shown little change fol- 120 ^ INDUSTRIAL PROpUCTION I /*> 120 lowing the rapid decline that occurred in / May. Prices of Government securities and 100 i y 100 of corporate bonds have increased since the \ 80 ^w/ 80 early part of June and have reached levels not far below those prevailing in the early part of the year. Volume of trading on the exchanges has been very small during the past two months. The course of commodity and security prices, productive activity, employment, and income during the past year 140 A Changes during has been to a large extent in- 120 120 past year V\ fluenced directly or indirectly 100 f T \ COMMON STOCK 100 by international developments. Current conditions are being greatly affected by prospects 80 r 80 for defense preparations and realignment of **-*-/ BASICCOMMODITY \J 60 PRICES J: many international trade relationships as -^ J i well as by purchases in this country by 1936 1939 1940 Sources: Income payments, exports and imports, Department belligerent nations. of Commerce; industrial production, Board of Governors of the Federal Reserve System; common stock prices, Standard Statis- At the outset of the war, a wave of buying, tics Company; basic commodity prices, Bureau of Labor Statistics' index converted to 1926 base. Latest figures shown: income largely by domestic manufacturers and dispayments, industrial production, exports and imports are for month of June, stock and commodity prices are for week ending tributors stimulated activity, reversed a grad- July 27. 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month ual downward movement in prices, increased Sustained activity in these industries and employment and income, and led to some continued uncertainties with regard to the expansion in consumer purchasing. Foreign availability of supplies were important facdemand for many industrial products like tors preventing general liquidation of insteel, copper, and airplanes increased sharply ventories during the spring. Another eleand exports of cotton were exceptionally ment in the picture subsequently was the large, but foreign buying of tobacco, fruits, growing recognition that a large defense proand numerous other agricultural commodities gram would be undertaken in this country. was curtailed. Adoption of such a program focused attention on the possibilities of bottlenecks in particu- After the initial spurt in early autumn, lar industries and was one factor stimulating buying of manufactured products, particua further increase in buying by industry in relarly of durable goods, declined somewhat, accent months. New orders have been in larger cording to figures compiled by the Departvolume than shipments, with the result that ment of Commerce, but continued through the volume of unfilled orders, which had dethe winter and spring generally at a higher clined from early peak levels, has increased level than in the first half of 1939. Shipments somewhat. Thus at the beginning of the rose less sharply and also declined somewhat second half of the year manufacturers held after November, but have remained some 15 inventories larger than a year earlier but or 20 per cent larger in value than in the were also producing and shipping substancorresponding months of last year. Productially more goods and had on hand much tion increased through the latter part of 1939, larger unfilled orders. Outlays for capital and there was a considerable accumulation of equipment were increasing partly to proinventories, primarily of semi-finished prodvide facilities for output of armaments and ucts and raw materials. Notwithstanding partly to anticipate increased demands for some curtailment in output of semi-finished other types of goods. products in the early months of 1940, the Total non-agricultural employment has intotal of manufacturers' inventories, accordcreased by about a million persons in the past ing to Department of Commerce data, conyear with more than half of the expansion tinued about 10 to 12 per cent larger in value occurring at manufacturing establishments than a year ago. and a considerable part of the remainder in Prices of commodities receded last autumn the mining industry. In most other major and winter after the initial sharp advances. groups of industries increases have been Foodstuff prices decreased under the influence small. With a continued growth in populaof large domestic supplies and as it became tion during this period, the decline in unemevident that foreign demands would not be ployment has probably been around half a large in the near future. Many imported million, and the number of persons out of commodities, which had risen because of the work is still large. fear of shortages in transport facilities as Industrial output began to show a prowell as higher shipping costs, declined after nounced increase in May following a decline the turn of the year as current needs were from the peak levels reached in adequately supplied. Prices of domestic in- Industrial the latter part of 1939 By June dustrial materials also declined, but in gen- production ,,-•-» f. . •., the Board s revised seasonally eral were supported by the high level of adjusted index had advanced to about 121 production maintained in many important per cent of the 1935-1939 average, as comconsuming lines such as machinery and transpared with a low of 111 in April and a peak portation equipment. of 126 last December, and in July continued 746 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month at approximately this level. The index as ment, and at mines, activity continued formerly compiled is estimated at 117 (1923- throughout the first half of this year at close 25 average = 100) for July, compared with to the high levels reached in the last quarter 102 in April, and 128 last December. The of 1939. smaller changes shown by the new index this In the first half of 1940 the total index of year reflect sustained activity in a number of industrial production on the revised basis important industries not included in the oldaveraged 116, about 15 per cent higher than index. The new index and its principal com- in the first half of last year. In industries ponents are shown for recent years on the producing metals and metal products activaccompanying chart. An explanation of the ity was at a level more than a third higher revisions made in the index and detailed tables than a year ago, but output of some other are given elsewhere in this BULLETIN. products, notably shoes, leather, and silk and wool textiles, was considerably smaller in INDEX OF INDUSTRIAL PRODUCTION the first half of 1940 than in the correspond- ADJUSTED FOR SEASONAL VARIATION, 1935-39 AVERAGE FOR TOTAL = 100 ing period of 1939. By July activity in most POINTS IN TOTAL INDEX MONTHLY POINTS IN TOTAL INDEX of these lines had risen substantially from the low levels reached earlier in the year, but was still somewhat less than last summer. During the first half of this year activity at machinery plants was maintained at the levels reached at the begin- Durable j g f y^ J j fagi. n n Q year an( n a r manufactures \ . . 1 craft and shipbuilding industries activity increased further. The slight decline in output in the machinery and transportation equipment group shown in the chart reflected chiefly reductions at automobile factories. Output of automobiles had been large during the winter and, although retail sales were substantially higher than a year earlier, dealers' stocks of new automobiles were built up to high levels. These stocks were substantially reduced in June and July, when production was curtailed seasonally and retail sales were maintained at a high level. New orders for machinery 1935 1936 1937 1938 1939 1940 declined somewhat after rising sharply last Latest figures shown are for June. September and October, but since March orders have again advanced considerably. In The declines in the early part of th6 year recent months demand for railway equipment and the subsequent increases occurred for the has also increased following a decline from most part in the iron and steel, textile, and the high level reached last autumn. paper industries, as is shown in the chart, In the steel industry activity declined from and were most pronounced in branches proa level of about 90 per cent of capacity during ducing semifinished manufactures. In inthe fourth quarter of 1939 to 60 per cent in dustries manufacturing finished products, April. Subsequently output rose rapidly, and such as machinery and transportation equipby the end of July, steel mill operations had AUGUST 1940 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month once again reached a rate of about 90 per these industries and output generally concent, although usually there is a decline in tinues at a considerably higher level than in the summer. The volume of new and un- the first half of 1939. filled orders for steel declined considerably in In the wool and silk textile industries the early months of 1940, but in the spring, activity declined rapidly during the first four during a brief period of price reduction, or- months of this year. In the ders were received in considerable volume. Nondurable industry, the case of the sflk The intensification of active warfare in Eu- manufactures . rope in early May contributed to a further decline reflected several factors, increase in orders from both domestic and principally the exceptionally large stocks of foreign sources and, although output in- hosiery that had been accumulated previcreased, unfilled orders rose. Currently it is ously, the introduction of nylon hosiery, reported that orders are still being received and the high price of raw silk, which was of in substantial volume and that unfilled orders particular importance in restricting output are large. of silk fabrics. Mill takings of raw silk in Domestic demand for steel has been general May and June were at the lowest level reas most steel-consuming industries have been ported since 1921. operating at high rates. There has also been In the wool industry the decrease in aca considerable volume of steel purchases from tivity early this year was from an unusually Canada and from European and South Amer- high level last autumn and reflected the fact ican countries. In May and June exports of that buying of fall merchandise this spring steel amounted to about 10 per cent of steel- was much smaller than usual. In June, howmaking capacity as compared with about 4 ever, a considerable amount of buying develper cent a year ago. Direct steel require- oped, representing increased Government ments for the national defense program now orders in connection with the national defense under way have as yet been rather limited program and purchasing by many manufacin amount; indirectly, however, this program turers and dealers desiring to obtain adequate has had an influence in stimulating orders supplies now in the event that there might by various steel-consuming industries. be delays in deliveries later. From April to In most industries producing other types June activity in the wool textile industry rose of durable manufactures, such as lumber, and the advance appears to have continued furniture, and stone, clay and glass products, since then. there were declines in activity during the In the cotton textile industry activity was early months of this year but the decreases reduced considerably in the first quarter and were generally moderate. Plate glass pro- showed little change in April and May. duction was reduced considerably, however, Toward the middle of June, however, partly because in this industry demand is there was a brief period in which new orders dependent mainly upon automobile manufac- rose sharply, owing in large part to seasonal turers, who have been curtailing output in influences, and in June activity declined less recent months, and partly because some of than seasonally. In the rayon textile industry the large output in the latter part of 1939 was activity during the first half of this year has for stock. Deliveries of copper, tin, zinc and continued near the high levels reached last lead to fabricating industries also declined fall. sharply in the early months of this year fol- In the chemical industries activity rose lowing an exceptionally large volume of such substantially last autumn and has since been shipments last autumn. Recently, however, largely maintained at an advanced level, there have been some increases in most of reflecting both increased demand in this country and the cutting off of foreign sup- 748 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month plies in some instances. Output of rubber Much of the decline in agricultural exports products and petroleum products likewise since the first quarter of the year has been continued large during most of the first half due to seasonal influences. Shipments of cotof this year. ton declined from the high level of the pre- Production of paper and paper board was vious two quarters, and exports of other at peak levels in the last quarter of 1939 and agricultural products decreased somewhat, a substantial volume of inventories accumu- primarily because of the loss of Northern lated. In the first quarter of this year activ- European markets and smaller food shipity declined sharply but since March there ments to Great Britain. has been a considerable increase in output, Shipments of industrial products continued due in part to the fact that European supplies their upward movement but at a slower rate. of wood pulp and paper have been largely While exports of industrial products to Engcut off from this country and from other land, France, and Canada were considerably countries. Currently activity is close to peak higher than in the first quarter, these inlevels in many branches of the paper industry. creases were partly offset by sharp reductions Mineral production shared in the general in shipments to occupied territories in Euadvance last autumn with increases reported rope. The principal increases in United for production of both metals and States export trade in the second quarter Minerals fuels and this year mining of most were in firearms and ammunition, machine products has continued in large volume. In tools, coal, wood, and paper. Shipments of the petroleum industry, however, large stocks automobiles, copper, and textiles were conof refined products accumulated and recently siderably lower. output of crude petroleum has been reduced During the second quarter industrial exconsiderably, mainly in Texas fields. Coal ports were 40 per cent higher than in the production this spring and summer has been corresponding period last year. The largest unusually large for the season, reflecting increases since 1939 have occurred in war greater exports and the building up of stocks materials, as is shown in the following table: of coal at Upper Lake ports, as well as increased industrial consumption. Shipments EXPORTS OF SELECTED INDUSTRIAL PRODUCTS Amounts in millions of dollars of iron ore down the Lakes have been at near capacity levels in recent months, but the use April-June Change of ore has been large and stocks at Lower Lake ports have remained small. 1940 1939 Amount Per cent Exports of United States merchandise in June amounted to $344,000,000, a rise of 8 I C ro o n pp a e n r d steel 12 2 7 5 + + 6 4 3 + + 9 1 8 8 Aluminum 9 +6 +217 per cent from the level of April Other metals 23 +13 +121 Foreign trade Firearms and ammunition. 22 +20 +1,227 and May. Exports were smaller Machine tools 61 +33 +115 in the second quarter than they had been Agricultural machinery.. 27 +6 +28 Other machinery 88 +7 +9 in the first, owing to declines in agricul- Automobiles 59 -10 -15 Aircraft— 73 +44 +156 tural exports and a sharp fall in shipments Chemicals and products- 58 +20 +55 to occupied European countries. The de- Textiles 35 +8 +29 Wood and paper 44 +20 +81 clines in agricultural exports were partly off- Coal 29 +17 +146 Petroleum and products.. -10 -10 set in the total by increases in exports of industrial materials and products—especially April-June 1940 figures preliminary. those for war purposes. Exports of aircraft, Exports of iron and steel, machine tools, explosives, and firearms and ammunition in- and aircraft show the largest absolute gains creased greatly toward the end of the quarter. but firearms and ammunition, coal, aluminum AUGUST 1940 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month and other metals show larger percentage in- April and May by more than the usual seacreases. Exports of wood, paper, agricultural sonal amount. Preliminary figures for the machinery, chemicals, and textiles also have first half of July show increases in both public been higher, reflecting primarily shipments and private construction. Contract figures to Latin America and other neutral countries for the second quarter and other recent periunable to satisfy their requirements in Eu- ods are given in the accompanying table : rope. Among leading exports, automobiles, parts, and accessories, and petroleum and CONSTRUCTION CONTRACTS AWARDED IN 37 EASTERN products show the principal declines. The STATES European areas now cut off by blockade were [Monthly'averages in millions of dollars] important markets for these products. Privately financec Imports for consumption showed little Total Publicly change in the second quarter of 1940 and were financed Total d R en e t s i i a - l t F or a i c e - s o A th l e l r considerably below the advanced level reached at the end of 1939. The value of imports has 1 1 9 9 3 3 7 8 2 2 6 4 6 3 1 9 4 6 2 1 12 4 4 7 7 7 5 1 2 1 6 0 3 5 9 0 been greater since the beginning of the year 1939 296 142 154 95 15 44 than in the corresponding period of the two193 1 9 st quarter 258 129 129 86 10 33 previous years, but the increase has been 3 2 r n d d q q u u a a r r t t e e r r 3 3 0 1 9 2 1 14 4 6 1 1 1 6 6 8 5 1 9 0 8 5 1 1 5 6 4 5 7 1 much less than for exports and a large share 19 4 4 t 0 h quarter 305 153 152 91 17 44 of the advance has been due to higher prices 2 1 n st d q q u u a a r r te te r r 3 2 1 2 8 3 1 9 2 0 1 1 1 9 3 7 3 1 8 2 1 3 2 1 1 7 3 5 6 4 of imported products. Imports in the second Source:—¥. W. Dodge Corporation. The figures shown are not adquarter were nearly 30 per cent below the justed for seasonal variation. second quarter of 1937 when large import demands due to a high rate of industrial ac- These figures indicate that contracts for tivity were supplemented by unusually large private residential building in the first half importations of agricultural products to of 1940 were about 7 per cent larger than a supplement drought-shortened crops in the year ago in the 37 States covered by the F. W. United States. Dodge Corporation figures. The rise reported in the far West was somewhat more marked. Since the outbreak of war, imports of in- As the chart indicates, the principal increases dustrial raw materials and semi-manufactures have increased, while imports of crude PRIVATE RESIDENTIAL BUILDING and manufactured foodstuffs and of finished BY FEDERAL RESERVE DISTRICTS manufactures have either shown little change MONTHLY AVERAGES BY 6-MONTH PERIODS MILLIONS Of DOLLARS MILLIONS OF DOLLARS or have decreased somewhat. Purchases of rubber, wool, silk, ferro-alloys, tin, and other metals have been in larger volume than in the previous corresponding period. The volume of construction work started in June was about the same as in May according to data of the F. W. Dodge Building Corporation for 37 Eastern States and of the San Francisco Federal Reserve Bank for 11 Western States. Public work increased from earlier low levels, owing partly to additional work at navy yards and air stations, while contracts for private work 1935 1936 1937 1938 1939 1940 J935 1936 1937 1938 1939 1940 Based on contracts awarded, except in San Francisco District, declined from the advanced level reached in where building permit figures were used; data not adjusted for seasonal variation. 750 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month over a year ago were in the Chicago, Cleve- quently declined to a level approximately 7 land, Atlanta, and San Francisco districts. per cent above the average in August, 1939. The one marked decline was in the NewIn the latter part of. July prices of most of York district where apartment construction these commodities were considerably below was much smaller than in 1939 when a large- the levels reached last autumn or this spring scale rental project of the Metropolitan Life but in the case of certain commodities, prin- Insurance Company was being undertaken; cipally corn, rubber, and zinc, price increases house construction in the New York district have been largely maintained, chiefly as a was in about the same volume in the tworesult of special circumstances restricting periods. market supplies. The accompanying table Private contracts for factory construction shows prices of selected basic commodities and other non-residential work in the Dodge for the prewar week of August 26, the highest area have been running about one-fifth larger prices since that date, and prices for the than last year but considerably below the level latest week: reached in the summer of 1937. WHOLESALE PRICES OF SELECTED BASIC Contracts for public construction were at a COMMODITIES relatively low level at the beginning of this Weekly averages year, following a period of enlarged expendi- Per cent tures on public works. The volume of such Prewar Highest change Aug. 26, since July 20, prewar contracts, however, has since increased and 1939 prewar 1940 to July 20 rose considerably in June, owing in part to expansion in military construction, including Foodstuffs Corn dollars per bu._ .45 .69 .66 +47 contracts on a $25,000,000 naval air station Wheat dollars per bu._ .67 1.08 .70 +4 at Corpus Christi, Texas. In the first part Cocoa cents per lb 4.42 6.67 4.69 +6 Coffee cents per lb 7.60 7.88 7.00 -8 of July, additional contracts aggregating Sugar cents per lb 2.86 3.82 2.68 -6 $90,000,000 were let by the Navy Department Cottonseed oil-cents per lb.__. 4.58 6.28 5.38 +17 Lard_ cents per lb 7.50 12.45 7.32 -2 for construction work in navy yards and air Hogs dollars per cwt. 6.55 8.61 6.60 +1 bases at a number of points on both the Steers dollars per cwt. 8.97 10.50 10.20 +14 Atlantic and Pacific coasts. The volume of Industrial materials Hides cents per lb 11.00 16.50 11.00 0 contracts awarded for public housing was Rubber cents per lb 16.80 22.90 21.60 +29 about the same in the first half of 1940 as a Burlap cents per yd.__. 5.50 11.20 7.35 +34 Cotton cents per lb 9.00 11.03 10.35 +15 year earlier. Silk dollars per lb... 2.64 4.35 2.52 Wool tops dollars per lb._. .86 1.29 .97 +13 The general level of wholesale commodity Copper cents per lb 10.50 12.50 10.75 +2 Lead cents per lb 4.90 5.35 4.85 -1 prices, as measured by the Bureau of Labor Tin cents per lb 49.00 70.40 51.00 +4 Zinc cents per lb 4.75 6.50 6.25 +32 Statistics' index, declined Steel scrap dollars per ton_ 15.62 22.50 18.38 +18 Wholesale during June to 77 per cent commodity prices ° ^ After the middle of June prices of basic of the 1926 average, which industrial materials showed some declines was the lowest level reached since the prewar owing in part to the backing up of supplies period last August when the index was at of certain materials, such as copper and steel 75. Early in July the index advanced about scrap, as a result of suspension of French a point, reflecting chiefly seasonal increases and Italian orders. Domestic demand for in prices of livestock and products. At 78such materials, however, has grown in recent the index was a point and a half below themonths and late in July non-ferrous metal highest level reached last autumn. markets were firm. Prices of some other Prices of basic commodities, which as a materials, such as rubber, tin and ferrogroup had shown little change from the mid- manganese, have been strengthened by the dle of May to the early part of July, subse- AUGUST 1940 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month Federal program for accumulating stocks. by New York City banks amounted to about Industrial materials as a group have con- $260,000,000, which was the lowest level on tinued to fluctuate within the general range record and about one-quarter of the level that prevailing since early spring, as shown in had generally prevailed in 1936 and 1937. the chart on page 779, and are currently In July there was a small increase in these about 10 per cent above the level of last Au- loans, reflecting principally borrowing by gust. Prices of basic foodstuffs on the other Government security dealers in connection hand are now close to the level of a year ago. with new Treasury financing. Prices of most finished industrial products have continued to show little change in recent MEMBER BANK LOANS AND INVESTMENTS, months. Contract prices for some commodi- JUNE 29, 1940 [Preliminary figures in millions of dollars] ties, such as certain paper and chemical products, were increased for third quarter Change since December 30, 1939 deliveries. Application of additional Federal Amount re- Central reserve v ex a c n i c s e e s t i a n x p e r s i c o es n o J f u a ly n u 1 m b b r e o r u o g f h t f in m is i h n e o d r c a o d n - - J p u o 1 n 9 r e t 4 e 2 9 d 9, m b A e e m l r l - city banks s c R e i r e t v y - e C t o ry unbanks New Chi- banks banks sumer goods. Prices of petroleum products York cago have been declining and recently crude oil Loans 13,951 -282 +35 +30 +206 prices have been cut in some areas, under Investments: U. S. Governthe influence of accumulation of stocks result- ment, direct & guaranteed 14,723 +395 +714 +55 -247 -127 ing from large domestic output and further States and local governments 2,887 +195 +55 +15 +90 +35 curtailment of foreign demand. All other 2,878 -81 +2 q +13 -93 Changes in business activity and in secu- Total 34, 440 +499 +490 +101 -113 +22 rity markets in the past year have been reflected to a small extent in New York City banks have continued to Recent banking . add to their holdings of United States Govbank loans# After the Qut developments ernment securities, while other member banks break of war last September reduced their holdings somewhat in the first the demand for commercial and industrial half of the year. The volume of State and loans increased substantially, especially at local government obligations held has gradubanks in leading cities. This rise in business ally increased at all classes of member banks loans coincided with an increase in business during recent years. Since the end of 1936 activity and in inventories of manufacturers member banks, particularly country banks, and distributors. During the early months have been reducing their holdings of domestic of 1940 business loans at city banks showed corporate securities and this decline continued little further change, but they have risen in the second quarter of this year. slightly since the end of May. At country As a net result of all these changes, banks, according to preliminary call report total loans and investments of all member figures shown in the table, there was a marked banks increased by $500,000,000 in the first increase in loans during the first half of this half of this year and by $1,800,000,000 in year. Data are not yet available as to types the past 12 months. Member bank reserves of loans, but some of this increase no doubt showed increases of $2,100,000,000 in the half reflects seasonal agricultural credit demands. year, and of $3,800,000,000 in the 12-month Bank loans to brokers and dealers in seperiod, reflecting corresponding growth in curities, which had shown little change in the country's monetary gold stock. Member general level during the previous year, debank deposits have consequently continued clined sharply in May and June, following a to rise to new high levels. fall in stock prices. On July 3 brokers loans 752 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/aw 7edetal JQetetve Dndex. X^toductlon IN this issue of the BULLETIN the Board of adjustments to census or other benchmark Governors publishes a revised index of data were made where data for individual inindustrial production.1 The purpose of the dustries or groups of industries were inaccurevision was to provide a broader and more rate as to general level. accurate measure of current changes in the Another important consequence of the rephysical volume of industrial output. The vision is that the new index, being broader new index covers the period from 1919 to in scope and less weighted by primary proddate on a monthly basis and supersedes the ucts, shows less erratic short-term fluctua- Board's previous index, which was presented tions. on a revised basis in 1927 and has not been In making comparisons over longer periods revised materially since that time. New an important limitation of both the old and indexes for total industrial production and the revised indexes arises from the fact that for major groups of industries are shown in there is no satisfactory method of allowing the charts and tables accompanying this ar- for the improvement in the quality of prodticle and more detailed figures for groups and ucts. In many industries, particularly in for individual industries and products are those with highly fabricated products, ingiven in tables on pages 825 to 882 of this creased quantity of output has been accom- BULLETIN. Some of the major theoretical panied by great improvement in quality. and practical problems involved in measuring Methods used in compiling the new index the course of production will be discussed are basically the same as those used in the in an article in a later issue of the BULLETIN. former index, with a number of changes The scope of the new index, as of the old, is called for by the passage of time or adopted limited to the production of manufactures to simplify the procedure. The base period, and minerals. Neither index covers producin which the index numbers average 100, was tion of other types of goods and services. shifted from the period 1923-1925 to the most Extensive modifications have been made, recent complete five-year period, 1935-1939. however, and the behavior of the new index, Weights applied to the individual series for while broadly similar, is different in some combining them into composite indexes were important respects. The principal difference derived from Census data for the years 1937 is that the new index shows much more and 1923. The 1937 weights were used in growth in this country's industrial output combining the series covering the past ten than was shown by the former index. Many new series were developed to obtain coverage years while the 1923 weights were used for in important industries not previously repre- previous years. sented, particularly the machinery, rayon New seasonal adjustment factors were textile, manufactured food, and chemical in- computed for all series and allowances for dustries, all of which have grown rapidly in changes in number of working days were the past two decades. In addition, a number compiled for the new series and revised for of individual series, such as those on produc- old series, when necessary. tion of lumber and paper, were replaced by All revisions were confined to the period new series or were extensively revised, and from 1923 to date; for the years 1919-1922 figures of the old index were chained on to 1 Revision of the Board's production index was conducted by the new series. Maxwell R. Conklin, under the general supervision of Woodlief Thomas, Assistant Director, and Frank R. Garfield, head of the section on domestic business conditions, of the Division of Re- Comparison of new figures with old search and Statistics. Mr. Conklin was primarily responsible for working out the methods used and supervising the actual work of compiling the new index and also for preparing this The new index and the old index have article. Others were responsible for or assisted in working up similar major cyclical movements, as is shown individual series where complex estimates or adjustments were necessary and made contributions also in other phases of the in Chart I. They differ principally with rerevision; these included John O. Bergelin, Ray R. Foster, Clayton Gehman, H. C. Barton, Jr., Katharyne Reil, and Michael Marsh. spect to long-term growth and to degree of Mr. Barton was responsible for much of the work of deriving fluctuation in some of the more erratic shortadjustments for seasonal variations. AUGUST 1940 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

New Federal Reserve Index of Industrial Production term movements. The similarity shown as non-durable manufactures, shown in Chart to current general level, is due largely to the III, and reflects principally the inclusion for fact that the old index happened to average the first time of series for such rapidly grow- 99 for the years 1935-1939, the base period ing industries as chemicals, rayon textiles, selected as 100 for the new index. The re- alcoholic beverages, dairy products, and cervised index has shown much more growth tain other manufactured foods, and the imover an extended period, rising from an aver- provement of data on pulp and paper. The age of 87 in the years 1923-1925 to 100 in the index of durable manufactures, shown in the new base of 1935-1939. In 1937 the new same chart, was also revised upward, though index averaged 3 per cent above the 1929 to a smaller extent, largely as a result of the level whereas the old index averaged 8 per inclusion of new series on machinery and furcent below 1929. In June 1940 the new index niture, and of special upward adjustments for was 121 per cent of the 1935-1939 aver- nonferrous metal products and stone, clay age and, if calculated on a 1923-1925 base, and glass products to allow for the long-term would be 139, as compared with 114 for the movements of industries not directly repreold index. sented in these groups. The revised index of The more rapid growth shown by the new minerals, shown in Chart II, differs only index is due to the addition of data for a num- slightly from the old minerals index. ber of expanding industries not adequately The major cyclical movements of the two represented in the old index and to adjust- indexes are broadly similar both in timing ments for growth in some series previously and in degree of change. Both indexes rose used. The widest difference is in the index for gradually in the 1920's, with pronounced re- CHART I INDUSTRIAL PRODUCTION ADJUSTED FOR SEASONAL VARIATION PER CENT MONTHLY PER CENT 160 160 / \*A \ I/ \, .A OLD INDEX ^/ 1 y\ K (1923-25 * 100) j (i A V \ ~% 1 I 1-$ V I r A y A ft :D IND REVIS 39 : 10 U A / k \ V (1935 ;M \\ . f •K *> ' IV \ \ v V i i l f V V / \& \ \ / I 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 ,1936 1937 1938 1939 1940 754 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

New Federal Reserve Index of Industrial Production cessions in 1921 and 1924 and smaller fluctua- put of finished products while others, such as tions in other years, reached a peak in the the series on consumption or shipments of summer of 1929, and then declined without materials, machinery hours active, or man important interruption to a low point in the hours worked, more or less directly represent middle of 1932. This decline was the same productive activity of individual industries for both indexes, amounting to over 50 per or groups of industries. cent. Both indexes rose, with major inter- The extent of the change in composition of ruptions, from 1933 to early 1937, but in that the new index as compared with the old is year the new index reached a new high level indicated in the following table in which the of 121, compared with a 1929 peak of 114, basic individual series in the revised index are while the old index remained below its 1929 classified as to whether they are new, matepeak. The 1937-38 recession and the re- rially revised, or substantially the same as in covery since were equally pronounced for the old index. both indexes. The new index shows smaller short-term SERIES INCLUDED IN REVISED INDEX OF INDUSTRIAL fluctuations and is generally somewhat PRODUCTION smoother in month-to-month changes than the old. The peaks in the summer of 1933 New series Materially revised from Substantially the same not in old index series in old index as series in old index and at the end of 1935 and 1939, for example, are less pronounced and the troughs in the Machinery- Locomotives Pig iron autumn months of 1933 and 1934 and the Aircraft Shipbuilding Steel ingots Railroad cars Copper smelting Automobiles early part of 1935, 1939, and 1940 are also Copper deliveries Lumber Tin deliveries Lead shipments Silk deliveries Cement less marked in the new index than in the old. Zinc shipments Carpet wool consump- Polished plate glass These differences are due largely to an in- Furniture tion Cotton consumption Common brick Apparel wool con- Leather tanning crease in the coverage of the more stable Face brick sumption (3 series) Glass containers Woolen yarn Shoes nondurable goods industries and to the in- Rayon deliveries Worsted yarn Tobacco product clusion in the new index of new series for the M p a r n o u d f u ac c t ts u r ( e 4 d s e d r a ie ir s y ) W c o l o o l t e h n and worsted Ne ( w 3 s s e p r r i i e n s t ) more advanced products of manufacture, Other manufactured Wheat flour Newsprint consumpfoods Cane sugar meltings tion such as machinery and furniture. The old Alcoholic beverages Meatpacking (4 series) Petroleum refining (4 series) Pulp (4 series) (4 series) index was largely composed of basic products Chemicals Paper (5 series) Coke (2 series) the output of which fluctuates more widely Rubber consumption Paper board con- Rubber tires Gold tainers Rubber tubes than that for industry as a whole. Also, for Copper mining Bituminous coal Anthracite some series, in which shipments or deliveries Crude petroleum Iron ore shipments of materials are used to represent production Zinc in later stages of manufacture, a three-month Silver moving average has been used; and in a few cases, such as shipbuilding and production of All principal groups of industries in manulocomotives, estimates of the current volume facturing and in mining are directly repreof work have been substituted for more highly sented in the new index at some stage in the fluctuating series on the number of units com- production process, whereas in the old index pleted. Another factor smoothing out month- a number of important industries, notably to-month fluctuations in the index has been those producing machinery and chemicals, the revision of seasonal adjustments; this has were represented inadequately or not at all. been particularly important in eliminating In some cases, the increased coverage was or reducing the December peaks, shown in the obtained by including new production or shipold index during most recent years. ments series that have become available in recent years; in others, estimates were made on the basis of hours of work or other data, Composition of revised index with necessary special adjustments. The new index is derived from 81 indi- Where necessary, series are adjusted for vidual series distributed among 16 groups differences in number of working days in the of manufacturing industries and two groups various months, and all series are converted of mining industries. They are listed on into relatives in terms of the average for the pages 761 to 763. Some of the individual 1935-1939 base period as 100, These relatives series are based on statistics of monthly out- are in turn adjusted for seasonal variation. AUGUST 1940 755 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

New Federal Reserve Index of Industrial Production The relatives for the individual series are of many industries was an important reason then combined into composite index numbers for adopting this alternative method as the for industries, for groups of industries, and basis for production estimates. This profor industrial production as a whole. Two cedure made it possible to include in the insets of such indexes are computed—one set dex a direct representation for such imwithout seasonal adjustment and another set portant industries as machinery, furniture, adjusted for seasonal variation. chemicals, baking, and canning, which previously had not been represented in most Revision and development of individual monthly production indexes, and also to obseries tain a better measure of monthly output for All in all, a large part of the total amount the locomotive, railroad car, and shipbuilding of work in the revision was done on indi- industries than could be obtained from other vidual series, including the development of current statistics on these industries. new series where monthly data on production The adjustment of man-hours data for were not available and the revision of statis- changes in output per man-hour was made by tics where available data were unsatisfactory. relating biennial estimates of production to The development of production estimates estimated man-hours figures for correspondby compiling series on man-hours worked ing years. Monthly estimates of productivity and adjusting these series for changes in were interpolated from these relationships. output per man-hour was a major task. The In the absence of reliable information conlack of comparable physical production units cerning short-term changes in output per for measuring current changes in the output man-hour it was assumed that productivity CHART II PRODUCTION OF MANUFACTURES AND MINERALS ADJUSTED FOR SEASONAL VARIATION, 1935-1939=100 PER CENT MONTHLY 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 756 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

New Federal Reserve Index of Industrial Production showed only gradual shifts. Biennial produc- basis for past years have not been compation indexes compiled from Census data by rable from one period to another. Wide shifts Solomon Fabricant of the National Bureau have occurred in the proportion of the inof Economic Research, as yet unpublished, dustry covered by current reports; the classiwere used in making some of the estimates fication of the various products has been of productivity. Other census data and, in a changed from time to time; and there have few instances, general measures of produc- been some periods when the reporting of tivity for 59 manufacturing industries com- figures was discontinued altogether. Various piled by the National Research Project on types of corrections and estimates were made Reemployment Opportunities and Recent to remedy these defects, including in some Changes in Industrial Techniques were also instances adjustment of the series to compreused for adjusting man-hour data. hensive Census or other benchmark data. An allowance similar to that made for out- Where reasonably accurate annual figures put per man-hour was made in the series were available, it was possible to adjust the representing production of woolen yarn, available monthly or weekly statistics to the worsted yarn, and woolen and worsted cloth. level shown by the annual data. The revised For these series the underlying figures relate series on production of lumber and paper and to active spindle hours and active loom hours pulp, and the new series on face and comand an adjustment was desirable to allow for mon brick production were compiled partly long-term changes in the efficiency of the by making such adjustments. In these series looms and spindles in use. the first step was to obtain a monthly series Many of the series available on a monthly as nearly comparable as possible by over- CHART III PRODUCTION OF MANUFACTURES ADJUSTED FOR SEASONAL VARIATION, 1935-1939=100 PER CENT MONTHLY PER CENT 160 160 A 140 ll J 120 / \ 120 hGOODS Jl.l J / Y V // V A*M K n 100 / vi I f ft 100 y 80 V /y; NON 6 D 0C UR D A S BLE 1V 80 / 60 / \ V v 60 j \ \ \ V f 1 VV AA 0 0 1919 1920 .1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 AUGUST 1940 11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

New Federal Reserve Index of Industrial Production lapping different sets of data and where the monthly movement within each group renecessary making estimates for gaps in theflects changes in the specific series included. series. Annual totals for these monthly series At a later date a detailed account of the were then related to the annual figures re- problems encountered and the methods used ported by the Bureau of the Census and the in deriving each of the individual series and monthly figures were raised to the level of combining these series into group indexes shown by the Census for each year, making will be made available for distribution to gradual adjustments so that abrupt shifts those interested. were not introduced into the monthly data. Working day allowances New series added to the index, other than those representing brick production and All the series for individual industries prethose based on man-hours data, include cop- viously included in the Federal Reserve index per deliveries, zinc shipments, lead shipments, were reexamined with respect to working day rubber consumption, production of glass con- practices, which had been changed in many industries as hours of work were reduced tainers, rayon deliveries, production of beer, during the depression and at the time of the whiskey, other distilled spirits, rectified NRA codes. As a result numerous revisions spirits, ice cream, butter, cheese, canned and were made in working day allowances and dried milk, and gold. In addition several daily averages. For series included in the series which had previously been included in index for the first time, working day allowthe index were extensively revised or were ances were similarly computed where rereplaced by newly derived series considered quired. The new series derived from manmore representative of output in the industry hour figures were based on data mainly for a concerned. These include silk deliveries, wool single week in the middle of each month and consumption, cane sugar meltings, and prodaily average allowances were not needed. duction of flour, pork and lard, beef, veal, The allowances currently used are shown in lamb and mutton, copper, and lead. a table on page 770. In many cases comparable data for the entire period were not available for either the Adjustment for seasonal variation new or the old series, and it was necessary Seasonal adjustment factors for all individto splice two or more sets of monthly figures ual series have been newly computed from to obtain the series finally used. For some 1923 to date.2 Seasonal patterns for all lines series where publication of monthly statistics of production have changed from time to was begun after 1923 and in a few other intime, and the factors used for seasonal adstances, for example in mine and smelter projustment have been modified accordingly. duction of copper and in copper deliveries, Seasonal adjustment factors for 1940 are there were gaps in the available monthly data. shown by individual series on page 771. The In such cases estimates were made for interpattern of seasonal variation in the new comvening periods, using such annual production posite unadjusted index is substantially difdata and related monthly information as was ferent from that in the old index, chiefly as a obtainable. While these estimates are genresult of the inclusion of new series, particuerally not considered entirely reliable as larly those for manufactured foods. One measures of output in the particular industry, result, as the following table indicates, is that the group indexes, which were derived only in a larger proportion of the year's production part from such estimates, may be considered is shown in the latter half of the year and a as reasonably accurate. smaller proportion in the first half. In two industrial groups, nonf errous metals For series included in both the old and the and products and stone, clay and glass prodnew indexes the seasonal factors are in some ucts, composites of available monthly series cases considerably different, particularly in showed a considerably downward bias relarecent years. In a number of series, for extive to indexes for the groups as a whole as ample, seasonal factors formerly used for shown by biennial production data from the December were found to be too low and the Census of Manufactures. In compiling the higher factors now used contribute toward total indexes for these two groups, therefore, an upward adjustment was made, so that the 2 The ratio to freehand curve method was used in making seageneral level of each group index approxi- sonal adjustments. This method, which was discussed briefly on page 836 of the BULLETIN for October 1938, has frequently been mates that indicated by Census data, while used by the Board in recent years and is similar to the ratio-tomoving average method used in earlier years. 758 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

New Federal Reserve Index of Industrial Production making the new seasonally adjusted index for Marked shifts have occurred in the contrithat month lower than the old index in rela- bution made by individual industries and tion to other months in the autumn and groups of industries to total industrial prowinter. duction since the middle 192'0's. These shifts reflect differences among industries both as to SEASONAL VARIATION IN 1939 IN INDEX OF TOTAL INDUSTRIAL PRODUCTION * changes in the physical volume of production and as to changes in the value added by manu- Month New Old facture or value of minerals per unit of outindex index put. Petroleum and chemicals in recent years January 96.2 98.1 have constituted a larger part of the total February... 98.1 100.5 index of industrial production chiefly because March 99.6 102.0 April 100.8 102.6 of a growth in the volume of these products, May 101.3 102.7 June 100.0 100.2 while lumber and coal have become a smaller July 98.4 96.0 part of the total index than in the 1920's August 98.8 96.3 September. 103.0 100.6 chiefly because output of these products has October..... 103.7 102.7 November., 101.7 100.1 declined. In textiles, value added per unit of December. _ 98.3 93.6 output has declined considerably, so that this * Derived by dividing monthly indexes without seasonal adjustment group of industries now accounts for a by corresponding seasonally adjusted indexes. smaller part of total industrial production Combination of data for individual series than in the middle 1920's, although textile into composite indexes output has increased more than total indus- In compiling the composite index of indus- trial production. In steel, on the other hand, trial production and the composite indexes of value added per unit has increased, and the manufactures, mining, and other groups, the steel industry in recent years has accounted importance of the individual series was meas- for a larger part of the total, although the ured by the value added by manufacture growth in steel production has been someshown in the Census of Manufactures and bywhat less than that in total industrial output. the value of minerals shown in the Minerals Yearbook. Factors representing the per- Classification and grouping of industries centage of total industrial production con- Classification of manufactured products tributed by each of the individual series in among major groups of related industries is the 1935-1939 base period were derived from made on the same basis as that used in the these data. Two sets of such factors were Census of Manufactures for 1937, except that compiled—one based on 1937 Census figures alcoholic beverages, included in the Census and used for the period since 1929, and thewith foods, and tobacco manufactures, inother based on 1923 figures and used for cluded in the Census with miscellaneous inthe years from 1923 through 1929. The dustries, are shown as separate groups. In relatives for individual series are multiplied determining the relative importance of each by the corresponding percentage factors. series for purposes of weighting, the full The sum of the products thus derived for amount of the value added by manufacture each month is the index of industrial produc- for each of the groups was distributed among tion and the product for each series is thethe individual series within the group. In number of points contributed to the total in- computing 1923 weights, used for the period dex by that series. The index for each group from 1923 through 1929, Census of Manufacis obtained by dividing the sum of the prod- tures data were reclassified to correspond as ucts for the series within the group by theclosely as possible with the classification used total of the percentage factors for the series in 1937. Cost of contract work, which had in that group. been included in the value added by manufac- Composite indexes for the year 1929 were ture in 1923 but not in 1937, was subtracted computed with both sets of percentage fac- from the value-added figures for the earlier tors—one derived from 1923 relationships year. and the other from 1937 relationships. The The broad grouping of manufacturing ingroup indexes with 1923 weights were dustries according to the durability of goods chained to the indexes with 1937 weights produced is approximately the same as that for extending these series back of 1929 onused by the Bureau of Labor Statistics in its a 1935-1939 base. classification of employment data. Indus- AUGUST 1940 759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

New Federal Reserve Index of Industrial Production tries producing metals and products, lumber plicity of base periods prevails. The Department of and products, and stone, clay, and glass prod- Agriculture publishes some index numbers on a preucts are classified as durable; all other manu- war base and others on a 1924-29 base; the Board of facturing industries are classified as non- Governors of the Federal Reserve System uses a durable. This grouping of industries is 1923-25 base; the Department of Labor, a 1923-25, useful and broadly accurate, notwithstanding a 1926, and a 1929 base; and the Department of some specific limitations. Certain materials, Commerce, a 1923-25, a 1929, and a 1929-31 base. such as steel ingots, used principally in the "A more recent base has been urgently needed for production of durable goods are also used in index numbers for the following reasons: (1) Many the manufacture of nondurable products like statistical series are not available before 1935. Intin cans, while others classified as nondurable clusion of such series in index numbers having base goods are used to some extent to make durable periods prior to that year forces fictitious adjustcommodities, e.g., certain plastics made by ments of the base average. (2) The significance of industries included in the chemical group. any base period as a point of reference depends Textiles, which as a group are classified as somewhat on the assumption that the index series nondurable, include carpets and rugs, which may be expected to fluctuate around this level in the are durable. Manufactured fuels like coke future. Important changes in economic relationships or fuel oil are classed as nondurable goods, during recent years have largely destroyed the sigalthough a considerable portion of them are nificance of pre-depression base periods. used in producing durable goods. More de- "The five-year period, 1935 through 1939, is the tailed classification by individual series rather most suitable recent period for adoption as a standthan by major groups would make little difard base. It is neither predominately a period of ference in the results shown for the indexes very high business activity nor one of very low busiof durable manufactures and nondurable ness activity. It is long enough to meet the needs manufactures and might cause confusion in of agricultural indexes. It is recent. It includes making comparisons with other published 1939, for which decennial census data will shortly be data. available. It also covers three censuses of manufac- Minerals are not classified as to durability tures; one census of agriculture; two censuses of but are divided into two groups—fuels and business; and one census of electrical industries. Bemetals. Satisfactory current statistics are cause of its recency, there are far more bench-mark not available on nonmetallic minerals other data (in addition to those from the census) available than fuels. than for any earlier period. "It was recognized by the Board that the need for Selection of base period adopting a new and recent base will recur periodi- The period adopted as a base for the cally, although too frequent changes in base periods Board's new production index, the average are not desirable. The Board therefore recommended for 1935-1939, is the latest five-year period that the question of base periods be reexamined befor which data are available, and generally fore the end of another decade, and that consideraseems to meet the requirements for a satis- tion then be given to shifting the standard base factory base better than any other recent period forward to a more recent series of years." period. Early this year various Federal Gov- Industrial production chart book ernment agencies interested in the subject, acting through the Central Statistical Board, A chart book of the indexes shown on pages agreed upon the adoption of that period as a 825 to 882 of this BULLETIN for total indusuniform base for all index numbers con- trial production, 33 groups, and 81 individual structed by those agencies, unless for some series is being prepared and will be available reason it was not feasible. The reasons for for distribution around the middle of Sepadopting this period are set forth in some tember at a charge of $1.00 The book will be detail in the following statement issued by the similar in page size to the Federal Reserve Central Statistical Board: Chart Book. Each of the 115 charts will show indexes both without seasonal adjust- "Adoption of a 1935-39 base for all general-purment and adjusted for seasonal variation. pose index numbers prepared by Federal agencies Some series will cover the whole period from was recommended by the Central Statistical Board 1919 to date; most of the other series are at a meeting held on May 23. The use of a uniform from 1923 to date, while a few are for shorter base period should facilitate comparison of the periods. changes shown by such indexes. At present a multi- 760 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SERIES INCLUDED IN THE INDEX OF INDUSTRIAL PRODUCTION Proportion Initial Series i o n f d e to x t a in l Daily average base d s a e t r e i e o s f Source base period in index Industrial Production 100.00 Manufactures 84.80 Durable Manufactures 3193 Iron and steel 11.00 Pig iron production .87 85,000 net tons 1919 The Iron Age. Steel ingot production 10.13 146,600 net tons 1919 American Iron and Steel Institute. Machinery production 10.81 0) 1923 Federal Reserve series based en the number of man hours worked, adjusted for estimated changes in output per man hour. Man-hour figures in recent years derived from U.S. Bureau of Labor Statistics data on the number employed and average hours Transportation equipment 5.92 wor e . Aircraft production .25 C1) 19323 ditto Railroad car production .28 (0 1923 ditto Locomotive production .07 C1) 1923 ditto Shipbuilding _ .53 (0 1923 ditto Automobile production 4.79 15,107 cars and trucks 1919 U. S. Bureau of the Census data on factory sales of passenger cars and commercial vehicles. Nonferrous metals and products. 2.81 Copper smelting .21 2,027 net tons 1919 Current figures: Copper Institute except for 5 months, Aug.-Dec. 1939, when monthly figures estimated. Prior to July 1933: Federal Reserve series based on data from the American Bureau of Metal Statistics and unpublished figures. Lead production .07 1,066 net tons 1921 American Bureau of Metal Statistics data on smelter receipts. Zinc production .13 1,391 net tons 1920 American Zinc Institute. Copper deliveries .44 2, 203 net tons 1923 Current figures: Copper Institute except for 5 months, Aug.-Dec. 1939, when monthly figures estimated. Prior to August 1933 the American Bureau of Metal Statistics. Three month moving average placed at last month is used in index of industrial prodUCtinr) Lion. Lead shipments .15 1,623 net tons 1929 3 American Bureau of Metal Statistics. Three month moving average placed at last month is used in index of industrial production. Zinc shipments .21 1,683 net tons 1923 American Zinc Institute. Three month moving average placed at last month is used in index of industrial production. Tin deliveries .20 185.8 gross tons 1919 Commodity Exchange, Inc. Three month moving average placed at last month is used in index of industrial production. Other 2 1.40 1923 Lumber and products 4.39 Lumber production 2.90 0) 1919 Federal Reserve series by major producing regions based on data published by the National Lumber Manufacturers Association and regional associations. Adjusted to U. S. Census of Manufactures and other bench-mark data. Furniture 1.49 0) 1923 Same as machinery production. Stone, clay, and glass products _. 8.00 Cement production .40 291, 700 barrels 1919 U. S. Bureau of Mines. Common and face brick .12 1923 Common brick production _ .08 0) 1934 3 Federal Reserve series based on U. S. Bureau of the Census data. Adjusted to U. S. Census of Manu- Face brick production. _. .04 C1) 1934 3 Fe f d a e ct r u a r l e R s e d s a e t r a v . e series based on U. S. Bureau of the Census data currently and prior to 1934 on the American Face Brick Association data. Adjusted to U. S. Bureau of the Census data. Glass container production _ _ .35 0) 1925 3 Federal Reserve series based on Glass Container Association data. Adjusted to U. S. Census of Manufactures data. Polished plate glass production .12 497,300 square feet 1923 Plate Glass Manufacturers of America. Other 2 2.01 1923 Nondurable Manufactures 46.87 Textiles and products 11.22 • Cotton consumption 4.78 26,069 running bales 1919 U. S. Bureau of the Census. Rayon deliveries 2.06 (0 1923 Federal Reserve series based on data of the Textile Economics Bureau, Inc. Three month moving average placed at last month is used in index of industrial production. Silk deliveries 1.00 1,641 bales 1919 Current figures: Commodity Exchange, Inc. since 1934. 1933 and 1934, National Federation of Textiles, Inc. 1919-1932, Silk Association of America. Re-exports, reported by the U.S. Bureau of Foreign and Domestic Commerce, are excluded. Three month moving average placed at last month is used in index of industrial production. For footnotes, see page 763 of this BULLETIN. AUGUST 1940 761 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Series Included in the Index of Industrial Production—Continued Proportion Initial Series i o n f d e to x t a in l .Daily average base d s a e t r e i e o s f Source base period in index Wool textiles 3.38 Carpet wool consumption ._ .29 375,700 pounds, scoured basis 1919 U. S. Bureau of the Census. Ap ti p o a n rei wooi coiiauiiip- .16 1,100,800 pounds, scoured basis 1919 U. S. Bureau of the Census. Woolen yarn production. .45 (i) 1919 Federal Reserve series based on U. S. Bureau of the Census data on number of woolen spinning spindle hours operated. Adjusted for estimated changes in output per active spindle hour. Worsted yarn production .32 0) 1919 Federal Reserve series based on U. S. Bureau of the Census data on number of worsted spinning spindle hours operated. Adjusted for estimated changes in output per active spindle hour. Woolen and worsted cloth production 2.16 C1) 1919 Federal Reserve series based on U. S. Bureau of the Census data on number of broad loom hours operated. Adjusted for estimated changes in output per active loom hour. Leather and products 2.28 Leather tanning .92 Production of cattle hide leathers .54 85,140 hides 1922 Current figures: Tanners Council of America. Prior to May 1932, U. S. Bureau of the Census. Production of calf and kip leathers .16 52,230 skins 1922 ditto Production of goat and kid leathers .22 169,000 skins 1922 ditto Shoe production 1.36 1,585,000 pairs 1919 Current figures: U. S. Bureau of the Census. Prior to 1921, Federal Reserve estimates. Manufactured food products 10.92 Wheat flour production .53 350,300 barrels 1919 Food Research Institute, Stanford University. Cane sugar meltings .23 17,888 net tons 1919 Current figures: U. S. Department of Agriculture. Prior to 1935, Federal Reserve series based on Willett & Gray weekly figures. Manufactured dairy products 1.07 Ice cream production .49 0) 1923 Federal Reserve series based on International Association of Ice Cream Manufacturers data. Adjusted to U. S. Department of Agriculture data. Butter production .33 4,616,000 pounds 1923 U. S. Department of Agriculture. Cheese production _ .07 1,818,300 pounds 1923 ditto Production of canned and dried milk .18 0) 1923 Federal Reserve series based on U. S. Department Meat packing. _ _. 1.15 oi Agriculture uaia. Pork and lard production .58 20,910,000 pounds, dressed weight 1919 U. S. Department of Agriculture data on dressed weight of animals slaughtered under Federal inspection with Federal Reserve adjustments for certain periods in years 1933-1936 for slaughtering under Federal emergency programs. Beef production _ .43 17,226,000pounds, dressed weight 1919 ditto Veal production .06 2,187,000 pounds, dressed weight 1919 ditto Lamb and mutton production .08 2,473,000 pounds, dressed weight 1919 ditto Production of other manufactured foods 7.94 0) 1923 Same as machinery production. Alcoholic beverages .._ 1.84 Malt liquor production 1.22 177,000 barrels 1933 U. S. Bureau of Internal Revenue. Whiskey production __ _ .25 544,700 tax gallons 1933 ditto Production of other distilled spirits. -. .12 142, 550 tax gallons 1933 ditto Production of rectified spirits .25 130,400 proof gallons 1934 ditto Tobacco products __ 1.24 Cigar production. .31 18,840,000 large and small cigars 1919 ditto Cigarette production .69 557,500,000 cigarettes 1919 ditto Manufactured tobacco and snuff production .24 1,212,000 pounds 1919 ditto Paper and products... _. 8.13 Paper and pulp 2 A9 Pulp production '.33 Groundwood pulp production .05 0) 1919 Federal Reserve series based on U. S. Federal Trade Commission data through May 1923, American Paper and Pulp Association data June 1923 through December 1933, and United States Pulp Producers Association data since January 1934. Adjusted .to U. S. Census of Manufactures data. Sulphate pulp production __ .10 0) 1919 ditto Sulphite pulp production .15 (0 1919 ditto For footnotes, see page 763 of this BULLETIN. 762 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Series Included in the Index of Industrial Production—Continued Proportion Initial Series i o n f d e to x t a in l Daily average base d s a e t r e ie o s f Source base period in index Paper and pulp—Cont. Soda pulp production .03 0) 1919 Federal Reserve series based on U. S. Federal Trade Commission data through May 1923, American Paper and Pulp Association data June 1923 through December 1933, and Soda Pulp Manufacturers Association data since January 1934. Adjusted to U. S. Census of Manufactures data. Paper production 2.16 Paperboard production „ .72 0) 1919 Federal Reserve series based on U. S. Federal Trade Commission data through May 1923, American Paper and Pulp Association data from June 1923 through December 1933, National Paperboard Association data 1934 to date. Adjusted to U. S. Census of Manufactures data. Fine paper production .24 0) 1919 Federal Reserve series based on U. S. Federal Trade Commission data through May 1923, American Paper and Pulp Association data since May 1923. Adjusted to U. S. Census of Manufactures data. Printing paper production .44 0) 1923 ditto Tissue and absorbent paper production.. .21 0) 1923 ditto Wrapping paper production .46 0) 1919 ditto Newsprint production. .09 0) 1919 Federal Reserve series based on U. S. Federal Trade Commission data through May 1923, Newsprint Service Bureau data since May 1923. Paperboard container production .64 0) 1923 Federal Reserve series based on Paperboard Industries Association data January 1923 through December 1933, National Container Association data January 1934 to date. Adjusted to U. S. Census of Manufactures data. Prin N tin ew g s a p n r d in p t u c b o l n is s h u i m ng ption e.u 0) 1919 American Newspaper Publishers Association data 3.22 with Federal Reserve adjustments in most back years. Printing paper production. __ 3.22 C1) 1923 Same series described above. Petroleum and coal products 2.14 Petroleum refining _. __ 1.86 Gasoline production 1.16 1,464,300 barrels 1919 U. S. Bureau of Mines. Fuel oil production .41 1,176, 300 barrels 1919 ditto Lubricating oil production .20 87,600 barrels 1919 ditto Kerosene production .09 169,900 barrels 1919 ditto Coke production .28 Byproduct coke production .27 110,900 net tons 1919 ditto Beehive coke production- .01 5,190 net tons 1919 ditto Production of chemicals 6.27 0) 1923 Same as machinery production. Rubber products __ 1.39 1.25 2,129 gross tons 19253 Rubber Manufacturers Association data including Rubber consumption one-half of the quantity of reclaimed rubber reported consumed. Tire and tube production • 14 Pneumatic tire production . 12 201,300 casings 1920 Rubber Manufacturers Association Inner tube production... .02 192,300 tubes 1920 ditto Minerals 15.20 Fuels IS 01 Bituminous coal production. 3.44 1,300,000 net tons 1919 U. S. Bituminous Coal Division. Anthracite production.. _ _ .87 168,400 net tons 1919 U. S. Bureau of Mines. Crude petroleum production. 8.70 3,206,000 barrels 1919 ditto Metals __ _ 2.19 Iron ore shipments .59 (0 1919 Lake Superior Iron Ore Association. Copper production .44 1,761 net tons 1919 Same as copper smelting. Lead production .12 1,066 net tons 1921 American Bureau of Metal Statistics. Zinc production .12 1,391 net tons 1920 American Zinc Institute. Gold production. _. .72 0) 19323 Federal Reserve series base'd on data from the American Bureau of Metal Statistics since 1932 and on data from the U. S. Bureau of the Mint in earlier years. Silver production. .20 157,200 fine ounces 1921 American Bureau of Metal Statistics. 1 Bases are shown only for those series for which indexes can be computed directly from regularly published data. Additional information necessary for series for which special adjustments are made may be obtained from the Division of Research and Statistics. 2 Special series derived by adjusting the total of the individual series in this group to the general level shown by U. S. Census of Manufactures data for the group as a whole. 3 Monthly figures available only from date shown. In earlier years back to 1923 unpublished monthly estimates used in obtaining group and total indexes. For brief discussion see page 758 of this BULLETIN. AUGUST 1940 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEXES OF INDUSTRIAL PRODUCTION, MANUFACTURING, AND MINING [Adjusted for seasonal variation. 1935-39 average=100] Year and month d p u r t o I s i n o d tr - n u ia c- l Total Manu D a f b u a l c r e - tures d u N • r o a n b - le M era in ls - Year and month d p u r t o I s i n o d tr - n u i c a - l Total Manu D a f b u a l c r e - tures du N r o a n b - le M era in ls - 1919 72 72 84 62 71 1924—Jan 86 84 103 70 94 1920 75 74 93 60 83 Feb 88 86 106 70 98 1921 58 56 53 57 66 Mar. . 86 85 105 70 92 1922 73 74 81 67 71 April 83 83 100 69 86 1923 88 86 104 72 98 May 80 78 91 68 86 1924 82 81 95 69 89 June 77 75 86 66 86 1925 91 90 108 76 92 July 75 73 83 65 86 1926 96 95 114 79 99 Aug 78 77 89 67 85 1927 95 95 107 83 100 Sept 81 79 91 69 90 1928 99 100 117 85 99 Oct 82 81 93 71 90 1929 110 110 133 93 107 Nov 84 83 96 73 89 1930 91 91 99 84 93 Dec 87 86 100 74 90 1931 75 74 68 79 80 1932 58 57 41 70 66 1925—Jan 89 88 105 75 94 1933 69 68 54 79 76 Feb 89 89 105 76 91 1934 75 74 66 81 80 Mar 89 89 106 76 89 1935 87 87 84 90 86 April 90 89 104 76 94 1936 103 104 108 100 99 May 90 89 105 76 96 1937 113 113 122 106 112 June 89 88 105 75 95 1938 88 87 78 95 97 July 91 90 105 77 97 1939 108 108 108 108 106 Aug 90 88 102 77 99 Sept 88 89 105 76 86 1Q1Q Tan 71 70 89 56 73 Oct. 92 93 113 77 85 Feb 68 68 88 53 65 Nov 94 96 118 78 87 66 66 83 53 62 Dec 95 97 119 79 86 April 67 67 78 57 66 67 67 72 61 69 L926—Jan. 93 95 115 79 85 lidy... — __ _ 72 72 82 63 71 Feb 94 94 114 79 89 July 76 76 89 64 75 Mar 95 94 113 78 98 77 78 94 64 73 April 94 94 113 78 98 Sept 75 75 84 66 79 May 94 94 114 77 96 Oct 75 73 80 67 81 June 95 94 115 78 99 74 76 84 68 59 July 95 94 115 78 100 Dec 75 75 84 67 72 Aug 97 96 116 80 101 Sept 98 97 116 82 102 1Q9ft Tan 82 82 97 69 80 Oct 98 97 116 82 105 Feb 82 82 100 68 79 Nov 97 95 113 81 108 Mar 81 80 98 67 81 Dec 97 95 111 82 109 April 76 76 87 66 76 78 78 93 66 79 1927—Jan 97 95 110 82 106 June 79 78 97 63 82 Feb 97 95 112 82 107 July 76 75 96 60 82 Mar 99 96 112 83 113 77 76 99 58 85 April 96 96 111 83 99 Sept 74 74 97 56 79 May 97 96 111 84 100 Oct 72 69 93 52 85 June 97 96 108 86 99 66 62 83 47 87 July 95 96 107 86 95 Dec 62 58 77 44 88 Aug 95 95 106 85 100 Sept. 94 93 103 84 97 1Q91 Tnn 58 55 65 47 76 Oct. 92 92 101 83 96 Feb 57 55 60 49 72 Nov.__ 92 91 100 83 95 Mar 55 53 53 52 67 Dec. 93 92 104 82 94 April 55 53 50 54 67 57 55 51 56 68 1928—Jan 95 95 110 82 95 ay 57 55 48 58 66 Feb.. 95 96 110 83 94 July 56 55 45 59 63 Mar -_ 96 95 110 83 98 58 57 50 60 64 April ... 96 96 113 82 96 Sept 58 58 50 60 62 May _ 97 97 112 84 98 Oct 62 61 56 62 66 June 98 98 115 84 96 61 61 57 61 64 July 99 100 118 84 96 Dec 61 60 55 61 64 Aug 101 101 120 86 99 Sept 102 102 122 86 100 1922 Jan 63 62 58 62 72 Oct 104 104 124 87 102 Feb 66 63 63 62 79 Nov 106 106 126 89 105 IVIar 69 66 69 63 85 Dec 107 108 131 90 102 April 67 69 78 61 50 70 73 83 64 50 L929—Jan 108 108 131 90 108 ay 74 76 87 67 55 Feb . 108 108 130 90 110 July 74 77 89 67 53 Mar. 109 110 133 91 103 72 74 79 69 58 April _ 110 111 134 92 108 Sept 76 76 83 69 76 May 112 113 136 94 107 Oct 81 80 91 70 84 June 114 115 141 95 106 84 83 93 73 88 July.. 114 115 141 94 109 Dec 86 85 98 74 93 Aug 114 114 140 94 108 Sept 113 113 137 94 110 1923 Tan 85 83 98 71 92 Oct 110 111 131 94 107 Feb 86 85 99 73 93 Nov. 105 105 121 91 103 IVIar 89 87 103 74 97 Dec. - 100 99 111 89 106 April 91 89 107 75 103 92 90 108 75 101 1930—Jan. 100 100 113 89 103 June 91 89 108 75 100 Feb... 100 100 114 88 100 July 90 88 108 72 103 Mar. 98 98 112 87 94 Aug 88 86 104 71 102 April 98 98 110 88 96 Sept 87 86 105 71 93 May. -_ 96 96 107 86 96 Oct 86 84 102 69 98 June 93 93 103 85 95 Nov 86 84 103 69 98 July 89 88 95 83 93 Dec 85 83 102 68 91 Aug 87 86 92 81 91 764 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Indexes of Industrial Production—Continued [Adjusted for seasonal variation. 1935-39 average=100] Year and month d p u r t o I s i n d o tr - n u i c a - l Total Manu D a f b u a l c r e - tures d N ur o a n b - le M er i a n l - s Year and month d p u r t o I s i n d o tr - n u i c a - l Total Manu D a f b u a l r c e - tures du N r o a n b - le M era in ls - 1930—Sept. 85 84 89 81 89 1935—Aue 87 88 86 90 83 Oct 83 82 84 80 89 Sept 89 90 88 92 85 Nov. 81 80 80 80 87 Oct 93 93 93 94 90 Dec 79 78 77 79 85 Nov 94 95 95 95 91 Dec. 96 96 97 96 93 1931—Jan 78 78 77 79 82 Feb. 79 79 77 80 80 IQQR—jan 95 94 94 95 95 Mar 81 80 79 81 83 Feb 92 91 90 92 98 April 80 80 77 82 83 M^ar 94 94 95 94 91 May 80 80 75 83 82 April 99 99 103 96 98 June 78 77 70 82 83 M!ay 101 102 107 97 96 July 76 75 67 82 82 June 103 104 110 99 97 Aug. 74 73 63 81 76 July 105 106 112 100 99 Sept. 70 69 58 79 74 Aug 107 108 114 103 99 Oct 68 66 55 75 78 Sept 108 109 115 104 100 Nov. __ _ 67 65 55 74 79 Oct 109 110 115 105 102 Dec 66 64 54 73 77 Nov 113 114 120 108 106 Dec. 116 117 125 111 108 1932—Jan. 65 64 52 73 70 Feb. 63 62 48 73 69 1937—jan 116 118 127 111 105 Mar 62 60 45 72 73 Feb 117 119 '127 112 109 ApriL _ 58 56 43 67 69 Mar 120 120 129 113 120 May 56 55 42 65 63 April 120 122 132 114 112 June _ - 54 53 40 64 60 May 121 123 134 114 112 July 53 51 36 63 61 June 119 120 129 113 114 Aug. 54 53 34 67 64 July 120 121 135 110 113 Sept. 58 56 37 72 67 Aug 120 121 139 107 115 Oct. _ . 60 58 39 74 69 Sept 115 115 128 104 115 Nov. 60 58 39 73 69 Oct 107 106 114 99 112 Dec. - _ 58 57 39 71 65 Nov 95 93 94 92 109 Dec 87 84 80 87 107 1933—jan 58 56 39 71 66 Feb 57 55 37 70 69 1Q3«—Jar\ 86 82 75 88 103 Mar 54 51 32 66 72 Feb 84 82 73 90 98 April 58 57 39 72 65 Mar 84 82 72 90 97 May 68 67 49 82 75 April 82 79 69 88 95 June . _ _ 78 78 63 91 79 May 80 79 67 88 90 July 86 86 76 94 84 June 81 79 65 90 92 Aug 82 81 73 88 87 July 86 84 71 95 94 Sept 77 77 67 84 82 Aug 90 89 77 99 97 Oct. 73 73 64 80 76 Sept 92 91 81 100 98 Nov. 69 68 54 78- 77 Oct 95 95 88 100 98 Dec 70 69 57 78 76 Nov 100 100 96 103 102 Dec. 101 101 97 104 102 1934 jaFneb. 7 7 2 5 7 7 4 0 6 5 6 9 8 8 0 1 7 7 8 9 1939_ljan 102 101 98 104 103 Mar 79 78 71 83 85 Feb 101 101 97 104 102 April 80 79 74 84 80 Mar 101 96 104 103 May 80 80 76 83 81 April 97 98 93 103 92 June 79 78 76 80 80 May 97 98 90 104 96 Julv 73 72 63 80 80 June 102 102 97 106 105 Aug. 72 71 60 81 78 July 104 104 101 106 107 Sept 70 68 58 76 79 Aug 104 107 105 108 91 Oct 71 70 57 81 78 Sept 113 113 114 111 114 Nov 72 71 57 82 78 Oct 121 121 129 115 119 Dec 77 77 65 86 80 124 124 133 117 120 Dec 126 128 140 118 114 1935—Jan 83 83 77 88 84 Feb. 85 85 80 89 85 1940—Jan 122 123 135 113 118 Mar 85 84 80 88 87 Feb 116 116 124 110 114 April . 82 83 78 87 80 M!ar 112 112 118 106 117 May 82 82 75 87 83 April 111 110 113 107 119 June 84 83 77 88 91 May 114 114 119 110 118 July 84 85 79 89 82 June P121 P121 P131 P112 P121 p Preliminary. AUGUST 1940 765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX OF INDUSTRIAL PRODUCTION, BY GROUPS [Adjusted for seasonal variation. 1935-39 average = 100] Durable manufactures Nondurable manufactures Minerals m Y a o n e n d a t r h s I a t r n e o d e n l c M e h r i a y n - - T p e m t o q r i e a o r u t n n n i a p t s - - - m p N r u a f r o e e c o n o t u r t d n a d - s s - l - s L p u a b r u c n o e m t d r d s - - S p g u c a r t l l c n o o a a t d n s d y s s e - , p T u t a r i c e n l o e x t d d s s - - e L p u r e r c o a a t n d t s h d - - M t p u f u u o r f c r o a a o e t c d n d s d - - - b A h a e o g l v c l e i e o s c r - - b p u T a r c o o c - t c d s o - P p u a a r c n o p t d d e s - r P p l a i i r i u n n s n i b n h g g - d - t- P p l u a c e r e o c n u o t a t d m r d s l o - - C ic h a e l m s p R u b r u c o e b t - r d s - Fuels Metals 1923— 110 86 110 90 143 87 83 99 82 84 58 74 56 57 63 94 118 1924-.. 92 81 94 93 139 91 72 86 81 83 61 79 59 56 66 86 107 1925— 110 89 106 104 148 101 84 88 85 85 66 84 69 63 81 87 120 1926— 117 102 109 113 148 105 84 90 87 88 72 92 76 70 80 95 125 1927— 109 99 89 108 144 106 92 94 88 90 74 93 78 73 83 97 116 1928— 124 106 108 118 142 110 87 93 93 92 79 96 87 78 98 95 120 1929— 135 130 134 136 146 110 94 95 101 96 85 104 96 89 100 103 134 1930—. 98 100 91 106 105 96 74 84 100 93 79 97 89 87 78 91 101 1931—. 62 66 62 83 76 77 79 82 90 87 74 88 80 78 72 82 67 1932—. 33 43 38 52 51 51 71 76 79 79 65 74 69 68 64 72 35 1933-.. 55 50 48 60 63 54 88 88 83 80 76 75 74 76 77 80 50 1934— 62 69 69 62 64 64 76 91 88 74 87 75 80 79 83 86 83 58 1935—. 82 83 95 79 85 77 93 99 89 89 90 86 89 85 89 93 89 73 1936— 114 105 111 104 105 103 104 103 98 109 99 98 99 97 99 107 99 102 1 1 9 9 3 3 7 8 — — . 1 6 2 8 3 1 8 2 2 6 1 7 2 0 5 1 8 2 0 4 1 9 1 0 3 1 9 1 2 4 1 8 0 5 6 1 9 0 3 2 1 10 0 1 3 1 9 0 6 8 1 1 0 0 3 2 1 9 0 5 7 1 9 0 6 9 1 10 0 0 8 1 9 1 6 2 1 8 0 3 4 1 9 0 9 9 1 8 2 6 7 1939-.. 114 104 99 114 106 114 112 104 108 98 106 114 106 110 104 113 105 113 1923 Jan 108 96 136 101 90 107 Feb.... 106 98 134 103 90 106 Mar.... 110 104 143 106 94 114 April- 119 106 144 106 101 110 May.- 121 109 144 105 98 118 June... 118 111 143 102 97 117 July.... 118 110 147 98 99 122 Aug.... 111 107 145 95 98 120 Sept.... 110 117 146 96 89 118 Oct 105 117 142 91 95 117 Nov.__. 99 119 146 92 94 124 Dec 96 125 142 89 87 118 1924 Jan 102 115 139 117 Feb.... 111 113 147 117 Mar..,. 113 106 142 112 April... 98 96 145 109 May._. 77 87 139 112 June... 68 79 134 108 July.... 62 85 130 107 Aug.... 77 89 138 106 Sept.... 86 91 137 107 Oct 90 90 136 108 Nov.... 101 90 136 105 Dec... 113 87 141 112 1925 Jan 117 92 98 153 95 115 Feb.... 115 94 101 149 97 116 Mar 113 103 103 146 99 116 April... 104 108 102 144 101 128 May... 102 109 99 145 99 122 June... 101 109 101 146 100 118 July—. 100 112 103 144 101 119 Aug.... 104 81 104 148 103 116 Sept.... 107 94 108 148 102 117 Oct..... 112 126 108 148 103 117 Nov.__. 125 128 111 149 103 121 Dec.._. 126 127 112 156 103 117 1926 Jan 121 101 116 111 145 99 80 117 Feb.._. 114 102 113 111 149 101 84 120 Mar.... 115 102 110 111 150 99 94 121 April. _ 116 101 108 112 149 99 95 116 May.. 116 101 108 111 149 105 92 118 June... 118 103 108 110 150 107 95 121 July— 118 102 108 113 148 107 96 125 Aug... 121 102 115 115 147 106 96 127 Sept.... 120 102 113 115 148 108 98 130 Oct 122 102 107 113 148 109 100 130 Nov.... 116 103 99 115 145 108 105 126 Dec... 113 103 95 113 144 104 105 129 766 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index of Industrial Production, by Groups—Continued [Adjusted for seasonal variation. 1935-39 average = 100] Durable manufactures Nondurable manufactures Minerals m Y a o n e n a d t r h I s a r t n e o d e n l c M e h r i a y n - - T p e m t o q r i a e o r u n t n n i a s p t - - - m p N r u a f r o e e o n c o u r t t n d d a - s s - l - s L p u a b r u c n o e m t d d r s - - S p g u c a t r l l o n c o a a t n d s d y s s e - , p T t u a r i e c n l o e x t d d s s - - L e p u r e r c o a a t n d t s h d - M t p u f u u o r f c r o a a o e t c n d d s d - - - b A h e o lc v li o e c - r b p u T a r c o c o t c d - s o - P p u a a r c n o p t d d e s - r P p l a i r i i u n n s n in b h g g d - t - - P p l u c a e r e o c n u o t a t d m r d s l o - - C ic h a e l m s - p R u b r u c o e b t d r s - - Fuels Metals 1927 Jan 113 102 94 113 144 105 87 102 128 Feb... 115 102 98 110 144 107 104 125 Mar... 117 101 97 110 140 113 111 121 April— 115 101 100 110 134 111 95 126 May._ 117 100 100 110 141 106 97 119 June._ 110 100 92 108 143 103 90 95 116 July.__ 108 86 106 147 105 91 114 Aug. _. 103 85 107 150 105 97 115 Sept... 101 79 107 149 105 94 113 Oct.... 99 75 108 145 103 93 112 Nov... 72 106 146 104 87 93 107 Dee... 107 142 108 90 112 1928 Jan 120 104 143 107 95 112 Feb.. _ 117 108 144 106 95 111 Mar... 115 99 109 143 104 90 96 90 113 April.. 122 100 111 141 108 95 106 May_. 116 102 112 138 111 96 110 June _ _ 116 105 107 117 139 112 94 121 July... 125 108 113 119 137 110 96 101 119 Aug.. _ 123 109 119 122 140 111 97 104 121 Sept.- 130 110 122 122 138 112 96 110 124 Oct.__- 133 112 122 125 142 110 97 108 126 Nov 132 115 124 131 146 115 100 108 101 130 Dec... 138 117 133 134 148 118 99 108 97 131 1929 Jan 132 118 137 137 154 118 94 97 94 104 103 132 Feb.... 129 122 137 137 141 114 94 94 106 105 135 Mar.... 134 126 140 140 146 109 94 101 93 107 97 138 April... 136 129 138 142 145 111 96 100 94 109 101 153 May... 145 132 137 140 143 108 100 100 102 96 107 102 141 June... 153 135 147 137 148 109 98 101 105 97 107 102 132 July... 153 138 141 137 151 110 97 103 103 98 102 105 134 Aug.... 146 139 138 136 156 111 97 104 104 100 94 105 131 Sept.... 142 136 131 136 151 111 95 102 111 97 106 130 Oct 130 132 129 135 145 109 95 103 110 100 103 129 Nov.... 111 127 116 129 140 107 88 103 107 97 98 129 Dec 105 121 84 120 136 104 82 103 107 95 103 122 1930 Jan 111 119 106 114 125 101 101 104 100 119 Feb.... 119 114 106 110 126 104 101 105 97 116 Mar 113 113 104 112 125 107 100 101 91 112 April.-. 113 111 103 108 118 101 100 105 95 104 May... 110 106 101 107 114 103 101 100 94 106 June... 108 104 94 105 105 100 100 99 93 106 July.... 93 97 82 107 98 100 95 92 102 Aug.... 94 93 76 104 95 94 90 98 Sept.... 86 92 76 104 93 92 87 97 Oct 78 87 74 101 90 90 95 Nov.... 72 83 77 101 86 89 94 Dec 79 70 102 85 89 85 1931 Jan 66 100 84 Feb.... 98 81 Mar.... 94 77 ApriL- 90 71 May. _. 86 67 June... 81 69 July.... 78 65 Aug 79 65 Sept.... 76 62 Oct 74 60 Nov 70 60 Dec 70 62 AUGUST 1940 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index of Industrial Production, by Groups—Continued [Adjusted for seasonal variation. 1935-39 average = 100] Durable manufactures Nondurable manufactures Minerals m Y o a e n n a d t r h I s a t r n e o d e n l c M e h a r i - n y - T p e m t o r q e i r a u o t n n i a n t s p - - - m p N r u e a f r o o c e t n o r n u t a d d - - s s l - s L p u a b r u c n e o m t d r d - s - S p g u c a r t l c l n o o a t a d s d n s y s - e, p T u t a r i c e n o l t x e d d s - s - L e p u e r r c a o a t t d n s h - d - t p M u f u u r f a o c r o a n o t e c d - d s - d - b A h a e l o g v l c e e i o s r c - - b p u T a r c o c o t - d c s - o P p u a a r c n p o t d d e s - r P p l r a i i i u i n n n s b n d h g g t - - - p P l u c a e r e c o n t o u t a r d d m s l o - - C i h c e al m s - p R u b r u c e o b t d r - s - Fuels Metals 1932 Jan. 45 54 45 68 54 63 72 76 82 86 72 80 74 74 71 73 54 Feb.... 41 52 39 66 52 58 72 76 82 80 69 80 72 73 70 73 47 Mar. . 37 48 33 63 52 54 70 79 82 78 68 80 72 72 62 79 40 April... 34 45 37 58 53 52 56 74 80 76 66 76 72 71 58 • 74 37 May. . 32 43 44 53 50 48 52 70 80 77 ' 64 76 71 69 63 68 34 June ._ 27 41 45 50 48 51 53 70 77 80 60 73 71 62 80 65 35 July.... 26 38 36 45 46 48 57 68 75 78 60 70 68 59 69 66 29 Aug 24 36 31 42 48 46 73 73 76 77 61 70 65 59 57 69 35 Sept. 29 37 33 41 50 50 85 82 78 79 64 70 64 66 60 73 32 Oct 32 39 31 45 54 53 89 86 78 77 68 71 66 68 60 75 36 Nov 31 39 37 46 50 52 84 83 79 77 64 71 68 70 60 75 35 Dec 29 39 45 46 48 48 81 77 79 77 60 70 67 70 55 70 34 1933 Jan... . 30 37 44 43 48 48 78 79 81 77 60 69 69 69 51 71 35 Feb. 31 37 34 43 46 48 76 78 81 76 61 70 67 69 48 74 37 Mar 24 34 29 41 42 45 67 73 80 69 60 66 69 68 37 76 44 April.. . 37 36 40 43 46 42 73 79 84 24 79 66 67 69 69 55 69 43 May.._ 52 43 46 49 58 48 96 92 85 36 93 76 70 73 73 89 81 40 June... 75 52 55 61 70 59 119 101 87 36 88 •89 77 76 79 103 86 38 July..._ 101 58 63 76 83 69 121 104 85 42 82 98 83 79 84 122 90 47 Aug 83 60 67 85 79 67 106 93 81 44 86 90 82 79 81 107 93 51 Sept.... 68 62 69 84 73 58 92 89 84 48 82 86 81 79 80 93 86 58 Oct 62 63 68 77 70 53 82 89 81 46 78 77 79 77 80 83 80 56 Nov 47 62 38 67 68 54 78 87 83 50 70 74 80 75 81 74 80 57 Dec 59 60 39 61 68 55 71 87 84 65 81 74 79 73 81 80 79 57 1934 Jan 57 61 51 58 64 64 78 87 86 72 90 72 74 77 82 81 82 60 Feb.... 65 65 68 60 70 67 80 93 85 74 87 73 75 77 84 88 83 60 Mar.... 73 68 78 62 70 66 84 94 86 69 84 76 78 79 84 99 90 61 April... 83 72 76 66 68 67 84 99 85 70 85 76 80 80 84 93 84 59 May.— 92 72 73 68 65 65 81 99 87 73 86 73 82 80 81 89 85 59 June 91 73 74 69 60 65 70 93 87 73 87 76 82 80 82 86 84 59 July.... 49 71 74 66 57 65 71 90 87 77 85 72 81 78 83 83 83 59 Aug.._. 41 70 71 62 63 62 71 89 91 76 87 73 81 79 83 80 82 56 Sept.... 40 67 68 58 62 65 54 88 90 75 86 75 80 76 81 81 82 57 Oct 42 67 62 57 60 61 74 83 90 77 85 76 82 77 82 79 81 57 Nov.... 48 67 50 58 61 62 76 • 87 90 77 88 75 83 79 82 85 81 56 Dec 63 70 66 62 63 66 86 91 89 77 92 78 84 80 84 91 83 61 1935 Jan 82 74 88 67 69 67 94 93 87 79 88 81 87 81 86 98 88 63 Feb.... 83 76 96 73 77 69 92 94 88 82 87 82 88 83 86 94 87 68 Mar 78 78 101 73 74 70 89 97 87 84 88 84 89 83 87 93 91 66 April... 72 78 93 75 77 72 87 97 88 84 89 82 88 80 86 89 82 67 May 71 78 84 73 70 74 87 97 88 85 90 82 87 83 87 86 86 68 June.-. 70 78 91 73 74 77 89 100 89 86 91 85 88 84 88 84 94 71 July—. 71 82 88 76 83 78 90 99 90 87 92 86 88 84 90 84 84 72 Aug 84 86 91 80 92 76 92 99 89 90 89 87 87 85 90 90 84 73 Sept.... 88 91 83 84 98 77 96 101 90 93 89 89 90 88 91 95 86 75 Oct 89 92 103 89 100 81 99 101 90 95 96 90 91 90 92 97 92 78 Nov 94 93 105 93 99 83 101 106 90 98 93 90 92 91 92 99 93 81 Dec..- 99 94 103 95 102 86 101 105 91 99 92 91 96 93 94 101 95 83 1936 Jan 88 94 106 96 99 81 100 102 93 102 94 87 93 91 93 101 96 86 Feb.... 87 93 91 94 95 80 95 98 91 93 96 87 91 93 91 82 99 90 Mar.... 91 94 105 93 97 85 94 94 95 100 94 87 95 92 94 94 91 92 April... 107 . 99 111 94 99 96 99 95 94 104 98 91 98 95 93 104 98 93 May... 113 • 104 113 96 103 102 97 96 96 108 95 96 97 95 97 108 96 96 June... 119 106 115 101 105 102 99 97 97 114 96 97 97 95 98 113 96 100 July.... 122 107 118 104 108 103 103 101 95 117 100 99 98 96 100 113 98 101 Aug.._. 126 107 116 105 109 113 106 108 100 116 98 102 99 98 101 114 98 101 Sept.— 124 108 119 110 110 114 107 107 101 115 103 103 100 99 103 113 99 107 Oct 129 112 99 113 113 114 108 111 104 111 101 104 103 100 104 114 101 109 Nov 133 117 112 118 111 114 113 111 105 109 100 108 110 101 105 118 105 112 Dec 137 122 121 123 114 111 122 113 103 111 110 115 110 104 107 117 107 112 768 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index of Industrial Production, by Groups—Continued [Adjusted for seasonal variation. 1935-39 average = 100] Durable manufactures Nondurable manufactures Min3rals m Y o a e n n a d t r h s I a t r n e o d e n l c M e h a r i - n y - T p e m o r t q e r i a u t n o n i a t n s p - - - m p N r e a f r o o e t n o n r u a d - d - s l - s L p u a b r u c n e o m t d d r - s - S p g u c a t r l c l n o o a a t d s d n y s e s - , p T u t a r i e c n o l x t d e d - s s - L e p u e r r c a o a t t d n s h - d - t M p u f u u r a f o c r o a n o t e c - d d s - d - b A h a e l o g v c l e e i o s r c - - b p u T a r c o c o t - c d s o - P p u a a r c n p o t d d e s - r P p l r a i i u i i n n n s b n h d - g g t - - P p l u c a e r e c o n t o u t a r d d m s l o - - C i h ca e l m s - p R u b r u c e o b t d - r s - Fuels Metals ucts 1937 Jan 142 122 123 126 HI 116 121 119 103 111 103 114 111 105 109 118 104 115 Feb._- 137 125 122 130 113 129 120 113 105 107 105 113 111 107 111 123 107 119 Mar 138 127 126 135 117 124 123 113 105 110 102 113 109 107 112 120 119 125 April- 139 130 128 137 122 125 124 111 106 115 102 117 113 107 115 116 107 145 May... 145 130 136 136 124 120 125 115 102 115 101 119 115 108 115 117 107 141 June... 126 133 137 134 124 118 123 112 102 114 98 114 115 107 117 113 111 135 July— 143 133 141 129 125 117 111 107 107 103 105 114 114 110 116 106 109 136 Aug 148 134 159 127 119 118 105 100 105 106 104 111 112 110 115 99 110 144 Sept.— 131 131 140 123 113 114 96 94 102 105 105 105 110 114 115 102 113 124 Oct 102 125 125 116 105 107 85 89 103 102 105 97 105 112 111 93 112 117 Nov 65 115 104 102 95 100 72 77 101 100 101 86 98 108 108 77 109 113 Dec 47 103 86 87 85 89 65 71 98 95 100 79 97 104 101 66 107 111 1938 Jan 53 93 74 78 81 82 66 80 100 101 98 85 97 103 96 69 103 105 Feb..._ 53 87 70 74 84 80 69 87 101 101 98 88 96 100 97 63 97 99 Mar 53 83 65 73 89 83 72 89 99 100 104 89 96 100 97 68 99 91 April— 53 80 61 68 81 85 68 88 99 93 99 87 94 98 92 68 96 86 May... 51 77 58 67 81 87 72 87 98 94 104 88 91 97 93 71 91 79 June... 49 75 56 65 82 87 79 85 101 92 101 89 90 93 92 72 94 78 July... . 63 75 57 70 86 91 90 95 102 92 98 100 96 96 92 81 97 82 Aug 73 78 58 79 95 93 99 98 101 92 105 102 97 99 96 87 99 84 Sept— 79 81 60 85 99 97 99 98 103 90 105 102 98 101 98 93 100 85 Oct 92 82 72 96 98 104 99 100 102 96 101 105 101 103 98 98 100 86 Nov 104 86 94 102 95 105 104 100 103 102 108 105 102 105 97 110 104 92 Dec 97 90 98 101 103 106 106 105 105 100 107 106 99 104 99 115 103 95 1939 Jan 96 92 106 96 106 109 107 106 105 101 103 105 100 106 100 106 104 97 Feb.._. 93 94 103 95 101 114 107 106 104 95 101 105 102 105 100 108 102 100 Mar..__ 91 94 97 94 97 114 105 104 106 97 106 106 100 107 100 110 104 96 April- 86 94 91 93 100 107 102 101 106 98 103 106 100 105 102 108 90 106 May... 79 95 84 93 102 102 106 96 107 99 108 104 100 103 102 101 96 98 June... 94 98 92 96 102 110 109 103 108 101 108 105 101 107 103 108 104 106 July.__. 103 101 86 102 104 114 113 107 105 97 100 108 100 106 104 107 108 102 Aug 111 104 92 112 105 113 111 103 111 96 110 112 105 110 100 112 89 105 Sept.... 128 108 99 128 108 116 114 103 111 96 107 121 111 112 106 122 113 121 Oct 161 115 105 144 113 123 119 105 109 106 111 131 118 120 111 128 117 128 Nov 161 123 102 153 121 120 128 108 110 98 110 134 117 120 111 126 118 131 Dec 167 125 128 159 121 128 126 105 112 95 109 135 119 119 112 123 113 124 1940 Jan 147 127 137 154 115 123 117 101 112 98 103 123 109 117 113 119 117 127 Feb.... 118 123 137 142 114 113 108 98 113 96 106 114 108 116 111 119 112 130 Mar.... 106 123 131 132 111 120 99 93 113 98 103 110 106 118 109 116 114 134 April... 99 123 115 124 110 115 99 85 112 103 111 116 108 115 111 115 116 135 May... 118 124 116 126 112 112 103 87 112 100 110 126 115 114 114 117 115 135 June 154 P128 P121 P128 Pill Pill P105 P95 P114 P101 115 P118 115 P118 P141 July Aug Sept Oct Nov Dec p Preliminary. AUGUST 1940 769 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION: ALLOWANCES USED CURRENTLY FOR NONWORKING DAYS Reg c u l l o a s r i n w g e s ekly Holidays obseived 1939 Jan. 1 Feb. 22 Apr. 19 May 30 July 4 Sept. Oct. 12 Nov. Dec. 25 Total Total S d a a tu y r- S d u a n y - Y ( D N e a a e y r w ) 's i ( n B W g i t a r o t s h n h - ' - s t D r ( i P a o a y t - s ) ' o ( D r D a a t e i y c o ) - n ( p e I e n n n d c d e e - - ( D La a b y o ) r l ( b u C u m o s - - (T g D i h v a a i n y n k ) g s-(C D m h a r a y i s ) st- w n i o o n r n g k - - w d i o a n y r g k s day) Day) Day) days Durable Manufactures Iron and steel: Pig iron 0 365 Steel insots 1 1 1 55 310 Machinery 1 (0 0) Transportation equipment: Aircraft 1 0) 0) Railroad oars 1 0) 0) Locomotives 1 0) C1) Shipbuilding 1 0) Automobiles 1 1 1 Yi 1 1 1 1 1 2533^ Nonferrous metals and products: Copper smelting 0 365 Copper deliveries 1 1 1 1 1 1 58 307 Lead shipments 1 1 1 1 1 1 58 307 Zinc shipments 1 1 1 1 1 1 58 307 Tin deliveries 0 365 Lumber and products: Lumber 2 1 1 H 1 1 H 1 57 308 Furniture 1 0) 0) Stone, clay, and glass products: Cement 0 365 Common brick 1 1 u 1 1 l 1 84 Yi, 2803^ Face brick 1 1 H 1 1 l 1 843-3 280K Polished plate glass 1 l 1 1 l 1 58 307 Glass containers 1 l 1 1 l 1 58 307 Nondurable Manufactures Textiles and products: C R o ay tt o o n n d c e o l n iv su er m ie p s t 3 ion 1 1 1 1 1 H u H l Yi 1 1 l Vt M l H 1 1 IO 1 9 1 1 1 1 * /1 * 2 25 2 5 5 i 3 / ^ i2 Silk deliveries3 _ . 1 1 1 l 1 l 1 2 1 115 250 Wool textiles \ 1 y I l 1 1 iny 253^ Leather and products: 2 2 Leather tanning 1 1 l l V2 l 1 l 1 1 113 252 Shoes 1 1 l l 1 l 1 1 111 254 Manufactured food products: Wheat flour . 1 l y 2 y 2 1 l 1 1 59 306 Cane sugar meltings ]_ 1 1 l 1 1 110 255 Dairy products... 0 365 Meat packing H 1 l I I 1 1 85 280 Alcoholic beverages: Malt liquor 1 1 1 1 l 1 1 305H Whiskey and other distilled spirits V2 1 1 1 l 1 1 84 281 Rectified spirits 1 l i 1 l 1 1 593^ 3053^ Tobacco products V2 1 V2 1 l 1 1 84 281 Paper and pulp: Pulp 1 1 Y2 1 309H Paperboard I 1 1 I l V2 1 110 255 Paperboard containers 1 1 1 1 l V2 1 110 255 Fine, printing, tissue, and wrapping papers 1 1 1 55^ 309H Newsprint production 1 1 l 1 56 309 Printing and publishing: Newsprint consumption 0 365 Petroleum and coal products: Petroleum refining 0 365 Byproduct coke 0 365 Beehive coke 4 1 1 1 55 310 Chemicals l 0) 0) Rubber products: Rubber consumption 1 1 I 1 l 1 1 85 280 Tires and tubes 1 1 I 1 l 1 1 111 254 Minerals A Bi n tu th m ra in c o it u e s 3 4 coal34 1 1 1 1 V2 1 I 1 1 l l l 2 1 1 5 6 9 2 4 3 / ^ 6 3 3 0 0 5 2 1 3 / ^ 5 Crude petroleum 0 365 Iron ore shipments 1 1 364 Copper, lead, zinc, and silver 0 365 Gold3. 1 1 2 I 1 l l 1 1 88 277 1 No allowance made; basic series refer, mainly, to week ending nearest 15th of month. 2 These are approximations for the industry as a whole. In the actual calculations the allowances used differ somewhat as between regions. 3 The additional holidays in February and November are Feb. 12 (Lincoln's Birthday) and Nov. 11 (Armistice Day). For Good Friday a full day allowance is made in silk deliveries and a half day in rayon deliveries. 4 The allowances shown are approximations for 1939. The number of working days in coal mining and beehive coke production are reported monthly by the Bureau of Mines and vary fractionally from time to time. Daily average output figures as reported by the Bureau are used in the computation of the indexes for these series. The holiday observed in April is April 1 (Eight Hour Day). NOTE.—When a holiday falls on a Sunday it is assumed that it is observed on the following Monday and allowance is made accordingly. Fractional holiday allowances are made when it appears that only a part of the industry regularly observes the holiday. When a holiday for which a fractional allowance is made (for example: y2) falls on a Saturday which is a fractional working day (for example: H), the holiday allowance made is the product of the two fractions (}iX}i=U) and the total nonworking day allowance for that Saturday used as an example is- K+34M 770 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION: SEASONAL ADJUSTMENT FACTORS FOR 1940 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Durable Manufactures Pig iron __ _ _ 95 99 105 105 105 101 98 99 98 100 100 95 Steel ingots 98 103 107 107 104 98 94 97 98 99 100 95 Machinery... _ _ __ _. 97 100 102 102 102 101 97 98 98 102 100 101 Aircraft _ _ _ _ _ _ _ __ 98 100 100 100 102 102 100 100 97 100 101 100 Railroad cars 85 96 106 113 113 112 98 102 91 95 92 . 97 Locomotives ._ _ _ . 100 102 98 95 100 104 103 101 98 95 97 107 Shipbuilding 97 97 104 104 105 104 98 95 97 101 97 101 Automobiles. _ _ _ _ _ _ _ 101 101 111 127 116 108 90 34 68 98 122 124 Copper smelting. __ 99 99 100 106 101 100 90 94 102 106 105 98 Copper deliveries * _ _ __ __ 103 103 105 106 99 98 99 100 105 100 98 84 Lead shipments * 98 99 104 102 92 92 95 99 107 106 108 98 Zinc shipments 1._ _ _ 104 100 104 101 96 90 92 95 106 101 109 102 Tin deliveries ! 101 100 105 116 100 100 95 100 102 100 88 93 Lumber 2 ______ _ _ 81 84 95 100 107 108 108 111 111 106 96 86 Furniture 93 100 101 97 94 97 93 103 105 109 104 104 Cement _ _ _ __ _ 55 56 75 100 122 126 124 122 120 116 104 80 Common brick 54 48 63 95 120 127 127 117 130 127 110 82 Face brick _ _ 70 65 80 100 120 116 118 114 110 110 107 90 Glass containers.._ _ _. __ _ 90 92 94 100 107 105 104 109 102 103 101 93 Polished plate glass 105 95 105 100 100 98 66 82 100 115 114 120 Nondurable Manufactures Cotton consumption _ _ _. 104 107 106 103 100 95 90 92 100 102 103 98 Rayon deliveries! _ _ __ _ _ _ 97 98 90 90 87 97 110 117 118 100 96 100 Silk deliveries ! 108 105 98 95 89 87 92 98 113 115 110 90 Carpet wool consumption . _ _ ________ 95 109 112 94 96 98 98 106 102 99 98 93 Apparel wool consumption 98 108 101 94 100 100 95 104 100 96 101 103 Woolen yarn __ _ __ __ 101 109 97 94 100 100 100 104 99 98 98 100 Worsted yarn_ 103 104 96 94 100 100 95 102 96 100 100 110 Woolen and worsted cloth. _ _ _ ____ _ 106 114 100 90 96 99 97 102 95 96 99 106 Cattle hide leathers 101 111 101 100 98 95 93 95 99 101 104 102 Calf and kip leathers._ _ ". _ _ _ _ 98 106 94 99 95 102 110 105 98 96 95 102 Goat and kid leathers 100 104 99 103 98 100 99 98 101 99 97 102 Shoes _ __ ._ . 96 108 111 105 98 88 97 113 112 102 86 84 Wheat flour 101 99 97 94 91 94 99 101 115 109 104 96 Cane sugar meltings _ _ 83 98 110 110 98 103 115 105 119 97 82 80 Ice cream 50 59 77 96 136 160 168 162 108 72 60 52 Butter _ _ _ __ 80 86 89 99 129 140 122 110 99 88 79 79 Cheese 72 78 82 97 132 154 129 113 103 94 76 70 Canned and dried milk _ _ __ __ _ 76 85 98 113 144 148 122 103 92 80 70 69 Pork and lard 130 100 90 95 100 97 90 75 80 94 120 129 Beef __ __ _ _ 100 90 91 93 100 98 101 101 112 109 105 100 Veal 96 88 95 99 104 101 99 101 110 110 102 95 Lamb and mutton 105 100 97 97 102 95 95 99 112 106 97 95 Other manufactured foods.-. _ _ 88 87 88 88 91 95 107 118 129 112 101 96 Malt liquor 80 85 96 109 118 128 124 117 101 82 82 78 Whiskey _ _ _ 132 130 123 110 100 80 55 55 80 95 125 115 Other distilled spirits 65 60 65 60 60 59 47 48 137 265 210 124 Rectified spirits 73 86 95 89 88 80 84 78 106 130 158 133 Cigars 81 87 92 95 99 107 104 103 115 121 119 77 Cigarettes.- _ _ _ __ _ _ _ __ 101 94 93 93 102 110 112 105 107 98 96 89 Manufactured tobacco and snuff _ 97 99 102 99 101 102 102 101 108 102 99 88 Groundwood pulp _ ___ _ _ __ 104 104 107 112 111 102 89 85 87 93 102 104 Sulphate pulp 101 103 102 100 100 99 98 100 100 102 100 95 Sulphite pulp _ 100 103 102 102 100 98 95 100 100 102 101 97 Soda pulp 100 103 103 103 100 99 94 100 101 100 100 97 Paperboard 96 103 104 102 98 100 95 101 106 106 100 89 Fine paper 101 107 107 109 103 98 91 94 95 100 97 98 Printing paper 100 103 104 104 102 98 94 97 99 101 99 99 Tissue and absorbent paper 97 104 101 102 99 99 95 100 104 104 99 96 Wrapping paper 100 104 102 101 98 98 97 99 101 103 100 97 Newsprint production 100 99 100 100 101 101 98 97 100 100 103 101 Paperboard containers __ __ __ 95 98 102 100 99 99 98 101 110 108 98 92 Newsprint consumption 95 99 104 107 104 101 87 88 101 107 105 102 Gasoline 96 97 95 99 100 102 103 103 103 103 101 98 Fuel oil __ __ _ 103 101 98 98 100 99 98 98 101 101 101 102 Lubricating oil 97 99 99 104 104 100 99 99 100 100 100 99 Kerosene 105 101 101 102 100 98 95 96 98 100 103 101 Byproduct coke- 100 101 101 100 100 100 98 100 100 100 100 100 Beehive coke.. __ _ _ _ _ 117 135 125 90 75 82 83 80 83 103 110 117 Chemicals _ _ _ 99 100 104 103 99 95 94 97 102 104 102 101 Rubber consumption, __ _ _ 103 98 100 99 100 100 100 100 102 100 103 95 Pneumatic tires_ _ 100 100 100 100 100 100 100 100 100 100 100 100 Inner tubes 100 100 100 100 100 100 100 100 100 100 100 100 Minerals Bituminous coal __ _ 111 117 96 84 85 86 88 92 104 112 114 111 Anthracite 116 110 103 107 110 92 78 74 96 106 102 106 Crude petroleum 98 99 101 102 103 100 100 103 100 99 97 98 Iron ore shipments 3 Copper 98 102 102 104 99 98 89 94 103 104 104 103 Lead 100 100 98 101 98 99 93 98 104 98 106 105 Zinc _ 102 102 105 103 100 98 94 95 97 100 101 103 Gold 94 92 83 88 95 80 107 108 113 125 115 100 Silver _ 99 103 104 102 96 100 93 103 98 102 99 101 1 These seasonal factors differ from those shown in the tables beginning on page 825 of this BULLETIN. The factors shown in this table were derived from and are for use with daily averages of monthly figures whereas the seasonal factors shown for these series on the later pages were derived by dividing three-month moving averages placed at the third month of the monthly indexes for 1939, without seasonal adjustment, by the corresponding moving averages of the seasonally adjusted monthly indexes. 2 These seasonal factors were derived by dividing the monthly indexes of total lumber production for 1939, without seasonal adjustment, by the corresponding monthly seasonally adjusted indexes. The index of total lumber production is obtained by combining figures for the various lumber producing regions, for which separate seasonal factors are computed and used. 3 The method of seasonal adjustment for this series, and the factors used, may be obtained from the Division of Research and Statistics. AUGUST 1940 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttom a J-<z<jatStandpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material of interest to bankers. Investments by Member Banks in Obligations of Certain Obtaining Payment for Purchase of Securities in Cash Account Government Agencies Under Regulation T The Board of Governors recently received The Board recently considered several an inquiry with regard to the amount of cer- questions regarding the provisions of Regutain obligations, guaranteed by the United lation T which relate to the maximum time States, which may be held by a member bank permitted for obtaining payment in a special of the Federal Reserve System. Under the cash account under section 4(c) of the reguprovisions of the Federal Reserve Act, State lation. The general rule on this subject is member banks are subject to the same limi- stated in subdivision (2) of the section. tations and conditions with respect to the Subject to a number of exceptions stated in purchasing, selling, underwriting and holding subsequent subdivisions of the section, this of investment securities and stock as are ap- subdivision provides that: plicable in case of national banks under sec- "(2) In case a customer purchases a security tion 5136 of the United States Revised Stat- (other than an exempted security) in the special utes. The latter section provides that the cash account and does not make full cash payment limitations and restrictions therein contained for the security within 7 days after the date on as to dealing in, underwriting and purchas- which the security is so purchased, the creditor shall, ing investment securities by a national bank except as provided in the succeeding subdivisions of this section 4(c), promptly cancel or otherwise liquifor its own account shall not apply to obligadate the transaction or the unsettled portion thereof." tions of the United States and certain other Paying by sale of another security.—One types of obligations specifically mentioned. inquiry related to the application of this pro- The Board was advised by the office of the vision to a question that may be described Comptroller of the Currency that obligations as follows: of the Commodity Credit Corporation, the Reconstruction Finance Corporation, the A customer effects a purchase in a special cash United States Housing Authority and the account established pursuant to section 4(c) of the regulation. On the same day the customer sells in the Federal Farm Mortgage Corporation in the account another security which he owns but which form of investment securities which, in ac- he has not yet deposited in the account. The proceeds cordance with law, are unconditionally guar- of the sale, which was effected "seller 10", are suffianteed as to principal and interest by the cient to make full cash payment for the purchase, but such proceeds will not be available to the broker United States, are considered by the office of until after the time applicable under section 4(c) the Comptroller as "exempted securities." for obtaining payment for the purchase. May the sale Accordingly, the Board replied .that a State be considered to constitute payment for the security member bank may purchase such obligations purchased, and thus make it unnecessary to take alternative action? for its own account without regard to the limitations and restrictions of section 5136, It is to be noted that a similar question United States Revised Statutes. was considered by the Board in the ruling With respect to debentures of Federal In- published at page 1043 of the December 1938 termediate Credit Banks the Board replied Federal Reserve BULLETIN on the subject of that such obligations are issued under the "Paying for Purchase in Special Cash Acauthority of the Federal Farm Loan Act, as count by Selling Another Security." In that amended, and therefore are "exempted se- case the security sold was deposited in the curities" by reason of the specific provisions account prior to the expiration of the time of section 5136 of the United States Revised permitted for obtaining payment of the se- Statutes. curities purchased. In the present case, al- 772 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint though the sale was made within the required exchange, and it is the view of the Board period, the securities so sold were not de- that in the circumstances described the delivered into the account within that time. layed payment by the customer may not be It is recognized that such transactions accepted as a substitute for the cancellation might be evidence of an effort to evade the or liquidation of the transaction. This would regulation in violation of section 4 (a) which be the case whether a brokerage or a dealer provides that: transaction was involved. Additional time for shipment of securities. "A special account established pursuant to this section shall not be used in any way for the purpose —Subdivision (4) of section 4(c) provides of evading or circumventing any of the provisions that: of this regulation." "(4) If any shipment of securities is incidental to Naturally, any such transaction should be the consummation of the transaction, the period apcarefully scrutinized for any such possibility, plicable to the transaction under subdivision (2) of this section 4(c) shall be deemed to be extended by and any repetition of such a method of makthe number of days required for all such shipments, ing payment by a customer would be espe- but not by more than 7 days." cially subject to question. Assuming, however, Questions were raised as to whether certhat there is no such evasion or circumventain periods required for the shipment of tion of the regulation, it is the view of the securities were covered by this provision, and Board that the broker may, at his option, treat whether they might be added together (to a the customer as having made payment for the total such extension not exceeding the seven purchased security at the time when the other days specified in the provision). Such quessecurity was sold, and that this would be pertions were presented as to the time of shipmissible even though the security sold had not ment from the place of purchase to the broker, been deposited in the account. The same confrom the broker to the customer, and to and clusion would, of course, follow if the security from the transfer office. sold had been deposited in the account but Assuming that such shipments are not a happened not to be in form for "good delivsubterfuge but actually are incidental to the ery." consummation of the transaction, it is the Delayed offer of payment—An inquiry was view of the Board that each such period is presented as to a situation in which a broker covered by the provision. In addition, all or dealer does not obtain full cash payment such periods may be added together, prowithin the period applicable to the transacvided, of course, that the total such extension tion but is offered payment promptly after for any transaction does not exceed the seventhe period and before he has cancelled or day maximum specified in the provision. otherwise liquidated the transaction. The question was whether the broker or dealer in such circumstances may accept such payment Executive Order and Regulations on Transfers of Property of Latvia, Estonia and Lithuania and consider the provisions requiring cancellation or liquidation for failure to obtain The Executive Order of April 10, 1940, as payment to have been met. amended, and the Treasury Regulations is- The section provides various exceptions for sued thereunder providing that transfers of cases where a period other than the seven- credit, foreign exchange transactions, the day period would be more appropriate. These export or earmarking of coin, bullion, or curexceptions do not include any provision for rency, or other similar operations, by pera payment which is offered promptly after sons or institutions in the United States the period applicable to the transaction, and which involve property of Norway, Denit does not appear why any additional time mark, Belgium, Luxembourg, the Nethershould be permissible in such circumstances lands, or France, or any national thereof, if there is no other ground for additional shall be subject to license by the Secretary time. The provision for cancelling or other- of the Treasury, were amended on July 15, wise liquidating the transaction when pay- 1940, so as to include property of Latvia, ment has not been obtained within the appli- Estonia and Lithuania, or any national cable period is explicit. There are various ex- thereof. ceptions, including provision for an extension The texts of the Executive Order and acof time under certain conditions by an ap- companying Regulations and amendments propriate committee of a national securities thereto are quoted in full in the May, June, AUGUST 1940 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint and July issues of the 1940 Federal Reserve Treasury Department, Office of the Secretary, BULLETIN. The texts of the July 15 amend- June 27, 1940 ments are as follows: Amendment to General License No. 19 Under Executive Order No. 8389, April 10, 19UO, as Amended, and Regulations Issued Pursuant Thereto, Relat- EXECUTIVE ORDER NO. 8484 ing to Transactions in Foreign Exchange, Etc.* Amendment of Executive Order No. 8389 of April 10, General License No. 19 is hereby amended to read 1940, as Amended as follows: By virtue of the authority vested in me by section "A general license is hereby granted authorizing 5(b) of the Act of October 6, 1917 (40 Stat. 411), banking institutions within the United States to make as amended, and by virtue of all other authority all payments, transfers and withdrawals from acvested in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT counts in the name of any of the following: Banco of the UNITED STATES OF AMERICA, do hereby amend Holandes Unido, Buenos Aires, Argentina, Caracas Executive Order No. 8389 of April 10, 1940, as and Maracaibo, Venezuela; Banco Hollandez Unido, amended, so as to extend all the provisions thereof Rio de Janeiro, Santos and Sao Paulo, Brazil; and to, and with respect to, property in which Latvia, the branches of the Hollandsche Bank-Unie in Estonia or Lithuania or any national thereof has at Willemstad, Caracao and Oranjestad, Aruba. any time on or since July 10, 1940, had any interest "Banking institutions' within the United States of any nature whatsoever, direct or indirect, except making such payments, transfers or withdrawals that, in defining- "Latvia," "Estonia," "Lithuania" shall file promptly with the appropriate Federal and "national" thereof the date "July 10, 1940" shall Reserve bank weekly reports showing the details of be substituted for the dates appearing in the definithe transactions during such period." tions of countries and nationals thereof. D. W. BELL, FRANKLIN D. ROOSEVELT. THE WHITE HOUSE, Acting Secretary of the Treasury. July 15, 19 UO. Treasury Department, Office of the Secretary, Treasury Department, Office of the Secretary, June 27, 1940 July 15, 1940 General License No. 22 Under Executive Order No. AMENDMENT TO REGULATIONS! 8389, April 10, 19UO, as Amended, and Regulations Issued Pursuant Thereto Relating to Transactions The Regulations of April 10, 1940, as amended in Foreign Exchange, Etc.* (Sections 130.1 to 130.6), are further amended so as to extend all the provisions thereof to, and with A general license is hereby granted authorizing respect to, property in which Latvia, Estonia or banking institutions within the United States to Lithuania or any national thereof has at any time make all payments, transfers and withdrawals from on or since July 10, 1940, had any interest of any accounts in the name of the Banque Beige pour nature whatsoever, direct or indirect; except that l'Etranger, Overseas, Ltd., including its New York reports on Form TFR-100 with respect to all prop- agency. erty situated in the United States on July 10, 1940, Banking institutions within the United States makin which Latvia, Estonia or Lithuania or any naing such payments, transfers, or withdrawals shall tional thereof has at any time on or since July 10, file promptly with the appropriate Federal Reserve 1940, had any interest of any nature whatsoever, dibank weekly reports showing the details of the rect or indirect, shall be filed by August 10, 1940. transactions during such period. H. MORGENTHAU, JR., D. W. BELL, Secretary of the Treasury. Acting Secretary of the Treasury. Approved: July 15, 19UO. FRANKLIN D. ROOSEVELT. Treasury Department, Office of the Secretary, July 6, 1940 General Licenses Issued by the Secretary of the Treasury Amendment to General License No. 19, as Amended, Since the publication of certain General Under Executive Order No. 8389, April 10, 19U0, Licenses on pages 649-654 of the July 1940 as Amended, and Regulations Issued Pursuant Federal Reserve BULLETIN, the following Thereto, Relating to Transactions in Foreign Ex- Licenses have been issued by the Secretary change, Etc.* of the Treasury under authority of the Execu- General License No. 19, as amended, is hereby tive Order of April 10, 1940, as amended, and amended to read as follows: Regulations issued pursuant thereto relating "A general license is hereby granted authorizing to transactions in foreign exchange, etc. banking institutions within the United States to make all payments, transfers and withdrawals from acf Sections 130.1 to 130.6: Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress ; 12 U. S. C. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, Resolution No. 69, 76th Congress ; 12 U.S.C. 95a; Ex. Order 6560, 1940; Ex. Order 8405, May 10, 1940; Ex. Order 8446, June 17, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, 1940 ; Ex. Order 8484, July 15, 1940. May 10, 1940 ; Ex. Order 8446, June 17, 1940 ; Regulations, April 10, 1940, as amended May 10, 1940 and June 17, 1940. 774 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint counts in the name of any of the following: Banco weekly reports showing the details of such trans- Holandes Unido, Buenos Aires, Argentina, Caracas actions. and Maracaibo, Venezuela; Banco Hollandez Unido, D. W. BELL, Rio de Janeiro, Santos and Sao Paulo, Brazil; the Acting Secretary of the Treasury. branches of the Hollandsche Bank-Unie in Willemstad, Curacao and Oranjestad, Aruba; Holland Bank Treasury Department, Office of the Secretary, Union, Haifa, Palestine and Istanbul, Turkey. July 20, 1940 "Banking institutions within the United States making such payments, transfers or withdrawals Amendment to General License No. 17 Under Execushall file promptly with the appropriate Federal tive Order No. 8389, April 10, 1940, as Amended, Reserve bank weekly reports showing the details of and Regulations Issued Pursuant Thereto, Relatthe transactions during such period." ing to Transactions in Foreign Exchange, Etc.* D. W. BELL, General License No. 17 is hereby amended to read Acting Secretary of the Treasury. as follows: "A general license is hereby granted authorizing Treasury Department, Office of the Secretary, banking institutions within the United States to July 15, 1940 make payments from accounts in which France or a national thereof has a property interest within the General License No. 23, Under Executive Order No. meaning of the Executive Order of April 10, 1940, 8389, April 10, 19%0, as Amended, and Regulationsas amended, and the Regulations issued thereunder, Issued Pursuant Thereto, Relating to Transactions of checks and drafts drawn or issued prior to June in Foreign Exchange, Etc.* 17, 1940, and to accept and pay and debit to such accounts drafts drawn prior to June 17, 1940, under General Licenses Nos. 1, 2, 4, 5, 9, 11 and 12, as letters of credit; provided, that advice of the drawamended, issued under Executive Order No. 8389 of ing of such checks and drafts shall have been re- April 10, 1940, as amended, are hereby further ceived from the drawers on or before July 1, 1940, amended so that as of the date hereof there shall by the banking institution making any payment or be substituted for the words "Norway, Denmark, the debit authorized by this general license. Netherlands, Belgium, Luxembourg or France," "Banking institutions making any payment or wherever they appear in such General Licenses, the debit authorized by this general license shall file words "Norway, Denmark, the Netherlands, Belpromptly with the appropriate Federal Reserve bank gium, Luxembourg, France, Latvia, Estonia or weekly reports showing the details of such transac- Lithuania." tions." General License No. 12, as amended, issued under Executive Order No. 8389 of April 10, 1940, as D. W. BELL, amended, is hereby further amended by substituting Acting Secretary of the Treasury. a comma for the semi-colon at the end of subdivision 2 thereof and adding thereafter the following: Treasury Department, Office of the Secretary, "or subject to the property interests therein as of July 20, 1940 July 10, 1940, of Latvia, Estonia or Lithuania Amendment to General License No. 21 Under Execuor any national thereof;" tive Order No. 8389, April 10, 1940, as Amended, D. W. BELL, and Regulations Issued Pursuant Thereto, Relat- Acting Secretary of the Treasury. ing to Transactions in Foreign Exchange, Etc.* General License No. 21 is hereby amended to read Treasury Department, Office of the Secretary, as follows: July 15, 1940 "A general license is hereby granted authorizing General License No. 24 Under Executive Order No. banking institutions within the United States to 8389, April 10, 194-0, as Amended, and Regulationsmake all payments, transfers and withdrawals from Issued Pursuant Thereto, Relating to Transactions accounts in the name of the Netherlands Trading in Foreign Exchange, Etc.* Society East, Ltd., London and the Netherlands Trading Society East, Inc., Delaware. A general license is hereby granted authorizing "Banking institutions within the United States banking institutions within the United States to make making such payments, transfers or withdrawals payments from accounts in which Latvia, Estonia shall file promptly with the appropriate Federal or Lithuania or a national thereof has a property Reserve bank weekly reports showing the details of interest within the meaning of the Executive Order the transactions during such period." of April 10, 1940, as amended, and the Regulations issued thereunder, of checks and drafts drawn or D. W. BELL, issued prior to July 10, 1940, and to accept and pay Acting Secretary of the Treasury. and debit to such accounts drafts drawn prior to July 10, 1940, under letters of credit; provided, that * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order each banking institution making any payment or 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order debit authorized by this general license shall file 8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order promptly with the appropriate Federal Reserve bank 8484, July 15, 1940; Regulations, April 10, 1940, as amended May 10, 1940, June 17, 1940, and July 15, 1940. AUGUST 1940 775 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

rtom the J3oatd*5 (2otte5y2oncLenc<z i iJiHE character and volume of inquiries addressed to the Board in recent years reflect the public*s growing ^ interest in problems related to money and banking. The inquiries cover a wide range of subjects representing many points of view, and it is believed that some of the Board's replies to the questions raised may be of interest to the readers of the BULLETIN. Selections for publication are made on the basis of frequency of inquiry, timeliness, and importance of subject matter. TAe SJntetdiAttlct Settlement Ttutd 'What is the Interdistrict Settlement Fund and how is it used by the United States Treasury?" T HE Interdistrict Settlement Fund, which arrangement and the present one is that foris operated in Washington by the Board of merly portions of the Fund to the credit of Governors of the Federal Reserve System, a given Reserve Bank might be withdrawn is used for the purpose of effecting telegraphic in actual gold, whereas at the present time transfers of funds between Federal Reserve they can be withdrawn only in gold certifidistricts for the account of the twelve Fed- cates. Gold certificates, however, may not eral Reserve Banks, for the account of mem- be paid out into circulation. ber banks of the Federal Reserve System Interdistrict Settlement Fund transactions (and for nonmember clearing banks), and are made up primarily of transit clearings, for the account of the United States Treasury. Federal Reserve note clearings, and Govern- All transactions are effected by book entries. ment transfers of funds. Transit clearings When the Fund was established in 1915, effect settlements between the Federal Reabout six months after the Federal Reserve serve Banks arising from the collection of System began operation, each Federal Re- checks and other items by the Federal Reserve Bank was required to deposit $1,000,000 serve Banks for member and nonmember in gold or gold certificates and to make such clearing banks and the United States Treasadditional deposits from time to time as might ury and from interdistrict transfers of funds be necessary to maintain that balance. Al- made at the instance of member and nonthough individual Federal Reserve Banks member clearing banks. The appropriate could withdraw from the Fund any excess debits and credits to the accounts of respecstanding to their credit above $1,000,000, tive Federal Reserve Banks on the books of they found it expedient as time went on to the Fund are based on daily telegrams from keep a large portion of their gold holdings each Federal Reserve Bank reporting the in the Fund; for it enabled them to effect amounts collected by it for each of the other transfers by telegraph at a small fraction of Federal Reserve Banks. the cost of shipping gold about the country. Federal Reserve note clearings effect set- The Fund has since increased greatly in size tlements arising from receipt at each Federal and usefulness and at present amounts to Reserve Bank of Federal Reserve notes isabout $11,000,000,000. It now consists en- sued by other Federal Reserve Banks. The tirely of gold certificates held for the Federal law prohibits, under penalty of a tax of ten Reserve Banks by the United States Treasury. per cent, a Federal Reserve Bank from paying Deposits in the Fund are made principally out the notes of other Reserve Banks, and by the Treasurer of the United States, the accordingly each Federal Reserve Bank sorts Treasurer being given credit for them on the out such notes from its own. Those that are books of the Federal Reserve Banks. Pracfit for further circulation are returned to the tically the only difference between the original Banks that issued them; those that are unfit 776 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence are sent to the Treasury for retirement. Note Federal Reserve Banks of Boston, of New clearings are based on daily telegrams from York, and of Philadelphia be debited given each Federal Reserve Bank reporting the amounts and that its balances with the Fedamount of "fit" and "unfit" notes being sent eral Reserve Banks of Kansas City and of by it to the Reserve Banks by which issued Dallas be credited correspondingly. These and to the Treasury. transfers would be effected within a few min- The United States Treasury maintains its utes by telegrams to the five Federal Reserve active checking accounts with the Federal Banks concerned, and by corresponding debits Reserve Banks and has frequent occasion to and credits to the accounts of those Banks on transfer funds from one Federal Reserve the books of the Fund. Bank to another, depending on where the In a recent week the transit clearings effunds are most needed. These transfers are fected through the Fund amounted to $2,000,effected through the Interdistrict Settlement 000,000, the Federal Reserve note clearings Fund at the Treasury's request. If, for ex- amounted to $15,500,000, and transfers for ample, the Treasury has large disbursements the Treasury amounted to $25,000,000. These to make in the southwest at the same time transactions, as they affected the twelve Fedthat it is in receipt of large payments in the eral Reserve Banks, are shown in the followeast, it may direct that its balances with the ing tabulations: Transit Clearings ' F. R. Note Clearings Transfers for Treasury- Federal Reserve Bank Debits Credits Debits Credits Debits Credits Boston . -- - $142,353,440. 57 $137, 557, 783. 22 $1,207,000.00 $831,000.00 New York 597, 416,896. 35 578,993,828. 47 2,672,000.00 3,264,000.00 $10,000,000.00 Philadelphia 158,118,370.95 168,607, 551. 70 1,343,000.00 1,427,000.00 5,000,000.00 Cleveland _ _ _ _ 168, 269,872.34 185,072, 581.97 1,809,000.00 1, 523,000. 00 5,000,000.00 Richmond 155, 366,119.39 177,713,966. 27 1,309,000.00 272,000.00 Atlanta 84, 502, 305. 55 68,814,169.19 970,000.00 929,000.00 $10,000,000.00 Chicago 273, 549,889.05 298,953, 581.12 2,152,000.00 2,881,000.00 5,000,000.00 10,000,000.00 St Louis 117, 374, 545. 52 115,123,035.04 872,000.00 2,140,000. 00 Minneapolis - 47,185,182. 25 47, 666, 594.18 595,000.00 146,000.00 5,000,000.00 Kansas City 107,840,335,02 99, 723, 534. 20 1,045,000. 00 947,000.00 Dallas 87, 532, 792. 33 85,499,950. 77 655,000.00 612,000.00 San Francisco . - 93,456, 236. 20 69,239,409. 39 919,000.00 576,000.00 Total 2,032,965,985. 52 2,032,965, 985. 52 15, 548,000.00 15, 548,000.00 25,000,000.00 25,000,000.00 Transit Clearings.—The debits under Tran- Federal Reserve Note Clearings.—The sit Clearings are the total of the payments debits under Federal Reserve Note Clearings made by a given Federal Reserve Bank to are the total of Federal Reserve notes which the others as a result of the clearance of found their way to Reserve Banks other checks and similar items; and the credits are than those by which they were issued and the total of the payments received by it. had to be paid by the latter. The credits Thus, for example, the Federal Reserve Bank are the total of Federal Reserve notes reof Boston was debited $142,353,440.57 for ceived by Federal Reserve Banks which did checks and transfers payable by banks in its not issue them. Thus, for example, the Federal Reserve district which were received Federal Reserve Bank of Boston had to by other Federal Reserve Banks. It was pay $1,207,000 of its own notes received credited $137,557,783.22, this being the by other Federal Reserve Banks. At the amount of checks and transfers handled by same time it received payment from other it payable by banks in other Federal Reserve Federal Reserve Banks for notes issued by districts. The amount debited to it was subsequently charged to the reserve or clearing them in the amount of $831,000, which had balances of the banks on which the checks been received by it. were drawn or through which they were col- Transfers for Government Account.— lected. The amount credited to it was subse- Debits under Transfers for Government Acquently absorbed by credits to the banks in its count show the amounts transferred from district from which the checks were received, certain Federal Reserve Banks, and credits or to the United States Treasury in the case show the amounts transferred to certain of checks deposited by it. Federal Reserve Banks. AUGUST 1940 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Cuitent £.vent5 Designation of Ronald Ransom as Vice Chairman of the Board Sweetser—The Farmer's State Bank. of Governors of the Federal Reserve System Sandborn—The Sandborn Banking Co. The President of the United States issued Iowa an Executive Order on July 18, 1940, des- Corydon—Corydon State Bank. ignating Ronald Ransom as Vice Chairman Michigan of the Board of Governors of the Federal Merrill—The Farmers and Merchants State Reserve System, to serve as such for a term Bank of Merrill. of four years from August 6, 1940, unless and Plymouth—Plymouth United Savings Bank. until his services as a member of the Board New York shall have sooner terminated. Utica—First Bank & Trust Company of Utica. (This bank was organized as part of the plan Transfers of Intra-District Territory previously made public whereby a new bank In recent weeks transfers of territory would be organized to assume the deposit within two Federal Reserve districts have liabilities of the First Citizens Bank and Trust been effected, in neither case changing the Company of Utica, a State member bank.) district boundaries. Effective June 1, 1940, Ohio Presidio County, Texas, was transferred Canton—The Peoples Bank. from the San Antonio Branch territory to the Crestline—The Farmers & Citizens State Bank. Richwood—The Richwood Banking Company. El Paso Branch territory of the Federal Reserve Bank of Dallas. Effective July 1, 1940, Oklahoma the following counties in North Carolina Canton—Bank of Canton. were transferred from the territory of the Texas head office of the Federal Reserve Bank of Knox City—The Citizens State Bank. Richmond to the territory of its Charlotte Branch: Correction The following corrected figures should be Alamance Guilford Richmond substituted for those shown in the tables Anson Lee Rockingham Chatham Montgomery Stokes appearing on pages 526, 586 and 587 of the Davidson Moore Surry June 1940 issue of the BULLETIN: Davie Randolph Yadkin Forsyth Number Retail installment paper The redrawn map of Federal Reserve dis- of banks (In thousands of dollars) Ratio of tricts incorporating these changes is shown total inopposite page 745. Arising Arising stall- Report- from from ment ing Report- retail retail paper some ing no sales of sales of to cus- Admissions of State Banks to Membership in the Federal retail retail Total and se- and se- tomer Reserve System install- install- cured cured loans ment ment by by The following State Banks have been ad- paper paper auto- other motive goods mitted to membership in the Federal Reserve vehicles System during the period June 16, 1940 to July 15, 1940, inclusive. All insured commercial banks- District of Columbia total (pages 526 and 586) 10,381 3,112 541, 243 387, 591 153, 652 5.1 Washington—The City Bank of Washington. Insured nonmember banks—total Illinois (page 526) _ 5,360 1,784 140, 548 112,833 27, 715 9.0 South Atlantic Shelbyville—Shelby Loan & Trust Company. (page 586) 997 478 49, 952 37, 476 12, 476 5.7 District of Colum- Indiana bia (page 586) 16 6 6,029 5,068 961 9.6 Decatur—The First State Bank of Decatur, In- Washington (page 587) 16 6 6,029 5,068 961 diana. Total, 25 leading Franklin—Farmers Trust Company. cities (page 587) - - 301 182 175,834 95, 653 80,181 Richland—The Lake State Bank. 778 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/ationai Summaty ofi Condition* Compiled July 16 and released for publication July 18. Figures shown on charts may differ from preliminary figures used in text. Later developments are discussed on pages 745-752 of this BULLETIN. V OLUME of industrial production in- amounting to about 10 per cent of steel-procreased rapidly during June and rose ducing capacity. somewhat further in the first half of July. Automobile production, which had begun Distribution of commodities through retail to decline in May, continued to decrease in and wholesale markets and by rail continued June and the first half of July reflecting in active. large part seasonal influences. Retail sales Production of automobiles were in large volume and dealers' stocks of new and used cars declined The Board's seasonally adjusted index of from the high levels prevailing earlier. industrial production advanced from 106 in In the textile industry there was a further May to 114 in June. In that month, as in sharp advance in activity at woolen mills, and May, increases in activity were most marked at cotton mills output was reduced less than in the iron and steel and textile industries seasonally. Rayon production was mainwhere declines earlier in the year had been tained at earlier high levels while at silk greatest. mills activity remained near the unusually Steel ingot production rose from 60 per low rate reached in May. cent of capacity at the beginning of May to Coal production continued in large volume 87 per cent in the latter part of June and during June, but output of crude petroleum was maintained at about that level in the first declined in the latter part of the month, owing to reduced production in Texas fields. INDUSTRIAL PRODUCTION Value of construction contract awards PER CENT CENT 140 showed little change from May to June, ac- 140 130 cording to F. W. Dodge Corporation figures A 130 for 37 Eastern States. Awards for private 120 } \, 120 residential building decreased more than sea- 11 0 / \ sonally, following a sharp rise in May, and V 110 100 contracts for private nonresidential build- \ 100 ing also declined. Contracts for public con- 90 / I 90 struction increased further in June, owing 80 in part to expansion in the construction of 80 Army and Navy air bases. 70 70 60 Distribution 1934 1935 1936 1937 1938 1939 1940 60 Index of physical volume of production, adjusted for seasonal Department store sales in June were mainvariation, 1923-1925 average = 100. tained at the May level, although usually three weeks of July. Production of coke andthere is a considerable decline, and the pig iron showed similar sharp increases and Board's seasonally adjusted index advanced iron ore shipments down the Lakes were at to 93 as compared with 87 in May and a level near-capacity levels. Demand for steel was of about 89 earlier in the year. Sales at general as most domestic steel-consuming in- variety stores showed little change from May dustries were operating at high rates. Ex- to June, continuing at the advanced level ports of steel, which had declined in April, that has prevailed since the beginning of the rose to earlier high levels in May and June, year. In the early part of July department AUGUST 1940 779 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions DEPARTMENT STORE SALES AND STOCKS of wheat and other field crops as well as of t>ERCENT PERCENT vegetables and fruit are expected to show 110 1110 little change from last season. Indicated 100 100 hog production this year will be about 10 per cent smaller than last year. 90 90 Bank credit 80 80 STOCKS/— "***\ Total loans and investments at reporting 70 70 member banks in 101 leading cities increased during the five weeks ending July 10, chiefly 60 60 as a result of increases in holdings of short- 50 term United States Government obligations and in commercial loans. Holdings of United 40 States Government bonds and loans to se- 1934 1935 1936 1937 curity brokers and dealers declined. Indexes of value of sales and stocks, adjusted for seasonal variation, 1923-1925 average = 100. store sales declined seasonally from the June MONEY RATES IN NEW YORK CITY level. Freight-car loadings increased further in June. Shipments of coal and miscellaneous merchandise continued to expand and loadings of coke, which usually decline at this season, showed a substantial rise. Commodity prices Prices of a number of industrial materials, particularly steel scrap, copper, rubber, and silk, declined from the middle of June to the middle of July. Wheat prices also showed decreases in this period, while prices of live- 1934 1935 1936 1937 1938 1939 1940 stock and products advanced owing partly to Minimum rate on rediscount for and advances to member banks by Federal Reserve Bank; weekly averages of daily yields seasonal influences. of 3- to 5-year Treasury notes and Treasury bonds callable after 12 years, and average discount on new issues of 91-day Treasury Agriculture bills offered within week. For weeks ending January 6, 1934, to July 20, 1940. Production of major crops this season, ac- The monetary gold stock increased by cording to the July 1 report of the Depart- $885,000,000 in this five-week period, the ment of Agriculture, may be slightly lower largest gold acquisition for any correspondthan last season. Tobacco production will be ing period on record. This inflow of gold sharply reduced from last year, when the was reflected in a growth of $310,000,000 in crop was unusually large. Domestic supplies foreign bank balances with the Federal Reserve Banks and in increased deposits and WHOLESALE PRICES OF BASIC COMMODITIES reserves of member banks. On July 10, ex- PER CENT PERCENT cess reserves of member banks amounted to 100 100 $6,833,000,000. 80 TOTAL -/ Government security market \ 60 60 Prices of Government securities, which had 40 40 advanced sharply in June, showed further 100 100 increases after July 8 when the Treasury announced a new bond issue for cash subfVV, FOODSTUFFS 80 80 scription. Between June 10 and July 15 the f price of the 1960-65 bonds rose about 3 60 NDUSTR1AL 60 points, and the yield on this issue declined 40 MATERIALS 40 from 2.52 per cent to 2.34 per cent as com- 1934 1935 1936 1937 1938 1939 1940 pared with 2.26 per cent at the year's peak Federal Reserve groupings of Bureau of Labor Statistics data. in prices on April 2. Thursday figures, January 4, 1934, to July 25, 1940. 780 FEDERAD RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 783 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements 784 Federal Reserve Bank statistics 785-789 Reserve position of member banks; deposits in larger and smaller centers 790 Money in circulation 791 Gold stock and gold movements; bank suspensions; bank debits 792 All banks in the United States, number, deposits, loans and investments 793 Condition of all member banks 794-795 Weekly reporting member banks 796-799 Commercial paper, bankers' acceptances, and brokers' balances 800 Money rates and bond yields 801 Security markets 802 Treasury finance 803-804 Governmental corporations and credit agencies; Postal Savings System 805-806 Production, employment, and trade 807-815 Wholesale prices 816 Statistics for Federal Reserve chart book 817-818 Crop report 818 Earnings and expenses of Federal Reserve Banks 819 Statistics of all banks in the United States 820-824 Industrial production: revised indexes 825-882 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Current figures compiled by the Board are generally released prior to publication in the BULLETIN and press statements will be sent without charge to those wishing them. For a list of current releases see FEDERAL RESERVE PUBLICATIONS at the back of this BULLETIN. AUGUST 1940 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLLARS BILLION/ OF DOLLARS 20 20 18 IS 16 16 14 14 12 10 10 4 J 1934 1935 1936 1937 1938 1939 1940 14 14 12 12 10 10 MEMBER BANK RESERVE BALANCES 1934 1935 1936 1937 1938 1939 1940 Latest figures for July 24. See page 783. 782 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Mem ber bank re.serve Date co B d u i i n s ll - t s ed T U o . ta S l . s e G c t w u M u i o n r i r v i a t i t h - e 5 n i - r e g n s m t a M u e f r n t 5 a e i t - n r g R c o B r e e A t s a h d e l n e l i r k t r v i e Total s G to o c ld k s T r t o e c u r i a n u n u e r n g y a t r c - d - y s - - M in c t u i o o c l n a n ir - e - y T h c i u r o n a e r l g s y a d h s s - - u B T p s w r F e R o y e r a e r e i r s n e a t d v a i d - h k l t - e s e s s - - m p N o b d e o e s e m n r i - t - - s c O s F o e R e a t e r u r c e h a v d - n - e l e - t r s To b t a a l l anc c e E s e x s - s2 years years Monthly averages of daily figures: 1939—Apr. . 3 2,567 1,736 830 23 2,593 15,509 2,844 6,867 2,703 1,001 495 256 9,624 3,926 May 4 2,564 1,734 830 14 2,582 15,878 2,856 6,919 2,663 926 557 255 9,997 4,212 June 4 2,563 1,733 830 23 2,591 16, 028 2,870 6,966 2,568 929 682 258 10, 085 4,246 1940— Apr. 2 2,467 1,205 1,262 58 2,527 18,608 2,994 7,532 2,327 554 757 256 12, 703 6,003 May . 3 2,472 1,205 1,267 54 2,529 18, 974 3,004 7,617 2,231 440 879 255 13,086 6,288 June 2 2,474 1,206 1,269 65 2,542 19, 560 3,010 7,752 2,194 286 1,026 259 13, 596 6,696 E ad of month figures: 1939—Apr. 30 3 2,571 1,740 830 21 2,595 15, 791 2,849 6,905 2,699 931 545 255 9,900 4,098 May 31 .... 4 2,564 1,734 830 5 2,573 15, 957 2,862 6,967 2,636 920 586 253 10,029 4,218 June 30 5 2,551 1,720 830 23 2,579 16,110 2,881 7,047 2,563 944 739 258 10,018 4,140 1940—Apr. 30 3 2,467 1,205 1,262 48 2,518 18, 770 2,999 7,559 2,320 446 787 256 12,919 6,149 May 31 3 2,477 1,206 1,271 39 2,519 19, 209 3,008 7,710 2,198 365 973 253 13, 237 6,385 June 29 2 2,466 1,204 1,262 63 2,531 19, 963 3,014 7,848 2,186 234 1,198 261 13, 781 6,857 Wednesday figures: 1939—Sept. 6 6 2,594 1,667 928 42 2,643 16, 726 2,908 7,261 2,264 676 688 247 11,141 4,969 Sept. 13_.__ 7 2,824 1,652 1,171 42 2,873 16,808 2,911 7,235 2,227 615 755 234 11, 526 5,271 Sept. 20-__ 6 2,826 1,615 1,211 51 2,883 16, 902 2,915 7,236 2,272 619 781 242 11, 549 5,275 Sept. 27-— 6 2,804 1,585 1,219 36 2,846 16, 925 2,914 7, 238 2,260 552 771 242 11,621 5,332 Oct. 4 7 2,785 1,566 1,219 46 2,837 16,958 2,920 7,309 2,250 469 776 239 11, 672 5,359 Oct. 11____ 7 2,765 1,546 1,219 39 2,810 16, 973 2,924 7,346 2,238 404 742 238 11, 739 5,399 Oct. 18 6 2,748 1,530 1,219 63 2,817 16, 997 2,927 7, 330 2,216 349 698 241 11, 907 5,509 Oct. 25-._. 6 2,736 1,517 1,219 30 2,771 17,039 2,929 7,302 2,230 326 692 240 11,950 5,534 Nov. 1 6 2,721 1,502 1,219 38 2,765 17,099 2,932 7,352 2,250 349 790 241 11,814 5,376 Nov. 8 6 2,687 1,468 1,219 28 2,721 17,132 2,935 7,409 2,263 348 779 241 11, 749 5,354 Nov. 15_.__ 6 2,649 1,439 1,210 60 2,715 17, 235 2,939 7,384 2,341 564 772 241 11,587 5,166 Nov. 22_._. 8 2,593 1,403 1,191 44 2,645 17, 257 2,942 7,434 2,357 466 727 241 11,619 5,171 Nov. 29_._. 8 2,552 1,362 1,191 45 2,605 17, 347 2,947 7,462 2,359 441 776 241 11, 620 5,135 Dec. 6 8 2,512 1,324 1,189 47 2,568 17,408 2,949 7,545 2,391 346 785 241 11,617 5,154 Dec. 13 8 2,512 1,324 1,189 23 2,543 17,464 2,954 7,564 2,398 753 719 240 11, 288 4,849 Dec. 20 8 2,496 1,324 1,173 140 2,645 17, 576 2,959 7,679 2,411 694 765 253 11, 378 4,900 Dec. 27_.__ 8 2,489 1,220 1,270 71 2,568 17, 620 2,963 7,663 2,417 646 678 255 11,493 5,046 1940—Jan. 3. _ 7 2,484 1,220 1,265 73 2,564 17, 697 2,963 7,581 2,367 651 653 251 11, 721 5,271 Jan.10 7 2,477 1,220 1,258 20 2,504 17, 747 2,965 7,463 2,341 655 677 250 11,830 5,377 Jan. 17 7 2,477 1,220 1,258 31 2,515 17,805 2,968 7,405 2,361 575 678 250 12,020 5, 502 Jan. 24 7 2,477 1,220 1,258 30 2,514 17,879 2,969 7,365 2,381 507 713 249 12,148 5,592 Jan. 31 . 7 2,477 1,220 1,258 18 2,503 17,931 2,971 7,376 2,358 549 723 248 12,150 5,559 Feb. 7 7 2,477 1,218 1,259 33 2,518 17,998 2,973 7,403 2,365 632 743 249 12,097 5,523 Feb. 14 7 2,477 1,215 1,263 46 2,530 18,063 2,977 7,411 2,385 642 733 249 12,151 5,580 Feb. 21 6 2,477 1,209 1,268 40 2,523 18,108 2,977 7,450 2,358 596 716 248 12, 241 5,629 Feb. 28 7 2,477 1,209 1,268 54 2,537 18,166 2,980 7,439 2,374 561 744 248 12,318 5,689 Mar. 6 3 2,477 1,209 1,268 35 2,515 18, 220 2,984 7,481 2,358 536 731 246 12, 367 5,733 Mar. 13 3 2,477 1,209 1,268 44 2,524 18, 282 2,985 7,463 2,362 526 754 247 12,439 5,777 Mar. 20.... 2 2,475 1,209 1,266 42 2,520 18,360 2,989 7,484 2,374 707 791 256 12, 256 5,594 Mar. 27_... 2 2,475 1,209 1,266 32 2,510 18,413 2,990 7,471 2,382 700 808 256 12,294 5,679 Apr. 3 -„ 3 2,467 1,205 1,262 42 2,512 18,470 2,991 7,521 2,372 692 737 256 12,395 5,815 Apr. 10 2 2,467 1,205 1,262 31 2,500 18, 523 2,993 7,509 2,353 590 733 256 12, 575 5,949 Apr. 17 2 2,467 1,205 1,262 45 2,514 18, 631 2 992 7,536 2,313 513 762 257 12, 757 6,048 Apr. 24 2 2,467 1,205 1,262 32 2,501 18, 708 2,997 7,520 2,305 470 773 256 12,883 6,116 May 1 3 2,467 1,205 1,262 30 2,500 18, 771 3,000 7,570 2,293 490 793 256 12,870 6,107 May 8 3 2,467 1,205 1,262 38 2,507 18, 835 3,004 7,589 2,309 512 802 256 12,877 6,131 May 15 3 2,474 1,205 1,269 41 2,518 18, 949 3,004 7,598 2,223 425 878 254 13,094 6,300 May 22 2 2,477 1,206 1,271 41 2,520 19,071 3,007 7,613 2,204 370 935 254 13, 223 6,373 May 29 _.._ 3 2,477 1,206 1,271 31 2,511 19,162 3,007 7,685 2,200 378 950 253 13, 215 6,362 June 5 3 2,477 1,206 1,271 50 2,530 19, 281 3,008 7,718 2,205 308 949 252 13, 387 6,533 June 12 .... 2 2,477 1,206 1,271 43 2,523 19,427 3,009 7,717 2,200 265 1,014 253 13,510 6,607 June 19 2 2,473 1,206 1,267 63 2,539 19, 769 3,011 7,741 2,204 298 1,098 266 13, 712 6,767 June 26 2 2,473 1,206 1,267 36 2,511 19, 871 3,012 7,780 2,186 301 1,139 266 13, 723 6,801 July 3 2 2,450 1,202 1,248 51 2,503 20,063 3,014 7,924 2,190 221 1,245 262 13, 737 6,812 July 10 2 2,450 1,202 1,248 39 2,491 20,166 3,015 7,884 2, 191 297 1,274 261 13, 764 6,833 July 17 ._._ 2 2,450 1,202 1,248 49 2, 501 20, 256 3,016 7,872 2,199 278 1,299 261 13,863 6,882 July 24 .... 3 2,450 1,202 1,248 38 2,491 20,367 3,020 7,854 2,229 643 1,327 261 13, 565 6,570 1 Includes industrial advances and bills bought, shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6, 1937 on maturity distribution of security holdings will be supplied on request. AUGUST 1940 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections Advances secured by direct obligations 13 and 13a of the Federal Reserve Act of the United States (last paragraph of except last paragraph of Section 13 Advances under Sec- Section 13 of the Federal Reserve Act) tion 10 (b) of the Secured by direct and Federal Reserve Act Federal Reserve Bank e l l i i g g a ib ti l o e n g s u o a f r a t n h t e e e U d . o S b . - All other To banks To others Rate In Rate In Rate In Rate In Rate In July effect July effect July effect July effect July effect 31 beginning- 31 beginning- 31 beginning- 31 beginning— 31 beginning- Boston Sept. 1, 1939 1 Sept. 1, 1939 Sept. 2, 1937 1 Sept. 1, 1939 Apr. 29, 1938 New York.... Aug.27, 1937 1 Aug.27, 1937 Oct. 10, 1935 1 Aug. 25, 1939 Feb. 8, 1934 Philadelphia- Sept. 4, 1937 Sept. 4, 1937 Sept. 4, 1937 1 Sept. 1, 1939 Sept 1, 1939 Cleveland May 11, 1935 May 11, 1935 Oct. 19, 1935 1 W Sept. 1, 1939 May 11, 1935 Richmond Aug.27, 1937 VA Aug.27, 1937 Sept.10, 1937 \ Sept. 1, 1939 Feb. 19, 1934 Atlanta Sept.16, 1939 Aug.21, 1937 Aug.21, 1937 I Sept. 16, 1939 Apr. 23, 1938 Chicago Sept. 1, 1939 Aug.21, 1937 Aug.21, 1937 I Sept. 1, 1939 Oct. 16, 1933 St. Louis Sept.21, 1939 Sept. 2, 1937 Sept. 2, 1937 I Sept. 16, 1939 Feb. 23, 1935 Minneapolis- Aug.24, 1937 Aug. 24, 1937 Aug.24, 1937 i Sept. 1, 1939 Oct. 8, 1938 Kansas City- Sept.16, 1939 Sept. 3, 1937 Sept. 3, 1937 Sept. 16, 1939 Apr. 16, 1938 Dallas Sept.16, 1939 Aug. 31, 1937 Aug.31, 1937 I Sept. 16, 1939 Apr. 16, 1938 San Francisco. Sept. 3, 1937 Sept. 3, 1937 Sept.17, 1937 Sept. 1, 1939 Oct. 19, 1933 i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect July 31, 1940, on advances and commitments under Sec. 13b of the Federal Reserve Act Maturity e J R f u f a e l c y te t 3 i o n 1 n In g i e n f n fe in c g t — be- Pre ra v t i e ous [Per cent per annum except as indicated by footnote 3] 1-15 days i... Oct. 20, 1933 Advances to finan- 16-30 days... —do ing institutions— 31-45 days... ...do Advances 46-60 days... ....do direct to Commit- 61-90 days... —.do.. Federal Reserve Bank industrial On por- ments 9 1 1 2 - 1 1 - 2 1 0 8 0 d a d y a s y .. s. l . . . . . . d d o o m ga o e n r r i c z c i a a o t l m i o o - n r- s t i w i n o s h n t i i c t f u o h - r m p O o a n r in t i r i o n e n - g a to dv m an a c k e e s i This rate also applies to acceptances bought under repurchase agree- tion is ments, which agreements are always for a period of 15 days or less. obligated NOTE.—Minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Boston. _ rates apply to purchases, if any, made by other Federal Reserve Banks. New York— 4-6 Back figures.—See Annual Report for 1937 (table 41). Philadelphia- 4-6 (0 Cleveland Richmond 4-6 1-2 MEMBER BA [P N e K r c R en E t S E of R V de E p o R si E ts Q ] UIREMENTS A S C t h t . l i a c L n a o g t u a o is 5 5 - - 6 6 0) 5-6 4 5 1 y - 2 2 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Minneapolis- 6 1 Classes of deposits 1917- 1936- 1937- 1937- 1938- Kansas City.. 4-6 4 2 and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and Dallas 5-6 4 5-6 1936 1937 1937 1938 after San Francisco. 5-6 3-4 4-5 On net demand deposits :* i Authorized rate one per cent above prevailing discount rate. On A R C C e l o e t l i s n u m e m t n r r e v t e a r e m l d y r e c b e p i e s t o e r y s r . v b i t e s a : n ci k ty s _ . _ . _ . 1 1 3 7 3 0 i 1 o & 5 y A 2 2 1 1 5 2 2 7 M M M H 2 2 1 6 6 0 4 2 1 i7 2 5 2 y ^ 2 1 3 B M a S c a i k m n f i e i m g a u u s r m e to s . c b — h M o a S r A r r e g o X e e w I A M o e n n r U e n b - M h u u a a t l R l f n A R o o T t f e E p o le S o n s e r s t O p t N h f e o a r r n T c I 1 e f M 9 o n 3 u E t. 7 r D p (t E e a r P b O l c e e S n 4 I t T 0 . ) S . i See footnote to table on p. 790 for explanation of method of computing net demand deposits. Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. MARGIN REQUIREMENTS1 [Per cent per annum] Prescribed by Board of Governors of the Federal Reserve. System in accordance with Securities Exchange Act of 1934 Nov. 1, 1933 Feb. 1, 1935 In effect [Per cent of market value] to to beginning Jan. 31, 1935 Dec. 31,1935 Jan. 1, 1936 Apr. 1, Nov. 1, 1936- 1937 Oct. 31, and Savings deposits 1937 after Postal savings deposits Other time deposits pay- For extensions of credit by brokers and dealers on able in: listed securities, under Regulation T_ 55 40 6 months or more For short sales, under Regulation T 50 90 days to 6 months For loans by banks on stocks, under Regulation U.__ 3 55 40 Less than 90 days i Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a NOTE.—Maximum rates that may be paid by insured nonmember specified percentage of its market value at the time of the extension; banks as established by the Federal Deposit Insurance Corporation, the "margin requirements" shown above are the difference between effective February 1, 1936, are the same as those in effect for member the market value (100%) and the maximum loan value. banks. In some States the maximum rates established by the Board »Requirement under Regulation T was the margin "customarily and the Federal Deposit Insurance Corporation are superseded by required" by the broker. lower maximum rates established by State authority. * Regulation U became effective May 1, 1936. NOTE.—Regulations T and U also provide special margin requirements for "omnibus" accounts and loans to brokers and dealers. 784 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1940 1940 1939 July 24 July 17 July 10 July 3 June 26 June 19 June 12 June May June Assets Gold certificates on hand and due from U. S. Treasury 18,113, 976 18,028, 478 17, 944,476 17,840,475 17, 653,476 17, 536,475 17, 201,476 17, 743,476 16,983,476 13, 514,719 Redemption fund—F. R. notes 12,853 10,353 10,862 10,862 10,862 11,191 11,190 10,862 11,021 8,843 Other cash 380,284 367,639 360,233 338,248 378,780 371,023 367,698 366,090 351,882 350,484 Total reserves.. 18,507,113 18,406,47018,315, 57118,189, 58518,043,118 17, 918,689 17, 580, 36418,120, 428 17, 346,379 13,874,046 Bills discounted: For member banks 2,717 2,197 1,994 2,138 2,251 2,182 2,407 2,194 2,815 2,689 For nonmember banks, etc.. 10 10 10 10 10 10 10 10 10 2,025 Total bills discounted 2,727 2,207 2,004 2,148 2,261 2,192 2,417 2,204 2,825 4,714 Bills bought: Payable in foreign currencies- 556 Industrial advances _. 9,103 9,118 9,153 9,186 8,975 9,011 9,085 8,947 9,149 12,350 U. S. Government securities, direct and guaranteed: Bonds 1,323,196 1, 323,196 1,323,196 1,323,196 1, 343,183 1, 343,183 1, 346, 995 1, 337, 843 1,346,995 911,090 Notes 1,126, 732 1,126, 732 1,126, 732 1,126, 732 1,130,125 1,130,125 1,130,125 1,128,433 1,130,125 1,176,109 Bills _ _ 463,438 Total U. S. Government securities, direct and guaranteed 2,449, 928 2, 449, 928 2,449,928 2,449,928 2, 473, 308 2,473, 308 2,477,120 2, 466,276 2, 477,120 2, 550,637 Other Reserve Bank credit 28, 931 39, 965 42,011 26, 709 54, 411 34, 387 53,904 29,855 10, 346 Total Reserve Bank credit outstanding 2,490, 689 2, 501, 218 2,491,133 2, 503,273 2, 511, 253 2, 538, 922 2, 523,009 2, 531,331 2, 518,949 2, 578,603 Liabilities F. R. notes in actual circulation.. 5, 223, 282 5,230,359 5, 232,463 5, 247,837 5,144,450 5,103, 916 5,081, 314 5,198, 920 5,057,064 4, 511,116 Deposits: Member bank—reserve account... 13, 564, 56113,863,019 13, 764, 343 1i3,, 736, 62193, 722,81913, 712, 23313, 510, 11113, 781,177 13, 236, 768 i1,0 ,018, 493 U. S. Treasurer—general account- 642,925 278,395 2~9~7, 42"8 221, 447 300, 610 298, 212 265, 424 233,772 364, 757 944,078 Foreign bank 742,077 733,601 765,082 753,332 658, 679 659,828 455, 030 428, 380 359, 596 Other deposits 585, 358 564,920 508, 748 492,022 480,897 438, 487 559,080 517, 339 544, 764 379,007 Total deposits. _ 15, 534,92115,439,935 15, 335, 60115, 203,43015,163, 005 15,108, 760 14, 789, 645 15, 213,116 14, 574, 669 11, 701,174 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 19.2 9.0 89.0 88.7 ;8.5 88.4 85.6 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o d n a t 6 h y s s 6 1 m t y o o e n a th r s 2 1 y y t e o e a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: June 26 2,261 1,171 178 182 214 510 July 3 2,148 1,069 145 162 304 463 July 10 2,004 1,026 136 153 275 408 July 17 2,207 1,198 115 224 296 368 July 24 2,727 1,402 111 336 324 546 Industrial advances: J Ju u l n y e 3 26 T 9 8 , , 1 9 8 7 6 5 2 1, , 9 0 1 5 0 7 367 3 7 5 8 2 3 2 6 1 9 8 8 6 6 4 2 1 1 1 , , 0 07 3 0 2 1 1, , 5 5 8 9 0 2 2 2 , , 9 9 8 4 8 7 July 10 9,153 1,913 368 89 362 809 1,066 1,577 2,969 July 17 9,118 2,151 95 184 287 960 1,103 1,411 2,927 July 24 9,103 2,079 67 207 259 997 1,428 TJ. S. Government securities, direct and guaranteed: June 26 2,473, 308 105,974 177, 219 188,020 734, 6081,267,487 July 3 2,449,928 105,974 177, 220 186,967 732,267 1, 247, 500 July 10 2, 449,928 105, 974 177, 220 186,967 732, 267 1, 247, 500 July 17. - 2,449, 928 105, 974 177, 220 186,967 732, 2671,247, 500 July 24 2,449, 928 105,974 177, 220 186, 967 732, 2671,247, 500 AUGUST 1940 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: June 19 17, 536, 475 996, 048 8, 784, 902 919, 2681,100, 209 423,023 326,670 2, 717, 336 407, 233 249,45345 9',< 299 235,138 1, 017, 895 June 26 17, 653, 476 9"9"0, 878 8,845,071 924, 8411, 111, 726 443, 334 320,941 2, 748, 468 411, 249 259,486 J July 3 17, 840, 4751,031,"" ' "., 883, 429522, 8621,144, 380 452, 417 338, 504 2, 754, 863 429, 027 263,109 362, 730 244, 753 ] July 10 17, 944, 4761,038,209 8,921,487 923, 6261,160, 936 457,170 337, 713 2, 775, 341 440, 419 262,079 375, 430 238, 090 ] July 17 18,028,4781,0601,,762 8;,, 934,442929,1431,162, 580 449,288 335, 673 2,825,110 435, 257 260,227 378,078 234,303 1,023', 615 July 24 18,113, 9761,048, 558 9),; 017,114 1,176, 623 454,195 331, 558 2, 832, 382 436,-83255 ,8,r 5 "40 377,465 242,1511,009, S Redemption fund — Federal Reserve notes: June 19 11,191 2,117 1,597 519 778 1,187 332 1,344 495 539 210 705 1,368 June 26 10,862 2,055 1,311 414 1,605 291 1,250 477 531 194 695 1,341 July 3 10, 862 2,055 1,311 414 1,605 291 1,250 477 531 194 1,341 July 10 10, 862 2,055 1,311 414 1,605 291 1,250 477 531 194 1,341 July 17 10, 353 1,035 1,302 606 935 247 1,109 451 518 175 678 1,309 July 24 12, 853 l,c 1,035 1,302 1,935 1,247 1,109 451 518 675 678 1,309 Other cash: June 19 371,023 31, 437 106, 765 29, 416 27,354 21,075 18,480 51, 884 17, 440 5,200 18, 855 13, 706 29, 411 June 26 378, 780 32, 535 106,127 30,804 27, 220 24,036 20,880 49, 630 18, 412 4,972 20, 439 13, 520 30, 205 July 3 338, 248 28, 906 93, 401 28,145 29, 218 21,892 17,161 44, 339 16,083 4,197 17, 259 13, 080 24, 567 July 10 360, 233 30, 741 104, 417 28,948 24,832 23,124 20,172 44, 481 17,079 5,787 19,083 12, 596 28, 973 July 17 367, 639 32, 769 104,958 31,003 25,991 21, 736 18, 578 47, 526 17, 361 6,377 18, 077 14, 601 28, 662 July 24 380, 284 33, 406 106,688 32,131 25, 551 24, 596 20,433 47,199 17, 360 7,445 19, 527 13, 918 32, 030 Total reserves: June 19 17, 918, 6891, 029, 602 8,893, 264949, 2031,128,341445, 285 345, 482 2, 770,564425,168 255,193 378, 364 249, 549 1,048, 674 June 26 18, 043,1181,025 468 8, 952, 509 956,0591,139, 644 468,97,5 ,342,112 2,799,348 430,138 264, 989 376, 718 247, 277 1,039,881 July 3 18,189, 5851,062, 355 8, 978,137951, 4211,174, 296 475, 914 35»5,, 956 2, 8004,52 445, 587 267, 837 380,183 258, 528 1,038, 919 July 10 18, 315, 5711,071,005 9,027,215 952, 988 11,186, 466 481, 899 35i8, 176 2, 820172 457, 975 268, 397 394, 707 251,381 1,044, 290 July 17 18,406,4701,095, 519 9,040, 435 961,448 1*,189,177 471, 959 354•, 498 2, 877-34",5 - 4 53, 06"9 267,1122 396,330 249, 582 1053, 586 July 24 18, 507,1131,083,952 9,124, 837 962,095 1202, 780 480, 726 353, 238 2, 8806,90 454, 646 266, 5t03 397, 667 256, 747 I043, 232 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: June 19 691 95 190 51 73 40 15 23 44 June 26 704 152 120 82 73 50 15 22 39 July 3 711 127 180 66 78 40 15 70 15 39 July 10 654 160 75 61 78 40 15 90 1 49 July 17 768 50 55 111 173 53 15 100 60 31 49 July 24 998 40 283 126 78 113 15 30 155 31 56 Other bills discounted: June 19 1,501 34 196 47 26 70 137 160 125 359 267 70 June 26 1,557 30 242 40 31 120 149 115 121 334 293 72 July 3 1,437 22 222 17 53 70 149 100 58 361 297 78 July 10 1,350 159 45 57 105 169 100 49 297 281 78 July 17 1,439 192 114 41 105 169 100 50 288 284 77 July 24 1,729 201 91 40 90 201 85 50 313 547 72 Total bills discounted: June 19 2,192 129 386 99 110 152 186 205 382 311 70 June 26 2,261 182 362 122 104 170 164 115 201 356 332 72 July 3 2,148 149 402 83 131 110 164 100 128 376 336 78 July 10 - 2,004 160 234 106 135 145 184 100 139 312 330 78 July 17 2,207 50 247 225 214 158 184 200 110 319 333 77 July 24 2, 727 61 484 217 118 203 216 115 205 344 72 Industrial advances: June 19 9,011 1,152 2,010 2,570 342 251 326 60 169 95 472 June 26 8,975 1,145 2,004 2,563 337 245 327 225 95 473 July 3 9,186 1,141 1,998 2,710 350 239 298 225 195 466 660 July 10 9,153 1,141 1,997 2,703 352 231 297 208 195 466 660 July 17 9,118 1,145 1,996 2,689 349 871 230 297 217 194 465 July 24_ 9,103 1,142 1,991 2,673 367 870 222 302 213 193 465 TJ. S. Government securities, direct and guaranteed: Bonds: June 19 1, 343,183 97, 929 402,946 107, 282 137,361 68, 495 56, 708 146, 973 61, 530 40, 412 61, 949 51, 705 109, 893 June 26 1, 343,183 97, 929 402, 946 107, 282 137, 361 68, 495 56, 708 146, 973 61, 530 40, 412 61, 949 51, 705 109, 893 July 3 1, 323,196 96, 517 405, 667 105,011 135, 697 66, 228 48, 524 140, 398 61, 227 ~1, 930 62, 501 51, 559 110,937 July 10 1, 323,196 96, 517 405, 667 105,011 135, 697 66, 228 48, 524 140, 398 61, 227 62, 501 51, 559 110,937 July 17 1, 323,196 96, 517 405,667 105,011 135,697 66, 228 48, 524 140, 398 61, 227 38,930 62, 501 51, 559 110,937 July 24 1, 323,196 96, 517 405, 667 105,011 135, 697 66, 228 48, 524 140, 398 61, 227 38,930 62, 501 51, 559 110, 937 Notes: June 19 1,130,125 82, 395 339,030 90, 267 115, 573 57, 630 47, 712 123, 659 51, 769 34,002 52,123 43, 505 92, 460 June 26 1,130,125 82, 395 339,030 90, 267 115, 573 57, 630 47, 712 123, 659 51, 769 34,002 52,123 43, 505 92, 460 July 3 1,126, 732 82,186 345, 434 89, 421 115, 549 56, 395 41, 320 119, 550 52,136 33,150 53, 221 43,905 94, 465 July 10 1,126, 732 82,186 345, 434 89, 421 115, 549 56, 395 41, 320 119, 550 52,136 33,150 53, 221 43, 905 94, 465 July 17 1,126, 732 82,186 345,434 89,421 115, 549 56, 395 41, 320 119, 550 52,136 33,150 53, 221 43, 905 94,465 July 24 1,126, 732 82,186 345,434 89,421 115, 549 56, 395 41,320 119, 550 52,136 33,150 53, 221 43, 905 94,465 Total U. S. Government securities, direct and guaranteed: June 19 2, 473, 308 180, 324 741, 976 197, 549 252,934126,125 104, 420 270, 632 113, 29974, 414 114, 072 95, 21C 202, 353 June 26 2, 473, 308 180, 324 741, 976 197, 549 252,934126,125 104, 420 270, 632113, 299 "74', 414 114,072 95, 210 202, 353 July 3 2, 449, 928 178, 703 751,101 194, 432 251, 246 122, 62389,844 259, 948113, 363 72, 115, 722 95, 464 205, 402 July 10 2, 449, 928 178, 703 751,101 194,432 251, 246 122, 62389, 844 259, 948113, 363 72, 080115, 722 95, 464 205, 402 July 17 2,449, 928 178, 703 751,101 194,432 251, 246 122, 62389, 844 259, 948113,363 72, 0"8"0" 115, 722 95,464 205,402 July 24 2, 449, 928 178, 703 751,101 194,432 251, 246 122, 62389,844 259, "'"'' ~i, 36372,080115,722 95,464 205,402 786 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets—Continued Total bills and securities: June 19 2, 484, 51 181, 605 744, 372 200, 21 253, 375127,131104,823 271, 022113, 545 74, 788114, 54C 95, 993 , 203,091 June 26 2, 484, 544 181, 651 744, 342 200, 234 253, 375127,188104,829 271, 040113, 414 74,840114, 523 96, 015 203, 093 July 3_____ 2, 461, 262 179, 993 753, 50: 197, 225 251, 72"123, 627 90, 24r 260, 337113, 473 72, 433116, 293 96, 266 206,140 July 10 2, 461,085 180,004 753, 332 197, 241 251, 733123, 661 90, 259 260, 326113, 473 72,427 116,, 22S 96, 260 206,140 July 17 2, 461.253 179, 898 753, 34- 197, 346 251,809123, 652 90,258 260,335113, 568 72,407 116, 23, 206,139 July 24 2,461, 75S 179, 906 753, 576 197, 322 251, 731123,696 90,282 260, 339113, 483 72,498116, 25S 96, 532 206,134 Due from foreign banks: June 19 4' 18 6 4 June 26 4' 18 6 4 JulyS 4' 18 6 4 July 10 4' 18 6 4 July 17 4' 18 6 4 July 24 47 18 6 4 Federal Reserve notes of other banks: June 19 20, 642 598 2,000 1,063 1,923 1, 543 1,730 3,171 2,422 854 1,768 435 3,135 June 26 18, 489 562 1,62' 908 1,332 2,362 2,019 2,051 1,269 1,216 1,443 435 3,268 July 3 20, 227 552 1,722 945 1,732 2,537 1,43: 2,485 1,952 1, 1,684 526 3,014 July 10 22, 98 612 2,068 1,351 1,985 2,951 2,323 3,167 1,41' 2,308 585 3,548 July 17 23,608 1,108 2,043 1,130 1,461 3,069 1,976 3,434 2,281 795 1,848 539 3,924 July 24 21,193 624 2,208 1, 1,510 2,487 2,148 2,554 1,453 1,390 1,318 421 3,995 Uncollected items: June 19 805, 226 87, 761 199, 707 63, 260 • 93, 71, 972 27, 872 106, 365 32, 258 19,113 33, 717 26, 828 43,149 June 26 . 656, 231 58, 941 171, 610 77, 589 52, 587 22, 710 91, 686 26, 532 16, 82830, 764 22,06' 35, 987 July 3 721, 440 75, 324 192,140 51, 588 83, 230 59, 663 25, 389 94, 276 30, 829 17, 500 31, 465 22, 312 37, 724 July 10 659, 473 63,131 155, 704 47, 785 78, 810 56,199 23, 278 94,135 30, 17, 342 32, 514 23, 589 36,101 July 17 790,313 77, 397 213, 249 55, 893 92,686 62, 750 107, 357 33,153 19,174 34, 352 27,383 40,252 July 24 654,894 62,472 157, 620 45, 243 78, 282 52, 757 32, 351 90,813 30, 227 18,158 26, 974 23,005 36, 992 Bank premises: June 19 41, 536 2,866 4,520 5,486 2,513 2,016 3,362 2,347 1,384 3,165 1,146 2,911 June 26 41, 490 2,866 9,820 4,509 5,473 2,507 2,012 3,362 2,344 1,384 3,165 1,146 2,902 July 3 41, 436 2,861 9,802 4,509 5,473 2,507 2,012 3,356 2,344 1,381 3,149 1,140 2,902 July 10 41, 439 2," 4,509 5,476 2,507 2,012 3, 356 2| 344 1,381 3,149 1,140 2,902 July 17 41,440 2,861 4,509 5,476 2,507 2,012 3,356 2,344 1,381 3,149 1,140 2,903 July 24 41,432 2,861 4,508 5,461 2,507 2,011 3,356 2,353 1,381 3,149 1,140 2,903 Other assets: June 19 53,019 3,570 15,105 4,182 5,996 3,141 2,173 5,468 2,289 1,643 2,339 2,390 4,723 June 26 54,057 3,627 15, 468 4,423 6,085 3,210 2,179 5,550 2,300 1,655 2,369 2,426 4,765 July 3 54, 450 3,681 15,85" 4,274 6,175 3,154 1,950 5,483 2,360 1,639 2,479 2, 479 4,919 July 10 55, 381 3,726 16, 209 4,389 6,241 3,216 1,959 5,563 2,391 1,667 2,510 2,524 4,986 July 17 56,114 3,791 16, 320 4,406 6,330 3,253 2,016 5,678 2,438 1, ~~~ 2,546 2,589 5,060 July 24 57,153 3,931 16, 733 4,439 6,412 3,298 2,051 5,774 2,473 1,713 2,584 2,623 5,122 Total assets: June 19 21, 323, 6701, 9, 864,2861, 222,4501, 488, 349651, 587 484,098 13,,159, 958578,030352, 975533, 903376, 342 , 305, 687 June 26 21, 297, 9761, 273', 1198, 895, 3911, 215, 0681, 483, 502 656,831 475,8633,173,043575,998360, 912 369, 367 , 289,900 July 3 21, 488, 4471,324,7^6"9 9\, 951,1771, 209, 967 522, 637667, 404 4~ 3,166, 395 596^ 546362, 437535, 254381, 252 293, 622 July 10 21, 555, 9771, 321,342 9»,, 964, 3481, 208, 268 530, 715670,435 =78,009 \3 ,187, 625 608, 483361,883551,418"75,480 , 297, 971 July 17 21,779, 2451, 360, 57710,035,2111, 224, 737 546, 943667,192 =77,429 3, 253', 911 6>0,68;54362, 566554, 461377,496 , 311,868 July 24 21, 743, 5901, 333, 74910,064,7941,214, """ 546,180 665, 47382,083c3 ,- 2-43, 532604,636361, 643547, 952380,469 298, 382 Liabilities Federal Reserve notes in actual circulation: June 19 5,103, 916 418, 783 , 357, 273354, 386 461,131224,184 .64, 723 113, 670 93, 741.42,093 87, 201 79,845 406, 886 June 26 5,144, 450 423,039 , 369,821 357, 690 467,804226, 226.64, 716 121, 633 94, 294.42,188 79, 795 410, 646 July 3 5, 247,837 430,139 406,195 362,144 471, 925229, 791.68, 247 138, 333 97,079 .44, 586:90, 52881, 892 426, 978 July 10 5, 232, 463 430, 480 393, 250 361, 419 477,838228, 537.67, 721 136, 581 .90, 07881, 622 424,115 July 17 5, 230,359 427,832 , 396, 725361, 528 474, 540229, 762.67,496 137, 523 97,462 43, 318191, 24781, 779 421,147 July 24 5, 223, 282 392, 823 361,037 479, 337227, 660.66, 239 136,878 97,011 .42,807.90,799 81,712 418, 580 Deposits: Member bank—reserve account: June 19 3, 712,233 707,065 536, 248 667, 965 812, 495297, 555238, 572 , 778, 962595, 533 52, 750265, 563219,345 740,177 June 26 3, 722,819 701, 362 524,016 674, 262 813, 533314, 394228, 925 , 800, 943202, 540.55,834265,745217, 238 724,028 July 3 3, 736, 629 729, 677 526, 568 662,809 843, 310"17, 568227,109 , 757, 650313, 999 55, 004266, 937 225,870 710,128 July 10 3, 764, 343 728, 391 494, 355 666, 621 846, 384326, 630232,054 , 779, 355324,102 .55, 777277, 589220, 467 712, 618 July 17 3,863,019 763, 393 471, 718 681,988 858,124318,808 , 833, 018323,030 54, 75'8 28~~2!,,620 18, 219 730,707 July 24 3, 564, 561 723,961 391,410 659,834 836, 532308, 797 11,927 , 769, 397312,169 48,129272,078214,759 715, 568 IT. S. Treasurer—general account: June 19 298, 212 11, 341 86, 225 27, 238 21, 742 15, 026 11,341 35, 241 19, 729 12, 587 18, 778 17, 639 21, 325 June 26 300, 610 10,139 93, 433 19,115 19,001 20, 668 17, 435 28, 552 15,476 17,191 16,937 24,064 July 3 221, 447 7,879 50, 814 11, 506 14, 631 13,014 11, 654 34, 788 15,060 15, 089 13, 425 15,677 17,910 July 10 297, 428 13, 595 121,165 8,974 13, 913 10, 056 10, 740 36, 341 16, 288 14, 252 17, 435 13, 499 21,170 July 17 278, 395 8,242 113, 737 11,658 9,099 8,711 13.479 35,852 13, 945 14,406 14,425 15,897 18, 944 July 24 642,925 35,045 240,736 32,083 43, 795 28,167 28,191 105, 235 26, 395 24,155 24,528 27, 412 27,183 Foreign bank: June 19 659,828 47, 311 234,410 64, 656 61,358 23,092 79,171 19, 792 14, 514 19,132 19, 792 48, 231 June 26 658, 679 47, 699 229, 788 65,183 61, 858 28, 601 23, 280 79,817 19, 954 14, 633 19, 289 19, 954 48, 623 July 3 753, 332 53, 668 270,890 73, 319 69, 579 32,171 26,185 89, 779 22, 445 16, 459 21, 697 22,445 54, 695 July 10 765,082 55, 655 265, 229 75, 957 72, 082 33, 328 27,127 93,008 23, 252 17,052 22, 477 23, 252 56, 663 July 17 733, 601 52, 012 264,392 71, 343 67, 703 31, 303 25.480 87, 359 21,840 16,016 21,112 21,840 53, 201 July 24 742,077 53, 235 262, 599 72, 893 69,174 31,984 26,033 89, 257 22, 314 16, 364 21, 570 22,314 54, 340 * Less than $500. AUGUST 1940 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l l i - a a - C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Liabilities—Continued D eposits—C ontinued: Other deposits: June 19 438,487 6,957 354,797 17,972 8,226 2,291 5,393 3,901 5,844 5,263 344 2,552 24, 947 June 26 480,897 8,100 395,267 17,024 10,603 2,241 5,834 3,731 5,615 518 2,549 23,127 July 3 492,022 5,909 407,929 14,548 9,938 2,392 5,187 4,860 5,953 6,367 1,674 3,184 24,081 July 10 508,748 6,483 425,886 14,208 9,954 1,986 4,947 4,843 6,292 5,894 1,581 3,110 23,564 July 17 .. 564,920 9,220 471,421 10,732 15,091 2,176 5,107 7,973 5,879 7,685 1,865 2,534 25,237 July 24 585,358 6,797 511,714 10,890 7,722 1,616 4,606 5,155 6,039 5,590 1,417 2,000 21,812 Total deposits: June 19 15,108,760 772,674 8,211,680 777,831 903,821343,241278,398 1,897, 278 340,898 185,114 303,817 259,328 834,680 June 26 15,163,005 767,300 8, 242, 504 775,584 904,995 365,904275,474 1,913,042 343,585 1'95,354 302,743 256,678 819,842 July3._ 15, 203,430 797,133 8, 256,201 762,182 937,458 365,145 2~7~0 ,135 1,888877,,077 357,457 192,919 303,733 267,176 806,814 July 10 15,335,601 804,124 8,306,635 765,760 942,333 372,000 274; 868 i; 814,015 J J u u l l y y 2 1 4 7 .. 1 15 5 , , 4 5 3 3 9 4 , , 9 9 3 2 5 1 8 8 3 1 2 9 , , 8 0 6 3 7 8 8 8, , 4 3 0 2 6 1 , , 4 2 5 6 9 8 7 7 7 7 5 5 , , 7 7 2 0 1 0 9 9 ~5 5 "0 7 , , 0 2 1 2 7 3 3 3 6 70 0 ; , 9 5 9 6 8 4 2 2 7 70 0 , ,, 7 7 5 0 7 2, , 1 1 , , 9 9 6 6 9 4 , ; 0 2 4 0 4 2 3 6 3 6 64 ; ' 9 , 1 6 7 9 1 4 9 1 4 9 ; 2 2 ; 3 8 8 6 3 5 1 3 9 2 , 0 ' 5 , 9 3 0 2 2 2 6 6 2 , 5 4 8 8 ; 5 498 8 02 1 8 8 , , 0 9 8 0 9 3 Deferred availability items: June 19 750,862 89,499 171, 220 56,815 89,533 68, 614 27,888 103,378 32,238 16, 399 32,171 25,677 37,430 June 26 629, 569 57, 706 158,784 48,148 76,771 49,124 22, 555 92, 627 13,971 28,884 21,377 32, 684 July 3 679,476 72,645 165,619 52, 473 79,632 57,010 25, 581 95,573 30,905 15, 596 30, 326 20,762 33, 354 July 10 629,472 61,849 141,086 47,829 76,839 54,417 22, 371 91,984 30,476 15, 673 31, 563 22,078 33,307 July 17 750,395 74,977 193,823 54,265 88,672 60,932 26,183 106, 53433, 565 17,043 32, 518 25, 779 36,104 July 24 626,010 61, 296 141,855 44,740 75,860 51, 71132,010 91,842 29, 537 15, 221 26,846 20,790 34,302 Other liabilities, including accrued dividends: June 19 5,301 536 1,616 499 583 181 203 557 150 168 255 197 356 June 26 _ __. 5,786 521 1,687 713 603 203 214 638 159 188 278 210 372 July 3 1,373 257 144 153 172 29 79 177 34 89 137 73 29 July 10 1,881 270 304 235 234 41 97 246 46 103 141 88 76 July 17 1,690 280 268 188 226 24 92 209 44 91 133 79 56 July 24. 2,205 363 43. 190 242 49 112 285 52 121 151 103 102 Total liabilities: June 19.... — 20,968,8391,281,4929,741,7891,189,531:h *§§' P.6.!* §36,220 471, 212 3,114,883 567,027 343,757243,444 365,047 1,279,352 June 26 :>!_.20,942,8101,248, 566 \9' ,772,796 :1, 182,135 1,450,173 641,457 462,959 3,127,940 564,976 351,705118, 503 358,0601,263,544 July3.._ _ 21,132,1161,300,174 9T,828,159 1,176,952 1,489,187651,975464,042 3,121,160 585,475 353,190524,724 336699,,990033 1,267,175 July 10 _ 21,199,4171, 296, 7231 ,9'8,41, ., 175,2413, 4197,244 665544,;995465,057 3,142,358 597,393 352,636540,864 364,116, 271, 513 July 17._._ 21,422,3791,335,956 9f,912,0841,191,702 11, 513., 455651,, 716 464:!,4733,208,468 595, 765 353, 317554433,,992200 336666,,112277 1, 285, 396 July 24___ 21,386, 4181,309,0969,941, 5721,181, 667 1, 512, 662 649,984 416,191,83,198,049 593,517 352,387537,389 369,0901,271,887 Capital Accounts Capital paid in: June 19 137,097 9,332 51,039 11,917 14,006 5,278 4,636 13,676 4,139 2,956 4,382 4,121 11,615 June 26— _ 137,103 9,333 51,033 11,903 14,020 5,280 4, 13,682 4,139 2,956 4,382 4,121 11, 615 July3____ 137,194 9,337 51,076 11,898 14,027 5,287 4,642 13, 691 4,139 2,961 4,r~~ 4,123 11,615 July 10 - 137, 238 9,339 51,073 11,898 14,036 5,291 4,646 13, 706 4,138 2,958 4,404 4,134 11, 615 July 17.. 137,449 9,335 51,076 11,897 14.040 5,317 4,648 13,873 4,143 2,958 4,407 4,135 11, 620 July 24 137,460 9,335 51,080 11,878 14.041 5,319 4,649 13,892 4,143 2,959 4,408 4,136 11,620 Surplus (section 7): June 19 151, 720 10,405 53,326 14,198 14,323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10, 224 June 26 151, 720 10,405 53,326 14,198 14,323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10, 224 July 3 151,720 10,405 53,326 14,198 14,323 5,24" 5,725 22,824 4,709 3,152 3,613 3,974 10,224 July 10 151, 720 10,405 53,326 14,198 14,323 5,24' 5,725 22,824 4,709 3,152 3,613 3,974 10, 224 July 17 151,720 10,405 53, 326 14,198 14,323 5,24' 5,725 22,824 4,709 3,152 3,613 3,974 10,224 July 24 1 151, 720 10,405 53, 326 14,198 14,323 5,24' 5,725 22,824 4,709 3,152 3,613 3,974 10,224 Surplus (section 13b): June 19 2,874 7,109 4, 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 June 26 2,874 7,109 4,393 1,007 3,246 71; 1,429 538 1,001 1,142 1,266 2,121 July 3 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 July 10 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 July 17 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 July 24 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Other capital accounts: June 19 39,175 1,902 11,023 2,411 3,945 1,596 1,812 7,146 1,617 2,092 1,322 1,934 2,375 June 26 39,504 1,940 11,127 2,439 3,979 1,601 1,827 7,168 1,636 2,102 1,343 1,946 2,396 July 3 40, 578 1,979 11, 507 2,526 4,093 1,649 1,865 7,291 1,685 2,133 1,377 1,986 2,487 July 10 40, 763 2,001 11, 565 2,536 4,105 1,656 1,868 7,308 1,705 2,136 1,395 1,990 2,498 July 17 40,858 2,007 11,616 2,54' 4,118 1,666 1,870 7,317 1, 2,138 1,379 1,994 2,507 July 24 41,153 2,039 11, 707 2,561 4,14" 1,677 1,878 7,338 1,729 2,144 1,400 2,003 2,530 Total liabilities and capital accounts: June 19 21,323, 6701,306,0059,864,286 1.,, 222,450 1,488,349 6.5,158,7484,,00988 3,,51959,,995588578,030352, 975 533, 903376,3421,305,687 June 26 . 21.297,976 1, 273,1189, 895,3911,215,068 1,483,502 6"5"6,'831447755,886633 33,117733,004433575,998 360,912528,983369,. 367r 1,289,900 July 3 21,488,447 1,324,7"6 "9 9",1,951,1771, 209,967 1, 522, 636767,404 476,,9 8''3,166,395 596,,546^ )3 6326,24,3473 7553355,,225544 381, 252 1, 293, 622 July 10 21.555,977 1, 321,3429,964,3481, 208,268 1, 530,716570,435 478,009 3,187,625 "60"8 ,483361,883551,418 375,4"8"0) 1,297,971 July 17 21, 779,24. 1, 360, 57710,035,2111,224,737 1, 546,943667,192 477,429 3.,2 53,, 9 11 606,,8 54 362,,5 56666 5 55544',,4 46611~ ~37 7',— 419,6311,868 July 24 21, 743, 59C1,333,74910,064,7941, 214,697 1, 546,180 665; 474382,0833, 243,532 604,636 361,643 547,952380,469 1, 298,382 Commitments to make industrial advances: June 19 8,58' 267 822 1,138 1,172 170 167 3,575 June 26 8,76: 267 820 1,137 1,170 361 159 3,583 July 3 8,70C 26' 811 1,137 1,154 678 351 159 3,560 July 10 8,68f 26' 811 1,137 1,151 674 351 159 3,550 July 17 8,61 265 758 1,137 1,138 676 350 159 3,544 July 24 8,58; 758 1,136 1,160 676 350 152 3,507 788 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Repaid, Date ( e la a s c t h W m e o d n n th es ) day of Ap r p ec li e c i a v t e i d ons App co li n c s a i t d io er n a s t i u o n n der A a p p p p li r c o a v ti e o d ns ( A s a t d m a v n o o a d u u n i t n n - c t e g ) s ! C st m o a o m n e u d n m t i - t n s it g -,A p b p l u c p e o t t r e m o n d v - o e 2 t d d o e r r x a a p p w w p ir n l i e i t - d b h y , - - s P p ta a a o n t r u i d t o t i i - c n n i s g - 3 (amount) (amount) cant, etc. (amount) Number Amount Number Amount Number Amount (amount) 1934—Dec. 26_. 4,386 146,972 2,955 49,634 13,589 8,225 20,966 5,558 1,296 1935—June 26- 6,325 237, 581 11,349 1,646 88,778 27, 518 20,579 11,248 24,900 4,533 Dec. 31f 7,437 293,084 2,823 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—June 24.. 8,006 314,471 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30.. 8,247 328,998 1,245 2,280 139,829 25, 526 20,959 8,226 77,910 7,208 1937—Mar. 31.. 8,344 333,300 1,322 2,323 141,545 23,059 18,611 7,898 85,210 6,767 June 30_. 8,430 339,509 1,263 2,361 145, 758 23,019 16,331 1,470 97,663 7,275 Sept. 29. 8,474 341,842 800 2,381 146,724 21,415 14,880 537 102, 588 7,304 Dec. 29- 8,534 350,551 550 2,406 150,987 20,216 12, 780 107,384 7,238 1938—Mar. 30. 8,708 358,936 1,299 2,464 154,918 19,371 13,110 3,419 111, 193 7,825 June 29.. 8,976 369,583 476 2,566 161,158 18,444 13,649 3,084 117,555 8,426 Sept. 28. 9,102 378,974 146 2,617 168,380 17,567 13, 597 5,737 122,447 9,032 Dec. 28.. 9,188 387,490 247 2,653 175,013 17,345 14,161 1,946 128,839 12,722 1939—Jan. 25... 9,203 389,176 999 2,660 175,651 16,811 13,004 1,293 132,009 12, 534 Feb.211 9,221 389,554 964 2,671 175,902 16,474 12,907 1,105 133,001 12,415 Mar. 29.. 9,249 392,230 344 2,683 177,895 15,798 12,647 1,975 135,004 12,471 Apr. 26.. 9,270 394,055 495 2,697 178, 639 15,817 11, 749 2,134 12,243 May 31.. 9,296 394,970 400 2,713 179,332 15,305 11, 530 2,496 137,922 12,079 June 28- 9,308 395,499 255 2,721 179,778 15,255 11,175 2,067 139,281 12,000 July 26.. 9,330 399, 780 760 2,730 183,354 15,384 11,476 733 142,943 12,818 Aug. 30- 9,355 401,228 532 2,743 184,152 14,667 11,009 1,220 144,812 12,444 Sept. 27.. 9,366 402,305 370 2,752 185,234 14,454 10, 517 1,938 146,156 12,169 Oct. 25... 9,388 402,944 70 2,763 186,034 14, 545 10,156 1,764 148,037 11,532 Nov. 29.. 9,401 404,226 92 2,772 187,257 14,051 9,643 2,548 149,911 11,104 Dec. 27- 9,418 405, 225 41 2,781 188,222 13,683 9,220 2,659 151,679 10,981 1940—Jan. 31... 9,433 406,097 76 2,793 188,879 12,860 8,376 2,504 154,629 10,510 Feb. 28- 9,456 407,392 32 2,805 190,055 12,997 8,966 1,454 155, 574 11,064 Mar. 27.. 9,476 410,192 199 2,814 192,665 12,723 8,224 2,471 158,110 11,137 Apr. 24.. 9,487 411,628 118 2,825 194,096 12,001 8,725 2,264 159,950 11,156 May29_. 9,504 413,178 45 2,832 195,404 11,242 8,852 2,474 161,491 11,345 June 26 _. 9,512 413, 646 33 2,838 195, 739 8,762 2,195 162, 612 11,182 July 17 5_. 9,532 415,407 87 2,850 197, 301 11,153 8,611 2,021 164,408 11,108 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of the Federal Reserve Banks. 2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $11,- 108,065 July 17, 1940. 4 Tuesday. . s Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r a s a n c n o - Federal Reserve notes: Issued to F. R. Bank by F. R. agent: June 26 5,452,808443,150 1, 458,934 374, 549 489,215 243,108 179, 357 1,163,193 203,891647,879 196,319 87,461465,747 July 3 5, 533, 705451, 696 1, ,449933,,034 382,933 495,965 245,470 181,815 1,171, 251 206,004 148; 277 197; 45848, 599 447711,207 July 10 5, 550,315450, 206 1, ,449966,,973 385, 695 498, 559 244,615 182,808, 1 ,170, 670. .20,6 ,847 1,49 ,..64.7 199,3748888, 274 476,6 4647 J J u u l l y y 2 1 4 7 5 5 , , 5 5 6 6 5 6 , , 6 9 2 4 1 7445^615 J1' , ,4 9 4 9 9 , 7, 2 4 2 9 0 6 3 3 8 8 1 3 , ; 6 6 8 0 8 3 5 4 0 9 0 9 , ' 5 , 3 6 4 6 2 8 4 2 6 4 , 6 9 ' 5 , 6 3 2 18 5 1 1 , 8 4 2 6 ; 9 1 0, 1 01 , 78 1 5 8 , 3 7 , 6 9 1 3 2 2 0 2 8 0 , 8 3 , 4 0 9 3 0 1 4 1 8 4 , 8 , 7 6 2 1 5 4 1 2 9 0 9 0 , , 0 2 7 6 0 09 88 0 88 , ,8 0 86 6 65 4 5 4 4 47 8 7 0 77 , , , ,6 5 62 6 25 5 5 Held by Federal Reserve Bank: June 26 308, 358 20, 111 89,113 16,859 21,411 16,882 14,641 41,560 9,602 5,691 9,721 7,666 55,101 July 3 285,868 21, 557 86,839 20, 78924,040 15, 679 13, 568 32,918 8,925 6,926 6,707 44, 229 July 10 317,852 19, 726 103, 72324,276 20,721 16,078 15,087 9,910 5,762 9,296 6,652 52, 532 July 17 335, 262 20,295 100,771 22,075 25,128 16, 563 14, 511 48,238 10,887 5,407 7,823 7,086 56,478 July 24_ 343, 665 17, 216 106, 39720, 65121,197 19,296 15, 230 47,054 11,019 5,807 9,461 8,352 61,985 In actual circulation:1 June 26 5,144, 450423,0391, 369,821 357,690 467,804 226,226 164, 7116,121, 633194,294 142,188 186, 59879, 795 4100,, 6i46 July 3 5,247,837430,139 1,,4 40066,,119955 3 36622,,114444 4 47711,,992255 2 22299,, 7 79911168, 247 1,138,333197,079 144, 586 190, 52881,892 42!66,, 9<78 July 10 5, 232,463430,480 1," -3.9 3,250 3,6 1•,•4"1 9• "4 77,838 2.2 —8 , 53176.7, 7211,136, 5811196,937 143,885 190,078 81,622 424,115 July 17... 5, 230,359427,832 1,396, 725 361, 528 474, 540 229,762 167,4961 ,1,3 7.,.5,2.3_1.9 7.,.4,6.2. 1_43,318 191,247 81, 779 421,147 July 24 5,223, 282428,399 1, 392,823 361,037 479, 337 227, 660 166, 239 1,136,87*8 197,011142,807 190,799 81, 712 418, 580 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: June 26 5, 557, 500460,0001,485,000 385,,00,0 4,90,,0001 25,0,0100 71850,0,000 00 209,000 148,500 200,000 91,000 48144,,1000 July 3 5,604, 500460, ooo 1i,;5 5151'5,,0 00000 3 388550,0000 04 499770,0000 02 525000,0000 01 188550,00000 1,180,000 209,000 148,500 200,00091,000 48'4A,, ( 000 July 10 5, 624, 500460,000 11,, 551155,,000 390,000 500,000 260,000 185,0001,180,000 209,000 150, 500 200,00091,000 48!44,, I000 July 17 5, 669, 500460,000 11,, 552255,,000000 339900,,000000 550000,,000 260,000 185,000 1., 200,000 219,000 150,500 200,00091,000 489,000 July 24 5, 679, 500460,000 1, 525,000 390,000 50J3 ,000 260; 000 185; 000 1, 200,000 219,000 150, 500 205,00903,000 489,000 Eligible paper: June 26 1,434 182 362 114 120 105 201 350 July 3 1,334 149 402 83 110 100 128 362 July 10 1,152 160 234 76 145 100 139 298 July 17 1,265 50 247 195 158 200 110 305 July 24 1,614 61 484 217 203 115 205 329 Total collateral: June 26 . 5, 558,9344601,,182 1, 362 385,114 490,000 250,120 185,0001,170,000 209,105 148,701 200,350 91,000 484,000 July 3 5, 605, 834460,1491, 515' 402 385; 083 497; 000 250; 110 185; 010,1080,000 209,100 148,628 200,362 91,000 4841,4 ,0f00 July 10 5, 625, 652460,160 1, 515,234 390,076 500,000 260,145 185,0001,180,000 209,100 150,639 200,298 91,000 48!44, ,i000 July 17 5, 670, 765460,050 1, 525, 247 390,195 500,000 260,158 185,0001,200,000 219,200 150,610 200,305 91,000 48!99,,1000 July 24 5, 681,114460,0611, 525,484 390, 217 503,000 260, 203185,000 1, 200,000 219,115 150, 705 205,32993,000 489,000 i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. AUGUST 1940 789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, JUNE, 1940 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Cl a a n ss d e s d i o s f t r b ic a t n s ks m p G o d d r a e e s o n - - i s t d s s p m o N d d s a e e e i n - t - t s d i p T o d i e m s - it e s R F e R - ed e e se r B a rv a l e n R s k e s w se i r th v Ex e - b m a b A e n e l m k r l s - 1 Y Ne c o w i r t k y ban c C k a h s g i o - b s c a R e i n r e t v - y k e s b C a t o n r u y k n s - i quired Held cess Total reserves held: 1939—June 10,085 5,049 893 2,728 1,415 All member banks..39, 648 32, 417 12, 016 6,900 13, 596 July 10, 321 5,195 848 2,827 1,451 Central reserve city banks: August 10, 659 5,366 923 2,883 1,486 New York 15,186 14, 543 761 3,347 6,941 3,594 September 11, 443 5,866 1,009 3,009 1,559 Chicago 3,039 2,678 502 1,182 547 October 11, 862 5,958 1,112 3,203 1,588 November 11, 688 5,759 1,115 3,229 1,585 Reserve city banks: December 11, 473 5,623 1,141 3,141 1,568 Boston district 1,292 1,164 85 208 489 281 1940—January 11, 985 6,099 940 3,319 1,628 New York district 231 181 154 39 62 23 February 12, 215 6,323 901 3,344 1,646 Philadelphia district.. 1,434 1,197 226 221 476 255 March 12, 362 6,428 899 3,368 1,668 Cleveland district 1,863 1,461 736 292 647 355 April 12, 703 6,548 972 3,476 1,706 Richmond district 852 612 216 118 204 May 13,086 6,660 1,097 3,615 1,714 Atlanta district 821 542 181 104 142 June 13, 596 6,941 1,182 3,716 1,757 Chicago district 1,454 1,008 207 394 187 Week ending (Friday): St. Louis district 889 666 125 218 92 1940—June 7 13,354 6,805 1,162 3,643 1,745 Minneapolis district. _. 419 292 55 87 32 June 14 13, 511 6,841 1,202 3,714 1,754 Kansas City district... 1,047 685 158 128 196 68 June 21 13, 728 7,035 1,182 3,727 1,785 Dallas district 782 460 129 87 139 52 June 28 13, 736 7,044 1,180 3,755 1, 757 San Francisco district. 2,374 1,880 1,996 429 661 233 July 5 13, 740 7,048 1,165 3,773 1,754 July 12 13, 751 7,015 1,149 3,825 1,762 Total- 13,457 10,148 4,751 2,013 3,716 1,703 July 19 13,886 7,015 1,198 3,880 1,793 Excess reserves: Country banks: 1939—June 4,246 2,394 362 944 546 Boston district 928 660 560 107 201 94 July 4,402 2,504 305 1,013 581 New York district 1,446 995 1,410 190 424 235 August 4,607 2,587 363 1,046 611 Philadelphia district. 696 445 879 97 190 93 September 5,198 2,943 430 1,147 678 Cleveland district 657 418 704 85 163 78 October 5,490 2,974 518 1,295 704 Richmond district 597 347 369 60 101 41 November 5,259 2,753 516 1,294 696 Atlanta district 568 327 240 51 96 45 December 5,011 2,611 540 1,188 671 Chicago district 954 573 761 107 227 121 1940—January 5,464 3,045 342 1,350 727 St. Louis district 396 241 246 41 73 32 February 5,626 3,199 301 1,378 747 Minneapolis district... 341 207 280 39 70 31 March 5,734 3,248 310 1,405 771 Kansas City district... 458 279 159 41 69 27 April 6,003 3,312 388 1,494 809 Dallas district 561 332 106 45 81 36 May 6,288 3,389 477 1,607 815 San Francisco district. 365 223 287 41 60 19 June 6,696 3,594 547 1,703 851 Week ending (Friday): Total 7,8 5,048 6,002 906 1,757 851 1940—June 7 6,507 3,492 537 1,639 840 June 14 6,624 3,515 565 1,695 849 1 Gross demand deposits minus demand balances with domestic banks J J u u n n e e 2 2 1 8 6 6 , , 7 8 7 0 0 5 3 3 , , 6 6 6 7 6 3 5 5 4 4 3 5 1 1 , , 6 73 8 9 1 8 8 7 5 8 1 (except private banks and American branches of foreign banks) and July 5 P6, 807 3,675 526 1,758 P847 cash items in process of collection. July 12 P6, 798 3,633 510 1,800 P856 NOTE.—See table at foot of p. 784 for percentages of deposits required July 19 P6, 892 3,614 549 1,844 *>886 to be held as reserves. p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] i 11 TYIOTY^ h Ir Member banks in larger centers Member banks in smaller centers ^11 111 t5 111 (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time June May June May June May June May June May June May Boston 2,220 2,175 645 648 2,088 2,044 515 517 132 130 130 131 New York 16,862 16, 554 2,325 2,311 i 1, 375 i 1,364 i 1,063 i 1,063 301 300 501 501 Philadelphia. . 2,130 2,153 1,106 1,110 1,888 1,912 649 653 243 241 457 457 Cleveland 2,520 2,492 1,440 1,441 2,273 2,246 1,127 1,129 247 245 312 312 Richmond 1,448 1,438 585 585 1,250 1,238 380 380 198 199 205 205 Atlanta 1,388 1,399 421 419 1,211 1,217 330 329 178 183 91 91 Chicago 5,446 5,359 1,872 1,868 i 2,049 i 2,025 i 1,058 i 1, 058 358 356 312 309 St. Louis 1,285 1,287 420 418 1,046 1,046 301 298 239 241 119 119 Minneapolis.. 761 735 367 367 563 539 177 177 198 197 190 190 Kansas City.. 1,505 1,531 317 317 1,166 1,188 202 201 339 343 116 116 Dallas 1,343 1,347 235 235 1,036 1,040 188 188 307 307 47 47 San Francisco. 2,739 2,711 2,283 2,281 2,614 2,588 2,180 2,179 125 123 103 101 Total ... 39, 648 39,181 12,016 11, 999 i 18, 558 118, 447 i 8,170 i 8,173 2,865 2,866 2,583 2,579 t Excluding central reserve city banks, for which figures for latest month are shown in table above. 790 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of month Total c c G e a r o t t i e l f d s i- d S o i l l l v a e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t y a e 8 s s 9 - 0 S s u c i i a b l o v r s i y n e i r d- M c i o n in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r v s a e l R F B n e e o d s a e t e n e r r k v s a e l t n b i N o o a n n t a e a - k s l 1939—May 6,967 72 42 1,417 358 154 259 4,449 26 189 June 7,047 72 42 1,454 361 155 266 4,484 26 186 July 7,049 71 43 1,446 362 156 264 4,496 25 184 August 7,171 71 43 1,465 365 157 267 4,595 25 182 September- 7,293 71 43 1,488 369 159 269 4,688 25 180 October 7,342 70 44 1,485 373 161 267 4,739 24 178 November.. 7,483 70 44 1,530 379 163 269 4,826 24 177 December.. 7,598 69 45 1,554 1 381 164 272 4,912 24 175 1940—January 7,376 69 44 1,469 1 372 163 265 4,796 23 173 February... 7,455 68 45 1,500 1 373 163 271 4,839 23 171 March 7,511 68 45 1,508 1 375 164 260 4,896 23 170 April 7,559 68 45 1,557 1 377 166 248 4,906 23 168 May.. 7,710 67 46 1,590 1 382 1C8 241 5,025 23 167 June 7,848 67 46 1,582 L 384 169 248 5,163 22 165 Back figures—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] i T n o c ta ir l - Coin and small denomination currency2 Large denomination currency 2 Un- End of month cula- assortto ti t o a n l i Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed2 1939—May 6,967 5,109 554 513 33 937 1,614 1,458 1,861 422 836 172 380 17 33 3 June -. 7,047 5,164 558 514 33 947 1,638 1,473 1,887 428 848 176 388 17 29 3 July. . . 7,049 5,169 561 514 33 947 1,644 1,470 1,885 426 847 175 391 17 28 4 August. 7,171 5,253 566 521 34 966 1,681 1,487 1,922 433 857 180 405 17 30 4 September ... 7,293 5,329 571 532 34 980 1,706 1,507 1,965 440 876 185 413 20 30 1 October. __ _ _7,342 5,363 577 535 34 982 1,710 1,526 1,981 445 884 186 415 20 30 2 November 7,483 5,478 586 545 35 1,004 1,752 1,557 2,007 452 896 188 420 20 32 2 December 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940—January 7,376 5,332 579 526 34 970 1, 692 1,532 2,047 457 920 191 426 20 33 3 February 7,455 5,397 581 530 34 986 1,723 1,543 2,061 459 930 191 427 20 34 4 March _ 7,511 5,414 584 531 33 989 1,731 1,546 2,101 460 941 194 432 24 49 4 April 7,559 5,437 588 534 34 992 1,739 1,551 2,126 463 951 195 439 30 48 4 May 7,710 5,519 595 546 35 1,009 1,766 1,568 2,193 471 979 202 464 26 50 June _ _ 7,848 5,584 599 546 35 1,015 1,791 1,599 2,264 485 1,013 210 481 26 50 2 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 denomiiiations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve Banks and in circulation, [By selected banks and financial institutions in New York City. millions of dollars] In millions of dollars] End of month Total d S s l o b i a i i o l l l u n v v n l d l a e e - r r i r s s S i c i s a l o u i v d r i b y e - n - r Mi co n i o n r U S n n t o a i t t t e e e s d s n s b F e R e o a e r r t n e a v d e - k l e - s t n b i N o o a n t n a e a - k s l 1937 Year or month m E S e u n h r t i o 2 s p 1 p - . t e 5 o R E e f u c r r o e o 4 m i 7 p pe . t 6 s m s N h e i e n p t t - s rec N e e ip t 2 t 6 s .1 1938 33.1 34.4 1.3 1939 110.2 100.4 1939—May 2,862 1,759 377 161 347 191 June 2,881 1,778 380 161 347 189 1939—June 2.9 1.1 1.8 July 2,895 1,794 381 162 347 186 July 2.2 1.0 1.2 August 2,907 1,804 383 162 347 185 August 4.7 .9 3.8 September. 2,919 1,814 386 164 347 183 September. .8 .1 .7 October 2,932 1,825 390 166 347 181 October. __ 1.8 .2 1.6 November. 2,947 1,835 394 167 347 179 November. 4.5 1.3 3.2 December. 2,963 1,845 399 169 347 178 December. 6.6 .3 6.3 1940—January.... 2,971 1,855 400 169 347 175 1940—January... 5.3 0) 5.3 February.. 2,981 1,866 401 170 347 173 February.. 4.7 0) 4.7 March 2,990 1,876 401 171 347 172 March 1.4 0) 1.4 April 2,999 1,886 400 172 347 171 April 3.5 0) 3.5 May 3,008 1,894 402 173 347 169 May 1.1 0) 1.1 June 3,014 1,900 402 174 347 167 June .5 .1 .4 1 Includes silver held against silver certificates amounting to $1,829,- i Less than $50,000. 000,000 on June 29,1940 and $1,703,000,000 on June 30,1939. Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. AUGUST 1940 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES MOVEMENT OF GOLD TO AND FROM UNITED STATES1 [In millions of dollars] [In'thousands of dollars] Gold stock at In- 1940 end of period crease tic Period t g o i o t n l a d l g d p u o ro c ld - - From or to— June May Jan.-June stock tion Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 1 1934 2 4,202. 51,133.9 1935 1,887.21,739.0 Belgium 977 1 1 1 9 9 9 3 3 3 7 6 8- 1 1 1 2 4 1 , , , 7 5 2 6 1 5 0 2 8 1 1 1 , , , 7 1 5 5 3 0 1 2 2 . . . 5 5 1 1 , , , 9 1 5 7 1 8 3 6 5 . . . 6 6 5 H I F t r a u a l n n y g c . a e ry 241,603 1 8 2 , , 2 9 4 5 4 0 8 0 2 4 1 4 3 1 1 , , , 8 7 9 7 7 3 3 8 5 1939 17.644 3,132.03,574.2 Netherlands 3,671 9,431 63,253 Norway 33,405 1938—July 13,017 54.5 S S w pa e i d n en 4,377 1,550 15 6 4 , ,6 3 9 9 4 7 August 13,136 118. 166.0 Switzerland 2,138 11,452 90,255 September 13,760 623.8 520.9 United Kingdom . 128,003 62,044 314,108 October 14,065 305.0 562.4 U. S. S. R 5,570 November 14,312 247.5 177.8 Yugoslavia 13,673 13, 673 December 14,512 199.6 240.5 Canada 716, 697 12 281,198 16 1,402,416 142 Mexico 4,182 2,331 15, 680 1939— M F J e a a b r n r c u u h a a r r y y .... 1 1 1 5 4 4 , , , 2 8 6 5 7 8 8 4 2 3 1 1 8 9 7 3 2 0 . . . 8 7 0 3 2 1 6 2 5 5 3 6 . . . 4 3 3 ' ' ' 1 1 1 0 1 2 . . . 7 3 4 B C C o h e l n i i l t v e r i a a l A .. merica. ._ 620 1,236 1,2 8 3 1 2 2 3 §,"545 3 5, , 3 9 4 0 1 0 5 8 "i," 781 April 15,791 532.3 605.8 '13.3 Colombia 2,130 2,113 8,477 May. 15,957 166.2 429.4 '12.8 Ecuador 241 324 1,845 June 16,110 153.3 240.4 '10.8 Peru 592 1,510 4,854 July 16,238 128.0 278.6 '13.3 Venezuela 416 437 2,620 August 16,646 407.6 259.9 '14.3 Australia 6,603 5,177 32,959 September 16,932 285.9 326.1 '15.9 British India 2,377 4,317 38,112 October 17,091 159.9 .7 '18.7 China and Hong November 17,358 267.1 168.0 '14.9 Kong 1,459 3,958 16, 679 December 17.644 285.1 451.2 '13.4 Japan 3,399 4,743 61,248 1940— F J e a b n r u u a a ry ry 1 1 7 8 , ,1 9 7 3 7 1 2 24 8 6 7 . . 0 5 2 20 3 1 6 . . 4 4 1 1 1 3 . . 4 6 A S P o h ll u i l o t i h t p h p A e i r f n r e c i c o a I u s n l t a r n ie d s s 2 . _ . 2 4 3 3 , , , 7 8 0 6 9 9 6 1 5 3 2 1 , , 4 4 9 0 7 4 7 5 5 1 1 1 4 0 9 7 , , , 0 0 3 3 7 5 8 2 6 March 18,433 256.0 459.8 12.1 A M p a r y il 1 1 9 8 , , 2 7 0 7 9 0 4 3 3 3 9 6 . . 0 9 4 2 3 4 5 9 . . 1 9 1 1 4 3. . 0 1 Total 1,164,224 1,249 438,695 3,563 , 750, 537 June 19,963 754.2 163.0 P12.6 July 1-24? ._.. 20,367 404.3 441.3 Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. p Preliminary. ' Revised. 2 Includes all movements of unreported origin or destination. 1 Gold held under earmark at Federal Reserve Banks for foreign ac- Back figures.—See table, p. 885, and Annual Report for 1937 (tables count on June 29, 1940, in millions of dollars: 1,706.2. 31 and 32). 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. NOTE.—Figures for domestic production of gold are those published in table, p. 885, adjusted to exclude Philippine Islands production received in United States. Adjustment based on annual figures reported by Director of Mint and monthly imports of gold to U. S. from Philip- BANK DEBITS pines. For back figures see Annual Report for 1937 (table 29). Debits to deposit accounts, except interbank accounts, at banks in BANK SUSPENSIONS1 principal cities.] [In millions of dollars] Total, 140 133 Member Nonmember all New other other Total, banks banks Year and month report- York lead- reportall ing City ing ing banks centers centers centers 2 Na- In- Not tional State sured2 insured 1929.. 982, 531 603,089 331,938 47,504 1935.. 402,718 184,006 190,165 28,547 Number of banks suspended: 936.. 461,889 219, 670 33,283 1934 937_. 469,463 197,836 235, 206 36,421 1935 1938.. 405,929 168,778 204, 745 32,406 1936 1939.. 423,932 171,382 218,298 34,252 1937 1938 ^939—May 34,656 14,165 17, 763 2,728 1939 June 36,883 15, 312 18,676 2,895 1940—Jan.-June July.. 33,245 12,794 17,683 2,768 August 33,314 13,118 17,496 2,701 Deposits of suspended banks September. 36, 594 15,138 18,526 2,930 (in thousands of dollars):3 October 35,830 13,683 19,029 3,119 1934 36,937 40 1,912 34,985 November _ 34, 666 13,041 18, 636 2,99 0 1935 10,015 5,313 3,763 939 December.. 43,447 17,633 22,386 3,428 1936 11,306 507 10,207 592 1937 -— 19,723 7,379 1,708 10,156 • 480 .940—January... 37,786 14, 739 19,978 3,069 1938 _— .— 13,012 36 211 11,721 1,044 February- 32,197 12,138 17,344 2,715 1939 34,998 1,341 24,629 2,439 March 37,769 15,201 19,537 3,031 1940—Jan.-June— 3,940 3, 752 April 37,780 15, 519 19,250 3,010 May.. 37,257 14, 536 19,659 3,063 June 35,005 13,110 18,850 3,045 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at Comprises centers for which bank debit figures are available beginthe time of closing (in some instances with the aid of Federal Depositning with 1919, except that one substitution was made in 1920 and one Insurance Corporation loans). in 1928. 2 Federal deposit insurance became operative January 1, 1934. 2 Centers (other than the 141 centers) for which bank debits are current- 3 Deposits of member banks and insured nonmember banks suspended y reported. The number has changed very little since 1934 and has are as of dates of suspension, and deposits of noninsured nonmembernumbered 133 since 1936. banks are based on the latest data available at the time the suspensions Back figures.—See Annual Report for 1937 (Table 71), which also gives were reported. a definition of bank debits. Figures for individual reporting cities and Back figures.—See Annual Report for 1937 (table 76). totals by Federal Reserve districts are available in mimeographed form. 792 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 In millions of dollars] Nonmember Member banks banks Member banks Nonmember banks Call date Total Other Total ti N o a n - al State M s b a a u v n i t n u k g a s s l m n b e o e m n r - - Call date ba A n l k l s Total Na- State M sav u i t n u g a s l no O n t m he e r mbanks tional banks ber banks 1929—June 29 25,110 8,707 7,530 1,177 611 15, 792 1929—June 29._. 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31— 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30... 37,998 23,338 14,772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30... 38,505 23,771 15, 386 8,385 9,708 5,026 1934—June 30 15,835 6,375 5,417 958 578 8,882 1934—June 30... 41,870 26,615 17,097 9,518 9,780 5,475 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31... 44,770 28,943 18, 519 10,424 9,828 6,000 1935—June 29 15,994 6,410 5,425 985 571 9,013 1935—June 29... 45,766 29,496 19,031 10,465 9,920 6,350 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31... 48,964 32,159 20,886 11,273 9,963 6,842 1936—June 30 15, 752 6,400 5,368 1,032 566 8,786 1936—June 30... 51,335 34,098 21,986 12,112 10,060 7,178 Dec. 31 15,628 6,376 5,325 1,051 565 8,687 Dec. 31— 53, 701 35,893 23,107 12,786 10,143 7,666 1937—June 30 15,527 6,357 5, 293 1,064 564 8,606 1937—June 30— 53,287 35,440 22,926 12, 514 10,213 7,635 Dec. 31 15,393 6,341 5,260 1,081 563 8,489 Dec. 31— 52,440 34,810 22, 655 12,155 10,257 7,373 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30... 52,195 34,745 22,553 12,193 10,296 7,153 Dec. 31 15,206 6,338 5,224 1,114 556 8,312 Dec. 31— 54,054 36,211 23,497 12,714 10,365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30... 55,992 38,027 24,534 13,493 10,521 7,444 Oct. 2 15,061 6,339 5,196 1,143 552 8,170 Oct. 2____ 57,437 39,287 25,248 14,039 10, 520 7,630 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30.. _ 58,344 39, 930 25,661 14,269 10,613 7,801 1940—Mar. 26 15,006 6,377 5,178 1,199 551 8,078 1940—Mar. 26... 59,017 40,579 25,911 14,667 310,544 37,895 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - Total Loans I m nv e e n s t t s - 1929—June 29 58, 474 41, 531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 _ 40,319 21, 977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1934—June 30 42, 502 21,278 21,224 27,175 12, 523 14,652 9,904 5,648 4,256 5,423 3,108 2,315 Dec 31 43,458 20,473 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—June 29 ,44,416 20, 272 24,145 28,785 11,928 16,857 9,852 5, 341 4,511 5,779 3,003 2,777 Dec. 31 45,717 20,329 25,388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—June 30 48,458 20,679 27, 778 32, 259 12, 542 19, 717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937_june 30 49, 696 22, 514 27,182 32,739 14,285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31 48, 566 22,198 26,368 31, 752 13, 958 17,794 10,187 4,996 5,191 6,627 3,244 3,383 1938—June 30 47,381 21,130 26,252 30,721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 312. 48,929 21,354 27,575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939_june 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Oct. 2 49,954 21,634 28,320 33,075 13,470 19,605 10,333 4,936 5,397 6,546 3,228 3,318 Dec 30 50,885 22,169 28,716 33,941 13, 962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940—Mar. 26 51,135 22,190 28,945 34,163 13,939 20,224 310,226 4,922 5,304 3 6,746 3,329 3,417 1 Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank abstracts. 2 Beginning December 1938 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "Other assets." 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on December 30, 1939) which was formerly classified as a mutual savings bank, is included in the March 26, 1940 figures in "Other nonmember banks" column. Back figures—See Annual Report for 1937 (tables 48-49). AUGUST 1940 793 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans i Investments V Call date T lo a i o n a n t n d - a s l C m c i o i n e a m - r l, - - Open o p s L r u e o r c c c a u a h n r r a s r it s y i f i i e o n n s r g g Real Loans U. i3. G D ov ir e e r c n t mentobligations g S O a t t a o b io t f l e i n - s s Other m ve e s n t t - s Total i t a ri n a d l, m k a e r t - br T o o k- e lo st a a n t s e ba t n o ks loans * Total G a u n a - r- p i o c l a i l t- r s i e ti c e u s - i a c g u r l i - - paper a e n r d s oth T e o rs3 Total Bills* Notes Bonds teed d su iv b- itural 2 deal- sions ers Total—All Member Banks 1929—Dec. 31. 35,934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 3,863 249 520 3,094 1,393 4,528 1933—June 30. _24, 786 12,858 595 953 3,752 2,372 330 4,857 11,928 6,887 1,113 2,049 3,725 1,744 3,297 1938—June 30..30, 721 12, 938 492 701 2,614 2,613 120 6,397 17, 783 10, 215 316 3,653 6,246 2,128 2,143 3,296 Sept. 28. 31, 627 12,937 484 713 2,590 2,661 126 6,364 18, 689 10, 713 313 3,707 6,693 2,298 2,317 3,361 Dec. 31.. 32,070 13,208 5,448 442 973 775 2,716 125 2,728 18, 863 10,882 286 3,389 7,208 2,340 2,448 3,192 1939—Mar. 29..32,095 13,047 5,531 427 838 733 2,749 99 2,671 19,048 10,691 303 2,604 7,783 2,660 2,555 3,142 June 30._ 32, 603 13,141 5,571 420 731 736 2,828 58 2,796 19,462 10,946 441 2,720 7,786 2,831 2,554 3,131 Oct. 2« 33,075 13,470 19,605 10,891 2,920 2,764 3,030 Dec. 30_ _33,941 13, 962 6,115 455 790 700 2,957 56 2,888 19,979 11,184 563 2,223 8,398 3,144 2,692 2,959 1940—Mar. 266 34,163 ]3,939 20. 224 11,314 3,107 2,905 2,898 June 29 34,440 13,951 20, 488 2,887 2,878 New York City'1 1929—Dec. 31_. 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1,112 58 166 889 222 758 1933—June 30 7,133 3,424 364 758 1,044 157 162 937 3,709 2,551 638 987 926 478 680 1938—June 30. _ 8,013 3,172 141 556 717 132 85 1,541 4,840 3,031 222 1,358 1,451 709 394 707 Sept. 28. 8,355 3,146 153 564 702 132 95 1,499 5,209 3,153 251 1,342 1,560 834 495 727 Dec. 31.. 8,335 3,262 1,461 138 787 220 121 99 436 5,072 2,963 158 1,142 1,663 894 517 698 1939—Mar. 29.. 8,408 3,086 1,456 126 668 209 124 77 427 5,322 2,939 68 831 2,040 1,086 582 714 June 30.. 8,688 2,988 1,479 128 555 215 130 41 440 5,700 3,360 168 908 2,284 1,123 480 736 Oct. 2 6 9 044 3,116 5 928 3,401 1,157 662 708 Dec. 30.. 9,339 3,296 1,776 120 611 188 133 44 425 6,043 3,497 315 797 2,385 1,275 579 693 1940—Mar. 266 9 594 3,211 6 383 3 686 1,286 726 686 June 29. 9,829 3,014 6,815 634 695 City of Chicago 7 1929—Dec. 31- 1,757 1,448 19 251 533 21 88 535 309 116 3 19 94 96 96 1933—June 30. 1,287 677 70 61 251 30 30 237 610 384 206 82 97 87 138 1938—June 30 1,806 525 15 29 109 10 361 1,281 859 12 313 535 122 140 159 Sept. 28. 1,889 522 18 31 111 10 351 1,367 921 1 310 611 126 144 175 Dec. 31__ 1,969 539 336 16 43 70 12 1 62 1,430 1,005 59 291 655 109 141 176 1939—Mar. 29. 1,965 545 361 14 32 70 12 57 1,420 992 121 212 660 108 149 171 June 30.. 2,052 544 348 14 39 71 11 59 1,507 1,040 185 234 621 135 154 179 Oct. 2 «__ 2,050 563 1,487 1,017 155 147 168 Dec. 30- 2,105 569 372 17 41 66 13 60 1,536 1,031 153 176 701 172 162 170 1940—Mar. 266 2,222 564 1 658 1 180 139 175 164 June 29 2,206 604 1,602 177 167 Reserve City Banks 1929—Dec. 31—12,029 9,084 168 664 2,775 1,538 258 3,679 2,944 1,368 91 165 1,112 448 1,128 1933—June 30. _ 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 598 930 1938—June 30 11,150 4,853 163 95 998 1,201 26 2,369 6,298 3,940 69 1,268 2,603 718 732 908 Sept. 28. 11,426 4,870 156 96 992 1,217 22 2,387 6,556 4,088 47 1,290 2,752 743 115 950 Dec. 31__ 11,654 4,963 2,121 149 119 242 1,230 20 1,081 6,691 4,278 57 1,224 2,997 740 808 866 1939—Mar. 29- 11, 624 4,936 2,116 145 115 228 1,249 17 1,066 6,688 4,181 100 977 3,105 823 823 860 June 30-. 11, 756 5,004 2,118 138 115 221 1,284 12 1,116 6,751 4,102 78 1,014 3,010 889 895 866 Oct. 2 • 11,880 5,127 6,752 4,089 909 897 856 1940— D M ec a . r . 3 2 0 6 — 6 1 1 2 2 , , 1 2 5 7 3 2 5 5 , , 3 3 0 2 5 9 2,322 155 119 222 1,335 9 1,168 6 6 , , 9 8 4 4 3 8 4 4 , , 2 1 2 0 2 7 63 819 3,339 9 9 7 6 2 3 8 9 9 2 0 8 8 8 6 5 0 0 June 29__ 12,159 5,359 6,800 980 873 Country Banks 1929—Dec. 31 13, 375 8,936 201 291 2,231 1,462 45 4,705 4,439 1 267 97 171 999 627 2,546 1933—June 30. _ 7,873 4,275 35 25 1,117 1,055 38 2,005 3,598 1,469 64 299 1,106 581 1,549 1938—June 30__ 9,752 4, 388 173 21 790 1,269 9 2,126 5,364 2,385 13 715 1,657 579 878 1,522 Sept. 28. 9,958 4,399 156 21 784 1,303 9 2,127 5,558 2,550 15 766 1,770 596 903 1,509 Dec. 31.. 10,113 4,444 1,531 138 25 243 1,353 5 1,149 5,669 2,636 11 732 1,893 597 982 1,453 1939—Mar. 29_.10,098 4,480 1,597 142 24 226 1,363 6 1,121 5,618 2,578 15 585 1,978 643 1,001 1,397 June 30.. 10,109 4,605 1,626 140 22 229 1,402 5 1,180 5,504 2,444 11 563 1,870 683 1,025 1,351 Oct. 2«__10,102 4,665 5,437 2,383 699 1,058 1,297 Dec. 30- 10, 224 4,768 1,646 163 20 224 1,477 4 1,234 5,456 2,434 31 431 1,972 725 1,061 1,236 1940—Mar. 268 10,194 4,860 5 334 2 341 719 1,076 1,197 June 29__ 10, 246 4,974 5,271 1,096 1,143 * Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April, 1939, pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only. 2 Not reported separately prior to December 1938 except for weekly reporting banks in leading cities. 3 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans en securities to banks and to brokers and dealers. 4 This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable with earlier figures. 5 Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 794 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbanl except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F e a R e e r n r i e a t d v k h - l - e s v C a i a n u s l h t b m a w a n d e n i c o s k t e - h t s s i c ij m p u o s a d a e t s d n e - i - t d d s 2 s p p u v n h a c o a a i o e i n l r d r p r r d s a t - - - s , - - , S p s d s a i t i o u i c a o n b v l a t n d i - i e l t - s - s c C h c e o f a e e i e t f n e c f r c r d i d t s . k - 3 i ' - s m U G e e . r o n n v S t - - 4 . s p p u v h n a c o a a i e o i n r d r l p r r d s a t - - - s - , - , S p s d s a i t i o u c i a o n b v l a t n d i - i e l t s - - s P in o g st s a 4 l m D a e n b - d arik T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a a t u c a p n - - l ts Call date tions tions Total—All Member Banks 2,374 558 2,168 16,647 17, 526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1929—Dec. 31 2,235 405 2,008 12,089 11, 830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1933—June 30 7,249 604 3,561 20,513 19,116 2,237 566 752 10,845 512 90 5,615 137 377 28 5,352 1938—Mar. 7 8,004 712 4,084 20,893 19,816 2,314 662 543 10,874 454 83 6,096 135 331 11 5,368 June 30 8,193 775 3,937 21, 596 20, 439 2,080 538 707 10, 789 464 70 6,088 130 466 12 5,410 Sept. 28 8,694 746 4,240 22,293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 Dec. 31 9,112 111 4,403 22, 364 20,845 2,467 533 775 10, 940 461 68 6,816 133 629 7 5,467 1939—Mar. 29 10,011 712 4,674 23, 587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 June 30 11,617 774 6 5, 304 25,118 23,983 2,390 666 675 11,104 418 51 6 8,243 6 142 6 757 5 5,530 Oct. 2 11, 604 841 5,506 25, 681 24, 604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 Dec. 30 12, 279 862 6 5, 634 26,461 24,965 2,499 558 725 11, 368 411 • 52 6 8, 717 M45 6 737 2 5,562 1940—Mar. 26 New York City* 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1929—Dec. 31 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1933—June 30 2,941 59 95 6,336 6,429 185 327 360 694 67 2,173 334 12 1,596 1938—Mar. 7 3,517 65 119 6,698 6,900 273 367 123 694 32 2,514 291 1,587 June 30 3,743 70 91 7,026 7,128 196 280 181 653 64 2,498 411 2 1,589 Sept. 28 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,593 Dec. 31 4,582 63 156 7,605 7,677 260 272 135 655 53 2,731 553 1,592 1939—Mar. 29 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 June 30 5,929 85 6 109 8,676 8,812 321 349 72 683 52 6 3, 568 6670 1 1,587 Oct. 2 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 Dec. 30 6,386 84 6 163 9,562 9,652 219 260 68 742 35 6 3,629 6 1 6 672 1,601 1940—Mar. 26 City of Chicago 5 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 316 1929— Dec. 31 232 34 203 912 870 87 16 46 358 1 6 259 2 204 1933—June 30 566 22 135 1,372 1,270 170 17 92 445 16 576 7 245 1938—Mar. 7 936 31 208 1,523 1,386 221 23 86 443 16 688 6 249 June 30 856 32 198 1,585 1,455 204 24 62 439 21 636 10 256 Sept. 28 884 35 235 1,688 1,597 181 29 83 452 9 658 9 257 Dec. 31 705 22 178 1,250 1,182 141 26 83 452 12 834 10 261 1939—Mar. 29 897 26 235 1, 666 1,565 197 22 60 471 17 746 12 270 June 30 1,080 37 6 237 1,747 1,632 195 27 60 469 21 3 6 853 6 14 270 Oct. 2 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 Dec. 30 909 25 6 195 1,544 1,503 133 18 80 482 11 5 3 997 37 253 1940—Mar. 26 Reserve City Banks 751 156 947 5,229 5,547 423 300 76 4,433 371 41 1,604 30 64 292 2,029 1929—Dec. 31 705 122 1,002 3,764 3,708 349 108 312 2,941 208 388 1,315 59 15 16 1,533 1933—June 30 2,376 213 1,632 6,848 6,455 809 121 234 4,198 269 33 2,461 116 34 5 1,736 1938—Mar. 7 2,289 300 1,951 6,934 6,668 812 146 266 4,238 262 31 2,514 113 32 1,753 June 30 2,311 322 1,862 7,078 6,843 711 120 356 4,209 233 23 2,557 107 43 1,764 Sept. 28 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 1,777 Dec. 31 2,459 342 2,106 7,326 6,899 889 123 420 4,276 243 22 2,813 108 64 2 1,795 1939—Mar. 29 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 1,812 June 30 3,053 323 6 2,485 8,017 7,803 801 158 410 4,319 198 14 6 3,307 6 116 6 71 1,821 Oct. 2 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 Dec. 30 3,336 364 6 2,632 8,400 7,978 942 150 431 4,386 214 12 6 3, 525 6 115 6 56 1,833 1940—Mar. 26 Country Banks 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258 1929— Dec. 31 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,517 1933—June 30 1,366 310 1,700 5,957 4,963 1,073 101 66 5,508 159 56 403 20 1 11 1,774 1938—Mar. 7 1,263 316 1,806 5,738 4,863 1,008 126 68 5,499 144 52 380 22 2 11 1,778 June 30 1,282 351 1,786 5,908 5,013 969 114 108 5,488 147 46 398 23 2 11 1,801 Sept. 28 1,353 322 1, 956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 Dec. 31 1,367 350 1,963 6,183 5,087 1,176 114 137 5,557 153 46 438 25 2 5 1,818 1939—Mar. 29 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 June 30 1,555 329 6 2, 473 6,677 5,736 1,073 131 133 5,632 148 35 6 515 826 62 4 1,852 Oct. 2 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 Dec. 30 1,648 389 6 2,645 6,954 5,832 1,205 131 147 5,757 151 35 8 566 « 29 62 2 1,875 1940—Mar. 26 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in" Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec.31,1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. 6 Partly estimated Back figures.—See Annual Report for 1937 (tables 52-58). AUGUST 1940 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars.] Loans Investments Loans for U. 3. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Direct Date or month m v a i e e n n s n d - t t - s Total t d a r i u i n n a s d - - l, p O m k a p a p e e r t e - n r br T o o k- e l R o st a e a n a t s l e b L a o t n o a k n s s O lo t a h n e s r Total G a u n a - r- r s O i e t t c i h e u e s - r agri- ers To Total Bills Notes Bonds teed cul- and others tural dealers Total—101 Cities 1939—June..._ 21,887 8,094 3,830 304 671 541 1,159 52 1,537 13,793 8,383 422 2,106 5,855 2,119 3,291 1940—February 23,220 8,520 4,317 328 611 481 1,184 54 1,545 14,700 8,862 642 1,746 6,474 2,419 3,419 March 23,380 8,604 4,371 335 634 476 1,186 51 1,551 14,776 8,904 627 1,776 6,501 2,384 3,488 April 23,489 8,646 4,414 335 624 474 1,182 48 1,569 14,843 8,941 575 1,839 6,527 2,398 3,504 May 23, 555 8,599 4,397 327 574 475 1,191 47 1,588 14,956 9,053 638 1,905 6,510 2,407 3,496 June _. 23, 591 8,446 4,383 313 422 471 1,199 42 1,616 15,145 9,201 751 1,993 6,457 2,402 3,542 May 8 23, 576 8,654 4,404 331 618 473 1,193 51 1,584 14,922 9,032 646 1,900 6,486 2,434 3,456 May 15 23, 592 8,643 4,414 328 602 473 1,191 43 1,592 14,949 9,088 650 1,909 6,529 2,387 3,474 May 22 23,544 8,562 4,391 327 544 474 1,193 44 1,589 14,982 9,105 673 1,919 6,513 2,389 3,488 May 29 23, 524 8,475 4,367 322 478 481 1,189 46 1,592 15,049 9,081 627 1,926 6,528 2,399 3,569 June 5 23, 527 8,435 4,368 318 437 475 1,195 38 1,604 15,092 9,163 698 1,928 6,537 2,401 3,528 June 12 23,661 8,469 4,377 317 444 472 1,198 42 1,619 15,192 9,214 750 1,933 6,531 2,400 3,578 June 19 23,596 8,444 4,387 309 413 470 1,199 48 1,618 15,152 9,226 785 2,058 6,383 2,400 3,526 June 26 — 23, 581 8,435 4,399 309 395 467 1,202 38 1,625 15,146 9,202 771 2,054 6,377 2,408 3,536 July 3 23, 586 8,462 4,438 301 380 471 1,199 40 1,633 15,124 9,202 757 2,063 6,382 2,405 3,517 July 10 23,683 8,461 4,447 297 377 471 1,200 36 1,633 15, 222 9,226 773 2,070 6,383 2,416 3,580 July 17 _. 23,743 8,517 4,464 298 408 474 1,205 35 1,633 15,226 9,229 769 2,083 6,377 2,415 3,582 July 24 23,947 8,514 4,462 290 411 476 1,206 36 1,633 15,433 9,452 794 2,093 6,565 2,419 3,562 New York City 1939—June 8,103 2,758 1,375 121 523 201 113 39 386 5,345 3,139 168 808 2,163 1,060 1,146 1940—February 8,810 2,918 1,650 112 465 161 112 48 370 5,892 3,368 187 722 2,459 1,268 1,256 March 9,000 2,964 1,676 115 485 160 114 45 369 6,036 3,466 182 789 2,495 L,249 1,321 April 9,108 2,965 1,686 111 482 160 119 41 366 6,143 3,585 170 888 2,527 1,253 1,305 May 9,172 2,905 1,673 108 433 160 120 40 371 6,267 3,720 242 950 2,528 1,275 1,272 June... 9,263 2,763 1,671 101 298 159 122 35 377 6,500 3,925 396 989 2,540 1,282 1,293 May 8 9,174 2,958 1,676 111 477 160 120 44 370 6,216 3,681 237 944 2,500 L,296 1,239 May 15 9,180 2,936 1,680 108 458 159 120 37 374 6,244 3,729 244 956 2,529 1,259 1,256 May 22 __. 9,165 2,869 1,671 107 403 160 120 37 371 6,296 3,767 258 962 2,547 1,268 1,261 May 29 __. 9,219 2,802 1,658 105 350 159 121 39 370 6,417 3,820 287 969 2,564 1,275 1,322 June 5___ 9,228 2,760 1,656 104 312 159 121 32 376 6,468 3,894 365 969 2,560 1,279 1,295 June 12.__ 9,307 2,777 1,668 103 312 159 122 35 378 6,530 3,928 398 971 2,559 1,279 1,323 June 19 9,241 2,764 1,672 99 294 160 122 41 376 6,477 3,928 409 1,000 2,519 1,279 1,270 June 26. 9,277 2,753 1,688 99 276 159 122 32 377 6,524 3,949 414 1,014 2,521 L,289 1,286 July 3 _ 9,273 2,768 1,712 96 262 166 122 33 377 6,505 3,926 369 1,015 2,542 1,290 1,289 July 10 9,379 2,764 1,714 91 265 166 122 29 377 6,615 3,977 411 1,023 2,543 1,287 1,351 July 17 9,400 2,786 1,711 91 287 169 122 28 378 6,614 3,975 403 1,034 2,538 1,286 1,353 July 24 9., 458 2,786 1,713 87 288 169 123 29 377 6,672 4,048 389 1,051 2,608 1,288 1,336 Outside New York City 1939—June 13, 784 5,336 2,455 183 148 340 1,046 13 1,151 8,448 5,244 254 1,298 3,692 1,059 2,145 1940—February 14, 410 5,602 2,667 216 146 320 1,072 6 1,175 8,808 5,494 455 1,024 4,015 1,151 2,163 March 14,380 5,640 2,695 220 149 316 1,072 6 1,182 8,740 5,438 445 987 4,006 1,135 2,167 April 14,381 5,681 2,728 224 142 314 1,063 7 1,203 8,700 5,356 405 951 4,000 1,145 2,199 May 14, 383 5,694 2,724 219 • 141 315 1,071 7 1,217 8,689 5,333 396 955 3,982 1,132 2,224 June 14,328 5,683 2,712 212 124 312 1,077 7 1,239 8,645 5,276 355 1,004 3,917 1,120 2,249 May 8 •__. 14,402 5,696 2,728 220 141 313 1,073 7 1,214 8,706 5,351 409 956 3,986 1,138 2,217 May 15 14, 412 5,707 2,734 220 144 314 1,071 6 1, 218 8,705 5,359 406 953 4,000 1,128 2,218 May 22 14,379 5,693 2,720 220 141 314 1,073 7 1,218 8,686 5,338 415 957 3,966 1,121 2,227 May 29 14, 305 5,673 2,709 217 128 322 1,068 7 1,222 8,632 5,261 340 957 3,964 1,124 2,247 June 5 14, 299 5,675 2,712 214 125 316 1,074 6 1,228 8,624 5,269 333 959 3,977 1,122 2,233 June 12 14, 354 5,692 2,709 214 132 313 1,076 7 1,241 8,662 5,286 352 962 3,972 1,121 2,255 June 19 14,355 5,680 2,715 210 119 310 1,077 7 1,242 8,675 5,298 376 1,058 3,864 1,121 2,256 June 26 14,304 5,682 2,711 210 119 308 1,080 6 1,248 8,622 5,253 357 1,040 3,856 1,119 2,250 July 3 14,313 5,694 2,726 205 118 305 1,077 7 1,256 8,619 5,276 388 1,048 3,840 1,115 2,228 July 10 14,304 5,697 2,733 206 112 305 1,078 7 1,256 8,607 5,249 362 1,047 3,840 1,129 2,229 July 17.- 14,343 5,731 2,753 207 121 305 1,083 7 1,255 8,612 5,254 366 1,049 3,839 1,129 2,229 July 24 14,489 5,728 2,749 203 123 307 1,083 7 1,256 8,761 5,404 405 1,042 3,957 ]L, 131 2,226 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 796 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars.] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F a e e R e r n r i e d a t v - k - h l e s v C a i a n u s l h t b m a w a d n e i n o c t s - k e h t s i s j m p u o a s d a d t e s e n - - it d d s p p u n v a c o a o a i n e d r r r l r a d - - s t - , - - S p s d s a i t i u o c i o a n v b l a n t i d - i l e t - s - s c C h c a o e f e e e i t f n e c c r r fi . d d k s t - i ' s - m U G er e . o n n v S - t - . 2 s p p u v h n a c o a a o i n e i d r r r p l r d - - a s t s - , - - , S p s d s a i t i u o c i o a n v b l a n t i d - i l e t s - - s P i s n o a g s v s t - a 2 l De- bank T s ime b F e a i o n g r k n - s r B in o o w g r s - - c C o i a t u a c a p n - l - ts Date or month tions tions Total 101 Cities 8,460 447 2,727 17,182 16,633 1,470 419 545 4,9 229 6,607 121 606 3,721 1939—June 10,273 473 3,104 19,210 18,836 1,336 458 561 5,067 199 7,997 124 745 3,719 1940—February 10,394 468 3,184 19,344 18,945 1,371 440 560 5,133 193 8,144 124 736 3,721 March 10,661 465 3,229 19,515 19,058 1,403 461 561 5,147 186 8,295 117 725 3,735 April 11,032 474 3,240 19,971 19,460 1,540 481 560 5,119 192 8,380 115 708 3,750 May 11,500 499 3,262 20, 52420,034 1,494 402 561 5,127 183 8,361 113 3,773 June 10,851 479 3,185 ,741 19,073 1,489 384 560 5,120 196 115 714 3,752 May 8 11,050 472 3,284 19,928 19,620 1,513 531 562 5,118 196 8,499 115 709 3,750 May 15 11,196 485 3,269 20,201 19,659 1,528 510 559 5,117 193 8,371 115 692 3,752 May 22 11,203 488 3,285 20,287 19,696 1,578 456 560 5,120 191 8,316 115 707 3,747 May 29 11,308 483 3,243 20,306 19,647 1,541 391 563 5,127 8,372 116 700 3,755 June 5 11,429 507 3,255 20,615 20,263 1,531 392 561 5,123 8,334 115 687 3,784 June 12 11, 595 499 3,279 20,495 20,023 1,438 411 561 5,125 178 8,424 110 687 3,783 June 19 11, 669 506 3,272 20,681 20,202 1,467 416 559 5,132 179 8.313 112 678 3,773 June 26 11,636 478 3,277 20,510 20,167 1,434 465 515 5,146 183 8,467 110 685 3,774 July 3 11,660 512 3,208 20,824 20,302 1,452 381 439 5,139 180 8,339 111 671 3,777 July 10 11, 729 491 3,262 20,932 20,532 1,425 396 407 5,138 176 8,418 110 673 3,772 July 17 11, 526 498 3,181 20,984 20,401 1,465 423 509 5,139 174 8,196 112 676 3,773 July 24 New York City 4,866 7,608 7,636 580 2,845 529 1,488 .939—June 6,055 8,796 8,887 230 298 613 3,473 682 1,490 .940—February 6,153 8,979 9,112 210 276 658 3,529 672 1,490 March 6,259 9,087 9,154 246 282 661 3,640 663 1,496 April 6,384 9,203 9,306 267 292 634 3,727 650 1,502 May 6,622 9,524 9,653 213 224 647 3,724 634 1,500 June 6,235 9,059 9,078 234 215 631 3,707 655 1,503 May 8 6,388 9,147 9,312 266 341 632 3,786 652 1,502 May 15 6,499 9,332 9,415 251 326 632 3,725 636 1,502 May 22 6,460 9,393 9,486 260 256 642 647 1,498 May 29 6,470 9,415 9,462 218 205 647 3,682 642 1,504 June 5 6,545 9,518 9,776 204 222 644 3,689 635 1,500 June 12 6,745 9,541 9,621 215 223 646 3,787 633 1,501 June 19 6,729 9,621 9,753 216 247 649 3,739 625 1,494 June 26 6,721 9,563 253 268 657 3,782 1,487 July 3 6,719 9,776 9,756 314 209 655 3,700 616 1,489 July 10 6,663 9,710 9,776 272 193 656 3,735 620 1,489 July 17 6,635 9,776 9,779 280 248 658 3,685 623 1,489 July 24 Outside New York City 3,594 380 2,651 9,574 8,997 1,190 150 485 4,416 188 3,762 121 77 2,233 939—June 4,218 394 3,023 10,414 9,949 1,106 160 517 4,454 166 4,524 123 63 2,229 .940—February 4,241 391 3,088 L0,365 9,833 1,161 164 516 4,475 163 4,615 123 64 2,231 March 4,402 387 3,134 L0,428 9,904 1,157 179 516 4,486 159 4,655 117 62 2,239 April 4,648 395 3,153 L0, 768 0,154 1,273 189 516 4,485 166 4,653 115 58 2,248 May 4,878 417 3,179 1,000 0,381 1,281 178 518 4,480 159 4,637 113 54 2,273 June 4,616 402 3,103 :0,682 9,995 1,255 169 516 4,489 169 4,662 115 59 2,249 May 8 4,662 395 3,197 0, 781 L0,308 1,247 190 519 4,486 171 4,713 115 57 2,248 May 15 4,697 404 3,182 .0,869 tt, 2441,277 184 515 4,485 168 4,646 115 56 2,250 May 22 4,743 401 3,189 0,894 , 210 1,318 200 516 4,478 166 4,620 115 60 2,249 May 29 4,838 402 3,157 10,891 .0,185 1,323 186 519 4,480 164 4,690 116 58 2,251 June 5 4,884 424 3,175 1,097 0,487 1,327 170 518 4,479 160 4,645 115 52 2,284 June 12 4,850 419 3,198 % 954 L0,402 1,223 188 518 4,479 156 4,637 110 54 2,282 June 19 4,940 421 3,190 .1,060 L0,449 1,251 515 4,483 157 4,574 112 53 2,279 June 26 4,915 395 3,195 10,947 L0,472 1,181 197 475 4,489 157 4,685 110 55 2,287 July 3 4,941 429 3,128 LI, 048 .0, 546 1,138 172 410 4,484 154 4,639 111 55 2,288 July 10 5,066 409 3,175 1, 222 L0, 756 1,153 203 381 4,482 150 4,683 110 53 2,283 July 17 4,891 418 3,098 1, 208 L0, 622 1,185 175 474 4,481 147 4,511 112 53 2,284 July 24 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. AUGUST 1940 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S. Government obligations !om- purchasing Total mer- or carrying Federal Reserve loans cial, securities Direct distric ( t 1 9 a 4 n 0 d ) date v a i e n n s d - t- Total t d r i u i n s a - - l, O m k p a e e r t n - To e l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total Guar- O se t c h u e - r ments and paper bro- an- rities agri- kers To Total Bills Notes Bonds teed cul- and others tural dealers Boston (6 cities) June 26 1,187 615 298 67 14 18 137 572 39 345 48 131 JulyB 1,182 616 302 65 13 18 138 566 39 343 130 July 10 1,186 615 302 65 12 18 137 571 394 39 348 128 July 17 1,184 614 300 65 13 18 137 570 396 39 349 128 July 24 1,188 610 297 64 13 18 138 578 402 39 355 128 New York (8 cities)* June 26 10,140 3,099 1,802 104 281 211 199 470 7,041 4,235 419 1,071 2,745 1,359 1,447 July 3 10,131 3,112 1, 825 100 267 218 471 7,019 4,216 377 1,073 2,766 1,358 1,445 July 10 10,245 3,108 1,828 95 270 217 471 7,137 4,269 419 1,082 2,768 1,355 1,513 July 17 10,256 3,129 1,825 94 291 220 199 472 7,127 4,267 411 1,093 2,763 1,354 1,506 July 24 10, 324 3,131 1,827 90 293 220 200 472 7,193 4,348 397 1,110 2,841 1,356 1,489 Philadelphia (4 cities) June 26 1,178 452 213 31 22 32 51 102 726 353 33 320 90 283 July 3 1,177 454 215 31 22 32 50 103 723 353 33 320 90 280 July 10 1,179 457 218 31 21 33 50 103 722 353 33 320 90 279 July 17 1,182 460 220 31 23 31 50 104 722 352 33 319 90 280 July 24 1,192 461 220 31 23 30 50 106 731 362 34 328 90 279 Cleveland (10 cities) June 26 1,888 267 19 24 176 207 1,188 772 160 601 122 294 July 3 1,870 267 19 24 175 207 1,171 759 166 592 122 290 July 10 1,871 699 267 18 24 175 208 1,172 759 166 592 123 290 July 17 1,876 707 270 20 25 176 209 1,169 756 165 590 123 290 July 24 1,885 705 269 21 25 176 207 1,180 769 165 603 124 287 Richmond (12 cities) June 26 272 122 3 14 412 289 160 129 53 July 3 679 271 121 3 14 80 408 286 158 128 53 July 10 677 270 121 3 14 43 407 286 158 128 53 68 July 17 686 273 120 3 15 44 413 292 164 128 53 July 24 687 271 121 3 14 44 79 416 295 161 134 53 Atlanta (8 cities) June 26 617 307 152 5 11 32 102 310 142 37 103 62 106 July 3 616 307 149 5 11 32 106 309 142 38 102 62 105 July 10 616 306 151 4 11 32 104 310 143 39 102 62 105 July 17 619 308 152 5 11 32 104 311 143 39 102 63 105 July 24 625 308 153 4 11 32 104 317 149 38 109 63 105 Chicago (12 cities)* June 26 3, 345 593 30 72 120 2,379 1,581 259 1,006 273 525 July 3 3, 400 971 601 38 29 70 120 113 2,429 1,633 307 316 1,010 275 521 July 10 3, 394 971 600 30 69 120 114 2 423 1, 609 286 314 1,009 292 522 July 17 3,407 979 607 30 69 120 114 2,428 1,609 286 308 1,015 293 526 July 24 3, 473 604 34 121 2,494 1,674 321 302 1,051 295 525 St. Louis (5 cities) June 26 320 178 3 54 62 376 199 19 142 108 July 3 687 321 179 3 54 62 366 190 16 136 107 July 10 680 321 178 4 54 62 359 184 11 135 68 107 July 17 325 182 4 55 61 361 185 11 136 108 July 24 325 182 4 55 62 370 193 11 143 108 Minneapolis (8 cities) June 26 399 191 1 11 73 208 142 113 44 July 3 397 190 1 11 72 207 142 113 43 July 10 396 189 1 11 72 207 142 113 43 July 17 397 190 1 11 72 207 142 113 42 July 24 401 191 1 11 73 210 144 115 43 Kansas City (12 cities) June 26 680 297 174 29 61 383 177 94 138 July 3 679 300 177 29 60 379 176 93 136 July 10 680 304 179 30 61 376 174 91 135 July 17 682 306 181 30 61 376 174 68 89 135 July 24 685 307 182 29 61 378 177 92 67 134 Dallas (9 cities) June 26 521 265 174 22 50 256 151 41 82 47 58 July 3 520 268 175 22 52 252 148 40 81 47 57 July 10 513 266 172 22 54 247 146 . 39 81 45 53 July 17 518 267 175 23 51 251 148 42 78 46 57 July 24 528 267 175 23 50 261 161 43 86 42 58 San Francisco (7 cities) June 26 2, 246 951 330 385 169 1,295 65 195 332 July 3 2,248 953 331 385 169 1,295 65 192 334 July 10 2, 246 955 336 385 168 1,291 767 65 190 334 July 17 2,250 959 336 385 168 1,291 765 5 65 695 189 337 July 24 2,264 959 336 385 168 1,305 778 5 65 708 189 338 City of Chicago* June 26 2,209 599 426 18 49 1,610 1,128 254 160 714 134 348 July 3 2,256 601 431 18 50 1,655 1,177 303 159 715 134 344 July 10 2,234 599 430 18 49 1,635 1,156 282 159 715 134 345 July 17 2,246 606 436 60 18 49 1,640 1,158 282 160 716 135 347 July 24 2, 298 607 433 18 1,691 1,208 321 159 728 135 348 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 798 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- • De- Indi- Indi- Domestic B s w F e a R e e r n i r e a t - d v k h l - e s v C a i a n u s l h t b m a w a n d e i n c o s t - e k h t s i s c j m p u o s a d a t e d s e - n i - d t d s ! s p u p v n h a c o a a i o e n i r d l r p r r d s a t - - - s - , - , S p s d s a i t i o u i c a o n v l b a t n d i i - l e t s - - s c C h c a o f e e e e i t f n c e f c r r . d i d t s k - i ' s - m U G e . e r o S n n . v - t - 2 s p p u v n h a c o a a o i e n i r l r d p r r d s a t - - - s - , - , S p s d s a i t i u o i c o a n b v l a t n - d i i e l t s - - s P in s o a g s v s t - a 2 l m D a e n - b d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a t a u c a - p n l - ts d F i e st d r e ic ra t ( l 1 a 9 R n 4 d e 0 s ) e d r a v t e e tions tions Boston (6 cities) 595 145 173 1,264 1,225 81 16 13 232 2 1 374 16 1 245 June 26 615 142 182 1,279 1,248 85 19 12 233 2 1 381 16 1 244 July 3 613 147 177 1,288 1,251 83 16 12 233 2 1 374 18 245 July 10 644 145 180 1,318 1,277 95 17 10 233 2 1 377 16 1 244 July 17 610 145 170 1,291 1,240 101 16 12 233 2 1 361 16 1 245 July 24 New York (8 cities)* 6,922 104 226 10,303 10, 265 409 264 64 1,016 27 7 3,815 16 626 1,617 June 26 6,889 101 229 10,192 10,214 389 288 58 1,023 32 7 3,865 15 631 1,610 July 3 6,868 104 216 10,393 10, 268 446 225 46 1,021 31 7 3,779 16 617 1, 612 July 10 6,835 102 231 10,345 10,301 404 214 42 1,022 32 7 3,816 15 621 1,612 July 17 6,801 100 224 10,410 10,303 413 264 53 1,024 33 7 3,765 16 624 1,612 July 24 Philadelphia (4 cities) 504 21 213 1,024 997 84 10 54 258 3 412 9 5 214 June 26 491 19 218 1,002 1,001 70 9 49 258 3 430 9 5 214 July 3 493 21 214 1,017 995 75 8 45 258 3 1 421 9 4 214 July 10 509 19 213 1,031 1,013 76 13 41 258 3 428 9 4 214 July 17 492 20 204 1,027 1,002 77 8 46 259 3 411 9 5 214 July 24 Cleveland (10 cities) 668 48 345 1,389 1,365 106 17 47 718 25 427 38 1 380 June 26 695 43 350 1,395 1,369 110 21 43 719 25 436 37 1 381 July 3 696 50 342 1,405 1,371 104 18 39 719 25 431 37 1 381 July 10 700 46 343 1,415 1,386 101 25 36 718 25 430 38 1 380 July 17 684 49 337 1,410 1,375 101 19 42 717 25 422 38 1 380 July 24 Richmond (12 cities) 209 23 252 531 507 57 12 33 199 3 1 299 5 99 June 26 212 21 255 525 511 58 12 30 199 3 1 309 5 1 99 July 3 218 23 250 537 521 54 11 28 199 3 1 303 5 98 July 10 212 22 258 541 524 55 14 26 199 3 1 308 5 98 July 17 •205 23 257 543 520 57 11 32 199 3 1 294 5 98 July 24 Atlanta (8 cities) 142 14 243 434 398 76 5 43 186 5 2 285 3 2 95 June 26 141 12 242 425 402 69 5 40 186 5 2 294 3 2 94 July 3 142 14 234 428 408 63 4 37 185 5 2 289 3 2 94 July 10 142 13 233 431 415 61 5 36 185 6 2 288 3 2 94 Julv 17 133 14 224 427 408 67 5 41 184 6 2 277 3 1 94 July 24 Chicago (12 cities)* 1,527 78 582 2,827 2,644 330 36 127 955 16 7 1,238 10 8 397 June 26 1,481 73 574 2,803 2,625 329 41 123 956 16 7 1,262 10 9 399 July 3 1,499 77 542 2,828 2,647 314 37 104 955 16 7 1,243 10 8 399 July 10 1,547 76 542 2,877 2,713 319 42 98 955 16 7 1,260 10 8 396 July 17 1,496 76 532 2,895 2,696 329 40 131 954 16 7 1,215 10 8 396 July 24 St. Louis (5 cities) 228 12 183 483 486 43 8 15 188 3 2 348 1 94 June 26 239 11 182 476 479 43 9 14 188 3 2 358 1 94 July 3 249 13 185 483 489 42 8 13 187 3 2 360 1 94 July 10 248 11 184 485 498 41 9 12 187 3 2 359 1 94 July 17 239 12 182 495 493 41 9 14 188 2 2 347 1 94 July 24 Minneapolis (8 cities) 99 134 301 262 63 6 5 116 1 161 2 1 60 June 26 99 7 138 309 267 68 7 1 116 1 159 2 1 60 July 3 98 8 140 310 268 67 6 1 116 1 159 2 1 60 July 10 97 7 138 309 267 66 6 1 116 1 157 2 1 60 July 17 93 7 133 311 265 68 5 1 116 1 150 2 1 60 July 24 Kansas City (12 cities) 191 17 301 535 516 70 9 23 143 3 1 393 7 105 June 26 194 15 304 527 515 70 10 22 143 3 1 405 7 105 July 3 204 17 307 538 527 67 10 18 143 3 1 414 7 105 July 10 207 16 329 556 544 70 12 16 143 3 1 424 6 105 July 17 200 17 321 557 533 74 10 18 143 3 1 410 7 105 July 24 Dallas (9 cities) 140 12 299 484 464 45 9 31 128 8 256 1 89 June 26 147 10 295 484 461 47 12 29 128 8 1 258 1 88 July 3 141 12 301 486 468 46 9 27 128 8 255 1 88 July 10 139 10 306 491 481 43 12 25 127 9 1 257 1 88 July 17 138 11 290 491 471 43 10 31 127 9 246 1 88 July 24 San Francisco (7 cities) 444 25 321 1,106 1,073 103 24 104 993 84 305 21 18 378 June 26 433 24 308 1,093 1,075 96 32 94 997 83 310 21 18 386 July 3 439 26 300 1,111 1,089 91 29 69 995 81 311 21 19 387 July 10 449 24 305 1,133 1,113 94 27 64 995 74 314 21 19 387 July 17 435 24 307 1,127 1,095 94 26 88 995 72 298 21 19 387 July 24 City of Chicago* 1,184 43 266 1,923 1,817 198 20 79 494 14 5 952 7 254 June 26 1 145 42 254 1,907 1,807 196 23 78 495 14 5 963 8 256 July 3 1,166 43 249 1,922 1,820 188 19 70 494 14 5 954 7 256 July 10 1,211 42 247 1,964 1,878 190 21 65 494 14 5 972 7 252 July 17 1,165 42 248 1,979 1,871 193 24 89 493 14 5 940 253 July 24 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. AUGUST 1940 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commercial End of month paper Total out- outstand- standing i ing 1939—March 191 245 April 192 238 May 189 247 June 181 245 July 194 236 August 201 235 September 209 216 October 205 221 November 214 223 December 210 233 1940—January 219 229 February 226 233 March 233 230 April 239 223 May 234 June •__ 224 ot ot Held by Based on Accepting banks Federal Reserve Banks Im- 1 For ac- ports For count of Others into Total O bi w ll n s bo B u il g ls ht o c w o n u n a t c- f c o o re r i r g e n - U S n ta i t t e e s d spondents 191 117 74 54 87 189 118 72 49 86 192 124 68 55 82 191 122 69 53 81 188 119 69 48 75 191 128 63 (2) 44 79 177 115 62 39 78 179 111 67 42 85 172 103 69 51 96 175 105 70 57 103 179 111 68 50 101 188 123 65 45 95 184 121 63 46 90 178 118 61 45 Rfi 171 113 58 43 166 112 54 40 OOOC Goods stored in or shipped between points in Exports Dollar from ex- United change Foreign States United coun- States tries 58 2 42 56 56 1 38 57 51 19 36 59 45 20 39 60 41 19 39 61 40 18 40 59 40 18 43 36 40 18 46 32 37 16 50 24 39 16 54 22 38 16 51 23 44 15 51 27 47 14 49 30 45 13 46 33 47 12 41 34 43 13 36 34 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C d u it s t b o a m la e n r c s e ' s l Other credit balances End of month C b u a ( d s n l t e a e o b n t m ) c i t e i e s rs' a i b n n p a a v d l a c a e c r n t s t o r n c t u a m e e d n s r e t i s s n n i ' n g t a i b n n a a v d l c a e f c n i t s o r r c t u m a m e n d s e t i s n n in g t C a b h a n a s a d n h n k d i o n s n r M o b w o o n e r d e - y 2 Free O (n th et e ) r m p i a e n r n v I t t n n e a s e n t r - s d ' m i e n f n v i I t r n e m a s n t- d a c c a c p I o n i u t n al ts trading trading (net) accounts accounts 1937—June 1,489 161 214 1,217 397 September 1,363 128 239 1,088 256 385 December. 108 232 278 355 1938—March 831 95 215 576 239 315 June 774 88 215 495 258 298 September 823 76 213 559 257 300 December. 991 106 190 754 247 305 1939— March 953 84 174 699 225 294 May 828 76 183 561 230 284 June 834 73 178 570 230 280 July 839 84 183 589 238 278 August 792 71 202 556 235 275 September 856 64 217 520 305 283 October. _. 894 72 200 577 289 284 November. 914 77 195 623 272 282 December. 906 78 207 637 277 1940—January. _. 70 198 602 262 272 February.. 72 195 616 253 271 March..... 78 186 615 247 270 April 910 72 192 626 252 271 May.. 702 67 239 459 251 274 June 653 58 223 376 267 269 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 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed'from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 800 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing rate i on- Average rate on— [Per cent per annum] Aver- 7 other mo Y w n e e t a e h k r , , or m m p P 4 c a o r e o t p i r n o m m c e t i r h - 6 e a , s la a b P d c n e a c r a o « r c n 7 i e s y U n e m ' k p s s - t e , - c l S d h o ti t e a a a Qy m o x u n n f y t c - e s g s k , e c S n h l c o e e r t a a e a o w x l a n s - l - c n - l g k e p w i u f N e s e i s r o r t e i . u u f e h o w - e r d i d s y s n 2 . b T t i d a q r l d e 9 e l u e t r s a 1 i a o s a o y - ' - s l n - - y T i 3 n U y e u r - a o l e . t e g r d o S t a e y a e - . r s s o 5 - n 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 8 6 7 5 4 a a a a a v v v v v e e e e e r r r r r a a a a a g g g g g e e e e e •__. ) j 3 2 2 2 2 i t t a . . . . . i 5 5 6 9 4 l e 9 3 8 3 5 s Y N C e o i w 2 1 1 1 1 t r y . . . . . k 7 7 6 7 4 6 2 9 3 5 e E N r c a n o i s t r t i 2 3 3 2 3 a e e t . . . . . h n s 0 3 8 r 7 7 n - d 4 9 8 5 1 1 W e 1 r c n e i S t s i o t a e 3 3 3 e 4 3 u n s r . . . . . t d 2 4 2 7 3 n h 6 0 5 6 2 - 1939 average * 2.78 2.07 2.87 3.51 1937 average... .95 .43 1.25 1.00 .447 .28 1.40 Monthly figures 1938 average... .81 .44 1.25 1.00 .053 .07 .83 1938—January 2.60 1.70 2.92 3.28 1939 average... .59 .44 1.25 1.00 .022 .05 .59 February 2.49 1.70 2.65 3.21 1 1 9 9 4 3 0 9 — — M J N D F A S O J J u e a e e u o u c b a c l n p n v y t g . r . t e . . . . . . . . . . . 5 5 5 5 6 6 6 5 5 5 6 6 6 6 3 9 9 6 6 6 . . . . . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 5 1 1 1 1 1 1 1 1 1 1 . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . 0 0 0 0 0 1 0 0 0 ( 0 0 1 1 2 1 0 4 0 3) 4 1 8 2 8 7 2 6 6 . . . . . . . . . . 0 0 0 1 0 0 0 0 0 0 4 2 5 4 1 2 4 5 3 5 1 . . . . . . . . . . 4 4 4 6 7 5 4 4 3 0 2 6 7 4 7 1 8 5 9 7 J N J A D S A M M O u u e e u o p c l n a a p c t y g r v y r e o t i e u c e e l b m h s m m e t b r b b e e e r r r . . _ .. . 2 2 2 2 2 2 2 2 2 2 . . . . . . . . . . 6 5 4 5 5 5 5 4 4 4 0 7 9 3 7 2 6 8 8 8 1 1 1 1 1 1 1 1 1 1 . . . . . . . . . . 7 7 7 7 7 6 7 7 7 6 0 0 0 0 0 7 0 0 0 5 2 2 2 2 2 2 2 2 2 2 . . . . . . . . . . 9 9 7 6 6 7 7 6 7 6 0 5 4 8 4 8 8 4 1 0 3 3 3 3 3 3 3 3 3 3 . . . . . . . . . . 2 2 2 2 3 2 2 2 3 2 0 3 8 6 5 0 1 5 1 8 April .56 .44 1.25 1.00 .003 .02 .45 1939—January 2.64 1.73 2.97 3.32 J M u a n y e . . 5 5 6 6 . . 4 4 4 4 1 1 . . 2 2 5 5 1 1 . . 0 0 0 0 . . 0 0 4 7 2 1 . .1 0 0 6 . .7 6 6 5 February 2.52 1.70 2.69 3.26 Quarterly figures Week ending: 1938—September. -. 2.65 2.00 2.75 3.25 June 29._ Vie IK 1.00 .024 .08 .67 1939—March 2.95 2.13 3.05 3.77 J J u u l l y y 6 1 _ 3 _ .. . •V Vi w a I I K K 1 1 . . 0 0 0 0 . . 0 0 0 1 8 7 . .0 0 5 8 . .5 6 6 1 J S u e n p e tember... 2 2 . . 6 9 8 1 2 2 . . 0 1 4 5 3 2 . . 0 7 5 8 3 3 . . 6 3 2 1 July 20.. Vie IK 1.00 .006 .04 .56 December 2.59 1.96 2.59 3.32 July 27.. Vie IK 1.00 .004 .04 .57 1940—March 2.65 2.03 2.67 3.35 June 2.59 2.00 2.49 3.38 1 Monthly figures are averages of weekly prevailing rates. 2 Series comprises 273-day bills to October 15, 1937, bills maturing i Averages for 1939 and quarterly figures are on revised basis and are about March 16,1938, from October 22, to December 10,1937, and 91-day therefore not strictly comparable with the earlier series of annual and bills thereafter. monthly figures. 3 Rate negative. Back figures.—Bee Annual Report for 1937 (tables 43 and 44). Figures Back figures.—See November 1939 BULLETIN, pp. 963-969 for descripfor Treasury bills and Treasury notes available on request. tion and for back figures. BOND YIELDS * [Per cent per annum] Corporate 4 U.S. Year, month, or week Treas- M ip u a n l i c a - By ratings By groups ury 2 Total Indus- Rail- Public Aaa Aa Baa trial road utility Number of issues. 2-6 15 120 30 30 40 40 1937 average. 2.68 3.10 3.94 3.26 3.46 4.01 5.03 3.55 4.34 3.93 1938 average 2.56 2.91 4.19 3.19 3.56 4.22 5.80 3.50 5.21 3.87 1939 average 2.36 2.76 3.77 3.01 3.22 3.89 4.96 3.30 4.53 3.48 1939—June 2.13 2.63 3.71 2.92 3.13 3.86 4.91 3.23 4.47 3.42 July... 2.16 2.65 3.66 2.89 3.08 3.83 4.84 3.18 4.42 3.39 August 2.21 2.75 3.67 2.93 3.11 3.80 4.85 3.21 4.41 3.40 September.. 2.65 3.29 3.95 3.25 3.49 4.05 5.00 3.57 4.58 3.70 October 2.60 3.08 3.83 3.15 3.35 3.94 4.88 3.43 4.51 3.57 November.. 2.46 2.69 3.70 3.00 3.16 3.78 4.85 3.25 4.44 3.41 December... 2.35 2.56 3.69 2.94 3.14 3.74 4.92 3.21 4.47 3.38 1940—January 2.30 2.54 3.63 2.88 3.08 3.69 4.86 3.14 4.39 3.35 February.... 2.32 2.60 3.60 2.86 3.05 3.68 4.83 3.12 4.37 3.33 March 2.25 2.58 3.58 2.84 3.04 3.65 4.80 3.09 4.37 3.29 April. _. 2.25 2.56 3.54 2.82 2.99 3.59 4.74 3.05 4.33 3.24 May _. 2.38 2.81 3.65 2.93 3.08 3.65 4.94 3.20 4.46 3.30 June 2.39 2.85 3.72 2.96 3.10 3.70 5.11 3.25 4.57 3.33 Week ending: June 29 2.32 2.66 3.64 2.91 3.06 3.64 4.97 3.19 4.47 3.28 July 6 2.29 2.62 3.60 2.88 3.03 3.61 4.90 3.16 4.41 3.24 July 13 2.30 2.56 3.58 2.88 3.02 3.58 4.82 3.15 4.35 3.22 July 20 2.29 2.53 3.56 2.87 3.01 3.57 4.77 3.14 4.30 3.22 July 27 2.25 2.49 3.56 2.87 3.01 3.57 4.77 3.15 4.29 3.24 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. 3 Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have each been reduced from 10 to 4, and the railroad Aaa group from 10 to 5. Back figures.—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request. AUGUST 1940 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate 3 Stock prices 1 Vol- U. S. ume of Year, month, or date Treas- Munic- tradury 2 ipal 3 Indus- Rail- Public Year, month, or Common (index, 1926=100) ing3 Total trial road utility date Pre- (in ferred ' thou- Indus- Rail- Public sands of Number of issues. 2-6 60 20 20 20 Total trial road utility shares) 1937 average 101.7 110.3 93.4 90.1 100.4 1938 average 103.4 113.7 78.9 82.9 58.6 95.3 Number of issues _ _ 20 420 348 32 40 1939 average 106.0 116.3 81.6 86.0 58.0 100.9 1937 average 136.2 112 131 1,519 1939—June 109.1 118.6 81.4 86.2 56.2 101.6 1938 average 135.6 99 1,100 July 108.9 118.3 81.6 86.3 56.4 102.1 1939 average 141.2 105 973 August 108.2 116.5 81.0 85.8 55.5 101.7 September. 101.9 107.1 80.9 85.0 59.0 98.6 1939—June 143. 9 101 507 October 102.6 110.7 82.9 86.4 61.6 100.5 July 143.7 101 821 November- 104.6 117.5 83.0 87.0 60.2 101.8 August 142.3 101 706 December.. 106.1 119.9 82.1 86.8 58.0 101.6 September—. 136.2 109 2,595 1940—January 106.8 120.2 82.4 87.3 58.2 101.8 October 137.7 113 1,050 February.. 106.6 119.1 82.2 87.3 57.8 101.6 November— 140.7 111 907 March 107.5 119.7 82.1 87.3 57.2 101.8 December. __ 141.4 108 April 107.6 119.8 82.5 87.5 58.2 101.7 1940—January 143.0 109 May 105.6 115.3 79.4 85.3 53.5 99.3 February 142.9 107 654 June 105.4 114.6 78.5 84.7 52.0 98.7 March 141.8 108 87 740 April 142.3 109 1,131 June 26 106.1 118.0 79.4 85.1 53.7 99.5 May 138.2 97 1,651 July 3 106.9 118.8 80.6 85.9 55.8 100.1 June 133.2 85 July 10 106.8 119.9 81.1 86.2 56.9 100.0 July 17 107.0 120.5 81.5 86.3 57.9 100.5 June 26 133.9 85 78 July 24 105.7 121.2 81.0 86.3 56.9 100.0 July 3 135.1 87 315 July 10 136.9 87 283 July 17 "__ 137.9 81 303 1 Monthly data are averages of daily figures except for municipal bonds, July 24 137.6 236 which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 12 years, based on quotations from Treasury Department. Prices expressed in 1 Standard Statistics Co. Monthly data are averages of Wednesday decimals. figures. 3 Prices derived from average yields, as computed by Standard Sta- 2 Average prices of industrial high-grade preferred stocks, adjusted to a tistics Co. $7 annual dividend basis. Backf igures.—See Annual Report .for 1937 (table 79). Figures for U. S. 3 Average daily volume of trading in stocks on the New York Stock Treasury bonds available on request' Exchange. Weekly figures are averages for the week ending Saturday. Back figures.—For stock prices, see Annual Report for 1937 (table 79) • CAPITAL ISSUES [In millions of dollars] For newcapital For refunding Total Domestic Domestic (new Total Year or and (do- Total month re- mestic State Fed- Corporate (do- State Fed- Corporate fund- and and eral For- mestic and eral Foring) for- Total mu- agen- eign 2 and Total mu- agen- eign2 eign) nici- cies i Bonds for- nici- cies i Bonds pal Total and Stocks eign) pal Total and Stocks notes notes 1930 7,619 6,912 6,004 1,434 87 4,483 2,980 1,503 908 706 527 53 0 474 451 23 179 1931 4,038 3,095 2,860 1,235 75 1,551 1,239 311 235 944 893 21 51 821 789 32 51 1932 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 -4, 449 -2, 360 -2, 325 971 481 -873 807 -67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 -5, 839 -2, 287 -2, 237 931 924 -382 -285 -97 50 -3, 552 -3,464 195 1,537 -1, 732 -1, 595 137 88 1939—June- -587 -275 -265 234 0 -31 -23 9 10 312 312 39 21 252 249 2 0 July— 590 318 318 65 203 50 40 -9 0 -273 -273 18 74 -181 143 38 0 Aug 449 102 82 56 0 26 23 3 20 347 332 13 18 301 292 9 15 Sept.-- 180 42 42 16 10 16 14 2 0 138 138 8 51 79 79 0 0 Oct -743 -338 -338 42 276 -20 14 -6 0 404 403 10 235 157 157 (3) 2 Nov 218 89 89 67 0 -22 15 6 0 -130 -130 13 26 91 88 3 0 Dec -335 -98 -98 68 0 -31 21 -9 0 -237 -237 22 19 -196 -189 7 0 1940—Jan -287 -94 -94 59 0 -35 -19 -16 0 -193 -193 26 29 -137 -102 36 0 Feb.— 451 104 104 58 1 45 43 3 0 347 347 114 22 211 196 14 0 Mar..__ 241 -71 -70 34 6 -31 -16 15 1 -169 -169 49 17 -104 -90 14 0 Apr 345 118 118 58 6 54 31 23 0 227 227 18 17 192 154 38 0 May -250 -122 -122 30 3 -89 -80 10 0 128 128 20 25 83 83 0 0 June 226 82 82 70 2 9 8 2 0 145 145 13 29 102 102 (3) 0 - Revised. 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. s Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—SeeA nnual Report for 1937 (table 78). 802 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterest- Interest-bearing bearing Publicly-offered 1 Total End of month g d r e o b s t s in T t o e t r a e l st Total Bonds Notes Bills s j is e u A s r s u v t d e e i - c s d e 3 i c S s u s o s u r e c i - e i t a s y l 4 ot A he ll rs t d M u e r b a e - d t Other bearing Pre- Treas- U. S. war savings 1932—June 19,487 19,161 618, 816 753 13,460 1,261 616 105 240 60 266 1933—June 22, 539 22,158 621, 782 753 13,417 4,548 954 92 284 66 315 1934—June 27,053 26,480 626,006 753 15, 679 6,653 1,404 118 356 54 518 1935—June 28, 701 27, 645 26,910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June 33, 779 31,297 79 17,168 316 11,381 2,354 1,071 19 601 169 620 1937—June 36, 425 35,800 33, 734 79 19,936 800 10,617 2,303 579 560 119 506 1938—June 37,165 36, 576 33,463 79 21, 846 1,238 9,147 1,154 1,601 644 141 447 1939—May 40, 282 39, 751 35, 680 25, 218 1,806 7,270 1,308 825 2,442 805 117 414 June 40,440 39, 886 35, 715 25, 218 1,868 7,243 1,308 839 2,511 820 142 411 July 40, 661 40,114 35, 798 25, 218 1,949 7,243 1,309 833 2,542 941 140 408 August 40,891 40, 351 35,862 25, 218 2,015 7,243 1,307 829 2,722 938 133 406 September. 40,858 40,342 35, 886 25, 218 2,051 7,232 1,306 795 2,746 915 112 404 October.... 41,036 40, 526 36, 026 25, 218 2,092 7,232 1,405 791 2,796 912 109 401 November. 41, 305 40,807 36,123 25, 218 2,140 7,232 1,454 791 2,981 911 400 Dec3mber_ 41,942 41,445 36,826 26,881 2,209 6,203 1,455 789 3,021 809 398 1940—January. __. 42,110 41, 601 36, 957 2,473 6,203 1,307 787 3,049 807 114 395 February.. 42, 365 41,839 37,097 26, 897 2,610 6,203 1,308 785 3,152 805 132 394 March 42, 540 41,983 37,127 26, 908 2,707 6,125 1,309 784 3,269 803 165 392 April 42, 658 42,117 37, 236 26, 908 2, 818 6,125 1,306 782 3,282 816 150 391 May 42, 808 42, 253 37, 285 26,908 2,869 6,125 1,304 780 3,363 824 166 389 June 42, 968 42, 376 37, 223 26, 555 2,905 6,383 1,302 797 3,528 205 386 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to.the adjusted service fund. 4 Includes special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000, 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS, JUNE 30,1940 FULLY GUARANTEED OBLIGATIONS, BY AGENCIES * [In millions of dollars] [In millions of dollars] Maturing Federal Home Recon- Com- U.S. End of Farm Owners' struction modity Hous- Bonds month Total Mortgage Loan Finance Credit ing Date maturing Bonds call- Corpora- Corpora- Corpora- Corpora- Authoror callable able i tion tion 2 tion tion ity Total Bills Notes U. S. Sav- Other 1934—June. _ 681 312 134 235 ings Dec... 3,063 980 1,834 249 1935—June__ 4,123 1,226 2,647 250 Dec. _ 4,494 1,387 2,855 252 1940—Before Oct. 1 1,302 1,302 1936—June_ 4,718 1,422 3,044 252 Oct 1-Dec 31 737 737 Dec. 4,662 1,422 2,988 252 1941—Jan 1-Mar 31 677 677 545 1937 June 4,665 1,422 2,987 255 Apr. 1-June 30 504 504 Dec... 4,645 1,410 2,937 297 July 1-Sept. 30 834 834 834 1938—June.. 4,853 1,410 2,937 299 206 Oct 1-Dec. 31 204 204 Dec... 4,992 1,388 2,888 509 206 1942 1,001 1,001 1943 1,873 1,328 545 1,855 1939—Mar. _ 5,410 1,381 2,888 819 206 114 1944. 1,214 1,214 2,555 Apr.__ 5,410 1,380 2,888 819 206 114 1945 2,834 718 174~~1,~941~ 1,755 May__ 5,409 1,379 2,888 820 206 114 1946 1,853 318 1,534 2,359 June _ 5,450 1,379 2,928 820 206 114 1947 2,797 415 2,383 1,473 July.. 5,480 1,379 2,958 820 206 114 1948 1,987 500 1,487 2,246 Aug. _ 5,583 1,379 2,858 820 409 114 1949 1,647 829 819 2,278 Sept.. 5,455 1,279 2,830 820 409 114 1950 1,240 3 668 571 1,186 Oct.__ 5,448 1,279 2,823 820 409 114 1951 1,223 1,223 3,500 Nov. _ 5,707 1,269 2,817 1,096 407 114 1952 2 436 2,436 Dec._. 5,703 1,269 2,813 1,096 407 114 1953 2,904 2,904 1940—Jan... 5,699 1,269 2,809 1,096 407 114 1954 2,663 2,663 Feb._. 5,673 1,269 2,783 1,096 407 114 1955 755 755 2,611 Mar. 5,663 1,269 2,770 1,096 407 114 1956 489 489 982 Apr. 5,656 1,269 2,763 1,096 407 114 1958 919 May.. 5,535 1,269 2,641 1,096 407 114 1959 982 982 June 5,528 1,269 2,634 1,096 407 114 1960 - 2,611 2,611 1,485 1961 50 50 50 1963 919 919 1 Principal amount of obligations guaranteed as to interest amI princi- 1965 1,485 1,485 pal. Excludes obligations held by U. S. Treasury and reflected in the public debt. The total includes guaranteed debentures of the Federal Total 37,223 1,302 6,383 2,905 26, 633 26,633 Housing Administrator, amounting to $7,500,000 on June 30, 194 2 Excludes obligations guaranteed as to interest only. For August 1939 i Excludes XJ. S. savings bonds. Other bonds in the amount of $2,606,- and subsequent months includes matured bonds not presented f()r retire- 000,000 not callable prior to maturity are shown as of date of maturity. ment amounting to $31,000,000 on June 30, 1940. 2 Includes unclassified U. S. savings bonds. AUGUST 1940 803 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures 1 c T o a r u c u n - s t t s, I c n r c e r a e p s a e e s r e i d o u o d r r i n d g e- Period Total c ta o I x n m e - s e t s S a e o i x c t c y e u ia s r 2 - l M i r l n n a e o n is t n v u u a e c e e e s l r e - - - l- o A th l e l r Total e I d n s e t t e b o r t n - G t f V i e N a e d o n n n e e n a e d s - t - a - e r l al o A th l e l r r c a e R e o l n r e i v y d - e , - f f ( v n u R i o e n n e l t g d v ) - s - * T f a e t e r r c t r a c u c s n . s t t s s t » o . - , E p ( c o t + e x u e f e n i c r ) x p r e e d o - e t s s i s r - s - p ( e c o t e + x e u e t e f c n c i r ) x p e . e r d o - e s t s i • s r s - - b G a f e l u a n n n e d c ra e l 8 G de ro b s t s erans' Adm.3 Fiscal year ending: June 1937 5,294 2,163 253 2,181 697 8,442 866 1,436 1,994 3,073 204 868 -3,149 +374 -128 +2,646 June 1938. 6,242 2,640 755 2,279 567 7,626 926 1,556 2,178 2,238 121 607 -1,384 +306 -338 +740 June 1939 5,668 2,189 740 2,232 507 9,210 941 1,627 2,761 3,105 92 685 -3,542 +890 +622 +3, 275 June 1940 5,925 2,125 838 2,345 617 9,537 1,041 2,037 3,257 2,401 54 747 -3, 612 +137 -947 +2,528 1939—May.. 397 43 124 187 42 744 10 136 279 262 7 50 -348 +9 -119 +219 June 613 356 25 192 39 951 272 140 223 252 8 56 -339 +95 -86 +158 July ..._ 308 42 36 187 43 807 15 145 259 220 1 167 -499 -113 -391 +222 August.. 420 38 119 217 46 822 18 152 254 321 11 66 -402 -44 -216 +230 September.-. 719 329 27 311 52 784 151 147 261 170 5 50 -65 +46 -53 -34 October 322 38 36 198 50 764 68 154 305 175 9 53 -442 -1 -264 +178 November. __ 407 34 130 191 52 691 12 157 282 182 5 53 -284 +267 +252 +269 December 569 319 29 171 50 880 190 164 275 194 71 58 -311 -16 +311 +637 1940—January 315 45 45 167 57 712 38 173 317 185 4 -398 +37 -194 +167 February 444 63 178 154 49 668 19 169 299 168 4 10 -224 +36 +67 +256 March 934 665 30 192 46 956 146 184 276 210 6 135 -22 +11 +164 +175 April 304 48 39 175 42 783 69 202 279 207 6 20 -479 +58 -303 +118 J M un ay e 4 7 0 8 0 4 4 4 6 0 4 1 3 3 2 7 2 1 0 7 1 9 4 8 3 8 1,0 6 2 4 2 7 30 1 5 0 1 1 9 9 6 5 2 21 3 4 7 1 1 9 7 9 0 3 1 13 4 6 - - 2 2 4 3 7 8 - - 8 6 3 1 - - 1 13 8 9 1 + + 1 1 5 6 0 0 Details of trust accounts, etc. Details of general fund balance (end of period) Old-age insurance Unemployment Net expenditures in All tru re st t ; i r f e u m nd e n a t n a d c r c a o i u lr n o t ad trust fund G ch o e v c e k r i n n m g e a n c t c o a u g n e t n s c o ie f s other, Period ce R i e p - ts m v I e e n s n - t t - s m B p e e f a i n n y t e t - s - ce R i e p - ts m v I e e n s n - t t - s d e O i x tu p th r e e e n s r - « s C F t R r o i t u n e r i c c p o a o t n o n i n r c o a - e n - C m C o C t o r r i o p e o d m d o n it i r - y t a- o A th l e l r d e ( e c o ( x i + x e t - f p c u i ) ) p e e r r o e n s t e 9 s r - s s - Total a g c I o t n i l - v d e m g c I o o r e n e n l n - d - t S io e r i a g g n e - W a b i n n a o c l g r - e k- Fiscal year ending: June 1937 267 267 (10) 294 1 7 112 127 +60 2,553 1,087 141 356 970 June 1938_ _ 550 461 85 763 560 191 7 184 7 11 +87 2,216 142 446 1,628 June 1939.. 639 516 120 838 395 442 ' 658 136 7 246 +116 2,838 142 536 2,160 June 1940 704 573 129 959 443 514 7 234 10 183 +92 1,891 143 585 1,163 1939—May ._.. 50 40 11 137 108 32 74 12 +23 2,924 142 528 2,254 June... 85 83 11 32 '13 41 (7) (10) 72 +11 2,838 142 536 2,160 July _ 65 45 10 58 ' 14 42 16 6 144 +13 2,447 142 544 1,761 A Se u p g t u e s m t. b er. _ _ . 6 5 6 0 4 5 3 1 1 1 0 0 15 1 4 3 M 12 9 9 4 4 0 1 2 2 9 2 7 8f 5 > 7 9 7 6 4 + + 1 5 0 2 2, , 1 2 7 3 8 1 1 1 4 4 2 2 5 5 4 5 9 4 1 1 , , 5 4 3 8 9 1 October 53 43 10 54 7 24 15 19 4 +15 1,913 143 558 1,213 November. __ 53 43 10 144 142 29 7 297 27 7 19 +6 2,166 143 561 1,462 December 58 43 10 29 73 32 75 11 10 -4 2,476 143 565 1,768 1940—January 10 10 79 28 58 7 20 76 7 11 +7 2,282 143 568 1,571 February 10 10 155 103 45 75 73 74 +18 2,350 143 573 1,634 March 135 135 11 30 M8 47 2 74 7 12 +7 2,514 143 577 1,794 April 20 ' 5 12 53 18 45 73 74 7 25 +21 2,210 143 581 1,486 May 4 12 145 81 58 76 (7) (10) 90 +3 2,030 143 584 1,303 June 180 12 46 7 11 54 17 45 7 16 -10 1,891 143 585 1,163 1 Excludes debt retirements. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 4 Includes revolving funds of Public Works Administration and Farm Credit Administration. 6 Includes expenditures for retirement funds, adjusted service certificate fund, old-age insurance trust fund and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc." 6 Details given in lower section of table. 7 Excess of credits. 8 Includes withdrawals by states and railroad unemployment insurance account transfers and benefit payments. 9 Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. 10 Less than $500,000. 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MAY 31, 1940 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Home mortgage and Farm credit agencies Total Recon- housing agencies Tenstruction nes- Finance see In- Corpo- United Other Val- surration Home Other States Farm Farm Com- ley ance Other May Apr. May and Owners' mort- Hous- mort- Credit modity Au- agen- 31, 30, 31, Public Loan gage ing gage Adm. Credit Other thor- cies 1940 1940 1939 Works Corpo- agen- Au- agen- banks Corpo- ity Admin- ration cies thority cies and cor- ration istration porations Assets Loans and preferred stock: Loans to financial institutions.. 184 138 64 386 410 434 Preferred stock, etc 471 203 34 75 1 784 788 863 Loans to railroads __ 485 30 515 521 501 Home and housing mortgage loans . 2,017 221 116 2,355 2,347 2,325 Farm mortgage loans 2,553 2,553 2,560 2,671 Other agricultural loans.. _ 1 296 647 198 5 1,147 1,145 776 All other loans 2 464 0) 3 371 4 348 1,183 1,160 941 Total loans and preferred stock 1,604 2,220 393 116 2,553 371 647 569 8 64 384 8,922 8,930 8,511 Cash 36 89 68 53 95 49 1 16 31 15 461 553 538 U. S. Govt. direct obligations 48 4 41 4 86 170 404 4 762 760 708 Obligations of Government credit agencies: Fully guaranteed by U. S. 14 11 105 131 131 142 Other 5 8 (5)3 35 46 46 45 Accounts and other receivables 23 8 6 2 205 5 36 0) 6 64 63 417 421 377 Business property 0) 3 0) 128 6 0) 8 318 1 94 559 558 476 Property held for sale 42 443 99 0) 22 1 608 610 713 Other assets.. 2 1 0) 0) 8 C1) 6 0) 12 149 179 167 191 Total assets other than interagency 6 1,764 2,767 523 303 3,056 644 692 591 333 703 710 12, 08512,17611, 703 Liabilities Bonds, notes, and debentures: G Ot u h a e r r a 5 nteed by United States... 1,096 2,641 134 114 1 6 , 2 9 7 7 0 7 204 407 8 7 2 11 5 1, , 3 5 3 3 7 5 5 1, , 3 6 2 5 7 7 5 1 , ,3 4 8 1 2 0 Other liabilities (including reserves). 127 86 40 5 97 8 185 193 7 226 65 1,039 1,069 790 Total liabilities other than interagency6 . 1,223 2,727 174 120 2,344 213 592 193 15 236 76 7,912 8,053 7,581 Excess of assets over liabilities, excluding interagency transactions.. 541 40 349 183 712 431 100 398 318 468 634 4,174 4,122 4,122 Privately owned interests 53 208 4 139 404 403 389 U. S. Government interests 541 40 296 183 503 427 100 398 318 329 634 3,770 3,719 3,732 1 Less than $500,000. 2 Includes $92,000,000 loans of Public Works Administration. 3 Includes $303,000,000 loans of Farm Security Administration. 4 Includes $215,000,000 loans of Rural Electrification Administration. 5 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. 6 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finance Corporation. NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] June 30, Dec. 31, Jan. 31, Feb. 29, Mar. 31, Apr. 30, May 31, June 30, 1939 1939 1940 1940 1940 1940 1940 1940 Loans to financial institutions 183, 943 172,154 166,799 162,852 159,353 155,651 154,163 150, 468 Loans on preferred stock of banks and insurance companies 33, 444 33,029 32,319 29,994 29,840 29,749 29,685 56, 952 Preferred stock, capital notes, and debentures 529, 270 488,673 484,211 476,395 472, 345 474,475 471,072 469, 674 Loans to railroads (including receivers) 439,199 448, 792 454,194 458,841 467,887 471,747 466,093 475,856 Loans for self-liquidating projects 44, 683 79,440 65,873 66,501 66,753 58, 578 61,273 48,105 Loans to industrial and commercial businesses 117,079 130,625 130,378 131, 919 130,704 130,466 130, 566 130, 732 Loans to drainage, levee, and irrigation districts 83,109 83,998 83,814 83,874 83, 966 83,723 83,740 83, 596 Other loans 27, 393 4,081 4,093 4,180 4,260 4,235 4,631 4,677 Securities purchased from Public Works Administration. _. 116, 577 120,808 117,876 117,603 114,066 112,743 111, 323 111, 065 Total loans and investments, other than interagency. 1, 574, 697 1, 561, 5991, 539, 5571, 532,1601, 529,1741, 521, 3651, 512, 546 1, 531,124 Preferred stock of Export-Import bank 45,000 45,000 45,000 74,000 74,000 74,000 74,000 74,000 Loans to Rural Electrification Administration 146, 498 146,498 146,498 146,498 146,498 146,498 146,498 146, 498 Capital stock of, and loans to R. F. C. Mortgage Co 57,094 57, 081 58,045 58,124 59,198 59,355 59,484 59,050 Capital stock of, and loans to Fed. Natl. Mtge. Assn 37-, 996 58, 729 63, 233 65,806 68,616 70,385 71,846 73,863 Loans to Tennessee Valley Authority 8,300 8,300 8,300 8,300 8,300 8,300 8,300 Total loans and investments 1, 869, 5851,877, 2071,860,632 1,885, 7861,879,903 1,872,673 1, 892, 835 NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. AUGUST 1940 805 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives byby- and discounts for— Regional agri- Produc- Regional Emer- End of month la F nd e d b e a r n al ks C s o L B i m o a a n n n m e d k r is- p a c s p c o r n r c o r o e c d u e r d d i a l d a i u t b t i t t u i t c i a o r o t c n a a n i n o s o k l s s r - n s , - , f c i i n e o n O t t x i a o i s o t n v c p t h n i e c e e t e s i p s u r n r , a t - g - ti a o s t n s i o o c n c r i s e a d - it t i u a t r r g a c a t r o l i i o c r c p u n r o l e s - d - - c d r g r l o o o e p a n u n c g a s y n h d t m F b c i e e n r a d d e t n e e d i k a r r i - s a t te l B in C c a a c B o t e n l i o u a n k v p n d t s e e r k i s a r f n , - o l g r i M A i r n n e t g g a g u v r r o r i f k A c a u l e u v l n c t l - t d - for cooperatives 1 1934—December. 1,915, 792 616,825 99,675 55,672 60,852 87,102 111,238 33,969 27,851 54,863 1935—December. 2,071,925 794, 726 104,706 47,162 94,096 43,400 172,863 2,731 50,013 44,433 1936—December. 2,064,158 836, 779 129,872 41,017 105, 212 25, 288 165,369 1,641 69, 647 53, 754 1937—December. 2,035,307 812, 749 165,194 40,464 138,169 15, 592 172, 701 1,813 87, 633 30,982 1938—December. 1,982, 224 752,851 168,392 33,545 148,037 11,081 171,489 920 87,496 23, 723 1939—June 1,940, 586 717,622 190,359 39, 794 187, 712 10,235 180,166 359 59, 577 22, 592 July 1,934,013 712,823 189,044 40,657 187,844 10,003 179,356 263 62,124 22,189 August 1,928,166 708,426 187,968 41, 661 185, 215 9,599 178,271 127 61,404 22,422 September 1,922, 577 703,840 179, 674 37,645 174,032 9,127 175, 667 778 65,160 21, 663 October 1.916,431 699,274 169, 731 33,996 162, 703 8,351 171, 819 1,493 70,422 21, 582 November. 1,910,336 695,101 165,368 33,417 156, 526 8,042 169,460 1,696 73,120 20, 589 December. 1,904,655 690,880 165, 236 33,354 154,496 8,005 168, 330 1,835 76,252 20, 547 1940—January... 1, 900,408 687,191 161, 753 33, 620 153,949 7,904 167,957 1,756 73, 238 20,427 February.. 1,896, 507 683, 694 165,106 34, 738 160,003 7,926 170,020 2,002 71, 772 20,038 March 1.890,432 677, 717 176,007 36, 326 173,840 7,888 176,045 1,754 69, 311 19, 763 April 1,886,272 673,696 185, 373 37,921 186, 276 7,904 179,801 1,603 67,454 18, 537 J M u a n y e 1 1 , , 8 8 8 8 2 0 , , 4 5 0 1 8 6 6 6 7 6 0 8 , , 8 7 5 2 0 3 1 1 9 9 0 6 , , 9 4 6 0 1 8 4 3 0 8 , , 0 3 3 7 3 7 2 1 0 9 0 4 , , 4 6 1 6 5 2 7 7 , , 8 7 4 6 5 8 1 18 8 1 0 , ,9 2 3 1 8 8 1,3 8 1 9 5 7 6 6 3 2 , ,1 5 7 6 7 4 1 18 8 , ,1 2 3 0 7 0 1 Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by— Federal U. S. Government home Depos- securities Federal savings and loan itors Cash Cash End of month L p O o H o a w r o n a n m t e C io r e o s n r ' - N c o l i u f o a m a t a i n s o b s n o a e s - r ssoc L ia o ti a o n n s s 1 m l i o t n b i e a s o a m n t n n i s s b t k u t e 2 o - r End of month an ba c l e - s1 Total b i p n t a o o n r d s k y i e - s - Total t o r i D g e b o a i c l n - - i t s - G t o t i a g e b u o n e a l a n - d - i r s - - f s e u e r t n e c r - . v d 2 e s, 1934—December. 2,379,491 639 81, 300 86, 651 1935—June.. 1,205 1,236 777 630 147 74 1935—December. 2,897,162 1,023 348,000 102, 791 1936—June.. 1,232 1,265 203 967 800 167 95 1936—December. 2, 765,098 1,212 586, 700 145, 394 1937—June.. 1,268 1,307 136 1,100 933 167 71 1937—December. 2,397, 647 1,328 853, 500 200,092 1938—June_. 1,252 1,290 115 1,103 167 72 1938—December. 2,168,920 1,368 1,034,162 198,840 1939—May 1,261 1,305 73 1,157 1,011 146 75 1939—February.. 2,134, 261 1,375 1, 051,109 170,614 June 1,262 1,304 68 1,157 1,011 146 79 March 2,117, 598 1,375 1,067,887 161, 614 July 1,268 1, 310 58 1,172 1,026 146 80 April 2,105,824 1,381 1,089, 879 157,176 August 1,271 1,314 56 1,174 1,028 146 84 May 2,091, 324 1,383 1,117, 228 157,911 September 1,267 1,307 55 1,182 1,036 146 70 June 2,080, 512 1,386 1,136, 289 168, 962 October 1,270 1,311 54 1,182 1,036 146 75 July 2,067,844 1,385 1,157, 536 161, 537 November 1,274 1,317 54 1, 182 1,036 146 80 August 2,059, 792 1,392 1,186, 784 159,470 December 1,279 1,319 53 1,192 1,046 146 74 September 2,054,865 1,394 1, 206, 887 163, 687 1940—January 1,290 1,331 50 1,197 1,051 146 84 October 2,049,421 1,394 1, 231, 685 168, 654 February 1,297 1,340 48 1,194 1,048 146 97 November. 2,043, 288 1,401 1, 252, 559 168, 822 March 1,301 1,343 45 1,200 1,054 146 97 December. 2,038,186 1,410 1, 271,161 181, 313 April l 303 1940—January. _. 2,031, 341 1,403 1, 280, 200 156, 788 May l, 298 February.. 2,026, 614 1,407 1, 296,464 144,515 June l, 293 March 2,021,951 1,413 1, 317, 975 137, 642 April 2,020, 572 1,420 1, 348,072 133,811 May 2,017, 395 1,421 1, 376, 700 137, 509 p Preliminary. June 2,012, 760 1,430 1,405,100 157,397 1 Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and 1 Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States, and loan associations. accrued interest on bond investments, and accounts due from late post- 2 Excludes loans to other than member institutions which are negli- masters. gible in amount. Back figures—See BULLETIN for August 1935, p. 502. 806 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production (physical volume)1*Construction contracts awarded (value)2 Factory em- Fac- Freight-car Department Y a e n a d r Total Ma t n u u r f e a s c- Minerals Total Residential All other ployment3 r p t ol a o l r y s y - loadings 4 * sto ( r va e l u sa e l ) es month Ad- Unad Ad- Unad Ad- Unad Ad- Unad Ad- Unad Ad- Unad Ad- Unad Unad Ad- Unad Ad- Unadjustedjusted justedjustedjustedjustedjustedjusted justedjustedjustedjustedjustedjusted justedjustedjustedjustec justed 1919 83 84 77 63 44 79 107 98 84 78 1920. . 87 87 89 63 30 90 107 117 91 94 1921 67 67 70 56 44 65 82 76 78 87 1922. . 85 86 74 79 68 88 91 81 85 88 1923 101 101 105 84 81 86 104 103 100 98 1924 95 94 96 94 95 94 96 96 98 99 1925 104 105 99 122 124 120 100 101 103 103 1926. _ 108 108 108 129 121 135 102 104 107 106 1927 106 106 107 129 117 139 100 102 104 107 1928 111 112 106 135 126 142 100 104 104 108 1929 119 119 115 117 87 142 106 110 107 111 1930 . 96 95 99 92 50 125 92 89 92 102 1931 81 80 84 63 37 84 78 68 74 92 1932 64 63 71 28 13 40 66 47 55 69 1933..._ 76 75 82 25 11 37 73 50 58 67 1934 79 78 86 32 12 48 86 65 62 75 1935. . 90 90 91 37 21 50 91 74 64 79 1936 105 105 105 55 37 70 99 86 75 88 1937 110 109 116 59 41 74 109 103 78 92 1938 86 84 98 64 45 80 90 78 62 85 1939 105 105 108 72 60 81 97 91 70 90 1937 May 118 122 118 123 117 118 56 68 44 52 66 81 112 112 110 80 80 93 95 June 114 115 114 114 115 118 61 72 42 47 77 92 111 110 108 78 79 93 90 July.... 114 111 114 110 112 116 67 75 44 45 86 99 112 111 105 80 82 92 65 Aug 117 115 117 114 113 121 62 66 40 40 81 87 112 112 109 79 81 93 72 Sept 111 109 110 106 116 125 56 56 37 37 71 72 110 112 105 78 87 94 100 Oct 102 102 100 99 113 123 52 49 36 35 65 61 108 110 105 76 84 93 103 Nov 88 90 85 86 109 113 56 50 32 31 76 65 104 104 93 71 72 91 101 Dec 84 80 79 75 115 109 61 49 30 25 87 68 98 97 85 67 62 89 156 1QOQ Jan 81 79 76 75 108 104 52 42 26 22 73 59 93 91 75 65 59 90 70 Feb 79 79 75 76 103 99 51 44 32 28 66 56 92 91 78 62 57 88 70 Mar 79 80 75 77 104 96 46 46 33 35 56 55 90 91 78 60 57 86 77 April... 77 78 73 76 100 91 52 59 37 43 65 73 88 89 75 57 55 83 86 May 76 77 73 75 92 90 51 61 37 44 62 76 86 86 73 58 57 78 80 June 77 77 74 75 93 92 54 63 42 46 64 76 85 84 71 58 58 82 79 July.... 83 81 82 79 93 93 59 65 49 49 68 78 86 85 71 61 62 83 58 Aug 88 87 87 85 95 97 66 69 53 52 77 84 88 89 77 62 63 83 65 Sept.... 90 91 89 89 97 102 78 79 56 56 96 97 89 92 82 64 71 86 91 Oct 96 97 95 95 98 106 82 78 57 56 102 96 90 92 84 68 75 84 92 Nov 103 104 103 103 102 105 96 85 56 54 128 111 93 93 84 69 70 89 99 Dec 104 98 104 98 110 103 96 77 57 48 128 100 94 94 87 69 64 89 156 1939 Jan 102 100 100 99 110 105 86 70 55 45 111 90 95 92 84 69 63 88 69 Feb 99 99 97 99 110 105 73 63 58 51 85 72 94 94 86 67 62 87 69 Mar 98 100 96 100 110 102 69 69 55 58 80 79 94 94 88 66 63 88 82 April 92 95 92 96 94 87 67 76 58 68 74 83 94 94 86 60 58 88 88 May 92 94 91 94 98 97 63 75 55 65 68 84 93 93 85 62 62 85 87 June. _ 98 98 97 97 104 105 63 73 58 64 67 80 94 93 87 67 67 86 83 July..., 101 97 100 95 106 107 67 73 62 63 71 81 95 94 84 69 70 86 60 Aug 103 99 105 99 91 96 73 76 67 66 78 84 96 96 90 70 71 89 69 Sept..... 111 112 111 110 114 123 73 73 68 68 76 77 98 100 94 77 85 91 97 Oct 121 124 121 123 121 132 76 72 68 66 82 77 101 104 102 80 89 90 99 Nov 124 124 124 123 124 127 83 74 61 59 101 87 103 104 102 82 83 95 106 Dec 128 120 130 121 120 113 86 69 60 51 107 84 105 104 104 78 73 96 168 1940 Jan 119 117 118 116 125 120 75 61 53 44 93 75 104 101 98 78 72 92 71 Feb 109 110 108 110 120 115 63 54 56 50 68 58 102 101 98 73 68 89 71 Mar 104 106 101 105 121 112 62 63 57 60 66 65 100 101 98 69 67 89 86 April... 102 104 98 103 123 111 64 73 62 73 66 74 99 100 96 70 67 89 86 May 106 109 103 107 121 120 64 78 64 75 65 79 99 99 96 72 71 87 89 June P114 P115 P113 P113 P121 P124 ^82 P73 •PS7 P101 P100 75 75 93 87 p Preliminary. * Average per working day. * This production index will be superseded in future issues of the BULLETIN by the Board's new index of industrial production shown on pages 764-765 and described on pages 753-771 in this BULLETIN. 2 3-month moving average of F. W. Dodge Corporation data, centered at second month; for description see p. 358 of BULLETIN for July 1931. 3 The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description of the seasonally adjusted index of factory employment compiled by Federal Reserve Board of Governors see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For current indexes of groups and separate industries see pp. 810-813. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 815. Back figures.—See Annual Report for 1937 (table 81). For department store sales see BULLETIN for October 1938, p. 918; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866, and for October 1939, pp. 879-887. AUGUST 1940 807 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1923-25 average=100] 1939 1940 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactures—Total 91 97 100 105 Ill 121 124 130 118 108 101 98 103 P113 Durable 71 82 89 93 103 123 130 141 123 104 94 90 98 P116 Nondurable 108 110 110 115 118 119 118 120 114 111 107 106 108 P110 Iron and Steel 73 89 101 106 122 158 168 174 144 112 97 92 109 145 Pig iron 55 73 81 91 101 119 125 126 119 102 91 90 101 116 Steel ingots 75 91 103 107 124 162 172 179 146 113 97 92 110 148 Transportation Equipment: Automobiles _ 73 81 87 89 85 78 90 127 128 127 110 105 96 96 Locomotives 15 15 15 19 23 24 20 18 19 21 24 27 Nonferrous Metals: Tin deliveries 1 .. . 102 93 87 09 97 95 119 165 181 140 136 147 135 147 Zinc 89 90 91 03 98 110 117 121 114 116 115 115 111 112 Lead 82 70 68 71 71 70 83 78 87 78 82 60 72 64 Cement and Glass: Cement _ . 75 79 82 76 78 87 91 96 80 71 87 84 85 82 Glass, plate 89 124 87 121 165 222 191 232 200 165 164 136 130 136 Coke: Byproduct . 77 103 110 120 130 143 147 148 148 132 127 129 136 146 Beehive 2 5 6 6 7 23 29 26 17 11 10 8 10 16 Textiles 104 111 111 120 121 125 126 123 114 108 98 95 98 *103 Cotton consumption 110 116 117 128 129 129 135 145 130 125 117 113 116 118 Wool 105 116 114 123 118 125 128 116 108 99 81 76 88 P97 Consumption 120 138 136 150 138 138 140 124 114 103 89 80 98 P113 Machinery activity l... 98 106 105 103 103 120 129 120 109 99 70 69 82 P88 Carpet and rug loom activity. 1 73 70 64 79 84 94 92 85 86 86 78 78 68 P64 Silk deliveries 76 84 84 87 107 120 96 72 74 63 66 64 55 59 Leather and Products _ 115 110 115 118 105 109 115 121 120 116 106 101 103 P101 Tanning 93 91 88 98 87 93 98 95 99 93 84 82 85 Cattle hide leathers 91 88 89 106 93 98 103 102 98 96 86 80 84 Calf and kip leathers 89 91 69 73 71 73 83 85 94 81 71 72 75 Goat and kid leathers 103 102 106 102 87 103 99 87 107 95 90 '98 97 Boots and shoes ._ 128 121 133 131 117 119 126 138 133 132 120 113 115 P112 Food Products: Slaughtering and meat packing 94 87 89 92 100 99 100 99.. 100 100 99 103 100 98 Hogs 84 73 77 84 95 99 100 99 95 95 94 96 96 93 Cattle _ 104 103 102 100 102 95 94 95 102 105 103 109 102 101 Calves 108 104 107 104 111 110 110 100 108 102 105 106 106 105 Sheep 142 143 145 139 146 144 154 147 158 145 139 144 145 146 Wheat flour 95 100 96 88 103 91 82 91 90 92 94 95 92 95 Sugar meltings . _ .. 72 66 81 77 96 91 85 128 105 79 74 75 78 76 Tobacco Products 170 170 158 168 164 166 172 186 167 170 160 181 176 186 Cigars.__ _ 75 75 73 76 76 75 74 79 83 77 75 76 73 71 Cigarettes „ . 246 247 227 241 235 240 250 273 239 247 229 267 259 279 Manufactured tobacco 85 84 80 89 85 83 87 89 74 79 79 85 83 82 Paper and Printing: Newsprint production . . 65 63 63 63 65 63 64 65 64 68 69 68 68 69 Newsprint consumption . 127 132 126 130 142 137 131 140 129 132 136 133 141 142 Petroleum Refining 211 215 212 218 221 232 228 221 214 217 217 219 219 Gasoline * 269 276 273 280 284 296 293 280 265 268 268 273 273 Kerosene 124 122 117 123 118 118 109 108 106 125 136 131 139 Fuel oil i 143 144 139 140 148 155 150 150 162 159 157 153 149 Lubricating oilJ 119 121 115 128 123 149 141 145 138 139 139 142 140 Rubber Tires and Tubes * 103 114 113 122 125 125 118 110 114 117 118 118 125 126 Tires, pneumatic1 .. 108 120 118 127 130 130 122 115 119 123 123 123 130 131 Inner tubes1 . _. _. 67 76 74 81 85 89 84 72 76 78 79 82 84 82 Minerals—Total 98 104 106 91 114 121 124 120 125 120 121 123 121 P121 Bituminous coal _ 46 71 75 77 84 94 91 83 91 87 79 92 91 P86 Anthracite ... 73 59 53 63 71 58 60 59 75 51 66 54 57 P75 Petroleum, crude 175 170 174 127 174 181 187 189 189 190 194 192 187 P185 Iron ore.. . .. 65 67 74 78 97 128 154 110 119 Zinc . . ... 89 90 91 93 98 110 117 121 114 116 115 115 111 112 Lead 82 70 68 71 71 70 83 78 87 78 82 60 72 64 Silver 71 107 70 79 104 91 91 105 89 103 98 116 111 1 Without seasonal adjustment. *> Preliminary. r Revised. NOTE.—This production index will be superseded in future issues of the BULLETIN by the Board's new index of industrial production described on pages 753-771 in this BULLETIN. 808 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1923-25 average= 100] 1939 Industry May Manufactures—Total 94 Durable 78 Nondurable 107 Iron and Steel 79 Pig iron _ - 56 Steel ingots 82 Transportation Equipment: Automobiles 88 Locomotives 15 Nonferrous Metals: Tin deliveries 102 Zinc 90 Lead 80 Cement and Glass: Cement 88 Glass, plate 93 Coke: Byproduct 76 Beehive __ 2 Textiles - 104 Cotton consumption 114 Wool- 100 Consumption 111 Machinery activity 98 Carpet and rug loom activity- 73 Silk deliveries 75 Leather and Products 106 Tanning 88 Cattle hide leathers 87 Calf and kip leathers 85 Goat and kid leathers 96 Boots and shoes 117 Food Products: Slaughtering and meat packing 92 Hogs 81 Cattle 101 Calves__ _ 122 Sheep 139 Wheat flour Sugar meltings Tobacco Products Cigars Cigarettes Manufactured tobacco. _ _ Paper and Printing: Newsprint production Newsprint consumption Petroleum Refining Gasoline Kerosene Fuel oil Lubricating oil Rubber Tires and Tubes Tires, pneumatic .--__ _ _ Inner tubes Minerals—TotaL. _ Bituminous coal Anthracite Petroleum, crude Iron ore- Zinc Lead __ Silver OSCO IT- OrH CS) June July Aug. Sept. Oct. 97 95 99 110 123 85 84 86 100 123 108 106 111 119 122 89 94 104 121 153 72 77 87 98 119 91 96 105 123 157 91 66 28 59 93 14 15 20 24 24 93 87 99 97 95 87 84 87 93 106 71 65 68 67 72 98 100 98 98 99 112 78 121 165 222 101 107 116 128 143 5 4 4 7 22 105 103 112 121 129 111 106 115 125 133 109 106 118 122 132 124 121 139 145 151 105 105 103 103 120 70 64 79 84 94 75 80 91 113 120 105 114 131 121 120 90 88 100 92 86 86 104 97 88 81 88 82 102 98 100 91 115 130 151 140 86 84 80 91 76 69 64 71 96 101 98 114 108 104 96 107 140 145 140 170 88 94 94 122 78 98 86 102 186 171 180 181 78 81 76 80 87 248 272 249 261 259 85 86 80 91 93 66 64 62 61 64 131 131 112 116 139 211 215 211 217 221 269 276 273 280 284 119 113 108 116 121 143 144 139 140 148 119 121 115 128 123 103 114 113 122 125 108 120 118 127 130 67 76 74 81 85 97 105 107 96 123 40 63 68 76 90 73 44 53 72 177 173 178 129 179 82 132 150 159 187 90 87 84 87 93 80 71 65 68 67 69 105 59 78 98 OOOD 1940 Nov. Dec. Jan. Feb. Mar. Apr. May 123 121 116 110 105 103 107 126 129 117 104 102 99 107 122 114 116 114 108 106 108 155 153 138 117 109 102 119 126 124 118 104 96 95 103 158 156 140 118 110 102 120 108 142 128 127 128 128 116 22 19 17 21 25 24 119 165 181 140 136 147 135 117 123 121 124 122 120 112 86 79 88 81 83 60 70 90 75 49 43 63 82 100 191 232 200 165 172 149 136 150 150 149 136 131 130 134 30 29 20 14 12 9 9 131 117 119 114 101 98 99 140 133 137 134 122 121 119 135 116 110 104 82 75 84 153 125 118 112 91 77 90 129 120 109 99 70 69 82 92 85 86 86 78 78 68 98 64 84 67 63 64 54 110 103 111 118 109 99 95 96 92 95 96 83 80 80 102 99 99 103 87 80 79 79 73 78 74 63 65 71 97 94 102 98 91 '97 90 133 120 109 121 133 126 111 104 97 111 118 119 102 94 92 97 84 110 129 127 106 94 86 92 111 108 100 103 92 89 96 99 116 112 95 100 94 106 115 158 152 144 160 136 126 135 102 89 87 89 89 88 86 87 66 73 69 77 87 87 179 175 151 158 155 152 166 92 88 59 64 66 68 71 252 247 224 234 225 218 243 86 85 73 75 80 80 81 63 63 65 65 68 68 69 146 140 144 124 131 142 143 233 229 222 214 217 217 219 296 293 280 265 268 268 273 124 117 117 108 128 132 130 155 150 160 162 159 157 153 149 141 145 138 139 139 142 125 118 110 114 117 118 118 130 122 115 119 123 123 123 89 84 72 76 78 79 82 132 127 113 120 115 112 111 104 102 88 101 92 79 77 74 62 58 81 54 55 56 183 185 184 181 186 192 192 218 129 106 117 123 121 124 122 120 72 86 79 88 81 83 60 90 98 106 90 111 106 117 o:s June *113 z>119 P108 145 115 148 109 147 108 65 102 123 143 14 114 P101 j,gg P64 53 #107 98 96 95 109 143 87 84 87 91 178 204 75 77 261 307 84 84 69 70 146 141 218 273 134 149 140 125 126 130 131 82 84 120 79 z>66 18597 #188 166 234 112 108 70 65 108 P Preliminary. r Revised. NOTE.—This production index will be superseded in future issues of the BULLETIN by the Board's new index of industrial production described on pages 753-771 in this BULLETIN. AUGUST 1940 809 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census cf Manufactures through 1937. 1923-25 average=100] 1939 1940 Industry and group May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total 93.3 94.3 95.3 95.9 97.5 101.2 103.4 104.5 103.9 102.1 100.4 99.2 99.2 100.5 Durable goods 82.9 83.9 84.7 85.3 88.9 94.6 97.3 100.0 99.7 97.4 95.9 95.0 95.2 96.7 Nondurable goods _ 103.3 104.2 105.3 105.9 105.7 107.6 109.2 108.9 107.9 106.6 104.8 103.3 103.1 104.1 Iron, Steel, Products 89.6 90.3 90.6 92.5 96.4 105.9 110.8 112.1 110.4 107.0 102.7 100.8 101.2 104.6 Blast furnaces, steel works 94 96 96 97 101 115 122 124 122 117 110 107 109 115 Bolts, nuts, washers, rivets 93 93 94 98 102 113 118 120 117 113 112 108 105 104 Cast-iron pipe ; 73 71 72 73 74 77 79 79 75 78 76 75 76 75 Cutlery, edge tools 86 91 91 94 97 102 107 109 107 103 101 102 101 102 Forgings .» _. 55 54 56 56 59 66 70 72 72 71 67 67 66 66 Hardware 80 72 70 78 95 99 106 106 104 101 98 97 95 94 Plumbers' supplies 75 76 77 78 80 81 83 85 83 81 81 82 82 83 Stamped enameled ware 142 147 147 157 159 162 166 166 160 161 158 155 153 152 Steam, hot-water heating 74 75 78 79 80 84 86 87 86 85 85 85 84 85 Stoves. 85 86 89 88 86 90 91 93 93 91 91 89 88 91 Structural, ornamental 67 66 67 69 71 76 76 76 75 75 72 71 71 73 Tin cans, tinware _. . 95 95 95 98 97 103 103 100 101 100 99 98 97 100 Tools ... 84 84 81 85 87 91 94 96 96 96 93 93 92 91 Wirework 142 135 128 121 149 164 171 176 172 162 161 158 156 153 Machinery 94.4 95.4 96.1 97.3 99.8 105.7 110.6 112.9 113.4 113.6 113.3 113.4 113.4 115.0 Agricultural implements. _. 119 118 115 121 123 125 128 131 133 137 136 133 136 136 Cash registers, etc. 126 128 127 125 127 126 127 129 127 128 128 128 128 130 Electrical machinery 86 87 87 88 92 97 100 103 103 102 102 102 101 103 Engines, turbines, etc. 93 95 95 97 99 108 116 124 133 134 132 134 142 152 Foundry, machine-shop products 81 83 83 85 86 91 95 97 98 98 97 97 96 97 Machine tools . 140 144 149 146 155 170 183 191 197 204 209 215 220 228 Radios, phonographs . 121 122 131 126 129 145 160 153 144 144 145 153 155 144 Textile machinery 75 75 77 78 78 81 85 86 86 85 85 84 82 79 Typewriters 126 126 122 119 122 123 125 125 123 119 115 . 114 113 112 Transportation Equipment 87.2 88.9 90.0 88.3 99.5 105.6 101.3 112.6 113.1 110.8 111.1 109.7 109.9 111.0 Aircraft 1,169 1,267 1,385 1,414 ,512 1,605 1,767 1,905 2,050 2,062 2,075 ,124 ,260 ,439 89 89 90 88 102 108 100 112 111 107 107 106 105 104 ACaurtos,m eolebcitlreisc -,. ste.am-railroad 34 33 32 31 34 42 48 53 57 61 60 54 52 49 Locomotives 21 25 28 29 28 25 26 28 30 30 28 27 28 29 Shipbuilding 118 127 128 125 128 132 133 139 140 146 148 148 154 164 Nonferrous Metals, Products 92.8 92.8 94.6 96.2 99.2 107.0 110.1 111.3 111.7 107.5 106.6 105.9 106.0 108.2 142 145 153 157 152 166 172 170 173 170 168 170 173 177 Brass, bronze, copper 104 105 106 109 115 130 137 138 137 128 127 125 124 128 Clocks, watches 84 82 84 85 85 87 88 89 92 91 91 90 92 93 Jewelry .. 90 91 94 95 91 92 95 96 95 93 95 96 96 99 Lighting equipment 76 73 75 77 88 95 89 95 95 88 84 85 84 86 Silverware, plated ware 68 68 70 70 71 70 72 74 74 71 70 70 70 68 Smelting, refining... . 77 77 76 75 77 83 85 86 87 87 87 86 86 87 Lumber, Products ._ 65.3 66.0 66.4 67.4 69.4 72.2 72.4 72.0 70.0 68.1 67.2 67.9 67.7 Furniture 84 85 86 86 87 89 93 93 94 91 90 90 90 91 Lumber, mill work. 56 59 59 60 61 63 64 64 65 63 62 61 60 61 Lumber, sawmills 59 69 60 60 61 63 66 66 65 63 61 60 61 60 Stone, Clay, Glass Products 75.4 77.5 78.4 78.1 79.0 81.9 85.0 85.4 85.8 80.8 80.0 79.8 78.9 79.7 Brick, tile, terra cotta 55 57 58 57 59 61 64 65 66 61 59 59 58 58 Cement . 63 66 67 67 66 68 70 71 68 66 65 68 66 67 Glass 96 98 98 99 100 106 109 109 111 103 105 104 103 103 Marble, granite, slate 52 50 51 50 48 49 49 50 46 48 45 45 47 47 Pottery 84 87 88 87 86 90 93 94 95 93 90 89 88 91 Textiles, Products 99.6 101 0 103 9 104 6 103.4 106.0 107.5 105.8 104.4 102.7 99.1 96.6 96.3 96.9 Fabrics .. 90 9 91 9 94 3 95 2 93.9 97.7 99 7 96 9 95.0 93.: 88.6 87.8 87.7 88.0 Carpets, rugs 74 73 74 76 78 83 85 84 85 83 78 79 76 70 Cotton goods . 85 86 80 91 91 94 96 95 94 93 89 89 88 89 Cotton small wares . _ 80 79 83 84 86 91 92 91 88 83 77 76 76 76 Dyeing, finishing textiles 124 120 128 129 129 133 132 131 127 124 123 121 123 119 Hats, fur-felt 84 89 93 90 87 86 90 92 91 90 84 65 68 76 Hosiery 153 152 154 155 149 151 151 146 145 145 139 139 134 133 Knitted outerwear . 68 72 75 80 75 76 75 68 62 68 65 60 61 65 Knitted underwear. _ 73 74 77 79 78 79 80 79 80 77 77 74 72 72 Knitted cloth 128 138 138 140 140 148 155 146 142 134 133 130 127 131 Silk, rayon goods . 76 73 72 72 70 75 77 74 71 66 65 65 67 64 Woolen, worsted goods 81 86 89 85 83 90 95 89 85 81 71 70 73 77 Wearing apparel . 115. 117. 121. 121. 120.4 120. 120. 121. 121. 120.0 118. 112. 111. 112.8 Clothing, men's 102 104 107 107 106 107 108 112 110 107 107 100 98 102 Clothing, women's 161 169 174 174 172 171 171 171 167 169 167 156 158 158 Corsets, allied garments 111 114 115 117 116 117 117 117 117 114 113 111 113 -114 Men's furnishings 125 129 135 140 136 138 127 122 120 120 120 115 114 112 Millinery 80 74 73 77 80 80 74 75 79 83 83 78 72 71 8hirts, collars 120 120 123 121 121 121 123 123 132 125 122 122 121 117 810 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment (Adjusted)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 193. 71923-25 average=100] 1939 1940 Industry and group May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Leather, Manufactures . . . 93.7 97.1 98.7 97.4 96.8 97.4 99.1 96.9 97 3 95.4 93.8 91.9 87.9 89.6 Boots, shoes 92 96 98 96 95 96 98 96 96 94 93 90 86 88 Leather 84 86 87 87 87 88 88 86 87 85 83 82 81 81 Food, Products . 128.4 129.4 127.9 129.7 128 1 126 9 129 6 131 4 130 7 130.8 130.3 128.8 129.1 131.7 Baking 146 147 147 146 146 146 145 145 144 144 145 144 145 146 Beverages 272 275 269 269 269 271 279 285 280 278 275 274 273 278 Butter 96 95 95 96 95 95 97 97 95 96 96 97 98 97 Canning, preserving 159 162 150 160 147 137 150 154 149 155 152 150 147 159 Confectionery 81 80 82 86 82 82 86 86 85 86 83 82 84 83 Flour.... 80 81 81 79 82 80 77 79 80 80 80 79 81 80 Ice cream . 77 77 75 76 76 78 79 79 79 79 80 79 76 77 Slaughtering, meat packing 98 100 101 101 102 103 106 108 108 109 110 107 107 109 Sugar, beet 107 104 99 105 131 107 105 118 162 102 102 98 99 103 Sugar refining, cane 87 89 94 96 90 100 95 98 94 93 97 94 95 96 Tobacco Manufactures 65.1 65.5 65.7 65.2 64.4 63.5 63.1 64.7 64.2 62.7 64.3 65.0 63.2 65.2 Tobacco, snuff . 62 62 61 62 62 62 60 60 62 60 60 59 59 59 Cigars, cigarettes 65 66 66 66 65 64 63 65 65 63 65 66 64 66 Paper, Printing 111.5 111.1 111.8 112.0 112.8 115 0 115.7 116.4 115.5 114.7 114.8 114.3 115.3 115.8 Boxes, paper.. . .. 111 111 113 115 116 121 122 121 121 118 116 115 116 118 Paper, pulp 107 106 106 107 109 114 115 115 114 113 113 112 115 116 Book, job printing. 99 99 101 99 98 99 100 101 102 100 100 101 100 100 Newspaper, periodical printing... 115 114 114 115 116 116 115 116 114 116 117 116 117 116 Chemicals, Petroleum, and Coal Products 114 4 113 1 113 7 111 9 116 4 119.9 121.3 121.9 121 4 120.6 120.0 121.1 122.2 122.7 Petroleum refining... . .. 119 120 121 122 122 122 123 122 122 122 123 122 122 122 Other than petroleum 113 4 111 4 111 9 109 4 115.2 119.4 120.8 121.8 121 3 120.3 119.4 120.9 122.2 122.8 Chemicals 117 117 115 119 122 132 137 138 138 138 137 136 137 138 Cottonseed oil, cake, meal .. 110 88 85 81 92 98 91 91 92 87 84 97 100 90 Druggists' preparations 111 112 114 112 112 113 114 116 119 118 117 119 122 120 Explosives „ ., 87 90 92 93 98 102 104 106 104 108 109 116 120 127 Fertilizers 115 107 105 103 111 109 106 111 105 99 102 109 120 119 Paints, varnishes .. 119 120 122 125 123 125 126 126 127 124 124 123 121 122 Rayon, allied products 302 295 298 254 297 309 310 311 310 309 304 312 311 315 Soap __ 79 80 84 87 87 87 86 87 86 84 81 81 82 83 Rubber Products 81.1 80.8 79.7 83.6 86.1 91.2 93.0 92.4 90.2 87.9 86.7 83.9 83.8 84.2 Rubber boots, shoes 61 59 47 58 58 60 61 61 59 57 57 57 56 57 Rubber tires, inner tubes 67 66 67 68 70 74 75 75 74 73 72 70 69 68 Rubber goods, other... 129 131 134 138 144 154 159 157 152 145 142 136 138 141 NOTE.—Figures for June 1940 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month. AUGUST 1940 811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics;adjusted to Census of Manufactures through1937. 1923-25 average=100] Factory employment. Factory payrolls Industry and group 1939 1940 1939 1940 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June Total 93.0 93.4 101.4 100.8 99.6 99.0 99.7 85.0 86.5 97.8 98.2 96.3 96.3 97.9 Durable goods 84.0 84.6 96 6 96.4 96 0 96.5 97.5 78 8 80 7 96.7 97.6 97.2 97.5 100.1 Nondurable goods 101.6 101.8 106.1 105.1 103.0 101.5 101.8 91.9 93.0 99.1 98.9 95.4 94.9 95.5 Iron, Steel, Products _ 90.2 90.4 106.7 103.5 101.7 101.9 104.6 80 2 82.6 100.9 96.5 94.9 97.1 103.7 Blast furnaces, steel works 95 96 117 112 108 109 114 82 86 110 102 99 103 114 Bolts, nuts, washers, rivets.. 94 93 114 112 109 106 104 90 90 126 117 114 109 111 Cast-iron pipe 73 73 76 75 75 76 77 68 66 68 60 62 67 69 Cutlery, edge tools.. 87 90 104 103 104 103 101 76 82 91 91 94 92 90 Forgings 55 54 72 68 67 67 66 57 56 84 77 75 73 74 Hardware 80 72 101 99 98 96 94 78 74 101 105 104 102 100 Plumbers' supplies _ 75 76 82 82 82 82 83 67 68 71 71 72 73 73 Stamped, enameled ware 145 147 161 161 160 156 152 143 146 162 164 164 162 162 Steam, hot-water heating 74 75 84 85 85 85 85 61 63 76 75 76 75 77 Stoves 87 88 86 90 91 91 93 75 77 75 80 82 84 83 Structural, ornamental 67 67 72 70 70 71 74 57 59 60 60 61 62 65 Tin cans, tinware 94 98 93 94 95 96 103 98 103 93 100 101 101 114 Tools 84 84 96 95 94 92 91 79 79 96 93 91 90 89 Wirework 146 136 162 163 162 161 155 139 138 175 180 175 170 166 Machinery 94.9 95.6 113.1 113.1 113.6 113.9 115.2 94.0 95.4 119.3 121.5 121.6 122. 3 125.1 Agricultural implements 123 119 141 144 141 140 137 135 127 164 168 166 164 158 Cash registers, etc 127 128 128 128 129 129 130 122 125 131 134 134 134 138 Electrical machinery 87 87 102 102 102 102 103 91 92 112 114 113 114 118 Engines, turbines, etc. _ 97 99 133 135 140 149 159 114 114 172 176 183 194 211 Foundry, machine-shop products- 82 83 98 97 97 97 97 75 77 94 96 95 95 96 Machine tools 141 145 205 211" 216 221 229 161 166 271 282 287 290 303 Radio, phonographs 107 120 126 122 128 137 141 92 105 113 110 116 127 135 Textile m achinery. _ 75 75 86 86 85 82 79 70 73 81 82 80 77 74 Typewriters _ 127 125 118 115 114 113 111 127 113 110 111 112 114 112 Transportation Equipment 91.2 90.8 114.8 117.0 115. 4 115.0 113.5 87.3 88.9 118.6 124.3 122.6 116.6 117.7 Aircraft _ 1,204 1,305 2,042 2,096 2,166 2,328 2,512 1,155 1,299 1,881 2,011 2,063 2,213 2,488 Automobiles 93 92 113 114 112 110 107 88 89 119 123 121 111 111 Cars, electric-, steam-railroad 37 35 59 61 57 56 51 32 30 54 58 52 50 45 Locomotives 22 26 29 28 28 28 29 20 25 27 26 26 27 29 Shipbuilding 122 126 143 151 153 158 163 131 136 150 169 169 180 186 Nonferrous Metals, Products 92 0 91.3 107 2 107.1 105 6 105.3 106.5 84 0 84.0 103.4 104.8 103.1 103.6 105.8 Aluminum 142 144 171 171 172 173 177 153 157 195 196 199 202 204 Brass, bronze, copper 105 104 128 129 126 126 127 104 103 136 137 133 134 141 Clocks, watches 82 80 91 91 89 90 90 78 76 95 95 92 94 94 Jewelry 83 85 91 92 90 89 92 66 70 69 75 72 73 77 Lighting equipment 76 71 88 86 86 84 84 59 56 71 74 74 72 69 Silverware, plated ware 69 68 71 70 71 70 68 59 58 59 60 63 61 56 Smelting, refining _. __ 77 77 87 87 86 86 87 72 72 86 85 84 84 86 Lumber, Products 65 0 66.3 66.7 66.8 66.9 68.0 68.6 58.0 60.1 60.0 61.0 61.4 63.3 63.5 Furniture 81 83 89 89 86 87 88 67 69 77 78 74 75 76 Lumber, millwork 56 60 61 61 61 61 62 44 48 47 47 48 48 49 Lumber, sawmills 60 61 59 60 60 62 62 54 56 52 53 55 58 58 Stone, Clay, Glass Products 78 5 80.5 75 5 77.7 80 5 82.0 82.9 67 7 70.6 65.3 68.3 72.2 74.6 73.2 Brick, tile, terra cotta... . 58 61 53 54 58 61 63 44 50 40 42 45 49 51 Cement 68 72 55 59 68 71 72 63 68 48 54 64 69 70 Glass _ _ 97 99 103 106 105 104 105 96 101 108 113 114 112 111 Marble, granite, slate 54 52 43 43 46 49 49 44 40 29 30 '34 39 36 Pottery 87 86 93 93 93 91 90 77 73 84 85 85 84 76 Textiles, Products 99 2 97.8 105 5 102.9 98 8 96.0 93.8 79 7 79.5 91.3 89.5 81.4 77.9 75.5 Fabrics 90.1 89.5 95.5 90.7 88.3 87.0 85.7 75.3 75.6 84.2 78.5 75.2 73.9 72.4 Carpets, rugs . 74 73 82 80 80 76 70 58 57 71 67 68 60 55 Cotton goods 85 84 96 92 91 89 87 72 71 87 83 81 78 75 Cotton small wares 80 77 85 81 79 76 74 72 70 75 76 73 68 67 Dyeing, finishing textiles 124 117 130 128 125 123 115 103 97 109 109 105 99 92 Hats, fur-felt 82 86 92 87 65 66 73 63 74 84 69 39 46 59 Hosiery 153 149 145 140 140 134 130 150 148 151 146 144 134 128 Knitted outerwear 68 71 68 65 60 62 63 54 56 57 53 47 50 51 Knitted underwear. 74 75 77 79 77 74 73 65 67 69 72 '69 65 64 Knitted cloth 128 135 135 135 131 127 128 100 111 108 107 101 104 108 Silk, rayon goods 71 68 69 66 64 62 60 52 51 54 52 50 49 46 Woolen, worsted goods 80 85 85 71 67 72 76 65 71 72 • 57 53 60 65 Wearing apparel 115.6 112.6 123.7 126.6 118.6 112.1 108.0 83.5 82.3 99.8 105.7 88.7 81.0 77.1 Clothing, men's 99 100 110 112 104 95 99 69 74 86 88 72 65 72 Clothing, women's _. 166 158 176 181 168 163 148 114 106 134 142 119 112 95 Corsets, allied garments _ 113 113 116 117 115 114 113 120 117 118 120 120 117 111 Men's furnishings 127 127 121 124 118 115 110 103 111 113 117 101 96 95 Millinery. __ _ 82 68 90 97 87 75 66 58 45 77 103 74 54 48 Shirts, collars 121 119 125 126 125 121 116 99 98 108 113 111 101 93 • Revised. 812 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment and Payrolls—Continued [Index numbers of the Bureau of Labor Statistics;adjusted to Census of Manufactures through 1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1939 1940 1939 1940 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June Leather, Manufactures 92.5 94.1 99.3 98.2 94.2 86.8 86.9 68.6 74.6 82.6 80.3 70.7 63.6 66.8 Boots, shoes 91 93 98 98 93 85 85 64 70 80 78 67 58 63 Leather _ _ 83 85 87 84 83 81 80 79 82 83 80 78 77 75 Food, Products __ _ _ __ . 120.5 127. 2 118.8 118.8 119.7 121.6 129.5 118.8 123.8 115.5 117.1 117.7 121.5 128.8 Baking 146 147 142 143 143 145 147 137 138 132 134 134 138 141 Beverages __ 277 298 254 262 268 279 301 324 355 284 300 312 330 374 Butter 98 103 89 90 94 100 105 82 87 76 78 81 85 90 Canning preserving 108 141 92 88 103 100 138 93 110 78 76 83 90 115 Confectionery 74 72 84 82 77 76 75 70 69 81 77 74 75 72 Flour 78 79 79 79 78 79 78 72 74 74 73 72 73 72 Ice cream 85 92 67 70 75 84 92 71 75 57 60 63 70 77 Slaughtering, meat packing 97 99 109 107 104 106 108 105 107 111 112 110 110 115 Sugar, beet 52 54 38 40 44 47 53 56 59 44 45 48 49 54 Sugar refining, cane 88 91 92 96 94 95 98 73 77 77 79 77 80 89 Tobacco Manufactures 64.2 65.2 61.7 63.6 63.8 62.2 64.9 57.7 61.5 54.0 58.1 58.7 60.7 66.9 Tobacco, snuff _ _ 61 61 62 61 59 59 58 65 65 69 67 64 67 67 Cigars, cigarettes 65 66 62 64 64 63 66 57 60 52 57 58 60 67 Paper Printing 111.2 109.8 114.6 114.4 113.8 115.0 114.6 105.1 103.5 108.6 110.0 109.7 113.1 111 9 Boxes, paper 109 108 115 114 113 114 116 116 118 119 122 121 125 128 Paper, pulp __ 107 106 113 113 112 115 116 106 105 117 115 115 124 126 Book, job printing 99 97 101 100 100 99 97 86 84 87 88 87 88 85 Newspaper, periodical printing ___ 115 114 115 117 117 117 116 108 106 108 111 111 112 110 Chemicals, Petroleum, and Coal Products 112.9 109.8 121.0 122.8 123.4 120.8 119.2 119.6 118.7 131.4 132.5 133.4 133.6 133 1 Petroleum refining 118 121 121 121 121 122 123 132 134 134 136 137 137 136 Other than petroleum 111.7 107. 2 121.1 123.1 123.9 120.6 118.2 115.7 113.9 130.4 131.5 132.3 132.6 132.0 Chemicals 117 117 136 136 135 136 138 131 132 160 159 160 162 165 Cottonseed oil, cake, meal 75 54 98 90 79 68 56 58 45 89 81 69 60 49 Druggists' preparations 108 108 119 119 119 118 116 118 119 130 131 131 129 126 Explosives _ _ __ _ 86 90 106 108 114 118 126 96 101 128 129 133 141 154 Fertilizers 124 79 109 152 175 129 88 106 65 84 113 136 119 79 Paints, varnishes _ _____ 123 124 123 124 124 126 126 130 129 128 131 132 136 137 Rayon, allied products 296 286 313 309 306 304 306 273 272 321 316 311 311 314 Soap 78 80 84 83 81 81 82 94 97 100 100 98 98 101 Rubber Products 81.2 80.1 88.0 87.3 84.7 84.0 83.5 80.0 82.1 88.4 88.3 86.5 87.2 86.4 Rubber boots, shoes 59 56 57 57 56 54 55 55 55 53 56 55 54 56 Rubber tires, inner tubes 67 66 73 72 70 69 68 72 75 81 79 78 80 78 Rubber goods, other 131 129 145 144 140 140 139 122 122 135 138 133 132 133 NOTE.—Figures for June 1940 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings(cents per hour) Industry group 1939 1940 1939 1940 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May Total - _ 36.6 36.8 37.4 37.3 37.5 37.2 37.2 64.2 64.3 66.3 66.3 66.5 66.5 66 9 Durable goods. 36.6 36.9 38.1 37.9 38.3 38.2 38.2 71.0 70.7 72.7 72.6 72.8 72.9 73.0 Iron, Steel, Products 35.1 34.9 37.6 36.5 36.1 36.0 36.6 75.2 75.2 76.6 76.4 76.3 76 4 76 7 Machinery _ __ 37.7 38.3 40.4 40.1 40.7 40.5 40.5 72.6 72.5 73.5 73.7 73.9 73.9 74.1 Transportation Equipment 35.5 34.9 37.4 37.6 38.4 38.3 36.7 89.7 89.4 89.4 89.6 90.0 90.2 90 2 Nonferrous Metals, Products 37.2 37.7 39.2 38.4 38.9 38.6 38.8 67.0 67.3 70.1 69.6 69.7 70.0 70.1 Lumber, Products 38.2 39.1 36.9 38.0 38.4 38.4 38.7 49.8 50.2 51.2 51.3 51.5 51.8 52 1 Stone, Clay, Glass Products 35.5 36.5 35.1 35.3 35.7 36.5 37.1 64.8 64.4 66.4 66.2 66.4 66.4 66.4 Nondurable goods 36.6 36.7 36.9 36.8 36.9 36.2 36.3 58.8 59.2 60.7 60.8 61.0 60.9 61.5 Textiles, Products _ 34.7 34.8 34.8 35.1 35.1 34.2 33.7 48.0 47.8 49.9 50.5 50.5 49.5 49.6 Fabrics 35.3 35.5 36.0 35.7 35.1 34.5 34.3 45.8 46.0 48.1 48.4 48.2 48.2 48 4 Wearing apparel _. _- - 33.6 33.6 32.5 34.0 35.2 33.6 32.7 51.8 51.1 53.4 54.4 54.3 51.9 51.8 Leather, Manufactures 35.7 33.0 37.2 36.7 35.6 32.5 30.9 52.4 52.8 53.4 53.7 54.1 54.3 55 5 Food, Products, _. _ 39.3 40.5 39.6 39.4 39.8 39.4 40.1 62.7 63.1 64.1 63.9 64.1 64.3 64.7 Tobacco Manufactures 34.0 35.3 33.3 32.8 34.5 34.7 36.4 47.4 47.2 49.6 49.1 49.0 49.3 49.7 Paper, Printing 38.1 38.2 38.1 37.8 38.0 38.1 38.8 77.2 77.4 78.3 78.3 78.9 '79.3 79.4 Chemicals, Petroleum, and Coal Products 38.2 38.4 38.4 38.4 38.4 38.5 38.8 72.1 74.0 75.6 75.6 74.6 74.2 76.0 Petroleum refining _ 35.6 36.3 35.5 35.9 36.2 36.5 36.2 97.3 97.0 97.4 97.5 97.1 97.4 97.5 Other than petroleum refining. 39.1 39.1 39.4 39.2 39.2 39.2 39.7 63.5 65.6 68.0 68.1 67.0 66.5 68.6 Rubber Products... 35.7 35.5 36.6 35.3 35.8 36.0 36.4 76.0 76.0 77.6 77.7 »77.9 77.9 77.8 r Revised. AUGUST 1940 813 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Public works Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational * Other i an u d ti li p ti u e b s l i i c 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 January 251.7 196.2 80.2 77.4 7.1 12.9 17.3 15.9 31.7 6.1 28.9 17.7 86.5 66.3 February. __ _ 220.2 200.6 79.0 74.9 9.5 15.4 13.5 20.2 21.8 8.1 24.7 26.9 71.6 55.2 March 300.7 272.2 125.2 121.7 13.0 21.8 17.4 23.1 27.6 9.3 39.8 19.6 77.7 76.7 April _ _ __ _ _ 330.0 300.5 114.4 135.4 17.5 23.5 21.3 24.0 21.1 17.4 34.8 24.0 121.0 76.3 May 308.5 328.9 133.8 145.9 13.0 23.2 19.5 26.1 16.4 15.3 27.8 25.6 97.9 92.8 June 288.3 324.7 111.9 135.3 15.8 15.2 26.8 33.1 12.5 14.3 37.8 29.4 83.6 97.5 July 299.9 109.3 17.4 22 9 19 4 28.7 102 1 August 312.3 127.2 10.4 21.1 13.8 24.6 115.3 September 323.2 129.7 20.7 26.6 10.1 24.9 111.1 October 261.8 118.3 16.8 22.6 9.5 23.8 70.8 November 299 8 116.6 18 5 20 4 9 7 29 2 105 5 December.._ 354.1 88.7 15.3 17.4 7.7 17.4 207.7 Year 3, 550. 5 1, 334. 3 174.8 246.9 201.4 342.5 1, 250. 6 i Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Month 1935 1936 1937 January 100 215 243 February 75 140 188 March. _ _ _____ 123 199 231 April 124 235 May.. 127 216 June 148 233 July 159 295 August 169 275 September 167 234 October 201 226 November 188 208 December 264 200 Year 1,845 2,675 Ot 3S Publicly-financed * 1938 1939 1940 1935 1936 1937 1938 1939 192 252 196 55 149 112 118 148 119 220 201 38 79 69 51 111 227 301 272 68 96 66 95 128 222 330 301 53 105 74 99 283 308 329 47 94 93 144 318 251 288 64 116 137 108 322 240 300 67 153 131 98 281 313 312 92 153 104 171 207 301 323 97 116 80 160 202 358 262 114 101 78 203 198 302 300 118 89 93 179 209 389 354 196 82 115 279 2,913 3,197 3,551 1,007 1,334 1,152 1,705 coo: Privately-financed i 1940 1935 1936 1937 1938 1939 1940 93 45 66 130 75 104 104 82 37 62 119 68 109 119 95 55 103 165 132 173 177 103 71 130 195 123 170 197 112 80 122 151 139 174 217 128 84 116 180 143 161 137 93 141 191 142 163 158 76 122 178 142 154 144 70 119 127 141 179 92 87 125 124 154 170 144 70 119 106 123 156 225 68 117 94 110 129 1,708 837 1,341 1,761 1,492 1,842 i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1940 1939 Number Liabilities Federal Reserve district Federal Reserve June May June district 1940 1939 1940 1939 Boston 23,130 19,664 June May June June May June New York 62,993 44,985 P C h le il v a e d la e n lp d hia 3 1 4 5 , , 0 4 8 0 9 8 4 1 0 4 , , 7 5 9 1 7 0 N Bo e s w to Y n. o r _ k . _ _ . 4 8 4 2 6 4 8 7 8 7 42 6 7 3 5 1, , 0 7 3 5 0 6 4 1 , ,1 5 5 4 4 0 4,1 9 0 5 8 8 A S R C t. t h i c l i a L h c n a m o t g u a o o i n i si d , , 3 3 6 2 9 1 0 1 , , , , 1 2 3 3 8 9 3 7 5 7 9 9 4 2 4 18 6 6 6 , , , , 1 5 7 8 5 0 2 1 4 9 8 3 P A R C h i l t c e l i a l h v a n m e d t la a e o n l n p d d hia 4 4 4 7 2 7 8 5 7 7 5 5 1 9 1 5 6 3 3 7 3 6 8 1 8 8 8 5 0 5 7 5 1 7 3 5 1 1 , , 1 0 6 4 2 7 0 6 0 2 4 2 3 9 7 4 1 6 4 8 4 6 6 2 Chicago _ __ 138 175 190 1,678 1,392 2,115 Minneapolis 11, 857 St. Louis 36 43 28 299 415 471 K Da a l n l s a a s s City*. 1 1 3 5 , , 8 3 9 4 0 7 13 7 , , 8 5 6 9 8 6 M K D a a in n ll n s a a e s s a p C o i li t s y.. . 4 1 1 4 7 8 2 3 2 5 7 4 2 5 3 0 7 0 4 1 1 9 1 6 9 0 6 3 3 3 6 0 1 2 2 6 2 3 2 7 5 6 7 4 5 Total (11 districts).-. 324,726 328, 914 288, 316 San Francisco 121 113 96 1,110 1,329 1,525 Total 1,114 1,238 1,119 13, 734 13,068 12, 581 1 Revised. Comparable figures for earlier months available on request. New series. Includes cases of discontinuances where loss to creditors was involved even though actual legal formalities were not invoked. Back figures, available for 1939 only, may be obtained from Dun and Bradstreet, Inc. 814 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Month 1936 1937 1938 January 199 223 289 February _ _ _ _ 182 233 262 March 195 275 April - _ 193 274 May _ _ 201 257 June 186 265 July . . 180 268 August 179 211 September 221 297 October 265 333 November 226 315 December... _ _ __ 230 323 Year 2,456 3,349 ot ot ot ot ot ot OO Ot O O-if r4t7_ Merchandise imports 2 1939 1940 1936 1937 1938 1939 1940 213 370 187 240 171 178 219 347 193 278 163 158 268 351 199 307 173 190 231 324 203 287 160 186 249 325 192 285 148 202 236 P350 191 286 146 179 230 195 265 141 169 250 193 246 166 176 289 216 233 168 182 332 213 224 178 215 292 196 223 176 235 269 368 245 209 171 247 3,094 3,177 2,423 3,084 1,960 2,318 Ot 3S ot 0 Excess of exports 1936 1937 1938 11 -18 -11 -45 217 A -51 212 -10 -18 211 9 5 P211 -5 -21 -15 3 -14 31 5 63 52 108 30 92 -15 115 33 265 OO DC 1939 1940 35 128 61 147 102 77 .135 115 45 112 109 47 114 87 57 P139 87 61 65 74 79 107 100 117 76 57 98 121 1,134 859 p Preliminary. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Bureau of Foreign and Domestic Commerce. Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORE SALES AND STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1939 1940 Sales i Stocks (end of month) June Feb. Mar. Apr. May June Month Adjusted Without Adjusted Without for seasonal seasonal for seasonal seasonal variation adjustment variation adjustment Adjusted for seasonal variation 1939 1940 1939 1940 1939 1940 1939 1940 Total 67 73 69 70 72 75 Coal 68 68 66 75 78 81 Coke 51 65 70 73 73 91 January... 92 67 61 Grain and grain products. _ 90 75 75 79 • 74 74 February. 87 68 Livestock 36 40 39 37 38 38 March 82 71 Forest products 40 44 43 43 45 45 Ore 64 107 105 102 96 100 April.. Miscellaneous 71 83 77 74 77 82 May_. 70 Merchandise 1 61 61 60 59 60 60 June.. 64 65 July Without seasonal adjustment August September. 97 Total 67 68 67 67 71 75 October Coal 58 80 70 63 67 69 November.. 106 Coke 47 88 73 62 70 85 December.. 168 Grain and grain products 89 69 69 70 66 73 Livestock 30 33 31 34 34 31 Year.. 90 Forest products 42 43 44 44 47 48 Ore 108 26 26 42 134 170 Miscellaneous 74 71 74 76 80 85 1 Based on daily average sales—with allowance for changes from Merchandise 1 61 59 60 60 60 60 month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. 1 In less-than-carlqad lots. NOTE.—For description and back data see pp. 522-529 of BULLETIN Back figures.—Department store sales, see BULLETIN for August for June 1937. Based on daily average loadings. Basic data compiled 1936, p. 631, and for October 1938, p. 918; department store stocks, see by Association of American Railroads. Total index compiled by com- BULLETIN for March 1938, p. 232. bining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. AUGUST 1940 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities Year, month, or week m c t A o i o e m l d s l i - - F p u r a c o r t d m s - ]Foods Total H p l i r e d o a e d t s h u e c a r n ts d p T ro e d x u ti c le ts F m li u g a e h t l e t i r a n i n a g d ls a p n M r d o e d m t u a e c l t s t a s l B m u a i t l e d r i i n a g ls p c C r a a o l h l s d l e i u e m a c d n i t d - s1 i f n H u g r o n g u i o s s h o e d - - s l M an i e sc o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 . _ 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 _ _ 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1939—May 76.2 63.7 68.2 80.6 91.6 67.5 73.9 93.5 89.5 75.6 85.5 74.2 June 75.6 62.4 67.6 80.2 92.3 67.3 73.0 93 2 89.5 75.2 85.6 73.8 July 75.4 62.6 67.5 80.2 92.5 67.6 72.8 93.2 89.7 74.5 85.6 73.4 August 75.0 61.0 67.2 80.1 92.7 67.8 72.6 93 2 89.6 74.2 85.6 73.3 September 79.1 68.7 75.1 82.1 98.5 71.7 72.8 94! 8 90.9 76.6 86.6 76.6 October 79.4 67.1 73.3 83.8 104.6 75.5 73.9 95.8 92.8 77.6 87.8 77.6 November 79.2 67.3 72.3 84.0 104.0 76.4 74.1 96.0 93.0 77.4 88.4 77.0 December 79.2 67.6 71.9 83.9 103.7 78.0 72.8 96.0 93.0 77.7 88.5 77.4 1940—January 79.4 69.1 71.7 83.9 103.6 77.9 72.7 95.8 93.4 77.7 87.9 77.7 February.. _____ 78.7 68.7 71.1 83.2 102.4 75.4 72.4 95.3 93.2 77.5 88.0 77.3 March 78.4 67.9 70.2 82.9 101.8 74.0 72.2 95.5 93.3 77.0 88.0 76.9 April 78.6 69.4 71.6 82.5 101.8 72.9 71.8 94.5 92.5 76.8 88.4 77.7 May 78.4 67.9 71.4 82.5 101.3 72.9 71.7 94.5 92.5 76.7 88.5 77.7 June 77.5 66.2 70.3 82.2 99.2 72.6 71.4 94.7 92.4 76.1 88.5 77.3 Week ending— 1940—April 6 77.6 67.0 69.7 82.7 101.6 71.9 72.5 95.4 93.2 76.5 89.4 76.6 April 13 78.0 68.0 70.8 82.7 102.1 71.9 72.5 95.4 92.8 76.6 89.9 76.6 April 20 78.5 69.6 71.9 82.6 102.5 71.6 72.3 95.3 92.8 76.9 89.9 76.8 April 27 79.0 71.6 72.8 82.5 102.5 71.5 72.2 94.9 92.7 77.0 89.9 76.9 May 4 78.9 71.3 72.5 82.6 102.5 71.5 72.3 95.0 92.6 76.8 89.9 76.9 May 11 78.4 69.2 71.6 82.5 102.2 72.3 72.4 94.5 92.0 76.8 89.9 76.8 May 18 78.5 68.2 71.7 82.9 102.4 72.6 72.3 94.7 92.7 76.8 89.9 78.2 May 25 77.8 66.8 70.7 82.7 101.4 72.4 72.4 94.7 92.6 76.6 89.9 77.4 June 1 77.8 67.8 70.8 82.5 100.5 72.2 72.3 94.7 92.5 76.6 89.9 76.9 June 8 77.4 66.7 70.5 82.4 99.6 71.9 72.2 94.8 92.1 76.4 89.9 77.0 June 15 77.4 66.8 70.2 82.4 99.6 71.8 72.2 94.9 92.4 76.4 89.9 77.2 June 22 77.1 65.6 70.1 82.4 99.6 71.9 71.9 94.8 92.3 76.3 89.9 77.2 June 29 77.1 65.7 69.7 82.3 99.9 72.0 71.9 94.8 92.4 76.0 89.9 76.9 July 6 77.5 66.7 70.4 82.4 100.3 71.9 72.0 94.9 92.6 77.1 90.0 77.0 July 13_._ __._ 77.9 68.0 71.0 82.4 99.9 72.0 71.9 94.9 92.7 77.0 90.0 77.2 July 20 77.6 67.3 70.4 82.4 99.9 71.9 71.8 94.9 92.8 76.9 90.0 77.3 1 1939 1940 1939 1940 Subgroups Subgroups June Mar. Apr. May June June Mar. Apr. May June Farm Products: Metals and MetalProducts: Grains 58.2 73.4 77.2 71.2 64.4 Agricultural implements 93.4 93.4 93.5 92.5 9,2.5 Livestock and poultry 69.4 67.1 68.4 69.6 64.7 Farm machinsry 94.6 94.7 94.7 93.7 93.6 Other farm products. 58.8 66.3 67.4 65.5 67.0 Iron and steel 95.2 96.4 94.3 94.2 94.3 Foods: Motor vehicles 93.0 94.8 94.8 94.8 94 8 Dairy products 60.0 78.6 77.4 72.8 72.2 Nonferrous metals _. 72.9 79.7 79.2 80.3 81.2 Cereal products 75.9 82.4 83.2 81.0 77.4 Plumbing ancI heating 79.3 81.0 80.9 80.6 80.5 Fruits and vegetables 62.5 58.7 65.7 69.2 73.9 Building MaterialJ: Meats 75.7 69.2 71.1 73.8 70.7 Brick and tilp 91.1 90.4 90.2 90.2 90.2 Other foods 60.8 63.0 63.2 62.2 61.3 Ceinent 91.5 91.2 90.3 90.5 90.6 Hides and Leather Products: Lutnber 90.7 97.8 96.1 96.6 96.0 Shoes 101.3 108.4 108.2 107.9 107.9 Paint and paint materia]s 82.4 87.2 86.7 86.0 85.2 Hides and skins 75.3 94 3 94 8 92.2 81 9 Pluimbing and hfiatine" 79.3 81 0 80 9 80 6 80 5 Leather 83.8 93.5 93.2 93.6 92.4 Strnctural steBl 107.3 107.3 107.3 107.3 107.3 Other leather products 95.6 100.0 100.0 100.0 100.0 Otller building materials 89.5 92.7 92.3 92.2 93.0 Textile Products: Chemicals and Alled Product Clothing _ _ 81.7 85.1 84.7 85.0 85.3 Chemicals * 84.2 85.1 85.0 85.1 85.1 Cotton goods 64.1 71.8 70.2 69.4 68.4 Dnlgs and pharmaceuticals * 77.4 81.4 81.8 82.0 82.2 Hosiery and underwear 60. 1 62.2 61.7 61.3 61.6 Fertilizer materials * 66.5 70.6 70.7 70.8 67.4 Silk 2 . . _ 43.3 49.9 45.4 47.0 46.1 Mised fertiliz3rs 1 72.7 73.9 73.8 c73.0 72.8 Rayon 2 28.5 29.5 29.5 29.5 29.5 Oil3 and fats * 46.2 47.8 46.8 46.1 45.1 Woolen and worsted gjoods 75.6 84.5 83.8 83.4 83.7 Housefiirnishing Goods: Other textile products 64.2 74.9 74.6 75.7 74.0 Furnishings 90.0 94.2 94.5 94.8 94.9 Fuel and Lighting Materia Fui'niture 81.0 81.5 81.9 81.9 81.7 Anthracite 75.5 79.2 77.4 76.5 77.1 Miscellineous: B Co it k u e minous coal — 1 9 0 5 4 . . 6 2 1 9 0 7 9 . . 3 6 1 9 0 6 9 . . 4 6 1 9 0 5 9 . . 8 6 1 9 0 5 9 . . 7 6 A Ca u t t t o i e t i f r e e e s d and[ tubes 6 8 0 1 . . 5 5 9 5 5 5 . . 2 6 1 5 0 8 0 . . 0 1 9 58 3 . . 0 3 8 5 0 8 . . 0 2 Electricity 77.8 77.1 76.0 Patier and nuln 79.9 89.0 89.5 90.7 91 7 Gas 88.9 80.4 82.0 84.4 Rubber, crude 34.4 38.3 39.4 44.1 46.3 Petroleum products 52.5 50.4 50.4 50.7 ~5O.~6~ Other miscellaineous 81.3 85.8 85.1 84.3 83.7 c Corrected. 1 Revised series. 2 New series. Back figures.—Yoi monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). 816 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES Chart 1940 Chart 1940 book book page Ju 2 n 6 e Ju 3 ly Ju 1 l 0 y Ju 1 l 7 y Ju 2 ly 4 April May June WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1923-25=100 CURRENCY Wholesale commodity prices:4 Rese B rv il e ls B d a is n c k o u c n re te d d it —total. 3, 5 5 0 2. ) 51 0 2. ) 50 0 2. ) 49 0 2. ) 50 0 2. ) 49 Unit A F e a d ll r m c S o t a m p t r e m o s d o : u d c it t i s e s 31, 3 3 1 2 6 7 9 8 . . 4 6 7 6 8 7 . . 4 9 6 7 6 7 . . 2 5 E M T T M R G x r r e o e o e e c q l m n a a e d N C R C T u s s s e b J i h s e s u o e u y r . e t s w i e r r u r o c S r e y y i d e n n c a r . s b Y k t v g c d r e G r c a e o a e e y o r i n s o s p v r r c 2 k h e k c b v o e i r u t a s s ' b v y t C l — i n . a a t e k s i b l s t s t a t s i e a y e o o n c n 2 t n c 2 u a k • . e l r s s « i 2 t • i es.. 3 3 , , 7 7 7 6 6 9 7 7 3 3 5 3 1 1 6 3 6 1 2 7 2 3 9 . . . . . . . . . . . . 8 8 7 9 6 7 5 1 4 3 7 8 1 4 2 7 8 9 2 7 7 5 4 0 2 1 3 6 1 6 2 0 7 2 3 . . . . . . . . . . . . 8 7 8 9 6 5 4 1 9 0 7 2 1 6 3 7 5 6 9 2 4 5 3 2 2 1 3 1 6 6 7 2 2 0 3 . . . . . . . . . . . . 6 8 5 8 8 9 8 1 4 1 7 3 3 0 0 3 8 7 6 9 5 1 5 0 P 2 1 P 3 6 1 6 7 2 3 2 0 . . . . . . . . . . . . 6 8 9 8 5 8 8 8 2 2 4 2 1 4 8 8 9 6 7 0 6 5 5 8 P 2 1 P 3 1 2 % 7 7 6 0 3 . . . . . . . . . . . 5 5 7 6 0 2 8 6 8 3 5 4 4 3 4 9 0 3 5 8 1 7 7 5 F I F M n a a d a c c n u t t N T D E F G o o u s o r n r r t o u f e a y r y a t g r n r i n a c m a a l F O d p e l c a t l b o m u a u e a t n h l o p y r n r d e p i e d a r r y n 6 l o o r s b o g d l l c y l e u s o m p 6 c m r t e o i m n o d t n o u d c 5 i t t i i o . e s n :5 3 4 4 3 3 3 3 3 3 3 3 5 3 3 7 7 7 2 2 2 1 1 •• 1 1 4 5 0 8 7 0 ' 2 2 7 6 2 1 6 . . . . 3 5 6 7 1 1 1 4 5 8 0 0 7 0 5 8 6 3 2 1 7 . . . 4 5 9 P1 P P 8 7 0 9 2 9 0 8 7 9 . . . 2 3 6 . . 9 7 Freight-car loadings 5 45 70 72 75 WEEKLY REPORTING Department store sales 5. 47 87 91 MEMBER BANKS Department store stocks 5 47 Total, 101 cities: Loans and investments. 14 23.58 23.59 23.68 23.74 23.95 In millions of dollars Investments 14 15.15 15.12 15.22 15.23 15.43 Construction contracts awarded:7 Loans 14 8.44 8.46 8.46 8.52 8.51 Total .__ 41 263 265 T A i d d m j e u e p s o t d e s e d i p t s o d s e it m s and 1 1 5 5 2 5 0 . . 3 6 1 8 20 5 . . 5 3 1 3 2 5 0 . . 3 8 2 2 2 5 0 . . 3 93 2 2 5 0 . . 3 9 1 8 Expo R O r e t t h s s i e d a r e n n d t i i a m l ports: 4 4 1 1 1 1 1 4 5 8 1 1 4 1 7 8 P P 1 1 2 6 5 5 U. S. Gov't. deposits __. 15 .58 .54 .46 .43 .53 Exports (inch re-exports)._ 49 324 325 P350 D Fo o r m ei e g s n t i b c a b n a k n k b a b la al n a c n e c s e . s . 1 1 5 5 8. . 4 6 3 8 8. . 5 6 8 9 8. . 4 6 5 7 8. . 5 6 3 7 8 . . 6 3 8 1 . G Ex e c n e e s r s a l o i f m e p xp o o rt r s ts 4 4 9 9 2 1 1 1 2 2 2 1 1 1 1 4 P P 2 1 1 3 1 9 New York City: acome payments: B U C O r o . t o h m S k e . m r e G r s e s e o r ' c c v l u i o ' a t r a . l i n t o l i s o e b a s l i n g s a tions. 1 1 1 1 6 6 6 6 5 1 1 . . . . 2 6 2 2 9 9 4 8 5 1 1 . . . . 7 2 2 2 1 9 2 6 5 1 1 . . . . 7 2 3 2 1 6 5 7 5 1 1. . . . 7 3 2 2 1 5 6 9 5 1 1 . . . . 2 3 3 7 9 4 4 1 T T S O a o o t l h t t a a a e r l l r i e u s s s . n a a n d d ju w st a e g d es 5 5 5 5 5 0 0 0 0 3 5 2 5 , , , , 7 1 9 8 8 1 1 9 6 3 3 9 3 2 5 5 , , , , 6 1 7 9 5 8 4 3 1 5 8 3 P P P P 2 6 5 S , , , , 9 2 1 7 8 0 9 8 1 2 4 7 100 cities outside New York: !ash farm income: T C O J o t . h m S e . m r G s e e o r c c v u i ' a t r l . i t o l i o e b s a l n ig s ations. 1 1 1 7 7 7 2 6 2 . . . 7 3 2 1 7 5 6 2 2 . . . 3 2 7 9 3 3 6 2 2 . . . 3 7 2 8 3 3 6 2 2 . . . 3 2 7 8 3 5 6 2 2 . . . 5 7 2 4 5 3 T L C i o r v o t e a p s s l t s o 8 ck and products 8_. 5 5 5 1 1 1 6 3 1 7 2 8 6 7 6 4 6 1 1 2 8 2 0 0 P P P1 3 5 8 7 8 4 7 8 MONEY RATES AND SECURITY Averages of daily figures*; per cent Government payments 51 65 28 P25 MARKETS per annum F. R. Bank discount OTHER In billions of dollars rate, N. Y 19 1.00 1.00 1.00 1.00 1.00 Central gold reserves: B U U T C J . . a o . n m S S S k . . . m e T T T r e r r s r r e e ' e c a a a a i c a s s s c l u u u e r r p r y y p y a t p b n a b e i o n o l r t c l n e s e d s s s 21, 2 2 1 1 2 1 1 9 9 5 2 . . . . . 5 0 3 4 6 2 6 8 4 7 2 . . . . . 5 2 4 6 0 9 6 4 1 8 2 . . . . . 5 3 4 5 0 0 6 4 6 5 2 . . . . . 2 5 4 5 0 9 6 4 6 4 2 . . . . . 0 4 5 5 2 4 4 6 7 5 r. N E U F S r n . e n a g t i n h G t l e c a e d o e n r v l d a S 't n t . a d t s i e n s terest-bearing 1 ( 2 8 0 . . . 6 0 7 5 0 7 1 0 2 P 9 . . ) . 0 2 6 0 1 5 P 1 0 P 2 9 . ) . . 0 9 6 0 6 5 C C o o r r p p o o r r a a t t e e A B a a a a b b o o n n d d s s 2 2 5 5 2 4 . . 9 9 1 7 4 2 . . 9 8 0 8 4 2 . . 8 8 2 8 4 2 . . 7 8 7 7 4 2 . . 7 8 7 7 de B bt o — nd t s otal 2 2 0 0 4 2 2 9 . .8 1 0 2 4 29 2 . . 8 2 6 5 2 4 9 2 . . 3 5 8 4 Wednesday figures; in unit indicated N Bi o l t ls es 2 2 0 0 6 1 . . 1 3 3 1 6 1 . . 1 3 3 0 6 1 . . 3 3 8 0 Stock prices, total4 27, 29 74 76 76 77 Special issues 20 4.88 4.97 5.15 Industrial 27 85 87 87 88 Vo sh lu P R a m r u a e e b i s l ) l r i o c o a f u d t t i r l a it d y ing2 1 (mill, 2 2 2 7 9 7 .6 2 7 6 3 8 .3 8 2 1 0 4 . 8 2 2 0 8 4 . 8 3 2 1 0 5 .24 QUARTERLY FIGURES» O D 19 e c 3 c t . . 9 - M J 1 a 9 n a 4 r . 0 - . A J 1 u p 9 n 4 r e 0 .- Brokers' loans (mill, dollars) 29 395 380 377 408 411 In millions of dollars BUSINESS CONDITIONS Figures for week*; in unit indicated Domestic corporation security Who A F le a ll s r a m c l o e m p c r o m o m d o u m d c i o t t i s d e s it y prices:4 3 3 3 3 7 6 7 5 . . 1 7 6 7 6 7 . . 7 5 7 6 7 8 . . 9 0 7 6 7 7 . . 6 3 7 66 7 . . 0 3 iss N R u e e e f s w u , n to d t i a n l g ... 28 ' ' 4 5 '7 4 1 2 4 7 • r '• 5 • 1 4 6 1 5 3 1 2 3 5 1 7 3 5 7 0 3 Foods. 33 69.7 70.4 71.0 70.4 69.6 Other commodities 33 82.3 82.4 82.4 82.4 82.4 Per cent per annum Steel plant operations (per cent of capacity) 38 86.5 74.2 86.4 86.8 88.2 ustomers' rates: Au (t t h o o m u o s b . i c le a rs p ) r oduction _.„ 38 87.6 52.0 65.2 53.0 34.8 N 7 ew o th Y e o r rk N C o it r y th ern and 23 1.96 2.03 2.00 El ( e m ct i r l i l c . k p w ow . h er r s p .) r oduction 39 2,514 2,265 2,483 2,524 2,601 11 E S as o t u e t r h n e r c n i ti a e n s d Western 23 2.59 2.67 2.49 To ( t t a h l o f u r s e . i g c h a t r - s c ) a r loadings 39 752.3 636.9 740.4 729.9 718.5 cities. __ __ 23 3.32 3.35 3.38 p Preliminary. 6 Estimate!. <• Revised. 6 Points in total index of manufacturing production. 1 Less than $5,000,000. 7 Three-months moving average adjusted for seasonal variation. 2 Averages of daily figures, see footnote 3. 8 Series revised for the period from January 1936 to November 3 Figures are shown under the Wednesday date included in.the weekly period. 939, inclusive. Back figures may be obtained from the Division 4 Index numbers, 1926=100. •f Research and Statistics. 6 Adjusted for seasonal variation. 9 Banking statistics for call report dates are shown in table •n following page. NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each. AUGUST 1940 817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS FOR FEDERAL RESERVE CHART BOOK—QUARTERLY BANKING SERIES [In billions of dollars] Chart 1937 1938 b p o a o g k e Ju 3 n 0 e Dec. Mar. June Sept. Dec. M 2 a 9 r. Ju 30 n e O 2 ct. Dec. M 2 a 6 r. 7 30 All banks in the United States: Total deposits and currency- 10 57.42 56.83 56.78 56.74 P57. 65 U2 P59.15 P61. 00 P63. 03 P64. 40 P65.05 Time deposits 10 25.96 26.26 26.34 26.27 P26. 27 P26. 38 P26. 58 P26. 83 P26. 91 P27. 00 P27. 30 Demand deposits adjusted... 10 25.26 24.05 24.13 24.39 P25.10 P26. 01 P26.01 P27. 32 P29. 10 •30. 05 P30. 60 Currency outside banks 10 5.53 5.69 5.50 5.47 P5.50 P5.83 P5.68 P6.05 P6.23 P6. 50 P6.30 Member banks: Demand deposits adjusted.,. 11 21.40 20.39 20.51 20.89 21.60 22.29 22.36 23.59 25.12 25.68 26.46 Time deposits. 11 11.35 11.52 11.59 11.56 11.46 11.51 '11. 62 11.72 11.73 11.85 11.98 Interbank balances 11 5.30 5.44 5.62 6.10 6.09 6.51 6.82 7.10 4 8.24 8.51 4 8.72 Loans and investments 11 32.74 31.75 31.52 30.72 31.63 32.07 32.10 32.60 33.08 33.94 34.16 Investments, total _ 11 18.45 17.79 17.98 17.78 18.69 18.86 19.05 19.46 19.61 19.98 20.22 U. S. Government obligations, total 12 12.69 12.37 12.45 12.34 13.01 13.22 13.35 13.78 13.81 14.33 14.42 Direct obligations 13 10.87 10.57 10.63 10.22 10.71 10.88 10.69 10.95 10.89 11.18 11.31 Guaranteed obligations _ 13 1.82 1.80 1.83 2.13 2.30 2.34 2.66 2.83 2.92 3.14 3.11 Other securities, total 12 5.77 5.42 5.52 5.44 5.68 5.64 5.70 5.69 5.79 5.65 5.80 State and local government securities- 13 2.13 2.03 2.19 2.13 2.30 2.45 2.55 2.55 2.76 2.69 2.90 Other domestic. 13 3.40 3.21 3.15 3.13 3.19 3.01 2.96 2.94 2.77 Foreign securities 13 .23 .18 .18 .18 .18 .18 .18 .19 .19 Loans, total 11 14.29 13.96 13.55 12.94 12.94 13.21 13.05 13.14 13.47 13.96 13.94 Security loans, total i2 12 4.37 3.70 3.54 3.32 3.30 2 1.75 1.57 1.47 ( 1.49 Brokers' loans 13 1.54 .95 .70 .71 .97 .84 .73 .79 Loans on securities (excluding brokers' loans) 2 13 2.83 2.75 2.67 2.61 2.59 2.78 .73 .74 .70 Real estate loans _ 12, 13 2.51 2.55 2.56 2.61 2.66 2.72 2.75 2.83 2.96 Other loans, total 12_ ~ 12 7.41 7.71 7.45 7.01 6.97 2 8.74 8.73 8.85 9.51 Commercial loans 2 13 6.66 7.00 6.75 6.40 6.36 2 5.45 5.53 5.57 6.12 Open-market paper _ 13 .64 .64 .61 .49 .48 .44 .42 .42 .45 Loans to banks „ 13 .12 .07 .10 .12 .13 .12 .10 .06 .06 All other loans 3 3 2.73 2.67 2.80 2.89 p Preliminary. c Corrected. 1 In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans" since that date. 2 Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimates on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332. 3 Not originally plotted in chart book. 4 Partly estimated. s Detailed breakdown of loans and investments now available on June and December dates only. JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of July 1,1940] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion July 1, tion July 1, tion July 1, tion July 1, 1939 1940 1939 1940 1939 1940 1939 1940 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 7,827 7,589 84 80 84 80 New York 28,310 27,176 7,166 8,151 7,058 8,066 85 Philadelphia- 51, 372 49,416 17,413 17,136 17, 263 16,967 150 169 Cleveland 212,109 172,305 42,149 44,201 42,034 44,066 115 135 Richmond 141,280 138, 762 24,270 26,012 24,270 26,012 Atlanta 141, 510 187,604 5,506 6,102 5,506 6,102 Chicago 1,132,703 938,220 58,683 56,639 56, 515 2,044 1,748 St. Louis 342,860 320,565 58,024 55,439 57, 927 55,380 97 59 Minneapolis... 285,022 239,603 182,899 187,047 25,846 24,658 157,053 162, 389 Kansas City___ 182,105 220,830 231,002 193,190 226,488 187,181 4,514 6,009 Dallas 87,166 107,000 28, 778 27,125 28, 703 27,036 75 89 San Francisco.. 6,873 105,898 71,697 72,007 27, 300 33,891 Total 2,619,137 2,415,998 754,971 728,644 563,431 523,990 191, 540 204,654 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion July 1, tion July 1, tion July 1, tion July 1, 1940 1939 1940 1939 1940 1939 1940 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 7,189 6,642 3,364 3,554 34,764 32,793 47,632 53,951 New York 26,957 22,921 4,428 5,839 2,276 2,318 30,853 30,936 Philadelphia- 16,503 17,479 1,944 2,535 35,967 28,135 21,638 22, 627 Cleveland 43,759 45,155 5,094 6,130 126, 363 111, 676 20, 229 19, 731 Richmond 21,103 19,850 3,708 4,093 1,121, 254 660, 561 23,205 27,173 Atlanta 14,594 15,118 3,172 3,196 205,900 170, 272 14,664 15,108 Chicago 359, 529 412,987 17,426 20,806 32,608 33,480 46,211 44,959 St. Louis 46,847 49,654 7,643 7,867 282,074 244,846 12,048 13,845 Minneapolis.. 257,914 255,646 10,182 10,444 2,724 2,891 44, 752 44,216 Kansas City.. 76,924 115,209 5,902 6,713 4,724 4,713 31, 219 25,421 Dallas 31,319 37,658 1,430 1,706 3,349 3,813 San Francisco. 34, 577 33, 303 11,433 12,418 68,216 Total ... 937,215 1,031, 622 75,726 85,301 1,848,654 1,291, 685 364,016 371,263 NOTE.—1939 figures for tobacco and white potatoes are as revised in July 1940. 818 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

> I a EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING THE SIX-MONTH PERIOD ENDED JUNE 30, 1940 Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas SanFran- Current Earnings Discounted bills _ __. _ $26, 764 $577 $7, 950 $2, 384 $2,025 $1,511 $1, 287 $2, 338 $1, 377 $991 $2,951 $1, 665 $1, 708 T*nrphnspd h»ill<? U.S. Government securities 21, 373,852 1, 543, 376 6,451,146 1, 730, 063 2,182,842 1,086, 792 884,413 2, 321, 572 968, 840 637,790 993,156 818,496 1, 755, 366 Industrial advances 243,368 29, 391 46, 734 64,620 7,812 29, 312 14,905 7,995 691 7,994 3,576 12,943 17, 395 Commitments to make industrial advances 53,643 1,384 5,602 885 5,800 3,819 546 192 1,028 304 4,404 29, 679 All other _ __ _ ___ _ 402, 974 3,876 72, 888 39, 567 36,087 16,057 15,402 98, 660 7,783 4,730 74, 726 4,303 28, 895 Total current earnings 22,100,601 1, 578, 604 6, 584,320 1,837, 519 2, 234, 566 1,137,491 916, 553 2,430, 757 979, 719 651,809 1,078,813 837,407 1,833,043 Current Expenses Operating expenses: Salaries: Officers 1,110, 550 59, 666 255, 607 59,004 87,822 71, 283 69, 533 122,431 78,478 54,667 86,442 62,400 103, 217 Employees 8,887, 706 531,004 2,249, 876 635, 909 783, 785 474,496 509,401 1,154, 259 524,025 290, 348 510,455 522, 202 701,946 Retirement System contributions for current service 489,191 27, 823 122, 663 34,410 41,834 27, 516 28, 334 62, 391 30, 246 16, 301 30,971 26,140 40, 562 Legal fees 22,471 4,159 161 5,283 2,715 364 169 1 4,622 6 -17 5,008 Directors' fees and expenses 69, 609 3,773 6,156 4,129 4,261 3,966 6,854 4,078 6,838 6,139 9,913 5,245 8,257 Federal Advisory Council fees and expenses 9,917 750 666 550 618 350 608 821 1,100 1,031 684 1,850 Traveling expenses (other than of directors and members • of Federal Advisory Council) 160,934 6,719 24, 911 12,815 15,848 13,114 12, 525 15,945 12, 229 11,060 10,808 10,745 14,215 Postage and expressage 1, 687,150 183,442 280,654 137,478 161,857 136,045 108,044 205,020 82, 630 66, 417 105,450 83,246 136,867 Telephone and telegraph 223,197 8,179 12,860 21, 272 12, 610 21, 716 16,110 17,907 . 9,171 21, 217 17,188 22, 598 Printing, stationery, and supplies 416, 684 39,816 79, 934 35, 278 34,650 24,027 27, 215 40,788 24,990 17,474 27,869 24,067 40, 576 Insurance on currency and security shipments 110,476 16, 553 19,495 10,055 11,007 8, 872 6,749 12,628 3,043 3,377 4,309 3,578 10,810 Other insurance 104,356 14, 806 9,003 7,272 5,821 7,835 8,224 8,635 7,319 10,083 8,380 10,112 Taxes on bank premises 741,431 78,000 240,231 38,808 71, 656 34,775 32,188 73,687 26,438 35, 292 44,721 16,831 48,804 Depreciation on bank building 595,137 27,916 110,423 63,266 75,073 38,095 21,234 33,801 22,507 14,423 96,055 38, 744 53,600 Light, heat, power, and water 203,163 13,060 38,246 17,139 22,689 14,184 17,096 19, 262 12,156 10,083 15,366 10, 761 13,121 Repairs and alterations to bank building 61, 784 3,085 14, 523 1,211 8,025 3,346 4,648 4,193 2,323 5,382 4,326 6,176 4,546 Rent 73, 780 48 360 34,477 8,550 1,134 1,560 1,545 870 25,236 Furniture and equipment 92,402 8,062 24,973 6,410 8,324 1,973 5,811 3,875 6,999 1,693 2,151 14,961 7,170 All other 334, 499 20, 797 7,620 44,491 31, 630 18, 396 29, 761 45,509 27, 688 24,414 24,123 25,152 34, 918 Total operating expenses 15, 394,437 1,039, 718 3, 533, 314 1,128, 459 1,424,815 897, 783 910,855 1,823,022 889, 793 579,071 1,006,841 877,353 1, 283, 413 Less reimbursements for certain fiscal agency and other expenses 2, 540,910 89, 255 306,130 95, 476 126, 292 116, 777 338,498 418, 737 250,884 123,681 191,031 299, 638 184, 511 Net operating expenses 12, 853, 527 950,463 3, 227,184 1, 032,983 1,298,523 781,006 572, 357 1, 404,285 638, 909 455, 390 815,810 577, 715 1, 098,902 Assessment for expenses of Board of Governors 785,395 56, 655 278, 517 76, 765 72,899 34,160 27,646 94,370 23,302 17, 711 22,672 23,266 57,432 Federal Reserve currency: Original cost : 589, 706 45,114 156,834 27, 954 60, 664 25,180 13, 302 155, 241 11, 765 12, 752 15, 721 11,929 53, 250 Cost of redemption 79,245 5,548 16, 065 5,717 6,647 6,780 12, 394 3,368 2,523 3,553 3,143 7,679 Total current expenses 14,307,873 1,057, 780 3,678,600 1,143,419 1,438, 733 846,174 620,085 1,666, 290 677, 344 488,376 857, 756 616,053 1,217,263 Current net earnings 7, 792, 728 520, 824 2,905, 720 694,100 795, 833 291, 317 296,468 764,467 302, 375 163, 433 221,057 221,354 615, 780 Dividends paid 4,084, 773 1, 532,841 357, 794 419,858 157, 623 139,112 408,067 123, 391 88, 611 131,127 123,015 322, 938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars.] Loans and investments Deposits, exclusive of Number of interbank deposits banks Total Loans Investments Federal Reserve district Mar.26 Dec. 30 Mar.29 Mar.26 Dec. 30 Mar.29 Mar.26 Dec. 30 Mar.29 Mar.26 Dec. 30 Mar.29 Mar.26 Dec. 30 Mar.29 1940 1939 1939 1940 1939 1939 1940 1939 1939 1940 1939 1939 1940 1939 1939 All Banks: Boston 5,600 5,604 5,592 2,666 2,654 2,615 2,934 2,951 2,977 6,154 6,122 5,892 873 881 New York 19,438 19,297 18,126 7,971 8,038 7,759 11,467 11, 25910,367 21, 71620,957 19, 262 1,213 1,216 1,232 Philadelphia 3,409 3,439 3,428 1,265 1,261 1,220 2,145 2,178 2,208 3,952 3,994 3,672 918 923 930 Cleveland 3,660 3,642 3,563 1,504 1,471 1,386 2,157 2,171 2,176 4,249 4,264 3,946 1,237 1,238 1,246 Richmond 2,011 2,019 1,976 968 959 900 1,043 1,060 1,076 2,487 2,473 2,289 1,059 1,059 1,065 Atlanta 1,447 1,436 756 777 727 691 659 659 1,817 1,772 1,664 1,051 1,049 1,039 Chicago.- _. 5,856 5,645 5*470 2,152 2,060 1,953 3,704 3,585 3, 517 7,058 7,166 6,274 2,464 2,470 2,486 St. Louis 1,605 1,606 1,613 805 817 769 800 789 844 1,!" 1,874 1,757 1,518 1,518 1,538 M Ka in n n sa e s a p C o i l t i y s 1 1, , 4 1 1 2 0 4 1 1, , 4 1 1 1 1 7 1 1 , , 0 36 7 9 2 7 5 1 3 6 7 7 5 1 2 8 6 4 6 4 5 5 3 587 6 5 9 9 3 1 6 71 2 5 7 1 1 , , 7 3 4 2 9 7 1 1 , , 7 3 3 3 6 6 1 1, , 6 2 4 3 3 8 1 1 , , 2 8 9 5 4 8 1 1 , , 8 3 6 0 1 2 1 1 , , 8 31 7 9 4 Dallas 1,054 1,059 1,033 566 576 549 483 484 1,466 1,454 1,350 951 953 960 San Francisco 4,521 4,610 4,303 2,287 2,313 2,177 2,234 2,296 2,126 5,183 5,197 4,824 574 575 581 Total 51,135 50,885 48,929 22,190 22,169 21,154 28,945 28, 71627, 775 59,017 58,344 53, 81215,006 15,037 15,151 Member Banks: Boston 1,919 1,923 1,891 979 923 926 944 2,387 2,362 2,180 350 353 356 New York __. 11,997 11, 84710,869 4,253 4,333 4,076 7,744 7,514 6,793 14,074 13, 32911, r~ 766 768 771 Philadelphia 2,308 2,342 2,308 950 945 907 1,358 1,396 1,401 2,726 2,775 2,513 651 652 652 Cleveland 2,893 2,868 2,778 1,142 1,106 1,046 1,751 1,762 1,732 3,398 3,403 3,114 645 639 622 Richmond.. 1,327 1,321 1,266 637 622 568 691 699 698 1,634 1,592 1,465 417 410 407 Atlanta 1,149 1,138 1,085 570 589 544 578 549 541 1,406 1,368 1,265 316 315 317 Chicago 4,734 4,558 4,369 1,528 1,469 1,390 3,206 3,089 2,979 5,591 5,724 4,902 810 804 792 St. Louis 1,156 1,159 1,149 543 556 506 612 603 643 1,290 1,302 1,216 396 392 389 Minneapolis 788 787 742 363 357 294 425 430 448 930 949 862 464 467 460 Kansas City 1,134 1,136 541 543 482 593 593 606 1,385 1,373 1,297 735 736 733 Dallas 912 922 482 496 463 430 425 427 1,258 1,244 1,166 546 544 545 San Francisco 3,847 3,941 3,661 1,' 1,967 1,850 1,909 1,975 1,811 4,499 4,509 4,180 281 282 287 Total __.. 34,163 33,941 32,095 13, 93913,962 13,047 20,224 19,979 19,048 40, 57939,930 6,377 6,362 6,331 Nonmember Banks: Boston 3,681 3, 3,701 1,673 1,675 2,008 2,007 2,009 3,767 3,760 3,712 519 520 525 New York 7,441 7,450 7,257 3,718 3,705 3,683 3,723 3,745 3,574 7,641 7,627 7,333 447 448 461 Philadelphia 1,102 1,097 1,120 315 315 314 786 782 806 1,226 1,219 1,159 267 271 278 Cleveland 767 774 785 361 365 340 406 409 444 851 861 832 592 599 624 Richmond 698 710 331 337 332 352 361 377 853 881 824 642 649 658 Atlanta... 298 301 186 188 183 113 110 117 411 404 400 735 734 722 Chicago 1,122 1,087 1,101 624 590 563 498 497 538 1,467 1,443 1,372 1,654 1,666 1,694 St. Louis 449 447 464 261 261 263 188 186 201 569 572 542 1,122 1,126 1,149 Minneapolis 336 331 330 174 169 151 162 161 178 397 386 376 830 835 859 Kansas City 276 276 280 175 175 171 102 101 109 364 363 346 1,123 1,125 1,141 Dallas 142 137 144 84 80 86 58 58 58 208 210 184 405 409 415 San Francisco 674 642 349 346 327 325 322 314 684 643 293 293 294 Total 16, 97216,944 16,834 8,251 8,207 8,107 8,721 8,738 8,727 18,438 18,414 17, 723 8, 629 8, 6758,820 i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 823. 820 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State Mar. 26 Dec. 30 Mar. 29 Mar. 26 Dec. 30 Mar. 29 Mar. 26 Dec. 30 Mar. 29 Mar.26 Dec.30 Mar.29 1940 1939 1939 1940 1939 1939 1940 1939 1939 1940 1939 1939 New England: Maine 110, 959 109, 557 106,370 192, 320 188,913 206,424 327, 774 324, 254 320, 927 100 101 102 New Hampshire 104,600 103, 958 100, 327 167, 594 166,450 173, 686 276, 782 277, 575 270, 659 107 107 108 Vermont 87,309 86,803 83, 276 67,859 68,097 73,810 167,873 164, 768 83 84 84 M assachusetts :, 760,1501, 746,841 1, 728,0111, 781, 2501, 801,1511,791,052 3,880, 2973,843, 396 3, 705,853 388 388 391 Rhode Island 175, 515 175, 359 166, 315 268, 772 276,025 275,066 489,827 490,673 465, 691 35 35 35 Connecticut 572, 358 575, 563 571, 485 581, 388 576,805 594, 2591, 332, 7241,339,468 1,266,453 203 205 208 Middle Atlantic: New York 1, 268,1157,341, 210 7,057, 77810, 519,008 10, 270,6919,387,765 19f,, 665, 62148,888,835 17',, 308,908 887 894 New Jersey 672, 721 664, 486 671, 282 963,931 1,006, 626 989,451 2,078,889 2,106,185 '1, 977, 292 389 390 404 Pennsylvania L, 546, 4541, 533,1871,491,412 3,006,709 3,026,413 3,036,630 4,997,844 5,013,460 4,649, 391 1,097 1,102 1,106 East North Central: Ohio 916,947 895, 306 818,198 973, 504 997.857 1,012, 627 2, 389, 6982, 413, 6272, 213, 219 704 704 707 Indiana 300,076 296,220 271,427 387, 507 389,087 394, 778 884, 681 814,965 511 511 513 Illinois 998,698 970, 573 914, 816 2, 208,859 2,083, 569l,993,r~ 3, 632,0763,836, 7723,146,013 845 856 Michigan 436, 577 420, 829 387,437 703,232 713,144 720,439 1, 540, 2321, 495,0291,365,305 449 456 Wisconsin 284, 021 278, 913 251,043 426,206 439,676 450, 389 889, 830 879, 834 840, 631 576 583 West North Central: Minnesota 367, 732 355, 294 305, 016 407, 269 404,912 424, 578 856, 273 865,844 803, 569 681 681 685 Iowa 339, 344 299,421 311,077 203, 830 190.858 208,875 653,841 613,090 621,422 647 647 650 Missouri 486,914 480,056 433, 549 597, 646 594, 787 631, 515 1,154,382 1,146,826 1,081,065 632 633 643 North Dakota 31, 284 35,069 24, 835 26,122 26, 637 28,324 73, 553 73,662 64,345 163 168 175 South Dakota 46,028 43, 372 35, 502 31, 578 30,997 33, 744 94,126 94, 756 83,615 165 165 167 Nebraska 123,258 126,919 117, 299 107,206 109, 569 113,607 275, 784 270, 226 258,808 422 423 427 Kansas 156, 595 159,167 143,946 128, 520 128, 207 134, 547 364, 981 373, 511 347, 210 674 675 South Atlantic: Delaware 78, 313 78,157 81,063 110, 503 108,642 107,046 237, 683 242, 270 204,016 46 47 Maryland 212, 55f 211,917 205,155 477, 502 492,945 495,009 843, 388 839,420 767,473 189 189 191 District of Columbia.. 115, 203 112,470 101, 741 135,057 134,137 135,641 337, 277 329,114 312,189 22 22 22 Virginia 304, 764 302, 614 281, 656 176,122 176,081 187, 868 549,445 548, 560 517,160 314 315 317 West Virginia 132, 58" 132, 966 126,424 81,026 80, 641 92,409 290, 889 281, 826 275,993 182 181 181 North Carolina 177, 839 172, 864 159, 705 155, 791 156,825 145, 671 377, 791 382, 876 344, 948 228 228 231 South Carolina 54,884 55, 768 53, 629 37,922 39, 688 40, 729 150, 982 153, 537 134,198 151 151 151 Georgia 217, 861 221, 056 208,322 125,878 119,023 114, 707 404,004 403, 524 357, 727 285 285 283 Florida 105,819 109, 466 85, 535 165,936 152,005 157,998 394, 812 341,834 173 171 163 East South Central: Kentucky 219, 846 224,416 206,092 147, 938 140, 992 152,375 415,937 422,904 406,977 412 412 417 Tennessee 243,130 256,921 234,851 146, 268 141, 976 138, 910 449, 712 450,645 418,185 300 300 301 Alabama 120,174 124, 572 132,352 101,689 99, 201 93,002 284,847 287,357 263, 225 217 217 216 Mississippi 67,995 67,081 75,753 71, 610 69, 341 73,160 197,198 196, 615 195,048 205 205 205 West South Central: Arkansas 64, 688 64,142 75,196 56, 222 55,076 51, 849 169, 520 171,020 154,143 218 217 219 Louisiana 158,182 167, 298 160,850 188, 781 180,399 184,225 • 428,879 433, 252 406, 583 145 145 146 Oklahoma 153, 78" 151,059 145,35" 139, 741 139, 655 153,040 387,973 382,221 378,108 392 393 397 Texas 520,238 490, 314 442, 980 438, 393 438,148 1, 308, 4811, 294,9211,209,984 840 847 Mountain: Montana 37,070 39,138 31, 621 54, 516 55,089 57, 61 135, 377 138,109 123,394 111 111 114 Idaho 32, 503 33, 839 28, 519 39,925 40,035 37, 628 97, 722 99, 318 89, 274 51 51 51 Wyoming 25, 996 25, 696 24,171 17,400 17,418 17, 503 61, 600 64, 236 58, 471 58 58 58 Colorado 88, 915 91, 928 81, 338 100, 422 105, 359 110, 461 295, 273 293,108 273,123 146 145 144 New Mexico 23,096 21, 587 19, 974 19, 792 19, 714 19, 324 62, 316 63, 203 55, 235 41 41 41 Arizona 34,189 36, 733 30,102 27, 780 27,123 31, 673 ' 91,284 89, 511 84,997 12 12 12 Utah 60, 713 61,860 56,123 51,113 50,518 50, 449 141,903 142,187 134, 200 59 59 Nevada 13, 478 13,006 10, 343 15, 215 15,314 14, 913 41, 231 39,992 34,803 11 11 Pacific- Washington 213,044 211,706 186,191 229,318 217, 622 213, 508 539,185 525, 473 482,244 143 143 147 Oregon 99, 700 100, 407 90, 536 142,044 141,043 132, 699 307, 997 297, 319 280, 460 75 75 76 California 839, 329 1,861, 5501, 780, 6311, 736,0921,811, 5111, 652, 4203,984,342 4,022,903 3, 738,045 227 228 229 TotaL 22,190,17222,168, 558 21,153, 945 28, 944,893 28, 716, 23' 27, 774,934 59,016,99158, 343, 767 53,812,146 15,00615,037 15,151 » Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 823. 821 AUGUST 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans ][nvestments bank deposits banks State Mar. 26 Dec. 30 Mar. 29 Mar. 26 Dec. 30 Mar. 29 Mar. 26 Dec. 30 Mar. 29 Mar. Dec.30 Mar. 1940 1939 1939 1940 1939 1939 1940 1939 1939 ZOOR 1939 29 1940 1939 New England: Maine 40,834 39,985 37,469 54,410 55, 240 61,142 112,093 112,079 111, 173 37 38 39 New Hampshire 32, 698 32,056 30,424 31,190 30,046 32,223 67, 265 68,058 64, 532 52 52 52 Vermont 26, 968 26,462 24,860 21,981 22, 219 24, 506 55, 623 56, 910 54, 621 41 42 42 Massachusetts 527, 249 519, 798 491,411 424, 265 445, 818 448, 331 1, 217, 2001,176, 6331,095, 201 125 125 126 Rhode Island 43,107 43, 722 37,778 33, 691 37, 879 32, 663 101, 237 99, 535 86,979 12 12 12 Connecticut 98, 261 98,189 95, 331 116,036 117,313 123,445 293, 799 298, 511 265, 759 52 53 54 Middle Atlantic- New York 1, 557, 3361, 559, 4831,449, 2633,061,114 3,068, 2012, 776, 5415, 321, 3285, 014, 9784, 549, 636 435 437 438 New Jersey 250,357 244,811 233, 651 383,032 405, 630 393,865 826, 640 853, 386 763, 204 225 226 227 Pennsylvania 815,495 800, 294 779, 856 1,474, 5441, 494,1161,471, 3972,471, 3142,459, 2582, 267, 231 693 693 695 East North Central: Ohio 348,061 339, 340 313,177 434,002 439,916 452, 757 991, 244 1,008, 762 927, 504 244 244 245 Indiana '_. 131, 716 128, 728 117, 513 230,215 231, 232 230, 901 453, 582 448, 584 419, 684 125 125 126 Illinois 695,025 679, 623 639,025 1, 645,1061, 536, 3761, 445, 7642, 522, 6682, 690,3722,133,040 329 327 320 Michigan 183,092 172,067 170, 329 399, 265 409,145 399,090 797, 856 765, 703 689, 958 81 82 82 Wisconsin 108, 373 107, 325 96, 786 258,848 264,659 270, 404 471,836 466, 422 447,083 103 105 105 West North Central: Minnesota 240,485 234,895 197, 560 282,421 281,170 289,815 571, 306 589, 574 535,164 191 191 192 Iowa 102,030 85, 287 93, 642 81,903 81, 288 87, 321 214,652 200,040 207, 203 107 108 109 Missouri 198, 804 193, 996 178,876 260,072 245,390 271, 516 482, 658 473, 208 454, 227 85 86 87 North Dakota 19, 286 21, 459 15,049 18,439 18, 873 20, 875 47, 622 48, 448 43, 087 48 50 50 South Dakota 27, 239 25, 542 20,478 20,126 20,123 22, 303 55, 625 57, 317 50,477 41 41 43 Nebraska 86, 720 90,614 81, 444 89,734 92, 514 95,108 204, 541 201, 767 191,104 135 135 136 Kansas 75,423 76, 207 64, 424 79, 756 79, 953 84,134 201, 779 210,180 190,952 182 182 182 South Atlantic: Delaware 8,497 8,399 8,332 8,499 8,754 9,523 18, 631 18, 758 17,062 15 15 15 Maryland 65, 917 66,638 63,183 189, 649 207, 565 197, 594 301,130 295, 647 263, 551 63 63 63 District of Columbia. 52, 779 51, 608 45,901 81, 898 81, 270 83,021 186,659 180, 686 172, 734 9 9 9 Virginia 163, 987 163, 583 152,195 114, 690 114,693 126,384 327, 255 326, 883 310, 886 130 130 131 West Virginia 66, 660 67,190 64,072 47,844 47, 576 52,098 158, 747 154,134 148, 960 78 77 78 North Carolina 44, 484 41,060 41, 676 28,005 28, 214 29, 574 101, 521 100, 825 92,973 43 42 43 South Carolina 37, 764 31,001 28, 431 19,970 18,108 18, 620 94, 378 79, 258 67, 503 21 20 20 Georgia 132, 688 136, 354 128,961 94, 267 89, 542 84,066 255, 247 256,037 226, 579 52 52 52 Florida 72, 597 74, 914 59, 557 134, 407 122,135 128, 317 289,105 253, 715 252, 447 52 52 52 East South Central: Kentucky 100, 825 104,886 93,637 90,040 80,952 82, 424 207, 310 212, 742 202, 788 95 95 97 Tennessee 171, 525 185, 734 165, 643 114,195 112,007 106, 571 315,053 318, 318 290, 335 71 71 71 Alabama 83, 712 88, 616 89, 863 71, 301 68, 967 64, 285 198, 611 199, 711 177, 293 66 66 66 Mississippi 20, 305 20, 324 21, 684 23, 542 23, 609 25, 282 64, 278 65, 270 64, 385 24 24 25 West South Central: Arkansas 33, 993 34,853 38, 710 33, 451 33,495 32, 525 91, 798 93, 311 84,967 49 49 49 Louisiana 104, 679 113, 463 107, 765 136, 302 129,038 126, 368 272,118 271,077 253, 681 29 29 30 Oklahoma 130,868 129,172 123, 961 122,809 122,869 135,359 334,114 328, 706 327, 518 210 211 214 Texas.. 425, 629 442, 032 406, 986 389,187 383, 705 386, 5181,116, 4291,100, 0451, 035, 301 446 445 447 Mountain: Montana 17,607 18,348 15,199 31, 738 32, 018 34,112 76, 466 78, 989 70,607 43 43 43 Idaho 15, 839 16, 348 13, 688 19, 309 18, 898 19,870 49, 952 49, 341 44,125 18 18 19 Wyoming 17, 273 17, 030 15, 738 13, 911 14,039 14,061 43,034 45, 014 41, 616 26 26 26 Colorado 67, 960 70, 899 62,808 83, 314 87,590 91, 706 236,164 234, 444 217, 959 78 78 78 New Mexico 17, 537 16, 350 15,045 16, 283 16, 253 15,841 49, 269 49, 390 43, 333 22 22 22 Arizona 24,444 27, "424 22, 241 17, 343 17,122 20, 780 63,855 62,439 57,945 5 5 5 Utah 23,068 23, 665 21, 980 24, 462 23, 799 21, 557 61,662 60, 111 58, 592 13 13 13 Nevada 12, 218 11, 782 9,537 14,004 14,052 13, 715 38,034 36, 767 32, 361 6 6 6 Pacific- Washington 158, 532 156, 664 134,052 162, 295 153, 627 151,825 401, 743 387,156 355,897 45 45 47 Oregon 83,017 83,901 74,831 124, 934 124,154 115, 568 266,166 255,485 242,190 27 27 28 California 1, 275, 3181, 299, 6271, 254, 3831,156, 4591, 237, 4351,109,471 2,810, 7402, 846, 7382, 638, 868 99 100 101 Total 9,038, 2819, 021, 7488, 448,40512, 764, 25812, 788, 58712, 331,13625, 911, 33725, 660, 72223, 340, 2755,178 5,187 5,212 822 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of bank deposits banks State Mar. 26 Dec. 30 Mar. 29 Mar. 26 Dec. 30 Mar. 29 Mar. 26 Dec. 30 Mar. 29 Mar 26 Dec 30 Mar 29 1940 2 1939 1939 3 1940 2 1939 1939 3 1940 2 1939 1939 3 19402 New England: Maine 70,125 69, 572 68, 901 137,910 133, 673 145, 282 215, 681 212,17J 209, 754 63 63 63 New Hampshire 4 71,902 4 71, 902 69, 903 4136, 404 4136, 404 141, 463 4209, 517 4 209, 517 206,127 4 55 4 55 56 Vermont 60, 341 60, 341 58, 416 45, 878 45, 878 49, 304 110,963 110,963 110.147 42 4: 42 Massachusetts 1, 232, 9011, 227,0431, 236, 6001, 356,9851, 355, 3331, 342, 7212, 663,0972, 666, 7632, 610, 652 263 263 265 Rhode Island 132, 408 131, 637 128, 537 235, 081 238,146 242, 403 391,138 378, 712 23 23 23 C onnecticut 474,097 477, 374 476,154 465,352 459, 492 47€, 814 1,038,925 1,040, 9571,000, 694 151 152 154 Middle Atlantic: New York 5,710, 7795, 781, 7275, 608, 5157, 457, 8947, 202, 4906, 611,22414, 344, 296 1i3,, 873, 85712, 759, 27: 449 . 450 456 New Jersey 422, 364 419, 675 437, 631 580,899 600, 996 595, 586 1, 252, 2491,252, 799 1, 214,088 164 164 177 Pennsylvania 730, 959 732, 893 711, 556 1, 532,1651, 532, 2971, 565, 2332, 526, 5302, 554,202 2,382,160 404 409 411 East North Central: Ohio 568,886 555,966 505,021 539, 502 557, 941 559, 870 1,398,454 1,404, . 1, 285, 715 460 462 Indiana 168, 360 167, 492 153, 914 157,292 157,855 163,877 435,238 436,097 395, 281 386 387 Illinois 303, 673 290, 950 275, 791 563, 753 547,193 547,624 1,109, 4081,146, 4001, 012,973 516 521 536 Michigan ^ 253, 485 248, 762 217,108 303, 967 321, 349 742,376 729, 326 675, 347 368 370 374 Wisconsin 175, 648 171, 588 154, 257 167, 358 175,017 179, 985 417,994 413,412 393, 548 473 475 478 West North Central: Minnesota 127, 247 120, 399 107, 456 124, 848 123, 742 134, 763 284,967 276, 270 268, 405 490 490 493 Iowa 237, 314 214,134 217, 435 121, 927 109, 570 121, 554 439.189 413,050 414, 219 540 539 541 Missouri 288,110 286,060 254, 673 337, 574 349, 397 359, 999 671, 724 673, 618 626,838 547 54' 556 North Dakota 11, • 13, 610 9,786 7,C" 7,764 7,449 25, 931 25, 214 21, 258 115 118 125 South Dakota 18, 789 17, 830 15,024 11, 452 10,874 11,441 38, 501 37, 439 33,138 124 124 124 Nebraska 36, 538 36,305 35,855 17,472 17,055 18, 499 71, 243 68, 459 67, 704 287 291 Kansas 81.172 82, 960 79, 522 48, 764 48, 254 50, 413 163, 202 163, 331 156, 258 492 South Atlantic: Delaware 69, 816 69, 758 72, 731 102,004 99,888 97, 523 219,052 223, 512 186, 954 31 31 32 Maryland 146, 635 145, 279 141, 972 287,853 285, 380 297, 415 542, 258 543, 773 503,922 126 126 128 District of Columbia. 62,424 60, 862 55, 840 53,159 52, 867 52,620 150, 618 148,428 139, 455 13 13 13 Virginia 140, 777 139,031 129,461 61, 432 61, 388 61,484 222.190 221, 677 206, 274 184 185 186 West Virginia 65,927 65, 776 62,352 33,182 33,065 40, 311 132,142 127, 692 127,033 104 104 103 North Carolina 133, 355 131, 804 118,029 127, 786 128, 611 116,097 276, 270 282, 051 251, 975 185 186 188 South Carolina 17,120 24, 767 25,198 17,952 21, 580 22,109 56, 604 74, 279 66, 695 130 131 131 Georgia 85.173 84, 702 79,361 31,611 29,481 30, 641 148, 757 147, 487 131.148 233 233 231 Florida 33, 222 34, 552 25, 978 31, 529 29,870 29, 681 105, 707 95, 054 89, 387 121 119 111 East South Central: Kentucky 119,021 119, 530 112, 455 57,898 60,040 69, 951 208, 627 210,162 204,189 317 317 320 Tennessee 71, 605 71,187 69, 208 32,073 29,969 32, 339 134, 659 132, 327 127,850 229 229 230 Alabama 36.462 35, 956 42,489 30, 388 30, 234 28, 717 86,236 87, 646 85, 932 151 151 150 Mississippi 47, 690 46, 757 54,069 48,068 45, 732 47, 878 132,920 131,345 130, 663 181 181 180 West South Central: Arkansas •-. 30, 695 29, 289 36, 486 22,771 21, 581 19, 324 77, 722 77, 709 69,176 168 170 Louisiana 53, 503 53,835 53,085 52, 479 51, 361 57, 857 156, 761 162,175 152, 902 116 116 116 Oklahoma 22, 919 21,887 21,396 16,932 16, 786 17, 681 53, 859 53, 515 50, 590 182 182 183 Texas ... 83, 231 78, 206 54, 688 51, 630 192,052 194,87 174, 683 392 395 400 Mountain: Montana 19.463 20, 790 16,422 22, 778 23,071 23, 503 58,911 59,120 52, 787 71 Idaho 16,664 17, 491 14,831 20, 616 21,137 17, 758 47, 770 49, 977 45,149 32 Wyoming 8,723 8,433 3, 489 3,379 3,442 18, 566 19, 222 16,855 32 Colorado 20,955 21,029 18, 530 17,108 17, 769 18, 755 59,109 58,664 55,164 66 New Mexico 5,559 5,237 4,929 3, 509 3,461 3,483 13, 047 13,813 11,902 19 Arizona 9,745 9,309 7,861 10, 437 10,001 10, f" 27,429 27, 072 27,052 7 Utah 37,645 38,195 34,143 26,651 26, 719 28, 892 80, 241 82,076 46 Nevada 1,260 1,224 1,211 1,262 1, 3,197 3,225 2,442 5 Pacific- Washington 54, 512 55,042 52,139 67,023 63, 995 61,683 137, 442 138,317 126, 347 100 Oregon 16, 683 16, 506 15, 705 17,110 17,131 41, 831 41,834 38, 270 48 48 California.^ 564,011 561, 923 526,248 579,633 574,076 542, 949 1,173, 6021,176,165 1,099,177 128 128 128 Total ._ 13,151,891 13,146,810 12, 705, 540 16,180,635 15, 927, 650 15, 443, 798 33,105,3 625,4683,045 30, 471,871 9,850 9,939 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private banks and industrial banks as are included in abstracts issued by State banking departments. 2 The figures for Alabama, Georgia, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Missouri, New Jersey, Ohio, and Tennessee were derived by adding to the March 26, 1940 figures of State bank members of the Federal Reserve System the December 30, 1939 figures of nonmember banks in existence as such on both that date and March 26, 1940. For Maine and Minnesota the figures are as of March 30, 1940. For New York and Rhode Island the figures for savings banks are as of December 30, 1939. 3 The figures for some States are as of call dates other than March 29,1939; see page 566 of July 1939 BULLETIN. 4 June 30, 1939. AUGUST 1940 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued PRIVATE BANKS —PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 823 covering "State Banks." Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d l e u p s o iv s e it s of inter- Nu b m an b k e s r of State Mar. 26 Dec. 30 Mar. 29 Mar. 26 Dec. 30 Mar. 29 Mar. 26 Dec. 30 Mar. 29 Mar 26 Dec.30Mar 29 19401 1939 19391 19401 1939 19391 19401 1939 19391 19401 1939 19391 Connecticut: District No. 1 285 293 293 204 197 198 394 400 401 3 3 3 District No. 2 111 108 116 69 69 69 308 331 282 1 1 1 Indiana: District No. 7 1,575 1,575 1,419 1,063 1,063 1,195 4,055 4,055 3,790 14 14 16 District No. 8 92 92 68 55 55 49 162 162 136 1 1 1 Iowa 171 171 233 38 38 38 356 356 365 1 1 1 Kansas 2 3 2 2 2 13 1 1 1 New Jersey (Dist. No. 2) 15 15 15 11 11 12 5 5 6 1 1 1 New York - 70,166 55, 859 60, 596 478, 582 498,617 426,963 512,165 498,968 420, 798 9 9 12 Ohio - - 2,108 2,108 2,115 590 590 582 3,012 3,012 2,898 13 13 13 Pennsylvania: District No 3 5,219 5,308 6,772 47,874 46,858 44,922 59, 888 68, 291 66,042 14 14 15 District No. 4 1,296 1,302 1,187 1,073 1,049 1,188 2,744 2,716 2,400 4 4 4 South Carolina 575 564 616 45 65 6 627 606 570 1 1 1 Total 81, 615 67, 398 73, 432 529, 604 548, 612 475, 222 583, 718 578,904 497, 701 63 63 69 i Figures in the March 1940 columns for Indiana, Iowa, New Jersey, and Ohio are as of December 30,1939. Figures in the March 1939 columns for New Jersey and Ohio are as of December 31, 1938, and for Pennsylvania as of March 25, 1939. MUTUAL SAVINGS BANKS — PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 823 covering "State Banks." Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of bank deposits banks State Mar. 26 Dec. 30 Mar. 29 Mar. 26 Dec. 30 Mar. 29 Mar. 26 Dec. 30 Mar. 29 Mar 26Dec 30Mar 29 19401 19391 19391 19401 19391 19391 19401 19391 19391 19401 19391 19391 California (2) 36,411 35,189 (2) 59, 210 58, 312 (2) 89,683 87,399 (2) 1 1 Connecticut: District No. 1 257,124 259,183 263, 571 279, 599 275, 528 279,459 568,123 563,812 560,004 58 58 59 District No. 2 82,650 82,805 81,990 78,044 77, 606 81,990 169,969 168, 363 165,316 14 14 14 Delaware 12,889 12,939 13,004 31, 979 30, 945 • 29,486 40,525 40,020 38,144 2 2 2 Indiana: District No 7 6,583 6,583 6,653 3,783 3,783 3,683 11, 545 11, 545 11, 299 3 3 3 District No. 8 _-- 4,484 4,484 4,445 2,727 2,727 2,548 8,207 8,207 7,897 1 1 1 Maine 29,041 29,466 29, 780 101,131 99,284 104, 671 129, 566 128,104 128,038 32 32 32 Maryland 34,322 34,322 39,016 168, 786 168, 786 175, 625 225,814 225,814 222,806 12 12 12 Massachusetts 1,003,696 1,003, 696 1,029, 562 1,122,093 1,122,093 1,096, 504 2,146,862 2,146,862 2,131,957 192 192 193 Minnesota 15, 250 14,663 9,786 49,822 50, 567 54,426 67, 748 67,247 66, 256 1 1 1 New Hampshire 63,239 63, 239 61, 717 128,049 128,049 132, 675 193,389 193, 389 190,243 43 43 44 New Jersey: District No. 2 _ 122,176 122,176 126,948 171,496 171,496 174,527 319,024 319,024 324, 240 22 22 22 District No 3 4,466 4,466 4,681 7,408 7,408 7,086 13,819 13, 819 13, 876 2 2 2 New York _ 3,035, 583 3,, 035, 583 2, 986, 520 2,433,874 2,433,874 2,377,185 5, 599,150 5, 599,150 5,404, 624 154 134 134 Ohio 53, 645 53, 645 40,000 61, 710 61, 710 69, 567 122, 215 122, 215 121,131 3 3 3 Oregon _ 1,414 1,358 1,205 1,225 1,099 834 2,620 2,483 2,041 1 1 1 Pennsylvania: District No 3 75, 267 75,324 74,982 428, 792 426,348 450, 644 558,087 547,193 541,138 6 6 6 District No. 4_ •__ 11, 380 11, 571 11,061 41, 764 42, 996 45,066 56,181 55,660 54,806 1 1 1 Rhode Island 51, 390 51, 390 50,206 120, 647 120, 647 127, 795 177, 506 177, 506 176,174 9 9 9 Vermont 28, 715 28, 715 27, 325 24, 296 24,296 25, 332 57,150 57,150 57, 653 8 8 Washington 26,649 26, 764 26,429 44,323 42,387 38,898 71, 550 70,880 66,189 3 3 3 Wisconsin: District No 7 2,155 2,179 2,155 2,225 2,174 2,112 4,587 4,559 4,345 3 3 3 District No 9 94 100 86 40 39 34 131 133 114 1 1 1 Total 4,922, 212 4,961,062 4,926,311 5, 303,813 5, 353,052 5, 338,45910, 543,76810,612,818 10, 375, 690 551 552 555 1 Figures in the March 1940 columns for Indiana, Maryland, Massachusetts, New Jersey, New York. Ohio, Rhode Island, and Vermont are as of December 30, 1939; Maine and Minnesota, March 30, 1940; New Hampshire, June 30, 1939. All figures in the December 1939 columns are as of December 30 except New Hampshire, which are as of June 30,1939. All figures in the March 1939 columns are as of March 29 except as indicated in the footnote on page 567 of the July 1939 BULLETIN. 2 Beginning With the Mar. 1940 call, this bank is no longer classified as a mutual savings bank. It is, however included in the figures covering "all State banks" and "all banks" as in the past. 824 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION: REVISED INDEXES Table of Contents Series Page Series Page Series Page Industrial production 825 Wool textiles 843 Sulphite pulp 864 Carpet wool consumption 844 Paper 864 Manufactures 826 Apparel wool consumption 844 Paperboard 865 Woolen yarn 845 Fine paper 865 Durable manufactures 826 Worsted yarn 845 Newsprint production 866 Woolen and worsted cloth 846 Printing paper 866 Iron and steel 827 Tissue and absorbent paper 867 Leather and products 846 Wrapping paper 867 Pig iron 827 Leather tanning 847 Paperboard containers 868 Cattle hide leathers 847 Steel ingots 828 Calf and kip leathers 848 Printing and publishing 868 Machinery 828 S G h o o a e t s and kid leathers 8 8 4 4 8 9 Newsprint consumption 869 N Tr o L S C N A A R a n h o n o a u o i f i r c i s p e t n p c l o o p r p r f b r m r m o o e e a o u a r r r f o o u i r t d t l b t o a s d s i i u t v m i l c i m n e e s o a e g s s n e r l m s t t a i e n e l q s t g a u a l i n p s d m m e p e n r l o t t i d n u g c ts .... 8 8 8 8 8 8 8 8 8 3 3 3 2 3 2 3 3 3 2 2 3 9 0 9 1 0 1 M C M M I B C a W C c n h a u a e e a u h e n n t a n f e e t c n e t a e u s a r e r c e e f t s d p a t a u u c a m g r t a c e u a n k d r r d i e n d m f g o d e o r d l i d t e a i d n i p r g y r f m s o l o d i u p l u k r r c o ts d ucts.... 8 8 8 8 8 8 8 8 8 5 5 5 5 5 5 5 5 4 0 1 3 0 2 3 2 1 9 Pe C B G L K B F P tr u e o u e y a e o t e e k s b r p l r o h o l e e r r o s i o l i u l v i c e o e d m n e a n i u u e l t e m c i a c n t o n g k d c r e o e o c k f i i o e l n a i l n g p roducts 8 8 8 8 8 8 8 8 8 6 7 7 7 7 7 7 7 7 9 0 2 0 3 2 1 3 1 L C e o a p d p e s r h i d p e m li e v n e t r s ie s 8 8 3 3 4 3 B P e o e r f k and lard 8 8 5 5 4 4 Chemicals 874 Lu T Z m i i n n b c e r d s e a h l n i i v d p e m r p i e e r n s o t d s u cts 8 8 8 3 3 3 5 4 5 V L O a e th m a e l b r m an a d n uf m ac u t t u to re n d foods 8 8 8 5 5 5 5 6 5 Ru R b u b b e b r e p r ro c d o u n c su ts m ption 8 8 7 7 4 5 Lumber 836 Tires and tubes 875 Furniture 836 Alcoholic beverages 856 Pneumatic tires 876 Malt liquor 857 Inner tubes . 876 Sto C n e e m , e c n la t y, and glass products 8 8 3 3 7 7 W Ot h h i e s r k e d y is tilled spirits .. . f \ 8 8 5 5 8 7 Minerals 877 Common and face brick 838 Rectified spirits 858 Common brick 838 Fuels 877 Face brick 839 Tobacco products 859 Bituminous coal . 878 Glass containers 839 Cigars 859 Anthracite 878 Polished plate glass 840 Cigarettes 860 Crude petroleum 879 Manufactured tobacco and snuff .. 860 Nondurable manufactures 840 Metals 879 Paper and products 861 Iron ore shipments 880 Textiles and products 841 Paper and pulp 861 Copper 880 Textile fabrics 841 Pulp 862 Lead 881 Cotton consumption 842 Groundwood pulp 862 Zinc 881 Rayon deliveries 842 Soda pulp . 863 Gold 882 Silk deliveries 843 Sulphate pulp 863 Silver 882 INDUSTRIAL PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 82 85 89 91 93 8 89 89 89 86 80 88 1924 83 87 87 84 81 11 78 83 85 85 83 82 1925- 87 89 90 90 91 89 91 92 95 95 90 91 1926 91 94 96 95 95 95 93 98 102 102 98 92 96 1927 93 97 100 97 99 97 93 96- 97 96 91 87 1928 91 95 97 97 99 98 97 102 106 107 104 99 1929 103 108 110 113 115 115 112 114 117 114 103 93 1930 96 100 98 100 99 95 88 87 89 86 80 74 1931 75 79 81 82 82 78 75 74 73 70 67 63 1932 62 63 62 59 57 • 55 52 54 60 62 59 55 1933__ 56 58 54 59 69 79 84 81 80 74 68 67 1934 69 75 79 81 82 80 73 73 72 73 71 74 1935 80 85 86 84 84 85 84 87 90 •94 95 94 1936 - 91 91 94 100 103 103 103 106 108 111 114 114 l(;o 1937 112 115 120 122 125 120 118 120 115 110 97 86 113 1938 _.. 82 82 84 82 81 81 85 90 95 99 102 100 88 1939 -~ 98 99 100 98 99 102 102 103 116 126 126 124 108 1940 117 113 112 111 116 P121 1941 Adjusted for seasonal variation 1923 85 86 89 91 92 91 90 88 87 86 86 85- 1924 86 88 86 83 80 77 75 78 81 82 84 87' 1925 89 89 89 90 90 89 91 90 88 92 94 95- 1926 ~93 94 95 94 ' 94 95 95 97 98 98 97 97- 1927 -97 97 99 96 97 97 95 95 94 92 92 1928 $5 95 96 96 97 98 99 101 102 104 106 107*- 1929 -108 108 109 110 112 114 114 114 113 110 105 100- 1930 _ 100 100 98 98 96 93 89 87 85 83 81 79~ 1931 ~78 79 81 80 80 78 76 74 70 68 67 66v 1932 <65 63 62 58 56 54 53 54 58 60 60 58~ 1933 __. 58 57 54 58 68 78 86 82 77 73 69 70* 1934 -72 75 79 80 80 79 73 72 70 71 72 77- 1935 83 85 85 82 82 84 84 87 89 93 94 96- 1936 -95 92 94 99 101 103 105 107 108 109 113 116- 1937 116 117 120 120 121 119 120 120 115 107 95 87- 1938 86 84 84 82 80 81 86 90 92 95 100 101r 1939 102 101 101 97 97 102 104 104 113 121 124 126 1940 122 116 112 111 114 P121 1941 _ Preliminary. AUGUST 1940 825 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF MANUFACTURES • 1935-39 average = 100 Jan. Feb. Mar. Without seasonal adjustment 1923 81 85 1924 - . 82 86 1925 -_- - 86 90 1926 -_ - 92 95 1927 91 96 1928 91 96 1929 103 109 1930 95 101 1931 74 79 1932 61 62 1933 54 56 1934 - - 67 74 1935 -_ 79 85 1936 91 90 1937 __ 113 117 1938 79 80 1939 __..__ 97 99 1940 117 114 1941 Adjusted for seasonal variation 1923 83 85 1924 84 86 1925 88 89 1926 95 94 1927 95 95 1928 95 96 1929 108 108 1930 100 100 1931 78 79 1932 64 62 1933 56 55 1934 70 74 1935 83 85 1936 94 91 1937 118 119 1938 82 82 1939 _ 101 101 1940 123 116 1941 _ _ .. OOOO OCOO 92 97 99 98 113 101 82 60 51 79 86 95 121 82 oot Apr. May June July Aug. Sept. Oct. Nov. Dec. Year 91 91 90 86 85 87 86 84 79 86 85 79 75 71 77 81 83 83 82 81 91 90 88 87 88 92 95 95 91 90 96 95 94 91 97 100 100 95 89 95 99 98 96 93 95 96 95 90 86 95 99 99 98 97 102 106 106 103 99 100 116 117 117 112 114 116 114 103 92 110 102 99 95 87 86 88 83 78 73 91 83 82 78 74 73 72 68 65 61 74 58 57 54 50 52 59 60 57 54 57 59 68 79 84 80 78 73 67 65 68 82 82 80 72 72 70 71 70 73 74 86 84 84 84 87 90 94 96 95 87 102 105 105 104 107 108 112 115 115 104 125 126 121 119 120 114 108 94 83 113 80 80 79 83 89 94 98 102 99 87 100 99 102 102 105 116 125 126 126 108 112 116 P121 87 89 90 89 88 86 86 84 84 83 85 83 78 75 73 77 79 81 83 86 89 89 89 88 90 88 89 93 96 97 94 94 94 94 94 96 97 97 95 95 96 96 96 96 96 95 93 92 91 92 95 96 97 98 100 101 102 104 106 108 110 111 113 115 115 114 113 111 105 99 98 98 96 93 88 86 84 82 80 78 80 80 80 77 75 73 69 66 65 64 60 56 55 53 51 53 56 58 58 57 51 57 67 78 86 81 77 73 68 69 78 79 80 78 72 71 68 70 71 77 84 83 82 83 85 88 90 93 95 96 94 99 102 104 106 108 109 110 114 117 120 122 123 120 121 121 115 106 93 84 82 79 79 79 84 89 91 95 100 101 100 98 98 102 104 107 113 121 124 128 112 110 114 P121 Preliminary. PRODUCTION OF DURABLE MANUFACTURES 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 __-- . _ 93 98 106 112 113 110 106 104 104 103 100 95 104 1924 97 107 110 105 95 87 81 89 92 94 93 93 95 1925 100 106 111 110 109 105 103 103 106 114 115 109 108 1926 109 115 119 120 120 116 112 119 117 117 109 100 114 1927 103 112 118 118 118 110 105 108 104 103 96 94 107 1928 101 110 116 120 119 118 116 122 124 125 118 115 117 1929 12G- 130 141 144 147 146 139 140 138 132 114 100 133 1930 _ 105 116 118 119 116 108 93 92 89 83 76 69 99 1931 71 78 83 84 82 73 66 63 58 54 52 49 68 1932 48 49 46 46 46 42 36 34 37 38 37 36 41 1933 36 37 33 43 53 65 76 72 66 61 52 53 54 1934 55 66 74 81 82 79 63 59 57 55 54 61 66 1935 _ 72 , 81 84 85 81 80 78 82 81 90 97 96 84 1936 89 88 98 110 115 114 111 110 106 114 122 124 108 1937 120 124 133 140 143 132 131 133 118 114 96 80 122 1938 71 71 73 72 71 67 70 74 78 90 99 97 78 1939 93 94 98 98 95 100 98 99 111 131 136 139 108 1940 128 121 121 119 125 P134 1941 Adjusted for seasonal variation 1923 98 99 103 107 108 108 108 104 105 102 103 102 1924 103 106 105 100 91 86 83 89 91 93 96 100 1925 105 105 106 104 105 105 105 102 105 113 118 119 1926 _ 115 114 113 113 114 115 115 116 116 116 113 111 1927 110 112 v 112 111 111 108 107 106 103 101 100 104 1928 ._ _ . 110 110 110 113 112 115 118 120 122 124 126 131 1929 131 130 133 134 136 141 141 140 137 131 121 111 1930 113 114 112 110 107 103 95 92 89 84 80 77 1931 A 77 77 79 77 75 70 67 63 58 55 55 54 1932 52 48 45 43 42 40 36 34 37 39 39 39 1933 39 37 32 39 49 63 76 73 67 64 54 57 1934 59 66 71 74 76 76 63 60 58 57 57 65 1935 77 80 80 78 75 77 79 86 88 93 95 97 1936 94 90 95 103 107 110 112 114 115 115 120 125 1937 __ 127 127 129 132 134 129 135 139 128 114 94 80 1938 75 73 72 69 67 65 71 77 81 88 96 97 1939 98 97 96 93 90 97 101 105 114 129 133 140 1940 135 124 118 113 119 P131 1941 Preliminary. 826 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IRON AND STEEL PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Without seasonal adjustment 1923 Ill 113 118 1924 105 119 126 1925_ 121 122 126 1926 -. 123 122 128 1927 113 123 130 1928 117 124 128 1929 129 139 149 1930 108 129 126 1931 71 81 90 1932 44 45 41 1933 - _ 29 34 25 1934 56 70 78 1935 80 87 83 1936 86 90 97 1937 139 141 148 1938 52 55 57 1939 94 96 97 1940 144 121 113 1941 Adjusted for seasonal variation 1923 108 106 110 1924 102 111 1925 117 115 1926 121 114 1927 113 115 1928 120 117 1929 132 129 1930 111 119 1931 73 74 1932 45 41 1933 „_ 30 31 1934 57 65 1935 _ _ 82 83 1936 88 87 1937, . 142 137 1938 53 53 1939 - _ 96 93 1940 147 118 1941 cocc Apr. May June July 124 123 115 112 102 78 65 57 109 103 96 93 123 118 113 109 124 121 106 100 132 121 112 117 147 151 151 144 122 115 106 88 82 76 63 56 37 33 27 25 40 54 74 95 89 95 89 46 77 74 69 66 115 118 117 115 149 151 124 135 57 53 48 60 91 82 92 98 106 123 151 119 121 118 118 98 77 68 62 104 102 101 100 115 116 116 118 117 115 117 110 115 122 116 116 134 136 145 153 113 113 110 108 81 76 73 64 37 34 32 27 24 37 52 75 73 83 92 91 78 72 71 70 91 107 113 119 138 139 145 126 53 53 51 49 91 86 79 94 106 99 118 154 OOOO Aug. 108 75 102 119 101 119 141 91 51 24 81 40 82 122 144 71 108 111 77 104 121 103 125 123 153 146 93 94 59 52 26 24 101 83 49 41 71 84 122 126 143 63 103 00 CO Sept. Oct. 106 104 84 90 104 112 117 122 98 99 127 132 139 130 85 77 46 45 29 32 67 61 39 42 86 122 128 77 125 110 86 107 120 101 130 142 86 47 29 68 40 88 124 131 79 111 128 0O0C 30S0 Nov. Dec. Year 95 91 110 97 107 92 120 118 110 112 104 117 94 95 109 127 124 124 107 91 135 69 59 98 49 38 62 30 25 33 45 55 55 47 59 62 92 94 82 132 130 114 102 65 45 123 91 104 92 68 159 161 159 114 105 99 96 90 101 113 112 125 126 122 116 113 99 98 104 133 132 138 130 111 105 78 72 68 46 51 44 32 31 29 62 47 59 42 48 63 89 94 99 129 133 137 102 65 47 92 104 97 161 161 167 PIG IRON PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May Without seasonal adjustment 1923 137 141 150 156 164 1924 128 140 147 142 111 1925 143 151 152 143 125 1926 . _ 141 138 146 152 148 1927 132 138 148 150 144 1928 122 132 136 140 140 1929 146 151 158 161 166 1930 120 134 138 140 137 1931 73 80 86 89 85 1932 _ __- 41 44 41 37 33 1933 24 26 23 27 38 1934 52 59 69 76 87 1935 63 76 75 73 73 1936 86 83 87 106 113 1937 136 141 147 149 150 1938 61 61 62 60 1939. . 92 97 102 90 1940 153 134 124 123 1941 _ Adjusted for seasonal variation 1923 135 134 136 143 1924 126 133 134 130 1925 140 145 139 131 1926 138 135 137 139 1927 - _ 135 136 140 138 1928 126 129 128 130 1929 . . . - 153 148 149 149 1930 128 131 130 129 1931 77 79 82 82 1932 44 43 39 35 1933 26 26 22 26 1934 55 58 65 72 1935 , - 67 74 72 70 1936 91 83 83 100 1937 144 143 140 142 1938 64 62 59 58 1939 . 97 98 97 86 1940 161 136 118 117 1941 Seasonal adjustment factors 1940 95 99 105 105 OO OC 01 June July Aug. Sept. Oct. Nov. Dec. Year 162 156 147 137 134 127 124 145 89 76 80 90 105 110 126 112 117 113 115 120 128 133 138 131 142 137 136 138 142 142 131 141 136 125 125 122 118 116 115 131 135 131 133 134 143 145 143 137 163 161 160 154 152 140 121 153 129 112 107 100 92 82 71 113 72 62 54 51 50 48 42 66 28 24 23 26 27 28 23 31 56 76 78 67 58 48 50 48 85 52 45 39 40 42 44 57 68 65 75 78 84 91 90 76 114 110 115 120 127 129 132 110 136 149 153 150 123 88 63 132 47 51 64 74 87 100 94 68 93 100 113 126 154 163 160 114 149 157 162 163 163 151 139 131 125 106 89 79 89 99 110 114 127 119 117 118 126 130 134 137 140 140 141 143 145 147 146 146 138 136 133 131 129 128 121 120 122 132 133 136 136 140 145 150 154 156 160 166 163 158 152 144 133 127 126 116 109 102 92 85 79 78 , 71 64 56 52 50 49 46 31 S 27 25 23 27 27 28 26 35 55 78 79 68 58 49 56 80 84 53 45 40 40 43 48 69 68 66 76 80 84 93 96 106 irr 112 116 122 127 132 139 >-143 135 152 155 153 123 88 67 51 46 52 64 75 87 100 99 70 92 102 114 129 154 163 169 127 148 105 101 98 99 98 100 100 95 AUGUST 1940 827 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STEEL INGOT PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 109 Ill 115 121 119 111 108 105 103 101 92 88 107 1924 103 117 124 98 75 63 55 75 83 88 95 105 90 1925 119 119 123 105 102 94 91 101 103 110 119 117 108 1926 _ .. .- 121 120 126 121 115 110 107 117 115 120 109 102 115 1927 111 121 128 121 119 103 98 99 96 97 92 93 107 1928 117 124 128 132 119 110 116 118 127 132 125 123 123 1929 _ . _- 127 138 149 145 150 150 143 140 138 128 103 89 133 1930 107 128 125 121 113 105 86 90 83 76 68 58 97 1931 71 81 90 81 75 63 55 50 45 45 49 38 62 1932 44 45 41 37 33 27 25 24 29 32 30 25 33 1933 30 34 25 41 56 75 97 81 67 61 45 55 56 1934 57 70 79 90 96 90 45 39 39 42 47 60 63 1935 81 88 84 78 75 69 67 83 86 89 93 94 82 1936 86 90 98 116 119 117 115 123 122 128 132 130 115 1937 139 141 148 149 151 123 134 143 126 100 63 43 122 1938 51 54 57 56 53 48 60 72 78 91 105 92 68 1939 _ 94 96 97 91 83 92 97 107 125 159 161 159 113 1940 143 120 112 104 122 151 1941 Adjusted for seasonal variation 1923 106 103 108 116 118 114 114 106 106 101 96 93 1924 100 109 111 95 74 67 60 76 85 88 99 112 1925 115 112 110 101 100 99 99 102 105 110 124 125 1926 . . 119 113 113 114 114 115 116 118 117 120 113 111 1927 111 113 115 113 115 108 105 101 98 . 97 96 103 1928 120 116 114 122 114 115 124 122 129 132 131 136 1929 . 130 128 133 135 144 153 152 144 141 128 108 102 1930 109 118 112 112 108 107 91 93 85 77 70 67 1931 73 74 81 75 72 64 59 52 46 45 51 44 1932 45 41 37 34 32 27 26 25 30 32 32 29 1933 31 31 24 38 54 77 103 84 68 62 47 60 1934 - - 58 66 74 84 93 92 48 40 39 ' 42 49 64 1935 83 84 79 73 72 70 71 85 88 90 94 99 1936 88 87 92 108 114 119 122 127 124 130 133 137 1937 142 136 138 139 146 126 142 148 129 101 63 46 1938 __ 52 52 53 53 51 49 64 74 79 92 105 97 1939 96 93 91 86 80 94 104 111 128 161 161 167 1940 146 117 105 97 118 154 1941 Seasonal adjustment factors 98 103 107 107 104 98 n 97 98 99 100 95 MACHINERY PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 79 83 87 90 90 85 85 85 85 86 1924 - 84 87 89 88 84 79 73 75 77 82 81 1925 83 87 88 87 89 88 88 87 97 100 89 1926 99 103 105 103 103 103 101 99 105 102 104 102 1927 100 103 104 103 101 101 95 97 93 97 93 98 99 1928. 96 99 102 102 104 106 104 107 108 114 114 117 106 1929 > 115 123 130 132 136 136 133 134 133 136 125 121 130 1930___ 115 116 115 113 110 105 93 90 90 89 82 80 100 1931 75 77 77 75 73 69 64 61 58 58 56 56 66 1932 53 53 49 46 44 41 36 35 40 39 40 43 1933 36 38 35 37 44 52 57 64 63 61 50 1934 59 65 69 73 74 73 69 66 68 67 71 69 1935 72 76 79 80 79 78 79 84 94 94 95 83 1936 91 93 96 101 106 107 104 105 106 115 117 123 105 1937_ . 119 125 130 133 133 134 129 132 129 128 115 104 126 1938. 90 87 85 82 79 76 73 76 84 86 91 82 1939 89 94 96 96 97 99 102 106 117 123 127 104 1940 123 123 126 126 126 1941 Adjusted for seasonal variation 1923 80 85 88 88 90 91 85 85 85 1924 _ 85 86 87 83 79 74 76 75 77 77 81 1925 _ 84 85 85 88 88 90 89 89 93 97 99 1926._ 101 102 102 101 101 103 102 102 102 102 103 103 1927. 102 102 101 101 100 100 99 98 96 95 94 97 1928. 98 99 99 10,0 102 105 108 109 110 112 115 117 1929_ 118 122 126 129 132 135 138 139 136 132 127 121 1930 119 114 113 111 106 104 97 93 92 87 83 79 1931_ 77 75 75 73 71 68 66 64 59 56 57 56 1932 , 54 52 48 45 43 41 38 36 37 39 39 39 1933 37 37 34 36 43 52 58 60 62 63 62 60 1934 61 65 68 72 72 ,73 71 70 67 67 67 70 1935 74 76 78 78 78 78 82 86 91 92 93 94 1936 94 93 94 99 104 106 107 107 108 112 117 122 1937 122 125 127 130 130 133 133 134 131 125 115 103 1938— 93 87 83 80 77 75 75 78 81 82 86 90 1939. 92 94 94 94 95 98 101 104 108 115 123 125 1940 127 123 123 123 124 P128 1941... Seasonal adjustment factors 1940. 97 100 102 102 102 101 97 98 102 100 101 Preliminary. 828 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF TRANSPORTATION EQUIPMENT 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 81 99 Ill 122 124 122 111 107 115 112 106 104 110 1924 97 116 115 112 99 84 85 90 93 86 81 69 94 1925 78 97 112 126 126 115 113 82 98 121 114 93 106 1926_ 97 117 121 128 131 115 110 124 120 102 83 59 109 1927 79 102 112 122 124 99 89 91 83 72 50 49 89 1928 74 99 115 122 122 117 118 126 131 110 82 78 108 1929 115 146 167 175 172 166 146 143 135 113 80 56 1930 . 91 114 123 133 128 107 85 76 75 53 53 54 1931 57 74 82 97 95 74 65 59 47 31 30 41 1932 42 42 39 49 58 55 38 30 30 21 24 36 1933 . 41 36 34 53 60 69 68 64 60 42 24 31 1934 47 74 94 102 93 92 80 67 59 41 31 51 1935 81 103 121 124 102 107 91 69 35 76 119 118 1936 103 92 119 141 137 130 122 89 54 75 126 142 1937 . _ 122 122 140 157 164 147 136 121 67 109 116 99 1938 73 70 70 74 66 59 54 36 37 69 111 117 1939 106 103 107 111 95 99 79 47 74 103 118 152 1940 136 138 142 139 130 P129 1941 . Adjusted for seasonal variation 1923 96 98 104 106 109 111 110 107 117 117 119 125 1924 115 113 106 96 87 79 85 89 91 90 90 87 1925 _._ 92 94 103 108 109 109 112 81 94 126 128 127 1926 _ . . 116 113 110 108 108 108 108 115 113 107 99 95 1927 94 98 97 100 100 92 86 85 79 75 72 80 1928 87 94 98 98 98 107 113 119 122 122 124 133 1929 137 137 140 138 137 147 141 138 131 129 116 84 1930 _ . 106 106 104 103 101 94 82 76 76 74 77 70 1931 66 69 69 72 72 64 62 60 50 45 43 52 1932 45 39 33 37 44 45 36 31 33 31 37 45 1933_._ 44 34 29 40 46 55 63 67 69 68 38 39 1934 51 68 78 76 73 74 74 71 68 62 50 66 1935 88 96 101 93 84 91 88 91 83 103 105 103 1936 106 91 105 111 113 115 118 116 119 99 112 121 1937 123 122 126 128 136 137 141 159 140 125 104 86 1938 74 70 65 61 58 56 57 58 60 72 94 98 1939 >_ 106 103 97 91 84 92 86 92 99 105 102 128 1940 137 137 131 115 116 P121 1941 ._._ ococ 62 oox 69 95 111 125 70 99 Preliminary. AIRCRAFT PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 1924 __. 1925 1926 1927 1928 . . 1929 1930 1931 1932 39 38 39 35 34 32 28 28 26 26 30 31 32 1933 29 28 30 34 39 40 37 37 33 33 36 38 35 1934 38 41 46 49 48 54 48 45 37 33 32 34 42 1935 41 44 42 45 46 49 50 54 54 57 58 58 50 1936. 59 63 67 72 80 83 83 79 82 86 90 101 79 1937 _ . 101 108 116 119 118 119 100 109 96 104 104 101 108 1938 100 103 104 102 101 96 95 92 92 96 99 108 99 1939 111 119 123 134 148 163 170 177 175 194 218 239 164 1940 251 251 263 267 286 P322 1941 _ . _ Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 _ . 1930 1931 1932 _ . - 40 39 40 35 33 30 29 27 26 26 29 31 1933 30 30 31 34 38 38 38 37 34 33 36 37 1934 38 42 47 49 47 51 48 45 39 33 32 34 1935 42 44 43 45 45 47 50 53 56 57 59 58 1936 _ 60 63 67 V2 79 80 83 79 84 86 91 101 1937 103 108 116 119 116 117 100 109 99 104 103 101 1938 102 103 104 102 99 94 95 92 95 96 99 108 1939 113 119 123 134 145 160 170 177 181 194 216 239 1940 256 251 263 267 281 P316 1941 Seasonal adjustment factors 1940 98 100 100 100 102 102 100 100 97 100 101 100 p Preliminary. AUGUST 1940 829 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUTOMOBILE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 75 94 107 120 120 118 105 101 Ill 107 100 99 105 1924 . 97 120 119 114 98 80 82 88 94 86 79 63 93 1925 75 96 114 132 133 121 119 81 103 131 123 96 111 1926 100 123 126 133 138 117 111 130 126 104 81 50 112 1927 . 76 103 115 126 128 98 87 90 82 68 43 41 88 1928 73 105 123 130 129 123 124 134 141 116 81 76 113 1929_ _ 122 158 181 189 184 177 152 148 138 111 70 38 139 1930 83 111 123 135 130 106 81 70 70 45 46 47 87 1931 ._ 53 75 84 102 100 76 65 58 45 24 23 37 62 1932 39 38 35 46 58 56 35 26 27 15 19 33 36 1933 41 36 34 57 65 76 74 68 63 41 19 27 50 1934 47 78 102 111 99 97 84 68 59 38 26 51 71 1935 87 113 134 136 109 118 100 71 29 78 131 128 102 1936 110 95 127 151 145 136 127 86 43 68 131 150 116 1937 126 124 142 161 171 150 138 119 54 104 113 94 125 1938 _ . _ 66 63 64 69 61 53 47 26 26 66 117 122 65 1939 108 103 107 112 90 93 69 29 62 94 111 150 93 1940 130 130 134 130 118 114 1941 Adjusted for seasonal variation 1923 92 93 99 102 104 106 105 100 111 111 112 124 1924 118 117 109 96 84 75 82 87 90 89 89 84 1925 91 92 104 111 113 114 119 80 96 137 139 137 1926 122 117 114 110 110 111 110 119 116 108 99 94 1927 92 97 97 101 100 91 84 83 76 72 68 78 1928 88 98 102 101 101 112 119 126 130 130 131 143 1929 147 146 148 144 142 155 146 143 132 130 114 72 1930 100 102 100 100 98 91 78 69 71 70 75 68 1931 63 68 68 73 74 63 61 59 47 41 39 50 1932 43 35 28 33 43 44 33 28 30 27 35 45 1933 44 33 27 41 49 59 68 72 74 72 35 36 1934 51 72 83 80 76 75 76 72 • 70 63 49 69 1935 95 103 109 99 88 98 96 99 88 112 113 109 1936 112 94 110 115 117 120 122 119 122 97 113 125 1937 124 122 126 127 138 139 144 165 142 124 98 78 1938 65 63 57 54 51 49 50 52 54 69 96 99 1939 107 102 96 88 77 86 77 84 92 96 91 121 1940 129 129 120 103 101 106 1941 Seasonal adjustment factors 1940 (provisional) 101 101 111 127 116 108 90 68 98 122 124 RAILROAD CAR PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 225 254 280 266 286 292 282 293 293 299 299 265 278 1924 201 210 197 218 236 237 230 226 205 200 177 208 212 1925 206 229 232 218 206 189 175 171 138 135 125 129 180 1926 132 161 176 200 207 215 189 177 163 156 139 137 171 1927 _ _ 131 133 138 162 181 184 166 167 144 141 127 110 149 1928 86 95 122 139 154 153 145 144 122 107 101 98 122 1929 _ 81 114 131 159 173 170 175 183 185 187 179 213 163 1930 178 189 175 178 161 144 128 124 108 88 67 68 134 1931___ 67 69 69 71 60 62 60 63 64 61 57 58 64 1932 46 61 65 63 57 51 51 49 49 57 53 53 55 1933 44 38 39 41 39 28 39 53 47 49 48 54 43 1934 52 70 76 85 90 109 96 92 69 57 50 52 75 1935 52 71 90 107 107 76 42 47 49 63 72 84 72 1936 79 85 100 113 114 120 114 126 116 131 125 128 113 1937__ 126 142 164 176 177 180 164 170 153 158 151 125 157 1938 96 92 84 77 68 61 52 59 66 61 60 74 71 1939 71 85 83 81 87 83 68 75 75 99 112 132 88 1940 133 151 158 141 137 P124 1941 Adjusted for seasonal variation 1923 244 254 272 254 260 266 269 279 299 315 352 288 1924 219 210 192 208 214 216 219 215 210 210 209 226 1925 224 229 226 204 184 172 167 163 141 142 147 147 1926 160 169 176 182 179 178 175 168 166 164 164 163 1927 170 148 142 146 149 152 151 152 147 148 150 131 1928 115 106 126 123 126 126 131 131 125 113 118 116 1929 109 127 135 141 142 148 159 167 185 197 210 242 1930 209 189 :K75 157 145 134 121 117 108 92 79 74 1931 79 69 67 63 54 59 60 62 64 64 64 61 1932 54 60 62 56 52 48 51 48 51 60 59 55 1933 51 37 37 37 35 27 39 51 51 51 53 57 1934 61 70 71 75 81 101 96 89 76 60 54 54 1935 61 74 85 94 95 68 43 45 53 66 78 89 1936 93 88 94 100 101 107 116 121 127 138 136 135 1937 149 148 155 156 157 161 167 164 168 167 165 132 1938 113 96 79 69 60 55 53 58 73 64 65 76 1939 83 89 78 71 77 74 69 74 83 105 122 136 1940 156 158 149 125 121 Pill 1941 Seasonal adjustment factors 194.0 85 96 106 113 113 112 98 102 91 95 92 97 Preliminary. 830 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LOCOMOTIVE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May Without seasonal adjustment 1923 434 477 494 495 535 1924 298 240 213 219 242 1925 221 212 221 219 188 1926 269 279 286 276 283 1927 243 251 242 215 203 1928 147 159 155 143 148 1929 144 156 186 222 242 1930 222 229 236 243 240 1931 76 85 100 95 84 1932 49 51 52 55 52 1933 29 26 23 21 23 1934_ _ _ 42 42 50 59 1935 64 64 68 70 1936 54 62 73 80 1937 133 157 171 180 1938 138 135 120 95 1939 57 50 52 61 1940 102 103 99 98 1941 Adjusted for seasonal variation 1923 434 487 495 510 1924 298 245 213 225 1925 225 216 221 225 1926 274 279 286 285 1927 251 251 238 222 1928 155 159 152 147 1929 151 161 183 229 1930 234 236 232 232 1931 80 87 98 90 1932 52 52 51 52 1933 30 28 23 20 1934 44 44 49 56 1935 71 67 67 66 1936 60 65 71 79 1937 147 160 168 184 1938 138 132 122 100 1939 57 49 53 65 1940 102 101 101 103 1941 Seasonal adjustment factors 1940 100 102 98 95 0C0O CCMD June July Aug. Sept. Oct. Nov. Dec. Year 566 605 590 573 558 524 526 532 270 260 206 191 213 256 276 240 201 201 172 179 182 203 225 202 298 301 286 275 281 275 314 285 190 207 217 217 183 158 147 206 165 152 147 148 135 128 131 147 240 260 256 242 240 226 224 220 233 200 182 171 141 132 129 197 83 77 66 63 54 50 53 74 45 39 37 31 32 32 32 42 25 30 30 32 41 41 37 30 76 84 91 88 87 84 83 71 57 41 46 48 58 65 67 59 92 99 107 108 113 119 123 137 97 189 200 198 199 204 205 185 187 184 82 73 58 51 42 42 49 52 78 75 92 101 103 98 92 95 102 82 102 P108 546 550 565 622 604 575 524 478 247 262 243 216 201 219 256 251 192 195 188 181 185 187 203 204 289 290 286 286 283 290 290 285 207 185 197 207 207 187 166 154 151 158 145 110 141 138 135 138 235 228 247 244 235 245 240 233 233 222 191 186 167 148 141 132 81 79 73 67 62 57 53 53 50 43 37 38 32 33 33 32 22 24 29 31 34 41 41 37 66 73 82 92 94 87 84 83 60 55 39 46 50 58 65 66 89 96 104 109 115 119 127 128 185 193 192 197 208 205 191 175 82 71 57 50 43 44 50 49 75 88 98 102 100 97 98 95 102 P104 100 104 103 101 98 95 97 107 p Preliminary. SHIPBUILDING 1935-39 average = 100 Jan. Feb. Mar. Apr. Without seasonal adjustment 1923 77 78 88 1924 _ _ 79 85 83 1925 75 79 81 1926 80 80 83 1927. _ 99 100 104 1928 83 74 73 1929 84 87 94 1930 108 112 111 1931 _ _ 83 82 77 1932 66 64 62 1933 46 44 41 1934 _ 52 54 57 1935 59 63 65 1936 82 81 93 1937 98 101 117 1938 105 100 102 1939 _ - 105 112 115 1940 144 145 162 1941 Adjusted for seasonal variation 1923 77 75 84 1924 78 . 82 79 1925 75 76 77 1926 77 79 78 1927 96 98 100 1928 80 72 71 1929 83 85 92 1930 107 109 109 1931 83 80 76 1932 66 63 61 1933 46 44 39 1934 _ _ 52 53 55 1935 61 64 63 1936 84 83 89 1937 101 104 113 1938 108 103 98 1939 109 115 111 1940 149 150 156 1941 Seasonal adjustment factors 1940 97 97 104 1- i.af r0 May June July Aug. Sept. 97 96 86 76 81 70 72 68 81 73 72 75 84 82 83 82 84 106 100 93 91 84 78 73 75 73 70 100 102 103 100 95 112 111 105 99 100 79 81 74 68 65 70 62 61 59 50 38 42 43 46 47 60 63 64 58 59 66 70 60 65 66 103 104 101 100 100 120 117 114 106 112 96 100 101 98 89 118 129 131 127 126 162 172 85 90 97 88 80 78 75 71 73 71 75 75 74 74 79 79 81 84 85 88 99 98 94 92 89 73 72 75 74 74 95 98 101 101 101 106 105 103 102 107 75 76 73 70 71 66 58 59 61 54 37 40 42 48 51 57 59 62 60 61 63 66 59 67 68 99 98 99 102- 104 115 111 110 108 118 92 96 97 100 93 114 123 126 130 133 156 164 pin 104 105 104 98 95 SoioS Oct. Nov. 80 63 72 82 89 80 84 71 72 100 99 98 92 62 68 50 51 51 52 58 59 70 75 102 106 109 115 91 94 132 140 89 87 71 68 77 74 90 92 88 87 75 76 104 105 102 97 64 69 52 52 53 53 60 60 72 74 105 105 112 113 94 93 136 138 97 101 OOSO SO J^OCOO Dec. Year 78 85 72 74 74 75 88 100 85 81 90 93 72 84 75 104 110 98 91 91 103 66 69 73 47 51 58 51 53 46 56 57 58 75 80 68 100 90 97 112 115 111 92 105 98 138 146 127 88 79 70 72 72 74 93 94 85 85 76 80 107 107 93 88 68 67 49 49 53 52 59 57 77 81 103 90 116 113 95 104 142 144 97 101 v Preliminary. AUGUST 1940 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF NONFERROUS METALS AND PRODUCTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 _ 84 88 96 98 99 94 89 86 84 84 87 87 90 1924 91 96 100 101 98 94 87 86 86 90 91 92 93 1925 98 102 106 105 100 100 99 101 106 109 112 111 104 1926 ._ 112 112 113 115 112 109 108 112 114 114 117 111 113 1927 113 111 112 113 111 107 102 104 106 109 107 105 108 1928 103 109 111 114 113 117 115 119 121 127 134 132 118 1929 _. 134 137 143 146 142 136 133 132 136 138 133 119 136 1930 111 110 114 111 109 105 105 101 104 103 102 101 106 1931 , 97 97 96 93 87 81 76 77 76 76 72 69 83 1932 66 66 64 59 54 51 43 41 41 46 47 45 52 1933 42 43 42 44 50 61 74 83 82 77 68 61 60 1934 57 60 64 68 69 69 64 60 58 58 60 61 62 1935 66 73 75 78 75 73 72 77 83 91 95 94 79 1936 94 93 95 98 98 100 99 101 110 116 121 121 104 1937- 124 128 138 142 139 134 123 122 123 119 105 86 124 1938 77 73 75 71 68 65 67 76 85 98 105 100 80 1939. _ 95 94 96 96 95 96 97 108 129 147 157 156 114 1940 151 140 135 129 128 P129 1941 Adjusted for seasonal variation 1923 84 87 92 95 97 95 92 89 85 84 86 88 1924 91 95 96 97 96 95 90 89 87 90 90 93 1925 98 101 103 102 99 101 103 104 108 108 111 112 1926 111 111 111 112 111 110 113 115 115 113 115 113 1927 113 110 110 110 110 108 106 107 107 108 106 107 1928 104 108 109 111 112 117 119 122 122 125 131 134 1929 137 137 140 142 140 137 137 136 136 135 129 120 1930 114 110 112 108 107 105 107 104 104 101 101 102 1931 100 98 94 90 86 81 78 79 76 74 70 70 1932 68 66 63 58 53 50 45 42 41 45 46 46 1933 43 43 41 43 49 61 76 85 84 77 67 61 1934 58 60 62 66 68 69 66 62 58 57 58 62 1935 67 73 73 75 73 73 76 80 84 89 93 95 1936 96 94 93 94 96 101 104 105 110 113 118 123 1937 126 130 135 137 136 134 129 127 123 116 102 87 1938 _ 78 74 73 68 67 65 70 79 85 96 102 101 1939 96 95 94 93 93 96 102 112 128 144 153 159 1940 154 142 132 124 126 P128 1941 Preliminary. NONFERROUS METAL SMELTING 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Without seasonal adjustment 1923 106 107 115 115 118 112 108 109 1924 119 122 117 117 121 119 114 114 1925 _ . .. 131 137 135 130 125 126 122 118 1926 130 139 132 140 135 126 122 126 1927 141 140 133 135 131 128 118 125 1928___ .. ' 126 137 128 132 134 139 128 135 1929 146 153 156 164 159 147 143 141 1930 130 129 127 123 118 115 106 106 1931 88 93 89 83 80 77 68 70 1932 63 62 57 56 51 50 41 39 1933 __ . 43 49 45 44 45 50 55 63 1934 60 62 60 62 63 58 54 55 1935 69 76 72 73 70 67 69 72 1936 92 89 93 100 100 98 92 1937 „ 109 114 135 139 131 136 126 1938 101 97 96 89 84 70 61 1939 __ 108 105 100 102 96 98 90 1940 135 129 132 133 127 P125 1941 Adjusted for seasonal variation 1923 104 103 111 112 117 113 114 1924 117 117 113 115 120 121 120 1925 129 131 130 128 124 128 128 1926 128 131 131 136 134 128 131 1927 139 133 133 131 129 129 128 1928 125 130 128 129 133 141 139 1929 147 147 154 159 158 148 153 1930 132 125 125 120 117 117 113 1931__ 89 89 88 82 80 77 73 1932__ 64 60 56 54 51 50 44 1933 44 48 45 44 45 50 59 1934 . _ 60 60 59 61 62 58 58 1935 69 75 71 72 70 68 74 1936 92 89 92 97 99 99 99 1937 _ 109 114 133 133 131 137 137 1938 101 97 94 86 84 71 66 1939 108 105 99 98 96 98 98 1940 135 129 130 127 127 P126 1941 ©CON OO'* Sept. Oct. Nov. Dec. Year Ill 114 116 113 112 118 123 120 119 119 127 131 131 131 129 134 138 147 139 134 123 129 131 135 131 135 147 153 148 137 144 147 143 134 148 113 110 98 92 114 72 72 68 70 78 41 42 43 46 49 68 68 65 58 54 60 64 66 67 61 76 87 92 92 76 105 109 114 108 99 130 126 118 109 125 81 98 111 111 89 99 119 127 135 136 110 115 112 113 115 114 120 119 121 118 122 125 130 130 130 131 * 133 136 136 143 139 130 126 127 128 135 141 139 143 149 150 148 144 143 139 135 112 111 106 97 93 74 71 70 67 71 41 40 41 43 46 66 67 67 63 58 58 59 63 64 67 77 76 85 89 92 97 104 106 110 107 137 129 123 113 108 77 80 95 107 111 105 117 124 130 135 p Preliminary. 832 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COPPER SMELTING 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 98 100 108 109 HI 111 108 112 116 119 118 113 110 1924 _ 118 123 116 114 118 121 115 114 120 126 121 .117 119 1925 129 135 136 127 120 123 119 113 123 129 126 123 125 1926 122 130 126 138 132 124 119 121 129 135 149 135 130 1927 . . 140 138 126 130 128 125 117 122 120 130 129 134 128 1928 121 136 123 132 133 142 131 138 138 157 166 161 140 1929 . 157 164 167 177 170 153 147 143 149 152 153 140 156 1930 131 128 122 124 118 111 105 104 110 110 104 93 113 1931 - 83 95 90 84 84 83 72 74 76 78 73 77 81 1932 . _ 46 1933 45 52 55 53 48 39 43 1934 43 48 44 50 52 53 48 43 50 50 52 53 49 1935 57 68 61 62 63 56 59 59 66 89 92 90 68 1936 . . 91 89 92 101 99 92 80 83 110 115 122 111 99 1937 120 127 145 156 139 148 136 145 138 128 114 98 133 1938 93 89 89 84 78 63 50 71 81 111 120 lift 87 1939 110 107 98 103 93 98 87 113 1940 143 130 137 139 132 130 1941 Adjusted for seasonal variation 1923 97 96 104 108 111 112 113 119 116 115 116 116 1924 117 118 111 113 118 122 121 121 120 122 118 121 1925 127 130 130 126 120 124 125 121 126 125 124 125 1926 121 123 127 134 132 125 128 129 132 132 142 137 1927 138 130 129 126 127 126 127 127 125 125 122 135 1928 119 129 126 128 132 144 142 144 144 151 158 163 1929 161 158 167 172 168 155 158 152 149 146 145 141 1930 137 123 122 121 117 112 113 111 108 103 100 94 1931 88 92 90 83 83 82 78 78 74 73 71 78 1932 1933 48 56 54 50 45 39 1934 45 46 44 49 51 52 52 47 49 47 49 54 1935 58 65 61 60 62 56 64 65 65 84 88 91 1936 92 89 92 95 97 92 87 92 108 108 116 113 1937 121 128 145 147 138 148 151 154 135 121 109 100 1938 94 90 89 79 77 63 55 76 80 105 115 118 1939 111 108 98 97 92 98 97 1940 144 131 137 131 130 130 1941 Seasonal adjustment factors 1940 99 99 100 106 101 100 90 94 102 106 105 98 NOTE: Estimated monthly figures January 1932 to June 1933 and August to December 1939 not available for publication. COPPER DELIVERIES 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 . 92 98 108 112 112 107 101 98 92 93 96 97 101 1924 104 108 123 119 115 106 98 95 88 90 93 97 103 1925 102 102 107 106 104 105 107 112 118 123 131 127 112 1926 - 126 119 126 129 127 123 124 130 131 130 126 116 125 1927 119 117 125 122 120 113 107 107 113 115 111 104 114 1928 103 111 116 121 120 126 132 134 142 148 161 157 131 1929 159 161 170 169 160 157 156 158 162 164 152 127 158 1930 110 107 114 104 107 107 121 112 109 107 113 114 111 1931 108 106 109 106 95 82 75 76 71 75 72 69 87 1932 71 73 74 62 52 45 38 33 30 38 40 36 49 1933 30 29 30 32 40 53 69 76 74 66 56 50 50 1934 47 54 63 69 72 75 67 59 45 44 40 40 56 1935 _-_ 48 61 67 70 67 69 70 76 83 90 94 93 74 1936 91 90 96 99 102 103 103 105 118 126 131 133 108 1937 . .__ . 139 144 149 156 156 148 132 124 119 105 86 57 126 1938 46 43 51 54 54 54 60 71 84 100 104 95 68 1939 85 84 90 85 83 86 96 115 1940 153 139 129 116 116 116 1941 Adjusted for seasonal variation 1923 93 99 103 107 109 109 105 100 94 93 95 99 1924 105 110 117 114 112 107 101 97 90 90 92 99 1925 103 104 103 103 104 107 111 114 119 122 128 129 1926 127 122 122 126 126 125 127 130 131 128 124 118 1927 121 119 121 119 119 114 109 108 111 112 108 107 1928 107 114 113 118 120 128 133 137 140 144 156 161 1929 165 165 166 166 159 158 157 161 162 159 144 129 1930 116 111 111 101 106 106 120 112 110 105 110 118 1931 114 111 106 103 93 81 74. 76 73 73 70 70 1932 75 75 72 60 51 45 37 32 30 37 38 36 1933 32 30 29 31 40 52 68 77 76 65 54 51 1934 50 55 61 67 71 74 66 58 45 43 40 43 1935 51 62 65 67 65 68 71 77 83 88 93 98 1936 97 94 92 94 99 102 104 106 116 124 130 143 1937 148 150 144 149 151 147 134 125 117 103 ' 85 59 1938 49 44 49 52 52 53 61 72 83 99 103 99 1939 89 87 87 81 80 85 97 1940 162 145 125 111 113 115 1941 Seasonal adjustment factors 1940 95 97 104 105 103 101 99 99 102 102 101 94 NOTE: Three month moving averages placed at last month. Estimated monthly figures August to December 1939 not available for publication. AUGUST 1940 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LEAD SHIPMENTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 156 153 160 161 158 148 144 149 161 165 165 159 157 1930 _ 155 158 157 157 142 131 119 118 120 115 114 103 132 1931 99 91 88 86 84 84 90 93 95 88 84 77 88 1932 74 70 70 67 65 58 54 57 62 70 66 63 65 1933 54 50 47 52 59 70 86 92 88 78 75 73 69 1934 73 70 72 70 71 70 69 72 81 84 84 82 75 1935 81 83 77 83 80 79 74 79 89 93 100 102 85 1936 97 89 84 88 87 88 87 97 109 123 130 129 101 1937 _ __ . 122 122 129 135 135 121 115 115 125 118 103 86 119 1938 83 81 78 70 64 68 81 90 94 97 103 97 84 1939_. _ _ ___ 94 89 94 92 93 92 96 100 119 136 154 142 108 1940 121 101 100 106 109 113 1941 Adjusted for seasonal variation 1923 1924__ 1925 1926_ _ 1927 1928_ _ 1929 157 155 159 160 160 154 153 154 157 159 156 156 1930 154 160 157 156 143 137 127 122 117 111 108 101 1931 97 92 88 86 85 89 95 96 93 85 79 75 1932 73 70 70 67 66 62 58 59 60 67 62 61 1933 53 50 47 52 60 74 92 97 87 74 71 71 1934 73 71 73 69 72 74 75 76 79 79 78 79 1935 80 84 78 81 81 83 81 83 87 89 93 98 1936 95 89 84 87 88 93 95 103 107 118 121 123 1937 119 122 128 133 137 128 125 121 124 113 96 82 1938 82 83 78 69 64 72 87 95 94 94 96 93 1939 93 91 93 90 94 97 103 105 117 130 144 136 1940 119 102 100 104 110 119 1941 Seasonal adjustment factors 1940 102 98 100 102 99 95 93 95 101 105 107 105 NOTE: Three month moving averages placed at last month. ZINC SHIPMENTS 1935-39 average = 100 Jan. Feb. Without seasonal adjustment 1923 88 95 1924 __ _ _ 91 95 1925 98 101 1926 118 117 1927 _ ._ .__ 114 107 1928 107 109 1929 115 119 1930___ 94 94 1931 75 75 1932 52 53 1933 37 1934 63 1935 76 1936 107 1937-. 133 1938 67 1939 98 1940 137 1941 Adjusted fo r seasonal variation 1923_ 87 1924 90 1925 96 1926 116 1927 112 1928 107 1929 _ 116 1930 94 1931 75 1932 _ 52 1933 37 1934 __ 63 1935 „_ _ 74 1936 102 127 1938 64 1939 94 1940 _ _ _ 131 1941 Seasonal adjustment factors 1940 105 coco coos Mar. Apr. 102 109 101 101 104 102 116 109 108 105 111 112 123 130 97 97 75 73 52 48 36 39 71 76 81 87 100 96 125 123 60 63 97 100 128 125 93 99 93 97 99 100 114 112 105 104 107 108 117 119 92 93 73 72 52 49 36 34 68 69 80 85 98 93 122 120 59 61 95 97 126 122 102 103 00 OC OC 00 May June July Aug. Sept. 103 98 91 86 85 94 83 77 78 85 98 92 93 98 106 106 104 106 110 115 104 102 105 107 109 111 111 114 112 129 124 117 113 91 88 84 80 67 62 62 61 44 39 35 34 47 63 84 95 76 75 70 60 87 79 74 76 95 97 97 99 125 129 123 118 115 59 59 57 68 76 98 94 90 92 99 116 115 117 106 104 102 96 88 98 94 87 80 80 99 98 96 98 100 106 107 108 111 113 102 104 104 108 109 108 109 112 114 114 125 127 125 118 116 92 88 88 85 82 69 65 62 63 63 45 42 39 36 35 38 46 64 86 100 74 74 76 74 65 87 86 82 79 82 91 95 102 105 107 123 128 129 128 124 58 59 60 73 82 97 94 94 99 107 115 115 122 102 100 95 93 92 oo: Oct. Nov. 78 90 109 118 107 108 113 77 74 56 50 38 43 94 87 55 56 88 98 108 116 114 107 88 94 126 148 85 78 84 90 105 109 114 118 110 108 112 110 116 117 80 77 58 52 40 44 99 90 58 57 90 98 110 115 117 107 90 93 128 146 99 101 00 OC 113 121 106 112 109 75 49 44 77 64 000 O0G: Dec. Year 83 92 95 90 114 102 116 113 106 107 115 111 99 117 75 85 50 63 39 43 72 64 71 67 106 87 132 106 94 78 115 102 98 74 162 149 113 81 83 93 95 112 114 120 116 107 107 114 116 111 100 76 76 50 50 44 39 78 72 62 69 103 103 121 127 90 76 97 94 154 144 105 104 NOTE: Three month moving averages placed at last month. 834 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIN DELIVERIES 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 95 106 116 119 114 108 98 95 90 91 100 100 103 1924 _ 97 111 109 127 102 102 79 76 80 87 94 88 96 1925 100 111 129 127 109 105 103 112 113 111 107 105 111 1926 ' 112 118 122 122 115 117 118 119 113 103 106 109 115 1927 _ 111 112 113 116 113 110 104 109 111 111 105 95 109 1928 91 93 113 124 119 114 105 115 115 120 121 122 113 1929 _ 135 136 141 141 147 144 133 126 130 128 126 110 133 1930 106 99 116 122 124 109 104 104 112 120 125 125 114 1931 . _ 123 118 110 108 107 103 92 91 90 92 82 72 99 1932 61 58 57 57 58 60 52 49 44 49 54 53 54 1933 56 56 60 66 75 92 103 121 115 112 86 73 85 1934 57 56 60 67 72 73 68 67 67 63 69 72 66 1935. 82 78 83 92 90 85 81 89 93 94 87 86 87 1936 _ _ 94 104 105 104 100 114 118 119 109 103 104 107 107 1937_ 116 133 146 144 132 119 106 112 122 141 128 108 125 1938 . _ _ __ 92 89 87 77 74 72 72 69 70 77 77 70 77 1939 66 71 79 90 97 99 94 96 97 102 112 148 66 1940 . _ 169 163 151 141 146 148 1941 Adjusted for seasonal variation 1923 _ . . 97 106 113 111 108 105 102 99 92 93 100 103 1924 98 111 106 118 97 98 82 79 82 89 95 90 1925_ _ _ _ 101 111 125 119 104 103 107 116 116 113 108 108 1926 114 119 118 114 109 115 123 124 116 105 107 112 1927 113 113 109 109 108 108 108 113 113 113 106 98 1928 _ 93 95 111 117 113 111 107 118 118 122 122 125 1929 _ 137 139 140 134 140 139 136 129 133 129 126 113 1930 108 102 114 116 117 104 106 106 114 121 125 128 1931_ - _ 125 122 109 102 100 98 95 93 92 92 83 74 1932 _ „ . . 63 60 57 54 54 57 53 50 45 49 54 55 1933_ . 58 58 60 62 70 88 105 123 117 112 87 76 1934 __ _ . 60 58 60 63 68 70 69 68 68 63 71 77 1935 86 80 82 86 83 81 83 91 94 93 89 91 1936 98 106 103 97 93 109 120 121 111 102 107 114 1937 123 136 143 135 123 •113 107 114 123 140 131 114 1938 _ 98 91 85 73 69 69 73 70 71 77 79 74 1939 70 72 77 83 91 94 96 98 98 101 118 159 1940 180 168 148 132 137 141 1941 Seasonal adjustment factors 1940 94 98 102 107 107 105 98 98 99 101 95 93 NOTE: Three month moving averages placed at last month. PRODUCTION OF LUMBER AND PRODUCTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 128 126 143 146 150 151 147 151 149 148 145 128 143 1924 130 142 143 148 144 138 129 143 140 142 136 130 139 1925 142 147 148 147 149 147 141 151 151 155 149 145 148 1926 135 149 153 152 151 150 145 150 151 154 145 136 148 1927 133 143 143 137 142 144 143 153 153 152 146 135 144 1928 _ 130 141 145 145 140 142 134 144 141 151 147 139 142 1929_ 135 135 146 151 150 153 149 159 156 154 141 123 146 1930 111 119 124 123 120 111 98 98 97 95 86 77 105 1931 73 80 84 86 88 84 76 74 73 70 63 55 76 1932 48 50 52 54 53 51 47 49 53 57 51 44 51 1933 42 43 42 48 59 74 84 83 77 74 68 61 68 1934 56 64 68 69 67 64 59 67 67 64 61 58 64 1935 61 71 73 77 72 77 86 99 105 106 98 93 85 1936 86 86 94 99 106 109 111 117 119 121 110 106 105 1937. 97 103 113 121 127 128 128 128 123 112 94 79 113 1938 72 78 86 81 83 86 89 104 108 105 94 95 90 1939 . 91 91 94 100 105 106 107 114 117 121 120 111 106 1940 98 101 107 109 114 P116 1941 _ Adjusted for seasonal variation 1923 136 134 143 144 144 143 147 145 146 142 146 142 1924 139 147 142 145 139 134 130 138 137 136 136 141 1925 _ . 153 149 146 144 145 146 144 148 148 148 149 156 1926 145 149 150 149 149 150 148 147 148 148 145 144 1927 144 144 140 134 141 143 147 150 149 145 146 142 1928 . 143 144 143 141 138 139 137 140 138 142 146 148 1929 154 141 146 145 143 148 151 156 151 145 140 136 1930 125 126 125 118 114 105 98 95 93 90 86 85 1931 _ 84 85 85 83 84 80 77 72 69 66 62 59 1932 54 52 52 53 50 48 - 46 48 50 54 50 48 1933 48 46 42 46 58 70 83 79 73 70 68 68 1934 64 70 70 68 65 60 57 63 62 60 61 63 1935 _ . „ 69 77 74 77 70 74 83 92 98 100 99 102 1936 99 95 97 99 103 105 108 109 110 113 111 114 1937 111 113 117 122 124 124 125 119 113 105 95 85 1938 _ 81 84 89 81 81 82 86 95 99 98 95 103 1939 106 101 97 100 102 102 104 105 108 113 121 121 1940 115 114 111 110 112 Pill 1941 ' Preliminary. AUGUST 1940 835 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LUMBER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923_-_. 145 141 167 173 180 184 178 183 182 176 171 144 1924 152 166 168 176 174 164 154 172 165 163 152 139 1925 164 168 170 171 174 174 165 177 175 173 161 154 1926 145 164 169 171 175 173 169 170 168 168 153 138 164 1927 138 150 150 143 154 157 158 171 168 162 153 137 153 1928 137 150 157 162. 157 157 147 156 148 156 149 139 151 1929 140 137 153 163 164 166 161 167 158 150 140 121 152 1930 110 124 133 136 133 122 106 104 99 93 86 74 110 1931 73 79 85 89 92 88 77 73 70 64 56 46 74 1932 41 44 49 55 56 53 51 50 51 52 48 39 49 42 41 42 50 63 79 90 88 76 70 68 62 64 1934 59 65 72 75 72 66 60 69 67 61 58 52 65 1935 58 69 70 77 71 78 91 104 111 108 100 93 86 1936 87 85 97 103 113 115 116 118 118 116 100 94 105 1937 86 92 107 120 130 132 134 130 124 109 91 73 111 1938 71 76 88 83 88 90 95 108 112 106 93 91 92 1939 90 87 91 101 109 110 111 116 119 119 116 105 106 1940 93 104 109 117 119 1941 Adjusted for seasonal variation 1923 157 157 168 170 168 168 170 171 175 176 172 1924____ 165 176 168 173 165 156 149 161 158 157 157 162 1925 180 173 168 166 166 169 162 167 168 166 166 177 1926 161 167 168 166 168 168 165 162 162 162 158 156 1927 . ... 155 155 148 138 148 151 156 163 162 156 157 152 1928 156 156 155 155 150 150 144 149 143 150 153 156 1929 166 148 155 153 150 154 157 161 154 148 143 142 1930 127 134 135 127 121 111 103 95 91 88 87 1931 _. 87 86 83 84 80 75 66 62 56 53 1932 47 49 52 51 49 48 47 48 51 49 46 1933 45 43 48 59 73 87 83 72 70 73 1934 74 75 72 67 59 55 63 62 60 60 1935 .. 78 73 76 66 71 83 94 102 103 103 108 1936____ . . _ 104 98 101 102 107 107 107 107 107 109 104 109 1937 103 107 113 119 122 122 125 118 111 103 94 83 81 86 92 83 82 82 87 97 100 99 96 105 1939_. 109 101 96 101 102 101 103 104 107 112 121 122 1940_. 115 114 110 109 110 110 Seasonal adjustment factors 194.0 84 95 100 107 108 108 111 111 106 FURNITURE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 99 99 104 101 100 97 96 97 96 101 102 100 99 1924 94 104 102 101 94 94 87 94 98 108 107 113 100 1925 106 112 112 108 108 104 101 108 111 124 127 128 112 1926 116 124 125 121 111 112 106 116 122 131 131 131 120 1927 123 128 131 125 121 122 117 123 126 135 134 131 126 1928 117 126 123 116 111 115 112 122 129 141 141 136 124 1929 124 130 132 129 125 131 128 144 150 157 142 127 135 1930 112 110 105 97 96 92 83 88 92 98 88 81 95 1931 74 81 84 81 81 76 73 75 79 81 76 73 78 1932 61 61 57 53 46 45 39 49 55 67 56 54 54 1933 __ 42 49 40 43 53 63 70 73 79 81 69 60 60 1934 49 62 60 58 57 60 57 63 66 70 67 69 61 1935... 66 74 78 77 74 76 76 89 95 101 94 93 83 1936 . 84 88 90 90 92 99 101 116 121 130 130 130 106 1937 118 124 125 124 120 122 117 124 122 119 100 92 117 1938 75 82 83 76 74 79 78 96 102 105 98 103 87 1939 92 100 100 96 96 100 99 110 115 125 125 123 107 1940 109 113 113 108 108 Adjusted for seasonal variation 1923 100 95 100 100 103 101 108 102 99 96 97 93 1924 .. 95 100 98 100 97 98 98 99 102 103 101 106 1925 . 107 107 108 107 111 109 113 114 115 117 120 120 1926.. 117 119 120 120 117 118 119 122 124 123 122 123 1927 _ 124 124 126 126 127 129 130 128 126 127 125 125 1928 120 123 121 118 117 120 124 125 127 128 132 132 1929.. 132 129 131 131 132 136 140 147 144 139 133 124 1930..._ 121 111 105 99 100 95 90 90 88 87 82 79 1931 81 82 84 83 84 79 80 77 • 74 72 72 71 1932 67 61 57 54 48 46 43 49 52 59 53 52 1933__ 46 49 41 44 56 65 77 73 75 72 65 58 1934 54 62 60 58 60 62 62 62 63 63 64 67 1935 71 75 77 78 77 79 83 86 90 92 91 89 1936 90 89 89 91 97 103 108 112 115 119 125 125 1937..__ 127 125 124 127 127 127 125 121 116 109 97 89 1938 80 82 82 78 79 82 84 93 97 96 94 99 1939 . 99 100 99 99 102 103 106 107 109 114 121 118 1940 117 113 112 111 115 P114 1941 Seasonal adjustment factors 1940 93 100 101 97 94 97 93 103 105 109 104 104 Preliminary. 836 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF STONE, CLAY, AND GLASS PRODUCTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 68 74 80 91 97 95 92 95 92 91 90 76 87 1924 71 76 85 93 97 96 95 101 98 100 95 79 91 1925 73 79 91 105 108 109 110 117 113 111 105 86 101 1926 78 83 90 101 115 118 118 121 119 119 109 87 105 1927 79 87 102 111 116 117 116 122 118 112 105 90 106 1928 80 83 92 109 123 128 121 129 127 121 116 97 110 1929 88 89 94 112 121 125 122 129 126 120 108 83 110 1930 72 75 88 102 119 120 113 113 110 100 84 62 96 1931 55 59 70 89 101 100 93 89 82 75 63 49 77 1932 45 42 45 52 56 61 55 54 57 58 51 39 51 1933 ... . 36 37 39 43 55 68 78 76 63 57 54 48 54 1934 47 51 56 67 74 76 74 71 72 66 63 57 64 1935__. . 51 54 61 73 84 89 88 85 85 88 85 75 77 1936 61 61 73 97 117 118 116 128 127 126 117 96 103 1937 _ _ 81 94 105 126 136 134 129 134 127 120 103 78 114 1938 59 57 69 85 100 101 102 106 109 117 110 94 92 1939 . 79 81 95 107 117 127 128 127 130 137 126 115 114 1940 90 83 101 114 128 P128 1941.. Adjusted for seasonal variation 1923 87 91 87 88 90 88 85 84 84 83 87 90 1924. 91 93 92 90 90 89 88 88 90 92 93 93 1925 95 97 99 101 99 100 101 103 102 103 103 103 1926 99 101 99 99 105 107 107 106 108 109 108 104 1927 105 107 113 111 106 103 105 105 105 103 104 108 1928 _ _ 107 106 104 108 111 112 110 111 112 110 115 118 1929 118 114 109 111 108 109 110 111 111 109 107 104 1930. 101 104 107 101 103 100 98 96 95 90 84 79 1931 78 82 85 88 86 83 80 77 72 68 63 62 1932 . 63 58 54 52 48 51 48 46 50 53 52 48 1933 48 48 45 42 48 59 69 67 58 53 54 55 1934 64 67 66 67 65 65 65 62 65 61 62 66 1935 67 69 70 72 74 77 78 76 77 81 83 86 1936 81 80 85 96 102 102 103 113 114 114 114 111 1937 116 129 124 125 120 118 117 118 114 107 100 89 1938 82 80 83 85 87 87 91 93 97 104 105 106 1939 109 114 114 107 102 110 114 113 116 123 120 128 1940 123 113 120 115 112 Pill 1941 Preliminary. CEMENT PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 88 101 109 130 143 141 140 143 150 148 144 Ill 129 1924 97 102 115 134 152 155 155 167 166 164 150 115 140 1925 98 101 122 158 171 176 173 182 182 177 156 118 151 1926 87 95 115 142 183 193 189 188 189 184 162 119 154 1927 91 90 127 161 185 197 192 203 200 190 165 133 161 1928 108 104 113 154 191 200 193 207 204 194 172 135 165 1929 109 104 110 157 179 192 191 206 197 185 161 124 160 1930 94 100 124 155 191 197 189 197 184 159 127 94 151 1931 73 72 91 128 155 161 154 150 138 119 93 66 117 1932 . 56 47 54 63 76 91 85 87 94 88 74 47 72 1933 33 34 41 48 69 89 95 91 64 56 53 39 59 1934 42 51 58 75 95 101 90 87 88 74 66 49 73 1935 35 37 48 70 91 100 89 80 82 83 81 64 72 1936 40 41 59 98 123 130 127 139 141 138 125 99 105 1937 73 71 93 119 129 128 128 132 128 126 106 78 10S 1938 . __ 50 48 65 91 115 120 121 122 121 128 116 89 99 1939 59 67 90 111 124 137 140 137 136 139 126 105 114 1940 69 60 88 115 140 143 1941 Adjusted for seasonal variation 1923 134 146 133 129 125 122 122 122 128 127 133 140 1924 147 147 140 133 134 133 136 139 141 141 143 146 1925 148 149 151 156 150 150 150 151 152 153 152 150 1926 136 146 145 145 157 161 161 154 157 158 159 151 1927 145 143 164 165 159 161 162 163 164 164 162 168 1928 171 165 153 159 165 164 162 165 166 167 169 171 1929 173 166 153 162 154 156 160 161 160 159 159 159 1930 154 164 172 159 159 156 155 154 149 139 128 125 1931 122 123 127 132 126 124 118 111 104 94 89 1932 94 79 74 65 63 70 68 69 76 77 75 64 1933 56 58 57 49 57 68 77 73 52 49 53 53 1934 73 86 81 76 78 76 73 70 72 65 65 65 1935 63 64 65 71 75 76 72 66 68 73 79 82 1936 73 72 79 98 101 102 103 114 118 120 122 124 1937 133 128 125 119 105 101 103 108 107 108 102 97 1938 91 86 87 91 94 96 98 100 101 110 112 112 1939 107 120 121 111 101 108 113 112 114 120 121 131 1940 125 106 117 115 115 113 1941 Seasonal adjustment factors 1940 55 56 75 100 122 126 124 122 120 116 104 80 837 AUGUST 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMON AND FACE BRICK PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Without seasonal adjustment 1923 193 217 1924 183 219 1925 191 224 1926 216 242 1927 228 281 1928 161 181 1929 192 188 1930 107 106 1931 ... 71 76 1932 39 36 1933 11 7 1934_.__ _ 24 15 1935 21 21 1936 __ 37 31 1937 75 69 1938 . 43 42 1939 85 74 1940 70 50 1941 Adjusted for seasonal variation 1923 241 241 1924 228 243 1925 239 249 1926 270 269 1927 304 312 1928 215 218 1929 259 247 1930 158 152 1931 109 113 1932 64 64 1933 19 12 1934 43 30 1935 . _ _ 39 42 1936 65 61 1937 129 134 1938 ., 73 81 1939 142 138 1940 119 96 1941 ot ot ot ot oc ot 1- Apr. May June July Aug. Sept. Oct. Nov. Dec. Year 283 291 279 272 271 227 220 227 191 242 279 260 255 259 275 250 263 249 200 245 290 269 274 302 334 292 294 278 229 271 272 263 270 293 325 285 286 277 241 269 294 256 261 259 278 250 245 233 194 257 256 261 283 259 260 259 263 270 226 241 239 244 245 231 220 217 206 192 137 209 124 155 169 172 167 159 166 145 129 92 141 87 118 122 115 101 85 83 81 73 56 89 37 46 42 42 38 37 41 41 35 21 38 10 21 34 45 57 58 53 47 40 32 35 19 36 38 44 52 46 45 49 53 32 38 28 42 64 68 86 80 86 97 76 59 61 51 81 128 137 133 136 126 134 132 105 103 96 134 153 150 139 126 130 117 98 69 113 57 83 107 108 107 107 127 141 119 103 95 87 124 136 156 161 150 157 145 137 119 128 71 102 237 265 285 274 252 234 220 210 223 225 253 261 255 250 240 237 243 250 245 236 271 271 263 268 279 288 284 280 272 269 257 254 258 264 272 280 277 272 272 284 306 280 256 244 240 240 233 233 229 229 221 243 249 250 240 237 238 246 257 266 234 228 222 215 207 200 193 187 179 161 155 147 147 145 148 144 143 128 121 108 116 113 101 96 84 77 72 73 69 66 53 44 35 35 31 32 34 35 32 24 15 21 29 38 46 48 43 40 38 37 31 38 32 36 40 37 36 40 48 39 46 43 53 58 66 65 69 79 69 71 76 83 107 109 105 111 104 109 122 124 142 138 127 120 111 108 104 96 90 82 84 86 89 88 86 92 103 116 109 123 127 129 114 126 130 129 126 119 125 142 106 106 COMMON BRICK PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 1924 1925 1926 1927 1928_ ._. 1929 1930 1931 1932 1933 _ 1934 25 15 20 34 40 46 54 46 44 49 53 31 38 1935... 20 21 29 42 64 71 91 84 88 107 78 58 63 1936 34 25 47 78 131 141 135 134 126 137 136 103 103 1937 72 64 92 133 153 154 140 122 136 120 101 67 113 1938 40 41 53 79 108 111 102 106 132 149 118 99 95 1939 . 74 65 78 125 137 158 167 153 162 148 133 115 126 1940.._ 60 49 66 102 1941 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933... 1934 47 32 33 36 34 37 41 37 35 39 48 38 1935 36 43 48 44 54 57 69 69 71 84 71 71 1936 64 53 75 83 109 111 106 109 102 108 124 126 1937 133 134 146 140 127 121 111 105 104 94 92 82 1938 75 85 84 83 90 • 88 80 91 101 117 107 121 1939 137 136 124 131 114 124 132 131 125 117 121 141 1940 111 103 106 107 1941 Seasonal adjustment factors mo.... H 48 63 95 120 127 127 117 ISO 127 110 82 838 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACE BRICK PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923-. — 1924 1925 1926 1927 1928 1929 1930 1931 1932 . 1933 1934 20 15 17 44 33 40 46 46 47 50 51 35 37 1935 .... _ . 27 22 26 40 63 75 75 67 79 76 72 64 57 1936 42 44 59 85 120 128 127 136 124 124 124 108 102 1937 80 81 106 134 152 142 135 135 114 111 92 73 113 1938 48 44 66 93 106 104 116 108 118 121 124 115 97 1939 107 94 108 123 135 152 147 144 145 138 148 129 130 1940 _ 96 53 84 103 1941 Adjusted for seasonal variation 1923. 1924 1925 1926 . . .. 1927 1928. 1929 1930 1931 . ._ 1932 1933 1934 34 27 25 44 28 33 37 38 39 42 47 39 1935 45 40 40 40 52 63 60 56 65 65 67 71 1936 67 81 80 85 100 107 104 113 107 110 116 120 1937 120 136 133 134 127 119 112 115 103 101 86 82 1938 . 69 68 83 93 88 90 98 95 108 110 116 128 1939 153 144 134 123 112 131 124 126 132 126 138 143 1940 136 81 105 103 1941 Seasonal adjustment factors 1940 70 65 80 100 120 116 118 114 110 HO 107 90 GLASS CONTAINER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 1924 1925 60 63 65 61 1926 60 59 57 61 66 59 60 61 62 69 66 61 62 1927 60 63 64 66 68 68 64 62 63 61 64 67 64 1928 66 64 74 75 80 78 74 78 76 69 67 62 72 1929 69 74 78 76 81 81 73 79 74 75 72 63 75 1930 69 69 78 75 81 81 73 74 70 73 63 51 71 1931 52 59 67 74 82 80 73 72 65 66 60 , 49 67 1932 _ 52 53 60 67 70 65 59 54 52 61 55 52 59 1933 59 63 60 60 62 74 89 88 82 82 81 76 73 1934 71 75 75 84 86 84 86 81 82 80 78 80 80 1935 74 75 77 82 89 89 94 96 88 91 89 83 86 1936 78 82 86 92 102 101 99 114 107 105 108 103 98 1937 104 108 104 116 129 128 127 134 120 112 99 82 114 1938 79 82 89 93 102 91 93 99 97 98 98 89 93 1939 91 93 101 108 115 118 121 117 112 124 114 107 110 1940 104 109 117 116 119 1941 Adjusted for seasonal variation 1923 1924 1925 60 63 66 66 1926 _ 64 62 57 59 62 57 60 58 62 68 68 65 1927 64 66 64 64 64 65 64 59 63 60 65. 72 1928 70 68 71 73 74 73 74 74 76 69 70 70 1929 74 78 76 74 74 75 72 75 74 73 75 76 1930 75 74 75 72 74 74 71 71 70 71 66 62 1931 57 64 66 72 75 73 70 69 65 64 62 58 1932 58 57 60 66 64 59 55 52 52 59 57 60 1933 66 68 62 59 58 70 83 83 82 80 83 82 1934 79 82 79 84 81 80 80 76 82 77 77 86 1935 . 83 82 82 82 83 85 88 89 87 88 88 89 1936 86 89 92 92 95 96 96 104 105 102 107 111 1937 115 117 110 116 121 122 122 123 118 109 98 88 1938 . 88 89 95 93 95 87 89 91 95 95 97 96 1939 101 101 107 108 107 113 117 108 110 121 112 115 1940 116 118 124 116 112 1941 Seasonal adjustment factors 1940 90 92 94 100 107 105 104 109 102 103 101 93 AUGUST 1940 839 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POLISHED PLATE GLASS PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 48 48 52 53 57 54 51 54 56 53 56 54 53 1924 51 54 58 59 58 53 49 47 51 55 60 55 54 1925 _ 59 66 70 70 73 70 71 73 76 73 76 68 70 1926 79 84 82 79 84 92 79 83 87 82 74 54 80 1927 63 79 84 77 75 60 69 76 73 65 67 56 70 1928 62 78 81 77 77 80 73 82 83 75 85 77 78 1929 77 86 92 88 90 90 92 100 107 99 89 62 89 1930 68 75 73 80 88 67 59 39 58 58 •54 35 63 1931 50 68 74 72 69 53 51 44 35 33 28 43 52 1932 _ _. 40 49 31 37 23 36 21 12 26 29 35 31 31 1933 44 38 33 34 56 67 83 77 65 41 30 46 51 1934 ._ _ . 52 57 69 65 57 48 55 52 53 53 50 64 56 1935 91 105 116 120 103 96 98 98 110 112 116 118 107 1936._ _ 118 103 114 138 142 116 117 133 145 142 101 52 119 1937 49 156 154 170 156 150 119 138 133 115 101 69 127 1938 „ 40 22 28 30 31 46 44 57 71 100 104 98 55 1939 94 85 88 58 62 72 50 78 110 142 127 149 92 1940 129 106 111 96 91 79 1941 Adjusted for seasonal variation 1923 50 49 50 52 54 54 52 54 53 52 56 60 1924 54 55 55 58 55 53 50 47 48 54 60 62 1925 63 67 66 69 69 70 72 73 73 72 76 75 1926 83 80 78 77 80 92 80 83 83 80 74 65 1927 _ 70 76 78 76 71 60 70 73 69 64 67 70 1928 69 74 75 76 73 80 74 78 79 74 85 97 1929 86 82 86 87 86 90 94 95 102 97 89 78 1930 75 71 68 69 84 65 60 43 57 57 54 43 1931 55 64 69 61 66 52 52 49 37 33 28 47 1932 _ 44 47 29 32 22 35 22 14 27 31 35 33 1933 46 36 31 30 53 68 87 81 69 43 30 49 1934___ _. __• _ ._ 54 54 64 57 54 52 58 55 53 56 50 67 1935 . 93 105 108 107 98 104 103 104 110 112 116 124 1936 119 108 109 126 135 124 130 140 145 135 101 51 1937 " 48 165 147 159 156 153 148 146 133 104 101 64 1938 38 23 27 29 31 47 67 68 71 87 91 85 1939 90 90 84 58 62 73 76 95 110 124 112 124 1940 122 112 105 96 91 80 1941 19 S 0 easonal adjustment factors 105 95 105 100 100 98 66 82 100 115 m 120 PRODUCTION OF NONDURABLE MANUFACTURES 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 71 74 75 75 74 73 69 70 73 72 71 67 72 1924.. 69 70 70 69 67 65 63 66 72 74 74 72 1925 74 76 76 76 74 73 74 76 79 80 79 77 1926 78 79 79 78 76 77 75 79 85 85 83 79 1927_. 81 83 84 83 83 84 82 84 88 86 84 79 1928 81 84 84 82 83 83 82 86 91 91 90 86 1929 89 91 92 93 93 93 91 • 94 99 98 93 85 1930 . 87 88 87 89 86 84 81 81 87 84 80 75 1931 76 80 81 82 82 81 80 81 84 79 75 70 1932 72 73 71 67 65 64 62 67 76 77 73 68 1933 69 70 66 72 81 90 91 87 88 83 78 74 1934 77 81 83 84 83 80 78 82 81 84 82 83 1935... 85 88 88 86 86 87 88 91 97 97 95 93 1936 92 91 93 95 96 97 99 104 110 110 109 109 1937 108 111 112 113 113 111 109 109 111 103 93 85 1938 85 87 89 86 87 89 94 101 107 105 104 101 1939 . 100 102 103 101 102 104 104 no 119 120 ,118 115 1940 109 108 105 105 109 Pill 1941 Adjusted for seasonal variation 1923 71 73 74 75 75 75 72 71 71 69 69 68 1924 70 70 70 69 68 66 65 67 69 71 73 74 1925 75 76 76 76 76 75 77 77 76 77 78 79 1926 79 79 78 78 77 78 78 80 82 82 81 82 1927 82 82 83 83 84 86 86 85 84 83 83 82 1928 82 83 83 82 84 84 84 86 86 87 89 90 1929 90 90 91 92 94 95 94 94 94 94 91 89 1930 89 88 87 88 86 85 83 81 81 80 80 79 1931 79 80 81 82 83 82 82 81 79 75 74 73 1932 73 73 72 67 65 64 63 67 72 74 73 71 1933 71 70 66 72 82 91 94 88 84 80 78 78 1934 80 81 83 84 83 80 80 81 76 81 82 86 1935 88 89 88 87 87 88 89 90 92 94 95 96 1936 95 92 94 96 97 99 100 103 104 105 108 111 1937 111 112 113 114 114 113 110 107 104 99 92 87 1938 88 90 90 88 88 90 95 99 100 100 103 104 1939 104 104 104 103 104 106 106 108 111 115 117 118 1940 113 110 106 107 110 1941 OS CO OS 83 85 93 84 79 70 79 81 90 100 106 95 108 Preliminary. 840 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF TEXTILES AND PRODUCTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 87 92 93 92 90 84 75 74 80 78 81 73 83 1924 79 80 76 73 67 59 57 60 71 81 84 83 72 1925 89 91 88 89 82 76 75 75 80 86 88 87 84 1926 89 90 87 83 78 75 71 75 87 91 92 91 84 1927 92 94 96 92 93 94 87 88 93 95 96 86 92 1928 90 92 88 85 86 81 74 79 85 93 96 91 87 1929 98 99 98 98 99 93 87 89 94 99 94 80 94 1930. 85 84 80 80 75 69 63 60 68 74 76 70 74 1931.... . 74 83 84 85 82 80 80 80 83 76 74 68 79 1932 74 78 73 57 51 49 53 69 86 92 87 79 71 1933... 80 82 70 74 94 112 112 100 93 85 80 69 88 1934 80 87 87 84 78 66 66 67 55 76 78 85 76 1935 97 100 92 85 84 84 85 89 96 102 104 101 .93 1936.... 102 102 96 97 94 94 96 104 109 111 116 122 104 1937 124 128 126 121 120 117 104 102 97 87 75 65 106 1938._. 68 74 73 67 69 75 84 98 102 102 107 107 85 1939 110 113 107 99 102 104 106 109 116 123 131 126 112 1940 .. 120 115 101 97 99 P99 1941 _ Adjusted for seasonal variation JL923... 83 86 89 90 91 90 85 82 80 75 76 72 1924 75 75 73 71 68 64 64 66 71 78 80 82 1925 85 85 84 87 84 82 84 83 80 82 83 86 1926 84 84 83 81 79 80 80 83 87 87 87 90 1927 87 87 91 90 94 99 99 97 93 91 91 87 1928 86 86. 84 83 87 86 83 87 86 89 91 92 1929 . 94 94 94 96 100 98 97 97 95 95 88 82 1930 . 82 79 77 79 76 73 69 66 68 70 72 71 1931 72 77 80 84 83 85 86 86 82 73 71 70 1932 72 72 70 56 52 53 57 73 85 89 84 81 1933 78 76 67 73 96 119 121 106 92 82 78 71 1934 78 80 84 84 81 70 71 71 54 74 76 86 1935 94 92 89 87 87 89 90 92 96 99 101 101 1936 100 95 94 99 97 99 103 106 107 108 113 122 1937 121 120 123 124 125 123 111 105 96 85 72 65 1938 66 69 72 68 72 79 90 99 99 99 104 106 1939 107 107 105 102 106 109 113 111 114 119 128 126 1940 117 108 99 99 103 1941. Preliminary. TEXTILE FABRIC PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 . 91 96 96 96 93 86 77 77 83 81 83 75 86 1924 82 84 79 76 68 61 59 62 75 85 88 86 75 1925 93 95 93 94 87 80 79 80 85 90 93 91 88 1926 94 96 93 89 82 79 75 80 92 96 97 95 89 1927 97 100 102 99 100 100 93 93 99 101 102 92 98 1928 96 99 95 92 92 87 79 85 91 100 103 96 93 1929 _ . 105 106 106 105 106 100 93 96 102 107 100 86 101 1930 92 91 87 87 79 73 67 64 73 80 83 76 79 1931 _ 80 89 89 91 87 83 84 83 87 81 80 74 84 1932 80 83 78 61 55 53 56 72 91 96 91 81 75 1933 . . . . 82 83 73 77 98 116 114 103 96 87 81 69 90 1934 81 89 90 87 81 68 68 69 57 80 81 86 78 1935 . 98 100 93 88 88 86 86 90 97 104 106 101 95 1936 102 102 96 97 94 94 97 105 111 113 118 124 105 1937.... _. „ . 125 130 127 122 120 116 102 102 98 88 76 66 106 1938 69 74 74 68 70 75 84 96 100 101 108 107 86 1939 _ 109 111 106 99 100 100 101 106 115 121 128 121 110 1940 115 111 99 95 97 1941 Adjusted for seasonal variation 1923 86 89 92 93 94 93 88 85 83 78 79 75 1924 .. 79 78 76 74 70 66 67 69 75 81 83 86 1925 88 89 89 92 88 87 89 88 85 87 88 91 1926 89 89 88 86 83 85 85 88 93 93 92 95 1927 92 93 97 96 101 106 106 102 99 97 97 93 1928 92 93 90 89 93 92 90 93 92 96 97 99 1929 100 100 100 102 107 106 105 105 103 103 95 88 1930 88 85 83 85 81 78 74 70 74 76 78 77 1931 78 83 85 90 89 89 91 90 87 78 76 75 1932 77 77 74 60 56 57 61 77 90 93 87 83 1933 80 77 70 77 100 123 124 109 95 85 79 71 1934 79 82 86 86 83 72 73 73 57 77 79 87 1935 95 93 90 89 90 91 92 93 97 101 102 100 1936 99 96 94 99 97 99 105 108 109 110 115 124 1937 122 122 124 124 124 122 110 106 97 85 73 66 1938 67 70 72 69 73 79 90 99 98 98 104 106 1939 106 105 104 100 103 105 108 109 113 118 124 121 1940 113 105 97 96 100 1941 Preliminary. 841 AUGUST 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COTTON CONSUMPTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 105 110 108 107 107 97 85 93 93 96 87 97 1924 100 95 87 85 73 64 61 79 91 95 94 83 1925 104 107 103 106 97 87 83 87 95 102 101 96 1926 107 110 107 103 95 91 83 102 103 105 104 100 1927 110 115 117 113 113 116 107 113 111 113 97 111 1928 105 107 100 98 99 92 81 94 105 110 100 98 1929 115 116 113 113 115 107 96 96 102 109 83 105 1930 99 96 91 94 83 74 67 63 71 76 71 80 1931 79 84 91 84 80 78 76 83 80 73 81 1932 80 84 67 60 57 52 68 91 79 75 1933 __ _ .__ 84 86 84 90 107 123 113 98 67 93 1934 87 93 95 95 89 66 66 70 58 80 81 1935 . 94 94 88 83 80 74 68 71 84 92 91 84 1936 101 99 96 102 97 97 101 105 112 115 121 106 1937 127 130 130 127 125 119 106 105 107 97 72 111 79 83 85 77 76 77 86 93 95 101 106 103 88 1939.. 107 110 108 106 103 101 100 105 117 121 128 125 110 1940.. 124 123 114 110 109 107 1941.. Adjusted for seasonal variation 1923 100 101 102 107 105 95 91 87 1924___ 82 81 73 69 71 90 94 1925 _. . 97 101 97 93 97 93 97 101 1926 100 101 98 95 98 96 101 105 101 100 104 1927 104 110 107 113 122 124 120 115 109 107 101 1928 98 95 93 99 97 93 99 96 103 105 105 1929 107 107 107 115 112 109 107 104 106 95 87 1930 89 86 90 83 78 75 70 72 74 76 75 1931 75 78 81 86 84 84 86 85 83 79 77 77 1932 .___ 77 78 78 64 60 58 75 89 89 87 83 1933 81 80 79 85 129 125 108 93 87 82 70 1934 83 86 90 91 70 73 77 58 86 83 83 1935 90 87 83 80 77 76 78 84 90 93 93 1936 97 93 91 97 102 112 114 112 113 114 124 1937 122 121 122 124 125 125 118 114 107 95 84 74 1938 76 78 81 74 76 81 96 101 95 99 103 105 103 103 102 103 103 106 111 114 117 119 124 128 1940. 120 115 108 107 109 112 1941.. Seasonal adjustment factors 1940 104 107 106 103 100 95 90 100 102 103 RAYON DELIVERIES 1935-30 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 10 11 12 12 11 10 10 8 9 10 11 11 10 1924 11 12 11 11 11 11 11 11 13 15 17 19 13 1925 19 21 20 20 18 17 18 18 18 19 20 19 19 1926 19 20 20 19 17 14 14 16 20 23 23 23 19 1927. 25 28 33 36 36 33 30 29 30 32 34 33 31 1928 31 31 31 32 30 29 26 27 31 36 39 37 32 1929..._ 37 37 40 41 41 39 38 39 44 50 51 45 42 1930 40 40 43 41 38 36 34 32 37 41 41 35 38 1931 36 45 52 59 59 57 52 51 53 50 45 40 50 1932__ 40 40 41 36 31 26 28 41 60 72 72 67 46 1933 65 61 51 53 64 80 85 81 80 74 70 63 69 1934__. 61 65 65 60 53 53 56 57 57 61 67 78 61 1935 85 86 72 57 56 66 78 89 100 101 95 90 81 1936 90 92 87 86 81 86 94 109 114 112 105 105 97 1937 108 110 109 109 112 112 111 107 100 84 62 45 97 1938 44 56 68 73 72 72 95 119 141 130 114 105 91 1939. 108 117 115 114 111 120 132 138 146 145 152 150 129 1940 147 140 131 126 125 P130 1941 Adjusted for seasonal variation 1923. 10 10 11 11 11 11 11 9 9 9 10 11 1924... 11 11 10 10 11 12 12 13 14 15 16 18 1925 19 20 18 18 18 19 20 20 19 19 19 19 1926 19 19 19 18 17 15 16 18 21 22 22 23 1927.... 24 27 31 33 34 35 34 33 32 31 31 32 1928 31 31 30 30 29 30 30 31 32 34 35 36 1929_ 37 37 38 39 40 41 42 44 45 47 46 44 1930_... 42 41 40 39 38 38 37 36 36 38 37 36 1931 38 44 49 56 59 62 58 56 51 46 43 41 1932. 41 39 38 35 33 29 32 43 56 66 68 68 1933 64 57 48 54 72 93 97 86 74 67 66 63 1934 61 60 63 62 61 60 61 58 53 55 65 78 1935. 84 83 71 61 65 74 83 85 88 90 90 91 1936... 91 92 90 93 92 96 96 101 99 100 101 107 1937 111 112 115 117 125 123 115 100 87 74 58 46 1938.__ 45 57 72 79 81 79 95 108 123 116 108 106 1939 110 119 121 123 124 131 134 129 127 130 146 152 1940 151 143 138 136 141 P142 1941 Seasonal adjustment factors 1940 98 98 95 93 89 92 98 107 115 111 104 99 NOTE: Three month moving averages placed at last month. p Preliminary. 842 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SILK DELIVERIES 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 97 103 104 109 91 86 77 84 85 82 76 72 89 1924 78 85 87 81 75 72 76 78 92 97 103 99 85 1925. 104 111 122 123 117 112 113 118 121 126 126 126 118 1926 127 132 127 118 104 104 105 114 122 132 136 129 121 1927 129 129 136 137 134 128 122 120 129 135 139 132 131 1928 136 145 151 142 131 128 125 128 134 140 141 136 136 1929 _ _ 143 148 153 150 144 141 139 147 155 160 155 144 148 1930 145 149 154 141 126 106 103 104 129 149 169 166 137 1931 162 163 162 149 133 121 121 121 134 148 155 148 143 1932 151 148 145 121 105 96 101 122 145 160 150 131 131 1933-. 122 116 111 110 . 118 133 134 128 110 93 88 83 112 1934 93 104 119 118 109 99 94 91 93 107 112 119 105 1935 . 117 126 127 122 111 102 99 103 116 124 125 113 115 1936 _ 107 101 100 97 94 90 89 99 113 122 124 118 104 1937 122 122 120 113 105 102 95 90 92 97 99 83 103 1938 . 77 76 87 91 87 86 86 92 100 103 110 107 92 1939 110 106 105 96 82 74 70 75 88 99 101 84 91 1940 72 65 66 60 " 55 P51 1941 Adjusted for seasonal variation 1923 97 97 95 103 95 94 84 89 85 80 74 72 1924_ 77 79 79 76 79 79 84 82 92 94 100 100 1925 103 105 113 117 123 122 124 124 121 123 122 126 1926 125 125 117 113 109 113 115 119 121 129 131 130 1927 _ 126 121 125 132 141 139 134 127 129 131 133 134 1928 134 136 138 135 137 139 139 136 134 136 135 137 1929 140 139 140 144 150 155 157 160 157 154 147 143 1930 141 140 140 138 134 123 120 116 130 138 153 158 1931 . _ 156 153 147 146 143 142 142 137 135 135 139 140 1932 145 142 134 120 111 110 116 134 145 148 134 124 1933 _ 119 113 105 111 126 147 151 140 113 87 80 80 1934 91 100 112 116 116 110 106 98 94 99 102 115 1935 115 122 120 120 117 114 113 113 115 115 112 108 1 36 104 100 97 97 99 99 100 106 111 113 111 113 1937 117 119 116 113 112 112 106 98 91 90 87 78 1938 74 75 84 92 93 95 96 100 99 95 98 103 1939 108 105 101 96 87 81 79 82 86 91 89 78 1940 69 64 64 61 58 P57 1941 Seasonal adjustment factors 194.0 103 101 104 100 94 91 89 92 102 109 113 107 NOTE: Three month moving averages placed at last month. p Preliminary. WOOL TEXTILE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 109 118 122 118 118 114 104 104 109 105 109 96 111 1924 . • . _ _ . 98 107 102 96 90 79 73 79 93 108 108 105 95 1925 108 109 102 100 92 86 86 91 97 102 99 96 97 1926. 94 94 89 86 84 81 79 82 99 106 103 102 92 1927 97 97 95 88 91 91 87 90 95 100 101 91 94 1928 92 97 88 84 90 87 80 87 94 102 103 98 92 1929 102 104 99 99 102 96 91 96 99 103 95 78 97 1930 78 78 70 69 69 70 65 61 67 71 66 58 68 1931 63 81 76 78 81 83 90 90 85 66 61 55 76 1932 63 69 55 36 34 39 53 68 81 86 74 67 60 1933 68 72 47 53 88 113 121 107 99 88 78 70 84 1934 76 84 78 72 69 64 63 63 40 61 66 85 68 1935 .. . 100 104 95 95 102 108 112 114 108 115 116 115 107 1936 106 110 99 94 95 96 96 106 105 108 123 140 107 1937 . - 131 142 134 123 123 120 94 101 86 70 56 59 103. 1938 59 67 53 42 53 67 75 93 89 90 106 113 76 1939 111 113 100 82 97 103 104 109 110 122 130 118 10& 1940 107 102 77 73 85 1941 Adjusted for seasonal variation 1923 107 112 121 121 122 123 117 110 106 97 102 95 1924 96 102 102 98 93 85 82 84 90 99 100 103 1925 106 104 101 102 95 93 96 97 94 94 92 94 1926 92 89 89 89 86 87 88 87 96 97 96 100 1927 95 92 95 92 94 97 97 95 93 92 93 90 1928 90 92 87 87 91 91 88 92 92 94 96 98 1929 100 99 99 103 103 100 100 101 97 95 89 79 1930 76 73 70 73 70 72 67 63 66 66 64 60 1931 62 74 76 82 82 85 90 92 85 63 61 57 1932 62 63 55 38 34 39 53 68 81 84 74 69 1933 66 66 47 57 89 115 122 107 99 86 79 72 1934 75 77 79 76 70 65 64 62 40. 61 67 85 1935 99 95 95 101 104 109 113 111 Ill 116 118 112 1936 105 100 99 101 97 97 98 103 108 110 124 138 1937 129 129 134 132 126 121 97 98 88 72 57 57 1938 58 61 53 46 54 68 77 90 92 92 107 110 1939 109 103 99 88 99 104 107 106 113 125 132 115 1940 106 93 77 79 87 P87 1941 p Preliminary. 843 AUGUST 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CARPET WOOL CONSUMPTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Without seasonal adjustment 1923 118 125 118 115 123 110 96 114 1924 . . 106 120 115 107 80 66 71 71 1925 116 124 124 122 104 85 88 92 1926 . 99 104 96 83 82 76 66 79 1927 110 109 111 98 99 93 87 84 1928 106 109 106 92 99 98 84 1929 124 134 115 116 128 111 112 1930 98 88 82 87 56 50 46 1931 59 91 81 101 88 79 85 1932 52 52 52 36 31 33 29 1933. . „ 35 37 30 46 72 114 109 1934. 72 79 76 71 68 78 65 1935 _. 81 82 90 111 114 114 128 1936 85 99 100 95 93 96 97 1937 _ . 145 176 169 139 136 135 89 1938 39 54 58 35 40 46 55 1939 106 120 131 87 82 84 89 1940 105 118 98 91 91* P84 1941 Adjusted for seasonal variation 1923 112 114 112 115 125 125 111 1924 100 109 108 107 81 75 82 1925 109 113 117 122 105 97 103 1926 94 94 91 85 83 84 77 1927 103 100 105 102 100 101 101 1928 100 100 100 96 100 105 98 1929 117 122 110 121 129 118 128 1930 92 80 79 88 58 53 50 1931 56 84 78 103 92 84 88 1932 50 48 50 37 32 34 30 1933 34 34 29 47 75 116 114 1934 72 73 73 73 71 80 67 1935 83 75 87 113 119 116 130 1936 90 91 93 96 97 98 99 1937 152 162 154 145 142 138 90 1938 41 50 51 38 42 47 57 1939 112 110 117 92 85 85 90 1940 111 108 87 97 95 P86 1941. _ 194 S . e 0 asonal adjustment factors 95 109 112 n 96 98 98 ©» Sept. Oct. Nov. Dec. Year 124 121 126 103 116 88 111 110 110 96 98 93 96 84 102 101 102 104 110 92 93 103 111 98 99 106 112 122 117 105 125 140 130 85 120 45 57 69 65 39 65 81 71 73 60 46 76 25 50 65 55 44 43 106 114 102 74 61 75 66 42 60 51 57 65 126 105 108 98 86 103 115 130 130 140 160 111 116 103 55 39 38 111 80 89 94 108 105 68 128 124 122 129 107 108 122 122 117 118 103 76 86 108 103 110 99 96 90 90 84 85 99 99 98 110 91 93 98 104 98 118 108 106 114 117 127 128 127 122 89 48 58 62 62 42 87 73 66 58 50 26 51 58 54 47 111 117 91 74 66 66 43 55 52 61 120 107 103 100 93 108 129 129 143 172 110 101 55 40 41 76 88 95 110 113 121 121 124 132 115 106 102 99 98 93 Preliminary. APPAREL WOOL CONSUMPTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923- 118 133 134 126 125 113 102 92 100 95 100 95 111 1924 100 109 96 85 77 62 61 80 92 106 104 95 89 1925 100 101 86 81 71 73 77 89 96 104 100 97 90 1926 88 97 88 86 80 77 85 82 104 109 102 91 91 1927. _ . __ 91 100 101 88 91 90 87 94 97 99 93 76 92 1928 81 97 81 73 80 73 69 75 90 98 95 84 83 1929 _. __ 96 98 94 90 91 84 83 95 94 101 83 72 90 1930 77 80 69 68 71 72 70 67 77 77 67 62 71 1931 .... _„ 67 76 76 88 90 93 107 103 100 73 75 63 85 1932 67 72 54 36 31 40 63 86 102 93 84 78 67 1933 75 75 46 59 100 111 120 102 101 99 93 74 87 1934 71 76 70 58 53 47 44 45 31 60 80 87 60 1935 107 94 88 104 120 113 118 126 115 141 132 115 113 1936 _ . 114 121 99 81 85 98 97 113 111 103 123 143 107 1937 118 133 132 117 115 106 86 101 91 66 57 53 98 1938 46 56 47 46 59 74 86 105 94 91 112 112 78 1939 96 105 96 71 97 108 104 112 120 126 126 107 104 1940 105 99 80 63 82 1941 Adjusted for seasonal variation 1923 117 122 134 134 136 132 117 95 94 82 90 94 1924 99 100 96 90 83 72 70 83 86 91 94 94 1925 99 93 86 86 78 85 88 93 89 89 90 96 1926 87 89 88 91 87 89 96 86 97 94 92 93 1927 90 92 101 94 98 102 97 98 91 85 84 80 1928 80 89 81 77 84 80 78 78 84 84 88 89 1929 95 90 94 96 94 92 92 99 89 87 79 76 1930 76 74 69 73 73 75 74 69 74 70 65 66 1931 67 70 76 94 93 97 109 103 96 70 73 67 1932 . . 67 66 54 38 32 41 64 86 99 92 83 79 1933 75 69 46 63 101 116 122 102 99 98 92 74 1934 71 70 69 62 53 49 45 44 31 59 80 87 1935_. _ . 109 87 87 111 120 118 123 123 115 140 130 113 1936 116 112 98 86 85 98 102 108 111 108 122 139 1937 121 123 131 124 115 106 90 97 91 69 56 51 1938.._. ___. _ _ ... 47 52 47 49 59 74 91 101 94 95 111 109 193^ 98 97 95 76 97 108 110 108 120 131 125 104 1940. _ . 107 92 80 68 82 1941 Seasonal adjustment factors 1940 . 98 108 101 94 100 100 95 104 100 96 101 103 p Preliminary. 844 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WOOLEN YARN PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 100 108 112 116 111 106 101 105 106 100 104 93 105 1924 96 106 106 100 98 91 82 86 101 108 107 105 99 1925 106 108 106 104 100 96 93 93 98 100 95 92 99 1926 87 86 87 87 86 85 82 80 97 106 98 93 90 1927 86 90 93 91 97 97 93 94 99 100 98 92 94 1928 93 97 91 90 97 94 91 91 100 109 103 97 96 1929 __ 101 102 102 102 102 101 94 96 96 99 86 76 96 1930__ 74 75 70 72 73 75 64 59 67 67 65 55 68 1931 58 83 72 69 74 74 77 80 78 63 56 48 69 1932___ 63 70 53 35 36 35 47 71 83 88 74 64 60 1933 - 68 71 49 61 91 114 124 111 100 81 72 67 84 1934 78 93 88 87 81 78 83 84 53 76 77 92 81 1935 _ 104 110 94 88 98 110 117 121 118 123 124 120 111 1936 114 113 101 99 105 105 110 119 112 111 122 140 113 1937 130 138 127 120 121 120 100 107 92 78 56 57 104 1938 61 74 54 43 52 66 79 98 91 89 98 100 75 1939 . 99 99 80 74 88 95 102 102 104 111 113 105 98 1940 _ _ _ _ _ . 100 97 76 73 86 P85 1941 Adjusted for seasonal variation 1923 102 106 109 113 111 110 108 111 103 94 101 95 1924 98 104 104 98 98 94 88 91 98 101 104 107 1925 _ . . - - 108 106 104 102 100 99 100 98 95 93 92 94 1926 89 84 85 87 86 87 87 84 94 99 95 95 1927 _ _ 88 88 91 93 97 98 98 99 96 93 96 94 1928 93 95 90 92 97 95 96 96 97 102 100 99 1929 _ 102 99 102 104 102 102 99 101 93 92 83 77 1930 75 71 71 73 73 76 66 61 65 63 64 57 1931 . . 59 76 72 72 74 75 78 82 76 60 55 51 1932 63 64 54 36 36 36 47 71 82 86 75 68 1933 . > 68 65 50 64 91 115 124 110 100 81 74 69 1934 77 85 91 90 81 79 83 83 54 77 78 92 1935 103 101 97 93 98 110 117 118 119 126 127 120 1936 113 104 104 105 105 105 110 114 113 113 125 140 1937 128 127 131 127 121 120 100 103 93 80 57 57 1938 60 68 56 46 52 66 79 94 92 91 100 100 1939 „ 98 90 82 78 88 95 102 98 105 113 115 105 1940 99 89 78 78 86 P85 1941 _ Seasonal adjustment factors 1940 101 109 97 94 100 100 100 104 99 98 98 100 Preliminary. WORSTED YARN PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 . _ 112 116 125 123 123 118 108 101 106 108 108 94 112 1924 93 104 97 86 77 63 58 70 88 108 106 102 88 1925 106 101 87 83 72 70 73 88 94 104 99 98 90 1926 99 104 92 87 80 79 79 90 106 111 109 109 95 1927 _ 1 103 100 94 85 85 83 83 92 98 104 103 89 93 1928 90 98 82 75 77 75 68 82 87 96 99 92 85 1929__ _ _ . 96 96 93 92 94 90 83 97 98 102 90 80 93 1930 76 83 69 62 71 78 77 76 82 87 71 71 75 1931 _ _ 72 76 78 80 93 101 114 107 102 67 70 67 86 1932 71 69 50 38 33 47 68 80 100 102 81 77 68 1933 78 79 45 49 101 125 130 111 99 94 81 68 88 1934 _ 71 71 61 56 56 39 44 38 31 51 68 99 57 1935 106 104 88 92 102 108 104 98 102 115 120 115 104 1936 ... 92 99 87 86 83 83 85 98 98 109 126 140 99 1937 129 131 125 118 118 110 85 85 71 69 59 65 97 1938 60 56 41 46 62 79 80 95 91 98 124 139 81 1939 . . 123 116 107 93 115 114 103 107 119 150 151 123 119 1940 101 97 72 72 90 P93 1941 ___ Adjusted for seasonal variation 1923 _ _ 107 107 125 131 135 138 129 104 101 95 98 90 1924 88 96 97 91 85 73 69 73 84 95 96 97 1925 . .101 92 87 89 79 81 87 91 90 92 89 94 1926 94 95 92 92 87 92 95 93 101 98 98 104 1927 _ ._ 98 92 94 90 93 95 99 94 93 92 93 87 1928 87 90 82 30 82 82 81 82 83 86 90 92 1929 93 89 94 98 96 95 96 98 96 93 84 80 1930 _ 74 77 70 66 72 81 80 77 81 83 71 71 1931 70 71 80 86 93 102 114 108 102 67 70 67 1932 69 64 52 40 33 47 68 81 100 102 81 77 1933 76 74 47 52 101 125 130 112 99 94 81 68 1934 69 66 64 60 56 39 44 39 31 51 68 96 1935 103 98 92 98 102 108 105 99 105 115 120 108 1936 - 89 95 90 92 83 83 89 97 102 109 126 129 1937 125 126 130 126 118 110 90 83 74 69 59 59 1938 . 58 54 43 49 62 79 84 94 95 98 124 126 1939 . - 119 111 111 99 115 114 108 105 124 150 151 112 1940 98 93 75 76 90 1941 Seasonal adjustment factors 1940 108 104 96 94 100 100 95 102 96 100 100 110 p Preliminary. AUGUST 1940 845 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WOOLEN AND WORSTED CLOTH PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 . ." 109 119 126 117 118 118 108 102 107 103 109 97 111 1924 96 102 98 93 97 84 76 79 91 105 109 107 95 1925 109 107 98 99 93 88 86 90 96 106 102 101 98 1926 97 91 87 85 84 80 80 79 95 103 104 104 91 1927 - 99 94 89 81 85 88 82 86 91 96 98 91 90 1928 88 89 80 81 86 83 74 78 87 95 97 96 86 1929 _ -__ _ 96 97 93 95 95 91 83 85 91 92 94 76 91 1930 72 72 63 64 70 71 66 60 61 64 64 62 66 1931 62 78 75 71 75 79 83 90 85 62 57 57 73 1932 63 76 60 35 35 39 57 76 80 83 76 72 63 1933 _ _ 75 87 54 52 83 107 119 103 90 79 78 75 84 1934 81 90 83 72 72 64 64 63 35 57 60 86 69 1935 102 113 102 90 95 102 104 108 103 104 114 125 105 1936 117 114 102 98 98 96 90 95 91 97 114 131 103 1937 130 135 128 121 123 123 101 98 80 74 63 68 104 1938 __- 71 76 57 42 53 70 75 91 86 83 99 113 76 1939 120 123 98 83 103 111 114 105 101 114 134 134 112 1940 _ 118 102 71 68 80 1941 Adjusted for seasonal variation 1923 106 116 128 122 121 124 120 111 105 94 99 92 1924 94 99 100 97 100 89 84 86 89 97 99 102 1925 _ _ _ . _ _ 106 104 100 103 96 92 96 98 94 97 93 96 1926 94 88 88 88 87 84 89 86 93 95 95 99 1927 96 92 91 85 88 92 91 93 89 88 89 86 1928 86 87 82 85 88 86 82 84 85 87 88 93 1929 _ _ 94 94 94 99 96 94 92 89 89 86 85 75 1930 71 69 64 68 71 72 66 62 61 61 62 62 1931 61 70 77 76 76 80 83 90 85 61 57 58 1932 62 67 61 38 35 39 57 75 80 83 76 74 1933 74 76 55 57 84 108 119 101 90 81 79 78 1934 78 79 83 81 73 64 64 62 36 59 61 85" 1935 98 99 102 100 98 103 105 106 109 108 115 119 1936 111 100 102 109 102 97 92 93 95 101 115 123 1937 123 119 128 134 128 125 104 96 85 77 63 64 1938 67 66 57 47 55 71 77 90 91 86 100 107 1939 _ _ _ _ __ 113 107 98 92 107 112 117 103 107 118 135 127 1940 111 89 71 76 83 P84 1941 _ _ _ __ Seasonal adjustment factors 1940 106 114 100 90 96 99 97 102 95 96 99 106 Preliminary. PRODUCTION OF LEATHER AND PRODUCTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 101 108 Ill 107 102 96 91 95 101 96 92 85 99 1924 89 94 94 87 81 76 72 83 90 93 89 83 86 1925 87 95 94 91 83 77 78 91 94 95 86 83 88 1926 86 92 92 87 82 82 84 92 101 102 91 85 90 1927 89 98 93 91 87 90 94 103 108 103 89 84 94 1928 92 100 99 90 84 89 91 101 105 99 86 79 93 1929 86 94 94 90 88 94 94 105 111 108 94 82 95 1930 86 91 92 90 82 82 81 90 93 85 71 65 84 1931 67 81 85 88 87 85 86 98 94 78 66 63 82 1932 _ _ _ _ __ 70 80 83 76 67 68 67 80 92 90 77 67 76 1933 73 84 77 81 90 98 103 101 96 91 81 77 88 1934 82 100 100 102 96 89 88 95 95 84 81 84 91 1935 90 102 103 101 94 93 96 105 107 102 98 96 99 1936 100 105 99 98 94 89 98 116 115 112 102 103 103 1937 117 123 120 115 113 102 104 107 101 90 72 65 102 1938 78 94 95 91 85 78 92 105 105 101 92 96 93 1939 104 115 111 104 94 94 103 111 111 106 99 95 104 1940 . 99 106 99 88 85 1941 Adjusted for seasonal variation 1923 101 103 106 106 105 102 98 95 96 91 92 89 1924 90 90 90 86 84 82 77 83 85 86 89 89 1925 89 91 90 90 88 82 85 89 86 88 88 89 1926 89 88 88 87 88 88 89 89 91 94 94 93 1927 92 94 90 92 93 94 97 97 95 95 93 94 1928 95 96 95 91 91 92 95 93 92 91 91 92 1929 _ 93 91 91 91 94 97 96 96 97 99 99 95 1930 93 88 90 89 86 85 83 82 82 79 76 75 1931 73 78 82 86 91 88 88 90 83 74 71 74 1932 76 76 79 74 70 70 68 73 82 86 83 77 1933 79 78 73 79 92 101 104 93 89 89 87 87 1934 87 93 94 99 99 93 90 89 88 83 87 91 1935 93 94 97 97 97 100 99 99 101 101 106 105 1936 102 98 94 95 96 97 101 108 107 111 111 113 1937 . . _ ._. 119 113 113 111 115 112 107 100 94 89 77 71 1938 80 87 89 88 87 85 95 98 98 100 100 105 1939 106 106 104 101 96 103 107 103 103 105 108 105 1940 101 98 93 85 87 P95 1941 Preliminary. 846 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LEATHER TANNING 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 123 131 126 127 123 118 117 116 122 114 112 113 120 1924 112 117 108 98 91 91 89 95 101 104 101 105 101 1925 106 116 107 101 96 93 91 101 99 106 101 106 102 1926 108 112 106 105 101 99 101 103 109 115 109 109 107 1927 114 119 104 103 103 108 107 112 116 115 106 112 110 1928 114 119 111 106 97 102 101 104 113 108 96 99 106 1929 98 103 96 97 93 104 103 106 111 114 107 105 103 1930 100 104 104 99 95 97 98 98 101 97 87 86 97 1931 80 88 86 91 89 91 93 97 94 87 78 72 87 1932 77 82 79 75 67 67 72 72 78 79 78 77 75 1933 79 85 75 74 81 94 101 97 96 93 96 96 89 1934 94 106 96 100 94 94 92 90 95 91 94 99 95 1935 98 108 103 103 102 104 101 104 108 108 114 110 105 1936 106 107 99 102 98 96 98 106 102 108 111 113 104 1937 .- - 116 120 110 113 114 107 102 101 98 93 83 76 103 1938 - 80 91 82 78 76 79 86 89 90 94 95 104 87 1939 106 117 100 104 95 96 97 96 102 104 104 102 102 1940 102 104 91 86 86 1941 Adjusted for seasonal variation 1923 120 121 125 129 130 125 123 116 118 109 113 114 1924 - _ 110 109 107 100 97 96 92 95 98 99 102 105 1925 . 103 108 106 103 101 98 95 102 97 102 102 105 1926 106 104 105 108 107 104 106 103 107 111 111 109 1927 110 111 104 105 111 111 111 112 110 110 109 111 1928 111 112 111 109 104 105 104 105 106 103 100 102 1929 102 100 97 99 99 105 102 103 104 109 111 107 1930 104 102 104 100 101 97 96 95 94 93 90 90 1931 83 86 86 92 93 92 91 94 88 85 80 75 1932 80 79 80 76 70 67 70 70 74 78 79 79 1933 _ 82 80 75 75 84 93 100 97 96 92 96 96 1934 95 99 97 100 97 95 94 92 95 91 93 98 1935 98 100 105 102 104 106 103 106 108 108 114 108 1936 .. 105 99 100 101 101 98 101 109 103 108 110 111 1937 115 110 111 112 117 110 105 104 99 93 82 75 1938 -. 80 83 83 78 78 81 88 92 91 95 94 102 1939 106 108 101 103 97 98 100 99 103 104 103 101 1940 ._ 102 96 92 86 88 1941 PRODUCTION OF CATTLE HIDE LEATHERS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 119 127 125 128 123 118 119 115 118 110 112 109 118 1924 112 117 108 101 93 94 91 96 102 104 97 104 102 1925 102 116 107 107 102 97 96 106 100 108 101 95 1926 . 99 103 95 94 91 93 96 99 107 114 105 99 99 1927 105 112 101 102 99 104 103 101 105 100 90 94 101 1928 99 106 99 96 87 93 94 90 97 .91 86 87 94 1929 91 91 84 84 81 88 85 88 95 97 93 88 89 1930 89 90 89 87 81 82 80 78 82 77 72 73 82 1931 68 73 71 79 77 79 77 80 78 77 72 68 75 1932 73 75 72 67 59 57 59 56 71 74 75 72 67 1933 72 76 68 70 76 81 84 81 85 84 91 89 79 1934 88 103 93 96 91 91 85 86 91 88 94 99 91 1935 98 108 100 99 100 97 92 98 101 105 115 108 101 1936 104 109 102 101 95 88 94 104 101 112 118 115 105 1937 . _- 123 125 114 114 116 104 97 97 97 96 86 77 104 1938 - 78 91 83 79 79 78 83 90 96 101 100 105 88 1939 108 120 100 101 93 92 95 100 107 105 109 109 102 1940 105 111 95 86 85 1941 Adjusted for seasonal variation 1923 119 119 125 128 130 122 120 115 114 105 113 114 1924 112 110 108 101 97 96 92 96 99 100 98 109 1925 102 108 107 107 107 100 97 106 98 104 102 99 1926 99 96 95 94 95 95 97 99 104 110 107 103 1927 104 104 101 102 104 104 104 102 100 98 94 97 1928 98 100 99 96 92 93 95 92 92 89 89 90 1929 90 87 84 84 85 88 86 90 90 95 95 89 1930 89 87 89 87 85 82 81 80 78 76 73 74 1931 68 70 71 79 81 79 78 81 75 76 72 70 1932 73 71 72 67 62 57 61 59 70 73 73 72 1933 72 71 68 70 78 81 89 85 86 83 88 89 1934 87 94 93 96 93 93 91 90 92 87 91 97 1935 97 98 99 99 102 101 99 103 102 104 110 105 1936 103 98 101 101 97 93 101 110 102 111 113 113 1937 -_ _ . 122 113 113 114 118 109 104 102 98 95 82 75 1938 77 82 82 79 80 82 89 95 97 100 96 103 1939 107 108 99 101 95 97 102 105 108 104 105 107 1940 104 100 94 86 87 1941 Seasonal adjustment factors 194.0 . _ _ 101 111 101 100 98 95 93 95 99 101 104 102 AUGUST 1940 847 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF CALF AND KIP LEATHERS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 144 153 135 132 134 121 134 142 161 146 136 137 139 1924 . _ 131 141 124 103 96 106 117 138 134 132 139 128 ! 124 1925 134 133 116 99 78 82 96 100 101 100 102 115 1 105 1926 loo 120 114 120 110 110 120 113 120 129 121 124 119 1927 127 130 105 101 112 109 137 142 143 151 142 141 128 1928 _.- 139 141 126 109 102 99 110 124 134 137 101 95 118 1929 92 104 107 105 104 115 135 144 138 133 117 94 116 1930 . 95 104 101 98 103 100 127 130 118 123 95 89 107 1931 86 93 84 93 100 100 119 120 103 89 69 66 94 1932 _. 68 82 79 79 71 83 106 103 108 102 86 80 87 1933 77 87 78 79 93 122 131 121 107 100 97 97 98 1934 85 89 79 93 90 99 105 98 98 99 93 103 94 1935 „ 97 103 100 97 101 126 122 115 117 104 101 100 107 1936 104 96 84 93 91 104 107 106 96 96 92 103 99 1937 94 104 92 103 97 98 99 92 85 78 73 74 91 1938 81 101 94 81 79 90 117 112 102 103 104 117 98 1939 - 120 134 111 115 103 107 102 96 103 103 96 91 106 1940 95 91 79 79 86 1941 Adjusted for seasonal variation 1923 136 143 138 147 155 140 136 135 149 136 133 131 1924 ... _> 123 132 126 115 111 122 118 132 124 122 136 123 1925 127 124 119 110 91 95 97 95 93 93 100 110 1926 115 112 117 133 128 126 122 108 112 120 119 • 119 1927 120 121 108 112 130 126 135 134 130 133 139 136 1928 131 132 131 121 118 112 103 113 117 118 104 113 1929 . ... 109 111 114 116 116 121 116 117 119 115 121 112 1930 113 111 112 108 109 105 106 105 101 106 101 106 1931 . . 102 98 95 101 105 102 99 97 89 81 73 79 1932 81 85 89 86 75 83 88 88 93 95 92 90 1933 - - 90 90 87 86 98 113 109 108 101 96 102 99 1934 93 90 89 97 95 92 91 93 95 98 97 101 1935 101 103 112 98 106 117 109 110 116 106 106 98 1936 106 94 92 94 96 97 98 101 97 100 97 101 1937 96 98 98 104 103 96 90 88 87 81 77 73 1938 83 95 100 82 83 88 106 107 104 107 109 115 1939 123 126 118 116 109 105 93 92 105 - 108 101 90 1940 97 86 84 80 91 1941 . Seasonal adjustment factors 1940 98 106 94 99 95 102 110 105 98 96 95 102 PRODUCTION OF GOAT AND KID LEATHERS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 119 124 124 120 116 117 103 100 102 100 95 108 110 1924 100 102 99 88 87 74 64 62 74 83 81 90 84 1925 94 105 101 91 97 92 77 94 97 109 104 125 99 1926 121 132 127 123 122 106 100 105 109 111 112 124 116 1927 127 132 113 109 109 116 95 116 122 127 120 135 118 1928 . 134 136 133 130 118 130 114 125 139 130 117 132 128 1929 119 134 120 121 114 139 125 121 132 141 137 158 130 1930 131 139 143 129 125 132 121 127 136 130 119 119 129 1931 _ 104 122 123 121 112 113 116 124 128 111 99 86 113 1932 93 101 100 93 84 80 79 88 73 75 80 89 86 1933 97 103 89 82 85 107 120 121 119 110 107 111 103 1934 _ 115 127 117 114 106 99 102 95 102 96 94 97 105 1935 97 114 114 115 107 106 109 110 118 117 122 124 112 1936 111 110 101 111 112 109 103 110 111 106 108 116 110 1937 113 117 113 116 123 124 117 118 110 95 82 76 109 1938 84 82 73 72 67 72 71 71 66 73 74 91 74 1939 _ _ 89 98 92 104 93 99 98 87 91 102 95 94 94 1940 98 96 91 94 87 1941 Adjusted for seasonal variation 1923 _ 114 112 116 120 113 121 121 107 106 99 98 102 1924 95 92 92 88 84 77 75 67 76 82 84 85 1925 _ _ _ . 90 96 95 91 94 96 91 101 101 107 109 118 1926 115 120 120 123 119 110 118 112 112 109 117 117 1927 120 120 109 109 115 116 111 122 121 125 125 127 1928.__ 130 128 128 130 126 129 130 130 134 127 122 124 1929 125 127 115 121 121 137 132 125 126 138 143 149 1930- 138 133 137 129 132 131 126 127 130 127 124 119 1931 109 117 117 117 117 116 119 123 122 111 103 86 1932._ 96 94 95 91 87 82 81 87 71 76 •84 90 1933 . 100 94 86 80 88 110 . 121 120 117 112 111 113 1934 _-..._.. .._ 118 116 114 111 109 102 104 95 101 98 98 98 1935 98 105 113 112 110 109 110 112 117 119 127 121 1936 ___ . m 105 102 107 115 110 104 112 110 107 112 114 1937 112 114 113 126 124 118 120 109 96 84 74 1938 113 79 74 70 68 72 72 72 65 74 76 90 1939 84 94 93 101 95 99 99 88 90 103 98 92 1940 89 92 92 91 89 1941 98 Seasonal adjustment factors 1940 100 104 99 103 98 100 99 98 101 99 97 102 848 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SHOE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 89 96 102 96 90 84 76 83 89 85 81 70 87 1924 77 81 85 81 75 68 62 75 84 86 82 71 77 1925 77 84 86 85 76 68 70 84 90 88 78 71 80 1926 __ 74 81 83 77 71 72 74 86 96 94 81 72 80 1927 75 86 87 84 77 80 86 97 102 95 78 70 85 1928 79 89 92 80 76 81 85 97 100 93 80 68 85 1929 79 87 91 85 84 87 87 103 110 103 86 68 89 1930 77 82 85 84 72 72 70 84 89 77 60 51 75 1931 59 76 85 86 86 81 81 99 95 72 58 57 78 1932 65 78 85 77 68 68 63 85 102 98 76 59 77 1933 69 83 79 85 95 101 104 103 96 90 71 63 86 1934_ 75 96 102 103 98 86 85 98 94 79 72 73 88 1935 85 97 103 99 90 86 93 107 107 99 87 87 95 1936_ . 96 104 100 96 91 84 98 122 123 114 96 96 102 1937 _ _ 117 125 126 116 112 99 105 111 102 87 64 58 102 1938 77 96 103 101 92 77 97 116 115 105 90 90 96 1939 103 113 118 104 94 93 108 121 116 107 97 91 105 1940 97 107 104 89 84 P88 1941 Adjusted for seasonal variation 1923 90 93 95 93 91 90 85 83 83 81 80 76 1924 78 79 80 78 77 74 69 75 77 79 81 79 1925 80 81 81 82 80 74 78 82 80 79 79 80 1926 79 79 78 76 77 79 79 80 82 84 84 84 1927 _ 82 84 82 85 83 85 89 88 86 86 83 85 1928 86 87 86 81 82 85 89 86 84 84 85 86 1929 87 85 86 86 90 91 91 91 92 93 91 87 1930 85 79 80 81 76 76 73 74 74 70 66 65 1931 66 73 79 82 89 85 85 87 79 67 66 73 1932 74 74 77 73 70 72 66 75 87 92 86 76 1933 77 77 72 81 97 106 107 91 85 87 82 80 1934 82 89 92 98 100 92 88 86 84 77 83 87 1935 _____ 90 90 93 94 92 95 95 95 96 97 102 104 1936 100 96 90 91 93 96 101 108 110 112 111 114 1937 122 116 114 110 114 112 108 98 91 86 74 69 1938 80 89 93 96 93 88 100 103 103 103 105 107 1939 107 105 106 99 96 105 111 107 104 105 112 108 1940 101 99 94 85 86 PIOO 1941 Seasonal adjustment factors 1940 96 108 111 105 98 88 97 113 112 102 86 84 Preliminary. PRODUCTION OF MANUFACTURED FOOD PRODUCTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 69 70 73 74 77 84 90 94 97 90 82 77 82 1924 74 75 75 74 77 84 89 92 94 85 80 77 81 1925.__ 75 75 74 75 79 89 95 100 105 92 83 79 85 1926 77 75 77 77 82 90 97 102 105 93 85 79 87 1927 77 77 79 80 85 94 98 102 106 94 86 80 88 1928 79 81 83 82 87 95 102 108 113 102 94 90 93 1929 88 88 88 93 96 104 112 118 123 111 101 95 101 1930... 92 91 89 95 97 102 107 111 121 107 95 88 100 1931 87 84 82 85 87 91 96 100 107 95 86 81 90 1932 ___ 76 74 72 76 79 80 78 82 92 85 78 75 79 1933 75 73 71 79 84 89 89 86 99 89 83 79 83 1934 77 75 77 79 85 90 91 103 107 97 89 84 88 1935. . _ 77 78 77 80 85 90 99 103 109 98 88 86 89 1936 83 80 84 85 93 98 104 115 122 112 103 97 98 1937 91 93 94 96 99 103 117 121 124 111 98 92 103 1938 90 88 88 90 95 102 112 116 125 110 102 99 101 1939 94 91 94 96 104 109 114 127 135 117 109 107 108 1940 100 99 100 101 108 P115 1941 . Adjusted for seasonal variation 1923 78 79 81 83 81 80 82 82 82 84 84 83 1924 83 84 82 82 81 80 81 81 81 80 81 83 1925 _ 84 85 83 84 83 84 85 85 86 85 85 87 1926 87 86 87 86 86 86 88 88 87 86 87 86 1927 .87 88 88 88 89 90 89 88 88 88 87 88 1928 _ 90 91 92 90 92 91 92 93 93 95 96 99 1929 97 98 99 99 100 101 103 104 102 103 103 103 1930 101 101 100 100 101 100 100 99 99 98 96 94 1931 95 94 93 91 91 90 90 90 89 88 85 84 1932 82 82 82 80 80 77 75 76 78 78 79 79 1933 81 81 80 84 85 87 85 81 84 81 83 84 1934 86 85 '86 85 87 87 87 91 90 90 90 89 1935 87 88 87 88 88 89 90 89 90 90 90 91 1936 - _ 93 91 95 94 96 97 95 100 101 104 105 103 1937 _ 103 105 105 106 102 102 107 105 102 103 101 98 1938 100 101 99 99 98 101 102 101 103 102 103 105 1939 105 104 106 106 107 108 105 111 111 109 110 112 1940 112 113 113 112 112 P114 1941 p Preliminary. 849 AUGUST 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHEAT FLOUR PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Without seasonal adjustment 1923 112 115 113 103 98 85 102 117 132 132 121 1924 111 110 103 95 96 100 104 121 134 134 122 1925 _ _-_ - 121 112 91 83 87 95 109 114 127 126 120 1926 110 100 97 92 92 97 116 127 137 130 121 1927 _ 108 107 103 100 104 102 105 111 130 129 121 1928 113 112 111 104 101 91 104 118 134 132 121 1929 116 116 107 100 106 108 109 124 131 123 115 1930 111 113 109 106 103 105 110 120 129 121 116 1931 108 106 102 99 95 90 115 113 118 117 125 1932 99 95 95 96 92 91 95 102 115 110 107 1933 99 94 100 113 100 100 101 76 92 96 99 1934 102 102 94 91 93 88 89 98 112 104 100 1935 98 99 94 92 89 89 86 91 114 111 100 1936 101 104 96 92 90 92 110 107 106 103 102 1937 100 98 95 97 90 89 98 101 112 110 1938 98 98 97 91 92 99 103 103 117 112 1939 -_ 103 100 100 100 97 98 102 107 136 110 1940 101 99 97 94 95 92 1941 Adjusted for seasonal variation 1923 111 115 123 120 114 95 108 109 111 111 1924 110 110 112 111 112 113 110 113 112 114 1925 120 112 98 97 101 107 114 107 106 107 1926 109 100 105 107 107 109 122 119 115 110 1927 107 107 112 113 113 115 110 106 111 113 1928 112 112 117 115 110 103 110 112 116 118 1929 115 116 112 108 116 117 114 118 114 112 1930 111 113 113 112 111 114 114 114 112 111 1931 _- . 108 106 106 105 104 98 117 108 103 107 1932 99 95 98 102 100 99 97 99 100 101 1933 99 92 103 120 110 109 103 74 80 88 1934 101 100 97 97 103 96 91 97 98 95 1935 _ 97 97 97 97 98 97 88 90 99 102 1936 100 102 99 97 99 100 112 106 92 94 1937 99 97 97 103 98 97 99 100 97 101 1938 98 99 100 97 101 105 104 102 102 103 1939 102 101 104 106 107 105 103 106 118 101 1940 100 100 100 100 105 98 1941 Seasonal adjustment factors 1940 _ . 101 99 97 94 91 94 99 101 115 109 222 Dec. Year 105 111 108 112 109 108 108 110 110 111 112 113 108 114 105 112 95 107 98 100 89 96 92 97 87 96 96 100 95 99 98 101 98 104 ill 107 112 111 110 111 111 110 112 112 114 114 111 111 111 109 120 99 103 102 95 93 96 96 96 91 98 100 101 99 103 102 97 102 104 96 CANE SUGAR MELTINGS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 84 129 150 142 139 118 96 83 82 Ill 84 72 108 1924 81 133 137 128 124 143 152 137 134 97 76 56 117 1925 84 133 169 164 133 151 140 138 140 115 86 103 130 1926 _ _ 114 142 145 136 137 144 141 136 137 141 115 88 131 1927 82 115 148 150 143 146 146 130 123 114 97 83 123 1928 _ 97 96 134 126 110 119 ,132 ! 136 135 125 123 93 119 1929 99 122 150 146 121 138 138 142 107 110 95 73 120 1930 104 106 , 128 135 131 124 150 108 129 114 112 66 117 1931 _ . 74 97 105 116 104 122 137 123 116 101 80 74 104 1932 82 82 90 93 104 105 119 113 112 90 75 62 94 1933 70 73 92 109 115 112 116 108 92 83 73 51 91 1934 65 82 90 85 90 112 97 81 119 108 91 73 91 1935 104 98 103 110 115 113 117 102 101 86 72 58 98 1936 100 106 127 114 110 110 101 87 101 66 79 73 98 1937 80 99 163 138 114 110 126 124 53 78 81 90 106 1938 . .- 78 96 76 95 99 111 128 109 133 109 86 81 100 1939 80 79 118 124 80 96 120 103 124 104 76 77 98 1940 . 79 93 95 98 95 1941 Adjusted for seasonal variation 1923 115 120 125 124 130 103 87 79 77 113 115 103 1924 111 125 114 111 116 125 138 131 125 99 104 80 1925 115 124 141 143 124 131 128 132 131 117 118 147 1926 150 142 124 118 128 126 128 129 128 144 143 126 1927_ 107 124 126 130 134 133 129 121 115 117 114 119 1928 121 108 114 114 105 110 117 121 126 127 136 133 1929 124 139 128 133 121 128 120 122 100 112 106 104 1930 _ 130 120 121 123 131 115 120 92 119 116 124 95 1931 92 110 105 106 101 108 110 105 103 103 94 105 1932 _ ___ 102 93 90 85 95 92 95 98 100 92 91 95 1933 88 83 92 100 102 96 94 95 82 85 90 82 1934 81 88 86 78 80 96 80 76 107 111 111 115 1935 126 103 96 100 102 101 99 97 90 88 87 89 1936 121 108 115 104 104 103 87 83 90 68 96 97 1937 96 101 149 126 114 105 110 118 46 80 99 113 1938___ ___ 94 98 69 87 101 107 112 103 112 112 105 102 1939 97 80 108 113 82 93 104 98 104 107 92 96 1940 95 95 86 89 97 1941 Seasonal adjustment factors 1940 83 98 110 110 98 103 115 105 119 97 82 80 850 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF MANUFACTURED DAIRY PRODUCTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June Without seasonal adjustment 1923 44 45 53 69 95 128 1924 46 51 58 74 97 127 1925 47 55 62 84 107 144 1926 54 60 67 82 113 133 1927 53 62 70 88 115 140 1928 57 63 72 84 115 136 1929 57 64 75 96 124 154 1930 59 68 73 93 126 145 1931 60 65 70 90 113 135 1932 56 61 64 78 103 116 1933 56 58 62 73 102 125 1934 55 57 66 80 113 129 1935 54 60 68 84 112 134 1936 57 61 77 91 131 149 1937 _ _ 65 72 82 102 138 162 1938 67 76 89 110 139 157 1939 _ _ __ - 71 78 91 105 146 161 1940 76 85 98 115 153 174 1941 _ _ _ __ Adjusted for seasonal variation 1923 74 65 69 72 73 77 1924 76 76 77 77 75 76 1925 79 83 83 87 83 86 1926 _ __ 85 84 85 84 87 83 1927 85 88 88 90 88 90 1928 _ _ 90 88 90 86 88 87 1929___ 90 89 95 94 94 97 1930 94 98 93 92 96 92 1931 90 89 88 89 86 86 1932 82 82 79 78 78 76 1933 80 76 75 73 76 1934 80 78 81 81 84 1935 81 85 83 85 84 1936 87 86 94 92 97 1937 _ . 102 103 98 103 102 1938 105 106 106 110 103 1939 108 108 108 105 108 1940 117 117 116 116 113 1941 __ 00 00 00 OC Ot 00 00 SO July Aug. Sept. Oct. Nov. Dec. Year 123 101 80 63 47 45 74 125 110 79 62 47 43 77 133 116 95 63 53 51 84 138 117 89 66 53 49 85 139 114 96 71 56 51 88 142 126 91 70 56 54 89 154 129 99 75 62 57 95 141 114 93 69 59 57 92 127 102 88 68 59 56 86 106 95 76 58 52 51 76 110 100 83 63 52 52 78 125 107 85 70 58 51 83 138 120 90 69 57 55 87 146 128 106 84 68 63 97 155 140 106 78 67 65 103 151 144 106 86 73 68 106 151 140 113 85 75 73 107 76 74 75 80 76 78 78 80 75 78 77 74 82 85 88 79 85 88 86 85 84 84 85 86 88 85 90 90 88 87 90 93 87 89 88 91 99 98 95 96 96 95 91 89 89 89 89 89 84 80 84 86 86 84 73 76 74 72 73 75 77 79 80 78 75 79 84 84 83 87 86 80 92 92 87 87 87 86 95 96 103 105 102 102 104 105 103 103 101 100 103 104 105 108 103 109 107 106 106 105 105 110 108 110 115 114 ICE CREAM PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 30 31 43 64 98 149 155 129 90 63 38 35 77 1924 31 38 48 72 97 144 148 139 80 55 40 31 77 1925 35 48 58 91 113 180 167 150 120 52 45 39 92 1926 40 48 57 77 124 144 183 160 105 65 48 39 91 1927 41 53 65 87 117 153 178 141 124 77 55 43 95 1928 45 51 66 82 125 148 187 171 104 72 53 46 96 1929 __ _ 45 52 74 98 128 173 195 169 121 74 59 47 103 1930 47 62 69 94 131 162 178 145 108 61 49 40 96 1931 _•_ 42 49 55 82 106 143 157 122 101 54 43 36 83 1932 35 39 42 60 85 104 109 98 68 37 31 26 61 1933 30 30 35 47 79 114 106 95 72 41 31 30 59 1934 _ 33 33 46 64 106 129 136 108 72 52 41 34 71 1935 36 43 58 72 98 124 155 136 81 58 48 38 79 1936 39 42 68 84 135 156 185 159 113 68 54 51 97 1937 54 62 75 105 145 180 195 182 122 74 63 54 109 1938 53 64 83 106 130 162 173 176 106 80 65 55 105 1939 54 63 82 101 152 174 179 168 129 82 68 62 110 1940 1941 _ _ __ Adjusted for seasonal variation 1923 77 61 69 72 77 80 81 76 75 88 77 84 1924_ 78 75 77 81 76 77 77 82 67 76 80 73 1925 85 94 94 102 89 97 87 89 100 73 89 93 1926 . 89 86 85 86 96 85 95 96 88 90 88 93 1927 92 95 96 98 91 95 93 86 104 102 99 96 1928 97 92 97 92 97 92 98 104 86 96 94 100 1929 97 93 109 102 99 105 104 106 103 103 106 101 1930 __ _ ._ 102 111 103 98 102 96 95 92 91 88 86 86 1931 88 87 85 86 82 84 84 77 86 80 75 76 1932 71 69 65 65 64 61 59 62 58 54 54 55 1933 __ 59 53 53 51 57 67 58 60 62 60 56 62 1934 65 61 66 69 77 76 72 68 67 75 75 71 1935 72 80 79 77 71 76 82 85 75 84 87 80 1936 78 78 93 88 98 96 101 98 105 99 97 105 1937 108 111 101 109 106 110 111 112 113 108 105 109 1938 107 109 108 111 95 101 103 109 99 111 109 105 1939 108 107 107 106 112 109 107 104 120 114 114 120 1940 1941 _ Seasonal adjustment factors 1940 50 59 77 96 136 160 168 162 108 72 60 52 AUGUST 1940 851 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUTTER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 . 62 60 65 77 99 120 109 89 78 66 57 57 78 1924 65 69 71 81 104 124 122 102 88 75 59 62 85 1925 65 66 69 83 109 127 119 102 84 78 66 68 86 1926 72 77 83 93 116 136 118 98 89 76 68 67 91 1927 72 77 81 95 123 142 125 107 86 75 65 64 93 1928 73 77 81 89 113 135 121 105 89 76 65 67 91 1929 73 78 81 98 123 141 131 108 90 84 71 72 96 1930 76 79 81 96 129 137 117 96 89 84 74 78 95 1931 83 85 89 105 128 140 113 98 87 88 85 86 99 1932 87 93 93 102 130 138 114 105 92 85 79 84 101 1933 91 95 93 100 134 146 124 116 101 91 83 81 105 1934 84 86 89 99 124 134 122 115 104 94 81 74 101 1935 74 78 77 94 126 144 129 111 102 84 70 73 97 1936 77 81 85 96 124 138 109 99 96 95 81 76 97 1937 75 80 85 95 127 143 120 103 93 83 75 78 96 1938 _. . 81 87 90 107 138 146 129 118 109 96 84 86 106 1939 89 94 97 104 134 144 126 116 97 85 81 83 104 1940 88 94 95 107 132 147 1941 Adjusted for seasonal variation 1923 _. 78 74 76 77 78 81 79 78 79 78 79 78 1924 82 84 84 82 82 83 88 90 90 89 82 84 1925 _ 82 81 81 83 86 85 86 90 85 93 92 93 1926 . 92 94 96 94 91 92 87 86 91 91 94 92 1927 91 93 93 94 97 96 93 94 89 89 90 88 1928 92 91 92 87 89 91 92 92 94 91 90 92 1929 93 92 92 94 96 96 101 97 96 97 96 99 1930 94 92 91 93 100 95 93 93 94 97 97 98 1931 100 97 98 101 100 100 94 94 93 102 107 105 1932 105 106 103 100 101 99 95 99 98 98 99 103 1933 110 108 103 101 103 105 103 106 106 104 104 103 1934 102 101 101 101 96 96 100 105 106 104 102 94 1935 93 93 88 95 97 102 105 101 103 93 87 93 1936 97 97 96 98 96 96 90 92 97 105 101 96 1937 __ 94 94 95 96 98 100 98 95 94 94 94 99 1938 102 101 101 108 107 105 106 107 110 109 107 109 1939 111 109 109 105 104 103 103 105 98 97 103 105 1940 110 109 107 108 102 105 1941 ' Seasonal adjustment factors 1940 80 86 89 99 129 140 122 110 99 88 79 79 CHEESE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 40 44 52 65 87 109 99 83 77 68 53 46 69 1924 46 52 58 67 88 113 101 84 81 69 48 40 71 1925 43 49 55 72 98 119 107 93 81 72 56 49 75 1926 . - 49 55 63 75 96 117 98 82 74 61 46 41 71 1927 44 49 55 66 90 108 95 80 68 62 49 45 68 1928 49 54 60 73 93 113 97 84 78 67 52 46 72 1929 _ 49 53 58 71 97 120 106 85 74 63 52 50 73 1930 56 60 67 81 109 124 103 79 67 59 50 48 75 1931 _. 53 58 65 79 102 116 92 76 71 72 58 49 74 1932 51 56 61 72 97 112 90 79 74 68 59 55 73 1933 59 63 68 80 101 128 109 97 86 73 57 60 82 1934 63 70 77 90 114 130 115 96 91 82 65 54 87 1935 57 61 67 82 114 143 124 118 114 97 74 69 94 1936 . __ 71 69 77 89 123 149 115 101 105 105 82 71 97 1937 70 77 81 96 130 150 125 109 100 91 76 68 98 1938 74 81 92 114 156 169 144 124 105 101 79 72 109 1939 71 76 84 101 139 160 131 119 105 97 78 72 103 1940 73 82 94 113 154 169 1941 Adjusted for seasonal variation 1923 63 63 65 66 66 68 70 70 72 71 74 73 1924 73 73 73 67 66 71 72 72 76 72 68 63 1925 68 69 69 72 74 74 76 79 76 76 79 77 1926 76 77 77 76 73 73 70 69 69 65 65 66 1927 66 68 67 66 68 68 68 68 64 68 69 72 1928 72 73 72 73 70 71 70 73 75 75 74 72 1929 70 70 69 71 73 75 77 76 73 70 73 77 1930 78 77 79 79 82 78 76 72 67 66 71 72 1931 74 74 76 77 77 73 70 69 71 79 78 73 1932 70 72 71 71 73 72 70 72 74 75 79 78 1933 82 80 80 80 78 82 84 89 84 79 75 86 1934 87 90 92 92 88 84 89 88 86 86 85 77 1935 79 78 82 86 88 93 96 107 109 100 97 98 1936 98 89 94 93 95 97 89 91 101 108 108 102 1937 98 98 99 99 98 98 97 96 97 97 100 97 1938 103 104 112 118 118 110 112 110 102 107 103 102 1939 99 97 103 104 105 104 102 105 102 103 102 103 1940 102 104 115 116 117 110 1941 Seasonal adjustment factors 1940 72 78 82 97 132 154 129 113 103 94 76 70 852 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF CANNED AND DRIED MILK 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 45 47 51 68 79 91 74 59 55 53 44 42 59 1924 _ 42 48 55 66 81 89 78 56 53 49 39 40 58 1925 _ 45 49 55 68 86 91 77 63 53 52 41 45 60 1926 52 54 61 71 85 99 77 58 52 46 40 42 61 1927 50 56 64 79 100 111 84 69 53 48 41 44 66 1928 56 64 72 81 97 113 85 69 63 52 44 50 71 1929 59 65 73 95 120 137 109 84 68 61 53 57 82 1930 64 69 75 91 111 118 96 76 66 70 64 66 81 1931 68 75 80 90 106 107 80 65 59 64 57 57 76 1932 62 67 74 88 106 110 86 76 68 62 56 58 76 1933 65 67 77 93 112 120 95 83 75 67 51 55 80 1934_ . 60 64 74 87 107 119 104 95 83 75 61 56 82 1935 . . 64 74 81 99 126 140 111 93 81 64 55 61 87 1936 67 71 86 104 133 147 114 103 105 101 78 72 99 1937 77 85 95 113 142 152 123 * 100 90 77 62 69 99 1938 80 89 104 124 162 162 131 111 96 81 70 74 107 1939 83 93 108 118 151 154 126 111 101 89 82 85 108 1940 97 107 120 133 161 173 1941 . Adjusted for seasonal variation 1923_ 59 57 55 60 56 59 58 59 62 62 64 60 1924 55 58 59 58 58 58 61 56 60 57 58 57 1925 59 60 59 60 61 59 60 63 60 61 61 65 1926 64 60 62 61 60 62 61 58 62 63 62 61 1927 61 63 65 68 71 69 68 69 63 65 64 65 1928 69 72 73 69 69 70 70 69 75 71 69 72 1929 73 73 74 81 86 86 92 86 81 83 80 79 1930 79 78 76 78 80 81 83 79 79 83 87 86 1931 84 84 81 77 76 73 69 67 71 76 79 76 1932 77 76 75 75 76 76 74 78 77 74 77 80 1933 80 79 80 81 80 81 80 81 82 80 73 81 1934 78 78 78 77 77 79 85 91 86 90 •88 82 1935 85 90 87 88 90 91 90 89 84 76 83 88 1936 89 87 92 92 94 95 93 100 110 120 118 104 1937 101 100 100 100 100 99 100 97 95 96 95 100 1938 105 105 106 110 112 108 108 108 104 102 104 107 1939 . 109 109 110 104 105 104 103 107 110 111 118 123 1940 128 126 123 118 112 117 1941 Seasonal adjustment factors 1940 . 76 85 98 113 1U U8 122 103 92 80 70 69 MEAT PACKING 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 136 123 123 121 119 118 117 107 109 120 140 146 123 1924 145 129 116 111 118 119 119 101 103 108 133 154 121 1925 145 122 100 97 105 109 101 92 98 110 116 129 110 1926 . 134 111 109 104 108 116 112 105 108 104 114 124 112 1927 130 112 111 104 120 125 113 103 98 100 112 123 113 1928 . 141 148 125 101 112 114 98 86 96 105 123 142 116 1929 143 122 103 108 109 111 111 99 10(9 110 121 130 115 1930 . 132 116 99 102 111 112 105 94 99 105 114 124 109 1931. _ 139 120 105 108 110 104 98 93 99 107 116 134 111 1932 134 122 100 107 113 99 93 91 107 105 109 116 108 1933 . . 128 109 100 114 122 130 122 112 123 107 130 129 119 1934 144 112 97 108 121 117 122 116 138 126 134 125 122 1935 100 83 78 78 82 77 76 78 82 92 99 104 86 1936 112 88 91 93 96 100 101 98 104 115 132 131 105 1937 . 116 96 94 93 84 85 76 76 90 99 106 114 94 1938. 129 101 90 90 97 96 97 91 102 107 120 123 103 1939 „ 123 99 100 99 110 106 107 97 110 113 131 148 112 1940 146 124 116 111 117 123 1941 . . . Adjusted for seasonal variation 1923 116 118 128 133 122 115 121 124 122 127 131 124 1924 124 124 122 122 121 116 122 117 114 113 124 131 1925 _ . . 123 117 105 107 107 106 104 105 108 115 109 113 1926 113 109 114 114 110 114 117 121 116 108 107 110 1927 110 109 117 115 122 122 119 119 106 105 105 107 1928 116 137 131 110 114 114 103 100 104 112 115 122 1929 117 114 113 117 111 112 118 116 118 116 114 113 1930 109 109 109 110 113 113 112 109 105 108 106 108 1931 115 112 115 114 112 106 104 107 107 110 108 116 1932 112 116 110 112 113 101 99 107 117 108 101 100 1933 107 109 110 120 122 133 130 132 136 107 117 113 1934 123 115 106 114 121 120 129 129 141 124 120 112 1935 88 87 85 82 82 79 79 86 83 90 90 93 1936 . 98 92 100 98 96 103 107 111 107 113 118 114 1937. 101 101 103 98 84 87 80 85 93 98 95 100 1938 111 105 99 96 97 98 102 105 108 106 107 106 1939 106 103 110 105 110 109 114 113 118 113 116 126 1940 124 129 128 117 117 126 1941 AUGUST 1940 853 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PORK AND LARD PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 182 163 165 153 148 150 147 124 120 138 182 204 156 1924 196 176 154 139 145 154 147 110 103 108 157 206 150 1925 191 157 110 104 116 131 103 92 96 109 132 155 124 1926 - 168 132 126 115 119 130 124 113 99 96 119 145 124 1927 164 132 134 121 142 156 136 112 96 100 125 159 131 1928 195 212 172 122 135 142 112 90 94 121 155 202 146 1929 196 167 128 132 134 140 136 113 120 126 154 178 143 1930 176 153 118 121 134 139 121 100 99 111 145 160 131 1931 _-_ 193 159 127 125 126 120 107 92 105 118 148 180 133 1932 180 164 122 129 141 115 106 - 104 119 122 134 158 133 1933 . 171 137 121 141 151 165 148 126 142 108 161 160 143 1934 182 125 99 119 139 129 119 87 95 107 139 136 123 1935 97 84 71 72 75 68 63 57 54 69 87 103 75 1936 119 83 90 89 93 99 97 82 82 107 145 150 104 1937 121 101 95 91 74 73 60 55 71 92 114 133 90 1938 154 106 86 87 95 95 93 86 92 108 135 154 107 1939 149 109 108 109 121 117 114 98 108 120 157 193 124 1940 187 154 140 124 135 148 1941 Adjusted for seasonal variation 1923 144 146 168 170 152 142 153 157 154 164 172 159 1924 156 157 157 154 149 145 153 139 132 129 148 161 1925 148 140 112 116 120 123 108 116 123 130 126 122 1926 128 118 128 128 122 122 132 143 127 115 113 115 1927 __ 123 118 137 135 147 149 147 142 123 119 119 127 1928 146 183 176 136 139 140 123 116 121 142 146 161 1929 146 143 139 146 138 140 149 145 150 145 143 141 1930 131 131 132 133 138 139 135 131 123 126 132 127 1931 144 137 141 135 129 122 119 122 131 133 133 143 1932 136 145 135 136 141 119 118 138 149 136 120 126 1933 131 129 134 149 151 170 164 169 177 116 138 127 1934 _ 140 121 110 125 139 133 133 115 119 114 116 108 1935 74 83 79 76 75 71 70 76 68 74 73 80 1936 91 83 100 94 93 102 108 109 103 114 121 116 1937 93 101 106 96 74 76 67 73 89 98 95 103 1938 __ 119 106 95 91 95 98 103 114 115 115 113 119 1939 114 109 120 115 121 120 126 130 135 127 131 149 1940 _ 144 154 156 131 135 152 1941 Seasonal adjustment factors 19Jfi 130 100 90 95 100 97 90 75 80 94 120 129 BEEF PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 95 89 86 94 98 92 93 96 106 110 106 95 97 1924 101 88 84 87 98 88 96 98 110 116 118 110 100 1925 107 90 93 95 100 91 105 96 106 120 107 111 102 1926 105 95 96 99 105 109 109 102 125 121 118 110 108 1927 102 96 92 93 103 99 96 99 105 105 106 89 99 1928 _ 89 85 80 82 93 90 86 84 100 91 94 84 88 1929 93 79 82 86 86 84 89 86 100 98 91 85 88 1930 90 78 79 81 88 86 91 88 100 99 82 88 88 1931 84 78 82 90 96 87 91 95 91 95 83 86 88 1932 87 77 77 83 82 80 80 76 92 85 82 7,3 81 1933 84 81 78 84 94 95 98 101 107 107 101 98 94 1934 108 102 96 98 105 108 127 150 189 141 134 118 122 1935 105 83 81 79 85 83 86 97 109 116 113 106 95 1936 105 92 92 99 102 104 110 120 128 125 120 113 110 1937 107 90 92 94 92 96 90 96 106 106 98 96 97 1938 103 95 94 93 98 97 102 95 112 105 105 92 99 1939 97 87 92 90 100 96 103 98 115 107 106 104 99 1940 104 95 93 99 101 102 1941 .. Adjusted for seasonal variation 1923 93 98 95 103 98 95 96 97 98 97 97 94 1924 99 97 93 95 98 91 97 100 101 103 107 109 1925 _ 105 100 104 103 100 94 106 99 98 106 98 110 1926 .__ 104 105 106 108 105 112 110 105 113 108 107 110 1927 101 107 103 101 103 101 97 102 93 95 96 90 1928. 88 94 89 88 93 92 86 86 88 83 86 85 1929 92 88 90 92 86 85 88 88 88 89 87 86 1930 90 87 86 85 88 88 90 88 88 90 80 88 1931 84 87 90 95 96 89 90 93 81 87 81 87 1932 87 86 84 87 82 82 80 73 82 78 80 74 1933 84 90 86 90 94 97 97 98 95 99 98 99 1934 108 114 105 105 105 110 126 145 168 129 129 119 1935 105 92 89 85 85 84 85 96 98 106 109 106 1936 105 103 101 106 102 107 109 117 114 114 116 113 1937_-_ 107 100 101 101 92 98 89 95 95 97 93 96 1938 103 105 103 100 98 99 101 94 100 96 100 92 1939 97 97 101 96 100 98 102 97 103 98 101 104 1940 104 106 102 106 101 101 1941 Seasonal adjustment factors 1940 100 90 91 93 100 98 101 101 112 109 105 100 854 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VEAL PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923- _ . 67 59 60 65 74 70 77 82 79 85 80 67 72 1924 74 64 66 79 86 79 83 78 95 95 87 83 81 1925 76 76 83 81 86 86 94 93 94 104 92 88 88 1926 __ 86 77 79 82 85 91 88 82 95 96 93 81 86 1927 79 77 80 78 88 82 74 81 81 85 83 71 80 1928 73 71 66 74 82 74 75 76 84 81 80 66 75 1929 70 62 71 76 75 69 74 73 87 79 77 69 74 1930 72 65 69 78 77 72 76 77 82 83 69 75 75 1931 72 71 73 84 83 82 71 75 85 79 75 74 77 1932 _ _ _ _ 71 69 72 77 78 77 66 71 81 79 79 64 74 1933 71 65 70 80 88 86 84 84 89 97 90 85 82 1934 92 90 96 99 114 118 161 198 208 143 120 109 129 1935 103 80 90 95 97 94 95 97 108 112 108 104 99 1936_ _ „ .__ 97 89 89 95 97 102 103 116 127 129 115 108 106 1937 108 91 104 107 114 114 109 119 128 120 107 93 110 1938_ ._ „ 91 83 89 91 99 93 96 96 106 106 102 84 94 1939 83 80 83 88 98 90 95 88 102 106 100 82 91 1940 _ „_ „ 85 76 82 85 93 92 1941 Adjusted for seasonal variation 1923 71 69 64 69 71 70 74 79 70 75 75 73 1924__ ___ __ 79 74 71 84 83 79 80 77 84 83 82 89 1925 81 87 89 87 83 87 91 91 84 92 86 94 1926 92 87 85 87 82 92 86 80 85 86 87 87 1927 84 87 86 82 85 83 72 80 73 77 77 76 1928 77 80 71 75 79 74 75 75 75 74 75 71 1929 75 70 76 74 73 70 73 73 77 73 74 74 1930 76 -73 74 75 74 72 76 77 74 77 68 80 1931 77 79 78 80 80 81 72 74 77 73 74 78 1932 75 78 78 75 75 76 67 70 73 73 78 67 1933 74 73 75 79 85 85 85 83 81 89 88 89 1934 96 101 101 100 109 117 163 196 189 131 117 115 1935 107 91 95 96 93 93 96 97 98 102 106 109 1936_ 101 101 94 96 93 101 105 114 116 117 112 114 1937 113 104 110 108 110 113 110 118 117 109 105 98 1938. 95 94 93 92 95 92 97 95 96 96 100 89 1939 87 91 87 89 94 89 96 88 93 96 98 87 1940 88 86 87 86 89 91 1941 Seasonal adjustment factors 1940 96 88 95 99 104 101 99 101 110 110 102 95 LAMB AND MUTTON PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Without seasonal adjustment 1923 _ 72 64 64 1924 72 64 59 1925 . 67 64 69 1926 75 75 1927 -— 78 74 1928 83 78 1929 77 71 1930 85 91 1931 1 98 93 1932 113 99 1933 95 95 1934 . _ _„ „__ 96 87 1935 89 84 1936 108 99 1937 125 100 1938 115 110 1939 . „_ 107 107 1940 113 99 1941 Adjusted for seasonal variation 1923 66 64 1924 66 64 1925 62 64 1926 70 74 1927 72 73 1928 78 76 1929 74 71 1930 84 92 1931 96 95 1932 111 101 1933 93 96 1934 94 89 1935 88 86 1936 104 101 1937 119 101 1938 109 110 1939 102 107 1940 108 99 1941 Seasonal adjustment factors 1940 105 100 M SO OOOO Apr. May 67 64 57 63 69 72 68 64 69 64 69 76 96 94 92 99 92 100 95 100 84 83 97 103 98 87 87 91 97 100 103 91 94 95 64 70 59 61 69 73 78 72 70 67 72 67 72 78 100 94 96 99 95 100 99 100 87 83 100 103 101 88 90 93 100 103 106 94 97 98 97 97 COCO June 57 62 62 68 66 65 69 79 74 91 85 96 94 97 94 99 93 80 79 109 82 97 109 93 95 67 66 76 68 70 69 80 92 98 99 99 79 107 80 95 106 91 93 102 ooc July 62 64 67 64 66 70 79 88 92 89 90 84 92 95 90 94 61 66 66 72 71 74 79 91 99 99 97 83 106 85 96 100 94 99 95 ooc Aug. Sept. Oct. Nov. Dec. Year 57 68 65 63 68 64 66 75 71 67 64 66 66 72 68 63 67 67 68 80 74 70 77 72 73 80 78 75 76 72 73 91 88 80 73 75 80 92 86 80 77 78 89 105 106 94 96 93 99 107 109 104 102 99 96 111 104 94 85 98 93 107 108 93 101 97 93 124 163 100 91 97 105 110 113 100 97 89 107 112 113 109 91 97 113 102 91 95 100 100 116 109 100 94 95 92 113 105 104 103 64 59 62 62 63 69 66 67 68 68 68 66 69 67 66 65 63 68 68 70 73 71 71 79 70 74 72 73 76 77 73 74 81 82 81 74 84 81 82 80 81 79 93 90 93 99 95 98 96 100 96 101 105 104 94 97 99 97 95 86 95 94 95 100 96 103 88 94 111 151 103 95 106 106 98 105 103 102 87 90 96 10,4 116 115 95 98 101 96 94 100 105 101 103 103 103 99 100 92 101 99 107 109 95 99 112 106 97 95 OOC 98 103 100 855 AUGUST 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF OTHER MANUFACTURED FOODS 1935-39 average = 100 Jan. Feb. Without seasonal adjustment 1923 63 64 1924 67 68 1925 68 69 1926 _ 71 71 1927 72 72 1928 73 74 1929 83 85 1930 _._ 89 88 1931 82 79 1932 _. _. 68 67 1933 69 68 1934 70 70 1935 75 77 1936 81 80 1937 91 94 1938 87 1939_ 92 1940 97 1941 Adjusted for seasonal variation 1923 71 1924_ 76 1925 77 1926 82 1927 83 1928 84 1929___ 94 1930 99 1931 93 1932 76 1933 _ . _ 76 1934 80 1935___ _ . 86 1936 92 1937 103 1938 99 1939_ _ 105 1940 111 1941 Seasonal adjustment factors 1940 88 32£g Mar. Apr. May June July Aug. Sept. Oct. 66 66 66 73 81 89 95 87 69 67 67 71 77 84 91 83 70 69 69 76 85 96 105 91 72 71 72 78 86 96 103 93 73 73 73 81 88 98 106 94 76 77 78 85 94 106 115 103 85 89 89 95 104 116 126 115 88 92 90 94 102 112 128 111 79 80 80 83 89 99 109 95 67 69 69 70 70 77 90 84 65 71 74 77 79 81 98 89 73 74 76 80 82 102 105 95 76 79 80 85 97 105 116 102 82 82 87 91 98 117 128 118 93 94 96 99 119 127 134 119 87 87 89 95 109 117 132 113 93 93 98 103 111 132 142 123 98 98 102 P108 73 73 75 75 75 76 76 77 77 78 76 76 75 73 73 74 74 73 78 78 78 78 78 80 80 80 80 81 81 81 81 81 81 81 81 83 82 82 82 84 83 83 84 85 86 86 88 88 88 89 90 95 96 96 98 98 100 101 100 99 99 99 98 98 98 98 97 91 90 86 87 87 87 87 86 76 76 74 73 72 69 70 71 77 74 77 79 79 79 73 77 80 84 81 82 82 81 86 82 88 87 89 88 89 91 89 90 90 93 93 95 96 92 99 100 107 106 107 105 104 111 107 105 100 99 99 97 101 102 99 102 104 106 106 108 109 104 112 110 112 112 112 112 P114 87 88 88 91 95 107 118 129 00 00 T-H CO Nov. Dec. Year 78 72 75 76 72 74 81 76 80 83 76 81 84 78 83 94 88 89 103 95 99 95 87 98 82 76 86 76 71 73 79 76 77 86 83 83 91 88 89 104 98 97 101 92 105 103 101 101 112 107 108 77 76 74 77 80 80 81 81 83 83 91 93 95 101 102 101 96 94 92 84 79 78 73 75 75 78 78 80 84 86 86 90 91 92 104 104 • 102 105 101 96 101 102 105 110 111 111 112 101 96 Preliminary. PRODUCTION OF ALCOHOLIC BEVERAGES 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 . 1930 1931 _ 1932 1933 __ 28 44 47 55 51 47 39 41 60 1934 59 60 67 75 81 85 94 82 75 73 69 69 74 1935 64 70 84 90 92 96 102 95 92 93 96 92 89 1936 82 80 100 109 117 126 134 117 121 107 107 103 109 1937 90 89 110 118 122 127 115 108 113 105 105 88 108 1938 83 88 98 96 101 102 98 93 93 99 112 94 96 1939 .. . 82 83 93 99 107 113 104 96 98 109 103 86 98 1940 80 84 94 105 107 PllO 1941 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929_._ 1930 1931 1932 1933 24 36 36 42 44 48 46 50 65 1934 72 74 69 70 73 73 77 76 75 77 77 77 1935. 79 82 84 84 85 86 87 90 93 95 98 99 1936 102 93 100 104 108 114 117 116 115 111 109 111 1937 111 107 110 115 115 114 103 106 105 102 100 95 1938 101 101 100 93 94 92 92 92 90 96 102 100 1939 101 95 97 98 99 101 97 96 96 106 98 95 1940 . 98 96 98 103 100 PlOl 1941 Preliminary. 856 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MALT LIQUOR PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 1924 • 1925 1926 1927 1928 1929 1930 1931 1932 1933 _. 42 66 71 80 73 65 50 44 48 1934 55 60 69 84 97 106 116 99 78 69 61 59 80 1935 „ __ 63 68 88 98 99 104 117 107 91 78 73 73 89 1936 73 69 97 108 120 132 148 126 117 85 80 81 103 1937. . 83 87 106 119 126 140 139 128 116 83 82 76 107 1938 81 90 105 108 115 120 116 112 98 78 84 77 99 1939_ 82 86 94 105 120 136 127 114 99 92 83 81 102 1940 82 82 95 111 117 126 1941 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 36 54 55 58 61 67 63 61 67 1934 •_ 73 75 69 74 81 84 84 83 79 82 84 79 1935 83 87 89 88 84 83 85 90 92 93 95 95 1936 . 98 89 98 99 104 106 107 106 108 106 102 106 1937 108 111 107 109 109 109 107 109 107 104 103 99 1938 _. 102 106 106 99 98 94 94 96 96 98 103 99 1939 103 101 98 96 102 106 103 98 98 112 102 104 1940 103 96 99 102 99 99 1941 Seasonal adjustment factors 1940 ._ _ 80 85 96 109 118 128 1U 117 101 82 82 78 WHISKEY PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 „ 1924 1925 1926 1927 1928 1929 _ . 1930 1931 1932_ . 1933 7 9 15 20 29 38 1934 49 61 68 69 65 58 64 61 73 84 87 104 70 1935 110 118 122 112 117 118 109 100 114 124 145 155 120 1936 152 156 165 170 176 176 149 142 148 155 153 166 160 1937. 150 110 151 149 143 124 59 52 67 62. 79 75 101 1938 93 86 73 64 59 36 32 31 40 63 84 86 62 1939 73 73 73 69 59 44 30 32 41 54 71 66 57 1940 • 77 77 81 86 84 67 1941__ . Adjusted for seasonal variation 1923 1924 _ 1925 1926 1927 1928 1929 . 1930 1931 1932__._ „ ... . 1933 . _ 9 12 17 21 30 35 1934 44 53 59 63 62 61 77 79 84 88 1 89 97 1935 .. 98 103 106 102 112 125 131 129 130 131 148 143 1936 136 136 144 155 168 185 179 184 170 163 156 154 1937 134 95 131 135 136 131 84 79 77 65 69 65 1938 70 66 62 59 59 45 52 56 50 67 68 75 1939 56 56 60 63 59 55 55 59 51 57 57 57 >— 1940 _ 58 59 65 78 84 84 1941 .. Seasonal adjustment factors 19$ 188 130 123 110 100 80 55 55 80 95 125 115 AUGUST 1940 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF OTHER DISTILLED SPIRITS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 _-. 1924 1925 1926 1927 1928 1929 1930 1931 1932 _ 1933 9 11 15 36 69 66 1934 40 42 47 36 27 25 27 34 87 110 85 58 51 1935 31 26 27 34 40 39 30 32 73 191 204 134 72 1936 45 31 32 40 37 49 51 59 138 214 127 83 76 1937 59 44 61 78 67 74 53 60 168 334 264 112 114 1938 - - - 91 87 67 56 59 62 55 53 131 331 354 186 127 1939 81 63 85 76 78 74 52 56 164 318 182 110 111 1940 73 69 86 79 68 77 1941 Adjusted for seasonal variation 1923 1924 1925 1926 1927 . 1928 1929 .- _ 1930 1931 1932 1933 . 18 20 11 14 33 47 1934 61 76 81 60 50 41 54 58 63 44 40 41 1935 . _ __ 48 47 46 57 73 63 59 54 53 76 97 96 1936 69 56 55 67 67 78 102 101 101 83 60 63 1937 _- 90 81 97 130 121 120 114 110 123 126 126 89 1938 140 146 104 93 98 106 118 111 96 125 169 150 1939 125 105 131 126 130 125 111 117 120 120 87 88 1940 112 114 132 132 113 131 1941 194 S . e 0 asonal adjustment factors 65 60 65 60 60 59 47 48 187 265 210 w PRODUCTION OF RECTIFIED SPIRITS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 - - 1924 1925 1926 1927 1928 1929 1930 _ -. 1931 1932 1933 1934 102 73 66 54 46 38 47 39 57 67 79 93 63 1935 41 50 55 53 57 60 58 56 82 92 107 102 68 1936 75 77 83 85 78 78 92 81 104 123 186 161 102 1937 81 97 108 104 105 92 86 90 120 155 169 148 113 1938 78 81 101 87 94 98 91 79 108 132 164 141 105 1939 _ 91 89 108 113 99 87 90 91 123 153 194 123 113 1940 79 109 103 110 100 1941 Adjusted for seasonal variation 1923 1924 1925 1926 _ 1927 1928 1929 1930 1931 1932 1933 1934 102 85 69 61 54 47 56 51 53 53 50 66 1935 . _ 56 58 58 59 68 75 70 71 77 73 68 72 1936 103 90 87 95 93 98 109 104 98 97 118 114 1937 111 113 114 117 122 115 102 115 113 121 107 108 1938 107 94 106 98 107 122 109 101 101 102 104 106 1939 125 104 114 127 113 109 107 116 116 118 123 92 1940 _ „_ 108 126 108 123 114 1941 Seasonal adjustment factors 1940 73 86 95 89 88 80 84 78 106 130 158 133 858 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF TOBACCO PRODUCTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 . . . 80 79 80 79 81 87 87 83 93 92 90 72 84 1924 80 77 79 74 84 87 87 87 92 89 90 73 83 1925 .. 79 79 79 77 83 89 88 88 92 97 93 73 85 1926 78 80 87 82 87 93 91 92 98 100 97 72 88 1927 82 82 85 83 92 95 96 93 103 103 100 70 90 1928 . 81 82 84 82 89 99 97 99 105 105 99 76 92 1929 85 85 87 94 100 106 101 101 109 107 101 78 96 1930 88 88 88 88 95 104 101 97 99 100 90 74 93 1931 82 85 88 87 94 99 91 90 93 89 86 64 87 1932 82 75 74 72 78 88 84 81 87 81 78 63 79 1933 73 72 65 75 94 98 87 90 89 82 72 67 80 1934 86 82 79 80 86 95 92 91 94 90 89 76 87 1935 84 81 83 84 91 98 99 92 97 100 95 77 90 1936 90 89 89 92 96 104 108 101 112 105 102 94 99 1937 98 98 97 97 102 106 113 108 115 109 104 86 103 1938 94 92 98 94 105 108 106 109 114 106 111 92 102 1939 98 95 100 97 109 117 108 115 117 115 112 94 106 1940 98 98 97 105 112 124 1941_ .-____ Adjusted for seasonal variation 1923 86 85 84 84 83 83 84 80 84 84 84 83 1924 85 83 83 81 85 84 84 84 83 80 84 86 1925 . 84 85 83 83 84 85 85 84 84 86 86 87 1926 84 87 92 89 87 88 88 88 88 89 90 87 1927 89 89 90 90 92 89 91 89 92 91 92 86 1928 .._ 88 89 90 88 89 92 93 95 94 94 93 94 1929 93 93 93 100 99 97 96 97 97 97 95 96 1930 93 95 94 93 94 95 95 93 89 92 88 91 1931 86 90 93 91 93 90 86 86 84 84 84 79 1932 86 80 78 76 77 80 78 77 79 77 77 77 1933 .. 77 76 69 79 93 88 82 86 82 78 70 81 1934 90 87 84 85 86 87 85 87 86 85 88 92 1935 88 87 88 89 90 91 92 89 89 96 93 92 1936 94 96 94 98 95 96 100 98 103 101 100 110 1937 103 105 102 102 101 98 105 104 105 105 101 100 1938 98 98 104 99 104 101 98 105 105 101 108 107 1939 103 101 106 103 108 108 100 110 107 111 110 109 1940 .. 103 106 103 111 no 115 1941 CIGAR PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June Without seasonal adjustment 1923 __ 132 133 135 132 135 143 1924 120 125 128 119 133 139 1925 . 113 117 121 117 126 136 1926 103 113 130 122 126 135 1927 _. 115 116 122 116 131 138 1928 101 111 115 114 126 139 1929 100 114 118 131 133 141 1930 98 111 110 111 124 128 1931 _. . _ 87 94 105 108 114 123 1932 86 86 80 85 89 94 1933 71 74 64 78 86 97 1934 77 77 81 84 87 96 1935 75 81 82 85 92 99 1936 76 88 87 94 99 103 1937_ _ 87 91 103 105 104 109 1938 79 85 95 89 97 108 1939._ _ . 82 90 96 98 106 111 1940 86 90 92 97 102 104 1941 Adjusted for seasonal variation 1923 150 146 145 144 140 139 1924 138 138 138 132 138 135 1925 132 130 130 129 130 132 1926 123 127 140 136 130 130 1927 139 132 132 129 134 131 1928 123 126 127 126 127 1929 124 130 131 140 133 1930 121 126 122 117 124 1931 107 106 116 113 114 1932 104 98 89 89 90 1933 87 84 71 82 86 1934 95 88 89 88 88 1935 91 92 91 90 93 1936 94 100 96 99 100 1937 107 104 112 110 105 1938 97 98 103 93 98 1939 102 104 105 103 107 1940 107 103 100 102 104 1941 Seasonal adjustment factors 1940 81 87 92 95 99 cone- OH C July Aug. 144 139 142 140 133 134 136 137 141 133 135 137 137 138 125 124 109 112 90 92 98 97 90 94 99 QF> 108 112 101 104 140 137 129 132 136 130 132 120 115 105 88 86 91 95 90 87 93 95 96 104 102 107 101 97 103 100 98 107 104 2222 Sept. 157 150 143 148 155 154 152 129 111 99 105 103 107 136 136 129 132 128 132 132 118 106 87 93 92 92 101 100 101 105 103 SO DC SOOO Oct. 161 146 163 160 163 162 157 139 122 104 94 109 115 123 121 122 125 141 140 135 126 129 136 131 131 135 134 134 132 113 98 87 92 90 94 101 103 101 103 115 SIS Nov. Dec. Year 161 123 141 158 120 135 153 111 131 162 108 132 159 94 132 154 102 129 154 100 131 137 82 118 120 70 106 102 61 89 100 68 86 111 77 91 111 74 93 122 85 101 117 75 104 123 78 100 119 80 103 139 137 135 135 130 130 136 132 134 117 129 131 129 130 115 108 101 101 92 86 85 80 78 84 90 90 94 100 95 93 96 102 102 110 100 99 98 101 103 101 103 100 104 121 119 77 AUGUST 1940 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CIGARETTE PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 _ 39 1924 - - 46 1925 _ _-. 50 1926 - 54 1927 56 1928 64 1929 74 1930 75 1931 70 1932 ___ 70 1933 66 1934 84 1935 83 1936 93 1937 _ 105 1938 1939 1940 1941 - - Adjusted for seasonal variation 1923 __- 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940_ 1941 Seasonal adjustment factors 1940 222 Feb. Mar. Apr. May 38 37 37 41 38 40 40 48 46 47 45 50 51 55 52 57 54 58 60 65 59 62 59 65 66 66 72 82 69 70 71 77 72 73 71 81 60 61 58 66 64 57 64 94 75 69 73 82 76 78 80 86 86 84 89 93 101 92 91 102 94 98 96 96 102 98 103 99 111 39 41 39 40 45 41 42 43 49 50 49 49 54 55 58 56 56 59 61 65 63 64 65 63 74 71 71 77 74 75 75 77 69 77 79 76 69 64 65 62 65 68 62 68 83 80 74 78 82 81 84 86 92 91 90 95 104 107 99 98 100 100 106 103 105 102 110 105 106 109 107 119 101 94 93 93 OCOOS June July Aug. Sept. Oct. Nov. Dec. Year 45 46 42 46 45 42 35 41 50 49 48 49 47 45 41 45 56 56 53 56 51 53 47 51 63 61 60 63 62 57 47 57 65 66 67 70 65 63 52 62 74 76 76 76 71 67 60 67 86 80 80 84 80 72 64 76 92 89 81 79 79 66 65 76 86 78 73 76 66 64 55 72 79 76 69 73 64 59 56 66 93 76 80 76 69 53 62 71 92 89 85 86 77 76 73 80 97 98 88 88 91 86 77 86 105 108 103 112 97 94 99 97 107 117 113 116 106 100 92 103 110 110 114 115 101 105 97 104 124 114 119 118 115 113 102 110 140 40 41 42 40 43 44 43 43 47 46 46 45 45 45 46 49 49 51 52 50 51 49 54 56 55 58 56 57 58 60 58 56 64 59 61 63 64 63 64 63 64 67 70 72 70 69 69 71 80 76 74 76 77 78 76 77 75 80 81 77 73 76 71 77 79 75 71 69 69 66 68 65 65 69 68 • 65 67 65 63 66 92 81 68 76 71 70 57 72 80 81 79 81 80 78 81 84 84 86 88 84 82 93 91 87 91 94 97 98 105 99 99 111 100 97 104 107 108 108 104 104 108 100 98 109 107 103 110 109 111 113 102 113 110 117 118 115 117 127 102 no 112 105 107 98 96 89 MANUFACTURED TOBACCO AND SNUFF PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 125 122 123 122 122 126 121 119 130 120 120 96 1924 129 127 122 113 120 120 118 123 132 126 116 99 1925 122 124 118 117 122 119 120 124 129 128 114 99 1926 _ 123 128 124 117 123 125 118 123 130 122 111 95 1927 117 120 117 111 117 121 116 117 124 119 113 94 1928 116 116 113 110 111 119 108 115 122 117 108 93 1929 . 112 109 111 110 112 119 112 116 121 111 104 89 1930 111 114 110 108 112 111 106 110 115 109 100 89 1931— 109 111 107 106 109 107 103 111 119 115 105 86 1932 _ 111 106 104 97 98 105 98 103 114 101 100 85 1933 98 92 91 106 107 111 106 109 107 105 91 80 1934_ 104 106 106 98 98 103 103 102 105 101 100 83 1935 101 98 98 95 103 102 100 102 109 105 98 83 1936___; 99 102 104 101 100 101 106 94 108 108 100 90 1937 92 99 103 103 99 99 104 98 106 102 97 83 1938 93 94 102 97 102 104 101 101 110 98 111 95 1939 94 95 98 94 103 104 96 110 111 104 102 88 1940 90 96 97 98 101 101 1941 Adjusted for seasonal variation 1923 _ 124 120 120 126 121 123 121 116 119 114 122 120 1924 127 123 121 116 119 118 118 119 121 120 119 123 1925 121 121 117 121 121 117 120 121 119 122 119 120 1926 .. 122 124 122 120 122 121 119 120 119 116 116 116 1927 _ 116 116 116 114 116 116 117 113 114 115 118 114 1928 115 113 112 113 110 114 109 112 112 112 113 114 1929 111 106 110 112 111 114 114 113 111 108 108 108 1930 110 110 109 109 111 107 107 107 106 107 104 108 1931 108 108 106 107 108 103 104 108 110 113 109 105 1932 110 103 103 98 97 101 99 100 104 99 104 103 1933 97 91 90 107 106 107 106 106 99 103 93 97 1934 . .. 103 106 105 99 97 100 102 99 97 99 101 102 1935 100 99 97 96 102 100 98 100 101 103 99 99 1936 100 103 102 102 99 99 103 93 100 106 101 105 1937 95 100 101 104 98 97 102 97 98 100 98 95 1938 _ 96 95 100 98 101 102 99 100 102 96 112 108 1939 _._. 97 96 96 95 102 101 94 109 103 102 103 100 1940 93 97 95 99 100 99 1941 _ Seasonal adjustment factors mo... 97 99 102 99 101 102 102 101 108 102 99 88 ot 3S 120 120 115 112 110 108 107 102 100 101 100 102 99 100 100 860 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF PAPER AND PRODUCTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 58 60 60 61 60 60 56 57 57 58 56 54 58 1924 59 63 64 64 59 57 53 58 61 63 64 61 61 ]925 64 67 68 67 64 63 63 66 67 71 72 66 66 1926 70 73 73 72 72 72 70 73 76 78 74 67 72 1927- 72 77 76 75 73 72 71 73 75 77 74 70 74 1928 71 79 79 81 78 79 75 79 81 80 82 79 79 1929 82 86 87 86 85 87 81 86 90 89 85 76 85 1930 83 88 86 86 81 81 74 76 78 78 75 67 79 1931 72 79 77 79 79 77 74 76 77 73 69 61 74 1932 70 72 71 68 64 60 57 60 66 70 63 56 65 1933 59 63 62 67 76 88 93 89 89 80 73 69 76 1934 71 75 78 78 73 75 69 72 78 79 75 73 75 1935 80 84 86 84 82 84 81 86 92 94 89 85 86 1936 85 89 89 93 96 96 95 101 107 108 107 109 98 1937 - 111 116 117 120 118 113 109 110 108 101 85 75 107 1938 83 90 91 89 88 88 96 101 105 109 104 100 95 1939 102 107 109 108 104 104 104 111 125 136 133 128 114 1940 120 116 114 119 126 1941 Adjusted for seasonal variation 1923 59 58 58 59 60 61 60 58 57 57 55 57 1924 60 60 62 62 59 58 56 59 60 62 64 65 1925 64 65 65 65 64 64 66 67 67 69 72 70 1926 71 70 70 70 72 73 74 75 75 76 74 71 1927- 73 74 73 73 73 72 75 74 73 75 74 75 1928 72 75 77 78 78 79 79 80 79 78 82 85 1929 . - 83 83 84 84 85 87 85 87 87 86 85 83 1930 85 84 83 83 81 81 78 77 75 76 75 72 1931 73 76 75 77 78 77 78 77 74 71 69 67 1932 72 69 68 66 64 60 60 61 64 68 64 60 1933 60 61 60 66 76 89 98 90 86 77 74 74 1934 72 73 76 76 73 76 72 73 75 76 75 78 1935... 81 82 84 82 82 85 86 87 89 90 90 91 1936 87 87 87 91 96 97 99 102 103 104 108 115 1937 114 113 113 117 119 114 114 111 105 97 86 79 1938 ' 85 88 89 87 88 89 100 102 102 105 105 106 1939 105 105 106 106 104 105 108 112 121 131 134 135 1940- 123 114 110 116 126 1941 PAPER AND PULP PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 - . 65 67 67 68 68 69 62 64 65 65 62 60 65 1924 66 69 70 71 67 65 59 64 67 70 69 67 67 1925 . . 71 73 75 74 70 70 69 71 72 75 76 74 73 1926 . 78 80 81 80 79 80 76 79 82 82 81 76 79 1927 79 82 83 82 78 80 76 79 81 82 80 77 80 1928 81 84 86 87 86 84 80 84 84 86 87 84 84 1929 _ . 89 90 92 93 92 92 86 90 92 93 90 84 90 1930 89 92 92 92 86 85 78 79 80 81 79 72 84 1931 77 83 81 83 82 80 78 78 78 75 71 65 77 1932 74 75 73 70 66 61 57 61 66 70- 65 57 66 1933 ... 60 64 65 67 75 88 92 90 89 81 75 71 76 1934 _ 73 76 78 79 74 76 68 72 77 79 76 74 75 1935 81 86 87 85 82 85 81 85 91 94 91 87 86 1936_ 87 90 90 94 96 97 94 100 105 107 108 110 98 1937 113 118 117 121 119 114 110 111 108 100 84 75 107 1938 83 91 92 89 88 87 95 101 104 108 104 101 95 1939 103 108 109 108 104 103 101 109 121 132 131 128 113 1940 122 118 114 120 127 1941 Adjusted for seasonal variation 1923. 64 65 64 66 68 69 67 66 65 64 62 63 1924 66 67 67 69 66 65 63 66 67 70 69 70 1925 71 71 72 71 69 70 73 72 72 74 76 77 1926 77 78 77 77 79 80 81 81 82 81 81 79 1927 78 79 80 79 78 80 81 81 81 81 81 81 1928 81 82 82 84 85 84 85 86 84 85 87 88 1929 89 88 88 89 91 92 91 92 92 92 90 89 1930 90 89 89 89 85 85 82 81 79 80 79 77 1931 77 80 78 80 81 80 82 79 77 73 71 69 1932 74 72 71 68 65 61 60 62 65 69 65 61 1933 61 62 63 65 75 88 98 92 88 79 76 75 1934 . . 74 74 76 77 74 76 72 74 75 77 76 78 1935 82 83 84 83 82 86 86 87 89 91 91 92 1936 87 87 87 91 97 98 99 102 103 104 109 116 1937 114 113 113 117 120 116 116 112 106 97 85 78 1938 _ - 84 88 89 86 88 89 100 102 102 105 105 106 1939 104 104 105 105 104 104 107 110 119 128 132 134 1940 123 114 110 116 127 1941 AUGUST 1940 861 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PULP PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 61 63 62 68 68 67 62 57 58 59 54 58 61 1924 . 63 61 61 68 59 61 48 52 55 64 60 59 59 1925 64 62 71 72 64 62 58 58 59 65 68 66 64 1926 _ . 68 69 70 74 75 74 68 68 70 75 74 71 71 1927 74 73 76 75 74 71 67 67 67 71 72 70 71 1928 71 74 75 78 76 75 72 72 74 76 79 77 75 1929 . 80 81 83 86 86 85 78 79 80 81 80 80 81 1930 ... _. 82 87 88 85 83 80 68 71 71 71 70 69 77 1931 71 77 75 79 78 77 71 70 71 69 71 63 73 1932 , . . 68 70 69 65 61 56 52 53 59 64 62 56 61 1933 _ _ 58 61 62 64 71 79 81 80 78 79 71 69 71 1934 73 75 76 79 77 71 67 69 72 76 76 74 74 1935.. _ 79 83 83 84 81 80 78 79 84 83 85 88 82 1936 88 90 90 96 97 93 90 96 95 99 103 101 95 1937. 108 111 111 117 118 119 117 120 114 110 97 85 111 1938 88 96 95 89 89 87 90 96 101 109 110 107 97 1939 110 107 107 110 107 105 101 107 119 137 137 143 116 1940... . 139 137 138 143 142 1941 Adjusted for seasonal variation 1923 60 61 60 63 65 66 67 61 61 58 54 60 1924 62 60 59 64 56 59 52 56 58 63 60 60 1925 63 61 68 66 61 61 63 62 62 65 68 68 1926 67 68 67 69 72 73 73 73 74 75 74 74 1927 73 72 73 70 71 69 71 71 70 71 72 72 1928 71 73 72 73 74 74 76 76 77 77 79 79 1929 79 79 80 81 82 84 82 82 82 81 80 82 1930 82 86 85 81 80 79 72 74 73 71. 70 71 1931 71 75 72 75 75 76 75 73 72 68 71 65 1932 68 68 67 62 59 56 54 55 59 64 62 58 1933 58 59 60 61 68 79 85 83 80 78 70 72 1934... 73 73 74 76 74 72 71 72 73 76 76 76 1935 78 81 81 81 79 81 82 81 85 83 84 90 1936 _ 87 88 88 92 95 95 95 98 97 99 102 104 1937.... 107 108 108 114 117 121 123 123 116 110 96 87 1938 88 93 93 87 87 88 95 98 102 108 109 111 1939 109 104 104 107 105 106 105 109 121 136 137 147 1940 138 133 135 139 140 1941 GROUNDWOOD PULP PRODUCTION 1935-39 average = 100 Jan. Without seasonal adjustment 1923 109 1924 111 1925 102 1926 _ 118 1927 117 1928 . 117 1929 120 1930.. 115 1931 91 1932 97 1933 68 1934 86 1935_._ _ . 98 1936 1937 1938 1939 1940 1941 Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 . 1937 1938 1939 1940 1941 Seasonal adjustment factors 1940 OS 00 Feb. Mar. Apr. May 98 104 141 159 113 118 148 141 104 137 150 136 112 113 145 148 111 131 136 132 113 113 128 123 114 123 135 134 124 137 133 132 93 103 121 122 91 94 98 96 70 73 83 92 84 91 103 103 98 102 105 102 101 104 112 119 121 125 97 98 97 93 112 108 105 115 118 114 118 132 106 99 98 115 107 114 111 121 99 105 128 123 115 113 106 119 114 112 122 111 113 114 106 106 117 115 115 115 113 126 128 114 90 94 96 104 96 92 88 84 68 70 68 71 85 85 85 89 96 96 95 91 96 98 98 98 113 115 113 112 93 94 90 83 108 104 98 103 114 110 110 118 104 104 107 112 woc June July Aug. Sept. Oct. Nov. 141 115 73 80 72 80 125 78 92 94 113 102 114 91 76 79 104 113 129 102 97 108 131 129 107 93 82 82 106 115 110 96 90 94 103 120 124 103 90 91 99 123 89 83 80 79 108 92 79 89 91 79 65 64 66 73 92 89 81 77 85 89 78 73 82 83 95 80 75 79 85 101 88 85 87 99 122 103 96 90 93 93 81 77 81 80 89 110 101 92 88 96 110 131 131 133 136 95 97 74 116 118 93 119 114 117 112 108 108 99 97 107 122 122 121 125 132 135 110 101 108 106 100 110 104 103 109 113 113 112 114 117 115 111 108 108 113 116 100 101 94 86 104 103 103 96 102 99 82 77 73 77 76 79 79 90 100 98 88 91 88 87 88 88 94 90 90 94 90 90 90 91 101 99 99 101 100 106 116 119 115 113 103 100 83 79 87 95 92 96 99 99 103 104 110 118 118 111 102 89 85 87 93 OOC ot ot Dec. 118 101 117 117 111 117 110 96 107 96 84 78 89 88 95 98 93 103 108 112 100 98 106 110 78 100 111 127 112 118 100 90 105 82 87 94 91 106 98 104 108 102 00: Year 107 112 110 121 110 110 112 107 99 82 82 89 93 101 110 91 105 118 101 117 117 111 116 108 94 94 76 86 94 99 108 95 102 116 104 862 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SODA PULP PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 83 88 85 84 75 78 80 77 82 76 75 70 79 1924 74 79 81 82 80 80 64 74 78 87 84 78 79 1925 82 84 90 88 81 84 79 80 87 88 88 81 84 1926_ 84 86 91 89 90 96 91 91 92 84 85 86 89 1927 91 94 92 88 88 92 86 89 87 87 90 87 89 1928-.- 86 90 96 93 92 97 94 90 92 94 92 93 93 1929 93 98 101 100 104 107 99 103 100 100 98 99 100 1930-_ 101 101 101 100 99 90 81 80 82 80 83 82 90 1931 - 85 99 93 91 90 82 81 85 73 68 67 72 82 1932__ 75 76 71 69 69 54 51 59 62 65 61 52 64 1933 69 72 76 74 82 92 89 91 92 94 80 74 82 1 19 9 3 3 4 5 -__ 7 7 8 0 9 7 1 5 7 9 8 0 8 7 8 8 8 8 0 3 8 7 5 5 8 6 5 8 8 7 6 0 8 6 9 9 7 87 6 ' 8 7 8 3 9 6 0 8 8 7 7 3 1936_ 93 95 94 103 94 92 90 98 102 104 109 117 100 1937 122 127 125 126 127 124 116 118 115 102 89 80 114 1938 - 88 94 100 95 82 82 78 90 97 97 100 97 92 1939 98 103 102 104 102 95 85 97 113 129 131 140 108 1940 129 121 119 122 135 1941 Adjusted for seasonal variation 1923 84 87 81 82 75 76 83 79 82 77 76 73 1924_ 76 77 77 80 80 78 66 75 78 87 85 80 1925 84 82 86 85 81 81 81 82 87 89 90 84 1926 -._ 85 85 87 86 90 93 93 93 92 85 86 89 1927 93 92 87 86 88 89 89 91 87 88 91 90 1928- 88 88 91 91 92 94 97 92 92 95 94 96 1929 95 96 97 97 102 105 102 105 100 101 100 102 1930 102 99 97 97 96 90 85 81 82 81 85 84 1931 85 96 90 89 87 83 85 85 73 69 68 75 1932 75 74 69 67 67 55 54 59 62 65 62 54 1933 69 70 74 72 79 93 94 91 92 94 80 76 1934 71 73 76 75 78 76 73 70 69 76 74 70 1935-- 78 89 87 86 82 86 90 86 88 87 89 92 1936 93 93 91 100 94 93 95 98 101 104 109 120 1937.._ 122 123 121 123 127 125 124 118 114 102 89 82 1938 88 91 98 92 82 82 84 90 96 97 100 101 1939 -_ 98 100 99 101 102 96 91 97 112 129 131 145 1940 129 117 116 118 135 1941 Seasonal adjustment factors 1940 100 103 103 103 100 99 94 100 101 100 100 97 SULPHATE PULP PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 13 13 14 14 16 17 15 14 13 14 14 16 15 1924 16 14 13 14 10 12 14 13 14 16 14 17 14 1925 . _ _ 17 18 19 18 15 18 18 20 21 23 22 21 19 1926 22 23 23 24 23 25 24 23 24 27 26 27 24 1927 - 27 27 28 28 28 29 28 29 29 29 28 27 28 1928 30 32 34 36 35 36 36 37 39 40 39 38 36 1929 40 42 42 44 44 44 42 44 45 43 42 39 43 1930_ 41 48 47 47 45 43 41 45 45 46 42 40 44 1931 41 49 44 51 52 51 50 49 48 49 50 42 48 1932 48 53 51 46 42 42 42 42 50 60 51 45 48 1933 46 46 46 50 54 68 69 76 71 69 54 54 59 1934 ... 61 61 61 59 56 52 54 55 57 62 60 56 58 1935 63 66 67 65 64 69 67 71 73 70 72 72 68 1936 78 78 77 77 83 83 81 87 86 88 92 87 83 1937 . 93 94 93 101 103 103 110 118 115 106 84 71 99 1938 88 99 100 98 104 104 124 124 128 137 129 127 114 1939 123 129 130 131 115 119 127 133 141 159 157 167 135 1940— 161 158 154 162 146 1941 Adjusted for seasonal variation 1923 14 13 13 14 16 17 15 14 13 14 15 16 1924 16 14 13 14 10 12 14 13 14 16 14 18 1925 . 17 18 19 17 15 18 18 20 21 22 22 22 1926 22 22 23 23 23 25 24 23 24 26 26 28 1927 27 27 27 27 28 28 29 29 29 28 28 28 1928 31 32 33 35 35 36 37 37 39 39 39 40 1929 40 41 42 43 44 44 43 44 45 42 43 41 1930 41 46 46 46 45 43 42 45 45 45 43 43 1931 42 48 44 49 52 51 51 49 48 48 50 45 1932 48 51 50 45 42 43 43 42 50 58 51 48 1933 46 45 45 49 54 68 70 76 71 68 54 58 1934 60 60 60 58 56 53 55 55 57 61 60 60 1935 62 64 65 65 64 70 68 71 73 69 72 76 1936 77 76 76 77 83 84 83 87 86 86 92 91 1937 92 91 92 101 103 104 112 118 115 104 84 75 1938 87 97 98 98 104 105 126 124 128 135 129 133 1939 122 125 128 131 115 121 130 133 141 156 157 176 1940 160 153 151 162 146 1941 Seasonal adjustment factors 1940 101 103 102 100 100 99 98 100 100 102 100 95 AUGUST 1940 863 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SULPHITE PULP PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 75 82 79 79 76 79 75 80 79 86 72 68 78 1924 81 76 74 80 64 71 59 62 67 77 74 70 71 1925 _ 83 76 82 81 74 71 73 74 73 78 82 78 77 1926 82 85 85 85 86 86 84 85 85 91 88 85 86 1927.. 89 89 90 86 84 83 81 83 85 86 85 83 85 1928 81 86 86 86 85 86 82 86 86 89 90 85 86 1929.. 91 92 92 93 92 93 89 91 94 97 93 92 92 1930 _ 94 98 97 91 88 89 77 81 82 84 79 75 86 1931 80 85 81 82 78 82 77 77 79 74 74 65 78 1932 70 73 73 66 61 57 53 55 61 64 63 57 63 1933 61 65 65 65 72 79 84 80 80 80 74 73 73 1934.... 78 81 82 85 81 77 72 76 79 82 81 80 79 1935 83 87 87 89 85 81 82 84 91 89 91 94 87 1936... 90 94 93 101 101 99 97 104 101 107 108 103 100 1937 111 117 116 123 123 128 126 130 121 120 106 90 118 1938.. 86 94 91 82 79 78 77 85 90 99 101 98 88 1939 103 93 93 96 101 100 89 99 113 134 135 134 107 1940 _ . _ 134 134 139 138 145 Adjusted for seasonal variation 1923 . 74 79 77 78 77 79 79 81 80 83 71 71 1924 80 73 72 78 64 71 62 63 68 75 74 73 1925 82 73 80 80 74 71 77 75 74 76 81 81 1926 81 82 82 83 87 86 88 87 87 88 87 89 1927 88 86 87 85 85 83 85 84 85 84 84 87 1928 . 81 83 83 84 86 86 86 88 86 86 89 89 1929 90 89 89 91 93 93 93 93 95 95 92 96 1930 94 95 94 89 89 89 81 83 82 81 78 78 1931 80 82 79 80 79 82 81 79 78 73 74 68 1932 70 71 71 65 62 57 56 56 60 63 62 59 1933. 61 63 64 64 72 79 89 82 79 78 73 76 1934 78 79 80 83 81 78 75 78 79 80 80 82 1935. 83 85 85 87 85 82 86 85 90 87 90 96 1936 90 91 91 99 101 101 102 104 101 105 107 106 1937. 111 113 114 121 123 130 132 130 121 118 105 93 1938 86 91 89 80 79 80 81 85 90 97 100 101 1939 103 91 91 94 101 102 94 99 113 131 133 138 1940 134 130 136 135 145 1941 Seasonal adjustment factors 100 103 102 102 100 98 95 100 100 102 101 97 PAPER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923.... 65 67 68 68 68 69 62 66 66 66 63 60 66 1924 66 71 71 71 68 66 62 67 69 71 71 69 68 1925 73 75 75 74 71 72 70 73 75 77 77 75 74 1926 79 82 83 81 79 81 77 81 84 84 81 76 81 1927 79 83 84 83 79 81 78 82 84 83 82 79 81 1928 83 86 87 88 87 85 81 87 86 87 88 85 86 1929 90 92 93 93 92 92 88 92 94 95 92 85 92 1930... 91 93 93 93 86 86 79 80 81 83 80 73 85 1931 78 83 82 83 82 80 79 79 79 75 71 65 78 1932.._ 75 75 74 71 66 61 58 62 67 71 66 57 67 1933 61 65 66 67 75 90 94 91 91 81 76 71 77 1934 73 77 79 79 73 77 68 73 77 79 75 74 75 1935 82 87 88 85 83 86 81 86 92 96 91 87 87 1936 86 90 90 94 96 98 95 101 106 109 109 111 99 1937 114 119 118 121 119 114 109 109 107 98 82 73 107 1938 . 83 91 91 89 87 88 96 101 104 108 104 100 95 1939 101 108 109 108 103 102 101 109 121 131 130 126 113 1940 119 115 110 116 124 Adjusted for seasonal variation 1923. 65 65 65 66 68 69 66 67 66 65 63 63 1924.. 66 68 68 69 68 66 66 68 69 71 71 72 1925 72 73 72 72 71 72 75 74 74 76 77 79 1926. 79 80 79 78 80 81 82 83 83 82 81 79 1927.... 79 80 80 80 79 81 82 83 83 82 82 83 1928 . 83 84 84 86 87 85 86 88 85 86 88 90 1929 90 89 90 91 92 93 93 93 93 93 92 90 1930 91 90 89 90 86 86 84 82 80 81 80 78 1931.... 78 80 79 81 82 81 83 80 77 74 72 70 1932. 75 73 71 69 66 62 61 63 66 69 66 61 1933 61 62 64 66 76 90 100 93 89 79 76 76 1934. 74 74 76 77 73 . 77 72 74 76 77 76 79 1935 83 83 85 83 83 87 86 87 90 93 92 92 1936 87 87 87 91 97 99 100 102 104 105 110 117 1937... . 115 114 114 118 120 115 115 111 105 95 83 77 1938 84 88 88 86 88 89 101 103 102 105 104 105 1939 103 104 106 105 104 103 107 110 119 127 131 132 1940.. 121 111 106 113 125 1941 864 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAPERBOARD PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 __ 53 53 50 50 53 54 46 54 53 53 49 47 51 1924 - 53 56 59 56 53 51 50 59 59 59 59 54 56 1925 60 59 58 59 56 58 59 61 65 63 64 59 60 1926 65 67 68 66 69 71 67 71 75 72 68 52 68 1927 60 69 70 69 67 71 66 73 78 75 72 62 69 1928 69 72 74 77 78 76 68 76 80 76 78 71 74 1929 _ 83 84 86 84 85 83 78 84 85 83 81 65 82 1930 . 79 81 79 79 74 75 72 73 75 75 74 60 74 1931 63 71 73 75 76 72 73 72 78 74 66 53 71 1932 _ 65 66 65 60 59 58 53 56 64 69 61 49 61 1933 55 60 63 66 74 90 96 89 95 76 73 64 75 1934 72 78 82 84 70 75 66 74 81 78 71 65 75 1935 80 85 86 80 79 84 83 88 99 100 93 79 86 1936 79 83 83 85 96 102 99 107 116 115 113 112 100 1937 _ 111 120 122 125 122 113 103 108 108 98 82 65 106 1938 79 89 90 87 86 86 92 101 107 109 102 96 94 1939 > 98 106 114 108 102 105 106 115 128 137 134 125 114 1940 122 115 113 116 128 128 1941 _ __ Adjusted for seasonal variation 1923 53 52 49 50 53 54 49 53 50 51 49 53 1924 - 53 55 58 56 53 51 54 58 56 58 59 61 1925 _ 60 57 57 59 56 58 63 60 61 62 63 66 1926 65 65 66 66 69 71 72 70 71 70 67 59 1927 _ 60 67 68 68 67 71 71 72 73 72 71 71 1928 70 70 71 75 78 76 73 75 75 73 77 82 1929 84 81 83 82 85 83 83 83 79 80 80 75 1930 80 78 77 77 74 75 75 73 70 72 73 70 1931 65 69 71 73 76 72 77 72 73 70 65 61 1932 _ _ . 66 64 63 59 59 58 56 56 60 65 61 57 1933 56 58 60 65 75 90 101 89 89 71 73 73 1934 74 76 79 82 72 75 69 74 76 74 71 75 1935 83 82 83 78 81 84 87 88 92 94 93 90 1936 83 81 80 83 98 102 105 107 108 109 113 126 1937 116 116 117 123 125 113 108 107 102 92 82 73 1938 . _ . . 83 87 86 85 88 86 96 100 101 103 102 108 1939 102 103 109 106 104 105 112 114 120 129 134 140 1940 127 112 109 114 131 128 1941 Seasonal adjustment factors 1940 ... 96 103 104 102 98 100 95 101 106 106 100 89 FINE PAPER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 71 73 73 76 70 69 65 65 73 71 67 66 70 1924 75 84 82 84 78 75 67 68 73 78 76 75 77 1925 87 90 92 89 84 84 81 84 85 92 92 91 88 1926 94 101 97 98 94 89 87 87 90 91 92 90 92 1 1 9 9 2 2 7 8 . 8 9 8 7 1 9 0 3 6 1 9 0 5 7 1 11 0 0 2 1 9 0 6 3 1 9 0 3 1 • 9 8 3 6 1 8 0 9 0 9 9 5 8 1 9 0 8 1 1 9 0 3 2 1 9 0 8 0 1 9 0 4 1 1929 _ _ . 105 117 118 119 114 114 107 107 109 115 110 105 112 1930 113 121 122 118 107 102 97 92 94 97 89 75 102 1931 96 107 107 99 94 90 81 82 84 83 78 77 90 1932 _ _ _ 90 92 90 78 74 62 63 64 73 75 67 58 74 1933 66 71 75 65 85 105 110 104 99 92 80 86 86 1934 87 87 84 79 71 77 66 64 74 78 75 79 77 1935 88 95 100 93 95 94 84 89 88 94 95 99 93 1936 102 114 103 113 108 105 99 102 103 115 115 121 109 1937 _ 130 133 130 127 118 105 103 102 95 88 71 69 106 1938 76 81 83 85 82 76 81 90 93 101 99 110 88 1939 _ 100 100 99 106 96 92 86 96 114 123 125 120 104 1940 112 106 102 108 113 1941 Adjusted for seasonal variation 1923 _ 71 68 68 70 69 69 70 69 75 71 69 68 1924 75 79 77 78 76 75 72 72 75 78 79 78 1925 _ . 87 85 86 82 83 84 87 89 87 92 94 95 1926 94 94 92 90 92 89 94 93 93 91 94 93 1927 88 87 90 95 94 93 93 95 98 98 96 103 1928 ._ 97 99 100 102 101 101 100 106 101 101 105 105 1929 . . 105 108 109 110 112 114 115 114 113 115 114 112 1930 113 112 112 110 105 102 104 98 97 97 92 81 1931 94 98 98 93 92 90 88 87 86 83 82 82 1932 __ 87 85 83 74 73 62 69 68 75 75 71 62 1933 64 65 69 62 83 105 121 111 102 92 85 91 1934. . 85 80 77 75 70 77 73 68 77 78 79 83 1935 86 88 93 88 93 94 92 94 93 94 99 102 1936 100 105 96 106 105 107 109 108 108 115 120 124 1937 . _ 128 123 122 118 114 107 113 109 100 88 74 70 1938 . 75 76 78 78 80 78 89 96 98 101 102 , 112 1939 99 94 92 97 94 94 94 102 120 123 129 122 1940 111 100 95 99 110 1941 _ Seasonal adjustment factors 1940 101 107 107 109 103 98 91 94 95 100 97 98 AUGUST 1940 865 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEWSPRINT PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 161 163 164 159 176 177 169 164 159 153 156 163 164 1924 166 164 158 170 172 167 152 154 161 166 163 160 163 1925 164 163 168 175 170 169 160 159 166 172 178 8! 169 1926 184 185 185 191 185 187 185 183 186 187 184 185 1927 178 171 169 171 167 164 162 161 157 149 154 157 163 1928 157 153 154 161 162 157 150 147 146 155 162 157 155 1929 157 148 151 156 156 155 147 153 155 154 149 154 153 1930 158 159 149 144 149 148 135 133 130 133 126 130 141 1931 129 126 132 134 130 133 131 116 125 123 128 123 128 1932 124 120 126 120 114 112 101 100 96 101 109 105 111 1933 __ . 98 96 97 102 101 111 110 108 99 108 115 111 104 1934 _ 105 101 106 109 113 110 104 102 105 102 98 109 105 1935 _ 102 100 96 98 106 105 96 95 101 101 104 104 101 1936 100 99 100 101 99 105 96 98 99 103 109 105 101 1937 104 103 104 103 104 103 103 105 106 103 105 104 104 1938 _ 95 87 86 77 89 86 86 85 93 96 103 100 90 1939 _ 102 101 101 106 109 106 102 101 106 103 104 106 103 1940 . 106 111 112 113 114 116 1941 Adjusted for seasonal variation 1923 158 163 164 155 172 175 174 171 162 154 154 162 1924 163 164 158 165 169 166 156 160 164 167 161 159 1925 _ _ 160 163 168 170 167 168 165 166 169 173 177 178 1926 180 185 185 185 182 185 190 190 189 189 183 176 1927 174 171 169 166 164 163 168 167 160 150 152 155 1928 154 153 154 156 159 156 155 153 149 156 161 156 1929 .__ . . 154 149 151 153 153 153 151 158 158 154 148 152 1930 155 160 149 142 146 147 139 137 133 133 125 129 1931 __ 128 127 132 132 129 131 133 119 128 123 124 122 1932 123 121 126 118 113 • 111 103 103 99 101 106 104 1933 _ 98 97 97 100 100 110 112 111 101 108 112 109 1934 105 102 106 109 112 109 106 105 105 102 95 108 1935 102 101 96 98 105 104 98 98 101 101 101 103 1936 100 100 100 101 99 104 98 101 99 103 106 104 1937 104 104 104 103 103 102 105 109 106 103 102 103 1938 95 88 86 77 88 85 88 88 93 96 100 99 1939 102 102 101 106 108 105 104 104 106 103 101 105 1940 106 112 112 113 113 115 1941 Seasonal adjustment factors 100 99 100 100 101 101 98 97 100 100 103 101 PRINTING PAPER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 75 78 80 79 76 79 71 79 74 75 72 68 76 1924 76 79 82 83 81 80 73 76 79 83 84 81 80 1925 81 86 89 87 83 81 79 82 82 83 85 84 83 1926 86 92 93 92 87 88 80 86 90 90 91 93 89 1927 __. _„ 95 95 94 87 83 88 84 87 86 87 89 87 88 1928 90 96 98 96 92 90 89 92 91 93 93 93 93 1929 93 96 100 101 98 100 97 99 108 111 108 104 101 1930 106 107 107 111 99 96 86 87 88 83 82 85 95 1931 90 93 88 88 87 85 79 80 76 74 75 77 83 1932 __ . 74 77 78 74 73 66 59 62 64 67 66 65 69 1933 64 71 68 65 69 79 83 82 82 78 78 74 74 1934 66 69 74 75 80 77 68 71 70 76 75 76 73 1935 81 86 88 89 85 82 78 80 83 89 87 89 85 1936 90 89 94 100 93 89 89 89 95 101 103 111 96 1937 114 116 114 122 122 120 113 112 111 102 95 90 111 1938 92 98 100 97 89 87 89 97 100 104 105 99 96 1939 104 112 109 106 107 101 96 107 117 135 131 131 112 1940 119 119 114 119 127 1941 Adjusted for seasonal variation 1923 75 75 76 76 76 79 75 80 75 76 73 69 1924 76 76 77 80 81 80 78 78 81 84 85 83 1925 81 83 84 83 83 81 84 84 84 83 86 85 1926 . 86 89 88 88 87 88 85 88 91 91 92 95 1927 95 92 88 84 83 88 89 89 88 88 89 89 1928 90 92 93 93 92 90 95 93 93 94 94 95 1929 93 93 95 97 98 100 103 102 109 112 109 106 1930 106 103 102 107 98 96 92 90 88 84 83 87 1931 90 90 85 85 86 85 84 82 77 75 75 79 1932 74 75 75 71 71 66 62 64 65 67 66 67 1933_ ___. _ 64 69 65 63 68 79 88 85 83 78 79 76 1934 _ 66 67 71 73 79 77 72 73 71 76 76 78 1935 . 81 84 ' 84 86 84 84 83 82 84 88 87 90 1936 _ 90 87 90 96 92 91 95 92 96 100 104 112 1937 114 113 110 117 120 122 120 116 112 101 96 91 1938 92 95 96 93 87 89 95 100 101 102 106 100 1939 104 108 104 102 104 103 102 111 118 133 132 132 1940 119 116 109 115 124 1941 _ . _ Seasonal adjustment factors 1940 100 103 104 104 Wt 98 94 97 99 101 99 99 866 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TISSUE AND ABSORBENT PAPER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923- _ 41 42 48 50 49 49 41 40 43 45 43 40 44 1924 41 45 46 47 46 46 43 46 47 50 48 46 46 1925 48 51 52 50 47 47 48 51 52 53 49 49 50 1926 54 55 54 52 53 52 51 55 56 56 53 52 54 1927 54 57 58 58 56 52 52 57 58 62 59 57 57 1928 59 63 61 61 62 62 56 67 67 68 67 64 63 1929 67 71 71 72 71 72 71 77 76 77 69 65 72 1930 65 68 65 67 63 69 61 65 65 76 72 62 66 1931 70 68 68 76 72 73 75 82 74 66 63 59 70 1932 74 68 62 54 60 60 51 62 66 68 64 55 62 1933 59 64 61 67 71 80 79 87 89 81 71 66 73 1934 65 73 75 79 74 76 72 79 84 79 78 78 76 1935 ._ 80 83 84 89 76 89 75 87 94 94 85 84 85 1936 72 89 85 89 93 90 88 103 105 98 104 102 93 1937— 104 116 108 108 111 103 102 103 99 98 85 79 101 1938 91 105 98 90 88 97 108 106 110 118 106 93 101 1939 106 115 113 116 105 114 115 116 128 137 136 135 119 1940 116 124 106 121 123 Adjusted for seasonal variation 1923 41 41 47 49 50 50 43 40 42 43 43 42 1924 42 43 45 46 47 46 45 46 46 48 48 48 1925 49 49 50 49 48 47 50 51 51 50 50 51 1926 55 53 53 51 54 53 54 55 55 54 53 55 1927_ 54 55 57 57 57 53 55 57 58 59 60 60 1928 60 61 59 60 63 63 59 66 66 65 68 68 1929 68 68 70 71 71 72 75 77 76 74 70 67 1930 65 65 64 65 63 70 64 64 65 73 73 64 1931 71 65 67 74 73 74 79 82 73 63 63 61 1932_ . 77 65 61 53 ' 61 60 54 62 64 66 65 58 1933 61 62 60 66 72 81 84 86 85 78 72 69 1934 67 70 74 77 75 77 77 78 81 76 78 81 1935 82 80 83 87 77 89 80 86 91 91 86 88 1936 75 85 85 87 94 91 94 102 101 95 105 106 1937 107 112 107 106 112 104 108 103 95 94 86 83 1938. 94 101 97 88 89 98 114 106 106 114 107 97 1939 110 111 111 114 107 115 121 116 123 131 138 140 1940-- 119 119 105 119 124 1941 Seasonal adjustment factors 1940. 97 104 101 102 99 99 95 100 104 104 99 96 WRAPPING PAPER PRODUCTION 1935-39 average = 100 Jan. Feb. Without seasonal adjustment 1923 60 63 1924 60 66 1925- _ 66 72 1926 74 73 1927 78 80 1928 84 85 1929.-. 89 86 1930 80 83 1931 75 79 1932.__ 73 73 1933 56 57 1934. 72 72 1935 78 85 1936- 89 89 1937 115 116 1938- - 76 85 1939 104 1940 121 1Q4.1 Adjusted for seasonal variation 1923— 59 1924 59 1925 _ 65 1926 73 1927 77 1928 83 1929 88 1930 80 1931 75 1932 73 1933 56 1934 72 1935. 78 1936 89 1937 115 1938 76 1939 104 1940 121 1941 Seasonal adjustment factors 1940 100 oot Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year 65 64 63 67 61 60 63 63 61 54 62 64 64 57 55 52 59 64 63 63 63 61 68 66 61 64 64 69 66 74 -72 71 68 76 71 68 73 71 79 77 79 77 75 74 82 81 75 79 79 81 82 83 81 77 80 87 85 85 82 84 89 82 86 86 85 85 84 84 85 85 80 84 85 83 84 80 84 86 84 80 79 73 77 76 80 78 73 79 74 78 77 76 76 77 73 71 66 59 73 70 77 61 52 57 62 65 73 63 54 65 60 66 76 91 98 97 89 83 70 65 75 71 70 63 72 65 68 72 78 78 73 71 85 83 77 84 86 90 96 93 89 85 91 92 95 97 93 99 106 109 107 110 98 118 121 121 121 122 116 110 99 70 63 108 88 89 90 92 112 112 107 112 106 104 98 108 108 104 98 101 106 118 126 127 125 111 108 115 124 62 62 63 66 68 64 60 63 61 60 56 65 61 62 59 56 55 59 63 61 62 65 70 65 64 64 65 68 69 66 72 71 73 72 73 70 71 74 75 79 76 77 76 77 78 79 80 78 81 83 81 81 81 80 80 84 84 84 86 84 88 89 81 84 85 88 84 83 84 86 86 84 84 84 80 83 83 81 84 83 82 80 77 77 75 78 78 75 76 73 77 78 77 81 77 72 69 65 61 70 69 76 62 53 60 62 65 71 63 55 55 59 65 77 92 103 98 88 80 69 67 69 69 69 65 73 68 69 71 • 76 77 75 82 84 82 79 85 86 86 89 93 92 92 86 89 91 96 98 97 100 105 106 107 114 112 115 120 123 124 125 117 109 96 70 65 82 86 88 92 94 116 113 106 109 106 107 106 106 107 106 100 •104 107 117 123 127 128 108 105 114 127 104 102 101 98 98 97 99 101 103 100 97 AUGUST 1940 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAPERBOARD CONTAINER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Without seasonal adjustment 1923 _ 39 41 39 40 35 35 38 1924 38 42 45 42 38 34 34 1925 40 48 45 44 44 42 44 1926 46 51 48 46 48 47 50 1927 50 59 52 53 54 47 53 1928 _ _ 43 57 57 58 54 59 57 1929 58 69 66 63 61 69 61 1930- . _ ._- 60 70 64 63 63 66 60 1931 50 65 61 63 67 65 61 1932 58 62 60 59 60 57 56 1933 54 60 51 69 79 90 97 1934 61 69 78 74 71 73 71 1935 _ 74 76 82 79 79 81 83 1936 80 84 87 90 93 94 96 1937 . . 106 108 116 117 114 105 104 1938 83 87 89 88 90 90 98 1939 102 104 109 107 104 110 113 1940 114 110 113 115 123 127 1941 Adjusted for seasonal variation 1923 41 38 39 40 36 37 39 1924 40 39 44 42 39 36 35 1925 42 44 44 44 45 45 45 1926 49 47 47 46 49 50 51 1927 53 55 51 53 55 49 55 1928 46 53 56 58 55 60 59 1929 62 64 65 63 62 68 63 1930 65 64 63 63 64 66 62 1931 53 60 60 63 67 64 63 1932 63 58 59 59 60 57 58 1933 58 58 50 69 80 91 101 1934 66 69 77 74 72 74 73 1935 77 78 80 79 80 82 85 1936 85 86 85 90 94 94 98 1937 112 111 114 117 115 106 106 1938 87 89 88 88 91 91 100 1939_._ __ _ 107 106 107 107 105 111 115 1940 120 112 111 115 125 128 1941. . Seasonal adjustment factors 194.0 95 98 102 100 99 99 98 CO CO Sept. Oct. Nov. Dec. Year 35 37 36 34 37 40 40 46 42 40 49 50 53 55 44 46 53 56 59 53 42 50 50 53 57 53 47 52 58 66 59 63 60 58 69 76 70 65 49 65 63 68 64 60 46 62 71 72 67 58 47 62 56 67 70 57 50 59 84 89 73 65 61 72 73 84 81 72 70 73 88 97 94 85 79 83 106 114 109 104 105 98 105 110 106 90 75 105 104 112 113 103 98 96 119 142 154 141 126 118 34 34 34 35 37 37 38 38 46 46 48 47 49 54 48 53 52 55 52 47 50 49 54 52 52 57 61 56 63 70 68 68 66 65 60 62 61 60 61 56 70 65 62 59 57 55 60 65 58 59 83 79 69 66 69 72 75 75 73 76 87 88 87 87 86 105 103 101 106 114 104 100 98 92 81 103 102 104 105 107 118 129 142 144 138 101 no 108 98 92 PRINTING AND PUBLISHING 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 72 74 77 79 75 76 68 72 72 76 75 72 74 1924 74 78 81 84 81 81 71 72 78 83 84 81 79 1925.. _ . 79 84 87 87 85 81 76 79 83 88 90 87 84 1926 88 93 94 96 92 91 81 84 93 97 95 95 92 1927- . 95 96 96 98 92 93 86 86 93 95 94 94 93 1928 93 97 101 101 97 94 87 90 95 99 102 98 96 1929 98 101 106 106 104 105 94 96 111 113 110 106 104 1930 102 107 106 111 103 99 86 86 92 92 91 89 97 1931 90 93 95 95 93 89 80 80 83 85 84 83 88 1932 79 81 83 80 78 73 64 65 70 74 72 70 74 1933 68 71 69 71 72 77 76 76 80 81 81 78 75 1934 72 76 81 84 85 83 73 75 80 85 84 84 80 1935 . 85 89 93 93 90 88 79 80 89 94 94 97 89 1936 .. 91 92 99 103 100 96 89 91 100 107 113 111 99 1937 .-. 108 112 113 119 119 114 104 104 110 109 100 98 109 1938 94 97 100 99 94 90 87 90 98 105 104 100 96 1939 97 103 104 106 103 100 90 98 111 122 119 120 106 1940 106 109 111 113 118 1941 Adjusted for seasonal variation 1923 73 73 74 74 74 76 75 77 74 74 73 72 1924 .. . 75 76 78 79 80 81 77 77 79 81 83 82 1925 .- _. 80 82 83 82 83 81 83 85 84 86 88 87 1926 89 92 90 91 90 91 90 91 94 95 93 95 1927 96 94 92 92 91 93 95 92 94 92 93 95 1928 . _ ._ , 95 95 96 95 96 94 96 97 96 97 100 99 1929 99 99 101 100 102 105 103 104 111 110 107 107 1930 104 105 101 105 100 99 95 94 92 90 89 89 1931.. 91 91 91 90 90 89 89 87 83 83 83 84 1932 80 80 80 76 76 73 70 70 70 71 71 70 1933 69 70 66 67 70 77 83 82 81 79 80 79 1934 74 75 78 80 82 82 81 81 80 82 83 84 1935 87 88 89 88 87 88 88 87 90 91 92 96 1936 93 91 95 98 97 97 98 99 100 103 110 110 1937. 111 111 109 113 115 115 114 112 110 105 98 97 1938 97 96 96 94 91 90 96 97 98 101 102 99 1939 100 102 100 100 100 101 100 105 111 118 117 119 1940 109 108 106 108 115 1941 868 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEWSPRINT CONSUMPTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 68 71 74 79 74 74 66 65 71 77 77 76 73 1924 72 77 81 85 82 81 68 68 76 83 84 81 78 1925 77 81 85 87 87 80 72 76 83 93 95 90 84 1926 . 89 94 96 101 98 93 83 83 96 104 100 96 94 1927 95 97 99 108 102 98 88 84 100 103 100 101 98 1928 96 97 104 105 103 98 85 88 100 105 112 103 100 1929 102 106 112 110 110 110 91 94 113 115 111 108 107 1930 _ 98 106 106 111 107 102 86 86 96 102 100 92 99 1931 90 93 101 101 99 92 82 80 89 96 94 89 92 1932 _ 84 85 88 86 84 79 69 67 75 80 79 74 79 1933__: 71 72 70 77 75 75 69 70 79 84 84 82 76 1934 79 83 89 93 90 89 78 79 89 93 93 92 87 1935 89 92 97 97 95 93 80 81 95 100 102 104 94 1936 91 95 105 107 107 103 89 92 104 113 122 111 103 1937 _ 103 108 113 116 115 109 94 95 109 116 105 105 107 1938 96 97 100 102 98 92 84 83 97 106 103 100 1939 91 95 99 105 99 99 85 88 105 110 106 109 1940 93 99 107 108 110 107 1941 Adjusted for seasonal variation 1923 71 71 71 72 71 74 75 74 72 73 73 76 1924 74 77 78 78 78 81 77 77 78 78 80 80 1925 80 81 82 80 83 80 82 86 85 88 90 89 1926 92 94 92 93 94 93 94 94 97 98 95 95 1927 98 97 95 101 99 98 100 96 100 97 96 100 1928 99 97 99 98 99 98 97 101 100 99 107 103 1929 105 106 107 103 106 110 104 107 113 108 106 108 1930 101 106 101 104 103 102 98 98 96 96 95 92 1931 92 93 96 95 95 92 93 91 89 91 90 89 1932 87 85 84 80 80 79 78 77 75 76 75 74 1933 73 72 66 72 72 75 78 79 79 80 80 82 1934 82 83 84 87 86 88 90 90 89 88 89 91 1935 92 93 93 90 91 92 92 92 95 95 97 102 1936 96 96 100 100 103 102 102 105 104 106 116 108 1937 109 109 109 109 110 108 108 108 108 109 100 103 1938 _ _ _ _ 101 98 96 95 94 91 96 94 96 99 98 98 1939 96 96 95 98 95 98 97 99 104 103 101 107 1940 . 98 100 103 101 106 106 1941 Seasonal adjustment factors 1940... 95 99 104 107 104 101 87 88 101 107 105 102 OS OS PRODUCTION OF PETROLEUM AND COAL PRODUCTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Without seasonal adjustment 1923 55 55 56 57 57 58 57 56 56 56 56 56 1924 57 60 61 61 59 56 54 55 57 59 61 63 1925 . 66 68 67 67 67 69 69 69 68 70 72 72 1926 73 74 73 75 75 75 75 75 77 77 79 79 1927 . 78 79 79 78 77 77 78 78 79 79 80 79 1928 78 81 82 84 85 87 87 89 91 91 91 91 1929 91 93 93 95 96 97 98 100 99 101 97 94 1930 90 93 92 95 95 91 89 87 87 84 80 79 1931 76 79 80 84 83 81 81 81 80 80 78 75 1932 71 71 70 72 72 72 68 65 65 67 68 66 1933 67 67 67 69 73 77 80 79 81 78 75 72 1934 75 76 77 80 81 81 79 79 77 78 79 79 1935 . 79 82 81 80 83 85 85 86 89 91 92 92 1936 90 92 89 94 96 96 96 99 101 102 102 104 1937 103 105 104 106 108 108 110 111 115 114 109 103 1938 101 99 96 98 97 94 97 100 103 105 106 103 1939 104 103 103 105 103 108 107 111 114 122 121 118 1940 116 115 114 115 115 1941 Adjusted for seasonal variation 1923 55 55 55 57 58 58 58 57 57 56 55 56 1924 57 59 60 60 59 56 54 56 58 59 60 63 1925 66 67 66 66 67 69 69 70 69 70 71 72 1926 73 74 73 74 75 75 76 76 77 77 79 79 1927 79 78 78 77 76 76 78 78 79 79 79 1928 80 81 82 83 85 87 87 89 90 91 91 1929 94 94 93 94 96 97 98 100 97 100 97 1930 93 94 93 94 93 91 89 86 86 83 80 1931 79 80 82 83 82 81 81 80 79 79 78 1932 74 72 72 72 71 71 68 65 64 66 68 1933 69 67 69 69 73 76 79 79 79 77 75 1934 77 77 79 80 80 80 78 79 76 77 79 1935 81 83 83 80 83 84 84 85 88 90 91 1936 91 93 92 95 95 95 96 98 99 100 101 1937 105 107 107 107 108 107 110 1 110 114 112 108 1938 103 100 100 98 97 93 96 99 101 103 105 1939 106 105 107 105 103 107 106 110 112 120 120 1940 117 116 118 115 114 1941 00 OC oot Year 56 59 69 76 78 87 96 89 80 69 74 79 85 97 108 100 110 95 80 76 67 73 80 93 104 104 104 119 AUGUST 1940 869 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PETROLEUM REFINING 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 .- -. -- 45 45 45 46 46 47 46 46 46 47 48 48 46 1924 49 51 52 54 54 52 50 52 53 53 55 56 53 1925 57 60 59 60 61 64 64 64 62 62 63 62 62 1926 _. _ 63 64 65 67 68 68 68 68 69 70 72 72 68 1927 72 72 72 71 70 71 72 72 74 74 75 74 72 1928 72 75 75 78 79 81 82 85 86 86 85 85 81 1929 85 86 85 88 89 90 91 94 93 95 91 89 90 1930 84 88 87 90 90 87 85 84 85 82 78 78 85 1931 74 76 78 83 82 81 82 83 82 82 80 77 80 1932 73 73 71 75 76 76 72 69 68 70 71 68 72 1933 69 69 70 72 75 78 80 79 81 78 76 72 75 1934 : 75 76 75 79 79 80 81 81 79 80 81 81 79 1935 79 82 80 80 83 86 86 87 90 92 92 91 86 1936 89 91 88 93 94 94 95 96 98 99 99 100 95 1937 99 101 99 102 104 105 107 107 112 114 111 106 106 1938 - _- 105 102 99 102 102 98 102 104 106 107 107 104 103 1939 •__. 106 104 104 108 109 111 108 112 114 121 118 115 111 1940 112 113 113 114 113 1941 Adjusted for seasonal variation 1923 45 45 45 45 46 46 46 46 47 47 47 49 1924 - _. _ . . 49 51 52 53 53 52 51 52 53 53 54 56 1925 58 60 59 60 60 63 64 64 62 63 62 63 1926 64 64 65 66 67 67 68 69 69 70 71 73 1927 73 72 72 70 69 70 72 72 73 74 75 75 1928 74 76 76 78 79 81 82 84 85 85 85 86 1929 - 88 87 87 87 88 89 90 92 90 94 91 90 1930 88 89 89 89 88 87 85 83 84 80 78 79 1931 78 78 80 82 81 80 82 82 80 80 79 78 1932 76 74 74 74 75 75 71 68 67 69 70 69 1933 n 70 72 72 75 78 78 78 79 77 76 73 1934 77 78 79 79 79 80 80 77 78 80 82 1935 77 83 83 80 83 85 85 86 88 90 91 92 1936 _ _ _. ._ 81 92 91 93 93 93 94 95 96 97 98 101 1937 91 103 103 102 104 104 106 106 110 111 109 107 1938 101 104 103 102 101 98 101 103 104 105 106 105 1939 107 106 108 108 108 110 107 111 112 118 117 116 1940 108 115 117 114 113 1941 _. 114 GASOLINE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 33 33 33 34 33 35 33 34 34 35 33 35 34 1924 36 38 39 41 41 40 39 40 41 40 41 42 40 1925 44 47 45 47 48 51 51 51 49 50 50 49 49 1926 51 52 53 55 56 57 56 57 58 58 60 61 56 1927 61 61 61 60 59 60 62 62 63 64 65 63 62 1928 62 63 65 67. 68 70 73 75 77 76 75 75 70 1929 _- __ 76 76 76 79 80 81 83 85 85 88 85 82 81 1930 79 81 81 85 85 83 82 82 83 80 75 75 81 1931 71 75 76 82 85 83 83 85 84 84 81 78 81 1932 72 74 71 76 77 77 73 72 70 73 73 69 73 1 1 9 9 3 3 3 4 6 7 7 3 6 7 8 5 7 7 2 0 7 7 3 8 7 7 6 6 8 7 0 9 8 8 1 1 8 8 1 2 8 7 3 9 8 7 0 9 8 7 1 5 7 7 0 9 7 7 5 8 1935 78 80 78 79 83 87 90 89 91 92 92 90 86 1936 __ . __ . 87 88 85 91 92 95 96 98 100 101 98 98 94 1937 96 99 98 101 103 104 106 108 113 113 109 104 105 1938 103 99 97 102 103 101 105 107 108 109 109 105 104 1939 106 104 104 108 109 112 111 114 116 120 119 114 111 1940 - 108 109 109 111 111 1941 Adjusted for seasonal variation 1923 33 33 33 33 33 34 33 34 34 35 33 35 1924 _ 36 38 39 40 40 39 39 40 41 40 41 43 1925 44 47 45 47 48 50 51 51 50 50 50 50 1926 52 52 53 55 55 56 56 57 58 59 60 62 1927 62 62 61 60 58 60 62 62 62 64 65 64 1928 64 64 65 66 67 69 72 74 75 75 75 76 1929. _ 79 79 78 78 79 80 82 83 82 86 85 84 1930 83 84 84 84 83 82 81 80 81 78 75 76 1931 75 78 80 81 83 82 83 83 82 81 80 80 1932 . 77 76 75 76 76 76 72 71 68 71 72 70 1933 71 70 73 72 76 79 78 78 81 77 74 71 1934 77 77 76 78 76 77 79 80 76 78 80 81 1935 . _ 81 82 82 80 83 85 87 87 88 90 91 91 1936 : 91 90 90 92 92 93 93 95 97 98 97 101 1937 100 103 103 102 103 102 103 105 110 110 108 106 1938 __ 107 102 102 103 103 99 102 104 105 106 108 107 1939 111 107 109 109 109 110 108 110 112 117 118 116 1940 112 112 115 112 111 1941 Seasonal adjustment factors 1940 96 97 95 99 100 102 103 103 103 103 101 98 870 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FUEL OIL PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 65 65 63 66 63 66 69 66 70 70 71 70 67 1924 . 69 72 73 75 75 75 72 76 75 76 77 78 75 1925 77 77 79 83 83 92 95 92 87 87 83 85 85 1926 79 82 82 82 83 83 86 85 87 89 90 92 85 1927 _-_ 91 92 89 90 92 90 92 93 92 93 93 93 91 1928 91 94 95 96 98 101 101 103 105 102 102 103 99 1929 . 101 105 103 107 106 106 104 107 106 107 102 100 105 1930 90 95 88 91 92 88 85 82 85 82 82 81 87 1931 78 78 80 84 79 80 78 79 78 77 76 74 78 1932 73 69 71 72 71 69 68 64 66 65 67 68 69 1933- 71 71 72 71 73 76 79 74 76 77 72 72 74 1934 76 77 78 76 77 80 78 80 79 77 79 80 78 1935- . 77 80 81 76 82 82 81 82 88 89 91 96 84 1936 95 101 93 93 94 92 93 94 96 98 100 103 96 1937 107 102 99 99 104 105 109 106 113 115 113 111 107 1938 110 110 103 103 100 95 99 101 107 108 106 107 104 1939 110 104 106 108 108 109 105 106 111 117 113 113 109 1940_ 122 120 119 115 113 1941 Adjusted for seasonal variation 1923 _._ 66 65 64 65 63 66 69 65 69 70 71 70 1924 71 72 74 75 75 75 72 75 74 76 77 78 1925 78 77 80 83 83 92 95 91 86 87 83 85 1926 81 82 83 81 83 83 86 85 86 89 90 92 1927 __ 93 92 90 89 92 90 92 92 91 93 93 93 1928 - 93 94 96 96 98 101 101 102 104 102 102 103 1929 103 105 104 106 106 106 104 106 105 107 102 100 1930 92 95 89 90 92 88 85 81 84 82 82 81 1931. 79 78 80 83 79 80 78 79 77 77 76 74 1932 73 69 71 71 71 69 68 66 65 65 67 68 1933 70 71 72 71 73 76 79 76 75 77 72 72 1934 _. _ . 75 76 78 78 77 80 79 81 78 77 78 79 1935 77 80 81 78 82 82 83 84 87 89 90 94 1936 . . 94 100 94 95 94 93 95 96 95 97 100 101 1937 _ 104 101 101 101 104 106 111 108 112 114 112 109 1938- 107 108 105 105 100 96 101 103 106 107 105 105 1939 _ _ 106 103 108 110 108 110 107 108 110 116 112 111 1940 119 119 121 117 113 1941 . , . Seasonal adjustment factors 1940 103 101 98 98 100 99 98 98 101 101 101 102 LUBRICATING OIL PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 76 75 80 82 92 87 82 77 79 77 87 86 82 1924 83 88 89 88 92 88 77 81 82 85 86 92 86 1925_ 91 98 104 97 96 95 92 99 98 96 100 100 97 1926 98 100 97 102 105 102 104 98 101 102 104 99 101 1927 _ _ 95 96 101 100 97 98 98 101 106 102 94 103 99 1928 98 107 106 115 114 114 104 106 108 110 105 110 108 1929 _ 108 102 108 110 111 111 108 116 109 106 97 102 107 1930 106 111 115 121 117 111 111 109 104 94 92 92 107 1931- 90 83 84 88 83 79 86 85 82 83 82 75 83 1932 77 78 72 73 75 87 72 58 63 63 63 60 70 1933 67 66 65 71 78 70 72 74 78 78 90 81 74 1934 81 76 79 88 95 84 81 79 80 79 80 86 82 1935 81 85 83 88 88 86 81 88 90 91 93 91 87 1936 — 85 87 93 102 102 95 97 98 98 97 101 102 97 1937 98 111 106 116 116 113 110 107 111 118 112 108 110 1938 103 101 99 96 96 90 97 95 100 97 96 88 96 1939 93 103 98 102 105 107 101 113 109 132 125 128 110 1940 122 122 123 125 123 1941- - - _ _ Adjusted for seasonal variation 1923 79 76 80 81 89 86 83 78 81 78 85 85 1924. 85 89 88 86 88 86 77 83 84 86 85 91 1925 _ 94 99 103 95 92 93 93 101 100 97 100 99 1926 , 101 101 96 100 101 100 105 99 102 102 105 99 1927 98 97 100 98 94 96 99 102 106 102 96 103 1928 101 108 106 113 110 112 105 106 108 110 107 110 1929 112 103 108 108 107 109 108 116 109 106 99 103 1930 109 112 115 118 114 111 111 109 104 94 93 93 1931 - - 92 84 86 86 81 79 86 85 82 83 82 76 1932 _ 78 79 73 71 73 87 72 59 63 63 63 60 1933 68 67 67 69 75 70 73 75 78 78 90 82 1934 82 77 81 86 91 84 82 80 80 79 80 87 1935 _ 83 85 85 85 85 86 82 89 90 91 93 92 1936 _ 88 88 94 98 98 95 98 99 98 97 101 103 1937 101 112 107 112 111 113 111 108 111 118 112 109 1938 106 102 100 93 92 90 98 96 100 97 96 89 1939 96 104 99 98 101 107 102 114 109 132 125 129 1940 126 124 124 120 118 1941 Seasonal adjustment factors 1940 97 99 99 104 104 100 99 99 100 100 100 99 AUGUST 1940 871 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KEROSENE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 96 90 86 85 86 84 85 84 90 87 103 106 90 1924 98 95 90 95 90 86 88 92 99 105 109 110 97 1925 _ 112 107 99 94 91 90 87 85 92 97 99 101 96 1926 97 100 105 99 99 98 93 98 102 97 105 103 100 1927 97 94 91 90 89 85 85 84 92 93 95 92 90 1928 94 96 90 97 97 95 93 101 97 98 97 91 96 1929 87 92 84 85 90 94 83 93 90 98 94 91 90 1930 85 92 90 87 82 79 75 75 75 74 70 68 79 1931 68 67 70 67 64 67 70 70 64 70 75 71 68 1932 _ 72 65 67 74 78 69 69 66 68 66 75 78 71 1933 ... 83 78 74 79 79 82 81 78 79 76 79 81 79 1934 86 83 87 91 86 83 82 83 84 93 94 91 87 1935 95 101 99 85 85 87 80 83 88 95 96 88 90 1936 90 90 90 97 88 86 85 82 87 89 94 104 90 1937 _ 112 102 98 96 101 100 104 109 105 109 115 110 105 1938 107 109 110 107 107 103 93 94 105 101 106 109 104 1939 -_. 108 109 112 114 112 107 102 110 114 117 111 111 110 1940 102 121 125 123 126 1941 . Adjusted for seasonal variation 1923 92 89 89 86 90 91 92 90 90 82 94 98 1924 95 93 92 96 94 92 94 98 98 101 101 102 1925 109 105 100 95 94 95 94 90 91 94 93 94 1926 _. 95 98 106 100 101 101 100 103 101 95 99 98 1927 96 92 92 91 89 86 91 86 91 90 90 91 1928 94 95 90 98 98 97 98 102 96 95 93 90 1929 87 90 85 86 91 96 87 93 89 95 91 90 1930 85 91 90 88 83 81 78 75 75 72 68 67 1931 _. ._ 67 66 69 67 65 68 73 70 65 69 73 70 1932 70 64 66 72 78 71 72 68 69 66 72 77 1933 . 80 77 73 78 79 83 84 81 80 76 76 81 1934 82 82 86 89 86 84 86 87 85 93 91 90 1935 _ 91 100 98 83 85 88 84 87 90 95 93 87 1936 86 89 89 95 88 88 89 85 89 89 91 103 1937 107 101 98 94 101 102 110 113 108 109 112 109 1938 102 108 109 105 107 105 98 98 107 101 103 108 1939 103 108 111 112 112 109 108 114 116 117 107 109 1940 97 120 123 120 126 Seasonal adjustment factors 1940 105 101 101 102 100 98 95 96 98 100 103 101 COKE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 114 119 123 128 127 125 123 119 118 Ill 107 106 118 1924 108 114 116 108 93 82 76 78 85 94 98 110 97 1925 117 119 117 112 106 104 101 102 108 114 127 131 113 1926 134 138 128 125 123 122 122 121 123 125 126 120 126 1927 120 123 126 123 120 117 114 114 115 114 110 111 117 1928 . 119 122 125 124 125 123 118 120 124 129 130 132 124 1929 134 139 142 141 144 145 143 143 141 141 136 127 140 1930 124 131 129 129 125 120 111 106 102 100 94 90 114 1931 90 94 95 94 90 81 74 70 69 69 68 64 80 1932 61 62 60 56 50 46 44 42 46 50 52 52 52 1933 _ 52 54 49 49 55 66 80 84 80 74 71 71 66 1934 72 81 87 86 91 89 68 66 65 67 68 70 76 1935 81 89 84 79 80 77 73 79 84 88 93 98 84 1936 96 98 94 103 108 110 107 112 115 120 123 128 110 1937... . 129 132 134 133 133 123 131 134 135 119 98 83 124 1938 80 80 77 72 65 61 62 71 79 89 97 96 77 1939 96 98 98 85 68 91 96 104 116 133 141 140 105 1940 138 125 120 118 122 131 1941 Adjusted for seasonal variation • 1923 112 114 116 125 131 129 130 125 121 110 106 106 1924 107 109 110 106 95 84 79 81 86 93 98 110 1925 116 115 111 110 108 106 104 105 110 114 126 131 1926 ... 132 132 122 122 125 124 127 125 125 124 125 122 1927 119 119 120 121 120 118 117 117 116 114 110 113 1928 119 119 120 121 125 124 121 124 125 129 130 134 1929 . 134 135 137 138 145 146 148 148 142 139 136 129 1930 125 128 125 127 126 121 114 108 104 99 94 91 1931 91 91 92 92 90 81 76 72 70 68 68 65 1932 . 61 60 60 55 50 46 45 43 46 50 52 52 1933 52 52 48 50 56 67 82 85 81 74 70 71 1934 72 86 86 92 89 70 66 65 67 68 70 1935 81 87 83 79 80 77 75 80 84 88 93 97 1936 96 96 93 104 109 110 no 113 116 120 123 127 1937 128 129 132 134 136 125 135 136 136 119 97 82 1938 80 79 76 73 66 61 63 71 79 88 97 96 1939 96 96 97 85 68 91 98 104 116 133 140 139 1940 137 123 118 119 123 132 1941 . 872 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BYPRODUCT COKE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 90 92 95 96 97 95 95 94 94 90 88 87 93 1924 90 93 94 90 82 73 69 71 76 84 88 95 84 1925 99 100 100 99 95 95 92 92 95 99 107 109 99 1926 110 112 110 108 108 109 110 109 109 110 112 107 110 1927 108 110 113 111 110 108 106 107 108 108 105 106 108 1928 114 116 118 118 119 119 114 117 119 123 125 126 119 1929 127 132 134 134 136 135 134 135 132 134 130 121 132 1930 121 128 127 127 123 118 109 105 101 99 94 89 112 1931 _ . 90 93 94 94 91 81 74 71 69 69 68 65 80 1932 61 62 61 57 51 46 44 43 46 50 53 52 52 1933_ _ __ 52 53 48 50 56 67 81 85 81 75 70 71 66 1934 72 80 86 86 93 90 69 66 65 67 68 70 76 1935_ „ _ 81 89 85 80 81 78 74 81 85 89 94 98 84 1936 96 98 95 104 109 111 108 113 115 119 122 127 110 1937- 127 129 131 131 130 121 129 133 133 117 97 82 121 1938 80 80 77 73 66 62 63 72 80 90 98 97 78 1939 98 99 100 87 69 93 98 106 117 131 137 137 106 1940 137 125 120 120 123 131 1941 Adjusted for seasonal variation 1923 90 90 92 95 97 95 97 96 95 90 88 89 1924. _ 90 91 91 89 82 73 70 73 77 84 88 97 1925—_ 99 99 97 98 95 95 94 94 96 99 107 111 1926 110 110 107 106 108 109 112 111 111 110 112 110 1927— 108 108 109 109 110 108 108 109 109 108 105 108 1928 114 114 115 116 119 119 116 119 120 123 125 128 1929 128 129 130 131 136 135 137 138 134 133 130 124 1930 122 125 123 124 123 118 111 107 102 98 94 91 1931 91 91 93 92 91 81 76 72 70 69 68 65 1932 62 61 60 56 51 46 45 43 47 50 53 52 1933 52 52 48 50 56 67 83 85 81 75 70 71 1934 73 79 85 86 93 90 71 66 65 67 68 70 1935 _ „ . 82 88 84 80 81 78 76 81 85 89 94 98 1936 96 97 94 104 109 111 111 113 115 119 122 127 1937 127 127 129 131 130 121 131 133 133 117 97 82 1938 80 79 77 73 66 62 64 72 80 90 98 97 1939 98 98 99 87 69 93 100 106 117 131 137 137 1940 137 124 119 120 123 131 1941 Seasonal adjustment factors 1940.. __—_.. 100 101 101 100 100 100 98 100 100 100 100 100 BEEHIVE COKE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 1,138 1,283 1,346 1,475 1,407 1,402 1,315 1,150 1,141 993 881 884 1,201 1924 _ 876 993 1 059 851 578 455 353 342 412 479 516 710 637 1925 886 897 790 633 526 468 416 475 588 762 991 1,026 704 1926 . _ 1 112 1 224 898 792 714 654 634 606 661 699 693 629 774 1927 600 623 654 594 480 442 370 357 348 319 289 287 447 1928 285 308 328 298 276 230 216 212 248 308 316 314 278 1929 _ _ 368 380 425 373 459 500 479 431 418 361 329 286 401 1930 227 224 214 222 193 200 158 125 124 126 128 126 172 1931 103 116 98 71 62 57 50 46 51 67 67 54 70 1932— 55 56 52 35 29 26 25 25 29 42 51 59 40 1933 66 73 72 40 37 41 58 56 50 38 76 75 56 1934 _ . 79 107 119 57 47 46 40 32 44 55 72 67 64 1935 62 73 74 48 39 45 33 39 43 63 74 91 57 1936 95 111 76 63 60 65 77 89 114 159 174 182 106 1937 203 237 255 229 242 204 211 192 188 167 125 100 196 1938 85 82 68 54 42 37 32 34 40 45 50 56 52 1939 _ 58 58 50 15 18 39 36 32 57 198 269 253 89 1940 170 120 100 76 76 116 1941 Adjusted for seasonal variation 1923. 1 053 1 116 1 141 1 432 1 618 1,612 1 547 1 353 1,254 964 816 804 1924 811 863 897 826 664 523 415 403 453 465 478 645 1925 820 780 669 614 605 538 489 559 647 740 918 933 1926 1 029 1 064 761 768 794 751 746 713 711 678 642 599 1927 572 551 554 577 516 496 435 420 375 310 268 274 1928 272 273 278 290 290 259 254 255 267 299 293 300 1929 350 337 361 362 : 483 561 563 520 450 351 305 272 1930 __ 216 198 181 222 203 225 186 150 133 122 119 116 1931 95 97 83 75 69 64 58 57 57 65 61 48 1932... 49 44 43 39 36 30 30 31 34 41 46 50 1933 56 55 58 44 50 50 69 70 60 37 69 64 1934 68 79 95 63 62 57 49 41 53 54 • 65 57 1935— 53 54 59 54 52 55 40 49 52 62 67 78 1936 81 83 61 70 80 79 93 112 137 154 158 155 1937 . 174 175 204 255 323 248 255 240 227 162 114 86 1938 72 61 54 60 56 45 39 43 48 44 45 48 1939 50 43 40 17 23 47 44 40 69 192 244 217 1940 - 145 89 80 84 101 142 1941 Seasonal adjustment factors 1940 117 135 125 90 75 82 83 80 83 103 110 117 AUGUST 1940 873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF CHEMICALS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 56 57 58 57 56 56 57 56 59 60 58 59 57 1924 57 58 59 59 57 53 52 52 55 57 59 60 56 1925 59 61 63 62 61 59 60 61 63 68 70 70 63 1926_ 69 69 71 71 68 69 66 67 71 73 73 73 70 1927 _ _ 73 76 76 76 71 71 68 70 72 74 74 76 73 1928 73 76 76 76 73 73 75 76 80 84 85 87 78 1929. _. 85 88 89 90 85 85 87 88 90 93 93 91 89 1930 94 94 95 92 90 85 84 83 84 85 84 82 87 1931. _ 78 80 81 82 82 78 76 75 76 78 74 72 78 1932 73 74 72 73 68 59 56 56 66 71 71 71 68 1933. 69 70 69 71 71 76 80 79 81 84 82 82 76 1934 81 85 86 86 79 78 79 80 82 86 84 85 83 1935 85 86 91 88 85 85 85 87 92 96 94 94 89 1936 92 91 97 96 96 94 94 98 105 108 108 108 99 1937 __ 108 111 116 118 114 112 109 112 117 116 110 102 112 1938 _ 95 97 101 95 92 87 86 93 100 102 99 100 96 1939 99 100 104 105 101 98 97 97 108 116 113 114 104 1940 111 111 113 114 113 P112 1941 Adjusted for seasonal variation 1923. 56 56 55 56 57 59 60 59 59 59 67 57 1924 57 56 57 57 58 55 55 55 56 56 57 58 1925 58 60 61 60 62 61 63 64 64 66 69 68 1926_ 69 68 68 69 69 72 69 71 72 71 71 70 1927 73 73 73 74 73 74 71 73 73 73 73 73 1928... 72 74 74 74 75 77 79 80 81 82 83 85 1929 85 85 86 88 87 89 91 91 91 91 90 90 1930 93 92 92 90 91 89 88 86 85 82 82 81 193r 78 79 79 80 82 82 80 78 76 75 72 72 1932 — . 74 73 72 71 69 62 59 59 66 68 70 70 1933 69 69 68 69 73 79 84 81 80 80 81 81 1934 _ . 82 84 84 84 81 82 83 83 81 82 82 84 1935 86 86 87 86 87 88 90 90 91 92 92 94 1936 93 91 94 93 97 98 100 101 103 104 105 107 1937 109 111 112 115 115 117 116 115 115 111 108 101 1938 _ 96 97 97 92 93 92 92 96 98 98 97 99 1939 100 100 100 102 102 103 104 100 106 111 111 112 1940 113 111 109 111 114 P118 Seasonal adjustment factors 1940 99 100 104 108 99 95 94 97 102 104 102 101 Preliminary. PRODUCTION OF RUBBER PRODUCTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 72 79 86 74 86 61 45 48 48 50 52 57 63 1924... 67 63 68 64 61 55 54 69 77 73 74 67 66 1925 73 82 81 82 89 86 86 88 83 73 79 72 81 1926 .._ _ . 86 86 80 82 80 74 73 88 89 80 75 68 80 1927 82 86 88 96 94 89 82 84 77 76 75 70 83 1928 94 94 94 92 99 99 101 104 113 100 99 85 98 1929 108 114 115 119 123 114 104 93 94 84 74 61 100 1930 88 87 88 97 99 88 72 76 65 64 62 52 78 71 77 80 81 96 92 77 69 60 53 58 50 72 1932 73 77 65 64 73 94 71 51 56 52 54 41 64 1933 53 52 39 62 99 115 120 97 86 72 68 69 77 1934 84 97 104 104 97 93 77 72 75 68 80 87 86 1935 103 103 95 98 91 86 79 84 90 88 98 96 93 1936 105 85 92 112 115 116 106 106 108 109 122 112 107 1937 122 127 118 118 124 116 99 94 104 90 79 63 104 1938 70 62 68 67 71 72 81 87 94 98 113 110 83 1939 .. 109 106 110 107 101 108 107 112 124 128 129 118 113 1940 122 117 116 114 117 115 1941 Adjusted for seasonal variation 1923 70 75 85 71 82 60 45 45 47 52 56 68 1924 66 60 67 60 59 54 55 65 75 77 80 80 1925. 71 78 80 78 84 85 87 83 81 77 85 86 1926 84 81 79 78 76 73 74 83 87 85 81 81 1927 81 81 87 91 90 86 82 80 75 81 81 83 1928 91 88 90 88 90 96 101 104 110 108 108 108 1929 104 106 107 109 107 107 102 94 96 93 85 81 1930 85 81 82 88 84 77 71 78 70 73 72 70 1931 .. . .. 68 71 75 73 82 79 75 73 65 61 67 67 1932 71 70 62 58 63 80 69 57 60 60 60 55 1933 51 48 37 55 89 103 122 107 93 83 74 80 1934 81 88 99 93 89 86 83 80 81 79 85 91 1935 98 94 93 89 86 84 84 90 95 97 99 101 1936 101 82 94 104 108 113 113 114 113 114 118 117 1937 118 123 120 116 117 113 106 99 102 93 77 66 1938 69 63 68 68 71 72 81 87 93 98 110 115 1939 106 108 110 108 101 108 107 112 122 128 126 123 1940 119 119 116 115 117 115 1941. ._ 874 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RUBBER CONSUMPTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 60 1924.... _ 61 1925 68 77 76 77 83 81 81 83 78 69 75 67 76 1926 81 81 74 77 74 68 68 82 83 76 72 63 75 1927.. _ 78 81 82 90 88 83 77 79 72 72 71 65 78 1928 90 87 88 86 92 93 95 97 106 93 95 80 92 1929 103 109 109 114 118 108 100 90 91 82 73 59 96 1930... 86 84 86 94 95 84 70 73 63 62 62 51 76 1931 69 74 77 78 92 88 73 66 58 51 58 49 70 1932 72 75 64 62 71 90 69 50 55 51 54 41 63 1933 53 52 38 60 97 112 118 95 84 71 67 68. 76 1934 _ 84 96 102 103 96 91 77 72 75 68 80 86 86 1935 102 102 94 97 91 85 79 83 89 88 98 96 92 1936 106 85 93 113 115 116 105 105 107 108 122 111 108 1937 . 122 127 117 118 124 116 100 94 104 90 80 64 104 1938 71 62 69 67 72 72 81 87 94 98 114 109 83 1939 110 106 111 107 101 108 107 112 124 129 131 119 113 1940 123 117 116 114 116 114 1941 _ Adjusted for seasonal variation 1923 _. 1924___. 1925 66 73 76 73 80 80 81 77 76 72 81 81 1926. 79 77 74 73 71 67 68 77 81 80 77 76 1927 76 77 82 86 84 80 77 75 70 76 77 79 1928.... _ 86 81 84 82 84 90 94 97 104 100 102 102 1929. 99 101 102 104 102 102 98 91 94 91 83 79 1930..-.. 82 79 80 85 81 74 69 76 68 71 70 67 1931 66 69 72 71 78 76 72 71 62 59 66 66 1932 _ _ 69 68 61 56 62 77 68 55 59 59 59 54 1933. _ _ 50 47 36 54 88 101 121 106 91 81 72 78 1934 80 87 98 92 89 86 83 80 80 78 84 90 1935 98 93 92 89 85 83 85 90 95 97 99 101 1936... _ 101 82 95 103 107 112 113 113 113 114 118 117 1937 118 123 119 115 116 113 107 101 102 93 77 67 1938 69 64 69 68 72 72 81 87 93 98 111 115 1939 107 108 111 108 101 108 107 112 121 129 127 125 1940 120 120 116 115 116 114 1941 Seasonal adjustment factors 1940 103 98 100 99 100 100 100 100 102 100 103 95 TIRE AND TUBE PRODUCTION 1935.39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 100 112 121 117 115 96 67 75 76 76 82 84 93 1924 102 109 111 105 99 89 85 110 123 124 117 111 107 1925 117 129 127 128 136 130 133 139 129 109 114 117 126 1926 127 130 126 127 127 127 119 141 144 124 105 107 125 1927 120 127 142 152 150 143 125 130 119 113 109 107 128 1928 129 154 155 150 157 158 156 168 175 160 143 135 153 1929 144 162 165 169 174 166 138 122 114 103 83 75 135 1930 104 114 114 129 133 122 91 99 82 80 68 66 100 1931 . 86 99 106 112 135 129 111 94 77 67 62 60 95 1932 84 92 80 82 90 128 86 67 61 59 54 46 77 1933. 53 58 45 76 117 138 140 110 98 79 72 74 88 1934 88 107 118 113 101 102 80 77 78 72 79 93 92 1935 . ... 104 109 102 101 94 96 79 90 96 89 100 96 96 1936 ._ 101 87 81 107 114 122 114 116 116 113 120 116 109 1937 _ 120 127 125 126 128 116 98 88 100 91 71 61 104 1938 65 55 59 63 64 67 82 89 94 101 100 113 79 1939 106 106 109 106 99 111 112 118 125 121 114 109 111 1940 110 114 117 115 121 126 1941 Adjusted for seasonal variation 1923 101 104 111 110 109 94 71 72 74 81 91 96 1924 104 101 102 99 94 87 90 106 120 131 129 127 1925 119 120 117 122 129 128 141 134 125 115 126 134 1926 129 121 116 120 120 123 127 136 140 131 119 123 1927 123 118 130 142 140 137 131 126 117 121 123 125 1928 134 143 142 140 143 148 160 164 172 172 167 165 1929 150 150 152 152 150 148 139 120 113 111 104 101 1930 108 106 105 113 111 101 90 98 90 91 89 90 1931 90 92 98 98 112 105 101 95 87 80 82 83 1932 88 85 74 71 76 104 78 71 70 70 70 60 1933 56 54 40 66 101 118 126 116 109 94 91 90 1934 91 99 109 101 94 91 80 82 84 85 90 99 1935 104 101 94 91 91 89 79 91 96 96 100 99 1936 101 87 81 106 114 117 114 116 116 118 120 117 1937 120 127 125 126 128 116 98 88 100, 91 71 61 1938 65 55 59 63 64 69 82 89 94 < 101 100 113 1939 106 106 109 106 99 111 112 118 125 121 114 109 1940 110 114 117 115 121 126 1941 875 AUGUST 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PNEUMATIC TIRE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 95 107 115 112 111 92 63 69 69 69 76 79 88 1924 98 104 106 100 94 83 78 100 112 113 108 104 100 1925 . 110 122 120 122 130 123 125 130 119 101 105 109 118 1926 _ 118 121 119 122 122 124 115 134 136 119 103 104 120 1927 118 127 137 147 146 141 124 126 115 111 107 105 125 1928.. 127 151 152 147 154 156 154 163 173 160 144 136 152 1929 144 161 164 168 174 166 138 121 111 101 82 73 134 1930 102 113 113 129 133 122 91 97 80 78 67 64 99 1931 86 99 106 113 135 129 110 91 75 66 62 60 95 1932 84 92 80 82 91 129 88 68 60 60 55 46 78 1933 54 58 45 76 118 139 139 109 97 78 72 75 88 1934 89 108 117 113 101 103 79 76 77 71 79 94 92 1935. 104 109 103 102 94 97 80 90 94 87 99 96 96 1936 100 86 79 106 113 122 114 114 114 112 119 116 109 1937 119 126 123 125 128 116 98 87 100 91 71 62 104 1938.. 65 55 59 64 64 70 83 89 94 101 100 114 80 1939. 108 107 110 107 101 112 114 119 126 122 115 111 112 1940 ._ 112 116 118 115 122 127 Adjusted for seasonal variation 1923 96 99 106 105 104 89 67 67 68 74 86 91 1924 99 96 98 94 88 81 82 97 111 122 121 120 1925 111 113 110 114 121 120 133 127 118 108 118 125 1926. _ 119 112 109 114 114 119 122 131 134 128 116 120 1927. 120 117 126 137 137 135 129 125 114 120 120 122 1928 _ 131 140 140 137 141 146 158 162 171 172 166 164 1929 150 149 150 152 150 149 138 120 111 108 103 98 1930 106 105 104 112 109 101 89 96 89 89 89 89 89 92 97 98 111 104 98 94 88 80 82 84 1932 88 85 74 71 76 104 78 72 70 72 71 61 1933 56 54 41 66 102 118 124 116 110 94 91 91 1934 92 100 107 100 93 91 79 81 83 86 90 98 1935 .. 104 101 94 92 91 89 80 91 94 95 99 98 1936 100 86 79 106 113 118 114 114 114 116 119 116 1937 119 126 123 125 128 116 98 87 100 91 71 62 1938 65 55 59 64 64 70 83 89 94 101 100 114 1939 108 107 110 107 101 112 114 119 126 122 115 111 1940. 112 116 118 115 122 127 1Q4.1 Seasonal adjustment factors 1940 100 100 100 100 100 100 100 100 100 100 100 100 INNER TUBE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 126 140 152 141 137 117 87 109 116 118 115 112 122 1924 124 135 137 128 122 116 123 163 183 180 163 150 144 1925 154 165 167 163 170 166 176 186 181 154 163 167 168 1926 173 178 161 156 156 147 140 177 189 151 121 123 156 1927 ._. 133 129 165 180 168 150 134 148 141 123 119 121 143 1928 136 172 169 166 171 170 166 191 189 159 139 132 163 1929 146 165 171 171 171 166 138 128 135 114 90 87 140 1930 110 121 120 131 135 123 94 117 95 90 71 73 107 1931 88 102 106 110 135 128 116 108 86 72 64 62 98 1932 86 95 80 79 85 126 75 63 65 53 50 43 75 1933 52 58 43 73 112 130 143 113 98 84 71 67 87 1934 . 84 106 123 117 103 101 87 83 85 73 78 91 94 1935 101 108 102 101 92 90 77 92 107 100 102 100 97 1936 108 92 89 114 119 119 117 124 127 127 123 121 116 1937 126 133 133 134 130 112 100 93 101 94 72 54 107 1938 62 58 58 56 58 66 76 91 95 99 100 108 77 1939 101 99 102 100 89 100 102 108 116 118 112 98 103 1940 101 104 108 109 112 113 1941 Adjusted for seasonal variation 1923 131 135 141 140 137 121 94 103 107 118 118 " 123 1924 129 130 127 127 122 121 132 154 169 180 168 164 1925 161 159 155 162 169 173 189 173 167 154 172 183 1926 . 180 169 149 152 152 149 150 164 175 151 137 139 1927 140 122 152 169 158 147 142 137 130 129 141 141 1928 144 160 157 154 156 160 171 177 175 171 172 165 1929 155 154 158 155 152 149 140 119 130 126 116 114 1930 _. 117 113 111 119 118 107 93 108 95 102 92 96 1931 93 94 98 100 118 109 113 104 86 82 82 81 1932__ 90 87 74 71 74 108 73 63 65 60 62 57 1933. 54 53 40 66 101 115 140 113 98 95 87 84 1934 86 97 114 107 97 94 87 83 85 83 92 104 1935 102 100 95 92 89 87 77 92 107 100 105 107 1936 108 92 89 111 118 117 117 124 127 127 124 124 1937 126 133 133 134 130 112 100 93 101 94 72 54 1938 62 58 58 56 58 66 76 91 95 99 100 108 1939- 101 99 102 100 89 100 102 108 116 118 112 98 1940 _ 101 104 108 109 112 113 1941 Seasonal adjustment factors 1940 100 100 100 100 100 100 100 100 100 100 100 100 876 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION OF MINERALS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 90 87 89 91 100 105 108 108 101 106 101 86 98 1924 92 92 85 77 86 88 88 89 96 96 92 87 89 1925 93 87 82 85 97 97 99 104 92 92 92 83 92 1926 84 85 90 87 94 101 103 106 110 114 114 105 99 1927 104 105 103 90 100 100 96 104 104 104 97 90 100 1928.. . 93 91 90 87 97 97 97 103 107 114 109 98 99 1929 105 107 93 98 108 107 111 113 119 118 106 101 107 1930 98 96 85 87 97 98 96 95 95 97 88 81 93 1931 79 77 77 78 80 83 83 79 79 85 79 75 80 1932 69 69 70 67 62 59 60 63 68 73 71 66 66 1933 66 70 69 61 74 78 84 88 87 82 78 75 76 1934 78 80 82 76 80 81 80 78 82 82 78 79 80 1935 84 86 84 76 83 90 82 83 89 95 91 92 86 1936 ._ .. 94 98 87 91 96 97 98 101 106 110 109 105 99 1937 102 107 112 105 115 115 115 120 121 119 109 104 112 1938 100 97 94 91 89 89 93 98 101 104 104 102 97 1939 _ 102 102 99 89 97 103 106 93 121 129 123 111 106 1940 115 112 110 111 118 P121 1941 _ Adjusted for seasonal variation 1923-. 92 93 97 103 101 100 103 102 93 98 98 91 1924 94 98 92 86 86 86 86 85 90 90 89 90 1925.- . 94 91 89 ' 94 96 95 97 99 86 85 87 86 1926 85 89 98 98 96 99 100 101 102 105 108 109 1927 106 107 113 99 100 99 95 100 97 96 95 94 1928-_. 95 94 98 96 98 96 96 99 100 102 105 102 1929 108 110 103 108 107 106 109 108 110 107 103 106 1930 103 100 94 96 96 95 93 91 89 89 87 85 1931 82 80 83 83 82 83 82 76 74 78 79 77 1932 70 69 73 69 63 60 61 64 67 69 69 65 1933 _ 66 69 72 65 75 79 84 87 82 76 77 76 1934 78 79 85 80 81 80 80 78 79 78 78 80 1935 84 85 87 80 83 91 82 83 85 90 91 93 1936 95 98 91 98 96 97 99 99 100 102 106 108 1937 105 109 120 112 112 114 113 115 115 112 109 107 1938.. 103 98 97 95 90 92 94 97 98 98 102 102 1939 103 102 103 92 96 105 107 91 114 119 120 114 1940.. 118 114 117 119 118 P121 1941 p Preliminary. PRODUCTION OF FUELS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 92 89 91 94 94 96 98 99 91 99 97 88 94 1924 95 94 87 77 79 80 80 82 90 91 90 88 86 1925... __ 95 87 82 82 88 88 90 96 83 84 88 84 87 1926 85 85 91 88 88 91 92 96 101 106 113 108 95 1927 107 108 107 89 93 92 87 96 97 99 97 92 97 1928 95 93 92 88 92 87 87 94 98 107 106 100 95 1929 __. . 108 109 93 95 97 96 100 103 110 112 103 105 103 1930 103 100 88 90 91 90 88 88 89 94 90 86 91 1931 __ 84 81 81 82 83 82 82 76 78 86 84 80 82 1932 74 75 77 72 67 63 64 67 74 78 78 72 72 1933 72 77 76 67 80 85 87 90 86 82 82 80 80 1934 84 86 89 81 83 82 80 79 83 84 83 84 83 1935 91 92 90 80 84 91 81 82 87 95 94 96 89 1936 99 104 91 95 94 92 93 96 100 105 108 110 99 1937 107 112 118 105 106 106 104 109 114 115 110 108 109 1938 105 101 99 94 91 90 93 97 101 103 105 105 99 1939 106 106 104 90 96 100 103 87 114 121 120 114 105 1940 120 116 114 113 113 Adjusted for seasonal variation 1923 90 90 94 101 98 97 99 98 89 95 94 87 1924 90 95 89 82 82 82 82 81 87 87 86 87 1925 90 87 84 88 92 92 93 96 80 80 81 81 1926 80 84 94 95 92 95 96 96 98 100 105 105 1927 102 104 111 95 97 95 91 97 94 93 93 90 1928 91 90 96 93 96 92 92 95 96 98 101 97 1929 103 105 97 101 102 102 105 105 106 103 98 103 1930 100 97 91 95 94 93 92 90 87 88 86 85 1931 82 79 84 85 84 85 85 78 76 81 82 80 1932 73 73 79 74 68 65 66 69 73 75 75 70 1933 71 74 76 69 81 86 90 93 86 80 80 79 1934 82 83 90 84 85 84 83 82 82 81 81 83 1935 88 87 91 82 86 94 84 84 86 92 93 95 1936 96 99 91 98 96 96 98 98 99 101 105 107 1937 104 107 119 107 107 111 109 110 113 112 109 107 1938 103 97 99 96 91 94 97 99 100 100 104 103 1939 104 102 104 90 96 104 108 89 113 117 118 113 1940 117 112 114 116 115 P118 1941 p Preliminary. 877 AUGUST 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BITUMINOUS COAL PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 152 140 138 139 139 139 144 148 151 145 139 127 142 1924. 154 147 122 92 94 97 99 106 129 138 140 137 122 1925 151 125 111 101 107 109 116 132 141 151 164 155 131 1926 — 162 149 130 119 117 123 128 136 147 160 183 169 144 1927... 172 170 171 103 107 108 103 118 126 130 126 122 130 1928 137 130 127 102 108 108 113 119 132 146 148 136 126 1929 _ 153 154 119 113 119 119 122 127 144 149 144 145 135 1930 147 129 107 108 106 105 104 107 119 127 127 119 118 114 102 101 86 87 87 89 91 98 103 99 90 96 1932 86 88 93 62 57 53 56 65 81 98 99 93 78 1933.. 85 90 70 62 66 75 91 98 91 90 97 93 84 1934 99 105 110 78 80 77 76 78 89 94 96 100 90 1935.. 109 113 115 67 79 93 67 75 81 109 106 110 94 1936..._ 119 128 94 94 88 88 96 99 116 125 141 137 110 1937 127 137 148 80 92 95 95 101 121 122 115 111 112 1938____ __ 97 90 78 67 66 68 73 83 101 106 115 110 88 1939 111 111 102 31 53 83 90 100 118 137 135 117 99 1940 132 121 104 101 103 PIOO 1941 Adjusted for seasonal variation 1923 138 140 144 165 152 148 151 148 146 132 128 120 1924 135 147 127 109 106 106 107 107 124 125 124 127 1925. 131 122 115 120 121 124 129 135 136 137 141 143 1926 141 143 136 142 133 140 142 142 141 146 158 155 1927. 150 157 178 123 121 123 115 125 122 118 111 112 1928 119 120 133 121 123 123 126 127 127 131 131 124 1929 134 143 123 134 135 136 136 135 137 134 128 133 1930 130 119 112 129 121 119 116 114 113 114 113 109 1931 102 95 105 102 98 99 99 97 93 92 88 82 1932 77 80 97 73 66 60 62 69 77 87 87 84 1933 76 79 72 73 77 86 101 105 88 80 86 84 1934 _ 89 90 114 93 94 87 87 85 86 84 85 90 1935 98 97 120 80 93 107 76 82 78 97 94 99 1936 107 110 98 112 103 102 109 108 111 112 124 124 1937 114 117 154 95 108 110 108 110 117 109 101 100 1938 _. __ 87 77 81 80 78 79 83 90 97 94 101 99 1939 100 95 106 37 62 97 103 108 114 123 119 106 1940 _ 119 103 109 120 122 P117 10/11 Seasonal adjustment factors 1940 111 117 96 84 85 86 88 92 104 112 114 111 Preliminary. ANTHRACITE PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 195 188 202 195 192 194 193 191 71 195 187 179 183 1924 176 176 181 158 172 178 173 158 176 171 170 164 172 1925 165 173 157 173 189 174 190 206 1 2 4 5 121 1926___ _ 4 51 192 194 190 203 191 187 199 205 183 171 165 1927_ 155 147 133 168 189 165 119 169 157 175 170 137 157 1928 133 133 119 168 182 119 104 149 147 192 181 145 147 1929 161 162 111 147 139 116 110 126 162 183 144 175 144 1930 160 155 103 116 135 122 128 141 125 172 134 138 136 1931 141 136 109 136 119 104 90 99 104 150 107 107 117 1932 94 98 106 135 79 59 73 77 99 126 107 117 98 1933 91 108 100 72 68 90 88 97 119 112 119 105 97 1934 139 150 141 119 119 95 81 79 98 108 103 111 112 1935 132 118 74 113 117 136 80 68 102 94 85 110 102 1936 121 169 70 113 121 98 89 80 92 105 112 113 107 1937 101 93 105 161 104 106 63 66 87 115 110 109 101 1938 118 92 94 75 105 102 61 60 80 99 94 104 90 1939.. . 119 105 80 133 117 82 70 85 115 118 99 93 101 1940 _ 128 86 86 89 90 P104 1941 _ Adjusted for seasonal variation 1923 203 196 204 197 192 192 191 189 69 186 184 183 1924 . 184 182 184 159 172 177 171 156 173 163 167 168 1925 172 177 164 173 189 172 188 204 1 2 4 5 1926 _. 4 52 209 192 190 201 195 185 195 188 179 173 1927 158 147 151 160 189 166 138 168 154 147 166 137 1928 _ 133 130 140 157 182 135 127 147 144 149 178 142 1929 . 155 155 135 138 139 135 137 127 159 142 141 168 1930 151 143 126 109 135 142 161 146 127 133 131 130 1931 131 126 128 127 119 121 113 109 106 116 105 101 1932 85 91 113 126 79 68 91 90 101 102 105 111 1933. 81 98 97 67 66 101 110 120 121 103 117 99 1934 121 136 137 111 111 105 104 102 101 102 101 105 1935 114 107 72 106 106 148 103 91 106 89 83 104 1936 105 153 68 106 110 107 115 108 96 99 109 106 1937 _ 87 84 102 150 94 115 81 90 91 109 108 103 1938 102 84 91 70 95 111 79 81 84 94 92 98 1939 103 96 78 124 107 89 90 115 120 112 97 88 1940 111 78 84 83 82 P113 1941 'F Seasonal adjustment factors 1940 _. 116 no 108 107 no 92 78 n 96 106 102 106 p Preliminary. 878 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CRUDE PETROLEUM PRODUCTION 1935-39 average — 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 53 54 57 61 63 65 66 67 68 68 68 60 63 1924 58 60 61 62 62 62 62 63 63 61 59 58 61 1925 61 61 62 65 69 70 68 68 68 65 64 62 65 1926 60 61 61 63 63 64 66 67 68 70 73 73 66 1927 72 76 76 76 77 78 79 79 79 78 77 75 77 1928 73 74 75 75 76 76 76 78 80 80 79 80 77 1929 . 83 84 83 84 85 87 92 93 91 89 82 81 86 1930 80 83 79 81 81 80 77 75 74 73 71 67 77 1931 _ _ 66 67 70 76 77 78 79 68 67 74 76 74 73 1932 67 67 68 71 69 68 67 67 68 66 66 59 67 1933 66 68 76 68 87 88 86 86 81 77 73 73 77 1934 _._ _ 72 73 76 79 80 83 82 80 79 77 75 75 78 1935 79 81 82 82 83 86 86 86 88 89 90 90 85 1936 _ _ _ 89 88 91 94 95 94 93 96 95 96 95 98 94 1937 99 104 107 109 112 110 111 116 114 112 108 107 109 1938 - _ 107 106 107 107 99 98 104 107 102 102 102 103 104 1939 103 104 107 110 111 109 112 81 112 115 116 116 108 1940 114 117 121 121 119 P119 1941 Adjusted for seasonal variation 1923 . . 54 55 58 61 62 63 65 65 67 68 69 62 1924 59 61 61 62 62 61 61 62 62 61 60 60 1925 . 63 62 62 65 69 69 67 67 67 65 65 64 1926 62 62 62 63 63 63 64 66 67 70 73 75 1927 75 77 77 76 77 77 78 78 77 77 78 78 1928 76 74 76 75 75 74 75 77 78 80 80 82 1929 86 85 84 84 84 85 90 91 89 88 83 84 1930 83 84 79 80 79 78 76 75 73 73 71 70 1931 69 69 71 74 75 76 76 68 67 74 77 77 1932 69 69 69 69 67 66 65 66 68 67 67 61 1933 _ _ 68 70 76 67 85 85 83 85 81 77 74 76 1934 75 74 75 77 78 80 79 79 79 78 78 78 1935 81 82 81 80 81 84 85 85 88 90 93 92 1936 91 89 90 92 92 93 93 94 95 97 98 100 1937 101 105 106 107 108 110 111 113 114 113 112 110 1938 109 107 106 105 97 98 104 104 102 103 106 105 1939 105 105 106 108 108 109 112 79 112 116 120 118 1940 ... 116 118 120 118 116 P119 1941 Seasonal adjustment factors 1940 98 99 101 102 10S 100 100 103 100 99 97 98 Preliminary. PRODUCTION OF METALS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 66 65 70 72 139 163 171 167 161 149 120 70 118 1924 ... 70 74 70 77 136 145 140 135 136 129 96 74 107 1925 78 79 76 98 155 155 157 154 151 143 119 76 120 1926 76 79 77 77 135 162 171 178 176 169 119 79 125 1927 78 78 74 91 148 157 153 156 145 138 95 74 116 1928 . 73 74 73 72 125 164 159 164 166 162 125 81 120 1929 80 84 84 113 177 181 181 181 176 158 118 74 134 1930 69 70 67 67 131 149 143 140 130 115 78 55 101 1931 54 54 52 52 65 85 90 92 88 76 49 46 67 1932 39 35 31 32 32 35 30 38 38 43 35 32 35 1933 30 30 33 30 36 38 63 78 94 78 51 44 50 1934 . 41 40 42 43 62 75 78 71 77 69 47 49 58 1935 45 50 48 50 76 83 90 91 101 100 75 68 73 1936 61 63 65 67 106 121 129 133 141 144 113 7'6 102 1937. . . 73 76 80 107 167 168 177 189 163 146 102 78 127 1938 73 73 68 70 77 81 96 99 103 109 98 82 86 1939 78 80 70 81 101 117 125 132 160 177 141 93 113 1940 89 89 87 95 149 P167 1941 Adjusted for seasonal variation 1923 . ... 107 106 114 110 118 117 122 120 118 117 124 118 1924 117 117 112 109 112 108 107 106 107 108 105 112 1925 115 116 116 128 122 118 119 116 117 117 121 117 1926 117 120 121 116 118 121 125 127 130 130 126 129 1927 128 125 121 126 119 116 114 115 113 112 107 112 1928 112 111 113 106 110 121 119 121 124 126 130 131 1929 132 135 138 153 141 132 134 131 130 129 129 122 1930. 119 116 112 104 106 106 102 98 97 95 94 88 1931 84 81 77 71 67 69 65 65 62 60 60 62 1932 54 47 40 37 34 35 29 35 32 36 35 34 1933 35 37 44 43 40 38 47 51 58 56 57 57 1934 60 60 61 59 59 59 59 56 57 57 56 61 1935 63 68 66 67 68 71 72 73 75 78 81 83 1936 86 90 92 93 96 100 101 101 107 109 112 112 1937 115 119 125 145 141 135 136 144 124 117 113 111 1938 105 99 91 86 79 78 82 84 85 86 92 95 1939 97 100 96 106 98 106 102 105 121 128 131 124 1940 127 130 134 135 135 P141 1941 v Preliminary. 879 AUGUST 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IRON ORE SHIPMENTS 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without, seasonal adjustment 1923 196 288 316 302 276 238 150 148 1924 20 193 230 221 196 187 164 62 107 1925 64 244 241 259 251 223 206 129 135 1926 179 266 303 314 292 274 120 146 1927 . .. 47 228 257 261 258 219 197 61 128 1928 157 271 272 271 265 248 129 135 1929 76 280 309 324 317 290 234 120 163 1930 3 205 262 260 242 197 162 60 116 1931 5 52 115 150 149 127 91 13 59 1932 1 3 7 19 21 19 27 8 9 1933 3 26 39 104 150 167 133 24 54 1934 77 135 134 122 104 78 15 56 1935 12 103 129 135 140 146 135 47 71 1936 1 148 200 217 218 227 214 114 112 1937 114 295 307 325 317 278 193 43 156 1938 8 35 86 99 98 100 106 45 48 1939 2 106 169 191 204 239 270 165 112 1940 14 213 288 1941 Adjusted for seasonal variation 1923 126 129 133 116 130 146 151 151 152 148 166 149 1924 144 136 127 116 118 113 107 102 105 104 96 114 1925 115 118 123 158 144 126 129 129 129 131 144 124 1926 126 130 135 118 125 138 147 153 159 162 150 154 1927 153 149 145 155 138 129 128 127 126 125 102 118 1928 119 120 121 104 110 136 134 134 145 147 150 151 1929 . . - 154 159 162 201 171 158 160 159 160 153 159 150 1930 - 146 141 135 114 125 129 121 113 108 107 113 104 1931 91 82 74 65 56 64 63 63 58 52 51 54 1932 45 34 24 14 6 6 9 9 9 12 12 11 1933 14 21 31 41 38 34 48 62 69 65 55 58 1934 66 68 66 54 62 66 59 56 51 47 50 59 1935 58 58 60 66 70 69 68 70 71 72 73 73 1936 79 86 93 88 104 108 110 113 114 114 131 133 1937 142 151 159 244 187 161 161 162 147 121 106 125 1938--. . 107 88 70 55 34 47 49 50 50 54 51 53 1939 60 68 77 79 85 98 102 108 119 133 155 122 1940 132 143 153 151 153 155 1941 NOTE: The method of seasonal adjustment for this series, and the factors used may be obtained from the Division of Research and Statistics. COPPER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 106 107 115 115 118 122 119 124 121 125 125 122 118 1924 126 133 123 129 124 125 122 126 125 130 133 128 127 1925 141 144 141 138 133 136 129 129 132 134 132 131 135 1926 134 142 143 143 139 139 136 136 142 142 146 137 140 1927 _ __ 144 145 131 139 135 136 124 127 129 130 133 127 133 1928 129 136 133 136 139 143 139 145 153 163 167 162 146 1929 _ 163 177 177 185 176 161 150 149 155 156 148 141 161 1930 128 124 116 118 114 111 102 106 110 106 104 92 111 1931 91 99 92 91 86 87 72 74 75 76 80 81 83 1932 38 1933 35 33 36 33 36 33 34 1934 __ 36 44 40 42 33 31 37 37 42 40 43 44 39 1935 47 61 52 52 54 51 52 54 64 76 84 86 61 1936 _ 85 86 90 98 82 88 79 86 118 121 125 116 98 1937 121 134 135 136 141 150 144 152 141 139 122 108 135 1938 L 99 95 89 88 78 69 52 73 86 108 122 122 90 1939 • 111 110 99 102 97 100 91 116 1940 144 142 144 150 141 139 Adjusted for seasonal variation 1923 105 103 111 113 120 122 124 128 124 123 122 126 1924 125 128 120 126 125 125 128 130 127 129 131 132 1925 140 139 137 135 135 136 135 133 135 133 129 135 1926 134 137 140 140 140 139 142 140 143 140 142 141 1927 145 139 130 136 135 136 130 131 129 128 129 131 1928 132 131 133 133 139 143 148 150 151 159 162 165 1929 168 172 179 182 176 161 161 154 152 151 144 140 1930 132 120 117 116 114 111 110 109 108 104 100 91 1931 94 97 93 89 86 87 78 76 73 75 77 80 1932 1933 _- 37 35 35 32 35 33 1934 37 42 40 40 33 33 39 39 41 40 41 44 1935 48 58 53 50 54 54 55 57 62 74 81 85 1936 87 84 89 94 83 89 88 91 115 117 121 113 1937 _ __ 123 131 132 130 142 153 162 161 137 134 117 105 1938 . 101 93 87 84 78 70 59 78 83 104 117 118 1939 113 108 97 98 98 102 103 1940 147 140 141 144 143 142 1941 Seasonal adjustment factors 1940 98 102 102 104 99 98 89 94 103 104 104 103 NOTE: Estimated monthly figures Jan. 1932-June 1933 and August to December 1939 not available for publication 880 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LEAD PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Without seasonal adjustment 1923. 143 144 156 151 174 137 129 130 130 136 1924 _ 137 150 142 150 163 152 143 155 161 165 1925 177 189 174 176 173 178 164 161 180 176 1926 171 186 177 177 173 167 162 171 177 176 1927 _ _ _ 171 173 177 188 172 166 148 171 159 160 1928-— _ - 169 175 158 150 163 169 149 162 163 168 1929 163 171 173 180 176 167 166 165 171 177 1930 . 145 164 174 154 150 149 134 138 151 140 1931 127 119 115 109 108 102 91 101 104 99 1932 95 94 78 77 71 77 63 62 64 63 1933 68 75 73 56 53 55 54 66 82 90 1934 77 74 74 75 78 68 68 79 83 76 1935___ _._ 84 85 78 85 74 72 78 90 89 84 1936 89 91 89 92 92 100 103 95 97 94 1937_ 108 108 125 118 113 130 118 117 128 128 1938 104 103 106 100 93 86 76 79 86 85 1939 _ ._ _ 114 106 96 96 102 101 95 106 111 109 1940__ 114 116 115 119 122 1941 Adjusted for seasonal variation 1923 146 137 156 149 169 138 138 132 128 135 1924 140 143 142 149 158 154 154 158 157 163 1925 179 180 174 175 171 180 176 164 177 175 1926 173 178 177 176 171 169 174 175 174 174 1927 _ . 171 165 177 186 171 168 159 174 158 159 1928 169 166 158 148 162 171 160 165 161 165 1929_ . 163 166 173 178 174 169 178 168 166 171 1930 143 161 174 153 148 151 145 141 145 136 1931 123 117 115 107 110 103 98 103 100 96 1932 91 92 79 77 73 78 68 63 61 62 1933 66 74 74 55 55 55 58 68 79 89 1934 75 74 75 74 79 69 73 81 80 76 1935 _ 82 85 80 84 75 73 84 92 86 86 1936 89 91 91 91 94 101 111 97 93 QK 1937 108 108 128 117 115 132 126 120 123 1938 „_ 104 103 108 99 95 87 82 80 83 1939 114 106 98 95 104 102 102 108 107 1940 114 116 117 118 124 1941 Seasonal adjustment factors 1940 100 100 98 101 98 99 98 98 m s-gSoT Nov. Dec. Year 132 126 141 160 155 153 182 182 176 178 176 174 178 173 170 174 163 164 162 161 169 121 122 145 89 87 104 66 77 74 91 83 71 73 77 75 98 96 84 97 97 95 128 123 120 109 109 94 116 118 106 130 128 157 158 179 183 175 178 175 174 172 165 162 163 123 124 90 87 67 76 90 81 71 74 94 91 92 92 121 118 102 103 109 112 98 106 105 ZINC PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Without seasonal adjustment 1923 108 110 114 1924 _ -__ 116 110 111 1925 117 121 120 1926 --- 132 137 127 1927 133 133 132 1928 122 125 130 1929 118 123 128 1930 _. 121 115 112 1931 75 76 75 1932 52 53 52 1933 44 50 51 1934 77 78 79 1935 _ _ _.- 81 86 85 1936 97 90 98 1937 93 97 123 1938 113 106 101 1939 103 102 105 1940 133 135 134 1941 Adjusted for seasonal variation 1923 _ 103 104 107 1924 110 104 105 1925 112 115 113 1926 126 131 120 1927 129 126 124 1928 120 119 123 1929 116 118 121 1930 118 109 105 1931 74 72 71 1932 __ 51 51 49 1933 43 48 48 1934 75 75 74 1935 - 80 83 81 1936 95 88 94 1937 91 95 1938 -__ 111 104 1939 101 100 1940 130 133 1941 Seasonal adjustment factors 1940 102 102 £ ocO 00 SOO Apr. May June July Aug. Sept. Oct. Nov. Dec. Year 113 110 103 100 97 94 98 107 108 105 108 111 105 100 97 98 99 103 111 106 118 116 111 111 112 114 118 122 125 117 129 125 116 113 121 126 128 133 133 126 124 120 120 111 114 115 117 119 122 121 129 125 122 119 122 119 117 121 118 123 132 133 126 126 129 125 126 116 110 124 106 103 104 93 95 97 95 77 76 99 70 60 56 50 50 51 50 49 51 59 49 43 39 34 32 32 35 39 43 42 51 50 58 72 78 80 82 78 74 64 74 72 60 57 61 64 80 84 83 72 85 80 83 81 82 87 85 90 94 85 103 104 108 105 101 101 107 109 109 103 125 128 121 114 112 120 122 118 119 116 91 87 74 70 75 77 85 97 105 90 103 98 95 92 95 101 116 128 134 106 131 123 118 109 108 108 106 103 99 101 108 106 104 109 109 105 104 104 102 104 109 113 114 115 117 119 120 121 123 123 124 123 120 120 127 132 132 134 130 120 119 122 118 119 120 121 120 121 124 123 125 126 127 123 120 122 118 127 132 128 134 135 127 128 118 111 102 103 106 99 99 99 95 78 77 67 60 57 53 52 52 50 50 51 47 43 40 36 33 32 35 39 44 50 50 59 76 81 81 82 79 75 71 72 62 61 64 66 80 84 83 82 80 85 87 87 89 85 89 92 100 104 110 112 106 104 107 108 106 121 128 124 121 118 124 122 117 116 89 87 75 75 79 80 85 96 102 100 98 96 98 100 104 116 127 130 127 127 123 120 105 103 100 98 94 95 97 100 101 103 AUGUST 1940 881 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 51 54 44 46 55 55 32 64 70 76 63 62 56 1933 56 47 65 52 44 38 47 42 79 70 74 80 57 1934 ___ 66 57 60 65 67 62 74 59 89 85 68 78 69 1935 - - 64 66 68 65 72 77 85 82 98 94 85 100 80 1936 77 80 80 80 91 84 105 112 105 118 108 91 95 1937 86 83 87 76 110 94 108 141 106 133 121 97 104 1938 _ 96 98 86 90 101 80 127 118 123 120 135 113 107 1939 108 107 90 119 107 91 119 114 141 163 130 119 116 1940 114 109 103 109 118 P112 1941 - Adjusted for seasonal variation 1923 1924 1925 1926 1927 1928 1929 1930 __ 1931 1932 _ 51 61 49 51 58 61 38 68 54 65 57 55 1933 56 54 72 58 46 42 53 47 61 60 68 70 1934 67 65 67 72 71 69 74 66 70 72 66 69 1935 73 75 76 75 76 85 79 80 82 81 83 88 1936 _ ._ 88 91 89 92 95 94 98 99 96 96 94 94 1937 94 95 99 89 116 110 101 125 97 106 105 100 1938 102 106 101 105 106 100 118 109 109 96 117 113 1939 115 116 109 135 113 113 111 106 125 130 113 119 1940 121 119 124 124 124 P141 1941 Seasonal adjustment factors n 1940 _ 92 83 88 95 80 107 108 US 125 115 100 p Preliminary. SILVER PRODUCTION 1935-39 average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Without seasonal adjustment 1923 106 107 125 140 140 108 123 109 104 103 Ill 105 115 1924 96 130 114 100 116 104 101 111 117 116 119 116 112 1925 113 115 101 117 107 116 110 101 103 95 104 101 107 1926 106 115 106 105 104 110 96 108 103 105 101 116 106 1927 107 113 105 100 99 105 99 106 99 102 106 103 103 1928 102 98 109 99 94 105 80 98 87 89 101 108 98 1929 103 109 107 115 104 106 93 103 98 105 123 94 105 1930 98 117 103 98 88 84 73 79 80 78 79 76 88 1931 71 72 72 60 57 52 45 50 45 45 45 48 55 1932 46 39 38 48 41 52 40 48 40 42 46 36 43 1933 40 36 53 40 32 26 32 31 41 37 40 32 37 1934 42 43 57 51 47 49 38 43 38 43 42 60 46 1935 __ 56 77 61 55 55 51 69 65 75 82 81 76 67 1936 90 111 109 107 98 112 95 97 117 131 118 127 109 1937 111 113 113 115 108 116 140 153 123 100 142 117 121 1938 107 115 118 107 99 99 93 115 108 112 61 95 102 1939 _ 96 120 104 113 76 116 66 87 109 100 108 117 101 1940 _ 100 123 118 130 120 1941 ___ Adjusted for seasonal variation 1923 108 102 125 140 143 105 132 109 103 104 109 105 1924 97 124 114 100 119 101 109 111 116 117 117 116 1925 114 110 101 117 109 113 118 101 102 96 102 101 1926 107 109 106 105 106 107 103 107 104 106 99 114 1927 108 108 105 100 101 102 107 104 102 103 104 102 1928 103 96 108 99 96 102 86 95 88 90 99 107 1929 104 106 105 115 106 103 100 100 100 105 120 93 1930 98 115 100 98 90 83 78 76 82 78 78 75 1931 - --- 72 71 70 60 58 52 48 48 45 45 44 48 1932 : 47 39 37 47 43 52 43 46 41 42 45 35 1933 41 36 51 39 33 26 34 30 41 36 39 32 1934 42 42 55 50 49 49 41 42 39 42 42 59 1935 56 75 58 54 58 51 74 63 77 81 82 75 1936 91 108 105 105 102 112 102 94 119 129 119 125 1937 __ 112 110 108 113 113 116 150 148 125 98 143 116 1938 108 112 113 105 103 99 100 111 110 109 62 94 1939 - - 97 116 100 111 79 116 71 84 111 98 109 116 1940 101 120 113 127 125 1941 - Seasonal adjustment factors 1940 - . 99 103 104 102 96 100 93 103 98 102 99 101 882 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 884 Gold production 885 Gold movements • 885-886 International capital transactions of the United States 887-891 Central banks 892-895 Bank for International Settlements. 896 Money rates 896 Discount rates of central banks... 897 Commercial banks 897-898 Foreign exchange rates ... 899 Price movements: Wholesale prices 900 Retail food prices and cost of living 901 Security prices 901 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Daily and monthly press releases giving daily and monthly average foreign exchange rates will be sent without charge to those wishing them. Other data on the following pages are not regularly released prior to publication. AUGUST 1940 883 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Countries in Tripartite Accord Other countries Switzerland End of month Total i U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu el m - N la e e n r t d - h s - ti N on a- al B.I.S. g t A i e n r n a - - Brazil I B n is r d h i i t a - g B a u r l i - a C a a d n a - Chile Bank 1934—December. 21,051 1,584 5,445 590 573 624 403 275 19 134 29 1935—December. 21,604 10,125 1,648 4,395 611 438 454 444 275 19 189 29 1936—December. 22,630 11,258 2,584 2,995 632 490 655 501 275 20 188 29 1937—December. 23,964 12, 760 2,564 597 930 648 469 274 24 184 30 1938—December. 25,468 14, 512 2,690 2,435 581 995 431 274 24 192 30 1939—June 25, 270 16,110 1,067 2,574 540 800 428 274 24 213 30 July 25,492 16,238 1,162 2,574 573 769 595 427 274 24 212 30 August 26,097 16, 646 1,162 2,714 614 769 585 431 274 24 218 30 September. 25, 234 16, 932 1 2,714 615 752 585 449 274 24 218 30 October 25, 303 17,091 1 2,714 611 754 579 449 274 24 212 30 November. 25, 513 17, 358 1 2,714 608 700 559 453 274 24 213 30 December. 25, 702 17,644 1 2,714 609 690 547 466 274 24 214 1940—January... 25,907 17, 931 1 2,714 /609 690 535 466 41 274 24 211 February. _ 26,197 18,177 1 2,714 /609 690 525 472 42 274 24 213 30 March 25, 695 18, 433 1 2,000 /609 690 519 482 42 274 24 211 30 April '25, 937 18, 770 1 2,000 /609 650 514 2 403 44 274 24 212 30 May '26,191 19, 209 1 2,000 /609 /650 501 403 45 /274 /24 5 30 June 26, 942 19, 963 1 /2,000 /609 /650 '403 /45 /274 /24 /30 Other countries—Continued E m n o d n t o h f lo C m o b - ia C v z s a e l k c o i h - a o- m D a en r - k Egypt m G a e n r- y Greece H g u ar n y - Italy Japan Java M i e c x o - N l Z a e e n a w d - N w o a r y - Peru l P a o n - d 1934—Dec. _ 19 112 60 55 32 40 23 518 394 23 25 61 19 1935—Dec.. _ 16 112 54 55 33 34 23 270 425 44 23 84 20 84 1936—Dec. . 19 91 54 55 27 26 25 208 463 46 23 98 20 75 1937—Dec.. - 16 92 53 55 28 24 25 210 261 24 23 82 20 83 1938—Dec... 24 83 53 55 29 27 37 193 164 29 23 94 20 85 1939—June.. 20 62 53 55 /29 31 24 /193 164 28 23 107 19 84 July... 21 60 53 55 /29 30 24 /193 164 29 23 107 19 84 Aug... 20 60 53 55 /29 28 24 /193 164 29 23 107 20 /84 Sept... 21 58 53 55 /29 28 24 /193 164 30 23 107 20 /84 Oct.... 21 57 53 55 /29 28 24 /193 164 32 23 103 19 Nov.- 21 56 53 55 /29 28 24 /193 164 34 23 103 19 Dec... 21 56 53 55 /29 28 24 144 164 90 32 23 94 20 1940—Jan.... 23 56 53 55 /29 28 24 /144 164 90 27 23 84 20 Feb... 24 56 53 55 /29 28 24 /144 164 90 23 23 84 20 Mar- 23 56 53 55 /29 28 24 137 164 90 25 23 /84 19 Apr. .. 23 56 53 55 /29 28 24 /137 164 100 27 23 /84 /19 May.. 23 56 53 /55 /29 28 24 /137 164 100 28 /23 /84 /19 June.. /23 /56 /53 /29 /28 /24 /137 /164 /100 31 /84 Other countries—Continued Government gold reserves1 not included in previous figures End of month Po g r a t l u- Ruma- A So fr u ic th a Spain S d w e e n - Tur- g U u r a u y - Y sl u av g i o a - O t c r o i t e u h s n e 3 r - E m n o d n t o h f U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu el m - 1934—Dec 104 184 740 159 161 1934—Dec. _ _ 31 1935—Dec 109 212 735 185 168 1935—Dec. __ 53 1936—Dec 114 203 /718 240 183 1936—Dec.. _ 2 934 1937—Dec 69 120 189 /718 244 185 1937—Dec _ _ 3 1,395 81 1938—Dec 133 220 /525 321 143 1938—Mar.._ 1,489 1939— J A S O J u e u u c l p n t g y t e _ 1 1 1 1 1 3 4 3 4 5 7 8 7 9 0 2 2 2 2 2 1 1 4 3 2 9 9 3 4 2 / / / / / 5 5 5 5 5 2 2 2 2 2 5 5 5 5 5 3 3 3 3 3 4 4 5 3 5 6 8 7 2 5 1 1 1 1 1 3 5 3 3 3 1 6 5 4 6 J N S D O o u e e c v c n p t . . e t . . . . — — _ _ . 80 """759" * 3 1 1 3 3 0 1 0 3 "6 4 2 4 Nov 151 254 /525 333 156 1939—Jan.. __ 381 Dec 152 249 /525 308 68 151 Feb... 465 Mar... 154 5 1, 732 559 1940—Jan 152 253 /525 258 137 Apr 455 Feb 153 268 /525 218 61 147 May.. 477 Mar 153 272 /525 173 68 61 149 June _ _ 85 17 Apr 154 279 /525 179 /68 62 '151 Sept... 164 May /154 298 /525 189 /68 64 '151 Dec.._ 156 "17 June /154 '298 /525 /189 /68 /64 151 1940—Mar. .. 145 p Preliminary. r Revised. 1 Reported at infrequent intervals or on de- / Figure carried forward from last previous official report, as indicated by last previous layed basis: U. S.—Exchange Stabilization Fund unfootnoted figure except in the case of Spain and Germany; Spanish figures officially reported (Special A/c No. 1); U. K.—Exchange Equalizaon Aug. 1, 1936, and April 30, 1938, and last official German report dated June 15, 1939. tion Account; France—Exchange Stabilization 1 Totals do not include Government gold reserves shown in separate section at end of table, Fund and Rentes Fund; Belgium—Treasury. or other central reserves which are unreported or which are too minor to be included. Among 2 Figure for Mar. 1937, first date reported. unreported reserves are those of the U. S. S. R., those in the Canadian, Swiss, and Netherlands 3 Figure for Sept. 1937. stabilization funds, and certain German holdings. Totals may include some figures which are 4 First date reported. preliminary or carried forward from previous report dates (see footnote /). & Transfers in 1939: from Bank to Account, 2 Beginning April 1940, reports on certain Argentine gold reserves no longer available. $1,648,000,000 on Jan. 6, and $1,162,000,000 on 3 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Sept. 6; from Account to Bank, $26,000,000 on Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guate- Mar. 1, and $94,000,000 on July 12. mala, Finland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward from latest report date (see footnote -0. NOTE.—For back figures and description of table see footnotes to table in BULLETIN for December 1937, p. 1262, and August 1936, p. 667; also see BULLETIN for July 1936, pp. 544-547, and June 1933, pp. 368-372. For details regarding special transfers of gold by central banks to Government exchange funds, and vice versa, see notes to section at end of table and notes to tables on central banks, pp. 892-895. 884 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthlyworld Year or month pr t o io d n uc- Africa North and South America Other outside Total South Rho- West Belgian United Colom- Austra- British U.S.S.R. Africa desia Africa Congo States i Canada Mexico bia Chile lia India $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$£0.67 1929_. 382, 532 352, 237 215,242 11, 607 4,297 2,390 45, 651 39,862 13,463 2,823 683 8,712 7,508 1930.. 401,088 365, 258 221, 526 11,476 4,995 2,699 47, 248 43,454 13,813 3,281 428 9,553 6,785 1931.. 426,424 386, 293 224,863 11,193 5,524 3,224 49, 527 55, 687 12,866 4,016 442 12,134 6,815 1932.. 458,102 413,459 238, 931 12,000 5,992 3,642 50,626 62,933 12,070 5,132 788 14, 563 6,782 1933.. 469, 257 411, 208 227,673 13, 335 6,623 3,631 52,842 60,968 13,169 6,165 3,009 16,873 6,919 $1=15-5/21 grains of gold 9/10 fine; i. e.t an ounce of fine gold=$S5 1933_. 794,498 696,218 385,474 22, 578 6,148 89,467 103, 224 22,297 10, 438 5,094 28, 568 11,715 1934.. 823,003 707,288 366, 795 24,264 6,549 108,191 104,023 23,135 12,045 8,350 30, 559 11, 223 1935.. 882, 533 751,979 377,090 25, 477 7,159 126,325 114,971 23,858 11, 515 ,251 31, 240 11,468 1936.. 971, 514 833,088 396, 768 28,053 7,386 152, 509 131,181 26,465 13,632 ,018 40,118 11, 663 1937.. 1,041, 576 892, 535 410, 710 28,296 8,018 168,159 143, 367 29, 591 15, 478 9,544 46,982 11, 607 1938_. 1,132,856 957, 212 425,649 28, 532 8,470 178,143 165,379 32,306 18,225 10,290 54, 264 11,284 1939.. 1,206,047 1, 019, 469 448, 753 28,009 8,759 196, 391 178, 225 32,300 19,951 11, 376 56,182 11,008 1939—April '94,661 '79,885 35, 613 2,252 2,349 '15, 412 14,238 May '83, 572 37,970 2,355 2,323 '15, 319 15,133 1,794 June '99, 572 '83, 697 37,065 2,369 2,277 '14,611 15, 287 3,216 July '102,883 '87, 246 37,952 2,395 2,395 '16,250 15,402 3,638 August '107, 348 '91, 511 38, 494 2,431 2,379 '16,947 15, 722 6,519 September.. '106, 959 '90, 026 37,817 2,442 2,432 '19, 728 14, 752 2,302 October '107, 229 '90, 985 38,459 2,452 2,479 '21, 785 15,144 1,832 November.. '103, 618 '87, 468 38, 600 2,425 2,497 '17, 512 14,818 2,333 December. _ '101, 380 '85,044 38, 534 2,589 '15, 936 15,151 1,209 1940—January. _ _ 104,651 88, 793 39, 777 2,384 16,972 14,853 February.. P97, 605 P81, 362 38, 575 P2, 345 13,317 14,188 March P104, 067 P88, 075 40,162 v2, 372 16,217 '15,045 April P104,139 *>87, 770 40,879 P2, 454 16,408 14,652 May *>106, 300 P89, 547 41, 742 P2, 450 16, 500 15, 488 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows—at $20.67 per fine ounce: 1929, $15,000,000; 1930, $31,000,000; 1931, $34,000,000; 1932, $40,000,000; 1933, $56,000,000; at $35 per fine ounce: 1933, $95,000,000; 1934, $135,000,000; 1935, $158,000,000; 1936, $185,000,000; 1937, $180,000,000; 1938 (preliminary), $184,000,000. p Preliminary. ' Revised. i Includes Philippine Islands production received in United States. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for March 1939, p. 227; February 1939, p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1939, p. 106; and 1936, pp. 108-109. Figures for Canada beginning January 1939 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Total Net imports from or net exports (—) to: Year or net month i e m o x r p p n o o e r r t t t s s U K d n i o i n m t g e - d France g B iu el m - N la e e n r t d - h s - S d w e e n - S l w a e n r i - t d z- C a a d n a - Mex- Co b l i o a m- I P s p h la i i n l n i e d p s - t A ra u l s i - a A So fr u ic th a Japan B I r n i d ti i s a h c o t o A r th i u e l e l n s r - 1934 1 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 76,820 32,304 1935 1,739,019 315,727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46,989 1936 1,116, 584 174,093 573, 671 3,351 71,006 7,511 72,648 39,966 11,911 21, 513 23; 280 8 77,892 39, 735 1937 1, 585, 503 891, 531-13,710 90,859 6,461 54,452 111, 480 38,482 18, 397 25, 427 34,713 181 246,464 50, 762 29,998 1938 1, 973, 5691,208,728 81,135 15,488 163,049 60, 1,363 76, 315 36,472 10, 557 27,880 39, 401 168,740 16,159 2 67, 975 1939 3, 574,1511,826,403 3, 798 165,122 341, 618 28, 7: 612, 949 33, 610 23, 239 35, 636 74, 250 22,862 165,605 50,956»102,404 1939 Apr 605, 797 384,925 84,603 44, 564 55, 680 7,665 1,649 2,114 2,179 4,844 100 5,528 4,944 * 6, 972 May 429,404 302, 667 41, 651 40,449 2,284 12,066 2,050 2,117 2,594 5,295 41 10,931 3,390 3,866 June..... 240,430 128,196 55,081 5,644 17,191 3,280 2,107 3,843 5,677 50 14,093 2,244 3,023 July 278, 636 177,805 45, 554 5,628 15,196 4,150 2,123 3,022 5,034 50 10, 938 2,760 6,365 Aug 259, 921 163,738 22, 640 34, 299 3,956 2,120 2,775 5, 689 52 10,931 9,259 4,460 Sept 326,074 162,450 1 1,482 120,837 653 2,102 3,947 5,474 11 16,425 4,065 s 8, 541 Oct 69, 726 10,182 2,990 9,940 1,794 3,188 8,420 2,142 12,497 2,703 • 15,870 Nov 167, 980 18, 556 8,781 5,113 2,990 65,067 3,445 2,117 2, 643 12, 505 10,449 9,487 10,138 16, 662 Dec 451,172 10,417 31, 52619,743 5,119 308, 773 3,972 2,116 2,646 6,472 20,101 7,592 » 22,812 1940 Jan 236, 391 23,906 30,415 16»,,601 1,208 52, 716 2,550 3 3,360 6,155 20,297 37, 680 9,743 s 31,698 Feb 201,422 21, 321 974 16,18132,448 13,931 46,866 2,006 3 1,896 4,241 18,872 4,919 6,722 » 31,001 Mar 459, 827 35, 268 282 65, 991 28,907 249,858 2,215 2,116 4,137 7,409 24, 503 5,797 11,81310 21,493 Apr 249,851 43, 567 3,273 39,654 32, 617 54,96: 2,396 2,111 3,376 3,374 28, 798 4,710 3,13911 27,866 May 435,132 62, 042 40 9,431 11, 452 281,182 2,331 2,113 2,405 5,177 31,477 4,743 4,31712 18,423 June 1,162, 975 128,003 241, 603 3, 671 2,138 716, 685 4,182 2,130 3,895 6,603 23,091 3,399 2,377 "25,197 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. * Includes $4,503,000 from Argentina. 5 Includes $5,157,000 from Hong Kong. 6 Includes $6,363,000 from Italy; $4,087,000 from Hong Kong. 7 Includes $6,414,000 from Norway; $5,586,000 from Italy. s Includes $19,527,000 from Norway; $5,452,000 from Hong Kong. 9 Includes $13,878,000 from Norway; $5,570,000 from U. S. S. R.; $5,566,000 from Italy. 10 Includes $11,760,000 from Italy. " Includes $16,108,000 from Italy; $5,984,000 from Hungary. 12 Includes $8,248,000 from Italy. 13 Includes $13,673,000 from Yugoslavia. NOTE.—For gross import and export figures and for additional countries see table on p. 792. AUGUST 1940 885 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Movements—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Net imports from or net exports (—) to: Total Year or net immonth ports South or net Africa, Other All exports U S n ta i t t e e s d France m G a e n r y - 1 g B iu e m l- N la e n th d e s r- U.S.S.R. Au li s a tra- d R e h s o ia - , B In ri d ti i s a h B c r o i u ti n s - h S d w e e n - e S r w la i n tz d - c o o th u e n r - West tries tries Africa 1934 716,269 -497,166 348,190 121,017-13,585 32, 575 41, 790 335, 253 62,397 -9,123 2 88, 228 1935 369, 722 -435, 502 142,137 -4,726 -17,476 10, 796 931 37, 981 404,295 181,602 32, 754 -50,661 53,465 14,126 1936 1,169,931 -276,830 756, 215 23,292-15,133 -21,215 26, 723 488,814 128,421 28,067 -10,129 37, 708 1937 420,427 -834,009 541,187 46,147-21,993 -16,572 199,965 24,165 464,837 66, 330 22,079 -81 -16,596 -55,032 1938 _. -285; "~ -1,050,395 33,173 348,000 -46, 463 115, 540 27,831 333, 750 55, 744 20, 761 -89,371 -78,029 4,922 1938—June. 89, 580 -20,811 -6,137 57 56, 764-12,037 28,104 2,024 40,623 3,725 9,929 -7, 673 -5,407 421 July. 24,119 -10,529 -997 47 23, 212 -5, 750 2,490 31, 516 6,418 6,581 -11,429 -16,521 -920 Aug.. -73,132 -93, 660 -5,726 6,164 -258 -10,041 5,665 2,102 31,192 10, 356 3,035 -11,151 -10,498 —312 Sept. -261,143 -360,016 685 14, 358 120,075 -7,-'" 2,839 16,831 3,023 -4,750 -22, 763 -21, 980 -1,955 Oct.. -210,171 -308, 528 69,604 4,077 33,982 535 705 6,530 4,204 -20, 792 -4,671 2,831 1,353 Nov. -96, 508 -105,220 -66 6,00,r -2,328 -5, 245 155 2, 4,260 618 1,017 1,603 Dec. -66, 726 -97,371 758 2,057 9,990 5,649 528 7,358 1,815 531 1,511 1,347 1939—Jan.. -36, 514 -50,814 -3 -33 211 -253 5,672 681 5,671 304 1,374 -3, 790 704 3,762 M Fe a b r . . . - -2 1 5 4 9 8 , , 0 9 0 8 5 4 - - 1 3 6 0 0 6, , 8 2 3 1 9 8 - - 1 6 8 8 3 8 1 8 1 23, 3 4 9 7 6 7 1, 7 0 7 3 9 9 1 5 6 , , 6 8 1 6 3 6 736 3 5 , , 4 5 5 5 1 9 1,4 15 1 1 - - 1 1 , , 1 1 0 4 1 8 - g 1 o 399 3 1 , ,8 6 4 1 7 8 Apr.. -121, 188 -357, 518 -1,431 29 176,451 19,164 12, 656 4,8054 -47,875 -437 73) 394 -425 May. -294,077 -287, 76f -262 4,018 2,008 49,004 5,631 45, 394 2,9754-145,856 -3, 793 32,921 1,504 June. -51, 591 -127,293 -412 -38 41" 22,968 52,636 2,388 911 153 -3, 318 July. -147,33! -182,145 -330 -1 19 8,856 38,423 3,078 697 -1,138 -14,393 AugJ -318, 511 -223, 370 2,691 1 -7,491 -11,275 49,120 4,6066-114, 284-4,966 -4, 618 Germany Switzerland British India Net imports from or net exports (—) to: Increase in India: Year or Total Total month e n o x p e r p ( o t ) o n r i t r e m s t t s - 1 i e m o x r n ( p p ) e n o o t r e r t t t s s U S n ta i t t e e s d U K d n i o i n m t g ed - France g B iu e m l- Italy N la e e n r t d - h s - m G a e n r y - 1 o c t o A r th i u e l e n l s r - i e m T o x ( r n p o p ) e o t o n t a r r e l t t t s s p t I i G r o n o o n d d l i u d i a n c- s d e I r I r i n e n v a - - n es e f a e o r g d r m I o e n l i f a g d o r n r k- pr h i o I v l n a d t - e account 1934 -90,920 -46,065 -12,784-45,955 -29, 235 18,397 19,431 2,580 -43 1,543-230, 720 11, 223 173 -219,670 1935 42,969 -230, 788 647-54,858 -181,725 -13,940 25,542 342 -9,607 9 2, 812-161,872 11,468 -150,398 1936 -1,868 122, 278 -9,127 -1,714 39,305 14, 531 51, 299 4,600 -2, 990 o 26, 368-121,066 11, 663 -109,403 1937 -3, 718 -56,946 -51,608 11,940 -45,061 27, 739 -657 6,553 -16,461 10,609 -61, 723 11, 607 -41 -50,075 1938 -35, 224 -1,245 -1,128 76, 620 -74, 375 -1,067 11,314 25,125 -32, 745 -4,989 -54,696 11, 284 _____ 12, 078 -55,490 1939 ") -220, 229 -88, 524-105,104 -13,431 -2,953 31,466-18,039-25,191 1,546 -79, 495 11,009 50,91312 119,396 1938—July... 1,468 -8,837 -2 16,128 -14,071 -6,041 -142 3,962 222 -10,988 954 -10,034 Aug.... -6,864 -1,338 -2 10,464 -8, 382 -1,283 -37 3,824 -6, 267 342 -7,082 961 -6,121 Sept... -36, 626 9,024 -7 15, 940 418 117 -2 924 1,884-10,251 -957 949 -8 Oct.._. -16,134 1,454 -1,140 907 -616 -158 2,551 -56 3 —7, 661 959 1,909 -8,611 Nov.__ -10,129 913 228 13 33 -117 994 -265 31 -2, 279 933 5,690 -7,036 Dec—. -3, 765 -1,854 -139 -166 -2,884 -438 -209 211 4,479 -3, 270 1939—Jan.... 33 -3, 786 549 -149 1 -2, 294 -1,274 -7 -125 940 11,423 -10,608 Feb... -11,940 -2,112 -21 -763 24 -213 556 -1,581 -97 -15 -3, 288 863 7,749 -10,174 Mar- 9,999 -37, 332 -10,786 1,547 -1,990 -1,509 -576 -8,327 -14,830 -860 -5,113 938 9 4,812 -8,984 Apr.... 9, 967-162,645 -54,266-104, 650 -4,805 -864 10,819 -3,876 -2,431 -2, 573 -3, 394 912 5,197 -7,679 May... -5, 807 8,059 -2,329 -5,419 -1,609 -73 19, 585 -718 -1,138 -239 -4, 202 937 -5,104 June.-. -284 -10,696 -8, 589 93 269 6 -8 725 -3,116 -76 -2,049 910 5,749 -6,888 July... 00 7,765 -2, 856 1,033 -1,153 2 10,800 355 -171 -244 -10,264 936 942 -10,270 Aug.... 00 5,275 2 4,334 -1,929 -91 2,815 1,234 -887 -204 -5, 274 923 2,512 Sept... 00 -2, 730 -1,506 -1,030 -1 -25 89 -243 -11 -5, 213 -10,421 Oct... 00 -2, 855 -888 44 -541 -5 -4, 583 1,463 1,617 2,965 -12,365 4,563 -15,994 Nov... 00 -15,187 -3, 880 85 -907 -9 -6, 255 1,473 -2, 743 -2 -7, 691 903 31 -6,819 Dec... 00 -3, 9r -3,473 304 -1,338 -44 -1,662 -709 121 2,812 -20, 517 925 12-19,592 1940—Jan.__ 00 (13) -25,082 12—24,191 1 Beginning April 1938 figures refer to Greater Germany. 2 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 3 Includes $67,655,000 exported to Central and South America, excluding British countries. 4 Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively. 6 No figures published since August 1939. • Includes net exports to Canada of $115,515,000. 7 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 8 Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign account in India. »Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria. i° Includes net import of $26,555,000 from Czecho-Slovakia. 11 No figures published since June 1939. 12 May include a net increase or decrease in gold earmarked for foreign account, not reported separately since November 1939. 13 No figures published since December 1939. NOTE.—SwitZetland.—In some cases annual aggregates of official monthly figures differ somewhat fro m revised official totals published for year as a whole. 886 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total Central banking Return Inflow of brokerage Total f b u a n n d k s Other a f b u r n o d a s d o f f u U nd . s S. f f o u r n ei d g s n balances in N. Y. 1935—Dec. 31.. 1,412.5 603.3 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30.. 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29_. 3,410.3 1.168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938-Sept. 28.. 3,452.9 1,161.2 168.0 477.2 625.0 1,125. 4 64.1 Oct. 26... 3,672. 2 1,298.9 205.3 1,093.6 496.3 638.4 1,182.4 56.2 Nov. 30.. 3, 709. 2 1.392.1 220.1 1.172.1 472.7 598.4 1,194.4 51.5 Dec. 28_... 3,779.2 1,432. 7 216.3 1,216. 5 478.1 610.0 1,210.9 47.6 1939—Apr. 5... 4,241.8 1.759.6 251.3 1,508.3 572.0 652.6 1.191.7 65.9 Apr. 12.. 4,317. 6 1,819.8 278.6 1,541. 2 582.2 652.9 1.193.8 68.9 Apr. 19.. 4,402.9 1,892. 9 243.8 1,649.0 587.5 655.3 1,194.3 72.9 Apr. 26.. 4,479. 6 1,934.4 240.9 1, 693. 5 611.8 657.5 1.202.9 73.0 May 3... 4, 523. 7 2,019.6 245.9 1,773.6 596.1 621.8 1,211.9 74 4 May 10.. 4,544. 5 2,030.7 264.5 1.766.2 591.3 637.1 1,210.2 75.3 May 17.. 4,567.6 2,042.8 292.8 1,750.0 597.3 642.3 1,211.8 73.4 May 24_. 4,570 0 2,046. 3 299.1 1, 747.3 596.0 644.1 1,209. 3 74.2 May 31_. 4, 570.8 2.041. 5 302.1 1,739. 5 599.8 647.6 1.209.2 72.7 June 7... 4,550.0 2,008. 2 327.8 1,680.4 601.3 658.4 1.210.6 71.6 June 14.. 4, 555. 9 2.019.8 364.4 1,655. 5 593.7 661.5 1.208.3 72.6 June 21.. 4, 584. 2 2,031.7 364.5 1,667. 3 608.7 664.3 1,205. 6 73.8 June 28.. 4, 593.6 2,048.3 361.8 1,686. 5 607.5 664.5 1,199. 3 74.0 July 5... 4,611.6 2.049.7 306.9 1,742.9 608.0 678.5 1.199.3 76.1 July 12_. 4, 588. 9 2.031.2 293.6 1,737. 5 607.9 677.1 1.194.4 78.4 July 19.. 4, 591. 0 2.042. 5 288.6 1,753.9 604.5 677.0 1,185.0 81.9 July 26.. 4, 613. 4 2,066. 2 301.2 1,765.0 606.9 678.0 1.180.0 82.3 Aug. 2... 4. 635.1 2.093.9 327.1 1,766.8 596.8 680.2 1.182.2 82.1 Aug. 9... 4, 662. 7 2,139.1 323.2 1.815.8 609.9 652.8 1.176.5 84.5 Aug. 16.. 4, 709. 8 2,182. 2 305.5 1,876.7 622.8 654.5 1,164.9 85.4 Aug. 23.. 4,827. 9 2,287. 3 352.5 1.934.9 633.0 656.9 1.165.1 85.5 Aug. 30.. 4,863. 3 2,334. 2 371.6 1,962.6 620.6 657.8 1.165.7 85.0 Sept. 6.. 4,882. 3 2,341. 5 409.0 1,932. 5 623.5 661.7 1.171.3 84.2 Sept. 13. 4, 940. 3 2,389. 3 464.7 1,924. 6 621.7 668.9 1.181.3 79.2 Sept. 20. 4,976. 0 2,434.6 510.7 1,923.9 612.5 674.4 1.173.4 81.1 Sept. 27. 4,955. 4 2,412. 4 485.1 1.927. 3 618.4 676.9 1,164.4 83.1 Oct. 4... 4, 896. g 2, 386. 5 483.6 1,902 9 594.6 1,150. 2 80.9 Oct. n._ 4,872.8 2, 370. 6 462.8 1,907,. 7 598.1 685.2 1,144. 4 716 Oct. 18_. 4,871.2 2, 360. 6 441.6 1,919.0 601.7 686.7 1,141. 7 80.5 Oct. 25.. 4,882.0 2,384. 7 442.9 1,941.9 601.0 687.3 1.130.6 78.5 Nov. 1.. 4,858. 6 2, 366. 9 494.8 1.872.0 688.7 1,123.7 79.8 Nov. 8.. 4.825.0 2,341. 6 490.3 1,851. 3 597.3 690.4 1,115.9 79.9 Nov. 15. 4, 862. 7 2, 362. 4 481.6 1,880. 8 618.8 693.2 1,109. 2 79.2 Nov. 22. 4.822. 9 2, 329. 3 433.9 1,895. 3 615. 3 694.3 1,107.1 76.9 Nov. 29. 4,875. 6 2, 377.4 435.9 1,941. 5 622.0 695.4 1,103. 7 77.1 Dec. 6__. 4,867. 6 2, 366. 9 430. 9 1.936.1 626.8 1,098. 9 75.9 Dec. 13.. 4,860. 0 2, 366. 6 413.3 1.953.3 619.7 700.7 1,096. 5 76.5 Dec. 20.. 4.904.8 2. 398. 5 441.0 1,957. 5 619.6 711.8 1,096. 8 78.1 Dec. 27.. 4,893. 0 2, 383. 5 430.0 1, 953. 5 612.8 720.1 1,098. 5 78.1 1940—Jan. 3... 4,880.4 2, 321.8 433.5 1,888. 3 650.4 725.7 1,102. 6 79.9 Jan. 10._ 4, 919. 8 2, 360. 2 445.2 1, 9-15. 0 644.5 731.7 1,102. 3 81.0 Jan. 17__ 4,921.9 2, 368. 4 435. 2 1, 933. 2 636.1 733.7 1,100. 6 83.1 Jan. 24.. 4, 942. 3 2, 384.2 456.1 1, 928. 2 640.1 736.1 1.099.0 82.8 Jan. 31- 4, 918. 0 2,368. 5 449.6 1, 918.9 626.1 738.0 1.098.1 87.3 Feb. 7__. 4,911.7 2, 363. 4 427.8 1,935. 6 623.3 741.0 1,097.4 86.7 Feb. 14.. 4, 929. 4 2, 380.8 452.0 1, 928. 7 621.5 743.3 1, 097. 8 86.0 Feb. 21.. 4, 902.1 2, 343.1 409.9 1, 933. 3 627.0 745.5 1,099.1 87.4 Feb. 28.. 4, 930.1 2, 365.4 432.9 1, 932. 5 627.7 748.7 1,102.0 86.3 Mar. 6.. 4,905. 8 2, 323. 7 395.3 1.928. 4 638.5 752.4 1,103.4 87.8 Mar. 13. 4.928.1 2, 348. 0 404.3 1.943.8 633.5 755.2 1,102. 2 89.2 Mar. 20. 4,972. 7 2, 386. 6 423.8 ' 1, 962. 8 638.7 757.2 1,100. 6 89.4 Mar. 27. 4, 988. 8 2,409. 6 431.2 1,978. 4 636.9 758.1 1.097.8 86.5 Apr. 3... 5,002.1 2,426.0 426.1 1.999.9 631.6 761.6 1,094.8 88.1 Apr. 10.. 4, 987. 6 2,407. 7 414.4 1,993. 3 634.1 762.4 1.095. 5 87.9 Apr. 17.. 5.021.9 2,425. 2 419.4 2,005.8 644.9 764.7 1,098. 4 88.6 Apr. 24.. 5,064.1 2,453. 5 409.0 2,044. 5 659.0 767.2 1.096. 9 87.5 May 1__. 5,048. 6 2, 449. 4 398.5 2, 050. 9 643.4 771.1 1,097.0 87.6 NOTE.—Statistics reported by banks, bankers, brokers, ard dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. AUGUST 1940 887 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n t m g ed - France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asiai ot A he ll r i 1935—Dec. 31 1,412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 (2) 70.9 128.3 12.7 1936—Dec. 30 2,608.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051. 3 150.5 201.2 184.0 21.4 1937—Dec 29 3,410.3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2,653.0 106.3 410.6 224.6 15.9 1938—Dec. 28 3,779.2 1,186.1 339.5 324.6 554.0 140.7 33.0 463.8 3,041.7 157.2 389.5 156.8 34.1 1939—Aug. 30 4,863.3 1,326.3 473.4 412.1 647.2 148.8 26.1 665.1 3,699.1 291.8 536.1 259.4 76.9 Sept. 27 4,955.4 1,368.1 459. 6 448.4 671.1 151.1 32.9 686.0 3,817.2 260.9 528.0 276.4 72.9 Oct. 25 4, 882.0 1,301.4 430.9 446.8 686.5 159.1 48.0 710.3 3,783.1 239.0 522.2 260.2 77.5 Nov. 29 4,875. 6 1,157. 2 453.1 457.8 719.1 162.9 55.8 725.3 3, 731. 2 263.2 504.0 287.3 89.9 Dec. 27 4,893.0 1,117.3 442.3 469.9 759.1 163.3 55.9 753.8 3,761. 5 229.2 505.9 299.4 96.9 1940—Jan. 31 4,918.0 1,029. 3 471.2 466.1 798.3 166.3 61.7 811.3 3,804.2 226.6 503.9 297.3 86.1 Feb. 28 4, 930.1 1,006. 4 468.1 469.0 826.3 166.0 60.8 838.1 3, 834. 8 224.2 507.8 285.7 77.5 Mar. 27 4,988. 8 961.8 463.0 466.0 855.4 167.3 68.5 863.7 3,845. 6 231.0 527.1 315.2 69.9 Apr. 3 5,002.1 982.6 468.3 469.5 857.8 167.5 83.7 865.8 3,895.1 212.1 520.7 304.0 70.1 Apr. 10 4, 987. 6 953.0 465.5 469.0 855.7 166.7 77.8 871.2 3, 858.8 222.5 523.4 311.9 71.0 Apr. 17 5,021.9 962.6 467.7 477.5 853.2 168.1 80.7 865.4 3,875.1 221.0 535.0 317.0 73.7 Apr. 24 5,064.1 964.7 468.9 486.5 879.8 166.9 87.8 859.6 3,914.1 218.2 535.3 325.7 70.8 May 1 5,048. 6 946.4 461.5 482.5 881.8 168.1 85.6 866.0 3, 892. 0 225.4 539.2 320.2 71.7 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asiai ot A he ll r i 1935—Dec. 31. 603.3 128.6 129.6 55.7 72.4 o 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30. 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29. 1,168. 5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Dec. 28. 1,432.7 366.7 158.8 84.4 203.7 -9.8 3.8 203.0 1,010. 6 135.1 134.0 132.7 20.4 1939—Aug. 30. 2,334. 2 522.3 283.7 144.8 270.0 -18.5 -7.4 384.1 1, 579.0 256.1 268.9 172.8 57.5 Sept. 27. 2, 412. 4 584.5 263.8 172.0 286.2 -21.9 -1.6 399.5 1,682. 5 225.2 262.0 188.5 54.3 Oct. 25__ 2,384.7 558.5 227.8 172.0 293.8 -20.0 12.8 428.7 1, 673. 5 209.0 258.1 186.4 57.6 Nov. 29. 2, 377. 4 429.4 244.1 180.7 320.4 -18.4 16.7 446.9 1, 620.0 227.4 240.0 218.5 71.4 Dec. 27. 2,383. 5 396.2 231.6 190.8 352.0 -22.2 16.7 473.1 1,638.2 185.0 243.6 238.9 77.8 1940—Jan. 31.. 2, 368. 5 332.3 258.5 186.3 381.8 -20.5 24.9 522.1 1,685.4 166.8 231.2 226.2 58.9 Feb. 28. 2, 365.4 304.4 256.4 186.2 397.3 -21.2 25.7 546.6 1,695. 4 168.5 233.6 217.4 50.4 Mar. 27. 2,409. 6 271.2 252.9 184.6 418.0 -20.5 35.5 570.9 1, 712. 5 173.1 251.0 230.4 42.6 Apr. 3__ 2,426. 0 289.1 258.6 185.7 418.5 -21.2 50.5 571.8 1, 753.1 150.0 244.5 236.3 42.2 Apr. 10. 2,407. 7 260.7 256.7 186.0 412.3 -21.7 45.0 575.6 1, 714. 6 161.6 249.1 239.4 42.9 Apr. 17. 2, 425. 2 273. 2 258.3 197.2 408.1 -21.9 48.9 570.4 1, 734.3 152.4 262.8 229.7 45.9 Apr. 24. 2,453. 5 271.5 259.0 200.5 434.6 -21.5 54.5 562.5 1, 761.1 148.5 264.6 236.4 42.9 May 1.. 2,449. 4 254.4 254.6 199.1 433.9 -21.2 52.5 569.2 1, 742. 7 155.2 269.0 238.9 43.6 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th J r a o n u . g 2 h , - 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - Sw la i n tz d er- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia* ot A he ll r i 1935—Dec. 31. 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30. 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29, 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. 28. 478.1 204.5 65.5 -6.9 2.6 140.3 13.9 33.0 453.0 66.8 -65.0 -7.2 1939—Aug. 30. 620.6 225.2 70.0 8.4 5.6 158.2 14.6 35.1 517.2 52.3 61.9 -5.7 -5.0 Sept. 27. 618.4 226.1 70.0 9.1 5.2 164.1 15.1 38.2 527.7 46.6 57.4 -6.4 -6.9 Oct. 25.. 601.0 227.7 70.2 9.3 4.2 170.5 15.4 31.3 528.6 45.2 54.0 -20.0 -6.7 Nov. 29. 622.0 245.6 73.3 12.0 3.4 172.7 17.8 27.8 552.6 52.7 52.0 -26.7 -8.5 Dec. 27. 612.8 247.8 73.8 12.0 3.1 177.2 16.3 26.8 557.0 50.0 48.5 -34.3 -8.4 1940—Jan. 31_. 626.1 236.0 73.5 11.4 3.0 178.9 13.5 546.7 56.2 55.8 -32.0 -.6 Feb. 28. 627.7 247.4 73.4 12.9 2.6 179.4 11.7 30.5 557.8 52.1 56.2 -37.7 -.7 Mar. 27. 636.9 245.1 72.9 1.7 180.3 10.0 30.4 550.2 53.6 56.5 -22.8 -.6 Apr. 3_. 631. 6 252.4 73.8 11.9 1.9 181.1 10.3 31.2 562.6 54.1 55.3 -40.0 -.4 Apr. 10. 634.1 255.3 72.8 10.1 2.3 180.8 9.8 32.0 563.1 53.6 53.0 -35.8 .2 Apr. 17. 644.9 252.2 72.9 7.3 2.3 182.4 8.9 30.2 556.3 59.2 51.4 -21.9 -.1 Apr. 24. 659.0 255.4 73.0 13.1 1.6 181.0 10.3 31.6 566.0 60.2 53.0 -20.0 -.2 May 1__ 643.4 255.4 70.3 10.7 1.7 181.8 10.0 31.2 561.0 59.2 51.6 -28.4 -.1 'Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 888 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - d tz- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asiai ot A he ll r 1 1935—Dec. 31 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. 28 610.0 129.1 26.2 27.3 37.1 33.1 20.5 165.9 439.1 -38.9 166.3 33.8 9.7 1939—Aug. 30 657.8 127.4 28.3 29.7 43.2 36.4 24.4 181.8 471.2 -41.5 178.8 38.8 10.5 Sept. 27 676.9 124.9 33.8 29.7 43.4 36.4 24.8 183.1 476.0 -29.5 180.4 39.3 10.7 Oct. 25 687.3 124.8 41.1 29.4 43.3 36.4 24.9 185.0 485.0 -29.7 181.1 39.8 11.1 Nov. 29 695.4 124.3 41.7 29.2 43.3 36.5 26.1 186.5 487.6 -26.7 182.3 40.8 11.4 Dec. 27 _ 720.1 125.6 42.1 29.4 44.8 36.6 27.6 188.6 494.6 -11.5 183.0 42.8 11.3 1940—Jan. 31 738.0 126.2 42.5 29.6 46.0 36.5 27.8 190.6 499.1 -.2 184.5 43.2 11.3 Feb. 28 748.7 129.0 42.6 30.2 47.7 36.4 27.9 191.7 505.5 1.7 185.6 44.2 11.6 Mar. 27 758.1 130.7 42.7 31.4 48.8 36.3 27.7 192.7 510.3 4.0 186.8 45.2 11.7 Apr. 3 761.6 130.9 42.6 31.3 49.0 36.3 27.6 192.9 510.8 6.4 187.5 45.3 11.8 Apr. 10 762.4 130.9 42.7 31.3 49.2 36.3 27.6 193.1 511.0 6.6 187.7 45.4 11.8 Apr. 17 764.7 131.0 42.7 31.2 49.4 36.3 27.5 193.5 511.6 7.9 187.9 45.4 11.9 Apr. 24 767.2 131.6 42.7 31.2 49.8 36.2 27.5 194.0 513.1 8.4 188.2 45.6 12.1 May 1 771.1 132.0 42.8 31.1 50.0 36.2 27.7 194.0 513.8 10.3 189.4 45.6 12.1 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th J r a o n u . g h 2 — , 1935, Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n i r t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia* ot A he ll r i 1935—Dec. 31 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 _ 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162.0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041.6 37.6 18.2 54.7 9.8 1938—Dec. 28. _ 1,210.9 472.6 76.5 212.9 301.7 -22.7 -5.4 56.6 1,092.3 27.8 23.4 56.4 11.0 1939—Aug. 30 1,165. 7 433.5 72.2 220.6 313.4 -27.1 -5.7 56.7 1,063. 6 13.0 24.7 50.6 13.7 Sept. 27. 1,164.4 408.4 73.7 228.2 320.9 -27.4 -5.5 58.3 1,056. 7 8.9 26.1 58.5 14.1 Oct. 25 1,130.6 369.8 72.9 227.0 329.1 -27.6 -5.4 59.4 1,025.1 5.3 27.0 59.2 13.9 Nov. 29 1,103. 7 338.2 74.9 226.2 336.3 -28.0 -4.9 59.1 1,001.8 .7 28.6 58.7 13.8 Dec. 27 1,098.5 328.2 76.3 227.1 342.8 -28.2 -4.9 60.1 1,001.4 -3.1 29.8 56.1 14.3 1940—Jan. 31 1,098.1 315.7 77.1 229.4 349.2 -28.3 -4.7 62.4 1,000.8 -5.9 30.6 58.2 14.6 Feb. 28 1,102. 0 306.5 76.8 230.4 359.7 -28.4 -4.7 63.4 1,003.8 -7.5 31.5 59.8 14.4 Mar. 27 1, 097. 8 295.6 75.7 231.2 367.2 -28.7 -4.9 64.2 1,000. 4 -8.0 31.6 59.5 14.4 Apr. 3 1,094.8 291.2 75.9 231.5 368.1 -28.7 -4.9 64.5 997.5 -8.3 32.1 59.1 14.4 Apr. 10 1,095. 5 286.7 76.2 231.5 371.2 -28.7 -4.9 65.5 997.5 -8.8 32.4 60.1 14.3 Apr. 17 1,088. 4 287.3 76.0 231.7 372.4 -28.7 -4.9 . 65.4 999.3 -8.5 32.2 61.2 14.3 Apr. 24 1,096. 9 287.5 76.3 231.4 372.6 -28.7 -4.9 65.7 999.9 -8.0 29.5 61.2 14.3 May 1 1,097.0 286.1 76.2 231.4 375.0 -28.7 -4.9 65.7 1,000. 6 -8.5 29.5 61.1 14.2 TABLE 7.—BROKERAGE BALANCES,* BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n i r t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asiai ot A he ll r i 1935—Dec. 31 6.0 2.4 1.3 2.5 -.2 .1 1.4 7.6 —4.5 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 -.7 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 1938—Dec. 28 47.6 13.2 12.6 6.8 8.8 -.2 .2 5.3 46.7 2.6 -.9 —1.0 .2 1939—Aug. 30 85.0 17.8 19.1 8.6 15.0 -.2 .2 7.4 68.0 11.9 1.9 3.0 .3 Sept. 27 83.1 24.2 18.4 9.4 15.3 -.1 .2 7.0 74.3 9.7 2.1 -3.6 .7 Oct. 25 78.5 20.7 19.0 9.0 16.1 -.1 .2 6.0 70.9 9.2 2.0 -5.2 1.5 Nov. 29 77.1 19.6 19.0 9.6 15.7 .1 5.0 69.1 9.0 1.1 -4.0 1.8 Dec. 27 78.1 19.5 18.5 10.7 16.4 -.2 .1 5.2 70.2 8.9 1.1 -4.0 2,0 1940—Jan. 31 87.3 19.1 19.6 9.4 18.3 -.2 .2 5.8 72.2 9.7 1.7 1.7 2.0 Feb. 28 86.3 19.1 19.0 9.2 19.1 -.2 .2 5.9 72.3 9.3 .9 2.0 1.9 Mar. 27 86.5 19.2 18.7 9.1 19.7 -.2 .2 5.5 72.2 8.3 1.3 2.9 1.8 Apr. 3 _ 88.1 18.9 17.4 9.0 20.2 .2 5.5 71.2 10.0 1.3 3.4 2.2 Apr. 10 87.9 19.3 17.2 10.2 20.6 .2 5.0 72.5 9.5 1.3 2.8 1.8 Apr. 17 88.6 18.9 17.9 10.0 21.0 .2 5.8 73.7 10.0 .6 2.6 1.7 Apr. 24 87.5 18.6 17.9 10.2 21.2 .2 5.8 74.0 9.2 -.1 2.6 1.8 May 1 87.6 18.5 17.7 10.2 21.3 .2 5.9 73.9 9.2 -.3 3.0 1.8 1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 For explanation see BULLETIN for May 1937, pp. 395-396. a Inflow less than $50,000. 4 Outflow less than $50,000. AUGUST 1940 889 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM UABILITIES TO FOREIGNERS, BY COUNTRIES Date Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia* ot A he ll r l Reported by Banks in New York City 1929—Dec. 31.. 2, 672. 7 301.5 923.7 99.1 105.2 204.5 157.4 371.3 2,162.8 241.8 188.2 49.0 31.0 1930—Dec. 31 _. 2, 335.0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.5 1931—Dec. 30- 1,303. 5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28.. 745.6 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27.. 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 1934—Nov. 28«. 466.7 59.1 32.7 12.7 9.7 25.8 14.3 41.7 196.0 91.9 106.6 60.3 11.9 Reported by Banks in United States 1934—Dec. 5 K. 584.8 79.6 36.1 13.5 12.1 28.4 16.8 40.6 227.1 103.3 117.4 125.1 12.0 1935—Jan. 2..„ 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 1935—Mar. 27.. 635. 6 92.4 38.1 18.8 16.0 25.3 14.3 51.2 256.2 106.5 137.4 120.5 15.0 June 26_. 839.0 153.2 98.4 43.9 35.4 25.3 16.9 55.1 428.4 132.4 145.7 115.7 16.8 Sept. 25.. 922.9 162.4 84.1 51.2 50.7 27.4 16.5 68.1 460.6 144.3 155.4 144.9 17.7 Dec. 31.. 1,200. 2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Mar. 25.. 1,177. 2 186.6 145.8 65.8 86.3 21.6 18.7 118.3 643.1 144.2 189.3 183.1 17.5 June 24.. 1,426. 2 270.5 157.8 102.8 128.3 20.6 25.3 123.1 828.2 160.6 207.4 208.2 21.7 Sept. 30.. 1,459. 6 293.7 163.2 76.8 147.3 19.2 29.2 128.8 858.3 170.7 200.5 210.2 19.8 Dec. 30- 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Mar. 31.. 1, 682. 7 226.9 173.0 60.4 113.1 53.9 36.6 140.8 804.7 210.0 441.0 204.6 22.5 June 30— 2,173. 6 373.1 206.2 145.0 331.4 '40.3 23.0 177.9 1, 296. 9 190.1 448.8 210.4 27.4 Sept. 29.. 2, 304.8 385.8 197.3 167.6 425.5 48.7 27.5 223.4 1, 475. 9 219.3 353.8 229.9 25.8 Dec. 29.. 1, 729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Mar. 30.. 1, 521.0 248.1 126.3 48.5 236.7 25.7 14.9 135.7 835.8 186.4 257.9 219.5 21.3 June 29.. 1,357. 4 217.4 102.2 48.6 173.8 27.3 18.2 121.9 709.4 173.5 261.7 194.4 18.4 Sept. 28. 1, 732. 4 308.5 165.6 82.2 191.0 17.6 17.2 232.8 1,015.0 190.8 285.0 207.9 33.7 Dec. 28.. 2,003. 9 438.8 190.9 98.4 217.4 19.9 22.6 249.9 1, 237.8 235.2 254.9 243.7 32.4 1939—Jan. 25... 1,992. 6 419.2 199.9 103.4 226.8 16.8 18.4 269.1 1,253.6 205.3 250.0 247.2 36.4 Feb. 22.. 2,089.0 445.2 216.5 119.4 238.4 16.7 13.0 257.7 1,306.8 223.2 264.6 258.5 35.9 Mar. 29.. 2, 264. 2 473.9 219.5 143.9 247.1 18.7 14.8 314.7 1,432. 7 236.6 300.7 250.9 43.3 April 26. 2, 505. 6 548.9 269.0 154.9 244.2 13.9 13.1 365.3 1, 609. 3 267.0 330.6 251.4 47.3 May 31. 2, 612. 7 578.0 275.3 137.1 238.4 15.7 14.3 370.5 1,629. 3 309.4 371.7 253.8 48.6 June 28. 2,619. 5 607.4 284.4 146.0 240.8 15.1 12.2 366.9 1, 672. 7 291.7 363.0 242.5 49.7 July 26.. 2,637. 4 567.5 284.2 153.8 248.8 13.8 12.8 379.6 1, 660. 4 293.6 375.5 253.6 54.4 Aug. 30. 2,905. 4 594.5 315.9 158.7 283.6 11.1 11.4 431.0 1,806. 2 356.2 389.8 283.7 69.4 Sept. 27- 2, 983. 6 656.7 295.9 186.0 299.9 7.8 17.1 446.4 1,909. 7 325.3 383.0 299.5 66.2 Oct. 25.. 3,010. 9 630.6 259.9 186.0 307.4 9.6 31.6 475.6 1,900. 7 309.2 379.0 352.4 69.6 Nov. 29. 3,003. 6 501.6 276.3 194.7 334.1 11.3 35.5 493.8 1,847. 2 327.6 361.0 384.5 83.4 Dec. 27.. 3,009.7 468.4 263.7 204.7 365.6 7.5 35.5 520.0 1,865.4 285.1 364.5 404.9 89.7 1940—Jan. 31.. 2, 994.7 404.5 290.6 200.3 395.5 9.1 43.7 569.0 1,912.6 266.9 352.2 392.1 70.9 Feb. 28- 2,991.6 376.6 288.5 200.1 411.0 8.4 44.5 593.5 1,922. 6 268.7 354.6 383.4 62.4 Mar. 27. 3,035.8 343.4 285.0 198.5 431.6 9.1 54.3 617.8 1, 939. 7 273.2 372.0 396.4 54.5 Apr. 3— 3,052. 3 361.3 290.7 199.7 432.2 8.4 69.3 618.7 1,980. 3 250.1 365.5 402.3 54.1 Apr. 10. 3,033. 9 332.9 288.8 199.9 425.9 7.9 63.8 622.5 1, 941. 8 261.7 370.1 405.4 54.9 Apr. 17. 3,051. 4 345.4 290.4 211.2 421.8 7.8 67.7 617.3 1, 961. 5 252.5 383.8 395.7 57.9 Apr. 24. 3,079. 7 343.7 291.1 214.4 448.2 8.1 73.3 609.4 1, 988. 3 248.6 385.6 402.3 54.9 May 1.. 3,075. 6 326.6 286.7 213.1 447.6 8.5 71.3 616.1 1,969.9 255.3 389.9 404.9 55.6 Additional Detail Available from January 3,1940 * 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu el m - m D a en rk - l F a i n n d - N w o a r y - S d w e e n - Total g t A i e n r n a - - B z r i a l - Chile Cuba M ic e o x- P C a a m a n . n d a Z - . Total China H K o o n n g g Japan I P s p h la i i n l n i e d p- s 1940—Jan. 3. . 407.1 159.2 28.1 21.4 56.3 142.2 250.7 57.7 36.4 26.8 37.0 58.8 34.0 323.9 165.4 71.4 58.0 29.1 Jan.31. 448.1 166.2 28.7 23.8 67.0 162.4 259.3 66.5 31.8 24.4 38.3 62.1 36.2 332.1 171.9 72.2 58.0 30.0 Feb. 28. 458.8 176.6 27.2 23.7 69.4 161.9 263.7 68.7 30.0 24.7 38.3 65.2 36.7 325.3 176.3 68.5 50.8 29.7 Mar. 27 482.1 179.2 29.9 25.2 68.4 179.4 279.0 68.1 34.9 23.4 44.3 68.8 39.4 332.9 177.6 75.4 47.1 32.8 Apr. 3.. 475.1 184.3 28.7 25.0 68.4 168.6 275.4 63.5 35.3 24.7 43.2 68.4 40.2 342.1 175.9 75.2 59.1 32.0 Apr. 10. 470.7 182.0 26.6 24.8 71.2 166.1 277.2 66.1 36.2 23.9 43.9 67.9 39.2 346.0 176.7 75.3 62.1 31.8 Apr. 17_ 466.8 184.0 26.0 25.5 70.0 161.3 290.8 73.9 38.3 24.1 43.7 68.8 41.9 335.1 176.6 76.9 48.9 32.6 Apr. 24. 457.1 184.0 23.8 26.9 67.6 154.7 292.6 76.4 36.9 23.7 45.6 67.6 42.5 339.2 180.2 77.5 48.2 33.3 May 1. 460:2 183.7 23.0 27.2 67.5 158.9 297.1 80.6 35.0 23.4 46.4 67.2 44.5 348.5 180.7 81.1 54.7 32.0 1 Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 3 First report date on new basis. * The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on August 12, 1936, January 5, 1938, and October 18, 1939 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; and April 1940, p. 362). 890 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada Am L e a r t i i c n a Asiai ot A he ll r i Reported by Banks in New York City 1931—Dec. 30.-.. 1,103.3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 136.5 41.8 2.6 1932—Dec. 28 — 937.9 87.3 62.9 13.0 6.2 434.9 11.8 97.0 713.1 42.2 155.2 24.0 3.5 1933—Dec. 27— 898.8 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 32.3 159.7 49.7 6.2 1934—Nov. 28 * _ 827.1 201.3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 *__ 1,137.8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 1935—Jan. 2_.__ 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Mar. 27. _. 962.5 192.2 53.9 14.5 5.7 226.5 23.2 75.7 591.6 100.8 169.9 90.3 10.0 June 26... 829.2 88.8 32.0 13.4 6.3 213.8 24.6 79.1 457.9 108.2 165.0 88.8 9.3 Sept. 25... 765.2 87.3 62.7 16.5 7.8 199.9 21.0 65.9 461.0 77.9 153.0 64.3 9.1 Dec. 31... 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Mar. 25— 736.3 82.7 26.5 22.9 5.4 198.6 12.6 64.8 413. 5 78.7 158.7 74.3 11.2 June 24... 691.6 77.3 23.9 21.2 4.5 187.0 12.7 57.8 384.4 78.0 144.0 73.9 11.4 Sept. 30._ 647.9 75.8 81.5 21.5 5.2 160.6 11.0 52.0 407.6 49.1 126.6 54.4 10.2 Dec. 30— 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Mar. 31.. 693.1 99.7 15.8 17.1 4.9 162.2 13.0 58.1 370.7 71.7 135.3 100.0 15.5 June 30— 637.7 75.6 13.2 13.7 3.5 143.9 14.8 55.2 319.9 87.8 132.0 83.6 14.5 Sept. 29.. 586.0 75.3 11.1 19.1 4.2 132.0 16.8 52.8 311.3 82.5 107.0 71.7 13.5 Dec. 29— 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Mar. 30.. 669.7 120.6 11.4 23.5 4.8 112.0 18.1 51.0 341.4 93.3 113.5 104.1 17.4 June 29— 700.8 141.4 16.2 25.2 5.9 102.6 16.1 49.0 356. 4 87.6 116.6 126.4 13.8 Sept. 28._ 626.9 121.9 11.4 22.6 4.4 99.1 17.0 46.3 322.7 84.0 94.2 113.6 12.4 Dec. 28... 626.0 87.7 13.3 25.5 5.4 90.9 13.3 46.7 282.8 65.7 99.2 162.6 15.7 1933—Jan. 25— 603.2 98.5 8.7 23.8 4.5 88.6 14.4 43.9 282.4 52.4 95.7 157.9 14.8 Feb. 22... 569.1 82.0 12.4 22.4 4.2 84.0 13.3 48.0 266.3 49.0 98.3 140.4 15.0 Mar. 29.. 553.6 83.0 13.8 20.1 3.6 81.4 16.4 48.8 267.1 46.3 99.5 125.7 14.9 April 26.. 492.3 64.2 11.7 17.9 3.6 79.4 13.5 44.7 235.0 48.0 94.9 103.6 10.9 May 31.. 504.3 55.4 10.7 18.7 3.4 79.2 11.9 41.1 220.4 49.4 111.1 110.6 12.8 June 28._. 496.6 55.4 10.7 19.7 4.5 77.4 9.5 39.9 217.0 54.0 110.3 100.5 14.8 July 26... 497.2 55.2 7.3 21.7 3.2 74.7 9.3 39.1 210.3 52.7 111.8 108.7 13.6 Aug. 30.. 483.5 66.9 8.7 10.3 2.5 73.0 12.6 44.7 218.6 44.0 104.1 103.3 13.5 Sept. 27- 485.7 66.0 8.7 9.6 2.9 67.1 12.2 41.6 208.1 49.7 108.5 104.0 15.4 Oct. 25... 558.1 64.5 8.6 9.3 3.9 60.7 11.8 48.5 207.2 51.1 112.0 172.6 15.2 Nov. 29— 537.1 46.5 5.4 6.6 4.7 58.5 9.4 52.0 183.1 43.6 114.0 179.3 17.0 Dec. 27... 546.3 44.4 5.0 6.6 4.9 53.9 10.9 53.0 178.7 46.3 117.5 186.9 16.9 1940—Jan. 31 — 533.0 56.2 5.3 7.2 5.1 52.3 13.7 49.5 189.1 40.1 110.2 184.6 9.1 Feb. 28... 531.4 44.7 5.4 5.7 5.5 51.8 15.5 49.3 177.9 44.2 109.8 190.3 9.2 Mar. 27._ 522.2 47.0 5.8 8.9 6.3 50.8 17.3 49.4 185.6 42.7 109.5 175.4 9.1 Apr. 3.... 527.5 39.7 4.9 6.7 6.2 50.1 16.9 48.6 173.2 42.2 110.7 192.6 Apr. 10.. 525.0 36.8 6.0 8.5 5.8 50.3 17.4 47.8 172.6 42.7 113.0 188.4 8.3 Apr. 17.. 514.2 39.9 5.8 11.4 5.7 48.8 18.3 49.6 179.5 37.0 114.5 174.5 8.5 Apr. 24.. 500.0 36.7 5.8 5.5 6.5 50.2 16.9 48.2 169.8 36.1 112.9 172.6 8.7 May 1... 515.7 36.8 8.4 8.0 6.4 49.4 17.2 48.6 174.7 37.1 114.3 181.0 8.6 Additional Detail Available from January 3,1940 * 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B i e u l- m m De a n rk - l F a i n n d - N w o a r y - S d w e e n - Total g t A i e n r n a - - B z r i a l - Chile Cuba M ic e o x- C P a a . m a n n Z d a - . Total China H K o o n n g g Japan P Is p h l i a i n l n i e p d - s 1940—Jan. 3.. 23.4 6.5 3.2 1.4 3.6 8.7 76.1 16.8 32.2 9.7 10.5 5.9 1.0 152.5 22.0 1.9 102.1 26.4 Jan.31. 22.2 7.2 3.7 1.2 3.7 6.5 71.5 12.9 31.2 9.6 10.4 6.5 .9 161.9 22.5 1.6 111.2 26.6 Feb. 28. 20.4 7.4 2.9 .8 4.0 5.4 69.9 12.0 31.8 9.7 11.1 4.4 .9 168.0 25.4 3.2 111.2 28.2 Mar. 27 19.7 8.1 2.2 .8 3.9 4.7 70.1 12.2 31.6 9.4 11.2 4.7 1.0 165.4 25.7 1.5 109.6 28.6 Apr. 3.. 19.4 7.9 2.2 .8 4.0 4.5 71.4 12.5 33.0 9.4 10.7 4.7 1.1 182.6 26.1 1.7 125.9 28.9 Apr. 10. 18.3 7.9 1.5 1.0 3.7 4.2 73.3 13.6 33.2 9.6 10.9 4.9 1.1 178.6 25.8 1.7 122.7 28.4 Apr. 17. 20.2 8.2 1.4 2.4 3.8 4.3 73.2 14.0 33.5 9.4 10.4 4.9 1.1 164.2 25.2 1.5 109.0 28.5 Apr. 24. 18.3 8.4 1.4 1.0 3.6 3.9 72. S 12.4 34.5 9.6 10.2 5.0 1.2 161.7 24.3 1.4 108.1 28.0 May 1. 17.6 8.1 1.4 1.0 3.4 3.7 73.9 12.4 34.4 9.7 11.2 5.0 1.2 169.8 23.9 1.8 115.6 28.5 1 Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 3 First report date on new basis. 4 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on August 12, 1936, and October 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363). AUGUST 1940 891 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue dept. Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d i s n s t m er i l l i l n io g n ) s of Gold* Other Cash reserves a c n o D d u i s n a - t d s - Se ti c e u s ri- ci t r i c o u n la- Deposits l O ia t b h i e li r assets 2 Coin Notes vances Bankers' Public Other ties 1929—Dec. 25 _. 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31.. 147.6 260.0 38.8 49.0 104.7 368.8 132.4 6.6 36.2 18.0 1931—Dec. 30.. 120.7 275.0 31.6 27.3 133.0 364.2 126.4 7.7 40.3 18.0 1932—Dec. 28.. 119.8 275.0 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27.. 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26.. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25.. 200.1 260.0 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30.. 313.7 200.0 46.3 17.5 155.6 467.4 160.6 12.1 39.2 18.0 1937—Dec. 29.. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28.. 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—April 26.. 3 226. 2 300.0 37.1 6.2 129.5 489.1 91.4 27.0 37.6 17.7 May 31.. 226.2 300.0 26.4 8.0 140.7 499.8 82.4 38.3 37.1 17.8 June 28.. 226.4 300.0 27.4 6.8 136.7 499.0 101.4 15.4 37.0 17.9 July 26... 3 246.4 300.0 35.5 8.0 128.0 510.9 91.4 26.0 36.7 18.1 Aug. 30.. 263.0 300.0 33.5 6.4 137.8 529.5 90.1 31.1 39.0 18.2 Sept. 27.. 3.1 580.0 38.3 2.5 144.2 541.8 107.1 19.8 40.5 18.3 Oct. 25... .2 580.0 53.0 4.6 127.7 527.1 116.8 12.6 39 2 17.7 Nov. 29.. .2 580.0 1.1 51.6 4.5 132.1 528.7 103.5 27.8 40^2 17.8 Dec. 27.. .2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Jan. 31— .2 580.0 52.5 3.1 143.9 527.7 98.1 39.7 44.3 18.0 Feb. 28.. .2 580.0 1.0 49.0 2.8 149.4 531.2 99.4 45.7 38.9 18.1 Mar. 27.. .2 580.0 1.1 37.1 6.1 157.2 543.1 98.0 43.1 42.2 18.2 Apr. 24.. .2 580.0 1.0 43.1 4.9 153.5 537.1 103.4 40.7 40.6 17.7 May 29.. .2 580.0 1.4 23.4 2.9 171.6 556.9 94.9 36.1 50.5 17.8 June 26... .2 630.0 1.5 28.1 4.7 174.6 602.2 82.7 58.0 50.3 17.9 Assets Liabilities Domestic bills Loans on— Deposits Bank of France Ad- (Figures in millions of francs) Gold 4 ch F e e a i o x g n r - n g - e m O ar p k e e n t6 c S i p a e l8 - Other v m G a e e n t r o o n n c v - t e - 7 s m G S t e o e h n v r o t e m r r t s n - e - - s O e t c i t e h u s e ri r - O as t s h e e ts r c N i t r i c o o u t n e la- G m ov e e n r t n- Other l O i t a i t b e h s i e li r curities 1929—Dec. 27. 41,668 25,942 5,612 8,624 2,521 5,603 68, 571 11,737 7,850 1,812 1930—Dec. 26. 53, 578 26,179 5,304 8,429 2,901 6,609 76,436 12,624 11, 698 2,241 1931—Dec. 30. 68,863 21, 111 7,157 7,389 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30. 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29. 77,098 1,158 6,122 4,739 2,921 8,251 82,613 2,322 13,414 1,940 1934—Dec. 28. 82,124 963 5,837 3,971 3,211 8,288 83, 412 3,718 15, 359 1,907 1935—Dec. 27. 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30. 60,359 1,460 5,640 1,379 8,465 17, 698 715 3,583 8,344 89,342 2,089 13, 655 2,557 1937—Dec. 30_ 58, 933 911 5,580 652 10,066 31,909 675 3,781 7,277 93,837 3,461 19,326 3,160 1938—Dec. 29_ 87, 265 821 7,422 1,797 7,880 20, 627 443 3,612 14, 442110, 935 5,061 25, 595 2,718 1939—Mar. 30. 87, 266 758 8,631 2,054 5,733 20, 627 172 3,332 14, 558 119, 748 3,955 16, 702 2,726 April 27 8 92,266 756 8,609 2,165 6,012 20, 577 127 3,362 14, 452 124, 666 3,755 17, 255 2,649 May 25. 92, 266 754 8,164 2,276 4,774 20,577 78 3,401 14, 264 121, 391 4,573 17, 570 3,020 June 29_ 92, 266 722 8,074 2,279 5,009 20, 577 374 3,471 14, 753 122, 611 5,188 16,909 2,816 July 27. 92, 266 722 8,316 2,275 5,000 20, 577 472 3,461 14,458 123, 239 5,468 16,058 2,781 Aug. 31. 97, 266 218 9,396 1,708 15,009 20, 577 2,412 3,805 16,016 142, 359 3,304 18,038 2,708 Sept. 28. 97, 266 212 9,734 1,958 14,830 22, 777 930 3,661 16,482 144, 562 2,342 18,022 2,926 Oct. 26. 97, 266 85 10,038 2,007 8,298 25,473 336 3,576 17,100 144, 379 2,004 14,790 3,006 Nov. 30. 97, 266 120 10, 565 1,626 5,206 30, 473 454 3,581 17, 769149,370 1,953 12, 392 3,346 Dec. 28_ 97, 267 112 11, 273 2,345 5,149 34, 673 174 3,482 16, 438151, 322 1,914 14, 751 2,925 1940—Jan. 25.. 97, 268 111 11, 861 2, 235 5,011 35, 673 3,444 15, 963 151, 738 1,834 14, 965 3,259 Feb. 29. 97, 275 109 12, 505 1,810 4,630 40, 523 465 3,403 16, 917156,150 1,203 17,128 3,156 Mar. 28. 8 84,614 111 42,645 1,870 5,005 20, 550 320 3,376 15, 970156,032 1,154 14, 262 3,014 Apr. 25. 84, 615 112 42, 694 1,781 5,769 20,900 228 3,411 15, 666 156, 285 1,171 14, 681 3,038 May 30. 84, 616 102 44,083 1,889 14, 473 32,600 2,320 3,716 16, 694170, 853 1,046 25, 782 2,811 1 Effective Mar. 1, 1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271). 2 Securities and silver coin held as cover for fiduciary issue, which has been fixed at £630,000,000 since June 12,1940; for information concerning previous status of fiduciary issue see BULLETIN for November 1939, p. 1024, and April 1939, p. 339. 3 On Jan. 6,1939, £200,000,000 of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,1939, about £5,500,000 (at current price) transferred from Exchange Account to Bank; on July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank; on Sept. 6, 1939, £279,000,000 transferred from Bank to Exchange Account. 4 By decree of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407), gold revalued on basis of 23.34 milligrams gold 0.900 fine per franc. Increment of about 17,000,000,000 francs supplemented by certain other funds was applied to the full repayment of advances to the Government granted under authority of the decree of Nov. 12, 1938, in the amount of 20,473,000,000 francs. Gold also revalued in Oct. 1936, July 1937, and Nov. 1938. For further details see BULLETIN for November 1936, pp. 878-880; September 1937, p. 853; and January 1939, p. 29. 5 Negotiable bills of Caisse Autonome, bills bought under authority of decree of June 17, 1938 (see BULLETIN for August 1938, p. 650) and, from Mar. 28, 1940, 30,000,000,000 francs of negotiable Treasury bills received in return for gold transferred to Stabilization Fund on Mar. 7, 1940. 6 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). 7 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22, 1938, and April 14,1938, as modified by Convention of Nov. 12,1938; Convention of Sept. 29,1938, approved by decree of Sept. 1, 1939; and Convention of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407). 8 On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France; on Mar. 7, 1940, 30,000,000,000 francs of gold transferred from Bank of France to Stabilization Fund. NOTE.—For further explanation of table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83. 892 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Reichsbank Reserves of gold andBills (and Securities (Figu r r e e i s c h i s n m m ar il k l s io ) ns of foreign exchange i c n h c e l c u k d s in ), g Security Eligible Other ci N rc o u t l e a- Deposits l O ia t b h i e li r - Total Treasury loans as note Other assets tion ties reserves Goldi bills cover 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 _ 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939_june 30. 77 8,159 48 930 274 1,658 8,731 1,281 1,132 July 31 77 8,461 36 925 289 1,652 8,989 1,294 1,157 Aug. 31 77 10, 272 60 1,013 296 1,964 10, 907 1,480 1,294 Sept. 30 77 10,105 24 1,324 393 1,963 10,995 1,602 1,287 Oct. 31 77 9,358 35 1,440 366 2,375 10,820 1,520 1,312 Nov. 30... . 77 10,148 36 997 365 2,257 10,974 1,574 1,332 Dec. 30 78 11, 392 30 804 393 2,498 11, 798 2,018 1,378 1940—Jan. 31 77 11,143 33 374 401 2,487 11, 505 1,628 1,382 Feb. 29 77 11,825 37 172 367 2,380 11,877 1,559 1,422 Mar. 30 78 12, 242 31 144 394 2,557 12,176 1,760 1,509 Apr. 30 78 12,188 31 221 364 2,651 12,480 1,714 1,338 May 31 77 12, 569 31 142 363 2,135 12, 594 1,470 1,253 June 30 77 12, 611 12, 785 i Not shown separately on Reichsbank statement after June 15, 1939.* NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83. Central Bank 1940 1939 Central Bank 1940 1939 [Figures as of last report [Figures as of last report date of month] June May Apr. June date of month] June May Apr. June National Bank of Albania (thou- National Bank of Belgium (millions sands of francs): (Mar.)i of belgas): Gold 7,567 7,568 Gold and foreign exchange 4,614 3,929 Foreign assets 65,135 26,856 Discounts 991 314 Loans and discounts 10, 315 4,555 Loans 69 48 Other assets 7,829 7 595 Other assets 512 473 Note circulation 28, 419 20, 716 Note circulation 5,880 4,442 Other sight liabilities 46,830 12, 579 Demand deposits—Treasury 1 37 Other liabilities 15, 598 13,278 Other 182 161 Central Bank of the Argentine Other liabilities 124 122 Republic (millions of pesos): Central Bank of Bolivia (thousands Gold reported separately 1,224 1,224 of bolivianos): Other gold and foreign exchange- 178 84 Gold at home and abroad 95, 265 61,242 Negotiable Government bonds 198 271 Foreign exchange 112, 860 68 868 Other assets _ __ 195 204 Loans and discounts 145,138 51,809 Note circulation 1,176 1,128 Securities—Government 430 628 401 417 Deposits—Member bank 434 428 Other 13,316 4,363 Government 107 143 Other assets... _ 127,997 28, 397 Other 7 2 Note circulation 401,306 301,455 Foreign exchange sold forward 18 32 Deposits 354, 741 245,606 Other liabilities 53 51 Other liabilities 169,159 69 035 Commonwealth Bank of Australia National Bank of Bulgaria (mil- (thousands of pounds): lions of leva): Issue department: Gold 2,006 2,006 Gold and English sterling 16,082 16,030 Net foreign exchange in reserve 4 Securities 45,300 40, 504 Foreign exchange 1,800 757 Banking department: Loans and discounts 1,110 975 Coin, bullion, and cash 3,151 1,397 Government debt 3,393 3,417 London balances 44,886 19,075 Other assets 2,030 1,310 Loans and discounts 34,835 16, 582 Note circulation 4,526 2,891 Securities 38 203 52,756 Deposits _ 3,421 ' 3, 239 Deposits __ 114, 294 84, 231 Other liabilities _ 2,396 2,336 Note circulation 52, 525 47, 530 Bank of Canada (thousands of Ca- Bank of Belgian Congo (millions of nadian dollars): Belgian francs): (Jan.)i Gold 2 225, 773 205,736 Gold 171 171 Sterling and United States ex- Foreign (gold) exchange 5 change _ 12,601 42, 695 33,652 Loans and discounts 617 412 Canadian Gov't. securities: Other assets 526 532 2 years or less __ . 417,421 101, 507 110, 773 Note circulation 421 390 Over 2 years ._ 93,995 107, 574 51,192 Deposits 735 591 Other assets 23,074 12,054 6,327 Other liabilities 164 134 Note circulation 230, 373 221,192 165,922 Deposits—Chartered banks 238, 305 213, 912 204,082 Dominion Government 52, 719 32,165 21,891 Other 7,532 8,295 4,673 Other liabilities 18,163 14,037 11,112 1 Latest month for which report is available for this institution. 2 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). AUGUST 1940 893 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1940 1939 Central bank 1940 [Figures as of last report [Figures as of last report date of month] June May Apr. June date of month] June May Apr. June Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor—Cont. Gold 146 146 146 Deposits 6,463 8,233 Discounts for member banks 116 101 35 Other liabilities 3,876 3,616 Loans to government 750 750 754 Bank of Estonia (thousands of Other loans and discounts 356 363 269 krooni) : Other assets 50 52 35 Gold 40,903 40,901 40,892 Note circulation. 1,031 1,009 Foreign exchange (net) — 4,303 4,278 8,910 Deposits- Loans and discounts — 48,851 48,252 27,059 Bank 143 148 123 Other assets 34,084 30,818 44, 507 Other 78 90 105 Note circulation 62, 726 64,690 51,116 Other liabilities 165 164 144 Demand deposits 34,039 29,204 30,622 Bank of the Republic of Colombia Other liabilities 31, 376 30,356 39,631 (thousands of pesos): Bank of Finland (millions of mark- (Oct. Gold.... 40,186 35, 853 kaa): 1939)i Foreign exchange 3,912 3,306 5,999 Gold _. 1,180 1,128 Loans and discounts... 21,864 21,128 19,855 Foreign assets , 2,085 2,640 Government loans and securities- Loans and discounts 2,059 1,244 Other assets 29, 781 29,869 30,019 Domestic securities 328 331 Note circulation 53, 785 53,485 57, 364 Other assets 343 142 Deposits 53, 679 52,973 38, 204 Note circulation _ 3,378 2,200 Other liabilities ___ 26, 570 33,105 Deposits—Treasury . 90 National Bank of Bohemia and Mo- Other 553 1,088 ravia (millions of koruny): Other liabilities 2,064 2,106 Gold 1,596 1,596 1,763 Bank of Greece (millions of drach- Foreign exchange 728 739 771 mas) : Discounts.. 445 362 2,129 Gold and foreign exchange (net)_. 4,430 4,225 3,565 Loans 542 535 919 Loans and discounts.— 14, 692 13,366 10, 570 Other assets 6,566 7,480 3,716 Government obligations 4,105 4,105 4,257 Note circulation ___ 5,601 5,522 6,418 Other assets 2,751 2,465 1,860 Demand deposits 839 1,335 839 Note circulation 11,004 9,861 8,002 Other liabilities 3,437 3,856 2,041 Deposits _ _ 13,056 12,480 10, 543 National Bank of Denmark (mil- Other liabilities.. 1,917 1,820 1,706 lions of kroner): National Bank of Hungary (mil- Gold 117 117 117 lions of pengo): Foreign exchange 9 9 Gold 124 124 124 Clearing accounts (net) 71 Foreign exchange reserve 59 63 94 Discounts 34 38 19 Discounts 647 539 438 Loans—To Government agencies 155 107 130 Loans—To Treasury 343 343 327 Other 315 422 155 Other.. 36 18 12 Securities _. 190 188 180 Other assets 333 327 366 Other assets 116 118 109 Note circulation 1,040 976 885 Note circulation 703 707 446 Demand deposits 186 120 178 Deposits _ _ 165 154 166 Certificates of indebtedness 94 94 99 Other liabilities 138 138 197 Other liabilities 222 225 199 Central Bank of Ecuador (thou- Reserve Bank of India (millions of sands of sucres): (Mar.)1 rupees): Gold 35,642 39, 421 Issue department: Foreign exchange (net) 10, 309 Gold at home and abroad._. 444 444 Loans and discounts 59, 557 50,092 Sterling securities 1,165 595 Other assets 19, 907 18,123 Indian Gov't. securities 384 374 Note circulation.. 62,828 64, 314 Rupee coin 534 695 Demand deposits 30, 941 38, 813 Note circulation 2,396 1,846 Other liabilities 21, 337 14, 818 Banking department: National Bank of Egypt 2 (thou- Notes of issue department.. 130 262 sands of pounds): Balances abroad 244 85 Gold 6,544 6,545 Treasury bills discounted— 3 3 "Foreign exchange 2,729 2,095 Loans to Government 1 7 Loans and discounts 8,141 5,657 Investments 84 73 British, Egyptian, and other Other assets 16 12 Government securities 30, 608 25,196 Deposits. 361 329 Other assets 6,995 8,401 Other liabilities 116 111 Note circulation 25,489 20, 712 Bank of Japan (millions of yen): Deposits—Government 2,392 3,261 Gold 501 501 501 Other 18,076 15,468 Special foreign exchange fund... 300 300 300 Other liabilities.... 9,060 8,454 Discounts 462 527 428 Central Reserve Bank of El Salva- Loans—Government 3 3 3 dor (thousands of colones): (Mar.): Other 60 118 51 Gold _ 13, 228 13, 208 Government bonds 2,652 2,726 1,776 Foreign exchange 5,8D4 6,479 Other assets 436 437 414 Loans and discounts 1,546 709 Note circulation 3,186 3,405 2,342 Government debt and securities. 4,858 5,132 Deposits—Government 745 699 535 Other assets 1,171 990 Other 169 115 238 Note circulation _ 16, 268 14, 669 Other liabilities 314 392 358 1 Latest month for which report is available for this institution. * Items for issue and banking departments consolidated. 894 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1940 1939 Central bank 1940 1939 [Figures as of last report [Figures as of last report date of month] June May Apr. June date of month] June May Apr. June Bank of Java (millions of guilders): Bank of Portugal—Cont. Gold 147 147 117 Note circulation 2,424 2,320 2,096 Foreign bills ___-._ 16 20 15 Other sight liabilities. _. 1,161 1,209 1,169 Loans and discounts 72 70 61 Other liabilities 1,030 1,003 990 Other assets 123 119 97 National Bank of Rumania (mil- Note circulation 221 206 195 lions of lei): Deposits 109 123 72 Gold 21,029 18, 756 Other liabilities 28 27 25 Special exchange accounts _ _ _ _ 6,903 4,422 Bank of Latvia (millions of lats): Loans and discounts 22,520 13,615 Gold 72 71 93 Special loans 3 1,024 1,534 Foreign exchange reserve 30 27 40 Government debt 10,036 10,169 Loans and discounts 212 220 147 Other assets 15, 785 12, 662 Other assets 46 46 53 Note circulation 49,844 38,683 Note circulation 104 107 84 Demand deposits 10,004 10, 524 Deposits 202 194 208 Other liabilities 17, 445 11, 951 Other liabilities - 55 64 40 South African Reserve Bank (thou- Bank of Lithuania (millions of litu): sands of pounds): Gold __ 60 57 62 Gold __ 36,172 33,822 26,638 Foreign exchange 18 15 9 Foreign bills _ _ 8,150 8,200 7,666 Loans and discounts 178 168 120 Other bills and loans 294 214 813 Other assets 62 62 37 Other assets 24, 695 22, 575 16, 541 Note circulation 176 171 156 Note circulation 21,309 18,922 19,156 Deposits 106 93 42 Deposits 42,638 41,874 28, 651 Other liabilities 37 37 31 Other liabilities 5,364 4,015 3,850 Netherlands Bank (millions of guil- Bank of Sweden (millions of ders) : kronor): Gold 1 160 1 175 Gold 4 416 395 762 Silver (including subsidiary coin) 12 22 Foreign assets (net) __ 432 453 583 Foreign bills . _ 1 2 Domestic loans and investments- 969 881 226 Discounts 10 10 Other assets 851 821 515 Loans 226 214 Note circulation 1,467 1, 537 1,059 Other assets 71 68 Demand deposits ______ 179 375 »-863 Note circulation _ _ 1,166 998 Other liabilities 1,021 638 164 Deposits—Government 25 27 Swiss National Bank (millions of Other 228 420 francs): Other liabilities 59 46 Gold 2,168 2,124 2,471 Reserve Bank of New Zealand Foreign exchange 361 259 271 (thousands of pounds): Discounts 185 270 66 Gold 2,802 2,802 Loans _ _ 144 82 31 Sterling exchange reserve 13, 848 5,601 Other assets 224 657 681 Advances to State or State un- Note circulation 2,246 2,031 1,729 dertakings 22, 778 16, 926 Other sight liabilities. 565 720 1,147 Investments 2,958 3,768 Other liabilities 271 642 644 Other assets 377 415 Central Bank of the Republic of Note circulation _ _ 17,945 15, 467 Turkey (thousands of pounds): Demand deposits 22, 351 12,123 Gold 109,904 109, 497 36,906 Other liabilities 2,467 1,922 Foreign Exchange—Free 60 36 11 Bank of Norway (millions of In clearing accounts 29,788 28,499 4,135 kroner): (Feb.)1 Loans and discounts 262,704 259, 399 140, 915 Gold 186 236 Securities 196,221 196,153 192,880 Foreign assets 99 157 Other assets 33,386 41, 919 35, 450 Total domestic credits and Note circulation 327, 869 316,869 229, 521 securities 440 271 Deposits _____ 163, 780 178, 406 61, 509 Discounts 112 Other liabilities 140,413 140, 228 119, 267 Loans (2) 37 Bank of the Republic of Uruguay Securities 123 (thousands of pesos): Other assets (2) 60 Issue department: (Mar.)* Note circulation 579 475 Gold and silver 86, 235 86,235 Demand deposits—Government- 12 37 Note circulation _ _ 96,360 91, 072 Other 94 121 Banking department: Other liabilities (2) 92 Gold- 21, 454 20, 462 Central Reserve Bank of Peru Notes and coin 45, 753 47, 916 (thousands of soles): (Mar.)i Loans and discounts 109,824 107, 262 Gold and foreign exchange £0,053 49,043 Other assets 129,767 98, 347 Discounts 21,132 25 659 Deposits 99,061 87,187 Government loans 106,116 94,097 Other liabilities _ 207, 737 186, 799 Other assets 5,067 3,541 National Bank of the Kingdom of Note circulation 124, 498 113,197 Yugoslavia (millions of dinars): Deposits 40, 757 44 421 Gold 2,162 2,069 1,920 Other liabilities 17,113 14, 721 Foreign exchange 585 870 507 Bank of Portugal (millions of Loans and discounts 1,984 1,802 1,825 escudos): Government debt 3,073 3,073 2,230 Gold 921 921 920 National defense bills 3,196 2,261 Other reserves (net) 496 563 462 Other assets 3,428 3,402 3,156 Non-reserve exchange 358 287 200 Note circulation _ __ 11, 755 10, 764 7,177 Loans and discounts 457 , 439 419 Other sight liabilities 1,842 1, 777 1,724 Government debt 1,033 1,033 1,036 Other liabilities _ 832 935 736 Other assets 1,349 1,290 1,218 ' Revised. 1 Latest month for which report is available for this institution. 2 Figures not yet available. 3 Agricultural and urban loans in process of liquidation. * Gold revalued May 31, 1940 at 0.2053 grams fine gold per franc. 895 AUGUST 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs 1] 1940 1939 1940 1939 Assets Liabilities May 31 Apr. 30 May 31 May 31 Apr. 30 May 31 Gold in bars 28,913 28,215 64,732 Demand deposits (gold) 12,010 12, 588 13,205 Cash on hand and on current account with banks 46,086 33,465 6,756 Short-term deposits (various curren- Sight funds at interest _ 16,382 16,852 16, 275 cies): Central banks for own account 33,133 21,863 109,214 Rediscountable bills and acceptances Other 2,316 2,925 5,418 (at cost) 143,843 162,415 219,950 Time funds at interest.. _. 21, 774 21,963 34, 464 Long-term deposits: Special accounts.. 229,001 229,644 255,128 Sundry bills and investments 211,335 195,075 232, 208 Other liabilities 194, 268 193, 398 193, 415 Other assets 2,396 2,434 1,995 Total liabilities 470, 728 460, 419 576, 379 Total assets 470, 728 460, 419 576, 379 i See BULLETIN for December 1936, p. 1025. MONEY RATES IN FOREIGN COUNTRIES [Per cent per annum] United Kingdom (London) Germany (Berlin) Netherlands (Amsterdam) Month a 3 B c c a m e n p o k t n a e n t r h c s s ' es T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P i r s r a c iv t o e a u 1 t n e t M 1 o m ne o y n t f h or D m ay o - n to ey -d 1 ay d P is r r i c a v o t a e u t n e t M 1 o m ne o y n t f h or 1929—June 5.32 5.35 4.23 7.50 7.90 5.30 5.30 1930—June 2.31 2.30 1.93 3.58 4.80 3.74 1.89 1.93 1931—June 2.09 2.10 1.64 6.05 7.05 6.74 1.05 1.07 1932—June 1.05 .85 .99 4.75 5.76 5.70 .39 1.00 1933—June .50 .40 .62 3.87 5.50 4.93 2.18 2.06 1934—June .91 .85 .92 3.76 4.67 4.57 .78 1.00 1935—June .71 .64 .75 3.00 2.93 3.16 4.42 3.83 1936—June .78 .78 .75 2.88 2.74 2.67 3.92 3.95 1937—June .68 .68 .79 2.88 2.63 2.78 .15 1.00 1938—June .59 .59 .75 2.88 2.88 3.06 .13 .50 1939—June .75 .76 .77 2.79 2.50 2.71 .49 .75 1939—October... 1.88 1.77 1.71 2.75 2.23 1.90 2.24 November 1.96 1.18 1.00 2.65 2.19 1.75 2.41 December. 1.23 1.24 1.03 2.63 2.39 2.25 2.75 1940—January... 1.10 1.09 1.02 2.50 2.03 1.85 2.64 February.. 1.04 1.02 1.00 2.50 2.08 1.58 2.50 March 1.03 1.02 .99 2.50 2.16 1.35 2.49 April 1.03 1.03 1.00 1.68 2.75 May 1.03 1.02 1.00 3 2.20 3 3.21 June 1.03 1.02 1.00 Switzer- Belgium France Italy Hungary S ( w St e o d c e k n - Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o te a u t n e t c c i o a P l m r i p m m ap e e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1929—May 3.34 3.96 3.49 5.48-5. 66 3.29 1930—May 2.44 2.87 2.36 5.81 5.48 3.10 1931—May 1.12 2.20 1.28 5.25 3-5 5.29-5.48 2.19 1932—May 1.50 3.21 1.50 5.52 6.20-6. 57 4.56 1933—May 1.50 2.41 1.76 4.00 5.11-5.84 2.19 1934—May 1.50 1.93 2.60 3.00 5.26 2.43 1935—May 2.39 2.12 2.56 3.50 5.11 2.40 1936—May 2.25 1.38 5.60 4.78 4.93 2.73 1937—May 1.00 1.00 3.93 4.50 4.75 2.69 1938—May 1.00 (4) 2.62 5.00 4.56 2.40 1939—May 1.00 3.99 1.94 5.00 4.47 2.37 1939—September 1.25 3.22 2.70 October.. _ 1.25 3.19 2.34 November 1.25 3.11 2.12 December. 1.25 3.11 2.12 . 3-5 1940—January _._ 1.25 2.94 2.12 3-5 8 February.. 1.25 2.68 1.94 3-5 March 1.25 1.89 3-5 8 April 1.25 2.00 3-5 May 1.41 a oo 6 ( ) i Beginning February 1940 figures are those published in the League of Nations Monthly Bulletin of Statistics. * No figures available since August 1939. 3 Figures are for period May 1-9, inclusive; no quotations available May 10-31. 4 Insufficient quotations available. 5 No figures available since July 1939. 6 No figures available since June 1939. NOTE.—For explanation of table see BULLETIN for December 1939, p. 1144; September 1938, p. 757; May 1930, p. 318; November 1929, p. 736; July 1929, p. 503; April 1927, p. 289; and November 1926, pp. 794-796. 896 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective U K d n i o i n m t g ed - France m G a e n r y - g B iu e m l- N la e e n r t d - h s - S la w e n r i - d tz- Japan b C an e k n tr of a — l J R u 2 a l 9 t y e ef D fec a t t i e ve b C an e k n t o r f a — l R Ju 2 a l 9 t y e ef D fec a t t i e ve In effect June 30, Albania Mar. 21, 1940 Japan _ 3.29 Apr. 7, 1936 Ju 1 ly 9 3 7 6 . . .. 2 4 4 2 3 2 3.29 A Be r l g g e iu n m tina-.. 2 2 J M a a n. r . 2 1 5 , , 1 1 9 9 3 4 6 0 J L a a v t a v ia _ _ _ 3 5 J F a eb n . . 1 1 4 7 , , 1 1 9 9 3 4 7 0 J S u e l p y t . 1 9 0.. _ 3 2 B B o ri l t i i v s i h a India 3 2 N Au o g v . . 28 9 , , 1 1 9 9 3 3 5 8 L M i e th x u ic a o nia—. 3 6 J M u a ly r . 1 1 5 , , 1 1 9 9 3 3 7 9 Sept. 25 5 Oct. 2 3 Oct. 9__ Oct. 16 2 2 Bulgaria 6 Aug. 15, 1935 Netherlands 3 Aug. 29, 1939 J N D O a e c o n c t v . . . . 2 2 3 8 2 0 , 6 1 .. 9 . 37-. _ „ 4 2 2 V2 IK C C C C z h o a e i n l l o c a e h m d o a b - ia 4 2 J D M u e a l c y r . . 1 1 1 1 8 6 , , , 1 1 1 9 9 9 3 3 3 5 6 3 N N Pe e o l r a w r u n w d ay Zea- 6 3 3 M M Se a a p y y t . 2 13 6 0 , , , 1 1 1 9 9 9 4 3 3 0 2 9 June 15 6 slovakia. _ 3 Jan. 1, 1936 Portugal.. 4-4^ Aug. 11, 1937 July 7 __ 5 Aug. 4 -__ 4 Sept. 3 Nov. 13 3 2 Denmark May 22, 1940 Rumania May 5, 1938 S M M M e a a a p y y y t . 3 1 1 2 0 0 3 8 , 1938- V 3 A 4 3 E E E F l i s c n t u S o l a a n a d n l i o a d v r ador _ . 4 3 7 2 M M D O e c a a t c y r . . . 2 30 6 3 1 , , , , 1 1 1 1 9 9 9 9 3 3 3 3 4 9 8 5 S S S S w w p o a u i e i t t d n z h e e n r A la f n ri d c . _ a . 4 i N M M M o a a a v y y r . . 2 1 1 2 6 7 5 9 , , , , 1 1 1 1 9 9 9 9 3 4 3 3 9 0 6 3 Oct. 27 2M Nov. 25 J A a p n r . . 4 1 , 7 1939 2 4 France 2 Jan. 4, 1939 Turkey 4 July 1, 1938 J M ul a y y 6 11 3 G G r e e r e m ce any 6 2 J A a p n r . . 4 9 , , 1 1 9 9 3 4 7 0 Un d i o t m ed King- 2 Oct. 26, 1939 Aug. 24 __ 4 I H ta u l n y g ary - 4 A M u a g y . 1 2 8 9 , , 1 1 9 9 3 3 6 5 U Y . u g S o . s S l . a v R ia- 4 5 J F u eb l . y 1 1, , 1 1 9 9 3 3 5 6 Aug. 29 3 Sept. 28 3 Oct. 26— 2 J A a p n r . . 2 9 5 _ , _ 1940 . 2 i Not officially confirmed. In effect July 29, Changes since June 30: none. 1940— 2 2 VA 2 3 IK 3.29 COMMERCIAL BANKS Assets Liabilities United Kingdom i Money at Deposits (Figures in millions of pounds sterling) re C se a r s v h es c n a s l o h l t o i a c r n t e d B co il u ls n t d e i d s- Se t c ie u s ri- L c o u a s e t n r o s s m to - a O s t s h e e ts r Total Demand * Time2 lia O b t i h li e t r ies 10 London clearing banks 1930—December . __ _ 208 144 322 285 933 240 1,876 992 847 254 1931—December -__ _ 184 119 246 297 905 222 1,737 868 846 237 1932—December 207 127 408 472 778 208 1,983 991 963 216 1933—December _ 213 119 311 565 740 237 1,941 1,015 900 244 1934—December 216 151 255 594 759 247 1,971 1,044 910 251 1935—December 221 159 322 605 784 231 2,091 1,140 924 231 1936—December 236 187 316 630 864 238 2 238 232 1937—j) ecember 236 155 295 605 954 242 2,250 237 1938—December 235 150 244 606 940 250 2,172 254 1939—December 264 167 323 580 981 280 2,350 245 11 London clearing banks3 1936—December . _ 244 195 322 660 890 249 2,315 1,288 1,012 245 1937—December 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December _ 243 160 250 635 971 263 2,254 1,256 997 269 1939—April 229 145 184 611 997 256 2,155 1,185 970 267 May . _ 236 144 201 605 992 258 2,167 1,194 973 268 June 235 150 249 600 993 257 2,219 1,232 987 265 July 235 155 278 597 986 251 2,240 1,241 999 263 August 233 148 279 599 990 270 2,245 1,239 1,007 273 September 268 146 236 603 1,016 276 2,278 1,272 1,006 266 October _ __ 256 159 289 605 1,020 271 2,327 1,299 1,028 272 November 245 142 353 611 1,000 242 2,345 1,303 1,042 248 December 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—January 242 154 388 610 1,010 267 2,410 1,373 1,036 261 February __ _ 247 149 353 609 1,007 259 2,366 1,347 1,019 258 March— 249 142 336 611 1,014 273 2,363 1,355 1,008 260 April 254 153 338 618 991 260 2,354 1,351 1,003 261 May . . . 257 144 409 633 972 260 2,413 261 June 270 166 384 636 983 295 2,469 264 1 Averages of weekly figures through August 1939; beginning September 1939f igures refer to one week near end of month. 2 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available beginning 1936. 3 District Bank included beginning in 1936. NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640. AUGUST 1940 897 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks—Continued Assets Liabilities France (4 large b i a n n m ks i . l lio E n n s d o o f f f r m an o c n s t ) h figures Cash D b u a e n f k ro s m B co il u ls n d te i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- lia O b t i h li e t r ies 1930—-December. 2,419 4,675 20,448 10,743 2,361 36,681 35,284 1,397 921 4,357 1931—December. 11,311 2,168 18,441 9,274 2,130 38, 245 37,023 1,222 576 4,503 1932—December. 9,007 1,766 22,014 7,850 1,749 37, 759 36,491 1,268 295 4,331 1933—December. 5,870 1,416 19,848 8,309 1,827 32,635 31,773 862 273 4,362 1934—December. 5,836 1,421 18,304 8,159 1,717 30,943 30,039 904 193 4,301 1935—December. 3,739 2,484 16,141 8,025 1,900 27, 553 26,859 694 337 4,399 1936—December. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December. 3,403 4,116 18,249 7,624 2,134 30, 348 29, 748 600 661 4,517 1938—December. 3,756 4,060 21,435 7,592 1,940 33, 578 33,042 537 721 4,484 1939—March 3,604 3,519 23,945 6,654 1,310 34, 793 34,127 667 541 3,697 April 3,522 3,745 25,667 6,414 1,353 36,368 35,700 667 558 3,775 May 5,148 3,769 25,102 7,061 1,409 38,120 37,444 676 519 3,849 June 3,538 3,857 25,263 6,538 1,472 36,231 35,547 684 486 3,951 July 3,464 3,580 25,717 6,850 1,532 36,650 35,991 659 430 4,063 August 6,357 3,718 18,784 7,353 1,674 33,293 626 455 4,138 September. 5,062 3,862 20,888 7,710 1,735 34,642 34,048 594 427 4,190 October... 4,534 3,698 23,170 7,809 1,936 36,285 35,675 610 534 4,328 November. 4,171 3,714 25, 649 7,907 2,068 38,423 37,835 588 631 4,455 December. 4,599 3,765 29, 546 7,546 2,440 42,443 41,872 571 844 4,609 1940—January... 4,066 4,080 29,808 7,756 1,745 42,850 42,302 548 938 3,667 February.. 4,293 3,993 30,810 7,579 1,849 43, 737 43,195 542 1,034 3,753 March 4,110 3,920 34,123 7,499 1,961 46, 608 46,064 544 1,105 3,901 Assets Liabilities Germany 1 (5 larg i e n b m an il k li s o . n s E o n f d r e o ic f h m sm on ar th k s f ) igures re C se a r s v h es b f D a ro n u m k e s B co il u ls n t d e i d s- Loans Se ti c e u s ri- O as t s h e e ts r Total D D e e p m o a s n it d s Time o C b b f r t a r e a o n d i m k n i s e ts d l O ia t t i b e h i s e li r - 1930—November __ 191 1,483 2,453 7,416 482 9,091 3,857 5, 233 1,986 1,828 1931—November.. 173 817 1,431 5,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November.. 143 583 1,631 4,570 938 991 6,161 2,958 3,203 1,146 1,550 1933—November.. 131 471 1,702 3,731 860 1,003 5,754 2,624 3,130 661 1,481 1934—November.. 115 393 2,037 3,331 874 5,816 2,731 3,085 485 1,432 1935—November.. 139 316 2,162 2,884 1,027 5,376 2,435 2,941 686 1,449 1936—November.. 137 269 2,567 2,729 1,112 851 5,751 2,661 3,090 579 1,334 1937—November.. 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 513 1,335 1938—August 199 255 3,589 2,731 1,098 844 6,933 3,219 3,714 416 1,368 September.. 270 295 3,384 2,817 1,097 876 6,915 3,311 3,603 424 1,400 October 179 261 3,620 2,743 1,183 895 7,031 3,373 3,658 422 1,427 November.. 195 270 3,643 2,685 1,406 893 7,234 3,531 3,703 420 1,438 1939—January 184 285 3,934 2,708 1,178 895 7,334 3,619 3,716 414 1,436 February... 175 307 3,888 2,798 1,145 902 7,377 3,576 3,801 410 1,427 March 219 308 3,904 2,833 1,112 901 7,458 3, 693 3,765 401 1,418 April 189 271 4,364 2,761 1,082 891 7,745 3,870 3,875 398 1,414 May 237 292 4,537 2,772 1,073 852 7,981 3, 996 3,985 396 1,385 June 2 214 306 4,108 2,988 1,080 7,793 3,793 3,999 390 1,342 Assets Liabilities Deposits payable in Can- Entirely in Canada Security ada excluding interbank Canada loans deposits fi ( g 1 u 0 r e c s h i a n r t m er i e l d li o b n a s n o k f s C . an E a n d d i a o n f d m ol o la n r t s h ) Cash Security O lo t a h n e s r a a n f b d r d r o u o m n e a e d t Se ti c e u s ri- a O s t s h e e ts r ci N t r i c o o u t n l e a- l O ia t t i b h e i s e li r loans and dis- foreign Total Demand Time counts banks 1930—December .. 207 205 1,275 171 604 602 133 2,115 1,426 816 1931—December.. 201 135 1,253 146 694 510 129 2,058 1,360 752 1932—December.. 211 103 1,104 155 778 439 115 1,916 538 1,378 7«0 1933—December. . 197 106 1,036 134 861 432 121 1,920 563 1,357 725 1934—December.. 228 103 977 155 967 449 124 2,035 628 1,407 718 1935—December.. 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—December.. 240 114 791 161 1,384 507 103 2,303 755 1,548 790 1937—December.. 255 76 862 102 1,411 510 96 2,335 752 1,583 785 1938—December. . 263 65 940 166 1,463 474 88 2,500 840 1,660 782 1939—May 266 55 963 217 1,505 452 85 2,524 846 1,678 850 June.. 255 53 957 226 1,525 494 2,542 862 1,680 875 July 266 51 947 202 1,520 468 2,520 822 1,697 849 August 265 49 957 245 1,507 461 2,524 822 1,702 873 September.. 279 51 1,020 214 1,502 475 2, 583 891 1,692 862 October 304 53 1,083 209 1,662 474 2,837 1,128 1,709 858 November.. 295 56 1,102 157 1,665 475 2,809 1,074 1,735 851 December.. 292 53 1,088 132 1,646 490 2,774 1,033 1,741 842 1940—January 290 48 1,073 134 1,654 466 2,755 1,005 1,751 827 February... 273 57 1,104 140 1,638 476 2,772 1,113 1, 659 829 March 265 52 1,115 166 1,599 451 2,724 1,063 1,661 836 April.. 281 54 1,072 180 1,592 488 2,743 1,071 1,672 840 May. 44 1,063 194 1,617 475 2,785 1,142 1,643 818 1 Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice (see BULLETIN for June 1935, p. 389). 2 No figures available since June 1939. NOTE.—For other back figures and explanation of tables see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641—646. 898 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month A (p t r i e g n s e a o n ) - Off A i ( c p i u a o s l t u r n a d l F i ) a ree ( g b B i e u e lg m l- a) O B f r f a ic z i i a l l (mi F lr r e e i e s) B ( I r n r u i d p ti i e s a e h ) g B ( a le u r v i l a - ) C O a ff n ic a i d a a l (d F o r ll e a e r) Of C fi h ci i a le l ( E pe x s p o o ) rt S ( C y h h h u a a i a n i n ) n g a - - C (p b o e l i s o a o m ) - ( s k C lo o z v r e u a c n k h a i o a ) - 1933.. 72.801 337.07 17.900 7. 9630 31. 816 1.0039 91.959 7. 6787 28. 598 81. 697 3.8232 1934.. 33. 579 400.95 23. 287 8.4268 37.879 .2852 101.006 10.1452 34.094 61. 780 4. 2424 1935._ 32. 659 388.86 18.424 8. 2947 36.964 2951 99.493 5.0833 36. 571 56.011 4.1642 1936- 33.137 395.94 16. 917 8. 5681 5. 8788 37. 523 .. 2958 99.913 5.1240 29. 751 57.083 4.0078 1937- 32.959 393. 94 16.876 8. 6437 6.1983 37.326 . 2846 100.004 5.1697 4.0000 29. 606 56. 726 3.4930 32. 597 389. 55 16.894 5.8438 36. 592 . 2424 99.419 5.1716 4.0000 21.360 55.953 3. 4674 1939 30. 850 353. 38 16.852 6.0027 5.1248 33.279 .2111 96.018 5.1727 4.0000 11.879 57.061 3.4252 1939—June 31.217 373.12 17.008 6.0586 5.1737 34.924 1. 2077 99.773 5.1737 4.0000 13.434 57.169 July 31. 211 373.03 16.991 6.0571 5. 0555 34. 905 1. 2126 99.835 5.1703 4. 0000 10. 637 57.036 Aug 31.116 367.32 16. 968 6.0579 5.0236 34. 407 1.2111 99.494 5.1691 4.0000 7.163 57.061 Sept 318. 38 17.028 6.0594 5. 0162 29.928 91. 255 5.1776 4.0000 57.068 Oct 29. 770 319. 51 16. 729 6.0575 5.0503 30. 296 89.331 5.1713 4.0000 7.638 57.151 Nov 29. 772 312. 66 16. 490 6. 0580 5. 0322 30.127 87. 755 5.1714 4.0000 8.353 57. 206 Dec 29. 773 313.13 16. 577 6.0576 5.0263 30.032 87.615 5.1705 4.0000 7.487 57.022 1940—Jan 29. 772 315.82 16. 834 6.0562 5.0132 30.140 88.018 5.1670 4.0000 7.833 57. 205 Feb 29.773 315. 79 16.859 6. 0569 5. 0237 30.163 86. 654 5.1655 4.0000 7.012 57. 264 Mar 29. 773 299. 50 16.980 6.0574 5.0269 30.179 90.909 82.883 5.1650 4.0000 6.409 57.130 April 29. 773 322.80 280.90 16. 801 6. 0576 5.0291 30.198 90.909 84. 238 5.1649 4.0000 5.992 56.990 May 29. 773 322.80 260.80 16. 736 6.0488 5.0232 30.120 90.909 80.970 5.1670 4.0000 5.083 57.046 June 29. 773 322.80 287.04 6. 0527 5.0329 30.106 90.909 80.072 5.1678 4.0000 5.760 57. 220 Year or month ( m D kr a e o r n n k - e) (p E o g u y n p d t ) ( k l F m a k i n n a a d - ) r- F (f r r a a n n c c e ) ( m m r G e a a i e r c n r k h - y ) s- G (d m r r e a a e c ) c h e - (d H K o o o ll n n a g g r) (p H g e a u n r g n y o - ) ( I l t i a ra ly ) J ( a y p e a n n ) M (p e e x so ic ) o ( N g l e u a t i n l h d d e e s r r - ) Z (p e N a o e l u a w n n d d ) N (k o r r o w n a e y ) 1933.. 19.071 434. 39 1.8708 5.0313 30. 518 .7233 29. 452 22.360 6. 7094 25. 646 28.103 51. 721 340.00 21.429 1934.. 22. 500 516.85 2. 2277 6.5688 39. 375 .9402 38. 716 29. 575 8. 5617 29. 715 27. 742 67.383 402.46 25.316 1935.. 21. 883 502. 60 2.1627 6. 6013 40. 258 .9386 48. 217 29. 602 8. 2471 28. 707 27. 778 67. 715 391. 26 24.627 1936.. 22.189 509.68 2.1903 6.1141 40. 297 .9289 31. 711 29. 558 7. 2916 29.022 27. 760 64. 481 398.92 24.974 1937.. 22. 069 506. 92 2.1811 4.0460 40. 204 . 9055 30. 694 19. 779 5. 2607 28. 791 27. 750 55.045 396.91 24. 840 1938.. 21. 825 501. 30 2.1567 2. 8781 40.164 .8958 30. 457 19. 727 5. 2605 28.451 22.122 55.009 392.35 24. 566 1939.. 20. 346 478.83 1. 9948 2. 5103 40.061 .8153 27. 454 19. 238 5.1959 25. 963 19.303 53.335 354.82 23.226 1939—June- 20. 900 480.10 2.0559 2. 6493 40.105 .8565 28. 916 19. 577 5. 2604 27. 284 19. 753 53.167 374.60 23. 524 July... 20. 896 480.00 2. 0547 2. 6488 40.113 .8576 28. 703 19. 576 5. 2605 27. 279 17.133 53. 278 374. 49 23. 520 Aug.— 20. 834 472. 41 2.0456 2. 6137 39. 859 .8520 28.213 19. 576 5. 2515 26. 870 16.800 53. 484 368.82 23. 376 Sept... 19. 317 432. 04 1. 9000 2.2651 39. 864 .7575 24.863 5.1445 23.459 19.023 53.182 319. 75 22.655 Oct.... 19. 291 1.8943 2. 2736 40.092 .7345 25.030 5.0465 23. 510 20.151 53.115 320.81 22. 697 Nov... 19. 294 1. 8964 2. 2246 40.127 .7244 24.491 17. 602 5.0444 23. 440 20.497 53.080 313. 96 22. 703 Dec— 19.297 1.8136 2. 2269 40. 097 .7157 24.482 17. 600 5.0452 23.441 18.185 53.107 315.03 22. 701 1940—Jan.... 19. 304 1.8156 2. 2461 40.118 .7155 24. 629 17. 586 5.0470 23. 438 16. 663 53. 208 317.09 22. 706 Feb.- 19.310 1. 7078 2. 2459 40.117 .7176 24. 572 17. 605 5.0467 23.438 16. 654 53.137 317.06 22. 709 Mar- 19. 311 1. 5252 2.1296 40.114 .7007 23. 247 17. 592 5.0470 23. 438 16. 652 53.101 300. 72 22. 712 April.. 19. 307 1. 7743 1.9980 40.115 .6546 21.834 17. 586 5.0452 23. 438 16. 656 53.082 282.05 22. 707 May.. 1.8961 1.8516 40.025 .6270 20. 288 17. 582 5.0426 23. 438 16. 654 53.079 261. 87 June.. 1.9776 2. 0052 39.965 .6529 22.388 17. 591 5.0361 23. 432 18. 365 288.19 United Kingdom Uruguay (peso) Year or month P (z o l l o a t n y d ) ( P es o g c r a u t l u d - o) R ( u n le m i u a ) a- (p A S o o fr u u i n t c h d a ) (p S e p s a e i t n a) ( S S m d t e o r e t l a t n l l i a t e t s r s - ) (k S d r w o e n n e a - ) S ( w f la r i a n t n z d c e ) r- ( T po u u r n k d ey ) Offic ( i p a o l und F ) ree tr C o o ll n e - d N tr o o n l - l c e o d n- ( Y s d la u in v g i a o a r - ) 14. 414 3. 9165 .7795 414.98 10. 719 49. 232 22.032 24.836 60.440 423. 68 60. 336 1.7607 1934.. 18.846 4. 6089 1.0006 498. 29 13. 615 59.005 25.982 32. 366 79.047 503. 93 79. 956 2. 2719 1935.. 18. 882 4. 4575 .9277 484. 66 13. 678 57.173 25. 271 32.497 80.312 490.18 80. 251 2. 2837 1936_. 18. 875 4. 5130 .7382 491. 65 12.314 58. 258 25. 626 30.189 80. 357 497.09 79. 874 2. 2965 1937.. 18. 923 4.4792 .7294 489. 62 6.053 57. 973 25.487 22.938 80.130 494. 40 79.072 2.3060 1938.. 18. 860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 80.109 488.94 64. 370 2.3115 1939.. 18.835 4.0375 .7111 440.17 10.148 51. 736 23.991 22. 525 443. 54 62.011 36. 789 2. 2716 1939—June. _ 18.812 4. 2484 .7042 463.32 11. 023 54. 509 24.107 22. 546 80.101 468.24 61. 609 35. 620 2. 2674 July- 18.808 4. 2506 .7035 463. 28 11.023 54. 785 24.114 22. 550 80.021 468.15 61. 600 35. 818 2. 2744 Aug.— 18. 754 4. 2234 .7043 456.10 11.000 53.996 24.002 22. 573 80. 022 461.07 60. 659 35. 698 2. 2729 Sept... 3. 6564 394. 57 10.492 46. 712 23. 763 22. 576 79.500 399. 51 38.180 Oct.... 3.6444 396.12 10.148 47.017 23. 792 22.433 401.05 39.022 Nov... 3. 6067 .7088 397.15 10.039 46. 246 23. 798 22. 428 392.47 65. 830 37.063 2.2649 Dec... 3. 6044 .7055 397. 41 9.950 46.102 23. 796 22.422 393.01 65. 830 36.457 2. 2657 1940—Jan.... 3. 6259 397. 86 9.950 46.484 23.806 22.419 396. 39 65.830 36,360 2. 2595 Feb... 3. 6228 398.00 9.950 46.483 23. 807 22.418 396. 34 65. 830 37.466 2. 2560 Mar... 3.4985 398. 00 9.814 46. 750 23. 816 22. 417 403. 50 375. 91 65. 830 38.839 2. 2485 April.. 3.4090 398.00 9.144 47.136 23. 691 22.418 403. 50 352. 59 65.830 39.090 2. 2444 May- 3. 2650 398. 00 9.130 47.119 23. 791 22. 253 403.50 327. 36 65. 830 38. 603 2. 2473 June— 3. 5969 398.00 9.130 47.114 23.804 22. 461 403. 50 360.16 65.830 37. 714 2. 2441 NOTE.—Developments affecting averages since July 1939 have been as follows: No rates certified for following days: Argentina—Aug. 26-Oct. 16; Belgium—since May 9; Brazil—Sept. 1; Bulgaria—since Aug. 29; Canada—official rate Mar. 1-21, first reported in addition to free rate beginning Mar. 22; Denmark—Aug. 26-31 and since April 8; Egypt—since Sept. 1; Finland—Aug. 26-Sept. 1 and Sept. 3-5; France—since June 15; Hungary—Aug. 26-Nov. 8 and Jan. 27-Feb. 8; Netherlands—since May 9; Norway—Aug. 26-29 and since April 8; Poland—since Aug. 25; Rumania— Aug. 26-Nov. 5 and since Jan. 31; Spain—Mar. 30-Apr. 1; Turkey—Aug. 25-28 and since Sept. 1; United Kingdom—official rate Mar. 1-24, first reported in addition to free rate beginning Mar. 25; Uruguay—controlled rate, Sept. 1-Nov. 28, and non-controlled rate, Oct. 17-Nov. 28; Yugoslavia —Aug. 26-Nov. 5. Official rate for Australia first reported in addition to free rate beginning Apr. 1. Averages based on nominal quotations for at least 5 days a month as follows: Aug.—Australia; Sept.—South Africa; Sept. and Oct.—British India, Hong Kong, Japan, and Straits Settlements; Nov., Dec, Jan., and Feb.—British India, Germany, and Yugoslavia; Dec, Jan., and Feb.—Finland; Mar.—Finland, Germany, and Yugoslavia; Apr.—New Zealand; Apr., May, and June—Germany, Sweden, and Yugoslavia; June—Italy. For further information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the bases of quotation, see BULLETIN for September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. AUGUST 1940 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U S n ta i t t e e s d Canada K U in n g i d te o d m France Germany Italy (O Ja c p to a b n er N (1 l e 9 a t 2 n h 6 d e - s 3 r- 0 ( S Ju w l l a i y t n z 1 d e 9 r 1 - 4 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) =100) 1926 100 100 i 124 695 134 237 106 144 1929 95 96 627 137 95 220 100 141 1930 86 87 100 554 125 85 181 90 126 1931 73 72 88 500 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 ___•_-_ 66 67 86 398 93 63 180 63 91 1934 75 72 88 376 98 62 178 63 90 1935 _ 80 72 89 338 102 68 186 62 90 1936 81 75 94 411 104 76 198 64 96 1937 86 85 109 581 106 89 238 76 111 1938 79 79 101 653 106 95 251 72 107 1939 77 75 103 107 278 74 111 1939—May 76 74 98 684 107 97 270 70 107 June 76 73 98 683 107 98 270 70 106 July 75 73 98 678 107 96 270 70 107 August 75 72 98 674 107 272 71 107 September 79 78 106 107 (2) 288 75 117 October ... 79 79 111 (3) 107 (2) 293 81 120 November 79 80 119 (3) 107 (2) 300 84 123 December 79 82 122 (3) 108 (2) 314 85 125 w 1940—January 79 83 125 108 320 86 128 February 79 83 128 (3) 108 317 88 13C March 78 83 '129 (3) 109 (2) 312 88 132 April 79 83 132 314 134 May 78 82 134 312 135 June 78 82 P135 w 308 * Preliminary. r Revised. 1 Approximate figure, derived from old index (1913=100). 2 No figures available since July 1939. 3 No figures available since August 1939. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1926=100) United Kingdom France (1913=100) Germany (1913=100) (1930=100) Year or month pr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods p I r n o tr d d i u u al c s- ts p an r F o d a d r f u m o c o t d s p I r n o tr d d ia u u l s c - ts p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- a p t f r n I i r i n n o d a i d d l s s h u u r e e s a c m - d w ts i- p tr I r i i n o s a d d h l u e u f d s c in - ts - 1926 100 100 100 581 793 129 132 130 150 1929 105 100 92 579 130 125 132 157 1930- 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 87 542 464 104 103 136 1932 48 61 70 85 482 91 89 118 1933. _ 51 61 71 83 87 420 87 88 113 1934 65 71 78 85 90 393 361 96 91 116 1935 _._. 79 84 78 87 90 327 348 102 92 119 1936. 81 80 92 96 426 397 105 94 121 1937 86 85 102 112 562 598 105 96 125 1938 69 82 97 104 641 663 106 94 126 1939 65 81 106 108 95 126 1939—May ^. 64 81 92 101 652 108 94 94 126 June 62 80 92 101 643 109 91 94 126 July 63 80 91 102 629 109 92 95 126 August 61 80 90 102 616 109 92 95 126 September. 69 82 101 108 0) 108 CO 95 126 October.... 67 84 109 111 CO 108 0) 96 126 November. 67 84 114 121 CO 108 CO 97 126 December. 84 118 124 CO 108 CO 97 127 1940— M F J e a a b n r r u c u a h a ry . r . y . . . . 84 1 1 1 2 2 2 4 2 6 1 1 13 2 2 1 9 7 0 CO 1 1 1 1 0 0 0 8 8 C c co o O - 1 1 1 2 2 2 8 7 7 April 126 135 May 128 136 !! 8 June 66 P130 0) CO r Revised. v Preliminary. i No figures available since August 1939. Sources—See BULLETIN for April 1937, p. 372; March 1937, p. 276; October 1935, p. 678; March 1935, p. 180; and March 1931, p. 159. 900 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES [Index numbers] United Eng- Ger- Year or States i land France many month 1935- July July 1913- 1939=1001914=1001914=1001914=100 1926 161 554 146 1929 154 611 156 1930 145 614 146 1931 131 611 131 1932 126 536 116 1933.. 120 491 1934 122 481 1935 . 100 125 423 1936 101 130 470 1937 105 139 601 1938 98 141 702 1939 95 141 1939-May 94 134 738 June 94 134 739 July 94 139 741 August 94 137 749 September 98 138 October 98 154 (4) November 97 157 December. 95 157 1940-January... 95 157 February. _ 97 161 March 96 161 April 96 158 (? May 97 159 June 98 158 3SS COST OF LIVING [Index numbers] Nether- Switz- United Englands erland Year or States i land France 1911- June month 1935- July 1913=1001914=100 1939=1001914=1001930=100 161 160 1926 170 162 156 1929 164 150 152 1930 158 100 136 141 1931 — . . 148 97 119 125 1932 144 91 120 117 1933 140 87 124 115 1934 141 83 118 114 1935 98 143 78 122 120 120 1936 99 147 86 122 127 130 1937 103 154 102 122 130 130 1938 101 156 117 123 130 132 1939 99 158 123 130 1939-May 153 123 124 124 132 June 99 153 125 132 July 156 125 124 131 August 155 122 128 133 September 101 155 122 133 136 October 165 (3) 122 136 138 November 169 123 137 138 December. 100 173 124 138 139 1940-January 174 124 140 139 February. 177 126 140 March 100 179 142 April 178 143 May 180 June 181 C333 Ger- Nether- Switzmany lands erland 1913- 1911- June 1914=1001913=1001914=100 142 168 162 154 168 161 147 161 158 136 151 150 121 141 138 118 139 131 121 140 129 123 136 128 125 2 132 130 125 137 137 126 139 137 126 140 138 126 137 127 136 137 127 138 127 137 137 126 139 138 126 143 140 126 144 142 126 146 142 127 146 144 127 148 145 129 145 147 148 1 Revised series. Monthly data back to 1935 for retail foods and quarterly data back to 1933 for cost of living may be obtained from the Bureau of Labor Statistics. 2 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 3 No figures available since May 1939. 4 No figures available since August 1939. Sources—See BULLETIN for October 1939, p. 943, and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it t e e d s England France Germany Nether- (1926=100) Nether- ( p a r v i e c r e a ) g i e ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic r e a ) ge lands 2 U S n ta i t t e e s d England France Germany (19 l 3 a 0 n = d 1 s 00) Number of issues.. 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1929 98.1 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930 99.3 111.8 95.8 83.3 104.3 149.8 102.6 187.6 100.2 100 1931 90.9 108.4 96.9 3 83.4 104.1 94.7 78.9 132.2 3 78.0 70 1932 69.5 113.2 88.6 3 67.1 94.8 48.6 67.9 105.2 3 50.3 46 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52 1934 84.5 127.5 82.1 90.7 113. 4 72.4 85.7 83.3 71.1 55 1935 88.6 129.9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 55 1936 97.5 131.2 76.3 95.8 109.1 111.0 97.0 77.2 91.6 66 1937 93.4 124.6 75.1 98.7 * 101. 8 111.8 96.3 97.4 102.6 104 1938 .- _ 78.9 121.3 77.3 99.9 105.9 83.3 80.8 89.7 100.1 96 1939 81.6 112.3 99.0 90.9 89.2 75.9 94.1 90 1939—May 80.2 113.5 85.1 99.0 98.0 83.1 77.0 103.0 94.1 89.3 June 81.4 113.5 84.0 99.0 96.3 86.0 76.6 98.3 92.5 91.6 July 81.6 112.5 84.3 99.0 94.4 86.1 75.8 100.4 91.7 89.3 August 81.0 110.9 82.9 99.0 92.6 86.3 75.3 94.0 93.2 88.6 September.. 80.9 106.9 98.9 79.6 92.4 72.0 92.8 92.1 October 82.9 109.5 98.9 80.3 95.3 74.9 92.3 87.7 November... 83.0 112.3 99.0 80.9 94.2 76.0 i 94.5 85.8 December... 82.1 112.4 99.0 77.2 91.8 75.7 97.8 84.3 1940—January 82.4 117.6 99.1 77.9 92.7 75.7 101.0 85.4 February 82.2 119.9 99.6 76.7 91.5 77.1 103.1 84.7 March 82.1 119.8 99.9 76.4 91.5 77.9 106.6 85.7 April 82.5 119.4 100.2 92.9 77.4 I 109.3 May 79.4 116.8 100.7 83.0 73.1 112.2 June 78.5 113.4 73.3 64.9 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. 3 Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. 4 New index. See note 2. 6 No figures available since August 1939. 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. AUGUST 1940 901 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Publication* Copies of the publications and releases listed below may be obtained from Board of Governors of the Federal Reserve System, Washington, D. C. CURRENT RELEASES BOOKS AND PAMPHLETS DAILY THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. Obtainable in cloth binding at 50 cents Foreign Exchange Rates (for previous day) a copy and in paper cover without charge. 128 pages. WEEKLY A set of FEDERAL RESERVE CHARTS ON BANK Monday: CREDIT, MONEY RATES, AND BUSINESS has been published by the Board and is for sale to the public at Condition of Reporting Member Banks in 101 50 cents a copy. Data available as of June 14, 1940, Leading Cities are plotted on the latest edition. Bank Debits Tuesday: The FEDERAL RESERVE ACT AS AMENDED to October Money Rates—Open-Market Rates in New York 1, 1935, with mimeographed supplements showing City amendments to date, has been printed by the Board Wednesday: and will be supplied without charge. Weekly Review of Periodicals DIGEST OF RULINGS—from 1914 to October 1, 1937. Thursday: Digests of rulings of Board; compilation showing Condition of Federal Reserve Banks textual changes made in the Federal Reserve Act; Condition of Reporting Member Banks in New digests of court decisions and opinions of the At- York City and Chicago (Also a part of statetorney General involving a construction of the Fedment of Condition of Reporting Member Banks eral Reserve Act; and digests of court decisions inin 101 Leading Cities released on following volving Federal Reserve Banks. Price $1.25 per Monday) copy. 683 pages. Friday: Department Store Sales PROBLEMS OF BANKING AND BANK SUPERVISION. Excerpts from the 1938 Annual Report of the Board MONTHLY of Governors of the Federal Reserve System. 33 pages. Federal Reserve Bulletin—released about the 4th of the month (subscription price $2.00 per MONETARY MEASURES AND OBJECTIVES. Three stateannum, single copies 20 cents; outside of the ments by the Board on objectives of monetary policy, United States, Canada, Mexico, and the insular on proposals to maintain prices at fixed levels through possessions, annual subscription $2.60, single monetary action, and on legislative proposals relatcopies 25 cents) ing to monetary measures and objectives. 8 pages. Federal Reserve Inter-District Collection System July 1937, April 1939, and May 1939. (Par List)—including list of State bank mem- THE HISTORY OF RESERVE REQUIREMENTS FOR bers. Semi-annual issues, January-July, and BANKS IN THE UNITED STATES. Legislation, designamonthly supplements—released about 7th of the tion of reserve cities, and changes in the reserve posimonth tion of banks. 20 pages. November 1938. National Summary of Business Conditions—released about the 16th of the month SUPPLY AND USE OF MEMBER BANK RESERVE Business Indexes—released about the 16th of the FUNDS. Explanation of analysis of sources of member bank reserve funds and uses to which such funds month are put as indicated by Federal Reserve and Treas- Bank Debits—released between the 6th and 12th ury statements. 31 pages. July 1935. of the month Foreign Exchange Rates—released about the 1st ANALYSES OF THE BANKING STRUCTURE?—As of of the month December 31, 1935. Number, deposits, and loans and Money Rates—released about the 3rd of the month investments of banks classified by size of bank and town and by other factors. 33 pages. QUARTERLY THE GOLD PROBLEM TODAY, by E. A. Goldenweiser Member Bank Call Report (3 or 4 times a year —reprint of article, 4 pages, January 1940. depending upon number of calls for condition THE PAR COLLECTION SYSTEM OF THE FEDERAL reports) RESERVE BANKS, by George B. Vest—reprint of List of Stocks Registered on National Securities article, 8 pages, February 1940. Exchanges. Issued annually in February with THE BANKS AND IDLE MONEY, by Woodlief Thomas quarterly supplements (subscription price 25 —reprint of article, 9 pages, March 1940. cents for the List and three supplements; five or more copies on one order, 20 cents per copy; fifty CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, by E. A. Goldenweiser—reprint of article, 5 pages. or more copies on one order, 15 cents per copy.) May 1940. ANNUALLY OWNERSHIP AND UTILIZATION OF THE MONETARY Bank Debits—released ordinarily in February GOLD STOCK—Reprint of article, 3 pages, May and Annual Report (covers calendar year) June 1940. 902 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK CHESTER C. DAVIS JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman Boston District THOMAS M. STEELB GEORGE L. HARRISON, Vice Chairman New York District LEON FRASER CHESTER C. DAVIS Philadelphia District HOWARD A. LOEB WILLIAM A. DAY Vice President ERNEST G. DRAPER Cleveland District B. G. HUNTINGTON JOHN K. MCKEE Richmond District ROBERT M. HANES ROBERT S. PARKER RONALD RANSOM Atlanta District RYBURN G. CLAY GEORGE J. SCHALLER Chicago District EDWARD E. BROWN JOHN S. SINCLAIR President M. S. SZYMCZAK St. Louis District S. E. RAGLAND Minneapolis District JOHN CROSBY CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary Kansas City District JOHN EVANS WALTER WYATT, General Counsel Dallas District R. E. HARDING J. P. DREIBELBIS, Assistant General Counsel San Francisco District PAUL S. DICK E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary AUGUST 1940 903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of— Agent Boston Frederic H. Curtiss... Henry S. Dennison Roy A. Young... __. William W. Paddock William Willett 1 New York Owen D. Young Beardsley Ruml George L. Harrison Allan Sproul Ray M. Gidney L. Werner Knoke Walter S. Logan Leslie R. Rounds Robert G. Rouse John H. Williams Philadelphia- Thomas B. McCabe.. Alfred H. Williams.... John S. Sinclair Frank J. Drinnen .__ _ W. John Davis TTrnp«t P1 TTill Clarence A. Mcllhenny Cleveland George C. Brainard.-. Reynold E. Klages.... Matthew J Fleming Frank J. Zurlinden William H. Fletcher William F. Taylor 2 George H. Wagner Richmond Robert Lassiter William G. Wysor Hugh Leach JohnS. Walden, Jr John G. Fry George H. Keesee 1 Atlanta __ Frank H. Neely Joe Frank Porter Robert S. Parker William S. McLarin, Jr. . Malcolm H. Bryan Harry F. Conniff Chicago Robert E. Wood Frank J. Lewis George J. Schaller Howard P. Preston.. James H. Dillard William H. Snyder 2 Clifford S. Young St. Louis William T. Nardin.___ Oscar G. Johnston William McC Martin F. Guy Hitt Olin M. Attebery Clarence M. Stewart * Minneapolis Walter C. Coffey Roger B. Shepard John N Peyton Oliver S. Powell Ernest W. Swanson Harry I. Ziemer 2 Kansas City... Robert B. C aid well .. John J. Thomas George H. Hamilton Carroll A. Worthington.. James W. Helm 2 Harold G. Leedy Dallas James H Merritt Jay Taylor. __ Robert R. Gilbert Ethan B. Stroud Robert B. Coleman William J. Evans Walter 0. Ford 1 San Francisco.. Raymond C. Force St. George Holden William A. Day '_. Ira Clerk Cecil E. Earhart 1 "William TVT TTala Richard B. West 1 Cashier. 2 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of— Managing Director New York: Minneapolis: Buffalo Branch Robert M. O'Hara Helena Branch _ _ _ Robert E. Towle Cleveland: Kansas City: Cincinnati Branch... _ . Benedict J. Lazar Denver Branch. . Joseph E. Olson Pittsburgh Branch __ Percy A. Brown Oklahoma City Branch Cyrus E. Daniel Richmond: Omaha Branch ______ Lloyd H. Earhart Baltimore Branch W. Robert Milford Dallas: Charlotte Branch.__ __ . William T. Clements El Paso Branch Joseph L. Hermann Atlanta: Houston Branch _ William D. Gentry Birmingham Branch Paul L. T. Beavers San Antonio Branch _ _ _ Miers Crump Jacksonville Branch _ . George S. Vardeman, Jr. San Francisco: Nashville Branch.. _._ Joel B. Fort, Jr. Los Angeles Branch.__ . .._ W. Norman Ambrose New Orleans Branch . Lewis M. Clark Portland Branch. David L. Davis Chicago: Salt Lake City Branch Winnie L. Partner Detroit Branch _ _ _ Seattle Branch. . _ _ . Clarence R. Shaw St. Louis: Little Rock Branch.. _ Arthur F. Bailey Louisville Branch __ Charles A. Schacht Memphis Branch William H. Glasgow 904 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLISj S.DAK. j BOUNDARIES OF FEDERAL RESERVE DISTRICTS V MM BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY This map incorporates recent intra-district transfers of territory described on page 778* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis