Federal Reserve Bulletin, 1941-01

FEDERAL RESERVE BULLETIN JANUARY 1941 Special Report to the Congress Review of the Month—Gold, Capital Flow, and Foreign Trade During War From the Board9s Correspondence—The Gold Standard Economic Preparedness for Defense and Post Defense Problems BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Contents PAGE Special Report to the Congress 1-2 Review of the Month—Gold, Capital Flow, and Foreign Trade During War 3-11 Economic Preparedness for Defense and Post Defense Problems, by Marriner S. Eccles 12-19 From a Legal Standpoint: General Licenses Issued by the Secretary of the Treasury. . . ... 20 Procedure Under Assignment of Claims Act of 1940 . . 20-22 From the Board's Correspondence—The Gold Standard . 23 Current Events 24 British Mobilization of United States Dollar Securities. . . 25 National Summary of Business Conditions . .26-27 Industrial Production—December and the Year 1940 . 28 Financial, Industrial, Commercial Statistics, United States 29-68 (see p. 29 for list of tables.) International Financial Statistics (See p. 69 for list of tables.) 69-85 Federal Reserve Publications 86 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 87 Senior Officers of Federal Reserve Banks; Managing Directors of Branches. . 88 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 and its insular possessions, Canada, Mexico, the Central American countries, and most South American countries is $2.00 per annum or 20 cents per single copy; elsewhere, $2.60 per annum or 25 cents per single copy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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Special Report to the Congress by the Board of Governors of the Federal Reserve System, the Presidents of the Federal Reserve Banks, and the Federal Advisory Council {Submitted to the President of the Senate and the Speaker of the Mouse of Representatives, December 31, 1940) FiR the first time since the creation of the Federal Reserve System, the Board of Governors, the Presidents of the twelve Federal Reserve Banks, and the members of the Federal Advisory Council representing the twelve Federal Reserve Districts present a joint report to the Congress. This step is taken in order to draw attention to the need of proper preparedness in our monetary organization at a time when the country is engaged in a great defense program that requires the coordinated effort of the entire Nation. Defense is not exclusively a military undertaking, but involves economic and financial effectiveness as well. The volume of physical production is now greater than ever before and under the stimulus of the defense program is certain to rise to still higher levels. Vast expenditures of the military program and their financing create additional problems in the monetary field which make it necessary to review our existing monetary machinery and to place ourselves in a position to take measures, when necessary, to forestall the development of inflationary tendencies attributable to defects in the machinery of credit control. These tendencies, if unchecked, would produce a rise of prices, would retard the national effort for defense and greatly increase its cost, and would aggravate the situation which may result when the needs of defense, now a stimulus, later absorb less of our economic productivity. While inflation cannot be controlled by monetary measures alone, the present extraordinary situation demands that adequate means be provided to combat the dangers of overexpansion of bank credit due to monetary causes. The volume of demand deposits and currency is fifty per cent greater than in any other period in our history. Excess reserves are huge and are increasing. They provide a base for more than doubling the existing supply of bank credit. Since the early part of 1934 fourteen billion dollars of gold, the principal cause of excess reserves, has flowed into the country, and the stream of incoming gold is continuing. The necessarily large defense program of the Government will have still further expansive effects. Government securities have become the chief asset of the banking ay stem, and purchases by banks have created additional deposits. Because of the excess reserves, interest rates have fallen to unprecedentedly low levels. Some of them are well below the reasonable requirements of an easy money policy, and are raising serious, long-term problems for the future well-being of our charitable and educational institutions, for the holders of insurance policies and savings bank accounts, and for the national economy as a whole. The Federal Reserve System finds itself in the position of being unable effectively to discharge all of its responsibilities. While the Congress has not deprived the System of responsibilities or of powers, but in fact has granted it new powers, nevertheless, due to extraordinary world conditions, its authority is now inadequate to cope with the present and potential excess reserve problem. The Federal Reserve System, therefore, submits for the consideration of the Congress the following five-point program: 1. Congress should provide means for absorbing a large part of existing excess reserves, which amount to seven billion dollars, as well as such additions to these reserves as may occur. Specifically, it is recommended that Congress— (a) Increase the statutory reserve requirements for demand deposits in banks in central reserve cities to 26%; for demand deposits in banks in reserve cities to 20%; for demand deposits in countrybanks to 14%; and for time deposits in all banks to 6%. JANUARY 1941 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Special Report to the Congress (b) Empower the Federal Open Market Committee to make further increases of reserve requirements sufficient to absorb excess reserves, subject to the limitation that reserve requirements shall not be increased to more than double the respective percentages specified in paragraph (a). (The power to change reserve requirements, now vested in the Board of Governors, and the control of open market operations, now vested in the Federal Open Market Committee, should be placed in the same body.) (c) Authorize the Federal Open Market Committee to change reserve requirements for central reserve city banks, or for reserve city banks, or for country banks, or for any combination of these three classes. (d) Make reserve requirements applicable to all banks receiving demand deposits regardless of whether or not they are members of the Federal Reserve System. (e) Exempt reserves required under paragraphs (a), (b) and (d) from the assessments of the Federal Deposit Insurance Corporation. 2. Various sources of potential increases in excess reserves should be removed. These include: the power to issue three billions of greenbacks; further monetization of foreign silver; the power to issue silver certificates against the seigniorage, now amounting to one and a half billion dollars on previous purchases of silver. In view of the completely changed international situation during the past year, the power further to devalue the dollar in terms of gold is no longer necessary or desirable and should be permitted to lapse. If it should be necessary to use the stabilization fund in any manner which would affect excess reserves of banks of this country, it would be advisable if it were done only after consultation with the Federal Open Market Committee, whose responsibility it would be to fix reserve requirements. 3. Without interfering with any assistance that this Government may wish to extend to friendly nations, means should be found to prevent further growth in excess reserves and in deposits arising from future gold acquisitions. Such acquisitions should be insulated from the credit system and, once insulated, it would be advisable if they were not restored to the credit system except after consultation with the Federal Open Market Committee. 4. The financing of both the ordinary requirements of Government and the extraordinary needs of the defense program should be accomplished by drawing upon the existing large volume of deposits rather than by creating additional deposits through bank purchases of Government securities. We are in accord with the view that the general debt limit should be raised; that the special limitations on defense financing should be removed; and that the Treasury should be authorized to issue any type of securities (including fully taxable securities) which would be especially suitable for investors other than commercial banks. This is clearly desirable for monetary as well as fiscal reasons. 5. As the national income increases a larger and larger portion of the defense expenses should be met by tax revenues rather than by borrowing. Whatever the point may be at which the budget should be balanced, there cannot be any question that whenever the country approaches a condition of full utilization of its economic capacity, with appropriate consideration of both employment and production, the budget should be balanced. This will be essential if monetary responsibility is to be discharged effectively. In making these five recommendations, the Federal Reserve System has addressed itself primarily to the monetary aspects of the situation. These monetary measures are necessary, but there are protective steps, equally or more important, that should be taken in other fields, such as prevention of industrial and labor bottlenecks, and pursuance of a tax policy appropriate to the defense program and to our monetary and fiscal needs. It is vital to the success of these measures that there be unity of policy and full coordination of action by the various Governmental bodies. A monetary system divided against itself cannot stand securely. In the period that lies ahead a secure monetary system is essential to the success of the defense program and constitutes an indispensable bulwark of the Nation. 2 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 27 JANUARY 1941 No. 1 (fold, Capital 7/&ur and Toteiyn Ttade touting Wat f The physical movement of gold to the The regularly reported capital inflow to United States since the outbreak of war has the United States during the first eight been far larger than in any pre- months of the war was relavious Period of corresponding nuvvement tively small, amounting to about length. From the end of August °V m n $250,000,000. It reflected in 1939 to the end of December 1940, imports large part the continued transfer to the amounted to $5,800,000,000. Nearly $700,- United States of funds owned by private 000,000 of these imports remained in foreign residents of European countries which had ownership, having been placed under ear- not yet been involved in the war and had not mark at the Federal Reserve Banks. The adopted the exchange restrictions characterremainder was added to the monetary gold istic of the belligerent countries. In April stock of the United States. Including ac- and May, however, military developments on quisitions from domestic production and cer- the Continent severed financial relations betain other sources, the gold stock increased tween this country and many of the previous by $5,300,000,000 during the war period, sources' of private capital inflow. Since that reaching $22,000,000,000 at the end of 1940. time movements of reported capital for pri- The war has profoundly changed the char- vate account have been insignificant in size acter of both of the principal factors behind and erratic in direction; on balance, in the the gold flow to this country—namely, the last eight months of 1940, they have shown capital movement and the trade balance. The a moderate outflow. Continued liquidation countries in which the pre-war movement of of American securities for British account capital to the United States largely originated has been a factor in this outflow, and a subhave increasingly limited or prohibited the stantial repatriation of privately-owned funds transfer of capital abroad; and, as regards listed in Swiss names has taken place in retrade, the belligerent countries which can cent months. still transport goods from the United States The predominant factor in the reported have taken foreign trade initiatives more or capital movement since last May has been the less completely out of private hands and change in the volume of official funds held vested them in the government. As the war in the Federal Reserve Bank of New York has progressed, the inward movement of and in the New York market for the account capital on private account, which had pre- of foreign central banks and governments. viously constituted by far the major part In a little over two months after the beginof the total, has given way to the accumula- ning of May, these funds were built up by tion of official funds and other official assets over $400,000,000, representing in large part in this country; and American exports have the deposit in official accounts of the proceeds come increasingly to consist of goods pur- of gold sent to this country. The rate of inchased by governments for the prosecution crease subsequently slackened and later some of the war. decline occurred, but during the last six JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month months of the year a further $300,000,000 have become, a factor in the movement of was accumulated in these accounts. Weekly gold to this country, replacing the transfer changes were somewhat irregular, often re- of private capital. flecting merely the inevitable gaps between The war brought an immediate and sharp gold sales and official disbursements by coun- increase in United States merchandise extries engaged in large-scale purchases of war ports. The increase in imports, materials in this country. while substantial, was considerably smaller, as shown on the Even unidentified transactions, which have chart. The resulting export balance, apbeen an important factor in the gold movement of recent years, appear to reflect a FORE1GN TRADE OF THE UNITED STATES similar tendency toward official transactions. IILLIONS OF OOLLARS MILLIONS OF DOLLARS There is reason to believe that in the prewar period the unexplained movement of /v 1 h gold to the United States resulted mainly from the transfer of private capital here in 300 J — EXPORTS V 300 ways which escaped the reporting system. FA A / 250 250 \ J / It is known, for example, that foreigners V-A/ seeking to escape the requisitioning of dol- 200 200 IMPORT lar assets by their home governments placed funds on deposit here in accounts which ap- 150 N^y • 150 peared to belong to residents of this country 100 A/ /I sU /iV/ V 100 rather than to foreigners. Again, refugees /NET EXPORTS^ 50 coming with large dollar deposits or security —i holdings have converted what were previ- / ously foreign liabilities of this country into domestic. This inflow of refugee funds undoubtedly continues to contribute to the un- Source: Department of Commerce. General imports and exports, including re-exports. Latest month, November. identified total, but other types of private capital movement must have been curtailed by proaching $1,500,000,000 in 1940, was more the extension and tightening of exchange rethan double the annual rate maintained in strictions abroad—particularly after German the first half of 1939. It exceeded the unoccupation of some of the chief remaining usually high rate reached in 1937-38, when centers of free exchange. Notwithstanding exports were continued in large volume while this fact, far more gold has come to the imports declined drastically along with in- United States during the war as the result come and industrial production in the United of transactions that cannot be fully identified States. Not since the early 'twenties has than in any previous period of similar length. the annual export surplus been so great as From September 1, 1939, to the end of 1940 in the year now ended. the volume of unidentified transactions ap- The growth in imports was confined to the pears to have been considerably more than first few months of the war. With the com- $2,000,000,000. The movement has been great- mencement of hostilities there was est since the spread of German control in mports ^^ immediate increase in United Europe last spring and the intensification States demand for both foreign and domestic of British purchasing activities in this coun- goods. Imports rose substantially, and from try. This suggests the extent to which offi- October 1939 to January 1940 ranged 30 per cial transfers of funds for investment in cent higher than in immediately preceding plant and prepayment of war purchases may months. Since that time they have fluctu- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month ated moderately around a slightly lower time, prices of coffee, sugar and several other figure. While higher than in the immediate foods dependent on European outlets have pre-war period, this level of imports is only declined owing to the piling up of surpluses three-quarters that of the peak reached early as a result of the blockade. Imports of manuin 1937, when inventories of foreign com- factured foods have been further curtailed modities were being accumulated, and about because the European sources of many of half as large as average purchases abroad these products have been cut off, and this from 1925 to 1929. The failure of import factor is also responsible in large part for the values to accompany the rise in the physical lower imports of finishedg oods. On the other volume of domestic industrial output to new hand, the demand for crude materials and high levels is due largely to the lower prices semi-manufactures has risen rapidly with innow prevailing, although other factors have creased industrial production and with atalso been present. It would appear that, after tempts to accumulate stock-piles of strategic rough adjustment for price changes, imports materials in the United States. The quantity on a quantity basis were about 85 per cent of these goods now being imported appears of the previous maximum level. to be within roughly 15 per cent of the 1929 average, but owing to the lower prices now prevailing their value is 40 per cent less than PRINCIPAL IMPORTS INTO UNITED STATES in that year. [In millions of dollars] The effect of the war upon United States January-November Change export trade has been more far-reaching. Commodity or group from 1939 Increased demand from the warring 1940 1939 Exports nations both for munitions and for Total imports 2,302 2,043 +259 the machinery and materials to produce Crud R e u m bb a e te r rials and semi-manufactures 1,406 280 151 +317 +129 them, the introduction of rationing and of T C i o n pper 1 6 1 3 3 3 5 5 8 + +2 5 8 5 foreign trade and exchange controls, block- N Fe ic rr k o e - l alloys 3 3 2 2 2 1 3 3 + + 1 9 9 ade of the Continent, the 'difficulties experi- W Hi o d o es l , skins, and furs 1 7 1 7 0 8 5 7 0 + + 2 2 3 7 enced by nations now at war in supplying A Si l l l k other 5 1 8 1 5 4 5 1 6 0 5 7 + goods to neutral countries, exchange short- +20 ages resulting from the loss of markets, and Foodstuffs 517 549 -32 Cocoa and tea 49 44 +5 increased incomes due to expanded produc- Bananas 27 27 Whiskey and other spirits 39 42 tion are all consequences of the war that have Cane sugar 109 112 Q Coffee 115 126 -11 reacted upon the volume and distribution of Allother 178 198 -20 United States exports. Finished manufactures 378 405 -27 The charts on the next page show the wide Source: Department of Commerce. Imports for consumption; latestshifts which these factors have caused in figures preliminary. United States export trade. As shown on the As shown in the table, the rise in imports first chart, unusually large shipments of has not been evenly distributed among difcotton, due more to the replenishment of ferent commodities. While all main import low stocks abroad and the assistance rengroups experienced gains during the upsurge dered by the export subsidy than to the direct in the late months of 1939, imports of foodrepercussions of war, served to maintain stuffs and finished manufactures have since total agricultural exports at a relatively high fallen below their pre-war levels. The de- figure during the first year of hostilities. mand for food is relatively inelastic, and the Such exports have now fallen, however, to rise of incomes in this country since the war the lowest level of the century. The main began has increased consumption of foreign factors in the decline have been the blockade foods to only a moderate extent. At the same of important European markets and the cur- JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month EXPORTS OF UNITED STATES MERCHANDISE The rise in total industrial exports was accompanied by large shifts in the destination .LIONS OF DOLLARS INDUSTRIAL EXPORTS of these products, as shown on the second chart. Shipments to Continental Europe have fluctuated most widely. Upon the outbreak of war, the loss of German and Polish markets and the initial difficulties of shipping caused a slight drop in industrial exports to this area. Then, with increasing war needs, both immediate and prospective, shipments to France and the leading neutrals rose sharply until, in March 1940, total exports of industrial products to Continental Europe were double the pre-war level. Beginning in April, however, the spread of warfare and, with it, of the British blockade, rapidly eliminated these markets. With the fall of France in June, they largely passed from the export picture. Now small shipments to Sweden, Finland, Spain, and Portugal, and some- I93S 1939 1940 Source: Department of Commerce. Exports of United States what more substantial exports to Russia merchandise; industrial (non-agricultural) and agricultural. War materials represent aircraft, firearms, ammunition, ex- through Siberia, make up the bulk of our plosives, machine tools, and metals and manufactures. Latest month, November. trade with Continental Europe. tailment of shipments to the British Empire as a consequence of reduced allotments of shipping and exchange, rationing of internal UNITED STATES INDUSTRIAL EXPORTS BY AREAS consumption, and the negotiation of intra- LLIONS OF DOLLAR! MILLIONS OF DOLLARS sterling area purchasing agreements. Shipments of agricultural products to the Far East have also diminished. Industrial exports, on the other hand, rose steeply between the outbreak of war and June 1940 and have since fluctuated in the vicinity of $300,000,000 a month. This figure is half again as large as in the pre-war months. It equals in value the average for 1929 and it far surpasses that year from the standpoint of physical volume. As shown in the chart, increases have occurred largely in a few commodities of military significance —iron, steel, other metals, aircraft, machine tools, and munitions. These commodities, which represented about 25 per cent of all United States exports before the war, have in recent months exceeded 40 per cent of the total. Other non-agricultural exports have Source: Department of Commerce. Exports of United States shown little change over the war period. merchandise other than agricultural exports. Latest month, October. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month There was also an initial rapid increase in Purchases by other countries have fallen conindustrial exports to Latin America as Euro- siderably—about 25 per cent since the prepean sources of supply were cut off and at- war period—with the declines being spread tempts were made to build up inventories of over nearly all types of commodities except goods in which future shortages were feared. iron and steel. By the second quarter of 1940, these ship- To a large extent the changes in exports ments were 50 per cent higher than in the to the British Empire shown in the table repre-war period. Subsequently they declined flect shifts in British requirements, but limisomewhat as exchange difficulties arising tations on productive capacity in the United from the loss of European markets became States have also affected the course of trade. increasingly acute. It is anticipated that The most pressing British need has been for these difficulties will soon be overcome to a aircraft, firearms, explosives, other military considerable extent through the extension equipment, and ships. Exports of these comof credit to Latin American countries. modities show substantial increases over the In marked contrast to the situation with war period, but except for aircraft this is respect to other areas, exports of industrial due mainly to shipments of so-called over-age products to the British Em- materials rather than to new output. Pro- P™ show a sharp and al- ductive capacity in the United States for commost uninterrupted expan- modities of this type was small before the sion. The rise was slow in starting, however, outbreak of war and many of these items since shipments of non-essential goods were require a long period of manufacture. restricted and war orders and the ability of American industry to fill them were only EXPORTS OF UNITED STATES MERCHANDISE gradually built up. Through March 1940 [In millions of dollars] the rate of industrial exports to the British Change from Empire was only 12 per cent above that July-October 1940 July-October 1939 of the pre-war quarter. This state of af- Commodity or fairs changed rapidly as British demand group All B ti r s i h t- Other All B is ri h t- Other coun- Em- coun- coun- Em- coungrew with the increasing tempo of the war. tries pire* tries tries pire* tries Orders were stepped up sharply beginning in April, and during the summer months Total exports 1,279 796 483 +197 +348 exports were enlarged by shipments of over- In I d r u o s n t r a i n al d m st a e t e e l rials.__ 1,165 231 731 140 434 +32 + 9 136 +39 + 3 111 -64 +25 age weapons and munitions as well as by A M i a rc c r h a i f n t e tools 1 8 1 9 4 1 7 0 2 2 + +4 8 9 1 + + 8 5 7 7 -6 increased takings of industrial materials N Fi o re n a fe rm rro s us metals. _ 7 2 2 6 2 3 4 7 + +1 2 8 5 + + 2 2 4 4 needed for the war effort. The latter have W Ch o e o m d i c a a n l d s paper 6 5 6 9 3 3 4 7 + + 2 8 3 + + 1 1 6 2 + -4 7 risen further as output in the United States M Ex e p r l c o h s a iv n e t s v . essels 13 9 7 + + 13 7 + + 9 7 +4 Machinery, except has expanded, and British Empire purchases machine tools 130 65 +6 -6 have lately become by far the most impor- T C e o x m ti m le e s rcial vehicles 2 3 2 8 1 1 0 4 +3 o + + 5 3 - - 2 5 tant factor in United States foreign trade. Pe u tr c o ts leum and prod- 90 45 -48 -48 Passenger cars 10 3 -6 -4 2 The dominant position which this group of All other 196 132 +22 +36 -14 countries now holds in United States exports Agricultural products. 114 65 49 -132 -45 -87 Cotton -72 -20 -52 is apparent from the table, which also shows Other 41 -25 -35 the great influence of British demand in Source: Department of Commerce; some figures preliminary. shaping our export commodity distribution. * United Kingdom, Canada, British India, South Africa, Australia, New Zealand, and Hong Kong; smaller British countries included with The British Empire is now purchasing about "Other countries." 65 per cent of United States exports. Among In marked contrast is the situation with war materials, exports of which have risen respect to agricultural exports and certain most steeply, the percentage is even higher. manufactured goods such as passenger cars JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month and some types of machinery. These have in this country. The volume of exports to declined, in some cases sharply, notwith- the Empire, therefore, will depend mainly standing the abundance of United States sup- upon the rapidity with which American proplies. For the most part, however, these duction can be expanded and upon official commodities are either non-essential or are policy regarding deliveries. If rapid progavailable in ample quantities elsewhere. To ress is made in production and the British conserve dollar resources the British Govern- share of the output is increased, it is posment has diverted purchases to countries sible that exports to the Empire may attain with which it has been able to make special a level of $3,500,000,000 in 1941 as against financial arrangements. At the same time, approximately $2,100,000,000 in 1940. With in order to save shipping space, it has ra- little change in the volume of imports from tioned domestic consumption and, where pos- the area, this would mean a United States sible, expanded home output. export balance with British countries in 1941 of considerably more than $2,000,- There is finally the group of commodities 000,000. which are currently moving to the British Empire in largest volume—iron, steel, other Gold and dollar resources of the British metals, machine tools, and other similar prod- Empire at the outbreak of the war were estiucts used chiefly in the manufacture of fin- mated in the BULLETIN for Deished military equipment. These have shown British dollar C e m ber 1939 at $6,400,000,000, the largest growth to date. The steel indus- resources . -, . n including direct and miscellatry in the United States is currently workneous investments. The figures for securities ing at close to full capacity with a larger and investments in this estimate were based proportion of ingot output being exported upon the latest Department of Commerce than at any time in recent years and condata available at the time. The securities siderably more than half the exports going data were converted by the Board to a market to the British Empire. The machine tool invalue basis and brought down to date by dustry is also working at close to capacity adjustment for subsequent shifts in market and has been exporting more than half of value and for operations reported weekly its total output, nearly all to the Empire. by banks, brokers, and dealers. Since pub- If the war continues, the trend of United lication of the estimate the Department of States exports over the coming year will re- Commerce has completed a comprehensive flect mainly the movement of goods to the revision of its data based upon sources not United Kingdom, Canada, and other British previously available. Taking account of this countries. Agricultural and non-essential revision in the figures for securities and other industrial exports to this area are unlikely investments, and employing the same figures to show much expansion. Even if financial for gold and balances as in the earlier table obstacles are removed, the shortage of shipwith some change in classifications, the ping space will remain a limiting factor, and Board's estimates of foreign gold and dollar allowance must also be made for the British resources at the beginning of the war would desire to maintain the closest possible ecobe altered as shown in the table on the follownomic relationships with other friendly couning page. tries which also have agricultural surpluses. The table indicates that gold and dollar In the field of military equipment and materesources of every sort held by the British rials, on the other hand, considerations of Empire amounted to over $7,000,000,000 at the foregoing character are less important. the outbreak of the war. In the intervening British demand for military goods and war period the Empire has produced $1,100,000,materials far exceeds the supplies available 000 of gold and sold $1,400,000,000 of goods 8 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month to the United States. Drafts upon the aggre- India, and South Africa involves the delays gate of these gold and dollar resources have and risks of sea transport, and the central been made to pay for $2,600,000,000 of goods reserves of the dominions are not as freely already delivered by the United States and at the disposition of the British authorities to cover substantial withdrawals of capital as gold belonging directly to the British from England as well as for other purposes. Treasury. Other dollar resources raise some- The situation cannot, however, be ade- what similar problems from the standpoint quately presented in terms of such figures. of ownership. In the first place there is no one figure that Security holdings, which at best are diffireally measures British dollar resources. A cult to determine accurately, show also the portion of the balances and securities in Brit- widest possible variation from the standpoint ish names may be held for nationals of other of marketability. To be used they must be countries who, at the outbreak of the war, converted into cash. Even the best securities were using the facilities of London as a world may shrink in value if pressed in too great financial center. Even dollar resources in volume upon the market. Others may have the full ownership of British nationals are no ready market at all. So-called direct in many forms with various degrees of avail- investments—i. e. investments representing ability. Gold, which would appear to be the controlling interests—may be almost imposmost basic resource, differs as regards its sible to convert into cash; or again, if entire availability for purchases in the United companies can be sold as going concerns, they States according to both its location and may offer the best means of raising a large ownership. Gold held in the United Kingdom, lump sum within a short period. Some of the FOREIGN GOLD AND DOLLAR RESOURCES AT END OF AUGUST 1939 [Approximate figures in millions of dollars] Market securities Invest- T g a o o n t l d a d l C tr e a n l - Dollar (market value) i t m n ro e c l n l o e t n d s - l M i a n n i v s e e c o s e u t l - s - Country or aiea s d o o u re l r l - c a e r s s g e r o r e v l - d es a b n a c l e - s Total s C m to o o c m n k - s s fe t P o r r r c e e k - d s Bonds v e p ( a b n ri l o t s u e o e e r k s - ) ( v v m a a l e r u n i e o t s s u ) s United Kingdom - _ . 4,860 i 2,000 595 1,080 850 160 70 850 335 Canada 1 570 215 355 445 365 40 40 475 80 Other British Empire 685 520 100 50 35 5 10 5 10 Total British Empire 7,115 2,735 1,050 1,575 1,250 205 120 1,330 425 Norway * . 160 105 40 10 10 5 Netherlands * 1 725 770 160 570 380 30 160 215 10 Belgium * . ._. 870 630 100 60 45 5 10 70 10 France * 3,615 i 3,000 315 170 120 15 35 65 65 Germany _ _ . . .. 255 U50 10 10 10 55 30 Italy 235 3 190 10 5 5 10 20 Sweden 585 355 180 20 10 5 5 30 Switzerland 1,490 585 285 505 390 65 50 80 35 U. S. S. R. 1,005 4 1,000 5 Other Europe .- _. - ... .. . . 1,295 1,100 105 35 30 5 25 30 Total Continental Europe 11,235 7,885 1,210 1,385 985 120 280 555 200 Latin America 1 145 660 380 65 45 10 10 20 20 Far East and other 825 395 '330 35 20 5 10 60 5 All foreign countries s 20,420 11, 675 '2, 970 3,060 2,300 340 420 1,965 5 750 r Revised * In accordance with the freezing regulations issued during 1940, gold and dollar assets of these countries are available for purchases in the United States only with the consent of the Treasury. The same applies to certain countries in Other Europe, and to the extra-European possessions of the affected countries. 1 Broad estimate, based on last previous reported gold holdings and subsequent gold movements. 2 Broad estimate, based on probable acquisitions of gold from private note-issuing banks in 1935, Austria in 1938, and Czecho-Slovakia in 1939, adjusted for net exports since 1935. 3 Reported figure for December 1938. 4 Estimate based on scattered data. 5 Includes $100,000,000 of fcreign-held United States Government, State, and Municipal bonds not distributed by countries. JANUARY 1941 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month great British interests in American insur- Continued inflow of gold into this country ance, textile, and oil companies might, if a as a result of international developments favorable opportunity offered, be so handled. since the beginning of But any figure that can be given for securi- Gold and bank ulted in an 1934 has reS ties or investments must be regarded more reserves in 1940 extraordinary increase as broadly indicative of possibilities that in bank reserves and has also been a major might be realized under certain facilitating influence in the expansion of bank deposits. circumstances than as a definitive measure of The increase in the country's gold stock from dollar resources that can be promptly turned both foreign and domestic sources during to war purchases. 1940 amounted to $4,350,000,000 compared Even if a definitive measure of dollar sewith a growth of $3,100,000,000 in 1939 and curities and investments could be given, it with average increases of about $1,600,000,would not complete the record since there is 000 in the four previous years. Member bank a possibility that British investments in other reserve balances increased by $2,900,000,000 countries might be sold on the American marin 1939 and by $2,400,000,000 in 1940. The ket. Possibilities of this sort, however, ap- much smaller increase in bank reserves than pear to be limited. Emphasis should rather in gold stock during the past year was due be placed on the difficulties of realizing within to further expansion in the demand for cura short period the full cash value indicated rency, to the building up of foreign balances for security holdings in the table. In the at the Federal Reserve Banks, and to sales sixteen months since the outbreak of the war of securities from the Federal Reserve Sysonly a small part of this indicated value has tem Open Market Account. This is brought in fact been converted into cash. out by the following table: The other aspect of the situation that FACTORS INFLUENCING MEMBER BANK RESERVES [In millions of dollars] greatly alters the significance of any figure for British resources derived from regularly 1940 1939 published data is the necessity for acting Changes Changes Changes Changes that that that that in advance of deliveries. It has been nec- added to reduced added toreduced reserves reserves reserves reserves essary for the British to make substantial payments to finance expansion of plant Items, increases in which add to reserves: needed to fill their orders, and even greater Reserve Bank credit —319 —8 Monetary gold stock +4, 352 +3,132 sums have been paid out for goods in process Treasury currency +124 +165 Items, increases in which reof production on which delivery will be taken duce reserves: Money in circulation _ +1,135 +742 in the months ahead. Furthermore, the re- Treasury cash and deposits with F. R. Banks -463 -586 Foreign deposits _ +736 +198 sources still in British hands are subject to Other nonmember deposits +343 +14 commitments that have been incurred on the Other F. R. accounts ._ +32 -9 great mass of orders placed, but not yet paid Total 4,939 2,565 3,892 962 Net change in: for. Member bank reserves +2, 373 +2,929 Required reserves +967 +925 It is in the light of these two major con- Excess reserves.. +1, 406 +2,004 siderations—the varying degree of availabil- With a continued growth in bank deposits ity of their indicated dollar assets and the there was an increase of about $970,000,000 extent to which the British have had to anticiin the required reserves of member banks pate the future—that the resources at the during 1940. Reserves in excess of legal redisposal of the British for additional purquirements increased by $1,400,000,000, or chases in this country must be appraised. by about two-thirds as much as in 1939. As 10 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month shown in the accompanying chart all of theAt the same time the rate of gold inflow increase in excess reserves occurred in theslackened. The somewhat reduced level of bank reserves at the end of the year is likely to be EXGESS RESERVES OF MEMBER BANKS temporary. Treasury withdrawals from its BILLIONS OF DOLLARS WEEKLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS deposits with the Reserve Banks to meet current expenses, and the return of currency from circulation after the holiday, together with further increases in monetary gold stock and possible expenditures from the large volume of deposits held by foreign governments with the Reserve Banks, may be expected to increase excess reserves in the near future to well beyond the recent high level of $7,000,000,000. Growth in bank reserves has occurred at all classes of banks in all sections of the country. Funds obtained from RESERVE CITY BANKS —' | Distribution of he gold inflow, which has t ^ ^ ^^ excess reserves _ ... _ „ COUNTRY BANKS been largely responsible for the increase in reserves, have generally been Latest figures are for week ending Friday, December 27, 1940, and are preliminary. deposited in the first instance in New York City banks, but have been to some extent first half of the year; in the latter half there shifted to other banks as the result of heavy was a decline on balance. Factors accounting foreign purchases of goods throughout the for changes in member bank reserves are country, security transactions in New York, shown by weeks in the chart on page 30 ofand Treasury and business disbursements of this BULLETIN and in the table on the opposite funds borrowed from New York banks. In page. the past year New York City banks have In July 1940 excess reserves reached a rec- added large amounts to their holdings of ord high level of about $7,000,000,000. This United States Government obligations and was followed by a decline in August and Sep- have also increased their commercial and intember, owing to a temporary increase in dustrial loans. Treasury cash balances and deposits with In 1940, as shown in the chart, the excess the Reserve Banks. By the end of October reserves of New York City banks increased reduction of these balances and continued by a somewhat smaller amount than in the heavy gold inflow brought excess reserves two previous years, while at reserve city to their previous peak. In the last two banks and country banks, as groups, the months of the year excess reserves were 1940 increases were fully as large as or larger reduced by sales of Government securities than in 1938 and 1939. The largest increases from the Federal Reserve Open Market Ac- during the year were at banks in the Boston, count, by a further growth in currency cir- New York, Cleveland, and San Francisco disculation, accelerated by seasonal trade de- tricts, while the smallest increases were in the mands, and by a building up of the Treasury's Atlanta, Kansas City, and Dallas districts. deposits at the Reserve Banks through the The latter, however, hold substantial amounts sale of $530,000,000 of new Defense notes. of available cash funds in the form of balances with correspondent banks. JANUARY 1941 11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Ptepatedne** fiot and By MARRINER S. ECCLES Chairman of the Board of Governors of the Federal Reserve System * I N appearing before the National Industrial try is unable to employ. Far from being Conference Board, it is appropriate that I wasteful, that is the essence of conservation should appraise the national economic out- for it means adding to the store of national look as I see it at this time. As Chairman of wealth, in providing roads, schools, hospitalithe Board of Governors of the Federal Re- zation, public housing, and other betterments, serve System, I am primarily concerned with that private enterprise does not and cannot banking and monetary problems and with fis- be expected to provide. We gain all these cal policies as they affect monetary conditions. things instead of irreparably losing the prod- I can speak only for myself, and not for my uct of labor by keeping it idle. Such a policy associates on the Board or in the Reserve Sys- is economically sound, and when suppletem, or for the Government. Many of the mented by an adequate social security proissues which I must touch on in order to pre- gram of pensions, public health and relief for sent a rounded picture of present and poten- the unemployables, compensates for the loss tial problems as I see them are by their nature of buying power when the expenditures of highly controversial. I wish to indicate my private enterprise decline. This in turn beneown views as frankly as possible for what fits private business and restores national they may be worth as a part of the full con- income and national revenues. sideration and discussion that are required by While fundamental principles of Governthe gravity of the times and the importance ment policy do not change, policies must vary of the problems before us. as economic conditions change. Policy that Underlying my approach to all of these is appropriate to a period of deflation and problems is my belief that democracy and the under-employment is not appropriate for a system of free enterprise can function to pro- time of full employment and the inflationary vide reasonably full and sustained employ- possibilities that then arise. At a time when ment for all of our available man power, in activity is rapidly expanding, and we are peace as well as in war times. The great bulk approaching conditions of reasonably full emof that employment is and must be provided ployment, the fiscal and monetary policies apby private enterprise. Public policy, there- propriate to the depression period need to be fore, should be directed to creating an eco- altered to fit the changed conditions. nomic climate that will give the greatest pos- A condition of rapidly expanding employsible encouragement to private initiative and ment and production has now begun to deprivate enterprise that is consistent with velop, primarily as the result of our vast deorderly and continuous national progress. fense effort and British purchases and their The experience of the past decade has stimulative effects, both directly and indiserved to confirm my conviction that having rectly, on the entire economy. I wish now given this encouragement to private activity, to discuss what seem to me to be the major Government should assure employment on factors, in the light of present conditions, that should be taken into account as they affect useful public works, on a basis that is nonthe banking and monetary field, the budget competitive with private industry, for those and taxation. able and willing workers whom private indus- We are again hearing much about the dan- *An address delivered before the National Industrial Conference gers of inflation. It is vitally important to Board, in New York City, on November 28, 1940. Note.—Views expressed in signed articles published in the BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System. 12 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Preparedness for Defense and Post Defense Problems face the inflation issue squarely, but it is also longer hours, but also to increase as rapidly important not to become mere inflation alarm- as possible vocational and apprenticeship ists. We have had too much loose talk about training. In these ways bottlenecks and uninflation for seven years. First of all, we warranted price rises can be avoided. Othermust distinguish between a price inflation wise, governments have no choice, as we have due to non-monetary causes and one resulting seen in other countries, except to intervene from monetary causes. I have several times directly by enforcing priorities, by preventin the past defined the latter as a condition ing strikes and lockouts and by fixing prices arising when the means of payment in the as well as wages and hours. hands of those who will spend it increases These are vital considerations at this time more rapidly than the production of goods. when production must not merely be sus- This means that the economy has reached the tained, but must be greatly expanded to prolimit of its ability to produce, that is to say, vide defense requirements and at the same full employment of its man power and pro- time take care of normal civilian needs. I ductive facilities, but that, nevertheless, the do not think it possible to over-emphasize the creation of money continues, uncontrolled and evils in the kind of inflation originating in unchecked. A price inflation, due to non- what essentially are monopolistic practices monetary causes, arises when production in either by capital or labor. The result is not particular fields is interrupted or curtailed, only greatly to increase the cost of defense whether from bottlenecks, short-sighted wage as well as the general cost of living, but the and price policies, monopolistic practices by need to redress the unbalanced conditions capital or labor, or related causes, when there that inevitably follow calls for increased subis pressing consumer demand for the goods sidy payments to agriculture and increased produced in these fields and when there is payments in pensions and relief for the aged neither a shortage of facilities that exist or and the unemployables in order to try to make can be constructed nor a shortage of man up for their diminished buying power. Likepower. The cure for such a condition is not wise, it leads to demands on the part of all less, but more production. It cannot be reme- who are employed for increased wages and died by monetary means, except at the cost salaries to help them meet the increased cost of restricting the entire economy. of living. The result is the familiar general The immediate danger is that the upward upward spiral of all prices which in the end spiral of prices in particular sectors of the benefits nobody, and defeats the essential naeconomy will throw these sectors out of bal- tional purpose of substantially full employance with the rest of the economy, to the ment and production for defense as well as detriment especially of agriculture, unorgan- for civilian needs. ized labor and both the low income and fixed I am aware that some men in business and income groups. Since our major objective in the ranks of labor feel that they should be at all times, and especially when we cannot allowed to make up now for some of the lean afford to lose time in building our defenses, years. Past losses cannot be made up now is full production and employment, it is essenexcept at the risk of these inflationary consetial in the general welfare that business and quences. The price and profit increases neclabor avoid strikes and lockouts that interessary to make up for such past losses would rupt the flow of production, and likewise have to come out of the economy generally, avoid price and wage policies that induce forat the expense of all other groups. ward-buying and inventory bulges due to This problem—what may be called the fears of higher prices. bottleneck problem—requires that now more It would be best for all concerned if through than ever before we keep a discriminating self-discipline capital and labor prevented eye on price movements. Any increase in these abuses from developing, but if they fail business activity characteristically produces to do so, regulation by Government will be relative scarcities in certain areas of producnecessary. Through increased efficiency and tion relative to the whole. These relative operating for longer hours, capital and labor scarcities tend to cause price advances. This can increase production. To avoid bottle- is particularly true of a period dominated necks due to skilled labor shortages in certain by defense expenditures. The defense profields, it will be necessary not only to utilize gram is concentrated upon specialized sectors existing skills as fully as possible by working of the heavy goods industries. Every effort JANUARY 1941 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Preparedness for Defense and Post Defense Problems must be made to increase supply in these same time, gold and silver purchases have areas. To the extent that supply cannot be raised the Volume of excess reserves to $7 increased with sufficient rapidity to keep pace billions, which is a wholly unprecedented volwith both Government and civilian require- ume, capable of supporting a bank credit exments, priorities and rationing may be nec- pansion of fully $60 billions in addition to the essary as a check upon undue price advances. present total of deposits. There Would be no economic justice in per- As long as these funds have been relatively mitting the necessities of a great national dormant, they have not presented a serious emergency to yield excessive returns to pro- problem except as they have tended to depress ducers in specialized areas at the expense of the interest rate structure to excessively low the rest of the community. Primary respon- levels. To avoid that extreme—to keep the sibility for preventing the breakdowns, the bank credit picture within the realm of conprice distortions and consequences to the en- trol that is the special responsibility of centire economy that would result from the at- tral banking authorities—I advocated, in contempt to take advantage of the emergency nection with the Banking Act of 1935, that rests upon business and labor leadership. We Congress give the Reserve System adequate need above all in this crucial period rapidly powers to absorb the excess, and I subseexpanding production in the industries where quently urged that consideration be given to preventable bottlenecks are most likely to the main causes of this condition, that is, to develop. The time may come when we shall silver purchases and to the causes of the have to curtail private purchases of automo- inflow of gold from abroad which are almost biles and private and public construction in entirely responsible for the present and conorder to give the defense program the right tinuing growth of excess reserves. The auof way in the heavy industries. But priori- thority granted by Congress has been enties and rationing should not be applied until tirely inadequate to cope with the unprecewe have exhausted every effort to enlarge dented growth of excess reserves. For that productive capacity in the bottleneck areas. reason, the Board of Governors as long ago We must also keep a vigilant eye on specu- as 1938 recommended in its annual report lative forward-buying and excessive inven- that Congress take cognizance of and deal tory accumulations. We should be alert to with this rapidly enlarging problem. the possibility that the large cash and credit The need for dealing with it becomes inresources available might be turned into creasingly imperative because of the rapid speculative channels under the favorable ex- expansion generated by the defense program. pectations which a prolonged defense pro- It is essential now that the excess reserves gram creates. We would be better protected be brought within a range where they can be against such speculative inflationary develop- adjusted to the needs of legitimate business ments if the volume of idle funds already through the open-market function of the Reexisting were curbed and prevented from serve System, and not be left as a basis for an increasing still more and if our bank credit uncontrolled multiple credit expansion such structure were again brought within range as could be built upon them.1 of control. By the open-market function, I mean sim- What I have been discussing are inflation- ply the authority which the Reserve System ary conditions due to bottlenecks and other has to buy or sell Government and certain non-monetary causes. Looking beyond these other securities for its own account, these immediate problems, we should be prepared operations being carried out by the System's to protect the economy also against the evils Open Market Committee. The importance of of general inflation due to fiscal and monetary these operations lies in the fact that when factors. securities are bought it increases member As the result of gold imports, silver pur- banks reserves. Conversely, when securities chases, and purchases by banks of United are sold from the open-market account it States Government securities the volume of absorbs and thus decreases the reserves of bank deposits has increased to the highest member banks. The open-market instrument levels in the history of the country. Demand deposits and currency now amount to $41.5 1 This does not mean sudden or drastic action to absorb excess reserves but it does mean foresighted preparation, authorized by billions, or about $14.5 billions above the peak the Congress, so that the monetary authorities may be placed in of the boom period of the Twenties. At the a position to take such monetary action as may be necessary to meet conditions as they may develop in the "future. 14 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Preparedness for Defense and Post Defense Problems is a flexible one, affecting only banks that monetary control ineffective so long as any desire to purchase or sell securities, largely bank that does not like the reserve requirein accordance with their reserve position, ments can relieve itself of the restriction by whereas raising reserve requirements affects withdrawing from the System. Demand deall banks in accordance with their classifica- posits are the major part of our money suption. I want to say in passing that, contrary ply—and control over their expansion and to a persistent popular fallacy, the Reserve contraction must reach all banks that are in System does not use reserves deposited with a position to create them. it by member banks to buy Government se- As long as we have a vast oversupply of excurities. As a matter of fact the System cess reserves, the inducement exists throughcreates the funds used in open-market opera- out the banking system to expand and to put tions. These funds are in no way dependent these resources to work in loans and investupon such reserves as member banks carry ments. When the economy is reaching the with the Reserve Banks. stage of full production and employment that Regaining control over excess reserves is inducement should be removed. a necessary precaution against the inflation- Not only do the excess reserves afford an ary possibilities of over-expansion of bank opportunity for over-expansion but they also credit based upon these redundant reserves. tend to depress the interest rate structure to It is not a step that would in any way restrict excessively low levels. I have continuously legitimate business expansion, Government advocated a policy of monetary ease as the financing or development of the defense pro- appropriate accompaniment of a period of gram. It is a safeguard against necessary under-employment, but I have never favored expansion developing into over-expansion— artificially low rates such as have been into creation of the means of payment out of brought about through an uncontrolled surall proper relationship to production. How plus of excess reserves. No such oversupply this step may best be accomplished is a mat- of excess reserves is necessary to carry out a ter for Congress to determine. However, I policy of monetary encouragement to busisee no feasible way to accomplish it except by ness recovery. Instead, excessively low inincreasing the reserve requirements of the terest rates tend ultimately to induce inflated banks to a point which would reduce the ex- prices of Governments, municipals, and other cess reserves to an amount that could be high-grade securities. The effects are reabsorbed by the sale of Government securi- flected in credit lines generally, and are felt ties from the System's portfolio, leaving only by insurance companies, savings banks, eduenough securities to take care of System cational institutions, and other fiduciaries expenses. In addition, adequate provision representing the accumulations of many milshould be made for absorbing future gold or lions of our people, small as well as large silver acquisitions that add to excess reserves. savers. Moreover, this creates a future This power of raising or lowering reserve re- problem for monetary authorities because quirements should be made applicable to New at such time as it may become necessary to York, the money center, or to all reserve curtail further credit expansion, as a safecities, or to country banks, or to any com- guard against inflationary developments, this bination of the three groups. This would step cannot be taken without causing a deprovide for flexibility and make it possible cline in the price of outstanding securities. to adjust reserve requirements more in ac- Although some interest rates have become cordance with needs. extremely low, rates in the home and farm Furthermore, reserve requirements must mortgage field have been relatively slow to be made applicable to all banks of deposit, respond to the general decline and are not whether they be members of the Federal Re- now too low, in my judgment. I think there serve System or not. It is not equitable to would be no justification for increased rates ask only the member banks of the Reserve on home or farm mortgages, and that in- System to subject themselves to increases creases in such rates would be unwise and when those who elect to remain outside the unwarranted. The volume of existing idle System, or those who are now members and funds is so large that some of the higher bond who choose to withdraw, can escape sharing and mortgage rates may go lower even though in what is a national responsibility. This there is no further expansion of existing situation is not only inequitable but it renders funds. JANUARY 1941 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Preparedness for Defense and Post Defense Problems I am concerned with interest rates not as the bank that gets the use of the funds without an end in themselves, but as a means to the paying anything for them. It is not in the end of stability in the progress of our econ- interest of the city bank to have interbank omy. Excessively low rates do not contribute deposits in abnormal amounts because they to stability any more than do excessively high cannot be profitably used by reason of their rates. Neither is fair to lender and to bor- volatile nature. The city banks should be rower. It is one thing to have interest rates interested in having only such correspondent low as the result of the pressure of savings bank balances as reflect the business done by or investment funds on the market. It is the correspondent banks and the services a quite different thing to depress the interest rendered for them. rate structure abnormally through excess re- I have dwelt at some length on the general serves created by causes extraneous to our subject, with some of its ramifications, with economy. I have always contended, and I regard to controlling monetary inflation by reiterate now, that these abnormal pressures controlling excessive bank reserves. This should be removed, and they must be removed subject, however, cannot be considered sepas an essential element of defending the arately from the other sources of moneyeconomy against possible inflationary over- creation, that is, Government deficit-financexpansion later on. ing through the banks, and gold and silver As an additional measure I favor exempt- policy. As an integral part of the general ing deposits held with the Reserve Banks and policy that is necessary for the period we are vault cash held by banks from assessments entering, we must discourage the purchase of for Federal deposit insurance. While I have Government securities by banks. For that never been against interbank deposits, I do creates new deposits. With the volume of not favor over-concentration of funds that bank deposits and currency greatly in excess serve no useful purpose at money market of the highest levels we have ever had, it bebanks, but tend to depress short-term rates comes important that we do not continue to to such low levels that the very banks which add to this total, particularly at a time when concentrate their funds in the money centers one effect of the defense program is to actifind themselves in an adverse competitive vate the existing volume of deposits as they position. Nor is it to the interest of the are drawn upon by business and put to more money market banks to accumulate excessive active use. Instead, Government securities correspondent bank balances on which they should be sold to private and institutional incan earn nothing, but on which they pay the vestors. This has the effect of using existing assessment. Furthermore, if a bank's funds funds rather than creating additional deare locked up by the authorities to serve as posits. When the Government borrows existreserves, it is not fair to the bank to require ing funds it does not reduce the supply beit to pay assessments on the locked-up funds cause as soon as these funds are expended that earn nothing for the bank. Another by the Government, they go right back into reason for exempting reserves is that there is the money system again, chiefly as bank deno risk involved in depositing these funds posits. Another popular mistake is to supwith Reserve Banks and thus no justification pose that Government deficit-financing crefor assessing a premium to insure them. ates excess reserves. Insteiad, they originate Some of the large city banks have been from gold, silver, or other currency acquisimuch interested in getting legislation that tions. When the Government sells its securiwill exempt them from paying deposit insur- ties to the banks, instead of creating excess ance assessments on the interbank deposits reserves, this absorbs them because the new they hold. It seems to me that since they pay bank deposits thereby created have to be no interest to the depositing banks on these based upon or charged against the bank refunds, that the more equitable amendment serves. would be to exempt the originating bank So long as banks have an oversupply of from paying the assessment if these funds excess reserves, they have every inducement are deposited with Reserve Banks. In other to invest in Government securities. That inwords, if any bank is to be benefited by ex- ducement can only be reduced or removed by emption from the assessment, it should be the reducing or removing the excess reserves originating bank which deposits the funds which, as I have sought to indicate, should as a reserve in the Reserve System, and not be adjusted to the normal requirements of 16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Preparedness for Defense and Post Defense Problems business. If this is done the rate on Govern- late more and more of the world's gold supply ment bills and short-term notes would be at the cost of inflating our banking and credit likely to increase sufficiently to attract the structure. large amounts of idle corporate balances, I have come last to the problem of the budrepresenting reserves of various kinds, that get—but not because it is of least importance. have accumulated. For the most part, these As long as we continue to operate on a deficit funds are now deposited in banks and earn basis, it will be necessary for the Governnothing for the corporate owners. They ment to go to the market for the funds to would be inclined to invest them in short- make up the difference between tax collecterm Governments if the yield were raised tions and expenditures. I believe that we from the prevailing artificially low levels. should at this time take further steps to close At the same time, longer-term issues should the gap between income and outgo as far as be adapted to the requirements of insurance can be done without either confiscatory taxacompanies, savings banks, and individual or tion or the retarding of private enterprise. institutional investors. Thus the non-bank- So long as the Government is rapidly increasing market for Government securities would ing its total expenditures, I do not see how be broadened out to absorb whatever Govern- these outlays can be covered on a pay-as-youment financing may be necessary during the go basis because the increased national inperiod in which we are making large defense come and the tax revenues resulting thereoutlays. from cannot be realized until some time after But deposits as well as reserves are also the sums are spent. In other words, there is increased as gold and silver continue to flowa lag between the time when the Government into our money system. Even if we had au- has to raise the money and the time when it thority to offset the effect of the gold and sil- takes effect as income among the people who ver acquisitions on excess reserves, these ac- ultimately receive it in payment for goods and quisitions would still continue to add to de- services. Taxes on 1940 incomes are paid posits, unless we are prepared to deal with in the fiscal years 1941 and 1942. There may these factors at their source. I have publicly be a lag of a year or a year and a half before stated my opposition to the purchase of for- money borrowed for defense, in effect, shows eign silver as unjustified from a monetary up in expenditures, then in higher national standpoint. If, for other reasons, at this income, and finally in increased tax receipts. time it is considered desirable to assist silver- It would not be wise to try to put suffiproducing countries, that could be done by ciently high rates into effect to close the gap making loans secured by silver or other asentirely until we have reached a condition of sets. Therefore, Congress should repeal the full production and employment. But at that present legislation, and at the same time cantime, the tax system in effect should be adecel out the billion and a half of seigniorage quate to bring about the balancing of the Fedwhich could be used for issuance of additional eral budget. silver certificates. Likewise, I favor cancel- Revision of the tax structure should not be ing the authority under the so-called Thomas delayed until a full-employment income is amendment to issue $3 billions of greenbacks. reached. We should begin to re-design the Both of these sources of funds, if resorted to, tax system in the near future. First and would add to excess reserves and to deposits, foremost, we should revise our corporate, inand would greatly accentuate the problem of dividual and inheritance tax structure so as the monetary authorities. to close very important existing loopholes While the expenditure of the gold stabili- that make tax rates much less effective than zation fund would have the same effect, the they should be. For instance, there is not problem of gold presents a particularly diffi- much use in raising individual surtax rates cult question. I believe that Congress, in con- if corporations are permitted to hold back sidering all the interrelated elements of the earnings in the form of idle funds instead of monetary picture, should consider whether or paying them out as dividends to stockholders. not it would be wise to make credits avail- If the estate and the individual surtaxes are able at low rates, as a means of aiding the to be made as productive as they should be,, British, taking as collateral their gold, as well then the gift tax must also be revised. The as their security holdings here, in Canada, or excess profits tax, which is clearly inadequate,, elsewhere, rather than to continue to accumu- should be revised to apply to all earnings JANUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Preparedness for Defense and Post Defense Problems above a certain ceiling, say, of 10 per cent monetary restraints may become necessary, of invested capital, with such exceptions as deficit-financing should be discontinued, may be necessary as a matter of equity or to thereby bringing the budget into balance. stimulate new business. The present law The time for such action will arrive when the allows an option under which corporations economy has reached full production, that is, are able to make abnormal earnings after all substantially full employment, and both taxes, including the excess profits tax, are monetary and fiscal policy may need to be paid—earnings in some cases larger than invoked to maintain a proper relationship they have ever been before. I am heartily between production of goods and creation and in accord with the proposals of the Treasury use of money. with reference to the excess profits tax and Since it would be practically impossible to to eliminate tax free securities. balance the budget while public expenditures The present tax structure, strengthened are rapidly increasing and before a much in the ways I have indicated, will bring in larger national income has been achieved, we enormous revenues once the national income might consider viewing certain expenditures has risen to $90-100 billions. As national for defense as a capital investment. In effect, income approaches these levels, rates should it may be considered a necessary substitute be raised still more if necessary to balance for an equal amount of capital expenditure by the budget. private industry which in borrowing for In addition to our own large defense ex- capital outlay would amortize the debt over penditures, the amount of which we cannot the life of the investment. If we were to foresee at this time, there is the increasing treat the investment in ships, bases, arsenals, amount of help to Great Britain which must factories, powder plants and the other capital also be taken into account. If the total of investments paid for by the Government as these reaches a much larger figure than is now private business would treat similar capital apparent, it may be necessary to imppse selec- investment, we might then consider covering tive consumption taxes on those things that only the amortization, operating and mainare most essential to defense and the least tenance costs out of current receipts. essential to civilian consumption, in order to No matter how these outlays may be redivert production and income to defense pur- garded for bookkeeping purposes, the defense poses. This may become necessary as a meas- program is demonstrating before our very ure against a general price inflation. But eyes the feasibility of raising the national such taxes should not be imposed until we income through governmental expenditures. have first placed on the statute books a tax Nor can there be any doubt that once a full structure sufficiently progressive to insure income is achieved we can, out of a full inthat the defense program will not increase the come, raise enough taxes to cover expendicurrent inequality of wealth and income. In- tures. We can then have a balanced budget. deed, tax policy should be designed to mini- A full defense effort will bring very large mize this inequality, bringing about a wider profits. Profits of manufacturing and of distribution of the benefits as well as the burtrade were already very favorable in the fivedens. When full employment and producyear average 1936-1940. Indeed, for a great tion have been reached, increased consumpmany companies they were larger than in any tion taxes are the most effective means of previous five-year period in their history. preventing a general price inflation, but they Many of our industries have learned how to presuppose the prior enactment of steeply live very well even under quasi-depressed progressive income and estate taxes. conditions. At a national income level of Direct responsibility for taxation is, of from $90 to $100 billions, profits can be excourse, outside the realm of monetary policy, pected to rise to unprecedented levels. Withbut the subject of taxation cannot be sepa- out a steeply progressive tax structure these rated from the primary concern of those profits would bring increased concentration charged with monetary powers and respon- of wealth. Business leadership cannot afford sibilities. It is not possible to appraise mone- to let the defense program yield this result. tary policy realistically without taking ac- We shall do well, therefore, after the tax colcount of the effect of taxation and of Gov- lection lag of the first years of defense exernment financing on the banking and credit pansion is overcome, to raise the whole of the structure. When the time arrives when budget through taxes. 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Preparedness for Defense and Post Defense Problems There is one more suggestion in this field. price to pay for an assured market adequate Some considerable borrowing, in lieu of taxes, to absorb all the productive capacity of modfrom the mass of the population, in the form ern industry. Think what such a market of a modified "baby" bond, would be highly would mean to business! desirable, especially after a full employment After the capital investment in defense is income has been reached. If savings bonds made, we will still have the heavy cost of are held widely through the country, by the maintaining our armed forces, which should whole population, a degree of security is be met out of current receipts. In addition, achieved against unforeseen contingencies. it is reasonable to expect at that time there In so far as such bonds may, after the defense will be large accumulated deficiencies in prieffort is over, be converted into cash and the vate construction of all kinds and other capiproceeds spent, business activity would tal requirements. But it is unlikely that the thereby be stimulated just at the time when volume of private activity would be enough it needs to be sustained. Such a program to make up for the deficiency in production would provide in some measure a post-de- and employment once the heavy defense outfense cushion against depression. It there- lays, including the large exports of military fore would seem to me wise, .as employment supplies to Great Britain, are over. At that increases and the income of the mass of the time, it is of crucial importance that we be population rises, to intensify the national prepared to make the transition to a peacecampaign to sell as many savings bonds as time basis without precipitating a period of possible, especially to the middle income idle men, idle factories, declining national classes. Such borrowing would not preclude income and increased Federal deficits. us from balancing the budget because we It would be tragically ironic if we, as a could use the proceeds from the sale of savnation, solved the problem of unemployment ings bonds to retire a part of the Federal debt by making instruments of destruction, but now outstanding in the hands of banks and were unable to maintain employment by makcorporations. ing the things of peace. It is not for the Our productive capacity is greater today purpose of returning men to the breadlines than ever before. It exceeds by far the peak that we are making this vast defense effort reached in the boom of the Twenties. If we to preserve our political and economic syshave the will to do it, we have the organiza- tem. The transition will be effected more tion, man power, and resources to provide readily if at that point the budget is in balboth adequate defense and a higher standard ance. On the same principle that I stated at of living than any hitherto reached in our the outset, we should then be prepared to have history. We are witnessing in the defense Government take up the slack of employprogram what can be achieved in national ment, employing surplus labor, beyond what prosperity, income and employment through private activity absorbs, in useful ways. adequate governmental expenditures. It is There are many with which you are familiar, my hope that the country will never forget such as public health and hospitalization, and this lesson; that we shall henceforth use fear- particularly the urgent need for a vast relessly the resources of the state to help main- construction and improvement of our entire tain employment and business activity at a highway system to keep pace with automofull income level. Once such a program is tive progress. boldly adopted as a permanent policy, busi- There is no excuse for defeatism, for havnessmen can plan their operations on the ex- ing a static economy frozen at a level of pectation of a gradually rising national in- under-employment. We are moving towards come. This they have never been abe to do relatively full utilization of our men and our in the past. Such a policy, boldly conceived machines because of defense needs. When and persistently carried out, would revitalize peace is restored to this world, we can, if we private enterprise. There is nothing in this have the will and the wisdom, divert such of program that calls for Government operation our productive facilities as are now employed of productive processes. All production, in the destructive work of war into construceven on Government projects, can and should tive work of peace. Thereby we can lay the be carried out under private contract. Pri- foundations for a new and better world—a vate business would be assured a full mar- world in which democratic institutions can ket. The necessary tax bill would be a small survive. JANUARY 1941 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttom a JLegaL Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material. General Licenses Issued by the Secretary of the Treasury Treasury Department, Procurement Division, Washington, December 3, 1940 The Secretary of the Treasury has revoked General License No. 35 issued under author- Circular No. 447 ity of the Executive Order of April 10, 1940, To THE HEADS OF ALL EXECUTIVE DEPARTMENTS AND as amended, and Regulations issued pursuant INDEPENDENT ESTABLISHMENTS. thereto relating to transactions in foreign ex- Following conference with representatives of inchange, etc. General License No. 35 was terested Departments and independent establishpublished in the Federal Reserve BULLETIN ments, the following procedure is suggested in order for November at page 1176. There have been to secure uniform compliance with the requirements of the Act of October 9, 1940, Public No. 811, 76th no further General Licenses issued since the Congress, Third Session known as the Assignment publication of those on pages 1175 and 1176 of Claims Act of 1940. of the November 1940 Federal Reserve In the event that any moneys due or to become due from the United States under any contract are as- BULLETIN. signed pursuant to the terms of the Assignment of Claims Act of 1940, the assignee is required to forward a true copy of the assignment, together with (Procedure Under Assignment of Claims Act of 1940 written notice thereof, to each of the parties specified The Director of Procurement of the Treas- in proviso 4 of the Act. This notice of said assignment ury Department, on December 3, 1940, issued in the form attached hereto should be furnished to each of such parties in quadruplicate. Three of the to the heads of all Executive Departments and four copies of each notice of assignment should be re- Independent Establishments of the Govern- turned to the assignee under the contract with the rement of the United States a circular setting ceipt form at the end thereof properly executed. One forth the procedure to be followed in order to of these copies is for the assignee. The other two copies should be attached to the first voucher, invoice, secure uniform compliance with the requireor other similar document submitted for payment. ments of the Assignment of Claims Act of One copy of each receipt should be furnished to the 1940. The procedure was suggested as a con- General Accounting Office with the first voucher and venient means by which the assignee can ob- the other copy of each receipt retained by the appropriate officer of the Department making payment. tain the proof which he will need to satisfy Reference as to the previously filed receipts should be the appropriate officers of the Government made on subsequent vouchers. that the requirements of the statute with This procedure is designed to afford the assignee reference to the filing of notices of assign- and the appropriate officers of the Government convenient evidence that there has been compliance with ments have been complied with. This cirthe requirements of the statute with reference to the cular was accompanied by a suggested form filing of notice of such assignments. However, rigid of notice of assignment, with provision for adherence to this procedure should not be insisted acknowledgment of receipt by the addressee; upon if satisfactory evidence of compliance with the statute is provided by other means. instructions for the use of such form; and a For your further information there is attached a decision of the Comptroller General of the copy of a decision of the Comptroller General of the United States dated December 2, 1940, ruling United States (No. B-13700), dated December 2, 1940 and addressed to the Federal Works Administrator, on two points arising under this Act. A supwhich quotes the full text of the Assignment of ply of the form of notice of assignment has Claims Act of 1940 and rules on two points arising been printed, and banks and other financing thereunder. Institutions may obtain copies from the Fed- It is suggested that copies of this circular be fureral Reserve Banks upon request. nished as promptly as possible to all contracting officers, purchasing officers, finance officers and dis- The circular issued by the Director of Probursing officers in your department or establishment. curement, together with attachments, is as (Sgd.) CLIFTON E. MACK, follows: Director of Procurement. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint NOTICE OF ASSIGNMENT (b) the contracting officer or the head of his department or agency, (Before filling out this notice, read carefully instruc- (c) the surety or sureties upon the bond or bonds, tions on reverse side.) if any, in connection with such contract, and (d) the disbursing officer, if any, designated in Date such contract to make payment. To 2..All blanks should be carefully filled in and the original and three copies should be forwarded to each of the parties with whom notice is required to be Re Contract Number filed. 3. The addressee should acknowledge receipt of Made by the United States of America this notice on the three copies and return the same to Department the assignee. Division 4. One copy of each such receipt should be retained by the assignee for his own records and two copies (Name of Contractor) of each such receipt should be attached to the first invoice, voucher, or other similar document submitted for payment. (Address of Contractor) 5. It will not be necessary to forward additional for copies of such receipts with requests for further payments, because the first copies will be duly recorded dated . in the appropriate offices of the Government. PLEASE TAKE NOTICE that monies due or to 6. If there is no surety bond in connection with the become due under the contract described above have contract giving rise to the claim which is assigned, been assigned to the undersigned pursuant to the pro- it is not necessary to serve notice of assignment upon visions of the Assignment of Claims Act of 1940 any surety. (Public No. 811, 76th Congress), approved October 7. If no disbursing officer is designated in such 9, 1940. contract to make payment, it is not necessary to serve A true copy of the instrument of assignment is notice of assignment upon any disbursing officer. attached hereto. 8. To the original (but not the copies) of each Payments due or to become due under such contract notice of assignment, there should be attached one should be made to the assignee. true copy of the instrument of assignment. This may Please return to the undersigned the three enclosed consist of (a) a duplicate original containing all the copies of this notice with appropriate notations show- signatures, seals, acknowledgments, etc., which aping the date and hour of receipt and duly signed by pear on the original, (b) a complete photostatic copy the person acknowledging receipt on behalf of the of the original, or (c) a certified copy of the original, addressee^ provided that such copy is accurate and complete in Very truly yours, all respects, including signatures, seals, acknowledgments, etc., which may be typewritten, and provided that the certificate to the effect that it is a true copy (Name of Assignee) be executed by a notary public or other officer author- By. ized by law to administer oaths. (Name and title of signing officer) Comptroller General of the United States Washington December 2, 1940. B-13700 (Address of Assignee) Federal Works Administrator, Receipt is hereby acknowledged of the above notice Federal Works Agency. and a copy of the above mentioned instrument of assignment. These were' received at a.m. SIR: on , 19 p.m. I have your letter of November 28, 1940, as fol- (Date) lows : (Signature) "Reference is made to the 'Assignment of Claims On behalf of Act of 1940/ approved October 9, 1940 (Public, No. 811, 76th Congress), a copy of which is attached for your convenient reference. (Name and title of addressee "Where moneys due under a contract have been of notice.) assigned in accordance with this law, the question INSTRUCTIONS arises as to the procedure to be followed in making payments under the contract with particular refer- In order to avoid delay, inconvenience, and possience to the matter of whether the assignee, as well as ble impairment of the validity of assignments, these the contractor, is required to execute certificates on instructions should be followed carefully. vouchers, invoices, or other similar documents sub- 1. Under the terms of the Assignment of Claims mitted for payment. It will be appreciated if you will Act of 1940, written notice of each assignment of advise this Agency as to whether such certificates moneys due or to become due from the United States must be signed by the assignee in each case, and if so or from any agency or department thereof, together what form of certificate will be satisfactory to your with a true copy of the instrument of assignment office. must be filed with: "Referring to proviso No. 4 of the act, requiring (a) the General Accounting Office, that the assignee 'shall file written notice of the as- JANUARY 1941 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint signment together with a true copy of the instrument indebtedness of the assignor to the United States of assignment with' the agencies specified, please arising independently of such contract. advise whether the following instruction would be "Sec. 2. This Act may be cited as the 'Assignment appropriate. of Claims Act of 1940'." " "To the original (but not the copies) of each notice It is to be observed that the assignment permitted of assignment there should be attached one true copy by the said act relates to "the moneys due or to beof the instrument of assignment. This may consist of come due" under a public contract. The act does not (a) a duplicate original containing all the signatures, authorize assignment of the contract itself, with the seals, acknowledgments, etc., which appear on the resultant shift of responsibility for its performance, original, (b) a complete photostatic copy of the etc., from the contractor to the assignee, consequently, original, or (c) a certified copy of the original, pro- irrespective of an assignment by a contractor of vided that such copy is accurate and complete in all "the moneys due or to become due," the contractor respects, including signatures, seals, acknowledg- is charged with the duty of performing the contract ments, etc., which may be typewritten.' in accordance with its terms. Such being the case, "With respect to the certification of a copy of the it is the responsibility of the contractor to execute original assignment, do you consider it necessary that certificates on vouchers, invoices, etc., as required by such certificate be executed by a Notary Public or the contract or otherwise, such certificates having other officer authorized by law to administer oaths." reference to material facts incident to performance The Assignment of Claims Act of 1940, Public, No. of the contract and as establishing the right to pay- 811, 76th Congress, approved October 9, 1940, pro- ment—matters which, generally, would not be within the knowledge of the assignee—it being considered vides : for all practical purposes that no money is due and "That sections 3477 and 3737 of the Revised Statpayable by the United States until such certificates utes be amended by adding at the end of each such are executed by the contractor. Since it is the responsection the following new paragraph: sibility of the contractor to establish that an amount " 'The provisions of the preceding paragraph shall is due and payable under a contract there would not apply in any case in which the moneys due or to appear to be no necessity or requirement for a certifibecome due from the United States or from any cation in that respect from the assignee. As is indiagency or department thereof, under a contract procated by your letter, however, once it is established viding for payments aggregating $1,000 or more, are that an amount is due and payable under the conassigned to a bank, trust company, or other financing tract, the question arises as to the procedure then institution, including any Federal lending agency: to be followed, that is, whether the assignee should Provided, be required specifically to claim the moneys due, " '1. That in the case of any contract entered into whether payment should be made direct to the asprior to the date of approval of the Assignment of signee on the contractor's usual certification, etc. ^ Claims Act of 1940, no claim shall be assigned without the consent of the head of the department or There would appear to be no necessity for a specific agency concerned; claim from an assignee under a valid assignment for an amount established to be due and payable under " '2. That in the case of any contract entered into a particular contract. However, it is to be recognized after the date of approval of the Assignment of that disputes unknown to the Government may exist Claims Act of 1940, no claim shall be assigned if it between the contractor and its assignee in connection arises under a contract which forbids such assignwith the assignment, the consideration or a condition ment; of the assignment may have failed, etc. Also, it is " '3. That unless otherwise expressly permitted by to be npted that the assignee, and not the contractor, such contract any such assignment shall cover all is required to supply to the Government information amounts payable under such contract and not already as to the assignment, arid that a "true copy" of the paid, shall not be made to more than one party, and assignment is required to be furnished. Having reshall not be subject to further assignment, except gard therefor, in order to insure that payments are that any such assignment may be made to one party properly made, to prevent frauds upon the United as agent or trustee for two or more parties partici- States, and to protect the rights of all parties inpating in such financing; volved, it would appear that the voucher, invoice, " '4. That in the event of any such assignment, the or other data in support of a payment direct to the assignee thereof shall file written notice of the assign- assignee should clearly indicate that the contractor ment together with a true copy of the instrument of recognizes the assignment, its validity, and the right assignment with— of the assignee to receive the payment. The form "'(a) The General Accounting Office, or means of indicating such recognition is not mate- "'(b) the contracting officer or the head of his rial insofar as this office is concerned. For instance, department or agency, the contractor's certification on a voucher in which " ' (c) the surety or sureties upon the bond or bonds, the name of the assignee is shown would suffice for if any, in connection with such contract, and audit purposes. " (d) the disbursing officer, if any, designated in There would appear to be no objection to the prosuch contract to make payment. posed instruction quoted in your letter with respect Notwithstanding any law to the contrary governing to the "true copy" of the instrument of assignment the validity of assignments, any assignment pur- which the assignee is required to furnish but, with suant to the Assignment of Claims Act of 1940 shall respect to example (c), in order to establish clearly that the copy of assignment furnished is a "true" constitute a valid assignment for all purposes.' copy, it would seem desirable that the certificate to "Any contract entered into by the War Department that effect be executed by a notary public or other or the Navy Department may provide that payments officer authorized by law to administer oaths. to an assignee of any claim arising under such contract shall not be subject to reduction or set-off, and Respectfully, if it is so provided in such contract, such payments (Signed) LINDSAY C. WARREN, shall not be subject to reduction or set-off for any Comptroller General of the United States. 22 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttom the jSoatd* &otte5pondence Questions of general interest; relating to money and banking, are answered in this section of the BULLETIN. The QoLd Standard QUESTION ury also at a fixed price. Moreover, gold movements have continued to affect the There seems to be a confusion of thought, not only among laymen but bankers, as to the question, "Is volume of bank reserves and bank deposits the United States on a gold standard?" One group in the United States in the same way as maintains we are on a "restricted gold standard" or before 1933. In fact, we have operated for "modified gold standard" while others state we are the past seven years in a manner that does "off the gold standard," Which is correct or is there not differ in its economic effects from those another answer to the question? of the old gold standard. Perhaps the most important difference be- ANSWER tween our present arrangement and the gold WHETHER our monetary system rests on standard as we used to know it is the fact a gold standard depends on the way that that the price of gold and the Treasury's standard is defined. Formerly the gold stand- willingness to buy or sell it are not guaranard might have been defined as a monetary teed by law, but are discretionary. Ordinarily system under which the authorities were re- this is more a theoretical than a practical quired to buy gold from any one and to sell difference; but at least on two occasions since it to any one, in any amount, at a fixed price, 1934 rumors that the price of gold would be and to allow gold to move into or out of the changed gained currency here and abroad country without restriction. and had considerable effects on international In the sense of this definition, we are not gold movements. now on a gold standard. Private individuals It should be added that in any event a may not, as a rule, buy or own gold coin, gold single country obviously can not be on an bullion, or gold certificates, and all gold "international" gold standard. The United transactions are subject to Treasury regula- States, however, has kept the dollar stable tion. This has been true since the spring of in terms of gold, as it would have been under 1933. The Treasury, however, has purchased the gold standard; but, with other countries at a fixed price of $35 an ounce all the gold off gold, their currencies have not been held offered, and on the few occasions when the in a fixed relationship to the dollar, as they sale of gold to settle international balances would have been had an international gold was requested, gold was released by the Treas- standard been in effect. JANUARY 1941 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Resignation and Appointment of President and First Vice National Defense Loans President of the Federal Reserve Bank of New York The Bank Management Commission of the Effective as of December 31, 1940, George American Bankers Association recently is- L. Harrison resigned as President of the Fed- sued a bulletin on "National Defense Loans" eral Reserve Bank of New York and was suc- which contains information relating to the ceeded on January 1, 1941, by Allan Sproul. assignment of claims under Government con- Mr. Sproul was succeeded as First Vice Presi- tracts as security for bank loans. The bulledent by Leslie R. Rounds, formerly Vice tin also contains suggestions with respect to President of the Bank. The appointments of the functions of banks in financing defense Messrs. Sproul and Rounds were for the unloans. Copies may be obtained from the ofexpired portions of the five-year terms ending fices of the Association at 22 East 40th Street, February 28, 1941. On January 2, 1941, Mr. New York City, for twenty-five cents per Harrison was appointed a member of the copy. Federal Advisory Council to represent the second Federal Reserve district, succeeding Admissions of State Banks to Membership in the Leon Fraser in that capacity. Federal Reserve System The following State banks were admitted to Mr. Harrison began his service with the membership in the Federal Reserve System Federal Reserve System in 1914 as Assistant during the period November 16, 1940, to De- Counsel to the Federal Reserve Board and after serving in that capacity and as General cember 15, 1940, inclusive. Counsel to the Board he resigned in June Connecticut 1920 to accept appointment as Deputy Gov- Springdale—The Springdale Bank and Trust ernor of the Federal Reserve Bank of New Company York. He held this position until November Indiana 22, 1928, when he was appointed Governor Boswell—The Farmers and Merchants Bank and on March 1, 1936, he became President Charlestown—First Bank of Charlestown Elkhart—First Old State Bank of the Bank. Greensburg—Union Trust Company Mr. Sproul, after ten years of service at the Warsaw—Lake City Bank Federal Reserve Bank of San Francisco, was Iowa appointed Secretary and Assistant Deputy Dubuque—American Trust & Savings Bank Governor of the Federal Reserve Bank of Early—Early Savings Bank New York on March 1,1930. Since that time New Hampton—Security State Bank he has also served the Bank as Assistant to Sheldon—Security State Bank the Governor, Deputy Governor, and, since Missouri March 1, 1936, as First Vice President. Kansas City—Mercantile Home Bank & Trust Mr. Rounds has held various official posi- Co. tions at the New York Bank since his original Michigan Ontonagon—The Citizens State Bank of Onappointment on August 1, 1917. He was tonagon appointed Deputy Governor on January 1, Minnesota 1928, and Vice President on March 1, 1936. Winona—Merchants Bank of Winona Federal Reserve Meetings in Washington New York The Chairmen of the Federal Reserve Bay Shore—South Side Bank of Bay Shore, N. Y. Banks met in Washington on December 9 and Pennsylvania 10, 1940, and on the latter date met with the Pittsburgh—Bank of Ohio Valley Board of Governors. During the meeting Pittsburgh—St. Clair Deposit Bank of Pittswith the Board there was a discussion of the burgh Texas activities of the Federal Reserve Banks in Bandera—First State Bank connection with the plan of the National De- Cleveland—Farmers State Bank fense Advisory Commission to increase the Taft—The First State Bank of Taft participation of small business concerns in Yorktown—First State Bank of Yorktown the defense program. Virginia A conference of the Presidents of the Fed- Mount Jackson—Peoples' Bank of Mount Jackeral Reserve Banks was held in Washington son on December 17 and the Federal Open Market Remington—State Bank of Remington, (Incorporated) Committee held its fourth meeting of the year Wisconsin on December 18, 1940. West Allis—Milwaukee County Bank 24 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Axithk Mobilisation of United Stated VoLLar Secutitie* On December 14 the British Treasury's Liggett and Myers Tobacco Company mobilization of United States dollar securities Liggett and Myers Tobacco Company (Class B) owned by residents of the United Kingdom Lima Locomotive Works, Inc. Macy (R. H.) and Company, Inc. was carried a considerable step further by Marshall Field and Company the issuance of a Treasury order requisition- Mueller Brass Company ing British holdings of 65 additional Ameri- National Dairy Products Corporation can security issues. Two previous orders New Jersey Zinc Company Niles-Bement-Pond Company relating to other American security issues Owens-Illinois Glass Company were described in the BULLETINS for March Pacific Lighting Corporation 1940, pages 206-207, and May 1940, pages Pennsylvania Railroad Company 408-409. In November an order supplement- Procter and Gamble Company Sears, Roebuck and Company ing the first two was issued, covering hold- Sherwin-Williams Company ings by United Kingdom residents of the Socony-Vacuum Oil Company, Inc. securities listed in the previous orders which Southern California Edison Company, Ltd. for technical reasons had not yet been ac- Timken-Detroit Axle Company quired by the Treasury. Union Oil Company of California Walgreen Company The present order requires United King- Wayne Pump Company dom residents to transfer to the Bank of Eng- Woodward Iron Company land as agent of the British Treasury their Woolworth (F. W.) Company holdings of the securities listed below, includ- Preferred Stocks ing 42 common stocks, 17 preferred stocks, American Locomotive Company, 7% cumulative preand 6 bond issues. Payment is to be effected ferred stock on January 14 in the sterling equivalent (at American Smelting and Refining Company, 7% the official buying rate for dollars of $4.0314 cumulative preferred stock to the pound) of the closing market prices Atchison, Topeka and Santa Fe Railway Company, 5% non-cumulative preferred stock for the securities in New York on December Atlas Corporation, 6% cumulative preferred stock 14. The security holders are offered special Blue Ridge Corporation, optional $3 cumulative confacilities for converting the sterling proceeds vertible preference stock (series of 1929) directly into certain British Government bond Cleveland and Pittsburgh Railroad Company, 7% regular stock issues, but this procedure is not obligatory. Crown Zellerbach Corporation, $5 cumulative con- An announcement accompanying the order vertible preferred stock stated that similar measures with respect to Electric Bond and Share Company, $6 cumulative the American securities still retained by preferred stock United Kingdom investors would be promul- Goodyear Tire and Rubber Company, $5 cumulative convertible preferred stock gated from time to time. It should be noted, International Harvester Company, 7% cumulative however, that the bulk of British holdings is preferred stock in American common stocks and that 164 Loew's Incorporated, $6.50 cumulative preferred stock common stock issues, including most of the National Power and Light Company, $6 cumulative preferred stock market leaders, have been requisitioned by Niagara Hudson Power Corporation, 5% cumulative the orders to date. first preferred stock Ohio Oil Company, 6% cumulative preferred stock Common Stocks Pacific Gas and Electric Company, 6% cumulative first preferred stock American Gas and Electric Company United Gas Corporation, $7 cumulative preferred American Home Products Corporation stock American Rolling Mill Company United States Steel Corporation, 7% cumulative pre- Atlantic Refining Company ferred stock Atlas Corporation Bankers Trust Company (New York) Bonds Beneficial Industrial Loan Corporation American Power and Light Company, 6% Gold Blaw-Knox Company Debentures due 2016 (American series) Boston Edison Company Chesapeake and Ohio Railway Company, 4*£% Gen- Chase National Bank eral Mortgage Gold Bonds due 1992 (bearer and Continental Can Company, Inc. registered) Crown Cork and Seal Company, Inc. Pennsylvania Railroad Company, 4%% Gold Deben- Detroit Edison Company tures due 1970 Dresser (S. R.) Manufacturing Company Southeastern Power and Light Company, 6% Gold Eastman Kodak Company Debentures due 2025 (Series A) General Motors Corporation Southern Railway Company, 6% Development and Inland Steel Company General Mortgage Gold Bonds due 1956 (Series A) Kalamazoo Stove and Furnace Company Standard Gas and Electric Company, 6% Gold Lehigh Portland Cement Company Debentures due 1966 (Series B) JANUARY 1941 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/atlonat Summ&ty ofi Hu5ine45 Condition* Compiled December 17 and released for publication December 19. Figures shown on charts may differ from preliminary figures used in text. Later developments are discussed on page 28 of this BULLETIN. INDUSTRIAL activity continued at a high have been large this autumn and production rate in November and the first half of has been maintained at high levels in order December and distribution of commodities to supply this demand and to build up dealincreased considerably. Commodity prices ers' stocks. Lumber production declined less generally showed little change following than seasonally from October to November. earlier advances. New orders for lumber continued somewhat above the current rate of production although below the high level of the three pre- Production ceding months when large orders were placed Volume of industrial production, which for cantonment construction. Lumber stocks usually declines at this season, showed little at mills continued to decline and were smaller change from October to November, and the than at any time in recent years. Bitumi- Board's seasonally adjusted index rose 3 nous coal production increased considerably points further to 132 per cent of the 1935- in November, following a sharp decline in 1939 average. the previous month, while output of crude Reflecting work on a large volume of petroleum was maintained at about the Octoorders for national defense purposes and for ber rate. Production of most metals concivilian needs, activity in the machinery and tinued in large volume. textile industries continued to increase Value of total construction contract awards sharply. At machinery plants and at cotton declined less than seasonally in November. textile mills activity reached new high levels In the 37 eastern States for which F. W. and at woolen mills output was close to the Dodge Corporation data are available total previous peak reached early in 1937. contracts showed little change; awards for Steel ingot production, which had been at public construction increased further and about 94 per cent of capacity in October, in- those for private work declined by somewhat creased somewhat further in November and less than the usual seasonal amount. In the far western States contract awards showed the first half of December. Automobile proa decline from the unusually high level duction continued in unusually large volume, reached in October. amounting in November to around 500,000 cars and trucks. Retail sales of new cars CONSTRUCTION CONTRACTS AWARDED MILLIONS OF DOLLARS MILLIONS OF DOLLARS 500 I INDUSTRIAL PRODUCTION 400 400 130 \J V 300 300 110 / \ J \ 100 •J / 1 J \J 100 200 200 90 90 V 100 100 80 80 70 70 1934 1935 1936 1937 1938 1939 1940 60 60 Three-month moving averages of F. W. Dodge data for value 1934 1935 1936 1937 1938 1939 1940 of contracts awarded in 37 Eastern States, adjusted for seasonal Index of physical volume of production, adjusted for seasonal variation. Latest figures based on data for October and November variation, 1935-39 average = 100. and estimate for December. 26 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Distribution Bank Credit Distribution of commodities to consumers Total loans and investments at reporting increased considerably in November. Sales member banks in 101 leading cities have inat department stores and mail-order houses creased sharply since the beginning of Octorose sharply, while variety store sales in- ber. Commercial loans continued to increase creased by about the usual seasonal amount. in November and the first half of December, In the first half of December there was theand holdings of United States Government customary large expansion in retail sales. obligations at New York City banks rose Total freight-car loadings showed con- sharply. Principally as a result of the exsiderably less than the usual seasonal decline pansion of bank loans and investments, Govin November and the early part of December. ernment expenditures, and foreign disburse- Loadings of coal, which had been curtailed ments financed by additional gold imports, in October, increased sharply and shipments bank deposits increased to new high levels. of ore and of miscellaneous merchandise de- At the same time there has been a considerclined much less than is usual at this time able increase in currency in circulation partly of the year. in response to seasonal trade demands. Wholesale Commodity Prices United States Government Security Prices Prices of basic commodities, which had Prices of United States Government securisen substantially since August, generally rities continued to rise during the latter half showed little change from the middle of of November and the early part of December, November to the middle of December. and the 1960-65 bonds advanced to succes- Prices of a few imported commodities, par- sive new high levels, with a peak of about ticularly cocoa, burlap, and shellac, increased 111% on December 10. The yield on this considerably and there were small advances issue declined to a low point of 2.03 per cent in steel scrap and some other domestic com- on the latter date, but increased slightly modities, while moderate declines were re- toward the middle of the month, reflecting ported for such varied commodities as lead, some easing in prices. grains, and lard. MEMBER BANKS IN 101 LEADING CITIES DEPARTMENT STORE SALES AND STOCKS BILLIONS OF DOLLARS BILLIONS OF DQ&ARS PER CENT PER CENT 110 no 100 N . SALES/* 90 90 80 80 r"\ STOCKS 70 > 70 —^y — ' '" 60 60 50 50 1935 1936 1937 1938 1939 1940 40 40 Wednesday figures for reporting member banks in 101 leading 1934 1935 1936 1937 1938 1939 1940 cities, September 5, 1934, to December 18, 1940. Commercial loans, Indexes of value of sales and stocks, adjusted for seasonal varia- which include industrial and agricultural loans, represent prior tion, 1923-25 average = 100. to May 19, 1937, so-called "other loans" as then reported. JANUARY 1941 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—DECEMBER AND THE YEAR 1940 Estimates now available for December in- over 1939 was most marked in output of dicate a figure of about 136 for the Board's durable manufactures but, as the table indiseasonally adjusted index of industrial pro- cates, nondurable manufactures and minerals duction as compared with 133 in November also increased materially. The increase over and 129 in October. Actual volume of out- 1929 for the year 1940 was almost entirely put, which usually declines in November and in nondurable manufactures and in minerals, December, showed little change during this but by December 1940 production of durable period and was about 7 per cent greater than manufactures was substantially above the in the peak period at the end of the previous high point reached in the summer of 1929. year. In December the seasonally adjusted As has been indicated elsewhere, particularly index of durable manufactures apparently in the Federal Reserve BULLETIN for September 1940, the index of industrial produc- INDUSTRIAL PRODUCTION tion should not be taken as a single adequate measure of the economic well-being of the [1935-39 average=100] nation. Especially over long periods con- Indus- Dur- Non- siderable allowance needs to be made, not pr t o ri d a u l c- f M ac a tu n r u e - s m a a b n le u- d m u a ra n b u l - e M era in ls - only for changes in the nature and quality tion factures factures of industrial products, but also for many other developments, including changes in 1929 110 110 133 93 107 other types of production, in foreign trade, in 1932 58 57 41 70 66 the size and composition of the population, 1933 69 68 54 79 76 and in the division of income. 1936 103 104 108 100 99 1937 113 113 122 106 112 Preliminary annual estimates for the vari- 1938 88 87 78 95 97 ous group indexes are shown in the table 1939 108 108 108 108 106 1940e 122 123 135 113 117 below; corresponding monthly figures for 1940, in most instances through November, « All 1940 figures are preliminary estimates. are shown on pages 56 to 59 of this BULLETIN. showed a rise of about 5 points to 160 per The largest increases for the year, as comcent of the 1935-1939 average and nondur- pared with 1939, were in the metals, maable manufactures rose 2 points to 122, while chinery and transportation equipment groups minerals remained unchanged at 118. of industries. Production was larger than For the year 1940 as a whole the Board's for any previous year in most groups, the index averaged 122 as compared with 108 inprincipal exceptions being lumber, leather, 1939, 113 in 1937, and 110 in 1929. The riseand alcoholic beverages. INDUSTRIAL PRODUCTION [1935-39 average=100] Durable manufactures Nondurable manufactures Minerals Non- Stone, Man- Print- Petro- Trans- fer- Lum- clay, Tex- Leath- ufac- Alco- To- Paper ing leum Rub- Iron Ma- porta- rous ber and tiles er and tured holic bacco and and and Chem- ber Year and chin- tion metals and glass and prod- food bever- prod- prod- pub- coal icals prod- Fuels Metals steel ery equip- and prod- prod- prod- ucts prod- ages ucts ucts lish- prod- ucts ment prod- ucts ucts ucts ucts ing ucts ucts 1929 135 130 134 136 146 110 94 95 101 96 85 104 96 89 100 103 134 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 1936 114 105 111 104 105 103 104 103 98 109 99 98 99 97 99 107 99 102 1937 123 126 125 124 113 114 106 102 103 108 103 107 109 108 112 104 109 127 1938 68 82 70 80 90 92 85 93 101 96 102 95 96 100 96 83 99 86 1939 114 104 100 114 106 114 112 104 108 98 106 114 106 110 104 113 105 113 1940' 144 135 134 145 116 120 115 95 113 101 109 122 110 116 115 118 114 133 All 1940 figures are preliminary estimates. 28 FEDERAL 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 31 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 32 Federal Reserve Bank statistics 33-37 Reserve position of member banks; deposits in larger and smaller centers 38 Money in circulation 39 Gold stock and gold movements; bank suspensions; bank debits 40 All banks in the United States, number, deposits, loans and investments 41 Condition of all member banks 42-43 Weekly reporting member banks 44-47 Commercial paper, bankers' acceptances, and brokers' balances 48 Money rates and bond yields 49 Security markets 50 Treasury finance 51-52 Governmental corporations and credit agencies; Postal Savings System 53-54 Business Indexes 55-65 Wholesale prices 66 Statistics for Federal Reserve chart book . . 67-68 Crop report . . 68 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. 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS 20 18 18 16 16 14 14 12 12 10 10 4 J TREASURY DEPOSITS AT F. R. BANKS 14 12 10 MEMBER BANK RESERVE BALANCES 1934 1935 1936 1937 1938 1939 1940 Latest figures for December 24. See page 31. 30 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 Member Date co B d u i i n s l - l t s ed T U o . ta S l s . e G c t w u M u o r i r v a i t i t h - e n i r e - g n s m t a M u e f r n t a i e - t n r g R c o B r e A e t s a h d e l n e l i r k t v r i e Total s G to o c ld k s T r t o e c u r i a u u n n r e n r y t g a c - - d s y - - M in c t u i o o c l n a n ir e - - y T h c i u r n o a r e g y l s a d h s s - - u B T p s r w F e R y e o r a e r e r i e n s d a v t a - i - k h d l t s e s e s - - p m N o b d e o e e m s n r - i - - ts c O s F o e R e a e t r u c r e h d a v - n - - e l e t r s b T a o b n t a a k l l a r r <j ic s c e e E e s r x s v - s e s in 5 5 years years Monthly averages of daily figures: 1939—September 6 2,732 1,630 1,102 56 2,794 16,823 2,911 7,249 2,253 611 729 243 11,443 5,198 October 6 2,763 1,544 1,219 63 2,832 17,002 2,926 7,328 2,239 358 732 240 11,862 5,490 November 7 2,651 1,445 1,206 63 2,722 17,217 2,939 7,413 2,314 454 766 241 11,688 5,259 1940—September 5 2,434 1,191 1,243 64 2,503 21,064 3,040 8,095 2,287 781 1,535 265 13,643 6,582 October 5 2,381 1,102 1,280 67 2,454 21,393 3,051 8,226 2,257 477 1,624 270 14,043 6,864 November 4 2,261 1,045 1, 215 79 2,344 21, 662 3,065 8,415 2,194 348 1,710 275 14,131 6,830 End of month figures 1939—Sept. 30.... 6 2,804 1,585 1,219 68 2,879 16,932 2,919 7,293 2,244 545 753 240 11,655 5,352 Oct. 31 6 2,736 1,517 1,219 59 2,801 17,091 2,932 7,342 2,254 286 728 241 11,973 5,553 Nov. 30.... 8 2,552 1,362 1,191 90 2,650 17,358 2,947 7,483 2,367 419 819 241 11, 628 5,160 1940—Sept. 30.... 5 2,434 1,191 1,243 46 2,485 21, 244 3,044 8,151 2,290 756 1,581 268 13,727 6,655 Oct. 31 4 2,333 1,074 1,259 76 2,412 21,506 3,059 8,300 2,188 349 1,661 271 14,208 6,960 Nov. 30.... 4 2,199 1,023 1,177 101 2,304 21,801 3,072 8,522 2,187 250 1,726 277 14, 215 6,849 Wednesday figures; 1940—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 6,523 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 6,733 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 6,816 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 6,118 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 July 31. 4 2,448 1,202 1,246 32 2,484 20,463 3,024 7,883 2,250 694 1,382 262 13,498 6,514 Aug. 7 3 2,446 1,202 1,244 22 2,471 20,568 3,025 7,929 2,276 923 1,386 263 13,286 6,325 Aug. 14.... 3 2,446 1,202 1,244 47 2,495 20,689 3,027 7,944 2,281 940 1,444 262 13,340 6,392 Aug. 21.... 3 2,446 1,202 1,244 44 2,492 20,800 3,030 7,976 2,291 889 1,486 261 13,419 6,417 Aug. 28—_ 4 2,442 1,198 1,244 35 2,480 20,871 3,034 8,006 2,291 813 1,498 261 13, 516 6,487 Sept. 4 6 2,434 1,191 1,243 51 2,490 20,944 3,036 8,092 2,292 791 1,510 261 13, 524 6,494 Sept. 11— 5 2,434 1,191 1,243 47 2,485 20,981 3,038 8,080 2,287 762 1,520 260 13, 596 6,541 Sept. 18..- 4 2,434 1,191 1,243 57 2,495 21,093 3,040 8,084 2,311 790 1,549 270 13, 624 6,531 Sept. 25— 5 2,434 1,191 1,243 34 2,472 21,166 3,041 8,090 2,298 793 1,525 270 13, 703 6,645 Oct. 2 6 2,424 1,181 1,243 53 2,482 21, 271 3,046 8,172 2,294 678 1,587 268 13,800 6,721 Oct. 9 8 2,399 1,075 1,325 38 2,445 21, 349 3,048 8,199 2,294 579 1,574 270 13,927 6,816 Oct. 16 4 2,384 1,108 1,276 94 2,481 21, 373 3,052 8,229 2,268 463 1,660 271 14,016 6,869 Oct. 23 4 2,352 1,086 1,266 32 2,388 21,428 3,055 8,236 2,232 383 1,600 272 14,148 6,940 Oct. 30 4 2,333 1,074 1,259 44 2,381 21,499 3,056 8,265 2,187 376 1,659 272 14,177 6,930 Nov. 6 4 2,327 1,070 1,258 30 2,362 21, 581 3,060 8,385 2,221 465 1,681 271 13,979 6,732 Nov. 13-... 4 2,254 1,044 1,210 67 2,326 21, 637 3,062 8,395 2,211 404 1,688 275 14,052 6,795 Nov. 20.... 4 2,231 1,036 1,195 67 2,302 21, 716 3,066 8,436 2,188 310 1,749 276 14,127 6,800 Nov. 27_... 4 2,204 1,025 1,180 68 2,276 21, 755 3,069 8,465 2,182 199 1,685 278 14,292 6,931 Dec. 4 4 2,195 1,020 1,176 67 2,266 21,827 3,074 8,569 2,204 255 1,708 278 14,154 6,816 Dec. 11...- 5 2,184 1,020 1,165 51 2,241 21,858 3,077 8,625 2,197 235 1,687 279 14,152 6,785 Dec. 18— 4 2,184 1,048 1,136 117 2,306 21,898 3,081 8,716 2,204 570 1,702 289 13,804 6,395 Dec. 24 4 2,184 1,048 1,136 149 2,336 21,930 3,082 8,817 2,213 481 1,711 289 13,837 6,438 i Includes industrial advances and bills bought, shown separately in subsequent tables. * End of month and Wednesday figures estimated. NOTE.—For description of figuresi n this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6,1937^on maturity distribution of securityjioldingslwill be supplied on request. JANUARY 1941 31 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 lO(b) of the Federal Reserve Act Secured by direct and Federal Reserve Bank eligible guaranteed ob- All other To banks To others ligations of the U. S. Rate In Rate In Rate In Rate In Rate In Dec. effect Dec. effect Dec. effect Dec. effect Dec. effect 31 beginning— 31 beginning- 31 beginning— 31 beginning- 31 beginning— Boston - - 1 Sept. 1, 1939 1 Sept. 1, 1939 2 Sept. 2, 1937 1 Sept. 1, 1939 2y2 Apr. 29, 1938 New York 1 Aug. 27, 1937 1 Aug. 27, 1937 2 Oct. 10, 1935 1 Aug. 25, 1939 Feb. 8, 1934 Philadelphia 1M Sept. 4, 1937 1M Sept. 4, 1937 2 Sept. 4, 1937 Sept. 1, 1939 $i Sept. 1, 1939 Cleveland __ 1H May 11, 1935 May 11, 1935 2 Oct. 19, 1935 0) IK Sept. 1, 1939 May 11, 1935 Richmond \y Aug. 27, 1937 m Aug. 27, 1937 2 Sept. 10, 1937 Sept. 1, 1939 4 Feb. 19, 1934 Atlanta l 2 Sept. 16, 1939 Aug. 21, 1937 2 Aug. 21, 1937 l Sept. 16, 1939 2^ Apr. 23, 1938 Chicago - l Sept. 1, 1939 i/^ Aug. 21, 1937 2 Aug. 21, 1937 l Sept. 1, 1939 4 Oct. 16, 1933 St Louis l Sept. 21, 1939 i^ Sept. 2, 1937 2 Sept. 2, 1937 l Sept. 16, 1939 4 Feb. 23, 1935 Minneapolis. _ 1H Aug. 24, 1937 1H Aug. 24, 1937 2 Aug. 24, 1937 1H Sept. 1, 1939 3 Oct. 8, 1938 Kansas City l Sept. 16, 1939 1M Sept. 3, 1937 2 Sept. 3, 1937 l Sept. 16, 1939 2^ Apr. 16, 1938 Dallas _ _- - l Sept. 16, 1939 1H Aug. 31, 1937 2 Aug. 31, 1937 l Sept. 16, 1939 2K Apr. 16, 1938 San Francisco. _ IH Sept. 3, 1937 1H Sept. 3, 1937 2 Sept. 17, 1937, Sept. 1, 1939 4 Oct. 19, 1933 i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agree ments 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 December 31 on advances and commitments under Section 13b of the Federal Reserve Act Maturity e R ff a ec te t i o n n In g e in ff n e i c n t g — be- Pre ra v t i e ous [Per cent per annum except as indicated by footnotes 5 and «] Dec. 31 Advances to or in participation with financ- 1-15 days i__. Oct. 20, 1933 1 Advances ing institutions 16-30 days... ...do 1 direct to Commit- 31-45 days... ...do 1 Federal Reserve industrial On por- ments 46-60 days... ...do 1 Bank or com- tion for to make 61-90 days— ...do 1 mercial or- which On re- advances 91-120 days.. ...do 1 ganizations institu- maining 121-180 days. ...do IX tion is portion i obligated i i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. r N a e t N e w s O T m Y E o a . y r — k b M o e i n n c i h p m a r u i r m g m e e d b b f u a o y n r i k n o e g t r h s e ' r r a a t c e c s c la e s p a s t t e a s n t c h o e e f s b F p il e a l d y s. e a r b a l T l e h R e in e s s a d e m o rv l e l e a r m s B ; i a n h n i i k m g h u o e m f r B N Ph o e i w s l t a o d n Y e o lp r h k i . a .. . . . 4-6 2 2^ -3 3 2 y - 2 5 V 1 2 - - 2 2 rates apply to purchases, if any, made by other Federal Reserve Banks. Cleveland 3)4-6 3 Back figures.—See Annual Report for 1937 (table 41). Richmond 4-6 (3)3 (H 1-2 Atlanta 4-6 4-6 1-2 Chicago 3-6 3-6 3-6 MEMBER BANK RESERVE REQUIREMENTS St. Louis. (2) () [Per cent of deposits] Minneapolis. _ 3-6 3-6 3-6 1-2 Kansas City.. 4-6 4 4 (6)2- June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Dallas 4-6 4 4-6 1 Classes of deposits 1917- 1936- 1937- 1937- 1938- San Francisco 4-6 3-4 4-5 and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and 1936 1937 1937 1938 after 1 The Federal Reserve Banks of New York, Philadelphia, Richmond, On net demand Atlanta, Chicago, Minneapolis, Kansas City, and Dallas may charge deposits:^ same rate as charged borrower by financing institution, if lower than R C e e s n e t r r v al e r c e i s t e y rve city.. 15 2 17 2 ) ^ rat 2 e S s a h m o e w a n s . rate charged borrower by financing institution. Country 12 3 One per cent less than rate charged borrower by financing institu- On time deposits: tion with minimum of three per cent (see note 0. All member banks... * One-half of one per cent less than rate charged borrower by financing institution with minimum of four per cent (see note i). 5 Minimum charge one-fourth of one per cent. i See footnote to table on p. 38 for explanation of method of com- • Minimum charge one-half of one per cent. puting net demand deposits. MARGIN REQUIREMENTS 1 MAXIMUM RATES ON TIME DEPOSITS Prescribed by Board of Governors of the Federal Reserve System in Maximum rates that may be paid by member banks as established by accordance with Securities Exchange Act of 1934 the Board of Governors under provisions of Regulation Q [Per cent of market value] [Per cent per annum] Apr. 1, Nov. 1, Nov. 1, 1933 Feb. 1, 1935 In effect 1936- 1937 to to beginning Oct. 31, and Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 1937 after For extensions of credit by brokers and dealers on Savings deposits listed securities, under Regulation T 55 40 Postal savings deposits For short sales, under Regulation T (2) 50 Other time deposits pay- For loans by banks on stocks, under Regulation U 3 55 40 able in: 6 months or more 1 Regulations T and U limit the amount of credit that may be ex- 90 days to 6 months tended on a security by prescribing a maximum loan value, which is a Less than 90 days specified percentage of its market value at the time of the extension; the "margin requirements" shown above are the difference between the market value (100%) and the maximum loan value. NOTE.—Maximum rates that may be paid by insured nonmember 2 Requirement under Regulation T was the margin "customarily banks as established by the Federal' Deposit Insurance Corporation, required" by the broker. effective February 1, 1936, are the same as those in effect for member 3 Regulation U became effective May 1, 1936. banks. In some States the maximum rates established by the Board NOTE.—Regulations T and U also provide special margin requirements and the Federal Deposit Insurance Corporation are superseded by on "omnibus" accounts and loans to brokers and dealers. lower maximum rates established by State authority. 32 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 Dec. 24 Dec. 18 Dec. 11 Dec. 4 Nov. 27 Nov. 20 Nov. 13 Nov. Oct. Nov. Assets Gold certificates on hand and due from U. S. Treasury 19,680,782 19, 660, 78119, 629, 78019, 594, 78019, 546, 295 19, 491, 79919, 393, 79819, 574, 78119, 280,297 14, 966,124 Redemption fund—F. R. notes 11,228 11, 228 11,515 11,515 11,153 10,672 9,894 11,515 8,919 9,866 Other cash 228, 561 248,004 269, 522 274, 483 298, 738 304,688 308,168 295,132 342,327 319, 383 Total reserves. 19,920,57119,920,01319,910,81719, 880, 77819, 856,186 19, 807,159 19, 711,86019, 881, 42819, 631, 543 15, 295, 373 Bills discounted: For member banks 3,253 3,402 3,864 3,238 3,259 3,422 1,117 3,278 3,048 For nonmember banks, etc.. 947 947 922 847 822 872 797 4,854 Total bills discounted. 4,200 4,349 4,786 4,135 3,835 4,106 4,244 4,075 7,902 Bills bought: Payable in foreign currencies. Industrial advances 7,433 7,492 7,569 7,616 7,912 8,215 7,598 8,173 11, 364 "U. S. Government securities, direct and guaranteed: Bonds 1,284, 600 1, 284, 600 1, 284, 600 1,295, 900 1,299, 700 1,314, 700 1, 330,000 1, 296,900 1, 379, 200 1, 283, 447 Notes 899, 500 899, 500 899, 500 899, 500 904, 500 916, 600 924,100 902, 500 953, 600 1, 233, 225 Bills 35, 425 Total U. S. Government securities, direct and guaranteed 2,184,100 2,184,100 2,184,100 2,195, 400 2, 204, 200 2, 231, 300 2, 254,100 2,199,400 2, 332,800 2, 552, 097 Other Reserve Bank credit outstanding 140, 546 110,245 44,147 58,713 60,803 58, 533 59, 306 93, 001 67, 338 78, 227 Total Reserve Bank credit outstanding 2, 336,444 2, 306,127 2, 240, 525 2, 265, 817 2,276,454 2, 301, 851 2, 325,865 2, 303, 988 2,412, 386 2, 649, 590 Liabilities F. R. notes in actual circulation. 5, 883, 575 5,819,333 5,773,207 5,703,129 5, 669, 742 5,642,700 5, 742, 847 5, 576, 520 4,861, 559 Deposits: U M . e S m . b T e r r e a b s a u n r k e — r— re g s e e n r e v r e a l ac a c c o c u o n u t n ._ t _ .. 13,8 4 3 8 7 1 , , 4 2 9 4 4 313,8 5 0 7 4 0 , , 4 4 3 5 6 2 14,, 2 1 3 5 5 2 , , 4 4 5 6 4 8 14,1 2 5 5 3 4 , , 5 9 7 1 3 6 14, 1 2 9 9 8 1 , , 9 6 5 0 4 6 14,1 3 2 0 6 9 , , 7 5 1 7 9 7 14,0 4 5 0 1 3 , , 7 8 9 5 8 1 14:,, 2 2 4 1 9 5 , , 9 0 6 6 4 8 14:, 3 2 4 0 9 8 , , 1 0 1 6 2 611, 4 6 1 2 9 7 , , 2 5 1 0 6 2 Foreign 1, 111, 262 1,140,085 1,105, 580 1,132,478 1,153, 293 1,152, 579 1,125,150 1,158, 631 1,081,174 411, 643 Other deposits. 600,207 562,138 581, 807 575,976 532,137 596,171 562, 736 567, 328 579, 619 406, 982 Total deposits. 16,030,206 16,077,11116, 075, 30916,116, 94316,175, 99016,185,046 16,143, 53516,190,99116, 217, 97112,865, 343 Hatio of total reserves to deposit and F. R. note liabilities combined (per cent) 90.6 90.7 90. 90.8 90.! 90.6 90.5 90.6 90.1 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 it d h a i y n s 16 d a t y o s 30 31 d a to ys 60 61 d a to ys 90 m 91 o t o d n a t 6 h y s s 6 1 m t o y o e n a t r hs 2 1 y t y o e e a a r r s 2 5 y y to e e a a r r s s 5 O y v e e a r rs Bills discounted: Nov. 27.. . 3,835 1,690 366 705 259 731 84 Dec. 4 4,135 2,055 320 781 262 666 51 Dec. 11 . - _ . 4,786 2,614 424 788 251 664 45 Dec. 18 4,349 2,111 503 762 229 698 46 Dec. 24 . . .. 4,200 2,059 467 810 224 603 37 Industrial advances: Nov. 27 7,616 1,244 186 490 103 '610 1,356 1,419 2,208 Dec. 4 . . 7,569 1,316 321 302 82 628 1,314 1,408 2,198 Dec. 11 7,492 1,314 341 276 76 588 1,308 1,408 2,181 Dec. 18 . . . . .. 7,433 1,518 213 95 86 565 1,328 1,476 2,152 Dec. 24 . . 7,598 1,477 196 110 156 488 1,354 1,462 2,355 U. 8. Government securities direct and guaranteed: Nov 27 2, 204, 200 79,800 115, 300 194,000 635, 500 1,179,600 Dec. 4 2,195, 400 74, 800 115, 300 194,000 635, 500 1,175,80u Dec. 11 . _ 2,184,100 74, 800 115, 300 194,000 635, 500 1,164, 500 Dec 18 2,184,100 74,800 58, 300 100,000 181,800 633, 400 1,135,800 Dec. 24 . .. 2,184,100 74, 800 58, 300 100,000 181, 800 633,400 1,135,800 JANUARY 1941 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 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 Gold certificates on hand and due from U. S. Treasury: Nov. 20 19,491, 7991,143,394 9, 5552,,555 .1,,032,6271,314,374 524,277 366, 530 2,952,598 496,660 295,864 402,291272,1761,138,453 Nov. 27 19, 546,2951,131,790 9, 5719,,636 1.,, 018,609, 1322,182 527,048 366,014 2.,9 83,!, 225033, 239 295,048 395, 700267, 7611,156,045 D D D D e e e e c c c c . . . . 2 4 1 1 4 8 1 1 1 1 1 9 9 9 9 , , , , 6 6 6 5 2 6 8 9 9 0 0 4 , , , , 7 7 7 7 8 8 8 8 1 0 2 0 1 1 1 1 , , , , 1 1 1 1 4 8 4 3 2 1 8 5 , , , , 6 0 6 9 2 1 2 2 1 4 9 3 9 9 9 9 , , , , 5 5 6 6 9 6 4 0 3 5 1 7 , 8 , , , 0 , , 8 5 1" 9 7 4 9 8 " 6 9 " 8 1 1 1 i , , , 1, 1 0 0 0 1 1 4 0 8 5 7 3 , , , 5 6 , 7 6 6 7 3 0 2 8 5 7 51 1 1 " , , , 3 3 3 2 3 3 2 3 6 , , , 2 2 2 4 6 0 5 5 4 27 > 74 9 5 , , , , , 6 2 3 " 9 8 6 27 "0 8 83 3 3 3 3T 7 8 7 6 1 " 6 4 5 , , , ,0 0 7 0 8 8 9 4 8 7 2 5 4 2 2 2 2 2 2 , , , , 9 9 8 9 3 1 9 5 8 3 7 6 , , ; , 4 7 8 1 8 5 5 9 1 0 6 1 4 5 5 5 9 0 0 1 0 7 7 3 , , , , 1 5 5 5 8 2 0 6 0 2 2 7 3 3 2 3 0 9 0 1 7 19 9 6 ' > , ,, , ,, 1 ,4 1 7 4 5 6 4 2 5 0 4 9 0 4 24 4 1 2 24 4 1 6 32 1 , ; ,6 4 5 8 3 , , 9 8 51 5 "7 91 " 2 2 " 3 2 2 7 7 ~ 7 8 5 7 9 38 , , , ; 9 2 5 8 7 6 3I 6 8 9 9 1 1 1 1 , , , , 1 1 1 1 6 5 7 5 1 7 0 8 , , , , 5 0 2 5 2 5 3 3 4 4 0 9 Redemption fund—Federal 1,315,790 555, Reserve notes: Nov. 20 10,672 1,394 1,716 373 1,971 741 993 229 378 464 551 1,474 Nov. 27 11,153 1,390 1,716 373 884 1,971 742 987 227 377 462 550 1,474 Dec. 4 11,515 1,336 1,483 1,281 817 1,462 705 1,419 209 368 448 541 1,446 Dec. 11 11,515 1,336 1,483 1,281 817 1,462 705 1,419 209 368 448 541 1,446 Dec. 18 11,228 1,279 1,241 1,183 741 1,861 670 1,333 190 359 433 521 1,417 Dec. 24 11,228 1,279 1,241 1,183 741 1,861 670 1,333 190 359 433 521 1,417 Other cash: Nov. 20... 304,688 31,306 71,148 23, 595 24,274 22, 551 15,973 35,854 14,599 7,091 17,435 12,218 28,644 Nov. 27... 298,738 27,473 20,428 19,636 23,144 19,995 35,906 15, 725 6,645 18,422 11, 422 31,674 Dec. 4 274,483 26, 111 63,124 19,997 17,939 18,820 17,031 34,819 14, 672 6,471 15, 581 12, 938 26,980 Dec. 11 269, 522 25,973 58,693 19,440 16,206 20,140 19,315 31, 408 14,943 6,229 16, 282 12, 517 28,376 Dec. 18.... 248,004 23,952 52,857 17,541 14, 958 15, 937 15,939 30,622 14,358 5,952 13,692 12, 793 29,403 Dec. 24 228, 561 21, 704 48, 729 15, 561 13,778 15, 732 13, 773 27,999 12,995 5,548 13,433 12,194 27,115 Total reserves: Nov. 20 19, 807,1591,176,094 9,625,419 1, 056, 5951, 339,036 548, 799 3813,,2442,989,445511,488 303,333 420,190 284,9451,168, 571 Nov. 27 ._. 19,856,1861,160, 6539,649,620 1,039,4101,342, 702 552,163 386S, 7 755113,020,116519,191 302,070 4"14 ', "58"4279, 7331,189,193 Dec. 4 19,880, 7781,166,068 9, 655, 5051,038,940 1,354,996550,255388,831" 992, 739 522,. 403306, 013 427, 624 290, 7481,186, 656 Dec. 11 19,910,8171,209,938 9, 623, 2301,039,456 1, 350,249556688,,883300 385,892 971, 246 528,332 313,889 4301,,843289,0361,199,876 Dec. 18 19,920,0131,171,154 9, 712,8661,064,331 1,337, 951556622,,447788 390, 6912,929, 736 505,050 315,761 4"40~,484297,116677 1'., 192,344 Dec. 24 19,920, 5711,163,997 9,697,169 1,052, 529 11,330,309572,961401,187~ 943,188520,752 322,071437,753292,5841,186,071 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Nov. 20 1,207 324 232 140 130 15 45 178 Nov. 27... 1,209 384 279 140 30 32 15 203 45 Dec. 4 1,585 511 339 135 30 32 255 203 53 Dec. 11 2,257 681 361 135 55 15 690 203 115 Dec. 18 1,810 85 622 198 110 35 15 415 109 215 4 Dec. 24 1,799 285 532 304 150 220 15 50 129 108 4 Other bills discounted: Nov. 20 2,899 476 239 136 71 215 83 203 1,266 70 104 Nov. 27 2,626 492 237 144 71 205 95 199 982 71 95 Dec. 4 _. 2,550 503 254 149 73 197 77 191 924 56 90 Dec. 11 2,529 501 289 150 39 200 98 197 908 44 67 Dec. 18. 2,539 544 286 163 41 195 78 161 920 45 Dec. 24 2,401 516 162 41 157 78 160 854 40 Total bills discounted: Nov. 20 4,106 800 471 276 201 230 128 381 1,328 74 104 Nov. 27 3,835 876 516 284 101 237 110 402 1,027 75 95 Dec. 4 4,135 1,014 593 284 103 229 332 394 977 56 90 Dec. 11 4,786 1,182 650 285 94 215 788 400 1,023 44 67 Dec. 18... 4,349 85 1,166 484 273 76 39 210 493 1,135 49 69 Dec. 24.... 4,200 285 1,048 592 312 261 172 128 962 44 Industrial advances: Nov. 20_ 7,912 1,003 1,774 2,115 329 800 311 266 5 268 212 221 Nov. 27... 7,616 1,784 2,114 316 785 311 265 5 267 87 82 601 Dec. 4 7,569 1,783 2,103 299 785 309 263 5 254 87 82 601 Dec. 11 7,492 1,783 2,092 235 783 323 265 5 252 87 82 601 Dec. 18 7,433 1,768 2,093 236 783 338 265 5 236 82 561 Dec. 24 7,,""" 974 1,767 2,091 239 781 334 265 227 279 561 U. S. Government securities, direct and guaranteed: Bonds: Nov. 20 1, 314, 700 94,273 390, 632 110, 248 131, 727 69,366 50,313 149, 707 56, 446 37, 275 63,965 50,873 109,875 Nov. 27.. 1, 299, 700 93,253 108, 941 130,188 68, 800 49,806 148,213 56,006 63,498 50,431 108,649 Dec. 4 1, 295, 900 92,999 129, 796 68,672 49, 683 147,849 55, 909 63,399 50,329 108,340 Dec. 11 1, 284, 600 92, 213 379, 573 107, 638 128, 649 49, 278 146,651 55, 507 36,611 62,958 49,948 107,406 Dec. 18 1, 284,600 92, 213 379, 572 107,638 128,649 49,278 146, 651 55, 508 36,611 62,958 49,948 107,406 Dec. 24... 1, 284, 600 92,213 379, 572 107,638 128,649 49,278 146,651 55, 508 36,611 62,958 49,948 107,406 Notes: Nov. 20. 916, 600 65, 728 272,344 76,864 91,839 48,362 35,076 104,374 39, 355 44, 596 35, 469 76,604 Nov. 27.... 904,500 64,899 267,903 75,814 90, 601 47,879 34,661 103,145 38, 977 25, 721 44,192 35,096 75,612 Dec. 4 _. 899, 500 64,553 266,144 75,384 90,092 47, 665 34,485 102, 625 25,603 44,007 34,934 75,200 Dec. 11 899, 500 64,568 265, 782 75, 369 90,082 47, 732 34, 506 102, 688 38,868 25,637 44,085 34,974 75,209 Dec. 18 899, 500 64,568 265, 783 75, 369 90,082 47,732 34, 506 102,688 25, 636 44,085 34,974 75,209 Dec. 24 899, 500 64,568 265, 783 75,369 90,082 47, 732 34,506 102,688 25, 636 44,085 34,974 75,209 Total U. S. Government securities, direct and guaranteed: Nov. 20... 2, 231,300 160,001 662,976 187,112 223, 566117, 728 85, 389 254,081 95,801 63, 264108, 561 86,342 186,479 Nov. 27. 2,204,200 158,152 652,859 184, 755 220, 789 116', 67984,467 251,358 94,983 62, 680107,690 85, 527 184,261 Dec. 4 2,195,400 157, 552 649, 574 183, 990 219,888116,337 84,168 250,474 94, 717 62,491107,406 85,263 183, 540 Dec. 11 2,184,100 156, 781 645,355 183,007 218, 731115,900 83,784 249,339 94.375 62, 248 110077',,043 84,922 182,615 Dec. 18 2,184,100 156, 781 645,355 183,007 218, 731115,900 83,784 249, 339 94.376 62,247107,043 84,922 182,615 Dec. 24 2,184,100 156, 781 645,355 183,007 218, 731115,900 83,784 249,339 94, 376 62, 247107,043 84,922 182,615 34 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 l i l - a a- C l l a e 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: Nov. 2O._ 2,243,318 161,079 665,550 189, 698 224,171118, 729 85,738 254,577 95,934 63,913 110,101 86,637 187,191 Nov. 27 2,215,651 159, 226 655, 519 187,385 221,389117,565 84,815 251,860 63,349108,804 85,684 184,957 Dec. 4 2,207,104 158, 575 652, 371 220,471117,225 84, 515 250,966 95,054 63,139108,470 85,401 184,231 Dec. 11 2,196,378 157, 765 648, 320 185,749 219,251116,777 84,145 249,819 95,168 62,900108,153 85,048 183,283 Dec. 18 2,195,882 157,846 648,289 185, 584 219,240116, 759 84,161 249,814 94,874 62, 753108, 264 85,053 183, 245 Dec. 24 2,195,898 158,040 648,170 185, 690 219,282 116,942 84,156 249,776 94, 504 62,763 108,085 85, 245 183, 245 Due from foreign banks: Nov. 20 _. 47 3 18 5 2 1 1 4 Nov. 27 47 3 18 5 2 1 1 4 Dec. 4 47 3 18 5 2 1 1 4 Dec. 11 47 3 18 5 2 1 1 4 Dec. 18 47 3 18 5 2 1 1 4 Dec. 24.___ 47 18 5 2 1 1 4 Federal Reserve notes of other banks: Nov. 20 21, 678 588 2,441 1,156 1,376 3,082 2,762 2,933 2,922 1,217 1,734 Nov. 27 23, 608 547 2,858 1,143 3,905 2,375 3,252 2,203 1,387 1,835 527 2,308 Dec. 4 20, 661 504 1,560 1,076 l', 641 3,322 1,905 2,743 2,159 1,072 1,789 508 2,382 Dec. 11 21,465 487 2,176 993 1,876 2,834 2,447 3,000 2,092 642 1,306 645 2,967 Dec. 18 22,893 631 2,234 1,066 1,922 2,727 2,560 3,592 2,732 955 1,590 490 2,394 Dec. 24 26, 542 687 4,426 1,237 2,275 2,213 3,479 3,863 2,307 801 1,990 762 2,502 Uncollected items: Nov. 20 876, 632 83, 936 214,056 64,874 97, 562 72, 796 35,879 116,025 53,022 22, 311 34,665 32, 517 Nov. 27 788, 713 69, 957 180,820 54, 514 104,083 67, 635 34,457 103,432 46, 799 19, 709 30,378 30, 343 46, 586 Dec. 4 773,326 76, 686 192,994 56,802 86,161 63,103 29,642 102, 298 43,428 19,825 31, 688 29,442 41,257 Dec. 11 785, 658 75,175 186,436 53, 233 90, 763 65,166 33, 905 106, 590 45,174 18, 895 35, 903 28, 424 45,994 Dec. 18 1,024,464 91, 246 253,326 71,065 118,201 85,923 36,346 153,086 53,794 21,781 41,320 35,915 62,461 Dec. 24 914, 424 80, 337 221,168 61, 672 106, 648 74, 544 38,043 130, 762 51, 554 21,006 38, 900 35, 213 54, 577 Bank premises: Nov. 20 41, 274 2,843 9,731 4,492 5,412 2,590 3,343 2,431 1,372 3,081 1,114 2,867 Nov. 27 41, 248 2,838 9,731 4,495 5,412 2,581 1,995 3,343 2,428 1,372 3,081 1,114 2,858 Dec. 4 41,193 2,838 9,712 4,495 5,412 2,585 1,995 3,328 2,428 1,369 3,065 1,108 2,858 Dec. 11 41, 220 2,838 9,720 4,513 5,412 2,586 1,995 3,328 2,428 .,369 3,065 1,108 2,858 Dec. 18 41, 221 2,838 9,721 4,513 5,412 2,586 1,995 3,328 2,428 ,369 3,065 1,108 2,858 Dec. 24 41,188 2,838 9,721 4,503 5,400 2,579 1,991 3,328 2,428 3,065 1,108 2,858 Other assets: Nov. 20 55,374 3,718 15, 922 4,571 5,973 3,207 2,022 5,879 2,217 .,586 2,524 2,1 4,892 Nov. 27 55,851 3,720 16,067 4,690 6,025 3,248 2,032 5,917 2,220 ,603 2,541 2,885 4,903 Dec. 4 56, 253 3,769 15,882 4,828 6,091 3,254 2,045 5,964 2,302 ,630 2,584 2,922 4,982 Dec. 11 59,047 3,796 16,147 7,138 6,109 3,319 2,059 5, r" • 2,282 ,630 2,601 2,953 5,015 Dec. 18.... 46, 545 3,089 13,079 3,815 5,145 2,753 1,728 4,908 1,859 1,344 2,106 2,551 4,168 Dec. 24 46, 931 3,120 13, 291 3,837 5,181 2,781 1,713 1,1 1,365 2,134 2,419 4,239 Total assets: Nov. 2O._ 23,045,4821,428, 26110, 533,1371, 321,3911,673, 534 749,205 511,645 3,372, 208 668,015393,413571,779 408,646 1,414,248 Nov. 27 22, 981, 3041,396,94410, 514, 6331.291,642 1,, ,680,883 747,099 512,427 3, 387, 926 667, 943089,449900 561, 224 400,287 1,430,809 D D e e c c . . 4 1 1. •_ 2 2 2 3 , , 0 9 1 7 4 9 , , 3 63 6 2 21 1 , , 4 4 0 5 8 0 , , 4 0 4 0 3 2 1 1 0 0 , , 4 5 8 2 6 8 , , 0 0 4 4 7 21 1 . , 2 2 9 9 2 1 , , 8 0 8.33 8 .22 7 _ 1 1 1 , ,, 6, 66 7. 77 64. 34 8 ,, 0,7, . 6 7. 6 6. 4 .7 7 3. 5 9. 9 , , , 7 5 4 1 6 4 5 5 0 1 8 0 ,, , 9. 4 3. 4 5 5 . 3 1 3 _, ,, , 3 3 33 .5 93 .8 , _ 9 , , ,0 9 4 8 4 7 6 6 6 7 '7 5 ,, , , 4 7 7 —7 7 5 3 9 3 9 9 , 3, , 3 0 2 .4_ 5 8 _ 5 81 . , 7 8 5 7 , 2 2 2 4 1 0 4 7 1 , 0 2 , 1 1 5 3 . , 0 14 , 1 44 , 73 4 ,9 2 4, 2 79 , 49 3 7 70 Dec. 18 23, 251,0651,426,80710,639,5331,330,3791,687,875 773,228 517,4833, 344,470 660,738 403, Dec. 24 23,145, 6011, 409, 02210, 593, 9631, 309, 4731, 669,099 772,022 530, 5713, 335, 909 673, 411 409, 375 591, 928 417, 332 1, 433, 496 Liabilities Federal Reserve notes in actual circulation: Nov. 20 5, 669, 742 455, 675 1, 509, 562 391, 573 516, 614 266, 332 184,232 1, 212,887 211,841655,073 203, 206 93,127 469, 615 Nov. 27 5, 703,129 462, 516 1,516,124 397, 710 523,349 268i0,08833184,803 1., 214, 508 212, 211655,165 203,833 93,456 471,366 Dec. 4 5, 773, 207 468, 210 1, 538, 242 400, 552 525, 902 271,334189,189 1., 227,182114,800 156, 703 206, 94295,456 478,696 Dec. 11 5,819,333 472, 205 1, 545,827 404, 582 535, 716 277ri, 311191,0971, 234,471216,271157,605 207, 657 95, 327 481, 264 Dec. 18 5,883, 575 475, 697 1, 562, 232 409, 376 539, 891280, 476 " :, 8910, 247, 569" 2 1\9; 590158,107 209, 327 96,660 489,760 Dec. 24 5,964,938 482, 878 1, 573, 086 415, 952 551, 356 287',881 1, 265, 993 222, 681159, 730211,113 98, 261 Deposits: 199,199 Member bank — reserve account: Nov. 20... 14,126,719 781, 905 7,476,417 700, 558 925,451346,190 225,3841,872, 679 338,175172, 242 276, 306 231,003 780,409 Nov. 27 14,291, 954 765, 255 7,600, 232 698, 576 931, 502 349,533 232, 648 1,893,481 1-74', 553274,628 231,064 788,644 Dec. 4 14,153, 573 767, 986 7, 528, 769 683,448 993388,823 348,0'1 4 228,8671,850, 676 352,084174, 528275, 251234,293 770,834 Dec. 11—. 14,152,454 807, 970 7, 509,818 679,327 920,396 357; 722 232| 048 1,829,499 352,282 "1810,;424282,092235,620 765,256 Dec. 18 13,804,436 751,995 7, 366, 275 679,144 893, 213 340, 574 226,1411,744,769 332,577 1^76'', 955 284', 375 233,665774, 753 Dec. 24 13,837, 243 746, 901 7, 393,928 681, 438 888, 484 345,337 237,0211, 738, 708 341,171176, 721284,948 236,567 766,019 U. S. Treasurer—general account: Nov. 20_ ._. 309, 577 23,179 100,350 26,011 17,158 11,019 20, 625 25, 692 22, 968 15,484 16, 510 15,057 15, 524 Nov. 27 198, 606 14,145 46,830 7,494 11, 705 10,141 15,898 30,195 14, 357 11,368 9,265 9,949 17,259 Dec. 4 254,916 9,995 77,481 14,108 17,392 6,268 16,104 32,881 16,619 13, 022 14,813 14,165 22,068 Dec. 11 235,468 8,802 55,873 11,978 16,735 7,067 9,534 19,867 12,646 11, 762 11, 551 42,849 Dec. 18 570,452 20,805 276,808 33, 500 32, 536 17, 36514, 978 67, 505 15,135 19, 608 22, 344 22,808 27,060 Dec. 24 481,494 16,801 215,090 15, 212 24,697 18, 41917,972 71,080 21,070 24, 260 16, 690 14, 470 25, 733 Foreign: Nov. 20... 1,152,579 52,906 659,350 75, 305 71,463 33,042 26,895 92, 210 23.053 16, 905 22, 284 23,052 56,114 Nov. 27..- 1,153, 293 53,114 656, 995 75, 795 71, 928 33, 257 27,070 92, 810 23,203 17,015 22, 429 23, 203 56,474 Dec. 4 _. 1,132,478 54,486 636, 297 75, 535 71, 682 33,143 26,977 92,492 23,123 16,957 22, 352 23,123 56,311 Dec. 11.... 1,105, 580 53, 790 611,434 75, 310 71,467 33,044 26, 896 92, 216 23.054 16, 906 22, 286 23,054 56,123 Dec. 18 1,140,085 55,088 641, 521 75,841 71,972 33, 277 27,086 92,867 23, 217 17,026 22,443 23, 217 56, 530 Dec. 24 1, 111, 262 55,126 612, 667 75, 841 71, 972 33, 277 27,086 92,867 23, 217 17,026 22,443 23, 217 56, 523 Other deposits: Nov. 20 596,171 7,053 477, 554 30, 901 14,094 4,027 6,211 8,171 7,252 4,759 9,296 3,203 23,650 Nov. 27 532.137 7,295 409, 730 27,852 14, 225 4,653 7,186 6,475 7,080 4,722 9,546 2,565 30,808 Dec. 4 575, 976 7,356 458, 303 29,483 6,304 3,346 5,128 5,652 6,935 5,250 12,852 3,521 31,846 Dec. 11 581,807 7,894 471, 047 30,100 3,234 4,575 6,025 7,168 5,745 12, 567 2,325 24, 789 Dec. 18 562.138 8,110 451, 788 30,465 4,853 5,221 5,154 5,064 7,187 5,888 12,572 1,912 23,924 Dec. 24 600, 207 8,814 489, 773 31, 808 5,074 5,177 4,900 3,750 6,995 5,484 12, 456 2,217 23, 759 * Less than $500. JANUARY 1941 35 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 h d h e i l l i - a a - C la le n v d e- m R o ic n h d - la A n t t - a Jhicago Lo S u t i . s n M o ea l 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 Deposits—Continued Total deposits: Nov. 20 6,185,046 865,043 8, 713, 671 832, 775 , 028,166594, 278279,115 , 998, 752191, 448 209, 390324, 396272, 315 875, 697 Nov. 27 L6, 175,990 839, 809 8, 713, 787 809, 717 , 029, 360397, 584282,802 , 022,961396,478 207, 658315, 868 266, 781 893,185 Dec. 4 .6,116, 943 839, 823 8, 700, 850 802, 574 , 034, 2013 9c0, 771277,076 , 981, 701398, 761209, 757325, 268 2r7"5 ,-10~2 881, 059' Dec. 11 L6, 075, 309 878,456 8, 648,172 796, 715 , 014, 936 40.1, 067273, 053 , 954, 544402, 371215, 721328, 707272, 550 889, 017 Dec. 18 :6, 077, 111 835, 998 8, 736, 392 818,950 , 002, 574396,437273,359 ,910, 205378,116219,477341, 734 228811,,602 882, 267 Dec. 24 .6,030, 206 827, 642 8, 711, 458 804,299 990, 227402, 210 2'8 6>|, 979, 906,405392,453223, 491336, 537276,471 872,034 Deferred availability items: Nov. 20 818,146 81, 666 181,814 62, 646 93, 642 72, 446 34, 738 113, 352 53,013 19, 262 32, 999 31, 282 41, 286- Nov. 27 727, 957 68, 671 156, 204 49, 577 92, 868 65,199 31, 206 103,034 47,469 16, 914 30, 257 28,057 38, 501 Dec. 4 714, 660 74, 433 160, 347 54, 97: 79, 284 61,415 29,046 101, 738 42, 423 16, 83731, 763 27, 581 34, 821 Dec. 11 741, 558 73, 278 162, 962 52, 64' 87, 445 64, 835 32, 618 103, 346 44, 969 16,196 34,180 27. 289 41, 793: Dec. 18 914, 266 89,029 211, 828 67, 388 109,831 80,011 35, 579 138, 878 51,184 16, 57634,437 31,981 47, 544 Dec. 24 773, 925 72,407 180,156 91,894 65, 634 30,755 115, 595 46,403 16, 33932, 918 30, 537 36, 742 Other liabilities, including accrued dividends: Nov. 20 4,656 47' 1,387 455 488 161 204 529 150 152 173 160 320 Nov. 27 5,088 475 1,445 589 564 192 212 600 133 170 204 181 323 Dec. 4 4,972 481 1,443 645 527 178 203 535 132 159 177' 164 328- Dec. 11 7,761 488 1,616 2,974 601 198 214 606 156 178 183 183 364 Dec. 18 5,129 508 1,583 491 588 185 186 587 137 172 182 174 336 Dec. 24 5,437 507 1,737 496 618 178 185 652 159 187 186 189 343 Total liabilities: Nov. 20 22, 677, 5901, 402, 86110, 406, 4341, 287, 449, 638, 910733, 217 3, 325, 5205 5t6, ,457383, 877560, 774 396, 884 386, 918- Nov. 27... __. 22, 612,164 :, 371,47110, 387, 5601, 257, 593, 646,141"31, 058 499>;,0233, 341,103 656, 2963 7397,9 9,07550,162 388, 475 403,375 Dec. 4 22, 609, 7821, 382, 94"10, 400, 882 ,1 258, 743, 639, 914723, 495, 5143, 311,155556,116383,4 45566 564,150 394,904 Dec. 11 22, 643, 961 , 424, 42710, 358, 577, 256, 918, 638, 69"843, 411 3, 292, 967563, 767389, 700170, 727395, 349 412,438 Dec. 18 22,880,081 1,401,232 10, 512,0351, 296, 205, 652,884'57,109504,0143, 297, 239649, 027394,332585,680410,417 419,907 Dec. 24 22, 774, 5061, 383,43410, 466, 4371, 275, 292,634,095 r55,903"17,1183, 288, 646561, 696"1,747580, 754 440055,,458 405, 927 Capital Accounts Capital paid in: Nov. 20.. 137, 750 51,077 11, 889 14,099 5,352 4, 13, 997 4,172 2,959 4,423 4,160 11, 605 Nov. 27 137, 775 9,33' 51,079 11, 889 14,099 5,354 4,678 14,003 4,172 2,972 4,423 4,164 11, 605 D D e e c c . . 4 1 1 _ _ 1 1 3 3 7 7 , , 9 89 4 0 4 9 9 , , 3 3 3 3 ' ' 5 51 1 , , 0 0 8 8 9 7 1 11 1 , , 8 8 8 8 2 9 1 14 4 , , 1 1 7 7 9 5 5 5 , , 3 3 5 5 5 5 V" 1 1 4 4 , , 0 0 4 3 8 1 4 4, , 1 1 8 7 0 2 2 2, , 9 9 7 7 4 0 4 4, , 4 4 3 2 2 3 4 4, , 1 1 6 6 6 5 1 1 1 1 , , 6 61 0 8 6 . Dec. 18 138,213 9,334 51,091 11,880 14,19' 5,361 4, 14, 259 4,184 2,977 4,456 4,168 11,619 Dec. 24 138, 267 9,335 51,094 11,881 14,197 5,363 4, 14, 294 4,186 2,976 4,458 4,171 11, 619 Surplus (section 7): 4, Nov. 20. 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 Nov. 27 151, 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 Dec. 4 151, 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 Dec. 11 _ 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 Dec. 18 . 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 Dec. 24 151, 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 Surplus (section 13b): Nov. 20 _ . 26, 839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Nov. 27 . 26,839 2,874 7,109 4,393 1,00" 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Dec. 4 . 26,839 2,874 7,109 4,393 1,00' 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Dec. 11 26, 839 2,87' 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Dec. 18 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Dec. 24 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 l26f 2,121 Other capital accounts: Nov. 20 ___ 51, 583 2,784 15,19: 3,462 5,195 2,143 2,238 8,438 2,139 2,424 1,827 2,36! 3,380 N D o ec v . . 4 27. ___ 5 5 2 3 , , 8 1 0 3' 6 2 2 , , 8 8 5 8 7 0 1 1 5 5 , , 5 6 5 3 9 8 3 3 , , 5 6 6 0 9 9 5 5 , , 3 3 1 5 3 r 2 2 , , 1 2 9 0 4 0 2 2, , 3 2 0 8 3 8 8 8 , , 5 60 6" 5 2 2 , , 2 2 2 4 5 0 2 2 , , 4 4 5 6 8 9 l,m 2 2 , , 4 4 0 2 8 2 3 3 , , 4 5 8 1 4 5 Dec. 11 54,168 2,959 15, 94i 3,696 5,45' 2,255 2,341 8,719 2,283 2,498 1,958 2,460 3,596 Dec. 18 54, 212 2,962 15, 972 3,703 5,47C 2,265 2,338 8,719 2,280 2,501 I,"" 2,460 3,603 Dec. 24 54, 269 2,97- 15,997 3, 70S 5,47' 2,263 2,322 8,717 2,282 2,499 1,961 2,463 3,605 Total liabilities and capital accounts: Nov. 20 23,045, 4821, 428, 26:10, 533,137 ,321, 1, 673, 534749, 205511, 6453,372, 208 668,015393, 413571, 779 408, 6461, 414, 248 Nov. 27 22, 981, 3041, 396, 94410, 514, 633 , 291, 642 747,099512| 427 3, 387^ 932 6667,940389,490561, 224 4001,,2 827871, 430,809 Dec. 4 22,979, 3621, 408, 44310, 528,04f , 292, 83rl',. 6.7_4,,. .7677i39, 7465""08", 993355 3,358,044667, 775393', 048 575, 221410,1301,422, 370 Dec. 11 23,014, 6321,450,002 10, 486,04' , 291,087 673, 664 759, 514510,444455 3, 339,987675, 477399, 3215 581,872407, 2151,439, 997 Dec. 18 23, 251,06t1,426,807 10,639, 533 , 330, 379\\ 687, 857. 773, 228517, '48 ~33 3,344,470660, 738 440033,,996633596,830422,2851,447,474 Dec. 24 23,145, 60.1, 409,02210, 593, 9631, 309,4731, 669,09C772,022 5"3"0,571 3, 333355; 990099 673,411409, 375591,928 41"7",,3321,433,496 Commitments to make industrial advances: Nov. 20 7,114 25: l,0H 568 508 405 128 2,597 Nov. 27 7,106 249 1,00* 568 506 405 120 2,596 Dec. 4 6,505 24' 1,005 544 388 120 2,567 Dec. 11 6,429 247 1,031 540 428 2,550 Dec. 18 6,304 24' l,02£ 53c 427 2,455 Dec. 24 __. 6,253 24- 1,02, 518 424 2,444 36 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 Ap c p o 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 g e ) s ! ( C s a t m m o a o m n e o u d n u m t i - t n n s i t g t ) - A ( p b a p l m u c e p o t t r o e m o n u d v - o n e » t t d ) d c o e a r r x a a n p p w w t p i , r n l i e e i t t - b d h c , - y . ( s a P p t m a a a o n t r o u i d t o t i u i - c n n n i s g t - ) * Number Amount Number Amount Number Amount (amount) 1934—Dec. 26.. 4,386 146,972 2,955 984 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. 31 f 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 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. 214. 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 2,134 136,696 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.. 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, 64« 33 2,838 195, 739 10, 988 8,762 2,195 162, 612 11,182 July 31.. 9,536 415, 599 76 2,853 197,439 10,907 1,991 164,949 11,010 Aug. 28. 9,546 416.454 444 2,856 197,906 10, 779 2,095 165,865 10,929 Sept. 25. 9,556 417, 260 10 2,865 10, 778 8,078 2,315 167,046 10, 749 Oct. 30__ 9,573 420, 837 740 2,875 201, 750 10, 484 7,351 4,260 169, 746 9,909 Nov. 27.. 9,581 421,139 650 2,883 202,041 9,893 7,106 4,056 171, 394 9,592 Dec. 24<_ 9,597 424, 948 380 2,893 206,115 9,355 6,253 7,658 175, 609 7,240 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 $825,819 December 24, 1940. * Tuesday. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p h d h i e i l l a - a- C l l a e n v d e- m Ri o c n h d - l A an t t - a c C a h g i o - Lo S u t i . s n M o e l a i i n p s - - K C s a i a t 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: Nov. 27 5,996,665477, 8541, 588, 693 418, 612 543,397 282, 796 206,1615, 244, 960225,171160,809212, 496103,084 532, 628 Dec. 4 6,064,953484, 5691,614,297 1, 258,133 228; 0071 6116,1 ,2 12010" '2" 151,13103, 352536, 565 Dec. 11 \ 135, 348489, 3751, 631, 401 426; 078 557; 048 288; 950 2i,123961,264[,4,6 34 63 212,895,'1'6"3", 1'3"6 216; 105, 505550, 242 Dec. 18 », 190, 277494,3311,641,232429,, "1"5 8" "56"2 ,127 291,~ ~68*12 1~6~, 4"861, 277, 531231,357 116622,; 911218; 018 106,442559,003 Dec. 24 », 247, 538498, 5931,649,475 431.., 213 57105,8 299,902 216,8421,296, 716234,476164, 848 220,025 10"7,,525557, 765 Held by Federal Reserve Bank: Nov. 27 293, 536 15, 338 72, 569 20, 902 20,048 14, 713 21, 362 30, 452 12,955 5,644 8,663 9,628 61, 262 Dec. 4 291, 746 16, 359 76, 055 21, 223 23,102 11,025 21, 380 30,952 13, 207 4,507 8,171 7,896 57,869 Dec. 11 . 316,015 17,170 85, 574 21,496 21,332 11, I'- 22,199 29,992 12, 686 5,531 9,240 10,178 68, 978 Dec. 18 306, 702 18, 634 79,000 19, 782 22, 236 ll, 205 21, 596 29,962 11, 767 4,804 8,691 ' 9, 782 69, 243 Dec. 24 282, 436 15, 715 76, 389 15, 261 18, 802 12,021 17,643 30, 723 11,751 4 8,912 9,264 60,957 In actual circulation:* Nov. 27 5, 703,129462, 5161, 516,124397, 710 523, 349 268,0183184, 8031, 214, 508 212, 216 155,165 203, 83393, ,366 Dec. 4 5, 773, 207468, 210 :1, 538, 242 400, 552 525, 902 237314189,189 :1, 227,181 2148,00 156, 703 206,942 95,456 478, 696 Dec. 11 5, 819, 333472, 20"5" i ;' 54'5', 827 404; 582 535, 716 277; 311911, 097 1, 234, 471 216", '27 1157,605 207,657 95,327 481, 264 Dec. 18. 5, 883, 575475, 6971, 562, 232409, 376 539; I 47g 194,8901, 247, 569 219, 590158,107 209,327 96,660 489,760 Dec. 24 5,965,102482,8781, 573,086 415, 952 551, 356 287,881199,1991, 265, 993 222, 725 850 211,113 98, 261 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Nov. 27 6,095, 500490,0001, 610,000 420,000 545,000 300,000 210, 0001, 260, 000 234,000 161, 500 215,000 106,005044,00O Dec. 4.. 6,176, 500500,0001,635,000 430,000 550,000 300,000 220, 00C1, 270, 000 234,000 161, 500 220,000107,000 5I49,000 Dec. 11 6, 261, 500500,000 1, 655,000 430,000 561,000 300,000 220,0001 1,, 3 30000,, 0 00000 2 23344,, 0 00000 163, 500 220,001009,000 569,000 Dec. 18 6, 302, 500500,000 1', 300,000 234~,~00~0 163, 500 220,000111,000 5699,, 0f0~0~ Dec. 24 6, 364, 500510,000 1, 675,000 440,000 575,000 315,000 220,0001, 310, 000 244,000 165, 500 225,000lll,00C 5744,,1000 Eligible paper: Nov. 27 2,458 514 423 65 327 Dec. 4 2,770 631 495 305 325 924 Dec. 11 3,459 550 760 330 976 Dec. 18 3,045 85 761 381 465 230 Dec. 24 2,912 285 643 499 22C 100 250 915 Total collateral: Nov. 27 6, 097, 958490,0751, 610, 514 420, 423 545,000 300,065 210,000 1,260,000 234,081561, 827 215,969106,000544,000 Dec. 4 6,179, 270500, 0251, 635, 631 430, 495 550,000 300, 065 220,000 1, 270,000 234, 310651,825220,924107,000549,000 Dec. 11 6, 264, 959500,000 1, 655, 788 430, 550 561,000 300,055 220, 000 1, 300,000 234, 716603,830 220, 976109,000569,000 Dec. 18 S, 305, 545500, 085 1, 665, 761 440, 381 565,000 315,035 220, 000 1, 300,000 234,416653, 730 221,088111, 000569,000 Dec. 24. 5, 367, 412510, 2851, 675, 643 440, 499 575,000 315, 220 220,000 1, 310, 000 244,110605, 750 225,915111,000574,000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. JANUARY 1941 37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, NOVEMBER, 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 s d se d s i o s f t r b ic a t n s ks m p G o d d r a s e e 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 s m e i - t e s R F e R e - d es e e r B a rv a l n e R s k e s w se i r th v E e x- b m a b A n e e k m l r l s - * C Y N e c o e n i r w t t k r y a l b a re n c C s k a e h g s r i v o - e b s c R a e i r n e t v y k - e s b C a t o n r u k y n s* quired Held cess Total reserves held: 1939—November 11,688 5,759 1,115 3,229 1,585 All member banks..42,356 34, 562 12,193 7,300 14,131 6,830 December 11,473 5,623 1,141 3,141 1,568 Central reserve city banks: 1940—January _ 11,985 6,099 940 3,319 1,628 New York 15,878 15,129 805 3,482 6,975 3,493 February 12,215 6,323 901 3,344 1,646 Chicago 3,223 2,843 506 672 1,218 546 March _ 12,362 6,428 899 1,668 April 12,703 6,548 972 3,476 1,706 Reserve city banks: May _ 13,086 6,660 1,097 3,615 1,714 Boston district. _ 1,406 1,272 82 227 548 321 June 13, 596 6,941 1,182 3,716 1,757 New York district 244 192 151 41 66 25 July 13, 735 6,979 1,168 3,837 1,751 Philadelphia district._ 1,493 1,243 223 229 492 264 August. 13,408 6,709 1,154 3,804 1,740 Cleveland district 2,048 1,609 732 318 748 430 September.. 13,643 6,705 1,234 3,905 1,800 Richmond district 935 681 227 130 238 108 October... _ 14,043 6,889 1,279 4,024 1,851 Atlanta district 846 592 179 113 146 34 November 14,131 6,975 1,218 4,080 1,858 Chicago district 1,583 1,104 626 225 419 195 Week ending (Friday): St. Louis district 978 729 176 136 257 121 1940—Nov. 1 14,222 7,038 1,258 4,085 1,842 Minneapolis district._. 458 332 87 62 103 40 Nov 14,034 6,929 1,209 4,027 1,869 Kansas City district... 1,114 738 159 137 205 68 Nov 14,061 6,940 1,213 4,023 1,885 Dallas district 843 522 128 98 145 47 Nov 14,142 6,962 1,221 4,104 1,856 San Francisco district. 2,629 2,102 2,019 469 713 244 Nov. 14, 278 7,063 1,230 4,146 1,838 Dec. 6 14,168 7,004 1,193 4,075 1,896 Total 14, 576 11,116 4,789 2,185 4,08(5 1,895 Dec. 13 14,180 7,030 1,192 4,109 1,849 Dec. 20 14,048 7,007 1,142 4,099 1,800 Country banks: Excess reserves: Boston district 1,044 728 562 115 245 130 1939—November 5,269 2,753 516 1,294 New York district 1,545 1,061 1,428 199 445 246 December 5,011 2,611 540 1,188 671 Philadelphia district. _ 756 479 878 101 197 95 1940—January.. 5,464 3,045 342 1,350 727 Cleveland distfict 705 447 719 90 175 85 February. 5,626 3,199 301 1,378 747 Richmond district 681 385 374 65 111 46 March _. 5,734 3,248 310 1,405 771 Atlanta district 591 351 243 54 82 28 April 6,003 3,312 388 1,494 809 Chicago district 1,018 600 796 112 234 122 May 6,288 3,389 477 1,607 815 St. Louis district 430 260 249 44 75 31 June 6,696 547 1,703 851 Minneapolis district... 378 233 282 42 72 30 July _ 6,752 3,588 522 1,803 839 Kansas City district... 501 304 161 45 70 26 August 6,407 3,344 499 1,748 816 Dallas district 627 383 105 51 90 38 September 6,582 3,324 570 1,821 866 San Francisco district- 402 241 297 44 63 19 October 6,864 3,465 610 1,888 902 November 6,830 546 1,895 897 Total 8,680 5,474 6,094 962 1,858 897 Week ending (Friday): 1940—Nov. 1 6,956 3,565 583 1,920 Nov. 8 6,782 3,468 541 1,863 909 i Gross demand deposits minus demand balances with domestic banks Nov. 15 6,794 3,479 543 1,846 926 (except private banks and American branches of foreign banks) and Nov. 22 6,820 3,472 547 1,909 892 cash items in process of collection. Nov. 29 6,923 3,551 556 1,941 875 NOTE.—See table on p. 32 for percentages of deposits required to be Dec. 6 6,803 3,486 519 1,872 926 held as reserves. Dec. 13 6,791 516 1,899 877 Dec. 20 P6, 633 3,441 474 1,890 p Preliminary. i 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] Member banks in larger centers Member banks in smaller centers A.11 member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Nov. Oct. Boston 2,450 2,447 644 649 2,301 2,297 513 516 149 151 131 133 New York _ 17,667 17,322 2,383 2,387 i 1,462 i 1,427 i 1,066 i 1,069 327 323 513 512 Philadelphia 2,248 2,221 1,101 1,106 1,980 1,952 644 648 268 269 457 458 Cleveland 2,752 2,681 1,451 1,449 2,493 2,421 1,133 1,134 259 260 318 315 Richmond 1,617 1,575 601 599 1,394 1,358 402 400 223 217 199 199 Atlanta 1,438 1,389 421 419 1,258 1,215 329 327 180 174 92 92 Chicago 5,824 5,755 1,928 1,907 i 2, 217 i 2,171 i 1,092 i 1,077 384 378 330 326 St. Louis 1,409 1,358 425 423 1,148 1,104 303 302 261 254 121 121 Minneapolis _ _ 836 805 369 367 616 592 179 178 220 213 190 189 Kansas City 1,615 1,593 320 319 1,249 1,237 203 202 366 356 117 117 Dallas 1,470 1,409 233 233 1,114 1,074 186 186 356 335 47 47 San Francisco 3,031 2,942 2,316 2,287 2,891 2,805 2,208 2,181 139 136 108 107 Total 42, 356 41, 497 12,193 12,145 120,123 119, 653 i 8, 260 i 8, 220 3,133 3,066 2,622 2,614 Excluding central reserve city banks, for which figures for latest month are shown in table above. 38 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 1 r t y a 8 e 9 s s - 0 S s u c i i a l b o v r s i y e n id r - 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 s v a e l R F B n e e o d s a e t e n e r r k s v a e l t n b i N o o a n t n a e - a k s l 1939—October. __ 7,342 1,485 373 161 267 4,739 178 November. 7,483 1,530 379 163 269 4,826 177 December. 7,598 1,554 381 164 272 4,912 175 1940—January... 7,376 1,469 372 163 265 4,796 173 February.. 7,455 1,500 373 163 271 4,839 171 March 7,511 1,508 375 164 260 4,896 170 April 7,559 1,557 377 166 248 4,906 168 May 7,710 1,590 382 168 241 5,025 167 June 7,848 1,582 384 169 248 5,163 165 July 7,883 1,565 172 249 5,212 164 August 1,605 174 258 5,334 162 September. 8.151 1,615 394 177 259 5,409 161 October 8,300 1,620 400 180 264 5,541 160 November. 8,522 1,658 407 183 275 5,705 159 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 t i a r l - Coin and small denomination currency2 Large denomination currency s Un- End of month cula- assortto ti t o a n l i Total Coin $1 * $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed a 1939— October... 7,342 5,363 577 535 982 1,710 1,526 1,981 445 884 186 415 November- 7,483 5,478 545 1,004 1,752 1,557 2,007 452 896 188 420 December. 7,598 5,553 559 1,019 1,772 1,576 2,048 460 919 191 425 1940—January... 7,376 5,332 579 526 970 1,692 1,532 2,047 457 920 191 426 February.. 7,455 5,397 581 530 986 1,723 1,543 2,061 459 930 191 427 March 7,511 5,414 584 531 989 1,731 1,546 2,101 460 941 194 432 April 7,559 5,437 588 534 992 1,739 1,551 2,126 463 951 195 439 May 7,710 5,519 595 546 1,009 1,766 1,568 2,193 471 979 202 464 June .; 7,848 5,584 599 546 1,015 1,791 1,599 2,264 485 1,013 210 481 July 7,883 5,599 604 544 1,013 1,798 1,605 2,286 489 1,025 211 486 August 8,059 5,748 611 556 1,044 1,858 1,644 2,313 495 1,035 213 493 September 8,151 5,814 618 566 1,055 1,876 1,663 2,340 503 1,048 216 496 October _._ 8,300 5,911 627 575 1,068 1,908 1,696 2,392 512 1,071 223 508 November. 8,522 639 591 1,107 1,977 1,748 2,426 523 1,089 225 512 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See 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. In [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 b o i a i i o l l l u n v v l n d l a e e - * r r r s s S c i i s u a l o i b v d r i - y e n - r Mi co n i o n r U S n n t o i a t t t e e e s d s B n F e R o a e r e t a n - d e l k - 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 2 o i s p 1 p - t . e 5 o R E e f u r c r o e o m i p p e ts 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 1.3 1939 _. 110.2 100.4 1939—October.... 2,932 1,825 390 166 347 181 November. 2,947 1,835 167 347 179 1939—November. 4.5 3.2 December. 2,963 1,845 169 347 178 December . 6.6 6.3 1940—January.... 2,971 1,855 400 169 347 175 1940—January... 5.3 5.3 February... 2,981 1,866 401 170 347 173 February.. 4.7 4.7 March 2,990 1,876 401 171 347 172 March 1.4 1.4 April 2,999 1,886 400 172 347 171 April 3.5 3.5 May 3,008 1,894 402 173 347 169 May 1.1 1.1 June 3,014 1,900 402 174 347 167 June .5 .4 July 3,024 1,909 404 175 347 167 July .6 .5 August 3,036 1,915 409 178 347 164 August .3 September. 3,044 1,920 411 181 347 163 September. .1 October 3,059 1,931 415 183 347 162 October... .1 November. 3,072 1,937 419 187 347 160 November. .1 .1 i Includes silver held against silver certificates amounting to $1,865,- i Less than $50,000. 000,000 on Nov. 30, 1940 and $1,755,000,000 on Nov. 30, 1939. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. JANUARY 1941 39 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] Net gain or 1940 Period o a f s G t t p o o e e c n l r k d i d od I i n n s c g t o r o t e o c l a d t k a s l e im g N o p e l o d t rt m l t o h s a r e s o r a k u r ( i - g n - h ) g D p ti r c o t o i m g o d o u n e l c s d - - From or to— November October Jan.-Nov. trans- Im- Ex- Im- Ex- Im- Exactions1 ports ports ports ports ports ports 1934 2. 8,238 4, 202. 5 1,133.9 82.6 92.9 Belgium 977 1935.. 10,125 1,887. 2 1, 739.0 .2 110.7 France 241, 778 1936- 3 11, 258 1,132. 5 1,116. 6 -85.9 131.6 Hungary _ 11,873 1937.. 3 12, 760 1, 502. 5 1, 585. 5 -200. 4 143.9 Italy 43, 935 1938._ 14, 512 1, 751. 5 1,973. 6 -333. 5 148.6 Netherlands 63, 260 1939.. 17,644 3,132.0 3, 574. 2 -534. 4 161.7 Norway 33, 405 Portugal... _. 1,286 24,212 75,030 Spain. 31 1,734 10, 416 1939—February.. 14, 874 192.7 223.3 10.7 Sweden 161, 489 March 15, 258 383.8 365.4 10.7 11.3 Switzerland 90, 320 April 15, 791 532.3 605.8 -114.8 13.3 United Kingdom 1,742 633,001 May 15, 957 166.2 429.4 -251. 6 12.8 U. S. S. R._ 14,106 30,851 June 16,110 153.3 240.4 -104.8 10.8 Yugoslavia 16, 310 July 16, 238 128.0 278.6 -164.0 13.3 Canada 262, 721 222, 730 2, 542, 111 170 August 16, 646 407.6 259.9 152.1 14.3 Mexico .... 545 544 29, 540 September. 16, 932 285.9 326.1 2.8 15.9 C entral America 778 1,365 8,724 October 17,091 159.9 69.7 79.5 18.7 West Indies and November- 17, 358 267.1 168.0 90.9 14.9 Bermuda 66 7: 5,827 December _ 17, 644 285.1 451.2 -200.8 13.4 Argentina . _. 12,984 19, 983 50, 825 Bolivia 56 4,781 1940—January... 17, 931 287.5 236.4 40.0 13.6 Brazil 4 10, 778 February._ 18,177 246.0 201.4 37.0 11.4 Chile 1,048 414 9,701 March 18, 433 256.0 459.8 -213.4 12.1 Colombia 21,185 April 18, 770 336.9 249.9 67.2 13.0 Ecuador 360 75 2,900 May 19, 209 439.0 435.1 -36.7 14.1 Peru 595 524 9,040 June 19, 963 754.2 1,163.0 -437. 2 11.0 Venezuela 350 411 4,551 July 20, 463 499.4 520.0 -55.1 16.0 Australia. _ 14, 441 14, 770 August 20, 913 450.2 351.6 67.0 12.3 British India 2,170 784 42, 543 September- 21, 244 331.6 334.1 36.6 13.3 Netherlands Indies. 20,583 October 21, 506 261.1 326.0 -117.9 19.1 China and Hong November. J»21, 800 P294. 9 330.1 -39.5 P14.2 Kong.. 765 625 26,108 Dec. 1-24P_. 21,930 129.3 75.0 10.5 Japan 12,186 11,815 98,477 Philippine Islands- 3,283 2,673 35, 362 South Africa 6,240 6,704 183,005 p Preliminary. All other countries 2_ 1,31" 9,54r 1 Gold held under earmark at Federal Reserve Banks for foreign account on November 30, 1940, in millions of dollars: 1,815.1. Total.. 330,113 325,981 4, 612, 289 4,992 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. 3 Includes gold in the Inactive Account amounting to $27,000,000 on 1 Figures represent customs valuations which, with some exceptions, December 31, 1936, and $1,228,000,000 on December 31, 1937. are 2 I a n t c r lu at d e e s o f a l $ l 3 m 5 o a f v i e n m e e o n u ts n c o e f . unreported origin or destination. NOTE.—Figures for domestic production of gold are those published in table, p. 71, adjusted to exclude Philippine Islands production re- Back figures—See table, p. 71, and Annual Report for 1937 (tables ceived in United States. Adjustment based on annual "„ t_orted 31 and 32). by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures see Annual Report for 1937 (table 29). BANK DEBITS [Debits to deposit accounts, except interbank accounts, at banks in principal cities.] [In millions of dollars] BANK SUSPENSIONS1 Total, 140 133 all New other other Year and month report- York lead- report- Member Nonmember ing City ing ing Total, banks banks centers centers i centers* all banks ti N on a a - l State su I r n ed - 2 in N su o r t ed 1 1 1 9 9 9 3 3 2 6 5 9 4 9 4 0 8 6 2 2 1 , , , 5 8 7 3 8 1 1 9 8 6 2 1 0 0 8 8 3 4 , , , 9 0 0 3 8 0 6 9 6 3 2 1 1 3 9 9 1 0 , , , 6 9 16 7 3 5 0 8 4 2 3 7 8 3 , , , 2 5 5 8 4 0 3 7 4 1937 469,463 197,836 235, 206 36,421 Number of banks suspended: 1938... 405,929 168, 778 204,745 32,406 1934. 1939 423,932 171,382 218,298 34,252 1 1 1 1 9 9 9 9 3 3 3 3 6 5 7 8... 1939— N D O o ec v c e t e o m m b b e b r e e . r . r . . 4 3 3 3 4 5 , , , 6 8 4 6 3 4 6 0 7 1 1 1 3 7 3 , , , 6 6 0 8 3 4 3 3 1 2 1 1 2 8 9 , , , 6 0 3 3 2 8 6 9 6 3 2 3 , , , 1 9 4 1 9 2 9 0 8 1 19 9 3 4 9 0—Jan.-Nov 1940— F J e a b n r u u a a r r y y .. . . . 3 3 7 2 , , 1 7 9 8 7 6 1 1 4 2 , , 7 1 3 3 9 8 1 17 9 , , 3 9 4 7 4 8 3 2 , , 0 7 6 1 9 5 De ( p in o 1 1 1 1 1 1 1 9 9 9 9 9 9 9 s t 3 3 3 3 3 3 i h 4 4 6 t 9 5 8 7 0 o s — u o s f J a s a n u n d s .- s p N e o o n f v d d e o d l l b a a r n s) k . : s . 3 . 3 3 1 1 1 1 4 5 9 6 0 1 3 , , , , , , , 9 9 0 3 0 9 7 3 4 1 0 1 9 2 7 5 6 3 2 8 3 5 7 1 , , , 3 3 3 5 2 1 7 4 4 0 5 3 3 9 0 1 7 6 6 24 1 , , 7 2 6 0 1 2 8 1 9 1 1 1 3 0 6 5 1 0 1 , , , , , , , 7 3 7 5 9 1 2 4 6 2 1 8 5 0 1 1 2 3 6 9 7 3 2 4 1 , , , 4 0 9 9 4 5 3 4 3 8 8 3 9 4 9 5 4 0 9 2 6 J J M A A N M S O u u e u o p c n a l a p y g v r t r y e t i o c u e e l b m h m st e b b r e e .. r r . 3 3 3 3 3 3 3 3 3 7 7 7 5 9 9 3 5 2 , , , , , , , , , 8 0 8 7 2 7 9 0 6 0 1 4 6 5 8 4 8 9 5 2 4 9 7 0 7 8 5 1 1 1 1 1 1 1 1 1 5 3 4 5 2 3 1 4 4 , , , , , , , , , 1 6 9 9 5 2 5 6 5 1 0 5 5 3 0 1 9 1 0 4 2 2 6 9 1 4 2 2 2 1 1 1 1 1 1 1 0 9 9 9 8 8 1 8 9 , , , , , , , , , 8 3 2 8 2 5 6 3 2 5 6 3 1 5 5 3 6 1 0 5 3 9 0 9 7 7 4 3 3 3 3 3 2 3 3 2 , , , , , , , , , 0 3 3 9 0 0 0 1 9 1 1 7 2 6 4 3 0 5 0 7 8 6 3 5 1 3 1 1 Comprises centers for which bank debit figures are available begin- 1 Represents banks which, during the periods shown, closed tem- ning with 1919, except that one substitution was made in 1920 and one porarily or permanently on account of financial difficulties; does not in 1928. include banks whose deposit liabilities were assumed by other banks at 2 Centers (other than the 141 centers) for which bank debits are currentthe time of" closing (in some instances with the aid of Federal Depositly reported. The number has changed very little since 1934 and has Insurance Corporation loans). numbered 133 since 1936. 2 Federal deposit insurance became operative January 1, 1934. Back figures.—For corresponding monthly totals for 1928-1937 see 3 Deposits of member banks and insured nonmember banks suspended Annual Report for 1937 (Table 71), which also gives a definition of bank are as of dates of suspension, and deposits of noninsured nonmemberdebits. Monthly figures for individual reporting centers with totals by banks are based on the latest data available at the time the suspensions Federal Reserve districts for recent years, and annual figures for indiwere reported. vidual reporting centers with totals by Federal Reserve districts for the Back figures.—See Annual Report for 1937 (table 76). years 1919-1939, are available and will be furnished upon request. 40 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 sayings 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 Nonmeniber banks Call date Total Other Total ti N on a a - l State M s b a a u v n t in u k g s a s l m n b o e e m n r - - Call date ba A n l k l s Total ti N on a a - l State M sav u i t n u g a s l no O n t m he e r mbanks 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... 54,054s 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 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 3 10,544 3 7,895 June 29 14,953 6,398 5,164 1,234 551 8,004 June 29 _. 60, 582 42,039 26,931 15,108 10,631 7,912 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] Call date 1929—June 29 Dec. 31 _ 1933—June 30 Dec. 30 1934—June 30 o W All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Invest- Invest- Total Loans ments Total Loans ments Invest- Invest- Total Loans ments Total Loans ments 58,474 41, 531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 40,319 21, 977 18,342 25, 220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 42,502 21,278 21,224 27,175 12, 523 14,652 9,904 5,648 4,256 5,423 3,108 2,315 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. 31 a _ 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 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 June 29 .__ 51,335 22,341 28,995 34,451 13, 969 20,482 10,188 4,926 5,262 6,696 3,445 3,251 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, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. Back figures.—See Annual Report for 1937 (tables 48-49). JANUARY 1941 41 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 1 Investments J Loans for U. S. Government obligations Obli Call date m T l v o a i o e e n a n s t n n d - a t t s - l s Total i C m t d a c r i o u i n i n e a a s m d - r - l l - * - A c tu u g l r r - - i- p O m k a p a p e e r t e n - r b d o a p r T e e s n r o u r a o e d s k r l c c c - - u a h r r a r o it s y t i i h i T e n n s e o g g rs3 e l R o st e a a a n t l s e L ba o t n o a k n s s l O o t a h n e s r 4 Total Total Bills 6N D o ir t e e c s t Bonds G t a e u n e a - d r- g S p s a d s a i t i o u t c i o o a n i v b l a o t f n d i - i e l t n s - - s s O r s i e t t c h ie u e s - r ers Total—All Member Banks 1929—Dec. 31_.35,934 26,150 583 2,463 7,685 3,191 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 6,887 113 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 [2,343 316 3,653 6,246 ,128 2,143 3,296 Sept. 28. 31,627 12,937 484 713 2,590 2,661 126 6,364 18, 689 L3,011 313 3,707 6,693 2,298 2,317 3,361 Dec. 31__ 32,070 13, 208 4,737 442 973 775 2716 125 2,728 18,863 [3,222 286 3,389 7,208 "340 2,448 3,192 1939—Mar. 29_.32,095 13,047 4,760 427 838 733 749 99 2,671 19,048 13,351 303 2,604 7,783 ,660 2,555 3,142 June 30.. 32,603 13,141 4,783 788 420 731 736 828 58 2,796 19,462 3, 111 2,720 7,786 831 2,554 3,131 Oct. 2 <L_33,075 13,470 19, 605 3,811 ,920 2,764 3,030 Dec. 30. _ 33, 941 13, 962 5,386 730 455 790 7002,957 56 2,888 19, 979 A, 328 563 2,223 8,398 3,144 2,692 2,959 1940—Mar. 26«34,163 13,939 20, 224 4,421 3,107 2,905 2,898 June 29. 34,451 13,969 5,538 736 450 447 6683,069 42 3,020 20,482 4, 722 797 543 8,261 2,888 2,873 New York City» 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 3,740 222 ,358 1,451 709 394 707 Sept. 28. 8,355 3,146 153 564 702 132 95 1,499 5,209 3,987 251 ,342 1,560 834 495 727 Dec. 31__ 8,335 3,262 1,456 138 787 220 121 99 436 5,072 3,857 158 142 1,663 894 517 698 1939—Mar. 29.. 8,408 3,086 1,451 •126 668 209 124 77 427 5,322 4,025 68 831 2,040 L,086 582 714 June 30. _ 8,688 2,988 1,474 128 555 215 130 41 440 5,700 4,483 168 908 2,284 L, 123 480 736 Oct. 2 •_. 9,044 3,116 5,928 4,558 1,157 662 708 Dec. 30_. 9,339 3,296 1,768 120 611 133 44 425 6,043 4,772 315 797 2,385 [,275 579 693 1940—Mar. 26 • 9,594 3,211 6,383 4,972 1,286 726 686 June 29.. 9,829 3,014 1,801 "I63" "320" 188 137 32 426 6,815 5,486 ,092 2,650 1,324 634 695 City of Chicago * 1929—Dec. 31_. 1,757 1,448 251 533 535 309 116 3 19 94 96 96 1933—June 3O._ 1,287 677 61 251 237 610 384 206 82 97 87 138 1938— June 3O._ 1,806 525 29 109 361 1,281 981 12 313 535 122 140 159 Sept. 28. 1,889 522 31 111 351 1,367 1,047 1 310 611 126 144 175 Dec. 31__ 1,969 539 319 43 70 62 1,430 1,114 59 291 655 109 141 176 1939— Mar. 29.. 1,965 545 340 32 70 57 1,420 1,100 121 212 660 108 149 171 June 3O._ 2,052 544 329 39 71 59 1,507 1,175 185 234 621 135 154 179 Oct. 2«_. 2,050 563 1,487 1,172 155 147 168 Dec. 30__ 2,105 569 365 66 13 60 1,536 1,203 153 176 701 172 162 170 1940—Mar. 26 • 2,222 564 1,658 1,319 139 175 164 June 29.. 2,205 603 "417 23 62 1,602 1,258 254 161 ~7l6~ 134 177 167 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 3O._ 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 4,658 69 ,268 2,603 718 732 908 Sept. 28. 11,426 4,870 156 96 992 1,217 22 2,387 6, 556 4,831 47 1,290 2,752 743 775 950 Dec. 31_. 11,654 4,963 1,914 149 119 242 1,230 20 1,081 6,691 5,018 57 1,224 2,997 740 808 866 1939— Mar. 29..11, 624 4,936 1,889 145 115 228 1,249 17 1,066 6,688 5,004 100 977 3,105 823 823 860 June 30.. 11,756 5,004 1,884 138 115 221 1,284 12 1,116 6,751 4,991 78 1,014 3,010 889 895 866 Oct. 2«__ 11,880 5,127 6,752 4,998 909 897 856 Dec. 30_. 12,272 5,329 2,100 221 155 119 222 1,335 1,168 6,943 5,194 63 819 3,339 972 890 860 1940—Mar. 26 •12,153 5,305 6,848 5,070 963 928 850 June 29.. 12,160 5,365 2,134 176 ~166 "87 "2I6 1,372 1,224 6,795 4,947 87 839 3~052 969 981 868 Country Banks 1929—Dec. 31. _ 13,375 201 291 2,231 1,462 4,705 4,439 1,267 171 999 627 2,546 1933—June 3O._ 7,873 4,275 35 25 1,117 1,055 2,005 3,598 1,469 299 1,106 581 1,549 1938—June 30 9,752 4,388 173 21 790 1,269 2,126 5,364 2,964 715 1,657 579 878 1,522 Sept. 28. 9,958 4,399 156 21 784 1,303 2,127 5,558 3,146 766 1,770 596 903 1,509 Dec. 31__ 10,113 4,444 1,048 138 25 243 1,353 1,149 5,669 3,233 732 1,893 597 982 1,453 1939—Mar. 29..10,098 4,480 1,081 142 24 226 1,363 1,121 5,618 3,221 585 1,978 643 1,001 1,397 June 30. _ 10,109 4,605 1,095 140 22 229 1,402 1,180 5,504 3,127 563 1,870 683 1,025 1,351 Oct. 2«._ 10,102 4,665 5,437 3,082 699 1,058 1,297 Dec. 30.. 10, 224 4,768 I," 151 "~20" "224 17477" "l,~234 5,456 3,159 31 431 1,972 725 1,061 1,236 940—Mar. 26 • 10,194 4,860 5,334 3,060 719 1,076 1,197 June 29.. 10,257 4,987 1,187 546 174 17 2081,544 3 1,308 5,270 3,030 36 451 695 1,097 1,144 1 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. » Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported separately on some dates, and the total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May 1937. 1 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on 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. 1 Includes Treasury certificates of indebtedness through 1934. • Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures—See Annual Report for 1937 (tables 52-58). 42 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 interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic w Fe it d h - Cash a w n i c t e h s m d a e- nd u v a id ls - , States Certi- u v a id ls - , States banks Bor- C i a t p a - l Call date e R r e a - l va in ult m d e o s - tic po a s d i - ts p n a e r r t - - p a o n l d it- a n n e d a U G . o v S - . p n a e r r t - - p i o c l o it i - Postal For- r i o n w gs - co ac u - nts B s a e n rv k e s banks1justed 2 s p h a c o o n i r p r d a - s - , s d s I\ i n u i C o n v \ b a n i - l s - ch c e o e e t f c c f r i . s k - 3 ' s m e e rn n - t4 s p h a c o o n i r p r d a - s - , s d s l i u i c o b v a - n i i s - in sa g v s - 4 m D a e n - d Time b e a i n g k n s 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 8,004 712 4,084 20,893 19,816 2,314 662 543 10,874 454 83 6,096 135 331 11 5,368 1938—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 9,112 777 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, Oil 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 68,243 6H2 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 6 145 6 737 2 5,562 1940—Mar. 26 13, 751 789 5,751 27, 877 26, 397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 June 29 New York City 5 827 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 3,517 65 119 6,698 6,900 273 367 123 694 32 2,514 291 1,587 1938—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 e 109 8,676 8,812 321 349 72 683 52 6 3, 573 6 670 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 e 3, 629 6 1 6 672 1,601 1940—Mar. 26 7,072 88 119 10, 235 10, 283 258 147 67 732 29 3,840 650 1,599 June 29 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 30 936 31 208 1,523 1,386 221 23 86 443 16 688 6 249 1938—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 6853 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 6997 67 253 1940—Mar. 26 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 June 29 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 2,289 300 1,951 6 934 6,668 812 146 266 4,238 262 31 2,514 113 32 L, 753 1938—June 30 2,311 322 1,862 7,078 6,843 711 120 356 4,209 233 23 2,557 107 43 L, 764 Sept. 28 2,354 321 1 940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 L, 777 Dec. 31 2,459 342 2,106 7,326 6,899 889 123 420 4,276 243 22 2,813 108 64 2 L, 795 1939— Mar. 29 2,735 318 2,210 7, 654 7, 331 917 160 415 4,320 233 19 2,920 115 69 L812 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 L, 821 Oct. 2 3,118 348 2,485 8'176 8,' 002 813 190 435 4,362 240 14 3,516 117 53 L, 828 Dec. 30 3,336 364 6 2,632 8,400 7,978 942 150 431 4,886 214 12 6 3, 525 6 115 6 56 .833 1940—Mar. 26 3, 759 334 2,679 8, 774 8, 372 956 147 422 4,422 219 18 3,526 105 44 I,' 873 June 29 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 1,263 316 1,806 5,738 4,863 1,008 126 68 5,499 144 52 380 22 2 11 1,778 1938—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 6 509 6 27 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 6 566 6 29 62 2 1,875 1940—Mar. 26 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 June 29 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). JANUARY 1941 43 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. S. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Date or month m v a i e e n n s n d - t t - s Total t d a r i u n n ia s - d l - , p O m k a p a p e e r t e n - r b T ro o k- e l R o st a e a n a t l s e L ba o t n a o k n s s O lo t a h n e s r Total Total Bills Notes Bonds G a u n a - r- O s r e it t c h i u e e - s r agri- ers To teed cul- and others tural dealers Total—101 Cities 1939—November 22,966 8,573 4,354 314 613 501 ,187 1,567 14,393 11,052 706 2,167 5,841 2,338 3,341 IMG-July 23,787 8,494 4,451 295 399 473 ,204 1,635 15,293 11,728 777 2,081 6,455 2,415 8,505 August ___24,140 8,504 4,456 295 375 470 1,214 1,655 15,636 11,994 730 2,113 6,672 2,579 3,642 September 24,233 8,653 4,551 295 400 462 :, 221 1,679 15,580 11,897 677 2,083 6,555 2,582 October 24,429 8,852 4,709 300 424 458 ,221 1,701 15, 577 11,908 683 1,878 6,744 2,603 November 24,862 9,083 4,885 301 456 456 ,226 1,722 15, 779 12,192 768 1,850 6,872 2,702 3,587 Oct. 9_— 24,327 8,800 4,672 299 409 462 ,221 1,698 15, 527 11,858 662 1,814 6,706 2,586 3,669 Oct. 16... 24,402 8,877 4,722 301 437 458 ,220 1,700 15, 525 11,888 689 1,811 6,783 2,005 3,637 Oct. 23... 24,489 8,890 4,746 301 420 454 ,223 1,708 15,599 11,934 702 1,816 6,799 2,617 3,665 Oct. 30. _ 24,602 8,909 4,773 304 410 455 1,222 1,709 12,001 736 1,834 6,804 2,627 3,692 Nov. 6... 24,729 9,008 4,827 304 450 452 1,222 1,717 15, 721 12,108 751 1,827 6,832 2,698 3,613 Nov. 13.. 24,871 9,086 4,895 300 452 456 1,228 35 1,720 15,785 12,180 763 1,855 6,858 2,704 3,605 Nov. 20.. 24,944 9,110 4,908 299 455 454 1,226 1,729 15,834 12,229 774 1,855 6,900 2,700 3,605 Nov. 27. 24,902 9,128 4,911 299 467 460 1,228 1,724 15, 774 12,250 784 1,861 2,707 3,524 Dec. 4... 25,053 9,162 4,942 303 452 459 1,229 1,734 15, 891 12, 307 786 1,871 6,927 2,723 3,584 Dec. 11-. 25,224 9,299 4,992 304 529 458 1,230 1,744 15,925 12, 311 784 1,859 6,939 2,729 3,614 Dec. 18.. 25, 532 9,341 5,001 303 558 467 1,228 1,744 16,191 12, 542 759 2,093 6,956 2,734 3,649 Dec. 24.. 25,604 9,354 5,011 303 545 466 1,230 1,759 16,250 12,568 732 2,137 2,740 3,682 New York City 1939—November 8,847 2,972 1,688 114 483 171 114 376 5,875 4,689 528 841 2,143 1,177 1,186 1940—July 9,400 2,778 1,710 90 281 167 122 378 6,622 5,285 392 1,035 2,570 1,388 1,337 August 9,554 2,752 1,698 269 164 124 384 6,802 5,407 334 1,060 2,641 1,372 1,395 September 9,641 2,813 1,734 290 163 124 6,828 5,381 312 1,038 2,655 1,376 1,447 October- ___ 9,644 2,874 1,798 301 159 119 6,770 5,356 319 971 2,638 1,428 1,414 November 9,813 2,960 1,860 327 159 117 390 6,853 5,548 345 959 2,720 1,524 1,305 Oct. 9.... 9,600 2,846 1,781 163 120 386 6,754 5,327 322 945 2,650 1,410 1,427 Oct. 16... 9,608 2,880 1,800 307 158 119 388 6,728 5,346 333 946 2,634 1,433 1,382 Oct. 23... 9,651 2,887 1,818 297 156 119 388 6,764 5,372 335 949 2,646 1,442 1,392 Oct. 30.. 9,678 1,827 290 157 117 391 6,789 5,366 314 963 2,638 1,451 1,423 Nov. 6... 9,758 2,942 1,843 326 157 117 391 6,816 5,475 329 957 2,671 1,518 1,341 Nov. 13.. 9,799 2,958 1,866 320 158 117 391 6,841 5,517 344 959 2,687 1,527 1,324 Nov. 20.. 9,853 2,959 1,865 324 158 117 390 6,894 5,581 355 958 2,747 1,521 1,313 Nov. 27. 9,843 2,982 1,868 339 163 117 388 6,861 5,618 354 960 2,774 1,530 1,243 Dec. 4___ 9,905 2,986 1,885 320 163 117 6,919 5,642 319 973 2,796 1,554 1,277 Dec. 11.. 10,036 3,069 1,903 380 163 116 392 6,967 5,660 322 967 2,813 1,558 1,307 Dec. 18.. 10, 262 3,099 1,903 400 172 114 394 7,163 5,823 300 1,130 2,827 1,566 1,340 Dec. 24.. 10, 323 3,093 1,906 387 172 114 397 7,230 5,850 281 1,167 2,835 1,567 1,380 Outside New York City 1939—November. 14,119 5,601 2,666 200 130 330 1,073 1,191 8,518 6,363 178 1,326 1,161 2,155 1940—July 14,387 5,716 2,741 205 118 306 1,082 1,257 8,671 6,443 385 1,046 3,885 1,127 2,228 August 14,586 5,752 2,758 212 106 306 1,090 1,271 8,834 6,587 396 1,053 3,931 1,207 2,247 September 14, 592 5,840 2,817 220 110 299 1,097 1,288 8,752 6,516 365 1,045 3,900 1,206 2,236 October 14, 785 5,978 2,911 221 123 299 1,102 1,313 8,807 6,552 364 907 4,106 1,175 2,255 November 15,049 6,123 3,025 221 129 297 1,109 1,332 8,926 6,644 423 891 4,152 1,178 2,282 Oct. 9___. 14,727 5,954 2,891 221 121 299 1,101 1,312 8,773 6,531 340 4,146 1,176 2,242 Oct. 16... 14,794 5,997 2,922 223 130 300 1,101 1,312 8,797 6,542 356 865 4,149 1,172 2,255 Oct. 23... 14,838 6,003 2,928 222 123 298 1,104 1,320 8,835 6,562 367 867 4,153 1,175 2,273 Oct. 30- 14,924 6,020 2,946 225 120 298 1,105 1,318 8,904 6,635 422 871 4,166 1,176 2,269 Nov. 6... 14,971 6,066 2,984 225 124 295 1,105 1,326 8,905 6,633 422 870 4,161 1,180 2,272 Nov. 13.. 15,072 6,128 3,029 223 132 298 1,111 1,329 8,944 6,663 419 896 4,171 1,177 2,281 Nov. 20.. 15,091 6,151 3,043 219 131 296 1,109 1,339 8,940 6,648 419 897 4,153 1,179 2,292 Nov. 27. 15,059 6,146 3,043 217 128 297 1,111 1,336 8,913 6,632 430 901 4,124 1,177 2,281 Dec. 4... 15,148 6,176 3,057 216 132 296 1,112 1,346 8,972 6,665 467 4,131 1,169 2,307 Dec. 11- 15,188 6,230 3,089 215 149 295 1,114 1,352 8,958 6,651 462 892 4,126 1,171 2,307 Dec. 18.. 15, 270 6,242 3,098 213 158 295 1,114 1,350 9,028 6,719 459 963 4,129 1,168 2,309 Dec. 24.. 15,281 6,261 3,105 212 158 294 1,116 1,362 9,020 6,718 451 970 4,124 1,173 2,302 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 66-67) and corresponding tables in previous Annual Reports. 44 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 Heserves 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 m b a w a n d e i n o c s t - e k h t s i s c j m p u a o d s a d t e s n e - - it d d s s p p u v n h a c o a a i o e n i d r r p l r r - d s a t - s - , - - , S p s d a s t i i u o c i a n o v b l a t n d i - i e l t - s - s c C h c o f a e e e e i f t n e r r c f c i d t d s . k - i ' - s, m U G er . e o n n v - 8 t - . 1 s p p u v h n a c o a a i o e n i d r r p l r r d - s a t - - s , - - , S p s d s a i t i o u c i o a n v b l a n t i d - i l t e - s - s P i s n o a g s v t s - a ' 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 in o o w g r s - - co a u c n - ts Date or month tions tions Total 101 Cities 9,803 484 3,103 18,742 18,392 1,465 448 523 5,062 181 7,847 122 720 3,721 1939—November 11,800 491 3,214 20,847 20,380 1,455 411 475 5,141 178 8,310 111 676 3,774 1940—July 11,316 498 3,163 20,878 20,319 1,466 360 506 5,155 182 8,258 111 684 3,783 August 11,499 504 3,235 21,011 20,595 1,421 396 507 5,175 179 8,465 HI 679 3,784 September 11,856 505 3,309 21,442 21,040 1,490 423 507 5,180 172 8,666 111 681 3,797 October 11,955 531 3,347 21,890 21,569 1,576 501 507 5,187 192 8,809 112 665 3,821 November 11,770 511 3,244 21,238 20,754 1,430 402 507 5,178 173 8,608 111 691 3,796 Oct. 9 11,845 489 3,405 21,317 21,277 1,396 436 508 5,181 170 8,845 111 680 3,796 Oct. 16 11,991 515 3,317 21,643 21,162 1,510 423 507 5,182 172 8,656 111 687 3,798 Oct. 23 12,030 526 3,270 21,858 21,266 1,651 431 506 5,171 175 8,596 111 3,803 Oct. 30 11,832 520 3,339 21,592 21,189 1,651 509 510 5,188 8,818 112 667 3,816 Nov. 6 11,878 545 3,372 21,818 21,662 1,589 557 504 5,190 192 8,850 113 667 Nov. 13 11,973 517 3,332 21,961 21,654 1,571 473 505 5,189 191 8,836 111 656 3,822 Nov. 20 12,138 540 3,347 22,189 21,771 1,495 466 509 5,180 192 8,731 112 671 3,822 Nov. 27 11,967 529 3,259 22,131 21,667 1,450 465 423 5,167 198 8,725 112 673 3,823 Dec'4 11,971 577 3,271 22,403 22,203 1,471 509 386 5,169 214 8,700 113 674 3,822 Dec, 11 11, 673 577 3,426 22, 27922,146 1,489 652 453 5,182 221 113 668 3,826 Dec. 18 11,715 562 3,387 22,382 22,150 1,522 478 452 5,193 224 8,807 112 663 3,827 Dec. 24 New York City 5,504 81 8,330 8,406 328 265 3,438 650 1,479 L939—November 6,657 81 9,716 9,770 280 225 657 3,717 622 1,489 L940—July 6,417 82 9,678 9,688 278 195 668 3,629 628 1,495 August 6,421 84 9,673 9,740 249 222 683 3,702 625 1,493 September 6,601 84 9,808 9,860 293 240 677 3,770 625 1,497 October 91 10,022 10,096 338 314 674 1,506 November 6,565 84 9,737 9,743 271 235 679 3,753 636 1,497 Oct. 9 6,551 80 9,695 9,908 218 246 680 3,813 627 1,497 Oct. 16 6,678 83 9,889 9,894 301 241 676 3,756 627 1,498 Oct. 23 6,747 90 10,031 9,997 391 251 3,740 612 1,498 Oct. 30 6,627 90 9,853 9,908 374 330 676 3,868 610 1,507 Nov. 6 6,626 91 9,951 10,073 342 373 676 3,815 611 1,509 Nov. 13 6,710 90 10,058 10,165 322 273 676 3,861 600 1,504 Nov. 20 6,814 92 10, 22510,239 312 278 667 3,826 616 1,505 Nov. 27 6,713 90 10,195 10, 227 272 252 663 3,771 617 1,506 Dec. 4 6,711 101 10, 35610,491 311 312 670 3,749 616 1,502 Dec. 11 6,599 104 10, 31410, 483 328 435 678 3,877 610 1,512 Dec. 18 6,645 10,479 10, 553 278 3,807 605 1,514 Dec. 24 Outside New York City 4,299 403 3,027 10,412 1,137 183 474 4,436 143 4,409 121 2,242 L939—November 4,943 410 3,132 11,131 10,610 1,175 186 442 4,484 151 4,593 111 2,285 L940—July 4,899 416 3,084 11,200 10,631 1,188 165 471 4,487 142 4,629 111 2,288 August 5,078 420 3,154 11,338 10,855 1,172 174 472 4,492 137 4,763 111 2,291 September 5,255 421 3,227 11,634 11,180 1,197 183 472 4,503 130 4,896 111 2,300 October 5,261 440 3,264 11,868 11, 473 1,238 187 472 4,513 149 4,966 112 2,315 November 5,205 427 3,162 11, 50111,011 1,159 167 472 4,499 133 4,855 111 2,299 Oct. 9 5,294 409 3,320 11, 62211,369 1,178 190 473 4,501 131 5,032 111 2,299 Oct. 16 5,313 432 3,237 11,754 11, 268 1,209 182 472 4,506 128 4,900 111 2,300 Oct. 23 5,283 436 3,190 11, 827 1,269 1,260 180 471 4,505 131 4,856 111 2,305 Oct. 30 5,205 430 3,256 11, 73911, 281 1,277 179 474 4,512 148 4,950 112 2,309 Nov. 6 5,252 454 3,287 11,867 11, 589 1,247 184 469 4,514 147 5,035 113 2,314 Nov. 13 5,263 427 3,248 11, 90311,489 1,249 200 470 4,513 149 4,975 111 2,318 Nov. 20 5,324 448 3,265 11,964 11, 532 1,183 188 474 4,513 150 4,905 112 2,317 Nov. 27 5,254 439 3,177 11,936 .1,440 1,178 213 394 4,504 156 4,954 112 2,317 Dec. 4 5,260 476 3,184 12,047 1, 712 1,160 197 358 4,499 172 4,951 113 2,320 Dec. 11 5,074 473 3,340 .1, 965 1, 663 1,161 217 424 4,504 179 4,982 113 2,314 Dec. 18 5,070 466 3,299 1,903 1,597 1,153 200 424 4,513 181 5,000 112 2,313 Dec. 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. JANUARY 1941 45 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. £>. Government obligations Com- purchasing Total mer- or carrying Federal Reserve loans cial, securities district and date and in- Open Real Loans (1940) v i e n s - t- Total t d r u ia s l - , m k a e r t - To e l s o t a a n te s ba t n o ks O lo t a h n e s r Total Guar- O se t c h u e - r ments and paper bro- Total Bills Notes Bonds an- rities agri- kers To teed cul- and others tural dealers Boston (6 cities) Nov. 27 1,228 646 322 67 16 17 80 4 140 582 465 24 37 347 57 117 Dec. 4 . _ . _ 1,231 643 320 66 17 17 80 4 139 588 470 29 38 346 57 118 Dec. 11 1,238 654 321 66 27 17 80 4 139 584 467 29 38 343 57 117 Dec. 18 1,239 652 321 65 26 17 80 4 139 587 470 27 41 345 57 117 Dec. 24 1,231 652 322 65 25 17 80 4 139 579 462 25 40 340 57 117 New York (8 cities)* Nov. 27 10, 721 3,346 1,993 88 344 212 196 25 • 488 7,375 5,973 354 1,002 3,001 1,616 1,402 Dec. 4 10, 788 3,349 2,009 93 325 212 196 26 488 7,439 6,002 319 1,019 3,024 1,640 1,437 Dec. 11 10,921 3,434 2,028 95 386 212 195 26 492 7,487 6,022 322 1,013 3,044 1,643 1,465 Dec. 18 11,155 3,465 2,029 96 406 221 193 26 494 7,690 6,190 303 1,178 3,060 1,649 1,500 Dec. 24 11,215 3,458 2,032 97 393 220 193 26 497 7,757 6,217 284 1,219 3,064 1,650 1,540 Philadelphia (4 cities) Nov. 27 1 201 474 231 34 22 33 50 104 727 452 27 334 91 275 Dec. 4 1 210 474 231 34 21 33 50 104 736 461 27 344 90 275 Dec. 11 1 213 476 233 34 22 33 50 1 103 737 461 27 344 90 276 Dec. 18 1 217 479 234 34 24 33 50 103 738 462 29 343 90 276 Dec. 24 1 214 479 234 34 25 33 50 103 735 458 28 340 90 277 Cleveland (10 cities) Nov. 27 1,949 741 301 8 18 24 182 1 207 1,208 933 17 143 634 139 275 Dec. 4 1,947 743 302 8 17 23 182 1 210 1,204 927 17 138 635 137 277 Dec. 11 1,950 748 306 8 19 23 182 1 209 1,202 924 17 137 633 137 278 Dec. 18 1,972 751 311 8 17 23 181 1 210 1,221 941 17 150 637 137 280 Dec. 24 1,977 758 314 8 21 23 181 1 210 1,219 940 17 149 637 137 279 Richmond (12 cities) Nov. 27 730 297 137 11 3 14 48 1 83 433 367 4 131 179 53 66 Dec. 4 734 299 138 11 3 15 48 1 83 435 367 4 134 176 53 68 Dec. 11 730 298 137 11 3 14 48 1 84 432 364 4 132 175 53 68 Dec. 18 747 298 137 11 4 14 48 1 83 449 381 3 150 175 53 68 Dec. 24 752 299 137 11 4 14 48 1 84 453 385 3 154 175 53 68 Atlanta (8 cities) Nov. 27 697 363 190 3 7 11 33 2 117 334 219 3 36 114 66 115 Dec. 4 706 369 192 3 8 11 33 2 120 337 217 3 36 114 64 120 Dec. 11 707 374 197 4 8 11 33 2 119 333 213 2 35 114 62 120 Dec. 18 713 374 197 4 9 11 34 2 117 339 220 2 43 112 63 119 Ch D i e c c a . go 2 4 (12 citks)* 710 374 196 4 7 11 34 2 120 336 219 3 43 110 63 117 Nov. 27.. 3 550 1 054 646 39 35 65 129 140 2 496 1 932 270 1,090 270 564 Dec. 4 3,589 1,059 646 38 38 65 130 1 141 2,530 1,951 330225 271 1,088 267 579 Dec. 11 3,617 1,069 655 36 40 65 131 1 141 2,548 1,967 327 273 1,090 277 581 Dec. 18 - 3,631 1,077 657 36 45 65 131 1 142 2,554 1,968 318 283 1,091 276 586 Dec. 24 3,639 1,078 656 36 46 64 132 1 143 2,561 1,973 315 284 1,093 281 588 St. Louis (5 cities) Nov. 27-. 722 363 210 10 4 13 58 2 66 359 247 10 35 138 64 112 Dec. 4 736 372 215 10 4 13 58 4 68 364 253 14 35 139 65 111 Dec. 11 744 377 219 10 4 13 58 4 69 367 255 14 35 141 65 112 Dec. 18 . 751 375 219 10 4 13 58 3 68 376 261 16 37 144 64 115 Dec. 24 758 377 220 10 4 13 58 3 69 381 267 16 39 148 64 114 Minneapolis (8 cities) Nov. 27 431 218 116 3 1 7 12 79 213 171 1 20 121 29 42 Dec. 4 430 217 114 3 1 7 12 80 213 171 1 20 121 29 42 Dec. 11 _- 428 218 115 3 1 7 12 80 210 168 19 119 30 42 Dec. 18 427 218 114 3 2 7 12 80 209 167 21 117 29 42 Dec. 24 __. 426 218 114 3 2 7 12 80 208 166 20 117 29 42 Kansas City (12 cities) Nov. 27 736 335 200 21 4 10 31 1 68 401 265 32 59 93 81 136 Dec. 4 __. 738 336 201 21 4 10 31 1 68 402 265 32 56 97 80 137 Dec. 11 731 340 202 21 4 10 31 72 391 255 28 52 96 79 136 Dec. 18 . 723 341 203 21 4 10 31 72 382 256 28 53 96 79 126 Dec. 24.-_ 726 345 206 21 4 10 31 73 381 255 26 53 97 79 126 Dallas (9 cities) Nov. 27-__ _ _ . 580 304 204 2 3 14 24 1 56 276 217 37 34 101 45 59 Dec. 4 582 306 207 2 4 13 24 1 55 27Q 217 36 35 100 46 59 Dec. 11 - 580 309 209 2 4 13 24 1 56 271 213 35 35 101 42 58 Dec. 18 586 310 211 1 5 13 24 56 276 218 39 38 99 42 58 Dec. 24 588 314 215 1 4 13 24 1 56 274 216 37 38 99 42 58 San Francisco (7 cities) Nov. 27 2,357 987 361 13 10 40 385 2 176 1,370 1,009 67 746 196 361 Dec. 4 . 2,362 995 367 14 10 40 385 1 178 1,367 1,006 6 62 743 195 361 Dec. 11 2,365 1,002 370 14 11 40 386 1 180 1,363 1,002 6 63 739 194 361 Dec. 18 2,371 1,001 368 14 12 40 386 1 180 1,370 1,008 6 70 737 195 362 Dec. 24 __ 2,368 1,002 370 13 10 41 387 1 180 1,366 1,010 6 70 739 195 356 City of Chicago* Nov. 27. 2 335 665 472 20 30 55 19 69 1,670 1,303 300 137 762 104 367 Dec. 4 2,372 671 473 19 33 56 20 70 1,701 1,324 322 139 762 101 377 Dec. 11- 2 386 680 481 19 35 55 20 70 1,706 1,328 324 141 762 101 378 Dec. 18 2,388 687 482 19 40 55 20 71 1,701 1,323 316 146 760 101 378 Dec. 24 2,392 686 477 19 39 54 20 77 1,706 1,328 312 147 762 107 378 * 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. 46 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 r i e a t d - v k h l - e s v C a i a n u sh lt b m a w n a d e o i n c s t - e k h t s i s c j p u m o s d a a e t s d e - n i - d t d s i s p p u v h n a c o a a o n i e i r r d l p r r d a s 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 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 d l r p r r d s a t - - - s - , - , S p s d s a t i i o u i c a o 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 a u t c p a - n - l ts d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 0 d e ) se d r a v t e e tions tions Boston (6 cities) 641 143 193 1,365 1,321 99 19 12 229 2 1 382 21 1 248 Nov. 27 640 146 194 1,372 1,324 101 20 11 229 2 1 384 20 1 246 Dec. 4 681 149 200 1,427 1,397 96 21 10 228 2 1 385 21 1 249 Dec. 11 629 150 238 1,410 1, 381 96 21 13 228 2 1 384 21 1 247 Dec. 18 626 150 197 1,360 1, 342 83 24 13 228 2 1 382 21 247 Dec. 24 New York (8 cities)* 6,999 115 236 10,919 10,808 458 298 53 1,032 46 3,903 16 617 1,631 Nov. 27 6,914 112 227 10, 904 10, 795 427 276 45 1,026 46 7 3,850 16 618 1,632 Dec. 4 6,892 126 233 11,069 11, 069 476 328 44 1,033 46 7 3,824 16 817 1,628 Dec. 11 6,766 129 244 11, 037 11, 063 504 458 48 1,041 46 7 3,951 16 611 1,638 Dec. 18 6,815 120 243 11, 204 11,140 533 293 46 1,044 47 7 3,881 16 606 1,639 Dec. 24 Philadelphia (4 cities) 521 24 236 1,069 1,086 50 11 47 258 3 440 9 5 217 Nov.* 27 495 25 222 1,041 1,067 45 10 40 257 3 444 9 5 218 Dec. 4 495 28 216 1,038 1,092 42 13 39 257 3 447 9 5 218 Dec. 11 504 27 234 1,065 1,100 52 13 41 257 2 449 9 5 216 Dec. 18 504 26 237 1,068 1,098 48 11 41 257 3 444 9 5 216 Dec. 24 Cleveland (10 cities) 775 51 367 1, 560 1,541 112 19 43 720 19 1 453 37 1 385 Nov. 27 782 50 361 1,559 1,522 110 21 38 720 19 457 37 1 384 Dec. 4 765 55 365 1,555 1, 543 109 21 38 720 19 456 37 1 384 Dec. 11 743 58 378 1,568 1,553 105 24 44 720 18 450 37 1 384 Dec. 18 734 53 377 1,543 1,543 100 24 44 722 18 463 37 1 384 Dec. 24 Richmond (12 cities) 232 27 274 581 567 52 14 33 200 3 1 343 5 99 Nov. 27 229 24 267 578 566 52 16 29 197 3 1 345 5 100 Dec. 4 243 28 269 594 584 54 13 29 197 3 1 347 5 100 Dec. 11 231 27 253 576 572 51 16 35 197 3 1 343 6 100 Dec. 18 229 27 243 576 572 52 13 35 197 3 1 338 6 100 Dec. 24 Atlanta (8 cities) 146 17 200 451 440 66 6 41 187 4 2 313 3 2 96 Nov. 27 143 15 190 449 437 63 8 34 185 4 3 317 3 2 96 Dec. 4 146 17 191 455 447 61 8 32 185 4 2 319 4 96 Dec. 11 143 17 196 449 446 62 9 38 185 4 3 327 3 2 95 Dec. 18 152 16 198 449 442 67 7 39 185 4 3 332 3 2 96 Dec. 24 Chicago (12 cities)* 1,603 83 609 3,030 2,881 319 36 130 973 17 8 1,316 10 7 410 Nov. 27 1,556 81 600 3,018 2,849 311 41 110 976 17 8 1,326 10 8 412 Dec. 4 1,535 88 607 3,041 2,920 292 39 110 978 19 8 1,319 10 8 412 Dec. 11 1, 456 90 642 2,969 2,874 282 45 128 980 19 8 1,333 10 9 411 Dec. 18 1,447 89 658 2,980 2,873 298 41 128 983 19 8 1,335 10 9 411 Dec. 24 St. Louis (5 cities) 276 14 193 538 552 44 9 13 188 4 2 380 1 96 Nov. 27 276 13 187 541 543 53 9 12 187 4 2 386 1 96 Dec. 4 275 15 .181 545 555 48 8 7 187 4 2 389 1 1 95 Dec. 11 257 14 191 535 554 47 8 10 187 4 2 394 1 96 Dec. 18 264 14 186 542 555 46 7 10 188 4 2 396 1 96 Dec. 24 Minneapolis (8 cities) 114 8 125 338 299 65 7 1 116 1 167 2 1 61 Nov. 27 115 7 124 335 297 65 6 1 116 1 168 2 1 61 Dec. 4 118 11 126 337 299 65 6 1 116 1 173 2 1 61 Dec. 11 118 128 334 297 63 6 1 116 1 172 2 1 61 Dec. 18 119 7 126 330 300 60 1 116 1 175 2 1 61 Dec. 24 Kansas City (12 cities) 202 18 297 570 560 66 10 20 143 3 1 422 6 107 Nov. 27 201 17 290 562 552 66 10 14 142 3 1 431 6 107 Dec. 4 207 18 293 571 567 67 9 10 142 3 1 426 6 107 Dec. 11 206 18 295 554 567 67 10 12 142 3 1 434 6 107 Dec. 18 208 18 310 569 568 72 11 12 142 3 1 439 6 107 Dec. 24 Dallas (9 cities) 142 13 286 516 495 57 9 32 126 8 1 274 1 90 Nov. 27 145 13 282 516 494 55 10 29 126 8 278 2 90 Dec. 4 146 14 278 519 506 53 10 26 126 8 1 273 2 90 Dec. 11 146 13 284 519 510 49 12 30 126 8 1 280 1 90 Dec. 18 148 13 278 519 503 51 13 30 127 9 1 278 1 89 Dec. 24 San Francisco (7 cities) 487 27 331 1,252 1,221 107 28 84 1,008 83 338 23 16 382 Nov. 27 471 26 315 1,256 1,221 102 38 60 1,006 89 339 23 16 381 Dec. 4 468 28 312 1,252 1,224 108 33 40 1 000 103 342 23 17 382 Dec. 11 474 27 343 1,263 1,229 111 30 53 1,003 112 342 23 17 381 Dec. 18 469 29 334 1,242 1,214 112 27 53 1 004 112 344 22 17 381 Dec. 24 City of Chicago* 1,233 45 278 2,046 1,965 187 18 89 495 14 5 1,001 6 263 Nov. 27 1,192 44 276 2,046 1,955 182 21 78 495 14 5 1,003 7 266 Dec. 4 1,191 46 286 2,069 1,999 175 20 79 495 16 5 1,001 7 266 Dec. 11 1,119 47 317 2,002 1,962 168 23 90 496 16 5 1,011 8 265 Dec. 18 1,103 47 324 1,997 1,946 167 22 90 498 16 5 1,011 8 264 Dec. 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. JANUARY 1941 47 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 Held by Based on Commercial Accepting banks Feder B a a l n R k e s serve Goods stored in or End of month paper Total shipped between out- out- Im- points in stand- stand- For ac- ports Exports Dollar ing 1 ing Total O bi w ll n s bo B u il g ls ht o c w o F n u o n r a t c- c f s o c o p e o u r o n r e n n r t i t g s e d o n - - f Others U S i n t n a i t t t o e e s d U S f n t r a o i t t m e e s d ch e a x n - ge U S n ta i t t e e s d F c o t o r r u i e e n i s g - n 1030— Aueust 201 235 191 128 63 (i) 44 79 40 18 40 59 209 216 177 115 62 39 78 40 18 43 36 October - 205 221 179 111 67 42 85 40 18 46 32 November 214 223 172 103 69 51 96 37 16 50 24 December 210 233 175 105 70 57 103 39 16 54 22 1040—January 219 229 179 111 68 50 101 38 16 51 23 February 226 233 188 123 65 45 95 44 15 51 27 March 233 230 184 121 63 46 90 47 14 49 30 April 239 223 178 118 61 45 86 45 13 46 33 May 234 214 171 113 58 43 78 47 12 41 34 June 224 206 166 112 64 40 79 43 13 36 34 July 232 188 152 103 49 36 75 32 13 36 32 August 245 182 148 103 44 34 80 24 11 38 29 September 251 177 142 100 42 35 80 22 11 35 28 October 252 187 149 96 53 38 91 20 11 37 28 November 232 197 159 99 60 38 98 20 9 41 29 i As reported by dealers; includes some finance company paper sold in open market. > Less than $500,000. Back figures.—BeeTAimuBl 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 Customers' Other credit balances Debit Debit credit balances * End of month C b u ( a d s n l t e a e o b n t m ) i c t e e i s rs' a i b n n p a a v d a c la e c r t s n o t r t n c u a m e e n d 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 i t n s o r r t c u m a m e n d s e t i s n n in g t C a b h a n a a s d n h n k d i o n s n r M o b w o o n e r d e - y » 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 t n r - s d ' m i e n f n v i I r t n e m a st n - d a c c a c p I o n i u t n al ts trading trading (net) accounts accounia 193&—December 1,258 75 135 179 930 286 79 24 10 410 1936—June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1037—June 1,489 55 161 214 1,217 266 92 25 13 397 985 34 108 232 688 278 85 29 10 355 1088—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 6 305 1030—June 834 25 73 178 570 230 70 21 280 October 894 21 72 200 577 289 76 21 284 November 914 20 77 195 623 272 67 21 282 Decani ber 906 16 78 207 637 266 69 23 t 277 1940—January . 886 15 70 198 602 262 71 22 272 February 893 16 72 195 616 253 74 23 271 March . 886 15 78 186 615 247 70 21 270 April 910 15 72 192 626 252 73 21 271 May 702 12 67 239 459 251 68 22 274 June...—. -. . 653 12 58 223 376 267 62 22 269 July 642 12 64 213 376 261 62 22 6 264 August 631 12 56 215 368 256 57 21 5 260 September 635 12 57 218 370 268 56 20 5 255 October _ 653 12 70 203 381 269 58 20 5 253 November 666 12 64 214 383 280 59 20 4 253 i 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. * Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also monty 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). 48 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 ratei on- Average rate on- [Per cent per annum] mo Y w n e e t a e h k r , , or m P c r e o i r m m ci - e ala b P c e a c r r n i e s m k p ' - t e - c S h ti e t a m o x n c - g e k e c S h c t e a o a x n l c - l g k e U N . e u w S ry . b x i r l 9 e ls 1 a - s- y A i 3 U e y - l v e t . d o S e a - r . r 5 o - f 1 T 9 o c t i a ti l es Y N C o e it r w y k e E 7 N r c a n o o i s t t r t i a h e t e h n e s rn - r d 1 W e 1 r c e n S i s t o i t a e u e n s r t d h n m p 4 a o t p n o e t r h 6 , s a d n o a c n y e s s, l d o a o w a y n n s s, n lo r a e e a l w - s n - p w i f e s e i s o r r t i u f e h o - e d i d s n 1 t d a q d e t e u r a i a o s o y ' l - n - T n u r o e r t a y e s s - 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 6 5 8 4 7 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 _ 2 2 2 2 3 . . . . . 6 5 5 9 4 8 9 3 3 5 2 1 1 1 1 . . . . . 7 6 7 7 4 6 9 3 2 5 3 3 2 2 3 . . . . . 3 8 7 0 7 9 8 5 4 1 4 3 3 3 3. . . . . 2 2 7 4 3 6 5 6 0 2 1939 average» 2.78 2.07 2.87 3.51 1937 average... .95 .43 1.25 1.00 .447 .28 1.40 Monthly figure* 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 1939—NOT .63 .44 1.25 1.00 .018 .05 .64 M Ap a r r i c l h 2 2 . . 4 4 8 8 1 1. . 7 6 0 5 2 2 . . 6 6 0 4 3 3 . . 2 2 8 5 Pec .56 .44 1.25 1.00 .012 .04 .51 May 2.48 1.70 2.64 3.20 1940—- A F M M J e a b p a a n . r r y il. . ... . . . .6 5 6 5 5 6 6 6 6 6 . . . . . 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 . . . . . 2 2 2 2 2 5 5 5 5 5 L L L L L O O O O O O O O O O . . . . 0 0 0 0 (' 0 0 0 4 ) 1 4 3 2 . . . . .0 0 0 0 0 1 2 2 6 2 . . . . . 4 4 4 4 6 7 6 2 5 5 J J A S O u u e u c n l p t y g e o t u e b m s e t r . ber 2 2 2 2 2 . . . . . 5 5 5 5 5 7 6 7 3 2 1 1 1 1 1 . . . . . 6 7 7 7 7 7 0 0 0 0 3 2 2 1 3 . . . . 7 7 7 7 9 4 8 8 1 0 3 3 3 3 3 . . . . . 2 3 2 3 2 8 1 6 5 1 June .56 .44 1.25 LOO .071 .10 .76 November 2.49 1.70 2.68 3.20 July .56 .44 1.25 LOO .009 .05 .57 December 2.60 1.70 3.95 3.23 Aug. .56 .44 1.25 LOO .019 .04 .58 Sept .56 .44 1.25 LOO .021 .05 .48 1939—January 2.64 1.73 3.97 3.32 N O o ct v . . 5 5 6 6 . . 4 4 4 4 1 1 . .2 2 5 5 L L O O O O . ( 0 3 0 ) 3 . . 0 0 2 2 . . 4 3 3 4 February 2.52 1.70 2.69 3.26 Quarterly figure*l Week ending: 1939—March 2.95 2.13 3.05 3.77 Nov. 30. Vie 1^ 1.00 .002 .02 .34 June 2.91 2.15 3.05 3.62 D D D e e e c c c . . . 7 2 1 — 1 4 . . . . VL-% V Vi i a s 1 1 1 1 . . . 0 0 0 0 0 0 .0 i 01 . . . 0 0 02 2 2 . . .3 3 34 7 3 1940— S D M e e p a c t r e e c m m h b b e e r r 2 2 2 . . . 6 5 6 8 9 5 2 2 1 . . . 9 0 0 6 4 3 2 2 2 . . . 7 5 6 S 9 7 3 3 3 . . . 3 3 3 1 2 5 Dec. 28.. VT-% Vw 1.00 .02 .37 June — 2.59 2.00 2.49 3.38 September 2.68 2.14 2.56 3.43 i Monthly figures are averages of weekly prevailing rates. « 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.—See 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 YIELDS1 [Per cent per annum] Corporate 4 U.S. Year, month, or week T u r r e y a s * - M ip u a n l i * c- By ratings By groups Total Aaa Aa Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c Number of issues.. 2-6 15 120 30 30 30 30 40 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 3.60 5.21 3.87 1939 average 2.36 2.76 3.77 3.01 3.22 3.89 4.96 3.30 4.63 3.48 1939—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 2.64 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 July 2.28 2.54 3.57 2.88 3.01 3.57 4.80 3.15 4.32 3.23 August 2.25 2.49 3.55 2.85 3.03 3.55 4.76 3.12 4.30 3.23 September.. 2.18 2.44 3.50 2.82 3.01 3.52 4.66 3.10 4.23 3.19 October 2.10 2.32 3.46 2.79 3.01 3.48 4.56 3.06 4.15 3.18 November.. 1.97 2.18 3.40 2.75 2.96 3.40 4.48 2.98 4.07 3.14 Week ending: Nov. 30 1.93 2.16 3.38 2.73 2.94 3.37 4.47 2.96 4.05 3.12 Dec. 7 1.92 2.12 3.37 2.71 2.92 3.36 4.48 2.94 4.04 3.13 Dec. 14 1.87 2.04 3.36 2.71 2.91 3.36 4.45 2.92 4.03 3.12 Dec. 21 1.89 2.07 3.36 2.71 2.91 3.36 4.44 2.92 4.02 3.13 Dec. 28 1.88 2.08 3.36 2.72 2.92 3.36 4.45 2.93 4.02 3.14 i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. J Average of yields of all outstanding bonds due or callable after 12 years. 3 Standard Statistics Co. * 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. JANUARY 1941 49 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate 3 Stock pricesl Vol- U.S. ume of Year, month, or date Treas- Munic- tradury a ipal 3 Indus- Rail- Public Year, month, or Common (index, 1926=100) ings Total trial road utility date Pre- (in ferred 2 thou- Indus- Rail- Public sands of Number of issues 2-6 15 20 20 20 Total trial road utility shares) 1937 average 100.9 110.3 93.4 90.1 100.4 1938 average 102.5 113.7 78.9 82.9 58.6 95.3 Number of issues.. 20 420 348 32 40 1939 average 105.2 116.3 81.6 86.0 58.0 100.9 1937 average 136.2 112 131 1,519 1939—November. 103.8 117.5 83.0 87.0 60.2 101.8 1938 average 135. 6 99 1,100 December.. 105.3 119.9 82.1 86.8 58.0 101.6 1939 average _ 141.2 105 973 1940—January 106.0 120.2 82.4 87.3 58.2 101.8 February.. 105.7 119.1 82.2 87.3 57.8 101.6 1939—November- 140.7 111 907 March 106.7 119.7 82.1 87.3 57.2 101.8 December 141.4 108 808 April 106.7 119.8 82.5 87.5 58.2 101.7 1940—January 143.0 109 678 May 104.9 115.3 79.4 85.3 53.5 99.3 February 142.9 107 654 June 104.8 114.6 78.5 84.7 52.0 98.7 March 141.8 108 740 July 106.3 120.4 81.2 86.3 57.1 100.2 April 142.3 109 1,131 August 106.7 121.2 81.5 86.8 57.5 100.2 May 138.2 97 1,651 September. 107.7 122.3 82.7 87.8 59.7 100.6 June.. 133.2 85 708 October..., 108.8 124.6 83.6 89.2 61.0 100.6 July.... 136.9 87 310 November. 110.7 127.3 83.9 90.3 60.9 100.5 August 137.3 89 317 September. _. 139.1 94 553 Nov. 27.— 111.2 127.7 83.6 90.3 60.1 100.4 October 140.4 '95 599 Dec. 4 111.4 128.4 83.7 90.3 60.3 100.5 November. _. 141.9 1,044 Dec. 11..._ 112.1 130.0 84.1 90.3 61.2 100.8 Dec. 18.... 111.8 129.4 84.2 90.2 61.7 100.8 Nov. 27 142.6 610 Dec. 24 112.0 129.2 90.0 100.6 Dec. 4 142.9 577 Dec. 11 143.3 775 Dec. 18 144.3 776 1 Monthly data are averages of daily figures except for municipal bonds, Dec. 24 144.1 1,058 which are averages of Wednesday figures. 2 Prices derived from yield figures on basis of a 2% per cent, 16 year, bond. For description see November 1940 BULLETIN, pp. 1179-1180. r Revised. Prices expressed in decimals. Weekly data are averages of daily figures 1 Standard Statistics Co. Monthly data are averages of Wednesday for week ending on Saturday following date shown. 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. Back figures.—See Annual Report for 1937 (table 79). For U. S. Treas- 3 Average daily volume of trading in stocks on the New York Stock ury bonds see November 1940 BULLETIN. 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 new capital 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- eign 2 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 1,239 235 944 893 21 51 821 789 32 51 1932 1,751 1,197 1.165 762 77 325 305 2& 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—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 (8) 0 July.-.. 690 396 396 62 289 45 43 2 0 294 294 20 48 226 223 3 0 Aug 281 129 129 61 0 68 53 15 1 152 152 13 28 111 107 4 0 Sept.... 225 111 111 43 0 68 64 4 0 115 112 23 26 62 61 1 3 Oct 710 257 257 98 112 47 21 26 0 453 453 80 28 345 332 14 0 Nov 439 263 263 52 42 169 166 3 0 176 176 24 59 92 66 26 0 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. 3 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—See Annual Report for 1937 (table 78). 50 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] Interest-bearing No b n e i a n r t i e n r g est- 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 i e s u A s r s u v t d e i e - 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 r5 t d M u e r b a e - d t Other bearing Pre- Treas- U. S. war ury 2 1932—June 19,487 19,161 "18,816 753 13,460 1,261 616 105 240 1933—June 22, 539 22,158 •21,782 753 13, 417 4,548 954 92 284 315 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 32,989 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 2,303 926 579 560 119 506 1938—June 37,165 36, 576 33, 463 79 21,846 1,238 9,147 1,154 1,601 644 141 447 1939—June 40,440 35, 715 79 25,218 1,868 7,243 1,308 2,511 820 142 411 1939—October... 41,036 40, 526 36,026 79 25, 218 2,092 7,232 1,405 791 2,796 912 109 401 November 41, 305 40,807 36,123 79 25, 218 2,140 7,232 1,454 791 2,981 911 400 December. 41, 942 41,445 36,826 79 26,881 2,209 6,203 1,455 789 3,021 398 1940—January... 42,110 41, 601 36, 957 79 26, 896 2,473 6,203 1,307 787 3,049 114 395 February.. 42, 365 41, 839 37,097 79 26,897 2,610 6,203 1,308 785 3,152 805 132 394 March 42, 540 41, 983 37,127 79 26, 908 2,707 6,125 1,309 784 3,269 803 165 392 April 42,658 42,117 37, 236 79 26, 908 2, 818 6,125 1,306 782 3,282 816 150 391 May 42, 808 42, 253 37, 285 79 26, 908 2,869 6,125 1,304 780 3,363 824 166 June 42, 968 42, 376 37, 223 79 26,555 2, 905 6,383 1,302 797 3,528 829 205 July. 43, 771 43,186 37, 957 79 27, 226 2,966 6,384 1,302 773 3,536 920 198 386 August 43, 905 43, 317 38,009 79 27, 236 3,008 6,384 1,303 771 3,622 915 205 383 September. 44,073 43, 480 38,045 79 27, 235 3,044 6,384 1,303 771 3,751 913 212 381 October ... 44,137 43, 560 38,089 79 27,960 3,084 5,660 1,307 769 3,777 925 197 380 November 44,273 43, 707 38,130 79 27, 9G0 3,123 5,660 1,308 767 3,885 925 187 379 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. 8 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, FULLY GUARANTEED OBLIGATIONS, BY AGENCIES l NOVEMBER 30, 1940 [In millions of dollars] [In millions of dollars] Federal Home Recon- Com- U. S. Maturing End of Farm Owners' struction modity Housmonth Total Mortgage Loan Finance Credit ing Bonds Corpora- Corpora- Corpora- Corpora- Author- Date maturing Bonds call- tion tion 2 tion tion ity or callable able i Total Bills Notes U. 8. 1934—June.. 681 312 134 235 Sav- Other Dec.__ 3,063 980 1,834 249 ings 1935—June.. 4,123 1,226 2,647 250 Dec.__ 4,494 }.387 2,855 252 1936—June.. 4,718 L, 422 3,044 252 1940—Dec. 31 413 401 12 Dec 4,662 L, 422 2,988 252 1941-Jan. 1-Mar. 31 2,129 907 677 545 545 1937—June__ 4,665 L, 422 2,987 255 Apr. 1-June 30 504 504 Dec.__ 4,645 L, 410 2,937 297 July 1-Sept. 30 834 834 834 1938—June" 4,853 L, 410 2,937 299 206 Oct. 1-Dec. 31 204 204 Dec 4,992 L, 388 2,888 509 206 1942 . . _ 1,001 1,001 1939—June.. 5,450 L, 379 2,928 820 206 114 1943 1,330 1,330 1,855 1944 1,214 1,214 2,555 1939—Sept.. 5,455 :L, 279 2,830 820 409 114 1945 2,832 718 173 1,941 1,755 Oct... 5,448 L, 279 2,823 820 409 114 1946 1,850 315 1,534 2,359 Nov. . 5,707 L, 269 2,817 1,096 407 114 1947 2,793 411 2,383 1,473 Dec... 5,703 L, 269 2,813 1,096 407 114 1948 1,982 495 1,487 2,246 1940—Jan.. _ 5,699 ,269 2,809 1,096 407 114 1949 1,639 820 819 2,278 Feb._. 5,673 ,269 2,783 L, 096 407 114 1950 _ 1,480 2 909 571 1,186 Mar. _ 5,663 ,269 2,770 L, 096 407 114 1951 1,223 1,223 3,500 Apr... 5,656 ,269 2,763 1,096 407 114 1952 . 2,436 2,436 May.. 5,535 1)269 2,641 1,096 407 114 1953 2,904 2,904 725 June.. 5,528 1,269 2,634 :L, 096 407 114 1954 . 2,663 2,663 681 July._ 5, 526 1,269 2,631 L, 096 407 114 1955 1,480 1,480 2,611 Aug... 5,812 1,269 2,627 L, 096 696 114 1956 1,170 1,170 982 Sept.. 5,809 1,269 2,623 1,097 696 114 1958 _._ 919 Oct.__ 5,810 1, 269 2,621 L, 097 696 114 1959 982 982 Nov. . 5,919 1, 269 2,618 1,097 696 226 I960 . 2,611 2,611 1,485 1961 50 50 50 1963 919 919 1 Principal amount of obligations guaranteed as to interest and 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 38,130 1,308 5,660 3,123 28, 039 28,039 Housing Administrator, amounting to $12,600,000 on November 30, 1940. 2 Excludes obligations guaranteed as to interest only. For August 1939 i Excludes U. S. savings bonds. Other bonds in the amount of $2,606,- and subsequent months includes matured bonds not presented for retire- 000,000 not callable prior to maturity are shown as of date of maturity. ment amounting to $18,000,000 on November 30, 1940. Bonds that have been called are shown as maturing on date of call. ^.Includes unclassified U. S. savings bonds. JANUARY 1941 51 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 Trust Increase or deac- crease during Receipts Expenditures (excl. debt retirements) counts period etc.,> excess Period Mis- Agri- Excess of rec ta o I x n m e - s e i c n n e t l a e la l r- - s S t e a o i c x t c y u e ia r s - l o A th l e l r c T e r o i e p t - a ts l ce N r i e p e - t t s* I d n e o e t s e n b t r t - t f i N e o d n e n a s - - a e l m t j c A u u u e r s d l a n t - - - l t m p U e l r m o e e n - n y - - t - T c f t e o r r a r u a u c s n - n s t t s t o s - o A th l e l r Totali p o t e u ( f - n r ) e e d x s i - - p ( c t + e e u e n i x ) r p e o d - t s i r s - f G b e u a r e n a l n - d l - d G e r b o t s * i reve- Pro- lief etc.* (-) ance* nue gram Fiscal year ending: Jane 1938... 2,640 2,279 755 567 6,242 5,855 026 1,028 362 1,014 220 2,780 7,230 -1,384 +306 -338 +740 June 1030... 2,180 2,232 740 507 5,668 5,165 041 1,163 787 2,505 182 3,040 8,707 -3,542 +800 +622 +3,275 June 1040... 2,125 2,345 838 617 5,025 5,387 1,041 1,550 1,020 1,010 208 3,251 8,008 -3,611 +136 -047 +2,528 5 months ending: Nov. 1938.. 657 1,020 329 217 2,223 2,050 252 476 249 1,116 146 1,231 3,470 -1,420 +213 +231 +1,439 Nov. 1939.. 481 1,105 347 242 2,175 1,955 265 564 383 789 169 1,477 3,648 -1,693 +154 -673 +866 Nov. 1940.. 612 1,285 383 214 2,495 2,184 272 1,259 416 715 169 1,139 3,969 -1,785 +406 -74 +1, 305 1030—Sept.. 320 311 27 52 710 676 151 108 68 130 7 268 741 -65 +46 -53 -34 Oct... 38 108 36 50 322 270 68 115 07 145 10 285 721 -442 -264 hl78 Nov.. 34 101 130 52 407 364 12 118 117 147 10 243 648 -284 +267 +252 -260 Dec... 310 171 20 50 560 521 100 125 102 162 10 243 832 -311 -16 +311 -637 1940—Jan... 45 167 45 57 315 315 38 132 110 157 •5 272 712 -308 +37 -104 -167 Feb... 63 154 178 40 444 444 10 120 128 145 10 238 668 -224 +36 +67 -2C6 Mar.. 665 102 30 46 034 700 146 143 105 173 255 822 —22 +11 +164 -175 48 175 30 42 304 304 60 150 78 173 20 284 783 -470 +58 -303 -118 ifay" 40 170 137 43 400 400 10 154 62 160 4 248 647 -247 -83 -181 -150 June. 464 201 32 88 784 649 305 153 43 151 235 887 —238 -62 —130 -160 July.. 50 237 30 41 367 331 20 177 54 151 114 302 818 -487 +51 +367 -80S Aug.. 38 346 130 43 566 447 20 200 76 142 25 243 706 -250 +320 +196 -135 Sept.. 432 213 20 37 711 711 148 210 75 130 10 168 759 -48 -158 -30 +168 Oct... 44 237 38 47 365 333 73 287 103 145 261 869 -536 —24 -495 +64 Nov.. 49 252 138 46 485 362 11 376 108 138 20 164 817 -455 .+216 -103 +136 Details of trust accounts, etc. Details of general fund balance (end of period) tru O st l d f - u a n g d e a in n s d u r r a a i n lr c o e ad 1 Un t e ru m s p t l f o u y n m d ent a N cc e o t u e n x ts p e o n f d G it o u v re e s r n in m e ch n e t c a k g i e n n g cies All other Period retirement account In- Workc N e r i e e p - t ts m v I e e n s n - t t - s m B p e f e 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 O p tu e e t x r n h e - d e s r i- s C F t R r o i t u n e r i c c p o a o t o n 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- U t i S H h n n t g o o a i r u t t A i e e s t s u y d - - o A th l e l r ce R i e p - ts p tu E e r n x e d - s i- Total m g c o o r e e n l n - d t S io e r i a g g n e - a b i n a n l o g - t Fiscal year end- June 1038— June 1030— 5 6 5 3 0 9 4 5 6 1 1 6 1 8 2 5 0 8 7 3 6 8 3 3 5 9 6 5 0 4 1 4 9 2 1 •65 •9 8 •1 1 8 3 4 6 •60 1 •1 •1 8 2 6 4 4 4 1 0 4 3 3 2 2 7 4 2 2 , , 2 8 1 3 6 8 1 1 4 4 2 2 4 5 4 3 6 6 1 1 , , 6 1 3 6 8 0 June 1040-.. 703 573 129 959 443 514 •234 10 17 166 415 323 1,891 143 585 1,161 5 months ending: Nov. 1938.. 244 176 47 365 160 195 *187 109 7 *61 210 160 2,447 142 478 L,828 Nov. 1939.. 287 225 51 423 245 176 *214 *28 38 113 207 157 2,166 143 561 1,462 Nov. 1940. _ 387 134 70 520 224 306 62 *89 •18 •137 208 157 1,817 143 596 L,078 1030—Sept 50 43 10 13 •19 40 22 5 13 •87 25 15 2,178 142 554 1,481 Oct 53 43 10 54 7 24 15 19 16 •11 28 13 1,913 143 558 1,213 Nov 53 43 10 144 142 29 •297 27 •12 •7 20 14 2,166 143 561 1,462 Dec 58 43 10 29 *3 32 *5 11 16 *6 21 25 2,476 143 565 1,768 1040—Jan 10 10 79 28 58 •20 •6 14 •25 24 17 2,282 143 568 1,571 Feb 10 10 155 103 45 *5 *3 •11 7 20 2 2,350 143 573 1,634 Mar. 135 135 11 30 •18 47 2 •4 17 •29 29 22 2,514 143 577 1,704 20 *5 12 53 18 45 *3 •4 •34 9 32 10 2,210 143 581 1,486 idayV-"."-"-* 4 12 145 81 58 *6 0) •17 107 20 17 2,030 143 584 1,303 June 179 175 12 46 •11 54 17 45 •5 •11 62 72 1,891 143 585 1,163 July...... 56 *5 13 59 13 57 25 10 25 •57 120 103 2,258 143 588 1,527 Aug 145 1 13 143 85 53 (4) •144 •6 *32 18 15 2,454 143 590 1,720 Sept 11 148 14 67 •18 81 •13 •1 15 16 24 17 2,415 143 502 1,680 Oct....... 32 *5 15 107 31 84 *10 21 51 •13 29 17 1,920 143 595 1,183 Nov 143 •5 15 145 113 31 59 24 •103 •50 18 6 1,817 143 596 1,078 i Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1030 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts. > Details given in lower section table. * For details, see preceding page. 4 Less than $500,000. * Excess of credits. NOTi.—For explanation of table see BULLETIN for October, 1940, p. 1052. 52 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, OCTOBER 31, 1940 [Based on compilation by U. 8. Treasury Department from reports received from organisations concerned. In millions of dollars) Recon- Ho h m ou e s i m ng o r a tg g a e g n e c i a es nd Farm credit agencies Ten- Total struction nes- Finance see In- Corpo- United Other Val- surration Home Other States Farm Farm Com- ley ance Other and Owners' mort- Hous- mort- Credit modity Au- agen- Oct. Sept. Oct. Public Loan gage ing gage Adm. Credit Other thor- cies 31, 30, 31, Works Corpo- agen- Au- agen- banks Corpo- ity 1940 1940 1939 Admin- ration cies thority cies and cor- ration istration porations * Assets Loans and preferred stock: Loans to financial institutions- 199 182 61 441 437 433 Preferred stock, etc 460 194 27 75 1 757 757 840 Loans to railroads 482 30 512 513 489 Home and housing mortgage loans 1,981 238 168 2,387 2,348 2,363 Farm moftg^gft loan.5* 2,517 2,517 2,526 2,616 Other agricultural loans. 0) 298 293 189 4 785 802 1,122 All other loans 2 458 0) 3 377 1,214 1,200 1,093 Total loans and preferred stock 1,600 2,175 446 168 2,517 373 293 566 61 414 8,613 8,583 8,956 Cash .. 65 154 20 14 110 78 7 21 6 29 16 521 572 452 U. S. Govt. direct obligations 49 40 5 82 97 427 5 704 693 738 Obligations of Government credit agencies: Fullv guaranteed bv U S 13 12 105 130 131 141 Other 6 8 88 14 30 36 40 Accounts and other receivables 25 7 6 2 218 4 101 19 7 64 68 521 512 426 Business property ... _ _ 0) 3 0) 128 6 0) 7 340 1 111 597 570 542 Property held for sale 43 374 93 0) 523 0) 42 19 1,094 1,081 689 Other assets 3 0) 0) 7 13 5 0) 12 147 188 193 121 Total assets other than interagency 6 1,793 2,713 526 317 3,040 592 931 612 353 742 780 12,39812,37112,105 Liabilities Bonds, notes, and debentures: Guaranteed by United States... 1,097 2,619 114 1,270 696 12 5,808 5,809 5,449 Other 6 134 5 986 213 8 1 12 1,354 1,356 1,357 Other liabilities (including reserves) 322 76 31 5 123 8 133 200 7 251 88 1, 243 1,238 1,039 Total liabilities other than interagency6 1,419 2,695 165 119 2,378 221 829 200 15 265 100 8,406 8,403 7,845 Excess of assets over liabilities, excluding interagency transactions __ 374 18 361 198 662 370 102 413 338 477 680 3,992 3,968 4,261 Privately owned interests 55 213 4 139 412 410 395 U. S. Government interests 374 18 306 198 450 366 102 413 338 438 680 3,580 3,558 3,866 » Less than $500,000. * Includes $89,000,000 loans of Public Works Administration. 3 Includes $309,000,000 loans of Farm Security Administration. * Includes $238,000,000 loans of Rural Electrification Administration. 1 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. • 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] Nov. 30, May 31, June, 30 July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, 1939 1940 1940 1940 1940 1940 1940 1940 Loans to financial institutions 173,363 164,163 150,468 147,184 145,178 142, 396 141,935 167,153 Loans on preferred stock of banks and insurance companies.. 33,094 29,685 56,952 56,924 56, 769 56,627 56, 578 56,470 Preferred stock, capital notes, and debentures - 490,099 471,072 469,674 465,909 458,845 459,941 460,218 454,941 Loans to railroads (including receivers) _ _ 444,314 466,093 475,856 506, 623 507,627 470, 039 469, 769 472, 596 Loans for self-liquidating projects 93,068 61,273 48,105 38,754 42,262 38,476 47,096 35, 597 Loans to industrial and commercial businesses 1 130,026 130,566 130,732 129,955 129,427 131,126 130, 944 131,484 Loans-to drainage, levee, and irrigation districts 83,750 83,740 83,596 83,299 83,223 83,360 83,409 83, 507 Other loans 4,046 4,631 4,677 4,788 4,801 4,746 4,855 f 4,884 Securities purchased from Public Works Administration 127,290 111, 323 111,065 107,066 110,090 116,216 115,930 115, 224 Total loans and investments, other than interagency— 1, 579,0501,512,546 1,531,124 1,540,502 1, 538,2221, 502,9261, 510, 7351, 521,857 Preferred stock of and loans to Export-Import bank 45,000 74,000 74,000 74,000 74,000 74,000 74,000 99,000 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 56,047 59,484 59,050 58,628 60,212 61,160 62,806 64,115 Capital stock of, and loans to Fed. Natl. Mtge. Assn 54, 538 71,846 73,863 76,470 78,976 81,039 84, 559 87,077 Loans to Tennessee Valley Authority 8,300 8,300 8,300 8,300 8,300 8,300 8,300 Capital stock of, and loans to National Defense Companies. 1,000 2,000 10, 395 24, 277 33,387 Loans to Farm Security Administration 10,000 10,000 10,000 21,000 23,000 Total loans and investments.. 1,889,433 1,872,673 1,892,835 1,915,397 1,918,206 1,894,318 1,932,175 1,983,234 1 Include national defense loans amounting to $5,873,000 on November 30; $3,336,000 on October 31; and $2,598,000 on September 30, 1940. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. JANUARY 1941 53 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 ra n l ks C s o L B i m o a a n n n m e d k r is- p a s c 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 c o r t n a a n i o n o s l k s r s - n s , - , f c i i e n o n t O t x i a o s i o t c v n p t h n i e c e e t e s p s i r u r n , a t - g - ti a o s t n s i o o c n c r i s e a d - it tu i a t r r g a c a t r o l i i o r c c p u n r O l s e - ' d- c d r g r l o o o e p a n u a n c g s n y 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 a u n k v p n d t s e r e k i s f a r n , o - l g r i M A i n r n e g t 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 - d t - for cooperatives * 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—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, 507 165,106 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 May 1,882, 516 670, 723 190,961 38, 377 194,662 7,845 180,938 1,315 63, 564 18,137 June 1,880,408 668,850 196,408 40,033 200,415 7,768 181, 218 897 62,177 18,200 July 1,874,608 665,073 199, 238 42,161 203, 693 7,614 180,824 1,217 65, 111 15,311 August 1, 871,487 662, 592 202, 503 42,416 202, 796 7,416 179, 984 763 67,473 14,787 September 1, 866,697 659,017 197,451 40,901 194, 558 7,010 177,906 352 73,132 15, 739 October 1, 861, 739 655,403 190,773 34,882 180, 219 6,202 172, 993 431 79,156 16, 724 November. 1, 855, 945 651, 600 188, 463 33, 738 173, 331 5,991 170, 092 1,228 77, 325 17, 022 i 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 tbtis 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 C i e o e r 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 e a s - r ssoc L ia o ti a o n n s s i m l i o t n b i e a o s a m n t n n i s t s b k u t e J o - r End of month an b c a e l- 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 a e l n a - d - i r s - - f s e u e r t n e r c - v d .* 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 1,103 936 167 73 1938—December. 2,168, 920 1,368 1,034,162 198,840 1939—June.. 1,262 1,304 68 1,157 1,011 146 78 1939—July 2,067, 844 1,385 1,157, 536 161, 537 1939—November 1,274 1,317 54 ,182 1,036 146 August 2, 059, 792 1,392 1,186, 784 159,470 December 1,279 1,319 53 ,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 ,194 1,048 146 97 November- 2,043, 288 1,401 1, 252, 559 168,822 March 1,301 1,343 45 ,200 1,054 146 97 December.. 2,038,186 1,410 1, 271,161 181, 313 April.__ 1,303 1,345 44 1,214 1,068 146 87 1940—January 2,031,341 1,403 1, 280, 200 156, 788 May 1,299 1,342 43 ,224 1,078 146 74 February- 2,026, 614 1,407 1, 296,464 144,515 June 1,293 1,337 43 ,224 1,078 146 69 March. 2, 021, 951 1,413 1, 317,975 137, 642 July 1,297 1,339 42 1,224 1,078 146 73 April 2, 020, 572 1,420 1,348,072 133,811 August _ 1,297 1,340 41 ,224 1,078 146 75 May _ 2,017, 395 1,421 1,376, 700 137, 509 September n 295 June 2,012, 760 1,430 1,405,100 157,397 October , 296 July 2,004, 737 1,431 1,432,100 162,222 November August 1, 996, 443 1,431 1,461,867 168,402 September > 1,987,611 1,434 1, 487,974 176,047 October 1,980, 704 1,440 1, 515, 392 181, 526 p Preliminary. November.. 1, 1,443 1, 533, 246 185, 547 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 i Federal Home Loan Bank Board estimates for all Federal savingsmiscellaneous working funds with the Treasurer of the United States, and loan associations. accrued interest on bond investments, and accounts due from late post- * Excludes loans to other than member institutions which are negli- masters. gible in amount. Back figures—See BULLETIN for August 1935, p. 502. 54 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction ( [ p n h d y u s s i t c ri a a l l v p o r l o u d m u e c ) t i 2 o n * awar c d o e n d t ra (v c a ts lue) 3 Employment4 Y m ea o r n a th nd 1 ( I 9 m v n p 2 a c e 9 a l o n = u y m - 1 e ts 0 ) e 1 0 Total 1935 D -3 f u 9 M a r = c - 1 a tu 0 n N 0 r d u e u o - s r n * - M era in ls - Tot 1 a 9 l 23 R d - t 2 i e e a 5 s n l i = - - 10 o 0 A th ll er 1 t N 9 a u c 3 g u o r 5 r a l n i - - l - 3 - 5 9 19 F 23 a - c 2 t 5 o = ry 100 1 r = 9 p F t o o 2 1 a a l 3 l r 0 y c s y - 0 - - 2 * 5 F 1 i = l 9 r n o c e 2 1 g a a i 3 0 g d s r - 0 * 2 - h 5 t- ( D v 1 m = a s s 9 e a t l 2 1 p e u o l 3 0 e a n e r - 0 s e ) r 2 t t e 5 - *p W m = r c 1 s i o o 1 c h a 9 m d e 0 2 l o e s i 0 6 l - t e y * - 1 = 9 C i l n 1 3 i o o g v 5 0 f s - - 0 t 3 • 9 able able =100 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98.0 84 78 138 6 124 5 1920 75 93 60 83 63 30 90 107.1 117.2 91 94 154.4 143 2 1921 58 53 57 66 56 44 65 82.0 75.6 78 87 97 6 127 7 1922 73 81 67 71 79 68 88 90.7 81.2 85 88 96.7 119 7 1923 88 104 72 98 84 81 86 103.8 102.9 100 98 100 6 121 9 1924 82 95 69 89 94 95 94 96.4 96.0 98 99 98 1 122 2 1925 91 108 76 92 122 124 120 99.8 101.1 103 103 103.5 125.4 1926 96 114 79 99 129 121 135 101.7 104.2 107 106 100 0 126 4 1927 95 107 83 100 129 117 139 99.5 102.4 104 107 95 4 124.0 1928 99 117 85 99 135 126 142 99.7 103.5 104 108 96 7 122 6 1929 100.0 110 133 93 107 117 87 142 107 9 106.0 110.4 107 111 95 3 122 5 1930 90 8 91 99 84 93 92 50 125 101 2 92.4 89.4 92 102 86 4 119 4 1931 77.3 75 68 79 80 63 37 84 92 5 78.1 67.8 74 92 73 0 108 7 1932 60 1 58 41 70 66 28 13 40 83 0 66.3 46 7 55 69 64 8 97 6 1933 57.1 69 54 79 76 25 11 37 83 6 73.4 50.1 58 67 65 9 92 4 1934 65.8 75 66 81 80 32 12 48 90 7 85.7 64.5 62 75 74 9 95 7 1935 71.7 87 84 90 86 37 21 50 94 2 91.3 74.1 64 79 80 0 98 1 1936 82.7 103 108 100 99 55 37 70 100 3 99.0 85.8 75 88 80 8 99 1 1937 87.5 113 122 106 112 59 41 74 105.3 108.6 102.5 78 92 86.3 102.7 1938 80.7 88 78 95 97 64 45 80 98 4 89.7 77 9 62 85 78 6 100 8 1939 85.4 108 108 108 106 72 60 81 101. 8 96.9 90.8 70 90 77.1 99.4 1937 October _. 86.6 107 110 114 99 112 52 36 65 107.1 107.8 110.3 104.9 76 '95 85 4 November 84.9 95 97 94 92 109 56 32 76 104.5 103.7 104.1 93.3 71 '90 83.3 December 83.7 87 86 80 87 107 61 30 87 102.8 97.9 97.4 84.6 67 89 81.7 103.0 1938 January 82.3 86 82 75 88 103 52 26 73 98.2 93.0 90.6 75.3 65 90 80 9 February 81.5 84 82 73 90 98 51 32 66 97.8 91.9 91.1 77.5 62 88 79.8 March 81.2 84 84 72 90 97 46 33 56 97.9 90.4 90.6 77.6 60 86 79.7 100.9 April _. 80.1 82 82 69 88 95 52 37 65 98.2 88.2 88.5 74.9 57 83 78 7 May 79.1 80 81 67 88 90 51 37 62 97.3 86.4 86.1 73.2 58 '80 78.1 June 78.7 81 81 65 90 92 54 42 64 97.1 85.2 84.3 71.1 58 82 78.3 100.9 July. . _ - 78.7 86 85 71 95 94 59 49 68 97.1 86.0 84.7 71.1 61 83 78 8 August 79.8 90 90 77 99 97 66 53 77 98 1 87.9 88.8 77 3 62 83 78 1 September 80.4 92 95 81 100 98 78 56 96 99.8 89.4 92.0 81.6 64 '85 78.3 100,7 October. 81.7 95 99 88 100 98 82 57 102 100.0 90.2 92.4 84.2 68 '86 77 6 November 82.1 100 102 96 103 102 96 56 128 99.8 92.8 93.3 84.4 69 '87 77.5 December 83.1 101 100 97 104 102 96 57 128 100.7 94.4 94.0 87.1 69 '88 77.0 100.2 1939 January 83.4 102 98 98 104 103 86 55 111 98. 1 94.6 92.3 83.7 69 88 76.9 February 83.7 101 99 98 104 10,2 73 58 85 98.4 94.3 93.6 86.0 67 '88 76.9 March._. _ _ _ 84.6 101 100 96 104 103 69 55 80 99.3 94.0 94.3 87.6 66 88 76 7 99 1 April 83.1 97 98 93 103 92 67 58 74 99 4 93.8 94.1 85 5 60 88 76 2 May 83.8 97 99 90 104 96 63 55 68 100.3 93.3 93.0 85.0 62 '87 76.2 June . - 84.1 102 102 97 106 105 63 58 67 101.7 94.3 93.4 86.5 67 86 75.6 98 6 July .. 83.6 104 102 101 106 107 67 62 71 101.7 95.2 93.5 84.4 69 '87 75 4 August 85.2 104 103 106 108 92 73 67 78 102.5 95 9 96 3 89 8 70 '88 75 0 September 86.1 113 116 115 111 114 73 68 76 104 3 97 5 100 3 93 9 77 '90 79 1 100 6 October 88.0 121 126 129 115 119 76 68 82 105.2 101.2 103.7 101 7 80 '92 79 4 November 88.5 124 126 133 117 120 83 61 101 104.9 103.4 103.9 101.7 82 '93 79.2 December 90.0 126 124 140 117 115 86 60 107 105.5 104.6 104.2 103.9 78 '95 79.2 99.6 1940 January 90.3 122 117 135 113 118 75 53 93 102 1 104 0 101.5 98.4 78 92 79 4 February 89.7 116 113 124 110 114 63 56 68 101 8 102 2101 5 97 9 73 '90 78 7 March 88.4 113 112 118 106 117 62 57 66 102 4 100 6 100 9 98 4 69 89 78 4 99 8 April 88.2 111 112 113 107 119 64 62 66 102 4 99 3 99 7 96 5 70 89 78 6 May 88.6 115 116 119 110 118 64 64 65 103 3 99 3 99 1 96 4 72 '89 78 4 June 88.7 121 121 131 114 118 74 69 77 104.1 100.4 99.6 98.1 75 91 77.5 100.5 July 89.3 121 118 132 112 120 85 77 91 104 1 101 6 99 7 96 8 75 '92 77 7 August 90.5 121 120 135 112 114 90 82 98 105.4 103 8103.8 104.0 76 '98 77.4 September '91.7 125 129 146 112 116 93 82 101 107.3 105.2 107.7 110.1 77 '97 78.0 100.4 October __ _ '92.5 129 134 150 116 113 95 85 103 108.1 107.6 110.0 114.5 77 '94 78.7 P100. 2 November P93.4 P120 PU0 P87 P129 P108.2 PIIO.2 mo. 7 ni4.7 83 100 79.6 P100.1 v Preliminary. * Average per working day. ' Revised. 1 Department of Commerce series on value of payments to individuals. » For indexes by groups or industries, see pp. 56-59; for description, see pp. 753-771 of BULLETIN for August 1940. 3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see page 64. * The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 60-63 for employment and payrolls and p. 66 for prices. s Revised to exclude military and naval forces. e Seasonal adjustment factors revised. For back figures see p. 65 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882; for factory employment and payrolls, October 1938, pp. 838-866, and October 1939, pp. 879-887; for freight-car loadings, June 1937, pp. 524-529; for department store sales, October 1938, p. 918. JANUARY 1941 55 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. 1935-39 average = 100] 1939 1940 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Induttrial Production—Total 121 124 126 122 116 113 111 115 121 121 121 125 129 J»133 Mmnufactur09—Total... 122 124 128 123 116 112 110 114 122 121 122 127 131 P135 Durable 129 133 140 135 124 118 113 119 131 132 135 146 150 *155 Nondurable 115 117 117 113 110 106 107 110 114 112 112 112 116 J»120 Iron and Steel 161 161 167 147 118 106 99 118 154 156 158 164 165 166 Pig iron 154 163 169 161 136 118 117 127 148 157 162 '167 169 173 Steel ingots... 161 161 167 146 117 105 97 118 154 156 157 164 165 165 Machinery 115 123 125 127 123 123 123 124 128 133 138 145 146 »153 Transportation Equipment 105 103 129 138 138 132 117 117 122 111 107 138 158 Aircraft 213 239 266 288 283 299 306 323 364 394 '455 '520 546 P616 Automobiles _ 96 91 121 129 129 120 103 101 106 87 76 109 130 133 Railroad cars 105 122 136 156 158 149 125 121 111 '119 127 '153 153 P178 Locomotives 97 98 95 102 101 101 103 102 102 113 123 140 160 P171 Shipbuilding 138 142 144 149 150 156 156 164 170 189 213 220 227 J»233 Nonferrous Metals and Products., 144 153 159 154 142 132 124 126 129 136 144 152 162 J»168 Nonferrous metal smelting i_. 124 130 135 135 129 130 127 127 125 133 128 125 129 P131 Copper smelting 144 131 137 131 130 131 140 135 126 130 132 Copper deliveries 162 145 125 111 113 115 119 134 154 170 179 Lead shipments 130 144 136 119 102 100 104 110 119 127 128 126 127 131 Zino Shipments 146 154 144 131 126 122 115 115 122 133 138 141 142 139 Tin deliveries 101 118 159 180 168 148 132 137 141 146 Lumber and Products 113 121 121 115 114 111 110 112 111 107 114 121 123 P127 Lumber 112 121 122 115 114 110 109 110 110 '104 113 121 124 *128 Furniture 114 121 118 117 113 112 111 115 113 '115 115 121 122 P125 Btont, Clay and Glass Products.. 123 120 128 123 113 120 115 113 112 115 119 127 127 P127 Cement 120 121 131 125 106 117 115 115 113 110 115 125 133 139 Common and face brick 119 125 142 119 96 106 108 109 118 '117 129 130 Common brick 117 121 141 111 103 106 107 111 120 '117 130 124 Face brick 126 138 143 136 81 105 107 105 112 '118 125 142 Glass containers , 121 112 115 116 118 124 116 112 111 117 114 123 114 107 Polished plate glass 124 112 124 122 112 105 96 91 80 100 114 118 111 113 Textiles and Products 119 128 125 118 108 100 100 104 107 113 113 116 123 134 Textile fabrics 118 124 120 113 105 97 97 100 103 108 111 113 121 131 Cotton consumption 119 124 127 120 115 108 107 109 114 121 124 120 126 135 Rayon deliveries 130 146 152 151 144 139 138 142 144 137 128 120 130 146 Silk deliveries 91 89 78 69 64 64 61 58 56 57 61 65 71 77 Wool textiles 125 132 115 106 93 77 79 87 89 100 106 123 132 142 Carpet wool consumption. 124 132 115 111 108 87 97 95 79 69 95 109 125 128 Apparel wool consumption 131 125 104 107 92 80 68 82 88 113 108 137 152 160 Woolen yarn 113 115 105 99 89 78 78 86 92 102 104 120 124 131 Worsted yarn 150 151 112 75 76 90 93 112 118 136 150 154 Woolen and worsted cloth. 118 135 127 71 76 89 105 104 122 126 144 Lsather and Products 105 108 105 101 98 85 87 96 94 •6 96 Leather tanning 104 103 101 102 96 92 86 88 90 85 92 91 Cattle hide leathers.... 104 105 107 104 100 94 86 87 90 88 98 95 Calf and kip leathers.. 108 101 90 97 86 84 80 91 88 75 89 Goat and kid leathers.. 103 98 92 99 92 92 91 89 91 84 84 Bhoee 105 112 108 101 99 94 85 86 100 99 100 '99 111 Manufactured Food Products 109 110 112 111 113 112 111 112 115 110 114 '109 117 P118 wheat flour _. 101 97 102 100 100 100 100 105 98 100 99 100 104 99 Cane sugar meltings 107 92 96 95 95 86 89 97 112 101 90 116 J»149 Manufactured dairy products.. 108 110 115 109 114 112 112 •"106 111 '113 r109 '109 111 P109 Ice cream 114 114 120 102 115 110 113 104 112 116 104 Butter 97 103 105 110 109 107 108 102 105 105 104 105 108 106 Cheese 103 102 103 102 104 115 116 117 110 114 114 115 114 117 Canned and dried milk 111 118 123 128 126 123 118 112 117 121 132 130 136 128 Meat packing 113 116 126 124 129 128 117 117 126 116 119 121 127 133 Pork and lard 127 131 149 144 154 156 131 135 152 132 141 147 152 159 Beef 98 101 104 104 106 102 106 101 101 101 99 95 101 106 Veal 96 98 87 88 86 87 86 89 91 97 91 93 98 102 Lamb and mutton. __ 99 107 109 108 99 97 98 93 99 98 96 95 106 110 Other manufactured foods 110 111 111 111 112 112 112 112 115 110 115 109 117 J»118 Alcoholic Beverages 106 95 98 96 98 103 100 113 108 91 103 103 96 Malt liquor 112 102 104 103 96 99 102 99 99 103 91 93 100 94 Whiskey 57 57 57 58 59 65 78 84 84 72 44 71 80 77 Other distilled spirits 120 87 88 112 114 132 132 113 131 148 308 231 118 86 Rectified spirits 118 123 92 108 126 108 123 114 201 154 87 126 134 131 Tobacco Products 111 110 109 103 106 103 111 110 115 103 106 « 108 115 113 Cigars 103 100 104 107 103 100 102 104 98 101 105 102 105 103 Cigarettes.. 117 118 115 106 109 107 119 117 127 106 110 113 120 119 Manufactured tobacco and snuff. 102 103 100 97 95 99 100 99 99 96 100 112 106 ' Revised. * Preliminary. i Includes also lead and zinc production shown under "Minerals." 56 FEDERAL EESERYE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1939 1940 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Paper and Products 131 134 135 123 114 110 116 127 132 130 124 '120 122 Paper and pulp 128 132 134 123 114 110 117 128 132 130 123 '118 120 Pulp _ 136 137 147 138 133 135 140 149 159 153 150 150 148 Groundwood pulp 118 108 116 114 110 110 118 118 118 117 119 117 120 Soda pulp 129 131 145 129 117 116 118 135 148 142 120 114 124 Sulphate pulp 156 157 176 160 153 151 164 175 186 179 179 185 182 Sulphite pulp 131 133 138 134 130 136 136 145 157 151 148 145 141 Paper 127 131 132 121 111 106 113 125 128 126 118 '113 116 Paperboard 129 134 140 127 112 109 114 131 128 130 121 118 123 132 Fine paper 123 129 122 111 100 95 99 110 118 121 114 107 110 Newsprint production 103 101 105 106 112 112 113 113 115 111 113 111 112 "109 Printing paper 133 132 132 119 116 109 115 125 135 126 117 '111 113 Tissue and absorbent paper 131 138 140 119 119 105 119 123 137 131 121 '125 124 Wrapping paper 123 127 128 121 108 105 114 127 126 126 117 107 110 Paperboard containers.. 142 144 138 120 112 111 115 125 128 128 Printing and Publishing i..___ 118 117 119 109 108 106 108 115 120 114 110 108 108 Newsprint consumption.. 103 101 107 100 103 101 106 106 102 104 104 104 106 Petroleum and Coal Products.. 120 120 119 117 116 118 115 114 115 112 113 116 116 Petroleum refining 118 117 116 114 115 117 114 113 112 108 109 112 112 Gasoline 117 118 116 112 112 115 112 111 110 106 109 113 111 Fuel oiL ... 116 112 111 119 119 121 117 113 113 111 116 113 115 Lubricating oil 132 125 129 126 124 124 120 118 122 113 98 102 109 Kerosene 117 107 109 97 120 123 120 126 116 116 111 121 123 Coke 133 140 139 137 123 118 119 123 132 139 139 142 144 146 Byproduct coke 131 137 137 137 124 119 120 123 131 137 136 139 141 143 Beehive coke 192 244 217 145 89 80 84 101 142 206 248 252 251 265 Chemicals.. 111 111 112 113 111 109 111 114 116 117 115 '114 116 P119 Rubber Products 128 126 123 119 119 116 115 117 115 106 109 119 120 126 Rubber consumption 129 127 125 120 120 116 115 116 114 106 110 120 122 127 Tires and tubes 121 114 109 110 114 117 115 121 126 '104 '106 '111 109 118 Pneumatic tires 122 115 111 112 116 118 115 122 128 106 ••106 '112 110 120 Inner tubes 118 112 98 101 104 108 109 112 113 95 102 107 103 107 J#*nerel*-Total_. 119 120 115 118 114 117 119 118 118 120 114 116 113 P118 Fuels 117 118 113 117 112 114 116 115 116 117 112 114 109 Bituminous coal.. 123 119 106 119 103 109 120 122 116 121 122 119 98 P113 Anthracite 112 97 88 111 78 84 83 82 113 129 112 105 91 Crude petroleum. 116 120 118 116 118 120 118 116 116 114 108 114 115 Metals 128 131 124 127 130 134 135 135 134 139 125 127 135 Iron ore shipments.. 133 155 122 132 143 153 151 153 155 160 164 156 156 163 SCoSppC: 147 140 141 144 143 143 150 144 132 140 142 HI 109 112 114 116 117 118 124 117 120 117 108 119 Zinc. 116 127 130 130 133 127 127 123 120 128 123 133 132 135 Gold... 130 113 119 121 119 124 124 124 122 125 93 107 125 Silver.. 98 109 116 101 120 113 127 125 114 122 109 113 ' Revised. * Preliminary. i Includes also printing paper production shown under "Paper." NOTE.—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882, JANUARY 1941 67 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. 1935-39 average = 100] 1939 1940 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total.... 126 126 124 117 113 112 112 116 121 118 120 Manufactures—Total - . 125 126 126 118 114 112 112 116 122 118 120 Durable — 131 136 140 128 121 121 120 125 134 127 128 Nondurable 120 118 115 109 108 105 105 109 112 110 114 Iron and Steel 159 161 159 144 121 113 106 123 151 147 153 Pig iron . 154 163 160 153 134 124 123 133 149 154 161 Steel ingots 159 161 159 143 120 112 104 122 151 147 152 Machinery 117 123 127 123 123 126 126 126 129 129 135 Transportation Equipment 104 119 153 137 139 144 141 132 131 96 63 Aircraft 213 241 266 282 283 299 306 329 371 394 '455 Automobiles 94 111 150 130 130 134 130 118 114 70 " 23 Railroad cars 99 112 132 133 151 158 141 137 124 117 130 Locomotives 92 95 102 102 103 99 98 102 106 116 124 Shipbuilding 140 138 146 144 145 162 162 172 176 185 202 Nonferrous Metals and Products . 147 157 156 151 140 135 129 128 129 129 139 Nonferrous metal smelting1... 127 135 "136 135 129 132 133 127 124 122 122 Copper smelting 143 130 137 139 132 131 126 127 Copper deliveries _ 153 139 129 116 116 116 118 133 Lead shipments 136 154 142 121 101 100 106 109 113 118 122 Zinc shipments 148 162 149 137 128 125 116 115 117 123 127 Tin deliveries ._ 102 112 148 169 163 151 141 146 148 143 Lumber and Products 121 120 111 98 101 107 109 114 116 111 123 Lumber 119 116 105 93 96 104 109 117 119 112 126 Furniture 125 125 123 109 113 113 108 108 110 107 118 Stone, Clay and Olass Products 137 126 115 90 83 101 114 129 129 127 133 Cement 139 126 105 69 60 88 115 140 143 136 141 Common and face brick _. 145 137 119 70 50 71 103 131 146 147 150 Common brick 148 133 115 60 49 66 102 134 153 149 153 Face brick . . 138 148 129 96 53 84 107 126 129 140 142 Glass containers 124 114 107 104 109 117 116 119 117 121 124 Polished plate glass 142 127 149 129 106 111 96 91 79 66 93 Textiles and Products . .. 123 131 126 121 115 101 97 100 101 105 111 Textile fabrics 121 128 121 116 111 100 95 97 98 101 108 Cotton consumption 121 128 125 125 123 115 110 109 108 109 114 Rayon deliveries 145 152 150 148 141 132 127 127 131 134 137 Silk deliveries 99 101 84 72 65 66 60 55 51 51 57 Wool textiles 122 130 118 107 102 77 73 85 88 98 109 Carpet wool consumption. 122 129 107 105 118 98 91 91 77 67 101 Apparel wool consumption 126 126 107 105 99 80 63 82 88 108 113 Woolen yarn 111 113 105 100 97 76 73 86 92 102 108 Worsted yarn 150 151 123 101 97 72 72 90 93 107 120 Woolen and worsted cloth. 114 134 134 118 102 71 68 80 88 102 107 Leather and Products . _ _ 106 99 95 99 106 99 88 85 88 91 103 Leather tanning 104 104 102 102 104 91 86 86 87 82 89 Cattle hide leathers 105 109 109 105 111 95 86 85 85 82 93 Calf and kip leathers _ _ 103 96 91 95 91 79 79 86 90 83 87 Goat and kid leathers 102 95 94 99 96 91 94 87 91 83 81 Shoes. __ _ ._ 107 97 91 97 107 104 89 85 88 96 113 Manufactured Food Products 117 109 107 100 99 100 101 107 116 120 131 Wheat flour 110 100 98 101 99 97 94 95 92 99 100 Cane sugar meltings 104 76 77 79 93 95 98 95 116 116 95 Manufactured dairy products 85 75 73 71 83 95 112 143 168 164 144 Ice cream 82 68 62 51 68 85 108 142 179 195 168 Butter 85 81 83 88 94 95 107 132 147 128 114 Cheese 97 78 72 73 82 94 113 154 169 147 128 Canned and dried Tnjlk 89 82 85 97 107 120 133 161 173 148 136 Meat packing 113 131 148 146 124 116 111 117 123 109 102 Pork and lard 120 157 193 187 154 140 124 135 148 119 106 Beef 107 106 104 104 95 93 99 101 99 102 100 Veal ... 106 100 82 85 76 82 85 93 92 96 92 Lamb JVn<i mnttoTi 105 104 103 113 99 94 95 95 94 93 Q5 Other manufactured foods .. 123 112 107 97 98 98 98 102 110 118 Alcoholic Beverages 109 103 86 80 84 94 105 107 120 112 Malt liquor 92 83 81 82 82 95 111 117 126 127 Whiskey 54 71 66 77 77 81 86 84 67 40 Other distilled spirits 318 182 110 73 69 86 79 68 77 70 Rectified spirits 153 194 123 79 109 103 110 100 161 130 Tobacco Products 115 112 94 98 98 97 105 112 124 112 Cigars 125 119 80 86 90 92 97 102 104 105 Cigarettes 115 113 102 107 103 99 111 119 140 119 Manufactured tobacco and snuff.. 104 102 88 90 96 97 98 101 101 101 OC OO 3 SO OCS3 Sept. Oct. 129 134 130 136 144 155 119 121 161 164 164 169 161 163 142 149 121 167 '504 546 89 142 140 145 137 152 213 229 152 165 126 133 129 138 156 173 127 133 138 143 132 132 134 132 127 133 142 142 150 154 160 161 157 126 118 118 127 118 126 115 124 120 129 138 144 65 77 120 129 111 124 137 145 119 121 130 150 116 121 102 P97 90 94 87 85 110 101 132 195 115 102 111 104 119 120 112 117 107 102 106 140 108 94 24 56 100 317 68 134 110 118 108 117 116 121 97 108 ococoo Nov. P138 P159 P121 166 173 165 P153 P187 P622 161 P163 ^166 p\n *136 139 181 141 146 P126 P124 P130 P133 145 108 129 137 134 139 151 87 140 126 162 129 154 143 95 pin 103 P122 95 84 107 89 109 90 127 151 143 191 110 111 108 104 113 107 132 108 104 82 77 76 96 314 181 174 207 120 115 127 123 118 114 115 105 »• Revised. v Preliminary. i Includes also lead and zinc production shown under "Minerals." 58 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued Index numbers of the Board of Governors. 1935-39 average= 100] 1939 1940 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Paper and Paper Products 136 133 128 120 116 114 119 127 130 124 123 '124 127 Paper and pulp 132 131 128 122 118 114 120 128 131 123 121 r120 124 Pulp 137 137 143 139 137 138 144 150 157 147 148 147 149 Groundwood pulp __ 110 110 121 118 114 118 132 131 120 104 101 102 112 Soda pulp 129 131 140 129 121 119 122 135 147 133 120 115 124 Sulphate pulp 159 157 167 161 158 154 164 175 184 175 179 185 186 Sulphite pulp 134 135 134 134 134 139 138 145 154 144 148 145 143 Paper _ _ _ . . _ 131 130 126 119 115 110 116 124 127 120 117 120 Paperboard __ 137 134 125 122 115 113 116 128 128 123 123 125 130 • 132 Fine paper 123 125 120 112 106 102 108 114 116 110 107 rlO2 110 Newsprint production 103 104 106 106 111 112 113 114 116 108 110 111 112 112 Printing paper 135 131 131 119 119 114 119 127 132 118 r113 110 114 Tissue and absorbent paper 137 136 135 116 124 106 121 122 135 124 121 ••131 129 Wrapping paper 126 127 125 121 112 108 115 124 123 122 116 108 113 Paperboard containers 154 141 126 114 110 113 115 123 127 125 Printing and Publishing 1 122 119 120 106 109 111 114 119 119 103 102 108 113 Newsprint consumption _ ._ 110 106 109 93 99 107 108 110 107 88 91 105 111 111 Petroleum and Coal Products _ __ „_122 121 118 116 115 114 115 115 116 113 114 118 118 Petroleum refining 121 118 115 112 113 113 114 113 113 109 110 114 114 Gasoline 120 119 114 108 109 109 111 111 112 109 112 116 114 Fuel oil 117 113 113 122 120 119 115 113 112 109 114 114 116 Lubricating oil 132 125 128 122 122 123 125 123 122 111 97 102 109 Kerosene 117 111 111 102 121 125 123 126 113 110 107 119 123 Coke 133 141 140 138 125 120 118 122 131 135 138 141 144 147 Byproduct coke 131 137 137 137 125 120 120 123 131 134 136 139 141 143 Beehive coke__ 198 269 253 170 120 100 76 76 116 171 198 209 259 292 Chemicals 116 113 114 111 111 113 114 113 110 110 112 ••116 120 P122 Rubber Products 128 129 118 122 117 116 114 117 115 106 109 •122 120 129 Rubber consumption 129 131 119 123 117 116 114 116 114 106 110 123 122 131 Tires and tubes, 121 114 109 110 114 117 115 121 126 '104 '106 rill 109 118 Pneumatic tires 122 115 111 112 116 118 115 122 128 106 r106 ••112 110 120 Inner tubes 118 112 98 101 104 108 109 112 113 95 102 107 103 107 Minerals—Total 129 123 112 115 112 110 111 118 118 121 117 124 122 P121 Fuels.. 121 120 115 120 116 114 113 113 111 111 109 115 112 Bituminous coal 137 135 117 132 121 104 101 103 100 107 112 124 110 P129 Anthracite 118 99 93 128 86 86 89 90 104 101 83 100 97 J>96 Crude petroleum . _ 115 116 116 114 117 121 121 119 116 114 111 114 114 2?114 Metals 177 141 93 89 89 87 95 149 161 179 164 171 184 P145 Iron ore shipments 270 165 14 213 288 315 308 301 294 162 Copper ._ 144 142 144 150 141 140 133 135 136 rl46 148 Lead 109 116 118 114 116 115 119 122 116 112 114 112 117 Zinc 116 128 134 133 135 134 131 123 118 120 117 129 132 137 Gold 163 130 119 114 109 103 109 118 98 134 101 121 156 Silver 100 108 117 100 123 118 130 120 114 113 91 107 115 ' Revised. p Preliminary. i Includes also printing paper production shown under "Paper." NOTE.—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882. JANUARY 1941 59 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 of Manufactures through 193. 71923-25 average=*1001 1939 1940 Industry and group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total - 101.2 103.4 104.6 104.0 102.2 100.6 99.3 99.3 100.4 101.6 103.8 105.2 107.6 110.2 Durable goods 94 7 97 4 100 1 99.9 97 6 96.1 95 2 95 4 96 4 97.8 101.7 104.7 108.4 111.4 Nondurable goods 107.6 109.2 108.9 107.9 106.6 104.8 103.3 103.0 104.1 105.1 105.7 105.7 107.0 109.0 Iron, Steel, Products 105.9 110.8 112.1 110.4 107.0 102.7 100.8 101.2 103.7 107.3 111.1 rll2. 9 116.1 118.9 Blast furnaces, steel works 115 122 124 122 117 110 107 109 115 120 123 123 125 127 Bolts, nuts, washers, rivets 113 118 120 117 113 112 108 105 104 110 116 119 121 128 Cast-iron pipe 77 79 79 75 78 76 75 76 75 76 78 81 84 88 Cutlery, edge tools 102 107 109 107 103 101 102 101 102 104 104 107 109 111 Forgings __ 66 70 72 72 71 67 67 66 66 70 73 77 81 83 Hardware 99 106 106 104 101 98 97 95 82 84 98 rlO2 105 109 Plumbers* supplies 81 83 85 83 81 81 82 82 83 84 87 89 90 94 Stamped, enameled ware 162 166 166 160 161 158 155 153 153 156 169 178 187 190 Steam, hot-water heating 84 86 87 86 85 85 85 84 85 87 91 92 97 100 Stoves 90 91 93 93 91 91 89 88 91 95 96 95 98 99 Structural, ornamental 75 76 76 75 75 72 71 71 73 75 78 81 84 87 Tin cans, tinware _ . .. _ 103 103 100 101 100 99 98 97 100 100 98 96 99 103 Tools 91 94 96 96 96 93 93 92 92 95 98 101 105 111 Wirework . 164 171 176 172 162 161 158 156 151 139 152 rl70 191 203 Machinery 105 7 110.6 112 9 113.4 113 6 113 3 113 4 113.4 114 9 116.6 120.0 122.4 126.6 130.6 Agricultural implements . 125 128 131 133 137 136 133 136 136 133 139 141 143 140 Cash registers, etc. 126 127 129 127 128 128 128 128 130 130 129 132 132 133 Electrical machinery. . 97 100 103 103 102 102 102 101 103 104 107 111 116 120 Engines, turbines, etc 108 116 124 133 134 132 134 142 152 165 175 181 195 209 Foundry, machine-shop products- 91 95 97 98 98 97 97 96 97 98 101 103 107 110 Machine tools..,. .. 170 183 191 197 204 209 215 220 228 237 247 247 257 264 Radios, phonographs 145 160 153 144 144 145 153 155 144 145 145 138 134 142 Textile machinery. . .. 81 85 86 86 85 85 84 82 79 77 76 79 81 83 Typewriters 123 125 125 123 119 115 114 113 112 116 119 123 126 128 Transportation Equipment... .. _ . 106.4 102.3 113.7 114.3 112.1 112.5 111.2 111.6 111.8 110.7 120.9 rl29. 9 139.9 143.0 Aircraft 1,756 1,951 2,121 2,298 2,326 2,356 2,426 2,598 2,829 3,115 3,479 3,881 4,243 4,531 Automobiles . .. 108 100 112 111 107 107 106 105 102 97 107 115 125 124 Oars, electric-, steam-railroad 42 48 53 57 61 60 54 52 49 51 50 55 58 65 Locomotives . .. 25 26 28 30 30 28 27 28 29 31 33 36 39 42 Shipbuilding 132 133 139 140 146 148 148 154 164 175 186 187 195 205 Nonferrous Metals, Products 107.0 110.1 111.3 111.7 107.5 106.6 105.9 106.0 108.2 110.7 ••115. 7 118.6 122.3 125.6 Aluminum 166 172 170 173 170 168 170 173 177 185 193 196 200 205 Brass, bronze, copper 130 137 138 137 128 127 125 124 128 132 140 147 153 161 Clocks, watches 87 88 89 92 91 91 90 92 94 95 98 100 101 100 Jewelry 92 95 96 95 93 95 96 96 99 100 '99 94 96 98 Lighting equipment 95 89 95 95 88 84 85 84 86 81 92 100 103 105 Silverware, plated ware 70 72 74 74 71 70 70 70 68 71 70 72 74 74 Smelting, refining ___ 83 85 86 87 87 87 86 86 87 89 92 92 94 94 Lumber, Products 69.4 72.2 72.4 72.0 70.0 68.1 67.2 67.9 67.4 67.5 69.0 71.3 73.7 Furniture 89 93 93 94 91 90 90 90 90 89 90 91 91 93 Lumber, millwork . 63 64 64 65 63 62 61 60 61 62 63 65 68 71 Lumber, sftwrnills 63 66 66 65 63 61 60 61 60 60 62 64 64 67 Stone, Clay, Glass Products.. 81.9 85.0 85.4 85.8 80.8 80.0 79.8 78.9 79.8 81.3 81.8 83.0 84.7 88.2 Brick, tile, terra cotta 61 64 65 66 61 59 59 58 58 60 60 61 61 65 Cement 68 70 71 68 66 65 68 66 67 66 69 70 72 74 Glass 106 109 109 111 103 105 104 103 103 105 107 109 112 117 Marble, granite, slate 49 49 50 46 48 45 45 47 47 45 45 46 46 46 Pottery 90 93 94 95 93 90 89 88 91 94 94 94 96 100 Textiles, Products 106.0 107.5 105.8 104.4 102.7 99.1 96.6 96.3 96.8 100.2 101.1 101.9 102.6 105.1 Fabrics 97 7 99.7 96 9 95.0 93 1 88.6 87 8 87.7 88.0 91.3 92.6 93.4 95.2 97.6 Carpets, rugs 83 85 84 85 83 78 79 76 70 71 72 75 79 82 Cotton goods __ 94 96 95 94 93 89 89 88 89 91 93 94 95 97 Cotton small wares 91 92 91 88 83 77 76 76 76 77 79 81 82 87 Dyeing, finishing textiles 133 132 131 127 124 123 121 123 119 125 128 129 128 129 Hats, fur-felt 86 90 92 91 90 84 65 68 74 85 83 84 81 84 Hosiery _ . . 151 151 146 145 145 139 139 134 133 136 138 138 140 141 Knitted outerwear 76 75 68 62 68 65 60 61 65 69 72 69 70 71 Knitted underwear 79 80 79 80 77 77 74 72 72 76 75 74 75 76 Knitted cloth._ 148 155 146 142 134 133 130 127 131 138 147 151 153 149 Silk, rayon goods 75 77 74 71 66 65 65 67 64 63 62 '61 63 65 Woolen, worsted goods 90 95 89 85 81 71 70 73 77 85 86 90 93 99 Wearing apparel 120.4 120.4 121.6 121.3 120.0 118.8 112.4 111.6 112.4 116.1 116.1 116.4 114.8 117.4 Clothing, men's 107 108 112 110 107 107 100 98 102 105 104 104 102 108 Clothing, women's 171 171 171 167 169 167 156 158 158 166 164 165 164 167 Corsets, allied garments 117 117 117 117 114 113 111 113 113 106 112 112 112 114 Men's furnishings 138 127 122 120 120 120 115 114 111 120 125 126 122 119. Millinery 80 74 75 79 83 83 78 72 71 71 73 78 74 67 Shirts, collars 121 123 123 132 125 122 122 121 116 116 118 119 117 117 ' Revised. NOTE.—Figures for November 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. 60 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 1937. 1923-25 average=1001 1939 1940 Industry and group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Leather, Manufactures 97.4 99.1 96.9 97.3 95.4 93.8 91.9 87.9 89. 90.9 89.1 91.1 Boots, shoes 98 96 94 93 90 86 88 89 87 90 92 Leather _ 88 87 85 83 82 81 81 81 82 81 82 84 Food, Products 126.9 129.6 131.4 130.7 130.8 130.3 128.8 129.1 131.9 129.0 129.8 127.0 130.1 132.8 Baking 146 145 145 144 144 145 144 145 146 146 146 144 144 144 Beverages 271 279 285 280 278 275 274 273 278 272 265 271 281 Butter ... _ 95 97 97 95 96 96 97 98 97 96 96 96 103 Canning, preserving 137 150 154 149 155 152 150 147 161 137 146 130 152 154 Confectionery 82 86 86 85 86 83 82 84 86 88 86 86 89 Flour _ 80 77 79 80 80 79 81 79 79 79 78 78 Ice cream _ 78 79 79 79 79 79 76 77 75 76 75 79 81 Slaughtering, meat packing 103 106 108 108 109 110 107 107 109 111 108 109 110 114 Sugar, beet 107 105 118 162 102 102 98 99 102 99 106 111 101 Sugar refining, cane 100 95 98 94 93 97 94 95 96 97 96 95 100 Tobacco Manufactures _ _. 63.5 63.1 64.7 64.2 62.7 64.3 65.0 63.2 65.2 62.8 63.0 63.7 63.3 63.4 Tobacco, snuff 62 60 60 62 60 59 59 58 56 57 57 56 Cigars, cigarettes.. 64 63 65 65 65 64 66 64 64 65 64 64 Paper, Printing 115.0 115.7 116.4 115.5 114.7 114.8 114.3 115.3 115.7 116.4 116.4 115.7 116.2 116.6 Boxes, paper 121 122 121 121 118 116 115 116 118 119 119 117 117 120 Paper, pulp. 114 115 115 114 113 113 112 115 116 117 117 117 115 116 Book, job printing.. 99 100 101 102 100 100 101 100 100 101 100 100 102 102 Newspaper, periodical printing... 116 115 116 114 116 117 116 117 116 116 117 116 117 117 Chemicals, Petroleum, and Coal Products 119.9 121.3 121.9 121.4 120. 120.0 121.1 122.0 122.4 121.7 122.2 121.3 122.9 123.9 Petroleum refining 122 123 122 122 122 123 122 122 123 122 122 121 121 120 Other than petroleum 119.4 120.8 121.8 121.3 120.: 119.4 120.9 121.9 122.3 121.4 122.2 121.3 123.4 124.8 Chemicals _ 132 137 138 138 138 137 136 137 138 138 141 141 143 148 Cottonseed oil, cake, meal 98 91 91 92 87 84 97 94 83 78 75 62 92 95 Druggists' preparations 113 114 116 119 118 117 119 122 120 120 117 116 114 113 Explosives 102 104 1(6 104 108 109 116 120 127 133 139 145 141 144 Fertilizers... 109 106 111 105 99 102 109 119 120 114 113 107 107 105 Paints, varnishes 125 126 126 127 124 124 123 121 122 124 126 127 125 127 Rayon, allied products 309 310 311 310 309 304 312 311 315 308 306 309 310 311 Soap 87 86 87 86 84 81 81 82 82 83 85 81 86 82 Rubber Products 91.2 93.0 92.4 90.2 87.! 86.7 83.9 83.5 84.2 84.7 87.0 89.7 91.6 93.8 Rubber boots, shoes.._ 60 61 61 59 57 57 57 56 57 56 54 54 57 60 Rubber tires, inner tubes j 74 75 75 74 73 72 70 69 69 69 71 73 74 76 Rubber goods, other 154 159 157 152 145 142 136 138 140 141 149 155 158 160 TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Year and month a T g n r o o ic t n a u - l l- Manu- JLiJLUJ71VJ UVO C A o AJ n L - JJLUXlC T p *g o r ll a V r ; n t U a s ll - / - UJ.C*l \J& UC* WXXiJXA c X i X F a X l i \} , n X X s a e t/ n O r - v- Gov- M t a a n i r l d y itural Total 2 factur- Mining struc- tion and Trade ice, and ern- naval employ- ing tion public miscel- ment 2 forces ment 12 utilities laneous 1929—average. . 36,448 30,589 10,203 1,064 1,806 3,878 6,404 4,147 3,087 262 1930—average. . 34,177 28,346 9,087 982 1,422 3,647 6,065 4,028 3,116 263 1931—average. . 31, 256 25, 531 7,751 847 1,236 3,221 5,530 3,782 3,166 260 1932—average. . 28,035 22,452 6,571 706 821 2,789 4,914 3,471 3,180 254 1933—average. . 28,222 22,672 7,036 714 755 2,647 4,941 3,422 3,156 252 1934—average. . 30,631 24,875 8,112 844 840 2,727 5,476 3,627 3,251 258 1935—average. . 31,804 25,965 8,640 855 908 2,762 5,669 3,771 3,359 269 1936—average- 33,868 27,824 9,350 896 1,211 2,944 5,941 3,978 3,504 301 rs?—average. . 35, 560 29, 441 10, 273 949 1,148 3,102 6,233 4,144 3,593 322 1938—aver age. . 33, 266 27,133 8,731 834 1,001 2,835 6,012 4,059 3,662 335 1939—average. . 34,383 28,240 '9, 304 790 '1,241 '2,934 '6,144 4,119 3,708 369 1938—Nov 33, 695 27, 558 8,988 837 1,089 2,856 6,088 4,021 3,679 340 Dec 34,008 27,877 9,048 830 991 2,836 6,450 4,015 3,707 341 1939—Jan 33,132 26,989 '8,902 821 '945 '2,801 '5,898 '3,989 3,633 340 Feb 33, 265 27,122 '9,026 819 '950 '2,811 '5,877 '3,996 3,643 341 Mar..— 33,537 27,394 '9,086 819 '1,017 '2,840 '5, 957 '4,024 3,651 345 33,600 27, 457 '9,073 546 '1,157 '2,866 '6,058 '4,096 3,661 351 M^ay"--" 33,886 27, 743 '8, 985 653 '1, 280 '2,895 '6,092 '4,146 3,692 355 June 34, 356 28, 213 '9, 025 793 '1,375 '2,953 '6,153 '4,182 3,732 364 July 34,350 28,207 '9,035 787 '1,413 '2,963 '6,073 '4,186 3,750 376 Aug 34,630 28,487 '9, 263 807 '1,440 '2,977 '6,065 '4,183 3,752 373 Sept 35,240 29,097 '9, 587 823 '1,440 '3,035 '6,241 '4,220 3,751 376 Oct 35, 546 29,403 '9,866 871 '1, 389 '3,068 '6,302 '4,160 3,747 386 Nov 35,418 29,275 '9,886 881 '1,310 '3,023 '6, 329 '4,121 3,725 402 Dec 35, 641 29,498 '9,908 866 '1,178 '2,976 '6,687 '4,125 3,758 422 1940—Jan 34,475 28,332 '9,698 853 '1,012 '2,935 '6,062 '4,078 3,694 435 Feb 34, 381 28, 238 '9,699 854 '939 '2,941 '6,026 '4,084 3,695 450 Mar..... 34, 578 28,435 '9,652 849 '991 '2,940 '6,201 '4,100 3,702 457 Apr 34,607 28,464 9,557 835 '1,118 '2,956 '6,122 '4,160 3,716 461 May 34,898 28,755 '9, 511 845 '1, 249 '3,000 '6,197 '4,202 3,751 464 June 35,146 29,003 '9, 545 838 '1,321 '3,032 '6,254 '4,214 3,799 474 July 35,176 29,033 ••9, 554 837 '1,378 '3,059 '6,159 '4,218 3,828 516 Aug 35,617 29,474 '9,878 839 '1,443 '3,081 '6,168 '4,226 3,839 549 Sept 36,233 30,090 10,184 '846 '1,511 '3,120 '6,321 '4,255 3,853 634 Oct 36, 497 30,354 10,373 856 1,580 3,121 6,362 4,186 3,876 733 Nov 36, 535 30, 392 10,424 861 1,582 3,065 6,422 4,167 3,871 822 «• Revised. NOTE.—Compiled byfBureau of Labor Statistics. Figures for November 1940 are preliminary. i Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. * Revised to exclude military and naval forces. JANUARY 1941 61 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 through 1937. 1923-25 average=100] Factory employment Factory payrolls Industry and group 1939 1940 1939 1940 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. Total 103.7 103. 99.7 103.8 107.7 110.0 110. 101.7 101.7 96.8 104.0 110.1 114.5 114.7 Durable goods 96.2 98.3 95.9 99.8 105.5 109.9 112.4 99.8 101.1 96.5 105.5 114.1 122.1 124.0 Nondurable goods 110.8 109.2 103.3 107.6 109. 110.2 109.1 103. 102.4 97.1 102.4 105.6 105.9 104.4 Iron, Steel, Products 106.8 111.1 106.2 110.7 113. 6 117.1 119.3 112.1 114.7 104.3 113. 118. 2 123.7 126.1 Blast furnaces, steel works 115 122 119 122 123 125 127 124 127 116 125 128 131 135 Bolts, nuts, washers, rivets 113 118 109 115 118 121 128 138 142 112 139 139 150 162 Cast-iron pipe 77 77 78 80 82 84 86 71 74 75 76 79 85 88 Cutlery, edge tools 104 109 99 102 107 111 114 94 102 91 93 101 106 109 Forgings 65 70 73 77 80 83 75 84 78 86 92 102 106 Hardware 100 106 100 105 109 110 119 86 107 '114 119 123 Plumbers' supplies 82 83 84 89 91 94 80 78 74 80 81 85 88 Stamped, enameled ware 164 166 152 164 176 189 190 173 171 166 183 201 217 211 Steam, hot-water heating 86 87 84 90 94 99 103 83 78 85 91 103 104 Stoves 97 96 92 98 101 106 105 94 81 89 97 106 Structural, ornamental 76 76 76 80 83 86 88 68 67 68 73 75 80 Tin cans, tinware 106 101 106 108 105 101 100 111 105 113 122 117 113 105 Tools... 91 95 94 96 100 106 112 92 97 92 96 104 113 124 Wirework 166 173 136 146 165 193 205 183 200 141 163 192 231 245 Machinery 106.6 111.0 116.1 119.2 123.1 127.3 130. 111.0 117.1 125.7 131.0 137.9 145.3 149.1 Agricultural implements 118 125 131 131 134 135 137 131 141 149 152 156 159 160 Cash registers, etc 126 127 130 129 132 132 133 126 129 136 136 140 142 144 Electrical machinery _• 97 100 104 107 111 116 120 106 110 118 124 131 138 144 Engines, turbines, etc __ 105 110 168 175 182 190 199 129 139 224 239 249 263 277 Foundry, machine-shop products- 91 95 98 101 103 107 110 90 94 96 101 105 112 115 Machine tools 171 184 235 238 248 258 266 208 238 308 303 332 352 354 Radios, phonographs 177 180 143 157 16U 164 159 170 170 139 150 162 164 154 Textile machinery 80 84 77 76 78 80 83 76 82 73 74 76 79 80 Typewriters 124 128 114 118 123 127 131 126 126 117 125 137 163 166 Transportation Equipment 106.1 103. 9 99.7 104.9 126.7 139.2 144.8 110.8 106. 7 115.7 141.3 163.1 167.0 Aircraft - 1,704 •1, 932 3,147 3, 479 3,764 4,116 4,486 1,703 1,956 3,125 3,727 4,212 4,639 5,265 Automobiles 108 102 82 85 112 125 128 113 106 81 96 125 149 149 L C o a c rs o , m e o le t c iv tr e i s c-, steam-railroad 4 2 1 6 4 2 7 6 3 5 1 1 3 5 3 1 3 5 6 4 3 5 9 6 4 6 2 3 3 2 8 5 4 2 0 5 4 3 3 1 47 ' 3 6 7 0 4 5 0 0 4 5 4 7 Shipbuilding 134 133 170 181 188 197 205 144 141 193 33 228 244 241 212 Nonferrous Metals, Products 110.4 113.5 106.9 113.8 119.8 126.1 129.2 113.6 115.4 105.8 117.0 128. 0 136.3 140.7 Aluminum 168 174 181 189 195 203 209 191 196 194 225 239 250 257 Brass, bronze, copper 131 137 130 138 147 155 161 154 157 146 161 178 190 200 Clocks, watches 90 93 90 95 101 105 106 99 100 91 101 109 119 121 Jewelry 107 107 93 99 103 111 110 93 91 76 83 91 98 94 Lighting equipment 98 93 77 88 100 107 110 82 78 64 77 90 97 100 Silverware, plated ware 73 76 63 69 73 77 79 71 75 51 '61 70 78 81 Smelting, refining 84 86 91 92 95 95 81 85 87 92 93 Lumber, Products 72.4 73.0 71.3 73.4 74.4 74.6 68.7 60.7 68.3 '71.2 73.7 70.7 Furniture 95 97 91 95 97 97 85 74 82 '87 91 89 Lumber, millwork 64 64 63 64 67 69 71 52 53 49 '63 55 58 58 Lumber, sawmills 62 65 66 67 62 61 54 62 64 65 61 Stone, Clay, Glass Products 84.: 85.5 82.4 84.5 85.8 87.5 80.3 78.9 71.1 76.7 79.5 82.8 81.9 Brick, tile, terra cotta 65 65 64 64 65 65 65 57 54 52 54 54 55 54 C ement 72 70 72 75 75 76 74 71 67 68 73 77 76 73 Glass 107 109 103 107 109 113 117 121 121 105 116 121 130 131 Marble, granite, slate 51 50 48 49 49 48 47 39 39 34 37 38 37 32 Pottery 92 95 91 94 98 102 89 71 80 85 91 95 Textiles, Products 108.0 107.7 94.5 99.7 102. 6 104. 5 105.3 93.5 92.7 77.7 87.4 '92.6 93.2 92. 1 Fabrics 98.6 100.7 88.0 90.4 92.8 96. 98.6 88.0 91.6 76.4 80.9 84.8 89.5 90.8 Carpets, rugs 83 85 71 71 76 80 82 75 76 54 59 '65 73 73 Cotton goods 94 97 88 89 92 95 91 78 80 85 90 92 Cotton small wares 92 93 74 77 79 83 90 69 73 77 83 88 Dyeing, finishing textiles _ 133 134 116 122 125 128 131 116 115 95 102 107 111 113 Hats, fur-felt 86 88 83 87 86 80 82 61 73 78 83 77 68 74 Hosiery 154 155 131 136 139 143 145 174 170 130 144 147 158 160 Knitted outerwear 82 78 66 70 73 75 74 70 64 54 60 64 66 64 Knitted underwear 80 81 72 73 74 76 76 74 75 63 66 ' 68 72 72 Knitted cloth 152 154 136 148 154 157 148 132 131 117 129 138 136 128 Silk, rayon goods 77 78 61 63 64 65 65 61 64 47 51 51 52 52 Woolen, worsted goods 91 95 83 87 89 94 99 77 82 74 78 82 88 89 Wearing apparel 124.7 118.7 104.9 116.7 120.7 119.0 115.7 98.7 89.2 75.6 94. 102. 5 94.9 89.3 Clothing, men's 109 105 103 107 108 105 104 83 76 77 82 83 78 76 Clothing, women's 178 168 137 164 171 171 164 133 116 89 130 142 131 119 Corsets, allied garments 118 117 103 109 112 113 113 127 121 100 109 123 124 122 Men's furnishings 144 137 110 117 123 128 129 143 139 98 114 120 134 141 Millinery 82 67 55 73 87 76 61 62 49 37 65 94 55 41 Shirts, collars 127 128 111 117 122 122 121 116 118 102 108 115 110 p Revised. 62 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 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. Leather, Manufactures 96.2 91.9 91.6 92.0 90.8 90.0 86.9 76.5 71.1 76.4 77.0 74.6 73.4 68.4 Boots, shoes 94 89 91 91 90 88 84 71 65 75 75 72 69 62 Leather 88 88 80 80 80 82 84 88 87 76 77 77 82 83 Food, products 137.7 129.8 135. 5 145.8 '147. 5 141.4 132.8 130.0 125.3 131.4 139.0 138.6 134.3 128.7 Baking __ ._ __ 148 147 147 147 147 146 146 137 137 142 140 141 139 138 Beverages 271 261 300 299 283 271 263 309 294 353 358 332 314 301 Butter -.. 95 94 105 103 100 96 101 82 79 90 89 88 82 83 Canning, preserving 182 121 180 264 269 202 125 156 101 147 248 232 171 102 Confectionery 97 98 74 80 96 102 102 96 96 69 77 98 103 99 Flour 82 78 80 80 81 81 79 83 71 76 76 81 78 72 Ice Cream _ _ __ .. 73 69 92 91 81 74 71 62 58 78 78 70 64 61 Slaughtering, meat packing 103 108 111 107 108 110 116 108 113 118 112 113 116 119 Sugar, beet __ . ... ... 287 287 58 89 102 267 275 245 283 56 88 116 213 276 Sugar refining, cane 101 94 101 98 96 100 98 87 77 91 85 82 87 88 Tobacco Manufactures 66.7 66.4 62.4 64.4 65.8 66.5 66.7 63.4 62.9 62.3 62.3 65.9 66.5 66.1 Tobacco, snuff _ 62 61 56 55 56 57 56 71 68 67 65 67 68 68 Cigars, cigarettes 67 67 63 66 67 68 68 62 62 62 62 66 66 66 Paper, Printing 116.5 117.5 114.7 115.2 116.2 117.7 118.3 113.8 114.2 111.2 110.9 113.4 115.2 115.4 Boxes, paper _ . 128 129 116 118 120 124 126 151 145 128 131 134 142 144 Paper, pulp 114 115 117 117 117 115 116 126 125 126 125 124 124 124 Book, job printing 99 101 99 100 100 103 103 84 89 87 86 88 91 90 Newspaper, periodical printing... 117 117 114 114 116 118 118 110 109 106 106 111 112 113 Chemicals, Petroleum, and Coal Products 122.3 122. 6 118.5 119.4 122.6 125.3 125.3 133.3 133.1 133.4 134.4 138.2 139.3 139.8 Petroleum refining 123 124 123 123 123 121 121 140 138 137 137 139 136 134 Other than petroleum ... 122.2 122.3 117.4 118.6 122.6 126.3 126.3 131.2 131.6 132.4 133.5 137.8 140.3 141.6 Chemicals 134 138 140 142 143 146 149 158 162 169 169 171 176 183 Cottonseed, oil, cake, meal 139 120 45 52 81 131 125 120 115 46 49 78 128 120 Druggists' preparations 117 118 114 114 118 118 116 133 131 125 127 133 133 131 Explosives 104 106 133 140 148 145 147 125 128 167 172 175 181 187 Fertilizers 99 92 80 81 96 97 90 80 76 70 71 85 82 74 Paints, varnishes 125 125 125 124 126 125 126 135 132 132 132 136 136 136 Rayon, allied products. _ _ _ 310 313 307 308 312 311 315 303 310 315 318 328 323 331 Soap 90 89 81 84 82 89 84 109 104 100 102 107 107 100 Rubber Products 92.4 93.9 83.5 85.9 »-89.4 92 8 94.7 101.9 99.8 85.2 87.7 95.7 99.4 102 7 Rubber boots, shoes ._.. . 62 62 54 55 56 59 61 64 67 51 57 60 63 66 Rubber tires, inner tubes 74 75 69 71 73 74 76 91 86 77 76 85 87 91 Rubber goods, other . .. 158 161 138 144 153 161 163 161 163 132 142 153 161 162 r Revised. NOTE.—Figures for November 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] Aveiage hours worked per week Average hourly earnings (cents per hour) Industry group 1939 1940 1939 1940 Sept. Oct. June July Aug. Sept. Oct. Sept. Oct. June July Aug. Sept. Oct. Total 38.0 39.1 37.5 37.3 38.4 38.8 39.3 63.8 64.6 67.2 66.7 66.8 67.1 67.3 Durable goods 38.2 40.1 38.7 37.9 39.7 40.2 41.0 70.9 71.3 73.2 72.7 73.1 73.7 73.9 Iron, Steel, Products ... .. .. 37.0 40.3 37.6 37.2 38.8 39.2 39.9 76.1 76.4 77.4 77.7 77.7 77.9 77.8 Machinery 39.1 40.6 40.8 40.5 41.2 41.8 42.4 72 2 72 1 74.3 74.4 74.5 74.6 74 9 Transportation Equipment 37.3 38.1 38.1 36.2 39.9 40.0 41.6 89.5 89.1 90.5 89.1 89.7 90.0 89.7 Nonferrous Metals, Products 39.9 41.4 39.0 38.6 40.1 41.5 42.0 67.4 69.1 70.2 70.1 70.3 71.0 71.2 Lumber, Products 39.3 40.9 38.5 37.0 39.4 39.9 40.7 50.1 50.2 52.3 51.9 52.6 52.5 52.4 Stone, Clay, Glass Products 37.0 39.2 36.3 35.5 37.0 37.4 38.1 64.7 65.4 66.4 66.5 66.8 67.2 67.1 Nondurable goods 37.8 38.2 36.4 36.7 37.2 37.5 37.6 58.3 59.0 61.7 61.5 61.3 61.1 60.9 Textiles, Products 35.5 36.7 33.5 33.8 34.9 35.7 35.9 48.2 48.6 49.6 50.2 51.2 51.4 50.9 Fabrics 37.0 37.8 34.1 34.8 35.7 36.4 37 3 46 1 46.4 48.4 48.6 48.6 48.7 48.7 Wearing apparel 32.8 34.5 32.5 31.9 33.5 34.4 33.4 51.9 52.7 51.8 53.4 55.8 56.3 55.2 Leather, Manufactures 34.8 35.3 33.2 35.9 35.8 34.8 34.8 53.2 53.2 55.3 55.3 55.4 55.8 55.7 Food, Products 41.6 40.5 40.1 39.9 40.4 40.3 40.0 58.5 60.8 64.1 62.5 61.5 60.3 61.0 Tobacco Manufactures 36.9 37 0 38.1 36 8 36 1 37 8 37 6 47 5 47 4 50.5 50.2 49.2 48.7 48 4 Paper, Printing 39.0 39.7 38.5 38.4 38.2 38.4 38.7 77.4 77.3 79.7 79.1 78.9 79.2 79.2 Chemicals, Petroleum, and Coal Products 38.8 39.8 38.5 38.7 39.0 39 3 74 1 73.8 77.1 78.3 77.8 77.3 75.7 Petroleum refining _. .. 35.6 36.9 35.7 35.3 35.8 36.1 36.4 96.9 97.4 98.3 98.6 97.7 98.3 97.2 Other than petroleum refining. 39.9 40.8 39.6 39.7 39.8 40.0 40.2 65.8 65.7 70.2 70.9 70.7 70.0 68.7 Rubber Products 37.6 39.2 36.4 35.7 36.3 37.5 38.0 76.8 76.9 78.0 78.5 77.9 78.0 77.4 JANUARY 1941 63 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 Total R b es u i i d ld en in t g ial an u d ti li p ti u e b s» lic Month Factories Commercial Educational* Other i 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. S 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 55.9 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 299.9 398.7 109.3 140.4 17.4 49.5 22.9 38.9 19.4 16.5 28.7 34.1 102.1 119.3 August «.. . 312.3 414.9 127.2 153.0 10.4 39.6 21.1 28.6 13.8 14.4 24.6 36.6 115.3 142.8 September 323.2 347.7 129.7 152.4 20.7 38.0 26.6 27.1 10.1 9.8 24.9 26.4 111.1 94.0 October 261.8 383.1 118.3 148.5 16.8 47.1 22.6 29.4 9.5 18.6 23.8 41.2 70.8 98.2 NoVGTTlt>Ar 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 »Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Total Public ownership i Private ownership i Month 1935 1936 1937 1938 1939 1940 1935 1936 1937 1938 1939 1940 1935 1936 1937 1938 1939 1940 January > 100 215 243 192 252 196 55 149 112 118 148 93 45 66 130 75 104 104 February 75 140 188 119 220 201 38 79 69 51 111 82 37 62 119 68 109 119 March 123 199 231 227 301 272 68 96 66 95 128 95 55 103 165 132 173 177 April 124 235 270 222 330 301 53 105 74 99 160 103 71 130 195 123 170 197 May 127 216 244 283 308 329 47 94 93 144 135 112 80 122 151 139 174 217 June - _ - _ 148 233 318 251 288 325 64 116 137 108 128 147 84 116 180 143 161 177 July _ 159 295 322 240 300 399 67 153 131 98 137 205 93 141 191 142 163 194 August 169 275 281 313 312 415 92 153 104 171 158 195 76 122 178 142 154 220 September 167 234 207 301 323 348 97 116 80 160 144 144 70 119 127 141 179 204 October 201 226 202 358 262 383 114 101 78 203 92 175 87 125 124 154 170 209 November 188 208 198 302 300 380 118 89 93 179 144 195 70 119 106 123 156 186 December 264 200 209 389 354 196 82 115 279 225 68 117 94 110 129 Year 1,845 2,675 2,913 3,197 3,551 1,007 1,334 1,152 1,705 1,708 837 1,341 1,761 1,492 1,842 » Back figures.—8QQ 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 Nov. Oct. Nov. Federal Reserve 1940 1939 1940 1939 district Boston 31,115 26, 543 22,906 Nov. Oct. Nov. Nov. Oct. Nov. New York 44,802 56,407 65, 521 Philadelphia 21,037 16, 449 12, 551 Cleveland 48,823 26,401 Boston 67 79 847 774 1,187 Richmond 45, 703 51,758 24,056 New York 353 400 485 3,928 4,788 5,136 Atlanta 35, 367 52, 510 55.063 Philadelphia 74 72 84 700 720 715 Chicago 70,767 67, 270 47, 615 Cleveland 57 51 55 950 552 721 St. Louis 31,697 27,121 16, 791 Richmond 31 40 34 769 498 291 Minneapolis 7,624 11,099 7,347 Atlanta 38 53 40 744 858 252 Kansas City 20,912 12,916 8,924 Chicago 155 153 168 2,845 1,580 1,922 Dallas 22,500 22, 798 12, 672 St. Louis 44 39 32 534 481 475 Minneapolis 22 19 24 118 181 276 Total (11 districts) 380,347 299,847 Kansas City 40 45 53 269 289 353 Dallas 26 33 24 3,145 720 293 San Francisco 117 117 106 1,723 1,274 1,580 Total 1,024 1,111 1,184 16, 572 12,715 13,201 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. 64 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 Merchandise imports» Excess of exports Month 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 January 199 223 289 213 370 187 240 171 178 242 11 -18 118 35 128 February 182 233 262 210 347 193 278 163 158 200 -11 -45 99 61 147 March 195 257 275 268 351 199 307 173 190 217 -4 -51 102 77 135 April 193 269 274 231 324 203 287 160 186 212 -10 -18 115 45 112 May ... 201 290 257 249 325 192 285 148 202 211 9 5 109 47 114 June 186 265 233 236 351 191 286 146 179 211 -5 -21 87 57 139 July . . 180 268 228 230 317 195 265 141 169 232 -15 3 87 61 85 August 179 277 231 250 '351 193 246 166 176 221 -14 31 65 74 130 September 221 297 246 289 295 216 233 168 182 195 5 63 79 107 100 October... 265 333 278 332 344 213 224 178 215 207 52 108 100 117 137 November 226 315 252 292 P328 196 223 176 235 P223 30 92 76 57 J»104 December 230 323 269 368 245 209 171 247 -15 115 98 121 Year 2,456 3,349 3,094 3,177 2,423 3,084 1,960 2,318 33 265 1,134 859 p Preliminary. r Revised. 1 Including both domestic and foreign mechandise. 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] For- Mis- Mer- Adjusted * i Unadjusted * Total Coal Coke Grain s L t i o v c e k - p e r s o t d- Ore la ce n l e - - c d h i a se nucts ous l.c.l. 1937 1938 1939 1940 1937 1938 1939 1940 ADJUSTED * SALES 1939—Oct... . 80 87 95 87 44 50 108 86 62 Jan. _. 93 90 88 92 72 70 69 71 Nov 82 80 100 88 41 51 191 89 63 Feb 95 88 '88 '90 76 70 69 71 Dec 78 71 92 87 40 51 116 89 62 Mar 93 86 88 89 90 77 82 86 Apr.. . 93 83 88 89 89 86 88 86 1940—Jan. 78 83 90 73 39 47 114 86 62 May 93 ••80 '87 '89 95 80 87 89 Feb 73 68 65 75 40 44 107 83 61 June 93 82 86 91 90 79 83 87 Mar..... 69 66 70 75 39 43 105 77 60 July 92 83 '87 '92 65 58 60 64 Apr 70 75 73 79 37 43 102 74 59 Aug 93 83 '88 '98 72 65 69 77 May 72 78 73 74 38 45 96 77 60 Sept ••93 '85 '90 '97 100 91 97 105 June... 75 81 91 74 38 45 100 82 60 Oct.. L '95 '86 '92 '94 103 92 99 101 July 75 83 105 80 35 46 96 80 61 Nov '90 '87 '93 100 101 99 106 114 Aug 76 85 108 74 38 49 96 82 61 Dec 89 '88 '95 156 156 168 Sept 77 80 99 79 42 51 106 84 61 Oct 77 65 97 81 45 55 117 89 62 Year.. 92 85 90 Nov.... 83 76 104 78 43 56 192 94 62 STOCKS UNADJUSTED * Jan 74 71 67 68 66 63 60 61 1939—Oct 89 96 95 87 62 52 160 97 65 Feb 76 70 68 71 72 67 65 68 Nov 83 87 100 83 50 50 105 91 64 Mar 76 70 68 70 78 71 69 71 Dec 73 79 101 75 39 44 29 81 60 Apr.. 76 69 67 69 79 71 69 71 May 76 69 66 68 78 71 68 70 1940—Jan 72 95 106 66 38 41 25 74 58 June 76 68 67 67 73 65 64 64 Feb 68 80 88 69 33 43 26 71 59 July 77 67 67 68 69 61 60 61 Mar 67 70 73 69 31 44 26 74 60 Aug 78 67 67 69 74 65 65 66 67 63 62 70 34 44 42 76 60 Sept 77 67 68 70 80 70 71 73 May"-1 71 67 70 66 34 47 134 80 60 Oct 76 67 69 71 85 74 77 79 June 75 69 85 73 31 48 170 85 60 Nov 75 67 71 72 86 78 82 83 July 77 70 89 110 31 46 182 82 60 Dec __ 72 66 68 68 62 64 Aug 78 75 88 89 38 51 178 83 61 Sept 86 83 94 • 89 54 56 185 94 64 Year.. 76 68 68 Oct 86 72 97 81 63 57 173 100 64 Nov.... 84 83 104 73 52 55 105 95 63 ' Revised. * The terms "adjusted" and "unadjusted" refer to adjustment * The terms "adjusted" and "unadjusted" refer to adjustment of monthly of monthly figures for seasonal variation. figures for seasonal variation. 1 Revised index department store sales; 1935: Oct. 79, Nov. 81; NOTE.—For description and back data see pp. 522-529 of BULLETIN for June 1936: Oct. 91, Nov. 98. Revised seasonal adjustment factors may 1937. Based on daily average loadings. Basic data compiled by Association of be obtained upon request. American Railroads. Total index compiled by combining indexes for classes Back figures.—Department store sales, see BULLETIN for with^weights derived from revenue data of the Interstate Commerce Commission. August 1936, p. 631, and for October 1938, p. 918; department store stocks, see BULLETIN for March 1938, p. 232. JANUARY 1941 65 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 All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c n r 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 r i 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 - s i f n H u g r o n g u i o s s o h e d - - s l M an is e c 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 7?, 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—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 July . 77.7 66 5 70 3 82.3 99.0 72 4 71.1 95.1 192.5 77 0 88.5 77.7 August . 77 4 65 6 70 1 82 0 96.9 72 3 71.1 94.9 193.3 76.7 88.5 76.7 September 78.0 66.2 71.5 82.3 98.3 72.5 71.0 95.4 195.6 76.8 88.5 76.5 October _._ 78.7 66.4 71.1 83.5 LOO. 4 73.6 71.6 97.3 97.8 76 9 88.6 76.9 November 79.6 68.2 72.5 84.1 102.3 74.5 71.9 97.6 98.9 77 5 88.6 77.5 Week ending— 1940—October 5 77.8 65.5 70.7 82.9 99.9 72.5 72.3 95.8 76 8 90.1 76.4 October 12 78 1 66 1 71 0 83 1 100.3 72 6 72.3 96.4 197. 5 76 8 90.0 76.4 October 19. _ 78 4 66.7 71 0 83.5 100.7 73.5 72.3 97.4 *97.3 76 9 90.0 76.8 October 26 78.6 67.0 70.8 83.7 101.9 73.6 72.2 97.4 197.6 77.0 90.0 77.0 November 2 78.5 66.5 70.8 83.7 102.3 73.7 72.2 97.4 198.1 77.1 90.1 76.9 November 9 78 8 67.2 71 7 83.9 102.4 73 9 72.5 97.4 198.3 77 2 90.1 77.1 November 16 79.3 68.4 72.6 84.1 103.0 74.0 72.6 97.5 198.3 77.4 90.1 77.6 November 23 79.5 68.8 72 8 84.3 103. 1 74 2 72.4 97.4 98.8 77 5 90.2 77.5 November 30 79.7 69.1 73.3 84.5 103.1 74.2 72.8 97.6 99.1 77 7 90.2 77.4 December 7 79 8 69 8 73 9 84 4 103. 0 74 3 72.8 97.5 99.1 77.6 90.2 77.4 December 14 79.7 68.8 73.5 84.4 102.6 74.4 72.5 97.6 99.2 77 6 90.2 77.2 December 21 79 7 69.1 73 4 84.4 102.7 74.2 72.6 97.6 99.2 77 7 90.2 77.1 December 28 ._ . 79.9 69.9 73.1 84.5 102.7 74.2 72.9 97.8 99.6 77.8 90.2 77.1 1939 1940 1939 1940 Subgroups Subgroups Nov. Aug. ^Sept. Oct. Nov. Nov. Aug. Sept. Oct. Nov. Farm Products: Metals and Metal Products: Grains 64 1 59 3 61 7 65.4 67.7 Agricultural implements 93.3 92.3 92.4 92.5 92.6 Livestock and poultry 66.1 71.5 72.4 70.6 69.9 Farm machinery 94.6 93.5 93.7 93.8 93.8 Other farm products .. 68.3 63 3 63 2 63.8 66.8 Iron and steel _ _ 96.0 94.8 94.9 94.9 95.3 Foods: Motor vehicles 94.7 95.6 96.1 100.1 100.3 Dairy products 80.1 74.3 75. 1 77.3 82.3 Nonferrous metals 85.1 79.1 80.7 83.6 83.9 Cereal products 78.0 75 1 76 0 77.0 74.8 Plumbing and heating 79.3 80.5 80.5 80.5 80.5 Fruits and vegetables 61.2 63.2 60.8 58.9 60.4 Building Materials: Meats 71.2 76.1 79.0 75.6 76.2 Brick and tile 91.6 90.1 90.2 90.2 90.2 Other foods __ 69 2 60 4 62 6 63.4 65.4 Cement 91.3 90.6 90.6 90.7 90.8 Hides and Leather Products: Lumber i 100.1 98.4 107.1 114.4 117.5 Shoes. . 107.2 107.0 107.0 107.0 107.1 Paint and oaint materials 84.9 84.2 84.1 84.8 85.7 Hides and skins 104. 3 77 1 84 0 93.8 101.2 Plumbing and heating 79.3 80.5 80.5 80.5 80.5 Leather 97 8 88 3 88 9 90.9 93.2 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products 99.7 99. 7 99.7 99.7 Other building materials 92.9 93.4 93.5 93.8 94.2 Textile Products: Chemicals and Allied Products: Clothing _ . 83.8 85.6 85.6 85.7 85.7 Chemicals 85.2 84.8 84.8 85.0 85.1 Cotton goods 74 8 68 6 69 2 71.5 73.6 Drugs and Pharmaceuticals 79.7 96.2 96.0 95.8 95.9 Hosiery and underwear 64.8 61 5 61 4 61.4 61.5 Fertilizer materials. _ . _ ... 69.8 68.0 68.1 68.1 69.9 Silk. .. 56 5 43 0 42 8 44.7 42 8 Mixed fertilizers * 72.6 74.2 74.2 74.2 74.2 Rayon 29 5 29 5 29.5 29.5 Oils and fats .. 54.7 39.1 39.9 39.8 42.3 Woolen and worsted goods 90.5 83.7 84.2 86.3 88.8 Housefurnishing Goods: Other textile products 83 4 71 9 71 6 72.1 73.7 Furnishings 94.2 94.8 94.8 95.0 95.0 Fuel and Lighting Material: Furniture _ 82.3 81.8 81.8 81.8 81.8 Anthracite 76 1 79 0 79 6 80.7 80.7 Miscell Bituminous coal 98.1 96.2 96.8 100.4 100.4 Auto tires and tubes 55.6 58.8 58.8 58.8 58.6 Coke 111 2 109 6 109 6 109.7 112.6 Cattle feed 91.5 74.5 75.9 80.1 92.1 Electricity. 76.5 72.4 73.5 Paper and pulp 88.0 93.5 93.2 93.2 93.1 Gas 82.2 84.5 84.8 ~82~4~ Rubber, crude 42.5 41.0 39.8 41.6 42.9 Petroleum products _ 53.9 49.2 48.9 49.0 49.3 Other miscellaneous 86.0 82.8 82.6 82.7 82.8 A 1 - R tv e e v v i i s s e e d u s s e e r r i i e e s s . . Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). 66 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 Chart book book page N 2 o 7 v. De 4 c. D 1 ec 1 . D 1 ec 8 . D 2 e 4 c. page Sept. Oct. Nov. WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1928-25=100 CURRENCY Wholesale commodity prices: * T M R G r e o o e s l n a d e U B s e rv u s i y . l t e r l S o s y in c . B d k c G a c i a s n i o s r c k h v c o u ' u c t l . n r a e s t t e i d e o d c i n t u — ri t t o ie t _ a s „ l . . . _ _ 3 3 , , 5 5 3 9 5 3 2 0 8 2 1 2 2 . . . . . ) 4 1 7 2 2 6 7 8 0 8 2 8 0 2 1 2 2 . . . . . ) 5 2 8 2 2 7 3 0 0 7 2 8 0 2 1 9 2 . . . . ) 6 2 2 8 1 3 6 0 8 4 • 2 8 0 2 1 2 2 . . . . . ) 7 2 3 1 9 2 0 0 1 8 2 0 8 1 2 2 2 . . . . . ) 8 3 2 1 2 4 1 8 E F U r n n a g i n t A l F F O e c a o a l d e t n l h o r d m S c e d r o s t a m p c t r o e m o m s d : o m u d c i o t t d i s e i s t ies 31, 3 3 3 3 3 3 1 2 1 2 2 1 1 8 6 7 1 7 2 1 6 3 8 . . . . . 3 5 8 0 2 1 8 6 7 1 7 3 1 5 6 8 . . . . . 1 5 1 4 7 1 8 7 7 6 1 4 2 9 8 8 . . . . . 6 5 1 2 5 Treasury deposits 3 .20 .26 .24 .57 .48 Germany 32 82.2 82.3 82.4 E M R x e e c q m e N R u C C s b i e s h o e r e s w i e u r r c e d e n a r s b Y v t g r e r a e e o y r o n s v « r c e k k e b i r s t a v b y — C n e a k s i b l t t a s o a y • n t n 2 a c « a k l e » s s 2 • 3, 7 7 7 6 6 7 7 1 3 6 7 1 4 . . . . . . . 8 5 9 9 3 5 2 5 2 4 6 9 7 6 1 3 7 6 1 4 . . . . . . . 4 9 8 8 3 5 1 9 0 7 4 5 3 2 1 3 6 7 1 4 . . . . . . . 7 5 8 9 3 5 1 9 0 0 7 5 8 2 * 1 > P 3 7 1 3 6 . . . . . . . 8 4 4 4 8 6 8 9 1 4 0 3 7 3 ? 1 6 p 3 7 1 3 . . . . . . . 8 4 3 8 8 1 3 5 4 4 F I F F n r a a e d c c i u t t N g D M o o s h r t o r u i t y r y n n r - i a c e a d p e a b l r u m a a r l p y r e l p l a s r r o o m l b o • a o d l l d a e y l u s n i m c m n u t g e f i a s o n a n 5 n c t u t 5 f u a r c e t s u 6 res6 4 3 3 4 3 4 3 5 5 7 3 7 3 7 1 1 1 7 0 5 5 1 1 2 0 5 2 7 7 7 5 . . . . . 1 3 3 7 7 1 1 1 7 5 1 1 5 1 2 4 4 7 0 7 7 9 . . . . . 3 5 1 0 2 P P 1 I 1 I 8 1 5 5 1 3 O 4 3 8 6 8 3 . . . . . 0 6 2 7 7 WE M E E K M L B Y E R R E B PO A R N T K I S NG D D e e p p a a r r t t m m e e n n t t s s t t o o r r e e s sa to le c s k 6 s 6 4 4 7 7 ' 7 9 0 7 r 7 94 1 1 7 0 2 0 Total, 101 cities: In millions of dollars Loans and investments. 14 24.90 25.05 25. 22 25.53 25.60 Investments 14 15.77 15.89 15.93 16.19 16.25 -onstruction contracts awarded:T Loans 14 9.13 9.16 9.30 9.34 9.35 Total 41 380 389 T A i d d m j e u e p s o t d e s e d it p s o d s e it m s and __ 1 1 5 5 22 5 . .3 19 8 22 5 . . 1 3 3 7 22 5 . . 4 3 0 8 2 5 2 . . 4 2 1 8 2 5 2 . . 4 3 2 8 ixp R O or e t t h s s e i a d r n e d n t i i m al p .. o .. r ts: ____ 4 4 1 1 2 1 2 5 8 1 2 1 3 5 3 6 P292 U. S. Gov't. deposits ._> 15 .53 .45 .41 .48 .48 Exports (incl. re-exports)... 49 295 344 ^328 Domestic bank balances 15 8.84 8.84 8.81 8.97 8.92 General imports. 49 195 207 Foreign bank balances.. 15 .67 .67 .67 .67 .66 Excess of exports. 49 100 137 New York City: Income payments: U. S. Gov't. obligations. 16 5.62 5.64 5.66 5.82 5.85 Totals 50 '6, 271 6,326 *6, 388 100 c B C O it r o t i o h m e k e s m r e o r s e u s e r ' t c c s l i u i o a d a r l e i n t l s i N o e a s e n . w . s York _ : 1 1 1 6 6 6 1 1 . . . 3 2 8 4 7 4 1 1 . . . 8 2 3 9 8 2 1 1 . . . 3 9 3 1 0 8 1 1 . . . 9 4 3 0 4 0 1 1 . . . 3 3 9 8 9 1 iash T S O a o f t l a h t a a r e r m l i r e s u s i n n a a c n d o d j m u w s e t : a e g d e s 6 5 5 5 0 0 0 r r ' 3 6 2 , , , 9 4 2 8 8 6 3 8 7 4 6 2 , , , 0 3 6 1 0 8 8 8 0 P P v 2 6 i , , , 3 2 0 0 3 7 9 1 9 U. S. Gov't. obligations. 17 6.63 6.67 6.65 6.72 6.72 Totals __ 51 908 1,126 943 C O o th m e m r s e e rc c i u a r l i t l i o e a s n .. s 1 1 7 7 2 3. . 0 2 4 8 3 2 . . 0 3 6 1 3 2 . . 0 3 9 1 3 2 . . 1 3 0 1 3 2 . .3 1 0 1 L C i r v o e p s s t o » ck and products 8_. 5 5 1 1 4 43 2 2 2 4 56 8 3 7 4 46 0 0 4 Government payments 51 54 76 79 MONEY RATES AND SECURITY Averages of daily figures*; per cent 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 lentral gold reserves: B U U U C o . . . a m n S S S k . . . m e T T T r e r r r s r e e e ' c a a a i a a s s s c l u u u c r r r p e y y y p a t p b n b a e o i o n r l n c t l s e e d s s s . _._ 21, 2 2 1 1 2 1 1 9 9 5 1. . . . . 9 3 5 0 4 3 4 6 2 4 1 . . . . . 9 0 5 3 4 2 2 6 4 4 1 . . . . . 8 3 4 0 5 7 3 4 2 6 1. . . . . 8 5 4 0 3 9 6 4 2 7 1 . . . . . 4 0 5 3 8 4 2 6 7 8 U. N U F E S r . n e n a g t i n G h t l e c a e o d e n r v l d a S ' t n t . a d i t s n e s te rest-bearing 8 8 8 8 P 2 ( P 1 2 0 . . . 2 0 6 4 0 2 P 2 0 1 2 . . ) . 6 5 0 3 1 0 P 0 P 21 P 2 ) . . . 0 8 6 0 0 3 Corporate Aaa bonds 25 2.73 2.71 2.71 2.71 2.72 debt—total 20 43.48 43.56 43.71 Corporate Baa bonds 25 4.47 4.48 4.45 4.44 4.45 Bonds.. 20 30.36 31.12 31.16 Notes.... _ 20 6.38 5.66 5.66 Wednesday figures; in unit indicated Bills 20 1.30 1.31 1.31 Stock prices, total4 27, 29 81 81 81 80 Special issues 20 5.44 5.47 5.58 Industrial 27 94 94 95 93 Railroad 27 27 27 27 26 Jan.- Apr.- July- Public utility 27 78 77 78 77 QUARTERLY FIGURES' Mar. June Sept. Volume of trading 2 (mill, 1940 1940 1940 shares) 29 .61 .58 .78 .78 1.06 Brokers' loans (mill, dollars) 29 467 452 529 558 545 In millions of dollars BUSINESS CONDITIONS Figures for week3; in unit indicated Domestic corporation security Who A F le a l s l 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 i s t y prices:4 3 3 3 3 7 69 9 . . 1 7 7 6 9 9 . . 8 8 7 68 9 . . 8 7 6 7 9 9 . . 1 7 6 7 9 9 . . 9 9 iss N R u e e e w s f , u n to di t n a g l .. 2 2 2 8 8 8 4 5 1 5 1 6 2 1 3 3 5 1 7 3 5 7 0 3 4 5 1 0 8 8 0 1 1 Foods 33 73.3 73.9 73.5 73.4 73.1 Other commodities 33 84.5 84.4 84.4 84.4 84.5 Per cent per annum Steel plant operations (per cent of capacity) 38 96.6 96.9 96.0 96.8 iustomers' rates: Automobile production New York City 23 2.03 2.00 2.14 (thous. cars) 38 128.8 124.8 125.6 125.4 81.3 7 other Northern and Electric power production Eastern cities 23 2.67 2.49 2.56 (mill. kw. hrs.) 39 2,796 2,838 2,862 2,911 2,623 11 Southern and Western Total freight-car loadings cities 23 3.35 3.38 3.43 (thous. cars) 39 728.5 738.5 736.3 700.2 545.3 p Preliminary. r Revised. • Estimated. 6 Points in total index of industrial production. 1 Less than $5,000,000. 7 Three-months moving average adjusted for seasonal variation, 2 Averages of daily figures, see footnote 3. s Series revised for the period from January 1936, to November pe 3 r i F o i d g . ures are shown under the Wednesday date included in the weekly 93 9 9 B , a i n nc k l i u n s g i v s e t . ati B st a ic c s k f f i o g r u r c e a s l l m r a e y p o b r e t o d b a ta te in s ed a re u p s o h n o w re n q u in e st t . able * Index numbers, 1926=100. m following page. s Adjusted for seasonal variation, 1935-39=100. NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each. JANUARY 1941 67 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS FOR FEDERAL RESERVE CHART BOOK—BANK CALL REPORT SERIES [In billions of dollars] Chart 1937 1938 1939 book Dec. Mar. June Sept. Dec. Mar. June Oct. page 31 7 30 31 29 30 2 BANE DEPOSITS AND CURRENCY Total deposits and currency 10 56.83 56.78 56.74 57.65 59.12 ••59.11 ••60.95 '62.87 Deposits at all banks in U. S: Demand deposits adjusted ... 10 24.05 24.13 24.39 25.10 26.01 '26.04 •"27.35 '29.09 Time deposits 10 26 26 26.34 26.27 26.27 26.38 P26.56 r26.80 '26.81 Currency outside banks . . - — 10 5.69 5.50 5.47 5.50 5.83 '5.63 '6.01 '6.19 MEMBER BANKS Demand deposits adjusted 11 20.39 20.61 20.89 21.60 22.29 22.36 23.59 25.12 Time deposits 11 11.52 11.59 11.66 11.46 11.51 11.62 11.72 11.73 Interbank balances 11 5 44 5.62 6.10 6.09 6.51 6.82 7.10 *8.24 Loans and investments . - _ 11 31.75 31.52 30.72 31.63 32.07 32.10 32.60 33.08 Investments, total 11 17.79 17.98 17.78 18.69 18.86 19.05 19.46 19.61 U. S. Government obligations, total 12 12.37 12.45 12.34 13.01 13.22 13.35 13.78 13.81 Direct obligations 13 10.67 10.63 10.22 10.71 10.88 10.69 10.95 10.89 Guaranteed obligations 13 1 80 1.83 2.13 2.30 2.34 2.66 2.83 2.92 Other securities, total 12 5.42 6.52 5.44 5.68 5.64 5.70 5.69 5.79 fit-Ate And local government securities 13 2.03 2.19 2.13 2.30 2.45 2.55 2.55 2.76 Other domestic. _. 13 3 21 3.15 3.13 3.19 3.01 2.96 2.94 Foreign securities.. . 13 .18 .18 .18 .18 .18 .18 .19 Loans, total 11 13 96 13 55 12.94 12.94 13.21 13.05 13.14 13.47 Security loans, total * • 12 3.70 3.54 3.32 3.30 »1.75 1.57 1.47 Brokers' loans 13 .95 .88 .70 .71 .97 .84 .73 Loans on securities (excluding brokers' loans) • 13 2.75 2.67 2.61 2.59 ».78 .73 .74 Real estate loans 12, 13 2.65 2.66 2.61 2.66 2.72 2.75 2.83 Other loans, total«* 12 7.71 7.45 7.01 6.97 *8.74 8.73 8.85 13 7 00 6.75 6.40 6.36 »5.45 5.63 5.57 Open-market paper. _. 13 .64 .61 .49 .48 .44 .42 .42 Loans to banks . 13 .07 .10 .12 .13 .12 .10 .06 All other loans • •2.73 2.67 2.80 33 333 1940 Dec. Mar. June 30 26 29 '64.10 '64.88 '66.96 '29.79 '30.54 '31.96 '27.06 '27.28 '27.47 '6.40 '6.23 '6.70 25.68 26.46 27.88 11.85 11.98 12.07 8.51 * 8.72 8.85 33.94 34.16 34.45 19.98 20.22 20.48 14.33 14.42 14.72 11.18 11.31 11.60 3.14 3.11 3.12 5.65 6.80 5.76 2.69 2.90 2.89 2,77 (') 2.70 .19 (*) .17 13.96 13.94 13.97 1.49 8 1.12 .79 .45 .70 (*) .67 2.96 (*) 3.07 9.51 (') 9.79 CO 6.12 (*) 6.27 (*) .45 (•) .45 (*) .06 (*) .04 O 2.89 (•) 3.02 ' Revised. * 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" sine* that date. • 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. 1 Detailed breakdown of loans and investments now available on June and December dates only. DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of December 1,1940*] [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Dec. 1, tion Dec. 1, tion Dec. 1, tion Dec. 1, 1939 1940 1939 1940 1939 1940 1939 1940 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston . _ _ _ 7,828 7,366 84 88 New York 28, 309 25, 393 7,058 8,786 108 92 Philadelphia 51, 372 47,863 17, 263 16,901 150 158 Cleveland 212,109 160,404 42,034 47, 351 115 77 Richmond 1,341 1,735 140,812 135,014 24, 444 26, 663 Atlanta.. . . .. 2,354 2,333 141, 510 178, 019 5,494 6,508 Chicago 1,119, 600 965, 662 58, 634 63, 298 1,716 1,921 St. Louis i 3,429 2 3, 335 339, 742 326,128 60, 452 62, 531 82 77 Minneapolis 285,022 265, 502 24,134 24, 756 148,210 187, 516 TCftnsas C!jty 437 668 181, 575 225, 245 228, 005 232,606 4,514 6,522 Dallas... 3,631 3,915 87,166 105,113 30, 364 29,957 75 105 San Francisco . 625 700 7,088 7,491 71, 859 69, 794 26,640 30,991 Total 11,817 12,686 2, 602,133 2,449, 200 569, 741 589,151 181,694 227, 547 Oats Tame hay Tobacco White potatoes Federal Reserve district Produc- Estimate Produc- Estimate Produc- Estimate Produc- Estimate tion Dec. 1, tion Dec. 1, tion Dec. 1, tion Dec. 1, 1939 1940 1939 1940 1939 1940 1939 1940 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston . 7,188 7,047 3,364 3.485 34, 764 32,047 46,642 64,600 New York 26,958 31, 264 4,440 5,858 2,276 2,310 30,853 32,153 Philadelphia 16,603 19,499 1,950 2,359 42, 459 48, 324 21, 638 24,843 Cleveland . 43, 759 57,472 5,111 5,978 126, 328 109, 279 20,229 20,132 20,923 21,064 3,704 4,099 1,124, 258 720, 660 23,205 28,489 Atlanta 14, 594 15,205 3,174 3,259 206,164 173, 602 14, 757 15,337 Chicago . 359, 268 525,658 17, 695 21, 291 32, 608 36,998 46,211 41,618 St. Louis 46, 766 60,057 7,689 8,210 282,059 245, 430 12,068 13,817 Minneapolis .. _ 257,163 302, 514 10,203 10,550 2,724 3,112 44, 752 52,330 Kansas City _ 76,924 127, 627 5,926 7,302 4,724 4, 709 31, 239 35,334 Dallas . 31, 319 40,507 1,434 1,781 3,349 3,949 San Francisco . . . . 34, 577 27, 714 11, 409 12,140 68,216 75,120 Total 935,942 1, 235,628 76,099 86, 312 1,858,364 1,376,471 363,159 397,722 1 Includes 20,000 bales grown in miscellaneous territory. * Includes 18,000 bales grown in miscellaneous territory. NOTE.—1939 figures for all crops except cotton are as revised in December 1940. 68 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 70 Gold production 71 Gold movements 71 International capital transactions of the United States 72-76 Central banks 77-80 Money rates in foreign countries 81 Commercial banks 82 Foreign exchange rates 83 Price movements: Wholesale prices 84 Retail food prices and cost of living 85 Security prices 85 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. JANUARY 1941 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month Total i U S n ta i t t e e s d { 1 A ? in e r n a - - g B iu e m l- Brazil I B n i r s d i h i t a - g B a u ri l a - C a a d n a - Chile lo C m o- bia C v z s a e lo k c - h ia o- m D a e r n k - Egypt France m G a e n r y - Greece 1936—Dec 22,716 11,258 501 632 25 275 20 188 29 19 91 54 55 2,995 27 26 1937—Dec... . 24,046 12, 760 469 597 32 274 24 184 30 16 92 53 55 2,564 28 24 1938—Dec.... 25, 545 14, 512 431 581 32 274 24 192 30 24 83 53 55 2,430 29 27 1939— Nov.... 25, 672 17, 358 453 608 38 274 24 213 30 21 56 53 55 2,709 /29 28 Dec 25, 776 17, 644 466 609 40 274 24 214 30 21 56 53 55 2,709 /29 28 1940—Jan 25,983 17,931 466 /609 41 274 24 211 30 23 56 53 55 2,709 /29 28 Feb.... 26, 274 18,177 472 /609 42 274 24 213 30 24 56 53 55 2,709 /29 28 Mar 25, 777 18,433 482 /609 42 274 24 211 30 23 56 53 55 2,000 /29 28 Apr.... 26,020 18, 770 2 403 /609 44 274 24 212 30 23 56 53 55 2,000 /29 28 May... 26, 269 19, 209 403 /609 45 274 /24 »5 30 23 56 53 /55 2,000 /29 28 June... 27,139 19, 963 403 *734 46 274 /24 8 30 22 56 53 /55 /2,000 /29 28 July.... '27, 642 20,463 403 /734 46 274 /24 8 30 18 56 53 /55 /2,000 /29 28 Aug '28, 068 20, 913 402 /734 47 274 /24 8 30 15 56 53 /55 /2,000 /29 28 Sept '28, 391 21, 244 385 /734 48 274 /24 8 30 15 /56 53 /55 /2,000 /29 28 Oct '28, 676 21, 506 369 /734 49 /274 /24 5 30 17 /56 /53 /55 /2, 000 /29 /28 Nov 28, 961 P21, 800 353 /734 /49 /274 /24 8 /30 19 /56 /53 /55 /2, 000 /29 /28 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico e N rl e a t n h d - sZe N a e la w nd N w o a r y - Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1936—Dec 25 25 208 463 60 46 491 23 98 20 75 68 114 203 /718 1937—Dec. 25 25 210 261 79 24 933 23 82 21 83 69 120 189 /718 1938—Dec 37 26 193 164 80 29 998 23 94 20 85 69 133 220 /525 1939—Nov.. 24 26 /194 164 88 34 703 23 103 19 /84 69 151 254 /525 Dec. 24 26 144 164 00 32 692 23 94 20 69 152 249 /525 1940—Jan. 24 26 /144 164 90 27 692 23 84 20 69 152 253 /525 Feb 24 26 /144 164 90 23 692 23 84 20 69 153 268 '525 Mar. 24 /26 137 164 90 25 692 23 84 20 69 153 272 /525 Apr 24 /26 /137 164 100 27 650 23 /84 20 69 154 279 /525 May 24 /26 /137 164 100 28 646 23 /84 20 69 155 298 '525 June 24 /26 /137 164 98 31 625 23 /84 19 69 155 302 /525 July 24 /26 137 164 103 33 627 23 /84 20 69 156 305 /525 Aug 24 /26 /137 164 103 30 624 23 /84 20 69 156 308 '525 Sept. 24 /26 /137 164 c109 25 /624 23 /84 /20 '69 156 314 /525 Oct. 24 /26 /137 164 109 28 629 23 /84 /20 /69 157 328 /525 Nov /24 /26 /137 164 /109 32 ?627 /23 /84 /20 /69 ^157 /328 /525 Government gold reserves * not included in previous figures End of month S d w e e- n e S r w la it n z d - T k u ey r- U K d n i o i n m t g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. t O c r o i t e u h s n e 5 - r E m n o d n th of 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- 1936—Dec 240 657 26 2,584 77 59 48 11 182 1936—Dec. .. 2 934 93 1937—Dec 244 650 29 2,689 74 52 51 5 184 1937—Dec. 31 395 81 1938—Dec. 321 701 29 2,690 69 52 57 14 141 1938—Mar 1 489 June.. 4 44 62 1939—Nov 333 560 29 1 68 /52 59 7 153 Sept. . 759 Dec 308 549 29 1 68 /52 59 7 148 Oct. 4103 Nov 130 1940—Jan. 258 536 29 1 68 /52 60 10 137 Dec 80 331 44 Feb 218 527 92 68 /52 61 10 147 1939—Jan. 381 Mar.. 173 520 88 68 /52 61 10 149 Feb 465 Apr _. 179 515 88 68 /52 62 9 154 Mar. 154 1,732 559 May 189 501 88 68 /52 64 9 155 Apr. 455 June 199 493 88 68 /52 67 10 156 May 477 July 173 488 86 6 90 /52 68 10 157 June 85 17 Aug 153 490 87 88 /52 69 10 157 Sept. 164 Sept 152 490 87 /88 /52 71 9 157 Dec. . 156 17 Oct. . 150 500 /87 1 /88 /52 74 14 157 1940—Mar. 145 Nov /150 P501 /87 Pi /88 /52 /74 fu 157 June- 86 17 p Preliminary. r Revised. c Corrected. f Figure carried forward from last previous official report, as indicated by last previous 1 Reported at infrequent intervals or on defigure without footnote /, except in the case of Germany, Italy for Nov. 1939, Poland, Spain, layed basis: U. S.—Exchange Stabilization Fund and Venezuela; last official German report dated June 15, 1939, Italian figure officially reported (Special A/c No. 1); U. K.—Exchange Equaliza- Mar. 20, 1939, last Polish report dated July 31, 1939, Spanish figures officially reported on Aug. 1, 1936, and April 30, 1938, and last Venezuelan report is for end of March 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 unreported reserves are those of the U. S. S. R., those in the Canadian, Swiss, and Netherlands 2 Figure for March 1937, first date reported. stabilization funds, and certain German holdings. Totals may include some figures which are 3 Figure for September 1937. preliminary or carried forward from previous report dates (see footnote /). * Beginning April 1940, reports on certain Argentine gold reserves no longer available. 4 First date reported. 3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control'Board. NOTE.—For details regarding special gold 4 Figure reported in special semi-annual statement of National Bank of Belgium; change transfers in 1939-40 between the British E. E. A. from previous December due largely to inclusion of gold formerly not reported separately. ' These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian and the Bank of England, and between the Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guate- French E. S. F. and the Bank of France, see mala, Finland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain of these BULLETIN for September 1940, p. 926. countries have been carried forward from latest report date (see footnote /). 6 Increase due to inclusion of additional foreign gold reserves not reported previously. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported figures through April 1940 appear on p. 926 in that issue. 70 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 monthly world Year or month pr t o io d n uc- Africa North and South America Other U o . u S t . s S id .R e . Total A So fr u ic th a d R e h s o ia - A W fr e ic s a t B C e o l n g g ia o n S U t n at i e te s d i Canada 2 Mexico Co b l i o a m- Chile Au l s ia tra- B I r n i d ti i s a h $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 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.% an ounce of fine gold—$55 1933 794,498 696,218 1 385,474 22, 578 11,214 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 12,153 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 13, 625 7,159 126, 325 114,971 23,858 11,515 9,251 31, 240 11,468 1936 971, 514 833,088 396, 768 28,053 16, 295 7,386 152, 509 131.181 26,465 13,632 9,018 40,118 11,663 1937_ 1,041,576 892, 535 410, 710 28, 296 20, 784 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 24,670 8,470 178,143 165, 379 32,306 18,225 10,290 54,264 11, 284 1939 1, 206,126 1, 019, 584 448, 753 28,009 28, 553 8,759 196, 391 178,303 32, 300 19,951 11,376 56,182 11,008 1939— October... 107,244 90,999 38,459 2,452 2,479 715 21, 785 15,158 1,832 1,677 1,111 4,397 November. 103, 675 87, 525 38, 600 2,425 2,497 686 17, 512 14,875 2,333 1,873 934 4,886 903 December. 101,438 85,102 38, 534 2,330 2,589 709 15,936 15,209 1,209 1,367 1,044 5,251 925 1940—January. __ 104,636 88, 793 39,777 2,384 2,662 739 16,972 14,853 3,078 1,958 993 4,486 891 February.. 97, 605 81, 362 38, 575 2,345 2,663 728 13,317 14,188 1,901 1,633 735 4,411 March 104,067 88,075 40,162 2,372 2,740 732 16,217 15,045 1,651 1,717 1,759 4, 791 April 106, 589 P91, 137 40,879 2,454 2,678 Pl, 505 16,408 14,652 4, 233 1,941 766 P4, 760 May 106, 384 P90,651 41, 742 2,442 2,747 Pl, 540 16, 500 15,488 1,356 1,825 1, 271 P4, 865 P875 June 104,326 ?88, 349 40,437 P2, 415 2,643 Pl, 505 14,862 15, 795 2,562 1,715 780 PA, 760 P875 July 110,037 P94,111 41,936 P2, 450 2,590 fl, 505 18,866 15, 982 P3, 010 1,952 850 P4, 480 P490 August 109, 740 P93, 810 41, 989 P2, 485 2,725 fl, 505 16, 052 16, 318 Pi, 025 2,184 1,243 P4, 725 P560 September 107, 323 P91,146 40,958 /2, 485 2, 652 fl, 505 17, 082 15, 416 P2, 590 n, 184 673 P4,655 P945 October. _. 114,126 P97, 913 42, 362 /2,485 /2, 652 fl, 505 21, 761 P16,100 n, 590 /2,184 /673 H, 655 /945 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, $187,000,000; 1937, $185,000,000; 1938, $180,000,000. p Preliminary—figures thus footnoted under individual countries are those reported by the American Bureau of Metal Statistics, adopted for use in the table pending receipt of the usual direct reports to the Board; these figures are not directly comparable with the preceding series (for description of sources of direct reports, see references cited in note below). / Figure carried forward from last previous figure without footnote A 1 Includes Philippine Islands production received in United States. 2 Figures for Canada beginning January 1940 are subject to official revision. NOTE.—For monthly figures back to January 1929 and for explanation of table and sources 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. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Total Net imports from or net exports (—) to: net Y m e o a n r th or i e m o x r ( p p ) o o n r r e t t t s s U K d n i o i n m t g e - d France g B iu e m l- N la e e n r t d - h s - den S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- I P s p h la i i n l n i e d p s - tralia A So fr u ic th a Japan B I r n i d ti i s a h c o t o r A th i u e l e n l s r - 1934 i___. 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, i" 573,671 3,351 71,006 2 7,511 72,648 11,911 21, 51323, 280 8 77,892 39, 735 1937 1, 585, 503 891, 531-13,710 90,859 6,461 6 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 60,146 1,363 76,315 36,472 10, 557 27,880 39,162 401 168, 740 16,159 » 67,975 1939 3, 574,1511,826,403 3,798 165,122 341,618 28, 715 86,987 612,949 33,610 23, 239 35,636 74, 250 22, 862 165, 605 50, 956 3102,404 1939 Nov 167,980 18, 556 28 8,781 5,113 2,990 65,067 3,445 2,117 2,64312, 505 10,449 9,487 10,138 16,662 Dec 451,172 10,417 31, 526 19, 743 5,119 308, 773 3,972 2,116 2,646 6,472 9,885 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 31,698 Feb 201,422 21, 321 974 16,181 322,, 4'4 8'"13, 931 46,866 2,006 3 1,896 4,241 18,872 4,919 6,722 31,001 Mar 459,827 35,268 282 655,,991 28,907 249,858 2,215 2,116 4,137 7,409 24,503 5,797 11,813 21,493 Apr 249,851 43, 567 3, 273 39, 654 32, 617 54,967 2,396 2,111 3,376 3,374 28,798 4,710 3,139 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 4,317 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 July. ... 519, 974 301, 734 3,158 32 172, 268 1,891 5,856 2,830 5,262 3,482 23,463 Aug 351, 553 10,819 3,637 6 264, 328 10,335 4,516 3,738 6,746 11,687 954 34, 789 Sept 334,100 3,650 27 217, 627 545 2,330 3,76414, 605 7,854 13, 228 523 69, 946 Oct 325, 964 1,738 222, 726 538 2, 673 14, 770 6,704 11,815 784 64,208 Nov 330,107 936 262, 718 545 3, 28314,441 6,240 12,186 2,170 27, 580 i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. »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, and $10,077,000 from Chile. 4 Total all other countries, January-November: $375,656,000. Includes $75,030,000 from Portugal, $50,825,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,105,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,772,000 from Brazil, and $10,416,000 from Spain. NOTE.—For gross import and export figures and for additional countries see table on p. 40. JANUARY 1941 71 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— i otal r Total r C f b u e a n n n d tr k s al Other r b a f a b u n r n k o d i a n s d g o R f f u e U n tu d . r s n S. In f f u o fl n r o e d w i s g n o r f b b r a o l k a e n r c a e g s e inN.Y."- 1935—Dec 1,412. 5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936-Dec 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec 3,410. 3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Mar 3, 207. 2 949.8 149.9 799.9 434.4 618.5 1,150.4 54.2 June 3,045. 8 786.2 125.9 660.4 403.3 643.1 1,155.3 57.8 Sept..,.. 3,472.0 1,180. 2 187.0 993.2 477.2 625.0 1,125. 4 64.1 Dec 3,825. 6 1,470. 8 254.3 1, 216. 5 478.1 610.0 1,219. 2 47.6 1939-Mar 4,197.6 1, 747.6 311.4 1,436. 2 550.5 646.7 1,188. 9 63.9 June 4,659. 2 2,111.8 425.3 1,686. 5 607.5 664.5 1,201. 4 74.0 Sept 5,035. 3 2,479. 5 552.1 1,927. 3 618.4 676.9 1,177.3 83.1 Oct. 4... 4,979.6 2,454. 7 551.8 1,902. 9 594.6 684.6 1,164. 8 80.9 Oct. 11- 4, 958.4 2,438.8 531.1 1,907. 7 598.1 685.2 1,161. 8 74.6 Oct. 18.. 4,957. 2 2,428. 2 509.2 1,919.0 601.7 686.7 1,160.1 80.5 Oct. 25- 4,966. 7 2,451. 6 509.7 1,941. 9 601.0 687.3 1,148. 4 78.5 Nov. 1- 4,948. 6 2,437.0 565.0 1,872.0 599.6 688.7 1,143. 5 79.8 Nov. 8- 4,916. 4 2,411.5 560.2 1,851.3 597.3 690.4 1,137. 3 79.9 Nov. 15. 4, 954. 5 2,432. 2 551.4 1,880.8 618.8 693.2 1,131.1 79.2 Nov. 22. 4,916. 4 2, 399. 3 504.0 1,895. 3 615.3 694.3 1,130. 6 76.9 Nov. 29. 4,974.1 2, 448.1 506.6 1,941. 5 622.0 695.4 1,131. 5 77.1 Dec. 6... 4,967. 8 2,438. 7 502.7 1,936.1 626.8 699.0 1,127.3 75.9 Dec. 13. 4,963.1 2,438. 6 485.3 1,953. 3 619.7 700.7 1,127. 6 76.5 Dec. 20. 5,007. 6 2,470. 2 512.7 1, 957. 5 619.6 711.8 1,127. 9 78.1 Dec. 27. 5,005.0 2,464. 4 510.9 1,953. 5 612.8 720.1 1,129. 6 78.1 1940—Jan. 3__. 5,021. 2 2,430. 8 542.5 L, 888. 3 650.4 725.7 1,133. 7 80.6 Jan. 10... 5,064. 9 2, 473. 5 558.5 L, 915.0 644.5 731.7 1,133. 4 81.7 Jan. 17_. 5,068.3 2, 487. 3 554.1 L, 933. 2 636.1 733.7 1,127. 5 83.8 Jan. 24.. 5,073. 6 2,490.0 561.9 L, 928. 2 640.1 736.1 1,123. 7 83.6 Jan. 31.. 5,046. 3 2,471. 2 552.3 L, 918.9 626.1 738.0 1,122.9 88.2 Feb. 7... 5,036. 6 2,463.0 527.4 1,935. 6 623.3 741.0 1,122.1 87.3 Feb. 14. 5,047.1 2,473.0 544.3 L, 928. 7 621.5 743.3 1,122. 6 86.7 Feb. 21. 5,041. 5 2,457.1 523.9 L, 933. 3 627.0 745.5 1,123. 8 88.1 Feb. 28. 5,067. 8 2,479. 3 546.8 [, 932. 5 627.7 748.7 1,125.1 87.0 Mar. 6_. 5,040.8 2,437. 6 509.2 1,928. 4 638.5 752.4 1,123.8 88.4 Mar. 13. 5,060.6 2,461. 6 517.8 1,943. 8 633.5 755.2 1,120. 4 89.9 Mar. 20. 5,105. 2 2, 500. 2 537.4 1,962.8 638.7 757.2 1,118.9 90.2 Mar. 27. 5,121.1 2, 522. 8 544.4 1,978. 4 636.9 758.1 1,116.0 87.3 Apr. 3... 5,133. 5 2, 539.0 539.1 1,999.9 631.6 761.6 1,112. 5 88.7 Apr. 10. 5,118.1 2, 521. 7 528.5 1,993. 3 634.1 762.4 1,111.3 88.6 Apr. 17. 5,152.1 2, 538. 9 533.1 2,005. 8 644.9 764.7 1,114.2 89.4 Apr. 24. 5,194.1 2, 566. 9 522.4 2,044. 5 659.0 767.2 1,112. 7 88.2 May 1- 5,177.9 2, 562.1 511.2 2,050.9 643.4 771.1 1,112.8 88.3 May 8- 5,186. 3 2, 566.1 516.4 2,049. 7 647.0 773.2 1,111.6 88.5 May 15- 5,193. 3 2, 560. 6 556.7 2,003. 9 657.3 774.8 1,112.6 88.0 May 22- 5, 254. 7 2, 612. 7 612.1 2,000. 6 664.1 774.9 1,108.8 94.2 May 29. 5, 208. 3 2, 552. 5 599.8 1,952. 7 684.0 775.6 1,101.0 95.1 June 5._ 5, 241. 9 2, 573.0 623.2 1, 949. 8 679.1 778.9 1,113.6 97.2 June 12_ 5,208. 5 2, 540.0 623.4 1,916. 7 674.5 780.4 1,116. 6 96.9 June 19. 5,415.9 2, 740.0 834.9 1,905.1 681.2 782.1 1,114. 0 98.5 June 26_ 5,401. 8 2, 729. 7 838.7 1,891.0 690.0 782.6 1,101. 9 97.6 July 3- 5,490. 2 2,830.1 922.3 1,907.8 684.1 785.7 1,091.4 98.9 July 10. 5, 511.1 2,849. 5 931.4 1,918.1 692.3 786.6 1,083.3 99.5 July 17. 5,546. 7 2,887. 5 967.8 1,919. 8 699.4 788.3 1,072. 5 99.0 July 24. 5, 548. 6 2,887. 7 977.8 1,909.9 698.7 788.6 1,073.5 100.1 July 31.. 5, 572. 9 2,900.0 993.8 1, 906.1 714.1 788.9 1,069.9 99.9 Aug. 7- 5,665. 2 2,941. 2 3 945.0 3 1,996. 2 764.8 789.7 1,070.0 99.6 Aug. 14. 5, 698. 9 2,984.9 996.3 1,988. 6 769.2 790.4 1,055.3 99.1 Aug. 21. 5, 739. 0 3,022. 5 L, 018. 5 2,004.0 774.0 790.6 1,052.7 99.1 Aug. 28. 5, 751.1 3,034. 2 L, 047. 9 1,986. 3 778.3 790.7 1,048.1 99.9 Sept. 4_. 5, 752.0 3,040. 7 L, 054. 7 L, 986.0 773.1 790.6 1,047.1 100.5 Sept. 11. 5, 722. 8 3,014.1 L, 012.8 2,001.3 768.4 791.0 1,049.4 99.9 Sept. 18. 5, 807.1 3,087. 2 L, 107. 7 L, 979. 5 773.2 791.4 1,054.8 100.6 Sept. 25. 5, 788. 5 3,062. 6 L, 087. 0 L, 975. 5 782.0 791.7 1,051.4 100.8 Oct. 2-. 5,805. 6 3,092. 8 L 112. 3 I. 980. 5 773.6 793.3 1,044.3 101.6 r Revisions have been effected in the figures for total capital movement and foreign banking funds in the United States (total and central bank funds) beginning September 1938, for domestic securities beginning December 1938, and for other foreign banking funds in the United States beginning August 7, 1940. These changes have been necessitated by the receipt of amended reports from a reporting institution. i Figures cover period through Wednesday nearest the end of the month in terms of business days, unless otherwise specified. > Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading see BULLETIN for April 1939, p. 285. ' In the week ending August 7, a foreign central bank account amounting to $55,000,000 was changed to a foreign private account. 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. 72 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 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1 i 935, 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- Ger- 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 ti r n ica Asia 2 r ot A he ll r 2 1935— Dec 1,412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 () 70.9 128.3 12.7 1936—Dec 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 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 3,825. 6 1,186.1 339.5 324.6 554.0 140.7 33.0 463.8 3,041. 7 157.2 389.5 203.2 34.1 1939—Dec 5,021. 2 1,101. 3 468.7 470.3 773.0 165.9 58,0 752.9 3, 790.1 229.4 483.4 431.0 87.4 1940—Jan 5,046. 3 1,029.1 471.2 466.1 798.3 166.3 61.7 811.2 3, 803. 9 227.8 503.9 424.6 86.1 Feb 5.067. 8 1,006. 2 468.1 469.0 826.3 166.0 60.7 838.0 3, 834. 4 225.4 507.7 422.7 77.5 Mar.—. 5,133. 5 982.4 468.3 469.5 857.8 167.5 83.6 865. 7 3, 894. 7 213.3 520.7 434.7 70.1 Apr 5,177. 9 946.2 461.5 482.4 881.8 168.1 85.5 866.0 3,891. 6 226.6 539.2 448.7 71.7 May 5, 208. 3 975.7 494.8 47i.9 851.3 171.5 78.3 874.1 3, 917. 7 215.9 558.4 443.7 72.6 June 5, 490. 2 1,013.1 681.4 459.6 876.8 171.4 66.3 885.3 4,153. 9 230.2 579. 2 451.3 75.7 July..... 5, 572. 9 962.4 675.7 454.1 884.0 175.9 64.5 899.0 4,115.6 324.5 581.6 468.8 82.3 Aug 5, 752. 0 1,005. 4 693.8 459.7 908.4 173.1 64.5 917.8 4, 222. 8 369.5 497.9 484.7 77.2 Sept. 11. 5, 722. 8 967.7 692.5 457.4 904.8 174.7 66.3 918.0 4,181. 4 592.3 486.0 73.3 Sept. 18. 5, 807.1 1,040. 4 688.1 456.7 889.8 175. 2 75.9 927.3 4, 253. 4 385.3 600.7 486.6 81.0 Sept. 25. 5, 788. 5 1.003. 9 687.0 456.9 882.2 175.1 86.7 933.9 4, 225. 5 384.0 602.0 492.0 85.1 Oct. 2... 5,805. 6 1.004. 2 683.0 457.9 884.4 176.3 934.0 4, 224.4 387.3 603. 8 506.5 83.6 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th r J o a u n g . h 2 — , i 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a 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 ti r n ica Asia2 r ot A he ll r 2 1935—Dec 603.3 128.6 129.6 55.7 72.4 7.3 60.7 453. 5 46.0 33.5 58.8 11.5 1936—Dec 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 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 1, 470. 8 366.7 158.8 84.4 203.7 -9.8 3.8 203.0 1,010. 6 135.1 134.0 170.8 20.4 1939—Dec 2,430. 8 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1, 655. 4 174.5 215.1 325.4 60.5 1940—Jan 2,471.2 332.3 258.5 186.3 381.8 -20.5 24.9 522.1 1, 685. 4 166.8 231.2 328.8 58.9 Feb 2,479. 3 304.4 256.4 186.2 397.3 -21.2 25.7 546.6 1, 695. 4 168.5 233.6 331.3 50.4 Mar 2, 539. 0 289.1 258.6 185.7 418.5 -21.2 50.5 571.8 1, 753.1 150.0 244.5 349.3 42.2 Apr 2, 562.1 254.4 254.6 199.1 433.9 -21.2 52.5 569.2 1, 742. 7 155.2 269.0 351.6 43.6 May 2, 552. 5 282.4 287.0 184.4 399.9 -19.7 46.2 572. 4 1, 752. 6 135.8 281.5 335.9 46.6 June 2,830.1 325.8 472.7 170.8 427.4 -19.9 11.0 578.8 1, 966. 6 159.0 300.5 355.7 48.3 July____ 2, 900. 0 270.9 465.2 164.4 435.5 -16.0 7.0 587.8 1, 914. 7 253.8 299.9 376.8 54.8 Aug 3,040. 7 313.6 483.1 168.8 462.7 -19.1 7.3 604.8 2,021. 2 295.8 311.4 361.7 50.7 Sept. 11. 3,014.1 276.9 480.9 166.3 460.4 -17.7 7.9 605.1 1, 980.0 313.4 306.1 366.9 47.7 Sept. 18. 3,087. 2 349.0 476.7 165.4 446.8 -17.3 9.3 614.1 2,043. 9 307.4 315.3 368.5 52.0 Sept. 25. 3, U62. 6 312.8 475.6 165.7 441.2 -17.7 7.5 620.5 2,005. 6 307.2 315.2 378.0 56.6 Oct. 2... 3,092. 8 314.3 471.4 166.3 445.9 -16.5 5.8 620.6 2,007. 8 310.6 317.5 401.8 55.1 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th r J o a u n g . h 2 — , i 1935, Total U K d n i o i n m t 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 ti r n ica Asia 2 ot A he ll r 2 1935—Dec 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 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 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 478.1 204.5 65.5 -6.9 2.6 140.3 13.9 33.0 453.0 30.6 66.8 -65.0 -7.2 1939—Dec 650.4 252.2 73.8 12.9 2.9 177.8 15.5 28.4 563.5 56.5 52.6 -21.5 1940—Jan 626.1 236.0 73.5 11.4 3.0 178.9 13.5 30.3 546.7 56.2 55.8 -32.0 Feb 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 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 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 May 684.0 262.0 70.8 15.4 3.1 183.8 8.9 35.2 579.3 69.5 52.6 -16.9 -.5 June 684.1 260.1 72.6 16.0 4.3 183.9 13.0 38.8 588.6 61.0 49.0 -15.3 .8 July 714.1 263.9 74.2 16.8 5.6 184. 6 17.6 43.2 605.8 64.9 49.7 -7.2 1.0 Aug 773.1 269.5 74.6 17.4 6.1 185.2 23.1 44.9 620.8 65.1 53.6 34.0 -.4 Sept. 11 768.4 269.8 74.8 17.4 6.2 185.3 24.3 44.8 622.6 63.2 54.0 29.7 -1.1 Sept. 18 773.2 270.7 75.1 17.5 6.1 185.4 24.5 45.0 624.3 64.8 53.4 28.5 2.2 Sept. 25 782.0 271.3 75.2 17.3 6.1 185.6 24.7 45.0 625.3 67.3 54.0 33.3 2.0 Oct. 2 773.6 271.9 75.3 17.6 6.5 185.6 24.5 45.0 626.6 65.4 52.9 26.9 2.1 r Revisions have been effected in the figures for Asia in Tables 2 and 3 beginning December 1938 as a result of amended reports submitted by a reporting bank. 1 Figures cover period through Wednesday nearest the end of the month in terms of business days, unless otherwise specified. 2 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 3 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. JANUARY 1941 73 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 Fro t m hr o Ja u n g . h 2 — , 1 i 935, 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 an itz 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 2 ot A he ll r * 1935—Dec. 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 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. 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. 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—Dee 725 7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 —7.6 184.0 42.8 11.3 1940—Jan. 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. 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 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. 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 May 775.6 132.4 42.8 31.0 49.0 36.2 27.8 194. 5 513.7 12.6 190.6 46.2 12.4 June 785.7 131.8 42.9 31.0 48.8 36.2 28.0 194.8 513.5 17.6 194.3 47.7 12.6 July... 788.9 131.4 42.9 31.0 48.6 36.2 28.0 194.9 513.2 18.9 195.6 48.5 12.7 Aug. 790.6 131.0 43.0 31.0 47.8 36.0 28.1 195.4 512.3 19.5 196.7 49.1 12.9 Sept. 11 791.0 130.8 42.9 31.0 47.7 36.1 28.1 195.5 512.2 19.6 197.0 49.3 12.8 Sept. 18 791.4 130.8 42.9 31.0 47.6 36.1 28.1 195.6 512.2 19.7 197.0 49.6 12.9 Sept. 25 791.7 130.7 43.0 31.0 47.5 36.1 28.1 195.7 512.1 19.8 197.1 49.9 12.9 Oct. 2 793.3 130.5 43.0 31.0 47.4 36.1 28.1 195.9 512.0 20.7 197.6 50.1 12.9 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners Fro t m hr o Ja u n g . h 2 — , 1 i 935, Total r U K d n i o i n t m g ed - France N la e e n r t - h d - 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 2r ot A h l e l r 2 1935—Dec. _ 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. 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. . 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. 1, 219. 2 472.6 76.5 212.9 301.7 -22.7 -5.4 56.6 1,092. 3 27.8 23.4 64.7 11.0 1939—Dec . 1,133. 7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004.4 -2.6 30.1 87.6 14.3 1940—jan 1,122.9 315.7 77.1 229.4 349.2 -28.3 -4.7 62.4 1,000.8 -5.9 30.6 82.9 14.5 Feb. 1,125.1 306.5 76.8 230.4 359.7 -28.4 -4.7 63.4 1,003. 8 -7.5 31.5 82.9 14.4 Mar 1,112. 5 291.2 75.9 231.5 368.1 -28.7 -4.9 64.5 997.5 -8.3 32.1 76.8 14.4 Apr. 1,112.8 286.1 76.2 231.4 375.0 -28.7 -4.9 65.7 1,000.6 -8.5 29.5 76.9 14.2 May.... 1,101.0 281.3 75.8 230.7 380.9 -28.7 -4.7 64.8 1,000.0 -12.4 27.3 72.7 13.4 June 1,091.4 278.8 74.7 230.4 378.3 -28.7 14.3 64.8 1,012. 6 -19.4 27.9 57.2 13.2 July 1,069.9 279.5 74.8 230.4 376.3 -28.7 11.8 64.8 1,008. 9 -24.2 27.7 44.5 13.1 Aug. 1,047; 1 275.0 74.7 230.6 372.9 -28.8 5.9 64.6 994.9 -21.9 26.8 33.9 13.4 Sept. 11 . 1,049.4 274.0 74.6 230.7 371.9 -28.8 5.9 64.5 992.9 -17.5 26.4 34.3 13.3 Sept. 18 1,054.8 273.7 74.6 230.7 369.8 -28.8 14.0 64.5 998.4 -17.6 26.7 34.0 13.3 Sept. 25 ... 1,051. 4 272.9 74.6 230.7 368.5 -28.8 26.3 64.2 1,008. 4 -21.2 26.3 25.1 12.9 Oct. 2 1,044.3 271.1 74.5 230.7 365.4 -28.8 26.2 64.5 1,003. 5 -20.7 26.6 22.0 12.8 TABLE 7.—BROKERAGE BALANCES,3 BY COUNTRIES Fro t m hr o Ja u n g . h 2 — , 1 i 935, Total U K d n i o i n m t 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 Asia 2 ot A he ll r 2 1935—Dec 6.0 (4) 2.4 1.3 2.5 -.2 .1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec 12.9 4.0 10.4 -.9 9.1 .3 .4 22.6 -7.6 -4.2 2.1 1937—Dec 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 1938—Dec 47.6 13.2 12.6 6.8 8.8 .2 5.3 46.7 2.6 -.9 -1.0 .2 1939—Dec 80.6 19.4 20.1 9.3 17.8 -.i .1 5.0 71.6 8.7 1.6 -3.4 2.1 1940—Jan 88.2 18.9 19.6 9.4 18.3 -.2 .1 5.7 71.9 10.9 1.7 1.7 2.0 Feb 87.0 18.9 19.0 9.2 19.1 -.2 .1 5.8 71.9 10.5 .8 2.0 1.9 Mar 88.7 18.7 17.4 9.0 20.2 .1 5.4 70.8 11.1 1.2 3.3 2.2 Apr 88.3 18.3 17.6 10.1 21.3 .2 5.9 73.5 10.4 -.3 3.0 1.8 May. 95.1 17.6 18.4 10.5 18.5 .2 7.1 72.1 10.3 6.3 5.8 .6 June _ 98.9 16.6 18.5 11.4 18.0 .1 8.1 72.7 12.0 7.6 6.0 .7 July 99.9 16.7 18.5 11.5 18.0 .1 8.3 72.9 11.1 8.8 6.3 .8 Aug 100.5 16.3 18.6 11.9 18.8 -!i .1 8.0 73.6 10.9 9.4 6.0 .6 Sept. 11 99.9 16.1 19.1 11.9 18.6 o .1 8.0 73.7 11.1 8.8 5.8 .7 Sept. 18 100.6 16.3 18.7 12.1 19.4 -.2 .1 8.1 74.6 11.1 8.3 5.9 .7 Sept. 25 100.8 16.1 18.6 12.1 19.0 -.2 .1 8.3 74.1 10.9 9.4 5.7 .7 Oct. 2 101.6 16.3 18.8 12.3 19.2 -.2 .1 8.1 74.7 11.2 9.1 5.8 .7 *• Revisions have been effected in the figures for Asia in Table 6 beginning December 1938 as a result of amended reports submitted by a reporting bank. 1 Figures cover period through Wednesday nearest the end of the month in terms of business days, unless otherwise specified. 2 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 3 For explanation see BULLETIN for May 1937, pp. 395-396. 4 Inflow less than $50,000. B Outflow less than $50,000. 74 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 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date* Total r U K d n i o i n m t 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 2 r ot A he ll r 2 Reported by Banks in New York City 1929—Dec. _. 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 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.- 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 733.8 171.0 72.2 13.8 82.2 30.2 36.6 63.1 469.1 89.3 117.8 44.4 13.1 1933—Dec.__ . 388.2 48.3 24.9 8.3 11.9 16.3 9.9 30.1 149.7 88.7 96.4 43.1 10.4 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 4. 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 Dec 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—Dec 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 1,175. 4 179.3 151.7 57.6 96.4 21.6 21.4 116.0 643.9 148.4 187.1 178.7 17.3 June 1, 376.0 255.2 152.9 105.3 129.6 20.1 24.4 121.5 809.0 133.0 205.2 206.4 22.4 Sept 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 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 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 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 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 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 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 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 1, 751. 4 308.5 165.6 82.2 191.0 17.6 17.2 232.8 1,015.0 190.8 285.0 226.9 33.7 Dec 2,042.0 438.8 190.9 98.4 217.4 19.9 22.6 249.9 1, 237. 8 235.2 254.9 281.7 32.4 1939—Mar 2, 318. 8 473.9 219.5 143.9 247.1 18.7 14.8 314.7 1,432. 7 236.6 300.7 305.5 43.3 June 2, 683.0 607.4 284.4 146.0 240.8 15.1 12.2 366.9 1, 672. 7 291.7 363.0 306.0 49.7 Sept 3,050. 7 656.7 295.9 186.0 299.9 7.8 17.1 446.4 1, 909. 7 325.3 383.0 366.5 66.2 Dec 3,057.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 1,882. 6 274.6 336.0 491.4 72.5 1940—Jan 3,097. 4 404.5 290.6 200.3 395.5 9.1 43.7 569.0 1,912. 6 266.9 352.2 494.8 70.9 Feb 3,105. 5 376.6 288.5 200.1 411.0 8.4 44.5 593.5 1,922. 6 268.7 354.6 497.3 62.4 Mar 3,165. 2 361.3 290.7 199.7 432.2 8.4 69.3 618.7 1, 980. 3 250.1 365.5 515.2 54.1 Apr 3,188. 3 326.6 286.7 213.1 447.6 8.5 71.3 616.1 1, 969. 9 ' 255.3 389.9 517.6 55.6 May 3,178. 7 354.5 319.1 198.3 413.6 9.9 65.0 619.3 1,979. 8 236.0 402.4 501.9 58.6 June 3,456. 3 397.9 504.8 184.7 441.0 9.8 29.8 625.7 2,193. 8 259.2 421.4 521.7 60.3 July.... 3, 526. 2 343.0 497.3 178.3 449.2 13.6 25.8 634.7 2,141. 9 353.9 420.8 542.8 66.7 Aug 3, 666. 9 385.7 515.2 182.7 476.4 10.5 26.1 651.7 2, 248. 4 395.9 432.3 527.6 62.7 Sept. 11. 3, 640.3 349.1 513.1 180.3 474.1 11.9 26.7 652.0 2, 207. 2 413.5 427.1 532.9 59.6 Sept. 18. 3,713.4 421.1 508.8 179.3 460.4 12.3 28.1 661.0 2, 271.1 407.5 436.3 534.5 63.9 Sept. 25. 3, 688. 8 385.0 507.7 179.7 454.8 12.0 26.3 667.4 2, 232.8 407.3 436.1 544.0 68.5 Oct. 2... 3, 719.0 386.4 503.5 180.3 459.6 13.2 24.6 667.5 2, 235.0 410.7 438.4 567.7 67.1 Additional Detail Available from January 3,19405 5 European countries 6 Latin American countries 4 Asiatic countries Date* Total g B iu el m - m D a e r n k - 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 d Z a - . Total r China' H K o o n n g g Japan I P s p h l i a 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 34.0 432.9 167.0 71.4 165.4 29.1 Jan 448.1 166.2 28.7 23.8 67.0 162.4 259.3 66.5 31.8 24. 4 38.3 62.1 36.2 434.7 173.8 72.2 158.7 30.0 Feb.._. 458.8 176.6 27.2 23.7 69.4 161.9 263.7 68.7 30.0 24.7 38.3 65.2 36.7 439.2 178.9 68.5 162.1 29.7 Mar..._ 475.1 184.3 28.7 25.0 68.4 168.6 275.4 63.5 35.3 24.7 43.2 68.4 40.2 455.1 178.5 75.2 169.4 32.0 Apr 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 46i. 3 184.1 81.1 164.1 32.0 May... 443.3 172.0 21.1 29.5 64.1 156.7 311.8 83.3 34.8 24.8 49.6 68.6 50.6 446.2 178.8 79.4 151.8 36.2 June... 457.0 161.3 19.5 29.6 59.0 187.6 326.5 88.7 39.0 30.2 49.7 65.3 53.5 448.4 181.8 78.4 152.6 35.6 July_._- 457.7 154.9 18.4 29.1 57.8 197.5 321.3 93.1 38.0 29.2 48.1 60.3 52.7 446.6 181.6 84.3 142.6 38.2 Aug 466.7 150.9 17.2 26.3 54.3 218.0 332.2 103.9 31.4 27.8 51.1 58.5 59.6 408.3 184.7 87.6 97.4 38.7 Sept. 11 468.6 150.2 17.1 29.9 54.4 216.8 328.1 101.2 31.9 26.2 51.0 61.6 56.2 414.6 186.9 86.1 96.0 45.6 Sept. 18 465.4 147.9 17.3 30.3 54.4 215.5 336.7 105.1 33.8 26.5 51.0 63.7 56.6 416.1 189.7 85.0 95.0 46.3 Sept. 25 469.4 147.5 16.7 30.4 52.8 222.0 337.3 107.1 33.0 26.5 50.3 63.8 56.7 418.5 191.7 86.7 96.6 43.4 Oct. 2.. 470.3 147.9 16.8 29.1 51.2 225.3 338.8 110.1 33.4 26.1 48.7 63.2 57.3 431.6 192.7 87.0 106.8 45.2 r Kevisions have been effected in the figures for Asia beginning Sept. 1938 and for Japan and China beginning Jan. 3, 1940, as well as in the related totals, as a result of amended reports submitted by a reporting bank. 1 Figures relate to Wednesday nearest the end of the month in terms of business days, unless otherwise specified. 2 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 3 Last report date on old basis. 4 First report date on new basis. 5 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 Aug. 12, 1936, Jan. 5, 1938, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; and April 1940, p. 362). JANUARY 1941 75 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 Date1 Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l z a w e n r i d t - - m G a e n r- y Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n ca Asia 2 ot A he ll r 2 Reported by Banks in New York City 1931—Dec 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 949.4 89.4 67 6 14.2 6.4 433.7 11 5 96.1 719.0 43.9 158.2 24.8 3.5 1933—Dec 907.1 197.9 65 0 18.1 12.5 258.1 16 8 83.9 652.3 34.7 159.2 54.6 6.3 1934—Nov. 28 3. 827.1 I 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 4_ 1,137.8 266.4 108.2 1 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 Dec 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—Dec 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 749.7 93.6 28.8 23.0 5.5 196.9 13.1 64.3 425.3 78.2 157.1 78.0 11.1 June 690.9 81.9 23.5 21.4 4.2 186.2 12.8 57.6 387.6 77.8 142.1 72.1 11.4 Sept 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 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 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 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 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 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 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 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 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 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 1939—Mar 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 June 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 Sept 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 Dec 508.7 39.9 4,9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Jan 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 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 527.5 39.7 4.9 6.7 6.2 50.1 16.9 48.6 173.2 42.2 110.7 192.6 8.9 515.7 36.8 8.4 8.0 6.4 49.4 17.2 48.6 174.7 37.1 114.3 181.0 8.6 May 475.0 30.1 7.9 3.2 5.0 47.3 18.3 44.6 156.5 26.7 113.3 169.5 9.0 June 475.0 32.0 6.2 2.6 3.8 47.3 14.2 41.0 147.2 35.3 117.0 167.9 7.7 July —. 444.9 28.2 4.5 1.9 2.5 46.6 9.6 36.6 130.0 31.3 116.3 159.8 7.5 Aug ••386.0 22.6 4.2 1.2 1.9 46.0 4.1 34.9 115.0 31.2 112.3 118. 6 Sept. 11. 390.7 22.3 3.9 1.2 1.9 45.9 2.9 35.0 113.2 33.1 112.0 122.9 Sept. 18. 385.9 21.5 3. 6 1.1 1.9 45.7 2.7 34.8 111.4 31.5 112.6 124.1 6.3 Sept. 25. 377.1 20.9 3.5 1.3 2.0 45.6 2.5 34.7 110.5 28.9 112.0 119.3 6.4 Oct. 2__. 385.5 20.2 3.5 1.1 1.5 45.6 2.8 34.8 109.4 30.8 113.1 125.7 6.4 Additional Detail Available from January 3,19405 5 European countries 6 Latin American countries 4 Asiatic countries Datei Total g B iu e m l- m D a e r n k - l F a i n n d - N w o ay r- S d w en e- 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 d Z a - . Total China H K o o n n g g Japan I P s 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 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.___ 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 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 17.6 8.1 1.4 1.0 3.4 3.7 73.9 12. 1 34.4 9.7 11.2 5.0 1.2 169.8 23.9 1.8 115.6 28.5 May... 14.1 5.1 1.1 1.5 2.4 4.2 73.9 16.4 32.1 9.5 9.8 5.0 1.1 160.1 24.5 1.9 103.2 30.5 June... 10.6 3.4 .7 1.5 1.5 3.4 77.5 16.7 33.7 9.7 11.4 4.8 1.3 155.2 30.2 1.6 90.6 32.7 July.— 9.1 2.9 .4 1.6 1.3 2.8 75.6 16.4 32.8 10.3 9.9 4.7 1.5 145.3 30.5 2.7 78.6 33.6 Aug 7.7 1.6 .3 1.7 1.2 2.9 72.1 15.1 31.3 9.6 9.9 4.5 1.7 102. 3 24.0 3.8 '45.0 29.5 Sept. 11 7.7 1.6 .3 1.7 1.2 2.8 71.7 15.1 30.4 9.5 10.5 4.3 1.8 104.6 24.5 3.4 47.0 29.8 Sept. 18 7.5 1.6 .3 1.7 1.2 2.7 72.4 15.1 31.0 9.6 10.5 4.5 1.8 105.4 24.3 3.4 47.6 30.1 Sept. 25 7.6 1.7 .3 1.7 1.2 2.7 71.4 14.8 30.3 9.6 10.4 4.6 1.7 101.1 24.4 3.5 44.6 28.7 Oct.2__ 7.5 1.7 .3 1.7 1.2 2.7 72.5 14.8 30.8 10.0 10.6 4.5 1.9 109.8 24.2 4.3 53.2 28.2 r Revised. 1 Figures relate to Wednesday nearest the end of the month in terms of business days, unless otherwise specified. 2 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 3 Last report date on old basis. 4 First report date on new basis. s 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 Aug. 12, 1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363). 76 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of Assets of banking department Liabilities of banking department Bank of England issue dept. Note (Fi p g o u u re n s d i s n s m te i r l l l i i n o g n ) s of Gold i a O ss th et e s r 2 C C o a in sh rese N rv o e t s es a c v n o D a d n u i s c n a - e t d s s - Se ti c e u s ri- ci t r i c o u n la- Bankers' D P e u p b o l s i i c ts Other l O ia t t i b e h i s e li r - 1929-Dec. 25.. 145.8 260.0 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 .8 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 17.5 155.6 467.4 150.6 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 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Nov. 29.. 3.2 580.0 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 6.1 157.2 643.1 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 July 31_. 2 630.0 .9 20.7 3.3 174.4 609.5 106.3 22.7 52.3 18.0 Aug. 28. . .2 630.0 .7 20.2 3.9 172.6 610.0 118.7 8.8 51.8 18.1 Sept. 25. .2 630.0 .8 25.5 3.5 169.7 604.8 116.0 13.5 51.9 18.1 Oct. 30__ .2 630.0 .5 38.7 3.0 153.3 591.6 108.0 18.3 51.5 17.7 Nov. 27P. .2 630.0 1.0 36.9 6.9 161.2 593.3 110.8 27.1 50.3 17.8 Liabilities Domestic bills Loans on- Deposits Bank of France Ad- (Figures in millions of francs) Gold* ch F e e a i o x g n - r n g - e m O ar p k e e n t6 Other v m G a e e n t r o o n n c v - e t - 7 s m G S t e o h e n v r o t e m r r s t n - e - - s O e t c t ie h u s e ri r - Other 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 t i b e h s i e l r icurities 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 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 22,183 1,989 1932—Dec. 30.... 83,017 4,484 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 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.... 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 14,442 110,935 5,061 25, 595 2,718 1939—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, 753122,611 5,188 16,909 2,816 July 27.... 722 8,316 2,275 5,000 20, 577 472 3,461 14,458 123,239 5,468 16,058 2,781 Aug. 31.... 8 97,266 218 9,396 1,708 15,009 20,577 2,412 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 16,438 151,322 1,914 14,751 2,925 1940—Jan. 25.___. 97,268 111 11,861 2,235 5,011 35,673 229 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 16,917 156,150 1,203 17,128 3,156 Mar. 28.... 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, 666156,285 1,171 14,681 3,038 May 30 84.616 102 44,083 1,889 14, 473 32,600 2,320 3,716 16, 694 170,853 1,046 25, 782 2,811 p Preliminary. i Effective Mar. 1,1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271). » 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 Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 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 Exchange 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). 11ncludes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, Mar. 22, 1938, and Apr. 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 Apr. 20, and again on Aug. 3,1939, 5,000,000,000 francs of gold transferred from Exchange 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. JANUARY 1941 77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Liabilities (Figu r r R e e i e s c i h c in h sm sb m a a r i n k ll s k io ) ns of R re e f T s o s o e r e e r t r v i a v g l e e n s s e o x f c g G h o a o ld n ld g a e n i d B i T c n i h l r c b l e e l s i c u a l ( k l s d s a u s i n n ) r , y d g Se lo c a u n ri s ty E a c s li o g n v i o S e b r t e l e e curiti O es ther O as t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - 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 1,621 8,223 1,527 1,091 1939—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 11,143 374 401 2,487 11, 505 1,628 1,382 Feb. 29.. 77 11,825 172 367 2,380 11,877 1,559 1,422 Mar. 30.. 78 12, 242 144 394 2,557 12,176 1,760 1,509 Apr. 30.. 78 12,188 221 364 2,651 12,480 1,714 1,338 May 31- 77 12, 569 142 363 2,135 12, 594 1,470 1,253 June 29.. 77 12, 611 143 454 2,595 12, 785 1,854 1,266 July 31_- 78 12, 613 114 408 2,377 12, 750 1,620 1,248 Aug. 31.. 77 12,891 56 419 2,448 13,026 1,608 1,287 Sept. 30.. 78 13,206 50 422 2,184 12, 847 1,795 1,314 Oct. 3lP. 78 13,069 56 (2) 12, 937 1,610 (2) Nov. 30P. 78 13, 532 51 13,198 1,706 p Preliminary. 1 Not shown separately on Reichsbank statement after June 15, 1939. 2 Figures not yet available. 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) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept. Nov. National Bank of Albania (thou- National Bank of Belgium (millions sands of francs): (Mar.)i of belgas): (June)i Gold -. - 7,567 7,567 Gold .. 4,329 3,589 Foreign assets 65,135 57, 786 Other gold and foreign ex- Loans and discounts 10, 315 6,260 change 2 70 680 Other assets 7,829 9,081 Discounts 1,170 818 Note circulation 28, 419 27 470 Loans __ . 511 196 Other sight liabilities 46,830 37, 902 Other assets 1,036 528 Other liabilities __ 15 598 15 322 Note circulation. 6,690 5,540 Central Bank of the Argentine Demand deposits—Treasury 14 1 Republic (millions of pesos): Other. __ . 273 147 Gold reported separately 1,120 1,170 1,224 Other liabilities.. 139 124 Other gold and foreign exchange- 216 183 158 National Bank of Bohemia and Mo- Negotiable Government bonds 209 218 285 ravia (millions of koruny): (Aug.)i Rediscounted paper 21 16 Gold . . . 1,597 1,602 Other assets 217 220 195 Foreign exchange 712 802 Note circulation __ _ 1,164 1,175 1,155 Discounts.. ________ _ _ 376 970 Deposits—Member bank 394 365 524 Loans .. _ _ 409 1,025 Government 148 190 104 Other assets (3) 5,703 Other _ 3 2 6 Note circulation. _ . _ _ _ __ 5,764 6,418 Foreign exchange sold forward 8 12 16 Demand deposits 1,196 785 Other liabilities 65 65 57 Other liabilities (3) 2,899 Commonwealth Bank of Australia Central Bank of Bolivia (thousands (thousands of pounds): of bolivianos): Issue department: Gold at home and abroad 99, 445 92,809 Gold and English sterling 16, 082 16,082 16,030 Foreign exchange 72, 596 48,821 Securities 54, 298 54,305 44, 785 Loans and discounts 229, 345 107, 533 Banking department: Securities—Government 430, 388 420, 512 Coin, bullion, and cash __ 3,668 5,566 3,469 Other 13, 640 8,151 London balances 50, 983 45, 680 18, 281 Other assets 20, 671 70,196 Loans and discounts 30, 767 31 259 18 659 Note circulation 441, 316 341, 768 Securities 41, 386 44,137 61,165 Deposits 340, 594 320, 675 Deposits 119, 279 119, 075 95, 675 Other liabilities 84,176 85, 578 Note circulation __ 61, 619 61 619 52 025 National Bank of Bulgaria (mil- Bank of Belgian Congo (millions of lions of leva): (Apr.)i Belgian francs): (Jan.)i Gold 2,006 2,006 Gold 171 171 Net foreign exchange in reserve 4 4 Foreign (gold) exchange 5 Foreign exchange _ _ _ _ 1,800 1,452 Loans and discounts 617 551 Loans and discounts 1,110 2,171 Other assets 526 507 Government debt 3,393 3 417 Note circulation 421 378 Other assets. _ . 2,030 1,553 Deposits 735 690 Note circulation 4,526 4,374 Other liabilities 164 160 Deposits 3,421 3 735 Other liabilities ___ 2,396 2,494 1 Latest month for which report is available for this institution. 2 Foreign exchange only; total gold holdings now included in item "Gold". 3 Figures not yet available. 78 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1940 1939 (Figur C e e s n a tr s a o l f B la a s n t k report 1940 1939 (Figures as of last report date of month) date of month) Nov. Oct. Sept. Nov. Nov. Oct. Sept, Nov. Bank of Canada (thousands of Ca- Bank of Estonia (thousands of nadian dollars): krooni): Gold* 225, 675 Gold and net foreign ex- (July)* Sterling and United States ex- change 47,846 43,662 change 82,967 45,133 20,336 60, 707 Loans and discounts 57, 399 50,158 Canadian Gov't. securities: Other assets 47,437 40, 908 2 years or less 444, 565 438, 553 412,359 199, 347 Note circulation 88, 492 64,695 Over 2 years 141,234 142, 288 120, 742 46, 282 Demand deposits 28, 285 31,325 Other assets 10,456 12,195 43,356 5,530 Other liabilities 35, 905 38, 707 Note circulation 335,487 332, 355 331,957 222,301 Bank of Greece (millions of drach- Deposits—Chartered banks 231, 210 221,679 231,336 223, 596 mas): Dominion Gov't 83, 791 4,441 52,404 Gold and foreign exchange (net).. 4,959 3,414 Other 13, 766 5,962 9,961 26,137 Loans and discounts 15,190 12,808 Other liabilities 14, 968 15, 491 19,098 13,105 Government obligations 4,049 4,207 Central Bank of Chile (millions of Other assets 3,086 2,242 pesos) : Note circulation 11,326 9,324 Gold 146 146 146 Deposits 13,666 11, 345 Discounts for member banks 119 168 77 Other liabilities 2,292 2,002 Loans to government 746 746 754 National Bank of Hungary (mil- Other loans and discounts 393 375 254 lions of pengo): Other assets 44 31 41 Gold 124 124 124 Note circulation 1,033 1,022 855 Foreign exchange reserve 40 43 76 Deposits- Discounts 689 815 593 Bank 198 168 197 Loans—To Treasury 573 506 313 Other 49 112 61 Other 40 39 39 Other liabilities 168 165 159 Other assets 347 318 346 Bank of the Republic of Colombia Note circulation 1,379 1,357 965 (thousands of pesos): Demand deposits 113 172 197 Gold 32, 562 29, 525 26,386 37, 438 Certificates of indebtedness 87 87 94 Foreign exchange 8,908 13,830 12, 594 6,161 Other liabilities 235 229 235 Loans and discounts 26,427 25, 311 26, 258 21, 661 Reserve Bank of India (millions of Government loans and securities- 47,122 47,099 42, 959 36, 463 rupees): Other assets 31, 541 36,071 31, 532 32,876 Issue department: Note circulation 56, 591 55, 269 54,923 54,061 Gold at home and abroad 444 444 Deposits 54,180 61,494 54,151 48,352 Sterling securities 1,315 825 Other liabilities 35, 789 35,073 30, 656 32,183 Indian Gov't. securities 496 373 National Bank of Denmark (mil- Rupee coin 326 695 lions of kroner): Note circulation 2,292 2,201 Gold 117 117 Banking department: Foreign exchange 9 Notes of issue department._. 290 136 Clearing accounts (net) 326 Balances abroad 344 151 Discounts 14 28 Treasury bills discounted 9 32 Loans—To Government agencies 68 128 Loans to Government 14 36 Other 110 198 Investments 82 68 Securities 159 213 Other assets 12 36 Other assets 344 105 Deposits 632 338 Note circulation 519 Other liabilities 118 122 Deposits 118 Bank of Japan (millions of yen): Other liabilities 183 161 Gold 501 501 501 501 Central Bank of Ecuador (thou- Special foreign exchange fund 300 300 300 300 sands cf sucres): (July)* Discounts 499 645 761 394 Gold3 51,943 40,966 Loans—To Government 3 3 3 3 Foreign exchange (net) 16, 300 534 Other 187 110 161 191 Loans and discounts 60,113 67, 526 Government bonds 3,228 2,923 2,551 2,215 Other assets 25, 780 22, 617 Other assets 503 453 469 423 Note circulation 68, 735 65, 700 Note circulation 3,874 3,636 3,556 2,736 Demand deposits 46,121 42,020 Deposits—Government 843 718 714 878 Other liabilities 39, 281 23,923 Other 147 127 127 110 National Bank of Egypt4 (thou- Other liabilities 357 453 350 302 sands of pounds): (Apr.)2 Bank of Java (millions of guilders): Gold 6,544 6,545 Gold 5 206 205 129 Foreign exchange 2,729 2,129 Foreign bills 20 19 19 Loans and discounts 8,141 11,416 Loans and discounts 126 106 73 British, Egyptian, and other Other assets 129 124 93 Government securities 30, 608 27, 993 Note circulation 203 204 195 Other assets 6,995 7,293 Deposits 239 212 92 Note circulation 25,489 26, 829 Other liabilities 38 38 27 Deposits—Government 2,392 1,701 Bank of Latvia (millions of lats): Other 18,076 17, 523 Gold Other liabilities 9,060 9,325 Foreign exchange reserve 29 13 Central Reserve Bank of El Salva- Loans and discounts 234 198 dor (thousands of colones): Other assets 45 51 Gold 13,191 13,208 Note circulation 123 110 Foreign exchange 692 2,993 Deposits 204 194 Loans and discounts 2,523 2,055 Other liabilities 52 56 Government debt and securities. 5,726 5,028 Other assets 1,396 1,023 Note circulation 13, 551 14, 375 Deposits 4,585 6,376 Other liabilities 5,392 3,556 1 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). 2 Latest month for which report is available for this institution. 3 Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre. 4 Items for issue and banking departments consolidated. & Corrected note: Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder. JANUARY 1941 79 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) Nov. Oct. Sept Nov. date of month) Nov. Oct. Sept, Nov. South African Reserve Bank—Cont. B N a e d n t e h k G O N O S L D G F D L F rs e i o o o o o t t o o e o i ) l r h h s r v r a a l p l l t f : e d e c d e e e a n e n o L i i o r r n r s s g g s c 2 u i d i n l n a ( t i a t i n s r h i s s a n n c e t s b u b d s u c e x B i a i l l t l c l a n l s d u a i h s n t t i i d a i a i s k e i o n c n s n ( g o g ( m e u - m s n i u l i t l l s b i l o i s o _ n i n _ d s s _ i o a _ o f r y f l i g c t u u o i i ) l n : - ) 1,1 2 1 2 1 1 1 3 9 9 5 (Aug 1 1 1 4 6 1 8 1 8 8 . 6 7 1 3 1 2 7 )1 1, 1 1 0 2 6 3 5 2 5 6 7 5 3 1 2 3 4 2 7 6 6 2 9 1 8 1 S B w a k n i r s k O N O D O o D N G F D O s n o t o t e t o o o t e h h h o h r p t l m m t N e e d e e e e r e o o i ) r r r r e a f a g s : c c s n t i n a l a l i i t i t d i i r r s s o s i a a c c c a s S s n b b u e d e u s w a l i s t i l t l e o l s l s a l e a e i p a i t t t t d t i i n s o i B i o e e o s e s s n ( a n n s i n a n t . . n e s . k . t d . . ) . ( . m i ( n m i v l i l e l i l s o i _ _ t o n m n s e s n o t o _ s f f - 3 2 52 6 0 4 1 , , , , , 9 3 7 1 9 7 9 4 4 3 6 3 7 0 0 6 0 6 3 5 1 4 9 0 0 4 2 2 7 2 3 4 2 5 6 2 4 1 , , , , ,4 7 3 7 7 9 3 8 7 3 7 6 5 0 3 2 9 6 6 0 6 7 6 3 9 5 9 5 1 4 7 1 3 2 3 1 7 7 3 1 1 , , , , , • 7 2 0 • 3 4 7 2 5 5 8 6 1 3 3 8 3 3 4 0 3 3 1 4 2 5 6 2 3 6 6 9 7 2 Re ( s th e D O N O G S r o t e t v o t o e u h h p e l t r s d e e e l o a i r r s n c n B i a l g i d t i r s a a s s c s e — n b u e x o i k t l c O l f s a G i h t t p t i i a o h o e o o n v e s f n u g r e n e r d n N r s m e e ) s w : e e n rv t. e Z _ .- ealand 2 1 8 , , , 3 8 9 1 1 7 2 3 5 0 7 8 1 4 5 9 2 2 9 , ,9 8 8 0 8 2 2 1 6 , , , 1 2 6 8 4 8 4 5 2 0 8 9 3 0 5 2 Ce f n ra t D G F L O N O O n r o o a c i t o t o t s h h h r a l s t l e c e ) e e n e d i : o r r r s 8 g B c u n a s l i a n i r i s a n g c t e s s b k u h e x i t t l c l s a i h l o t t i a i i f a o e n b s n g t i - _ e h l i e ti es Republ _ ic _ ._ _ o _ . f 2 2 1 , , , 8 1 1 2 1 2 0 7 3 7 6 7 7 5 9 6 9 1 2 4 4 0 7 2 2 , , 1 1 6 2 2 9 2 1 1 2 7 4 7 5 7 9 0 7 0 9 1 6 0 2 2 , , 3 0 3 6 8 6 1 1 4 9 2 8 5 6 0 2 2 5 8 3 0 1 Ad d v e a rt n a c k e i s n g to s State or State u _ n _ - _ 28,006 28,015 22, 257 Turkey (thousands of pounds): Investments 3,772 2,553 3,238 Gold 108, 538 36, 836 Other assets _ 837 379 288 Foreign Exchange—Free 39 50 Note circulation 20, 201 20,109 17, 435 In clearing accounts 18, 538 4,463 D Ot e h m er a n l d ia b d i e li p ti o e s s i ts.. __. 21 2 , , 3 7 6 8 1 4 21 2 , , 3 2 3 8 9 9 1 2 5, , 1 6 7 0 0 4 S L e o c a u n r s i t a i n e d s. . discounts 3 1 2 9 1 5 , ,0 2 7 5 6 7 2 1 2 9 1 7 , , 9 0 6 6 9 2 Ba k n r k o ner o ) f : Norway (millions of (Mar.) N O o th te e r c a ir s c se u t l s ation.. 3 3 68 5 , , 1 4 7 3 2 8 2 3 9 9 6 , , 4 3 4 9 1 5 Gold,. _ 186 227 Deposits—Gold _. 78, 250 Foreign assets _ 102 92 Other 97,016 75, 978 To s t e a c l u rit d ie o s m estic _ credits and 435 403 Bank O th o e f r t l h ia e bi R li e ti p e u s b . lic of Uruguay 134,916 127, 357 Othe L S D r e o i c a s a u c s n o r s s i u e ti n t e s t s s . .. ._ 2 1 0 6 3 2 6 9 8 7 (th Is o s u u s e N G a n o o d d l t e d e s p c a a o i n r f r t d c p m u e s e s l i a n o lv t s t i : e ) o : r n. ( 8 9 A 6 2 , , u 2 8 g 3 6 . 5 1 ) 8 8 6 5 , , 3 2 1 3 1 5 N D o em te a c n i d rc u d l e a p ti o o s n its— O G t o h v e e r rnment 112 5 3 9 2 1 0 8 Ban N k G i o o n t l g e d s 7 d a e n p d a r c t o m in e _ nt: 5 4 3 5 , , 2 2 6 8 3 4 2 5 1 6 , , 3 2 6 0 1 1 Other liabilities 110 Advances to State and gov- Central Reserve Bank of Peru ernment bodies 41,866 (thousands of soles): Other loans and discounts.. 93, 396 114, 703 8 Gold and foreign exchange 56, 700 44,175 Other assets 68, 949 106, 324 Discounts 15,018 24, 698 Deposits 101, 285 90,154 Government loans.,. 129, 651 104, 282 Other liabilities 201, 473 208, 435 Other assets 11,316 4,030 National Bank of the Kingdom of Note circulation. 134, 928 130,171 Yugoslavia (millions of dinars): Deposits 53, 644 30,182 Gold 2,485 2,380 Other liabilities 24,114 16, 832 Foreign exchange 472 518 Bank of Portugal (millions of Loans and discounts _. 1,692 1,632 2,560 escudos): (Aug.) Government debt 3,073 3,073 3,028 Gold _ 922 920 National defense bills 5,907 5,155 Other reserves (net) 392 554 Other assets _. 2,928 2,913 3,963 Non-reserve exchange 142 201 Note circulation 12, 924 12,403 9,163 Loans and discounts _. 488 428 Other sight liabilities _ 2,816 2,464 1,930 Government debt.— _. 1,033 1,036 Other liabilities 816 805 1,034 Other assets 1,632 1,242 Bank for International Settle- Note circulation 2,679 2,423 ments (thousands of Swiss gold Other sight liabilities 958 965 francs»): Other liabilities.. 972 994 Gold in bars _. 41,854 26, 604 22,100 National Bank of Rumania (mil- Cash on hand and on current lions of lei): account with banks 39, 979 31, 674 28, 678 Gold ^ 32,038 31,930 20, 671 Sight funds at interest 15,167 14,943 12, 356 Special exchange accounts 5,157 5,083 4,969 Rediscountable bills and accept- Loans and discounts 26, 584 25, 270 22,197 ances (at cost) 143, 587145, 318 159, 689 Special loans 5 775 798 1,301 Time funds at interest. 21, 393 21, 415 20, 653 Government debt 9,974 8,971 10, 205 Sundry bills and investments.... 221, 334216, 215 210, 582 Other assets 14, 887 14,102 13, 979 Other assets.. 2,345 2,381 5,531 Note circulation 63,125 62, 342 47, 891 Demand deposits (gold) 33, 242 14, 724 10, 266 Demand deposits- 14, 680 13, 093 10,407 Short-term deposits (various Other liabilities.. 11,611 10, 719 15, 025 currencies): South African Reserve Bank (thou- Central banks for own acsands of pounds): count 28, 857 20, 929 27, 675 O G F t o o h r l e e d i r g n bi l b l i s ll a s nd loans _. 39, 6 8 6 3 4 4 8 38, 7 0 4 8 4 5 1 30 7 , , 1 8 2 4 5 5 6 1 L O o t c h n o e g O u r - n t t l h t e i s e r a m r bi li d ti e e p s osits: Special ac- 2 1 2 91 3 9 , , , 0 0 5 5 0 1 1 0 1 2 19 2 1 2 9 , , , 8 0 0 0 0 9 4 1 2 2 1 2 8 9 9 2 , , , 7 2 6 7 4 2 7 4 5 r Revised. 1 Latest month for which report is available for this institution. 2 Gold revalued Mar. 31, 1940, at 0.4978 gram fine gold per guilder. 3 Figures not yet available. 4 Gold revalued May 19, 1940, at 0.0043 gram fine gold per leu. 6 Agricultural and urban loans in process of liquidation. 6 Gold revalued May 31, 1940, at 0.2053 gram fine sold per franc. 7 Increase due to inclusion of additional foreign gold reserves not reported previously. 8 Includes advances to State and government bodies. 9 See BULLETIN for December 1936, p. 1025. 80 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Date effective U K d n i o i n m t g e - d France m G C a e n e r y - ntra g l B i b u e m a l- nk N l o a f e e — n r t d - h s - S d w e e n - S l z a w e n r i d t - - Al b b C a a n n e k n ia tr o a f— l R D 3 e a 5 1 c t ^ e . M e a f r D f . e 2 a c 1 t t i e , v 1 e 940 Ja b p C a a n e n k n tr o a f— l R D 3 3 . e a 2 1 c t 9 e . A e p f r D f . e a ct t 7 i e v ,1 e 936 Argentina Mar. 1,1936 Java 3 Jan. 14,1937 In effect Sept. 15, Belgium 2 2 Jan. 25,1940 Latvia 5 Feb. 17,1940 1936 2 3 4 2 3 2 Bohemia and Lithuania ... 6 July 15,1939 Sept 25 5 Moravia Oct. 1, 1940 Mexico 3 Mar. 1,1937 Oct. 2 3 Oct 9 Oct. 16 2 2 N O o ct v . 2 2 0 6 2Y2 IYL B B o ri l t i i v s i h a India 3 2 A N u o g v . . 28 9 , , 1 1 9 9 3 3 5 8 N N e e w th e Z r e la a- nds 3 Aug. 29,1939 Dec 3 2 Bulgaria 5Y2 Sept. 16,1940 land . 2 May 27,1940 Jan. 28, 1937. 4 Canada Mar. 11,1935 Norway 3 May 13,1940 June 15 6 Chile 2Y2 Dec. 16,1936 Peru 5 Aug. 1,1940 July 7 5 Colombia July 18,1933 Portugal 4-4H Aug. 11, 1937 Aug. 4 4 4 Sept. 3 Nov. 13 3 May 10, 1938 4 Denmark 4 Oct. 16,1940 Rumania- 3 Sept. 12, 1940 May 13 Ecuador 7 May 26,1938 South Africa May 15,1933 May 30 3 El Salvador.. 3 Mar. 30,1939 Spain 4 1 Mar. 29,1939 Sept. 28 3 Estonia.. ... Oct. 1,1935 Sweden May 17,1940 Oct. 27 Finland 4 2 Dec. 3,1934 Switzerland. IY2 Nov. 26, 1936 Nov. 25 Jan. 4, 1939 _ 2 2 Apr. 17 4 May 11 3 France 2 Jan. 4,1939 Turkey 4 July 1,1938 July 6 Germany 3H Apr. 9,1940 United King- Aug. 24 4 Greece 6 Jan. 4,1937 dom 2 Oct. 26,1939 Aug. 29 3 Hungary 3 Oct. 22,1940 U. S. S. R... 4 July 1,1936 Sept. 28 3 Italy May 18,1936 Yugoslavia _ 5 Feb. 1,1935 Oct. 26 2 Dec. 15 3 Jan 25, 1940 2 i Not officially conJIrmed. Apr. 9 ZA Changes since Nov. 28: none. May 17 33^ In effect Dec. 31, 1940 2 2 2 3 IK OPEN MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Switzerland Month a 3 c B 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 l l a d o n e w k p a e o n r s c s i e t ' s d P is r r i c a v o te a u t n e t Da m y o -t n o e - y day d P is r r i c a v o te a u t n e t 1 M m o fo n o r e n y th m u L p o o n t a o t n h s 3 s d P is r r i c a v o t a e u t n e t 1929—Oct 6.13 6.19 5.45 4^-4 7.28 8.06 5.15 4.52 5#-7 3.38 1930—Oct 2.09 2.13 1.65 4.66 5.15 1.59 1.48 3^-5M 1.29 1931—Oct 5.68 5.46 4.36 4 8.00 9.21 2.76 3.07 6-7M- 1.90 1932—Oct .82 .71 .71 Yi 3.87 4.94 .37 1.00 3K-5H 1.50 1933—Oct .79 .73 .75 3.87 5.11 .50 1.00 3-5 1.50 1934—Oct .77 .68 .75 X) 3.81 4.63 .59 1.00 2^-4^ 1.50 1935—Oct .63 .62 .75 3.04 3.13 4.70 5.00 2^-5 2.37 1936—Oct .56 .54 .75 Yz 2.94 2.82 1.87 2.51 2^-5 1.69 1937—Oct .55 .53 .75 Y2 2.88 2.81 .13 .50 2^-5 1.00 1938—Oct .70 .68 .75 Yi 2. 88 2.70 .21 .50 2^-5 1.00 1939—Oct 1.88 1.77 1.71 Y2 2.75 2.23 1.90 2.24 2^-5 1.25 Y2 1939—Nov 1.96 1.18 1.00 H 2.65 2.19 1.75 2.41 2^-5 1.25 Dec 1.23 1.24 1.03 2.63 2.39 2.25 2.75 3-5 1.25 Y2 1940—Jan 1.10 1.09 1.02 2.50 2.03 1.85 2.64 3-5 1.25 Feb 1.04 1.02 1.00 H 2.50 2.08 1.58 2.50 3-5 1.25 Mar 1.03 1.02 .99 2.50 2.16 1.35 2.49 3-5 1.25 Apr. . 1.03 1.03 1.00 Y2 2.38 1.90 1.68 2.75 3-5 1.25 J M u a n y e ... 1 1 . . 0 0 3 3 1 1 . . 0 0 2 2 1 1 . . 0 0 0 0 Ya2 2 2 . . 3 3 8 8 1 1 . . 9 9 8 8 12.2 (2 0 ) 13.2 (2 1 ) 3 W 3 2 ^- - 5 V 3 A ^ 1 1 . . 5 4 0 1 July 1.03 1.02 1.00 2.38 1.73 - 2.83 1.50 Aug 1.03 1.02 1.00 2.31 1.77 (2) 3.00 ZlA-&A 1.50 S O e c p t t '____ 1 1 . . 0 0 3 3 1 1 . . 0 0 2 3 1 1 . . 0 0 0 0 Y Y Y 2 i i 2.25 2.03 2 2 . . 2 2 (2 5 5 ) 2 2 . . 6 7 8 5 W VA Y- - V ^ A A 1 1 . . 5 3 0 1 Y2 1 Figures are for period May 1-9, inclusive. 2 No figures available. NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018. JANUARY 1941 81 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom l Assets Liabilities (Fig p u o r u e n s d i s n s m te i r ll l i i o n n g s ) of re C se a r s v h es M c n a o s o l h n l t o e i a c y r n t e d at B co il u ls n d te i d s- T r d e r e c e p e a i o s p u s t i r s t y 2 Se ti c e u s ri- L cu o s a e t n r o s s m to - O as t s h e e ts r Total D D e e m po a s n i d ts s Time3 lia O bi t l h i e ti r es 10 London clearing banks 1932—December. 207 127 408 472 778 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. 236 187 630 864 238 2,238 (4) 232 11 London clearing banks 5 1936—December. 244 195 322 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 2,254 1,256 997 269 1939—October.... 256 159 605 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... 242 154 610 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 1,382 1,031 261 June. 270 166 384 636 983 295 2, 469 1,443 1,026 264 July 262 146 415 658 940 271 2,454 1,465 989 264 August 273 148 430 26 682 927 255 2,481 1,486 995 260 September. 288 144 401 92 697 948 287 2,597 1,570 1,027 260 October.. _. 270 137 373 180 723 948 284 2,661 1,635 1,026 254 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 a in 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 ) re C se a r s v h es S l e o c a u n r s ity an O lo d t a h n d e s i r s- a a f n o f b d r d r r o e u o i m e n g a e d n t Se ti c e u s ri- O as t s h e e ts r ci N t r i c o o u t n l e a- Total Demand Time l O ia t t i b h e i s e li r counts banks 1932—December. 211 103 1,104 155 778 439 115 1,916 538 1,378 760 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 2,335 752 , 583 785 1938—December.. 263 65 940 166 1,463 474 2,500 840 ,660 782 1939—October.... 304 53 1,083 209 1,662 474 2,837 1,128 ,709 858 November. 295 56 1,102 157 1,665 475 2,809 ., 074 ,735 851 December. 292 53 1,088 132 1,646 490 2,774 ,033 ,741 842 1940—January.... 290 48 1,073 134 1,654 466 2,755 ,005 ,751 827 February.. 273 57 1,104 140 1,638 476 2,772 ,113 ,659 829 March 265 52 1,115 166 1,599 451 2,724 ,063 ,661 836 April 281 54 1,072 180 1,592 488 2,743 ,071 ,672 840 May 300 44 1,063 194 1,617 475 2,785 ,142 ,643 818 June 272 39 1,067 184 1,583 469 2,706 ,098 ,609 814 July 277 39 1,053 166 1,576 454 2,674 1,062 ,613 802 August 291 38 1,062 162 1,569 440 1,055 1,634 783 September. 319 37 1,102 178 1,563 474 2,800 1,145 1,655 786 October.... 310 41 1,138 177 1,520 467 2,778 1,178 1,600 786 Assets Liabilities France (4 large b i a n n m ks i . l lio E n n s d o f o f f r m an o c n s) th 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 Other 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 1932—December. 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 4,331 1933—December. 5,870 1,416 19,848 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— 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 6__. 4,110 3,920 34,123 7,499 1,961 46, 608 46,064 544 1,105 3,901 i Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month. » Represents six-month loans to the Treasury at 1H per cent, callable by the banks in emergency under discount at the bank rate. 3 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. 4 Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5. 5 District Bank included beginning in 1936. 6 No figures available since March 1940. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 82 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 u tr n a d l F i ) a ree ( g b B i e u e lg l m - 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 l a e u r v l i - a ) C O a ff n ic a i d a a l (d F ol r l e a e r) Of C fi h c i ia le l (p E e 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 o b e l i o s 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 1.2852 101.006 10.1452 34.094 61. 780 4. 2424 1935.. 32. 659 18.424 8. 2947 36.964 1. 2951 99.493 5.0833 36. 571 56.011 4.1642 1936.. 33.137 395. 94 16. 917 8. 5681 5.8788 37. 523 1.2958 99.913 5.1240 29. 751 57.083 4.0078 1937.. 32.959 393.94 16. 876 8. 6437 37.326 1.2846 100.004 5.1697 4.0000 29.606 56.726 3.4930 1938.. 32. 597 389. 55 16.894 5.8438 36.592 1. 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 1. 2111 96.018 5.1727 4.0000 11.879 57.061 3.4252 1939—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 16.891 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 July 29. 773 322. 80 303.11 6. 0575 5.0259 30.149 90.909 86. 924 5.1678 4.0000 6.048 57.096 Aug 29. 773 322.80 317.02 6. 0575 5.0219 30.132 90.909 86.865 5.1680 4.0000 5.476 56.985 Sept 29. 773 322. 80 321. 47 6.0574 5.0107 30.162 90. 909 85. 469 5.1680 4. 0000 5.206 56.985 Oct 29. 773 322. 80 321. 29 6.0575 5.0153 30.170 90. 909 86. 318 5.1680 4.0000 5.682 56. 985 Nov 29. 773 322. 80 321. 57 6. 0575 5. 0156 30.166 90. 909 86. 922 5.1663 4.0000 5.845 57.000 Year or month ( m D kr e a o n r n - k e) (p E o g u y n p d t ) (m l F k a i a a n n ) r d - k- F (f r r a an 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 n g y - S) ( I l t i a ra ly ) J ( a y p en a ) n M (p e e x so ic ) o ( N g l u e a t i n l h d d e e s r r - ) Z (p e N o a 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. 675 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—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 July.. 1. 9643 39.978 .6654 23. 582 18.481 5.0323 23.432 19.913 304. 32 Aug.... 1. 9691 39.951 .6628 22. 510 19. 370 5.0334 23. 431 19. 988 318.25 Sept.._ 1. 9619 39.926 .6602 22. 623 19. 367 5.0357 23. 435 19. 941 322. 74 Oct.... 1. 9652 39.975 .6602 23.077 19. 364 5.0389 23. 439 20. 331 322. 55 Nov.._ 1. 9482 39. 983 23. 396 19. 505 5. 0396 23. 439 20.400 322.82 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 do - ) R ( u n le m i u a ) a- (p S A o o f u r u i n c th a d) Spain ( S S m d e t o r e t a l t n l l i a t e t s s r - ) (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 rk n e d y ) U O n ff i i t c ( e i p d a o l K un in d F g ) d re o e m tr U C o o r ll u n e g - d uay N tr o o n l - l c e o d n- Y ( s d la u i v g n i a o a r - ) 1933.... 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 10.630 51. 736 23.991 22. 525 80.243 443. 54 62.011 36. 789 2.2716 1939—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 July.. 3.8021 398.00 9.130 47.113 23.836 22. 684 403. 50 380.47 65.830 35.956 2. 2439 Aug... 3. 8311 398.00 9.130 47.116 23. 813 22. 755 403. 50 397.88 65.830 34.939 2. 2436 Sept... 3. 9629 398.00 9.130 47.102 23. 810 22. 784 403. 50 403. 42 65. 830 36. 366 2. 2436 Oct.... 3. 9841 398. 00 9.130 47.101 23. 814 23.148 403. 50 403. 26 65.830 37. 629 2. 2436 Nov... 3. 9849 398. 00 9.131 47.100 23.818 23. 202 403. 50 403. 56 65.830 38. 994 2. 2409 NOTE.—Developments affecting averages since September 1940: No rates certified as follows: Greece—beginning October 27. For information concerning the bases and nominal status of exchange quotations, and concerning temporary suspensions of quotations prior to the end of September 1940, see BULLETIN for November 1940, p. 1241; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. JANUARY 1941 83 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States Year or month (1926=100) 1926 - _ 100 1930 86 1931 73 1932 65 1933 66 1934 _ _ _. 75 1935 1936 _-- 1937 1938 1939 1939—No vember _ - - December. __ 1940—January _ February March April May June July August September.._ October November___ oooooc O i—I CC United Nether- Switzer- Canada Kingdom France Germany Italy Japan lands Sweden i land (October (1926-30 (July 1914 (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 100 2 124 695 134 237 106 2 126 144 87 100 554 125 85 181 90 2 103 126 72 88 500 111 75 153 76 2 94 110 67 86 427 97 70 161 65 2 92 96 67 86 398 93 63 180 63 2 90 91 72 88 376 98 62 178 63 2 96 90 72 89 338 102 68 186 62 100 90 75 94 411 104 76 198 64 102 96 85 109 581 106 89 238 76 114 111 79 79 101 653 106 95 251 72 111 107 77 75 103 3 681 107 3 97 278 74 115 111 79 80 119 107 300 84 128 123 79 82 122 108 314 85 132 125 79 83 125 108 320 86 136 128 79 83 128 108 317 88 138 130 78 83 129 109 312 88 140 132 79 83 132 110 314 88 141 134 78 82 134 110 312 89 142 135 78 82 134 110 308 143 139 78 82 140 111 306 146 141 77 83 140 111 306 146 146 78 83 141 ill 308 148 P152 79 83 143 111 310 P156 80 84 P147 111 310 p Preliminary. 1 Source.—Kommersiella Meddelanden, monthly bulletin issued by Kommerskollegium (Department of Commerce). 2 Approximate figure, derived from old index (1913=100). 3 Average based on figures for 8 months for France, 7 months for Italy. 4 No data available since August 1939, when figure was 674. 5 No data available since July 1939, when figure was 96. 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 pr I o n t d r d i u a u c l 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 i u a u l s c - ts p A r t g o u r d r i u c a u l ct l s - P s r i o on v s i- a p t f r n I i r i n n o d a i d d l s s u h 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 1930 88 91 85 100 100 526 579 113 113 120 150 1931 _ 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 _ 51 61 71 83 87 420 380 87 75 88 113 1934 ._ 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1937 86 86 85 102 112 562 598 105 96 96 125 1938_ 69 74 82 97 104 641 663 106 91 94 126 1939 65 70 81 98 106 » 653 i 707 108 i 93 95 126 1939—November 67 72 84 114 121 (2) (2) 108 (2) 97 126 December 68 72 84 118 124 108 97 127 1940—January 69 72 84 122 127 108 98 127 February 69 71 83 126 129 108 98 127 March 68 70 83 124 131 110 99 128 April 69 72 83 126 135 111 98 128 May 68 71 83 128 136 112 98 128 June 66 70 82 130 136 112 98 129 July 67 70 82 134 142 112 98 130 August. _ -_ 66 70 82 136 142 112 99 131 September 66 72 82 111 99 131 October 66 71 84 110 99 131 November 68 73 84 111 99 131 1 Average based on figures for 8 months. 2 No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany. 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. 84 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING! [Index numbers] [Index numbers] Y m e o a n r t o h r ( S U 1 = t 9 n a 1 3 i t 0 5 t e 0 e - s 3 ) d 9 * (J U K u = d n l 1 i o y n i 0 m t l g 9 e 0 - d 1 ) 4 ( F J = u r 1 l a y 0 n l 0 9 c ) e 14 ( = 1 m G 9 1 1 a e 0 3 n r 0 - - y ) 14 N (1 = l e a 9 1 t 1 n 0 h 1 d 0 e - ) s 1 r 3 - (J S e = u r w 1 n l 0 e a i l t 0 n 9 z ) d 1 - 4 Y m e o a n r t o h r ( S U 1 = t 9 1 n a 3 0 i t 5 t e 0 e - s ) 3 d i 9 (J U = K u d n 1 l i y o 0 i n t m l 0 g 9 e ) - d 14 F = ( r 1 1 a 9 0 n 3 0 c 0 ) e (1 = m G 9 1 1 a e 0 3 n r 0 - - y ) 14 N ( = 1 l e a 9 1 t 1 n 0 h 1 d 0 e - ) s 1 r 3 - (J e = S u r 1 w n l 0 a e i l n 0 t 9 z ) d 1 - 4 1932 87 126 536 116 119 125 1932 98 144 91 121 141 138 1933 84 120 491 113 120 117 1933 92 140 87 118 139 131 1934 94 122 481 118 124 115 1934 96 141 83 121 140 129 1935 100 125 423 120 118 114 1935 98 143 78 123 136 128 1936 _ „._ 101 130 470 122 120 120 1936 99 147 86 125 2 132 130 1937 105 139 601 122 127 130 1937 103 154 102 125 137 137 1938 98 141 702 122 130 130 1938 101 156 117 126 139 137 1939 95 141 3 742 123 130 132 1939 99 158 4 122 126 140 138 1939-November 97 157 122 136 138 1939-November 169 126 144 142 December 95 157 123 137 138 December 100 173 126 146 142 1940-January _ 95 157 124 138 139 1940-January __ 174 127 146 144 February.. 97 161 124 140 139 February. 177 127 148 145 March 96 161 126 141 140 March 100 179 129 149 145 April 96 158 127 142 April 178 129 149 147 May 97 159 129 143 May 180 130 149 148 June 98 158 129 145 June 101 181 131 150 July 97 168 131 145 July 187 132 151 August 96 164 133 146 August. __ 185 133 151 September 97 166 130 September 100 187 132 October 96 169 October 189 ^157 November 96 172 November P100 192 p Preliminary. 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 Average based on figures for 8 months. 4 Average based on two quarterly quotations. 5 No data available since August 1939, when figure was 749. 6 No data available since May 1939, when figure was 123. 7 No data available since March 1940. Sources— See BULLETIN for October 1939, p. 943, and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds (Common stocks (1926=100) Year or month ( p U a S r v t n i e a c i r e t t a e e ) s g d * e ( 1 D K 9 U e 2 in c n 1 g e = it m d 1 e o 0 d b m 0 e ) r (19 F 1 r 3 a = n 1 ce 00) G (a p e v r r e i m c r e a a ) g n e y N la e n t d h s e r 2 - U St n a i t t e e s d K U in n g it d e o d m France Germany (1 N 9 l 3 e a 0 t n h = d e 1 s r 0 - 0) 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 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 4101.8 111.8 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 s 84.9 99.0 90.9 89.2 75.9 5 98. 2 94.1 90 1939—November 83.0 112.3 99.0 80.9 94.2 76.0 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 74.2 92.9 77.4 109.3 83.9 May 79.4 116.8 100.7 83.0 73.1 112.2 June 78.5 113.4 100.8 73.3 64.9 112.6 July 81.2 116. 4 100.8 76.1 63.5 112.8 August. 81.5 117.8 100.9 77.5 65.6 115.9 September- 82.7 117.9 101.0 80.9 66.2 120.8 October 83.6 119.2 101.7 68.1 125.1 November. _ 83.9 119.9 82.1 70.2 r Revised. 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. a 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. * New index. See note 2. 6 Average based on figures for 8 months. 6 No data available since August 1939, when figures were 82.9 and 94.0 for bonds and common stocks, respectively. 7 No data available since April 1940. 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. JANUARY 1941 85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

*Tedetal uUication* 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 (Partial List) DAILY THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND Foreign Exchange Rates (for previous day). FUNCTIONS. Obtainable in cloth binding at 50 cents a copy and in paper cover without charge. 128 pages. WEEKLY FEDERAL RESERVE CHART BOOK. Charts on Bank Credit, Money Rates, and Business. Data available Monday: as of June 14, 1940, are plotted on the latest edition. Condition of Reporting Member Banks in 101Price 50 cents per copy. Leading Cities. FEDERAL RESERVE INDUSTRIAL PRODUCTION CHART Bank Debits. BOOK. . 115 Charts. November, 1940. Price $1.00 Tuesday: per copy. Money Rates—Open-Market Rates in New York DIGEST OF RULINGS—to October 1, 1937. Digests City. (Also monthly). of Board rulings, opinions of the Attorney General Thursday: and court decisions involving construction of the Condition of the Federal Reserve Banks. Federal Reserve Act, together with compilation show- Assets and Liabilities of Reporting Member ing textual changes in the Act. Price $1.25 per Banks in Central Reserve Cities. (Also a part copy. 683 pages. of statement of Condition of Reporting Member CONSTITUTIONALITY OF LEGISLATION PROVIDING A Banks in 101 Leading Cities released on fol- UNIFIED COMMERCIAL BANKING SYSTEM FOR THE lowing Monday). UNITED STATES. Opinion of the Board's General Friday: Counsel. 21 pages. March 1933. Department Store Sales. PROBLEMS OF BANKING AND BANK SUPERVISION. Excerpts from the 1938 Annual Report. 33 pages. MONTHLY MONETARY MEASURES AND OBJECTIVES. Three statements by the Board on objectives of monetary policy, Federal Reserve Bulletin—released the first part on proposals to maintain prices at fixed levels through of the month; subscription price $2.00 per an-monetary action, and on legislative proposals relatnum, single copies 20 cents, in the United States, ing to monetary measures and objectives. 8 pages. its insular possessions, Canada, Mexico, the July 1937, April 1939, and May 1939. Central American countries, and most South THE HISTORY OF RESERVE REQUIREMENTS FOR American countries; elsewhere, $2.60 per an- BANKS IN THE UNITED STATES. 20 pages. Novemnum, single copies 25 cents. ber 1938. Brokers' Balances—released about the 20th of the SUPPLY AND USE OF MEMBER BANK RESERVE month. FUNDS. Explanation of analysis of sources of mem- Federal Reserve Inter-District Collection System ber bank reserve funds and uses to which such funds (Par List)—including list of State bank mem- are put. 31 pages. July 1935. bers. Semi-annual issues, January-July, and ANALYSES OF THE BANKING STRUCTURE—As of monthly supplements—released about 7th of theDecember 31, 1935. Number, deposits, and loans and month. investments of banks classified by size of bank and National Summary of Business Conditions—re- town and by other factors. 33 pages. August 1937. leased about the 18th of the month. THE PAR COLLECTION SYSTEM OF THE FEDERAL Business Indexes—released about the 18th of the RESERVE BANKS, by George B. Vest—reprint of month. article, 8 pages, February 1940. Bank Debits—released between the 6th and 12th THE BANKS AND IDLE MONEY, by Woodlief Thomas of the month. —reprint of article, 9 pages, March 1940. Foreign Exchange Rates—released about the 1st CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, of the month. by E. A. Goldenweiser—reprint of article, 5 pages, May 1940. QUARTERLY OWNERSHIP AND UTILIZATION OF THE MONETARY GOLD STOCK—reprint of article, 3 pages, May and Member Bank Call Report—3 or 4 times a year June 1940. depending upon number of calls for condition NEW FEDERAL RESERVE INDEX OF INDUSTRIAL PROreports. Released about two months after call DUCTION—reprint of article, 77 pages, August 1940. date. THE GOLD STOCK—reprint of article, 2 pages, September 1940. ANNUALLY MEASUREMENT OF PRODUCTION—reprint of article, 16 pages, September 1940. List of stocks registered on National Securities GOLD RESERVES OF CENTRAL BANKS AND GOVERN- Exchanges. Supplements issued each quarter. MENTS—reprint of article, 18 pages, September 25 cents for list and supplements. 1940. Bank Debits—released ordinarily in February. DEVELOPMENT OF FEDERAL RESERVE BANKING, by Annual Report. Issued early in year; covers pre- M. S. Szymczak—reprint of article, 8 pages, Decemceding calendar year. ber 1940. 86 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 as of December 31, 19 UO MARRINER S. ECCLES, Chairman , Vice Chairman Boston District THOMAS M. STEELE CHESTER C. DAVIS New York District LEON FRASER WILLIAM A. DAY Philadelphia District HOWARD A. LOEB ERNEST G. DRAPER Vice President JOHN K. MCKEE Cleveland District B. G. HUNTINGTON ROBERT S. PARKER Richmond District ROBERT M. HANES RONALD RANSOM GEORGE J. SCHALLER Atlanta District RYBURN G. CLAY JOHN S. SINCLAIR Chicago District EDWARD E. BROWN M. S. SZYMCZAK President St. Louis District S. E. RAGLAND CHESTER MORRILL, Secretary Minneapolis District JOHN CROSBY S. R. CARPENTER, Assistant Secretary Kansas City District WALTER WYATT, General Counsel JOHN EVANS J. P. DREIBELBIS, Assistant General Counsel Dallas District R. E. HARDING E. A. GOLDENWEISER, Economist San Francisco District PAUL S. DICK JOHN H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary JANUARY 1941 87 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 Willetti New York Beardsley Ruml _. Edmund E. Day Allan Sproul Leslie R. Rounds Ray M. Gidney T Wprrior T^nnlrA Walter S. Logan James M. Rice Robert G. Rouse John H. Williams Philadelphia- Thomas B. McCabe.. Alfred H. Williams.... John S. Sinclair Frank J. Drinnen W. John Davis Clarence A. Mcllhenny* Cleveland- George C. Brainard... Reynold E. Klages Matthew J. Fleming Frank J. Zurlinden William H. Fletcher William F. Taylor» George H. Wagner Richmond Robert Lassiter William G.Wysor.... Hugh Leach John S. Walden, Jr John G. Fry George H. Keesee * Atlanta Frank H. Neely Joe Frank Porter Robert 8. Parker William S. McLarin, Jr._. Malcolm H. Bryan Harry F. Conniff Chicago __ Frank J. Lewis Clifford V. Gregory _. George J. Schaller Howard P. Preston James H. Dillard William H. Snyder* Clifford S. Young St. Louis William T. Nardin.... Oscar G. Johnston William McC. Martin.. F. Guy Hitt Olin M. Attebery Clarence M. Stewart 1 Minneapolis... Walter C. Coffey Roger B. Shepard John N. Peyton Oliver S. Powell _„_ Ernest W. Swanson Harry I. Ziemer a Kansas City- Robert B. Caldwell... John J. Thomas George H. Hamilton Carroll A. Worthington.. James W. Helm» Harold G. Leedy Dallas James H. Merritt Jay Taylor Robert R. Gilbert Ethan B. Stroud Robert B. Coleman Walter 0. Ford 1. San Francisco.. Raymond C. Force St. George Holden William A. Day _ Ira Clerk _ Cecil E. Earhart 1 William A/f Halo Richard B. West i Cashier. 2 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of— Managing Directoi 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 George H. Pipkin 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 Harlan J. Chalfont Seattle Branch.. _ Clarence R. Shaw St. Louis: Little Rock Branch Arthur F. Bailey Louisville Branch __. Charles A. Schacht Memphis Branch William H. Glasgow 88 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis