Federal Reserve Bulletin, 1941-02

FEDERAL RESERVE BULLETIN FEBRUARY 1941 Review of the Month—Banking and Treasury Finance in 1940 Gold and Dollar Resources of The United Kingdom Durable Goods Expenditures in 1940 From the Board's Correspondence—Federal Reserve Bank Lending Power Not Dependent on Member Bank Reserve Balances; Money in Circulation Directors of Federal Reserve Banks and Branches Economic and Monetary Aspects of the Defense Program BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Contents PAGE Review of the Month—Banking and Treasury Finance in 1940 89-94 Economic and Monetary Aspects of the Defense Program, by John H. Williams. . 95-98 Gold and Dollar Resources of the United Kingdom 99-101 British Mobilization of United States Dollar Securities.... . 101-102 Durable Goods Expenditures in 1940, by George Terborgh 103 From a Legal Standpoint: Amendment of Regulation U. 104-105 Rules of Securities and Exchange Commission Concerning the Hypothecation of Customers' Securities by Brokers or Dealers 105-111 From the Board's Correspondence—Federal Reserve Bank Lending Power Not Dependent on Member Bank Reserve Balances 112-113 Money in Circulation 114 Current Events , . 115 Directors of Federal Reserve Banks and Branches. . . . . 116-123 National Summary of Business Conditions . . 124-125 Financial, Industrial, Commercial Statistics, United States 127-167 (see p. 127 for list of tables.) International Financial Statistics (see p. 169 for list of tables.) 169-185 Federal Reserve Publications . 186 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 187 Senior Officers of Federal Reserve Banks; Managing Directors of Branches. . 188 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

R. E. HARDING ETHAN E. STROUD I\Ir,::hrr. F-'ilrr:,! Advisory Council First \ricc President and Ceiie;;il C F.h-vemh Federal lU-;urvv Diy.tiicr Federal Reserve Bank ot DstU Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

mi tL<tr<l Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 27 FEBRUARY 1941 No. 2 Hanking and 'Ttealuty *Tinance Un 1940 Banking resources as a whole showed a anteed obligations of the United States Govfurther substantial growth in 1940, reflecting ernment other than United States Savings additions to bank reserves bonds. The Federal Reserve System sold Banking trends $300,000,000 from its open-market account ariging frQm g oW imports and also an increase in bank loans and invest- during the year, most of the sales occurring ments. The gold inflow in the first instance in the latter half of the year, when there was added to the reserves and deposits of New an increase in the demand for United States York City banks, but owing to heavy foreign Government securities and prices advanced purchases of goods throughout the country, sharply. security transactions in New York, and The direct interest-bearing debt of the Treasury and business disbursements of Government increased by $3,000,000,000 durfunds borrowed from New York banks, the ing 1940. About $1,100,000,000 new reserve funds have been widely dis- Treasury f ^jg i accounted for o ncrease was tributed among other banks. All classes of finance . # banks in all sections of the country showed by special issues to various Govincreases in reserves and in deposits. ernment funds and $1,000,000,000 by sales of United States Savings bonds. Outstand- Member bank loans showed an increase in ing Treasury bonds increased by $1,100,000,- 1940, reflecting a large rise in commercial 000, while the outstanding amount of notes loans during the last half of the year, offset and bills declined slightly. in part by a decline in loans on stocks and As shown in the table on the next page, all bonds. Banks continued to add to their holdof the increase in direct obligations which can ings of Government securities on a large be traded in the open market, that is, Treasury scale, and combined holdings of direct and bonds, notes, and bills, occurred during the guaranteed obligations by member banks insecond half of the year, when $1,200,000,000 creased by about $1,500,000,000, following a of new securities were floated. These consisted growth of $1,100,000,000 in 1939. Practically of $700,000,000 of 14-16 year bonds and all of the growth in both years took place at $500,000,000 of 5-year taxable National Demember banks in New York City, which fense notes; in addition maturing notes were added substantially to their holdings of Treasrefunded into 13-15 year bonds. In the first ury bonds and of guaranteed obligations. half of the year there were no new cash sales Member banks in other leading cities and of open-market obligations, but a reduction country banks also increased their holdings of $300,000,000 in the total owing to the reof Treasury bonds during the latter half of tirement of $150,000,000 of Treasury bills in 1940, following a decline in the first half. January and to retirements of Treasury notes The growth in holdings of Government seand bonds maturing during the period and not curities at banks during 1940 was somewhat exchanged for new issues. The bulk of the greater than the increase in the outstanding notes and bonds maturing or called in the first amount of publicly-offered direct and guarsix months of the year were turned in for FEBRUARY 1941 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month conversion into the new issues of notes which TREASURY FINANCIAL OPERATIONS, 1937-1940 the Treasury offered. [In millions of dollars] Increase UNITED STATES GOVERNMENT INTEREST-BEARING Social Other in Change OBLIGATIONS [ , I n D m I i R lli E o C ns T of A d N oll D ar s G ] UARANTEED Ca y l e e a n r d s ar d B e u fi d c g it e t i f r u s e e n c t c d e r u s i u p , r s i t n t t s y e 2 t r a e c c c e n o i e u p t n ts ts 3 , p o u d r d b i l e r l e i e b r c c e t l t d y- w ba o l r i a n k n i c n e g 4 Increase or decrease Out- 1937 1,958 1,149 290 1,521 +1,002 i c s n e t g m a n D b d e e - r - T en c o a d t l a a - l r , D J e u c l e y m - - J a a r n y u - - 1 1 1 9 9 9 3 4 3 9 0 8 3 2 3 , , , 9 4 8 6 4 2 7 9 5 1 1, , 0 0 8 2 2 2 6 1 6 3 7 3 6 2 3 9 3 1 1 1 1 , , , 4 3 8 9 0 9 8 9 6 - - + 6 58 8 1 0 1 9 31, 1940 y 1 e 94 ar 0 ber 1940 J 1 u 9 n 40 e 1 2 E E x x c c l l u u d d i i n n g g i d n e v b e t s t r m et e ir n e t m s i e n n s t p s e . cial debt issues. 3 Including net sales of guaranteed obligations by Government cor- Pu M bl T T t T i a i c o r r r r l e e k e n y a a a e s - s s s : o t u u u f i f r s r r e y y y s r u e b n e a d i s o n l : t l d e s d s p i r r _ e e _ c -w t _ a . o r b b li o g n a d - s 2 6 8 1 , , , 3 1 0 1 7 3 0 8 9 +1 - , 1 - 0 2 4 7 5 4 9 +1 - , 2 4 + 0 0 5 5 8 + - - 3 1 1 2 5 8 6 2 0 p t t i A n h o o p a 4 e r r c r i a T e r i t t l p i h i v o c a 1 e e a n 9 y s 3 w s a h 8 f c t o u . h c r n b e o k d a u i l p s n a n r g n o t p c c r b b e e e a y s v e l . d i a o t s n h u c f e s r e o l T y m h r a b e w o s a r s b h r u o e i r c e w y h n e w d d a u d e f r r j r i u e o n s m u g te s e t d t h d h e t e t o o p T f e i i r n r n e i c o a a l d u s n u d c D r e e y e t , g h c o o e e l m i r d r t b o h o e p e r b l e d u r 1 a i 9 i l t 3 d i n o 6 u n a s t p n o , Total market issues 35, 527 +910 +1, 209 -299 000 below that of the preceding calendar U. S. Savings bonds 3,195 +986 +290 +696 Special issues to Gov't agencies year. As shown in the following table, total and trust funds 5,370 +1,138 +595 +543 Other direct obligations * 367 -21 -12 -10 expenditures in 1940 aggregated about $9,- Total direct obligations 44, 458 +3,013 +2,082 +931 660,000,000, an increase of $770,000,000 for Guaranteed obligations 5,901 +280 +404 -124 the year. National defense expenditures were i Includes adjusted service bonds of 1945 issued to veterans and Postalmore than $1,300,000,000 larger than in the Savings bonds formerly issued to depositors in the Postal Savings System. preceding year and the rise was particularly The interest-bearing guaranteed debt in- marked in the last quarter of the year when creased by $280,000,000 during the year as aoutlays reached a total of $1,140,000,000, result of the sale of guaranteed notes of theabout double those of the preceding quarter. Commodity Credit Corporation and the Expenditures for the agricultural adjustment United States Housing Authority in August program, social security grants, and interest and November. The reduction in this debt during the first half of the year was due to TREASURY EXPENDITURES, 1939-1940 : the redemption of bonds of the Home Owners' [In millions of dollars] Loan Corporation maturing last May. tur D es u r i i n n g b u t d h ge e t c a a c l c e o n u d n a t r s y ex e c a e r e d 1 e 9 d 4 r 0 e c e e x i p p e ts n d b i y - Total f t e i N d o n e n s a - e - a l 2 AAA c S u o S r c e i i - t a y l W NY & P A A t I e e n s r - t - o A th ll er $3,800,000,000, an amount 1939: Treasury receipts ewhat smaller than the January-March 2,088 285 208 78 546 167 804 som April-June.- 2,320 303 276 82 513 349 797 and expenditures . July-September 3 2, 279 331 169 96 401 18531, 097 October-December - 2,201 358 317 84 371 270 801 deficit m the preceding 1940: year. To meet its requirements the Treasury January-March 2,202 403 352 102 396 202 747 i r s e s c u t e o d b l $ i 1 g , a 9 t 0 io 0 n ,0 s 0 , 0 o ,0 f 0 w 0 h o ic f h p $ u 9 b 9 li 0 c , l 0 y 0 -o 0 f ,0 fe 0 r 0 e d w d er i e - J A O u p c l t r y o i - l b S - e J e r u p - n t D e e e m c b e _ e m r . b _ e r- _ ' 4 2 2 2 , , , 3 8 2 1 5 8 6 8 3 1,1 4 5 3 6 9 6 6 6 3 2 1 2 0 8 1 5 3 1 1 8 0 0 2 9 7 4 3 3 0 4 5 4 2 9 3 3 1 8 0 8 4 3 8 4 8 7 6 9 4 3 7 3 2 Calendar year totals: United States Savings bonds, and reduced its 1939 8,888 1,277 970 339 1,832 971 3,499 1940 9,659 2,601 1,060 400 1,501 1,076 3,021 working balance by $580,000,000 as is shown in the table. The remainder of the require- 1 General and special accounts on basis of daily Treasury statements, excluding debt retirements. ments were met by receipts in social security 2 The totals of the quarterly figures for the fiscal year 1940 and the half year, July-December 1940, are slightly lower than the amounts trust funds and other Treasury accounts. indicated in the recent Budget Message because the current daily Treasury statements do not show separately all expenditures for national Both receipts and expenditures increased defense. 3 Including Treasury payment of $120,000,000 to Commodity Credit substantially during 1940. The increase in Corporation for restoration of capital impairment in the year ended on March 31, 1939. receipts, however, was larger than the rise 4 Including repayment of $203,000,000 of surplus capital funds by farm credit agencies reflected as a credit against expenditures. in expenditures and the deficit was $140,000,- 90 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month on the public debt showed moderate increases. Prices of Government securities rose dur- Outlays for the Work Projects Administra- ing 1940 to new high levels. Moderate fluctution decreased by over $300,000,000. The re- ations in the first four months duction in "all other" expenditures was dueGovernment f H J by of th year were o owe( largely to decreased expenditures by the security market J , . J a sharp decline m May, reflect- Public Works Administration and to special ing the intensification of the European War. factors, the largest of which was the repay- From early June the market continued an alment of $200,000,000 surplus capital funds most uninterrupted advance until nearly the by certain farm credit agencies. end of the year. The largest gains occurred Total receipts in 1940, excluding social sein June and November, and the all-time high curity employment taxes appropriated to the record was reached on December 10. old-age insurance account, amounted to $5,- YIELD ON 1960-65 TREASURY BOND 840,000,000, an increase of $920,000,000 as compared with 1939. The greater part of this increase resulted from larger income tax receipts which were collected mainly on the corporate and individual incomes of the calendar year 1939 when business activity was much higher than in 1938. The increased income taxes imposed by the two Revenue Acts of 1940 will first be reflected in income tax collections during the calendar year 1941. Miscellaneous internal revenue receipts also increased substantially in 1940 as a result of the higher level of national income and, during the period July-December, the increased tax rates imposed by the First Revenue Act of 1940 enacted last June. At this time the 1960-65 bonds, the longest TREASURY RECEIPTS BY QUARTERS, 1939-1940 * issue outstanding and one of the largest, [In millions of dollars] yielded about 2 per cent. This compares with a low yield of 2*4 per cent reached in June Total t c a o I x n m e - s e M i e n r n n e t i a v e u s l c r - e - . t c S a u o s x r e c e i - i t s a y 2 l t C o u m s s - other 2 1 % 93 9 p e a r n c d e n a t g i a n in S e in pt e A m p b ri e l r 1 1 9 9 4 3 0 9 . a n T d h e a a y v ie e l r d a g o e f yield on all Treasury bonds callable in more 1939: than 12 years declined to about 1% per cent, January-March 1,326 611 497 91 76 April-June 1,116 440 535 19 79 and the yield on 3-to 5-year tax-exempt Treas- July-September 1,313 409 715 48 88 October-December 1,164 391 561 60 89 ury notes was between 14 and % of 1 per 1940: cent. The average rate on new issues of January-March 1,558 773 514 119 90 62 April-June 1,353 552 555 73 81 3 92 Treasury bills was close to zero during the July-September 1,489 519 796 52 71 50 October-December 1,438 522 720 55 87 52 year, and a number of issues sold at par or Calendar year totals: at negative yields. 1939 4,919 1,851 2,308 218 333 209 1940 5,835 2,366 2,585 299 330 3 256 In January 1941 prices of Government securities declined and long bonds lost most of 1 General and special accounts on basis of daily Treasury statements. 2 Excluding social security employment taxes appropriated to Federal the gains made during November and Deold-age and survivors insurance trust fund, which averaged $142,000,000 a quarter in 1939 and $145,000,000 in 1940. cember. At the end of January the 1960-65 3 Including $44,000,000 payment to the Treasury by the Commodity Credit Corporation because of appreciation in the Corporation's assets bonds again yielded about 2^ per cent. for the year ended March 31, 1940. FEBRUARY 1941 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month During periods of rise in the Government surance companies purchased about $500,000,security market in the first three months of 000. Since savings banks probably also added „ , ,„ 1940, the Federal Reserve to their holdings during the year, it appears Federal Reserve . _ .. .,, that other investors, principally individuals, open-market System, in conformity with reduced their holdings by more than $500,operations j^s policy of seeking to exer- 000,000. On the other hand, they added cise an influence toward the maintenance of nearly $1,000,000,000 to their holdings of orderly market conditions, disposed of $18,- United States Savings bonds. 000,000 of securities from its account. In The increase in member bank holdings durthe middle of May, when there was a sub- ing 1940 is accounted for principally by New stantial decline in the market, the System York City banks, which added about $1,300,made some purchases of securities. Although 000,000 to their holdings during the year. the decline in prices at the time was about Chicago banks and country banks each inhalf that which occurred in the autumn of creased their holdings by $100,000,000, while 1939, conditions in the market were strik- at reserve city banks there was little change. ingly different from those which existed fol- The increase in member bank holdings of lowing the outbreak of war. Offerings were Government direct and guaranteed obliganot large, and buyers were present in the tions at the several classes of banks in recent market on a scale down at practically all years is shown in the chart below. Although times. In view of this situation, purchases most of the increase during the past two totaled only $10,000,000 compared with $473,- years occurred at New York City banks, the 000,000 of notes and bonds purchased in the holdings of all classes of banks are at record autumn of 1939. high levels. Subsequently, as the market resumed its advance, the System Account disposed of MEMBER BANK HOLDINGS OF U. S. GOVERNMENT OBLIGATIONS $44,000,000 through the first of September. JARANTEED During the last three months of the year the CALL REPORT DATES BILLIONS OF DOLLARS System Account pursued a more active policy of selling and disposed of $250,000,000 of securities. For the year as a whole the RESERVE CITY V BAN<S* y / amount of holdings in the System Account y ^/ declined by $300,000,000, bringing total hold- / ings at the Reserve Banks to the lowest level /V NEW YORK C;ITY since the autumn of 1933. BANKS J The outstanding amount of Treasury bonds, notes, and bills increased during the Holdin s b year by about $900,000,000, with COU ^ NTRY 3ANKS groups of an increase of $1,100,000,000 in investors bonds and small declines in note; and bills. Guaranteed obligations showed an increase of $300,000,000. The total amount of Government obligations in the market, * INCLUDE CHICA6O CENTRAL RESERVE CITY BANKS. therefore, increased by $1,200,000,000. The Federal Reserve System disposed of At New York City banks, as shown in $300,000,000 of securities during this period the table on the next page, there were inmaking a total of $1,500,000,000 available creases in notes, bonds, and guaranteed obfor other investors. Member banks added ligations, while holdings of Treasury bills $1,500,000,000 to their holdings, and life in- 92 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month declined. The increased holdings of bonds The President's Budget Message to Conat these banks were concentrated in issues gress on January 8, 1941, submitting revised maturing within 10 years. The increase in estimates for the current fiscal holdings at Chicago banks was largely in Fiscal outlook year and the first estimates for the form of Treasury bills. At reserve city the fiscal year 1942, indicates a large volume banks there was a decrease in bonds maturing of new open-market financing during the in 5-10 years and increases in bonds with next 17 months. The budget deficit, which both shorter and longer maturities; at least for the fiscal year ended June 1940 was part of the apparent shift to the shorter ma- $3,600,000,000, is now estimated at $6,200,turities may have reflected holdings of the 000,000 for the fiscal year 1941, and at two issues maturing in 1945 which auto- $9,200,000,000 for the fiscal year 1942. These matically moved into the shorter classifica- estimates do not include outlays for assistion. At country banks the increase was in tance to foreign countries, for the full reholdings of bonds, with changes in maturity quirements of the civilian training program distribution showing the same tendencies as for national defense, or for the extension of at reserve city banks. the social security program which the President recommends. HOLDINGS OF UNITED STATES GOVERNMENT OBLIGA- These budget deficits will necessitate cor- TIONS OF ALL MEMBER BANKS, DECEMBER 31,1940 [In millions of dollars] responding increases in the gross public debt —$6,200,000,000 during the current fiscal Change since December 31, 1939 year and $9,200,000,000 in the next year. On De- Central re- this basis the gross debt will aggregate $49,cem- serve city ber All banks Re- Coun- 200,000,000 on June 30, 1941, and $58,400,- 31, mem- serve try 1940 ber city banks 000,000 on June 30, 1942. Owing to net banks New banks York Chi- receipts in social security and other trust City cago funds which are invested in special debt United States Govern- issues and the continued sales of United ment obligations—total 15,815 +1,487 +1, 272 +104 +9 +102 States Savings bonds, the increase in the di- Direct obligations: Bills 651 +88 -108 +144 +40 +12 rect open-market debt will be considerably Notes 2,590 +367 +448 -31 -49 -2 Bonds _. 9,085 +687 +593 +50 -57 +102 less than the increase in the gross debt. In Maturing in— addition, there may be a substantial volume 5 years or less.. 1,368 +595 +279 +19 +203 +94 5 to 10 years.__ 2,885 -133 +312 -5 -389 -50 of new guaranteed financing. After 10 years. _ 4,832 +225 +2 +36 + 129 +58 The increase in the estimated budget defi- Guaranteed obligations _. 3,489 +345 +340 -60 +76 -11 cits for the fiscal years 1941 and 1942 is Maturing in— due to the large expansion of 5 years or less__ 2,348 +266 +242 -58 +44 +38 Estimated expenditures resulting from the budget Most of the increase during the year in national defense program. As expenditures member bank holdings of all United States shown in the following table, Government securities was in issues matur- national defense outlays, which in the fiscal ing in 5 years or less. As a result, the year 1940 amounted to about $1,600,000,000, proportion of the Government portfolio of are expected to reach nearly $6,500,000,000 these banks maturing within 5 years in- in 1941 and $10,800,000,000 in 1942, rising creased from 39 per cent at the end of 1939 from 18 per cent of total expenditures in to 44 per cent at the end of 1940. At New 1940 to 62 per cent in 1942. These expendi- York City banks 54 per cent of the holdings tures, which have increased rapidly in recent mature within 5 years, while at country months from $200,000,000 in August 1940 to banks the proportion is only 34 per cent. $570,000,000 in January 1941, would have to FEBRUARY 1941 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month increase further to an average of about Estimated receipts in the fiscal years 1941 $830,000,000 a month during the five-month and 1942 will be at record levels owing both period, February-June 1941, in order to to higher national income and to reach the total now estimated for the current Estimated increased taxes under recent revfiscal year. In the fiscal year 1942 the aver- reUfpts enue legislation. Income tax reage monthly rate on the basis of budget esti- ceipts in the current fiscal year mates would be about $900,000,000. are expected to exceed those of the previous year by over $900,000,000. Most of these will ESTIMATED BUDGET RECEIPTS AND EXPENDITURES be collected in the second half of the year, FISCAL YEARS 1940-41 AND 1941-42 January-June 1941, when collections will be [In millions of dollars] based upon the higher incomes of the calendar year 1940 and will also include for the 1940-41 1941-42 first time the increased corporation and individual income taxes levied by the two Rev- Expenditures, excluding debt retirements: enue Acts of 1940. A further increase of National defense 6,464 10,811 Repayments by Gov't corporations (credit) -340 $1,450,000,000 in income tax receipts is esti- All other 7,078 6,675 mated for 1942, reflecting the anticipated Total 13, 202 17, 486 higher level of incomes in the calendar year Receipts: Income taxes 3,055 4,510 1941 and also the first full-year collections Miscellaneous internal revenue __ _ _ _ 2,871 3,029 Repayments by Gov't corporations 360 under the Revenue Acts of 1940. The Presi- All other i 727 736 dent stated in his Message that a start should Total . 7,013 8,275 be made this year to meet a larger percentage Deficit 6,189 9,210 of defense payments from current tax re- 1 Includes customs, miscellaneous receipts, and social security taxes ceipts and that additional tax measures should except employment taxes appropriated to the Federal old-age and survivors insurance trust fund. be based upon the principle of ability to pay. Miscellaneous internal revenue, which, un- Expenditures other than for defense are like income taxes, reflects changes in busiexpected to decline in each of the fiscal years ness conditions and revenue laws relatively 1941 and 1942, reflecting lower expenditures promptly, will increase substantially in each for relief, public works, and the Farm Secuof the fiscal years 1941 and 1942. An indirity Administration whose loan funds are now cated decrease in other sources of revenue supplied by the Reconstruction Finance Corin the fiscal year 1941 is due to lower customs, poration. Expenditures for the Work Projmiscellaneous receipts, and social security ects Administration, which in recent years taxes. The decline in the last group is due have ranged from $1,420,000,000 to $2,160,to changes under the 1939 amendments to the 000,000, are estimated at $990,000,000 in the Social Security Act. The scheduled repayfiscal year 1942 and may be reduced further ments of $700,000,000 of capital funds by if reemployment is greater than now antici- Government corporations in 1941 represent pated. Certain expenditures not subject to nonrecurring items and appear in the budget administrative action, such as those for inpartly as receipts and partly as credits against terest on the public debt and for social secuexpenditures. rity grants, will increase somewhat. 94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic and Alonetatu the toatam by JOHN H. WILLIAMS Vice President of the Federal Reserve Bank of New York M Y purpose today is to discuss some of which might prevent or retard our reaching the economic and monetary aspects of our potential maximum performance. On the defense program. Through defense ex- the other hand, we must prevent serious malpenditures and British war buying we have adjustments in the process of expansion, already reached a higher level of output than whether these disturbances take the form of ever before in our history. Federal expendi- a general inflation or arise out of special tures for the fiscal year 1941 will be over shortages of productive facilities or matethirteen billion dollars, of which more than rials. six billions will be for defense, and the bud- Against the background of the past ten get deficit will exceed six billion dollars. For years, it ought not to be necessary to stress the fiscal year 1942, the estimated expendi- the importance of avoiding undue or pretures are over seventeen billion dollars, with mature restrictive measures. In every great almost eleven billions for defense, and a bud- depression of the past there have been predicgetary deficit of over nine billions. It ap- tions that we had reached the limits of our pears certain that under the stimulus of this growth under the private enterprise system, program, to which will be added some bil- but this thesis has never been so forcefully lions of British purchases, our national out- and plausibly developed as during the past put of goods and services will rise much ten years. I cannot discuss today the merits higher. Government forecasts indicate that of this question beyond saying that the the national income, which in 1940 (calendar mature economy thesis does not seem a satisyear) was about seventy-five billion dollars, factory explanation of our experience during may be about eighty billions in 1941 (at 1940 the thirties if we consider that this country prices) ; and it may rise over the next few stood virtually alone in its failure to surpass years to as high as ninety billion dollars. substantially the level of output of the twen- What are the economic considerations ties, though many of the countries which did which should guide us in carrying out this so, notably England, are more mature than program? In defense, as in war itself, mili- we are. tary considerations must have precedence, A more plausible explanation of our expebut military effectiveness will depend in large rience is the unprecedented severity of the measure upon whether the program is carried depression from 1929 to 1933, following the out in ways which enable us to develop and great expansion and the speculative boom of apply our full economic strength. Our prob- the twenties. The recovery from 1933 to lem is to execute the program as efficiently 1937 was not only one of the longest in our and rapidly as possible with a minimum of history but compared very favorably in ampliadjustments of our economy, both now and tude with any previous recovery. It began, in the post-war period. however, from such a low level that the vol- To do so, we must keep in mind two sets ume of output at its peak only slightly exof considerations. On the one hand, we ceeded that of 1929. During the last year of must avoid premature or undue restrictions the recovery the expansion consisted to a marked degree of inventory accumulation and * An address delivered at the Mid-Winter Meeting of the New forward buying. The ensuing decline, as York State Bankers Association, New York City, January 20, 1941. 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. FEBRUARY 1941 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic and Monetary Aspects of the Defense Program always from an inventory boom, was sharp great since 1929, probably as great as that but not of long duration. I expected that the from 1914 to 1929. Whatever may have recovery would soon be resumed and would been true of the past ten years, we cancarry us well above the level of the twenties. not plead today a lack of outlets for our There were clear indications that a new recov- technical skill. It is up to this country, under ery was underway before the outbreak of the the conditions which now exist, to stage a war and the defense program created a new convincing demonstration that it can produce situation. goods for defense not, in general, at the ex- Whatever may be the explanation, however, pense of, but in addition to, our peace-time of our unsatisfactory experience of the past requirements. This is more important in a decade, it is self-evident that any failure now preparedness program than in war itself beto reach and maintain a high level of national cause the former may last much longer and income would have a profoundly disturbing depend more vitally upon ability to maintain effect upon our state of mind. It would con- unimpaired our economic strength and stayfirm our worst fears. Yet it cannot be taken ing power. It was customary during the for granted that the defense program will as- thirties, when Germany was building her sure such a level, regardless of how the pro- military machine, to assume that her armagram is carried out. One danger is the draw- ment activity was at the expense of living ing of false analogies with 1917. Then we standards and would presently bring on its were already in the midst of a war boom. own destruction through exhaustion and de- Our economy was much smaller in relation to cay of the German economy. I am not sugthe world economy. Purchases by the bellig- gesting that Germany is not today taxing her erents were much larger in relation to our economic resources very heavily, but it is capacity than they have been thus far in thewishful thinking not to recognize that she present war. The lesson of 1917 was that we was able to build her military machine not should have shifted much more promptly than primarily at the expense of her standard of we did from peace-time to war production. living, but through a highly efficient use of But to apply this lesson by superficial analogy her technological resources. to our present problem would be the greatest One especially important aspect of this mistake that we could make. When this war question is its bearing upon employment. We began we had large surpluses of many basic have been accustomed to think of technologiproducts, of man-power and of plant facili- cal change as a temporary phenomenon, temties. Broadly speaking, despite specific short- porarily displacing labor but through fallages which may threaten here and there, we ing costs and widening market creating full are still in a surplus situation. employment once the state of technology has One of the great developments of modern settled down. But the great question raised times has been the advance of technology. by modern experience is whether technology This is recognized by economists of every does settle down. The function of the emshade of opinion, though they do not all draw ployer is not to employ labor, but to produce the same conclusions from it. Some ascribe goods. At every stage of expansion he faces the threatened stalling of the economic ma-anew the question whether to use more men chine, as in the great depression, to this fact or better machines and processes. Even in of great technical progress coupled with in- the present defense program, the purpose stitutional changes which have impaired the will be to get maximum output rather than flow of income. I cannot here discuss the full employment. tendencies toward over-saving and under- This relation of technology to employment investment of which so much has been heard has some important implications for defense in recent years, beyond saying that in my own policy. During the past ten years the goal of view some of the conclusions drawn rest upon monetary and fiscal policy has been stated misconceptions as to the nature and meaning repeatedly in terms of "full employment". of the phenomena observable.* But with national income already at a new But of the fact of great technological prog- high level and unemployment still amounting ress there can be no doubt. Technological to some seven millions, we have to recognize advance in the United States has been that the objective is more difficult to achieve than had been thought. I am not suggesting * See my paper on "Deficit Spending," Proceedings of the that full employment is impossible or may not American Economic Association, 1941. 96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic and Monetary Aspects of the Defense Program occur during such a great burst of activity, Some special causes of inflation, such as when we are called upon to tax our economic have played a large part in some earlier incapacity to the utmost, especially if in our flationary episodes, are clearly absent. There urgency we cannot confine ourselves to the seems to be no danger that inflation will arise most efficient methods. What I am suggesting through some heavy external drain on our is that it will not be a useful or trustworthy economy or through flight from the currency guide for the economic and monetary policies as happened in some European countries of the defense program. Most of the problems after the first world war. There is no danger which will require our attention will arise that inflation will arise through government considerably before full employment is borrowing resulting in a breakdown of public reached. England, after a year and a half credit, another familiar cause of inflation in of war and after raising an army larger than the past. During the past decade we have ever before in her history, is only .now ap- witnessed a substantial increase in the public proaching full employment; and whether she debt at declining rates of interest. We need have no concern about the ability of the even now has "full employment" depends on United States to finance the defense program. how one defines this really indefinable term. Undoubtedly, if necessary, the entire pro- One important bearing of the question of gram could be financed by borrowing. If "full employment" is upon the prospect of that is not desirable, the reason is not the inflation. During the past seven or eight years danger of a breakdown of the public credit, there has been much false alarmism about inbut the fact that as output rises toward caflation in this country. It was largely based pacity, we shall need at some point to curb upon misconceptions as to the causes of inand control by taxation the community's exflation and the circumstances out of which penditures, as a counterpart of the transfer such phenomena arise. While production and of productive facilities to making defense employment were so far below capacity, there goods. was no danger of a general inflation. But it was possible to have, as we saw in 1936-7, If inflation should arise in any early stage a spiral rise of prices and wages, accompany- of the defense program, it would probably ing an inventory boom, at a level of output be of the "bottleneck" variety, arising out substantially below capacity. of special shortages of materials or of par- That minor boom soon spent itself. But ticular kinds of labor, equipment or plant, under the stimulus of the defense expendi- or out of particular labor or price policies. tures, that experience could easily be re- The higher the level of production reached, peated on a much larger and less readily con- the greater will be the possibility that such disturbances arising out of special situations trollable scale. This, in fact, looking at our will spread throughout the economy and proproblems from the standpoint of their imduce results essentially similar to those of a mediacy, is what we now need most to be general inflation. In proportion as these watching for and preparing to prevent. special problems are solved, the inflation dan- Under modern conditions there is no cleanger will be pushed further off in time and cut line between what we call bottleneck probbecome more and more a problem of pressure lems and a general inflation. In a more flexupon our general economic capacity and reible economy we might speak, as the older sources. Some economists have endeavored economists did, of inflation arising when we to estimate when and at what level of output had reached the limits of economic capacity, this condition will be reached. Such estiso that if, for example, we did not divert exmates are largely in the nature of abstract penditures and productive facilities from speculation, but it does seem probable that peace to war-time goods, further expenditures by the time we reach a national income of would go into prices rather than output. But ninety billion dollars, and sooner if the bottleunder modern conditions "economic canecks are not well-handled, we shall need to pacity" is a relative term, and there is no be pursuing a positive policy aimed at preclear and simple guide as to when the inventing a general inflation. flationary process may get underway. Cer- Surveying the defense problem as a whole, tainly "full employment", for the reasons the economic policies called for fall into two given earlier, will not serve well as such a main categories which may be labeled general guide. and special. The special problems are those FEBRUARY 1941 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic and Monetary Aspects of the Defense Program of the National Defense Advisory Commis- 1940, will be at higher levels of national insion and of the recently created Office of Pro- come. The adoption of a moderate and careduction Management. I do not feel competent fully considered increase in taxes this year, to discuss them except in the most general to go into effect next year, seems the wisest terms. As I have said, they are the questions course. Restrictive taxes on consumption of most immediate importance. Some gen- should in general be delayed until fyiil caeral principles seem applicable. We should, pacity is reached. as I have said, try so far as possible at our Of monetary measures and policies I need present stage to have military production speak only briefly. You are all familiar with supplement and not supplant peace-time pro- the report made to Congress bv the Federal duction and consumption. We should proceed Reserve System on December 31, 1940. I am cautiously with priorities, acting only after entirely in accord with the general principles the most careful study and going only as of the program there outlined for absorbing fast and as far as the need is clearly demon- excess reserves and removing various sources strated, after experimentation with informal, of potential increases in excess reserves, involuntary procedures. The same policy seems cluding some method of insulating gold indesirable with regard to price controls. flow from the credit system. With our pres- The recent statements of Defense Commis- ent redundant money supply, it is also desirsioner Henderson and other public officials able to do as much of our defense borrowing indicate, I believe, the correct approach to as possible through non-bank investors. these problems. It is in this area that the The important question about this monedangers of undue or premature restrictive tary program is not whether it should not, measures, of which I spoke earlier, prin- in some form, be adopted by Congress after cipally lie. There is danger, also, that any due deliberation. Of that there should not be general threat of such controls would lead to any question. A more difficult and debatable inventory accumulations and anticipatory question is when the actions outlined in the price increases which would bring on the program should be taken. Into this question very disturbances feared. Moreover, the I cannot enter in detail, but speaking only more we can avoid such controls, the simpler for myself, the same considerations should will be the adjustments to normal activity in apply as have previously been stated. To the post-war period. plan measures of monetary preparedness The more general policies called for are should not be confused with the actual makfiscal and monetary. The appropriate fiscal ing of policy decisions. Here again there is policy is one combining borrowing and taxa- the need for caution against undue or pretion in such proportions that borrowing will mature restrictive measures. There is, of decline and tax revenue increase as the na- course, much more point today in talking tional income rises. One of the dangers of about the possibility of inflation than there undue or premature restraint lies in taxa- was four or five years ago when the talk was tion. The general principle which should be at its height; and there is a very real possifollowed was admirably expressed in the bility that at some point in the development of President's recent Budget Message, which this defense program, the problem will berecommended a policy "aimed at collecting come a real one. But for the present we progressive taxes out of a higher level of should hold fast to the fact that there are national income," rather than "restrictive tax still no signs that the inflationary process is measures applied to the present national in- upon us or even that it is just around the come." It is probably not generally recog- corner. Meantime, prudence dictates that nized how productive our present tax system, we should be prepared to put our house in including the revenue measures passed in order. 98 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QoLd and /Keloutcel ofi the United Kingdom I N a letter dated January 21, the Secretary Some of the figures now made available by of the Treasury presented to Mr. Bloom, the British authorities for August 31, 1939, chairman of the Foreign Affairs Committee differ from those derived from American of the House of Representatives, official Brit- sources and given on page 9 of the January ish estimates of the gold and dollar resources 1941 issue of the Federal Reserve BULLETIN. of the United Kingdom on August 31, 1939The nature of the differences between the and December 31,1940. The estimates showed estimates was indicated in the Secretary's a decline of $2,316,000,000 in British gold letter of January 21 to the Foreign Affairs and dollar resources in the first 16 months of Committee. The British figure of $2,038 the war. The Secretary's statement con- million for United Kingdom gold holdings is tained a balance of payments with a break- exact; the Board's estimate of $2,000 million down of the transactions which account for was given broadly in round figures. There this decline. This statement was prepared is no difference regarding balances. The sigby economists of the Treasury, the Depart- nificant differences all lie in the data for ment of Commerce, and the Board of Gov-securities and investments. The British ernors of the Federal Reserve System on the figure for market securities of $950 million basis of data supplied by the British Govern- was derived from their own records of sement. Previously, on January 15, the Secre- curities registered with the British Governtary had presented to the Committee the ment, while the Board's figure of $1,080 mil- British estimates of their main gold and lion was based upon the Department of Comdollar transactions in 1941, excluding pay- merce data, which in turn were largely dements on new British Government orders rived from United States tax returns. There during the year. were also differences in the dates of valuation The following table shows the change in between the two sets of figures, although both the position of the United Kingdom during adopt the criterion of market value. The difthe war period on the basis of the British ference attributable to statistical method, figures. however, amounting to about $130 million, is a minor one in relation to the large totals BRITISH ESTIMATES OFJJJKI^ED KINGDOM involved and such as might reasonably be GOLD.AND DOLUAR^JGESOURCES expected between two independent estimates —" [In millions of dollars]^ • of so complex a character—particularly as on Ex- Amount held holdings of foreign nominees the beneficiary Amount pended December 31, 1940 Gold and held Sept. 1, may have a nationality different from that of Dollar Resources Aug. 31, 1939- Un- Net the nominee. Finally, the British estimate 1939 Dec. 31, Total avail- avail- 1940 able i able of direct and miscellaneous investments, stated to be "not in excess of $900 million," Gold 2,038 1,746 292 51 241 Dollar balances 595 236 359 305 54 is a tentative estimate subject to revision. It Market securities 950 2 334 616 616 Direct and miscellaneous differs from the Commerce figure of $1,185 investments 900 900 900 million, employed by the Board, chiefly be- Total . . 4,483 2,316 2,167 356 1,811 cause the Commerce figures in this category represent book value and capitalized earnings 1 The British regard as unavailable $30 million of gold scattered in different parts of the world, $21 million of gold held against outstanding and do not purport to measure liquidating forward exchange contracts, and $305 million representing private dollar value. balances, which are considered to be at the minimum level necessary for the transaction of current business. 2 Including direct sales of British-held securities not recorded in the As shown in the table, gold and dollar reweekly capital movement statistics of the United States Treasury since sources of the United Kingdom suffered a they were not effected through reporting banks, brokers, and dealers. FEBRUARY 1941 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold and Dollar Resources of the United Kingdom drain of $2,316,000,000 from September 1, than the transactions of the United Kingdom 1939, to December 31, 1940. A summary of alone. The reason for regarding the net gold the British data accounting for this drain and dollar expenditures of the whole Sterling follows: Area as a drain on the gold and dollar resources of the United Kingdom lies in the SUMMARY STATEMENT OF GOLD AND DOLLAR TRANS- special nature of the exchange control regime ACTIONS OF STERLING AREA which was established in the Sterling Area at the outbreak of war. Under this regime, September 1, 1939-December 31,1940 the United Kingdom undertakes to make [In millions of dollars] available to the other Sterling Area countries 1. Goods and services the dollar exchange which they may cur- Purchased from United States. . . 2,045 rently require to settle unfavorable balances Sold to United States 1,015 in their dollar transactions. On the other Net purchases from hand, any surplus gold or dollar exchange United States 1,030 which such countries may currently acquire Net gold and dollar payments to from international transactions—or, in the countries other than the case of gold, from domestic production or dis- United States (some for cap- hoarding—is customarily made available to ital purposes) 725 the United Kingdom. Canada, however, together with Newfoundland, is on an independ- 2. Outflow of capital ent currency basis and is administering its Capital assistance and advance gold and dollar resources in accordance with payments to United States. . 720 its own needs in the prosecution of the war. Capital withdrawals, mainly from The table immediately following shows the United Kingdom 735 transactions of the Sterling Area with Can- 3. Miscellaneous items and errors of ada and Newfoundland and the resultant balance payable in gold that must be carried estimation 71 to the main table showing gold and dollar 4. Net expenditures to be met in gold transactions of the Sterling Area, which apand dollars 3,281 pears on the next page. 5. Gold mined or dishoarded during period and sold abroad . . 965 STERLING AREA TRANSACTIONS WITH CANADA AND NEWFOUNDLAND 6. Drain on gold and dollar resources [In millions of U. S. dollars] held by United Kingdom at beginning of period 2,316 Transactions S D e e p c t . . 3 1 1 , , 1 9 1 3 94 9 0 - 1941 (16 months) Estimates More detailed data covering the drain on British gold and dollar resources during the Payments on current account: By United Kingdom.... 795 war, together with the British estimates of By Sterling Area excluding United Kingdom 135 the drain anticipated in the calendar year Total 1941 exclusive of any payments which may be called for on British Government orders Receipts on current account: By United Kingdom 275 placed during 1941, are given in the tables By Sterling Area excluding United below. All the data incorporated in these Kingdom 100 tables are drawn from the statements of the Total..... 375 Secretary of the Treasury. Deficit on current account 555 Deduct: Canadian assistance to United It will be noted that the summary state- Kingdom (repatriation of British-held ment and the tables show the gold and dollar Canadian securities and increase in Canadian-held sterling balances) 330 260 transactions of the whole Sterling Area (broadly speaking, the British Empire ex- Balance carried to main table, page 101 225 620 cluding Canada and Newfoundland) rather * Not reported separately. 100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold and Dollar Resources of the United Kingdom ESTIMATED GOLD AND DOLLAR TRANSACTIONS OF STERLING AREA1 [In millions of dollars] Gold aad Dollar Expenditures S D (1 e e 6 p c t . m . 3 1 o 1 , n , 1 t 1 h 9 9 3 s 4 ) 9 0 - Est 1 i 9 m 4 a 1 tes Gold and Dollar Receipts S D (1 e e 6 p c t . m . 3 1 o 1 , , n 1 9 t 1 h 3 9 s 4 9 ) 0 - Est 1 i 9 m 4 a 1 tes Payments to United States by Receipts from United States by United Kingdom: United Kingdom: On British Government orders in the From merchandise exports to United U.S.: States 205 165 Goods delivered 2 660 From services—net 15 Advance payments—net 570 Capital assistance—net 150 * Total 205 180 Total 1,380 31, 274 Receipts from United States by For other merchandise imports from Sterling Area (excluding U. S 705 280 United Kingdom) : For services (shipping, interest and From merchandise exports to United dividends, etc.)—net ._ 57 States 640 560 Total 2,142 1,554 Receipts by Sterling Area from sale Payments to United States by abroad of currently mined and Sterling Area (excluding U. K.) : dishoarded gold 965 «555 For merchandise imports from United States 435 333 Receipts from use of gold and dollar For services—net 18 5 r b e e s g o i u n r n c i e n s g h o e f l d p b e y ri o U d nited Kingdom at 2,316 1,464 Total.... 453 338 Payments to Countries Other Than U. S. Grand total 4,126 2,759 by Sterling Area: Balance of Sterling Area with Canada and Newfoundland settled in gold.__ 4 225 * Not reported separately. Gold and dollar payments to other 1 The Sterling Area represents broadly the British Empire excluding countries—net. 5 500 247 Canada and Newfoundland; the latter description was used for the sake Total._ 725 867 o it f r s e im pr p e l s i e c n it t y s i t n h e t h B e r f i i t g is u h re s E r m el p e i a r s e e d e x b c y l u t s h i e v e T o re f a C su a r n y a . d a M , o N r e e w s f p o e u ci n f d ic l a a l n ly d , , Withdrawal of Capital from Sterling and Hong Kong, but with the addition of British mandated territories Area (principally from U. K.) : and of Egypt, Iraq, and the Anglo-Egyptian Sudan. Within the Ster- By Americans and others through ling Area, the United Kingdom represents England, Scotland, Wales, sale of free sterling to American im- and Northern Ireland. porters 300 2 Includes goods awaiting export at the year end and goods exported By repayment of outstanding export to Canada or other countries for United Kingdom account. credits required by cash-and-carry 3 No provision is made in this figure for prepayments or deliveries provision of Neutrality Act 200 on orders placed in 1941; the figure represents only payments during By p o l s i i q ti u o i n d a in ti o d n o ll o a f r s forward exchange" 235 c 1 a 94 u 1 se o o n f B pa r r it t i i s a h l p G re o p v a e y rn m m e e n n t t o f o r t d h e e r s s e p o l r a d c e e r d s i b n e f 1 o 9 r 4 e 0 , t h th e e s e e n d 1 9 o 4 f 1 1 p 9 a 4 y 0. m e B n e t - s Total 735 will be considerably less than the value of the goods delivered for export during the year. Mis E c s e t l i l m an a e t o io u n s : Items and Errors of 71 4 5 F C o o r m d p e o r s i e v d a t o io f n g o o l f d t a h n is d b d a o l l a la n r c e e x s p ee e n p d r i e t c u e re d s i n o g f t $ a 5 b 5 l 0 e , m p i a ll g io e n 1 0 a 0 n . d dollar Grand total.. 4,126 2, 759 receipts of $50 million. 6 South African and Australian gold exports. jfftitbk Mobilisation of United <>taU5 VoLLat On January 11 the British Treasury issued Government agencies. The latter category, an order requisitioning a further list of covering bond and note issues of the United American securities held by United Kingdom States Treasury and obligations of Governresidents. Three lists of other United States ment agencies, has not been represented in dollar securities requisitioned by the Treas- previous lists. ury during 1940 have been presented in pre- Payment is to be effected on February 24 vious issues of the BULLETIN.1 The present in the sterling equivalent (at the official buyorder requires United Kingdom residents to ing rate for dollars of $4.03% to the pound) transfer to the Bank of England as agent of the closing market prices for the securities of the British Treasury their holdings of the in New York on January 11. Since the bulk securities listed on the following page, inof British holdings of American securities is cluding 25 common stocks, 20 preferred in common stocks, it is significant to note stocks, 20 bonds of private corporations, and that 189 common stock issues, including al- 37 securities issued by the Government or most all the market leaders, have now been 1 See BULLETIN for January 1941, p. 25 ; May 1940, pp. 408-4C9 ; covered by these requisitioning orders. and March 1940, pp. 203-207. FEBRUARY 1941 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

British Mobilization of United States Dollar Securities Common Stocks Bonds Adams Express Company American Telephone and Telegraph Company, Addressograph-Multigraph Corporation Sinking Fund Gold Debentures due 1943, and Allegheny Ludlum Steel Corporation Debentures due 1961 and 1966 American Smelting and Refining Company Atchison, Topeka, and Santa Fe Railway Company, American Telephone and Telegraph Company 4V2% Convertible Gold Debentures due 1948, and Anaconda Copper Mining Company 4% Convertible Gold Bonds due 1960 Borg-Warner Corporation Chesapeake and Ohio Railway Company, S%% Re- Boston and Albany Railroad Company funding and Improvement Bonds due 1996 (Series Coca-Cola Company D) Creole Petroleum Corporation Columbia Gas and Electric Corporation, 5% Gold Curtiss-Wright Corporation Debentures due April 15, 1952, May 1, 1952, and Fidelity Phenix Fire Insurance Company May 1, 1961 First National Bank of New York Consolidated Edison Company of New York, Inc., Lehman Corporation 3V 2 % Debentures due 1956, and 3%% Debentures Minneapolis-Honeywell Regulator Company due 1946 National Distillers Products Corporation Great Northern Railway Company, 4% Convertible National Steel Corporation General Mortgage Bonds due 1946 (Series G and H) Peninsular Telephone Company Pennsylvania Water and Power Company New York Central Railroad Company, S%% Gold Bonds due 1997 (bearer and registered) Public Service Corporation of New Jersey Norfolk and Western Railway Company, 4% First St. Joseph Lead Company Consolidated Mortgage Gold Bonds due 1996 Sperry Corporation (bearer and registered) Superheater Company Pennsylvania Railroad Company, 4V% General Timken Roller Bearing Company 2 Mortgage Gold Bonds due 1965 (Series A), 5<To United States Gypsum Company General Mortgage Gold Bonds due 1968 (Series B), 4V% Consolidated Mortgage Gold Bonds due Preferred Stocks 1960, a 2 nd 3%% Convertible Debentures due 1952 Alabama Power Company, $7 cumulative preferred Union Pacific Railroad Company, 4% First Mortgage stock Gold Bonds due 1947 (bearer and registered) American Power and Light Company, $6 cumulative preferred stock Government Securities American Tobacco Company, 6% cumulative pre- United States of America Treasury Bonds: ferred stock Carolina Power and Light Company, $7 cumulative 4V 4 % due 1947-52 2%% due 1955-60 preferred stock 4% due 1944-54 2%% due 1945-47,1948-51 3% °/c due 1946-56 1951-54,1956-59 Central Power and Light Company, 6% cumulative preferred stock 3% 9c due 1943-47 1958-63,and Commercial Credit Company, 4^4% cumulative con- 3 Mr %due 1941, 1943-45 1960-65 and 1944-46 '2 V% due 1945, 1948, vertible preferred stock 2 3V% due 1946-49 and 1949-53, and Consolidated Edison Company of New York, Inc., $5 8 1949-52 1950-52 cumulative preferred stock 3% due 1946-48 and 2% due 1947 Florida Power and Light Company, $7 cumulative 1951-55 preferred stock General American Investors Company, Inc., $6 cumu- United States of America Treasury Notes: lative preferred stock 2% due 1942 (Series B) General Cable Corporation, 7% cumulative preferred 1%% due 1942 (Series C) stock 1%% due 1941 (Series C) General Motors Corporation, $5 cumulative preferred iy % due 1943 (Series A and B) stock 8 1% due 1944 (Series B and C) Great Northern Railway Company, $6 non-cumula- %% due 1944 (Series A) tive preferred stock Kendall Company, $6 cumulative participating pre- Securities of Government Agencies ferred stock (Series A) National Bond and Investment Company, 5% cumu- Government Guaranteed: lative preferred stock (Series A) Federal Farm Mortgage Corporation, 3% Bonds Northern Indiana Public Service Company, 6% due 1944-49 cumulative preferred stock Home Owners' Loan Corporation, 214% Bonds Ohio Edison Company, $6 cumulative preferred stock due 1942-44 (Series G), and 1V% / Bonds due Public Service Corporation of New Jersey, $5 cumu- 1945-47 (Series M) 2 lative preferred stock Republic Steel Corporation, 6% cumulative con- Not Government Guaranteed: vertible prior preference stock (Series A) Federal Land Bank Consolidated Farm Loan United Corporation, $3 cumulative preference stock Bonds, 3%% Bonds due 1945-55, 3% Bonds due United States and Foreign Securities Corporation, 1946-56 (Jan. 1), and 3% Bonds due 1946-56 $6 cumulative first perferred stock (May 1) 102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(food* £xpenditute5 in 1940 I by GEORGE TERBORGH Senior Economist Division of Research and Statistics T HE accompanying table gives preliminary 1939, a decline in outlays under the 1938 estimates of domestic expenditures for new P.W.A. program and in W.P.A. activity havdurable goods in 1940, in continuation of theing more than offset gains in the building of series for earlier years presented in the BUL- government-owned housing and in military LETIN for September, 1939 and for February and naval construction. Expenditures for 1940. For definitions, sources, and methods, privately-owned durable goods, on the other the reader is referred to the September 1939 hand, were up 22 per cent, producers' goods article.1 showing an increase of 29 per cent and con- The total of public and private expenditure sumers' goods a rise of 17 per cent. in 1940 appears to have exceeded 1939 by Outlays for plant made a smaller relative about 16 per cent and 1937 by about 10 pergain over 1939 than expenditures for equipcent. It remained, however, substantially ment. This is true even if we exclude public below 1929, the pre-depression peak. Public construction, which declined for the year. construction was down about 7 per cent from There is evident a continuation of the lag in 1 Acknowledgment is due Ray R. Foster, of the Division of the revival of private construction activity Research and Statistics, for his aid in compiling estimates of con-that has characterized the recovery movestruction expenditures. In view of the defense program, it may be pointed out that the ment thus far. Private plant outlays were estimates for durable goods exclude naval vessels and special only 59 per cent of 1929, in contrast to equipmilitary equipment generally, while including (under public construction) outlays for military posts, yards, docks, and hangars, ment expenditures 93 per cent of that year. for defense housing, and for publicly-owned productive plant. Government expenditures for equipment of ordinary commercial Outlays for producers' plant were only half type, such as typewriters, machine tools, and motor trucks, are of 1929, while expenditures for equipment included in the estimates for private equipment expenditures. Heretofore, purchases of such equipment by governments have were fully recovered. Certain important been relatively insignificant. Under the defense program, however, they are certain to expand materially, and it is hoped that classes of producers' equipment, such as inthey can be at least partially segregated in estimates for later dustrial and commercial, made new highs. years. ESTIMATED EXPENDITURES FOR NEW DURABLE GOODS All 1940 figures are preliminary. En millions of dollars] Plant and Equipment Plant Equipment 1929 1937 1939 1940 1929 1937 1939 1940 1929 1937 1939 1940 Public and private '25, 542 '20, 006 '19, 021 22,123 '10, 744 '7,004 '7,815 8,307 14, 798 13, 002 11, 206 13, 816 Public construction : 2,411 '2, 802 '3, 619 3,354 Private _ _ _ - '23,131 17,204 '15, 402 18,769 '8, 333 4,202 '4,196 4,953 14, 798 13,002 11, 206 13, 816 Producers' Total io, 126 7,570 '6,107 7,884 '4, 531 2,294 '1,876 2,318 5,595 5,276 '4, 231 5,566 Railroads _ 840 525 T-270 450 503 188 '130 170 337 337 140 280 Electric power 774 400 373 485 387 172 160 210 387 228 213 275 Telephones 615 348 333 400 328 100 '91 117 287 248 242 283 Transit , 135 101 107 114 82 39 54 51 53 62 53 63 Other utilities __ 369 162 '121 150 256 117 '81 100 113 45 '40 50 Mining and manufacturing 3,596 3,122 2,425 3,375 1,441 1,053 775 975 2,155 2,069 1,650 2,300 Agriculture '961 919 '773 865 '348 222 '230 250 613 697 '543 615 Commercial and miscellaneous. __ 2,836 1,993 1,705 2,045 1,186 403 355 445 1,650 1,590 1,350 1,700 Consumers' Total '13,005 9,634 '9, 295 10,885 '3, 802 1,908 '2,320 2,635 9,203 7,726 '6,975 8,250 Housing '3, 234 1,740 '2,095 2,385 Non-profit institutions 568 168 '225 250 Passenger cars 3,293 2,726 '2, 275 2,950 Household goods 5,910 5,000 4,700 5,300 ' Revised. i Includes work-relief construction. FEBRUARY 1941 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttom a Jlea at Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material. Amendment of Regulation U subject to the regulation, is not used for the purpose of meeting those requirements. This The Board of Governors has adopted an will simplify operations under the regulation, amendment to Regulation U, entitled Loans especially in cases involving loans to a broker by Banks for the Purpose of Purchasing or and dealer in securities who has at the bank Carrying Stocks Registered on a National both a loan that is subject to the Board's mar- Securities Exchange. gin requirements and a loan that is not subject The amendment, which becomes effective to these requirements. In connection with February 17, 1941, is essentially technical. this mechanism, collateral which must be used Its principal purpose is to reconcile provisions to meet the Board's margin requirements for of Regulation U with rules recently issued by ertain loans to brokers and dealers may be the Securities and Exchange Commission used for other purposes only to a limited exwith respect to the hypothecation by brokers tent. In particular, it may not be used to or dealers of securities carried by them for enable the borrower to obtain on the basis the account of customers (Rule X-8C-1 and of the same collateral both a loan subject to Rule X-15C2-1). These rules, which become the Board's margin requirements and a loan effective on February 17, 1941, are printed not subject thereto. This restriction, howat page 0000 of this BULLETIN, together with ever, does not apply to the use of collateral a statement that was issued by the Commisfor purposes of maintaining both loans, prosion in announcing its adoption of the rules. vided both loans have been properly made in These SEC rules, in order to safeguard the the first place. rights of customers in their securities, pro- One effect of the amendment will be to vide among other things that when a broker enable banks which must revise any of their or dealer borrows on any customers' securiloan agreements with brokers or dealers as a ties he must not commingle them with his own consequence of the SEC rules to do so with under the same pledge. The amendment to a minimum of inconvenience. Regulation U takes account of this require- The amendment does not require any bank ment by providing, in effect, that any indebtto reduce any loan, to obtain additional coledness of a broker or dealer that is secured lateral for any loan, or to call any outstanding by customers' securities shall be treated loan because of insufficient collateral. separately from any of his other indebted- The text of the amendment is as follows: ness. There are provisions, however, both in the SEC rules and in Regulation U, which permit an agreement between the borrower AMENDMENT NO. 4 OF REGULATION U— and the lender by which securities belonging EFFECTIVE FEBRUARY 17, 1941 to the broker or dealer himself may be used Regulation U and the Supplement thereto are as supplementary collateral for a loan secured hereby amended in the following respects, and such by securities of his customers. amendment shall become effective February 17, 1941, but any bank may, at its option, conduct its opera- In addition to making changes necessitated tions in accordance with such amendment at any time by the SEC rules, the amendment to Regula prior to that date: tion U provides for a simple mechanism by 1. Section 3 of Regulation U is amended by adding which collateral that is used to meet th the following subsections at the end thereof: requirements of Regulation U may be ear- (m) Indebtedness "subject to section 1" is inmarked and distinguished from other col- debtedness which is secured directly or indirectly by any stock, is for the purpose of purchasing lateral which, even though it secures a loan or carrying any stock registered on a national 104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint securities exchange, and is not excepted by sec- does not extend or maintain credit to or for custion 2. tomers except in accordance therewith as if he (n) In the case of any loan subject to section were subject thereto), and (2) receives written 1 to a broker or dealer in securities, and in the notice, pursuant to a rule of the Securities and case of any such loan to any other borrower Exchange Commission concerning the hypothewhose indebtedness the bank elects to treat for cation of customers' securities by brokers or dealthe purposes of this subsection as if it were that ers (Rule X-8C-1 or Rule X-15C2-1), to the effect of a broker or dealer, the bank shall identify all that the stock is a security carried for the acthe collateral used to meet the collateral require- count of a customer. ments of section 1 and shall not cancel the identification of any part thereof except in circum- Rules of Securities and Exchange Commission Concerning stances that would permit the withdrawal of that the Hypothecation of Customers7 Securities part. Such identification may be made by any by Brokers or Dealers reasonable method. There is set forth below a statement that In any such case— (1) Only the collateral so identified shall was issued by the Securities and Exchange have loan value for purposes of section 1 or Commission on November 15, 1940 in anbe subject to the restrictions therein speci- nouncing its adoption of rules concerning the fied with respect to withdrawals and substihypothecation of customers' securities by tutions; and (2) For any indebtedness of the same brokers or dealers (Rule X-8C-1 and Rule borrower that is not subject to section 1 X-15C2-1). As indicated above in connection (other than a loan described in section 2 (d), with the related amendment of the Board's (f), (g), or (h)), the bank shall in good Regulation U, the Commission's rules become faith require as much collateral not so identified as the bank would require (if any) if it effective on February 17, 1941. The text of held neither the indebtedness subject to sec- the rules is included in the statement. tion 1 nor the identified collateral. This rule The Securities and Exchange Commission today shall not be construed, however, to require the bank, after it has made any loan, to ob- announced the adoption of two rules under the Securitain any collateral therefor because of any ties Exchange Act of 1934 carrying out the statutory decline in the value or quality of the col- principles governing the pledging of customers' selateral or in the credit rating of the bor- curities as collateral by members of national securirower. ties exchanges and other brokers and dealers. (o) This subsection applies to any case in The new rules are designed to furnish added which indebtedness of a broker or dealer that is protection to customers against losses which may subject to section 1 is secured by any securities result from brokerage failures. It has not previously which, according to written notice received by the been illegal under the usual kind of "customer's bank from the broker or dealer pursuant to a agreement" for a broker or dealer to commingle rule of the Securities and Exchange Commission customers' securities with his own as collateral for concerning the hypothecation of customers' se- loans used by the firm in its business as a dealer curities (Rule X-8C-1 or Rule X-15C2-1), are or trader for its own account. Likewise, it has not securities carried for the account of one or more been illegal under such "customer's agreements" for customers. For the purposes of this regulation— brokers and dealers to borrow more on their customers' securities than was owed them by the cus- (1) All such securities and all such intomers. Where the broker or dealer failed under debtedness shall be considered separately such circumstances, the risk of loss to customers from other collateral and indebtedness of was substantially increased. the borrower; To this end, the rules, in effect, prohibit brokers (2) Only such securities shall have loan and dealers from risking the securities of their cusvalue for any such indebtedness; and (3) All such indebtedness shall be con- tomers as collateral to finance their own trading, sidered a single loan and all such securities speculating or underwriting ventures. shall be considered in connection therewith, Subject to certain exemptions, the rules put into except that specified indebtedness, together operation three simple principles laid down in the with the securities treated by the bank as three clauses of Section 8 (c) of the Act. The first having loan value therefor, may be treated is that brokers or dealers must not commingle the separately if such securities secure only such securities of different customers as collateral for a specified indebtedness and the borrower loan without the consent of each customer. Second, states in writing that they are carried for a broker or dealer must not commingle his customers' the account of a single customer. securities with his own under the same pledge. 2. The second paragraph of the Supplement to Finally, a broker or dealer must not pledge cus- Regulation U is amended to read as follows: tomers' securities for more than his customers owe Loans to brokers and dealers.—Notwithstand- him. ing the foregoing, a stock, if registered on a na- ^ The rules were the subject of several months of tional securities exchange, shall have a special discussion between the Commission's staff and the maximum loan value of 75 per cent of its current national securities exchanges, the National Associamarket value, as determined by any reasonable tion of Securities Dealers, Inc., certain banks making method, in the case of a loan to a broker or dealer substantial brokers' loans and other representatives from whom the bank (1) accepts in good faith a of the financial community. Many of the provisions signed statement to the effect that he is subject of the rules are based upon suggestions made by to the provisions of Regulation T (or that he these sources. FEBRUARY 1941 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Because of the complexity of the credit mechanisms types of day-to-day financing of customers' transacwhich these rules affect and because of the possibility tions. Since these exemptions are somewhat techthat operation under the rules may entail some read- nical and complex, the Commission is also making justments in the business methods of members, public a short explanation of the rules. brokers and dealers, they will not become effective The text of the Commission's action follows: until February 17, 1941. The Commission suggests The Securities and Exchange Commission, that brokers and dealers who will be subject to the deeming it necessary for the exercise of the funcnew rules may find it desirable to conduct their busitions vested in it and necessary and appropriate nesses in accordance with these rules for some period in the public interest and for the protection of prior to their effective date of February 17, 1941, in investors so to do, pursuant to authority conorder that their operation may be studied and such ferred upon it by the Securities Exchange Act readjustments made as may appear necessary before of 1934, as amended, particularly Sections 8 (c), they become effective. 3 (b) and 23 (a) thereof, hereby adopts the The two rules, designated as Rule X-8C-1 and Rule following rule: X-15C2-1 will provide uniformity of regulation with respect to all branches of the brokerage industry RULE X-8C-1. Hypothecation of Customers' regardless of whether those subject to the rules are Securities. exchange members, or brokers or dealers doing a (a) General Provisions. No member of a business through the medium of a member, or over- national securities exchange, and no broker or the-counter brokers or dealers who do not transact dealer who transacts a business in securities business through the medium of an exchange member. through the medium of any such member shall, Compliance with Rule X-8C-1 will thus automatically directly or indirectly, hypothecate or arrange constitute compliance with Rule X-15C2-1, and vice for or permit the continued hypothecation of any versa. securities carried for the account of any customer It is important to note the effect of paragraphs under circumstances— (a) (2) and (a) (3) of the rules upon the present (1) that will permit the commingling of practices of banks and other leaders in making and securities carried for the account of any such handling brokers' loans. Under the present type of customer with securities carried for the acloan agreement customarily used between a broker count of any other customer, without first and a bank or other lender, the lender, of course, obtaining the written consent of each such holds specific liens against the particular securities customer to such hypothecation; earmarked for each loan. In addition, the lender (2) that will permit such securities to be at present usually holds a general lien for the total commingled with securities carried for the amount of all of the broker's loans, some of which account of any person other than a bona fide may represent borrowings on the broker's own customer of such member, broker or dealer securities to finance his own trading activities. This under a lien for a loan made to such member, general lien runs against all of the securities debroker or dealer; or posited as collateral, even though customers' securi- (3) that will permit securities carried for ties are included among them. the account of customers to be hypothecated, or As may be seen, the danger in this practice of subjected to any lien or liens or claim or pledging all securities, including customers' securities, claims of the pledgee or pledgees, for a sum under a single lien is that if the firm gets into financial which exceeds the aggregate indebtedness of difficulties, the customers' securities are in danger all customers in respect of securities carried of facing the same loss as the firm's securities. Therefor their accounts; except that this clause fore, paragraph (a) (2) prohibits pledging cusshall not be deemed to be violated by reason tomers' securities under such a general lien if the of an excess arising on any day through the broker's or dealer's securities are also pledged under reduction of the aggregate indebtedness of the same lien to obtain or increase the loan or as customers on such day, provided that funds substituted collateral for customers' securities. in an amount sufficient to eliminate such excess Furthermore, the existence of such a general lien are paid or placed in transfer to pledgees for would result in a violation of paragraph (a) (3) of the purpose of reducing the sum of the liens the rules if customers' securities are pledged thereor claims to which securities carried for the under for a sum greater than the total indebtedness account of customers are subject as promptly of customers to the broker. as practicable after such reduction occurs, Accordingly, to avoid these violations it will be but before the lapse of one half hour after the necessary for members, brokers or dealers to revise commencement of banking hours on the next their agreements with banks and other lenders such banking day at the place where the largest as other brokers or dealers, who may obtain liens principal amount of loans of such member, on customers' securities so that such lenders will not broker or dealer are payable and, in any event, have liens involving violations of the rules. The before such member, broker or dealer on such Commission understands that a substantial time day has obtained or increased any bank loan before the rules become effective, banks which cus- collateralized by securities carried for the tomarily do a loan business with brokers and dealers account of customers. will have made appropriate revisions in their loan agreements designed to permit brokers and dealers (b) Definitions. For the purposes of this rule— to meet the requirements of the rules. (1) The term "customer" shall not be Most of the exemptions which are embodied in the deemed to include any general or special rules were necessitated by the difficulties which might partner or any director or officer of such be created by a strict, minute-to-minute application member, broker or dealer, or any participant, of the three basic principles of the rules to certain as such, in any joint, group or syndicate ac- 106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint count with such member, broker or dealer or same calendar day, which is incidental to the with any partner, officer or director thereof; clearing of transactions in securities or loans (2) the term "securities carried for the ac- through such corporation, department or ascount of any customer" shall be deemed to sociation, provided, however, that for the purpose mean: of paragraph (a) (3) hereof, "aggregate indebtedness of all customers in respect of securities (i) securities received by or on behalf of carried for their accounts" shall not include insuch member, broker or dealer for the debtedness in respect of any securities subject account of any customer; to any lien or claim exempted by this paragraph. (ii) securities sold and appropriated by such member, broker or dealer to a customer, (e) Exemption for Certain Liens on Securities except that if such securities were subject of Noncustomers. The provisions of paragraph to a lien when appropriated to a customer (a) (2) hereof shall not be deemed to prevent they shall not be deemed to be "securities such member, broker or dealer from permitting carried for the account of any customer" securities not carried for the account of a cuspending their release from such lien as tomer to be subjected (i) to a lien for a loan promptly as practicable; made against securities carried for the account (iii) securities sold, but not appropriated, of customers, provided the pledgee agrees that by such member, broker or dealer to a cus- securities which it is informed are carried for tomer who has made any payment therefor, the account of customers will be physically segreto the extent that such member, broker or gated from any other securities, or (ii) to a lien dealer owns and has received delivery of for a loan made and to be repaid on the same securities of like kind, except that if such calendar day. For the purpose of this exemption, securities were subject to a lien when such a loan shall be deemed to be "made against payment was made they shall not be deemed securities carried for the account of customers" to be "securities carried for the account of if only securities carried for the account of any customer" pending their release from customers are used to obtain or to increase such such lien as promptly as practicable; loan or as substitutes for other securities carried for the account of customers. (3) "aggregate indebtedness" shall not be deemed to be reduced by reason of uncollected (f) Notice and Certification Requirements. items. In computing aggregate indebtedness, No person subject to this rule shall hypothecate related guaranteed and guarantor accounts any security carried for the account of a cusshall be treated as a single account and con- tomer unless, at or prior to the time of each such sidered on a consolidated basis, and balances hypothecation, he gives written notice to the in accounts carrying both long and short posi- pledgee that the security pledged is carried for tions shall be adjusted by treating the market the account of a customer and that such hypothevalue of the securities required to cover such cation does not contravene any provision of this short positions as though such market value rule, except that in the case of an omnibus acwere a debit; and count the member, broker or dealer for whom (4) in computing the sum of the liens or such account is carried may furnish a signed claims to which securities carried for the ac- statement to the person carrying such account count of customers of a member, broker or that all securities carried therein by such memdealer are subject, any rehypothecation of such ber, broker or dealer will be securities carried securities by another member, broker or dealer for the account of his customers and that the who is subject to this rule or to Rule X-15C2-1 hypothecation thereof by such member, broker shall be disregarded. or dealer will not contravene any provision of this rule. The provisions of this paragraph (c) Exemption for Cash Accounts. The pro- shall not apply to any hypothecation of securities visions of paragraph (a) (1) hereof shall not under any lien or claim of a pledgee securing a apply to any hypothecation of securities carried loan made and to be repaid on the same calendar for the account of a customer in a special cash day. account within the meaning of Section 4 (c) of Regulation T of the Board of Governors of the The Securities and Exchange Commission, Federal Reserve System, provided that at or be- deeming it necessary for the exercise of the fore the completion of the transaction of purchase functions vested in it and necessary and approof such securities for, or of sale of such securities priate in the public interest and for the protecto, such customer, written notice is given or sent tion of investors so to do, and finding that such to such customer disclosing that such securities action is reasonably designed to prevent frauduare or may be hypothecated under circumstances lent, deceptive and manipulative acts and pracwhich will permit the commingling thereof with tices, pursuant to authority conferred upon it by securities carried for the account of other cus- the Securities Exchange Act of 1934, as amended, tomers. The term "the completion of the trans- particularly Sections 15 (c) (2) and 23 (a) action" shall have the meaning given to such thereof, hereby adopts the following rule: term by Rule X-15C1-1 (b). RULE X-15C2-1. Hypothecation of Customers' (d) Exemption for Clearing House Liens. Securities. The provisions of paragraphs (a) (2), (a) (3), (a) General Provisions. The term "frauduand (f) hereof shall not apply to any lien or lent, deceptive, or manipulative act or practice," claim of the clearing corporation, or similar de- as used in Section 15 (c) (2) of the Act, is hereby partment or association, of a national securities defined to include the direct or indirect hypothecaexchange, for a loan made and to be repaid on the tion by a broker or dealer, or his arranging for FEBRUARY 1941 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint or permitting, directly, or indirectly, the con- to a lien when such payment was made they tinued hypothecation of any securities carried for shall not be deemed to be "securities carried the account of any customer under circum- for the account of any customer" pending stances— their release from such lien as promptly as (1) that will permit the commingling of practicable; securities carried for the account of any such (3) "aggregate indebtedness" shall not be customer with securities carried for the ac- deemed to be reduced by reason of uncollected count of any other customer, without first items. In computing aggregate indebtedness, obtaining the written consent of each such related guaranteed and guarantor accounts customer to such hypothecation; shall be treated as a single account and con- (2) that will permit such securities to be sidered on a consolidated basis, and balances commingled with securities carried for the in accounts carrying both long and short posiaccount of any person other than a bona fide tions shall be adjusted by treating the market customer of such broker or dealer under a value of the securities required to cover such lien for a loan made to such broker or dealer; short positions as though such market value or were a debit; and (3) that will permit securities carried for (4) in computing the sum of the liens or the account of customers to be hypothecated, claims to which securities carried for the acor subjected to any lien or liens or claim or count of customers of a broker or dealer are claims of the pledgee or pledgees, for a sum subject, any rehypothecation of such securiwhich exceeds the aggregate indebtedness of ties by another broker or dealer who is suball customers in respect of securities carried ject to this rule or to Rule X-8C-1 shall be for their accounts; except that this clause disregarded. shall not be deemed to be violated by reason (c) Exemption for Cash Accounts. The proof an excess arising on any day through the visions of paragraph (a) (1) hereof shall not reduction of the aggregate indebtedness of cusapply to any hypothecation of securities carried tomers on such day, provided that funds in an for the account of a customer in a special cash amount sufficient to eliminate such excess are account within the meaning of Section 4 (c) of paid or placed in transfer to pledgees for the Regulation T of the Board of Governors of the purpose of reducing the sum of the liens or Federal Reserve System, provided that at or claims to which securities carried for the acbefore the completion of the transaction of purcount of customers are subject as promptly chase of such securities for, or of sale of such as practicable after such reduction occurs, but securities to, such customer, written notice is before the lapse of one half hour after the given or sent to such customer disclosing that commencement of banking hours on the next such securities are or may be hypothecated under banking day at the place where the largest circumstances which will permit the commingling principal amount of loans of such broker or thereof with securities carried for the account of dealer are payable and, in any event, before other customers. The term "the completion of such broker or dealer on such day has obtained the transaction" shall have the meaning given or increased any bank loan collateralized by to such term by Rule X-15C1-1 (b). securities carried for the account of customers. (d) Exemption for Clearing House Liens. (b) Definitions. For the purposes of this rule— The provisions of paragraphs (a) (2), (a) (3), (1) the term "customer" shall not be deemed and (f) hereof shall not apply to any lien or claim to include any general or special partner or of the clearing corporation, or similar departany director or officer of such broker or dealer, ment or association, of a national securities exor any participant, as such, in any joint, group change, for a loan made and to be repaid on the or syndicate account with such broker or same calendar day, which is incidental to the dealer or with any partner, officer or director clearing of transactions in securities or loans thereof; through such corporation, department or as- (2) the term "securities carried for the sociation, provided, however, that for the purpose account of any customer" shall be deemed to of paragraph (a) (3) hereof, "aggregate inmean: debtedness of all customers in respect of securities carried for their accounts" shall not include (i) securities received by or on behalf of indebtedness in respect of any securities subject such broker or dealer for the account of any to any lien or claim exempted by this paragraph. customer; (ii) securities sold and appropriated by (e) Exemption for Certain Liens on Securities such broker or dealer to a customer, except of Noncustomers. The provisions of paragraph that if such securities were subject to a (a) (2) hereof shall not be deemed to prevent lien when appropriated to a customer they such broker or dealer from permitting securities shall not be deemed to be "securities carried not carried for the account of a customer to be for the account of any customer" pending subjected (i) to a lien for a loan made against their release from such lien as promptly as securities carried for the account of customers, practicable; provided the pledgee agrees that securities which (iii) securities sold, but not appropriated, it is informed are carried for the account of cusby such broker or dealer to a customer who tomers will be physically segregated from any has made any payment therefor, to the ex- other securities, or (ii) to a lien for a loan made tent that such broker or dealer owns and has and to be repaid on the same calendar day. For received delivery of securities of like kind, the purpose of this exemption, a loan shall be except that if such securities were subject deemed to be "made against securities carried 108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Front a Legal Standpoint for the account of customers" if only securities (3) A broker may not hypothecate securities carcarried for the account of customers are used to ried for the account of his customers in such obtain or to increase such loan or as substitutes a way as to permit the liens of pledgees thereon for other securities carried for the account of to exceed the aggregate indebtedness of all customers. of such broker's customers in respect of securities carried for their accounts. (f) Notice and Certification Requirements. No person subject to this rule shall hypothecate Definitions any security carried for the account of a customer For the purposes of these rules the term "customer" unless, at or prior to the time of each such does not include general or special partners or dihypothecation, he gives written notice to the rectors or officers of the broker, as the case may be, pledgee that the security pledged is carried for but does include other members, brokers or dealers. the account of a customer and that such hypothe- By excluding from the term "customer" any particication does not contravene any provision of this pant as such in any joint, group or syndicate account rule, except that in the case of an omnibus ac- with a broker or any partner, officer or director of the count the broker or dealer for whom such ac- broker, the rule permits the broker or any partner, count is carried may furnish a signed statement director or officer thereof to participate with others to the person carrying such amount that all in such accounts. securities carried therein by such broker or dealer The term "securities carried for the account of will be securities carried for the account of his customers" is defined by the rules to mean (1) securicustomers and that the hypothecation thereof by ties received for the account of a customer; (2) such broker or dealer will not contravene any securities sold, and earmarked or otherwise approprovision of this rule. The provisions of this priated, to a customer; and (3) securities sold, but clause shall not apply to any hypothecation of not appropriated, by a dealer to a customer who has securities under any lien or claim of a pledgee made any payment on account, to the extent that securing a loan made and to be repaid on the the dealer owns and has received like securities. same calendar day. However, where securities are sold to a customer The foregoing rules shall become effective Feb- on a dealer basis, and where the securities are subruary 17, 1941. ject to a lien, they do not become "securities carried for the account of a customer" pending their release Summary of Rules X-8C-1 and X-15C2-1 Under the from such lien as promptly as practicable. Securities Securities Exchange Act of 1934 which are not "carried for the account of customers," of course, are not subject to the rules. Application of Rules The rules provide that "aggregate indebtedness" (a) Rule X-8C-1. This rule applies to all members of a broker's customers shall not be deemed to be reof national securities exchanges, and to all duced by reason of uncollected items. Thus, if the brokers and dealers who transact a business in broker receives a check, part or all of the proceeds securities through the medium of any such memof which are to be credited to a customer, the "agber. gregate indebtedness" of customers is not reduced by (b) Rule X-15C2-1. This rule applies to all brokers the amount of the check until it has cleared. In or dealers regardless of whether they are mem- the usual case, customers' debits are reduced or bers of a national securities exchange or do paid off by checks. Consequently, before such a business in securities through the medium of reductions in the "aggregate indebtedness" of cussuch a member. The rule defines as a "manipu- tomers actually occur, the broker will normally have a lative, deceptive or other fraudulent device or reasonable period of time between receipt of checks contrivance" any hypothecation of customers' and their clearance in which he can reduce loans securities except under the same circumstances collateralized by customers' securities in order to preas are specified by Rule X-8C-1. vent a violation of paragraph (a) (3) of the rules. Prohibitions of the Rules In computing the "aggregate indebtedness" of two accounts, one of which guarantees the other, they are Since the two rules, in effect, are identical in to be treated as a single account and are to be conscope and text they will be discussed and explained sidered on a consolidated basis. Furthermore, in the together. Throughout this summary the term case of accounts in which both long and short posi- "broker" will be used to mean a member, broker or tions are carried, the "aggregate indebtedness" of dealer. The rules contain three simple prohibitions customers includes an amount equal to the market which, generally speaking, coincide with the three value of securities short in such accounts. clauses of Section 8 (c) of the Securities Exchange The rules also provide that in computing the total Act of 1934. amount of the liens to which customers' securities In effect, paragraph (a) of the rules provides that: are subject, a broker or dealer may disregard any (1) A broker may not hypothecate securities car- rehypothecation thereof by another broker who is ried for the account of his customers in such also subject either to Rule X-8C-1 or Rule X-15C2-1. a way as to permit such securities to be commingled with securities of other customers Exemptions unless he first obtains the written consent of Generally speaking, brokers should have no diffieach such customer; culty in complying with the requirement of para- (2) A broker may not hypothecate securities car- graph (a) (3) that a broker must not pledge his ried for the account of his customers under a customers' securities for a sum which, in the aggrelien for a loan made to the broker in such gate, is greater than the total amount that his a way as will permit such securities to be com- customers owe to him on securities carried for their mingled with securities of any person other accounts. Good brokerage practice alone would make than a bona fide customer; and it desirable for a broker to borrow substantially less FEBRUARY 1941 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint on customers' securities than customers owe him. sent, where the securities are carried in such a special There should thus be a "cushion" of his own capital cash account, is subject to the condition that at or between the amount of customers' debits and the before the completion of the transaction of purchase amount of the broker's bank loans on customer's of such securities for, or of sale of such securities to, securities. This "cushion" should be sufficient in size the customer written notice is given or sent to him to absorb any reasonably anticipated reductions in disclosing that the securities are or may be hypothecustomers' indebtedness. cated under circumstances that will permit the com- Nevertheless, in order to take care of the ex- mingling thereof with securities of other customers. ceptional situation where customers' indebtedness is The term "the completion of the transaction" has paid off in so great an amount as to use up this the same meaning as is given to that term by Rule "cushion" and thus to reduce the total of customers' X-15C1-1 (b). debit balances below the broker's current borrowings Exemption for Clearing House Liens on customers' securities, this paragraph contains an exemption. The exemption provides that para- Paragraph (d) of the rules exempts from the graph (a) (3) shall not be deemed to be violated operation of paragraphs (a) (2), (a) (3) and certain if, as a result of reductions in the aggregate indebted- other provisions any lien of a clearing corporation ness of customers on any day, the amount of the liens or similar department or association of a national to which customers' securities are subject during that securities exchange for a loan made and to be repaid day exceeds the total indebtedness of customers in on the same calendar day, if it is incidental to the respect of securities carried for their accounts. A clearing either of securities or of loans through the payment by a customer on any day which reduces clearing house. Thus, for all practical purposes, the the amount which the customer would owe the broker broker, in operating under paragraphs (a) (2) and on that day had the payment not been made is re- (a) (3) of the rules, can disregard his pledges of garded as a reduction of indebtedness on that day customers' securities under clearing house liens. within the meaning of the rules. However, in computing "aggregate indebtedness" the broker must also disregard any indebtedness in re- This exception is a limited one and is "applicable spect of any securities which are subject to a clearonly if funds sufficient to reduce the liens to which ing house lien exempted by this paragraph. customers' securities are subject are paid or placed in transfer to pledgees so as to eliminate any tempo- Exemption for Certain Liens on Securities of Nonrarily exempted excess as promptly as practicable customers after the reduction occurs. The phrase "as promptly Paragraph (e) permits pledgees, whether banks or as practicable," as used in this exemption and in others, to have what may be referred to as a "oneparagraph (b) (2) of the rules, means as soon as way lien" against the broker's own securities. In possible in the light of all the surrounding facts and discussing this exemption, brief reference must first circumstances, such as the size of the firm and its be made to existing banking practices in the handling staff, the scope of its operations, the volume of busi- of brokers' loans. The usual type of loan agreement ness and the physical, practical and geographical entered into between banks and borrowing brokers is limitations. designed to give the pledgee bank a lien upon all However, if it is not practicable to eliminate such securities which the broker may place in the posan excess of liens over customers' indebtedness on session of the bank, for the full amount of all credit the day upon which it arises, the rules require that extended to the broker, even though some of such funds sufficient to eliminate the excess must be paid securities may be securities which the borrowing or placed in transfer to pledgees either before one broker is carrying for the account of his customers. half hour after the commencement of banking hours A broker's pledge of customers' securities under such on the next banking day at the place where the broker circumstances to a bank, broker or other lender from carries his largest principal amount of loans or before which he is also borrowing funds collateralized by the broker obtains or increases any bank loan col- his own securities would, of course, violate paragraph lateralized by customers' securities, whichever is (a) (2) because securities of customers would thus earlier. be commingled under a common lien with securities of persons other than bona fide customers. Para- Exemption for Cash Accounts graph (a) (3) might also be violated because cus- Paragraph (c) of the rules affords a limited ex- tomers' securities would thus be subjected to liens emption from the requirement of paragraph (a) (1) for a total amount equal to the sum of the broker's that customers' securities may not be commingled borrowings on customers' securities and his borrowunder a loan unless all of the customers concerned ings on his own securities, which total might, of have consented to such commingling. This exemption course, exceed the aggregate indebtedness of all cusis applicable only to securities which are carried tomers to the broker. for a customer in a special cash account within the The type of loan agreement heretofore in force meaning of Section 4 (c) of Regulation T of the between banks and borrowing brokers in some cases Board of Governors of the Federal Reserve System. also provides that the bank may rehypothecate any Generally.speaking, such a special cash account is collateral deposited by the broker, alone or with one in which the member, broker or dealer purchases other property, for an amount greater than the securities for, or sells securities to, a customer only broker's borrowings from the bank. The banks' if funds sufficient for the purpose are already held right to effect such a rehypothecation would, of in the customer's account or if the purchase or sale course, also involve a breach of paragraph (a) (2) is effected in reliance upon an agreement, accepted and paragraph (a) (3) of the rules. Furthermore, in good faith, that the customer will promptly make any right of rehypothecation by a bank which would full cash payment for the securities. permit the commingling of the broker's own securities The exemption afforded by the rules for the com- with those of his customers would, in any event, mingling of customers' securities without their con- violate paragraph (a) (2). 110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Similarly, under the "day loan" agreements which vent not only the violation of paragraph (a) (2) have been in general use, the lending banks have ob- which would otherwise result from commingling custained a lien upon all securities bought or otherwise tomers' securities with the firm's own securities under acquired with the proceeds of the day loan. Under such a loan, but also possible violations of paragraph such an agreement, where a firm uses the proceeds of (a) (3) which might so result. a day loan to take up securities for its own account as The Commission understands that a substantial well as for the account of customers, it would be time before the rules become effective, banks which hypothecating their securities and his own securities customarily do a loan busineee with brokers and dealunder a single lien. ers will have made appropriate revisions in their gen- The same situation normally exists where a broker eral loan agreements as well as in their "day loan" is carrying an account of his own and an omnibus agreements designed to permit brokers to meet the account for his customers with a second broker. requirements of paragraphs (a) (2) and (a) (3) Any lien which the second broker carrying the ac- of the rules. counts may have against customers' securities in the Although paragraph (a) (3) of the rules does omnibus account to secure the first broker's debit prevent a pledgee from having a lien on customers' balance in his own account would likewise involve a securities for loans made against the brokers' own violation by the first broker of paragraph (a) (2) securities, paragraph (e) of the rules permits the and, in some cases, of paragraph (a) (3) of the rules. converse. That is, it permits what might be called In order to avoid such violations of Rules X-8C-1 a "one-way lien" against the broker's own securities and X-15C2-1, brokers who pledge customers' securi- as additional collateral for loans made against ties with any pledgee from whom they are also customers' securities. To this end the rules provide borrowing on their own securities must see to it that the broker may use his own securities as addithat the pledgee, whether it be a bank, another tional collateral for day loans and for loans which broker or any other lender, does not obtain a general are "made against securities carried for the account or so-called "cross-lien" on customers' securities as of customers." For the purposes of this exemption, additional collateral for other loans which it has such a loan is defined as a loan which is obtained made to the broker on his own securities or those of or increased only on the basis of securities carried his partners on other non-customers. In other words, for the account of customers. Furthermore, this exwhere a broker pledges customers' securities as well emption is applicable only if the pledgee agrees that as his own securities with a single pledgee to secure securities which it is informed are carried for the several loans, one or more of which are made against account of customers will be physically segregated the broker's own securities, it will be necessary that from any other securities. The exception does not the pledgee does not have a lien upon customers' permit the broker to deposit his own securities as securities for any loan except other loans also made collateral in substitution for customers' securities. against securities carried for the account of customers of the same broker. Notice Requirements It will also be necessary to see that the pledgee, Finally, paragraph (f) of Rule X-8C-1 provides unless he is a broker or dealer subject to Rule X-8C-1 that no person subject to its provisions shall hypotheor Rule X-15C2-1, does not have a right to re- cate any securities of a customer unless at or prior hypothecate customers' securities commingled with to the hypothecation he gives written notice to the those of the broker or to rehypothecate customers' pledgee that the security pledged is carried for the securities for a sum greater than the loans against account of a customer and that the hypothecation does those securities. not contravene the rule. However, in the case of an Furthermore, in situations where the broker will omnibus account, where written notice to the broker use the proceeds of a "day loan" to take up or carrying the account may not be practicable before otherwise acquire securities for his own account as each transaction which results in a pledging of the well as for the account of customers, it will be neces- securities bought for the account, the member, broker sary that, at any particular time, the lien of the or dealer for whom the account is carried need only pledgee under "day loans" upon securities of cus- furnish a signed statement to the broker carrying tomers shall be no greater than that amount of the the omnibus account that all securities in such account proceeds of the "day loans" as is then actually in use will be customers' securities and that the hypothecato acquire customers' securities, plus the amount of tions will not contravene the rule. Day loans which other loans (i.e., not "day loans") collateralized in are made and to be repaid on the same calendar day whole or in part by customers' securities. Such a are exempted from these requirements for the giving limitation on the lien of the "day loan" would pre- of notice to pledgees. FEBRUARY 1941 111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttom the Ho aid 5 Cottelpondence Questions of general interest, relating to money and banking, are answered in this section of the BULLETIN. *Tedetal jQaletvQ Hank /tending Powet not dependent on Member Hank )Q.e5et\re Hatancel QUESTION that reserves against Federal Reserve notes must be 40 per cent while reserves against It seems to me that when the Federal Reserve Banks purchase Government securities, it is the deposits need be only 35 per cent. reserve balances maintained with them by their It is apparent, therefore, that withdrawal member banks that provide the funds with which of all the deposits from the Reserve Banks the purchases are made. Yet now I am told this would not change their assets or their review is wrong. I should like to know why it is wrong. serve ratio and would only slightly reduce their excess reserves, which determine their ANSWER theoretical unused lending power. The rea- Perhaps the point can be made clear by son the reserve limitation on lending power reference to the Federal Reserve Banks' bal- is only theoretical is that it is hard to conance sheet. On December 24,1940, the perti- ceive of circumstances under which the Renent items in round billions were: serve Banks would expand to anything like the extent that is legally possible on the basis Assets Liabilities of either 12 or 11 billions of reserves. The Reserves $20 billions Deposits $16 billions Bills and only substantial change in the Federal Resecurities 2 billions F. R. notes 6 billions serve Banks' balance sheet that would be caused by the withdrawal of deposits would Total $22 billions Total $22 billions be a substitution of note liability for an equal The ratio of reserves to deposit and note amount of deposit liability. liabilities was 90 per cent, and the amount The question may be raised what would of reserves in excess of the legal requirement happen if member banks and others not only of 40 per cent against notes and 35 per cent withdrew all their deposits from the Reserve against deposits was 12 billions. Banks but withdrew them not in Federal Suppose the member banks (as well as Reserve notes but in gold. If there were no other depositors) withdrew all their deposits restrictions on gold payments, depositors at from the Reserve Banks. The Federal Re- the present time could withdraw 16 billions serve Banks would meet the withdrawals by of deposits in gold and still leave 4 billions paying out Federal Reserve notes. What of reserves, which would be more than suffiwould be the balance sheet when all the cient to support the 6 billions of Federal deposits were withdrawn? Reserve notes in circulation. However, this has not been true at all times. Under ordi- Liabilities nary conditions a Federal Reserve Bank is Reserves $20 billions F. R. notes $22 billions not likely to have enough reserves to dis- Bills and securities 2 billions charge all of its liabilities in gold and still maintain its reserves at the required level Total $22 billions Total $22 billions without liquidating its earning assets. Since The reserve ratio would still be 90 per cent, the essence of the Reserve Banks' lending while reserves in excess of requirements power is that they are required to hold only would decline slightly, from 12 billions to 1140 per cent reserves against notes and 35 per billions. The decline would be due to the fact cent against deposits, it is inevitable that a 112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence withdrawal in gold of the entire amount of serve deposits are required reserves of memeither type of liability would, except under ber banks and are also the most convenient very unusual conditions such as prevail at medium for settling balances between mempresent, reduce their lending power and con- ber banks in the same Federal Reserve Dissequently their ability to serve the public. trict and between Federal Reserve Districts; This is, of course, a purely hypothetical consequently, deposits'held with the Federal situation, since under existing law gold and Reserve Banks, even above legal requiregold certificates cannot be withdrawn except ments, are rarely withdrawn by the banks. under special license for export purposes. Individual member banks find it a great The question may be raised how the Re- convenience to be able to draw checks on serve Banks acquired the reserves necessary their balances with the Federal Reserve for issuing notes or creating deposits. For Banks, but this results merely in shifts from the most part, these reserves have been dethe account of one member bank to those of posited with the Reserve Banks by member others, without change in the aggregate. banks or by the Treasury. The Reserve Aggregate deposits diminish only when with- Banks, however, could have issued Federal drawals are made in currency or in gold. It Reserve notes and acquired, in exchange, as may be said, therefore, that back of technical much gold or other reserves as they required explanations and even back of legal provisfrom time to time. So long as the Reserve ions, the lending power of the Federal Re- Banks have the means of acquiring reserves serve Banks rests on the public's need for by creating one or the other type of liability, their services. either notes or deposits, their power to make Not only do the Reserve Banks not depend loans and investments is not dependent on the for their lending power on member banks, outstanding volume of either deposits or but they are themselves in a position to innotes. crease or decrease the lending power of these The fundamental source of the Reserve banks. When the Reserve Banks buy United Banks' lending power is the authority given States Government securities or make adto them by Congress to pay for loans or invances, they put reserve funds at the disposal vestments by creating liabilities in the form of member banks, and thereby increase their of notes and deposits and to hold against lending power. And, contrariwise, when the these liabilities reserves of 40 and 35 per Reserve Banks sell securities or reduce adcent, respectively. Similar powers are posvances, they withdraw funds from member sessed by all central banks and are based on banks and thereby reduce their power to the policy of public authorities to make provision for the performance of central bank- extend credit. By these means the Federal ing functions which are necessary to the Reserve Banks, as creators and extinguishers functioning of modern economies. In this of reserve funds, are in a position to exert country the liabilities created by the Federal an influence on the cost and volume of bank Reserve Banks are necessary to member credit. This is, in fact, their principal funcbanks and to the public. Federal Reserve tion as a monetary authority, and the policies notes are our principal form of cash and are pursued in performing this function are denow legal tender; consequently, they are termined, not on the basis of the reserves acceptable to every one and serve for making available to the Reserve Banks, but with refa great variety of payments. Federal Re- erence to the economic needs of the country. FEBRUARY 1941 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence Money In Circulation QUESTION imposition of sales taxes in many states and cities and the increase in the gasoline tax rate / would appreciate very much any explanation may have had an effect in increasing the dewhich you can give me of,the substantial increase in the amount of money in circulation outside of the mand for coins. Additional demand for coin Treasury and Reserve Banks during recent years. has resulted from the greater use of coin- I have found that the Circulation Statement of vending machines. United States Money shows the following figures: A striking development in recent years has )ec. 31 Amount Dec. 31 Amount been the continued growth in the demand for (In millions) (In millions) currency of large denominations. This is 1931... . . . $5,360 1936... . . . $6,543 illustrated in the chart on page 906 of the 1932... . . . 5,388 1937 . . . . 6,550 1933 .. . . . 5,519 1938... . . . 6,856 September Federal Reserve BULLETIN, and 1934... . . . 5,536 1939 .. . . . 7,598 in the table on page 137 of this BULLETIN. 1935... . . . 5,882 1940... . . 8,733 This development*may in large part repre- Do you believe that the increase is due to foreign sent a sort of hoarding and may be considholdings and to hoarding? ered as a part of the general tendency to hold large amounts of idle funds. Some ANSWER people choose to hold them in the form of It seems clear that there are other factors currency rather than in bank deposits. By in the recent large increase in money in cir- comparing past and present relationships culation than ordinary needs of commerce between the turnover of dollar bills and and trade and hoarding of the type that oc- other forms of currency, as measured by curred during the banking difficulties in the their passage through the Federal Reserve latter part of 1930 and early 1933. We do Banks, we have computed a rough estimate not have information which would accurately of the increase in the amount of inactive curindicate the reasons for this exceptionally rency reported as in circulation. According large increase in currency. We can offer to this estimate it seems likely that out of the only certain conjectures based largely upon $3,200,000,000 increase in currency in circustatistics of currency by denominations and lation since December 1933, about $1,200,upon our knowledge of developments which 000,000 of large denomination currency has are likely to have influenced the public's de- gone into hoards. This is in addition to the mand for currency. substantial amounts that were still hoarded In the first place there has, of course, been at the end of 1933. a considerable increase in the need for cur- One factor in the growth of idle currency rency because of a rise in payrolls and in holdings is that the low rates of interest consumer expenditures since 1933. This, paid on time and savings accounts provide however, does not explain why the volume little incentive to maintain pocket cash or of currency in circulation is now so much till money at a minimum. Many banks aclarger than it was in the 1920's when busi- tually refuse savings deposits for which they ness volumes, expressed in dollars, were cannot find suitable investment outlets. Angreater than they have been in recent years. other factor is the purchase of United States It is evident that whereas in the 1920's currency by foreigners, who hold it abroad there was a growing use of bank checks in or in safekeeping in this country. making current payments, in the 1930's this Banks have added about $500,000,000 to trend has been reversed. This preference for their vault cash since 1933. A part of this currency may at first have been due to bank- increase has been due to the larger requireing difficulties and the absence of banking ments for vault cash in view of the increased facilities in small communities, but these fac- use of currency, but some of the increase tors are no longer responsible for increases represents the holding by a few banks of part in the demand for currency. However, the of their idle funds in the form of large deextension of bank service charges on check- nomination currency. In view of their large ing accounts and of minimum balance re- excess reserves the banks have little incenquirements has no doubt encouraged the tive for depositing all their superfluous cash substitution of currency for checks. The promptly at a Federal Reserve Bank. 114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Bank of Dallas Kansas The Federal Reserve Bank of Dallas for- Caldwell—The Stock Exchange Bank of Caldwell, Sumner County, Kansas mally opened its enlarged and remodeled Rossville—Peoples State Bank building January 24, 1941. A brief description of the event with pictures of the Bank's Michigan building, its senior officers, and directors Harbor Beach—State Bank of Harbor Beach appears as frontispiece to this issue of the BULLETIN. Missouri Death of Branch Director Arnold—Bank of Maxville T. S. Hanna, President of Baker, Hanna & Nebraska Blake Company, Oklahoma City, Oklahoma, Blue Hill—The Commercial Bank who had served as a director of the Oklahoma City Branch of the Federal Reserve Bank of New York Kansas City since his appointment by the Port Jefferson—The Bank of Port Jefferson Board for the term beginning January 1, Riverhead—The Suffolk County Trust Com- 1937, died on January 31, 1941. pany Ohio Bolivar—The Bolivar State Bank Company Admissions of State Banks to Membership in the Federal Reserve System Mansfield—The Richland Trust Company The following State banks were admitted Pennsylvania to membership in the Federal Reserve Sys- Middletown—Farmers Trust Company of Middletem during the period December 16, 1940, to town January 15, 1941, inclusive. Tennessee Lewisburg—Peoples and Union Bank Connecticut Bridgeport—The West Side Bank Texas Idaho Aransas Pass—The First State Bank, Aransas American Falls—American Falls Bank, Inc. Pass, Texas Houston—Guardian Trust Company of Houston Illinois Cairo—First Bank and Trust Company Utah Mt. Pulaski—The Farmers Bank of Mt. Pulaski Heber—The Commercial Bank of Heber City Olmsted—First State Bank of Olmsted Plymouth—Plymouth State Bank of Plymouth Virginia Yorkville—Farmers' State Bank of Yorkville Shawsville—Bank of Shawsville, Incorporated Indiana Anderson—Citizens Banking Company Wisconsin Beloit—The Beloit State Bank Iowa Milwaukee—Home Savings Bank Aurelia—The First Trust & Savings Bank Milwaukee—Northern Bank FEBRUARY 1941 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES • OLLOWING is a list of the directorates as at present constituted of the Federal Reserve Banks and branches. The list shows, in addition to the name of each director, his business connection, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors: three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as chairman of the board of directors and Federal Reserve Agent and another as deputy chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority, including the managing director, are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. Term District No. 1—Boston Class A.- Allan Forbes Chairman, Philadelphia Nat. Bank, Philadelphia, Pa.. . 1941 Leon A. Dodge President, First National Bank, Damariscotta, Me 1942 Lewis S. Reed President, Citizens and Mfg. Nat. Bank, Waterbury, Conn 1943 Class B: Philip R. Allen Chairman, Bird & Son, Inc., E. Walpole, Mass 1941 Edward J. Frost Vice President, Treasurer, & Director, William Filene's Sons Co., Boston, Mass. 1942 Edward S. French President, Boston & Maine R. R., Springfield, Vt 1943 Class C.- Frederic H. Curtiss *. . . . Vice President, Beard of Trustees, Wellesley College, Wellesley, Mass 1941 Henry S. Dennison2. . . .President, Dennison Mfg. Co., Framingham, Mass 1942 Henry I. Harriman Director, New England Power Company, Boston, Mass. 1943 District No. 2—New York Class A : Otis A. Thompson President, Nat. Bank & Tr. Co., Norwich, N. Y 1941 Neil H. Dorrance President, First Nat. Bank & Tr. Co., Camden, N. Y.. . 1942 Leon Fraser President, First National Bank, New York, N. Y 1943 Class B.- Walter C. Teagle Chairman, Standard Oil Co. of New Jersev, New York, N. Y " 1941 Robert T. Stevens President, J. P. Stevens & Co., Inc., New York, N. Y.. . 1942 Donaldson Brown Vice President, General Motors Corp., New York, N. Y. 1943 Class C: Beardsley Ruml1 Treasurer, R. H. Macy & Co., Inc., New York, N. Y.. . 1941 Edmund E. Day2 President, Cornell University, Ithaca, N. Y. . . 1942 Vacancy 1943 Buffalo Branch Appointed by Federal Reserve Bank: Robert M. O'Hara Managing Director, Buffalo, N. Y 1941 Frank F. Henry Chairman, Washburn Crosby Co., Inc., Buffalo, N. Y.. . 1941 George F. Rand President, The Marine Trust Co., Buffalo, N. Y , 1942 Raymond N. Ball President, Lincoln-Alliance Bank & Trust Co., Rochester, N. Y 1943 Appointed by Board of Governors: Marion B. Folsom Treasurer, Eastman Kodak Co., Rochester, N. Y 1941 Gilbert A. Prole Genesee Farm Supply Co., Batavia, N. Y 1942 Howard Kellogg President, Spencer Kellogg & Sons, Inc., Buffalo, N. Y. 1943 1 Chairman. 2 Deputy Chairman. 116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Expires Dec. 31 District No. 3—Philadelphia Class A : Joseph Wayne, Jr. Chairman, Philadelphia Nat. Bank, Philadelphia, Pa. . 1941 George W. Reily President, Harrisburg Nat. Bank, Harrisburg, Pa. . . . 1942 John B. Henning President, Wyoming Nat. Bank, Tunkhannock, Pa 1943 Class B: Harry L. Cannon President, H. P. Cannon & Son, Inc., Bridgeville, Del.. . 1941 Ward D. Kerlin Secretary & Treasurer, Camden Forge Co., Camden, N. J 1942 C. Frederick C. Stout . . John R. Evans & Co., Camden, N. J 1943 Class C: Alfred H. Williams2. . . . Dean of Wharton School of Finance, University of Pennsylvania, Philadelphia, Pa 1941 Thomas B. McCabe \ . . . President, Scott Paper Co., Chester, Pa 1942 Warren F. Whittier.... Farmer, Dairyman and Cattle Breeder, Douglassville, Pa 1943 District No. 4—Cleveland Class A: Frank F. Brooks President, First National Bank, Pittsburgh, Pa 1941 Ben R. Conner President, First National Bank, Ada, Ohio 1942 Harry B. McDowell President, McDowell Nat. Bank, Sharon, Pa 1943 Class B: George D. Crabbs President, Philip Carey Mfg. Co., Cincinnati, Ohio. . . . 1941 Thomas E. Millsop President, Weirton Steel Co., Weirton, W. Va.. . 1942 Ross P. Wright Secretary-Treasurer, Reed Mfg. Co., Erie, Pa 1943 Class C: Vacancy 1941 Reynold E. Klages 2 . . President, Columbus Auto Parts Co., Columbus, Ohio . 1942 George C. Brainard *... President, General Fireproofing Co., Youngstown, Ohio 1943 Cincinnati Branch Appointed by Federal Reserve Bank: Benedict J. Lazar Managing Director, Cincinnati, Ohio 1941 Buckner Woodford Vice President & Cashier, Bourbon-Agricultural Bk. & Tr. Co., Paris, Ky 1941 John J. Rowe President, Fifth Third Union Tr. Co., Cincinnati, Ohio 1942 Appointed by Board of Governors: Stuart B. Sutphin President, I. V. Sutphin Co., Cincinnati, Ohio 1941 Frank A. Brown Farmer, Chillicothe, Ohio 1942 Pittsburgh Branch Appointed by Federal Reserve Bank: Percy A. Brown Managing Director, Pittsburgh, Pa 1941 Clarence Stanley President, Union Trust Company, Pittsburgh, Pa.. . . . 1941 Edwin B. Harshaw Vice President & Cashier, Grove City Nat. Bank, Grove City, Pa 1942 Appointed by Board of Governors: Harry S. Wherrett President, Pittsburgh Plate Glass Co., Pittsburgh, Pa.. 1941 George T. Ladd President, United Engineering & Foundry Co., Pittsburgh, Pa 1942 District No. 5—Richmond Class A : Lewis E. Johnson ..... Chairman, First National Bank, Alderson, W. Va 1941 Charles E. Rieman President, Western National Bank, Baltimore, Md.. . . . 1942 James C. Braswell President, Planters Nat. Bank & Tr. Co., Rocky Mount, N. C 1943 Class B: Edwin Malloy President & Treasurer, Cheraw Cotton Mills, Inc., Cheraw, S. C 1941 Charles C. Reed Vice President & General Manager, Williams & Reed, Inc., Richmond, Va 1942 John H. Hanna Chairman, Capital Transit Co., Washington, D. C 1943 1 Chairman. 2 Deputy Chairman. FEBRUARY 1941 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Expires Dec. SI Class C.- Charles P. McCormick. . President, McCormick & Co., Inc., Baltimore, Md. 1941 William G. Wysor2 General Manager, Southern States Cooperative, Inc., Richmond, Va 1942 Robert Lassiter1 Chairman, Mooresville Cotton Mills, Mooresville, N. C.. . 1943 Baltimore Branch Appointed by Federal Reserve Bank: W. Robert Milf ord Managing Director, Baltimore, Md 1941 George W. Reed President, National Marine Bank, Baltimore, Md 1941 James C. Fenhagen Chairman, Executive Committee, Baltimore National Bank, Baltimore, Md 1942 James Dixon President, Easton National Bank, Easton, Md 1943 Appointed by Board of Governors: W. Frank Thomas Construction Engineer and Real Estate Management Westminster, Md 1941 Joseph D. Baker, Jr..... Secretary & Treasurer, Standard Lime & Stone Co., Baltimore, Md 1942 W. Frank Roberts President, Standard Gas Equipment Corp., Baltimore, Md 1943 Charlotte Branch Appointed by Federal Reserve Bank: William T. Clements Managing Director, Charlotte, N. C 1941 J. Gerald Cowan Vice President, Wachovia Bank & Trust Co., Asheville, N. C 1941 Byron M. Edwards Executive Vice President, South Carolina National Bank, Columbia, S. C 1942 Torrence E. Hemby.... Executive Vice President, American Trust Co., Charlotte, N. C 1943 Appointed by Board of Governors: Charles L. Creech, Sr.. . Chairman, B. F. Huntley Furn. Co., Winston-Salem, N. C 1941 David W. Watkins Director of Extension, Clemson College, Clemson, S. C 1942 George M. Wright President, Republic Cotton Mills, Great Falls, S. C 1943 District No. 6—Atlanta Class A: George J. White President, First National Bank, Mount Dora, Fla 1941 Thomas K. Glenn Chairman, Trust Co. of Georgia, Atlanta, Ga 1942 William D. Cook Executive Vice President, First Nat. Bank, Meridian, Miss 1943 Class B.- Ernest T. George President & Chairman, Seaboard Refining Co., Ltd., New Orleans, La 1941 John A. McCrary Vice President & Treasurer, J. B. McCrary Co., Inc., Atlanta, Ga 1942 Fitzgerald Hall President, Nash., Chat., & St. Louis Ry., Nashville, Tenn 1943 Class C.- Frank H. Neely x Executive Vice President & Secretary, Rich's Inc., Atlanta, Ga 1941 Joe Frank Porter 2 President, Tennessee Farm Bureau Federation, Columbia, Tenn 1942 Rufus C. Harris President, Tulane University, New Orleans, La. 1943 Birmingham Branch Appointed by Federal Reserve Bank: Paul L. T. Beavers Managing Director, Birmingham, Ala 1941 Gordon D. Palmer Executive Vice President, First Nat. Bank, Tuscaloosa, Ala 1941 John C. Persons President, First National Bank, Birmingham, Ala..... 1942 John S. Coleman President, Birmingham Trust & Savings Co., Birmingham, Ala 1943 1 Chairman. 2 Deputy Chairman. 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Expires Dec. 31 Appointed by Board of Governors: Donald Comer Chairman, Avondale Mills, Birmingham, Ala 1941 Howard Gray Farmer, New Market, Ala. 1942 Edward L. Norton Executive Vice President, Munger Realty Co., Birmingham, Ala 1943 Jacksonville Branch Appointed by Federal Reserve Bank: George S. Vardeman, Jr.. Managing Director, Jacksonville, Fla. 1941 William R. McQuaid.... President, Barnett National Bank, Jacksonville, Fla. 1941 Bert C. Teed First Vice President, First National Bank, Palm Beach, Fla 1942 Junius C. McCrocklin. . . Executive Vice President, First National Bank, Tarpon Springs, Fla 1943 Appointed by Board of Governors: Robert H. Gamble President, Florida Brick & Tile Corp., Jacksonville, Fla. 1941 Howard Phillips Executive Vice President, Dr. P. Phillips Co., Inc., Orlando, Fla 1942 Vacancy 1943 Nashville Branch Appointed by Federal Reserve Bank: Joel B. Fort, Jr Managing Director, Nashville, Tenn 1941 Edward B. Maupin Cashier, Peoples National Bank, Shelbyville, Tenn.... 1941 Frank M. Farris President, Third National Bank, Nashville, Tenn. ..... 1942 George N. Bass Cashier, First National Bank of Franklin County, Decherd, Tenn 1943 Appointed by Board of Governors: Clyde B. Austin President, The Austin Co., Inc., Greeneville, Tenn. ... 1941 William E. McEwen Farmer and Stock Raiser, Williamsport, Tenn. 1942 Elbridge W. Palmer.... President, Kingsport Press, Inc., Kingsport, Tenn 1943 New Orleans Branch Appointed by Federal Reserve Bank: Lewis M. Clark Managing Director, New Orleans, La 1941 Herbert Holmes President, Delta National Bank, Yazoo City, Miss. . . 1941 Emile E. Soulier Executive Vice President, First National Bank, Lafayette, La 1942 Oliver G. Lucas President, National Bank of Commerce, New Orleans, La 1943 Appointed by Board of Governors: Alexander Fitz-Hugh. . .Vice President, P. P. Williams Co., Vicksburg, Miss.. . . 1941 Henry G. Chalkley, Jr.. . President and General Manager, Sweet Lake Land & Oil Co., Inc., Lake Charles, La 1942 Eugene F. Billington. . . Vice President and Secretary, Soule Steam Feed Works, Meridian, Miss 1943 District No. 7—Chicago Class A : Frank D. Williams Executive Vice President and Cashier, First Capital National Bank, Iowa City, Iowa 1941 Walter J. Cummings.... Chairman, Cont'l. 111. Nat. Bank and Trust Co., Chicago, 111 1942 Edward R. Estberg Chairman, Waukesha National Bank, Waukesha, Wis. 1943 Class B: Nicholas H. Noyes Vice President and Secretary, Eli Lilly and Co., Indianapolis, Ind. 1941 Max W. Babb President, Allis-Chalmers Mfg. Co., Milwaukee, Wis.. . . 1942 Charles B. Van Dusen. . Director, S. S. Kresge Co., Detroit, Mich 1943 Class C: Simeon E. Leland Professor of Economics, University of Chicago, Chicago, 111 1941 Clifford V. Gregory2. . . . Associate Publisher, Wallace's Farmer and Iowa Homestead, Des Moines, Iowa 1942 Frank J. Lewis1 Chairman, F. J. Lewis Manufacturing Co., Chicago, 111. 1943 1 Chairman. 2 Deputy Chairman. FEBRUARY 1941 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Expires Dec. SI Detroit Branch Appointed by Federal Reserve Bank: Harlan J. Chalfont Managing Director, Detroit, Mich 1941 Joseph M. Dode:e President, The Detroit Bank, Detroit, Mich. 1941 James E. Davidson President, Peoples Com. & Sav. Bank, Bay City, Mich. 1942 Walter S. McLucas Chairman, The National Bank of Detroit, Detroit, Mich. 1943 Appointed by Board of Governors: L. Whitney Watkins.... Farmer, Manchester, Mich 1941 Harry L. Pierson President, Detroit Harvester Co., Detroit, Mich. 1942 Clarence W. Avery President and Chairman, Murray Corporation of America, Detroit, Mich 1943 Class A - District No. 8—St. Louis Sidney Maestre President, Mississippi Valley Trust Co., St. Louis, Mo. 1941 Max B. Nahm Vice President, Citizens National Bank, Bowling Green, Ky 1942 George R. Corlis Cashier, Anna National Bank, Anna, 111 1943 Class B: John R. Stanley Secretary, Treasurer, Stanley Clothing Co., Evansville, Ind 1941 m James W. Harris Chairman, Harris-Langenberg Hat Co., St. Louis, Mo. 1942 Harvey C. Couch President, Ark. Power & Light Co., Pine Bluff, Ark 1943 Class C.- Douglas W. Brooks President, Union Compress & Warehouse Co., Memphis, Tenn 1941 William T. Nardin1. . . . Vice President and General Manager, Pet Milk Co., St. Louis, Mo 1942 Oscar G. Johnston2 President, Delta and Pine Land Co., Scott, Miss 1943 Little Rock Branch Appointed by Federal Reserve Bank: Arthur F. Bailey Managing Director, Little Rock, Ark. 1941 Paul R. McCoy Chairman, Peoples National Bank, Stuttgart, Ark 1941 James H. Penick Vice President, W. B. Worthen Co., Little Rock, Ark. 1942 Arthur E. McLean President, Commercial National Bank, Little Rock, Ark. 1943 Appointed by Board of Governors: Henry H. Tucker President, Fones Bros. Hardware Company, Little Rock, Ark 1941 Romeo E. Short Farmer, Brinkley, Ark 1942 Ira N. Barnett, Jr Manager, Barnett Bros. Mercantile Company, Batesville, Ark 1943 Louisville Branch Appointed by Federal Reserve Bank: Charles A. Schacht Managing Director, Louisville, Ky 1941 Ralph C. Gifford President, First National Bank, Louisville, Ky 1941 James O. Sanders President, First National Bank, Huntingburg, Ind. 1942 Phil E. Chappell Cashier, Planters Bank & Trust Co., Hopkinsville, Ky. 1943 Appointed by Board of Governors: James B. Hill President, Louisville & Nashville R. R., Louisville, Ky. 1941 George O. Boomer Vice President, Girdler Corporation, Louisville, Ky 1942 Perry B. Gaines Farmer and Stock Raiser, Carrollton, Ky. 1943 Memphis Branch Appointed by Federal Reserve Bank: William H. Glasgow. . . Managing Director, Memphis, Tenn 1941 Oliver Benton President, National Bank of Commerce, Jackson, Tenn. 1941 Vance J. Alexander.... President, Union Planters National Bank & Trust Co., Memphis, Tenn 1942 Bert A. Lynch President, Farmers Bank & Trust Co., Blytheville, Ark. 1943 Appointed by Board of Governors: J. Holmes Sherard J. Holmes Sherard & Co., Sherard, Miss 1941 Jesse P. Norfleet President, Sledge & Norfleet, Memphis, Tenn 1942 Rufus C. Branch Cotton Farmer and Ginner, Pecan Point, Ark 1943 1 Chairman. 2 Deputy Chairman. 120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Expires Dec. SI District No. 9—Minneapolis Class A: James R. McKnig-ht ... President, Pierre National Bank, Pierre, S. D. 1941 Fred D. McCartney Vice President, First National Bank, Oakes, N. D 1942 Shirley S. Ford President, Northwestern National Bank & Trust Co., Minneapolis, Minn 1943 Class B: James E. O'Connell President, Eddy's Bakeries, Inc., Helena, Mont. .... 1941 Albert P. Funk President, La Crosse Rubber Mills Co., La Crosse, Wis.. . 1942 Homer P. Clark Chairman, West Publishing Co., St. Paul, Minn 1943 Class C: Roger B. Shepard2 President, Finch, Van Slyck & McConville, St. Paul, Minn 1941 Walter C. Coffeyx Dean and Director, Department of Agriculture, University of Minnesota, St. Paul, Minn. 1942 William D. Cochran.... President, Cochran Freight Lines, Iron Mountain, Mich. 1943 Helena Branch Appointed by Federal Reserve Bank: Robert E. Towle Managing Director, Helena, Mont 1941 Peter Pauly President, Deer Lodge Bank and Trust Co., Deer Lodge, Mont 1941 Phillips B. McClintock. . Cashier, Farmers National Bank, Chinook, Mont 1942 Appointed by Board of Governors: Hobart D. Myrick Farmer, Square Butte, Mont. 1941 Alex Cunningham Vice President and Treasurer, Western Life Insurance Co., Helena, Mont 1942 District No. 10—Kansas City Class A: Edward E. Mullaney. . . .President, Farmers & Merchants Bank, Hill City, Kan. 1941 Thomas A. Dines President, U. S. National Bank, Denver, Colo. 1942 Myron A. Limbocker.... President and Chairman, Citizens National Bank, Emporia, Kan 1943 Class B: Lee E. Phillips Phillips Petroleum Co., Bartlesville, Okla 1941 Willard D. Hosford Vice President, John Deere Plow Co., Omaha, Neb 1942 Joseph M. Bernardin. . . Vice President, Burk Lumber Co., Dawson, N. M 1943 Class C: John J. Thomas 2 Attorney-at-law, Seward, Neb. 1941 Clarence Roberts Editor, The Farmer-Stockman, Oklahoma City, Okla. 1942 Robert B. Caldwell1. . . . McCune, Caldwell & Downing, Kansas City, Mo 1943 Denver Branch Appointed by Federal Reserve Bank: Joseph E. Olson . Managing Director, Denver, Colo. 1941 Harold Kountze President, Colorado National Bank, Denver, Colo 1941 Roblin H. Davis President, Denver National Bank, Denver, Colo. 1942 William C. Kurtz President and General Manager, Independent Lumber Co., Grand Junction, Colo 1943 Appointed by Board of Governors: James B. Grant Lewis and Grant, Denver, Colo 1941 Wilson McCarthy President, Denver & Salt Lake R. R. Co., Denver, Colo. 1942 Vacancy 1943 Oklahoma City Branch Appointed by Federal Reserve Bank: George H. Pipkin Managing Director, Oklahoma City, Okla 1941 Leroy D. Edgington.... President, First National Bank, Ponca City, Okla 1941 Arthur E. Stephenson. . .President, Central National Bank, Enid, Okla 1942 Samuel W. Hayes Hayes, Richardson, Shartel, Gilliland & Jordon, Oklahoma City, Okla.. " 1943 1 Chairman. 2 Deputy Chairman. FEBRUARY 1941 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Expires Dec. 31 Appointed by Board of Governors: Neil R. Johnson Rancher and Farmer, Norman, Okla. . 1941 Vacancy 1942 Phil Ferguson Rancher, Woodward, Okla . 1943 Omaha Branch Appointed by Federal Reserve Bank: Lloyd H. Earhart Managing Director, Omaha, Neb. 1941 George W. Holmes President, First National Bank, Lincoln, Neb. 1941 Thomas L. Davis President, First National Bank, Omaha, Neb 1942 George A. Bible President, First National Bank, Rawlins, Wyo. 1943 Appointed by Board of Governors: Robert E. Campbell. . . . Chairman, Miller & Paine, Lincoln, Neb. 1941 Harry L. Dempster President, Dempster Mill Mfg. Co., Beatrice, Neb. . . 1942 William H. Schellberg. . .President, Union Stock Yards Co., Omaha, Neb 1943 District No. 11—Dallas Class A : Ford Seale President, Citizens National Bank, Denison, Tex. 1941 Ed H. Winton Executive Vice President, Continental Nat. Bank, Fort Worth, Tex 1942 Frank Turner President, First National Bank, Decatur, Tex 1943 Class B.- Ernest L. Kurth Vice President and General Manager, Angelina County Lumber Co., Keltys, Tex 1941 Jesse R. Milam President, Cooper Company, Inc., Waco, Tex 1942 James M. West Chairman, West Production Co., Houston, Tex. 1943 Class C: James H. Merritt1 Retired, McKinney, Tex 1941 Jay Taylor 2 Rafter 0 Cattle Company, Amarillo, Tex 1942 Joseph B. Cozzo Womack and Cozzo, Dallas, Tex. 1943 El Paso Branch Appointed by Federal Reserve Bank: Joseph L. Hermann Managing Director, El Paso, Tex 1941 Frank R. Coon President, Mimbres Valley Bank, Deming, N. M. ...... 1941 Homer A. Jacobs Vice President, El Paso National Bank, El Paso, Tex. 1942 Robert W. McAfee Vice President, State National Bank, El Paso, Tex 1943 Appointed by Board of Governors: Franklin M. Hayner.... President, Las Cruces Lumber Co., Las Cruces, N. M. 1941 Ray E. Sherman President, Leavell and Sherman, Inc., El Paso, Tex.... 1942 Jack B. Martin President, Arizona Ice & Cold Storage Co., Tucson, Ariz. 1943 Houston Branch Appointed by Federal Reserve Bank: William D. Gentry Managing Director, Houston, Tex 1941 Sam R. Lawder Vice President, First National Bank, Houston, Tex..... 1941 Preston B. Doty President, First National Bank, Beaumont, Tex 1942 William N. Greer Vice President, Citizens State Bank, Houston, Tex.. . . 1943 Appointed by Board of Governors: Henry Renf ert Renf ert-Helmbrecht Co., Galveston, Tex . 1941 Sam Taub J. N. Taub & Sons, Houston, Tex. 1942 George G. Chance Farmer, Bryan, Tex 1943 San Antonio Branch Appointed by Federal Reserve Bank: Miers Crump Managing Director, San Antonio, Tex 1941 John K. Beretta President, National Bank of Commerce, San Antonio, Tex 1941 Ernest J. Miller President, South Texas National Bank, San Antonio, Tex 1942 Joe A. Walker Cashier, Del Rio National Bank, Del Rio, Tex 1943 1 Chairman. 2 Deputy Chairman. 122 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Term Expires Dec. 31 Appointed by Board of Governors: Jamie M. Odom General Contractor, Austin, Tex. 1941 Edwin F. Flato President, Corpus Christi Hardware Company, Corpus Christi, Tex 1942 Dolph Briscoe Stock Raiser, Uvalde, Tex 1943 Class A: District No. 12—San Francisco Reno Odlin President, Puget Sound Nat. Bank, Tacoma, Wash 1941 Carroll F. Byrd Executive Vice President & Chairman, First National Bank, Willows, Calif 1942 Charles K. Mclntosh.... Chairman, Bank of California, N. A., San Francisco, Calif 1943 Class B.- William G. Volkmann. Vice President, A. Schilling & Co., San Francisco, Calif. 1941 Reese H. Taylor President, Union Oil Co., Los Angeles, Calif 1942 Elmer H. Cox President, Madera Sugar Pine Co., San Francisco, Calif. 1943 Class C.- Raymond C. Force* Chairman, Executive Committee, Caterpillar Tractor Co., San Leandro, Calif . 1941 Carlyle Thorpe General Manager, California Walnut Growers Assn., Los Angeles, Calif. 1942 St. George Holden2 President, St. George Holden Realty Co., San Francisco, Calif 1943 Los Angeles Branch Appointed by Federal Reserve Bank: W. Norman Ambrose. . . Managing Director, Los Angeles, Calif 1941 Charles E. Brouse President, Citizens National Trust & Savings Bank, Riverside, Calif 1941 Herbert D. Ivey President, Citizens National Trust & Savings Bank, Los Angeles, Calif 1942 Appointed by Board of Governors.' Carl V. Newman President, Calavo Growers of California, Los Angeles, Calif 1941 William S. Rosecrans. . . Land Management & Investments, Los Angeles, Calif. 1942 Portland Branch Appointed by Federal Reserve Bank: David L. Davis Managing Director, Portland, Ore 1941 Ernest B. MacNaughton President, First National Bank, Portland, Ore 1941 Nona A. Davis Vice President, Baker-Boyer National Bank, Walla Walla, Wash 1942 Appointed by Board of Governors: George T. Gerlinger ... President, Willamette Valley Lumber Company, Portland, Ore 1941 Albert E. Engbretsen. . . President, Engbretsen Seed Co., Astoria, Ore. 1942 Salt Lake City Branch Appointed^ by Federal Reserve Bank: Winnie L. Partner Managing Director, Salt Lake City, Utah 1941 Frederick P. Champ.... President, Utah Mortgage Loan Corporation, Logan, Utah 1941 Orval W. Adams Executive Vice President, Utah State National Bank, Salt Lake City, Utah. 1942 Appointed by Board of Governors.' Herbert S. Auerbach... President, Auerbach Company, Salt Lake City, Utah 1941 Roscoe C. Rich President, R. C. Rich Sheep Co., Burley, Idaho 1942 Seattle Branch Appointed by Federal Reserve Bank: Clarence R. Shaw Managing Director, Seattle, Wash . 1941 Andrew Price President, National Bank of Commerce, Seattle, Wash. 1941 Fred L. Stanton Vice President and Secretary, Washington Trust Co., Spokane, Wash 1942 Appointed by Board of Governors: Charles F. Larrabee.... Vice President, Pacific American Fisheries, Inc., Bellingham, Wash 1941 Fred Nelsen Dairy Farmer, Seattle, Wash 1942 1 Chairman. 2 Deputy Chairman. FEBRUARY 1941 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/atlonal JZummatij ofi Su.5ln.Q55 (2ondition5 Compiled January 15 and released for publication January 17. Figures shown on charts 'may differ from preliminary figures used in text. Industrial activity continued at a high rate more than seasonally in December following in December and the first half of January an unusually large volume of output in Noand distribution of commodities to consumers vember and October. Retail sales of new cars was maintained in large volume. There was during the last quarter of 1940 were about some increase in wholesale commodity prices. one-fourth greater than in the corresponding period last year and used car sales also were Production large. In the nonferrous metals industries Volume of industrial production showed activity increased further in December and little change from November to December, output of lumber and cement showed less although usually there is a decline at this than the usual seasonal decline. season, and consequently the Board's adjusted Textile production, which in November had index rose further by four points to 136 per exceeded the previous record levels reached cent of the 1935-39 average. Steel ingot pro- a year ago, continued at this high rate in duction was sustained at about 96 per cent December, not showing the usual seasonal of capacity. New orders for steel continued decrease. At cotton and rayon mills, activity large, according to trade reports, and were increased somewhat further and at wool texequal to or slightly greater than production; tile mills output was sustained at peak rates. consequently the volume of unfilled orders In the shoe industry, where output had been remained at about the peak level reached in in reduced volume during the first ten months November. In the first half of January steel of the year, there was less than the usual seaoutput increased to around 98 per cent of sonal decline in November and December and, capacity. Activity in the machinery, aircraft, on a seasonally adjusted basis, production was and shipbuilding industries continued to in- close to earlier peak levels. crease sharply and working forces were ex- At mines bituminous coal production depanded further. In these lines and in some clined less than seasonally and anthracite others, such as wool textiles, unfilled orders production increased. Output of crude petroare exceptionally large, owing in the main leum showed a reduction in December owing to the defense program. mainly to the fact that wells in Texas were Automobile production declined somewhat closed for ten days as compared with nine INCOME PAYMENTS INDUSTRIAL PRODUCTION BILLIONS OF DOLLARS BILLIONS OF DOLLARS PER CENT PER CENT 7 7 140 140 130 u \J/ ft / / 6 r 120 V J \ J 110 j / 100 v/ / V 100 5 90 / 90 vs/ 80 80 4 70 70 60 60 3 1935 1936 1938 1939 1940 1934 1935 1936 1937 1938 1939 1940 United States Department of Commerce estimates of the Index of physical volume of production, adjusted for seasonal amount of income payments to individuals, adjusted for seasonal variation, 1935-39 average = 100. variation. By months, January 1934 to January 1941. 124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions days in November. Output of metals con- goods, paint materials, and hides. Steel tinued in large volume. scrap prices, after increasing during most Value of construction contract awards, as of the period, subsequently declined and lumreported by the F. W. Dodge Corporation, ber prices also decreased somewhat from the increased contraseasonally in December, re- sharply advanced peak reached in November. flecting further sharp increases in awards for defense construction and private nonresiden- Bank Credit tial building. Contracts for private residential building declined by somewhat less Total loans and investments at reporting than the usual seasonal amount. member banks in 101 leading cities continued to increase substantially during the six weeks ending January 8, reflecting principally in- Distribution creases in holdings of United States Govern- Distribution of commodities to consumers ment obligations at New York City banks. increased more than seasonally in December. Commercial loans rose somewhat further Department and variety store sales showed while loans to New York security brokers the customary sharp expansion during the and dealers, which had increased in Decem- Christmas season and sales at mail-order ber, subsequently declined somewhat. houses rose more than is usual at this time Excess reserves, after declining during the of year. first half of December, have since increased Freight-car loadings showed a seasonal to about $6,900,000,000. The increase redecline from November to December. Ship- flected reductions in Treasury deposits with ments of forest products and miscellaneous the Reserve Banks, a continued inflow of gold, freight decreased less than seasonally, while and since Christmas a seasonal return flow ore loadings, which had been unusually large of currency from circulation. in November, declined sharply. United States Government Security Prices Wholesale Commodity Prices Prices of United States Government securities reacted somewhat after reaching record Basic commodity prices generally increased high levels early in December. Bonds of from the middle of December to the middle 1960-65 showed on January 8 a net decline of January, following little change during the of about 2% points from the all-time peak of preceding four weeks. Currently these prices December 10 but subsequently fluctuated are substantially above the level prevailing somewhat above this level. The yield on this last summer. Increases in the past month issue, which was 2.03 per cent at the peak in were most marked for foodstuffs, especially prices, was 2.16 per cent on January 14. hogs, pork, lard, and cottonseed oil, but there were advances also in a number of industrial materials, particularly pig iron, cotton, cotton MONEY RATES IN NEW YORK CITY PER CENT PER CENT 4 4 DEPARTMENT STORE SALES AND STOCKS PER CENT PER CENT no ino TREASURY BONDS " (12 YEARS AND OVER) " 100 / 100 90 V 90 toD R I E S S C E O R U V N E T B R A A N T K E . 80 80 STOCK! 70 / A 70 — TRE ( A 3 S -5 U R Y Y E AR N S O ) TES VA-* \ TREASURY BILLS j\l[L 60 60 \ (NEW ISSUES) ** \ 50 50 1934 1935 1936 1937 1938 1939 1940 Minimum rate on rediscount for and advances to member banks 40 U 40 by Federal Reserve Bank; weekly averages of daily yields of 3- 1934 1935 1936 1937 1938 1939 to 5-year Treasury notes and Treasury bonds callable after 12 years, and average discount on new issues of 91-day Treasury Indexes of value of sales and stocks, adjusted for seasonal bills offered within week. For weeks ending January 6, 1934, variation, 1923-25 average = 100. to January 25, 1941. FEBRUARY 1941 125 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 129 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements 130 Federal Reserve Bank statistics 131-135 Reserve position of member banks; deposits in larger and smaller centers 136 Money in circulation 137 Gold stock and gold movements; bank suspensions; bank debits 138 All banks in the United States, number, deposits, loans and investments 139 Condition of all member banks . . 140-141 Weekly reporting member banks 142-145 Commercial paper, bankers' acceptances, and brokers' balances 146 Money rates and bond yields 147 Security markets 148 Treasury finance . . 149-150 Governmental corporations and credit agencies; Postal Savings System. . . . . 151-152 Business Indexes . 153-163 Wholesale prices . 164 Statistics for Federal Reserve chart book 165-166 Revised index of factory employment and payrolls 166 Changes in number of banks and branches in the United States ... 167 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 BUL- LETIN 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. 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 22 20 18 MEMBER BANK RESERVE BALANCES 0 h: 0 1935 r1936 1937 1938 1939 1940 1941 10 10 - - - REQlJ1RED RESERVES ~~ * 4 r - - T~—' - 2 1 EXCESS RESERVES f V - 0 1935 1936 1937 1938 1939 1940 1941 Latest figures for January 22. See page 129. 128 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 Meniber Date co B d u i i n s l - l t s ed T U o . t a S l . s e G c t w u M u o r i r v t a i i h t e - n i - r e g n s m t a M u e f r n t a e i t - n r g R c B o r e e A t s a h d e l n e l i r k t r v » Total s G to o c ld k s T r t o e c u i r a n n u u e r n g y a r c t 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 o n a e r g l s y a d h s s - - u T p s w F r e R e o r y e r e r i s e a t v d a i - d h l t e - s e s - - p m N o b d e o e s e m n - i r - t - s c O s F o e R e a t e u r r c e h a v d - n - e l e - t r s b T a o b n t a k a l l a r i B ic c s e E e e s r x s v - s e * in 5 5 Banks years years Monthly averages of daily figures: 1939—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 December. 8 2,510 1,297 1,213 94 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 5,011 1940—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 December. 4 2,188 1,038 1,149 113 2,305 21,890 3,079 8,688 2,201 338 1,715 283 14,049 6,646 End of month figures; 1939—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 Dec. 30 7 2,484 1,220 1,265 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11, 653 5,209 1940—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 Dec. 31 3 2,184 1,048 1,136 88 2,274 21,995 3,087 8,732 2,213 368 1,732 284 14,026 6,615 Wednesday figures; 1940—Mar. 6. 3 2,477 1,209 1,268 35 2,615 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 2,362 626 754 247 12,439 6,777 Mar. 20.__ 2 2,475 1,209 1,266 42 2,520 18,360 2,080 7,484 2,374 707 791 256 12,256 6,604 Mar. 27.._ 2 2,475 1,209 1,266 32 2,510 18,413 2,990 7,471 2,382 700 808 256 12,204 6,679 Apr. 3 3 2,467 1,205 1,262 42 2,512 18,470 2,991 7,521 2,372 692 737 266 12,305 6,815 Apr. 10__._ 2 2,467 1,205 1,262 31 2,500 18,523 2,993 7,509 2,353 690 733 256 12,575 5,049 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 6,110 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 2,200 378 050 253 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 2,250 604 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 Dec. 31.... 3 2,184 1,048 1,136 88 2,274 21,995 3,087 8,732 2,213 368 1,732 284 14,026 6,615 Jan. 8 3 2,184 1,048 1,136 50 2,237 22,034 3,088 8,628 2,203 220 1,740 284 14,284 6,835 Jan. 15 4 2,184 1,048 1,136 67 2,254 22,066 3,092 8,542 2,195 237 1,742 283 14,414 6,896 Jan. 22 4 2,184 1,048 1,136 69 2,256 22,089 3,095 8,541 2,196 261 1,750 283 14,410 6,864 1 Includes industrial advances and bills bought, shown separately in subsequent tables. » End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6,1937 on maturity distribution of security holdings will be supplied on request. FEBRUARY 1941 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections Advances secured by direct obligations 13 and 13a of the Federal Reserve Act of the United States (last paragraph of except last paragraph of Section 13 Advances under Sec- Section 13 of the Federal Reserve Act) tion 10 (b) of the Federal Reserve Act Secured by direct and Federal Reserve Bank eligible guaranteed ob- All other To banks To others ligations of the U. S. F R eb a . t e 1 beg e i f n I f n n ec in t g- F R eb a . t e 1 beg e i f n I f n n ec in t g- F R eb a . t e 1 beg e i f n I f n n ec in t g- F R eb a . t e 1 beg e in f I f n n e i c n t g— F R e a b t . e 1 beg e i f n I f n e n c in t g- Boston. Sept. 1, 1939 Sept. 1, 1939 Sept. 2, 1937 Sept. 1,1939 Apr. 29, 1938 New York___. Aug.27, 1937 Aug. 27, 1937 Oct. 10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia.. Sept.4, 1937 Sept. 4, 1937 Sept. 4, 1937 Sept. 1, 1939 Sept. 1, 1939 Cleveland May 11, 1935 May 11, 1935 Oct. 19, 1935 0) Sept. 1, 1939 May 11, 1935 Richmond Aug.27, 1937 Aug.27, 1937 Sept.10, 1937 Sept. 1, 1939 Feb. 19, 1934 Atlanta Sept.16, 1939 Aug.21, 1937 Aug.21, 1937 Sept. 16, 1939 Apr. 23, 1938 Chicago Sept. 1, 1939 Aug.21, 1937 Aug.21, 1937 Sept. 1, 1939 Oct. 16, 1933 St. Louis Sept.21, 1939 Sept. 2, 1937 Sept. 2, 1937 Sept. 16, 1939 Feb. 23, 1935 Minneapolis.. Aug.24, 1937 Aug.24, 1937 Aug.24, 1937 Sept. 1, 1939 Oct. 8, 1938 Kansas City.. Sept.16, 1939 Sept. 3, 1937 Sept. 3, 1937 Sept. 16, 1939 Apr. 16, 1938 Dallas Sept.16, 1939 Aug.31, 1937 Aug.31, 1937 Sept. 16, 1939 Apr. 16, 1938 San Francisco Sept.3, 1937 Sept. 3, 1937 Sept.17, 1937' Sept. 1, 1939 Oct. 19, 1933 * Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect February 1 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 i e n 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 6 and 7] Feb. 1 Advances to or in participation with financ- 1-15 days i._ Oct. 20, 1933 Advances ing institutions 16-30 days... ...do direct to Commit- 31-45 days... ...do Federal Reserve industrial On por- ments 46-60 days... ...do Bank or com- tion for to make 9 6 1 1 1 2 - 1 - 1 9 - 2 1 0 8 0 d 0 d a d a y a y s y s . s . . . . . . . . . . . . . . d d d o o o . .. .. m ga e n r i c z i a a t l i o o n r- s i t w n io s h t n i i c tu i h s - p m O o a r n i t n i o r i e n n - g i advances obligated 1 i This rate also applies to acceptances bought under repurchase agreem Ne e N w n O t s T Y , E w o . r — h k i c M o h i n n a i g p m r r e u i e m m m e e b n b u t a s y n i a k n r e g e r s a r ' l a w a te c a s c y e s p a f t t o a n r t c h a e e s p e F p r e i a o d y d e a r b a o l l f e 1 R i 5 n e d s d e a o r y v l s l e a o rs r B ; l a e h n s i k s g . h o e f r B N Ph o e i s w l t a o d Y n e o l r p k hia.. 3^-6 2-3 3 2-5 1-2 r r a a t t B e e a s s c a m k p f a p i y g ly u b r t e e o s . c p — h u a r S c r e g h e e a d A s e n s fo n , r u i f a o l a t n h R y e e , r p m o cl a r a t d s e s fo e b s r y o 1 9 o f 3 th b 7 e i l ( r l t s a F . b e l d e T e h 4 ra 1 e l ) . s R a e m se e r v m e in B i a m n u k m s. C A R l i t e c la v h n e m l t a a o n n d d ._ 3^ 4 4 5 - - 6 6 (4 ( )3 ) 4 ( 4 H -6 1-2 Chicago. 3-6 3-6 3-6 MEMBER BANK RESERVE REQUIREMENTS St. Louis (2) () [Per cent of deposits] M Ka i n n s n a e s a p C o i l t i y s . - . 4 3- - 6 6 4 3-6 4 ( 1 7) - 2 2 Classes of deposits Ju 1 n 9 e 17 2 - 1, A 1 u 9 g 3 . 6 1 - 6, M 1 a 93 r. 7 - 1, M 19 a 3 y 7 - 1, A 1 p 9 r 3 . 8 1 - 6, D Sa a n ll a F s rancisco 4 4 - - 6 6 3-4 4 4 4 - - 6 5 VT-2 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, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas On net demand may charge same rate as charged borrower by financing institution, if deposits:1 lower than rate shown. Central reserve city. _ 13 19H 22% 26 22^ 2 Same as rate charged borrower by financing institution. Reserve city 10 15 20 3 One per cent less than rate charged borrower by financing institution. Country 7 10M 12M 14 127 4 One per cent less than rate charged borrower by financing institu- On time deposits: tion with minimum of three per cent (see note *)• All member banks... 3 6 5 5 One-half of one per cent less than rate charged borrower by financing institution with minimum of four per cent (see note 0i See footnote to table on p. 136 for explanation of method of com- 6 Minimum charge one-fourth of one per cent. puting net demand deposits. 7 Minimum charge one-half of one per cent. MARGIN REQUIREMENTS' 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 i 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 in this table are the difference between the market value (100%) and the maximum loan value. NOTE.—Maximum rates that may be paid by insured nonmember » 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. 130 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 1941 1940 1940 1939 Jan. 22 Jan. 15 Jan. 8 Dec. 31 Dec. 24 Dec. 18 Dec. 11 Dec. Nov. Dec. Assets Gold certificates on hand and due from U. S. Treasury. ... 19,879,77819,845,78019,804,78119,750, 78119,680,78219,660, 78119,629,78019, 750, 78119, 574, 78115,199,120 Kedemption fund—F. R. notes 9,826 9,722 9,108 9,692 11, 228 11, 228 11,515 9,692 11, 515 9,903 Other cash _ _ . 363,401 360,817 324,344 275,109 228, 561 248,004 269,522 275,109 295,132 315,194 Total reserves _ 20, 253,00520, 216, 31920,138,23320,035, 58219, 920, 57119, 920,01319,910,81720,035,58219,881,42815,524,217 Bills discounted: For "mftmbp.r hfvnks 3,164 3,024 1,995 1,968 3,253 3,402 3,864 1,968 3,117 1,720 For nonmember banks, etc __ 385 635 837 947 947 947 922 947 872 5,045 Total bills discounted _. 3,549 3,659 2,832 2,915 4,200 4,349 4,786 2,915 3,989 6,765 Bills bought: Payable in foreign currencies Industrial advances » 7,500 7,508 7,713 7,538 7,598 7,433 7,492 7,538 7,598 11,044 U. S. Government securities, direct and guaranteed: Bonds.. . 1, 284,600 1, 284, 600 1,284,600 1,284,600 1,284,600 1,284, 600 1,284,600 1, 284,600 1, 296,900 1,351,045 Notes 899,500 899,500 899, 500 899, 500 899,500 899,500 899,500 899, 500 902, 500 1,133,225 Bills.. Total U. S. Government securities, direct and guaranteed 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,199,400 2,484, 270 Other Reserve Bank credit outstanding 60,881 59,057 41,951 79,666 140,546 110, 245 44,147 79,666 93,001 90, 588 Total Reserve Bank credit outstanding. . 2, 256,030 2, 254,324 2, 236, 596 2,274, 219 2,336,444 2,306,127 2,240,525 2,274,219 2,303,988 2, 592,667 Liabilities F. R. notes in actual circulation 5,834, 506 5, 824,852 5,877,248 5,930,997 5,964,938 5,883, 575 5,819, 333 5, 930,997 5,742,847 4,958,546 Deposits: Member bank—reserve account, _.14,409, 56014,413, 56914,284,36214,025,63313,837,24313,804,43614,152,45414,025,63314, 215,06811, 653,232 U. S. Treasurer—general account.. 261,012 237,067 219, 788 368,481 481, 494 570,452 235,468 368,481 249, 964 634,270 Foreign 1,230, 690 1,229,836 1,122, 531 1,132,909 1, 111, 262 1,140,085 1,105,580 1,132,909 1,158,631 397, 443 Other deposits... _ 519, 575 511,947 617,139 599, 544 600, 207 562,138 581,807 599, 544 567,328 255,836 Total deposits 16,420,83716, 392,41916, 243,82016,126, 56716,030,20616,077,11116,075,30916,126, 56716,190, 99112,940, 781 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent). _ . 91.0 91.0 91.0 90.8 90.6 90.7 90.9 90.8 90.6 86.7 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to ys 60 61 d a to ys 90 m 91 o t o d n a 6 th y s s 6 1 m y t o 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: Dec. 31 2,915 1,370 209 693 154 472 17 Jan 8 2,832 1,294 721 226 200 376 15 Jan. 15 3,659 2,253 720 154 281 245 6 Jan. 22 3,549 2,788 87 164 275 224 11 Industrial advances: Dec. 31 • 7,538 1,528 49 125 170 561 1,311 1,485 2,309 Jan. 8 7,713 1,479 216 128 402 372 1,282 1,504 2,330 Jan. 15 7,508 1,406 82 127 382 482 1,262 1,447 2,320 Jan. 22 7,500 1,375 63 205 343 505 1,226 1,464 2,319 U. S. Government securities direct and guaranteed: Dec. 31 2,184,100 74,800 58,300 100,000 181,800 633,400 1,135,800 Jan. 8 . _ . _ 2,184,100 74,800 58,300 100,000 181,800 633,400 1,135,800 Jan. 15 2,184,100 74,800 58,300 100,000 181,800 633,400 1,135,800 Jan. 22 2,184,100 74,800 58,300 100,000 181,800 633,400 1,135,800 FEBRUARY 1941 131 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 ew rk - P p d h e h i l- i l a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Dec. 18. 19, 660, 781 145,923 9,658, 768 045,607 , 322,252544,680374,082 !, 897,784190, 502309,450 283,853 161, 524 Dec. 24_._. 19,680,782 141,014 9,647,199 035,785 , 315,790555,368386,7442,913,885566 507, 567316,164 t23,887279,869 157, 539 Dec. 31 19, 750, 781 136,171 9, 757, 527 046,557 , 331,413553,294384,6352,899,447494, 577311,096 120, 712280,159 135,193 Jan. 8 _ [9,804,781 183,701 9,759,446 065,895 , 353,335567,319374,0892,837,238183, 207302,349 17,324282,925 177,953 Jan. 15 19,845, 780 181,902 9,802,581 046,103 , 358, 522559,458376,4332,862,048187, 350299, 721 20,298 280,036 171,328 Jan. 22 9, 879, 778 ,185,420 9, 782,711, 051,808,360,876557,356369, 5702,883, 729=92,097309, 586 :20, 728278, 360 187,537 Redemption fund —Federal Reserve notes: 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 Dec. 31 _ 9,692 1,213 972 1,073 660 1,108 629 1,229 169 332 410 509 1,388 Jan. 8 9,108 1,188 861 1,027 612 1,""" 488 1,166 142 311 386 496 1,345 Jan. 15 9,722 1,128 1,615 926 541 1,387 453 1,067 125 302 372 487 1,319 Jan. 22... 9,826 1,090 1,456 864 494 1,925 430 1,014 114 360 480 1,303 Other cash: 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 Dec. 31 _ 275,109 26, 617 51, 324 18, 754 19,963 18,806 19,055 36,352 16,482 6,576 15,285 14,010 31,885 Jan. 8 324,344 33,401 65,646 23,081 22,240 20,928 23, 556 44,281 18,433 6,878 17,995 14,592 33,313 Jan. 15 360, 817 35,132 76,082 25,397 26, 750 20,708 24,750 52, 846 20,161 7,627 17, 836 16, 559 36, 969 Jan. 22 363, 401 32, 536 77, 981 24, 797 26,914 22,948 25, 212 52,183 20,294 7,764 18,072 15, 794 38,906 Total reserves: Dec. 18 19, 920,013 171,154 9,712,866 ,064,331 337,951562,478390,691 , 929, 736505,050 115, 761440,484 297',,167 192, 344 Dec. 24 19,920, 571 163,997 9,697,169 ,052,529 „ 330,309 572,961 401,187 , 943,188520, 752322,071437, 753292, 584 186,071 Dec. 31 20,035, 582 164,001 9,809,823 ,066,3841,352,036 573,208 404,319 , 937,028511,228 18; 004 436,407294,678 168,466 Jan. 8. _ 20,138, 233 218,290 9,825,953 ,090,003 , 376,187589,333398,133 , 882, 685501, 782309, 538 435, 705298,013 212,611 Jan. 15 20,216,319 218,162 9,880,278 , 072,426 385,881133 581, 553401, 636 , 915, 961507, 636307,650 4388,, 5"0"6297,082 209,616 Jan. 22... 20,253,005 219,046 9,862,148 , 077,469 338888, 284 582,2 22929395, 212 "12, 505317, 616 4399,,160294,634 , 227, 746 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Dec. 18.... 1,810 85 622 198 110 35 2 415 109 215 Dec. 24 1,799 285 532 304 150 220 2 50 129 108 Dec. 31 851 100 245 187 150 10 2 109 48 Jan. 8 900 349 232 150 10 2 84 48 Jan. 15. 2,021 426 348 60 33 2 1,000 109 43 Jan. 22 2,260 630 428 10 8 2 1,010 109 43 Other bills discounted: Dec. 18 2,539 544 286 163 41 37 195 78 161 920 Dec. 24. 2,401 516 288 162 41 36 157 78 160 854 Dec. 31 2,064 491 278 150 41 36 157 28 107 Jan. 8 _. 1,932 494 267 140 36 29 143 25 92 61 Jan. 15_ 1,638 462 207 120 27 22 111 19 80 512 48 Jan. 22 1, 289 325 166 96 1 14 73 11 70 465 29 Total bills discounted: Dec. 18 4,349 85 1,166 484 273 76 39 210 493 270 1,135 69 Dec. 24. 4,200 285 1,048 592 31 261 38 172 128 289 962 Dec. 31 2,915 100 736 465 300 51 38 15: 28 216 71 Jan. 8 2,832 25 843 499 290 46 31 143 25 176 656 61 Jan. 15. 3,659 888 555 180 60 24 1,111 19 189 555 48 Jan. 22.... 3,549 955 594 106 25 16 1,083 11 179 508 29 Industrial advances: Dec. 18. 7,433 1,768 2,093 236 783 338 265 236 86 561 Dec. 24 7,598 974 1,767 2,091 239 781 334 265 227 279 561 Dec. 31 7,538 974 1,756 2,052 250 781 334 269 219 278 545 Jan. 8 7,713 972 1,755 2,032 245 931 329 268 278 278 545 Jan. 15. 7, 508 920 1,755 2,031 245 780 337 268 271 278 544 Jan. 22 7,500 915 1,755 2,037 247 779 335 274 263 278 541 U. S. Government securities, direct and guaranteed: Bonds: Dec. 18. 1,284, 60C 92, 213 379, 572 107,638 128,649 68,168 49,278 146,651 55, 508 36,611 62,958 49,948 107,406 Dec. 24.. __. l,284,60C 92, 213 379, 572 107, 638 128,649 68,168 49,278 146,651 55,508 36,611 62,958 49,948 107,406 Dec. 31. 1,284,60C 92,213 379, 572 107,638 128,649 68,168 49, 278 146,651 55, 508 36, 611 62, 958 49,948 107,406 Jan. 8 1, 284,60C 93, 212 372,013 102,835 126,632 70,566 53, 587 144,046 60,661 39,320 64,518 51,073 106,137 Jan. 15.. 1, 284, 60C 93, 212 372,013 102,835 126,632 70, 566 53, 587 144,046 60, 661 39, 320 64, 518 51,073 106,137 Jan. 22 1, 284, 60C 93, 212 372,013 102,835 126,632 70, 566 53, 587 144,046 60, 661 39,320 64, 518 51, 073 106,137 Notes: Dec. 18 899, 50C 64, 568 265,783 75,369 90,082 47,732 34, 506 102, 688 38,868 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 Dec. 31 899, 50C 64,568 265,783 75, 369 90,082 47,732 34, 506 102,688 38,868 25, 636 44,085 34,974 75,209 Jan. 8 899, 50C 65,269 260,49C 72,007 88, 671 49,410 37, 522 100,864 42,477 27, 532 45,177 35,762 74,319 Jan. 15 _ 899,50C 65, 269 260,49C 72,007 88, 671 49,410 37, 522 100,864 42,477 27, 532 45,177 35,762 74, 319 Jan. 22.... 899, 50C 65, 269 260, 49C 72, oo; 88, 67: 49,410 37, 522 100,864 42,477 27, 532 45,177 35,762 74,319 Total TJ. S. Government securities, direct and guaranteed: Dec. 18 2,184,10C 156,78: 645, 355 183,007 218, 73 115,900 83,784 249,339 94,376 62,247107,043 84,922 182,615 Dec. 24 2,184,10C 156,78: 645,355 183,007 218, 73 115, 90083,784 249,339 94,376 62,24"107,043 84,922 182,615 Dec. 31 2,184,10C 156, 78: 645, 35£ 183,007 218,73 115,900 83,784 249,339 94,376 62,24' 107,043 84,922 182,615 Jan. 8 2,184,10C 158,48 632, 503 174,84r 215,303119,976 91,109 244,910103,138 66,852 86,835 180,456 Jan. 15. 2,184,10C 158, 48: 632, 503 174,84: 215,303119,97f 91, lOt 244,91C103,138 66, 852109, 6 86,835 180,456 Jan. 22 2,184,10C 158, 48: 632, 503 174,84: 215,302119,971 91, 244,91C103,138 66,852 86, 835 180,456 132 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 la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets—Continued Total bills and securities: Dec. 18 2,195,882 157,846 648, 289 185, 584 219,240 116>,,759 84,161 249,814 94,874 62,753 108,264 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 85,245 183,245 Dec. 31 2.194, 553 157,855 647,847 185, 524 219, 281 116,,732 84,156 249, 765 94,404 62,682 107,838 85,240 183,229 Jan. 8 2,194,645 159,478 635,101 177, 373 215, 838 1201,,953 91.469 245,321103,163 67, 306110,431 87,150 181,062 Jan.15 2.195, 267 159,401 635,146 177,428 215, 728120,816 91.470 246, 289103,157 67,"3'1"2 110,329 87,143 181,048 Jan. 22 2,195,149 159, 416 635, 213 177,473 215, 656 120),, 78091,460 246, 267103,152 67, 294110, 27687,136 181, 026 Due from foreign banks: Dec. 18 .._ 47 3 18 5 4 2 2 1 1 4 Dec. 24 47 3 18 5 4 2 2 1 1 4 Dec. 31.. 47 3 18 5 4 2 2 1 1 4 Jan. 8 _ 47 3 18 5 4 2 2 1 1 4 Jan. 15 4' 3 18 5 4 2 2 1 1 4 Jan. 22 4' 3 18 5 4 2 2 1 1 4 Federal Reserve notes of other banks: Dec. 18 22,893 631 2,234 1,1 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 Dec. 31 31,628 635 4,773 1,865 1,947 3,328 3, 385 4,136 2,896 1,514 2,261 1,024 3,864 Jan. 8 30,183 833 2,988 1,302 2,164 4,466 3,317 3,435 2,966 1,441 2, 284 868 4,119 Jan.15 29,820 701 3,350 1,177 2,597 5,503 3,179 3,289 2,251 274 2,098 740 4,661 Jan. 22 29,402 655 3,182 1,003 2, 6,072 2, 2,636 2,529 703 1,773 701 4,783 Uncollected items: 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, 55421,006 38,900 35,213 54, 577 Dec. 31. 912, 398 82, 594 234, 525 63,085 102,207 76,132 43,435 126,885 52, 651 19, 55536,161 29, 530 45,638 Jan. 8.. 745,196 19,871 178,971 54,362 78,939 64,080 34, 544 101,150 41, 752 16,169 34,074 28, 652 42,632 Jan.15 901, 592 230,647 64, 260 111, 12369, 21334,199 123, 729 49,854 18,990 33, 342 30,080 48,070 Jan. 22 839,957 75,402 201, 642 58,158 92, 295 86, 945 40,068 102, 980 48,993 18,139 30,967 39, 535 44,833 Bank premises: Dec. 18 41, 221 2,838 9,721 4, 513 5,412 2,586 1,995 3,328 2,428 1,369 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 1,369 3,065 1,108 2,858 Dec. 31 40,062 2,833 9,701 4,501 4,587 2,590 1,991 3,040 2,318 1,367 3,059 1,226 2,849 Jan.8 40,076 2,833 9,701 4,529 4,58" 2,591 1,991 3,040 2,319 1,367 3,043 1,226 2,849 Jan.15 40,075 2,833 9,702 4, 529 4,586 2,591 1,991 3,040 2,318 1,367 3,043 1,226 2,849 Jan. 22 40,062 2,833 9,702 4,529 4,574 2,591 1,990 3,040 2,318 1,367 3,043 1,226 2,849 Other assets: Dec. 18 46, 545 3,' 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 4,986 1,865 1,365 2,134 2,419 4,239 Dec. 31.. 47, 596 3,168 13,228 4,909 5,074 2,756 1,766 5,069 l,9r 1,396 2,198 1,865 4,250 Jan. 8 47,957 3,278 13,293 4,152 5,168 2,91" 1,932 5,083 2,121 1,506 2,29' 1,908 4,304 Jan. 15 48,955 3,345 13,699 4,243 5, 21~ 2,966 1, 5,172 2,166 1,530 2, 33' 1,954 4,359 Jan. 22 49,483 3,403 13, 731 4,273 5, 315 3,006 2,003 5,278 2,188 1,548 2,354, 1,978 4,406 Total assets: Dec. 18.. 23, 251,0651,426,80710,639, 5331,330,37''9 1, 687,875 773,228 517,4833,344,470660, 738 403, 963 596,830 422,28,1,447,474 Dec. 24 23,145,601 1,409,022 10, 593,963 11,309,4731, 669,099 772,022 530, 571 3,335; 90~9~ 6\7 341i1 409,375 591,928 417, " 1,433,496 Dec. 31 23,261,8661,411, 10,719,9151,326,273 1, 685,136 774,748 539,054 3, 325, i, 415 404, 518 587,925 4;1,3, 5614,408,300 Jan. 8.. _ 23,196, 3371,454,58610,666,0251,331, 7261, 682,887 784, 340 531, 388 3, 2i,4702,0654,104 397, 327 587,835417,8181,447, 581 Jan. 15. 23,432,075 1, 472, 53010, 772,8401, 324,0681, 725, 068 782, 644 534,444. 3, 2,9478,6468667 ,66378!3 397,123589,656 418, 2261,450, 607 Jan. 22 23,407,1051,460, 75810, 725, 6361,322, 9101,708,527 801,625 3, 297,133671, 686406, 697 587, 574 425, 2111,465, 647 Liabilities Federal Reserve notes in actual circulation: Dec. 18 5,883, 575 475,697 1, 562,232 409, 376 539,891280,476194,890 1,247, 569 219, 590158,107 209,327 96,660 489, 760 Dec. 24 5,964,938 482, 878 1, 573,086 415,952 551,356287,881199,199 1,265,993 222,681159, 730 211,11398,261 496,808 Dec. 31 5,930,997 479, 728 1, 576,404 410,704 540,941283, 520195,853 1,262,396 221,,1•4-8158,709 211,215 97,865 492, 514 Jan. 8 5,877, 248 475, 760 1, 549,880 405,913 540, 745 278, 549 194, 4451,256, 598 2191,,721158,069 210,858 96,682 490,028 Jan. 15 5,824,852 471,038 1, 539, 890 404,001 534,525 2"7'4, 908 193, 311, 252, 64' 219, 679156, 798 209, 31495,119 473, 621 Jan. 22 5, 834, 506 471, 389 1, 542,876 403, 782 536, 729 276,008i 194,3531, 255,499 2"119,^809 156, 549 209,45295, 368 472, 692 Deposits: Member bank — reserve account: Dec. 18 13,804,436 751,995 7,366,275 679,144 893,213340, 574 226,1411, 744, 769 332, 571776,955 284,375 233, 665 774, 753 Dec. 24 13,837, 243 746,901 7,393,928 681,438 888,484 345,337237,0211,738,708 341,171176, 772211 228844,,948 236, 567 766,019 Dec. 31 14,025, 633 756,46f 7, 556,979 703, 580 920, 969 354,132246, 9991, 711,100 326,8721 7447, ,447 776 227799,, 669900 240,275 754,096 Jan. 8. 14,284,362 816,031 7,640,081 728,031 944,241 383,,82994 72,4 7;509 1, 695,173 335, 7081 7187,8,631 28,51,81383242,275 787,600 Jan.15 14, 413, 569 819,848 7, 702,042 709,177 963,10367—2,450 249, 6101, 741, 868 343, 95518 118,1 56546429 209,0 2 82782744,118 795, 544 Jan. 22 14,409, 560 818, 703 7, 667, 269 712,489 956,489 378,855243, 7081, 756, 557 349,372118833, 331111 2288990,05500238,188 815, 569 U. S. Treasurer—general account: Dec. 18 .__. 570,452 20,805 276,808 33, 500 32, 536 17, 14,978 67, 505 15,135 19,608 22,344 22,808 27,060 Dec. 24 481,494 16,801 215.090 15, 212 24,697 18,419 17, 972 71,080 21, 070 24, 260 16, 690 14,470 25,733 Dec. 31 368,481 6,044 131, 605 13,664 16, 328 12, 636 12, 547 84, 537 23,893 22,857 16,861 10,926 16, 583 Jan. 8 ___. 219, 788 8,134 60,055 8,906 10, 672 11,062 43,773 13, 817 14,882 13,690 14,981 13,936 Jan.15 237,067 7,827 75,138 16, 257 13,977 13, 678 12, 646 33, 642 10,499 10,329 14, 500 14,776 13, 798 Jan. 22 261,012 10,001 80,430 17, 530 15, 290 9,258 13,168 37, 278 11, 656 19,439 15,676 13,950 17,336 Foreign: 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 Dec. 31 1,132,909 54,872 633, 979 75,944 72,069 33, 322 27,123 92,992 23,248 17,049 22,473 23,248 56,590 Jan. 8 1,122, 531 53, 643 624,803 75, 944 72,069 33,322 27,123 92,992 23,248 17,049 22,473 23, 248 56,617 Jan. 15 1,229,836 55,009 725, 205 76,103 72,180 33, 736 27,460 94,148 23, 537 17, 260 22, 752 22, 752 59, 694 Jan. 22 1,230, 690 54,841 723.091 76, 631 72, 681 33,971 27, 651 94,802 23, 700 17,380 22,910 22,910 60,122 Other deposits: 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 Dec. 31.... 599, 544 8,236 492,197 26, 675 4,774 4,245 5,481 5,324 7,167 5,376 13,164 2,446 24,459 Jan. 8 617.139 506, 265 20,542 5,611 5,085 5,409 4,462 8,526 5,290 12.182 2,610 33,069 Jan. 15 511,947 7,958 399, 615 21,144 5,449 3,996 4,795 5,708 7,702 4,933 10,612 1,622 38,413 Jan. 22 519, 575 7,1"" 409, 987 20,939 5,521 3,637 4,680 5,375 7,515 5,201 10.183 1,516 37, 352 * Less than $500. FEBRUARY 1941 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued tin thousands of dollars] Total Boston Y N o e r w k P p h d h e i i l l a a - - C la le n v d e- m R o ic n h d - la A n t t - a Chicago Lo S u t i . s n M o ea l i i n p s - - K C sa a it s n y - Dallas F c S i r s a a c n n o - Liabilities—Continued Deposits—Continued Total deposits: Dec. 18 16,077,111 835,998 8,736,392 818,950 1,, 002,574 396,437 273, 359 19,1901,0, 205 378,116 219,477 34713,4 281,602 882,267 Dec. 24 16,030,206 827, 6428,711,458 804, 299 990,227 402,210 286,979 1,9 09066,405 392,453 223,4913 3"6"; 537 276,471 872,034 Dec. 31 .__16,126,567 825,617 8,814,760 819,8631,014; 140 404', 335 292; 150 1,893) 953 3811180 271598^ 332,188 276,895 851,728 J J a a n n . . 8 15 1 16 6 , , 3 2 9 4 2 3 , , 4 8 1 2 9 0 890,642 8 8 , , 8 9 3 0 1 2 , , 0 2 0 0 0 4 8 82 3 2 3 , , 4 6 2 8 3 1 1 1 , ,0 5 03 4 2 , , 7 1 5 2 9 3 4 2 4 3 2 , 8 8 , 6 1 0 8 6 2 9 2 4 9 : , | 11 , 0 3 511 1 1, 8 8 , 7 3, 5 6 , ,4 3 0 6 0 6 3 3 8, 8 i 5 ; , 2 6 9 9 9 3 2 2 1 1 5 < ; 8 0 5 8 2 6 3 3 3 3 3 8 , , 5 1 2 5 8 1 2 8238,32,61814 8 90 9 7 1 , , 4 2 4 2 9 2 Jan. 22 16, 420, 837 891, 2148,880, 777 827, 589 .1,049, 981425, 721289, 207 lj 894,012 392; 243 225; 333137,819276, 564 930,379 Deferred availability items: Dec. 18.. 914, 266 89,029 211,828 67,388 109,831 80,011 35, 579 138,878 51,184 16,576 34,437 31,981 47,544 Dec. 24.. 773, 925 72,407 180,156 54,545 91,894 65,634 30, 755 115, 59546,403 16,339 32,918 30,537 36,742 Dec. 31 832,779 79,913 201,083 60,412 95,814 70,836 37, 533 122,197 51,417 16, 34433,301 27,399 36,530 Jan. 8 703,292 67,108 156, 767 57,728 75,081 61,494 32, 281 100,240 41,400 13,673 32,194 26,587 38,739 Jan.15 842, 582 85,005 202, 550 62, 706 101, 395 67, 776 33,019 121, 993 50, 326 16, 53030,948 28, 383 41,951 Jan. 22 779,123 72, 264 173, 575 56,832 87,350 83,751 36, 514 100,059 47,916 15,085 29,032 41,798 34,947 Other liabilities, including accrued dividends: Dec. 18. 5,129 1,583 491 185 186 587 137 172 182 174 336 Dec. 24 5,437 507 1,737 496 618 178 185 652 159 187 186 343 Dec. 31 2,196 269 175 875 149 246 80 153 56 81 48 3 Jan. 8 2,109 273 365 238 235 273 106 240 67 107 66 53 Jan. 15 2,173 285 525 252 204 257 93 218 66 87 76 78 32 Jan. 22 2,428 313 276 224 116 293 71 103 75 101 77 Total liabilities: Dec. 18.., -22,880,081 401,232 10,512,035 1,296, 205 1,652,884 757,109 504,014 3, 297,239 649,027 394, 332 585,680 411,041,7 , 419,907 Dec. 24. 22, 774,506 383,434 10,466,437 1,275,292 1,634,095 755,903 399,747 580,754 405,458 , 405,927 Dec. 31 22,892, 539 385, 527 10, 592,422 1,291,854 1, 651,044 758,937 394,892 576, 752 402,220 , 380, 775 Jan. 8 22,826,469 429,037 10, 538, 216 1, 297, 302 1, 648,654 768, 502 517,935 3,193J 478 642^3 8478,7 "7 01576,646 406,469 , 420,042 Jan. 15 23,062,026 , 446, 970 10, 644, 965 1, 289, 640 1, 690,836 766,801 387, 501578, 489 406,848 ,423,053 Jan. 22 23,036,894 , 435,180 10,597, 727 1, 288, 479 1, 674, 284 785, 760 520| 190 3| 249| 863 6"60^',, 006389 359776',, 378 413,831 , 438,095 Capital Accounts Capital paid in: Dec. 18 138,213 9,334 51,091 11,880 14,191 5,361 14, 259 4,184 2,977 4,456 4,168 11,619 Dec. 24 138, 2fr 9, 335 51,094 11,881 14.197 5,363 4,693 14, 294 4,186 2,976 4,458 4,171 11,619 Dec. 31 138, 579 9,335 §1,096 11,882 14.198 5,366 14, 533 4,212 2,975 4,462 4,208 11,619 Jan. 8 139,143 9,337 51,407 11,893 14,349 5,386 4^710 14, 559 4,212 2,975 4,470 4,215 11, 630 Jan. 15 139,306 9,341 51,447 11, 896 14, 347 5,390 4,764 14, 569 4,217 2,976 4,474 4,243 11, 642 Jan. 22 139, 351 9,341 51,450 11,897 14,352 5,399 4,764 14, 578 4,236 2,977 4,478 4,244 11, 635 Surplus (section. 7): Dec. 18 151, 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. 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 Dec. 31 157.064 10,905 56,447 15,144 14, 323 5,247 5,725 22,824 4,925 3,152 3,613 3,974 10, 785 Jan. 8 157,065 10,906 56,447 15,144 14,323 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10, 785 Jan. 15 .__ 157.065 10,906 56,447 15,144 14, 323 5,247 5,725 22,824 4,925 3,152 3,613 3,974 10, 785 Jan. 22. 157,065 10, 906 56,447 15,144 14, 323 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10, 785 Surplus (section 13b) : 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 1,266 2,121 Dec. 31 26, 785 2,874 7,070 4,393 1,00" 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Jan.8 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Jan. 15._ 26, 785 2,874 7,070 4,393 1,00" 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Jan. 22 26, 785 2,874 7,070 4,393 1,00' 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Other capital accounts: Dec. 18. 54,212 2,962 15,972 3,703 5,470 2,265 2,338 8,719 2,280 2,501 1,939 2,460 3,603 Dec. 24.. _ __ 54,269 2,974 15, 997 3,709 5,477 2,263 2,322 8,717 2,282 2,499 1,961 2,463 3,605 Dec. 31 _. 46,899 2,448 12,880 3,000 4,564 1,954 2,307 8,444 1,944 2,499 1,960 1,899 3,000 Jan. 8... 46,875 2,432 12,885 2,994 4,554 1,961 2,305 8,430 1,947 2,499 1,968 1, ""- 3,003 J J a a n n . . 2 1 2 5 47,010 2 2 , , 4 4 5 3 7 9 1 1 2 2 , , 9 9 1 4 1 2 2 2 , ,997 4 4 , , 5 5 6 5 1 5 1 1, , 9 " 7 " 5 " 2 2, , 3 3 0 0 9 7 8 8 , , 4 4 3 4 9 0 1 1 , ,9 9 4 5 4 3 2 2 , , 4 5 9 0 4 0 1 1, , 9 9 6 4 7 2 1 1, , 899 3 3 , ,0 0 0 1 6 1 Total liabilities and capital accounts: Dec. 18. 23,251,065 10,639, 533 1,330,379 1, 687,875773, 228517,483 3,344, 470 660, 738 403,963 596,830422,2851,447,474 Dec. 24.. 23,145,601 409,022 10,593,963 1,309,4. 73 ,09_9„ 772; 022 530,571 3, 335, 909 673,411 409,375f9 i";" 9 28~ ~41~7,3321,433,496 Dec. 31 23, 261,866 411,08910, 719, 9151,326,2731,6 8~5",136 774, 748 539,054 3, 325, 929 665,415 4045,1581 i587,925 413,5641,408,300 Jan. 8 23,196,337 454, 58610, 666,0251,331,7261, ^ 784, 340 531, 388 3, 240, 720 654,104 397, 327 587,835 ,41 871,81,447, 581 Jan. 15 _.23,432,075 472,53010,772,8401,324,068 1, 725,068 782,644. 5.3,4.,.4_44_ ,3, 297,, 4.8.6. 667,383 397,123 589,654618,2261,450, 607 Jan. 22 23, 407,105 460, 75810, 725, 6361,322,910 1, 708, 527" "80'1, 625533, 701 3, 297,133 671, 684606, 697 587, 574 425,2111, 465,647 Commitments to make industrial advances: Dec. 18 6,304 24' 704 1,025 539 427 2,455 Dec. 24 6,253 244 701 1,025 784 518 424 2,444 Dec. 31 5,226 244 700 162 727 540 299 2,441 Jan. 8 5,092 242 693 159 674 537 299 2,375 Jan. 15 5,""" 240 688 98 748 537 298 2,370 Jan. 22 5,095 234 670 94 744 537 254 2,453 134 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 l a a c st h W m e o d n n th e ) sday of Ap re p c li e c i a v t e i d ons Ap c p o li n c s a i t d io e n ra s t i u o n n der A a p p p p li r c o a v ti e o d ns ( A s a t d m a v n o o a d u u n i t n n c - t e g ) s ! ( C s a t m m o a o m n e o u d n m u t i - t n n s i g t 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 a t t d ) c d o e a r r x a a n p p w w t p i , r n e i l e t i t - d h b c , - y . ( s a P p t m a a a o n t r o u i t d o u t i i - c n n n i s t - g ) 3 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 <___. 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 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 3,369 107,384 7,238 1938—Mar. 30 358,936 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. 21«_._. 9,221 389, 554 964 2,671 175,902 16,474 12,907 1,105 133,001 12,415 Mar. 29 9,249 392,230 344 2,683 177,895 15,798 12,647 1,975 135,004 12,471 Apr. 26 9,270 394,055 495 2,697 178,639 15,817 11,749 2,134 12,243 May 31 9,296 394,970 400 2,713 179,332 15,305 11, 530 2,496 137,922 12,079 June 28 395,499 255 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 9,365 401,228 532 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. 25 402,944 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 May 29 9,504 413,178 45 2,832 195,404 11,242 8,852 2,474 161,491 11,345 June 26 9,512 413, 646 33 2,838 195, 739 10,988 8,762 2,195 162, 612 11,182 July 31 9,536 415, 599 76 2,853 197,439 10,907 8,582 1,991 164,949 11,010 Aug. 28 9,546 416,454 444 2,856 197,906 10,779 8,238 2,095 165,865 10,929 Sept. 25 9,556 417,260 10 2,865 198,966 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 9,581 421,139 650 202,041 9,893 7,106 4,056 171,394 9,592 Dec. 314 9,609 431,236 222 2,908 212, 510 9,152 5,226 13,954 177, 792 1941—Jan. 22 & 9,627 434,936 1,944 2,920 214,390 9,111 5,095 15, 073 178,906 6,205 * 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 $734,441 January 22, 1941. 4 Tuesday. 6 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i i l l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r a s a c n n o - Federal Reserve notes: Issued to F. R. Bank by F. R. agent: Dec. 31 6,256,650502,3431,660,126 429,044 569, 587 299, 792 220, 2701, 294,126 234,319163,870 219, 247106,582 557,344 Jan. 8 6, 239, 665501,9531, 654,181 425, 934 566, 267 297,840 218, 2717, 292, 622 235,170163, 642 219, 346107,449 556,984 Jan. 15 6,190, 512 1, 626, 700 425, 538 565,128 295, 587 217, 210,2 292, 946 233, 663162,894 219, 226106, 622 546,039 Jan. 22 6,177,883 501, 2891, 622,490 423, 360 563,849 293, 855 217, 5616, 295, 315233, 735163,018 217, 638105,820 539,948 Held by Federal Reserve Bank: Dec. 31 325, 653 22, 615 83, 722 18,340 28, 646 16,272 24,417 31, 730 13,171 5,161 8,032 8,717 64,830 Jan. 8 362,417 26,193 104,301 20,021 25, 522 19, 291 23,832 36,024 15,449 5,573 10,767 66,956 Jan. 15 365,660 27, 929 86,810 21, 537 30, 603 20, 679 23, 890 40, 299 13, 984 9, 91211, 503 72,418 Jan. 22 343, 377 29,900 79,614 19, 578 27,120 17,847 23, 213 39,816 13, 926 8,186 10,452 67,256 In actual circulation: i Dec. 31 5,930,997 479,728 1,576,404 410,704 540,941 283, 520195,853 1, 262, 396 221,148 158, 709 21211,5: 97,865492, 514 Jan. 8_ 5,877, 248475, 760 1, 549,880 405, 913 540, 745 278,541994,445 11,256,598 219,721 1:58; 069 210,85896,682 490,028 Jan. 15 5, 824,852471,038 1., 539,. 890 404,, 001 5"3.'4 ,, . 525 247,49~0"8193, 312 1, 252; 647 219; 679 156; 798 230194; 95,119 473, 621 Jan. 22 5,834, 506471,389 ' , 542,876 403, 782 536, 729 276,008194,3531, 255,499 219,809 156, 549 209, 45295,368 472, 692 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Dec. 31 6,379, 500510,000 1,685,000 440,000 575,000 315,000 225,000 1,310,000 244,0001 615, 500 225,000 111, 000 574,000 Jan. 8 6, 374, 500510,000 1,685,000 440,000 570,000 315,000 225,000 1,310,000 244,0001 16_5_,, 500 225,,0 00 111,, 000 574,000 Jan. 15 6, 334, 500510,000 1, 645,000 440,000 570,000 315,000 225,000 1,310,000 244, 000 165, 500 225,000 111, 000 574,000 Jan. 22 6, 334, 500510,000 1, 645,000 440,000 570,000 315,000 225,000 1, 310,000 244,000 165, 520205 ,r000111, 000 574,000 Eligible paper: Dec. 31 - - 100 331 372 190 Jan. 8 .- I,1 25 425 417 152 630 Jan.15 1,741 502 494 175 537 Jan.22 20 716 557 170 497 Total collateral: Dec. 31 510,100 1,685,331440,372575,000 315,010 225,000 1, 310,000 244,000 165,690 225,685 111, 000 574,000 Jan. 8 6, 376,159510,025 1,685,425 44"01,,417570,000 315,010 225,000 11, 310,000 244,000 165,652 225,"6 30111, 000 574[,!~0~00~ Jan.15 6, 336, 241510,000'1, 645,502 440,494570,000 315,033 225, 000 1, 310, 000 244,001065, 675 225, 537111, 000 57t<,000 Jan.22 6, 336, 468510,0201,6 4"5 , "716 440, 557570,000 315,008 225,000 1, 310,000 244,000165, 670 225,497111, 000 574,000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. FEBRUARY 1941 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, DECEMBER, 1940 MEMBER BANK RESERVE BALANCES BY CUSSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with All Re-" Gross Net Federal Reserve mem- city banks serve Coun- Classes of banks de- de- Time Banks ber city try and districts mand mand de- banks1 New Chi- banks banks i de- de- posits posits posits i qu R ir e e - d Held c E e x s - s York cago Total reserves held: 1939—December. 11,473 5,623 1,141 3,141 1,568 All member banks. _42,885 35,096 12, 204 7,403 14,049 6,646 1940—January 11,985 6,099 940 3,319 1,628 Central reserve city banks: February _. 12,215 6,323 901 3,344 1,646 New York. _ __. 16, 230 15,446 804 3,554 6,997 3,443 March 12,362 6,428 899 3,368 1,668 Chicago 3,223 2,816 510 666 1,142 476 April 12, 703 6,548 972 3,476 1,706 May 13,086 6,660 1,097 3,615 1,714 Reserve city banks: June 13, 596 6,941 1,182 3,716 1,757 Boston district 1,393 1,253 82 223 550 326 July.. 13, 735 6,979 1,168 3,837 1,751 New York district 250 199 149 42 68 26 August 13,408 6,709 1,154 3,804 1,740 Philadelphia district.. 1,492 1,248 223 230 488 259 September 13,643 6,705 1,234 3,905 1,800 Cleveland district 2,065 1,625 730 321 740 419 October 14,043 6,889 1,279 4,024 1,851 Richmond district 939 685 222 131 239 107 November 14,131 6,975 1,218 4,080 1,858 Atlanta district 866 620 178 117 149 32 December _. 14,049 6,997 1,142 4,096 1,815 Chicago district 1,607 1,126 641 229 419 190 Week ending (Friday): St. Louis district 984 760 176 142 270 128 1940—Nov. 29 14, 278 7,063 1,230 4,146 1,838 Minneapolis district._. 461 336 86 63 107 44 Dec. 6 14,168 7,004 1,193 4,075 1,896 Kansas City district- 1,123 744 159 138 210 72 Dec. 13-.. _. 14,180 7,030 1,192 4,109 1,849 Dallas district 842 535 132 100 146 46 Dec. 20. ___. 14,048 7,007 1,142 4,099 1,800 San Francisco district- 2,633 2,109 2,045 471 710 238 Dec. 27 13,844 6,927 1,091 4,016 1,810 1941—Jan. 3.... _. 14,039 7,056 1,047 4,058 1,878 Total .-- 14,655 11, 241 4,823 2,208 4,096 1,887 Jan. 10 14, 259 7,114 1,028 4,192 1,925 Jan. 17 14,428 7,167 1,064 4,265 1,932 Country banks: Excess reserves: Boston district 1,044 734 556 116 220 104 1939—December 5,011 2,611 540 1,188 671 New York district 1,525 1,080 1,418 200 427 227 1940—January 5,464 3,045 342 1,350 727 Philadelphia district.. 779 496 870 103 198 95 February 5,626 3,199 301 1,378 747 Cleveland district 730 466 715 92 174 82 March 5,734 3,248 310 1,405 771 Richmond district 694 395 372 66 111 45 April 6,003 3,312 388 1,494 809 Atlanta district 613 367 242 56 84 28 May. 6,288 3,389 477 1,607 815 Chicago district 1,037 617 799 114 230 116 June 6,696 3,594 547 1,703 851 St. Louis district 437 265 248 44 75 30 July 6,752 3,588 522 1,803 839 Minneapolis district.__ 375 231 284 42 71 29 August 6,407 3,344 499 1,748 816 Kansas City district... 503 310 160 45 71 26 September 6,582 3,324 570 1,821 866 Dallas district 632 388 106 52 91 39 October 6,864 3,465 610 1,888 902 San Francisco district. 408 242 296 44 62 19 November 6,830 3,493 546 1,895 897 December 6,646 3,443 476 1,887 840 Total 8,777 5,592 6,067 974 1,815 840 Week ending (Friday): 1940—Nov. 29 6,923 3,551 556 1,941 875 Dec. 6 6,803 3,486 519 1,872 926 i Gross demand deposits minus demand balances with domestic banks Dec. 13 6,791 3,499 516 1,899 877 (except private banks and American branches of foreign banks) and Dec. 20 6,628 3,441 474 1,890 824 cash items in process of collection. Dec. 27 6,422 3,348 434 1,808 832 NOTE.—See table on p. 130 for percentages of deposits iequired to be 1941—Jan. 3 6,609 3,462 399 1,851 897 held as reserves. J J a a n n . . 1 10 7... Po 6 , , 7 9 8 1 4 2 3 3 , , 5 5 0 3 0 5 3 39 7 0 2 2 1 , , 0 97 41 2 P 9 9 3 4 9 6 p Preliminary. ' > 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] All member banks Member banks in larger centers Member banks In smaller centers (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Dec. Nov. Boston 2,437 2,450 638 644 2,290 2,301 509 513 147 149 129 131 New York 18,005 17,667 2,371 2,383 i 1,454 1 1,462 i 1,058 i 1,066 321 327 509 513 Philadelphia 2,271 2,248 1,093 1,101 2,005 1,980 640 644 266 268 453 457 Cleveland 2,795 2,752 1,446 1,451 2,527 2,493 1,129 1,133 267 259 317 318 Richmond - -- 1,634 1,617 594 601 1,408 1,394 396 402 225 223 198 199 Atlanta 1,479 1,438 420 421 1,290 1,258 328 329 189 180 92 92 Chicago . . . 5,866 5,824 1,950 1,928 i 2, 253 i 2, 217 i 1,107 i 1,092 391 384 333 330 St Louis 1,421 1,409 423 425 1,158 1,148 302 303 263 261 121 121 Minneapolis .. _ 836 836 370 369 618 616 180 179 218 220 190 190 Kansas City 1,627 1,615 319 320 1,256 1,249 202 203 371 366 117 117 Dallas 1,474 1,470 237 233 1,117 1,114 190 186 357 356 48 47 San Francisco.... 3,041 3,031 2,342 2,316 2,900 2,891 2,234 2,208 141 139 107 108 Total 42,885 42,356 12,204 12,193 120,276 120,123 1 8, 276 i 8, 260 3,156 i 3,133 2,614 2,622 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 136 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 lv la e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e r 1 t a y 8 e s 9 s - 0 S s u c i i a b l 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—November. 7,483 70 1,530 163 269 4,826 24 177 December. 7,598 1,554 381 164 272 4,912 175 1940— January. __ 7,376 1,469 372 265 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 8,059 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 December. 8,732 1,667 412 185 290 5,883 157 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 currency * Large denomination currency a Un- End of month cula- assort to ti t o a n l i Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 edj 1939—November 7,483 5,478 586 545 35 1,004 1,752 1,557 2,007 452 896 188 420 20 32 2 December 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940—January 7,376 5,332 579 526 34 970 1,692 1,532 2,047 457 920 191 426 20 33 3 February 7,455 5,397 581 530 34 986 1,723 1,543 2,061 459 930 191 427 20 34 4 March _ 7,511 5,414 584 531 33 989 1,731 1,546 2,101 460 941 194 432 24 49 4 April 7,559 5,437 588 534 34 992 1,739 1,551 2,126 463 951 195 439 30 48 4 May _ 7,710 5,519 595 546 35 1,009 1,766 1,568 2,193 471 979 202 464 26 50 1 June - 7,848 5,584 599 546 35 1,015 1,791 1,599 2,264 485 1,013 210 481 26 60 2 July 7,883 5,599 604 544 35 1,013 1,798 1,605 2,286 489 1,025 211 486 26 49 2 August 8,059 5,748 611 556 36 1,044 1,858 1,644 2,313 495 1,035 213 493 26 51 2 September 8,151 5,814 618 566 36 1,055 1,876 1,663 2,340 503 1,048 216 496 25 52 3 October. 8,300 5,911 627 575 36 1,068 1,908 1,696 2,392 512 1,071 223 508 25 52 3 November 8,522 6,098 639 591 38 1,107 1,977 1,748 2,426 523 1,089 225 512 26 51 3 December 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 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.—SeeA nnual 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 b o a i i l u l n l v v l l d a - e e r r r s s S c i i s a l o u i v d r i b y e n - - r M c i o n i o n r U S n n t o a i t t t e e e s d s B s F e R e a e r r e a n d v - l k - e t n b i N o o a n t n a e a - k s l Year or month m E S e u n h r t i o s p p - t e o R E e f u r c o r 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 ts lion i notes 1937. 21.5 47.6 26.1 1938. 33.1 34.4 1.3 1939. 110.2 9.8 100.4 1939—November. 2,947 1,835 394 167 347 179 1940.. 17.7 .7 December.. 2,963 1,845 399 169 347 178 17.0 6.6 .3 1940—January 2,971 1,855 400 169 347 175 6.3 February 2,981 1,866 401 170 347 173 1940—January 5.3 March 2,990 1,876 401 171 347 172 February- 4.7 5.3 April 2,999 1,886 400 172 347 171 March 1.4 4.7 May 3,008 1,894 402 173 347 169 April 3.5 1.4 June 3,014 1,900 402 174 347 167 May. 1.1 3.5 July 3,024 1,909 404 175 347 167 June .5 1.1 August 3,036 1,915 409 178 347 164 July .4 September- 3,044 1,920 411 181 347 163 August .5 October 3,059 1,931 415 183 347 162 September- November. 3,072 1,937 419 187 347 160 October December.. 3,087 1,945 425 189 347 159 November- .1 December.. .1 i Includes silver held against silver certificates amounting to $1,871- 000,000 on Dec. 31, 1940 and $1,777,000,000 on Dec. 30, 1939. i Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. 137 FEBRUARY 1941 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 d k i d od I i n n s g c to r o t e o l c d a 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 p D ti r c o t o i m o g d o n u e l c s d - - From or to— December November Jan.-Dec. trans- Im- Ex- Im- Ex- Im- Exactions^ 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 1940 J>21,995 H 351. 0 4, 744. 5 —644. 7 P168.1 Portugal 57 9,286 75,087 Spain 31 10,416 Sweden.. 161, 489 1939—April 15, 791 532.3 605.8 -114.8 13.3 Switzerland 90,320 May 15,957 166.2 429.4 -251. 6 12.8 United Kingdom.... 939 633,100 17 June 16,110 153.3 240.4 -104.8 10.8 U. S. S. R.__. _ 30,851 July 16, 238 128.0 278.6 -164.0 13.3 Yugoslavia 16, 310 August 16,646 407.6 259.9 152.1 14.3 Canada 80, 390 262, 721 2,622, 501 171 September- 16,932 285.9 326.1 2.8 15.9 Mexico 347 545 29,886 October 17,091 159.9 69.7 79.5 18.7 Central America 663 778 November. 17, 358 267.1 168.0 90.9 14.9 West Indies and December _ 17,644 285.1 451.2 -200. 8 13.4 Bermuda 73 66 5,900 Argentina 8,247 12, 984 59, 072 1940—January 17, 931 287.5 236.4 40.0 13.6 Bolivia 11 1 67 4,781 February.. 18,177 246.0 201.4 37.0 11.4 Brazil 3 10, 781 6 March 18, 433 256.0 459.8 -213. 4 12.1 Chile 1,101 10,802 April 18, 770 336.9 249.9 67.2 13.0 Colombia... 2,814 23,999 May 19,209 439.0 435.1 -36.7 14.1 Ecuador 231 360 3,130 June 19, 963 754.2 1,163. 0 -437. 2 11.0 Peru 1,206 595 10, 247 July 20,463 499.4 520.0 -55.1 16.0 Venezuela 370 350 4,921 August 20,913 450.2 351.6 67.0 12.3 Australia 14,994 14, 441 103, 777 September- 21, 244 331.6 334.1 36.6 13.3 British India.. 7,446 2,170 49, 989 October... 21, 506 261.1 326.0 -117.9 19.1 Netherlands Indies. _ 20, 583 November _ 21,801 295.2 330.1 -39.5 16.4 China and Hong December - P21, 995 P193. 8 137.2 7.4 P15. 7 Kong... ____«. 72 765 26,180 Japan 13, 262 12,186 111, 739 1941—Jan. 1-29P... 22,110 115.6 230.2 -40.4 Philippine Islands... 3,283 South Africa 1,751 6,240 184,756 All other countries *. 773 1,317 10,320 p Preliminary. 1 Gold held under earmark at Federal Reserve Banks for foreign ac- Total. 137,178 330,113 4, 749,467 4,995 count on December 31, 1940, in millions of dollars: 1,807.7. 2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. 1 Figures represent customs valuations which, with some exceptions, De 3 c I e n m cl b u e d r e s 3 1 g , o 1 l 9 d 3 6 in , a t n h d e $ I 1 n ,2 a 2 c 8 t , i 0 v 0 e 0 ,0 A 0 c 0 c o o u n n D t e a c m em ou b n e t r i n 3 g 1 , t 1 o 9 3 $ 7 2 . 7,000,000 on are 2 I a n t c r l a u t d e e s o f a l $ l 3 m 5 a o v f e in 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 Back figures—See table, p. 171, and Annual Report for 1937 (tables in table, p. 171, adjusted to exclude Philippine Islands production re- 31 and 32). ceived in United States. Adjustment based on annual figures reported by Director of Mint and monthly imports of gold to U. S. from Philip- BANK DEBITS pines. For back figures see Annual Report for 1937 (table 29). [Debits to deposit accounts, except interbank accounts, at banks in 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 * centers2 all banks ti N on a a - l State su I r n ed - 2 in N su o r t ed 1 1 19 9 9 3 2 3 6 9 5 9 4 4 8 6 0 2 1 2 , , 8 7 5 8 1 3 9 8 1 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 , , , 9 1 6 3 6 7 8 5 0 4 2 3 7 3 8 , , , 2 5 5 8 0 4 3 4 7 1937 469,463 197,836 235, 206 36,421 Num 19 b 3 e 4 r of banks suspended: 57 1 8 48 1 1 9 9 3 3 9 8 4 4 0 2 5 3 , , 9 9 2 3 9 2 1 1 6 7 8 1 , ,3 7 8 7 2 8 2 21 0 8 4 , , 7 2 4 9 5 8 3 3 2 4 , , 4 2 0 5 6 2 1 1 19 9 9 3 3 3 7 6 5 3 4 5 4 4 9 4 4 1 2 4 4 2 0 7 2 8 3 6 1939— D N e o c v e e m m b b e e r r . 3 4 4 3 , , 6 4 6 4 6 7 1 17 3 , , 6 0 3 4 3 1 2 1 2 8 , , 3 6 8 3 6 6 2 3 , , 9 4 9 2 0 8 1 1 1 9 9 9 3 3 4 8 9 0 . . 4 5 2 2 5 2 4 1 1 3 1 4 2 1 7 5 8 1 6 3 0 1940— M F J e a a b r n r c u u h a a r r y y .. . . . 3 3 3 7 7 2 , , , 1 7 7 9 8 6 7 6 9 1 1 1 4 5 2 , , , 1 7 2 3 3 0 8 9 1 1 1 19 7 9 , , , 3 9 5 4 7 3 4 8 7 3 3 2 , , , 0 0 7 6 1 3 5 1 9 Deposits of suspended banks April 37, 780 15, 519 19, 250 3,010 (in thousands of dollars):3 May 37, 257 14, 536 19, 659 3,063 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 4 3 3 3 6 5 0 9 8 7 4 3 3 1 1 1 1 5 6 4 0 1 3 9 , , , , , , , 9 9 9 0 3 0 7 3 9 4 1 0 1 2 7 8 5 6 2 3 3 5 7 1 , , , 3 3 3 5 2 4 1 7 5 4 0 3 1 6 3 9 0 7 6 24 1, , 7 6 2 0 2 1 8 9 1 1 1 1 3 6 1 5 0 0 1 , , , , , , , 9 7 5 3 2 1 7 1 6 0 4 8 5 2 2 7 1 3 9 6 1 34 2 1 , , , 0 4 4 9 3 5 9 4 3 4 8 3 9 8 4 6 9 0 9 2 5 J J A S N O D u u e u o e c l n p y c g v t e t o e u e e m b m m st e b b b r e e e .. r r r . . 3 3 3 3 3 3 46 9 5 5 3 2 9 , , , , , , , 0 9 8 8 0 6 6 0 4 1 4 8 9 7 5 7 2 4 8 3 5 1 1 1 1 1 1 1 3 1 8 2 3 4 4 , , , , , , , 1 9 9 6 6 5 6 1 5 5 0 1 9 2 0 2 2 4 2 6 4 2 1 2 1 1 1 2 1 0 8 8 8 9 4 , , , , , , , 8 2 3 3 8 3 2 5 3 2 6 1 1 6 0 3 7 5 9 4 7 3 3 2 2 3 3 3 , , , , , , , 0 9 1 3 3 9 7 2 0 1 4 5 7 2 6 3 7 5 1 8 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 Deposit ly 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 nonmember debits. 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. 138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ml BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 [In millions of dollars] Nonmember Member banks banks Member banks Nonmember banks Call date Total Other Total ti N on a a - l State M s b a a u v n i t n u k g a s s l m n b o e e m n r - - Call date ba A n l k l s Total Na- State M sav u i t n u g a s l no O n t m he e r mbanks tional banks ber banks 1929—June 29 25,110 8,707 7,530 1,177 i 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 Dee. 31... 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 i 576 8,337 1933—June 30... 37,998 23,338 14,772 8,566 9,713 4,946 Dee. 30 15,011 6,011 5,154 857 579 8,4211 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 I 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 Dee. 31 15,393 6,341 5,260 1,081 563 8,489 Dec. 31__. 52,440 34,810 22, 655 i12,155 10, 257 i 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 Dee. 31 15,206 6, 338 i 5,224 1,114 556 8,312 Dec. 31— 54,054 36, 211 23,497 12,714 10,365 7,478 1939—June 30 15,082 6,330 5,203 1,127 i 553 8,199 1939—June 30... 55,992 38,027 24, 534 13,493 10, 521 7,444 Dee. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30. __ 58,344 39,930 25,661 '14,269 10,613 7,801 1940—Mar. 26 15,006 6,377 5,178 1,199 551 8,078 1940—Mar. 26... 59,017 40, 579 25,911 14,667 310, 544 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] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Invest- Invest- Total Loans ments Total Loans ments Invest- Invest- Total Loans ments Total Loans ments 1929—June 29 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 ( 41,918 16,499 35,934 26,150 9, 784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1934—June 30 __ 42,502 21,278 21, 224 27,175 12,523 14,652 9,904 5,648 4,256 5,423 3,108 2,315 Dee. 31 43,458 20,473 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—June 29 44,416 20,272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Dec. 31 45,717 20,329 25,388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—June 30 48,458 20,679 27,778 32, 259 12,542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dee. 31 49,524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30 _. 49,696 22, 514 27,182 32, 739 14,285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31 48,566 22,198 26,368 31, 752 13,958 17,794 10,187 4,996 5,191 6,627 3,244 3,383 1938—June 30 47,381 21,130 26,252 30, 721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 312 48,929 21,354 27, 575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3, 387 1939—June 30 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 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 3 10,226 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 Dec 314 P37, 113 i P15,302 *21,810 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. Prior to June 1940 the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank abstracts. 2 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now classified in condition reports among "Other assets." The amounts of such loans and investments in December 1938 were approximately $50,000,000 and $100,- 000,000, respectively. 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. 4 Figures for "All banks" not available. p Preliminary figures. Back figures—See Annual Report for 1937 (tables 48-49). FEBRUARY 1941 139 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 1 Call date m T l v o a i o e e a n n s t n n d - a t t - s l s Total' C t m d a r c i o u i n i n e a s a m d - r l - l * - - A t c u u g r l r - - i- p O m k a p p a e e r t e n - r b o a p r T e L s n o r u r e o s d k o r c c c - a u a h n r r a s i r o t s y t i f i h e T i o n n s e r o g g rs3 e l R o st a e a n a t l s e L ba o t n o a k n s s l O o t a h n e s r 4 Total T U o . t a S l . G B o il v ls e * rn N D m o i e r t e n e c s t t o B b o li n g d a s tio G t n a e u s n e a - d r- g S p O a d s a i o t t u i c o n a b i v l b a o f t i d l i - l e t i n - - - s s j O r s i e t t c h ie u e s - r deal- sions ers Total—All Member Banks 1929—Dec. 31__35,934 26,150 583 2,463 7,685 3,191 714 11, 515 9,784 3,863 249 520 3,094 1,393 4,528 1933—June 3O._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 12,343 316 3,653 6,246 2,128 2,143 3,296 Dec. 31.. 32,070 13,208 4,737 442 973 775 2,716 125 2,728 18,863 13,222 286 7,208 2,340 2,448 3,192 1939—Mar. 29_.32,095 13,047 4,760 427 838 733 2,749 99 2,671 19,048 13,351 303 ,604 7,783 2,660 2,555 3,142 June 30- 32, 603 13,141 4,783 420 731 736 2,828 2,796 19,462 13,777 441 2,720 7,786 2,831 2,554 3,131 Oct. 2«._ 33,075 13,470 19,605 13,811 2,920 2,764 3,030 Dec. 30-. 33,941 13,962 730 790 700 2,957 56 2,888 19,979 14,328 563 2,223 8,398 3,144 2,959 1940—Mar. 266 34,163 13,939 20, 224 14.421 3,107 2,905 2,898 June 29. ^4,451 13,969 5,538 736 450 "447 42 3,020 20,482 14, 722 797 8,261 3,121 2,888 2,873 Dec. 31P. 37,113 15,302 21,810 15,815 651 2,590 9,085 3,489 3,013 2,983 New York City'' 1929— Dec. 31- 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1,112 166 222 758 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 1,358 1,451 709 394 707 Dec. 31_. 8,335 3,262 1,456 138 787 220 121 99 436 5,072 3,857 158 1,142 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 1,086 582 714 June 30.. 2,988 1,474 128 555 215 130 41 440 5,700 4,483 168 908 2,284 1,123 480 736 Oct. 2 6.. 9,044 3,116 5,928 4,558 1,157 662 708 Dec. 30- 9,339 3,296 1,768 120 611 188 133 44 425 6,043 4,772 315 797 2,385 1,275 579 1940—Mar. 266 9,594 3,211 4,972 1,286 726 June 29 ._ 9,829 3.014 103 "320" ~188 137 32 426 6,815 5,486 1,092 2,650 1,324 634 695 Dec. 31 P 10,908 3,382 7,527 6,044 207 1,245 2,977 1,615 695 788 City of Chicago T 1929—Dec. 31— 1,757 1,448 251 533 535 116 19 94 1933—June 30.. 1,287 677 61 251 237 610 384 206 82 97 87 138 1938—June 30__ 1,806 525 29 109 361 ,281 981 12 313 535 122 140 159 Dec. 31- 1,969 539 319 43 70 62 1,430 ,114 291 655 109 141 176 1939—Mar. 29. 1,965 545 340 32 70 57 .,420 1,100 121 212 660 108 149 171 June 30. 2,052 544 329 39 71 ,507 1,175 185 234 621 135 154 179 Oct. 2 «.. 2,050 563 487 172 155 147 168 Dec. 30- 2,105 569 365 41 13 ,536 ,203 153 176 701 172 162 170 1940—Mar. 26 • 2,222 564 ,658 ,319 139 175 164 June 29., 2.205 603 417 23 61 62 1,602 ,258 254 161 710 134 177 167 Dec. 31 P 2,377 696 1,681 1,307 297 145 752 112 188 186 Reserve City Banks 1929—Dec. 31.. 12,029 9,084 168 664 2,775 1,538 258 3,679 2,944 1,368 91 165 1,112 448 1,128 1933—June 30.. 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 598 930 1938—June 30. 11,150 4,853 163 95 998 1,201 26 2,369 4,658 1,268 718 732 908 Dec. 31. 11,654 4,963 1,914 149 119 242 1,230 20 1,081 6,691 5,018 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 J O u c n t e . 2 3 « 0 . . _ . 1 1 1 1 , , 7 8 5 8 6 0 5 5, , 1 0 2 0 7 4 1,884 138 115 221 1,284 12 1,116 6 6 , , 7 7 5 5 1 2 4 4 , , 9 9 9 9 1 8 78 1,014 3,010 8 9 8 0 9 9 8 8 9 9 5 7 8 85 6 6 6 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 "156 "87 ~210 1,372 1,224 6.795 4,947 87 3,052 969 981 868 Dec. 31 P 13,011 5,920 7,091 5,204 103 771 3,282 1,048 984 903 Country Banks 1929—Dec. 31__13, 375 8,936 201 291 2,231 1,462 4,705 4,439 1,267 171 627 2,546 1933—June 30__ 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 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 1,151 495 163 20 224 1,477 1,234 5,456 3,159 31 431 1,972 725 1,061 1,236 1940—Mar. 26 • 10,194 4,860 5,334 3,060 719 1,076 1,197 June 29. 10, 257 4,987 546 174 17 1,544 1,308 5,270 3,030 451 1,849 695 1,097 1,144 Dec. 31 10,816 5,305 5,511 3,261 429 2,074 714 1,145 1,105 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 seuarately on some dates, and the total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May 1937. * 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. * This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. 5 Includes Treasury certificates of indebtedness through 1934.. * Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). P Preliminary figures. Breakdown of loans not available. 140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbanl except interbank deposits Reserves Bal- De- Indi- Indi- Domestic w F e R e r i e a d t - h l - v C a i a n u s l h t m a w n d e i c o s t e - h t s ic m po a d a d s e n i - - t d s p u v n a a i e d r l r s t - - - , S p t o a l t i e t- s C a e n r d ti- U G . o v S - . p u v n a a i e d r l r s t - - - , S p a t o a n l t d i e t- s Postal banks For- r B i o n o w g r s - - c C o i a t a u c a p - n l - ts Call date serve banks ijusted 2 ships, ical offi- ern- ships, •iic/vaail sav- eign Banks and sub- cers' ment4 and sub- ings * De- banks cor- divi- checks cor- divi- mand Time pora- sions etc.3 pora- sions 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 6 142 6 757 5 5,530 Oct. 2 11,604 841 5,506 25, 681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 Dec. 30 12,279 862 6 5, 63426,461 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 s 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 6 109 8,676 8,812 321 349 72 683 52 6 3,573 8670 1 1,587 Oct. 2 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 Dec. 30 6,386 84 6 163 9,562 9,652 219 260 68 742 35 6 3, 629 8 1 6672 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 « 237 1,747 1,632 195 27 60 469 21 3 6 853 6 14 270 Oct. 2 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 Dec. 30 909 25 6 195 1,544 1,503 133 18 80 482 11 5 6 997 6 7 253 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 1,753 1938—June 30 2,311 322 1,862 7,078 6,843 711 120 356 4,209 233 23 2,557 107 43 1,764 Sept. 28 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 1,777 Dec. 31 2,459 342 2,106 7,326 6,899 889 123 420 4,276 243 22 2,813 108 64 2 1,795 1939—Mar. 29 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 1,812 June 30 3,053 323 6 2,485 8,017 7,803 801 158 410 4,319 198 14 63,307 6116 « 71 1,821 Oct. 2 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 Dec. 30 3,336 364 6 2,632 8,400 7,978 942 150 431 4,386 214 12 6 3, 525 6 115 656 1,833 1940—Mar. 26 3,759 334 2,679 8,774 8,372 956 147 422 4,422 219 18 3,526 105 44 1,873 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 «509 6 27 82 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 6 566 629 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, e Partly estimated. Back figures—See Annual Report for 1937 (tables 52-58). 141 FEBRUARY 1941 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 i n n s a d - - l, p O m a k p p a 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 o a 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 r s i e t t c i h e u e s - r agri- ers To teed cul- and others tural dealers Total—101 Cities 1939—December 23,353 8,802 4,400 319 759 506 1,189 1,583 4, 551 11,186 672 2,039 6,063 2,412 3,365 1940-August 24,140 8,504 4,456 295 375 470 1,214 1,655 11,994 730 2,113 6,572 2,579 3,642 September 24,233 8,653 4,551 295 400 462 1,221 1,679 5, 580 11,897 677 2,083 6,555 2,582 3,683 October 24,429 8,852 4,709 300 424 458 1,221 1,701 5, 577 11,908 683 1,878 6,744 2,603 3,669 November 24,862 9,083 4,885 301 456 456 1,226 1,722 5, 779 12,192 768 1,850 6,872 2,702 3,587 December 25,388 9,309 4,993 303 534 463 1,229 1,747 .6,079 12,438 734 2,019 6,951 2,734 3,641 Nov. 6... 24,729 9,008 4,827 304 450 452 1,222 1,717 .5, 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 1,720 .5, 785 12,180 763 1,855 2,704 3,605 Nov. 20-. 24,944 9,110 4,908 299 455 454 1,226 1,729 .5,834 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 .5, 774 12, 250 784 1,861 2,707 3,524 Dec. 4... 25,053 9,162 4,942 452 459 1,229 1,734 .5,891 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 .5,925 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 ,6,191 12, 542 759 r2,094 6,955 2,734 3,649 Dec. 24.. 25,604 9,354 5,011 303 545 466 1,230 1,759 .6, 250 12, 568 732 '2,138 r6,958 2,740 3,682 Dec. 31.. 25, 527 9,390 5,018 301 584 465 1,230 1,755 .6,137 12, 462 611 2,130 6,978 2,743 3,675 1941-Jan. 8— 25, 614 9,303 5,033 305 500 459 1,228 1,740 .6, 311 12,629 685 2,164 7,024 2,756 3,682 Jan. 15.. 25,669 9,280 5,040 310 462 462 1,230 1,740 .6, 389 12, 715 725 2,186 7,054 2,750 3,674 Jan. 22.. 25,684 9,287 5,055 312 465 458 1,227 1, 735 6,397 '2,720 726 2,188 7,063 2,743 3, 677 New York City 1939—December 9,057 3,108 1,700 114 590 176 113 378 5,949 4,752 499 2,220 1,227 1,197 1940—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 1,734 290 163 124 391 5,381 312 1,038 2,655 1,376 1,447 October. __ 9,644 2,874 1,798 301 159 119 388 6,770 5,356 319 971 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 December 10,165 3,074 1,901 90 381 168 115 7,091 5,755 285 1,082 2,824 1,564 1,336 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 1,885 320 163 117 388 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 1,131 r2, 826 1,566 1,340 Dec. 24.. 10, 323 3,093 1,906 387 172 114 397 7,230 5,850 281 1,168 % 834 1,567 1,380 Dec. 31.. 10, 298 3,121 1,907 419 171 113 394 7,177 5,798 203 1,170 2,851 1, 574 1,379 1941-Jan. 8— 10, 314 3,060 1,918 350 169 113 391 7,254 5,866 165 1,215 2,898 1,588 1,388 Jan.15.. 10, 328 3,038 1,919 323 170 113 396 7,290 5,907 172 1,232 2,921 1,582 1,383 Jan. 22_. 10, 362 3,042 1, 925 328 169 113 392 7,320 5,930 170 1, 245 2,939 1,576 1,390 Outside New York City 1939—December 14, 296 5,694 2,700 205 330 1,076 1,205 8,602 6,434 173 1,233 3,843 1,185 2,168 1940—August. 14,586 5,752 2,758 212 106 306 1,090 1,271 8,834 6,587 396 1,053 3,931 1,307 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 December 15, 223 6,235 3,092 213 153 295 1,114 1,354 6,683 449 937 4,127 1,170 2,305 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 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 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 Dec. 31.. 15, 229 6,269 3,111 208 165 294 1,117 1,361 8,960 6,664 408 960 4,127 1,169 2,296 1941-Jan. 8... 15, 300 6,243 3,115 210 150 290 1,115 1,349 9,057 6,763 520 949 4,126 1,168 2,294 Jan. 15.. 15, 341 6,242 3,121 216 139 292 1,117 1,344 9,099 553 954 4,133 1,168 2,291 Jan. 22.. 15, 322 6,245 3,130 220 137 289 1,114 1, 343 9,077 6,790 556 943 4,124 1,167 2,287 r Revised. 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. 142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars.] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F e R e a e r r i n e a t v d - h k l e - s v C a i a n u s l h t b m a w n a d e i n o c s t e - k h ti s s c j m u a d s a d e t n e - - d d 1 s p p u v n h a c o a a i o e n i d r l r p r r d s a t - - s - - , - , S p d s a i t o u c i a n v l b a t i d e i - t l - - s c C h c f a o e e e e i f n t e f c c r r i d t s k d . - i ' s - , m U G e e r . o n n v S - t - . 2 s p p u v n h a c o a a o i e n i d r l r p r r d s a t - - - s - , - , S p s d s a i t i o u c i o a n v l b a t n i d i e - l t - s - s Postal 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 o o w r- - c • o 2 a u 5 c n - 5- ts Date or month tions tions Total 101 Cities 9,630 532 3,063 18,862 18,673 1,316 501 558 5,043 207 7,838 122 740 3,713 1939—December 11,316 498 3,163 20,878 20,319 1,466 360 506 5,155 182 8,258 111 684 1940—August 11,499 504 3,235 21,011 20, 595 1,421 396 507 5,175 179 8,465 111 679 3,784 September 11,856 505 3,309 21,442 21,040 1,490 423 507 5,180 172 111 681 3,797 October 11,955 531 3,347 21,890 21, 569 1,576 501 507 5,187 192 112 665 3,821 November 11,824 556 3,361 22, 299 22,098 1,505 433 5,189 210 113 674 3,824 December 11, 832 520 3,339 21, 592 21,189 1,651 509 510 5,188 193 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 3,823 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, 279 22,146 1,489 652 453 5,182 221 8,859 113 668 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 11, 797 535 3,462 22, 299 22, 324 1,595 696 451 5,234 196 8,952 113 3,822 Dec. 31 12,010 552 3,370 22,494 21,930 1,521 475 448 5,224 194 9,006 119 664 3,825 1941—Jan. 8 12,142 519 3,475 22,703 22,466 1,498 476 349 5,276 191 9,121 116 658 3,823 Jan.15 12,171 524 3,420 22,898 22,415 1.550 495 261 5, 237 189 117 640 3,826 Jan. 22 New York City 5,361 91 8,391 8,555 240 304 620 3,406 574 1,482 1939—December 6,417 82 9,678 9,688 278 195 3,629 628 1,495 1940—August 6,421 84 9,673 9,740 249 222 3,702 625 1,493 September 6,601 84 9,860 293 240 677 3,770 625 1,497 October 6,694 91 10,022 10,096 338 314 674 3,843 609 1,506 November 6,683 96 10,351 10,489 326 340 677 3,825 616 1,507 December 6,627 90 9,853 374 330 676 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, 225 10,239 312 278 667 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, 356 10,491 311 312 670 3,749 616 1,502 Dec. 11 6,599 104 10, 314 10, 483 328 435 678 3,877 610 1,512 Dec. 18 6,645 96 10, 479 10, 553 369 278 3,807 605 1,514 Dec. 24 6,749 91 10, 410 10, 691 351 423 3,920 633 1,503 Dec. 31 6,796 90 10,486 10,448 317 282 3,942 605 1,502 1941—Jan. 8 6,851 83 10, 542 10, 657 320 276 3,978 601 1,502 Jan.15 6,855 10, 652 10, 632 331 295 3,926 581 1,502 Jan. 22 Outside New York City 4,269 441 2,979 10,471 10,118 1/076 197 508 4,423 171 4,432 121 2,231 1939—December 4,899 416 3,084 11, 200 10, 631 1,188 165 471 4,487 142 4,629 111 2,288 1940—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 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 5,141 460 3,276 11,948 11, 609 1,179 220 404 4,512 167 4,984 113 2,317 December 5,205 430 3,256 11, 739 11, 281 1,277 179 4,512 148 4,950 112 2,309 Nov. 6 5,252 454 3,287 11,867 11, 589 1,247 184 4,514 147 5,035 113 2,314 Nov. 13 5,263 427 3,248 11,903 11,489 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 11, 440 1,178 213 394 4,504 156 4,954 112 2,317 Dec. 4 5,260 476 3,184 12,047 11, 712 1,160 197 358 4,499 172 4,951 113 2,320 Dec. 11 5,074 473 3,340 11, 965 11,663 1,161 217 424 4,504 179 4,982 113 2,314 Dec. 18 5,070 466 3,299 11,903 11, 597 1,153 200 424 4,513 181 5,000 112 2,313 Dec. 24 5,048 444 3,382 11, 889 11, 633 1,244 273 422 4,541 152 5,032 113 2,319 Dec. 31 5,214 462 3,289 12,008 11,482 1,204 193 419 4,536 151 5,064 119 2,323 1941—Jan. 8 5,291 436 3,388 12,161 11,809 1,178 200 333 4,586 150 5,143 116 2,321 Jan. 15 5, 316 438 3,336 12,246 11, 783 1,219 200 245 4,548 148 5,143 117 2,324 Jan. 22 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. FEBRUARY 1941 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying Federal Reserve loans cial, securities district and date and in- Open Real Loans (1940-41) v i e n s - t- Total t d r u i s a - l, m k a e r t - To e lo st a a n t s e ba t n o ks loans Total Guar O se t c h u e - r ments and paper bro- Total Bills Notes Bond an- rities agri- kers To teed cul- and others tural dealers Boston (6 cities) Dec. 31 1,219 644 316 60 27 17 80 4 140 575 458 23 40 338 57 117 Jan 8 1,216 636 319 61 16 17 80 4 139 580 461 25 40 339 57 119 Jan. 15. 1,219 636 319 64 13 17 80 4 139 583 462 24 40 341 57 121 Jan 22 1,226 637 320 64 13 17 80 4 139 589 465 26 40 342 57 124 New York (8 cities)* Dec. 31 11,190 3,487 2,033 100 425 219 192 24 494 7,703 6,167 211 1,223 3,076 1,657 1,536 Jan 8 11,205 3,427 2,044 103 357 217 192 24 490 7,778 6,234 168 1,266 3,132 1,668 1,544 Jan 15. 11,220 3,403 2 045 103 328 217 192 23 495 7,817 6,278 175 1,283 3,158 1,662 1,539 Jan 22 11,251 3,407 2,052 101 332 216 192 23 491 7,844 6,298 173 1,296 3,172 1,657 1,546 Philadelphia (4 cities) Dec. 31 1,212 477 230 33 25 33 50 1 105 735 458 28 340 90 277 Jan 8 1 208 472 229 33 24 32 50 1 103 736 460 28 342 90 276 Jan 15 . 1,211 473 228 34 24 32 50 1 104 738 460 28 342 90 278 Jan 22 1 213 476 231 33 24 32 50 1 105 737 460 28 342 90 277 Cleveland (10 cities) Dec. 31. 1,981 760 319 9 19 22 181 1 209 1,221 940 18 147 638 137 281 Jan. 8 1,976 759 322 9 16 22 181 1 208 1,217 938 17 148 637 136 279 Jan. 15 __ 1,970 759 323 8 16 22 181 1 208 1, 211 934 13 149 635 137 277 Jan. 22 1,962 762 327 9 17 20 181 1 207 1,200 926 12 146 631 137 274 Richmond (12 cities) Dec. 31 744 298 137 11 3 14 48 85 446 378 151 174 53 68 Jan. 8 742 296 137 10 3 14 48 84 446 378 150 174 54 68 Jan 15 744 297 138 10 3 14 48 84 447 379 150 175 54 68 Jan. 22 .. 742 295 137 10 3 14 48 83 447 379 148 177 54 68 Atlanta (8 cities) Dec. 31 706 372 197 4 8 11 33 2 117 334 217 4 40 111 62 117 Jan. 8 698 370 197 4 8 11 33 2 115 328 212 7 40 102 63 116 Jan.15 691 367 196 4 8 11 33 1 114 324 208 3 41 103 61 116 Jan 22 691 369 197 4 8 11 33 1 115 322 206 2 40 103 61 116 Chicago (12 cities)* Dec. 31 3,629 1,085 657 35 48 64 133 1 147 2,544 1,957 294 281 1,099 283 587 Jan. 8 3,737 1,087 661 36 46 63 133 1 147 2,650 2,063 400 280 1,098 285 587 Jan. 15.._ 3,784 1,091 666 38 44 64 132 1 146 2,693 2,106 441 283 1,095 287 587 Jan. 22 3,789 1,091 666 40 44 64 132 1 144 2,698 2,111 445 284 1, 095 287 587 St. Louis (5 cities) Dec. 31 758 377 218 10 5 13 59 3 69 381 267 14 38 150 65 114 Jan.8 760 375 218 10 4 13 58 3 69 385 270 14 37 155 64 115 Jan 15 766 377 220 10 4 13 59 3 68 389 275 14 36 162 63 114 Jan. 22 768 378 220 11 4 13 59 3 68 390 276 14 36 162 64 114 Minneapolis (8 cities) Dec 31 425 216 113 3 2 7 12 79 209 167 20 118 29 42 Jan 8 425 217 113 3 3 6 12 80 208 166 18 118 30 42 Jan 15 422 214 112 3 2 7 12 78 208 167 19 118 30 41 Jan 22 421 213 112 3 2 6 12 78 208 167 19 118 30 41 Kansas City (12 cities) Dec 31 715 349 208 21 4 10 32 74 366 240 13 53 97 77 126 ' Jan 8 713 347 209 21 4 10 32 71 366 235 14 49 96 76 131 Jan.15 714 349 211 21 4 10 32 71 365 236 15 51 95 75 129 Jan 22 715 350 212 22 4 10 31 71 365 236 16 51 94 75 129 Dallas (9 cities) Dec 31 581 318 219 1 5 14 23 56 263 27 38 99 40 59 Jan 8 583 316 216 1 5 13 23 1 57 267 208 33 38 97 40 59 Jan 15 584 316 216 1 5 13 24 1 56 268 208 33 38 97 40 60 Jan.22 579 313 216 1 4 13 23 56 266 206 31 37 98 40 60 San Francisco (7 cities) Dec. 31 2,367 1,007 371 14 13 41 387 1 180 1,360 1,009 7 71 738 193 351 Jan. 8 2,351 1,001 368 14 14 41 386 1 177 1,350 1,004 7 70 734 193 346 Jan.15 2,344 998 366 14 11 42 387 1 177 1,346 1,002 7 68 733 194 344 Jan. 22 2,327 996 365 14 10 42 386 1 178 1,331 990 7 63 729 191 341 City of Chicago* Dec. 31 2,384 691 480 19 42 54 20 76 1,693 1,315 294 146 762 113 378 Jan. 8 2,495 692 483 20 40 53 20 76 1,803 1,423 400 146 762 115 380 Jan.15 . . 2,539 696 488 21 38 54 20 75 1,843 1,464 441 147 761 115 379 Jan. 22 2,544 698 488 22 38 55 20 75 1,846 1,467 444 147 761 115 379 * 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. 144 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 deposit Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F e a R e e r i n 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 n a d e o i n c s t - e k h t s i s c j p m u o s a d a e t s d - e n i - d t d s l s p p u v n h a c o a a i o e n i d r l r p r r d s a t - - - s - , - , S p s d s a i t i o u i c a o n 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 i t 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 1 r c 9 a t 4 l a 0 R n -4 d e 1 s ) e d r a v t e e tions tions Boston (6 cities) 627 148 205 1,343 1,347 89 24 13 229 2 1 392 22 241 Dec. 31 677 149 197 1,371 1,342 77 19 12 229 2 1 403 1 22 1 247 Jan. 8 680 147 200 1,371 1,356 77 21 12 230 2 1 410 22 1 247 Jan. 15 682 145 194 1,375 1,342 83 21 9 230 2 1 406 24 1 247 Jan. 22 New York (8 cities)* 6,928 112 250 11,153 11, 291 545 441 47 1,059 48 7 3,997 16 634 1,627 Dec. 31 6,991 113 238 11,241 11,024 516 299 48 1 052 46 7 4 020 16 606 1,626 Jan. 8 7,056 104 247 11,322 11, 253 530 300 29 1 053 44 7 4,056 16 602 1,626 Jan.15 7,049 107 237 11,417 11,213 540 317 24 1, 052 44 4,004 16 582 1,626 Jan. 22 Philadelphia (4 cities) 514 24 261 1,080 1,130 45 15 41 256 3 465 9 5 216 Dec. 31 544 25 229 1,079 1,092 48 12 40 257 3 455 14 5 216 Jan. 8 527 23 234 1,083 1,108 50 13 23 257 3 457 14 5 216 Jna. 15 537 23 222 1,098 1,118 51 12 9 257 3 457 14 5 217 Jan. 22 Cleveland (10 cities) 761 50 380 1,566 1,591 101 30 43 727 18 466 37 1 388 Dec. 31 780 53 363 1,563 1,538 94 19 43 727 18 468 37 1 388 Jan. 8 795 50 376 1,578 1,582 94 20 34 727 18 483 37 1 387 Jan.15 791 50 378 1,588 1,585 93 21 20 728 18 478 37 I 388 Jan. 22 Richmond (12 cities) 229 25 237 560 561 56 17 35 198 3 1 342 6 99 Dec. 31 261 28 252 597 586 52 13 35 199 3 1 347 6 1 99 Jan. 8 249 24 253 587 580 53 12 27 200 3 1 351 5 100 Jan.15 256 27 251 592 583 57 18 19 201 3 1 358 6 99 Jan. 22 Atlanta (8 cities) 157 15 201 445 436 71 13 38 187 3 3 340 3 2 96 Dec. 31 153 16 207 442 431 65 8 39 185 3 3 340 3 2 96 Jan. 8 153 15 218 458 451 68 7 27 185 3 3 339 3 2 96 Jan.15 153 16 223 459 447 73 7 20 185 3 3 351 3 2 96 Jan. 22 Chicago (12 cities)* 1,406 83 682 2,962 2,878 313 52 128 991 11 8 1,323 10 9 413 Dec. 31 1,396 86 628 2,990 2,834 299 41 126 992 11 8 1,344 10 8 413 Jan. 8 1,437 80 613 3,033 2,915 296 42 112 992 13 8 1,379 10 8 1 411 Jan. 15 1,451 80 615 3,097 2,942 312 36 89 993 13 8 1,356 10 8 1 412 Jan. 22 St. Louis (5 cities) 246 13 194 527 550 50 8 10 189 4 2 400 1 95 Dec. 31 254 14 198 533 538 48 7 10 189 4 2 408 1 95 Jan. 8 262 12 196 541 559 46 8 8 189 4 2 413 1 95 Jan.15 269 13 197 541 552 50 8 7 189 4 2 424 1 95 Jan. 22 Minneapolis (8 cities) 115 7 132 331 304 59 7 2 116 1 173 3 1 60 Dec. 31 117 8 129 331 298 55 7 1 116 1 173 3 1 61 Jan. 8 119 8 135 335 306 54 6 1 116 1 175 2 1 61 Jan. 15 122 7 133 334 302 55 6 1 116 1 175 2 1 60 Jan. 22 Kansas City (12 cities) 200 18 295 545 529 75 20 12 141 3 1 430 6 107 Dec. 31 207 19 299 556 539 75 12 12 141 3 1 430 6 107 Jan. 8 211 17 324 587 572 80 11 9 141 3 1 431 6 106 Jan. 15 209 18 328 591 564 83 10 7 141 3 1 432 6 107 Jan.22 Dallas (9 cities) 150 12 282 508 473 55 34 30 127 8 1 287 1 89 Dec. 31 149 13 283 520 497 55 12 30 127 8 279 1 89 Jan. 8 153 12 293 542 526 54 10 23 126 8 279 1 89 Jan. 15 147 13 291 531 519 54 14 16 127 8 285 1 89 Jan.22 San Francisco (7 cities) 464 28 343 1,279 1,234 136 35 52 1,014 93 337 22 17 391 Dec. 31 481 28 347 1,271 1,211 137 26 52 1 010 93 339 22 17 388 Jan. 8 500 27 386 1,266 1,258 96 26 44 1,060 90 348 22 16 389 Jan.15 505 25 351 1,275 1,248 99 25 40 1,018 88 343 22 16 390 Jan.22 City of Chicago* 1,056 45 329 1,964 1,929 174 28 90 503 8 5 997 8 266 Dec. 31 1,021 45 296 1,990 1,924 160 21 90 502 8 5 1,016 7 266 Jan. 8 1,054 42 275 2,021 1,980 154 22 84 501 10 5 1,044 7 263 Jan. 15 1,071 42 284 2,083 2,017 162 20 68 501 10 5 1,029 7 263 Jan. 22 * 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. FEBRUARY 1941 145 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 Commer- End of month p c a i p a e l r Total Accepting banks Feder B al a n R ks eserve G sh o i o p d p s e d st o b r e e t d w e in e n or out- out- Im- points in stand- stand- For ac- ports Exports Dollar ing i 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 o u r o e r n n r i t g e d o n - - f Others U S i n t n a i t t t o e e s d U S fr n t o a i t m t e e s d ch e a x n - ge U St n a i t t e e s d F c o o r u ei n g - n ents tries 1939—September 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 1940—January 219 229 179 111 68 50 101 38 16 61 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 54 40 79 43 13 36 34 July 232 188 152 103 49 36 75 32 13 35 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 December 218 209 167 100 67 42 109 18 10 44 27 i As reported by dealers; Includes some finance company paper sold in open market. » Less than $500,000. Back figures—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances cre C d u it s t b o a m la e n r c s e ' s1 Other credit balances Debit Debit End of month C b u a ( d s n l t e a e o b n t m ) i c t e i e s rs' a i b n n p a a v d c a la e c r n t s t o r n t c a u m e e d n s r e i t s n s n i ' n g t a i b n n a a v d c la e f c n t i s o r r t c a u m m e d n s e i t n s i n n g t C a b h a n a s a d n h n k d i o n s n r M o b w o o n e r d e - y 3 Free O (n th et e ) r m p i a e n r n v t I t n n e a e st n r - s d ' m i e n f n v i I t r 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 accounts 1935—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 1,395 64 164 249 1,048 342 103 30 12 424 1937—June 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June- _ 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—January _ 886 15 70 198 602 262 71 22 6 272 February 893 16 72 195 616 253 74 23 7 271 March___ ... _ 886 15 78 186 615 247 70 21 7 270 April 910 15 72 192 626 252 73 21 9 271 May . .. 702 12 67 239 459 251 68 22 6 274 June 653 12 58 223 376 267 62 22 5 269 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 December 677 12 99 204 427 281 54 22 5 247 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 money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in[detail) Annual Report for 1937 (table 69). 146 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 Pre vailing rate i on- Average rate on- [Per cent per annum] mo Y w n e e t a e h k r , , or m p P c a r o e p i r m m e c r i - e a , la b P c e a c r r n e i s m p k ' t - e - c S h t t i a m o n c e g k e c S h l c o t e a a o x a n l c - n l g k e i U N s u s . e u ry w e S b s . 9 i 1 l T l - D s r d e a e a y a s l - - y T A i 3 U e y r - l v e t d . e o a e S a * - r r . s 5 - o - f 1934 average i 3 t t a . i 4 e l 5 s Y N C o e i 2 r t w y . k 45 e E 7 N r c a n o o i s t t r t i 3 h a t e e . h e n r s 7 r - n d 1 1 W e 1 r c e n i S t s o i t a e e 4 u n s r . t d 3 n h 2 m 4 o t n o t h 6 s d 9 a 0 ys d 9 a 0 ys n r a e e l w s - - w fe i o r t f h e - d in t q a e t u r i s o o ' - n n u o r t y es 1 1 19 9 9 3 3 3 7 6 5 a a a v v v e e e r r r a a a g g g e e e 2 2 2. . . 5 6 9 9 8 3 1 1 1 . . . 7 7 7 2 6 3 3 3 2 . . . 0 3 8 4 9 8 3 3 3 . . . 4 7 2 0 6 5 period 1938 average.. 2.53 1.69 2,73 3.26 1939 average * 2.78 2.07 2.87 3.51 1938 average... .81 .44 1.25 1.00 .053 .07 .83 1940 average i 2.63 2.04 2.56 3.38 1939 average. _. .59 .44 1.25 1.00 .022 .05 .59 Monthly figure* 1940 average ... .56 .44 1.25 1.00 .014 .04 .50 1938—January 2.60 1.70 2.92 3.28 ^ 19 9 3 4 9 0— — A M M J F J J D u u e a p e a a n l b n r c y r y e . il. __ . . . . . . . 5 5 5 6 5 5 5 5 6 6 6 6 6 6 6 6 . . . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 1 1 1 1 1 1 1 1 . . . . . . . . 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 1 j L L L L L L . O O O O O . 0 0 n 0 O O O O O 0 o . ! . . . . 0 0 0 0 0 0 0 (2 1 0 4 0 0 7 0 ) 2 3 2 9 4 1 1 . . . . . . . 0 0 1 0 0 0 0 2 2 0 4 6 1 5 . . . . . . . 4 4 7 6 5 5 4 4 6 2 6 5 1 7 5 7 J J M A A F M S O u u e e p u c a a n l b p t r g y r y o e r i t u c L b e u h s m e _ a t r . r _ b y er. _ _ .. . . 2 2 2 2 2 2 2 2 2. . . . . . . . . 5 5 5 5 4 4 4 4 5 7 6 7 2 9 8 8 8 3 1 1 1 1 1 1 1 1 1 . . . . . . . . . 7 7 7 7 7 7 7 6 6 0 0 0 0 0 0 0 5 7 2 2 2 2 2 2 2 2 2 . . . . . . . . . 6 6 6 7 6 7 9 7 7 4 4 0 8 5 4 0 8 1 3 3 3 3 3 3 3 3 3 . . . . . . . . . 2 2 2 2 2 3 2 3 2 0 8 8 6 5 5 1 1 1 A Se u p g t .. . .5 5 6 6 . .4 4 4 4 1 1 . . 2 2 5 5 L L O O O O . . 0 0 1 2 9 1 . . 0 0 4 5 . . 5 4 8 8 N D o ec v e e m m b b e e r r 2 2. . 6 4 0 9 1 1 . . 7 7 0 0 2 2 . . 6 9 8 5 3 3 . . 2 2 0 3 Oct. .56 .44 1.25 i. oo (2) .02 .43 Nov.... .56 .44 1.25 1.00 .003 .02 .34 1939—January 2.64 1.73 2.97 3.32 Dec .56 .44 1.25 1.00 .02 .35 February 2.52 1.70 2.69 3.26 Week ending: Quarterly figures D D e e c c . . 7 1 . 4 . . _ _ }/%-% V 7/l i 6 e 1 1 J /4 4 1 1 . . 0 0 0 0 .0 ( 0 3) 1 . . 0 0 2 2 . . 3 3 4 3 1939— J M un ar e c h __. 2 2 . . 9 9 5 1 2 2 . . 1 1 3 5 3 3 . . 0 0 5 5 3 3 . . 7 6 7 2 Dec. 21.. K-M Vie 1M 1.00 (3) .02 .37 September __. 2.68 2.04 2.78 3.31 Dec. 28.. Vie 134 L. 00 (3) .02 .37 December 2.59 1.96 2.69 3.32 Jan. 4... %-% Vie 1M LOO (2) .02 .40 1940—March 2.65 2.03 2.67 3.35 Jan. 11.. VT-VS Vie V4. LOO (2) .02 .43 June 2.59 2.00 2.49 3.38 Jan.18.. Vie 1M LOO (2) .02 .41 September... 2.68 2.14 2.56 3.43 Jan. 25.. V2-V8 Vie 1/4 LOO (2) .02 .43 December 2.59 2.00 2.53 3.36 1 Monthly figures are averages of weekly prevailing rates. i Averages for 1939 and 1940 and quarterly figures are on revised basis 2 Rate negative. and are therefore not strictly comparable with the earlier series of annual Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures and monthly figures. for Treasury bills and Treasury notes available on request. Back figures.—See November 1939 BULLETIN, pp. 963-969 for description and for back figures. BOND YIELDS1 [Per cent per annum] Corporate * Year, month, or week T U u r r . e y a S s 2 . - M ip u a n l i s c- By ratings By groups Total Aaa Aa A 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 1938 average 2.56 2.91 4.19 3.19 3.56 4.22 5.80 3.50 5.21 3.87 1939 average 2.36 2.76 3.77 3.01 3.22 3.89 4.96 3.30 4.53 3.48 1940 average 2.21 2.50 3.55 2.84 3.02 3.57 4.75 3.10 4.30 3.25 1939—December 2.35 2.56 3.69 2.94 3.14 3.74 4.92 3.21 4.47 3.38 1940—January 2.30 2.54 3.63 2.88 3.08 3.69 4.86 3.14 4.39 3.35 February 2.32 2.60 3.60 2.86 3.05 3.68 4.83 3.12 4.37 3.33 March. 2.25 2.68 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 6.11 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 December 1.89 2.07 3.36 2.71 2.92 3.36 4.45 2.93 4.03 3.13 Week ending: Jan. 4 1.92 2.06 3.36 2.72 2.91 3.36 4.43 2.92 4.00 3.14 Jan.11 _ 1.97 2.17 3.37 2.75 2.94 3.37 4.41 2.95 3.99 3.16 Jan 18 1.98 2.14 3.36 2.74 2.95 3.36 4.38 2.96 3.96 3.16 Jan. 25 2.02 2.17 3.36 2.76 2.96 3.36 4.37 2.97 3.95 3.17 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 12 years. * Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 4,10 to 3, and 10 to 9 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 8 issues respectively. Back figures.See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request. FEBRUARY 1941 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate 3 Stock prices * Vol- U. S. ume of Year, month, or date Treas- Munic- tradury2 ipal Indus Rail- Public Year, month, or Common (index, 1926=100) ings Total trial road utility date Pre- (in ferred thou- Indus- Rail- Public sands of Number of issues 2-6 60 20 20 20 Total trial road utility shares) 1938 average 102.5 113.7 78.9 8•2.9 58.6 95.3 1939 average... 105.2 116.3 81.6 86.0 58.0 100.9 Number of issues. _ 20 420 348 32 40 1940 average 107.2 121.2 82.0 87.5 57.9 100.6 1938 average ._. 135.6 99 1,100 1939—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 1940 average 140.1 97 766 February 105.7 119.1 82.2 87.3 57.8 101.6 March 106.7 119.7 82.1 87.3 57.2 101.8 1939—December ___ 141.4 108 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 December 111.8 129.3 84.0 90.2 61.1 100.7 September. __ 139.1 94 553 October 140.4 95 599 Dec. 31 111.4 129.6 84.4 90.3 62.2 100.7 November. _. 141.9 96 1,044 Jan. 8 110.7 127.4 85.0 90.5 63.4 101.2 December 143.9 94 814 Jan. 15 110.5 128.0 85.5 90.6 64.7 101.3 Jan. 22 109.9 127.4 85.6 90.5 65.0 101.3 Dec. 31 144.7 94 834 Jan. 8 .- 145.3 96 716 Jan. 15 146.0 95 515 1 Monthly data are averages of daily figures except for municipal bonds, Jan. 22 145.2 93 477 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. 1 Standard Statistics Co. Monthly data are averages of Wednesday Prices expressed in decimals. Weekly data are averages of daily figures figures. for week ending on Saturday following date shown. 2 Average I -grade preferred stocks, adjusted to a 3 Prices derived from average yields, as computed by Standard Sta- $7 annual dividend basis. tistics Co. 3 Average daily volume of trading in stocks on the New York Stock Back figures.—See Annual Report for 1937 (table 79). For U. S. Treas- Exchange. Weekly figures are averages for the week ending Saturday. ury bonds see November 1940 BULLETIN. 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 « and Total mu- agen- eign» eign) nici- cies i Bonds for- nici- cies i Bonds pal Total and Stocks eign) pal Total and Stocks notes notes 1931 4,038 3,095 2,860 1,235 75 1,551 1,239 311 235 944 893 21 51 821 789 32 51 1932 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 __ 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,449 2,360 2,325 971 481 873 807 67 35 2,089 2,061 129 665 1,267 1,236 31 28 1939 ••5, 842 '2, 289 '2, 239 931 924 r383 ••287 97 50 '3, 553 '3,465 195 1,537 '1, 733 '1, 596 137 88 1940 - 4,764 1,943 1,942 757 461 724 589 135 1 2,821 2,818 478 344 1,996 1,804 193 3 1939—Dec 335 '99 '99 68 0 31 '22 9 0 237 237 22 19 196 189 7 0 1940—Jan 287 94 94 59 0 35 '20 16 0 193 193 26 29 '138 102 36 0 Feb "452 104 104 '57 1 '46 43 3 0 '348 '348 '115 22 211 '197 14 0 Mar.... r242 71 •71 '35 6 31 16 15 1 '171 '171 49 '18 104 90 14 0 Apr 345 118 118 58 6 54 31 23 0 227 227 18 17 192 154 38 0 May.... '251 122 122 30 3 89 80 10 0 '129 '129 20 25 '84 '84 0 0 June r227 '83 '83 •71 2 '10 8 2 0 '144 '144 '14 29 '101 '101 (') 0 July._._ '691 '397 ••397 62 289 '46 r44 2 0 294 294 20 48 226 223 3 0 Aug '282 '130 129 61 0 68 53 15 1 '153 'L53 '14 28 111 107 4 0 Sept.— '229 •114 '114 '46 0 68 64 4 0 '116 '113 '24 26 62 61 1 3 Oct '711 257 257 98 112 47 21 26 0 453 453 80 28 345 332 14 0 Nov '440 263 263 '53 42 169 166 3 0 '177 '177 '25 59 92 66 26 0 Dec.—. 606 190 190 129 0 61 45 16 0 416 416 73 14 328 286 43 0 ' Revised. J 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) 148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterest- Interest-bearing bearing Publicly-offered 1 Total End of month g d r e o b s t s in T t o e t r a e l st Total Bonds Notes Bills s j is e u A s r s u v t d e e i - c s d 3 e c S u o s r e c i - i t a y l ot A he ll rs t d M u e r a b e - d t Other bearing Pre- Treas- U.S. ury 2 savings 1932—June 19,487 19,161 18,816 753 13,460 1,261 616 105 240 266 1933—June 22,539 22,158 •21,782 753 13,417 4,548 954 92 284 66 315 1934—June 27,053 26,480 B26,006 753 15,679, 6,653 1,404 118 356 54 518 1935—June 28,701 27,645 26,910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June 33, 779 31,297 79 17,168 316 11,381 2,354 1,071 19 601 169 620 1937—June 36,425 35,800 33, 734 79 19,936 800 10,617 2,303 926 579 560 119 506 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—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 3,021 809 398 1940—January... 42,110 41,601 36,957 79 26,896 2,473 6,203 1,307 787 3,049 807 114 395 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 3,363 824 166 389 June 42,968 42,376 37,223 79 26, 555 2,905 1,302 797 3,528 829 205 386 July 43, 771 43,186 37,957 79 27, 226 2,966 6,384 1,302 773 3,536 920 198 August 43,905 43, 317 38,009 79 27, 236 3,008 6,384 1,303 771 3,622 915 205 September. 44,073 43, 480 38,045 79 27, 235 3,044 1,303 771 3,751 913 212 381 October... 44,137 43, 560 79 27,960 3,084 5,660 1,307 769 3,777 925 197 380 November. 44, 273 43,707 38,130 79 27,960 3,123 5,660 1,308 767 3,885 925 187 379 December. 45,025 44,458 38, 722 79 27, 960 3,195 6,178 1,310 765 4,047 924 189 377 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. 6 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS, FULLY GUARANTEED OBLIGATIONS,BY AGENCIESi DECEMBER 31, 1940 [In millions of dollars] [In millions of dollars] Federal Home Recon- Com- U.S. Maturing End of Total M F o a rt r g m age O L w o n a e n rs' s F tr i u n c a t n i c o e n m C o re d d it i y t H i o n u g s- Bonds month Corpora- Corpora- Corpora- Corpora- Author* Date maturing Bonds call- tion tion 2 tion tion ity or callable able i Total Bills Notes U. S. 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 1,387 2,855 252 1936—June- 4,718 1,422 3,044 252 1941— A Be p f r o . r 1 e - A Ju p n ri e l 3 1 0 2,5 5 3 0 2 4 1,310 6 5 7 0 7 4 545 545 1937_ D j u e n c e ... 4 4 , , 6 6 6 6 2 5 1 1 , ,4 4 2 2 2 2 2 2, , 9 9 8 8 7 8 2 2 5 5 2 5 J O u c l t y . 1 1 - - D Se e p c t . . 3 3 1 0 8 2 3 0 4 4 204 834 834 1938— D J e u c ne.. 4 4, , 8 6 5 4 3 5 1 1 , , 4 4 1 1 0 0 2 2 , , 9 9 3 3 7 7 2 29 9 9 7 206 1942—Jan. 1-Mar. 31 426 426 Dec.— 4,992 1,388 2,888 509 206 Apr. 1-Dec. 31 575 575 1939—June.. 5,450 1,379 2,928 820 206 114 1943 .. 1,330 1,330 1,855 1944 1,214 1,214 2,555 1939—Oct.. . 5,448 1,279 2,823 820 409 114 1945 3,363 1,249 173 1,941 1,755 Nov. . 5,707 1,269 2,817 L,096 407 114 1946 1,850 315 1,534 2,359 Dec... 5,703 1,269 2,813 L,096 407 114 1947 2,793 410 2,383 1,473 1940—Jan... 5,699 1,269 2,809 L,096 407 114 1948 1,982 495 1,487 2,246 Feb... 5,673 1,269 2,783 L,096 407 114 1949 . . 1 638 819 819 2,278 Mar.. 5,663 1,269 2,770 L,096 407 114 1950 1 554 2 982 571 1,186 Apr... 5,656 1,269 2,763 L,096 407 114 1951 1,223 1,223 3,500 May- 5,535 1,269 2,641 L,096 407 114 1952 2,436 2,436 June. _ 5,528 1,269 2,634 1,096 407 114 1953 2,904 2,904 725 July.. 5,526 1,269 2,631 1,096 407 114 1954 2,663 2,663 681 Aug... 5,812 1,269 2,627 L, 096 696 114 1 1 1 1 9 9 9 9 5 5 5 5 9 8 6 5 _ ,.. 1 1 , , 4 1 9 7 8 8 0 0 2 1 1 , , 4 1 9 8 7 8 0 0 2 2,6 9 9 1 1 8 1 9 2 N S O D e e c o p c t v . . t . . . _ . . . 5 5 5 5 , , , , 8 9 9 8 1 1 1 0 0 9 7 8 1 1 1 1 , , , , 2 2 2 2 6 6 6 6 9 9 9 9 2 2 2 2 , , , , 6 6 6 6 1 1 2 2 5 8 1 3 1 1 1 L , , , , 0 0 0 0 9 9 9 9 7 7 7 7 6 6 6 6 9 9 9 9 6 6 6 6 2 1 1 2 1 2 2 1 4 6 6 4 1960 2,611 2,611 1,485 1961 „ 50 50 50 1963 919 919 * 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, 722 1,310 6,178 3,195 28,039 28,039 Housing Administrator, amounting to $12,90u,000 on December 31, 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 $15,000,000 on December 31, 1940. Bonds that have been called are shown as maturing on date of call. »Includes unclassified U. S. savings bonds. 149 FEBRUARY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS lOn 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.,2 excess Period Mis- Agri- Excess of recul- Un- Trans- of ex- ceipts c ta o T i x n « m e - s e n i rC n a e n B t l o a l e lal u l a r s - - 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 l e o r i e c p - a t l s ce M r i e p - f ts1 I d n e o e t s n e b t r t - t f i N e o d n e n a s - - a e l m t j A u u e r s d a n t - - l t m p e r l m e o e- n y - t - c f t e o r a r u u s c s n - t t t o s o A th l e l r Total* p t e u n re d s i- p ( t + e u e n ) r x o e d - s i r - f G b e u r a e n a n l d - l - d G e r b o t s s 3 reve- Pro- lief etc.» (-) ance 2 nue gram Fiscal year • ending: June 1938— 2,640 2,279 755 567 6,242 5,855 926 1,028 362 1,914 220 2,789 7,239 -1,384 +306 -338 +740 June 1939... 2,189 2,232 740 507 5,668 5,165 941 1,163 787 2,595 182 3,040 8,707 -3,542 +890 +622 +3,275 June 1940— 2,125 2,345 838 617 5,925 5,387 1,041 1,559 1,020 1,919 208 3,251 8,998 -3,611 +136 -947 +2,528 6 months ending: Dec. 1938— 1,138 1,200 332 257 2,927 2,722 425 575 303 1,363 163 1,471 4,299 -1,577 +182 +868 +2, 262 Dec. 1939... 800 1,276 376 292 2,744 2,476 455 689 486 951 179 1,720 4,480 -2, 004 +139 -362 +1,503 Dec. 1940... 1,041 1,516 4i8 261 3,236 2,925 491 1,732 525 870 169 1,354 5,141 -2, 216 +197 +38 +2,057 1939-Oct... 38 198 36 50 322 279 68 115 97 145 10 285 721 -442 -1 -264 +178 Nov.. 34 191 130 52 407 364 12 118 117 147 10 243 648 -284 +267 +252 +269 Dec... 319 171 29 50 569 621 190 125 102 162 10 243 832 -311 -16 +311 +637 1940—Jan... 45 167 45 57 315 315 38 132 119 157 •5 272 712 -398 +37 -194 +167 Feb... 63 154 178 49 444 444 19 129 128 145 10 238 668 -224 +36 +67 -256 Mar.. 665 192 30 46 934 799 146 143 105 173 255 822 —22 +11 +164 -178 Apr... 48 175 39 42 304 304 69 159 78 173 20 284 783 -479 +58 -303 -118 May. 40 179 137 43 400 400 10 154 62 169 4 248 647 -247 -83 -181 -150 June _ 464 201 32 88 784 649 305 153 43 151 235 887 -237 -62 -139 -160 July.. 50 237 39 41 367 331 20 177 54 151 114 302 818 -487 +51 +367 --803 Aug.. 38 346 139 43 566 447 20 200 76 142 25 243 706 -259 +320 +196 +135 Sept.. 432 213 29 37 711 711 148 219 75 139 10 168 759 -48 -158 -39 +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 Dec. 429 231 34 46 741 740 219 473 110 155 215 1,172 -432 -209 +111 +752 Details of trust accounts, etc. Details of general fund balance (end of period) Old-age insurance Period tr r u e s t t i r fu em nd e n a t n d a c r c a o il u ro n a t d Un t e r m us p t lo fu 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 c n h t e c a k g i e n n g cies All other In- Workcre- Seignc N e r i e e p - t ts m v I e e n s n - t t - s m B p e e f a i n n y t e t - s - ce R i e p - ts m v I e e n s n - t t - s p O tu e e t n r x h e - d e s r i- s C F t R r o i u e n r c c p a o t o n i n r c o a - e n - C m C o C o r r o p e d m d o it i r - y t a- U i S H n n t g o a i u t t A e e s s d u - - 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 o o e n l n d t iorage a b n a o f e tion tion thority Fiscal year ending: June 1938. __ 550 461 85 763 560 191 •9 •184 1 *12 414 327 2,216 142 446 1,628 June 1939... 639 516 120 838 395 442 •658 136 •60 •186 440 324 2,838 142 530 2,160 Jun© 1940... 703 573 129 959 443 514 •234 10 17 166 415 323 1,891 143 585 1,101 6 months ending: Dec. 1938 .. 293 210 57 402 192 214 •169 124 11 *69 240 183 3,084 142 492 2,449 Dec. 1939 .. 345 268 61 452 242 207 •219 •18 54 108 228 182 2,476 143 565 1,768 Dec. 1940 .. 387 284 85 572 235 338 78 •72 *9 •116 243 181 1,928 143 597 1,188 1939—Oct 53 43 10 54 7 24 15 19 16 •11 28 13 1,913 143 558 L,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 ig40— F Ja e n b . mm 1 1 0 0 1 1 0 0 15 7 5 9 1 2 0 8 3 5 4 8 5 •2 • 0 5 • • 6 3 •1 1 1 4 •25 7 2 2 4 0 1 2 7 2 2, , 3 2 5 8 0 2 1 1 4 4 3 3 5 5 6 7 8 3 1 [, . 6 5 3 7 4 1 Mar 135 135 11 30 •18 47 2 •4 17 •29 29 22 2,514 143 577 1,794 Apr 20 •5 12 53 18 45 •3 •4 •34 9 32 10 2,210 143 581 1,48ft May 4 12 145 81 58 •6 •17 107 20 17 2,030 143 584 1,303 June 179 175 12 46 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 l,C2T Aug 145 1 13 143 85 53 •144 •6 •32 18 15 2,454 143 590 1,720 Sept 11 148 14 67 •18 81 •13 •1 15 16 24 17 2,415 143 592 L,68O 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 Dec 1 151 15 51 11 33 153 17 8 21 35 25 1,928 143 597 1,188 i Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendment! 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>xpenditures, and from transfers to trust accounts. J Details given in lower section table. 1 For details, see preceding page. * Less than $500,000. * Excess of credits. NOTE.-—For explanation of table see BULLETIN for October, 1940, p. 1052 150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOVEMBER 30, 1940 {Based on compilation by U. S. Treasury Department from reports received from organizations 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 e n s d Farm credit agencies5 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- Nov. Oct. Nov. Public Loan gage ing gage Adm. Credit Other thor- cies 30, 31, 30, 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... 224 186 0) 60 469 441 430 Preferred stock etc 455 194 27 61 1 739 757 817 Loans to railroads 485 30 515 512 497 Home and housing mortgage loans 1,969 242 176 2,387 2,387 2, 358 2,508 2,508 2,517 2,605 Other agricultural loans 291 289 186 4 772 785 1,116 All other loans 2447 0) 3441 M02 1,291 1,214 1,112 Total loans and preferred stock..... _ 1,611 2,163 454 176 2,508 353 289 628 60 438 8,680 8,613 8,936 Cash 13 170 85 59 84 62 2 17 5 35 17 549 521 476 U. S. Govt. direct obligations 49 39 5 82 92 429 5 699 704 743 Obligations of Government credit agencies: Fully guaranteed by U S 12 10 105 128 130 131 Other * 8 54 12 24 30 39 Accounts and other receivables 24 7 6 2 210 4 85 29 7 64 75 513 521 389 Business property 3 128 6 (0 8 345 1 110 601 597 543 Property held for sale 43 364 1 91 0) 543 0) 41 29 1,113 1,094 678 Other assets 3 0) 0) (0 9 21 5 0) . 11 160 210 188 129 Total assets other than interagency 6 1,751 2,707 598 369 2,993 555 927 678 357 748 834 12, 51812,398 2,063 Liabilities Bonds, notes, and debentures: Guaranteed by United States- 1,097 2,618 226 1,270 696 13 5,919 5,808 5,708 Other 5__ _ 201 6 998 202 8 1 12 1,422 1,354 1,352 Other liabilities (including reserves) 312 68 31 5 108 8 131 219 7 250 97 1,237 1,243 1,004 Total liabilities other than interagency6 1,409 2,686 232 231 2,376 210 827 219 15 264 109 8,579 8, 406 8,064 Excess of assets over liabilities, excluding interagency transactions.. 343 21 367 138 617 345 100 460 342 483 725 3,939 3,992 3,999 Privately owned interests.. . 56 214 4 139 413 412 397 U. S. Government interests 343 21 311 138 403 341 100 460 342 344 725 3,526 3,580 3,602 1 Less than $500,000. 2 Includes $89,000,000 loans of Public Works Administration. 3 Includes $373,000,000 loans of Farm Security Administration. 4 Includes $244,000,000 loans of Rural Electrification Administration. 5 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. 6 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finance Corporation. NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Dec. 31, June 30, July 31, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, 1939 1940 1940 1940 1940 1940 1940 1940 Loans to financial institutions 172,154 150,468 147,184 145,178 142,396 141,935 167,153 171, 583 Loans on preferred stock of banks and insurance companies. 33,029 56,952 56,924 56, 769 56,627 56, 578 56,470 52,947 Preferred stock, capital notes, and debentures 488, 673 469, 674 465, 909 458,845 459,941 460,218 454,941 452,380 Loans to railroads (including receivers) 448, 792 475,856 506, 623 507,627 470,039 472, 596 473,881 Loans for self-liquidating projects. 79,440 48,105 38, 754 42,262 38,476 47,096 35, 597 35, 797 Loans to industrial and commercial businesses * 130, 625 130, 732 129, 955 129,427 131,126 130,944 131,484 128, 561 Loans to drainage, levee, and irrigation districts 83, 299 83,223 83,360 83,409 83, 507 83,460 Other loans 4,081 4,677 4,788 4,801 4,746 4,855 4,862 Securities purchased from Public Works Administration. _. 120,808 111,065 107,066 110,090 116, 216 115, 930 115^ 224 115,699 Total loans and investments, other than interagency. . 1,561, 5991, 531,1241, 540, 5021, 538,2221, 502, 9261, 510, 7351, 521,8571, 519,170 Preferred stock of, and loans to Export-Import bank.. 45,000 74,000 74,000 74,000 74,000 74,000 99,000 99,000 Loans to Rural Electrification Administration.. 146,498 146,498 146,498 146,498 146,498 146,498 146,498 Capital stock of, and loans to R. F. C. Mortgage Co 57,081 59,050 58,628 60,212 61,160 62,806 64,115 67,110 Capital stock of, and loans to Fed. Natl. Mtge. Assn 58, 729 73,863 76, 470 78,976 81,039 84, 559 87,077 90,380 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 44,503 Loans to Farm Security Administration ._ 10,000 10,000 10, 000 21,000 23,000 28,000 Total loans and investments.. 1,877,207 1,892,835 1,915,397 1,918,206 1,894,318 1,932,175 1,983, 234 2,002, 961 1 Include national defense loans amounting to $7,306,000 on December 31, 1940. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. FEBRUARY 1941 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate Farm mortgage loans credit bank loans to Loans to cooperatives byby- and discounts for— Regional agri- Produc- Regional Emer- End of month la F nd e d b e a r n al ks C s o B L i m o a a n n n m e d k r is- p a c s p c o r n r c o r o e c d u e r d d i a l d a i u t b t i t t u i t c i a o r o c t n a a n i n o s o k l s s r - n s , - , f c i i n e o n O t t x a i o s i o t n c v p t h n i e c e e t e s i p s r u n r , a t - g - ti a o s t n s i o o c n c r i s e a d - it t i u a t r r g a c a t r o l i i o c r c p u n r o l s e - - d- c d r g r o o e p n u c g a y n h d t m F b c i e e n r a d d e t n e e d i k a r r i - s a t te l B in C c a a c B o t e n l i o a n u k v p n d t s e e r k i s a r f n , - o l g r i M A i n r n e t g g a g u v r r o r i f k A c a u l e u v l n c t l - t d - for cooperatives 1 1934—December. 1,915,792 616,825 99,675 55,672 60,852 87,102 111,238 33,969 27,851 54,863 1935—December. 2,071,925 794,726 104,706 47,162 94,096 43,400 172,863 2,731 50,013 44,433 1936—December. 2,064,158 836,779 129,872 41,017 105,212 25,288 165, 369 1,641 69,647 53,754 1937—December. 2,035,307 812,749 165,194 40,464 138,169 15,592 172, 701 1,813 87, 633 30,982 1938—December. 1,982,224 752,851 168,392 33,545 148,037 11,081 171,489 920 87,496 23,723 1939—December. 1,904,655 165,236 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 1,871,487 202,503 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 December. 1,851, 218 648, 296 186,933 34,102 172, 312 5,885 168,438 1,490 74, 741 16,461 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 thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans by- Federal U. S. Government home Depos- securities Federal savings and loan itors Cash Cash End of month L p O o H o w a r o n a n m t e C io r e o s n r ' - N c o l i u f o a m a t a i n s o b s n o a e s - s r soc 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 s b t k u t e » o - r End of month a b n a c l e - s1 Total b i p n t a o o n r s d y k 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 u b o n a e a l n - - d i r s - - f s e u e r t n e r c - v d 2 e s 1934—December. 2,379,491 639 81,300 86, 651 1935—June.. 1,205 1,236 385 777 630 147 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 1,157 1,011 146 78 1939—August 2,059, 792 1,392 1,186, 784 159,470 1939—December 1,279 1,319 1,192 ,046 146 74 September.. 2,054,865 1,394 1,206,887 163, 687 1940—January 1,290 1,331 1,197 ,051 146 84 October 2,049,421 1,394 1, 231,685 168, 654 February 1,297 1,340 1,194 ,048 146 97 November.. 2,043,288 1,401 1,252, 559 168,822 March 1,301 1,343 1,200 ,054 146 97 December.. 2,038,186 1,410 1,271,161 181,313 April 1,303 1,345 1,214 ,068 146 87 1940—January 2,031, 341 1,403 1,280,200 156, 788 May 1,299 1,342 1,224 ,078 146 74 February... 2,026,614 1,407 1, 296,464 144,515 June 1,293 1,337 1,224 ,078 146 69 March 2,021,951 1,413 1,317,975 137,642 July 1,297 1,339 1,224 ,078 146 73 April 2,020,572 1,420 1,348,072 133,811 August 1,297 1,340 1,224 1,078 146 75 May 2,017, 395 1,421 1,376,700 137, 509 September 1,295 1,339 1,224 1,078 146 74 June 2,012, 760 1,430 1,405,100 157,397 October l 296 July. 2,004, 737 1,431 1,432,100 162,222 November . , 298 August 1,996,443 1,431 1,461,867 168,402 December.. 304 September.. 1,987,611 1,434 1,487,974 176,047 October 1, 980, 704 1,440 1, 515, 392 181, 526 November.. 1,968,816 1,443 1, 533, 246 185, 547 p Preliminary. December. _ 1,956, 268 1,445 1, 546, 270 201,492 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 savings miscellaneous working funds with the Treasurer of the United States, and loan associations. accrued interest on bond investments, and accounts due from late posti Excludes loans to other than member institutions which are negli- masters. gible in amount. Back figures—Bee BULLETIN for August 1935, p. 502. 152 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] 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 e t 1 - s ) 0 e 1 To I ( t n p a d h l u y s s 1 t i 9 c r 3 i a a 5 l D l - a v 3 b p u f 9 o M l a r r = e l c - o u 1 a t d m u 0 n u N 0 r d a u e e c b - u ) o s t l i r n e 2 o - n * M era in ls - T aw o C t a 1 a r o 9 c d 2 n o e 3 s n R d d - t t t 2 r e i e r a u 5 n ( s a l v i = c - c a t 1 t i s l 0 o u o 0 n A e t ) h l l e 3 1 t = N 9 a u c 3 g 1 u o r E 5 r l 0 a n - i - l 0 m - - 3 5 pl 1 o 9 y F 2 m a 3 c - e t 2 o n 5 r t = y « 1 t 00 r 1 o = 9 p F t l o 1 2 a a l 0 y 3 s r c y 0 - - - * 2 • F 1 i = l 9 r n o c e 1 2 g a a 0 i 3 r d s g 0 - * 2 - h 5 t D ( 1 v m = s s 9 e a a t 1 2 p l e o l 0 3 u e a n r 0 - e s e r 2 t ) t 5 - p m W = r c 1 s i o o 1 9 c h a m 0 2 d e l o 0 6 e - s i l t e * 1 = 9 C i l 1 n 3 i o o v 0 5 g f - s 0 - 4 t 39 Ad- Ad- Unad Ad- Ad- Ad- Ad- Ad- Ad- Unad Ad- Unad Unac Ad- Ad- Unad- Unadjusted justed justed justedjusted justedjusted justedjusted 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 96.7 110.7 1923 88 104 72 98 84 81 86 103.8 102 9 100 98 100.6 121.0 1924 82 95 69 89 94 95 94 96.4 96 0 98 99 08 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 05.4 124.0 1928 99 117 85 99 135 126 142 99.7 103 5 104 108 06 7 122.6 1929 100.0 110 133 93 107 117 87 142 107 9 106.0 110 4 107 111 05.3 122.fi 1930 90 8 91 99 84 93 92 50 125 101.2 92.4 89.4 92 102 86.4 110.4 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 07.6 1933 57.1 69 54 79 76 25 11 37 83 6 73.4 50 1 58 67 65 0 02.4 1934. 65.8 75 66 81 80 32 12 48 90.7 85.7 64.5 62 75 74.0 08.7 1935 71.7 87 84 90 86 37 21 50 94 2 91.3 74 1 64 79 80 0 08 1 1936 82.7 103 108 100 99 55 37 70 100.3 99.0 85.8 75 88 80.8 00.1 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 5 90.9 78 5 62 85 78 6 100.8 1939 85.4 108 108 108 106 72 60 81 101 8 99 9 92 2 70 00 77 1 00 4 1940 P90. 5 P122 P135 P113 P82 P72 P105. 0 P107. 5 P105. 4 76 94 78.6 100.1 1937 November 84.9 95 97 94 92 109 56 32 76 104.5 103.8 104.2 93.3 71 90 83.3 December 83.7 87 86 80 87 107 61 30 87 102.8 98.2 97.7 84.6 67 89 81.7 103.0 1938 January 82.3 86 82 75 88 103 52 26 73 98 2 93 4 91.0 75 4 65 00 80 0 February 81.5 84 82 73 90 98 51 32 66 97 8 92 4 91 6 77 7 62 88 70 8 March _ 81.2 84 84 72 90 97 46 33 56 97 9 91 0 91.2 77 8 60 86 70 7 100 0 April 80 1 82 82 69 88 95 52 37 65 98 2 89 0 89 3 75 2 57 83 78 7 May 79.1 80 81 67 88 90 51 37 62 97 3 87 3 87 0 73 6 58 80 78 1 June _ 78.7 81 81 65 90 92 54 42 64 97.1 86.3 85.4 71.6 58 82 78.3 100.0 July. 78.7 86 85 71 95 94 59 49 68 97 1 87 2 85 9 71 7 61 83 78 8 August. 79.8 90 90 77 99 97 66 53 77 98 1 89 3 90 2 77 9 62 83 78 1 September 80.4 92 95 81 100 98 78 56 96 99.8 91.0 93.6 82.3 64 85 78.3 100.7 October. _ 81.7 95 99 88 100 98 82 57 102 100 0 92 0 94 2 85 0 68 86 77 6 November 82.1 100 102 96 103 102 96 56 128 99.8 94 8 95.3 85 3 69 87 77.5 December. 83.1 101 100 97 104 102 96 57 128 100.7 96.7 96.2 88.1 69 88 77.0 100.2 1939 January 83.4 102 98 98 104 103 86 55 111 98 1 96 8 94.5 84 7 69 88 76 0 February 83.7 10,1 99 98 104 102 73 58 85 98 5 96 8 96 1 87 1 67 88 76 0 March 84.6 101 100 96 104 103 69 55 80 99.3 96.7 97.0 88.8 66 88 76.7 00.1 April 83.1 97 98 93 103 92 67 58 74 99 5 96 6 96 9 86 8 60 88 76 2 May.. 83.8 97 99 90 104 96 63 55 68 100 3 96 3 95 9 86 3 62 87 76 2 June 84.1 102 102 97 106 105 63 58 67 101.7 97.3 96.4 87.9 67 86 75.6 08.6 July 83.6 104 1Q2 101 106 107 67 62 71 101 7 98 4 96 6 85 8 69 87 75 4 August. 85.2 104 103 106 108 92 73 67 78 102 5 99 0 99 5 91 2 70 88 75 0 September 86.1 113 116 115 111 114 73 68 76 104.3 100.8 103.7 95.4 77 00 70.1 100.6 October 88.0 121 126 129 115 119 76 68 82 105 2 104 8 107 3 103 2 80 02 70 4 November 88.5 124 126 133 117 120 83 61 101 104.9 107 0 107.5 103 2 82 03 70 2 December. 90.0 126 124 140 117 115 86 60 107 105.5 108.2 107.8 105.4 78 95 79.2 00.6 1940 January _ 90.3 122 117 135 113 118 75 53 93 102 1 107 6 105 0 99 8 78 02 70 4 February 89.7 116 113 124 110 114 63 56 68 101.8 105.8 105.0 99.3 73 90 78.7 March... 88.4 113 112 118 106 117 62 57 66 102.4 104.0 104.4 99.8 69 89 78.4 00.8 April 88.2 111 112 113 107 119 64 62 66 102.5 102.8 103.2 97.9 70 89 78.6 May 88.6 115 116 119 110 118 64 64 65 103 3 102 8 102 5 97 8 72 89 78 4 June 88.7 121 121 131 114 118 74 69 77 104.1 103.8 103.1 99.5 75 91 77.5 100.5 July .. . 89.3 121 118 132 112 120 85 77 91 104.1 105.1 103.2 98.2 75 92 77.7 August 90.5 121 120 135 112 114 90 82 98 105 5 107 4 107 4 105 5 76 98 77 4 September 91.7 125 129 146 112 116 93 82 101 107.3 108.9 111.4 111.6 77 97 78.0 100.4 October. 92.5 129 134 150 116 113 95 85 103 108.3 111.4 113.8 116 2 77 94 78.7 P100. 2 November 93.5 132 135 154 119 117 111 87 130 108.4 114.2 114.6 116.5 83 100 79.6 P100.1 December P95.2 P137 P134 P164 P123 P114 P120 P93 P142 110.0 116.6 116.2 122.8 84 101 80.0 100.7 p Preliminary. * Average per working day. r Revised. t Revised; see note page 158 and table page 166. 1 Department of Commerce series on value of payments to individuals. » For indexes by groups or industries, see pp. 154-157; 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 162. < 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. 158-161 for employment and payrolls and p. 164 for prices. 6 Excludes military and naval forces. 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, and January 1941, p. 65. FEBRUARY 1941 153 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total 124 126 122 116 113 Ill 115 121 121 121 125 129 132 P137 Manufactures—Total 124 128 123 116 112 110 114 122 121 122 127 131 135 Durable 133 140 135 124 118 113 119 131 132 135 146 150 154 P164 Nondurable ._ .. 117 117 113 110 106 107 110 114 112 112 112 116 119 P123 Iron and Steel .. ._ 161 167 147 118 106 99 118 154 156 158 164 165 166 181 Pig iron 163 169 161 136 118 117 127 148 157 162 167 169 173 176 Steel ingots _ __ 161 167 146 117 105 97 118 154 156 157 164 165 165 181 Machinery ._ _ 123 125 127 123 123 123 124 128 133 138 145 146 152 P165 Tran A s i p r o c r ra ta f t t ion Equipment __ 1 23 0 9 3 2 1 6 2 6 9 2 1 8 3 8 8 2 1 8 3 3 8 2 1 9 3 9 2 3 1 0 1 6 7 3 1 2 1 3 7 3 1 6 2 4 2 3 1 9 1 4 1 4 1 5 0 5 7 '5 1 1 3 7 8 1 '5 5 4 7 4 1 59 6 4 3 P624 Automobiles 91 121 129 129 120 103 101 106 87 76 109 130 133 134 Railroad cars 122 136 156 158 149 125 121 111 119 127 153 148 166 P187 Locomotives 98 95 102 101 101 103 102 102 113 123 140 160 '168 P176 Shipbuilding 142 144 149 150 156 156 164 170 189 213 220 227 '226 P268 Nonferrous Metals and Products 153 159 154 142 132 124 '127 130 138 '146 153 164 • 169 P177 Nonferrous metal smelting i 130 135 136 130 131 129 131 128 138 '134 130 134 133 Copper smelting 144 131 137 131 130 131 140 135 126 130 132 138 Zinc smelting^ _ _ _ _ 127 130 133 135 130 133 135 130 141 140 148 147 146 147 Copper deliveries 162 145 125 111 113 115 119 134 154 170 179 203 Lead shipments 144 136 119 102 100 104 110 119 127 128 126 127 131 136 Zinc shipments.._ 154 144 129 '122 117 112 113 124 135 '141 143 144 142 143 Tin deliveries -MQ •ton 137 141 146 Lumber and Products 121 121 115 114 111 110 112 111 107 114 121 123 127 P129 Lumber __ . 121 122 115 114 110 109 110 110 104 113 121 124 128 P129 Furniture 121 118 117 113 112 111 115 113 115 115 121 122 125 P128 Stone C C G , o e la C m m s C F l s m a e a o y n c c o m o t e n a . n m n b t a d a r o n i i n d n G c e k l b f a r . a r s s . c i s c e k P b r r o i d c u k c t _ s _ 1 1 1 1 1 1 2 3 2 2 1 2 0 8 1 5 2 1 1 1 1 1 1 1 2 4 4 4 3 1 8 1 3 2 1 5 1 1 1 1 1 1 3 2 2 1 1 1 6 3 5 9 1 6 1 1 1 9 8 0 1 1 6 1 6 3 8 1 1 1 1 1 2 0 0 1 2 0 6 5 7 4 1 1 1 1 1 0 1 0 1 1 7 5 8 5 6 1 1 1 1 1 1 1 1 0 1 0 1 1 3 9 5 5 2 1 1 1 1 1 1 9 1 1 1 1 1 0 2 1 2 3 8 1 1 1 1 1 1 1 1 1 1 0 5 7 7 8 1 1 1 1 1 1 1 2 1 2 9 4 9 5 5 r 1 l 1 1 1 •I 4 3 2 2 2 c 6 1 y 7 5 3 A 1 1 1 1 1 2 2 1 2 3 6 7 4 6 3 1 1 1 1 1 1 2 2 3 3 3 0 7 6 9 9 3 7 1 1 5 0 4 0 Polished plate glass. . 112 124 122 112 105 96 91 80 100 114 118 111 113 117 Textiles and Products* __ 127 125 118 108 100 100 104 107 113 113 116 123 134 P139 Textile fabrics* 124 120 113 105 97 97 100 103 108 111 113 121 131 P136 Cotton consumption . 124 127 120 115 108 107 109 114 121 124 120 126 135 145 Rayon deliveries* '143 151 150 143 139 137 142 144 137 127 120 130 147 P157 6ilk deliveries 89 78 69 64 64 61 58 56 57 61 65 71 77 P77 Wool textiles 132 115 106 93 77 79 87 89 100 106 123 132 142 140 Carpet wool consumption. 132 115 111 108 87 97 95 79 69 95 109 125 128 136 Apparel wool consumption 125 104 107 92 80 68 82 88 113 108 137 152 160 155 Woolen yarn 115 105 99 89 78 78 86 92 102 104 120 124 131 132 Worsted yarn 151 112 98 93 75 76 90 93 112 118 136 150 154 145 Woolen and worsted cloth. 135 127 111 89 71 76 83 89 105 104 122 126 144 141 Leather and Products. 108 105 101 98 93 85 87 96 94 ©6 '95 96 107 Leather tanning 103 101 102 96 92 86 88 90 85 92 '90 93 100 C attle hide leathers 1 1 0 0 5 1 10 9 7 0 1 9 0 7 4 1 8 0 6 0 9 8 4 4 8 8 6 0 9 8 1 7 8 9 8 0 8 7 8 5 9 8 8 3 '8 9 2 5 10 8 0 5 1 9 1 2 0 Goat and kid leathers 98 92 99 92 92 91 89 91 84 83 '83 80 81 Shoes 112 108 101 99 94 85 86 100 99 100 99 99 112 112 Manufactured Food Products . 110 112 111 113 112 111 111 115 110 114 109 117 116 P118 Wheat flour 97 102 100 100 100 100 105 98 100 99 100 104 99 104 Cane sugar meltings 92 96 95 95 86 89 97 112 101 90 86 116 136 2*120 Manufactured dairy products* 108 114 110 115 112 112 106 111 113 109 109 111 109 P112 109 '119 '105 '116 111 113 104 112 116 104 Butter. _. 103 105 110 109 107 108 102 105 105 104 105 108 106 110 Cheese _,_ 102 103 102 104 115 116 117 110 114 114 115 114 117 118 Canned and dried milk.. 118 123 128 126 123 118 112 117 121 132 130 136 128 139 Meat packing 116 126 124 129 128 117 117 126 116 119 121 127 133 134 Pork and lard 131 149 144 154 156 131 135 152 132 141 147 152 159 165 Beef 101 104 104 106 102 106 101 101 101 99 95 101 106 107 Veal 98 87 88 86 87 86 89 91 97 91 '92 98 102 97 Lamb and mutton 107 109 108 99 97 98 93 99 98 96 95 106 110 109 Other manufactured foods 111 111 111 112 112 112 112 115 110 115 109 117 116 P117 Alcoholic Beverages* 98 95 98 '97 '97 104 100 113 108 91 103 103 96 101 Malt liquor _ 102 105 103 96 99 102 99 99 103 91 93 100 94 104 Whiskey* '58 57 '60 '61 '67 78 84 84 72 44 71 80 77 85 Other distilled spirits* 87 '89 113 114 121 132 114 131 148 208 231 118 86 85 Rectified spirits 123 92 108 126 108 123 114 201 154 87 126 134 131 105 Tobacco Products 110 109 103 106 103 111 110 115 103 106 108 115 113 114 Cigars . 100 104 107 103 100 102 104 98 101 105 102 105 103 108 Cigarettes 118 115 106 109 107 119 117 127 106 110 113 120 119 121 Manufactured tobacco and snuff. _ 103 100 93 97 95 99 100 99 99 96 100 112 106 101 ' Revised. P Preliminary. 1 Includes also lead production shown under "Minerals. 2 Revised beginning in 1940 to include production from foreign concentrates shipped for export. Prior to 1940 such production was small m amount and consequently no change was'necessary in the zinc production series used to represent zinc smelting in earlier years. * See table on next page. 154 FEDERAL RESERVE 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] 1940 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Paper and Products 134 135 123 114 110 116 127 132 130 124 120 122 125 Paper and pulp 132 134 123 114 110 117 128 132 130 123 118 120 124 Pulp. 137 147 138 133 135 140 149 159 153 150 150 148 149 Groundwood pulp 108 116 114 110 110 118 118 118 117 119 117 120 124 Soda pulp _._ 131 145 129 117 116 118 135 148 142 120 114 124 113 Sulphate pulp 157 176 160 153 151 164 175 186 179 179 185 182 184 Sulphite pulp 133 138 134 130 136 136 145 157 151 148 145 141 142 Paper _ 131 132 121 111 106 113 125 128 126 118 113 116 120 Paperboard— 134 140 127 112 109 114 131 128 130 121 118 123 132 143 Fine paper 129 122 111 100 95 99 110 118 121 114 107 110 114 Newsprint production 101 105 106 112 112 113 113 115 111 113 111 112 109 "109 Printing paper.._ __. 132 132 119 116 109 115 125 135 126 117 111 113 114 Tissue and absorbent paper 138 140 119 119 105 119 123 137 131 121 125 124 118 Wrapping paper 127 128 121 108 105 114 127 126 126 117 107 110 114 Paperboard containers. 144 138 120 112 111 115 125 128 128 Printing and Publishing i 117 119 109 108 106 108 115 120 114 110 108 108 110 Newsprint consumption.. 101 107 100 103 101 106 106 102 104 104 104 106 107 Petroleum and Coal Products.. 120 119 117 116 118 115 114 115 112 113 116 116 118 Petroleum refining 117 116 114 115 117 114 113 112 108 109 112 112 114 Gasoline 118 116 112 112 115 112 111 110 106 109 113 111 112 Fuel oil. 112 111 119 119 121 117 113 113 111 116 113 115 116 Lubricating oil 125 129 126 124 124 120 118 122 113 98 102 109 115 Kerosene 107 109 97 120 123 120 126 116 116 111 121 123 123 Coke 140 139 137 123 118 119 123 132 139 139 142 144 146 147 Byproduct coke 137 137 137 124 119 120 123 131 137 136 139 141 143 142 Beehive coke 244 217 145 84 101 142 206 248 252 251 265 305 Chemicals.. 111 112 113 111 109 111 116 117 115 114 116 117 P122 Rubber Products.. 126 123 119 119 116 115 117 115 106 109 119 120 126 138 Rubber consumption- 127 125 120 120 116 115 116 114 106 110 120 122 127 140 Tires and tubes 114 109 110 114 117 115 121 126 104 106 111 109 118 118 Pneumatic tires 115 111 112 116 118 115 122 128 106 106 112 110 120 118 Inner tubes 112 101 104 108 109 112 113 95 102 107 103 107 115 Minerals—Total.. 120 115 118 114 117 119 118 118 120 114 116 113 117 P114 Fuels. 118 113 117 112 114 116 115 116 117 112 114 109 113 P109 Bituminous coal_. 119 106 119 103 109 120 122 116 121 122 119 98 112 P113 Anthracite 97 111 78 84 83 62 113 129 112 105 91 94 P105 Crude petroleum. 120 118 116 118 120 118 116 116 114 108 114 115 115 Metals 131 124 127 130 133 135 135 134 139 124 127 135 144 P141 Iron ore shipments.. 155 122 132 '142 151 149 152 155 159 159 155 157 180 169 Copp 147 140 141 144 143 143 150 144 132 140 141 141 109 112 114 116 117 118 124 117 120 117 108 119 107 Zinc. 127 130 119 130 124 123 119 118 129 125 ••131 131 134 135 Gold.... 113 119 121 119 124 124 124 122 125 93 107 125 127 Silver... 109 116 101 120 113 127 125 114 122 88 109 113 136 r 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 * Revised Indexes 1939 Jan. Feb. Mar. April May June July Aug. Sept. Oct. Textiles and Products _ _ . 107 107 105 102 105 109 112 Ill 113 119 Textile fabrics 106 105 104 100 102 105 108 109 113 118 Rayon deliveries _ __ __ _. _ _ 111 119 122 123 123 130 133 128 124 128 Manufactured dairy products 110 108 108 105 107 106 105 106 110 109 Ice cream - __ 111 108 108 105 111 109 108 105 119 116 Alcoholic Beverages 95 106 W Ot h h i e s r k d ey istilled spirits -__ •* - 1 5 2 0 0 1 5 2 7 1 FEBRUARY 1941 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) llndex numbers of the Board of Governors. 1935-39 average == 100] 1939 1940 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total 126 124 117 113 112 112 116 121 118 120 129 134 135 P134 Manufacture -Total. 126 126 118 114 112 112 116 122 118 120 130 136 137 P139 Durable 136 140 128 121 121 120 125 134 127 128 144 155 158 P162 Nondurable.. 118 115 109 108 105 105 109 112 110 114 119 121 121 P120 Iron and Steel... 161 159 144 121 113 106 123 151 147 153 161 164 166 172 Pig iron 163 160 153 134 124 123 133 '150 154 161 164 169 173 168 Steel ingots.. 161 159 143 120 112 104 122 151 147 152 161 163 165 172 Machinery 123 127 123 123 126 126 126 129 129 135 142 149 152 P166 Transportation Equipment.. 119 153 137 139 144 141 132 131 96 63 '120 167 184 P184 Aircraft 241 266 282 283 299 306 329 371 394 455 '501 '544 600 P624 Automobiles 111 150 130 130 134 130 118 114 70 23 89 142 161 152 Railroad cars 112 132 133 151 158 141 137 124 117 130 140 '141 153 P181 Locomotives 95 102 102 103 99 98 102 106 116 124 137 152 163 P188 Shipbuilding 138 146 144 145 162 162 172 176 185 202 213 219 P271 Nonferrous Metals and Products.. 157 156 151 '139 '134 129 '129 '130 '131 '141 '154 '167 172 P172 Nonferrous metal smeltingL. 135 136 '136 '130 '133 '135 '131 '127 '126 '127 '131 '138 137 P137 Copper smelting 143 130 137 139 132 131 126 127 129 138 139 135 Zinc smelting* 128 134 136 138 137 137 135 128 133 133 143 147 147 152 Copper deliveries 153 139 129 116 116 116 118 133 156 173 181 188 Lead shipments 154 142 121 101 100 106 109 113 118 122 127 133 141 141 Zinc shipments 162 149 '135 '125 '120 '114 '113 '118 '125 '130 '140 '145 149 149 Tin deliveries— 112 148 169 163 151 141 146 148 143 Lumber and Products.. 120 111 98 101 107 109 114 116 111 123 132 132 126 P119 Lumber 116 105 93 96 104 109 117 119 112 126 134 132 123 Pill Furniture 125 123 109 113 113 108 108 110 107 118 127 133 130 P133 Stone, Clay and Olass Products.. 126 115 90 101 114 129 129 127 133 142 142 133 P117 Cement 126 105 69 88 115 140 143 136 141 150 154 145 123 Common and face brick 137 119 70 50 71 103 131 146 147 150 ••161 153 146 Common brick 133 115 60 49 66 102 134 153 149 153 '162 160 153 Face brick 148 129 96 53 84 107 126 129 140 142 f-161 140 135 Glass containers 114 107 104 109 117 116 119 117 121 124 126 118 108 Polished plate glass 127 149 129 106 111 96 91 79 66 93 118 127 129 141 Textiles and Products* 131 126 '120 115 101 97 100 101 105 111 118 126 138 P140 Textile fabrics* 128 rl20 '115 111 100 95 97 98 101 108 115 124 134 P136 Cotton consumption 128 125 125 123 115 110 109 108 109 114 120 129 139 142 Rayon deliveries* '149 '149 '147 141 132 127 127 131 134 137 138 144 '152 P155 Silk deliveries 101 84 72 65 66 60 55 51 51 57 65 77 87 P81 Wool textiles 130 118 107 102 77 73 85 88 98 109 120 129 140 144 Carpet wool consumption. 129 107 105 118 91 91 77 67 101 111 124 126 127 Apparel wool consumption 126 107 105 99 63 82 88 108 113 137 145 162 160 Woolen yarn 113 105 100 97 76 73 86 92 102 108 119 121 129 132 Worsted yarn ___ 151 123 101 97 72 72 90 93 107 120 130 150 154 159 Woolen and worsted cloth. 134 134 118 102 71 68 80 88 102 107 116 121 143 149 Leather and Products 95 99 106 99 85 91 103 102 97 Leather tanning 104 102 102 104 91 86 86 82 89 '89 93 101 Cattle hide leathers.... 109 109 105 111 95 86 85 82 93 94 101 114 Calf and kip leathers .. 96 91 95 91 79 79 86 83 87 '81 81 88 Goat and kid leathers.. 95 94 99 96 91 94 87 83 81 '84 79 79 Shoes 97 91 97 107 104 89 85 96 113 110 101 '96 94 Manufactured Food Products 109 107 100 99 100 101 107 116 120 131 132 125 115 P112 Wheat flour.. 100 98 101 99 97 94 95 92 99 100 115 113 103 100 Cane sugar meltings.. 76 77 79 93 95 98 95 116 116 95 102 113 112 P96 Manufactured dairy products* ___ '74 73 '72 '84 95 112 143 168 164 144 111 75 P73 Ice cream* '65 62 '52 '69 '86 108 142 179 195 168 Butter 81 83 88 94 95 107 132 147 128 114 104 95 84 87 Cheese _ 78 72 73 82 94 113 154 169 147 128 119 107 89 82 Canned and dried milk 82 85 97 107 120 133 161 173 148 136 120 109 90 96 Meat packing 131 148 146 124 116 111 117 123 109 102 112 127 151 159 Pork and lard 157 193 187 154 140 124 135 148 119 106 117 143 191 212 Beef. 106 104 104 95 93 99 101 99 102 100 107 110 111 107 Veal. _ 100 82 85 76 82 85 93 92 96 92 '101 108 104 92 Lamb and mutton 104 103 113 94 95 95 94 93 95 '107 113 107 104 Other manufactured foods 112 107 97 98 102 110 118 136 140 132 117 P112 Alcoholic Beverages* 103 '87 '81 84 94 '106 107 120 112 108 108 104 93 Malt liquor 83 '82 82 82 95 111 117 126 127 106 94 82 77 81 Whiskey* r72 66 '80 '79 '83 86 84 67 40 24 56 76 96 98 Other distilled spirits* 183 110 '74 69 '79 79 68 77 70 100 317 314 181 105 Rectified spirits 194 123 79 109 103 110 100 161 130 134 174 207 140 Tebaceo Products 112 94 97 105 112 124 112 110 118 120 115 Cigars 119 80 86 90 92 97 102 104 105 108 117 127 123 Cigarettes 113 102 107 99 111 119 140 119 116 121 118 114 108 Manufactured tobacco and snuff. 102 90 97 101 101 101 97 108 115 105 89 ' Revised. P Preliminary. i Includes also lead production shown under "Minerals." a Revised beginning in 1940 to include production from foreign concentrates shipped for export. Prior to 1940 such production was small in amount and consequently no change was necessary in the zinc production series used to represent zinc smelting in earlier years. * See table on next page. 156 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 Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Paper and Paper Products 133 128 120 116 114 119 127 130 124 123 124 127 124 Paper and pulp 131 128 122 118 114 120 128 131 123 121 120 124 124 Pulp 137 143 139 137 138 144 150 157 147 148 147 149 150 Groundwood pulp 110 121 118 114 118 132 131 120 104 101 102 112 127 Soda pulp... 131 140 129 121 119 122 135 147 133 120 115 124 113 Sulphate pulp 157 167 161 158 154 164 175 184 175 179 185 186 184 Sulphite pulp 135 134 134 134 139 138 145 154 144 148 145 143 143 Paper 130 126 119 115 110 116 124 127 120 117 116 120 120 Paperboard 134 125 122 115 113 116 128 128 123 123 125 130 132 127 N Fi e n w e s p p a r p in e t r production ___ 1 1 2 0 5 4 1 1 2 0 0 6 1 1 1 0 2 6 1 1 0 1 6 1 1 1 0 1 2 2 1 1 0 1 8 3 1 1 1 1 4 4 1 1 1 1 6 6 1 1 1 0 0 8 1 1 0 1 7 0 1 1 0 1 2 1 1 1 1 1 0 2 1 1 1 1 0 2 "116 Printing paper 131 131 119 119 114 119 127 132 118 113 110 114 113 Tissue and absorbent paper 136 135 116 124 106 121 122 135 124 121 131 129 119 Wrapping paper 127 125 121 112 108 115 124 123 122 116 108 113 114 P aperboard containers 141 126 114 110 113 115 123 127 125 Printing and Publishing* 119 120 106 109 111 114 119 119 103 102 108 113 112 Newsprint consumption.. 106 109 93 99 107 108 110 107 91 105 111 111 109 Petroleum and Coal Products.. 121 118 116 115 114 115 115 116 113 114 118 118 119 Petroleum refining 118 115 112 113 113 114 113 113 109 110 114 114 115 Gasoline 110 114 108 109 109 111 111 112 109 112 116 114 113 Fuel oil 113 113 122 120 119 115 113 112 109 114 114 116 117 Lubricating oil 125 128 122 122 123 125 123 122 111 97 102 109 115 Kerosene 111 111 102 121 125 123 126 113 110 107 119 123 126 Coke 141 140 138 125 120 118 122 131 135 138 141 144 147 149 Byproduct coke 137 137 137 125 120 120 123 131 134 136 139 141 143 142 Beehive coke 269 253 170 120 100 76 76 116 171 198 209 259 292 357 Chemicals.. 113 114 111 111 113 114 113 110 110 112 116 120 120 Rubber Products 129 118 122 117 116 114 117 115 106 109 122 120 129 131 Rubber consumption. 131 119 123 117 116 114 116 114 106 110 123 122 131 133 Tires and tubes 114 109 110 114 117 115 121 126 104 106 111 109 118 118 Pneumatic tires... 115 111 112 116 118 115 122 128 106 106 112 110 120 118 Inner tubes. 112 101 104 108 109 112 113 95 102 107 103 107 115 Minerals—Total . 123 112 115 112 110 111 118 118 121 117 124 110 Fuels 120 115 120 116 114 113 113 111 111 109 115 112 115 112 Bituminous coal- 135 117 132 121 104 101 103 100 107 112 124 110 128 P125 Anthracite... 99 128 86 86 89 90 104 101 83 100 97 96 Pill Crude petroleum. 116 116 114 117 121 121 119 116 114 111 114 114 111 P106 Metals.. 141 93 '88 87 95 ••148 161 179 164 171 184 147 Iron ore shipments- 165 14 213 288 315 308 301 294 162 Copper _ 144 142 144 150 141 140 133 135 136 146 '147 III Lead 116 118 114 116 115 119 122 116 112 114 112 117 114 Z G i o n ld c ... 1 13 2 0 8 1 11 3 9 4 ' 1 1 1 2 4 1 ' 1 1 0 3 9 2 •• 1 1 0 3 3 0 ' 1 1 0 2 9 7 ' 1 1 1 1 8 9 '•l 9 i 8 e •" 1 1 3 2 4 1 ' 1 1 0 1 1 8 ' 1 1 2 2 1 7 ' 1 1 5 3 6 1 ' 1 1 4 3 6 5 "139 Silver 108 117 100 123 118 130 120 114 113 91 107 115 135 ' Revised. v 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. * Revised Indexes 1939 1 Jan. Feb. Mar. April May June July Aug. Sept. Oct. Year Textiles and Products 110 113 107 99 102 104 106 109 116 122 112 Textile fabrics 109 111 107 99 100 100 101 106 114 121 110 Rayon deliveries . 108 117 116 114 110 119 131 137 143 142 128 Manufactured dairy products 71 78 92 105 145 161 152 141 113 86 107 Icecream _. 56 64 83 101 151 174 181 171 129 84 110 Alcoholic Beverages _ 98 109 98 Whiskey 40 54 57 Other distilled spirits _ 164 321 111 157 FEBRUARY 1941 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 1937. 1923-25 average=100] 1939 1940 Industry and group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total* 103.4 104.6 104.0 102.2 100.6 99.3 99.3 100.4 101.6 103.8 105.2 «107. 7 110.4 112.7 Durable goods* 97.4 100.1 99.9 97.6 96. 1 95.2 95.4 96.4 97.8 101.7 104.7 108.4 111.7 114.4 Nondurable goods*.. 109.2 108.9 107.9 106.6 104.8 103.3 103.0 104.1 105.1 105.7 105.7 107.0 109.1 111.0 Iron, Steel, Products. 110.8 112.1 110.4 107.0 102.' 100.8 101.2 103.7 107.3 111.1 112.9 116.1 118.9 122.4 Blast furnaces, steel works. _ 122 124 122 117 110 107 109 115 120 123 123 125 127 130 Bolts, nuts, washers, rivets. 118 120 117 113 112 108 105 104 110 116 119 121 128 135 Cast-iron pipe 79 79 75 78 76 75 76 75 76 78 81 84 89 89 Cutlery, edge tools 107 109 107 103 101 102 101 102 104 104 107 109 110 113 Forgings 70 72 72 71 67 67 66 66 70 73 77 81 83 88 Hardware 106 106 104 101 98 97 95 82 84 98 102 105 109 113 Plumbers' supplies 83 85 83 81 81 82 82 83 84 87 89 90 94 98 Stamped, enameled ware 166 166 160 161 158 155 153 153 156 169 rl79 ••188 190 196 Steam, hot-water heating 86 87 86 85 85 85 84 85 87 91 92 97 100 103 Stoves 91 93 93 91 91 89 88 91 95 96 95 98 99 107 Structural, ornamental 76 76 75 75 72 71 71 73 75 78 81 84 86 92 Tin cans, tinware 103 100 101 100 99 98 97 100 100 93 96 99 103 103 Tools _ 94 96 96 96 93 93 92 92 95 98 101 105 110 115 Wirework 171 176 172 162 161 158 156 151 139 152 170 ••189 201 Machinery 110.6 112.9 113.4 113.6 113.3 113.4 113.4 114.9 116.6 120.0 122.4 126.6 130.9 135.4 Agricultural implements 128 131 133 137 136 133 136 136 133 139 141 143 140 143 Cash registers, etc 127 129 127 128 128 128 128 130 130 129 132 132 134 136 Electrical machinery. 100 103 103 102 102 102 101 103 104 107 111 116 120 125 Engines, turbines, etc 116 124 133 134 132 134 142 152 165 175 181 195 210 218 Foundry, machine-shop products. 95 97 98 98 97 97 96 97 98 101 103 107 110 114 Machine tools 183 191 197 204 209 215 220 228 237 247 247 257 265 274 Radios, phonographs— 160 153 144 144 145 153 155 144 145 145 138 134 142 149 Textile machinery 85 86 86 85 85 84 82 79 77 76 79 81 83 86 Typewriters 125 125 123 119 115 114 113 112 116 119 123 126 128 130 Transportation Equipment 102.3 113.7 114.3 112.1 112.5 111.2 111.6 111.8 110.7 120.9 rl30.1 '140. 2 144.1 145.4 Aircraft 1,951 2,121 2,298 2,326 2,356 2,426 2,598 2,829 3,115 3,479 3,881 4,243 4,523 ,899 Automobiles _._ 100 112 111 107 107 106 105 102 97 107 115 125 126 122 Cars, electric-, steam-railroad. 48 53 57 61 60 54 52 49 51 50 55 58 64 69 Locomotives. __ 26 28 30 30 28 27 28 29 31 33 36 39 42 46 Shipbuilding. 133 139 140 146 148 148 154 164 175 186 187 195 204 220 Nonferrous Metals, Products.. 110.1 111.3 111.7 107.5 106.6 105.9 106.0 108.2 110.7 115.7 118.6 122.3 126.3 129.4 Aluminum 172 170 173 170 168 170 173 177 185 193 196 200 205 207 Brass, bronze, copper 137 138 137 128 127 125 124 128 132 140 147 153 162 169 Clocks, watches 88 92 91 91 90 92 94 95 100 101 101 101 Jewelry __ 95 95 93 95 96 96 99 100 94 96 98 101 Lighting equipment 89 95 95 88 84 85 84 86 81 92 100 103 105 107 Silverware, plated ware.. 72 74 74 71 70 70 70 68 71 70 72 74 75 76 Smelting, refining 85 87 87 87 86 87 89 92 92 94 94 Lumber, Products 72.2 72.4 72.0 70.0 68.1 67.2 67.9 67.4 67.5 70.6 71.3 73.i 74.9 Furniture 93 93 94 91 90 90 90 90 89 90 91 91 93 95 Lumber, mill work. 64 64 65 63 62 61 60 61 62 63 65 68 71 72 Lumber, sawmills. _ 65 63 61 60 61 60 60 62 64 64 67 Stone, Clay, Glass Products.. 85.0 85.4 85.8 80.8 80.0 79.8 78.9 79.8 81.3 81.8 83.0 84.7 90.4 Brick, tile, terra cotta... 64 65 66 61 59 59 58 58 60 60 61 61 65 68 Cement 70 71 68 66 65 68 66 67 66 69 70 72 74 76 Glass 109 109 111 103 105 104 103 103 105 107 109 112 117 117 Marble, granite, slate. _. 49 50 46 48 45 45 47 47 45 45 46 46 45 46 Pottery 93 94 95 93 90 91 94 94 94 100 105 Textiles, Products 107. 105.8 104.4 102.7 99.1 96.3 100.2 101.1 101.9 102. 105.4 107.3 Fabrics 99.7 96.9 95.0 93.1 88.6 87.8 87.7 88.0 91.3 92.6 93.4 95.2 97.7 98.5 Carpets, rugs 85 84 85 83 78 79 76 70 71 72 75 79 82 82 Cotton goods 96 95 94 93 89 89 88 89 91 93 94 95 97 99 Cotton small wares.. 92 91 88 83 77 76 76 76 77 79 81 82 87 90 Dyeing, finishing textiles.. 132 131 127 124 123 121 123 119 125 128 129 ••129 129 131 Hats, fur-felt 90 92 91 90 84 65 68 74 85 83 84 81 84 85 Hosiery 151 146 145 145 139 139 134 133 136 138 138 140 141 144 Knitted outerwear 75 68 62 68 65 60 61 65 69 72 69 70 71 75 Knitted underwear 80 79 80 77 77 74 72 72 76 75 74 75 76 77 Knitted cloth. _ 155 146 142 134 133 130 127 131 138 147 151 153 151 149 Silk, rayon goods._ 77 74 71 66 65 65 67 64 63 62 61 63 65 64 Woolen, worsted goods 95 89 85 81 71 70 73 77 85 86 90 93 99 98 Wearing apparel 120.4 121.6 121.3 120.0 118.8 112.4 111.6 112.4 116.1 116.1 116.4 114.8 118.1 122.7 Clothing, men's 108 112 110 107 107 100 98 102 105 104 104 102 109 116 Clothing, women's. _ 171 171 167 169 167 156 158 158 166 164 165 164 168 171 Corsets, allied garments... 117 117 117 114 113 111 113 113 106 112 112 112 114 114 Men's furnishings 127 122 120 120 120 115 114 111 120 125 126 122 119 118 Millinery. 74 75 79 83 83 78 72 71 71 73 78 74 68 70 Shirts, collars—_ 123 123 132 125 122 122 121 116 116 118 119 117 117 121 r Revised. NOTE .—Figures for December 1940 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for October 1939. rapes 878-887. Underlying figures are for payroll period ending nearest middle of month. * Indexes for total, durable goods, and nondurable goods, revised to allow for preliminary adjustment of underlying Bureau of Labor Statistics figures to Census of Manufactures through 1939, are shown on page 166. 158 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=100] 1939 1940 Industry and group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Leather, Manufactures 99.1 96.9 97.3 95.4 93.8 91.9 87.9 89.6 90.9 89.1 89.9 91.1 93.8 94.0 Boots, shoes _ 98 96 96 94 93 90 86 88 89 87 88 90 92 92 Leather 88 86 87 85 83 82 81 81 81 82 81 82 84 85 Food, Products .. _ 129.6 131.4 130.7 130.8 130.3 128.8 129.1 131.9 129.0 129.8 126. 9 129. 9 132.4 136. 1 Baking 145 145 144 144 145 144 145 146 146 146 144 144 144 144 Beverages 279 285 280 278 275 274 273 278 268 272 265 271 281 283 Butter 97 97 95 96 96 97 98 97 96 96 96 96 102 113 Canning, preserving 150 154 149 155 152 150 147 161 137 146 130 152 152 157 Confectionery 86 86 85 86 83 82 84 83 86 88 86 86 90 90 Flour 77 79 80 80 80 79 81 80 79 79 79 78 78 79 Ece cream 79 79 79 79 80 79 76 77 75 76 75 79 81 81 Slaughtering, meat packing 106 108 108 109 110 107 107 109 111 108 109 110 114 121 Sugar, beet 105 118 162 102 102 98 99 102 99 106 111 99 101 145 Sugar refining, cane 95 98 94 93 97 94 95 96 .97 '93 '91 '95 95 97 Tobacco Manufactures 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 64.4 Tobacco, snuff 60 60 62 60 60 59 59 59 58 56 57 57 55 57 Cigars, cigarettes. 63 65 65 63 65 66 64 66 64 64 65 64 65 65 Paper, Printing 115.7 116.4 115.5 114.7 114.8 114.3 115.3 115.7 116.4 116.4 115.7 116.4 116.4 117.6 Boxes, paper 122 121 121 118 116 115 116 118 119 119 117 117 120 122 Paper, pulp 115 115 114 113 113 112 115 116 117 117 117 115 116 116 Book, job printing 100 101 102 100 100 101 100 100 101 100 100 102 101 103 Newspaper, periodical printing 115 116 114 116 117 116 117 116 116. 117 116 117 116 118 Chemicals, Petroleum, and Coal Products 121.3 121.9 121.4 120.6 120.0 121.1 122.0 122.4 121.7 122.2 121. 7 122.9 123.9 125.0 Petroleum refining 123 122 122 122 123 122 122 123 122 122 121 121 120 119 Other than petroleum 120.8 121.8 121.3 120.3 119.4 120.9 121.9 122.3 121.4 122.2 '121.8 123.4 124 9 126 4 Chemicals . .. - 137 138 138 138 137 136 137 138 138 141 141 143 147 151 Cottonseed oil, cake, meal 91 91 92 87 84 97 94 83 78 75 62 92 96 98 Druggists' preparations . _ 114 .16 119 118 117 119 122 120 120 117 116 114 113 113 Explosives 104 1< 6 104 108 109 116 120 127 133 139 145 141 144 ' 144 Fertilizers 106 111 105 99 102 109 119 120 114 113 107 107 107 104 Paints, varnishes 126 126 127 124 124 123 121 122 124 126 127 125 127 128 Rayon, allied products . - 310 311 310 309 304 312 311 315 308 306 309 310 311 314 Soap 86 87 86 84 81 81 82 82 83 85 '86 86 82 86 Rubber Products 93.0 92.4 90.2 87.9 86.7 83.9 83.5 84.2 84.7 87.0 89.7 91.6 93 6 97 0 Rubber boots, shoes 61 61 59 57 57 57 56 57 56 54 54 57 60 64 Rubber tires, inner tubes 75 75 74 73 72 70 69 69 69 71 73 74 75 77 Rubber goods, other 159 157 152 145 142 136 138 140 141 149 155 157 160 167 ' Revised. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Total Employees in nonagricultural establishments Year and month e m a m g t n e u r o p n i r c n l t a o u - l y i l - - * Total 2 M fa i c a n t n g u u r- - Mining s C t t i r o o u n n c - - t u i T p p o ti u o r n l a b r i t n t l a i a i s e n c - - s d Trade ci i l m a c F a e l n i i , , n s e s c a o a e e n n u r l v - d s - - m G e e r o n n v t - - 2 f n M o t a a a r n v i c r l d y e a i- s l 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 '3,117 263 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. '30,632 '24,877 8,112 844 840 2,727 5,476 3,627 3,251 258 1935—average. 31,804 25,965 '8,641 855 908 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 1937—average. 35, 560 '29,442 10, 273 949 1,148 3,102 6,233 4,144 3,593 322 1938—average. 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 '791 1,241 2,934 6,144 4,119 3,708 369 1940—average. *>35, 457 *>29, 314 P9, 886 ?846 n, 325 »3,023 *6, 264 H, 172 *3, 796 P573 1939~ J J N D M A M A S O F J u u a e e u e o c p n n a a l b p c t g v r y e r y t . . . . . . . . . . . . . . . . . . 3 3 3 3 3 3 3 3 3 3 3 5 5 4 4 5 5 3 4 3 3 3 , , , , , , , , , , , 6 4 3 6 2 1 2 3 6 5 5 4 1 5 0 6 3 5 3 4 4 3 1 8 6 0 5 2 0 0 0 6 7 2 2 2 2 2 2 2 2 2 2 2 2 9 9 8 8 7 7 9 8 9 6 7 7 , , , , , , , , , , , , 4 4 4 0 1 4 2 2 3 7 2 9 9 0 8 9 2 5 7 4 0 9 1 8 8 3 7 7 2 7 5 3 7 4 3 9 9 9 8 9 9 9 9 9 , , , , , , , , 2 5 0 0 0 0 0 9 6 8 2 7 2 3 8 0 3 7 6 3 5 5 6 2 8 8 8 8 8 8 8 8 6 7 7 5 6 8 7 2 0 9 1 2 5 1 8 4 6 1 1 3 7 3 9 1 3 9 7 6 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 3 4 3 4 4 2 1 3 0 9 9 7 1 4 8 4 8 5 7 1 1 5 4 8 0 0 9 0 0 7 5 3 7 0 5 3 2 3 3 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 9 0 9 0 0 8 9 9 8 8 8 8 7 7 2 6 6 5 3 6 9 4 1 0 6 7 6 3 3 8 3 5 5 0 1 1 6 6 6 6 6 6 6 6 6 5 5 , , , , , , , , , , , 2 6 3 1 3 0 0 0 0 9 8 4 8 5 2 0 6 7 5 9 5 7 1 3 7 9 2 5 3 8 2 7 7 4 4 4 4 4 4 4 4 4 4 3 3 , , , , , , , , , , , , 2 1 1 1 1 1 0 1 0 1 9 9 2 8 2 6 8 2 9 2 8 4 9 8 0 6 5 0 3 1 6 4 2 6 6 9 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , , 7 7 7 7 6 7 7 7 6 6 6 6 5 6 5 4 2 5 5 3 5 9 4 3 1 1 8 7 5 0 1 2 2 2 3 3 4 3 4 3 3 3 3 3 3 3 3 3 0 2 8 7 6 7 7 4 4 5 5 4 2 2 6 6 4 6 3 1 5 5 1 0 1940—Jan 34,475 28, 332 853 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, 572 '30,429 10, 373 856 '1,654 3,121 6,362 '4,187 3,876 733 Nov 36, 628 30,485 10,434 853 1,654 3,065 6,433 4,167 3,879 822 Dec 37,168 31,025 10, 552 851 1,627 3,031 6,862 4,178 3,924 884 ' Revised. P Preliminary. NOTE.—Compiled by Bureau of Labor Statistics. Figures for December 1940 are preliminary. J Includes self-employed persons, casual workers, and domestic servants not included in ttoottaall ooff eemployees in nonagricultural establishments. 2 Excludes military and naval forces. FEBRUARY 1941 159 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 Nov. Dec. Aug Sept. Oct. Nov Dec Nov. Dec. Aug. Sept. Oct. Nov. Dec. Total* 103.9 104.2 1038 107.7 110.0 1108 112o 101.7 103.9 104.0 110.1 114.5 114.8 121.0 Durable goods* _ 98.3 100.2 998 105.5 109.9 112.6 1145 101.1 104.8 105.5 114.1 122. 2 124.0 131.0 Nondurable goods* 109.2 108.0 1076 109.8 110.2 109.1 1101 102.4 102.8 102.4 105.6 105.9 104.5 109.9 Iron, Steel, Products. _ 111.1 111.4 110.7 113.6 117.1 119.3 121.6 114.7 115.3 113.5 118.1 123. 6 125.8 133.3 Blast furnaces, steel works _. 122 123 122 123 125 127 129 127 129 125 128 131 135 143 Bolts, nuts, washers, rivets _ 118 120 115 .118 121 128 135 142 142 139 139 150 162 178 Cast-iron pipe 77 78 80 82 84 86 87 74 72 76 79 85 89 97 Cutlery, edge tools.. 109 109 102 107 111 113 113 102 102 93 101 106 108 118 Forgings 70 73 73 77 80 83 88 84 88 86 92 102 106 119 Hardware 106 106 96 100 105 109 113 119 117 107 114 119 122 129 Plumbers' supplies 83 84 87 89 91 94 97 78 78 80 81 85 88 95 Stamped, enameled ware 166 166 164 177 189 190 196 171 174 183 201 '218 211 227 Steam, hot-water heating 87 86 90 94 99 102 103 80 80 85 91 103 103 105 Stoves. 96 89 98 101 106 105 103 88 79 89 97 106 99 99 Structural, ornamental 76 75 80 83 86 87 91 67 67 73 75 80 79 87 Tin cans, tinware 101 95 108 105 101 100 99 105 100 122 117 113 104 113 Tools 95 97 96 100 106 112 117 97 102 96 104 113 124 135 Wirework _ 173 176 146 165 191 204 208 200 204 163 189 '226 235 244 Machinery 111.0 113.1 119 123 1 127 3 1311 1356 117.1 122.1 131.0 137 9 145.3 149.3 162 6 Agricultural implements 125 131 131 134 135 137 143 141 152 152 156 159 160 171 Cash registers, etc ... 127 128 129 132 132 134 135 129 132 136 140 142 144 148 Electrical machinery 100 103 107 111 116 121 125 110 114 124 131 138 145 158 Engines, turbines, etc 110 120 175 182 190 200 210 139 157 239 249 263 273 299 Foundry, machine-shop products. 95 97 101 103 107 110 114 94 99 101 105 112 115 126 Machine tools _ 184 192 238 248 258 266 276 238 256 303 332 352 355 392 Radios, phonographs 180 162 157 160 164 159 158 170 149 150 162 164 156 163 Textile machinery 84 86 76 78 80 83 86 82 86 74 76 79 80 91 Typewriters 128 127 118 123 127 131 132 126 122 125 137 163 166 147 Transportation Equipment 103.9 117.6 104.9 126. 9 139. 5 146.0 149.6 106.7 125.4 115.7 141.5 163. 3 166.9 172.0 Aircraft 1,932 2,100 3,479 3,764 4,116 4,478 4850 1,956 2,047 3,727 4,212 4,639 5,175 5, 381 Automobiles _ 102 118 85 112 125 130 129 106 128 96 125 149 151 147 Cars, electric-, steam-railroad 47 52 51 54 56 62 68 40 47 47 50 50 54 64 Locomotives 26 28 33 36 39 42 46 25 28 33 37 40 44 50 Shipbuilding _. 133 139 181 188 197 204 221 141 152 212 228 244 239 295 Nonferrous Metals, Products 113.5 112.9 113.8 119.8 126.1 129.8 131.1 115.4 116.5 117.0 128.9 136.3 141.4 150.7 Aluminum. 174 170 189 195 203 208 207 196 197 225 239 250 256 262 Brass, bronze, copper 137 138 138 147 155 162 169 157 159 161 178 190 202 222 Clocks, watches 93 93 95 101 105 107 106 100 97 101 109 119 122 121 Jewelry _ 107 99 99 103 111 111 104 91 87 83 91 98 94 98 Lighting equipment 93 98 88 100 107 110 111 78 85 77 90 97 100 103 Silverware, plated ware 76 77 69 73 77 80 79 75 76 r61 70 78 81 85 Smelting, refining 86 87 91 92 95 95 97 85 88 89 92 93 96 103 Lumber, Products 73.0 71.1 71.3 73.4 74.4 74.4 73.4 68.8 65.2 68.3 71.2 73.7 70.9 71.9 Furniture 97 95 91 95 97 97 97 86 86 82 87 91 90 92 Lumber, millwork 64 64 64 67 69 71 72 53 52 '53 55 58 58 60 Lumber, sawmills 66 63 65 66 67 66 65 61 55 62 64 65 61 61 Stone, Clay, Glass Products.. 85.5 83.6 84.5 85.8 87.5 88.9 88.7 78.9 76.4 '76.9 '79.7 '83.0 82.2 85.4 Brick, tile, terra cotta 65 63 64 65 65 66 1 66 54 52 54 54 55 54 57 Cement _ 70 66 75 75 76 74 72 67 63 73 77 76 73 72 Glass 109 109 107 109 113 117 117 121 119 116 121 130 131 137 Marble, granite, slate 50 49 49 49 48 46 45 39 35 37 38 37 32 33 Pottery 95 95 91 94 98 102 106 89 90 '81 '87 '93 96 101 Textiles, Products 107.7 105.6 99.7 102.6 104.5 105.5 107.1 92.7 91.6 87.4 92.6 93.2 92.3 97.7 Fabrics _ 100.7 98.5 90.4 92.8 96.1 98.7 100.2 91.6 89.5 80.9 84.8 89.5 90.9 95.1 Carpets, rugs 85 84 71 76 80 82 82 76 76 59' 65 73 73 76 Cotton goods 97 97 89 92 95 98 101 91 92 80 85 90 92 98 Cotton small wares _. 93 91 77 79 83 87 90 90 87 73 77 83 87 91 Dyeing, finishing textiles 134 133 122 125 129 132 133 115 116 102 107 111 114 120 Hats, fur-felt 88 91 87 86 80 82 84 73 89 83 77 68 74 83 Hosiery 155 148 136 139 143 145 146 170 159 144 147 158 160 160 Knitted outerwear 78 65 70 73 75 73 72 64 50 60 64 66 64 62 Knitted underwear 81 79 73 74 76 77 77 75 72 66 68 72 73 75 Knitted cloth._ 154 144 148 154 157 150 147 131 116 129 138 136 130 129 Silk, rayon goods _. 78 75 63 64 65 65 65 64 61 51 51 52 52 55 Woolen, worsted goods _. 95 91 87 89 94 99 101 82 78 78 82 88 89 95 Wearing apparel _. 118.7 116.9 116.7 120.7 118. 9 116.3 117.9 89.2 90.2 94.9 102.5 94.9 89.6 96.8 Clothing, men's.. 105 105 107 108 104 105 109 76 80 82 83 '77 76 88 Clothing, women's 168 165 164 171 172 166 165 116 117 130 142 131 120 127 Corsets, allied garments 117 116 109 112 113 113 113 121 119 109 123 124 121 122 Men's furnishings _. 137 129 117 123 128 128 125 139 126 114 120 134 140 135 Millinery. 67 66 73 87 76 61 61 49 47 65 94 55 41 42 Shirts, collars 128 123 117 122 122 121 121 118 111 102 108 115 113 117 r Revised. * Indexes for total, durable goods, and nondurable goods, revised to allow for preliminary adjustment to Census of Manufactures through 1939, are shown on page 166. 160 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 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. Leather, Manufactures 91.9 93.2 92.0 90.8 90.0 87.0 90.4 71.1 75.4 77.0 74.6 73.4 68 5 78.7 Boots, shoes 89 91 91 90 88 84 88 65 70 75 72 69 63 74 Leather 88 87 80 80 82 84 86 87 87 77 77 82 83 89 Food, products . 129.8 126.0 145. 7 147.4 141. 3 132.5 130.9 125.3 124.4 139.0 138. 5 134. 2 128.7 132.5 Baking 147 145 147 147 146 146 144 137 134 140 141 139 138 138 Beverages 261 261 299 283 271 263 259 294 299 358 332 314 302 299 Butter... 94 93 103 100 96 99 108 79 78 89 88 82 82 87 Canning, preserving 121 101 264 269 '203 123 104 101 89 248 232 171 101 93 Confectionery 98 96 80 96 102 102 100 96 100 77 98 103 100 102 Flour 78 79 80 81 81 79 78 71 72 76 81 78 72 73 Ice Cream 69 68 91 81 74 71 70 58 57 78 70 64 61 61 Slaughtering, meat packing 108 112 107 108 110 116 125 113 122 112 113 116 119 137 Sugar, beet 287 192 89 102 267 274 235 283 174 88 116 213 281 256 Sugar refining, cane 94 95 '96 '92 '95 94 94 77 76 '83 '78 '83 84 85 Tobacco Manufactures 66.4 65.8 64.4 65.8 66.5 66.8 65.5 62.9 62.3 62.3 65.9 66.5 66.4 67.6 Tobacco, snuff .. 61 61 55 56 57 56 58 68 67 65 67 68 67 70 Cigars, cigarettes 67 66 66 67 68 68 66 62 62 62 66 66 66 67 Paper, Printing 117.5 118.5 115.2 116.2 117.7 118.2 119.8 114.2 116.8 110.9 113.4 115.2 115.4 121. Boxes, paper 129 125 118 120 124 126 125 145 137 131 134 142 144 146 Paper, pulp 115 115 117 117 115 116 116 125 123 125 124 124 124 128 1 Book, job printing _ _ .. 101 104 100 100 103 103 106 89 94 86 88 91 90 99 Newspaper, periodical printing.._ 117 119 114 116 118 118 120 109 115 106 111 112 112 116 Chemicals, Petroleum, and Coal Products 122.6 122.3 119.4 123. 0 125.3 125.3 125.5 133.1 133.4 134.4 138. 2 139.3 139.6 143. Petroleum refining 124 122 123 123 121 121 119 138 138 137 139 136 134 138 Other than petroleum 122.3 122.3 118.6 123.1 126.3 126.4 126.9 131.6 132.0 133.5 137.8 140.3 141.5 145.7 Chemicals 138 138 142 143 146 148 150 162 162 169 171 176 182 188 Cottonseed, oil, cake, meal 120 115 52 81 131 127 124 115 110 49 78 128 122 122 4 Druggists' preparations 118 119 114 118 118 116 116 131 132 127 133 133 131 130 Explosives 106 108 140 148 145 147 146 128 129 172 175 181 187 196 Fertilizers 92 102 81 96 97 92 95 76 82 71 85 82 77 81 Paints, varnishes 125 124 124 126 125 126 126 132 131 132 136 136 136 138 Rayon, allied products 313 312 308 312 311 315 315 310 314 318 328 323 331 335 Soap 89 85 84 '88 89 85 84 104 102 102 107 107 100 106 Rubber Products 93.9 93.0 85.9 89.4 '92.7 94.5 97.7 99.8 100.5 87.7 95.7 '99.6 102.7 111. Rubber boots, shoes 62 63 55 56 59 61 67 67 66 57 60 63 66 81 Rubber tires, inner tubes 75 75 71 73 74 75 77 86 90 76 85 87 91 98 6 Rubber goods, other 161 157 144 152 161 163 167 163 155 142 153 162 163 173 ' Revised. NOTE.—Figures for December 1940 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly (earnings (cents per hour) Industry group 1939 1940 1939 1940 Oct. Nov. July Aug. Sept. Oct. Nov. Oct. Nov. July Aug. Sept. Oct. Nov. Total— 39.1 38.5 37.3 38.4 38.8 39.3 38.6 64.6 65.3 66.7 66.8 67.1 67.3 67.8 Durable goods. _ 40.1 39.6 37.9 39.7 40.2 41.0 40.2 71.3 71.5 72.7 73.1 73.7 73.9 74.4 Iron, Steel, Products 40.3 39.6 37.2 38.8 39 2 39 9 39 6 76 4 76 7 77 7 77 7 77 9 77 8 78 1 Machinery 40.6 40.9 40.5 41.2 41.8 42.4 42.0 72.1 72.3 74.4 74.5 74.6 74.9 75.2 Transportation Equipment 38.1 37.6 36.2 39.9 40.0 41.6 40.4 89.1 88.6 89.1 89.7 90.0 '89.8 90.2 Nonferrous Metals, Products 41.4 41.0 38.6 40. 1 41.5 42.0 41.4 69.1 69.0 70.1 70.3 71.0 71.2 72.7 Lumber, Products 40.9 39.7 37.0 39.4 39 9 40 7 38 9 50 2 51 4 51 9 52 6 52.5 52 4 52 6 Stone, Clay, Glass Products 39.2 37.9 35.5 37.0 37.4 38.1 37.1 65.4 65.7 66.5 66.8 67.2 67.1 67.1 Nondurable goods 38.2 37.6 36.7 37.2 37.5 37.6 37.1 59.0 59.9 61.5 61.3 61.1 60.9 61.3 Textiles, Products 36.7 36.1 33.8 34.9 35.7 35.9 35.5 48.6 49.3 50.2 51.2 51.4 50.9 50.4 Fabrics _ 37.8 37.4 34.8 35.7 36.4 37.3 36.8 46.4 47.7 48.6 48.6 48.7 48.7 48.7 Wearing apparel 34.5 33.7 31.9 33.5 34.4 33.4 33.0 52.7 52.5 53.4 55.8 56.3 55.2 53.9 Leather, Manufactures . . _ 35.3 33.8 35.9 35.8 34.8 34.8 33.5 53.2 53.9 55.3 55.4 55.8 55.7 55.9 Food, Products.. 40.5 40.1 39.9 40.4 40.3 40.0 39.3 60.8 62.5 62.5 61.5 60.3 61.0 63.2 Tobacco Manufactures 37.0 36.6 36.8 36. 1 37 8 37 6 37 2 47 4 47 9 50 2 49 2 48.7 48 4 48 6 Paper, Printing 39.7 39.5 38.4 38.2 38.4 38.7 38.4 77.3 77.4 79.1 78.9 79.2 79.2 79.3 Chemicals, Petroleum, and Coal Products 39.8 38.9 38.5 38.7 '38.9 39.3 38.8 73.8 75.1 78.3 77.8 77.3 75.7 76.5 Petroleum refining.. _ 36.9 36.1 35.3 35.8 36.1 36.4 35. 7 97.4 97.2 98.6 97.7 98.3 97.2 97.6 Other than petroleum refining. 40.8 39.8 39.7 39.8 '39.8 40.2 39.8 65.7 67.4 70.9 70.7 70.0 68.7 69.6 Rubber Products __ 39.2 38.0 35.7 36.3 37.5 38.0 37.9 76.9 76.8 78.5 77.9 78.0 77.4 78.1 FEBRUARY 1941 161 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 Residential and public Month building Factories Commercial Educationall Other i utilities > 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 January _ _ _ 251.7 196.2 80.2 77.4 7.1 12.9 17.3 15.9 31.7 6.1 28.9 17.7 86.5 66.3 February 220.2 200.6 79.0 74.9 9.5 15.4 13.5 20.2 21.8 8.1 24.7 26.9 71.6 55.2 March __ _ _ 300.7 272.2 125.2 121.7 13.0 21.8 17.4 23.1 27.6 9.3 39.8 19.6 77.7 76.7 April 330.0 300.5 114.4 135.4 17.5 23.5 21.3 24.0 21.1 17.4 34.8 24.0 121.0 76.3 May 308.5 328.9 133.8 145.9 13.0 23.2 19.5 26.1 16.4 15.3 27.8 25.6 97.9 92.8 June 288 3 324.7 111.9 135.3 15.8 15.2 26.8 33.1 12.5 14.3 37.8 29.4 83.6 97.5 July 299.9 398.7 109.3 140.4 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 November -_ _ 299.8 380.3 116.6 152.8 18.5 79.0 20.4 24.9 9.7 8.5 29.2 35.9 105.5 79.1 December 354.1 456.2 88.7 159.3 15.3 77.3 17.4 27.1 7.7 8.9 17.4 69.3 207.7 114.3 Year. 3, 550. 5 4, 004. 0 1, 334. 3 1, 596. 9 174.8 442.4 246.9 318.3 201.4 147.2 342.5 386.7 1, 250. 6 1,112. 4 i 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 l Private ownership > 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 i 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 Dec. Nov. Dec. Fede d ra is l t r R ic e t serve 1940 1939 1940 1939 Boston 39, 627 -31,803 19, 616 Dec. Nov. Dec. Dec. Nov. Dec. New York 65, 915 '44,114 40, 594 C Ph le i v la e d la e n lp d hia 2 1 8 7 , , 8 7 5 0 1 9 4 2 8 1 , , 0 82 3 3 7 2 1 9 3 , , 7 5 5 7 0 3 Boston 89 67 75 863 847 2,189 Richmond 101,104 45, 703 22, 358 New York . 409 353 436 5,091 3,928 4, 512 Atlanta 62, 880 35, 367 22, 780 Philadelphia.- __. 86 74 66 642 700 489 Chicago 47, 943 70, 767 35, 529 Cleveland 43 57 38 1,425 950 636 St. Louis 30, 952 31, 697 134, 744 Richmond 41 31 48 884 769 544 Minneapolis 5,973 7,624 6,581 Atlanta __. 33 38 36 363 744 437 Kansas City 14,014 20, 912 10, 970 Chicago 167 155 189 1,214 2,845 1, 573 Dallas 41, 221 22, 500 17, 603 St. Louis . 40 44 39 727 534 392 Minneapolis 17 22 23 147 118 241 Total (11 districts) 456.189 380, 347 354, 098 Kansas City. ___ _ 39 40 61 271 269 315 Dallas 26 26 17 380 3,145 243 San Francisco 96 117 125 1,302 1,723 1,672 ' Revised. Total 1,086 1,024 1,153 13, 309 16, 572 13, 243 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. 162 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 ' Merchandise imports J Excess of exports Month 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 1936 1937 1938 1930 1940 January 199 223 289 213 370 187 240 171 178 242 11 -18 118 35 128 February 182 233 262 219 347 193 278 163 158 200 -11 -45 99 6) 147 March. 195 257 275 268 351 199 307 173 190 217 -4 -51 102 77 '134 April .. 193 269 274 231 ••323 203 287 160 186 212 -10 -18 115 46 ••111 May 201 290 257 249 '324 192 285 148 202 211 9 5 109 47 •112 June . . 186 265 233 236 ••350 191 286 146 179 211 -5 -21 87 57 139 July 180 268 228 230 317 195 265 141 169 232 -15 3 87 61 '84 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 _ 226 315 252 292 328 196 223 176 235 224 30 92 76 57 104 December. 230 323 269 368 P322 245 209 171 247 P253 -15 115 98 121 P69 Year 2,456 3,349 3,094 3,177 P4, 022 2,423 3,084 1,960 2,318 P2, 625 33 265 1,134 859 »1, 39ft v Preliminary. ' Revised. 1 Including both domestic and foreign merchandise. » 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 Ccal 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—Nov 82 80 100 88 41 51 191 89 63 Jan 93 90 88 92 72 70 69 71 Dec 78 71 92 87 40 51 116 89 62 Feb 95 88 88 90 76 70 69 71 Mar. 93 86 88 89 90 77 82 85 1940—Jan 78 83 90 73 39 47 114 86 62 Apr 93 83 88 89 89 86 88 86 Feb. 73 68 65 75 40 44 107 83 61 May 93 80 87 89 95 80 87 89 Mar..... 69 66 70 75 39 43 105 77 60 June. 93 82 86 91 90 79 83 87 Apr.._ 70 75 73 79 37 43 102 74 59 July 92 83 87 92 65 58 60 64 May 72 78 73 74 38 45 96 77 60 Aug 93 83 88 98 72 65 69 77 June 75 81 91 74 38 45 100 82 60 Sept 93 85 90 97 100 91 97 105 July 75 83 105 80 35 46 96 80 61 Oct 95 86 92 94 103 92 99 101 Aug. . 76 85 108 74 38 49 96 82 61 Nov _. 90 87 93 100 101 99 106 114 Sept 77 80 99 79 42 51 106 84 61 Dec 89 88 95 101 156 156 168 179 Oct 77 65 97 81 45 55 117 89 62 Nov. _ _ 83 76 104 78 43 56 192 94 62 Year.. 92 85 90 94 Dec 84 74 99 77 40 59 134 97 63 STOCKS UNADJUSTED * Jan... ... 74 71 67 68 66 63 60 61 1939—Nov.... 83 87 100 83 50 50 105 91 64 Feb 76 70 68 71 72 67 65 68 Dec 73 79 101 75 39 44 29 81 60 Mar 76 70 68 70 78 71 69 71 Apr 76 69 67 69 79 71 69 71 1940—Jan 72 95 106 66 38 41 25 74 58 May 76 69 66 68 78 71 68 70 Feb 68 80 88 69 33 43 26 71 59 June 76 68 67 67 73 65 64 64 Mar 67 70 73 69 31 44 26 74 60 July 77 67 67 68 69 61 60 61 Apr 67 63 62 70 34 44 42 76 60 Aug.. 78 67 67 69 74 65 65 66 May 71 67 70 66 34 47 134 80 60 Sept 77 67 68 70 80 70 71 73 June 75 69 85 73 31 48 170 85 60 Oct 76 67 69 71 85 74 77 79 July 77 70 89 110 31 46 182 82 60 Nov 75 67 71 72 86 78 82 83 Aug 78 75 88 89 38 51 178 83 61 Dec 72 66 68 71 68 62 64 66 Sept..... 86 83 94 89 54 56 185 94 64 Oct 86 72 97 81 63 57 173 100 64 Year.. 76 68 68 69 Nov 84 83 104 73 52 55 105 95 63 Dec 77 83 108 66 39 50 33 88 61 * The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation. * The terms "adjusted" and "unadjusted" refer to adjustment of monthly Back figures.—Department store sales, see BULLETIN for figures for seasonal variation. August 1936, p. 631, for October 1938, p. 918 and for January NOTE.—For description and back data see pp. 522-529 of BULLETIN for June 1941, p. 65; department store stocks, see BULLETIN for March 1937. Based on daily average loadings. Basic data compiled by Association of 1938, p. 232. American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. FEBRUARY 1941 163 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 o ie 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 r n ts d p T ro e d x u ti c le ts F m li u g a e t h l e t a r i i n 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 a u m e n d c i t d - s i f n H u g r o n g u i o s s o e h d - - s M lan 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 72.1 75.8 62.5 1934 74 9 65 3 70 5 78.4 86.6 72 9 73.3 86.9 86.2 75 3 81.5 69.7 1935 _ 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80 8 80 9 82 1 79.6 95.4 71 5 76.2 87.0 86.7 78 7 81 7 70.5 1937 _ 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 32.6 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 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1939—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 "8 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 83.5 100.4 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 December 80 0 69 7 73 5 84 1 102 3 74 8 71 7 97 6 99 3 77 7 88 9 77 3 Week ending— 1940—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 1941—January 4 80.2 71.2 73.2 84.4 102. 5 74.3 72.6 97.8 99.4 78.0 90.2 77.1 January 11 . 80.2 71.0 73.0 84.4 102.8 74.2 72.6 97.8 99.6 78.2 90.4 77.1 January 18 _ 80.6 71.4 73.7 84.5 102.9 74.6 72.6 97.8 99.7 78.6 90.4 76.9 January 25 . 80.8 72.6 74. 1 84.4 102.6 74.6 72.6 97.8 99.5 78.8 90.5 76.8 1939 1940 1939 1940 Subgroups Subgroups Dec. Sept. Oct. Nov. Dec. Dec. Sept Oct. Nov. Dec. Farm Products: Metals and Metal Products: Grains 71 6 61.7 65 4 67.7 67.0 Agricultural implements 93.3 92.4 92.5 92.6 92.6 Livestock and poultry 63.8 72.4 70.6 69.9 72.7 Farm machinery 94.6 93.7 93.8 93.8 93.9 Other farm products . 68 4 63.2 63.8 66.8 68.1 Iron and steel 96.1 94.9 94.9 95.3 95.4 Foods: Motor vehicles 94.7 96 1 100.1 100.3 100.3 Dairy products 81.3 75.1 77.3 82.3 84.2 Nonferrous metals . 84.6 80.7 83.6 83.9 83.4 Cereal products 80.5 76.0 77.0 74.8 74.3 Plumbing and heating 79.3 80.5 80.5 80.5 80.5 Fruits and vegetables 63.0 60.8 58.9 60.4 61.2 Building Materials: Meats.. 69.1 79.0 75.6 76.2 77.0 Brick and tile 91.6 90.2 90.2 90.2 91.1 Other foods. . 66 5 62 6 63 4 65.4 67.0 Cement _ „„ . 91.3 90.6 90.7 90.8 90.9 Hides and Leather Products' Lumber i 99.5 107.1 114.4 117.5 118.8 Shoes 107. 5 107.0 107.0 107.1 107.2 Paint and paint materials 85.5 84.1 84.8 85.7 85.4 Hides and skins 105.2 84.0 93.8 101.2 99.3 Plumbing and heating.. 79.3 80.5 80.5 80.5 80.5 Leather 95 2 88.9 90.9 93.2 94. 1 Structural steel 107.3 107.3 107.3 107.3 107.3 Other leather products . . 100.0 99.7 99.7 99.7 99.7 Other building materials 92.7 93.5 93.8 94.2 94.5 Textile Products: Chemicals and Allied Products: Clothing 84.2 85.6 85.7 85.7 85.5 Chemicals 85.3 84.8 85.0 85.1 85.4 Cotton goods . 75.2 69.2 71.5 73.6 74.9 Drugs and pharmaceuticjals 80.3 96.0 95.8 95.9 96.2 Hosiery and underwear .. 66.0 61.4 61.4 61.5 60.7 Fertilizer materials— . 70.9 68.1 68.1 69.9 70.0 Silk 66 0 42 8 44 7 42.8 42.5 Mixed fertilizers . 73.9 74.2 74.2 74.2 74 3 Rayon 29 5 29.5 29 5 29.5 29.5 Oils and fats ._ - 53.1 39.9 39.8 42.3 42.4 Woolen and worsted goods _ 90.3 84.2 86.3 88.8 89.0 Housefurnishing Ooods: Other textile products 84 2 71 6 72 1 73.7 74.6 Furnishings 94.4 94.8 95.0 95.0 95.1 Fuel and Lighting Material: Furniture__ 82.4 81.8 81.8 81.8 82.2 Anthracite 76 1 79.6 80 7 80.7 80.9 Miscellanp.aux! Bituminous coal- 97.8 96.8 100.4 100.4 100.4 Auto tires and tubes 55.6 58.8 58.8 58.6 58.3 Coke . 109 9 109 6 109 7 112.6 113.6 Cattle feed 91.7 75.9 80.1 92.1 90 1 Electricity— . 77.7 73.5 71.7 Paper and pulp 89.0 93.2 93.2 93.1 93.1 Gas 80 4 84 8 82 4 80 5 Rubber, crud^ 42.4 39.8 41.6 42.9 42 7 Petroleum products. _ 52.5 48.9 49.0 49.3 49.5 Other miscellaneous __ __ 86.6 82.6 82.7 82.8 82.8 i Revised series. Back figures.—TOT monthly and annual indexes of grours, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report or 1937 (table 87). 164 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 1941 Chart 1940 book book page Dec. Dec. Jan. Jan. Jan. page Oct. Nov. Dec, 24 31 15 WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1928-25=100 CURRENCY Wholesale commodity prices: * M T T G M R E R x r r e e o o e e e c s q l m n a a d e e N U u B R C C s s e s r b i s v i s e u u y . e h o r l e t s w e e r r l u i S o r r s y y e i d c e n c n . r B a s b d Y k v t c d G r e g r a c a i e e a e o r y s n o i n o s s v c p r r c k ' h e k v k e b c o o i r s ' t u a u v t c s b y — C . n l n e i r a a t e s s k i t b l s t t e t d e a s o a y . i * d n c . i o t n 2 . t a c J u n — k . • l e _ r » . s s i . t . t 2 o . i • e ta s _ l . . . . 3 3 3 , , , 7 7 7 6 5 7 3 6 9 7 3 5 5 3 2 1 3 0 8 7 6 2 1 2 2 1 3 . . . . . . . . . . . . . ) 8 4 4 8 3 4 2 9 4 8 8 3 1 1 3 2 4 5 0 1 2 4 3 3 8 8 2 1 2 0 8 6 3 2 7 2 1 4 2 , . . . . . . . . . . . . ) 4 4 2 8 6 0 4 9 7 3 2 1 0 6 1 1 5 3 1 3 7 8 0 0 7 0 2 1 6 3 0 8 7 2 2 2 1 2 4 . . . . . . . . . . . . . ) 7 5 6 9 9 3 4 2 0 2 1 2 2 8 8 0 3 3 7 5 0 8 4 4 7 2 p 2 1 f 2 7 3 p 2 2 8 2 4 2 i 0 . . . . . . . . . . . . . 0 5 3 4 5 5 2 2 2 1 0 9 9 ) 4 3 1 5 2 7 4 0 5 8 1 9 4 P 2 1 2 7 3 P 2 2 8 2 2 4 6 0 . . . . . . . . . . . . . 5 0 3 5 5 2 2 2 0 1 9 4 ) 9 4 6 8 4 5 0 6 6 8 9 1 1 2 I F F F n r a a d e c c i u t t N M g D U E F G o o s h r n t r r o u n e i y y r a t n g n r r i - i n t m a c a e l A F F O d p e e c a l a b r o u d m a a e l a t a r n l l h p o y r r e n d l p m s a l c e r d r y S o l o o b r o m s t o • a l d l a m p c y e l a d t u s r o n m m e i * c o n m m s u t e o d : g f i a m n d s u o a n t i n c c o * 5 t u t t i d f u 6 e s _ i a s r . t _ . c e i _ e t s u s 8 res6 _ 31, 3 4 3 3 3 4 4 3 3 3 3 3 3 3 7 5 7 1 5 3 3 2 1 7 2 2 2 1 1 1 1 1 r5 8 8 7 6 7 5 7 1 2 1 1 1 2 7 3 4 5 1 8 6 7 6 3 7 9 . . . . . . . . . . . 3 3 1 5 0 1 7 2 8 4 2 1 1 1 1 1 1 8 8 8 1 6 7 5 5 7 3 1 8 4 2 4 6 8 8 2 7 6 3 . . 9 2 . . . . . . . . 4 4 8 6 5 0 6 2 5 5 1 ? P P 1 1 * * P 1 1 1 6 > 2 1 8 8 3 6 8 8 7 1 6 2 5 2 4 7 2 9 3 0 7 4 9 . . 7 . . . . . . . . . 3 1 3 5 5 7 2 6 0 4 8 Department store sales 5 47 '94 100 101 WEEKLY REPORTING Department store stocks « 47 71 72 71 MEMBER BANKS Total, 101 cities: Loans and investments. 14 25.60 25.53 25.61 25.67 25. 68 In millions of dollars Investments 14 16.25 16. 14 16.31 16. 39 16.40 Construction contracts awarded:7 Loans 14 9.35 9.39 9.30 9.28 9.29 Total 41 389 454 T A i d d m j e u e p s o t d e s e d i p t s o d s e it m s and 1 1 5 5 2 5 2 . .3 4 8 2 22 5 . .4 30 3 22 5 . . 4 4 9 2 22 5. . 4 70 7 2 5 2 . .9 4 0 3 Expo R O r e t t h s s i e d a r e n n d t i i a m l ports: 4 4 1 1 2 1 3 5 3 6 2 1 9 6 4 0 P320 U D Fo . o r m S e . i e g G s n t o ic b v a ' b t n . a k n d k e b p a b o la a s l n i a t c s n e c . s e . . . s . 1 1 1 5 5 5 8. . . 9 6 4 2 6 8 9. . . 0 6 4 7 9 7 9. . . 1 6 4 3 6 7 9. . . 2 6 3 4 6 7 9. . . 6 2 1 4 8 9 E E G x x e c p n e o e s r r s a t s l o f i ( m i e n x p c p o l. o r r t r s e t s - exports)... 4 4 4 9 9 9 3 2 1 4 0 3 4 7 7 3 2 1 2 2 0 8 4 4 z P > 2 3 5 2 3 2 New York City: Income payments: 100 c B U C O i r t o . t i o h m e S k e s . m r e G o r s e u s e o r ' t c c v s l u i o i ' a d t r a . l i e n t o l i s o N b e s a l e i n g w s a t Y io o n r s k _ : 1 1 1 1 6 6 6 6 5 1 1 . . . . 8 9 3 3 5 1 8 9 5 1 1 . . . . 8 9 3 4 0 1 8 2 5 1 1 . . . . 3 3 8 9 9 7 2 5 5 1 1 . . . . 9 3 3 9 1 8 2 2 5 1 1 . . . .3 9 3 9 9 3 3 3 Cash T T S O a o f o t a l h t t a r a a e r m l i l r s 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 5 5 5 5 5 0 0 0 0 6 4 2 6 , , , , 0 3 3 6 1 0 8 2 8 8 1 6 4 6 6 2 , , , , 3 0 3 2 1 8 9 3 1 3 4 7 P P P P 7 2 4 6 , , , , 3 3 1 5 6 8 2 1 4 7 7 1 U C O o . t h m S e . m r G s e o e rc c v i u ' a t r . l i t o l i o e b s a l n ig s a tions _ . 1 1 1 7 7 7 2 3 6 . . . 1 3 7 1 0 2 2 3 6 . . . 1 6 3 1 6 0 3 2 6 . . .7 1 2 6 2 9 2 3 6 . . . 2 8 1 9 2 1 6 2 3. . . 7 2 1 9 9 3 T L C i o r v o t e a p s l s t 8 o 8 ck and products «__ 5 5 5 1 1 1 1, 4 5 1 8 2 6 6 7 3 4 4 9 5 0 4 6 7 2 MONEY RATES AND SECURITY Averages of daily figures5; per cent Government payments 51 76 79 MARKETS per annum F. R. Bank discount In billions of dollars rate, N. Y 19 1.00 1.00 1.00 1.00 1.00 Central gold reserves: B U C U U o a . . . n m S S S k . . . m e T T T r e s r r r r e e e ' c a a a a i c a s s s c l u u u e r r r p p y y y a t p a n b b e n o o i r l c t n l e s e d s s s 21, 2 2 1 1 2 1 1 9 9 5 1 . . . . . 4 5 3 0 88 4 6 7 2 1 . . . . . 4 5 4 0 92 0 6 4 2 l' 4 0 9 5 4 4 2 7 6 3 1 0 4 9 4 5 2 1 8 4 6 2 . . . . . 4 0 5 0 4 3 2 6 2 4 U. N U E F 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 S a ' t n . t a d t s i e n s t erest-bearing 8 8 8 8 2 P 0 1 2 . ) . . 6 5 0 3 0 1 2 P 0 1 2 . . ) . 6 8 0 0 3 0 P P 2 0 1 2 . ) . 0 9 0 9 Corporate Aaa bonds 25 2.72 2.72 2.75 2.74 2.76 debt—total 20 43.56 43.71 44.46 Corporate Baa bonds 25 4.45 4.43 4.41 4.38 4.37 Bonds 20 31.12 31.16 31.23 Notes 20 5.66 5.66 6.18 Wednesday figures; in unit indicated Bills 20 1.31 1.31 1.31 Stock prices, total4 27, 29 80 81 82 82 80 Special issues 20 5.47 5.58 5.74 Industrial 27 93 94 96 95 93 P R u a b il l r i o c ad u tility 2 2 7 7 7 26 7 2 7 7 8 2 7 8 9 2 7 8 9 2 7 8 8 QUARTERLY FIGURES* A Ju p n r e .- J S u e l p y t - . O D c e t c . . - Vo sh lu a m re e s ) of trading 2 (mill, 29 1.06 .83 .72 .52 .48 1940 1940 1940 Brokers' loans (mill, dollars) 29 545 584 500 462 465 In millions of dollars BUSINESS CONDITIONS Figures for iveek*; in unit indicated Domestic corporation security Who A F le a ll s r a m c l o e m p c r o m o m d o u m d c i o t t i s d e i s t y prices:4 3 3 3 3 7 69 9 . . 9 9 8 7 0 1 . . 2 2 8 7 0 1 . . 2 0 8 7 0 1 . . 6 4 72.6 iss N R u e e e s f w , u n to d t i a n l g 2 2 2 8 8 8 5 3 1 3 7 5 1 8 3 r 1 5 4 8 0 8 2 2 0 1,0 2 4 7 3 7 Foods 33 73.1 73.2 73.0 73.7 74.1 Other commodities 33 84.5 84.4 84.4 84.5 Steel plant operations 84.4 Per cent per annum T E A o l u ( ( ( ( e t p t m t t c a h h o e t l i o o m r r l i f u u l c c . r o s s e e b . k . i p n g i w c c o l t h e a a w . o t r r - s s h e f p c ) ) r r r a c s o r a p . d ) p r l u o a o c c d a t i d u i t o i c y n n t ) g i 1 o 0 s n 3 3 3 3 9 9 8 8 2 5 , 8 8 4 1 0 6 5 . . 2 . 3 8 3 3 6 2 1 , 9 7 4 5 6 7 . . . 0 2 9 7 5 2 7 1 r9 1 1 , 5 1 5 8 . . . 3 1 7 9 5 2 7 1 r9 2 , 0 4 5 8 0 . . 4 . 0 9 4 4 2 1 9 , 2 8 6 1 3 . . 0 5 9 Cus N 7 1 t 1 o e c E m w i o S a t e i t s o e r h Y t s s u e e ' o t r r h n r r k e a r t N c n e C i s o t i : i t r a e y t n s h d e rn W es a t n e d rn 2 2 2 3 3 3 3 2 2 . . . 3 0 4 8 0 9 3 2 2 . . . 1 4 5 4 3 6 2 2 3 . . . 0 3 5 0 6 3 710.8 p Preliminary. r Revised. • Estimated. 8 Points in total index of industrial production. * Revised; see note p. 158 and table p. 166. 7 Three-months moving average adjusted for seasonal variation, 1 Less than $5,000,000. s Series revised for the period from January 1936, to November 2 Averages of daily figures, see footnote 3. 139, inclusive. Back figures may be obtained upon request. 3 Figures are shown under the Wednesday date included in the weekly 9 Banking statistics for call report dates are shown in table period. on following page. • Index numbers, 1926=100. i° 1941 data based on capacity as of December 31, 1940, and on s Adjusted for seasonal variation, 1935-39=100. total steel production instead of only production of open hearth and Bessemer steel. NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each. FEBRUARY 1941 165 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 1940 b p o a o g k e D 3 e 1 c. Mar. June S 2 e 8 pt. D 3 e 1 c. M 2 a 9 r. Ju 3 n 0 e Oct. D 3 e 0 c. M 2 a 6 r . Ju 2 n 9 e BANK DEPOSITS AND CURRENCY Total deposits and currency 56.83 56.78 56.74 57.65 59.12 '59.11 '60. 95 '62. 87 '64.10 '64.88 '66.96 Deposits at all banks in TJ. S: Demand deposits adjusted 10 24.05 24.13 24.39 25.10 26.01 '26. 04 '27. 35 '29.09 '29. 79 '30. 54 '31.96 Time deposits _ 10 26.26 26.34 26.27 26.27 26.38 r26. 56 '26.80 '26. 81 '27.06 '27. 28 '27.47 Currency outside banks 10 5.69 5.50 5.47 5.50 5.83 '5.63 '6.01 '6.19 '6.40 '6.23 '6.70 MEMBER BANKS Demand deposits adjusted 11 20.39 20.51 20.89 21.60 22.29 22.36 23.59 25.12 25.68 26.46 27.88 Time deposits 11 11.52 11.59 11.56 11.46 11.51 11.62 11.72 11.73 11.85 11.98 12.07 Interbank balances 11 5.44 5.62 6.10 6.09 6.51 6.82 7.10 <8.24 8.51 <8.72 8.85 Loans and investments 11 31.75 31.52 30.72 31.63 32.07 32.10 32.60 33.08 33.94 34.16 34.45 Investments, total 11 17.79 17.98 17.78 18.69 18.86 19.05 19.46 19.61 19.98 20.22 20.48 U. S. Government obligations, total 12 12.37 12.45 12.34 13.01 13.22 13.35 13.78 13.81 14.33 14.42 14.72 Direct obligations 13 10.57 10.63 10.22 10.71 10.88 10.69 10.95 10.89 11.18 11.31 11.60 Guaranteed obligations 13 1.80 1.83 2.13 2.30 2.34 2.66 2.83 2.92 3.14 3.11 3.12 Other securities, total 12 5.42 5.52 5.44 5.68 5.64 5.70 5.69 5.79 5.65 5.80 5.76 State and local government securities 13 2.03 2.19 2.13 2.30 2.45 2.55 2.55 2.76 2.69 2.90 2.89 Other domestic 13 3.21 3.15 3.13 3.19 3.01 2.96 2.94 ) 2.77 2.70 Foreign securities 13 .18 .18 .18 .18 .18 .18 .19 19 .17 Loan S s e , c t u o r t i a ty l loans, total' 3 ___ __ 1 1 2 1 1 3 3 . . 7 9 0 6 1 3 3 . . 5 5 4 5 1 3 2 . . 3 9 2 4 1 3 2 . .9 3 4 0 » 1 3 1 . . 2 7 1 5 13 1 . . 0 5 5 7 1 1 3 . . 4 1 7 4 13.47 13 1 . . 9 4 6 9 13.94 13 1 . .1 9 2 7 Brokers' loans 13 .95 .70 .71 .97 .84 .73 .79 .45 Loans on securities (excluding brokers' loans) J 13 2.75 2.67 2.61 2.59 2.78 .73 .74 .70 .67 O Re th a e l r e l s o ta a t n e s , l o t a o n t s all * 12, 1 1 2 3 2 7 . .7 5 1 5 2 7. . 4 5 5 6 2 7. . 0 6 1 1 6 2. . 6 9 6 7 2 2 8 . . 7 7 2 4 8 2. 7 7 5 3 8 2 . . 8 8 5 3 2 9 . . 9 5 6 1 3 9. . 7 0 9 7 Commercial loans * 13 7.00 6.75 6.40 6.36 »5.45 5.53 5.57 6.12 6.27 Open-market paper _ 13 .64 .61 .49 .48 .44 .42 .42 .45 .45 L A o ll a n ot s h t e o r b lo a a n n k s s s _ 13 .07 .10 .12 .13 3 2 . . 1 7 2 3 2. . 6 1 7 0 2 . . 0 8 6 0 2. . 8 0 9 6 3. . 0 0 2 4 i 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" s I nee that date. « Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimate! on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332. * Not originally plotted in chart book. * Partly estimated. ' Revised. * Detailed breakdown of loans and investments now available on June and December dates only. REVISED INDEXES OF FACTORY EMPLOYMENT AND PAYROLLS PRELIMINARY ADJUSTMENT TO CENSUS OF MANUFACTURES THROUGH 1939 [1923-1925 average—101] ]factory employment Factory payrolls Without seasonal adjustment i Adjusted for seasonalvariation Without seasonal adjustmentl Non- Non- Non- Total D g u o r o a d b s le d g u o r o ab ds le Total D g u o r o a d b s le d g u o ra o b ds le Total D g u o r o a d b s le d g u o ra o b ds le 3.937 108 6 104 3 112.7 102.5 102 4 102 6 1938 90.9 78.9 102.4 78.5 67.9 90.3 1939 99.9 90.2 109.2 92.2 86.2 98.9 1940 P107. 5 P104 2 PllO. 6 *»105. 4 P1Q7. 8 P102. 7 1938—jan 91.0 82.5 99.1 93.4 84.6 101. 7 75.4 66.6 85.2 Feb. 91.6 81.1 101.6 92.4 82.0 102.3 77.7 66.7 90.0 Mar 91.2 80.4 101. 5 91.0 80.1 101.3 77.8 67.0 89.9 Apr. .__ _ 89.3 78.3 99.8 89.0 77.6 99.9 75.2 65.2 86.4 May 87.0 76.4 97.1 87.3 75.4 98.7 73.6 63.9 84.5 June 85.4 73.9 96.4 86.3 73.3 98.6 71.6 61.4 83.0 July - 85.9 71.9 99.2- 87.2 72.8 100. 9 71.7 58.5 8*5.5 Aug 90.2 73.5 106.1 89.3 74.2 103.8 77.9 63.5 94.0 Sept 93.6 77.2 109.2 91.0 76.9 104.5 82.3 68.6 97.6 Oct. _ . _ _ 94.2 81. 1 106.7 92.0 79.7 103.6 85.0 75.1 96. 1 Nov 95.3 84.4 105.7 94.8 83.6 105.6 85.3 78.2 93 2 Dec 96 2 85.5 106.4 96.7 85.4 107.4 88.1 80.2 96.9 1939—Jan 94.5 84. 1 104.4 96.8 86.2 107.0 84.7 76.7 93.7 Feb. . 96.1 85.3 106.4 96.8 86.2 106.9 87.1 78.4 96.8 Mar 97.0 86.2 107.3 96.7 85.8 107.1 88.8 80.2 98.4 \pr 96.9 87.0 106.3 96.6 86.1 106.6 86.8 80.3 94.1 May _ -_ _ - . . - . . .- 95.9 86.3 105.0 96.3 85.2 106.8 86.3 79.7 93.7 June 96.4 87.1 105.3 97.3 86.3 107.8 87.9 81.7 94.8 July . 96.6 85.5 107.2 98.4 87.3 109.0 85.8 77.0 95.6 Aug __ ....__. ._ _ _ _ ._ 99.5 86.5 111.9 99.0 87.9 109.6 91.2 82.5 100.9 Sept. 103.7 92.4 114.5 100.8 91.6 109.6 95.4 88.8 102.8 Oct 107 3 98 8 115.4 104 8 97.2 111.9 103.2 100.7 106.0 Nov 107.5 100.9 113.8 107.0 100.0 113.6 103.2 102.1 104.4 Dec. 107.8 102.8 112.6 108.2 102. 7 113.4 105.4 105.8 105.0 1940—Jan. , _ _ ... 105.0 100.1 109.7 107.6 102.5 112.4 99.8 99.3 100.4 Feb 105.0 99.2 110.5 105.8 100.2 111.1 99.3 97.8 101.0 Mar. 104. 4 99.1 109.5 104.0 98.6 109.3 99.8 98.7 101.0 Apr.. ______ -__-__.___ . .. 103.2 98.7 107.5 102.8 97.7 107.6 97.9 98.4 97.3 May 102.5 99.2 105.6 102.8 97.9 107.4 97.8 98.7 96.8 June... _-_ -. .- __.. 103.1 99.8 106.2 103.8 99.0 108.5 99.5 101.4 97 A July 103. 2 98.4 107.8 105.1 100.4 109.6 98.2 97.4 99.1 Aug. _ _ - _ _ _ -- _. __. 107.4 102.4 112.2 107.4 104.3 110.2 105.5 106.5 104.4 Sept. 111.4 108.2 114.4 108.9 107.4 110.3 111.6 115.1 107.7 Oct. 113.8 112.8 114.8 111.4 111.2 111.6 116.2 123.4 108.1 Nov 114 6 115 5 113 7 114 2 114 6 113.8 116 5 125 2 106 8- Dec. 116.2 117.5 114.9 116.6 117.5 115.8 122.8 132.2 112.2 NOTE.—Figures for December 1940 are preliminary, i Compiled by Bureau of Labor Statistics, P Preliminary. 166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES [Figures for 1940 are preliminary] Member banks Nonmember banks Other than mutual Total savings and private banks National State M sav u i t n u g a s l Private» Not Insured insured Number of Banks (Head Offices) December 31, 1933 -- - 15,029 5,154 857 2 8,341 579 98 December 31 1934 - - -- - -- 16, 063 5,462 980 7,693 1,108 579 241 December 31, 1935 - 15,869 5,386 1,001 7,728 1,046 570 138 December 31, 1936 15, 667 5,325 1,051 7,588 1,004 565 134 December 31 1937 - - 15, 387 5,260 1,081 7,449 960 563 74 December 31, 1938 - -- -- 15,194 5,224 1,114 7,316 917 555 68 December 31 1939 - - - - - - 15,034 5,187 1,175 7,171 887 551 63 December 31 1940 - - - - - - 14,899 5,144 1,342 6,952 854 3 551 Number of Branches December 31, 1933 __ 2,911 1,121 960 27)0 125 5 December 31, 1934 - - 3,133 1,243 981 5 778 126 5 December 31, 1935 _ 3,284 1,329 952 828 42 128 5 December 31, 1936 - - - 3,399 1,398 981 848 39 128 5 December 31, 1937 3,540 1,485 994 891 37 128 5 December 31 1938 - - -- 3,580 1,499 992 908 41 135 5 December 31, 1939 _ _ _-- - - - 3,629 1,518 1,002 927 44 132 6 December 31 1940 total 3,666 1,539 1,002 940 44 3135 4 6 In head-office cities 1,716 676 761 159 6 113 1 Outside head-office cities _ _ 1,950 863 241 781 38 22 5 Analysis of Bank Changes During 1940 Number of banks on December 31,1939 - 15, 034 5,187 1,175 7,171 887 551 63 Increases in number of banks: Primary organizations (new banks) 6 - +32 + 3 +24 + 5 Reopenings of suspended banks - + 2 Decreases in number of banks: Suspensions —22 — 18 _ 3 Voluntary liquidations 7 ______ — 51 — 4 —27 — 15 2 Consolidations, absorptions, etc - —96 —41 — 11 —39 — 5 Inter-class bank changes: Conversions— National into State - — 16 + 2 +14 State into National +16 _ g — 8 Private into State + 3 _ 3 Federal Reserve membership—8 Admissions of State banks _ +188 — 182 — 6 Withdrawals of State banks — 3 + 3 Federal deposit insurance—9 Admissions of State banks +12 -12 Withdrawals of State banks Net increase or decrease in number of banks -135 -43 +167 -219 -33 - 7 Number of banks on December 31, 1940 14,899 5,144 1,342 6,952 854 551 56 Analysis of Branch Changes During 1940 Number of branches on December 31, 1939 3,629 1,518 1,002 927 44 132 6 Increases in number of branches: De novo branches _ _ _ +46 +13 + 2 +28 + 3 Banks converted into branches +43 +21 + 9 +12 Decreases in number of branches: + 1 Branches discontinued —51 —23 — 11 — 17 Unclassified i — l Inter-class branch changes: From State to national +10 — 7 — 3 From nonmember to State member + 8 — 8 From uninsured to insured nonmember + 1 i Net increase or decrease in number of branches +37 +21 +13 + 3 Number of branches on December 31, 1940 3,666 1,539 1,002 940 44 135 6 t The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21(a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Number of banks comprises 53 insured and 498 uninsured; number of branches comprises 31 insured and 104 uninsured. The figures beginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." 4 Number of banks comprises 1 insured and 55 uninsured; all branches were uninsured. 5 Separate figures not available for branches of insured and not insured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. 9 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. 10 Includes one bank which was not insured at time of suspension. Back figures—See Annual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110. FEBRUARY 1941 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments 170 Gold production 171 Gold movements 171 International capital transactions of the United States 172-176 Central banks 177-180 Money rates in foreign countries 181 Commercial banks 182 Foreign exchange rates 183 Price movements: Wholesale prices 184 Retail food prices and cost of living 185 Security prices 185 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. 169 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 U S n ta i t t e e s d g t A i e n r n a - - g B iu e m l- Brazil I B n is r d h i i t a - g B a u ri l a - C a a d n a - Chile lo C m o b - ia C v z s a e l k o c - i h a o- m D a e r n k - Egypt France m G a e n r y - Greece 1936—Dec... 11, 258 501 632 275 188 2,995 27 26 1937—Dec.. 12, 760 469 597 274 184 2,564 28 24 1938—Dec.. 14,512 431 581 274 192 2,430 29 27 1939—Dec... 17, 644 274 214 2,709 1 29 28 1940—Jan.... 17, 931 466 274 211 2,709 Feb... 18,177 472 274 213 2,709 28 Mar... 18, 433 482 274 211 2,000 28 Apr... 18, 770 5 403 274 212 2,000 28 May.. 19,209 403 274 35 2,000 28 June.. 19,963 403 4 734 274 28 July... 20,463 403 274 28 Aug... 20, 913 402 274 28 Sept... 21, 244 385 274 28 Oct.... 21, 506 369 28 Nov... 21,801 353 Dec... >21,995 End of month H g u a n ry g- (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... 208 463 60 491 75 68 114 203 5 718 1937—Dec. 210 261 79 933 83 120 189 5 525 1938—Dec. _. 193 164 80 85 133 220 1939—Dec... 144 164 90 6 84 152 249 1940—Jan. ... 164 90 692 152 253 Feb... 164 90 692 153 268 Mar... 137 164 90 692 153 272 Apr... 164 100 650 154 279 May. 164 100 646 155 298 June.. 164 98 625 155 302 July.. 164 103 627 156 305 Aug.. 164 103 624 156 308 Sept... 164 109 634 156 314 Oct.... 164 109 629 157 328 Nov... 164 129 P627 351 Dec... Government gold reserves i not included End of month S d w e e n - e S r w la i n tz d - T k u ey r- U K d n o i 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. O t c r t o i u h e n e s - r 7 E m n o d n t o h f U i S n n t p a i t r t e e e s v d io U u K s d n i o i n m f t i g e g d - ures France g B iu e m l- 1936— Dec—. 240 657 2,584 59 183 1937—Dec 2 1,395 81 1937—Dec. ... 244 650 2,689 52 185 1938—Mar... 1,489 1938—Dec— 321 701 2,690 52 142 June.. 3 44 62 1939—Dec.... 308 549 81 »52 149 Sept. . 759 Oct..__ 3 103 1940—Jan.... 258 536 1 138 Nov._ 130 Feb.- 218 527 1 148 Dec... 80 331 44 Mar... 173 520 150 1939—Jan. 381 179 515 68 155 Feb 465 May". 189 501 68 156 Mar 154 1,732 559 June.. 199 68 157 Apr 455 July.. 173 i°90 158 May 477 Aug... 153 490 88 158 June.. 85 17 Sept... 152 490 87 158 Sept.. 164 Oct.... 150 500 158 Dec.—- 156 17 Nov... 157 501 158 1940—Mar.. _ 145 Dec... 502 158 June — 86 17 Sept.._ 105 p Preliminary. 1 Reported at infrequent intervals or on der Revised to include gold reserves of Iceland. layed basis: U. S.—Exchange Stabilization Fund 1 Figure for June 15, 1939. 2 Beginning April 1940, reports on certain Argentine gold reserves no longer available. (Special A/c No. 1); U. K.—Exchange Equaliza- 3 On May 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- tion Account; France—Exchange Stabilization trol Board. Gold reported since that time is gold held by Minister of Finance. Fund and Rentes Fund; Belgium—Treasury. 4 Figure reported in special semi-annual statement of National Bank of Belgium; change from previous December due largely to inclusion of gold formerly not reported. 2 Figure for Sept. 1937; figure for Mar. 1937, 5 Figures shown for December 1936 and December 1937 are those officially reported on Aug. first date reported, is $934,000,000. 1, 1936, and Apr. 30, 1938, respectively. 6 Figure for July 31, 1939. 3 First date reported. 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo, Bolivia, China, Danzig through Aug. 31,1939, Ecuador, El Salvador, Estonia, Finland, NOTE.—For details regarding special gold Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain transfers in 1939-40 between the British E. E. A. of tr 8 i e G se o l c d o u h n o t l r d i i e n s g s h a o v f e B b a e n e k n o c f a E rr n i g ed la f n o d r w re a d rd u ce fr d o m to l n a o s m t i p n r a e l v i a o m us o u o n f t f ic b ia y l go re ld p o tr r a t. nsfers to Brit- and the Bank of England, and between the ish Exchange Equalization Account during 1939. French E. S. F. and the Bank of France, see 9 Figure for end of March 1939. BULLETIN for September 1940, p. 926. 10 Increase due to inclusion of additional foreign gold reserves not previously reported. 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. 170 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 . Tot 1 A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o l n g g ia o n S U t n at i e te s d » Canada2 Mexico Co b l i o a m- Chile Au li s a t ra- B I r n i d ti i s a h $1=25-8/10 gravas 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 3,0U9 16,873 6,919 $1—15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5 1933 794,498 696,218 385,474 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 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 rl, 019, 592 448, 753 28,009 '28, 561 8,759 196, 391 178,303 32,300 19,951 11,376 56,182 11,008 1939—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, 869 P91, 137 40, 879 2,454 2,678 PI, 505 16,408 14, 652 4,233 1,941 766 P4, 760 May 106, 384 P90,651 41, 742 2, 442 2,747 PI, 540 16, 500 15,488 1,356 1,825 1,271 P4, 865 P875 June 104, 326 40, 437 P2, 415 2,643 PI, 505 14,862 15, 795 2,562 1,715 780 P4, 760 P875 July 110,107 P94,111 41, 936 P'2, 450 2, 590 fl, 505 18, 866 15,982 3,010 1,952 850 P4, 480 P490 August 109, 670 ?93,810 41, 989 P2, 485 2,725 fl, 505 16, 052 16, 318 P4,025 2,184 1,243 P4, 725 P560 September. 107, 050 ?90, 943 40, 958 P2, 450 2,652 •1, 505 17,082 15,416 P2, 590 2,016 673 P4,655 J>945 October..- 114, 655 ?98, 569 42, 362 /2, 450 2,709 fl, 505 21,761 16, 360 P2, 345 1,789 /673 P5, 635 November. 111,757 ?95, 775 41, 620 /2, 450 /2, 709 /I, 505 19, 709 A6, 360 /2, 345 n, 789 /673 /5, 635 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 gi\eD 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—of $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. ' Revised. 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 /. 1 Includes Philippine Islands production received in United States. « 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 fin 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 t o h r i e m o x r ( p p - n o o ) r r e t t t s s U K d n i o i n m t g e - d France g B i e u l m - N la e e n r t - d h s - S d w e e n - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a A So fr u ic th a Japan B I r n i d ti i s a h c o t o A r th i u l e l e n s r - 1934 1 1,131, 994 499, 870 260, 223 8,902 94, 348 12, 402 86, 82930, 270 16, 944 12,038 1,029 12 4 76, 820 32, 304 1935 I, 739, 019 315, 727 934, 243 3 227, 185 968 95,171 13, 667 10, 899 15, 335 3,498 65 75, 268 46, 989 1936 1, 116, 584 174, 093 573, 671 3, 351 71, 006 2 7,511 72, 64839,966 11,911 21, 513 23, 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, 569 1, 208, 728 81, 135 15, 488 163, 049 60, 146 1,363 76, 31536, 472 10, 557 27, 880 39,162 401 168, 740 16,159 2 67, 975 1939 3, 574, 151 1, 826, 403 3,798 165,122 341, 618 28, 71E 85, 987 612, 94933, 610 23, 239 35, 636 74, 250 22, 862 165, 605 50, 9563102, 404 1940 4, 744, 472 633, 083 241, 778 977 63, 260161, 489 90, 3202, 622, 33029, 880 23, 999 38, 627103, 777 184, 756 111, 739 49, 9894 388,468 1940 Jan 236, 391 23, 906 59 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 40 974 16, 181 32, 448 C13, 932 46, 866 2,006 3 1, 896 4,241 18, 872 4,919 6,722 31,001 Mar 459, 827 35, 288 35 282 65, 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 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, 32810, 335 4,516 3,738 6,746 11,687 954 34, 789 Sept 334,100 3,650 27 217, 627 545 2,330 3,764 14, 605 7,854 13, 228 523 69, 946 Oct 325, 964 1,738 222, 726 538 7 2,673 14, 770 6,704 11,815 784 64, 208 Nov 330,107 936 7 262, 718 545 3,283 14, 441 6,240 12, 186 2,170 27, 580 Dec 137,176 99 80, 389 347 2,814 3,268 14, 994 1,751 13, 262 7,446 12, 805 c Corrected. 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. - 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries. NOTE.—For gross import and export figures and for additional countries see table on p. 138. FEBRUARY 1941 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total Central banking Return Inflow of brokerage bank funds of U. S. foreign balances Total funds Other abroad funds funds in N.Y.i 1935—Dec. 31.. 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30_. 2, 608. 4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29.. 3, 410. 3 1,168. 5 243.9 924.6 449.1 583.2 1,162. 0 47.5 1938—Mar. 30 3, 207. 2 949.8 149.9 799.9 434.4 618.5 1,150. 4 54.2 June 29 3.045. 8 786.2 125.9 660.4 403.3 643.1 1,155. 3 57.8 Sept. 28 3, 472.0 1,180.2 187.0 993.2 477.2 625.0 1,125. 4 64.1 Dec. (Jan. 4, 1939)r 3,844. 5 1,425.4 238.5 1,186. 9 510.1 641.8 1, 219. 7 47.6 1939—Mar. 29 4,197. 6 1, 747. 6 311.4 1,436. 2 550.5 646.7 1,188. 9 63.0 June 28 4, 659. 2 2,111.8 425.3 1, 686. 5 607.5 664.5 1, 201. 4 74.1 Sept. 27 5, 035. 3 2, 479. 5 552.1 1, 927. 3 618.4 676.9 1,177. 3 83.9 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 1, 888. 3 650.4 725.7 1,133. 7 80.6 Jan. 10- 5,064. 9 2, 473. 5 558.5 1,915.0 644.5 731.7 1,133. 4 81.7 Jan. 17- 5,068. 3 2, 487. 3 554.1 1,933. 2 636.1 733.7 1,127. 5 83.8 Jan. 24.. 5, 073. 6 2,490. 0 561. 9 1, 928. 2 640.1 736.1 1,123. 7 83.6 Jan. 31- 5.046. 3 2, 471. 2 552.3 1,918.9 626.1 738.0 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 1,928. 7 621.5 743.3 1.122. 6 86.7 Feb. 21-. 5,041.5 2, 457.1 523.9 1,933. 3 627.0 745.5 1.123. 8 88.1 Feb. 28.. 5,067. 8 2, 479. 3 546.8 1,932. 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 2 945. 0 2 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 1, 018. 5 2, 004.0 774.0 790.6 1,052. 7 99.1 Aug. 28- 5, 751.1 3,034. 2 1,047. 9 1,986. 3 778.3 790.7 1.048.1 99.9 Sept. 4... 5, 752.0 3,040. 7 1, 054. 7 1,986. 0 773.1 790.6 1, 047. 1 100.5 Sept. 11.. 5, 722. 8 3,014.1 1,012.8 2,001.3 768.4 791.0 1,049. 4 99.9 Sept. 18.. 5, 807. 1 3, 087. 2 1,107. 7 1.979. 5 773.2 791.4 1,054. 8 100.6 Sept. 25.. 5, 788. 5 3, 062. 6 1, 087. 0 1, 975. 5 782.0 791.7 1,051.4 100.8 Oct. 2... 5, 805. 6 3, 092. 8 1,112.3 1, 980. 5 773.6 793.3 1,044.3 101.6 Oct. 9— 5, 825. 6 3, 108. 5 1,133. 6 1, 975. 0 781.8 793.7 1, 040. 3 101.3 Oct. 16__ 5, 796. 5 3, 086. 3 1,129. 9 1, 956. 4 780.9 794.1 1, 034. 3 100.9 Oct. 23.. 5, 805. 2 3,118. 7 1,140.1 1, 978. 6 765.6 794.1 1, 025. 6 101.2 Oct. " 5, 794.1 3,112. 5 1,158. 9 1, 953. 6 765.7 794.6 1, 020. 6 100.7 r Revised. 1 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. J 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 939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 172 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 t h J r a o n ug . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O ur th o e p r e E T u o ro ta p l e C ad an a - A L m i a c t a e in r- Asia* ot A he ll r i 1935—Dec. 31.. 1,412.5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1, 200. 6 () 70.9 128.3 12.7 1936—Dec. 30 2, 608.4 829.3 299.5 229.7 335.5 83.1 45.6 228.5 2,051. 3 150.5 201.2 184.0 21.4 1 1 9 9 3 3 7 8 — — D D e e c c . . 2 (J 9 an. 4, 1939)r 3 3, , 4 8 1 44 0 . . 3 5 1,1 9 8 9 3 3 . . 7 8 2 3 8 3 1 9 . . 7 6 3 3 1 2 1 8 . . 9 6 6 5 0 5 7 7 . . 5 5 1 1 2 4 3 0 . . 9 5 2 3 2 2. . 2 1 4 3 7 1 2 2 . .2 0 2 3 , ,0 65 5 3 4 . . 0 2 1 1 0 5 6 5 . . 3 3 4 3 1 8 0 4 . . 6 6 2 21 2 4 4 . . 2 6 3 1 6 5 . . 2 9 1939—Dec. (Jan. 3, 1940) 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. 31 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. 28 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. (Apr. 3) 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. (May 1) 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 29 5, 208. 3 975.7 494.8 471.9 851.3 171.5 78.3 874.1 3,917.7 215.9 558.4 443.7 72.6 June (July 3) 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 31 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. (Sept. 4) 5,752. 0 1,005. 4 693.8 459.7 908.4 173.1 64.5 917.8 4, 222. 8 369.5 C597.9 484.7 77.2 Sept. (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 Oct. 9 5, 825. 6 1,009.1 682.3 457.7 885.6 177.1 84.6 938.9 4, 235. 3 385.8 605.6 513.0 86.0 Oct. 16 5, 796. 5 985.6 681.3 457.7 882.6 173.6 79.5 950.6 4,211.0 380.1 601.1 518.3 85.9 Oct. 23 5,805. 2 986.5 680.8 458.6 890.7 173.4 77.0 931.7 4,198. 7 391.3 605.0 523.8 Oct. 30 5, 794.1 994.4 679.9 456.9 896.7 173.9 75.9 930.0 4, 207. 6 384.4 601.0 515.4 85.3 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From t h J r a o n u . g 2 h— , 1935, Total U K d n i o i n t m g ed - France N la e e n r t d - h s - 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 C ad an a - A L i m a c t a e in r- Asia* ot A he ll r i 1935—Dec. 31 603.3 128.6 129.6 55.7 72.4 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1,168. 5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 I 791.7 76.3 168.3 126.2 8.0 1938—Dec. (Jan. 4, 1939) 1, 425. 4 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010.7 101. 6 127. 6 163.3 22.2 1939—Dec. (Jan. 3, 1940) 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. 31 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 Feb. 28 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. (Apr. 3) 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. (May 1) 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 29 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 (July 3) 1. 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 31 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. (Sept. 4) 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. (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 Oct. 9 3,108. 5 321.3 470.6 166.2 451.8 -17.7 5.4 623.6 2,021. 2 307.5 318.0 404.8 57.1 Oct. 16 3, 086. 3 297.4 470.0 165.9 452.6 -20.8 2.6 635.0 2,002. 6 302.0 315.3 409.4 56.9 Oct. 23 3,118. 7 299.8 469.6 166.9 465.5 -21.0 1.7 616.3 1,998. 8 316.7 329.0 416.6 57.6 Oct. 30 3,112. 5 468.7 165.1 476.3 -20.6 615.6 2,012.4 307.9 325.1 410.3 56.8 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From t h J r a o n u . g 2 h— , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - 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 C a a d n a - A L i m a c t a e in r- Asia 1 ot A he ll r x 1935—Dec. 31. 361.4 48.1 A 1.6 29.7 13.7 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -i.z 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. (Jan. 4, 1939)»•____ 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 460.9 35.9 66.8 -46.5 -7.0 1939—Dec. (Jan. 3, 1940) 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. 31 626.1 236.0 73.5 11.4 3.0 178.9 13.5 30.3 546.7 56.2 55.8 -32.0 Feb. 28 627.7 247.4 73.4 12.9 2.6 179.4 11.7 30.5 557.8 52.1 56.2 -37.7 -.7 Mar. (Apr. 3) 631.6 252.4 73.8 11.9 1.9 181.1 10.3 31.2 562.6 54.1 55.3 -40.0 -.4 Apr. (May 1) 643.4 255.4 70.3 10.7 1.7 181.8 10.0 31.2 561.0 59.2 51.6 -28.4 -.1 May 29 684.0 262.0 70.8 15.4 3.1 183.8 8.9 35.2 579.3 69.5 52.6 -16.9 -.5 June (July 3) 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 31 714.1 263.9 74.2 16.8 5.6 184.6 17.6 43.2 605. 8 64.9 49.7 -7.2 1.0 Aug. (Sept. 4) 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. (Oct. 2) 773.6 271.9 75.3 17.6 6.5 185.6 24.5 45.0 626.6 65.4 52.9 2.1 Oct. 9 781.8 270.8 75.3 17.5 6.1 187.4 24.9 47.0 629.2 65.7 53.9 30.6 2.4 Oct. 16.. 780.9 272.2 75.2 17.6 6.7 187.1 23.8 47.0 629.6 64.9 53.0 31.2 2.3 Oct. 23 765.6 271.5 75.1 17.6 6.1 187.1 23.9 47.0 628.3 62.0 43.5 29.7 2.1 Oct. 30 765.7 272.5 75.0 17.6 6.1 187.2 24.0 46.5 63.9 42.9 27.7 2.2 r Revised. c Corrected. 1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. FEBRUARY 1941 173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From t h J r a o n u . g h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - 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 C ad an a - A L m i a c t a e in r- Asia1 ot A he ll r i 1935—Dec. 31 125.2 67.8 6.8 7.4 — 1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939)'-.... 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940) 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. 31 738.0 126.2 42.5 29.6 46.0 36.5 27.8 190.6 499.1 -.2 184.5 43.2 11.3 Feb. 28 748.7 129.0 42.6 30.2 47.7 36.4 27.9 191.7 505.5 1.7 185.6 44.2 11.6 Mar. (Apr. 3) 761.6 130.9 42.6 31.3 49.0 36.3 27.6 192.9 510.8 6.4 187.5 45.3 11.8 Apr. (May 1) 771.1 132.0 42.8 31. 1 50.0 36.2 27.7 194.0 513.8 10.3 189.4 45.6 12.1 May 29 775.6 132.4 42.8 31.0 49.0 36.2 27.8 194.5 513.7 12.6 190.6 46.2 12.4 June (July 3) 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 31 788.9 131.4 42.9 31.0 48.6 36.2 28.0 194.9 513.2 18.9 195.6 48.5 12.7 Aug. (Sept. 4) 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. (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 Oct. 9 793.7 130.4 42.9 31.0 47.2 36.4 28.1 195.9 511.9 20.7 197.9 50.3 12.9 Oct. 16 794.1 130.3 42.9 31.0 47.0 36.4 28.1 196.0 511.8 21.0 198.1 50.4 12.9 Oct. 23 794.1 130.2 42.9 31.0 46.7 36.5 28.1 196.0 511.4 21. 1 198.2 50.5 12.9 Oct. 30 794.6 130.2 42.9 31.0 46.3 36.5 28.1 196.0 511.0 21.4 198.6 50.5 13.1 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From t h J r a o n u . g h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - 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 C ad an a - A L m at e in r- Asia i ot A he ll r i 1935—Dec. 31 316.7 149.8 23.4 50.5 55. 1 -5.4 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937— Dec. 29 1,162. 0 448.7 70.3 213.8 275.3 -17.4 -4.9 £5.7 1,041. 6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 193f^) 1,219.7 472.6 76.9 212. 1 304. 1 — 22 8 -5.5 56.6 1, 094. 1 25.7 23.7 65.2 11.1 1939— Dec. (Jan. 3, 1940) 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. 31 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. 28 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. (Apr. 3) 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. (May 1) 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 29 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 (July 3) 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 31 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. (Sept. 4) 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. (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 Oct. 9 1,040. 3 270.0 74.5 230.7 361.3 -28.9 26.0 64.4 998.0 -18.7 26.7 21.4 12.8 Oct. 16 1, 034. 3 269. 3 74.1 230.7 357.3 -28.9 25.0 64.6 992.0 -18. 3 26.5 21.3 12.8 Oct. 23 1, 025. 6 268.6 74. 1 230. 7 353.5 -29.0 23.2 64.5 985.5 -19.3 26.2 20.3 12.8 Oct. 30 1, 020. 6 268.0 74.1 230. 6 349.6 -29.1 23.1 64.5 980.9 -19.0 26.2 20.0 12.6 TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES From t h J r a o n u . g 2 h— , 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 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 Can- A L m i a c t a e in r- ot A he ll r i 1935—Dec. 31 () 2.4 2.5 -.2 1.4 7.6 -4.5 1.0 2.9 1 1 1 1 9 9 9 9 3 3 3 3 7 9 6 8 — — — — D D D D e e e e c c c c . . . . 2 3 ( ( J 0 J 9 a a n n . . 3 4, , 1 1 9 9 4 3 0 9 ) )»•-.-. 1 1 1 4 9 3 1 . . . . 4 0 4 5 2 1 1 1 0 0 1 2 . . . . 4 1 5 9 9.3 1 1 9 9 0 7 . . . . 1 6 8 8 - - - ( . . . 3 7 2 ) 1 5 5 5 . . . . 4 0 0 2 4 2 4 7 4 2 7 1 . . . . 0 6 6 9 -7 8 3 1 . . 6 . . 7 5 8 - - - 4 1 . . . 5 9 . 2 6 - -3 1 2 . . . . 4 5 5 1 () 2 . . 3 1 1940—Jan. 31 18.9 19.6 9.4 18.3 -.2 5.7 71.9 10.9 1.7 1.7 2.0 Feb. 28 18.9 19.0 9.2 19.1 2 5.8 71.9 10.5 .8 2.0 1.9 Mar. (Apr. 3) 18.7 17.4 9.0 20.2 (*') 5.4 70.8 11.1 1.2 3.3 2.2 Apr. (May 1) 18.3 17.6 10.1 21.3 (4) 5.9 73.5 10.4 -.3 3.0 1.8 May 29 17.6 18.4 10.5 18.5 7.1 72. 1 10.3 6.3 5.8 .6 June (July 3) 16.6 18.5 11.4 18.0 ( 8.1 72.7 12.0 7.6 6.0 J A S u e u l p y g t . . 3 ( ( 1 S O e c p t t . . 2 4 ) ) 1 1 1 6 6 6 . . . 7 3 3 1 1 1 8 8 8 . . . 6 8 5 1 1 1 2 1 1 . . . 9 3 5 1 1 1 8 9 8 . . . 0 2 8 - - - . . .2 1 1 8 8 8 . . . 0 3 1 7 7 7 4 3 2 . . . 6 9 7 1 1 1 1 1 0 . . . 2 9 1 8 9 9. . . 8 4 1 6 6 5 . . . 3 0 8 Oct. 9 16.6 18.9 12.3 19.1 -.2 8.0 74.9 10.6 9.0 5.9 Oct. 16 16.4 19. 1 12.5 19.1 -.2 8.0 75.0 10.6 8.3 6.1 1.0 Oct. 23 16.5 19.0 12.5 18.9 -.2 7.9 74.7 10.8 8.1 6.6 .9 Oct. 30 17.1 19.1 12.5 18.3 -.2 7.3 74.4 10.2 8.3 6.8 1.0 r Revised. 1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 For explanation see BULLETIN for May 1937, pp. 395-396 3 Inflow less than $50,000. * Outflow less than $50,000. 174 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 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 a a e n r r i - d tz- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia1 ot A h l e l r! Reported by Banks in New York City 1929—Dec. 31 2, 672. 7 301.5 923.7 99.1 105.2 204.5 157.4 371.3 2,162. 8 241.8 188.2 49.0 31.0 1930—Dec. 31 2, 335.0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911.7 216.8 130.8 38.2 37.5 1931—Dec. 30 1, 303. 5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. (Jan. 4, 1933) 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. (Jan. 3, 1934). 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 2 466.7 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. 53 584.8 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. (Jan. 2, 1935). 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. 31 1, 200. 2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Mar. (Apr. 1) 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 (July 1) 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. 30 1,459. 6 293.7 163.2 76.8 147.3 19.2 29.2 128.8 858.3 170.7 200.5 210.2 19.8 Dee. 30 1, 491. 6 235.7 176. 3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263. 9 200.2 27.1 1937—Mar. 31 1, 682. 7 226.9 173.0 60.4 113.1 53.9 36.6 140.8 804.7 210.0 441.0 204.6 22.5 June 30 2,173. 6 373.1 206.2 145.0 331.4 40.3 23.0 177.9 1,296. 9 190.1 448.8 210.4 27.4 Sept. 29 2, 304. 8 385.8 197.3 167.6 425.5 48.7 27.5 223.4 1,475. 9 219.3 353.8 229.9 25.8 Dec. 29... 1, 729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Mar. 30 1, 521.0 248.1 126.3 48.5 236.7 25.7 14.9 135.7 835.8 186.4 257.9 219.5 21.3 June 29 1,357.4 217.4 102.2 48.6 173.8 27.3 18.2 121.9 709.4 173.5 261.7 194.4 18.4 Sept. 28 1, 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. (Jan. 4, 1939) 1,996. 6 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1, 237. 8 201.8 248.5 274.3 34.1 1939—Mar. 29 2, 318. 8 473.9 219.5 143.9 247.1 18.7 14.8 314.7 , 432. 7 236.6 300.7 305.5 43.3 June 28 2, 683.0 607.4 284.4 146.0 240.8 15.1 12.2 366.9 L, 672. 7 291.7 363.0 306.0 49.7 Sept. 27 3,050. 7 656.7 295.9 186.0 299.9 7.8 17.1 446.4 ,909.7 325.3 383.0 366.5 66.2 Dec. (Jan. 3, 1940) 3,057. 0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 L, 882. 6 274.6 336.0 491.4 72.5 1940—Jan. 31 3,097.4 404.5 290.6 200.3 395.5 9.1 43.7 569.0 , 912. 6 266.9 352.2 494.8 70.9 Feb. 28 3,105. 5 376.6 288.5 200.1 411.0 8.4 44.5 593.5 , 922. 6 268.7 354.6 497.3 62. 4 Mar. (Apr. 3) 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. (May 1) 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 29 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 (July 3) 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 31 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. (Sept. 4) 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. (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 Oct. 9 3, 734. 7 393.5 502.7 180.1 465.5 12.0 24.2 670.5 2,248. 4 407.6 438.9 570.8 69.1 Oct. 16 3, 712. 5 369.5 502.1 179.9 466.3 8.8 21.4 681.9 2,229.8 402.1 436.2 575.4 Oct. 23 3, 744. 9 371.9 501.7 180.8 479.2 8.7 20.5 663.2 2, 226.0 416.8 449.9 582.6 Oct. 30 3, 738. 7 378.8 500.8 179.1 490.0 9.1 19.4 662.5 2, 239. 6 408.1 446.0 576.3 68.7 Additional Detail Available from January 3,19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Pan- Philip- Bel- Den- Fin- Nor- Swe- Ar- Bra- Mex- ama Total China Hong Japan pine Total gium mark land way den Total gen- zil Chile Cuba ico and Kong Islands tina C.Z. 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. 31 448.1 166.2 28.7 23.8 67.0 162.4 259.3 66.5 31.8 24.4 38.3 62.1 36.2 434.7 173.8 72.2 158.7 30.0 Feb. 28 458.8 176.6 27.2 23.7 69.4 161.9 263.7 68.7 30.0 24.7 38.3 65.2 36.7 439.2 178.9 68.5 162.1 29.7 Mar. (Apr. 3) 475.1 184.3 28.7 25.0 68.4 168.6 275.4 63.5 35.3 24.7 43.2 68.4 40.2 455.1 178.5 75.2 169.4 32.0 Apr. (May 1) 460.2 183.7 23.0 27.2 67.5 158.9 297.1 80.6 35.0 23.4 46.4 67.2 44.5 461.3 184.1 81.1 164.1 32.0 May 29. _.. 443.3 172.0 21.1 29.5 64.1 156.7 311.8 DO O 34.8 24.8 49.6 68.6 50.6 446.2 178.8 79.4 151.8 36.2 June (July 3) 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 31 457.7 154.9 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. (Sept. 4) 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. (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 Oct. 9 471.0 146.1 16.6 29.7 52.4 226.2 339.6 112.2 32.6 25.7 49.3 63.2 56.6 433.5 191.8 86.8 109.4 45.6 Oct. 16 471.8 145.9 16.6 28.7 52.1 228.7 335.0 113.1 30 4 . 24.4 48.3 63. 2 55.6 433.8 192.3 87.9 109.7 43.9 Oct. 23 474.9 146.4 16.6 28.3 51.8 231.8 350.4 115.3 39.5 24.6 48.3 64.2 58.5 428.8 190.6 88.8 103.5 45.8 Oct. 30.. 469.0 145.7 16.2 24.3 51.3 231. 5 348.2 112.7 39.7 25.0 48.4 64.4 57.9 432.5 195.1 89.4 102.8 45.2 T Revised. 1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 3 First report date on new basis. 4 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings 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). FEBRUARY 1941 175 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 United Neth- Switz- Latin Date Total King- France er- er- Ger- Italy Other Total Can- Amer- Asiai All dom lands land many Europe Europe ada ica other i Reported by Banks in New York City 1931—Dec. 30 1,103.3 166.2 29. 5 20. 9 12. 6 467. 2 18.7 149.2 864. 3 58.1 136. 5 41. 8 2.6 1932—Dec. (Jan. 4, 1933) 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. (Jan. 3, 1934) 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. 282 827.1 201.3 94. 1 159 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. 53 1,137. 8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 Dec. (Jan. 2, 1935) 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. 31 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Mar. (Apr. 1) 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 (July 1) 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. 30 647.9 75.8 81.5 21.5 5.2 160.6 11.0 52.0 407.6 49.1 126.6 54.4 10.2 Dec. 30 _ 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Mar. 31 693.1 99.7 15.8 17.1 4.9 162.2 13.0 58.1 370.7 71.7 135.3 100.0 15.5 June 30 637.7 75.6 13.2 13.7 3.5 143.9 14.8 55.2 319.9 87.8 132.0 83.6 14.5 Sept. 29 586.0 75.3 11.1 19.1 4.2 132.0 16.8 52.8 311.3 82.5 107.0 71.7 13.5 Dec. 29 .._ 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Mar. 30 669.7 120.6 11.4 23.5 4.8 112.0 18.1 51.0 341.4 93.3 113.5 104.1 17.4 June 29 700.8 141.4 16.2 25.2 5.9 102.6 16.1 49.0 356.4 87.6 116.6 126.4 13.8 Sept. 28 626.9 121.9 11.4 22.6 4.4 99.1 17.0 46.3 322.7 84.0 94.2 113.6 12.4 Dec. (Jan. 4, 1939) 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 1939—Mar. 29 553.6 83.0 13.8 20.1 3.6 81.4 16.4 48.8 267.1 46.3 99.5 125.7 14.9 June 28 496.6 55.4 10.7 19.7 4.5 77.4 9.5 39.9 217.0 54.0 110.3 100.5 14.8 Sept. 27 485.7 66.0 8.7 9.6 2.9 67.1 12.2 41.6 208.1 49.7 108.5 104.0 15. : Dec. (Jan. 3, 1940) 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. 31_ 533.0 56.2 5.3 7.2 5.1 52.3 13.7 49.5 189.1 40.1 110.2 184.6 9.1 Feb. 28 531.4 44.7 5.4 5.7 5.5 51.8 15.5 49.3 177.9 44.2 109.8 190.3 9.2 Mar. (Apr. 3) 527.5 39.7 4.9 6.7 6.2 50.1 16.9 48.6 173.2 42.2 110.7 192.6 8.9 Apr. (May 1) 515.7 36.8 8.4 8.0 6.4 49.4 17.2 48.6 174.7 37.1 114.3 181.0 8.6 May 29 475.0 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 (July 3) 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 31 444.9 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. (Sept. 4) 386.0 22.6 4.2 1.2 1.9 46.0 4.1 34.9 115.0 31.2 112.3 118.6 8.9 Sept. (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 Oct. 9 377.3 21.3 3.4 1.1 2.0 43.8 2.3 32.8 106.6 30.6 112.0 122.0 6.1 Oct. 16 378.2 19.9 3.6 1.0 1.4 44.1 3.5 32.7 106.2 31.4 112.9 121.4 6.2 Oct. 23 393.4 20.7 3.7 1.0 1.9 44.1 3.3 32.8 107.5 34.3 122.5 122.9 6.4 Oct. 30 393.4 19.6 3.7 1.0 1.9 44.0 3.3 33.3 106.8 32.4 123.1 124.9 6. 3 Additional Detail Available from January 3,1940« 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B i e u l- m D m e a n rk - l F a i n n d - N w o a r y - S d w e e n - Total g t A i e n r n a - - B z r il a- Chile Cuba M ic e o x- C P a a m a n .Z n d 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 d p s - 1940—Jan. 3 23.4 6. 5 3.2 1.4 3.6 8.7 76.1 16.8 32.2 9.7 10.5 5.9 1.0 152.5 22.0 1.9 102.1 26.4 Jan.31 22.2 7.2 3.7 1.2 3.7 6.5 71.5 12.9 31.2 9.6 10.4 6.5 .9 161.9 22.5 1.6 111.2 26.6 Feb. 28 20.4 7.4 2.9 .8 4.0 5.4 69.9 12.0 31.8 9.7 11.1 4.4 .9 168.0 25.4 3.2 111.2 28.2 Mar. (Apr. 3) 19.4 7.9 2.2 .8 4.0 4.5 71.4 12.5 33.0 9.4 10.7 4.7 1.1 182.6 26.1 1.7 125.9 28.9 Apr. (May 1) 17.6 8.1 1.4 1.0 3.4 3.7 73.9 12.4 34.4 9.7 11.2 5.0 1.2 169.8 23.9 1.8 115.6 28.5 May 29 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 (July 3) 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 31 9.1 2.9 .4 1.6 1.3 2.8 75.6 16 432.8 10.3 9.9 4.7 1.5 145.3 30.5 2.7 78.6 33.6 Aug. (Sept. 4) 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. (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 Oct 9 7 1 1.7 .3 1.7 1.2 2.3 71.0 14.4 30.2 10.2 10.4 4.3 1.6 105.7 24.0 3.5 51.9 26.3 Oct. 16 7.1 1.7 .3 1.7 1.1 2.2 71.5 13.3 31.5 10.0 10.6 4.5 1.5 103.8 23.9 3.2 50.4 26.3 Oct. 23 7.6 2.2 .3 1.7 1.2 2.2 81.5 14.3 40.0 10.2 10.8 4.6 1.6 104.0 24.1 3.1 51.2 25.6 Oct. 30 7.6 2.2 .3 1.9 1.1 2.1 81.4 13.2 40.2 10.8 10.9 4.6 1.7 110.7 24.2 3.0 58.0 25.4 ' Revised. 1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 3 First report date on new basis. * The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings 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). 176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of Bank of England issue dept. Assets of banking department Liabilities of banking department Note (Fi p g o ur u e n s d s in s m te i r l l l i i n o g n ) s of Gold i a O ss t e h t 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 c n s a e - t d s s - Se t c ie 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 t s Other l O ia t t i b h e 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—Dec. 27.. 3.2 580 0 1.0 25.6 4 3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Jan. 31__. 2 580 0 52.5 3.1 143.9 527.7 98.1 39.7 44.3 18.0 Feb. 28.. .2 580.0 1 0 49.0 2.8 149.4 531.2 99.4 45.7 38.9 18.1 Mar. 27,. .2 580.0 1 1 37.1 6.1 157.2 543.1 98.0 43.1 42.2 18.2 A M p a r y . 2 2 4 9. .. . . 2 2 5 58 8 0 0 . . 0 0 1 1 0 4 4 2 3 3. . 4 1 4 2 . . 9 9 1 1 5 71 3 . . 6 5 5 55 3 6 7 . . 9 1 1 9 0 4 3 . . 9 4 4 3 0 6 . . 7 1 4 5 0 0 . . 6 5 1 1 7 7 . . 8 7 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 20.7 3.3 174.4 609.5 106.3 22.7 52.3 18.0 Aug. 28- .2 630.0 20.2 3.9 172.6 610.0 118.7 8.8 51.8 18.1 Sept. 25. .2 630.0 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 59J.6 108.0 18.3 51.5 17.7 Nov. 27.. .2 630.0 1.0 36.9 6.9 161.2 593.3 110.8 27.1 50.3 17.8 Dec. 25.. .2 630.0 13.3 4.0 199.1 616.9 135.7 12.5 51.2 17.9 Assets Liabilities Domestic bills Loans on— Deposits Bank of France Ad- For- vances (Figures in millions of francs) Gold « ch e e a i x g n - n ge m O ar p k e e n t8 c S i p a e l - " Other m G e e t r o o n n v t - - 7 m G S t e o h e n v r o t e m r r t s n - e - - s O e t c t i h e u s e ri r - O as t s h e e ts r c N i t r i c o o u t n e la- G m ov e e n r t n- Other O li t t a i h b e e s i r licurities 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_ 21, 111 7,157 7,389 2,730 8,545 85,725 22,183 1,989 1932—Dec. 30_ 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29. 77,098 1,158 6,122 4,739 2,921 8,251 82,613 2,322 13,414 1,940 1934—Dec. 28_ 82,124 963 5,837 3,971 3,211 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 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 14,753 122, 611 5,188 16,909 2,816 July 27. 92, 266 722 8,316 2,275 5,000 20, 577 472 3,461 14,458 123, 239 5,468 16,058 2,781 Aug. 31. 97, 266 218 9,396 1,708 15,009 20, 577 2,412 3,805 16,016 142,359 3,304 18,038 2,708 Sept. 28. 97, 266 212 9,734 1,958 14,830 22, 777 930 3,661 16,482 144, 562 2,342 18,022 2,926 Oct. 26. 97, 266 85 10,038 2,007 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, 769 149,370 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, 970 156,032 1,154 14, 262 3,014 Apr. 25. 84, 615 112 42, 694 1,781 5,769 20, 900 228 3,411 15, 666 156,285 1,171 14, 681 3,038 May 30- 84, 616 102 44, 083 1,889 14, 473 32,600 2,320 3,716 16, 694 170,853 1,046 25,782 2,811 June 10. 8i, 616 108 44,173 1,518 11, 885 36, 250 2,534 3,822 18,865 174,469 1,049 25,405 2,848 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 Gold revalued in Feb. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 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. 8 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). 7 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, Mar. 22, 1938, and Apr. 14, 1638, 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). In the period since June 10, 1940, the last date for which the Bank of France has rendered a statement, further Conventions have authorized additional advances as follows: Convention of June 12 authorized 25,000,000,000 francs for general purposes; Convention of Aug. 25 authorized 50,000,000,000 francs to meet the costs of the German army of occupation; Conventions of Oct. 29, Dec. 12, and Jan. 20,1941, increased the authorized advances for meeting occupation costs to 65,000,000,000, 73,000,000,000, and 85,000,000,000 francs, respectively. Total authorizations now outstanding, including those issued prior to June 10, amount to 155,000,000,000 francs. 8 On Apr. 20, and again on Aug. 3,1939, 5,000,000>000 francs of gold transfeired 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. FEBRUARY 1941 177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities (Figu r r R e e i s e c i h c i s n h m s m b a a r i k l n l s k i ) ons of Re f T o s o r e e t r a i v g l e n s o ex f c g h o a ld n g a e nd B i T c n i h r l c l e e l s c a u k s d ( u a s in ) n r , y g d Se lo c a u n ri s ty E as li g n i o S b t e l e e curiti O es ther a O s t s h e e ts r ci N t r i c o o u n t l e a- Deposits l O ia ti t b e h i s e li r reserves Gold i bills cover 1929— Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930- Dec. 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec 30 78 11, 392 30 804 393 2,498 11, 798 2,018 1,378 1940—Jan. 31 77 11,143 33 374 401 2,487 11, 505 1,628 1,382 Feb 29 77 11,825 37 172 367 2,380 11,877 1,559 1,422 Mar. 30 78 12, 242 31 144 394 2,557 12,176 1,760 1,509 Apr. 30 78 12,188 31 221 364 2,651 12, 480 1,714 1,338 May 31 77 12, 569 31 142 363 2,135 12, 594 1,470 1,253 June 29 77 12,611 25 143 454 2,595 12, 785 1,854 1,266 July 31 78 12, 613 28 114 408 2,377 12, 750 1,620 1,248 Aug. 31 77 12,891 31 56 419 2,448 13,026 1,608 1,287 Sept 30 78 13, 206 16 50 422 2,184 12,847 1,795 1,314 Oct. 31 .78 13,069 31 56 425 2,240 12,937 1,610 1 352 Nov 30" 78 13, 532 26 51 13,198 1,706 Dec 31P 76 15, 419 38 32 « (2) 14,033 2,561 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) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. 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 3,594 Foreign assets.- _. 65,135 64,939 Other gold and foreign ex- Loans and discounts 10,315 5,311 change . .. 2 70 635 Other assets 7,829 8,814 Discounts __ 1,170 977 Note circulation 28, 419 26, 316 Loans.. . __ __ 511 228 Other sight liabilities 46,830 44, 513 Other assets _ 1,036 ••494 Other liabilities 15, 598 15, 802 Note circulation 6,690 5,599 Central Bank of the Argentine Demand deposits—Treasury 14 30 Republic (millions of pesos): Other 273 '174 Gold reported separately 1,120 1,224 Other liabilities 139 124 Other gold and foreign exchange- 216 171 National Bank of Bohemia and Mo- Negotiable Government bonds 209 281 ravia (millions of koruny): Rediscounted paper 21 Gold 3 1,430 1,602 Other assets __ 217 192 Foreign exchange _ 751 799 Note circulation 1,164 1,191 Discounts 294 900 Deposits—Member bank 394 428 Loans 263 995 Government 148 175 Other assets 5,749 Other.... 3 7 Note circulation .... 6,265 6,345 Foreign exchange sold forward 8 14 Demand deposits 1,126 1,054 Other liabilities 65 53 Other liabilities 2,648 Commonwealth Bank of Australia Central Bank of Bolivia (thousands (thousands of pounds): of bolivianos): (Sept.)i Issue department: Gold at home and abroad ... 99,445 93, 308 Gold and English sterling 16, 705 16,082 16,030 Foreign exchange- 72, 596 63,889 Securities 54,051 54,298 50,023 Loans and discounts 229, 345 110,316 Banking department: Securities—Government 430, 388 414,704 Coin, bullion, and cash- 3,878 3,668 4,979 Other . 13, 640 8,520 London balances 55,124 50,983 28, 923 Other assets 20, 671 69, 691 Loans and discounts 29, 747 30, 767 19,163 Note circulation 441,316 368, 760 Securities 38,278 41, 386 50,863 Deposits 340, 594 310, 773 Deposits _- 118, 746 119, 279 95,322 Other liabilities- .. 84,176 80,894 Note circulation 61,919 61,619 57, 275 National Bank of Bulgaria (mil- Bank of Belgian Congo (millions of lions of leva): Belgian francs): (Jan.)i Gold 2,006 2,006 Gold . . 171 171 Net foreign exchange in reserve 4 4 Foreign (gold) exchange __ 5 5 Foreign exchange _ _ 1,472 1,782 Loans and discounts 617 634 Loans and discounts _ 2,749 1,870 Other assets 526 490 Government debt 3,373 3,393 Note circulation 421 410 Other assets 2,756 1,475 Deposits 735 712 Note circulation 6,262 4,245 Other liabilities 164 177 Deposits _ 3,119 3,834 Other liabilities 2,980 2,450 r Revised. 1 Latest month for which report is available for this institution. 2 Foreign exchange only; total gold holdings now included in item "Gold". 3 Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny. * Figures not yet available. 178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1940 1939 Central Bank 1940 1939 (Figures as of last report (Figures as of last report date of month) date of month) Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Bank of Canada (thousands of Ca- Bank of Estonia (thousands of nadian dollars): krooni): Goldi 225, 677 Gold and net foreign ex- (July) 2 Sterling and United States ex- change 47,846 45, 133 change 38,429 82.967 45,133 64,325 Loans and discounts 57, 399 54,498 Canadian Gov't. securities: Other assets 47,437 34,856 2 O y v e e a r r 2 s y o e r a l r e s ss : 2 4 7 8 , , 4 3 4 2 0 3 : 4 4 1 4 , , 2 5 3 6 4 5 t . 3 4 8 2 , , 2 55 8 3 8 . 4 8 9 1 , , 8 8 7 9 6 7 N D o em te a c n i d rc u d l e a p t o io s n it s .. 8 28 8 , , 4 2 9 8 2 5 6 3 4 6, , 4 4 4 4 1 5 Other assets 12, 386 10,456 12,195 5,453 Other liabilities 35, 905 33,603 Note circulation 359, 949 335, 487 332, 355 232,779 Bank of Greece (millions of drach- Deposits—Chartered banks 217, 738 231, 210 221, 679 16, 996 mas): Dominion Gov't 10,880 83, 791 62, 684 46, 270 Gold and foreign exchange (net).. 5,413 3,685 Other 9,515 13, 766 5,962 17, 852 Loans and discounts 16,394 13,079 Other liabilities 28, 496 14.968 15,491 13,330 Government obligations 4,049 4,207 Central Bank of Chile (millions of Other assets 3,583 1,896 pesos): Note circulation 12, 599 9,453 Odd 146 146 146 Deposits 14, 305 11, 545 Discounts for member banks 132 119 123 Other liabilities 2,534 1,870 Loans to government 746 746 750 National Bank of Hungary (mil- Other loans and discounts 392 393 289 lions of pengo): Other assets 41 44 17 Gold 124 124 Note circulation 1,031 950 Foreign exchange reserve 40 77 Deposits- Discounts 689 585 Bank 195 198 128 Loans—To Treasury 573 312 Other . 51 49 96 Other 40 43 Other liabilities 180 168 151 Other assets 347 344 Bank of the Republic of Colombia Note circulation 1,379 975 (thousands of pesos): Demand deposits 113 186 Gold 30,616 32, 562 29, 525 36,758 Certificates of indebtedness 87 94 Foreign exchange 12. 946 8,908 13, 830 5,628 Other liabilities 235 232 Loans and discounts 27, 200 26, 427 25, 311 25, 723 Reserve Bank of India (millions of Government loans and securities. 49, 270 47,122 47,099 37,053 rupees): Other assets 30, 668 31, 541 36,071 32,153 Issue department: Sept.) Note circulation 62, 327 56, 591 55, 269 60,411 Gold at home and abroad..-. 444 444 Deposits 51, 507 54,180 61, 494 46, 232 Sterling securities 1, 315 1,075 Other liabilities 35, 789 35, 073 30, 674 Indian Gov't. securities 496 383 National Bank of Denmark (mil- Rupee coin 326 642 lions of kroner): Note circulation 2,292 2,359 Gold 117 Banking department: Foreign exchange 10 Notes of issue department.-. 290 186 Clearing accounts (net) 383 364 Balances abroad 344 55 Discounts 11 13 26 Treasury bills discounted.... 92 Loans—To Government agencies 37 43 162 Loans to Government 12 Other __. 62 70 334 Investments 63 Securities 161 158 208 Other assets 12 34 Other assets 473 415 98 Deposits 632 313 Note circulation 718 715 600 Other liabilities 118 130 Deposits 343 283 191 Bank of Japan (millions of yen): Other liabilities 192 190 162 Gold 501 501 501 Central Bank of Ecuador (thou- Special foreign exchange fund.... 300 300 300 sands of sucres): (July) 2 Discounts 499 645 825 Gold3 51, 943 38, 897 Loans—To Government 3 3 3 Foreign exchange (net) 16, 300 1, 960 Other 187 110 285 Loans and discounts 60,113 64,365 Government bonds 3,228 2,923 2,593 Other assets 25, 780 18, 869 Other assets 503 453 382 Note circulation 68, 735 69, 348 Note circulation 3,874 3,636 3,818 Demand deposits 46,121 38, 513 Deposits—Government 843 718 557 Other liabilities 39; 281 16, 230 Other 147 127 176 National Bank of Egypt * (thou- Other liabilities 357 453 338 sands of pounds): (Apr.)2 Bank of Java (millions of guilders): Gold 6,544 6, 545 Golds 244 206 132 Foreign exchange 2,729 2,442 Foreign bills 18 20 19 Loans and discounts 8,141 12,152 Loans and discounts 149 126 78 British, Egyptian, and other Other assets 115 129 87 Government securities 30, 608 29, 081 Note circulation 207 203 194 Other assets 6, 995 6,214 Deposits 284 239 96 Note circulation 25, 489 26, 445 Other liabilities 36 38 27 Deposits—Government 2,392 2,633 Bank of Latvia (millions of lats): (July)2 Other 18, 076 18, 463 Gold 72 71 Other liabilities 9,060 Foreign exchange reserve 29 37 Central Reserve Bank of El Salva- Loans and discounts 234 211 dor (thousands of colones): Other assets 45 51 Gold 13,214 13, 226 13, 211 Note circulation 123 110 Foreign exchange 1,503 1,778 3,039 Deposits 204 204 Loans and discounts 2,875 2,624 2,688 Other liabilities 52 57 Government debt and securities- 6,057 5,969 5,011 Other assets 1, 535 1,474 941 Note circulation 13,153 13, 337 15,317 Deposits 4,840 4,550 5,929 Other liabilities 7,192 7,184 3,643 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). a Latest month for which report is available for this institution, s Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre. 4 Items for issue and banking departments consolidated, s Gold revalued Sept. 21,^1940, at 0.4715 gram fine gold per guilder. FEBRUARY 1941 179 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) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Bank of Lithuania (millions of litu): (Aug.): Sout O h t A he f r r ic a a s n se t R s eserve Bank—Cont. 34,448 36, 969 20, 716 Gold ____ _ 67 53 Note circulation. 23, 534 20,962 20, 747 Foreign exchange _. 11 7 Deposits 49, 802 52, 352 33, 905 Loans and discounts _. 182 163 Other liabilities 4,547 4,162 4,397 Other assets _ ... 83 61 Bank of Sweden (millions of Note circulation 187 166 kronor): Deposits 111 82 Gold 345 331 679 Other liabilities 46 35 Foreign assets (net) 801 774 301 Netherlands Bank (millions of guil- Domestic loans and investments. 674 700 645 ders) : Other assets _ 900 509 Gold 2 1,123 1,014 Note circulation 1,437 1,422 Silver (including subsidiary coin) 15 11 Demand deposits 455 404 424 Foreign bills 2 Other liabilities 815 865 Discounts 119 77 Swiss National Bank (millions of Loans 219 243 francs): Other assets 131 85 Golds 2,164 2,262 Note circulation 1,378 1,152 Foreign exchange 876 362 Deposits—Government Discounts 171 105 Other 175 229 Loans 39 90 Other liabilities 54 49 Other assets 272 663 Reserve Bank of New Zealand Note circulation 2,150 2,050 (th G o o u l s d ands of pounds): 2,802 2,802 O Ot t h h e e r r l s i i a g b h i t l i l t i i a e b s ilities 1, 2 0 7 9 4 7 6 78 4 9 2 Sterling exchange reserve 8, 823 8,929 8,718 Central Bank of the Republic of Advances to State or State un- Turkey (thousands of pounds): dertakings 26, 618 28, 006 22, 656 Gold '8, 348 36, 840 Investments __.. 3,772 3,772 3,358 Foreign Exchange—Free 58 Other assets 1,241 837 490 In clearing accounts 25, 546 11, 359 Note circulation ... 20, 584 20,201 19, 292 Loans and discounts 346, 506 224, 489 Demand deposits 20,171 21, 784 16,434 Securities 194,693 198,898 Other liabilities 2,501 2,361 2,297 Other assets 31, 644 35, 314 Bank of Norway (millions of Note circulation 392, 357 296, 761 kroner): (Mar.) Deposits—Gold 78, 250 Gold 186 207 Other 98. 865 77, 235 Foreign assets 102 '99 Other liabilities 137, 266 132, 963 Total domestic credits and Bank of the Republic of Uruguay securities (thousands of pesos) : Discounts 230 Issue department: Loans _ 78 Gold and silver 86, 235 86, 235 Securities ___ 103 Note circulation 93,108 93, 256 Other assets 66 Banking department: Note circulation 599 575 Gold? 49, 866 21, 453 Demand deposits— O G t o h v e e r rnmen _ t- 11 9 2 8 7 7 N A o d t v e a s n a c n e d s t c o o i S n tate and gov- 47,678 46,934 Other liabilities 112 ernment bodies 41, 574 Central Reserve Bank of Peru Other loans and discounts._. 92, 672 112,4918 (thousands of soles): Other assets 73,103 106, 385 Gold and foreign exchange 54, 583 50,117 Deposits 100,025 90,145 Discounts 20, 965 24,446 Other liabilities 204, 867 197,118 Government loans 129, 839 104,915 National Bank of the Kingdom of Other assets 13, 842 4,028 Yugoslavia (millions of dinars): Note circulation 136, 723 131,886 Gold _ 2,485 1,988 D O e th p e o r s i l t i s abilities 2 55 6 . , 6 85 5 0 6 3 16 5 , , 4 2 0 2 0 1 L Fo o r a e n i s g n a n e d x c d h i a s n co ge unts 1, 4 6 7 9 2 2 2,2 7 2 3 3 1 Bank of Portugal (millions of Government debt.. 3,073 3,067 es N c O L G G u o o o t o d h a n l v o d e n - e s r s r r ) e r : n a s e m n e s d r e e v r n e d v t e i e s s d x c _ e c o ( b n h u t e a n t n t ) s ge 1 1 , , 0 6 5 4 2 3 4 5 6 3 3 1 4 5 2 1 1 , , 2 0 4 5 5 2 3 6 7 3 2 3 8 8 3 1,0 9 5 2 4 3 2 3 3 5 6 0 6 0 3 Bank N N O O O a o t t t h h h t te i e e e f o o r r r c n r s a l i a i r i s l a g c s b u h e d I i t t l e l n s a i f l t t t e i e i i a n e o r b s s n n e i a li t b t i i i o l e n ls s a . l _ _„ Settle- 1 2 5 2 2 , , , , 9 8 9 8 9 1 2 1 0 2 6 6 8 7 4 3 9 1 , , , 7 7 6 9 5 1 5 9 0 5 8 5 8 7 8 Other assets 1,093 1,081 1,256 ments (thousands of Swiss gold Note circulation 2,768 2,790 2,550 francs9): Other sight liabilities 1,242 1,131 871 Gold in bars 41, 854 22, 608 Other liabilities 1,009 993 1,010 Cash on hand and on current National Bank of Rumania (mil- account with banks 39, 979 50, 415 lio G ns o l o d f * lei): 32, 038 20,768 S R i e g d h i t s c fu o n u d n s t a a b t l e i n b t i e l r l e s s a t nd accept- 15,167 11, 788 L S N S G O p p o o o t e e h a t v c c e n e e i i r s a a r c l l n a i a r s m l e n c o s x d u e e a c l t n n d h s a t s i a t s i 6 n d o c g e n o e b u t a n c ts c ounts _ _ _ . . 2 6 1 6 9 4 5 3 , , , , , 1 9 1 7 5 8 5 7 2 8 7 8 7 5 4 4 5 7 4 2 1 1 5 1 8 3 0 3 , , , , , , 2 1 8 8 2 0 2 7 0 1 5 5 9 7 0 3 2 9 T S D S O h u i e t a m h o n m n e r e d c r t a e r - f y n s t a u d e s n ( b r s a m d i d e t l s t e l s s c p a o o a t d s s n t i e i ) d n t p s t o e i s ( n r g i e v t o s s e t ld s ) tm (v e a n r t i s o . u . s .. 2 1 2 2 4 3 1 1 3 3 2 , , , , , 3 3 3 2 5 4 9 3 4 8 5 3 4 2 7 2 1 1 6 1 0 8 0 9 5 , , , , , 9 6 9 3 2 6 7 1 4 9 0 4 0 8 8 Demand deposits 14, 680 10,366 currencies): Other liabilities 11,611 15,132 Central banks for own ac- So s u a t n G h d o s A l d o f f r i p ca o n u n R d e s) s e : rve Bank (thou- 42, 615 39, 838 30,204 Long O - t c t h e o r e u m r n . t deposits: Special ac _ - . 28 3 , , 0 8 5 5 0 7 46 3 , , 1 4 4 7 2 1 O Fo th re e i r g n b il b ls il l a s nd loans 81 3 7 66 4 4 7,9 1 9 3 5 4 Ot c h o e u r n l t i s abilities.... .. 2 1 2 91 9 , , 0 5 0 1 1 1 2 1 2 9 9 0 , , 1 6 4 4 7 4 ' 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. * Gold revalued May 19,1940, at 0.0043 gram fine gold per leu. * Agricultural and urban loans in process of liquidation. 6 Gold revalued May 31, 1940, at 0.2053 gram fine gold per franc. 7 Additional foreign gold reserves first reported in July 1940. 8 Includes advances to State and government bodies. * See BULLETIN for December 1936, p. 1025. 180 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 B l i u b el m a - nk N l o a f e e n — r t d - h s - S d w en e- S l z a w e n r i d - t- Al b b C a a n n e k n ia tr of a — l R J 2 a a 8 P n t . e A Ma e r f D . f e 2 a c 1 t t i , e v 19 e 40 Ja b p C a a n e n k n tr of a — l R 3 J 2 . a a 2 8 n t 9 e . A e p f r D f . ec a t t 7 i e v ,1 e 936 Argentina Mar. 1,1936 Java. 3 Jan. 14,1937 In effect Sept. 15, Belgium 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 Oct. 20 2A Bolivia Aug. 9,1938 Netherlands 3 Aug. 29,1939 Nov. 26 British India 3 2 Nov. 28,1935 New Zea- Dec. 3 2 Bulgaria C5 Dec. 1, 1940 land 2 May 27,1940 Jan. 28, 1937 . 4 Canada Mar. 11,1935 Norway 3 May 13,1940 June 15 6 Chile Dec. 16,1936 Peru _ 5 Aug. 1,1940 July 7 5 Colombia July 18,1933 Portugal Aug. 11,1937 Aug. 4 4 Sept. 3 Nov. 13 3 2 May 10, 1938 4 Denmark.. 4 Oct. 16,1940 Rumania 3 Sept. 12,1940 May 13 2H Ecuador 7 May 26,1938 South Africa May 15,1933 May 30 3 El Salvador. . 3 Mar. 30,1939 Spain 4 i Mar. 29,1939 Sept. 28 3 Estonia Oct. 1,1935 Sweden May 17,1940 Oct. 27 2A Finland 4 Dec. 3,1934 Switzerland. Nov. 26,1936 Nov. 25 2H Jan. 4, 1939 2 Apr. 17... 4 May 11 3 France 2 Jan. 4,1939 Turkey 4 July 1,1938 July 6 Germany Apr. 9,1940 United King- Aug. 24 4 Greece 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 c Corrected, Apr. 9 VA i Not officially confirmed, May 17 Changes since Dec. 31: none. In effect Jan. 28, 1941 2 2 2 3 IK OPEN MARKET RATES [Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land Month ac B 3 c a m e n p o k ta n e n t r h c s e ' s s 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 n B l l a d o n e w k p a e o n r s c s i ' t e s d P is r r c i a v o t a e 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 t a e u t n e t 1 M m o fo o n r n ey th m u L p o o n a to t n h s 3 s d P is r r c i a v o t a e u t n e t 1929—Nov. 5.35 5.30 5.15 4-3H 6.89 7.79 4.26 4.17 3.32 1930—Nov. 2.18 2.15 2.01 1 4.79 5.48 1.31 1.29 1.16 1931—Nov. 5.75 5.55 4.96 4 8.00 8.69 1.59 1.73 1.77 1932—Nov. .89 .82 .73 H 3.87 4.80 .37 1.00 1.50 1933—Nov. 1.05 .94 .75 3.87 5.18 .45 1.00 3-5 1.50 1934—Nov .45 .29 .68 3.63 4.21 .63 1.00 1.50 1935—Nov. .57 .55 .75 H 3.01 3.07 3.15 3.00 2.44 1 1 1 9 9 9 3 3 3 7 8 6 — — — N N N o o o v v v . . . . . 5 6 5 9 6 6 . . . 5 6 5 8 7 5 . . . 7 7 7 5 5 5 y y H 2 2 3 2 2 . . . 0 8 8 0 8 8 2 2 2 . . . 7 5 6 9 8 5 . . . 1 1 8 4 3 5 1 . . . 5 5 5 0 0 5 2 2 2 ^ ^ ^ - - - 5 5 5 1 1 1. . . 0 4 0 0 6 0 1939—Nov 1.96 1.18 1.00 lA 2.65 2.19 1.75 2.41 1.25 1939—Dec. 1.23 1.24 1.03 y2 2.63 2.39 2.25 2.75 3-5 1.25 1940—Jan 1.10 1.09 1.02 2.50 2.03 1.85 2.64 3-5 L. 25 Feb. 1.04 1.02 1.00 2.50 2.08 1.58 2.50 3-5 .25 Mar. 1.03 1.02 .99 y 2.50 2.16 1.35 2.49 3-5 .25 Apr. _ ... 1.03 1.03 1.00 H 2 2.38 1.90 1.68 2.75 3-5 L.25 May 1.03 1.02 1.00 2.38 1.98 1 2.20 i 3.21 33^-53^2 .41 June 1.03 1.02 1.00 \/ 2.38 1.98 (2) (2) 3}/2~5}/2 .50 July 1.03 1.02 1.00 y* 2.38 1.73 (2) 2.83 3^-51^ L. 50 Aug. 1.03 1.02 1.00 9i 2.31 1.77 (2) 3.00 3/^-53^ 1.50 Sept. 1.03 1.03 1.00 H 2.25 2.03 2.25 2.68 31^-51^ 1.50 Oct 1.03 1.02 1.00 2.25 1.87 2.25 2.75 VA-^A 1.31 1.03 1.02 1.00 XA 1 25 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. FEBRUARY 1941 181 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 t d e i d s- T r d e r e c e p e a o i 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 t - o a O s t s h e e ts r Total D D e e m po a s n i d ts 3 Times lia O bi th li e ti r es 10 London clearing banks 1932—December. 207 127 403 472 778 208 1,983 991 963 216 1933—December. 213 119 311 565 740 237 1,941 1,015 900 244 1934—December. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 232 11 London clearing banks 5 1936—December. 244 195 322 890 249 2,315 1,288 1,012 245 1937—December. 244 163 300 635 984 256 2,330 1,284 1,026 252 1938—December. 243 160 250 635 971 2,254 1,256 997 1939—November. 245 142 353 611 1,000 242 2,345 1,303 1,042 248 December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—January.... 242 154 388 610 1,010 267 2,410 1,373 1,036 261 February.. 247 149 353 609 1,007 259 2,366 1,347 1,019 258 March 249 142 336 611 1,014 273 2,363 1,355 1,008 260 April 254 153 338 618 991 260 2,354 1,351 1,003 261 May 257 144 409 633 972 260 2,413 1,382 1,031 261 June 270 166 384 636 983 295 2,469 1,443 1,026 264 July 262 146 415 26 658 940 271 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 November. 285 140 339 236 743 941 274 2,702 1,671 1,031 256 Assets Liabilities Deposits payable in Can- Canada Entirely in Canada S l e o c a u n r s ity ada exclu d d ep in o g s it i s nterbank 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 d n e i s r s- a f a n o f b d r d r r o e u o i m e n g a e n d t Se t c ie 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 96 2,335 752 1,583 785 1938—December.. 263 65 940 166 1,463 474 88 2,500 840 1,660 782 1939-November.. 295 56 ,102 157 1,665 475 89 2,809 1,074 1,735 851 December.. 292 53 ,088 132 1,646 490 85 2,774 1,033 1,741 842 1940—January 290 48 ,073 134 1,654 466 82 2,755 1,005 1,751 827 February... 273 57 ,104 140 1,638 476 2,772 1,113 1,659 829 March 265 52 ,115 166 1,599 451 2,724 1,063 1,661 836 April 281 54 ,072 180 1,592 488 2,743 1,071 1,672 840 May __ 300 44 1,063 194 1,617 475 2,785 1,142 1,643 818 June 272 39 1,067 184 1,583 469 2,706 1,098 1,609 814 July 277 39 1,053 166 1,576 454 2,674 1,062 1.613 802 August 291 38 1,062 162 1,569 440 90 2,689 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 November.. 313 41 1,128 174 1,513 457 2,758 1,132 1,626 781 Assets Liabilities France Deposits Own (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 re C se a r s v h es D b u a e n f k ro s m B co il u ls n t d e i d s- Loans a O s t s h e e ts r Total Demand Time a a c n c c e e p 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 1,268 295 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 «... 4,110 3,920 34,123 7,499 1,961 46, 608 46,064 544 1,105 3,901 » 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. * Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5. e 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. 182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month A (p t r i e g n s e a o n ) - Off A i ( c p i u a o s l t u r n a d l F i ) a ree ( g b B i e u e lg m l- a) O B f r f a ic z i i a l l (mi F lr r e e i e s) B ( I r r n u i d p ti i e s a e h ) g ( B l a e u r v i l a - ) C O a ff n ic a i d a a l (d F o r ll e a e r) Of C fi h ci i a le l ( E pe x s p o o ) rt S ( C y h h h u a a i n a i n ) n g a - C (p o b e l i s o a o m ) - ( s C k lo o z v r e a u c k n 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. 659 388.86 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 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 1940 29. 773 322. 80 305.16 16. 880 6. 0562 5. 0214 30.155 90. 909 85.141 5.1668 4.0000 6.000 57.085 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 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 Dec... 29. 773 322.80 321. 50 6.0575 5. 0169 30.178 90.909 86. 563 5.1665 4. 0000 5.690 57.132 Year or month ( m k D r 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 ( r d m e r a a e ) c c h e - (d H K o o o l n n la g g r) ( H p g e u a n r n g y - o) ( I l t i a r l a y ) J ( a y p e a n 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 25.648 28.103 51. 721 340.00 21. 429 1934.. 22.500 516. 85 2. 2277 6. 5688 39.375 .9402 38.716 29. 575 8.5617 29. 715 27. 742 67. 383 402. 46 25. 316 1935.. 21. 883 502.60 2.1627 6.6013 40. 258 .9386 48. 217 29.602 8. 2471 28.707 27. 778 67. 715 391. 26 24. 627 1936.. 22.189 509. 68 2.1903 6.1141 40. 297 .9289 31. 711 29. 558 7. 2916 29.022 27. 760 64.481 398 92 24. 974 1937.. 22.069 506. 92 2.1811 4.0460 40. 204 .9055 30. 694 19. 779 5.2607 28.791 27.750 55. 045 396.91 24.840 1938.. 21. 825 501. 30 2.1567 2. 8781 40.164 .8958 30.457 19. 727 5. 2605 28.451 22.122 55.009 392. 35 24. 566 1939.. 20. 346 478. 83 1.9948 2. 5103 40.061 .8153 27.454 19. 238 5.1959 25.963 19.303 53. 335 354.82 23. 226 1940.. 19. 308 1. 8710 2.0827 40.021 .6715 22.958 18. 475 5.0407 23. 436 18. 546 53.128 306. 38 22. 709 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 Dec 1. 9472 39. 982 23. 585 19. 770 5.0439 23. 439 20.448 322. 75 United Kingdom Uruguay (peso) Year or month P (z o l l o a t n y d ) ( P es o g c r a u t l u do - ) R ( u n le m i u a ) a- ( S A p f o o r u u i t n c h d a )(p S e p s a e i t n a) ( S S m d e t o r e t l a t n l l i a t e t s r s - ) (k S d r w o e e n n - a) S ( w f la r i a n t n z d e c) r- ( T po u u r n k d ey ) Offic ( i p a o l und) Free tr C o o ll n e - d N tr o o n l - l c e o d n ( Y s d la u in v g i a o a r - ) 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 1940.. 3.7110 397.99 9.322 46. 979 23. 802 22. 676 403. 50 383. 00 65. 830 37. 601 2. 2463 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 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 .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 Dec 3. 9915 398.00 9.132 47.100 23. 824 23. 201 403. 50 403. 50 65. 830 39. 480 2. 2407 NOTE.—Developments affecting averages during 1940: No rates certified as follows: Hungary—Jan. 27-Feb. 8; Rumania—since Jan. 31; Spain- Mar. 30-Apr. 1; Denmark and Norway—since Apr. 8; Belgium and Netherlands—since May 9; France—since June 15; Greece—since Oct. 27. Official rate for Canada, United Kingdom, and Australia first reported in addition to free rate beginning Mar. 22, Mar. 25, and Apr. 1, respectively. Changes in nominal status during 1940 noted only if affecting quotations for at least five days a month. Quotations commenced being nominal as follows: Apr.—Sweden; June—Italy. Quotations ceased being nominal as follows: Mar.—British India; Apr.—Finland; May—New Zealand; July—Sweden. For further information concerning the bases and nominal status of exchange quotations, and concerning temporary suspensions of quotations prior to 1940, see BULLETIN for February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; March 1938, p. 244. FEBRUARY 1941 183 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 United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 1926 100 100 i 124 695 134 237 106 i 126 144 1930 86 87 100 554 125 85 181 90 i 103 126 1931 73 72 88 500 111 75 153 76 194 110 1932 65 67 86 427 97 70 161 65 192 96 1933 66 67 86 398 93 63 180 63 190 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936 81 75 94 411 104 76 198 64 102 96 1937. . 86 85 109 581 106 89 238 76 114 111 1938 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 2 97 278 74 115 111 1940 79 137 110 311 1939—December... 79 82 122 108 314 85 132 125 1940— January 79 83 125 108 320 86 136 128 February- 79 83 128" 108 317 88 138 130 March 78 83 129 109 312 88 140 132 April 79 83 132 110 314 88 141 134 May- 78 82 134 110 312 89 142 135 June 78 82 134 110 308 (6) 143 139 July 78 82 140 111 306 146 141 August 77 83 140 111 306 146 146 September- 78 83 141 111 308 148 152 October 79 83 143 111 310 154 156 November... 80 84 147 111 310 December... 80 148 111 312 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months for France, 7 month? for Italy. 3 No data available since August 1939, when figure was 674. 4 No data available since July 1939, when figure was 96. 5 No data available since May 1940. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States United Kingdom France Germany (1926=100) (1930=100) (1913=100) (1913=100) Year or month pr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods p I r n o tr d d i u a u l s c - ts a p n 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 c l t - 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 l d s s u r h u e a e s c m w - d ts i- p tr I r i i n o s a d h d l u e u f d i s c n - 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 1653 i 707 108 193 95 12"6 1940 68 71 83 111 99 129 1939—D ecember 68 72 84 118 124 0) 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 82 140 142 111 99 131 October 66 71 84 143 142 110 99 November. 68 73 84 143 149 111 99 December 70 74 84 111 100 CO « 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 March 1935, p. 180, and March 1931, p. 159. 184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVINGi [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 t 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 ) 1 e 4 (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 t i 5 t e 0 e - s ) 3 d i 9 (J U = K u d n 1 l i y o 0 n i t 1 m 0 g e 9 ) - 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 0 n 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 »742 123 130 132 1939 99 158 i 122 126 140 138 1940 1940 P100 184 1939-December. 95 157 o 123 137 138 1939-December. 100 173 CO 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 (7) 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 97 166 130 149 September 100 187 132 153 October.,. 96 169 127 152 October... PIOO 189 130 157 November 96 172 126 November P100 192 130 P159 December- 97 December- 101 195 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. * Average based on two quarterly quotations. 6 No data available since August 1939, when figure was 749. 8 No data available since May 1939, when figure was 123. 7 No data available since March 1940. 8 No data available since May 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 United United (1926=100) Year or month ( p a S r v t i e a c r e t a e ) g s ! e ( 1 D K 9 e 2 in c 1 g e = m d 1 o 0 b m 0 e ) r (1 F 91 r 3 a = n 1 c 0 e 0) G (a p e v r r e i m c r e a a ) g n e y N la e n th d e s r * - 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 t 0 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 2 101.8 111.8 96.3 97 4 102.6 104 1938 78.9 121.3 77.3 99.9 105 9 83.3 80 8 89.7 100.1 96 1939 81.6 112.3 4 84.9 99.0 90 9 89.2 75.9 *98.2 94.1 90 1940 82 0 118 3 83.6 70 8 1939—December... 82.1 112.4 (5) 99.0 77.2 91.8 75.7 (5) 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 (6) 83 0 73 1 112 2 (7) 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 94.3 October 83.6 119.2 101.7 81.4 68.1 125 1 November 83.9 119.9 101.9 82.1 70.2 127 7 December... 84.0 121.0 80.4 70.2 i Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. * Indexes of reciprocals of average yields. For old index, 19?9-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. 3 Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. 4 Average based on figures for 8 months. 5 No data available since August 1939, when figures were 82.9 and 94.0 for bonds and common stocks, respectively. 6 No data available since April 1940. 7 No data available May—August. 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. FEBRUARY 1941 185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Copies of the publications and releases listed below may be obtained from Board of Governors of the Federal Reserve System, Washington, D. C. CURRENT RELEASES BOOKS AND PAMPHLETS DAILY (Partial List) Foreign Exchange Rates (for previous day). THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. Obtainable in cloth binding at 50 cents WEEKLY a copy and in paper cover without charge. 128 pages. FEDERAL RESERVE CHART BOOK. Charts on Bank Monday: Credit, Money Rates, and Business. Data available Condition of Reporting Member Banks in 101 as of June 14, 1940, are plotted on the latest edition. Leading Cities. Price 50 cents per copy. Bank Debits. FEDERAL RESERVE INDUSTRIAL PRODUCTION CHART Tuesday: BOOK. 115 Charts. October, 1940. Price $1.00 Money Rates—Open-Market Rates in New York per copy. City. (Also monthly). DIGEST OF RULINGS—to October 1, 1937. Digests Thursday: of Board rulings, opinions of the Attorney General Condition of the Federal Reserve Banks. and court decisions involving construction of the Assets and Liabilities of Reporting Member Federal Reserve Act, together with compilation show- Banks in Central Reserve Cities. (Also a part ing textual changes in the Act. Price $1.25 per of statement of Condition of Reporting Member copy. 683 pages. Banks in 101 Leading Cities released on fol- CONSTITUTIONALITY OF LEGISLATION PROVIDING A lowing Monday). UNIFIED COMMERCIAL BANKING SYSTEM FOR THE Friday: UNITED STATES. Opinion of the Board's General Weekly Department Store Sales. Counsel. 21 pages. March 1933. PROBLEMS OF BANKING AND BANK SUPERVISION. MONTHLY Excerpts from the 1938 Annual Report. 33 pages. Federal Reserve Bulletin—released the first part MONETARY MEASURES AND OBJECTIVES. Three statements by the Board on objectives of monetary policy, of the month; subscription price $2.00 per anon proposals to maintain prices at fixed levels through num, single copies 20 cents, in the United States, monetary action, and on legislative proposals relatits insular possessions, Canada, Mexico, the ing to monetary measures and objectives. 8 pages. Central American countries, and most South July 1937, April 1939, and May 1939. American countries; elsewhere, $2.60 per annum, single copies 25 cents. THE HISTORY OF RESERVE REQUIREMENTS FOR Brokers' Balances—released about the 20th of the BANKS IN THE UNITED STATES. 20 pages. Novemmonth. ber 1938. Federal Reserve Inter-District Collection System SUPPLY AND USE OF MEMBER BANK RESERVE (Par List)—including list of State bank mem- FUNDS. Explanation of analysis of sources of members. Semi-annual issues, January-July, and ber bank reserve funds and uses to which such funds monthly supplements—released about 7th of the are put. 31 pages. July 1935. month. ANALYSES OF THE BANKING STRUCTURE—As of National Summary of Business Conditions—re- December 31, 1935. Number, deposits, and loans and leased about the 18th of the month. investments of banks classified by size of bank and Business Indexes—released about the 18th of the town and by other factors. 33 pages. August 1937. month. THE PAR COLLECTION SYSTEM OF THE FEDERAL Bank Debits—released between the 6th and 12th RESERVE BANKS, by George B. Vest—reprint of of the month. article, 8 pages, February 1940. Foreign Exchange Rates—released about the 1st OWNERSHIP AND UTILIZATION OF THE MONETARY of the month. GOLD STOCK—reprint of article, 3 pages, May and Department Store Sales by Federal Reserve Dis- June 1940. stricts and by cities. Released about the 22nd NEW FEDERAL RESERVE INDEX OF INDUSTRIAL PROof the month. DUCTION—reprint of article, 77 pages, August 1940. THE GOLD STOCK—reprint of article, 2 pages, Sep- QUARTERLY tember 1940. MEASUREMENT OF PRODUCTION—reprint of article, Member Bank Call Report—3 or 4 times a year 16 pages, September 1940. depending upon number of calls for condition GOLD RESERVES OF CENTRAL BANKS AND GOVERNreports. Released about two months after call MENTS—reprint of article, 18 pages, September date. 1940. DEVELOPMENT OF FEDERAL RESERVE BANKING, by ANNUALLY M. S. Szymczak—reprint of article, 8 pages, Decem- List of Stocks Registered on National Securities ber 1940. Exchanges. Supplements issued each quarter. ECONOMIC PREPAREDNESS FOR DEFENSE AND POST 25 cents for list and supplements. DEFENSE PROBLEMS, by Marriner S. Eccles—reprint Bank Debits—released ordinarily in February. of article, 8 pages, January 1941. Annual Report. Issued early in year; covers pre- SPECIAL REPORT TO THE CONGRESS, December 31, ceding calendar year. 1940. 2 pages, January 1941. 186 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 Directory Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman Boston District CHESTER C. DAVIS New York District GEORGE L. HARRISON WILLIAM A. DAY Philadelphia District WILLIAM F. KURTZ ERNEST G. DRAPER Cleveland District B. G. HUNTINGTON JOHN K. MCKEE ROBERT S. PARKER Richmond District ROBERT M. HANES RONALD RANSOM Atlanta District RYBURN G. CLAY GEORGE J. SCHALLER Chicago District EDWARD E. BROWN JOHN S. SINCLAIR President M. S. SZYMCZAK St. Louis District S. E. RAGLAND Minneapolis District LYMAN E. WAKEFIELD CHESTER MORRILL, Secretary Kansas City District W. DALE CLARK S. R. CARPENTER, Assistant Secretary Dallas District R. E. HARDING WALTER WYATT, General Counsel San Francisco District PAUL S. DICK J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist WALTER LICHTENSTEIN, Secretary R. G. ROUSE, Manager of System Open Market Account 187 FEBRUARY 1941 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 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 T C f l r a n r o e c n t c C e * A TT . il M l cllhenny1 Cleveland George C. Brainard... Reynold E. Klages Matthew J. Fleming Frank J. Zurlinden _ William H. Fletcher Reuben B. Hays William F. Taylor J 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 » Minneapolis ... Walter C. Coffey Roger B. Shepard. ___ John N. Peyton Oliver S. Powell Ernest W. Swanson Harry I. Ziemer8 Kansas Oity__. Robert B. C aid well.. . John J. Thomas __ George H. Hamilton Carroll A. Worthington.. James W. Helm a Harold G. Leedy Dallas _. James H. Merritt Jay Taylor Robert R. Gilbert Ethan B. Stroud Robert B. Coleman William T "EVanc Walter 0. Ford 1 San Francisco . Raymond C. Force St. George Holden William A. Day Ira Clerk _____ Cecil E. Earhart» William TVtf TTnlo Richard B. West i Cashier. »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 188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis