Federal Reserve Bulletin, 1941-03

FEDERAL RESERVE BULLETIN MARCH 1941 Review of the Month—Industrial Activity and the Defense Program From the Board's Correspondence—Factors Responsible for Increase in Bank Deposits; Significance of Bank Debits as an Index of Changes in Business Activity Condition of All Member Banks Commodity Prices 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—Industrial Activity and the Defense Program. 189-196 Commodity Prices 197-207 From a Legal Standpoint: Effective Date of Amendment No. 4 of Regulation U 208 General Licenses Issued by the Secretary of the Treasury 208-209 From the Board's Correspondence: Factors Responsible for Increase in Bank Deposits 210-211 Significance of Bank Debits as an Index of Changes in Business Activity 211 Current Events 212 Department Store Sales 213 Foreign Banking Laws and Reports—Revision of Statutes of Bank of France 214 National Summary of Business Conditions 215-216 Financial, Industrial, Commercial Statistics, United States 217-259 (see p. 217 for list of tables.) All Member Banks—Condition on December 31, 1940 258-259 International Financial Statistics (see p. 261 for list of tables.) 261-277 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 278 Senior Officers of Federal Reserve Banks; Managing Directors of Branches . 279 Federal Reserve Publications 280-281 Map of Federal Reserve Districts 282 Subscription Price of Bulletin The FEDERAL RESERVE BULLETIN is issued monthly hy the Board of Governors of the Federal Reserve System and is sent to member banks without charge. The subscription price in the United States and its insular possessions, Canada, Mexico, the Central American countries, and most South American countries is $2.00 per annum or 20 cents per single copy; elsewhere, $2.60 per annum or 25 cents per single copy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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FEDERAL RESERVE BULLETIN VOL. 27 MARCH 1941 No. 3 DndulttiaL -Qctivity and the TPefienle During recent months industrial activity activity would decline sharply as a sequel to has been at the highest level in the country's the period of speculative buying and invenhistory, owing mainly to the tory accumulation in the months immediately Current business stimulus imparted by the following the outbreak of war in Europe. situation rapid development of our Actually for a considerable period activity huge defense program. In many lines output did show some decline and commodity prices is close to capacity and in some of these drifted lower but there was no appreciable priorities have recently been instituted in liquidation of inventories, except in a few order to further speed defense work. Retail lines. Apparently manufacturers were more trade has been sustained at a high level, and concerned about protecting themselves buying by manufacturers and distributors against future possible shortages of materials has continued in large volume with the result than about avoiding the costs of carrying inthat unfilled orders have risen steadily. Ac- ventories or the losses that might be incurred tual expenditures for defense purposes if prices declined. reached a monthly total of $590,000,000 in At the time of the German attack on the February, as compared with about $150,- Low Countries in May, industrial activity 000,000 last spring, reflecting increased out- began an expansion that proceeded at a rapid lays for training, equipment, and housing pace. Additional Continental markets were and also for facilities to produce armaments. cut off at that time, but large orders were Construction contracts for both public and received from the United Kingdom and huge private building have reached the highest appropriations were made for defense exlevels of the past decade. Prices of most penditures by the United States. By the end basic commodities have shown little change of October defense contracts amounting to since the beginning of December; livestock more than $8,000,000,000 had been placed. prices, however, rose sharply at the end of Many of these contracts were for longthe year and more recently prices of non- time projects like battleship construction but ferrous scrap and of basic imports have ad- some called for delivery of finished goods vanced. The current level of wholesale prices within a few months, as in the case of textile is about the same as that reached after a rapid orders. rise in the autumn of 1939 but is considerably Effects of the program became widespread below the 1937 peak. as producers bought materials, ordered ma- The present situation is markedly different chinery, and expanded construction profrom that a year ago. Now the major ques- grams. The great bulk of the buying repretions are those concerning the sented demand for immediate use in filling Changes in extension of capacity in many orders arising directly or indirectly out of the past year . . defense program, but some was for the purlines and the provision for pose of increasing inventories. Income payfurther growth to meet the country's needs, ments were rising in this period, as is indiwhereas then there was concern as to whether 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month SELECTED BUSINESS SERIES were in effect or under consideration. Direct DF DOLLA efforts were being made by governmental authorities to stimulate output in many lines and to train men for various types of skilled INCOME PAYMENT 3 ^ - S work. The number unemployed was still substantial, and in many lines output was much less than could be achieved, but in numerous industries output was limited by capacity rather than by demand. In some instances, where it appeared that domestic supplies of industrial products would be inadequate, imports were increased, as a part of the program to supply goods needed and to do it without bringing about widespread price advances. In agriculture the situation was different from that in many industrial lines; domestic supplies of most agricultural prod- 140 L. 140 ucts continued large and agricultural ex- ZZ3tZ 120 120 ports were at the lowest level in 70 years. 100 ^M P O RI N C E S S T OCK -7- p 100 A further discussion of recent developments in commodity markets, with detailed analyses \ ~- . /BASIC COMMODITY V^ of important groups of commodities, is pre- ^^ PRICES 2^ 1 sented in the article "Commodity Prices'* appearing on pages 197 to 207 in this Source: Income payments, exports and imports, Department of Commerce; industrial production, Board of Governors of the Federal Reserve System; common stock prices, Standard Statistics BULLETIN. Company; basic commodity prices, Bureau of Labor Statistics index converted to 1926 base. Latest figures shown: income In the last quarter of 1940 manufacturers' payments, exports, and imports are for the month of January; industrial production is estimated for the month of February; shipments, as shown in the accompanying stock and commodity prices are for week ending March 1. cated in the accompanying chart, and retail bjuying increased considerably. Sales of MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES automobiles advanced to unusual levels and JANUARY 1939 = 100 dealers' stocks were being enlarged. The 120 y 120 downward movement of commodity prices INVENTORIES was reversed in August and for the next no no three months there were considerable in- 100 100 creases in prices of basic materials, both 90 90 industrial and agricultural. 190 190 By the end of the year industrial output 170 170 was at a level one-fourth higher than in the ;\ NEWORDERS i spring and 10 per cent higher than at the 150 I i ^^ 150 end of 1939. Commodity prices had returned 130 I 1 130 i to about the advanced levels reached at the SHIPMENTS no 110 end of 1939. Inventories were substantially larger, in the aggregate, than at the begin- 90 90 ning of the year, but in numerous lines pro- 1939 1940 194! Source: Department of Commerce. For inventories December ducers had been unable to obtain prompt de- 31, 1938=100. Scale for inventories is double that for orders and shipments to indicate approximately the relationships that would liveries and informal priority arrangements be shown by actual value figures. January 1941 figures preliminary. 190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month chart, were a fifth larger than in the latter From the early part of June, when the napart of 1939 and new orders received were tional defense program was begun, to the at a relatively higher level. In January there end of February the was a further considerable increase in orders National defense Army and Navy awarded program for durable goods and a rise in orders for contracts amounting to nondurable goods to the high level prevail- about $12,000,000,000 for construction, ing last autumn. January shipments were materials, supplies, and equipment. In addislightly below the December peak. Inven- tion, funds committed for completion of the tories held by manufacturers continued to in- shipbuilding program amounted to about crease and were ten per cent larger than a $3,000,000,000. These amounts exclude some year ago. important items which are a part of the de- Profits of large industrial corporations in- fense program, such as pay of the military creased in 1940 and were at about the same forces, expenditures under the stock-pile prolevel as for the year 1937. Changes in profits curement program, loans by Government from 1939 to 1940 varied considerably among agencies for plant construction, Governmentindustries. In some, particularly those manu- financed housing incident to defense, and facturing iron and steel and machinery, civilian training activities. Legislation now profits increased substantially; larger gross under consideration and recommendations returns were offset only in part by increased contained in the budget for 1942, together taxes and other expenses. In others, such as with the program already enacted, indicate those producing chemicals and foods, profits that the present national defense program will showed little change. Notwithstanding the involve expenditures from the Federal budget higher level of industrial profits and the in excess of $30,000,000,000. To this amount increasing volume of business activity dur- will need to be added the outlays for defense ing the year, prices of common stocks at the purposes by Government corporations outside end of 1940 generally were at a lower level the Federal budget and also the cost of any than a year earlier and in some instances program that may be adopted for financial were close to the lowest level of the past six aid to foreign countries. years. In February military expenditures of the War and Navy Departments, administrative expenditures of the Selective Service System, PROFITS OF INDUSTRIAL CORPORATIONS and amounts spent from the national defense 1 500 funds of the President totaled $590 million, A approximately four times as large as they 400 A K * r * 400 were last June, when the emergency defense A \ cOM 3 P 7 A 3 NIES to 1 program was inaugurated. For the fiscal 300 i . 300 A A 1 J year to date these defense expenditures have V — -A \ I V totaled about $2,900,000,000. These figures 200 7 / 200 exclude defense outlays by various other 1 .56 \ 1 COMPANIES \ A Government departments and agencies which 100 A A f L/ 100 N are not shown separately in current reports. I The increase in recent months has been 0 V most marked in the military expenditures of -100 -100 the War Department, which amounted to 1926 1928 1930 1932 1934 1936 1938 1940 about $65 million in June 1940 and to $405 Each series includes all companies which have published quar- million in February of this year. Navy Deterly earnings reports throughout the period, for the most part large companies in the durable goods industries. Figures for the partment outlays increased from about $90 fourth quarter of 1940 are preliminary. MARCH 1941 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month million last June to $215 million in January, peak levels, has reflected increases in durable but declined somewhat in the shorter month goods industries, particularly those which of February. The major part of the Navy manufacture products important for defense program is for shipbuilding, which will be purposes, and in the textile industry. In most spread over a number of years. other lines changes have been mainly of a Industrial output declined less than season- seasonal nature. The total volume of output, ally in January and the Board's adjusted in- without allowance for seasonal variations, dex rose one point further has shown little change in the five months Growth of output f the 1935- from October to February, fluctuating within to 139 per cent o 111 recent months __ a range of about 2 per cent. In this period 1939 average. In February output has been about 7 per cent above the there was about the usual seasonal rise. The previous peak rate sustained for only two present level of 139 for the production index months in the autumn of 1939. compares with a low point of 111 last spring Increased output of durable manufactures and an average of 122 for the year 1940 as a has been most pronounced in the machinery, whole and is considerably higher than preaircraft, shipbuilding, and railroad equip- INDEX OF INDUSTRIAL PRODUCTION ment industries. Large defense orders have ADJUSTEO FOR SEASONAL VARIATION, 1935-39 AVERAGE FOR TOTAL' 100 stimulated activity directly in these lines. IN TOTAL INDEX MONTHLY POINTS IN TOTA In the steel and nonferrous metal industries, output in recent months has been close to capacity, but new orders re- Metal ceived for these materials have industries equaled or exceeded current output and consequently unfilled orders have remained at the high levels reached in the latter part of 1940 or have increased further. In the latter part of January the United States Steel Corporation and the Bethlehem Steel Corporation reported that unfilled orders at that time were about equal to three months' shipments at the rate then prevailing. Both specified, however, that their orders included a substantial volume of steel for delivery over an extended period of time. Since that time there has been a further increase in unfilled orders for steel, according to trade reports, but a considerable portion of these have likewise been for delivery later in the year. Steel production currently is at about 97 per cent of rated capacity or approximately 1935 1936 1937 1938 1939 1940 1941 6,900,000 net tons a month. Exports in De- Latest figures shown are estimates for February. cember, the latest month for which data are vious peak levels, as is indicated on the ac-available, amounted to about 900,000 tons, companying chart. ingot equivalent, of which about 55 per cent In general, the rise in the adjusted index went to the United Kingdom and Canada. since September, when it was at about earlier Domestic consumption and exports have ac- 192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month counted for most of the steel produced during in unusually large volume for the past eight months of high activity, al- Building this time of year. This has been materials though there appears to have been some in- in response to demands for conventory accumulation. A survey conducted struction under the defense program as well by the Federal Reserve System last November as for privately-financed building, which is indicated that in the four months prior to at a high level. Construction arising from that time consumers accumulated inventories defense program needs has also accounted in held as materials at an average rate of about large part for the substantial takings of 150,000 tons a month, and there has probably structural steel since last autumn. been some further stocking since then. Activity in the machinery industries in- At the beginning of this year rated capac- creased rapidly during the latter half of 1940 ity for production of steel ingots and castings and currently is about a third by companies reporting to the American Iron Machinery higher than the level prevailing and Steel Institute amounted to 84,152,000 industries ; net tons per year. In addition there was a year ago. Increases have been capacity of 1,300,000 tons in foundries mak- particularly marked in lines producing maing steel for castings only. Construction pro- chine tools, engines, and electrical equipment. grams now under way will increase total New orders for machinery have continued in capacity by about 3,500,000 tons this year. large volume and unfilled orders have risen steadily; at the end of January they were In 1940 an increase of 2,500,000 tons was about two and a half times as large as a year shown, reflecting in considerable part the ago, according to Department of Commerce inclusion of Bessemer steel furnaces not data. The rapid rise in machinery producformerly carried on capacity lists and the rerating of existing open hearth facilities on tion over the past year has been accomplished the basis of performance during the year. in part by the construction of new plant and Construction of new capacity during 1940 equipment but to a greater extent by increased was concentrated largely in facilities for pro- use of existing facilities through additions to ducing electric furnace steel, which is of working forces and changes in operating proparticular importance in the defense pro- cedures, including some development of subgram. Capacity for such steel was increased contracting. Construction of additional plant from 1,900,000 tons at the beginning of 1940 is now under way and also extensive employee to 2,600,000 at the end of the year. There training programs are being conducted by has also been some expansion and improve- most large machinery manufacturers and by ment in facilities for producing coke and pig public agencies. iron and for finishing steel, and construction In the automobile industry production and of additional plant is under way or contem- distribution of new cars have been excepplated. Automobiles tionally large since the intro- Copper and zinc production have been duction of new models last close to capacity for some months now, autumn. Production, on a seasonally adand the volume of orders on hand indicates justed basis, has been at an annual rate of that high rates of operation will prob- approximately 5,000,000 cars and trucks. ably be continued for some time. New facili- This high rate of output has reflected, in adties for zinc smelting are being constructed dition to large retail sales, an increase in and these are expected for the most part to dealers' stocks of new cars to a record level of be in operation by the middle of this year. over 500,000 units, while exports have been In the lumber and cement industries, pro- smaller than in other recent years. Figures duction in recent months has been sustained on production, domestic sales, exports, and changes in dealers' stocks in the first six MARCH 1941 193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month months of recent model years are shown in workers engaged in defense industries has the following table. also been an important factor in demand for lumber, cement, and other building materials. AUTOMOBILE PRODUCTION AND DISTRIBUTION Important exceptions in the nondurable [Thousands of cars and trucks] goods industries have been the textile, leather, and rubber industries. Large orders for tex- Change Model Pro- Retail Ex- in tile products have been placed since last sumyear duction sales ports dealers' stocks mer in connection with the defense program. To date these orders have been of greatest 1937 Oct. ]936-Mar. 1937 .„_ 2,356 1,983 219 +154 1938 Oct. 1937-Mar. 1938.... 1,634 1,232 248 +154 importance in the wool industry where a fifth 1939 Oct. 1938-Mar. 1939 1,988 1,452 194 +342 1940 Sept 1939-Feb. 1940 ._- 2,142 1,636 147 +359 or more of current output represents defense 1941 Sept 1940-Feb. 1941 e2, 707 *2,107 el23 e+477 business. In the cotton textile industry also • February 1941 estimated. defense orders have been substantial, al- Source: Production (i.e. factory sales in the United States) and exports—Bureau of the Census; retail sales—Automobile Manufacturers though not constituting so great a proportion Association; changes in stocks derived from the other figures. of total production as in the wool industry. Retail sales of new automobiles in the past In both these lines activity has advanced two months have been at the highest rate on to record levels and, with a large volume of record, making allowance as far as possible orders on hand, the prospect is for a continufor seasonal changes, and in the past six ation of present high output for several months have been about as large, on a sea- months to come. Civilian demand has been sonally adjusted basis, as in the peak six- large for these products and for rayon month period in 1929. Production has been textiles, which likewise are being produced somewhat below the 1929 rate, however, in record volume. In the silk industry acowing to the fact that exports have been only tivity has shown little increase from the low about one-third as great as at that time. level reached in the middle of 1940 owing in Sales of used as well as new cars have been part to continued high prices for raw silk. unusually large in recent months, reflecting Shoe production was stimulated toward the in considerable part increased consumer in- end of 1940 by Government orders and also comes. Trade reports suggest that a part of by rising civilian demand. During the first the current volume of sales represents buying ten months of the year output in this industry in anticipation of higher prices later should had been below the level that prevailed durpriorities or work on, defense orders necessi- ing the latter half of 1938 and throughout tate curtailment of automobile production. 1939 and considerably under the peak rate Output of nondurable manufactures ad- attained in 1937. The lower level of output vanced to new high levels in the latter part during most of 1940 has been attributed to of 1940 and in recent months the fact that large dealers' stocks built up in Output of has been largely sustained. In 1939 were reduced considerably during the m^tfacmres most lines> however, increases following year. since last summer have not been Rubber consumption rose steadily during so marked as in industries producing durable the latter half of 1940, reaching a current goods, owing mainly to the fact that defense level considerably above the previous peak in demand has been concentrated largely on such the autumn of 1939. Domestic stocks of crude items as aircraft, ships, and ordnance and on rubber at the end of January were estimated the construction of additional plant and equip- at about 340,900 tons, of which 134,300 tons ment to produce these and other implements were Government holdings, and there were of warfare. Preparation of housing facilities 153,200 tons afloat to this country. The for enlarged military and naval forces and for total on hand and afloat represented approxi- 194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month mately 8 months' supply at the record Janu- and the pressure for speedy construction of ary consumption rate of 64,200 tons. Use these and many other projects have conof reclaimed rubber, amounting to about tributed to increases in building material 18,600 tons in January, has likewise been at prices, wage rates, and other cost elements. peak levels. Some of the defense demands appear to be In the meatpacking industry activity temporary but with industrial activity and reached a high rate in the last quarter of incomes generally at sharply advanced levels, 1940 owing principally to about a 20 per cent and increasing, demand for many types of increase in hog slaughter compared with a new structures is strong. year earlier. For the year beginning October Construction of barracks and cantonments 1940, the Department of Agriculture had is currently close to a peak rate for the present estimated that the number of hogs slaught- defense program and most of the projects ered would be 8 per cent smaller than in the under way will be completed by summer. This previous season. In January there was a will release a considerable number of skilled sharp decline from the fourth quarter level workers, especially carpenters, for other conand the current rate on a seasonally adjusted struction work, such as private residential basis is about what would be indicated for building, which is ordinarily at a seasonal the rest of the season. Slaughter of other peak during the late spring and summer animals is expected to show mainly seasonal months. Such shortages in materials as have changes during the rest of this season and developed have been local or temporary and may be slightly larger than last season. output has been increasing to meet heavier At mines metal production is currently in demands. Basically, the capacity of indusrecord volume but output of coal and petro- tries producing some building materials, such leum is somewhat below the high- as lumber, brick, and cement, appears suffi- Minerals est levels attained in other recent cient to permit considerable increase in outyears. Stocks of coal are reported as ade- put. In industries producing certain other quate, although not large in relation to cur- materials, including steel and nonferrous rent consumption, but stocks of most petro- metals, operations are already at or near leum products are considered large for this capacity. season of the year. Residential building costs have risen since Construction activity in recent months has last summer. In contrast to 1936-37, when been increasing rapidly, accompanied by ris- most building materials advanced in price, ing costs. The increase in the rise in materials this time has been Increases in activity has resulted from chiefly in lumber, reflecting the impact of a CaS"lTco ,s the starting of the $1,900,- large volume of purchasing for barrack and S 000,000 defense construc- cantonment construction last fall. In recent tion program superimposed on an increasing weeks prices of lumber have declined somevolume of private work, which has been what, but in the latter part of February they further stimulated by the defense program. were about a fifth higher than last summer Value of new construction now is higher than and above the 1937 peak. Building wage rates, since 1930, although still about a fourth be- which had shown practically no decline from low the peak levels of the middle 1920's. 1937 to 1940, have risen, owing in part to an Construction costs are somewhat lower than increased volume of building, both public and in the twenties. private, and in part to the payment of higher The large and rapidly increasing volume hourly wage rates on defense projects than of construction, the concentration of much had prevailed in surrounding areas. of the defense work in a few large projects, In some individual cities affected by the MARCH 1941 195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month defense program, the cost of constructing a since last fall, most of the increases occurring standard six-room house has risen quite in the lower rent ranges. Marked increases sharply, according to the Federal Home Loan have been reported at shipbuilding, naval, Bank Board. The larger increases have been ordnance and machine tool centers, such reported in Buffalo, Camden, the District of as Camden, Norfolk, Jacksonville, Mobile, Columbia, Baltimore, Indianapolis, Dallas, Bridgeport, Rock Island, and South Bend. Houston, and San Diego. Costs also have Rents also have risen more than the average risen sharply in some cities not so directly in Birmingham. In most of the cities in the affected by defense activities, as, for example, Middle Atlantic, North Central, and Plains Atlantic City, Harrisburg, Birmingham, and States reported rent increases since last sum- Atlanta. In many cities in the Middle West mer have been relatively small. and Plains States costs have shown only small New factory construction started in recent increases or have actually declined since last months has been the highest on record. This summer. reflects not only a continua- The Bureau of Labor Statistics estimates Industrial and tion of the irregular increase that last year construction was started on b3ngCial since ear1^ 1939 but also a 545,000 nonfarm dwelling units, large volume of contracts for buildhTtial 73>000 for Public ownership and productive facilities under the defense pro- 472,000 for private ownership. gram—e. g., airplane, tank, and gun factories This compares with a total of 465,000 units and powder plants—which in some months in 1939, of which 408,000 were for private has exceeded the total volume of other factory ownership. Currently, the rate of private awards. Activity on these projects probably residential building is in the neighborhood of will be at a maximum this summer. 600,000 units per year on a seasonally ad- While contracts for private commercial justed basis. Much of the recent increase buildings also have been increasing recently in activity has been in areas where populaand are currently near the 1936-37 level, they tion has increased rapidly as a result of the are still only about a third of former peak defense program. volume of the 1920's, owing chiefly to the In many places the expanded volume of continued low level of construction of large building has not been sufficient to meet inoffice buildings. Construction of other types creased demands promptly and as a consequence vacancies have been reduced and rents of commercial buildings, e.g., stores, warehave increased. After showing little change houses, garages, and service stations, has for over two years, average rents, as reported continued the gradual increase of the last by the Bureau of Labor Statistics, have risen two years. 196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FRANK GARFIELD AND CLAYTON GEHMAN Division of Research and Statistics T HIS article is primarily a review of re- trial products, mainly those used for military cent commodity price changes, with com- purposes. Prices of common stocks, followments on the special factors that have af- ing declines in recent months, are much lower fected prices of particular commodities and than in 1937 and somewhat below those in some reference to the underlying forces in August 1939. Real estate values probably the current price situation. The whole sub- have shown little change or small increases ject seems of special importance at present in most localities, with marked increases in in view of the changing world situation and only a limited number of places most directly the impact of the defense program on eco- affected by the defense program. nomic developments in this country. The course of industrial production is an- Commodity prices in this country are still alyzed in another chart, on page 192, giving responsive primarily to conditions in particu- output for eight groups of industries and lar markets and are not showing general indicating generally the concentration of incumulative increases of the kind that fre- creased demand in certain lines, which has quently accompany a rapid expansion in accounted for many of the differences in comeconomic activity. This behavior of prices modity price movements. A further breakgains significance from the fact that eighteen down of industrial activity would show unmonths have elapsed since the outbreak of usual increases since last summer in acthe European war and eight months since the inauguration of large-scale defense activities in this country. WHOLESALE PRICES OF BASIC COMMODITIES National income payments currently are 8 per cent higher than last summer and about the same amount above 1937, as is shown on a chart on page 190 of this BULLETIN. This increased income is being reflected in larger consumer purchases of automobiles and many other industrial goods, increased demand for some farm products, and greater demand for various services. The same chart also indicates recent changes in certain other selected factors in the current price situation. Total exports, as the chart shows, have been maintained at a high level during the past year, but there have been important shifts in the nature of these exports. There have been sharp declines in exports to Continental markets while shipments to the United Kingdom have greatly increased; also, reductions in shipments of agricultural products have been offset in the total by increased exports of indus- 1935 1936 1939 1940 1941 Bureau of Labor Statistics indexes since August 1939 ; earlier 1 Bruce Waybur of the Division of Research and Statistics indexes are Federal Reserve groupings of Bureau of Labor Stashared in the preparation of the section on agricultural prices. tistics data. Latest figures shown are for February 27. 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. MARCH 1941 197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commodity Prices tivity in the airplane, shipbuilding, and ma- tutes, adoption of new taxes, and the like. In chine tool industries and in those produc- some instances action may be delayed being metals, lumber, and wool textiles. cause administrators and others working on Prices of basic commodities, as often hap- these problems have available only partial inpens, have changed more than prices of formation as to what has happened and only finished goods. As the chart on page 197 rough and differing estimates of what may shows, there have been two periods of rapid happen; in fact, in some of the cases where advance in basic commodity prices, one in the most information is needed the least is the autumn of 1939, just after the outbreak available, and collection of adequate informaof war, and another in the autumn of 1940. tion, itself a time-consuming process, must The first rise, however, was followed by a be undertaken. Even more detailed informaconsiderable decline during the first eight tion is essential in handling priority probmonths of 1940, and the second by three lems, which have become increasingly impormonths of little change. In February prices tant in recent months. The first formal prioriof imports advanced sharply on trade ex- ties were established at the end of February, pectations of increased shipping difficulties, for machine tools and aluminum; before that and prices of most scrap metals reached new there were informal priority arrangements high levels. for these and a few other products. Industrial prices are now about half way Questions concerning the relation of price between the level prevailing in 1934 and 1935 policy to income distribution are beyond the and the peak reached in the early part of scope of this particular discussion, designed 1937. Prices of agricultural products are primarily as an account of what has happened generally much lower than in 1937, when lately in commodity prices. It may be noted, supplies were relatively small, following the however, that many groups in the community droughts of 1934 and 1936, and when ex- are receiving higher dollar incomes than for ports were larger than they are currently. some time; that the cost of living has not in- In recent months the price situation has creased materially except in a few localities; been studied more closely than in some earlier and that a policy of avoiding price increases periods, with emphasis on the desirability of generally throughout the economy works for avoiding widespread price increases and the the most part in the direction of minimizing dislocations that accompany and follow such the differences in income arising out of the increases. The nature of many of the ar- uneven character of current increased derangements made thus far to limit price in- mands. creases in the face of sharply increased de- The underlying forces in the price situamand is indicated in the discussion of par- tion include the war, in all its ramifications; ticular commodities below. In some instances the availability of funds to finance expansion; necessary supplies have been provided by and the ability of industry and agriculture to decisive and timely action; in others short- produce or supply out of inventories what ages have developed, giving rise to special will be demanded by consumers with inproblems concerning prices and priorities. creased incomes, producers with larger Basic in the whole situation has been the profits, and public agencies with funds readpossibility of greatly increasing output from ily available for military and other purposes. earlier low levels without fully utilizing avail- Much will also depend on the types of policies able industrial and human resources, except adopted to provide supplies and enforce for a few industries and a few types of skilled priorities; changes in many costs, including workers. such diverse elements as depreciation and There is growing recognition of the im- wages; policies followed by private groups as portance of timing action on price prob- well as Government agencies with regard to lems in such a way that measures can be costs and prices; and the nature of tax poliadopted to avoid shortages rather than to cies, financing arrangements, and credit regulate prices already advanced to high policies adopted by public agencies. levels as a result of shortages. At best, meas- Recent Price Movements ures to increase supplies, such as enlarging capacity or expanding imports, take consider- Wholesale prices.—The general level of able time to arrange; so also do measures to wholesale commodity prices declined slightly restrict demand by development of substi- after the middle of January, according to the 198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commodity Prices index of the Bureau of Labor Statistics, and and cocoa, declined, owing partly to the presin the latter part of February was around sure of foreign supplies, whose Continental 80.5 per cent of the 1926 average as compared markets had been closed by the British blockwith 77 last August, 79 in January 1940, and ade. Domestic foodstuffs, particularly grains, 75 in August 1939. declined under the influence of large domestic The rise in the index since last August supplies and the prospect of reductions in has reflected two different movements, the exports. Prices of certain other commodities, first in the autumn, when both agricultural however, like wood pulp, paper, and olive and and industrial commodities advanced, and the cod liver oils, were higher in this country as second from November to January, when the supplies from abroad were curtailed. rise reflected chiefly increases in prices of In the autumn, trade buying to cover relivestock and meats and more especially hogs quirements in connection with the national and pork products. Livestock prices have defense program was superimposed upon been strengthened in recent months by a con- growing civilian demands both from protinuing rise in consumer demand and, in ducers and consumers, and prices of basic January, by a sharp decline in marketings of industrial materials rose sharply until the hogs. The extent to which the course of the early part of November, as shown in the chart index has been influenced by changes in on page 197. There were also important inprices of livestock and products, other farm reases in prices of semimanufactured goods, products and foods, and other commodities including leather, cotton yarns and gray is indicated in the accompanying chart. goods, worsted yarns, rayon gray goods, lumber products, and a number of metal items. Prices of most finished industrial products in WHOLESALE PRICES this period showed little change although new 1926 AVERAGE FOR TOTAL = 100 models of automobiles were introduced at advanced levels and some other products showed increases. ALL COMMODITIES In the middle of February prices of imported commodities, mostly used as industrial materials, rose sharply above domestic commodities, following a long period when changes were roughly similar. After the in- ;R THAN I/ ID FOODSV^ tensification of warfare against shipping last summer, there was a further rise in ocean 45 transport rates and in recent weeks there 20 have been many announcements of increased rates affecting cargoes to the United States. The operation of the Federal program for accumulating stock piles of strategic and critical materials continues to be a factor contributing to an unusual demand for shipping space; while considerable progress has 10 been made in the purchase of these foreign 1934 1937 1938 1940 1941 commodities less than half of the total amount Bureau of Labor Statistics' data, with Federal Reserve classification of livestock and products and other farm products and sought has been delivered in this country. foods, principally crops and cereal products. February 1940 Retail prices.—In retail markets prices of estimated. foods have shown about the same increase since last August as wholesale food prices The advance last autumn followed a period and in January averaged 3 per cent higher of several months—from May to August—in than a year ago. The higher level reflected which prices continued to decline, although chiefly substantial advances for meats, eggs, there was a steady growth in domestic defresh fruits and most vegetables, offset in mand for commodities and exports of manuthe total by a sharp decline in potato prices factured goods were maintained at a high and smaller decreases in cereal products, level. In those months prices of some basic coffee, sugar, and fats and oils. Retail prices commodities, including copper, lead, hides, 199 MARCH 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commodity Prices for other important classes, of goods and serv- firmative action by Federal agencies conices which make up the cost of living have gen-cerned with price stability and by various erally shown a smaller rise or little change private groups became a factor in restraining over the past year. For some of these, how- the rise at that time, and various other deever, like clothing and housef urnishings, cur- velopments worked in the same direction. rent retail prices do not reflect the full effects Domestic supplies of some commodities like of recent advances in wholesale markets. For hides and wool were increased by large imsuch miscellaneous items as motion picture ports. Domestic output of commodities such admissions, cigarettes, gasoline, and automo- as lumber and wood pulp was increased or biles, the imposition of Federal defense taxes maintained at a high level, and lead supplies last autumn was a factor contributing to in-were increased both through larger imports creased retail prices. More important in the and increased domestic production. Also, case of automobiles was the decision of most consumption of materials by industry leveled manufacturers to introduce their new models off in a number of instances and in a few at advanced consumer price levels. In the cases declined temporarily, removing some case of gasoline additional taxation was more of the upward pressure on prices. In recent than offset by a steady decline during the year weeks, however, there have been significant in wholesale quotations. In general, rents increases in prices of nonferrous metal scrap have shown little increase during the past and of some basic imports. year, although in certain areas where activity In general, prices of raw and semifinished has increased greatly rents have advanced materials as a group have shown more stabilsharply in recent months, particularly for ity in recent months, following the rise last houses in the lower rent ranges. autumn. The current level is about the same The relative stability in retail prices in this as that prevailing at the beginning of 1940, country during the past eighteen months is as shown in the accompanying chart. Prices in marked contrast to the sharp rise in theare higher for certain leading materials, cost of living in the United Kingdom, where notably those which have been particularly military operations have had a profoundly affected by the demands of the defense prodisturbing influence on the whole economy. gram, including the metals, lumber, and wool. In the autumn and winter of 1939 prices in On the other hand, some fuels, cotton, silk, both wholesale and retail markets rose fur- and hides are lower, reflecting in some inther than in this country. Subsequently, in stances important changes in foreign marthe period up to July 1940 prices tended to kets. level off, but the sharp rise was resumed in the latter part of the year. According to the WHOLESALE PRICES OF INDUSTRIAL COMMODITIES Ministry of Labour index, the cost of living PER CENT AUGUST 1939 * 100 PEF currently is about one-fourth higher than 30 before the war. Also, many goods are available only in small amounts, owing partly 120 to restriction of imports, on which the United Kingdom is especially dependent. / ; \ \ SE R M A I W FI NI A S N H D ED 110 \ \ Industrial Materials 1 \ / / Increased industrial activity and rising 00 1 r~ ' -iTV—^ prices of industrial commodities last autumn ""FMNISHED induced additional forward buying on the ! part of manufacturers and traders to protect 90 themselves against further price advances and assure themselves of supplies; also as in- 80 dustrial activity continued to advance to new 1934 1935 1936 1937 1938 1939 1940 1941 record levels, the need for increased working Federal Reserve classification of Bureau of Labor Statistics stocks of commodities added to the pressure data. All foodstuffs excluded. February 1940 estimated. for higher prices for industrial materials. During most of the period since the early The table on the following page shows part of November, however, prices of these quotations on selected dates for leading matecommodities have shown little change. Af- rials in primary markets. 200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commodity Prices PRICES OF SELECTED INDUSTRIAL MATERIALS tively sought to develop a voluntary system [Weekly figures] of rationing supplies which appeared essential at least until additional smelting capacity Per cent could be brought into production several change months hence. The Navy Department has Aug. Aug. Feb. completed negotiations to acquire 6,000 tons 26, 10, 22, Aug. Aug. 1939 1940 1941 1939- 1940- held in this country on Belgian account. The Feb. Feb. 1941 1941 automobile industry has announced plans to reduce use of zinc in next year's models by Hides cents per lb 11.00 10.10 12.20 +11 +21 5 to 20 pounds per car. Supplies of tung- Rubber cents per lb 16.80 20.10 21.25 +26 +6 sten ore which had been accumulated by the B Pr u i r n l t a p c loth c c e e n n t t s s p p e e r r y y a a r r d d 4 5 . .5 7 0 5 4 7 . .0 7 6 5 9 5 . . 2 7 8 5 + + 6 2 9 1 + + 3 2 1 1 Treasury Department were released to the Silk dol. perlb 2.64 2.51 2.58 2 +3 trade. In the case of magnesium, produc- Wool tops dol. perlb. _. __ .85 1.02 1.33 +56 +30 tion and stocks in the ninety days beginning C Le o a p d p er c c e e n n t t s s p p e e r r l l b b _ 1 4 0 . . 9 5 0 0 1 4 0 . . 6 8 9 4 1 5 2 . . 5 0 0 2 + + 1 1 4 2 + + 1 1 1 7 February 13 are to be reserved exclusively Tin cents per lb._. _ __49.00 52.00 52.90 +8 +2 for defense use; civilian use of this metal, Zinc cents per lb 4.75 6.25 7.25 +53 +16 Steel scrap dol. per gross ton. 15.62 18.17 20.08 +29 +11 however, is usually negligible in amount. Lumber dol. per Mbd.ft.._ 22.43 23.98 29.06 +30 +21 Prices of aluminum, copper, zinc, and steel Waste paper dol. per cwt. _ _._ .36 .55 .48 +33 -13 this year have been held unchanged by their primary producers but in various other mar- Special computations were made to obtain average prices for hides, waste paper, and lumber. kets, where trading has been less subject to Prices of hides and waste paper each represent averages of quotations control, prices have advanced. Buyers bid for two common grades. Lumber prices are average mill values as reported by the Census for the years 1935-38 and brought forward on the freely to protect themselves and sellers were basis of the revised Bureau of Labor Statistics' index of wholesale lumber prices. reluctant to make supplies available. This was particularly evident in the open scrap Metals.—Demand for metals expanded furmarkets but doubtless existed also in certain ther in the last quarter of 1940 to levels markets for fabricated products concerning far in excess of current output and order which information is not regularly assembled. backlogs rose to record levels. So far this year buying has been on a more restricted basis, partly because producers' stocks have METAL PRICES been drawn down and because producers have been reluctant to contract far ahead. Producers attempted to meet the situation by limiting deliveries to actual immediate needs and various measures have been taken by Federal agencies to discourage price advances. In the steel industry efforts were made to limit blanket coverage by requiring full specifications and delivery dates for products ordered. Base prices for certain leading steel products are now higher than in May last year, when they were reduced temporarily, as shown in the chart, and there have been various advances in extras and a general shortening of discounts. Large orders were placed during the period of price weakness last spring and deliveries on many of these orders continued through the third quarter. Prices for pig iron were advanced Price data for iron and steel items from IRON AGE. Figures $1 per ton, or 5 per cent, at the beginning of shown for sheets and strips are an average of quotations for hot rolled items and cold rolled items combined in a ratio of 2 to 1. this year. All other quotations shown are from METAL AND MINERAL MAR- In the zinc industry a priorities committee, KETS, published by the Engineering and Mining Journal. Recent quotations for secondary aluminum and zinc scrap are shown at composed of representatives of the Federal the nominal levels indicated by reports in that journal and the daily AMERICAN METAL MARKET. Latest figures shown are for Government, producers, and consumers, ac-the last week of February. MARCH 1941 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commodity Prices Early in January several steps were taken cents per pound or 2 cents below the price to reduce steel scrap prices, which had in- quoted by domestic producers. creased to a point about 40 per cent above the Building materials.—During the past two August 1939 level. Large sellers of railroad or three months price changes for different scrap, for example, agreed not to accept types of lumber have been mixed with some bids above certain maximum prices. shift downward following a period of rapid Quotations for nonferrous metal scrap, advance last autumn. Prices of other buildhowever, continued to advance in this period ing materials, like brick and concrete blocks, to levels higher than usual in relation to prices which did not advance earlier, have recently of new metal. In the case of zinc and alumi- shown a rising tendency, reflecting partly an num, various grades of scrap, which had in adjustment of prices of materials competirecent years averaged about 60 per cent of tive with lumber. Also, metal products and the price of new metal, reached an average millwork used for building purposes have of 85 per cent of new metal prices in the been advanced. According to the Bureau latter part of February. Prices of the higher of Labor Statistics' index, wholesale prices of grades of scrap advanced above the level of building materials as a group are 8 per cent new metal, as shown in the chart. These in- above last summer and 11 per cent higher creases in scrap prices arose partly out of than in August 1939. Demand for materials shortages that developed as available facili- continues strong, with construction of most ties proved inadequate to meet sharply in- types in the largest volume for many years. creased demand but part of the advance was The current level of lumber prices is about apparently speculative in character. Follow- one-fifth higher, on the average, than that ing a Federal pronouncement that action prevailing last summer. The sharp rise last affecting these scrap markets was contem- autumn was stimulated by the bunching of plated, prices were reported to be nominal. Federal orders for cantonments and barracks, New facilities for aluminum production and which were augmented in their effect on the zinc refining are now being constructed. On market by the duplication of inquiries in February 24 aluminum was placed under trade channels. Federal purchases of lummandatory priority control. According to an ber, as in the case of many other commodities announcement in the middle of February, pri- for defense purposes, were not only urgent in mary aluminum output is expected to reach nature but were largely concentrated in a few an annual rate of over 690,000,000 pounds grades and sizes and in particular areas. At by July, and 825,000,000 pounds by July 1942, the same time there were increasing demands as compared with a total production of 413,- for civilian purposes. Other factors also con- 000,000 pounds in 1940. Recently a tentative tributed to the price advances, including inagreement has been made with Dutch inter- dustrial disputes on the West Coast involving ests to operate a proposed tin smelter in the both lumber mills and shipping companies. United States for treating Bolivian concen- Stocks of lumber on hand were quickly drawn trate. Previously the Metals Reserve Com- down and scarcities developed. After the pany had signed a five-year contract for the sharp run-up in prices, buying fell off and supply of this tin concentrate in an amount with output of lumber being maintained at equivalent to 18,000 tons a year of refined tin, an unusually high level since November the which would be about one-fourth of estimated volume of unfilled orders has declined. Action domestic consumption in 1940. was taken by the Federal Government to A tight situation in copper has been modi- arrange its large-scale purchasing with more fied somewhat through arrangements made regard for market effects and in the latter by the, Metals Reserve Company to purchase part of January a statement was issued to copper produced in Latin American mines the industry outlining the Government's largely under United States ownership. Up argument for lower lumber prices. to February 27 arrangements had been com- Chemicals and wood pulp.—Prices of a pleted for the purchase of 235,000 tons, number of chemicals and drugs have been which, according to recent announcements, showing a rising tendency since the outbreak will be delivered at the rate of about 25,000 of war. Changes have not been marked, howtons per month beginning in March. The ever, except for certain specialty products purchase prices were at about the level of which have been affected by the curtailment foreign copper in New York for export, 10 of foreign supplies. These products include 202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commodity Prices typical botanicals, which average 90 per cent reached in November 1939 and mostly mainhigher than before the war, and essential oils, tained in the early part of 1940. which are 150 per cent higher. A large part Materials from farms.—Prices of those of these increases occurred prior to last farm products which are used as raw mate- August. Since that time some advances have rials by industry have shown divergent trends been reported in heavy chemicals, dyestuffs, since last summer. Cotton declined during and oils and fats, which earlier had shown the summer from over 10 cents per pound to only small increases. There was a general ^ cents, owing to the prospect of a severe price reduction for nylon yarns last October urtailment in exports. Later, after the peak and rayon yarn prices have been mostly un- of the marketing season had passed and the changed during the past year. surplus had moved into the Government loan Last spring, with the German invasion of stock, prices advanced to around 10 cents, Scandinavia, there was concern in the trade the level equivalent to the rate at which loans over a possible shortage of wood pulp in this are made to producers cooperating in the country, but this has not materialized. Federal farm program. Domestic wool prices Sharply increased domestic production and rose last autumn from 80 cents per pound to larger imports from Canada have replaced 95 cents, approximately the level reached supplies formerly secured from Northern during the speculative rise following the out- Europe. Prices of waste paper and spot sup- break of war. This winter, in contrast plies of wood pulp advanced sharply during with last year, prices were maintained, rethe speculative buying wave in the paper in- flecting domestic consumption of apparel dustry last spring. Subsequently, contract wool about 40 per cent larger than a year ago, prices for leading grades of wood pulp, in- owing principally to Federal purchases. Docluding pulp used by the rayon yarn industry, mestic wool prices have also been influenced were advanced for third quarter delivery. considerably by the prices set for the con- Sizable inventories of wood pulp and paper trolled exports from Australia, New Zealand, were accumulated during this period but were and South Africa. The order prohibiting the worked off by consumers during the latter use of foreign wool in goods for Government part of the year. Reflecting the changed purchase was withdrawn last November; tempo of buying, waste paper prices declined purchasing requirements, however, provide sharply after the middle of the year and there some preference for manufacturers using dowere also decreases in prices of domestic mestic wools. Imports of apparel wool this kraft pulp and some grades of paperboard. winter, at the advanced prices, have been This year prices of these commodities have exceptionally large. Total imports in 1940 strengthened as buying and activity in the were 119,000,000 pounds, scoured basis, 61,paper industry have expanded. 000,000 pounds larger than in 1939. Foreign Fuels.—One of the important groups of in-wools made up nearly a third of the total apdustrial materials in which the lower price parel wool consumed last year. The carrylevels of last summer have been maintained over of domestic wool on April 1 this year is the fuel group. Supplies of these commodi- is expected to be the smallest in recent years. ties, with the exception of coke, have been in Tobacco prices have shown little change ample volume. The rise in industrial con- this season from the reduced levels prevailing sumption of bituminous coal has been accom- since 1939, while miscellaneous products, such panied by a corresponding increase in mine as flaxseed, rosin, and turpentine, are conproduction and prices have generally re- siderably above the low levels reached last mained stable at the moderately advanced summer. levels established by the Federal Government Manufactured Products last October. In the petroleum industry the curtailment of foreign markets was more than Price Changes.—Wholesale prices of finoffset by a rise in domestic demand, but the ished manufactures have been affected by presence of large stocks of refined products important divergent influences since last sumserved to keep petroleum prices down. In mer and, according to available statistics, the coke industry inadequate facilities have have shown only a small rise. Among the resulted in a move to construct many new items not included in current measures of ovens, but in the meantime prices of coke price changes, however, are many things behave risen further from the advanced level ing produced under great pressure for prompt MARCH 1941 203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commodity Prices delivery. A number of the goods included ber prices were an element in the advance in in available measures are purchased ulti- prices of millwork. Reductions in raw matemately by individual consumers without the rial costs last year appear to have been a facbenefit of specifications so that price changes tor in lowering prices of a few finished goods, for these goods are often accomplished by notably petroleum products and soap; prochanges in kind. It is possible, for these and duction of their crude materials was in record other reasons, that prices of finished goods volume in 1940. As previously indicated, on the whole have risen more than available changes in material costs usually lag behind data indicate. raw material price changes but, with several The chart on page 200 shows that the in- months having elapsed since prices of most crease in prices for finished manufactures, materials reached current levels, the effects other than foods, included in the Bureau of of these increases have already been felt in a Labor Statistics' index, amounted to l1/^ per number of lines. cent from August to February, with most of Wage rates in manufacturing industries the rise occurring from September to No- have shown scattered advances since last vember. This rise in the index reflected summer, particularly in recent months. An principally increases in prices of automobiles increase in the proportion of overtime work, and cotton and wool fabrics. Prices of a however, has been the principal factor in a number of textile products used as house- small advance in average hourly earnings. furnishings and apparel also rose in the lat- In a few industries hourly earnings have ter part of the year, however, and substantial increased from 3 to 5 per cent, but in most advances were reported for hardware items, industries increases have been less than this. millwork, and automobile tires sold for orig- Increases in output per man-hour have tendinal equipment. Cigarette prices were higher ed to lower wage costs. Overtime has been owing to increases in Federal excise taxes. important in certain durable goods industries Declines were reported for prepared roofing, where activity has risen sharply as a result petroleum products, and soap. of the defense program; in the machine tool Prices of manufactured foods, which in industry, for example, the average number many cases quickly reflect changes in raw of hours reported has increased to 51 a week material costs and changes in demand, rose and in several other lines, mostly in the air- 4 per cent from last summer to the middle of craft, shipbuilding, and metal working indus- February. The increase for the most part tries, the average is now around 45 hours. was in prices of meats and dairy products. Changes in hourly earnings have no doubt Cost Changes.—There is, of course, no sin- been more marked for particular types of gle satisfactory explanation of price changes skilled workers than for all workers emin this or any other period, but it is clear ployed by any one industry. that many factors have contributed to the The same increase in activity that has relative stability of prices of finished manu- brought into effect overtime rates and confactures as compared with raw materials. tributed to higher material costs has, in nu- Increases in raw material costs, it may be merous instances, reduced other costs per unit noted, affect only one part of the manu- of output, including maintenance, depreciafacturers' costs and generally are not so tion, interest, and the like. Taxes, on the large as would be indicated by data on other hand, have increased. price changes in open markets. Thus, at the Other factors in price changes.—To a conbeginning of this period manufacturers had siderable extent, price changes for finished on hand some stocks purchased earlier at goods have been affected by manufacturers' lower prices and during this period they made decisions as to the state of the market rather substantial protective purchases before prices than by actual or prospective changes in of materials had reached the peak; also, large- costs, but, of course, the importance of difscale industrial purchases are usually made ferent factors has varied widely from one on the basis of prices that show less advance line to another. than open-market quotations. Clearly, how- Prices of finished products have come in ever, sharp advances in prices of the raw for consideration by Government agencies materials used in the production of woolen directly in their purchasing programs and and worsted products did contribute to price indirectly both in their attempts to increase advances for these products and higher lum- capacity of industries turning out various 204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commodity Prices finished products and in their activities withEmpire. Before the war about one-third of regard to prices of materials. Recently di- exports of farm products from the United rect action with regard to market prices of States went to the United Kingdom and an finished goods was undertaken in the case of equal amount to the Continent. Cotton and second-hand machine tools. Provision was tobacco usually formed the bulk of these exmade for regular sales reports by dealers who ports. In recent months the physical volume are to observe a Federal schedule of maxi- of agricultural exports has been at the lowest mum prices in terms of percentage of current level since the 1860's, and not more than 3 per list prices of equivalent new machines, with cent of farm income is being derived from exthe percentage varying according to the ageports this season, compared with 16 per cent of the machine. In general, price changes in the 1920's. Exports of dairy products, for finished goods are especially difficult to which are relatively minor, have been mainanalyze and control on account of the many tained recently, owing to the closing of Eurochanges in specifications of products and thepean sources of supply to the United Kingdom multiplicity of terms on which they are sold. and Asia. Canada has continued to import our citrus fruits in volume and Cuba has in- Agricultural Commodities x creased its imports of American rice. Prices of farm products in recent months PRICES OF SELECTED AGRICULTURAL COMMODITIES have been affected by the greatest domestic [Weekly figures] demand on record, together with the lowest export volume in many decades and the Per cent change largest domestic supplies ever known for Aug. Feb. Feb. many leading commodities. Prices of farm 26, 24, 22, Aug. Feb. products have recently been at a level higher 1939 1940 1941 1939- 1940- Feb. Feb. than in the three preceding years and in Feb- 1941 1941 ruary were about 8 per cent higher than last summer and 3 per cent above a year ago. Corn dol. per bu .45 .58 .63 +40 +9 Wheat dol. per bu .67 1.03 .76 +13 -26 Increases over the year were most marked C otton cents per lb 9.00 10.90 10.11 +12 -7 for commodities like livestock and fruits, Wool, domestic dol. per lb .66 .86 .92 +39 +7 whose prices are most responsive to changes Hogs dol. per cwt 6.55 5.51 7.97 +22 +45 in domestic consumer incomes. Prices of Steers dol. per cwt 8.97 9.75 11.79 +31 +21 commodities usually exported in large vol- Butter dol. per lb .24 .29 .31 +29 +7 ume, such as cotton and tobacco, and those Cottonseed oil cents per lb 4.58 6.13 5.31 +16 -13 Lard cents per lb 7.50 7.75 7.62 +2 -2 whose consumption is relatively stable, like C ocoa cents per lb 4.42 5.30 6.10 +38 +15 wheat, remain lower than a year ago. Crop Coffee cents per lb 7.60 7.40 8.10 +7 +9 production in 1940 was second only to 1937Sugar cents per lb 2.86 2.85 3.05 +7 +7 in total volume, and carryovers of wheat, Export subsidies, loan program, and stamp corn, cotton, and tobacco into the 1940-41 plan.—The effects of surplus supplies and reseason were exceptionally large. Meat prostricted exports on farm prices and income duction was at a record level in the latter part have been offset to a considerable extent by of the year, and output of other manufactured Federal programs for loans to producers, disfoods, especially dairy products, continued to posal of surpluses in domestic channels, and increase. Wholesale prices in central marexport subsidies. Apart from loans, Federal kets and changes in these prices are shown expenditures for these purposes may total for selected domestic and imported farm more than $235,000,000 this season, comproducts in the accompanying table. pared with about $200,000,000 last season. Low level of exports.—In contrast to events During the first year of war export subsidies in 1914-18, exports of farm products have on cotton, ranging from 0.2 to 1.5 cents per been greatly reduced by war developments, pound, were instrumental in the export of chiefly the blockade of the European Contimost of the 6,200,000 bales of cotton shipped nent, the reduction in total agricultural imabroad that year; similarly, with payments ports into the United Kingdom, and the prefof 1 to 1.9 cents per pound on cotton fabrics erence given to producers in the British and proportionate payments on other cotton 1 Additional reference is made on page 203 to price develop- products, cotton goods equivalent to 500,000 ments for certain agricultural commodities used as materials in bales of raw cotton were exported. Also industry. MARCH 1941 205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commodity Prices about 600,000 bales of cotton were traded to cotton stamp plans. The commodities han- Great Britain in exchange for rubber. Wheat dled include pork and lard, dairy products and exports in that year totaled around 45,000,000 eggs, flour, various fruits and vegetables, and bushels, with subsidy payments ranging from also cotton and cotton goods. Although ad- 20 to 35 cents per bushel. ditional sales under the Food Stamp Plan So far this season cotton exports have been amount to only about 1 per cent of total food at about one-sixth the level of a year earlier sales, marketings of certain products are suband the lowest since the 1860's, with about stantial in particular areas. The stamp plan half of this small total going to Britain and for cotton products, now operating in about one-fourth to Russia. Owing primarily to 10 areas, is being gradually extended. The this small export volume, the carryover of amount of cotton purchased last season by the American cotton next August may be around Surplus Marketing Administration for mak- 13,000,000 bales, roughly 2,500,000 bales ing mattresses and comforters for distribularger than a year earlier despite exception- tion through relief agencies was 150,000 ally large consumption in this country. Ex- bales and purchases this season through Janports of cotton goods under the subsidy pro- uary totaled about 165,000. gram are at a higher level than a year ago, Livestock and products.—Livestock prices totaling 320,000 bales raw cotton equivalent showed the greatest advances in 1940, as inup to the middle of February, payments have dicated in the chart on page 199. After the been equal to 3.5 cents per pound on fabrics. middle of the year the effects of increased de- Raw cotton export subsidies were discon- mand more than offset the influence of untinued in January 1940. Wheat exports are usually heavy marketings, and prices inrunning lower than a year ago by more than creased generally. Cattle prices showed one-third, although subsidies have been main- their greatest increase in August but contained on shipments to selected areas. tinued to rise during succeeding months. Federal loan programs have also operated Livestock prices advanced further in January to maintain domestic prices of farm products of this year, reflecting in considerable meaby credit extensions to producers withhold- sure a rise in hog prices of $2.00 per huning supplies from the market. In the 1940- dredweight, from $6.00 to $8.00, accompany- 41 season these loans may total over $500,- ing a 30 per cent reduction in marketings 000,000 as compared with $341,000,000 in from the high December rate. the previous season. This increase repre- Prior to the recent advance in hogs, corn sents, to a considerable extent, expansion to prices had been high relative to hogs and, remove from the market substantial amounts largely as a result of this, 10 per cent fewer of commodities whose exports have been cur- pigs were raised in 1940 than in 1939. With tailed. These commodities include cotton, marketings last fall considerably larger than wheat, and tobacco, and also prunes and a year earlier, a substantial reduction in raisins. The amount of increase in these slaughter is indicated for the rest of the marloans has corresponded fairly closely with keting year, as shown in the table. The the decline in exports below prewar levels. spring pig crop, to be marketed next fall, is Thus in the case of flue-cured tobacco, whose estimated to be about 14 per cent smaller than exports from July to December totaled only that of 1940. Marketings of other meat ani- 55,000,000 as compared with 257,000,000 in mals will be larger than in 1940, but total the same months of 1938, the amount removed from the market through special pur- FEDERALLY INSPECTED HOG SLAUGHTER chase arrangements has been about 200,000,- [Million head] 000 pounds. A further offset to surpluses and reduced Average exports has been provided by Federal surplus- 1939 1940 1941 removal programs designed to increase con- 1928 to 1935 to 1932 1939 sumption by low-income groups in this country. These programs, involving Federal ex- January-September 33.5 23.4 28.2 34.4 28 penditures of oyer $200,000,000 this fiscal OctDber-December 13.0 10.9 13.2 16.0 year, include distribution directly through Yearly total 46.5 34.3 41.4 50.4 relief agencies and schools and indirectly through retail channels under the food and Source: U. S. Department of Agriculture, including estimate for January-September 1941. 206 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commodity Prices meat production is expected to be somewhat the Government will take delivery at masmaller. turity if loan stocks are not repossessed by Prices of most dairy products in January growers before then. Growers are not likely and early February averaged about the same to sell wheat at less than the loan values plus as a year ago, in contrast to advanced prices charges, together now equivalent to about 90 for other livestock products. Milk produc- cents at Chicago, and the Commodity Credit tion and output of manufactured dairy prod- Corporation has announced that in so far as ucts were at unusually high levels, offsetting practical it will not do so either. the effect on prices of the increase in con- Prices of rice, in contrast to most grain sumer demand. The number of milk cows on prices, are considerably above a year ago. farms on January 1 was reported to be the Supplies here are larger than last year but largest in six years. foreign demand for rice from the United Grains.—With total livestock numbers States has been greater, reflecting decreased somewhat reduced this year, corn supplies competition from Oriental rice. are larger relative to feeding needs than last Imported foodstuffs.—Prices of imported season and the carryover on October 1 may foodstuffs, such as coffee, cocoa, and sugar, exceed last year's record amount of 700,000,have been especially influenced since last au- 000 bushels by 75,000,000 bushels. Corn tumn by increased consumer demand, higher prices have been maintained, however, owing shipping costs, and the market policies of forlargely to the operation of the Federal loan eign producers. In the case of cocoa, for exprogram. The period for making corn loans ample, the Brazilian Government has anthis year has been extended from March 31 nounced export quotas and minimum prices to September 30; through February 15 only for the 1940-41 crop and the British West Af- 66,000,000 bushels of this season's crop had rican crop has been purchased by the British been reported under loan, compared with Government for the second successive year. 175,000,000 bushels a year ago. The Com- Last season considerable amounts of West Afmodity Credit Corporation has announced rican cocoa were destroyed in order to avoid that its holdings of 200,000,000 bushels are price declines which might otherwise have available for sale at prices equivalent to 69 occurred as leading markets were cut off or cents per bushel in Chicago. restricted. Coffee prices, which had been at The Federal loan program also continues exceptionally low levels, have risen since the to have an important influence on wheat adoption of the Pan-American coffee agreeprices, which in the latter part of February ment of November 28, which established a were only moderately below the season high basic quota for United States imports of cofof 86 cents* per bushel, reached in the middle fee. Prices of sugar have strengthened in of January. Wheat stocks on January 1 recent months following the establishment were 725,000,000 bushels, 104,000,000 bushels of the 1941 quota at a level only moderately larger than a year earlier. A similar inhigher than last year. Trade reports indicate crease is expected in the carryover July 1, that consumption may increase to a greater reflecting the larger crop and further reducdegree, and there may be some further reductions in exports this season. About 290,000,tion this year in the large stocks carried over 000 bushels were under loan January 1, insince 1939. In recent weeks prices of these cluding 230,000,000 bushels in warehouses commodities and of other basic imports have and 60,000,000 bushels on farms. Warehouse risen considerably, reflecting in part changloans, which terminate eight months after ing trade estimates concerning the availthey are made or not later than April 30, are beginning to expire, but market supplies ability of supplies in distant countries and are not expected to increase very much, since the cost of shipping. MARCH 1941 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttom a J-QQa/Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material. Effective Date of Amendment No. 4 of Regulation U tive orders relative to the control of foreign funds so as to liberalize remittances to "frozen" countries. The texts of Amendment No. 4 of the The modifications may be summarized as follows: Board's Regulation U and of Rule X-8C-1 (1) The amount which may be remitted to nonand Rule X-15C2-1 adopted by the Securities American citizens in the "frozen" countries and Exchange Commission concerning the for living expenses has been raised to $100 hypothecation of customers' securities by per month for any individual, plus $25 for each brokers or dealers, to become effective on additional member of the family, with a monthly limit of $200 for a family. Also, such February 17, 1941, were published in the persons having their own funds in the United February 1941 issue of the Federal Reserve States may, subject to certain limitations, BULLETIN, at pages 104-111. draw on such funds for living expenses in the At the request of certain brokers and deal- prescribed amounts. (2) American citizens in the frozen countries may ers in securities, the Securities and Exchange be sent $500 in any one month for living ex- Commission postponed the effective date of penses, plus one remittance of $1,000 for the its Rule X-8C-1 and Rule X-15C2-1 so that purpose of enabling such persons and their these rules would become effective on Febru- families to return to the United States. These funds may be remitted whether or not the ary 24, 1941 instead of the original effective American citizen is drawing upon his own date of February 17, 1941. Due to the rela- funds or is being sent money by friends and tion between these rules and Amendment No. relatives in the United States. 4 of the Board's Regulation U, the Board The texts of the amended licenses are as follows: adopted the following resolution postponing Treasury Department, Office of the Secretary, the effective date of that amendment until February 1, 1941 February 24, 1941 : General License No. 32, as Amended, under Executive "The effective date of Amendment No. 4 of Order No. 8389, April 10, 19%0, as Amended, and Regulation U which was to have become effective Regulations Issued Pursuant Thereto, Relating to February 17,1941 is hereby postponed until Febru- Transactions in Foreign Exchange, etc.* ary 24, 1941, but any bank may, at its option, General License No. 32 is amended to read conduct its operations in accordance with such amendment at any time prior to that date as as follows: permitted under the original amendment." A general license is hereby granted authorizing remittances by any individual through any bank to General Licenses Issued by the Secretary of the Treasury any individual within any foreign country designated Under authority of the Executive Order of in Executive Order No. 8389, as amended, and any April 10, 1940, as amended, and Regulations bank is authorized to effect such remittances, proissued pursuant thereto relating to transac- vided the following terms and conditions are complied with: tions in foreign exchange, etc., the Acting Secretary of the Treasury on February 1, (1) Such remittances are made only for the necessary living expenses of the payee and his 1941, amended General License No. 32 which household and do not exceed $100 in any one calenwas published on page 1046 of the October dar month to any one household, except that addi- 1940 Federal Reserve BULLETIN, and General tional sums not exceeding $25 in any one calendar License No. 33 which was published on page month may be remitted for each member of the payee's household in addition to the payee, pro- 1175 of the November 1940 BULLETIN. There vided that in no case shall a sum in excess of is published below a statement issued by the $200 per calendar month be remitted to any one Treasury Department in explanation of the household; amendments, together with the full texts of (2) Such remittances are not made from funds General Licenses No. 32 and No. 33, as thus in which prior to the remittance any foreign counamended. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress ; 12 U.S.C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, Treasury Department, Washington May 10, 1940;Ex. Order 8446, June 17, 1940; Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25, 1940; Ex. Order 8565, The Treasury Department today modified General Oct. 10, 1940; Regulations, April 10, 1940, as amended May 10, Licenses No. 32 and No. 33 issued under the execu- 1940, June 17, 1940, July 15, 1940, and Oct. 10, 1940. 208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint try designated in Executive Order No. 8389, as ] (2) The term "household" shall mean: (a) those amended, or any national thereof had any interest individuals sharing a common dwelling as a famwhatsoever, direct or indirect, other than from an ily; or (b) any individual not sharing a common account in a banking institution within the United dwelling with others as a family. States in the name of, or in which the beneficial D. W. BELL, interest is held by, the payee or members of his Acting Secretary of the Treasury. household, and such remittances may be made from any such account only if effected: Treasury Department, Office of the Secretary, (a) By the acquisition of foreign exchange February 1, 1941 from a person in the United States having a General License No. 33, as Amended, under Executive license specifically authorizing the sale of such Order No. 8389, April 10, 194-0, as Amended, and exchange; or Regulations Issued Pursuant Thereto, Relating to (b) By the payment of the dollar amount of Transactions in Foreign Exchange, etc.* the remittance to a bank for credit to an account General License No. 33 is amended to read in the name of a banking institution within the foreign country to which the remittance is to be as follows: made, from which account payments, transfers A general license is hereby granted authorizing or withdrawals may be made only under license. remittances by any individual through any bank to any individual who is a citizen of the United States All individuals making such remittances and all within any foreign country and any bank is authorbanks effecting such remittances shall satisfy themized to effect such remittances, provided the followselves that the foregoing terms and conditions are ing terms and conditions are complied with: complied with. If such remittances are made from funds in which (1) Such remittances do not exceed $500 in any prior to the remittance no foreign country designated one calendar month to any payee and his housein Executive Order No. 8389, as amended, or national hold and are made only for the necessary living thereof had any interest whatsoever, direct or in- and traveling expenses of the payee and his housedirect, banks are authorized to establish and maintain hold, except that an additional sum not exceeding free dollar accounts if necessary, and only to the $1,000 may be remitted once to such payee if such extent necessary, to effect such remittances. Banks sum will be used for the purpose of enabling the are not authorized to establish or maintain free dollar payee or his household to return to the United accounts in cases where such remittances may be States; effected in the manner prescribed in (a) or (b) under (2) Such remittances are not made from funds (2) above. in which prior to the remittance any foreign Banks through which any such remittances origi- country designated in Executive Order No. 8389, nate shall execute promptly Section A of Form as amended, or any national thereof had any TFR-132 in triplicate with respect to each such re- interest whatsoever, direct or indirect, other than mittance. When so executed such copies of Form from an account in a banking institution within the TFR-132 shall be forwarded promptly to the bank United States in the name of, or in which the ultimately transmitting abroad (by cable or other- beneficial interest is held by, the payee or members wise) the payment instructions for such remittance of his household. and the latter bank shall, upon the receipt thereof, All individuals making such remittances and all execute Section B of such copies of Form TFR-132 banks effecting such remittances shall satisfy themand promptly file such executed report in triplicate selves that the foregoing terms and conditions are with the appropriate Federal Reserve Bank. If the complied with. bank through which any such remittance originates Banks are authorized to establish and maintain is also the bank ultimately transmitting abroad the free dollar accounts if necessary, and only to the payment instructions for such remittance, then such extent necessary, to effect such remittances. Banks bank shall execute both Sections A and B of such are not authorized to establish or maintain free report. No report on Form TFR-132 shall be deemed dollar accounts in cases where such remittances may to have been filed in compliance with this general be effected in the manner prescribed in (a) or (b) license unless both Sections A and B thereof have under (2) of General License No. 32, as amended. been duly executed as herein prescribed. With respect to each remittance made pursuant to As used in this general license: this general license reports on Form TFR-132 shall be executed and filed in the manner and form and (1) The term "bank" shall mean any branch under the conditions prescribed in General License or office within the United States of any of the No. 32, as amended. following which is not a national of any foreign As used in this general license the terms "bank" country designated in Executive Order No. 8389, and "household" shall be deemed to have the meaning as amended; any bank or trust company incorpoprescribed in General License No. 32, as amended. rated under the laws of the United States or any state, territory or district of the United States, or D. W. BELL, any private bank subject to supervision and exami- Acting Secretary of the Treasury. nation under the banking laws of any state, territory or district of the United States. The term * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress ; 12 U.S.C. 95a; Ex. Order 6560, "bank" shall also include any other banking institu- Jan. 15, 1934; Ex Order 8389, April 10, 1940; Ex. Order 8405, tion which is specifically authorized by the Treas- May 10, 1940 ; Ex. Order 8446, June 17, 1940; Ex. Order 8484, ury Department to be treated as a "bank" for the July 15, 1940 ; Ex. Order 8493, July 25, 1940; Ex. Order 8565, Oct. 10, 1940 ; Regulations, April 10, 1940, as amended May 10, purpose of this general license. 1940, June 17, 1940, July 15, 1940, and Oct. 10, 1940. MARCH 1941 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

rtom the Boaid 5 Cottelpondenca Questions of general interest, relating to money and banking, are answered in this section of the BULLETIN. )Qe5pon±il*La fiot J9nctea5e in Bank QUESTION during this period were paid for by checks / am curious to know how the $^,590 million in- drawn upon the Treasury's balances at the crease in deposits during the fiscal year 19 U0 cameFederal Reserve Banks, and these balances into the banking system. Obviously the increase^ in were replenished by the issuance of gold cerloans and investments accounts for $1,719 million. Gold would be another source and silver too. Should tificate credits to the Reserve Banks. Ordithe increase in circulation be deducted? narily the growth in the gold stock matches fairly closely the issuance of gold certificates ANSWER As you mention in your letter, the increase but in the year ending June 30,1940 the issuin the monetary gold stock and the increase ance of certificates exceeded the increase in in bank loans and investments are the prin- gold stock by $372 million. Those receiving cipal factors accounting for the rise in de- payment for gold sold to the Government posits at all banks, exclusive of interbank usually deposited such checks in commercial deposits, of $4,590 million between June 30, banks, with the result that there was a corre- 1939 and June 29, 1940.1 There were, how- sponding increase in bank deposits and also ever, other factors, as indicated in the follow- bank reserves. To the extent, however, that ing summary: Millions of such proceeds were deposited by foreign Gov- ( Factors of increase: dollars) ernments and central banks in Federal Re- 1. Increase in monetary gold stock 3,853 serve Banks, neither bank deposits nor re- 2. Increase in monetary silver stock. 118 serves were increased. To the extent to which 3. Reduction in Treasury cash and de- certificates are not issued against gold acposits with the Federal Reserve quisitions during any particular period, or Banks 1,087 4. Increase in bank investments. 696 issued in excess of such acquisitions, Treasury 5. Increase in bank loans. 1,023 cash is affected and the result is shown in Total .... 6,777 item (3). Factors of decrease: 2. Similarly, in the case of the Govern- 6. Increase of currency held by public 695 ment's silver acquisitions, which were paid 7. Increase in foreign deposits at Fedfor by checks drawn upon the Treasury's eral Reserve Banks. . . 321 8. Reduction in collection items (float) 667 balances at the Reserve Banks and financed 9. Net decrease from other factors . 504 by issues of silver certificates, bank deposits Total 2,187 were increased by the amount of such issues. Net increase 4,590 3. The reduction in the Treasury's balance These figures are obtained partly from the of cash and deposits at Federal Reserve Banks statements of the Treasury and Federal Re- permitted the financing of a part of the Govserve Banks, which are summarized on page ernment's deficit during this period without 1101 of the Federal Reserve BULLETIN for borrowing, the effect of which was to increase October 1940, and partly from the Condition bank deposits. Statement for all banks, some of the main 4. Banks increased their holdings of Govitems of which are shown on page 1111 of the ernment securities by over $900 million dursame BULLETIN. ing the fiscal year 1940. Their holdings of The above factors may be commented upon obligations of State and local Governments briefly: also increased but their holdings of corporate 1. The Government's acquisitions of gold bonds declined by roughly $550 million, with 1 June 29, 1940 is the most recent date for which figures are the result that the net increase in bank investavailable of total deposits and of loans and investments at all ments for the year was $696 million. commercial and savings banks in the U. S. 210 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence 5. The increase in bank loans of over $1,000 of the increase in deposits of foreign Governmillion tended, of course, to increase bank ments at the Federal Reserve Banks. When deposits by this amount. these deposits are later spent they will add to 6. As a result of the increase in currency the deposit liabilities of commercial banks. held by the public, bank deposits were lower 8. The smaller amount of float on June 29, than they would otherwise have been on June 1940 than on June 30, 1939 was, of course, a 29, 1940. The figure for the increase in cur- factor tending to make deposits lower on the rency held by the public is obtained by taking latter date. Float represents collection items the increase in total currency in circulation, —mainly checks—outstanding, and their colwhich is indicated in the Treasury's Circula- lection reduces the amount of the deposits tion Statements of United States Money, and against which they are drawn. by subtracting the increase in vault cash of 9. There were a number of other factors all banks, which is indicated in the Comp- affecting the volume of bank deposits but troller of the Currency's Statements of the these were individually of less importance. Assets and Liabilities of All Banks. Also, it should be noted that the sale of se- 7. Similarly bank deposits were lower than curities by Federal Reserve Banks to others they would otherwise have been on account than banks tended to reduce bank deposits. Significance *{} Hank Val>it5 a* an SJndcx ofi Change* in £u£ine53 QUESTION part of the changes in the total volume of What is the significance of debits to individual bank debits. Also, the general magnitude of accounts as a business index? If you can give me an bank debits depends greatly on existing ecoexplanation of their usefulness and point out their deficiencies, I would appreciate it very much. nomic organization and financial machinery. That is to say, when goods are produced and ANSWER distributed by many independent firms, there The figures of bank debits represent a total is a larger volume of total payments than of charges made against all demand and time when production and distribution are carried deposits, except interbank deposits, at comon by a few large integrated firms. In the mercial banks. They exclude payments made former case payments have to be made in with currency. They reflect (1) payments almost every instance when goods pass for goods in various stages of production and through the different stages from raw matedistribution, (2) payments for services, i.e., rial to the ultimate consumer, whereas in the wages, salaries, rents, dividends, taxes, etc., latter case many of these payments are elimi- (3) payments arising out of financial transnated. actions, such as property transfers and se- A good example of how our financial macurity trading, and (4) mere transfers of chinery affects the volume of bank debits is funds, as in gifts, in making and repaying loans, in currency withdrawals, and in shifts offered by the clearing system of the New of deposits between accounts. York Stock Exchange, established in its modern form in 1920. This system has reduced The usefulness of bank debits as a measure of changes in the volume of business activity, the volume of brokers' checks to about 20 per or of national income, is impaired by the fact cent of the total volume of trading on the Exthat during certain periods debits under (3) change. Such a reduction in no way diminand (4), which are often not directly related ishes national income, although it does deto national income, may account for a large crease the volume of bank debits. MARCH 1941 211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Appointment of President of Federal Reserve Meeting of the Presidents' Conference Bank of St. Louis The Presidents of the Federal Reserve On February 28, the Board of Directors of Banks met in Washington February 17 and the Federal Reserve Bank of St. Louis an- 18. nounced that they had unanimously elected Federal Reserve Chart Book Chester C. Davis as President of the Bank. The Board now has available for distribu- Mr. Davis, now a member of the Board of tion a completely revised edition of the Fed- Governors of the Federal Reserve System, eral Reserve Chart Book on Bank Credit, will resign his present position and assume Money Rates, and Business. Old charts have his new duties at the Federal Reserve Bank been materially revised and new charts have at a date to be determined later. been added. The charts include all information available as of February 11, 1941. The Chart Book, which will again be of Defense Contract Service Representatives of the twelve Federal Re- brief-case size, contains about 50 charts on serve Banks met with officials of the Defense bank credit, money rates, security markets, Contract Service on February 7 for pre- business conditions, and international finance. liminary organization of thirty-six regional Many of the charts cover the period from offices to speed the production of defense 1919 to date and some cover the period from equipment, especially through subcontracting. 1914 to date. The charts contain space for data for 1941 and 1942 with lightly printed The Defense Contract Service is attached grids to aid in keeping them up to date. The to the Division of Production, Office of Probook includes a list of sources for back figures duction Management, and has taken over the and an index. functions and personnel of the Office of Small Business Activities. The organization The BULLETIN will continue regularly to has been expanded and will add a force of include a table of data for bringing the charts full and part-time technical experts to the up to date; see pages 255-257 of this issue. thirty-six field offices located in the twelve The price of the book is 50 cents. Federal Reserve Banks and their twenty- Admissions of State Banks to Membership in the four branches. Federal Reserve System The meeting, held at the Federal Reserve The following State banks were admitted Building, was called by Governor Ernest G. to membership in the Federal Reserve Sys- Draper of the Board of Governors of the Fed- tem during the period January 16, 1941, to eral Reserve System at the suggestion of February 15, 1941, inclusive. Robert L. Mehornay, Chief of the Defense Illinois Contract Service, and was attended by Presi- Glasford—Glasford State Bank dents and representatives of Presidents of Indiana the twelve Reserve Banks. Saratoga—The Saratoga State Bank Missouri Meeting of Federal Advisory Council Eldon—Bank of Eldon The Federal Advisory Council of the Fed- New Jersey eral Reserve System met in Washington on Red Bank—The Merchants Trust Company of Red Bank, N. J. February 16 and 18. The annual organization New York meeting was held on February 16, at which Camillus—Camillus Bank Edward E. Brown, President of the First Forest Hills—Boulevard Bank National Bank of Chicago, was elected as Liverpool—Liverpool Bank President of the Council, and George L. Har- Parish—The State Bank of Parish rison, President of the New York Life Insur- Schoharie—The Schoharie County Bank Scotia—Glenville Bank ance Company, as Vice President. Walter Texas Lichtenstein was reappointed as Secretary. Rocksprings—The First State Bank The Council met in joint session with the Virginia Board of Governors of the Federal Reserve Vienna—The Vienna Trust Company System on February 17 and 18. General Wisconsin business conditions and matters of interest to Berlin—The Farmers & Merchants Bank the Federal Reserve System were discussed. Lancaster—Lancaster State Bank 212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

T?apartment Stotct J?ale5 D EPARTMENT store sales by Federal Re- The present monthly Federal Reserve inserve Districts and leading cities are dexes of department store sales and stocks, shown in the table below in terms of percent- shown on page 253, are based on a sample age changes from sales in the corresponding of independent stores. Data for national period of the previous year. Similar data chains are not included in these indexes and, will be published regularly in a statement to consequently, the sales index is less comprebe released by the Board of Governors of the hensive than the new monthly comparisons. Federal Reserve System shortly after the This index is published each month in the twentieth of the month and will also be inweekly statement covering sales for the last cluded each month in the BULLETIN. The re- week in the month, as well as in the BULLETIN. ports underlying this statement are for stores Both the sales and the stocks indexes are beaccounting for approximately three-fourths ing revised to include a more comprehensive of all department store sales in the country. list of stores, but this revision will not be This is a more comprehensive list of stores completed for several months. than was previously available, particularly In addition to the comparisons and indexes owing to the inclusion, in addition to so-called based on total store sales, sales data for the independent department stores, of the retail more important departments within the departments of such national chains as Sears, stores are compiled for a number of the Roebuck and Company, Montgomery Ward Federal Reserve Districts. These data for and Company, and J. C. Penney Company. January, expressed as percentage compari- The Board of Governors also issues each sons with the corresponding month in the Friday a statement showing weekly sales previous year, are now available in a sepacomparisons by Federal Reserve Districts for rate report for the country as a whole. a somewhat smaller sample of stores, but More detailed regional statistics on departincluding, since the beginning of this year, ment store operations are available from the both independent and national chain departvarious Federal Reserve Banks which collect ment stores. A weekly index based upon these data is being completed and will prob- all the basic data used in compiling the reports ably be presented in the BULLETIN for April. published by the Board of Governors. DEPARTMENT STORE SALES Percentage change from corresponding period of preceding year Jan. Year Jan. Year Jan. Year 1941 1940 1941 1940 1941 1940 United States total +10 + 1 Boston District + 2 + 3 Richmond District (contd.) St. Louis District (contd.) New Haven, Conn + 7 + 6 Winston-Salem, N. C.- +11 +10 Springfield, Mo +50 +18 Boston, Mass 0 + 2 Charleston, S. C +30 +18 Memphis, Tenn +23 +10 Springfield, Mass + 5 Lynchburg, Va + 8 + 9 Providence, R. I + 4 + 3 Norfolk, Va +51 +24 Minneapolis District + 5 + 3 New B Y ri o d r g k e D po is r t t r , i c C t onn + +1 6 2 + +1 1 5 H R C i h u c a n h r t m l i e n s o g t n o to d n , n , , V W W a . . V V a a + + + 1 1 1 6 0 2 + + + 1 1 9 8 0 Kan D sa e s n C ve it r y , D Co is l t o rict + + 1 3 8 + + 4 3 N A B B E N N l u e i l e i m n b a w f w f g g a i a a a n h r l Y a r o r y a k a , , m , o , N r F N N t N k o a . . . l . n Y a l Y Y s , J n . , _ d N _ N _ . B . Y r Y ookl . y _ n _. + + + + + - 2 1 2 6 4 2 5 2 + + + + + + 2 3 6 9 7 7 5 Atlan J B M A T t a a a i t c o r l m k m a n D s n t p i o g i t n a s a n o g , t , v r m h i F i G c l a e l t l a m a e ry , , , F A A la l l a a + + + + + + 2 1 2 2 U 4 9 0 5 6 + + + + + + 1 2 9 9 9 5 0 8 W T T K S O O t o u a k m . i p l n c l J s a a e h s o a h h k a i , s o a t s a e a O , m , p , C N k K h a K i l , e t a a C y a b M n n , r i s t s o M y, o Okla... + + + + + + + 1 1 1 2 2 2 4 2 0 9 9 5 + + + + + + 4 5 8 2 2 3 0 P R S o y o N u r c a . g h c h Y e u k s s t e e e e , r p , N s N i . e . Y , Y N. Y + + +1 3 6 5 0 + + + + 1 0 4 4 5 J M B N C a e a h c a w t a k c o t s o n t o a O n n n , R r , o l G o e o M u a a g n g i a s s e , , s , T L L e a a nn + + + + - 1 3 1 1 6 4 0 7 1 + + + 7 3 Dalla D S F s h o a r l r D l e t a i v s W s e , t r p i o T c o r t e r t x t h , , L T a ex + + + + 1 1 2 U 4 0 5 + + + + 4 5 5 5 Philadelphia District + 8 + 7 Knoxville, Tenn +21 +10 Houston, Tex +11 + 5 Trenton, N. J + 6 +12 Nashville, Tenn +29 + 3 San Antonio, Tex +19 +10 Clev W Y A L P R C C el h a e o k a l i i e n n i a n l r r l v k c k o d c d a e e i a , n i d n n l D s s , e P a n - g t i n l B e a O s a , p d t r t a r h h P , i , i r , i i c a P r o a O t e O a , , h h P i P i o a o a + + i + + + + + - ~i 1 1 8 9 7 6 9 1 8 * 1 A + + ~+ + + + + + ir 1 9 9 9 7 0 4 7 ylQ Chic P I C F D D F S a n e g i o l h e e o d i o o s r i n t u i c t r r a D t x i a o M , n W a g i i , s C a M t o o t , p a 1 r i , i 1 y i n i o M t c c 1 y 1 n e l t 1 h i , s i e s 1 c , I , , h o I I I o w n n w d d a a ._. + + + + + + + + 2 1 1 1 1 1 1 4 0 6 6 2 7 4 2 + + + + + + + + + 1 2 7 4 9 0 7 5 1 1 6 San P B L L F S O F h o a r o a a r C e c s o n k a k s r a e e n g l n a A l a n r c i m o s f B i n n i s f , x d g e c i e , e C o n e a l A l t c d a a e o D h n , l s r , i i , d i , f z s C C . C t C . r a a . B i a a l c l i l l i t f e i i f f f rkeley, + + + + + + + 1 2 2 1 2 1 4 9 7 1 o 4 + + + + + + + + 1 1 1 1 4 4 0 1 8 4 6 5 Columbus, Ohio + 1 + 8 Grand Rapids, Mich... - 2 + 7 San Diego, Calif +40 +19 Y To o l u e n d g o s , to O w hi n o , Ohio + + 6 5 + + 6 9 L M a i n lw si a n u g k , e M e, i c W h is + - 8 6 + + 7 5 S S a a n n J F o r s a e n , c C is a c l o if , Calif + + 14 1 + + 4 2 Erie, Pa +13 + 9 St. Louis District +18 + 8 Boise and Nampa, Idaho + 5 + 3 Pittsburgh, Pa + 5 + 9 Fort Smith, Ark +15 +11 Portland, Ore +14 + 6 Wheeling, W. Va - 3 + 3 Little Rock, Ark +35 +11 Salt Lake City, Utah... +18 + 9 Quincy, 111 +16 + 1 Seattle, Wash +18 +10 Richmond District +18 +11 Evansville, Ind +10 + 6 Spokane, Wash + 10 + 2 Washington, D. C +21 +11 Louisville, Ky +38 +15 Tacoma, Wash +38 +17 Baltimore, Md +13 +11 St. Louis, Mo +12 + 7 Yakima, Wash + 6 + 9 MARCH 1941 213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Tc Banking Jlaw5 and Statute* ofi Hank oj} 7tance A SERIES of amendments to the statutes bodies or by ministers of state with or withof the Bank of France affecting chiefly out nominations by such bodies, and the the internal organization of the Bank, the heads of six public financial agencies and General Meeting of shareholders, and the organizations (including the three still rep- General Council, which is concerned with the resented) were councilors ex officio. The new policy of the Bank, was announced by a de- statutes also assure the representation of cree of the French Chief of State dated certain interested groups by providing that November 24, 1940, and published in the of the five councilors appointed by the Sec- Journal Official on November 27, 1940. Theretary of State for Finance, two shall reprepresent amendments relate to the codified sent agriculture, two commerce and indusstatutes of December 1936 incorporating the try, and one the personnel of the Bank. far-reaching changes in the control and inter- The shareholders will now elect two of the nal organization of the Bank adopted in that four censors, instead of the entire body of year by the Popular Front Government. three, and the remaining two will be ap- Translations of some of the original measures pointed by the Secretary of State for Finance. were published in the BULLETIN for July, Sep- Somewhat stricter qualifications for elected tember and October 1936. The codified statcouncilors and elected censors have been utes, comprising some 200 articles, were pubestablished, and the term of office of these oflished in the Journal Officiel of May 22, 1937. ficers and of the appointed councilors is Only 22 articles of the statutes are affected lengthened from three years to four years. by the present amendments and many of the The powers and duties of the censors have unchanges are merely of a technical nature. dergone slight changes. The first group of changes relates to those A further change is the abolition of the articles in the codified statutes which deal permanent committee which, under the forwith the membership, convocation, and promer statutes, was authorized to administer ceedings of the General Meeting of sharesuch powers as were delegated to it by the holders. In general, these amendments ap- Council. The Council is now required to pear to be of a routine character, except that meet at least once a week. Also, the provishareholders may now obtain representation sions relating to the discount council and at the General Meeting through proxies. committee have been somewhat altered. More significant changes have been made The law of November 24 contains, in addiin the articles concerning the General Council of the Bank, which formerly consisted of tion to the amendments to the statutes, vathe governor and two vice-governors, twenty rious interim provisions designed to facilitate councilors, and three censors (auditors). The the reorganization of the General Council. postion of the governors remains unchanged, The service of the councilors in office on the but the number of councilors and censors is date of promulgation of the law was to now fixed at eleven and four, respectively. be terminated December 1, 1940, but they Three councilors will be elected by the were declared eligible for reelection. The shareholders, five will be appointed by the General Meeting, normally held in January, Secretary of State for Finance, and the heads is for this one occasion postponed to the last of three public financial agencies will be week of March. Provision is made for the councilors ex officio. Formerly, the share- interim appointment of councilors to repreholders elected two councilors, twelve were sent the shareholders, subject to ratification appointed by various economic and financial by the General Meeting in March. 214 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/atlonat Summatu o{\ /fullness Condition* Compiled February 17 and released for publication February 18. Figures shown on charts may differ from preliminary figures used in text. Later developments are discussed on pages 189-196 of this BULLETIN. I NDUSTRIAL activity continued at a high on defense orders should necessitate curtaillevel in January and distribution of com- ment of automobile production. Currently modities was maintained in large volume. dealers' stocks of new cars are probably near record levels. Production In the cotton textile industry, activity in In January volume of industrial produc- January showed some further increase from tion declined less than seasonally and the the record level reached in December but the Board's adjusted index rose one point fur- rise was less than usually occurs at this seather to 139 per cent of the 1935-39 average. son. At wool textile mills there was some There were further considerable increases in decline from the high level of November and activity in industries making machinery, air- December, while output at rayon mills was craft, ships, and similar products important maintained in large volume. Defense proin the defense program, and output of in- gram orders for textiles, particularly wool dustrial materials, such as steel and nonfer- and cotton products, have been substantial rous metals, continued at near capacity rates. for some time, and these combined with con- Lumber production also was in unusually siderable civilian demand have resulted in large volume owing to demand arising from the accumulation of large order backlogs at construction under the defense program as most mills. Activity at meatpacking estabwell as from private building. lishments was reduced in January owing Automobile production, which ordinarily chiefly to a sharp decline in hog slaughter, declines considerably at this time of year, which had been exceptionally large in the was maintained at a high rate in January latter part of 1940. Shoe production adand the first half of February. This reflected vanced by less than the usual seasonal amount in part an unusually large volume of retail following a high rate of output in November sales and in part the industry's efforts to and December. build up dealers' stocks of cars as much as At mines output of most metals continued possible with a view to having an adequate at record levels in January. Production of supply on hand in case priorities or work fuels was sustained in large volume but was INDUSTRIAL PRODUCTION FREIGHT-CAR LOADINGS 1935 1936 1937 1938 1939 1940 1941 Index of physical volume of production, adjusted for seasonal Index of total loadings of revenue freight, adjusted for seasonal variation, 1935-39 average = 100. variation, 1923-25 average = 100. MARCH 1941 215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions not at such high levels as output of other Wholesale Commodity Prices minerals owing in part to the existence of Prices of industrial materials and foodconsiderable stocks, particularly of petroleum stuffs generally showed little change from the products. middle of January to the middle of February. Value of construction contracts, as re- Some imported commodities, principally cofported by the F. W. Dodge Corporation, defee, cocoa, rubber, and tin, rose slightly and clined in January. The decrease reflected there were increases also in prices of lard chiefly a sharp reduction in awards for puband wool tops, while declines were reported lic construction from the exceptionally large for livestock and meats, hides, grains, lum- December total, wThich had included a number ber, and scrap metals. Prices of some finof defense projects not previously reported ished commodities, particularly textile prodby the Dodge Corporation for lack of detailed ucts, showed advances in this period. information. Contracts awarded for private nonresidential building declined somewhat in January but as in December were twice as Bank Credit large as the amount awarded in the corre- Total loans and investments at reporting sponding period a year ago. Awards for primember banks in 101 leading cities increased vate residential building increased and on a substantially during January and the first seasonally adjusted basis were at the highest half of February, reflecting largely purchases level since the middle of 1929. of new Defense Notes issued by the Govern- Distribution ment. Commercial loans at these banks increased further while loans to New York Distribution of commodities to consumers security brokers and dealers declined. in January was maintained at the high level reached in the latter part of 1940. Sales at department and variety stores declined sea- United States Government Security Prices sonally following an unusually large amount Prices of United States Government seof Christmas trade, while sales of automo- curities continued to decline in the latter biles continued near the rate prevailing in half of January and the first half of Febru- December. In the early part of February ary, more than canceling the gains from the department store sales were sustained in end of October to the peak on December 10. large volume. The 1960-65 bonds on February 14 were sell- Total freight-car loadings, which usually ing on a yield basis of 2.28 per cent, comdecline from December to January, showed pared with a low of 2.03 per cent on Decemlittle change this year and the Board's seaber 10. sonally adjusted index rose two points further to 86 per cent of the 1923-25 average. MONEY RATES IN NEW YORK CITY WHOLESALE PRICES OF BASIC COMMODITIES 80 80 1935 1936 1937 1938 1939 1940 1935 1936 19 1938 Federal Reserve groupings of Bureau of Labor Statistics data August 1939 = 100. Thursday figures, January 3, 1935, to Feb- irerage discount on new issues ox neasury ums uneieu wnmu ruary 20, 1941. eek. For weeks ending January 5, 1935, to February 21, 1941. FEDERAL RESERVE BULLETIN 216 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 219 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements. 220 Federal Reserve Bank statistics 221-225 Reserve position of member banks; deposits in larger and smaller centers 226 Money in circulation. 227 Gold stock and gold movements; bank suspensions; bank debits 228 All banks in the United States, number, deposits, loans and investments. 229 Condition of all member banks. 230-231 Weekly reporting member banks 232-235 Commercial paper, bankers' acceptances, and brokers' balances. 236 Money rates and bond yields. 237 Security markets. 238 Treasury finance. 239-240 Governmental corporations and credit agencies; Postal Savings System 241-242 Business Indexes 243-253 Wholesale prices 254 Statistics for Federal Reserve chart book. 255-257 All member banks—Condition on December 31, 1940. 258-259 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. MARCH 1941 217 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 22 / 20 / 20 y 18 18 I fi 16 rv 14 14 GOLD STOCK / 12 12 J 10 N1EMBER BANK 10 RESERVE BALANCES / ''" 8 8 _ 6 v*—'^*^*" MONFY IN niRr.iii ATION 6 - A TFiEASURY CASH AND DEPOSIT? 4 J 'r**kiJ""' H •* "*•. •. O DPCtrm/c T3AMU' rDcniT 2 - NONMEMBER DEPOSITS Q 1935 1936 1937 1938 1939 1940 1941 10 10 8 8 REQUIRED RESERVES ^ 6 6 4 4 J Q /EXCESS RFSFRVFS 2 - 0 0 193$ 1936 1937 1938 1939 1940 1941 Latest figures for February 19. See page 219. 218 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] ]Reserve Bank credit outstanding Member bank re Treas- u T r r y e a d s e - - Other balanc s e e s rve o B u d i i n s ll t - s ed T T o J t . a l S s . ec G t w u M u i o n r i r v i t i a t h n e 5 i - e - r g s nm t a M u e f r t 5 n e i a t n r - g R c o B r e e A t s a h d e l n e l i r k t v r i e Total s G to o c ld k s r t o e c u i a n n u u r n r c g y t d - - y - M in c t u i o c o l n a i n r - e - y T h c i u r o n a e r l g s y a d h s s - - B p s w F e R e o a e r r i s n e a v t d i - k h l t e - s s p m N o b d e o s e e m n i - r t - s - c s F o e e R a u e r r c e a v d n - - l e - ts Total c E es x s - 2 years years Monthly averages of daily figures: 1939—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—January ___ 7 2,479 1,220 1,259 56 2,542 17, 804 2,966 7,443 2,361 584 689 250 11, 985 5,464 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. 64« 1941—January.._ 3 2,184 1,048 1,136 85 2,272 22, 063 3,092 8,591 2,193 265 1,755 283 14,339 6,832 End of month figures: 1939— Nov. 3O.._. 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—Jan. 31 7 2, 477 1,220 1,258 18 2,503 17,931 2,970 7,376 2,359 549 723 248 12,150 5, 559 Nov. 3O._._ 4 2.199 1,023 I, 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 1941—Jan. 31 2 2,184 1,048 1,136 64 2,250 22,116 3,097 8,593 2,193 688 1,777 282 13,930 6,380 Wednesday figures: 1940—Apr. 3 3 2,467 1,205 1,262 42 2,512 18,470 2,991 7,521 2,372 692 737 256 12,395 5,815 Apr. 10 2 2,467 1,205 1,262 31 2,500 18, 523 2,993 7,509 2,353 590 733 256 12, 575 5,949 Apr. 17 2 2,467 1,205 1,262 45 2,514 18, 631 2,992 7,536 2,313 513 762 257 12, 757 6,048 Apr. 24 2 2,467 1,205 1,262 32 2,501 18, 708 2,997 7,520 2,305 470 773 256 12,883 6,116 May 1 3 2,467 1,205 1,262 30 2,500 18,771 3,000 7,570 2,293 490 793 256 12,870 6,107 May 8 3 2,467 1,205 1,262 38 2,507 18,835 3,004 7,589 2,309 512 802 256 12, 877 6,131 May 15 3 2,474 1,205 1,269 41 2,518 18,949 3,004 7,598 2,223 425 878 254 13,094 6,300 May 22_.._ 2 2,477 1,206 1,271 41 2,520 19,071 3,007 7,613 2,204 370 935 254 13, 223 6,373 May 29 — 3 2,477 1,206 1,271 31 2,511 19,162 3,007 7,685 2,200 378 950 253 13, 215 6,362 June 5 3 2,477 1,206 1,271 50 2,530 19, 281 3,008 7,718 2,205 308 949 252 13, 387 6, 533 June 12 2 2,477 1,206 1,271 43 2,523 19,427 3,009 7,717 2,200 265 1,014 253 13, 510 6,607 June 19 2 2,473 1,206 1,267 63 2,539 19, 769 3,011 7,741 2,204 298 1,098 266 13,712 6,767 June 26 2 2,473 1,206 1,267 36 2,511 19,871 3,012 7,780 2,186 301 1,139 266 13, 723 6,801 July 3 2 2,450 1,202 1,248 51 2,503 20,063 3,014 7,924 2,190 221 1,245 262 13, 737 6,812 July 10 2 2,450 1,202 1,248 39 2,491 20,166 3,015 7,884 2,191 297 1,274 261 13, 764 6,833 July 17..__ 2 2,450 1,202 1,248 49 2,501 20,256 3,016 7,872 2,199 278 1,299 261 13,863 6.882 July 24..__ 3 2,450 1,202 1,248 38 2,491 20,367 3,020 7,854 2,229 643 1,327 261 13,565 6, 570 July31._._ 4 2,448 1,202 1,246 32 2,484 20,463 3,024 7,883 2,250 694 1,382 262 13,498 6,514 Aug. 7 3 2,446 1,202 1,244 22 2,471 20, 568 3,025 7,929 2,276 923 1,386 263 13, 286 6, 325 Aug. 14 3 2,446 1,202 1,244 47 2,495 20, 689 3,027 7,944 2,281 940 1,444 262 13, 340 6,392 Aug. 21._._ 3 2,446 1,202 1,244 44 2,492 20,800 3,030 7,976 2,291 889 1,486 261 13,419 6,417 Aug. 28_— 4 2,442 1,198 1,244 35 2,480 20, 871 3,034 8,006 2,291 813 1,498 261 13, 516 6,487 Sept. 4 6 2,434 1,191 1,243 51 2,490 20, 944 3,036 8,092 2,292 791 1,510 261 13, 524 6,494 Sept. 11— 5 2,434 1,191 1,243 47 2,485 20, 981 3,038 8,080 2,287 762 1,520 260 13,596 6,541 Sept. 18— 4 2,434 1,191 1,243 57 2,495 21,093 3,040 8.084 2,311 790 1,549 270 13, 624 6,531 Sept. 25-___ 5 2,434 1,191 1,243 34 2,472 21, 166 3,041 8,090 2,298 793 1, 525 270 13,703 6,645 Oct. 2 6 2,424 1,181 1,243 53 2,482 21,271 3,046 8,172 2,294 678 1,587 268 13,800 6.721 Oct. 9 8 2,399 1,075 1,325 38 2,445 21, 349 3,048 8,199 2,294 579 1. 574 270 13,927 6,816 Oct. 16 4 2, 384 1,108 1,276 94 2,481 21, 373 3,052 8,229 2,268 463 1, 660 271 14,016 6, 869 Oct. 23 4 2,352 1,086 1,266 32 2,388 21, 428 3,055 8,236 2,232 383 1,600 272 14,148 6,940 Oct. 30 4 2,333 1,074 1,259 44 2, 381 21, 499 3,056 8,265 2,187 376 1,659 272 14,177 6, 930 Nov. 6 4 2,327 1,070 1,258 30 2, 362 21, 581 3,060 8,385 2,221 465 1,681 271 13.979 6, 732 Nov. 13— 4 2,254 1,044 1,210 67 2,326 21, 637 3,062 8, 395 2,211 404 1,688 275 14,052 6, 795 Nov. 20— 4 2,231 1,036 1,195 67 2,302 21,716 3,066 8,436 2,188 310 1,749 276 14,127 6 800 Nov. 27 .. 4 2,204 1,025 1,180 68 2,276 21,755 3,069 8,465 2,182 199 1,685 278 14.292 6, 931 Dec. 4 4 2,195 1,020 1,176 67 2,266 21,827 3,074 8, 569 2,204 255 1,708 278 14,154 6,816 Dec. 11 5 2,184 1,020 1,165 51 2,241 21,858 3,077 8. 625 2,197 235 1, 687 279 14,152 6, 785 Dec. 18 4 2,184 1,048 1,136 117 2,306 21,898 3,081 8,716 2,204 570 1,702 289 13, 804 6, 395 Dec. 24 4 2,184 1,048 1,136 149 2,336 21,930 3,082 8,817 2,213 481 1,711 289 13,837 6, 438 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 1941—Jan. 8 3 2,184 1,048 1,136 50 2.237 22,034 3, 088 8, G28 2,203 220 1,740 284 14, 284 fi, 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, K96 Jan. 22 4 2, 184 1.048 1. 136 69 2. 256 22. 089 3, 095 8. 541 2. 196 2R1 1. 750 283 14.410 6. 864 Jan. 29 3 2,184 1,048 1,136 41 2, 228 22,110 3,097 8,548 2,200 258 1,799 283 14,347 6, 799 Feb.5 2 2,184 1,048 1,136 31 2,217 22,122 3,099 8,627 2,212 692 1, 784 283 13,842 6, 306 Feb. 12-__- 3 2,184 1,048 1, 136 74 2, 260 22,130 3,100 8,665 2,212 622 1,837 283 13,871 6, 331 Feb. 19__._ 2,184 1,048 1,136 49 2,235 22,140 3,102 8, 668 2,222 479 1,785 282 14,021 6,440 i Includes industrial advances and bills bought, shown separately in subsequent tables, P Preliminary. '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. 219 MARCH 1941 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 27 beg e i f n I f n n ec i t ng- F R eb a . t e 27 sg e i f I n f n e n c i t ng- F R eb a . te 27 beg e i f n I f n n ec i t ng- Fe R b a . te 27 beg e i f n I f n n ec in t g- F R eb a . te 27 beg e i f n I f n n ec in t g- Boston 1 Sept.1, 1939 1 Sept.1, 1939 Sept. 2,1937 1 Sept. 1, 1939 2K Apr. 29, 1938 N Ph e i w la Y de o l r p k hia.. 1 IK A S u e g p . t. 27 4 , , 1 1 9 9 3 3 7 7 1 IK A S u e g p . t. 27 4 , , 1 1 9 9 3 3 7 7 S O e c p t t . . 1 4 0 , ,1 1 9 9 3 3 5 7 1 IK A S u e g p . t . 25 1 , , 1 1 9 9 3 3 9 9 3 2 K K F S e e b p . t. 8 1 , , 1 1 9 9 3 3 4 9 C R l i e c v h e m la o n n d d ImK A M u a g y . 2 1 7 1 , , 1 1 9 9 3 3 7 5 A M u a g y . 2 1 7 1 , , 1 1 9 9 3 3 7 5 S O e c p t t . . 1 1 9 0, ,1 1 9 9 3 3 5 7 "0) I I K K S S e e p p t t . . 1 1 , , 1 1 9 9 3 3 9 9 3 4 K M Feb a . y 1 1 1 9 , , 1 1 9 9 3 3 5 4 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 l Sept. 1, 1939 2K Oct. 16, 1933 St. Louis Sept.21, 1939 Sept.2, 1937 Sept. 2,1937 l Sept. 16, 1939 4 Feb. 23, 1935 Minneapolis.. Aug. 24, 1937 Aug. 24, 1937 Aug. 24,1937 IK Sept. 1, 1939 4 Oct. 8, 1938 Kansas City.. Sept.16, 1939 Sept.3, 1937 Sept. 3,1937 Sept. 16, 1939 3 Apr. 16, 1938 Dallas Sept.16, 1939 Aug. 31, 1937 Aug. 31,1937 l Sept. 16, 1939 2K Apr. 16, 1938 San Francisco Sept.3, 1937 Sept.3, 1937 Sept. 17,1937 Sept. 1, 1939 2K Oct. 19, 1933 4 i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect February 27 on advances and commitments under Section 13b of the Federal Reserve Act Maturity e R F ff e a e b c t . e t 2 i o n 7 n In g e in ff n e i c n t g b — e- Pre ra v t i e ous [Per cent per annum except as A in d d v i a c n at c e e d s b to y f o o r o i t n n o p te a s r - 6 and 7] ticipation with financ- 1-15 days L. Oct. 20, 1933 Advances ing institutions 16-30 days... ...do direct to Commit- 31-45 days... ...do Federal Reserve industrial On por- ments 6 4 9 1 1 6 - - - 9 1 6 2 0 0 0 d d d a a a y y y s s s . . . . . . . . . . . . . . . . . d d d o o o Bank m ga o e n r r i c c z i o a al t m i o o - r n - s t i i w n o s h n t i i c t f h u o - r m O a n i n r i e n - g a to d v m an a c k e e s 121-180 days. ...do tion is portion i obligated * 1 This rate also applies to acceptances bought under repurchase agreer N m r a a e e t N t B e w e n a s O s t c s T a k m Y , p E w o a p f . r i y — l h g k y i u b c M r t o h e e o n i s n . a p c — i g p h u m r a S r r e i c r e u m g e e h m m e a e d s A e e b b n n f s u a t o , n s n y r i u k i f a n a o e r a l g t e r n h s R a y ' e r l r , e a w a m p t c c e a o c l s a y a r e d t s s p e a s f t f e t a o o b s n r r y t c o h a 1 o e f e 9 s t p 3 h b e 7 F p e i r l r e a i ( l o d s y t F a . d e a e b r b d o l a T l e e l f e r h 4 1 a e R i 1 l 5 n ) e s R . d s a d a e e m o y r s l v s e e l e r a o v r m r e s B ; i l B n a e h s n i a i s m k g n . h k u o e m s r f . N P B C A R h o l e i t e c l i w s a l v h t a n o e m Y d n l ta a e o o n l n r p d k d hia _ .. _ 3 3 3 K K K 4 4 4 - - - - - - 6 6 5 6 6 6 ( 2 2 4 ( K - ) 3 3 3 3 ) ( 4 3 2 5 ( ( - K - ) 2 2 6 5 4 ) ) K K M 1 1 1 - - - - - - 2 l 2 l 2 2 Chicago 3-6 3-6 3-6 K-2 MEMBER BA [P N er K c R en E t S o E f R d V e E po R si E ts Q ] UIREMENTS S M K t a . i n n L s n o a e u s a i p s C o i l t i y s 3K-5 4 3 K - - 6 6 1K 3 - - 2 6 4 3 ( - 2 6 4 ) ( ( 1 6 7 - ) ) 1 2 2 Classes of deposits Ju 1 n 91 e 7 2 - 1, Au 1 g 9 . 3 6- 16, 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 l la F s rancisco _ 4 4 - - 6 6 3-4 4 4 4 - - 6 5 K-2 1 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 :* lower than rate shown. Central reserve city__ 13 19K 22^ 26 22M 2 Same as rate charged borrower by financing institution. Reserve city 10 15 20 17K 3 One per cent less than rate charged borrower by financing institution. Country 7 10K 12>J 14 12 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 4K 5M 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. 226 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 REQUIREMENTS1 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 2K 2K listed securities, under Regulation T 55 40 Postal savings deposits 2K 2K 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 2K i Regulations T and U limit the amount of credit that may be ex- 90 days to 6 months 2K tended on a security by prescribing a maximum loan value, which is a Less than 90 days 2K 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. 220 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 1941 1940 Feb. 19 Feb. 12 Feb. 5 Jan.29 Jan. 22 Jan.15 Jan. 8 Jan. Dec. Jan. Gold certificates on hand and due from U. S. Treasury 19,902, 77819, 902, 78119, 904, 28119,896,780 19, 88779«, 77819,845,' 19,804, 78119,904,782 19,750,78115, 552,120 Redemption fund—F. R. notes 9,162 9,598 8,784 9,825 9,826 9,722 9,108 8,392 9,692 9,335 Other cash.. 339, 441 345, 211 350,821 372, 754 363,401 360, 817 324,344 371,814 275,109 413,222 Total reserves. 20, 251, 38120, 257, 590 20, 263, 886 20, 279,359 20, 253,005 20, 216, 319 20,138, 23320, 284,988 20,035, 582 15, 974,67 Bills discounted: For member banks 2,268 2,544 2,139 2,306 3,164 3,024 1,995 2,318 1,916 For nonmember banks, etc.. 360 385 635 837 947 5,030 Total bills discounted. 2,268 2,544 2,139 2,666 3,549 3,659 2,832 2,318 2,915 6,946 Industrial advances 7,854 7,877 7,871 7,871 7,500 7,508 7,713 7,538 10,373 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, 284, 600 1,344,045 Notes 899, 500 899, 500 899, 500 899, 500 899, 500 899, 500 899, 500 899, 500 899, 500 1,133, 225 Total U. S. Government securities, direct and guaranteed ,184,100 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, 477, 270 Other Reserve Bank credit outstanding 41,010 65, 736 23,003 33, 296 60, 881 59,057 41,951 55, 648 79,666 8,414 Total Reserve Bank credit outstanding. _.. 2, 235, 232 2, 260, 25: 2, 217,113 2, 227, 933 2, 256,030 2, 254, 324 2, 236, 596 2, 249, 930 2, 274, 219 2, 503,003 Liabilities F. R. notes in actual circulation.. 5, 943, 080 5, 931, 464 5, 906,166 5, 845, 759 5, 834, 506 5, 824, 852 5, 877, 248 5,883, 685 5, 930, 997 4, 832,101 Deposits: Member bank—reserve account... 14,020, 56913, 870, 13,841, 51214, 347,01114,409, 56014,413, 56914, 284,362 13, 929, 840 14:,. 025, 63312,149, 576 U. S. Treasurer—general account.. 479, 39r 622,471 692,032 258, 251 261,01" 237,067 219, 688, 446 368,481 549,441 Foreign 1,130, 080 1,163,849 1,183, 924 1,215,590 1, 230, 690 1, 229, 836 1,122, 531 1, 206,115 1,132, 909 407, 313 Other deposits 655, 332 673, 254 600,311 583, 65" 519,575 511,947 617,139 571,219 599, 544 315, 284 Total deposits.. 16, 285, 37416, 330, 26716, 317, 77816,404, 50916, 420, 83716, 392,419 16, 243,820 16, 395, 620 16,126, 56713,421,614 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 91.1 91.0 91.2 91.1 91.0 91.0 91.0 91.0 7.5 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 o t o d n a t 6 h y s s 6 1 m t y o o e n a th r s 2 1 y t y e o e a a r r s 2 5 y y t e e o a a r r s s 5 O y v e e a r rs Bills discounted: Jan. 29 2,666 1,966 90 113 285 201 11 Feb 5 2,139 1,546 87 100 260 139 Feb. 12 2,544 1,877 108 173 196 183 7 Feb 19 2,268 1,644 146 210 117 145 6 Industrial advances: Jan. 29 7,871 1,386 52 197 352 511 1,625 1,408 2,340 Feb 5 7 871 1 357 68 478 109 600 1,549 1,394 2,316 Feb 12 7 877 1 365 81 456 107 607 1,549 1,388 2,324 Feb. 19 7,854 1,363 132 402 121 931 1,188 1,387 2,330 U. S. Government securities direct and guaranteed: Jan. 29 2,184,100 74, 800 58, 300 100,000 181, 800 633, 400 1,135, 800 Feb 5 2 184 100 74, 800 115, 300 43,000 181,800 633,400 1,135,800 Feb. 12 . 2,184,100 74, 800 115,300 43, 000 181, 800 633, 400 1,135,800 Feb. 19 2,184,100 74, 800 115,300 43, 000 181, 800 633, 400 1,135, 800 MARCH 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k P p d h 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 TJ. S. Treasury: Jan. 15 19,845, 78011,181, 902 9, 802, 5811,046,1031,358, 522 559,458 376,433 2 862,048 487, 350 299, 721 420, 298 2801,,036 1, 171, 328 Jan. 22 19,879, 778,1,185,420 9, 782, 7111,051,880088|l,, 336600, ,876 557, 356 369.,, 5 70 2_,, 8_8,3., _72„,9 49.2,097 309, 586 420, 728 278, 360|, 1 187, 537 Jan. 29... 19,896, 7801,192, 738 9,723, 70"0 1,042,313J1., 408,645 568,976 373,115 2,897, 336 493, 973309,804 418, 746 284, 923 1,182, 511 Feb. 5 19, 904, 2811, 201,4459, 605,669 1,052,7211,418,046 588,620 400, 796 2, 902, 841 49—9 , 2"5"2"1323, 650 433,452 308, 602 1,169,187 Feb. 12 19, 902, 7811, 215, 5559, 523, 8391,061,,9"9"0 1,412,501586,051410,885 2,943,633, . ,3 24,.3 74 ,43 0,, 532 301, 205 1,188,442 Feb. 19 ; 19,902, 7781,195, 583 9, 596, 7341,077,502|l, 401,016 579, 613 396,464 2,928, 647 496,186 307,918 432, 557292,420 1,198,138 Redemption fund—Federal Reserve notes: Jan.15 9, 722 1,128 926 541 1,387 453 1,067 125| 302 372 487 1,319 Jan. 22 9,826 1,090 864 494 1,925 430 1,014 114 296 360 480 1,303 Jan. 29 9,825 1,090 864 494 1,924 430 1,014 114 296 360 480 1,303 Feb. 5__ 8, 784| 1,029 766 413 1,119 386 911 593 285 342 470 1,268 Feb. 12.... 9, 598 996 717 872 1,806 365 867 583 280 332 464 1,252 Feb. 19 9,162 958 687 818 1,798 325 802 561 264 311 454 1,188 Other cash: Jan. 15 360,817 35,132 76,082 25,397 26, 750 20, 708124, 750 52,846 20,161 7,627117,836j 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 Jan. 29 372, 754 30,443 83, 518 28, 974 27, 523 20,616 26,048 53,801 19,754 8,463 18, 522 15,425 39,667 Feb.5 . 350,821 29,811 78,850 28, 390 24,905 20,824 25,487 48,098 18,165 7,418 18,250 13,653 36, 970 Feb. 12.... 345,211 29,045 85,600 27,376 24, 560 17, 685 24,117 45,399 18,891 7,396 17,290 13,911 33,941 Feb. 19 339, 441 28, 467 80,767 23,461 19, 339 25,4891 46, 681 17,048 7,312 18,482 12,900 32,807 Total reserves: Jan. 15 20, 216,319,1, 218,16219, 880I,, 278 ,1072,4261, 1,,_ 3.8.5,_, 813, 581. 553, .4-0-1,,-63_6- 2,,_ _9 15, 965107,636 307,650 438,506 297,082 1,209,616 Jan. 22 20, 253,0051,219,046 9, 862,14811,077, 469 1, 3"8"8 , 228844 558822, , 222299 339955, , 221122 2^, 993366^ ,992266 512, 505 317,646 439,160 294,634 1, 227, 746 Jan. 29 20, 279, 3591,224,271 9, 808,6741,072,1._5.1i..1 ,l4nn3 6,nn6~6\~2~ 5~9 1, .5..1^6i .3,™99 ,_ 5„9„3!_ 2,. .9.. 52. -1.5i1«5« 13—,8 41.— 3 18,- ~~5 6«3~ 4~3 7/.i™ 6 2o8™|3 0o0r;in 8 21,8 223,481 Feb. 5 .._ 20, 263,8861, 232, 2859, 685, 7211,081, 877 , 1.,443, 364 610, 563 426,669 2 95l' 850 518,010 33l| 353 452,044 13—2 2,725 , 207,425 Feb. 12.... 20. 257, 5901, 245, 5969, 610, 5031,090,083 1,, 437, £933 605, 542 435, 367 2, 989' 899 523, 248 332, 050 448,154 315, 5801, 223, 635 Feb. 19 20.251,381 1,225,008 9, 678, 4971,104,— , 425, 2295 600, 750 422, 278 2 976 130 513, 795 315,494 451, 350 305, 7741,232,133 Bills discounted: Secured by TJ. S. Government obligations, direct and guaranteed: Jan. 15 2,021 4261 348 1,000 109| 43 Jan. 22 2, 260| 630 428 1,010 109 43 Jan. 29.. . 1,411 640 498 41 149 43 Feb. 5 1,4ir 698 475 31 149 43 Feb. 12 1,86: 1,173 487 31 99 43 Other bi F l e ls b. di 1 sc 9 ounted* 1,64, 1,005 43' 31 99 53 Jan. 15 1, 638 462 207 120 111 80 512 48 Jan. 22 1, 289 325 166 96 73 70 465 29 J F F F a e e e b b b n . . . . 2 1 5 1 9 9 2 " 1, 6 6 2 7 5 2 8 2 5 3 2 4 3 1 1 1 2 1 7 1 3 1 5 1 4 3 7 2 4 3 7 6 5 9 5 57 5 3 9 i 2 2 5 1 1 3 7 2 1 7 7 7 1 5 9 8 6 4 3 3 3 6 8 2 4 6 : 1 7 1 27 Total bills discounted: Jan.15 3,659 5551 180 60 1,111 189 555 48 Jan. 22.....V 3,549 9551 594 106 25 1,083 179 508 29 Jan. 29 2, 666 963 624 93 33 98 265 490 27 Feb. 5.. 2,139 809 552 59 8 43 228 410 Feb. 12 2, 544 1,248 531 57 18 54 177| 429 Feb. 19 '_" '_'' 2, 268 1,116 4701 55 18 52 174 374 Industrial advances: Jan.15 7,508, 920j 1, 755| 2, 031 245 780 337 271 278 544 Jan. 22.... 7, 500 915| 1,755 2.037 247 779 335 27/1 263 278 541 Jan. 29 7,871 914 1,755 2,376 249 770 335 316 268 278 534 Feb. 5_...V 7,871 912 1,754 2,359 249 770 321 355 265 277 534 Feb. 12 7,877 91 1,754 2, 358 243 7691 334 355 262 277 534 Feb. 19 7, 854! 91 1,754 2,354 2321 333 355 255 277 534 U.S. Government securities, direct and guaranteed: Bonds: Jan.15 1, 284, 600 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 1,284,600 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. 29 1, 284, 600 93, 212 372, 013 102, 8351 126, 632 70, 566 53, 587 144, 046 60, 661 39,320 64, 518 51,073 106,137 Feb. 5__ 1, 284, 600| 93, 212 372, 013 102, 835 126, 632 70, 566 53, 587, 144,046 60, 661 39, 320 64, 518 51,073 106,137 Feb. 12. 1, 284, 600 93,212 372, 013 102, 835 126, 632 70, 566 53, 587! 144,046 60, 661 39, 320 64, 518 51,073 106,137 Feb. 19__ 1,284,600 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: Jan. 15.... 899, 5001 65, 269 260, 490 72,007 88, 671 49,410j37, 522 100, 864 42,477 27, 532 45,177 35, 762 74,319 Jan. 22 899, 500 65, 269 260,490 72,007 88, 671 49, 410 37, 522 100, 864 42,477 27, 532 45,177 35, 762 74, 319 Jan. 29 899, 500 65, 269 260,490 72,007 88, 671 49, 410 37, 522 100,864 42,477 27, 532 45,177 35, 762 74,319 Feb. 5__;__~ 899,500 65, 269 260,490 72,007 88,671 49, 410 37, 522 100,864 42,477 27, 532 45,177 35, 762 74, 319 Feb. 12 899, 500 65, 269 260,490 72, 007 88, 671 49, 410 37, 522 100, 864 42,477 27, 532 45,177 35, 762 74, 319 Feb. 19.. 899. 500 65, 269 260, 490 72,007 88, 671 49, 410 37, 522 100, 864 42,477 27, 532 45,177 35, 762 74,319 Total U. S. Government securities, direct and guaranteed: Jan.15 2,184,100 158, 481 632, 503 174,842 215, 303119, 976 91,109] 244. 910103,138 66, 852'109, 695 86, 835 180,456 J J a a n n . . 2 2 9 2 2 2 , , 1 1 8 8 4 4 , , 1 1 0 0 0 0 1 1 5 5 8 8 , , 4 4 8 8 1 1 6 6 3 3 2 2 , , 5 5 0 0 3 3 ! 1 1 7 7 4 4 , , 8 8 4 4 2 2 2 2 1 1 5 5 , , 3 3 0 0 3 3 )1 1 1 1 9 9 \; , 9 9 7 7 6 6 9 9 1 1 , , 1 x 09 2 2 4 4 4 4 , , 9 9 1 1 0 0 1 1 0 0 3 3 i! , , 1 3 1 8 38!6 6 6 6 , , 8 8 5 5 2 2 J ] 1 1 0 09 9 , , 695]8 8 6 6 , , 8 8 3 3 5 5 1 1 8 8 0 0 , , 4 4 5 5 6 6 Feb. 5 2,184,100 158,481 632,503 174,842 215, 303119, 976 91,109 244,910 10133,, ~13~8 66,8521109, 695 86,835 180, 456 Feb. 12 2,184,100 158, 481 632, 503 174, 842 215, 303 11"9I,, 976 91,109 244,910 1033,,138 66, 852109, 695 86,835 180,456 Feb. 19 2,184,100 158,481 632, 503 174,842 215, 303119, 976 91,109 244, 910 10133,,138 66, 852109, 695 86,835 180,456 ! 222 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l i a 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 I Total bills and securities: Jan.15 2,195, 267 159.401 635,146 177,428 215, 728120, 816 91,470 246, 289103, 15767,312110, 329 87,143 181,048 Jan. 22 2,195,149 159, 416 635, 213 177,473 215, 656120, 780 91,460 246, 267 103,15267, 294 110, 276 87,136 181,026 Jan. 29 2,194, 637 159,415 635, 221 177, 842 215,645 120, 779 91,465 245, 324103,151 67,385 110,258 87,135 181,017 Feb. 5 2,194,110 159.402 635,066 177, 753 215,611120,754 91, 439 245,, 308 103,14067, 345110,178 87,124 180,990 Feb. 12 2,194, 521 159,407 635, 505 177, 731 215, 603120,763 91, 452 245, 319103,140 67, 291110,196 87,124 180,990 Feb. 19 2,194, 222 159, 398 635, 373 177, 666 215, 590120, 763 91, 451 245, 317103,140 67, 281110,141 87, 112 Due from foreign banks: Jan. 15 47 3 18 5 2 1 1 Jan. 22 4 3 18 5 2 1 1 Jan. 29 47 3 18 5 2 1 1 Feb. 5 47 3 18 5 1 1 Feb. 12 47 3 18 5 1 1 Feb. 19 47 3 18 5 1 1 Federal Reserve notes of other banks: Jan.15 29,820 701 3,350 1,17' 2,597 5,503 3,179 3,289 2,251 274 2,098 7401 4,661 Jan.22 29,402 655 3,182 1,003 2,399 6,072 2,966 2,636 2,529 703 1,773 701 4,783 Jan. 29 25, 740 613 2,541 864 2,278 4, " 3,465 2,436 1,432 658 1,587 724 4,146 Feb. 5 25, 576 438 2,099 937 2,607 5,077 2,911 2,381 1,959 343 1,531 952 4,341 Feb. 12 26, 310 461 3,850 714 2,208 4,659 3,350 2,226 2,891 518 1,850 733 2,850 Feb. 19 23, .r" 428 2,021 1,097 2,484 4,650 3,008 2,714 2,254 855 1,303 763 1, 812 Uncollected items: Jan.15 901, 592 88,085 230,647 64, 260 111,123 69, 213 34,199 123, 72949, 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 Jan. 29 726, 775 69, 598 177,136 51, 249 86, 265 58,055 31,218 103,013 40, 961 16,015 28, 297 23,632 41, 336 Feb. 5 720, 733 70,302 168,619 52, 592 83, 916 61,446 32,077 97, 278 40,639 17,438 27, 289 40,438 Feb. 12 793,567 96,687 157, 877 52,010 83,012 87,391 45,975 99, 204 53, 361 16,475 37, 220 28, 930 35,425 Feb. 19 837, 999 81,481 212, 248 63,154 95, 280 70, 520 34,351 111, 28844, 229 18, 968 31,981 31,771 42, 728 Bank premises: 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 Jan. 29 40,038 2, 833 9,702 4, 519 4, 574 2,588 3,040 2,318 1,367 3,043 1,: " 2,840 Feb. 5 39,978 2,829 9,684 4,519 4, 574 2,584 1^987 3,035 2,315 1, 365 3,027 1,219 2,840 Feb. 12 39, 996 2,829 9,684 4,537 4,574 2,584 3,035 2,315 1,365 3,027 1,219 2,840 Feb. 19 39,999 2,829 9,686 4,537 4, 574 2,584 1^988 3,035 2,315 1,365 3,027 1,219 2,840 Other assets: Jan. 15 48, 955 3,345 13, 699 4,243 5, 217 2,966 1,967 5,172 2,166 1,530 2,337 1,954 4,359 Jan. 22._ 49,483 3,403 13, 731 4,273 5, 315 3,006 2,003 5,278 2, 1,548 2,354 1,978 4,406 Jan. 29 50, 529 3,439 14,073 4, 572 5, 381 3,075 2,015 5,350 2,205 1,566 2,398 2,004 4,451 Feb. 5 50, 689 3,465 14,066 4, 360 5,426 3,067 2,054 5,438 2,240 1,582 2,440 2,042 4,509 Feb. 12 51, 367 3,514 14,429 4,434 5,478 3,127 2,059 5,414 2,263 1, 2,458 2,035 4,558 Feb. 19 52, 298 3, 595 14,541 4, 508 5, 592 3,159 2,103 5,572 2,315 1,639 2,509 2,118 4,647 Total assets: Jan. 15_ 23,432,075 1,472, 53010, 772,8401,324,0681,725,068782, 644534,444 3, 297,486 667, 383397,123589,656 418,2261, 450, 607 Jan. 22 23,407,105 1,460,758 10, 725, 6361,322,910 _1,,.7_0_8,,_5_27. 801,625 533,7013, 297,133 671, 686 406,697587,574 425,2111,465, 647 Jan. 29 23, 317,125 1,460,172 10, 647, r 1,311,202 1,,775500,, 809 ~78~1,011529, 746 3,311,320 663,909 405, 554"" 212 415, 1, 457, 275 Feb. 5 23, 295,019 1,468,724 10,515,2731,322,043 1,755,50280~3~,4 "93" 557,139 3,305,296 668, 304 419,426 597;992200 44441i;, 352 1, 440, 547 F F e e b b . . 1 1 2 9 2 2 3 3 , , 3 3 6 99 3 , , 3 ? 3 " 5 1 1 , , 5 4 0 7 8 2 , , 4 9 7 7 42 1 10 0 , ,4 5 3 52 1 , , 8 3 6 8 6 4 1 1 , , 3 35 2 5 9, , 5 8 1 4 4 41,748,812 8 "~ 24 " , 068 580, 192 3 3 ", , 3 " 3 4' 4 5 4 ," ,0 1 0 1 6 0 2 3 6 6 6 8 8 7 , , 0 2 4 1 9 9 4 0 4 5 1 , 9 , 6 2 0 9 2 7 6 6 0 0 0 2 , ,9 0 3 •6 1 2 4 • 4 3- 2 5" 8 , , 6 2 7 2 58 1 1, ,4 4 5 65 0 , , 3 1 0 5 2 4 1 748,819 802,428 555,181 3, Liabilities Federal Reserve notes in actual circulation: Jan.15 5, 824, 852 471,038 1,539,890 404,001 534, 525274, S 193, 312 ,1 252, 647219, 679156, 798 2091,,1314 95,119 473, 621 Jan.22 5,834, 506 471,389 1,542,876 403, 782 536,772299 276.,008 194, 353 1", 255,499 219,' 809156, 549 2091,<,452 95, 368 472, 692 Jan. 29 5,845, 759 470,474 1,548,781 405, 951 537, 337 276, 577193,8841, 257, 615 220, 668 155,892410, 590 95,891 472,097 Feb. 5 5,906,166 475,051 1,560,907 409, 231 541,442 280, 869 197, 523 1, 268, 282422' 720 158,203 213,419 98,133 480, 384 Feb. 12 5,931,464 475, 876 1,561,659 413,453 548,166 283, 419197,248 :1, 274, 934 223; 311578,2203 213,531 97, 799 483,859 Feb. 19 5, 943, 080 478,218 1, 564, 666 413,894 547, 687284,112 197, 3151, 281, 099 223, 641857, 9S93 213, 992 97,006 483, 450 Deposits: Member bank — reserve account: Jan.15 14,413,569 819,1 7, 702, 042 709,177 963 106 372,450 249, 610 1, 741. 868 343, 955 181, 564 290, 28=7, 214148, 795, 544 Jan. 22 14,409,560 818,703 7, 667, 269 712, 489 , --4-8 9 ~3—78 ,~8 55 24"3, 708 .1,,756,557 349,372 18i3, ,31"1"2"8"9 ,050 "2"38",188 815, 569 Jan. 29 14,347,011 815,795 7,561,553 711,590 994, 597 378,047 245,8851, 775, 782 346, 611185,, 2 2 42" 128,,92,51245, 692 796, 966 Feb. 5 13,841,512 792, 375 7, 222,104 693, 335 961,511 383,810 256,5921, 717,118899 3 3393^9 088 170,819 286,367 252, 654 765, 668 Feb. 12 13,870,693 801,329 7,221,475 694,915 945,423 375, 657 257,9061, 742, 034 34,1611173,020 283, 668 254, 350 779, 305 Feb. 19 14,020,569 798, 531 7, 355, 592 701, 433 955, 707 382, 462 261, 7314,741, 336, 532167,638 2'8"6', 708 242, 717 789, 628 U. S. Treasurer—general account: Jan.15 237, 067 7,827 75,138 16,257 13,9' 13, 678 12, 646 33, 642 10, 10, 329 14, 500 14, 776 13, 798 J J F F F a a e e e n n b b b . . . . . 2 2 5 1 1 9 2 9 2 . 4 6 6 2 26 7 9 2 5 1 9 2 2 8 , , , , , 0 3 0 4 2 7 1 9 3 5 1 2 3 2 1 4 2 4 1 1 5 7 7 0 6 , , , , , 0 6 9 7 7 0 9 0 8 8 1 6 4 0 3 2 2 1 8 2 8 8 6 0 4 0 9 2 , , , , , 4 0 8 5 3 3 0 8 7 1 0 9 9 3 3 3 2 3 1 1 4 8 8 7 1 , , , , , 0 4 4 5 5 3 3 1 5 3 5 9 9 0 0 4 3 5 1 1 9 4 5 5 4 , , , , , 5 3 7 5 2 8 6 2 8 9 7 0 0 0 0 2 1 1 13 3 9 1 0 , , , , , 0 4 ~ 2 3 ~ 3 2 5 8 ~ 8 9 8 4 2 2 1 1 1 5 6 5 2 3 , , , , , 0 1 4 0 2 6 6 5 7 6 0 8 9 4 0 2 8 6 3 7 3 6 4 5 7 , , , , , 5 7 2 7 9 9 7 6 0 1 9 8 2 9 5 2 2 1 1 1 2 2 1 5 9 , , , , , 1 4 0 6 6 3 4 5 7 5 1 6 7 5 6 4 4 3 1 1 3 1 1 7 9 , , , , , 4 4 2 7 5 3 0 5 1 4 9 2 ! 5 9 2 2 2 1 1 2 3 6 3 5 , , , , , 6 7 3 2 6 8 2 5 7 8 1 8 7 6 2 2 2 1 1 1 1 2 8 3 8 , , , , , 7 0 9 6 3 8 5 4 7 7 8 0 2 8 8 • 3 3 2 2 1 7 6 4 7 2 , , , , , 4 9 4 3 9 2 1 2 3 1 3 5 5 6 4 Foreign: Jan.15 ,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. , 230, 690 54,841 723,091 76, 631 72, 681 33, 971 27, 651 94,80: 23, 700 17, 380 22, 910 22, 910 60, 122 Jan. 29 , 215, 590 54, 719 705, 370 77,100 73,126 34,178 27, 820 95, 38: 23,846 17.48' 23, 051 23,051 60,460 Feb. 5 ,183,924 54, 724 676, 852 76, 571 72, 624 33, 944 27, 629 94, 727 23, 682 17, 367 22, 892 22, 892 60,020 Feb. 12 ,163,849 55, 484 658, 360 76,174 72, 248 33, 768 27,486 94,236 23, 559 17, 277 22, 774 22, 774 59, 709 Feb. 19 ,130,080 56, 302 623, 738 76,174 72, 248 33, 768 27, 486 94,236 23, 559 17, 277 22, 774 22,774; 59, 744 Other deposits: ! 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 J Ja a n n . . 2 2 2 9 5 5 8 1 3 9 , , 6 5 5 7 7 5 7 7 , , 7 66 7 9 5 4 4 0 6 9 0 , , 9 3 8 8 7 2 2 20 0 , , 9 2 3 5 9 1 12 5 , , 5 5 2 6 1 1 3 8 , ,3 6 4 3 1 : 46, ,3•1""9 6 5 , , 4 37 4 5 2 7 7, , 6 5 1 15 6 5 , , 0 20 0 1 0 1 8 0 , , 9 1 7 8 1 3 1 1 , , 8 5 8 1 3 6J 3 37 7 , , 3 1 5 1 2 5 Feb. 5 600, 311 6,526 482, 673 24,056 11,067 6,567 4,739 4,216 8,643 5,068 8,691 1, 784! 36, 281 Feb. 12 . 673, 254 28, 625 501, 634 11,141 7,777 17, 357 5,458 17, 465 5,235 15, 2251 1,684 j 36, 267 Feb. 19 655, 332 6.499 531,042 29* 366 10, 766 4,507 5,970 5, 489 8,932 5,51" 8, 555J 1,0401 37, 649 * Less than $500. MARCH 1941 223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p h d h e i 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 e o i l a n i p - s - Dallas F c S i r s a a c n n o - Deposits—Continued: Total deposits: Jan.15 16, 392, 419 890,64: 8, 902, 000 822, 6811,054,712423, 860294, 5111, 875, 366385, 693214, 086 338i,, 151283, 268 907, 449 Jan. 22 16, 420, 837 891, 214 8, 880, 77' 827, 5891, 049, 425, 721 ), 2071, 894, 012392, 243225, 331337, 819276, 564 930, 379 Jan. 29 16, 404, 509 894, 985 8,811,314 820, 4911, 094, 871431, 549292, 0841, 904, 321390, 749 "22"6 ,\ 131334,555~~;2,004 921, 455 Feb.5 16, 317, 779 899, 405 8,671,518 822, 4011, 094, 922447, ,0341, 892, 041393, 559 236, 469 '3'4 4•., 303705, 372 896, 392 Feb. 12 16, 330, 267 933,221 8, 601, 782 830, 5101,084,392 43"0'',,586329, 0091, 925,490408,066237, 081344,448297, 486 908,196 Feb. 19 16, 285, 374 889,236 8, 672, 945 845, 3921,073,081432,166310, 6491,906,211388,080222,184341, 665289, 319 914, 446 Deferred availability items: Jan. 15 __ 842, 582 85,005 202, 550 62, 706 101, 395 67, 776 33,019 121, 993 50, 326 16. 530 30, 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, 29, 032 41, 798 34, 947 Jan. 29 693, 526 158, 763 49,83' 84, 049 56, 708 30,131 101,722 40, 742 13, 775 26, 760 26,151 36, 086 Feb. 5 697, 777 68, 352 154, 247 55, 705 84,565 59,104 31, 924 97, 322 40, 274 15, 002 28, 871 26, 344 36, 067 Feb. 12 727, 878 73, 466 139, 667 50, 811 81, 650 93, 883 40, 254 96, 951 44,053 14,248 33, 576 28,818 30,501 Feb. 19 797, 036 79, 330 185, 961 61, 830 93, 44S 69, 954 33, 518 109, 02744, 549 15, 66' 33,319 30, 918 39, 518 Other liabilities, includinj accrued dividends: Jan. 15 2,173 285 525 252 204 257 93 218 66 78 32 Jan. 22. 2,428 313 499 276 224 280 116 293 71 103 101 77 Jan. 29 2,953 312 553 483 294 316 133 349 91 123 114 120 65 Feb. 5 2, 65' 329 556 240 302 291 122 296 103 114 92 103 109 Feb. 12 3,132 343 699 279 340 317 144 368 139 116 116 122 149 Feb. 19 3,102 353 713 277 348 304 155 364 128 10' 105 114 134 Total liabilities Jan.15 23,062, 0261, 446, 97010, 644, 9651, 289, 6401, 690, 836•66, 801520, 9353, 250, 224655, 764387, 501578, 489 406, 8481,423,053 Jan.22 23, 036, 8941, 435,18010, 597, 7271, 288, 4791, 674, 284785, 760520,1903, 249, 863 660, 397.068576, 378 413, 8311,438,095 Jan. 29 22, 946, 7471, 434, 57310,519,4111, 276. 7621, 716, 551765,150516,2323, 264, 00'152, 250 395, 923 404,1661,429,703 Feb. 5 22, 924, 3791, 443,13710, 387, 2281, 287, ,721,231787, 623543, 6033, 257, 943 656, 656 40'9,,788586, 689 429, 9521,412,952 Feb. 12 22, 992, 7411, 482, 90610, 303, 8071, 295, 0531, 714, 548808, 205566, 6553, 297, 743675, 575 409, 648591, 671424,2251, 422, 705 Feb. 19_ 23, 028, 5921, 447,13710, 424, 2851, 321, 3931, 714, 561?86, 536541, 63^3, 296, 701656, 405 395, 951589, 081417, 3571, 437, 548« Capital Accounts Capital paid in: 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 Jan.29 139, 448 9,341 51, 466 11,903 14, 366 5,402 4,765 14,614 4,237 2,978 4,479 4.246 11,651 Feb. 5 139, 501 9,342 51, 482 11,904 14.364 5,402 4,774 14, 623 4,238 2,972 4,496 4, 252 11, 652 Feb. 12 139,514 9,344 51, 481 11,895 14.365 5,397 4,781 14,631 4,242 2,973 4,501 4,252 11,652 Feb. 19 139, 550 9,344 51, 496 11,!" 14,367 5,407 4,783 14,640 4,242 2,975 4,501 4,252 11, 658 Surplus (section 7): Jan. 15 157, 06, 10, 906 56, 447 15,144 14, 323 5,247 5,72; 22, 824 4,925 3,152 3,613 3,974 10,785 Jan. 22 157, 06; 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. 29_ 157, 06i 10, 906 56, 447 15,144 14,323 5,24' 5, 725 22, 824 4,925 3,152 3,613 3,974 10,785 Feb. 5 157, 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 Feb. 12 _ 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 Feb. 19 157, 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): Jan.15 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. 22 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. 29 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Feb. 5 . 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1, 263 2,121 Feb. 12 . 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Feb. 19 26, 785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Other capital accounts: Jan. 15 46, 893 2,439 12,911 2,995 4, 555 1,962 2,307 8,440 1,944 2,494 1,942 1,898 3,006 Jan. 22 47, 010 12, 942 2,997 4,561 1,975 2,309 8,439 1,953 2,500 1,967 1.899 3,011 Jan. 29 47, 080 2, 478 12, 971 3,000 4,562 1,968 2,311 8,446 1,964 2,501 1,963 1, 901 3,015 Feb. 5 47, 289 2,465 13, 046 3,025 4,577 1,977 2,324 8,477 1,952 2,514 1,984 1,911 3,037 Feb. 12 47, 293 2,467 13, 061 3,029 4,569 1,975 2,318 8,476 1,944 2,524 1,983 1,908 3,039 Feb. 19 47, 343 2,481 13, 086 3,029 4,561 1,994 2,323 8,468 1,944 2,524 1,979 1,912 3,042 Total liabilities and capital I accounts: i Jan. 15 . 432, 075 472, 530 0, 772, 840 324,068 '25, 068 782, 644534, 444 297, 486367, 383197,123589, 656[18, 226 450, 607 J J a a n n . . 2 2 9 2 4 3 0 1 7 7 , , 1 1 0 2 5 5 4 4 6 6 0 0 , , 7 1 5 7 8 2 0 0 , , 7 6 2 4 5 7 , , 3 6 6 3 5 6 3 3 2 1 2 1 , , 9 2 1 0 0 2 7 7 5 0 0 8 , , 8 5 0 2 9 7 8 78 0 1 1 , , 0 6 1 2 1 55 5 3 2 3 9 , , 7 7 0 4 1 6 2 31 9 1 7 , , 1 3 3 2 3 0 3 36 7 3 1 , , 9 68 0 6 9 = :0 0 5 6 , , 5 6 5 97 4 5 58 8 3 7 , , 5 2 7 1 4 2C: 2 1 5 5 , , 2 5 1 5 1 0 4 45 6 7 5 , , 2 6 7 4 5 7 Feb. 5 295, 019 468, 72410, 515, 273 322, 043 755, 502803, 493>57,139 305, 296368, 304U9, 426597, 920441,352 440,547 Feb. 12 363, 398 508, 49710, 431, 866 329, 514 748, 812 81:24, 068>80,192 345,103387, 219tl9, 297302, 906435, 622 , 450, 302 Feb. 19 399, 335 472, 74210, 552, 384 355, 844 748, 819302, 428>55,181 344,062 ;, 049=05, 602300, 312428, 758 465,154 Commitments to make industrial advances: Jan.15 5,089 240 688 98 748 537 298 2,370 Jan. 22 . _ 5,095 234 670 94 744 537 254 2,453 Jan. 29 5.20' 191 670 257 738 537 254 2,452 Feb. 5 5.147 190 667 260 737 535 229 2,436 Feb. 12 5. 12 185 258 737 530 229 2,431 Feb. 19 5, 125 182 259 745 530 228 2,425 224 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Repaid, Date ( e la a s c t h W m e o d n n th e ) sday of Ap r p e l c i e c i a v t e i d ons App co li n c s a i t d i e o r n a s t i u o n n der Ap ap 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 - e g t ? ) ! C st m o a o m n e u d n t m i - t n s it g - A p b p l u c p e o t t r m e o n d v - o e t 2 d d o e r r x a a p p w w i p r n i l e t i - b d h , - y s P p ta a a o n t r u i t d o t i - i c n n i s - g3 (amount) (amount) cant, etc. (amount) Number Amount Number Amount Number Amount (amount) 1934—Dec. 26 4,386 146,972 71 2,955 984 49, 634 13,589 8,225 20,966 5,558 1,296 1935—June 26 ___ 6,325 237, 581 68 11, 349 1,646 88, 778 27, 518 20, 579 11, 248 24,900 4,533 Dec. 314 7,437 293,084 28 2,823 1,993 124,493 32,493 27, 649 11, 548 44,025 8,778 1936—June 24 8,006 314,471 12 1,880 2,183 133, 343 30, 484 24, 454 9,381 61,425 7,599 Dec. 30 __ 8,247 328, 998 5 1,245 2,280 139,829 25, 526 20, 959 8,226 77,910 7,208 1937—Mar. 31 8,344 333, 300 9 1,322 2,323 141, 545 23,059 18,611 7,898 85 210 6,767 June 30 8,430 339, 509 10 1,263 2,361 145, 758 23,019 16, 331 1,470 97, 663 7,275 Sept. 29 8,474 341,842 1 800 2,381 146, 724 21,415 14,880 537 102, 588 7,304 Dec. 29 8,534 350,551 7 550 2,406 150, 987 20, 216 12. 780 3,369 107, 384 7,238 1938—Mar. 30 __. 8,708 358,936 19 1,299 2,464 154, 918 19,371 13,110 3,419 111, 193 7,825 June 29 8,976 369, 583 8 476 2,566 161,158 18,444 13, 649 3,084 117,555 8,426 Sept. 28 9,102 378, 974 8 146 2,617 168, 380 17, 567 13, 597 5,737 122,447 9,032 Dec. 28 9,188 387,490 5 247 2,653 175,013 17, 345 14,161 1,946 128,839 12, 722 1939—Jan. 25 . 9,203 389,176 8 999 2,660 175, 651 16,811 13,004 1,293 132,009 12, 534 Feb. 214 9,221 389, 554 7 964 2,671 175,902 16,474 12,907 1,105 133,001 12, 415 Mar. 29 9,249 392, 230 14 344 2,683 177,895 15, 798 12, 647 1,975 135,004 12,471 Apr. 26 9,270 394,055 7 495 2,697 178, 639 15, 817 11, 749 2,134 136, 696 12, 243 May 31 9,296 394,970 6 400 2,713 179, 332 15, 305 11, 530 2,496 137,922 12,079 June 28 __ 9,308 395,499 5 255 2,721 179, 778 15, 255 11,175 2,067 139, 281 12,000 July 26 9,330 399, 780 6 760 2,730 183, 354 15, 384 11,476 733 142,943 12,818 Aug. 30 _ 9,355 401, 228 7 532 2,743 184,152 14, 667 11,009 1,220 144,812 12, 444 Sept. 27 9,366 402, 305 2 370 2,752 185, 234 14, 454 10, 517 1,938 146,156 12,169 Oct. 25 9,388 402, 944 1 70 2,763 186,034 14, 545 10,156 1,764 148,037 11, 532 Nov. 29 9,401 404,226 3 92 2,772 187, 257 14,051 9,643 2,548 149,911 11,104 Dec. 27 9,418 405, 225 2 41 2,781 188, 222 13, 683 9,220 2,659 151, 679 10,981 1940-Jan. 31 9,433 406,097 2 76 2,793 188, 879 12, 860 8,376 2,504 154,629 10, 510 Feb. 28 9,456 407, 392 4 32 2,805 190, 055 12, 997 8, 966 1,454 155, 574 11,064 Mar. 27 9,476 410,192 7 199 2,814 192, 665 12,723 8, 224 2,471 158,110 11,137 Apr. 24 9,487 411, 628 4 118 2,825 194,096 12,001 8,725 2,264 159, 950 11,156 May 29 9,504 413,178 3 45 2, 832 195, 404 11, 242 8,852 2,474 161, 491 11,345 June 26 9,512 413, 646 2 33 2,838 195, 739 10, 988 8,762 2,195 162, 612 11,182 July 31_ 9,536 415, 599 2 76 2,853 197,439 10, 907 8,582 1,991 164, 949 11,010 Aug. 28 9,546 416, 454 6 444 2,856 197, 906 10, 779 8,238 2,095 165,865 10,929 Sept. 25 9,556 417, 260 1 10 2,865 198, 966 10,778 8,078 2, 315 167,046 10, 749 Oct. 30 9,573 420, 837 4 740 2,875 201, 750 10, 484 7,351 4,260 169, 746 9,909 Nov. 27 9,581 421,139 2 650 2,883 202, 041 9,893 7, lOfi 4,056 171,394 9,592 Dec. 31^ ._ . 9,609 431, 236 2 222 2,908 212,510 9,152 5,226 13, 954 177, 792 6.386 1941—Jan. 29 __ 9,633 435,474 4 1,929 2,923 214,800 9,483 5,207 12, 325 179,021 8,764 Feb. 195 9,654 441, 010 7 4,601 2, 935 217,533 9,470 5,125 14, 770 179, 446 8,722 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of the Federal Reserve Banks. » 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 $716,550 February 19, 1941. 4 Tuesday. 5 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p h d h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - lanta Chi- Lo S u t i . s n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r i a s a c n n o - Federal Reserve Notes: Issued to F. R. Bank by F. R. agent Jan. 29 6,177,740497, 3121. 624,427425, 627 562,159 293, 265 217, 0071, 297, 873 233, 362 163, 239 219,, 18'105,187539, 095 Feb. 5 6, 204, 390498, 3241, 632, 046 427, 663 564, 201296, 891 217, 5541, 302, 315 234,, 893162, 711221, 99'106, 799538,996 Feb. 12 6, 218, 053497, 0731, 634, 259 431, 654 567, 737 "2"9"5",• 7"! 218,516 1, 306, 503 234,, 358 162, 563221, 966 107,178 540.1,452 Feb. 19 6, 240, 928499, 4861, 641, 834 434, 696 571, 069 298, 574217, 462 1", 308, 8752 32333 ,3 300 0163, 043222, 394107J 449 542, 746 Held by Federal Reserve Bank: Jan. 29 331, 981 26, 838 75, 646 19, 676 24, 822 16, 688 23,123 40, 258 12, 694 7,345 8.597 9, 296 66, 998 Feb. 5 298, 224 23, 273 71,139 18, 432 22, 759 16, 022 20,031 34,031 12.173 4,r~~ 8^578 8,666 58, 612 Feb. 12 286, 589 21,197 72, 600 18, 201 19, 571 12, 375 21, 268 31. 569 11,041 4,360 8,435 9,379 56, 593 Feb. 19 297, 848 21, 268 77,168 20,802 23, 382 14,462 20,147 27,776 9,652 5,050 8,402 10, 443 59, 296 In actual circulation;i Jan. 29 5, 845, 759470, 4741, 548, 781405, 951537, 337276, 577193, 8841, 257, 615 2210,,668155, 894210, 590 95, 891472, 097 Feb. 5 5, 906, 166475, 0511, 560, 907409, 231541,442 280,869 1'9~^7,. 5231, 268, 284222, 720158, 203213,419 98,133 \384 Feb. 12 5, 931, 464475, 8761, 561, 659 '4 1•"3;,, 453548, 166 283, 419 197'!,2481, 274, 934!23, 317158, 203 213, 531 97, 799 i,859 Feb. 19 5, 943, 080478, 21188 1,564,666413, 894547, 687284,112 197, 3151, 281, 099223, 648157, 993 213, 992 97, 006483, 450 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U.S. Treasury: J F a e n b. . 2 5 9.- 6 6 , , 3 3 4 29 4 , , 5 5 0 0 0 0 5 5 1 1 0 0 , , 0 0 0 0 0 0 1 1 , , > , 6 6 6 4 55 5 0 , 0 , , )0 0— 0 0 0 0 4 4 4 4 0 0 , , 0 0 0 0 0 0 5 5 6 6 5 5 , , 0 0 0 0 0 0 3 3 1 1 5 5 , , 0 0 0 0 0 0 2 2 2 2 5 5 , , 0 0 0 0 0 01 1 , , 3 3 1 2 0 0 , , 0 0 0 0 0 0 2 2 4 4 4 4 , , 0 0 0 0 0 01 16 6 5 5 , , 5 5 0 0 0 0 2 2 2 2 5 5 , , 0 0 0 0 0 0 1 1 1 1 1 1 , , 0 0 0 0 0 0 5 57 7 4 4 , , 0 0 0 0 0 0 Feb. 12 6, 351, 500510, 000 1,,6 5605,0, 000 440, 000 571, 003015, 000 225, 000 1, 320,000 244,000 165, 500225,000112,000574,000 Feb. 19 6, 366, 500510, 000 1,,6 66600,, 000 440,000 576, 000 315) 000 225,0091, 320,000 244,000165, 500 225, 000112, 000 574, 000 Eligible paper: Jan. 29 2,104 740 590 18 257 479 Feb. 5 1,946 739 552 228 410 Feb. 12 2,384 1,220 531 177 429 Feb. 19 2,089 1,052 471 174 374 Total collateral: Jan. 29 . 6, 331. 604510, 0201, 645, 740 440, 590 565, 000 315,018225, 0001, 310, 000 24:4,.000165, 757225, 479111,000 5.'74,000 Feb. 5 i, 346, 446510,0091, 650, 739 440, 552 000 315. 008 225, 0001, 320,000244,000165, 728225, 410111,000574,000 Feb. 12 6, 353, 884510,0091, 651, 220 440, 531 225, 0001, 320. 000244,000165. 677225.429 112,000 574,000 Feb. 19 6, 368, 589510, 0001, 661, 052 440, 471 000 315, 018 225, 0001, 320, 000244,000165, 674225, 374112,000 574,000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. MARCH 1941 225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, JANUARY, 1941 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Cl a a n s d se s d i o s f tr b ic a t n s ks m p G o d d r a e e s o n i - - s t d s s p m o N d d s a e e e i n - - t t s d i p T o d i e s m - it e s qu R i F e r R - e ed d e e se r B a r H a v l n e e R s k l d e s w se i r th c v E e e x s - s b m a b A n e e k m l r l s - * C Y N e c o e n i r w t t k r y a l b r a e n c C s k a e h s g r i- v o e b s c a R e i n r e t v y k - e s b C a t o n r u y k n s - 1 Total reserves held: 1940—January 11,985 6,099 940 3,319 1,628 All member banks. _43, 459 35, 565 12,331 7,508 14, 339 6, 832 February. _ 12,215 6,323 901 3,344 1,646 Central reserve city banks: March 12,362 6,428 899 3,368 1,668 New York. 16, 516 15, 777 822 3,630 7,135 3, 505 April 12, 703 6,548 972 3,476 1,706 Chicago. 3, 226 2, 832 509 670 1,051 381 J M u a n y e 1 1 3 3 , , 0 59 8 6 6 6 6, , 9 6 4 6 1 0 1 1 , , 0 18 9 2 7 3 3 ; , 6 7 1 1 5 6 1 1 , ,7 7 1 5 4 7 Reserve city banks: July.. 13, 735 6,979 1,168 3,837 1,751 Boston district 1,397 1,259 82 224 556 332 August 13,408 6,709 1,154 3,804 1,740 New York district 255 201 147 43 67 25 September 13, 643 6,705 1,234 3,905 1,800 Philadelphia district.. 1,515 1,263 227 232 517 284 October 14,043 6,889 1,279 4,024 1,851 Cleveland district 2,091 1,652 736 326 lib 449 November 14,131 6,975 1,218 4,080 1,858 Richmond district 951 709 227 135 259 124 December 14,049 6,997 1,142 4,096 1, 815 Atlanta district 884 622 178 118 154 36 1941—January 14,339 7,135 1,051 4,240 1,913 Chicago district 1,634 1,146 650 233 444 211 Week ending (Friday): St. Louis district 1,017 769 176 143 265 122 1940—Dec. 27 13, 844 6,927 1,091 4,016 1,810 Minneapolis district.__ 462 332 86 62 108 46 1941—Jan. 3 14, 039 7, 056 1,047 4,058 1,878 Kansas City district-_. 1,126 734 159 136 214 78 Jan.10 14, 259 7,114 1,028 4,192 1,925 Dallas district 856 537 133 101 148 47 Jan.17 14, 428 7,167 1,064 4, 265 1,932 San Francisco district. 2, 639 2,096 2,063 470 732 262 Jan. 24 14,456 7,188 1,067 4,292 1,909 Jan.31 14,332 7,094 1,060 4,287 1,891 Total . 14,828 11,322 4,864 2,225 4,240 2,016 Feb.7 13, 908 6,739 1,057 4,205 1,907 Feb. 14 13, 885 6,706 1,022 4,236 1,920 Country banks: Excess reserves: Boston district 1,054 742 560 117 255 138 1940—January 5,464 3,045 342 1,350 727 New York district 1,574 1,096 1,434 203 452 249 February 5,626 3,199 301 1,378 747 Philadelphia district.. 758 488 881 103 197 95 March 5,734 3,248 310 1,405 771 Cleveland district 734 463 722 92 179 88 April 6,003 3,312 388 1,494 809 Richmond district 695 391 377 66 114 48 May. 3,389 477 1,607 815 Atlanta district 636 373 245 57 93 36 June 3,594 547 1,703 851 Chicago district 1,065 631 815 116 242 126 July 6,752 3,588 522 1,803 839 St. Louis district 448 270 250 45 78 33 August 6,407 3,344 499 1,748 816 Minneapolis district... 369 227 286 42 72 31 September 6,582 3,324 570 1,821 866 Kansas City district... 508 315 161 46 72 27 October 6,864 3,465 610 1,888 902 Dallas district 640 395 106 53 93 40 November 6,830 3,493 546 1,895 897 San Francisco district. 408 244 300 44 65 20 December 6,646 3,443 476 1.887 840 1941—January 6,832 3,505 381 2,016 930 Total 8,888 5,634 6,137 983 1,913 930 Week ending (Friday): 1940-Dec. 27 6,422 3,348 434 1,808 832 1941—Jan. 3 6,609 3,462 399 1,851 897 1 Gross demand deposits minus demand balances with domestic banks Jan. 10. 6,784 3,500 372 1,972 939 (except private banks and American branches of foreign banks) and Jan.17 6,913 3,535 390 2,041 948 cash items in process of collection. Jan. 24 6,918 3,544 384 2,061 929 NOTE.—See table on p. 220 for percentages of deposits required to be Jan. 31 6,800 3,452 383 2,054 911 held as reserves. Feb. 7 6,375 3,115 376 1,967 917 Feb. 14, . 6,342 3,085 340 1,986 930 p Preliminary. i Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers k\\ member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Jan. Dec. Boston 2 450 2 437 643 638 2,304 2,290 512 509 146 147 131 129 New York 18 345 18 005 2,402 2,371 i 1, 503 i 1,454 i 1, 065 i 1, 058 326 321 516 509 Philadelphia... 2,273 2,271 1,108 1,093 2,007 2,005 649 640 266 266 458 453 Cleveland 2 825 2,795 1,458 1,446 2,547 2,527 1,122 1,129 278 267 337 317 Richmond, . 1 646 1,634 604 594 1,420 1,408 403 396 226 225 201 198 Atlanta 1,520 1,479 423 420 1,319 1,290 330 328 201 189 93 92 Chicago 5 926 5 866 1,973 1,950 i 2, 301 i 2, 253 i 1,130 i 1,107 398 391 334 333 St. Louis 1,465 1,421 426 423 1,205 1,158 306 302 261 263 119 121 Minneapolis 831 836 373 370 655 618 199 180 177 218 174 190 Kansas City ._ __ _ ._ 1,634 1,627 320 319 1,286 1,256 209 202 347 371 111 117 Dallas.. 1,496 1,474 240 237 1,141 1,117 194 190 355 357 46 48 San Francisco _ ... __ 3,047 3,041 2,363 2,342 2,910 2,900 2,254 2,234 137 141 109 107 Total _ . _ 43, 458 42, 885 12, 331 12, 204 i 20,599 1 20, 276 i 8, 373 i 8, 276 3,117 3,156 2,628 2,614 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars) End of month Total c c G e a r o t t i e l f d s i- d S o i l l l v a e r r s c S c e i a r l t t v i e f e s i r - o T n f u r o e 1 r t y 8 a e 9 s s - 0 S s u c i i a l b o v r s i y e n id r - M c i o n i o n r U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r v s a e l R F B n e e o d s a e t e n e r r k s v a e l t n b i N o o a n n t a e a k - s l 1939—December. 7,598 1,554 381 164 272 4,912 175 1940—January 7,376 1,469 372 163 265 4,796 173 February... 7,455 1,500 373 163 271 4,839 171 March 7,511 1,508 375 164 260 4,896 170 April _ 7,559 1,557 377 166 248 4,906 168 May 7,710 1,590 382 168 241 5,025 167 June 7,848 1,582 384 169 248 5,163 165 July 7~" 1,565 172 249 5,212 164 August 1,605 174 258 5,334 162 September.. 8.151 1,615 394 177 259 5,409 161 October 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 1941—January 8, 593 1,595 403 183 278 5,842 156 Back figures.—See Annual Report for 1941 (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 currencya Large denomination currency 2 Un- End of month cula- assort tion ed* totali Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939—December 7,598 5,553 590 559 36 1,019 ],772 1,576 2,048 460 019 191 425 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 :L, 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 40 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 L, 766 1,568 2,193 471 979 202 464 26 60 1 June 7,848 5,584 599 546 35 1,015 1,791 1,599 2,264 485 1,013 210 481 26 50 2 July 7,883 5,599 604 544 35 1,013 L, 798 1,605 2,286 489 1,025 211 486 26 49 2 August 8,059 5,748 611 556 36 1,044 L,858 1,644 2,313 495 1,035 213 493 26 51 2 September 8,151 5,814 618 566 36 1,055 L, 876 1,663 2,340 503 1,048 216 496 25 52 3 October.. 8,300 5,911 627 575 36 1,068 :L,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 1941—January 8,593 6,094 635 577 37 1,091 ,973 1,781 2,502 540 1,126 230 530 24 4 52 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY [Held by Treasury and Federal Reserve Banks and in circulation, In [By selected banks and financial institutions in New York City. millions of dollars] In millions of dollars] End of month Total d S s o a i i l l l n v v la d e e r r r s s S i i s a u l id v r b - e - y r Mi co n i o n r U S n n t o i a t t t e e e s d s s F e R e e r r e a d v - l - e t b i N o a n n a a - k 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 l b io u n l - i coin B no a t n e k s notes 1937. 21.5 47.6 26.1 1938. 33.1 34.4 1.3 1939. 110.2 9.8 100.4 J 939—December.. 2,963 1,845 399 169 347 178 1940.. 17.7 .7 17.0 1940—January 2,971 400 169 347 175 1940—January 5.3 0) 5.3 February... 2,981 401 170 347 173 February... 4.7 0) 4.7 March 2,990 401 171 347 172 March. 1.4 (0 1.4 April _ 2,999 400 172 347 171 April 3.5 0) 3.5 May... 3,008 402 173 347 169 May. 1.1 0) 1.1 June... 3,014 402 174 347 167 June .5 .4 July 3,024 404 175 347 167 July... .6 !i .5 August 3,036 409 178 347 164 August .3 0) .3 September- 3,044 411 181 347 163 September- .1 0) .1 N D O e c o t c v o e e b m m er b b e e r r . . . 3 3 3 , , , 0 0 0 7 5 8 2 9 7 4 4 4 1 1 2 9 5 5 1 1 1 8 8 8 3 9 7 3 3 3 4 4 4 7 7 7 1 1 15 6 6 9 0 2 D O N c e o t c v o e e b m m er b b e e r r . . . . . . 1 1 . . . 2 i 1 . . 1 1 1941—January 3,097 1,953 347 158 1941—January .2 i Includes silver held against silver certificates amounting to $1,871- i Less than $50,000. 000,000 on Jan. 31, 1941 and $1,772,000,000 on Jan. 31, 1940. Back figures.—See Annual Report for 1937 (table 38) Description.—See BULLETIN for January 1932, pp. 7-8 MARCH 1941 227 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 STATES ' [In millions of dollars] [In thousands of dollars] Net gain or 1941 1940 Period a s G t t o e o c n ld k d I i n n g c r o t e o ld a ta s l e g N o e ld t l t o h s r e s o a ( u r — - gh ) p D ti r c o o m d go u e l c s d - - From or to— January December Jan.-Dec. of period stock import marking tion trans- Im- Ex- Im- Ex- Im- Exactions ports ports ports ports ports ports 19341 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. 2 11, 258 1,132. 5 1,116.6 -85.9 131.6 Hungary 11, 873 1937. 2 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 "",405 1940. 21, 995 4, 351. 2 4, 744. 5 —644. 7 168.1 Portugal. 15 57 75,087 Spain 10, 416 Sweden 1,746 161, 489 1939—August 16, 646 407.6 259.9 152.1 14.3 Switzerland 563 90, 320 September. 16, 932 285.9 326.1 2.8 15.9 United Kingdom 37 633,100 October 17,091 159.9 69.7 79.5 18.7 U. S. S. R 30, 851 November. 17, 358 267.1 168.0 90.9 14.9 Yugoslavia 16, 310 December. 17, 644 285.1 451.2 -200. 8 13.4 46, 880 80, 390 2, 622, 501 171 Mexico 1,14' 347 29, 886 1940—January... 17, 931 287.5 236.4 40.0 13.6 'entral America 1, 216 663 9,386 February.. 18,177 246.0 201.4 37.0 11.4 West Indies and March 18, 433 256.0 459.8 -213.4 '12.0 Bermuda _ 63 73 5,900 April 18, 770 336.9 249.9 67.2 13.0 Argentina 8,247 59, 072 May 19, 209 439.0 435.1 -36. 7 14.1 Bolivia 43 11 67 4,781 June 19, 963 754.2 1,163.0 -437. 2 r10.9 Brazil 4 3 10, 781 July 20, 463 499.4 520.0 -55.1 16.0 Chile 467 1,101 10,"" August 20,913 450.2 351.6 67.0 12.3 olombia 3,168 2,814 23, 999 September. 21, 244 331.6 334.1 36.6 13.3 Ecuador 267 231 3,130 October... 21, 506 261.1 326.0 -117.9 19.0 Peru 1,171 1,206 10,24' November. 21, 801 295.2 330.1 -39.5 16.4 Venezuela 318 370 4,921 December. 21, 995 194.0 137.2 7.4 16.1 Australia... 11,136 14, 994 103, 777 British India 4,501 7,446 49,98! 1941—January... 22, 116 121.7 234.2 3 -52. 8 P16.2 Netherlands Indies,. 219 20, 583 Feb. 1-26?. 22,179 62.8 49.0 -36.1 hina and Hong Kong.. 26,180 Japan 13, 262 111, 739 p Preliminary. r Eevised. Philippine Islands... 3,185 3,268 38, 630 a 1 fi n F e i g o u u r n es c e b a th se e d re a o f n t e r r a . te of $20.67 a fine ounce in January 1934 and $35 S A o ll u o th t h A er f r c ic o a untries 2. 149 1 , , 4 7 4 3 3 5 1,751 18 1 4 0 , , 3 7 2 5 0 6 2 Includes gold in the Inactive Account amounting to $27,000,000 on December 31, 1936, and $1,228,000,000 on December 31, 1937. Total 234, 246 137,178 3 4,749,467 4,995 3 Gold held under earmark at Federal Reserve Banks for foreign account on January 31, 1941, in millions of dollars: 1,860.5. 1 Figures represent customs valuations which, with some exceptions, NOTE.— Figures for domestic production of gold are those published are at rate of $35 a fine ounce. in table, p. 263, adjusted to exclude Philippine Islands production re- 2 Includes all movements of unreported origin or destination. ceived in United States. Adjustment based on annual figures reported Back figures.—See table, p. 263, and Annual Report for 1937 (tables by Director of Mint and monthly imports of gold to U. S. from Philip- 31 and 32). pines. For back figures see Annual Report for 1937 (table 29). BANK DEBITS [Debits to deposit accounts, except interbank accounts, at banks in BANK SUSPENSIONS1 principal cities.] [In millions of dollars] Total, 140 133 Member Nonn ember all New other other Total, banks banks Year and month re i p n o g rt- Y C o it r y k le in a g d- rep in o g rtall centers centers 1 centers banks Na- In- Not tional State ;ured 2 insured 1929 982, 531 603,089 331, 938 47, 504 1936 461,889 208,936 219, 670 33, 283 Num 1 1 1 b 9 9 9 3 3 3 e 5 6 r 4 of banks suspended: 4 2 8 0 2 48 8 3 1 1 1 1 9 9 9 9 3 3 3 4 7 9 8 0 4 4 4 44 6 0 2 5 9 5 3 , , , , 9 4 9 8 2 6 3 6 9 3 2 4 1 1 1 1 9 6 7 7 7 1 8 1 , , , , 7 3 8 5 7 8 3 8 8 2 6 2 2 2 2 2 0 3 3 1 4 5 6 8 , , , , 2 7 2 9 9 4 0 5 8 6 5 2 3 3 3 37 6 2 4 , , , , 4 4 2 3 2 0 5 3 1 6 2 0 1 1 9 9 3 3 7 8 4 4 7 7 6 6 1939—December. 43, 447 17, 633 22, 386 3,428 1939 25 10 1940—January... 37, 786 14,739 19, 978 3,069 1940 18 3 February.. 32,167 12,138 17, 344 2,715 1941—January March 37, 769 15, 201 19, 537 3,031 April 37, 780 15, 519 19, 250 3,010 De ( p in o 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 s 9 t 3 3 3 3 3 i 3 4 h 4 t 4 5 6 9 8 7 0 s o 1 u — o s f J a s a n u n d s u s p a e r o y n f d d e o d ll b a a rs n ) k : s 3 3 3 1 1 1 1 6 9 5 4 1 0 3 1 , , , , , , , , 3 0 9 9 0 7 9 0 0 1 9 1 4 2 3 5 6 5 8 2 3 7 3 6 5 7 1 , , , 3 3 3 5 2 7 4 1 7 4 0 3 5 3 1 3 9 0 7 6 6 2 24 1 , , 7 2 6 0 1 2 8 9 1 1 1 1 3 6 1 5 0 0 1 , , , , , , , 9 7 5 3 2 1 7 3 1 4 6 0 8 5 2 2 2 1 7 6 3 9 1 4 34 1 2 , , , 0 4 9 4 5 3 4 3 3 8 9 4 4 9 2 9 0 6 1941— J J M A S N D O u u J e u o e c a a l n p y t g c v n y e o t e u u e e b m a m s m e t r b y b r b . e . e e _ r r . r . . . 3 3 3 3 3 3 3 4 4 7 5 2 3 9 5 6 9 1 , , , , , , . , , 0 1 0 8 8 6 6 2 9 8 3 1 4 0 9 7 5 4 8 3 2 4 5 5 3 7 7 1 1 1 1 1 1 1 1 1 4 2 1 4 3 3 8 4 5 , , , , , , , , , 1 6 9 1 5 6 5 9 6 1 1 5 4 3 9 0 5 2 0 2 2 7 6 4 4 2 6 1 1 2 1 1 2 1 2 2 9 0 9 8 8 1 4 2 8 , , , , , , , , , 8 8 3 3 2 4 6 2 3 5 1 6 1 3 9 5 6 2 0 9 5 4 9 3 7 8 7 3 3 3 2 2 3 3 3 3 , , , , , , , , , 1 9 0 0 3 3 4 0 9 2 6 4 7 1 7 8 5 3 6 3 5 2 7 8 8 1 1 1 Comprises centers for which bank debit figures are available begin- 1 Represents banks which, during the periods shown, closed tern 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 Deposi 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. 228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE* UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935. p. 883.. and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER 01'BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS ' [In millions of dollars] Nonmember Member banks banks Member banks Nonmember banks Call date Total Other Total ti N on a- al State M s b a a u v n i t n u k g a s s l b m n a b o e n e m n k r - s - Call date ba A n l k l s Total ti N on a a - l State M s b a a v u n i t n u k g s a s l n D o e O r n t m b h a e e r n m k - s 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29. __ 53, 852 32, 284 19,411 12,873 8,983 12, 584 Dec. 31 24,630 8,522 7,403 1,119 609 15, 499 Dec. 31... 55, 289 33, 865 20, 290 13,575 8,916 12, 508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30. 37, 998 23, 338 14, 772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30_._ 38, 505 23, 771 15, 386 8,385 9,708 5,026 1935—June 29. 15,994 6,410 5,425 985 571 9,013 1935—June 29. _. 45, 766 29,496 19, 031 10, 465 9,920 6,350 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31... 48,964 32,159 20, 886 11, 273 9,963 6,842 1936—June 30 15, 752 6,400 5,368 1,032 566 8, 786 1936—June 30. 51, 335 34,098 21, 986 12,112 10,060 7,178 Dec. 31 15, 628 6,376 5,325 1,051 565 8,687 Dec. 31... 53, 701 35, 893 23,107 12, 786 10,143 7,666 1937—June 30 15, 527 6,357 5,293 1,064 564 8,606 1937—June 30. _. 53,287 35, 440 22,926 12, 514 10,213 7,635 Dec. 31-.---. 15, 393 6,341 5,260 1,081 563 8,489 Dec. 31.-. 52,440 34, 810 22, 655 12,155 10, 257 7,373 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30... 52,195 34,745 22, 553 12,193 10, 296 7,153 Dec. 31 15, 206 6,338 5,224 1,114 556 8,312 Dec. 31— 54,054 36,211 23,497 12, 714 10, 365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30___ 55, 992 38,027 24,534 13,493 10,521 7,444 Dec. 30. 15,037 6,362 5,187 1,175 552 8,123 Dec. 30-.. 58, 344 39, 930 25, 661 14,269 10,613 7,801 1940—Mar. 26 15,006 6,377 5,178 1,199 551 8,078 1940—Mar. 26... 59,017 40, 579 25, 911 14, 667 3 10,544 3 7,895 June 29 14,953 6,398 5,164 1,234 551 8,004 June 29 ._ 60, 582 42, 039 26, 931 15,108 10,631 7,912 Dec. 31 4 6,486 3,144 3, 342 Dec. 31___ 46, 007 29, 214 16, 793 For footnotes see table below. For footnotes ;ee 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 1935—June 29 - 44,416 20,272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Dec. 31 45, 717 20, 329 25,388 29,985 12,175 17,810 9,804 5,210 4,594 .5,927 2,944 2,983 1936—June 30 - 48,458 20,679 27, 778 32, 259 12, 542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21,449 28,075 33,000 13,360 19, 640 10,060 5,027 5,034 6,464 3,062 3,402 1937_june 30 49, 696 22, 514 27,182 32, 739 14, 285 18,454 10,180 5,002 5,178 6,778 3,227 3.550 Dec. 31 48, 566 22,198 26,368 31, 752 13, 958 17, 794 10,187 4,996 5,191 6,627 3,244 3,383 1938—June 30 .. _ 47,381 21,130 26,252 30, 721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 31 2 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 s 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 37,126 15, 321 21,805 II 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 rea .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. Back figures.—See Annual Report for 1937 (tables 48-49). MARCH 1941 229 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] Loansi Investments l Loans for U. S. Government obligations Obli- Total Com- purchasing gations Call date m l v o a i e e n a n s n n d - t t - s s Total i t m d a r c i u i n n i e a s a d - - r l l " - A t c u u g l r r - - i- p O m k a p p a e e t r e n - r b a o r T e s n o r r o e s d k c c - u ar r r o it y t i h T i e n s e o 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 Total Bills N D o i t r e e s ct Bonds G t a e u n e a - d r S p d s a i o t u i c o n a b v l a f t d i - i l e t - - s O r s i t e t h c i u e e - r s deal- sions ers Total—All Member Banks 1929—Dec. 31_- 35,934 26,150 583 2,463 7,685 3,191 71411,515 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 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 3,389 7,208 2,340 2,448 3,192 1939—Mar. 29__32,095 13,047 4,760 427 733 2,749 2,671 19,048 13,351 303 2,604 7,783 2,660 2,555 3,142 June 30__ 32, 603 13,141 4,783 420 736 2,828 58 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 5,3 730 455 790 7002,957 56 2,888 19,979 14,328 5632,223 3,144 2,692 2,959 1940—Mar. 266 34,163 13, 939 20, 224 14.421 3,107 2,905 2,898 June 29. 34,451 13, 969 5,538 736 450 447 668 3,069 3,020 20,482 14, 722 797 2,543 8,261 3,121 2,888 2,873 Dec. 31 37,126 15, 321 6,204 456 642 652 3,228 3,230 21,805 15,823 652 2,594 9,091 3,486 3,013 2,970 New York aty 1 1 1 9 9 9 2 3 3 9 3 8 — — — D D J J u u e e c n n c . e e . 3 3 3 3 1 1 0 0 . _ _ . . . . . 8 7 8 8 , , , , 7 0 1 3 1 7 3 3 3 4 3 5 6 3 3 3, , , , 2 4 1 6 6 2 7 8 2 4 2 3 1,456 3 1 1 1 6 3 4 9 4 8 1 5 1, 5 7 7 2 5 8 5 5 6 7 9 7 2 1 , , 2 1 7 0 2 4 4 1 0 5 7 4 1 1 1 1 2 3 6 5 1 2 9 7 3 1 8 9 2 6 5 9 2 2 2 1 , ,5 5 4 9 4 9 3 3 1 5 6 7 4 2 3 5 , , , , 7 8 0 0 0 4 7 9 9 0 1 2 2 3 3 1 , , , ,1 8 7 5 1 5 4 5 2 7 0 1 6 2 1 3 2 5 5 8 2 8 8 1 1 , , 9 1 3 1 8 4 5 6 7 2 8 6 1 1 , , 9 6 4 6 2 5 6 3 1 8 7 9 0 4 9 2 4 3 5 7 2 9 1 8 2 4 7 6 7 6 7 9 0 8 5 8 7 0 8 1939—Mar. 29.. 8,408 3,086 1,451 126 668 209 124 77 427 5,322 4,025 68 2,040 1,086 582 714 June 30.. 1,474 128 555 215 130 41 440 5,700 4,483 168 2,284 1,123 480 736 Oct. 2 e__ 9,044 3,116 5,928 4,558 1,157 662 708 Dec. 30_. 9,339 3,296 1,768 120 611 133 425 6,043 4,772 315 797 2,385 1,275 579 693 1940— J M un a e r. 2 2 9 6 f „ l 9 9 , , 5 82 9 9 4 3 3 , , 2 0 1 1 1 4 1,801 103 320 137 426 6 6, , 8 3 1 8 5 3 4 5 , , 9 4 7 8 2 6 421 1,092 2,650 1 1 , , 2 3 8 2 6 4 7 6 2 3 6 4 6 69 8 5 6 Dec. 31 10, 910 3, 384 2,025 100 465 190 130 443 7,527 6,044 207 1,245 2,977 1,615 695 788 City of Chicago 7 1929—Dec. 31— 1,757 1,448 251 533 535 3 19 94 96 1933—June 30- 1,287 677 61 251 237 206 82 97 87 138 1938—June 30_. 1,806 525 29 109 361 12 313 535 122 140 159 Dec. 31— 1,969 539 319 43 70 62 59 291 655 109 141 176 1939—Mar. 29_. 1,965 545 340 32 70 57 121 212 660 108 149 171 June 30. _ 2,052 544 329 71 185 234 621 135 154 179 Oct. 2 «__ 2,050 563 155 147 168 Dec. 30.. 2,105 569 365 60 153 176 701 172 162 170 1940—Mar. 268 2,222 564 139 175 164 June 29- 2. 205 603 417 254 161 710 134 177 167 Dec. 31 2,377 696 176 297 145 752 112 186 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 1,597 698 930 1938—Jiane 30. _11,150 4,853 163 95 998 1,201 26 2,369 6,298 4,658 69 1,268 2,603 718 732 Dec. 31_. 11,654 4,963 1,914 149 119 212 1,230 20 1,081 6,691 5,018 57 1,224 2,997 740 808 1939—Mar. 29.. 11, 624 4,936 1,889 145 115 228 1,249 17 1,066 5,004 100 977 3,105 823 823 860 1940— D J D J O u u M e e c n n c c t a . . e . e r . 2 2 3 3 3 9 1 2 0 f 0 _ l 6 . . . _ _ . • 1 1 1 1 1 1 2 3 1 2 2 1 , , , , , , 0 1 1 8 2 7 1 5 6 8 7 5 3 3 0 0 2 6 5 5 5 5 5 5 , , , , , , 9 1 3 3 3 0 3 2 2 0 6 0 1 7 9 5 5 4 2 2 2 1 , , , , 1 1 8 4 0 3 8 3 0 4 4 6 221 1 1 1 1 3 5 5 5 8 3 6 5 1 1 1 1 1 8 1 5 7 5 9 2 2 2 2 1 0 1 0 7 1 1 1 1 , , , , 3 4 2 3 3 3 8 7 5 6 4 2 12 1 1 1 1 , , , , 1 1 3 2 1 6 0 2 6 8 7 4 6 6 7 6 6 , , , , . 0 7 9 7 7 8 5 4 5 9 1 1 3 2 5 4 4 4 5 5 5 , , , , , , 1 9 0 9 9 2 9 7 4 9 9 0 4 7 1 0 8 4 1 7 8 0 8 7 3 1, 8 8 7 0 1 3 1 7 9 9 4 1 3 3 3 3 , , , , 0 3 2 0 1 3 8 5 0 9 1 2 1, 8 9 9 9 9 0 8 7 0 6 4 6 9 2 9 3 9 9 8 8 9 8 9 9 9 8 9 2 9 8 0 1 5 8 7 4 8 8 8 8 6 6 5 5 6 0 6 0 Country Banks 1929—Dec. 31._ 13, 375 201 291 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 1,477 1,234 5,456 3,159 431 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 1,187 174 208 1, 544 1,308 5,270 3,030 451 1,849 695 1,097 1,144 Dec. 31 10,826 5,309 1,267 187 201 1,644 1,397 5,517 3,269 433 2,081 710 1,146 1,102 i 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. a Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported seDarately on some dates, and the total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks smce May 1937. 3 Figures in this column prior to Dec. 31,1 938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. 4 This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. •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). 230 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! 1 Demanddeposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F e R e a e r i r e n a t d v - h k l - e s v C a i a n u s l h t b m a w a n d n e o i c s t - k e h t s i s c J m po a d a s d e n i - - t d s s p p u v n h a c o a a i o e n i d r r l p r r d s a t - - s - - , - , S p s d s a i t i u o c i o a n b v l a t n - i d i e l t s - - s c C h c e a o f e e i e n t f e r d f c r c d i t s k 3 - i ' - s m U G e e r . o n n v S t - - 4 . s p p u v n h a c o a a o i e n i d r p l r r r d s a t - - s - - , - , S p s d s a i t i u o c i a o n b v l a t n - i d e i l t s - - s P in s o a g s v s ta - 4 l m D a e n - b d ank T s ime b F e a o i n g r- k n s r B i o n o w r g - s - c C o i a a t u c p a - - n l ts Call date tions tions Total—All Member Banks 2,374 558 2,168 16, 647 17, 526 1,335 1,681 143 12, 267 595 122 3,517 95 698 879 6,709 1929—Dec. 31 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1933—June 30 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 8,694 746 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 10,011 712 4,674 23, 587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 June 30 11,617 774 "5,304 25,118 23,983 2,390 666 675 11,104 418 51 6 8,243 e 142 6 757 5 5,530 Oct. 2 11, 604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 Dec. 30 12, 279 862 6 5,634 26,461 24,965 2,499 558 725 11,368 411 52 6 8,717 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 13, 992 991 6,185 30, 429 2&, 576 2,724 913 616 11,687 435 56 9,581 135 70G 3 5,698 Dec. 31 New York 1 City a 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 2 514 291 587 1938 -June 30 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 '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 ,586 June 30 5,929 85 6 109 8,676 8,812 321 349 72 683 52 6 3, 573 6670 1 1,587 Oct. 2 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 ,592 Dec. 30 6,386 84 e 163 9,562 9,652 219 260 68 742 35 e 3, 629 6 1 6 672 ,601 1940—Mar. 26 7. 072 88 119 10, 235 10, 283 258 147 67 732 29 3,840 650 June 29 7,057 102 122 11,062 11,357 370 471 48 768 51 4, 032 646 nr Dec. 31 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 30 884 35 235 L, 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_]Viar. 29 897 26 235 L, 666 1,565 197 22 60 471 17 746 12 270 June 30 1,080 37 6 237 L, 747 1,632 195 27 60 469 21 3 6 853 e 14 270 Oct. 2 993 42 283 L, 739 1,676 167 24 80 483 10 3 879 9 250 Dec. 30 909 25 6 195 L, 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 ^89 15 fi 949 7 260 June 29 1,051 42 319 1,941 1,905 174 27 90 496 8 5 997 8 270 Dec. 31 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 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 1,777 Dec. 31 2,459 342 2,106 7,326 6,899 889 123 420 4,276 243 22 2,813 108 64 2 1,795 1939—Mar. 29 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 1*812 June 30 3,053 323 6 2,485 8,017 7,803 801 158 410 4,319 198 14 6 3, 307 6 116 •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 «3,525 6 115 6 56 1,833 1940—Mar. 26 3. 759 334 2.679 8,774 8.372 956 147 422 4.422 91!) 18 105 44 1. 873 June 29 4,027 396 2,741 9,581 9,468 995 228 327 4, 506 226 19 3,' 919 106 51 1,904 Dec. 31 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 1,353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 Dec. 31 1,367 350 1,963 6,183 5,087 1,176 114 137 5,557 153 46 438 25 2 5 1,818 1939—Mar. 29 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 June 30 1,555 329 6 2,473 6,677 5,736 1,073 131 133 5,632 148 35 6 509 6 27 62 4 1,852 Oct. 2 1,578 363 2,614 6,866 5,896 L, 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 « 29 62 2 1,875 1940—Mar. 26 1.733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 ,876 June 29 1.857 452 3,002 7,845 6, 846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 Dec. 31 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. 4U.J. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. 6 Partly estimated. Back figures.—See Annual Report for 1937 (tables 52-58). MARCH 1941 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars.] Loans Investments Loans for U. 3. Government obligations Com- purchasing Total mer- or carrying loans cial, securities and in- Open Date or month m v i e e n s n - t t - s Total t d a r u i n a s d l - , p m k ap a e r t e - 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 h ie u e s - r agri- ers To teed cul- and others tural dealers Total—101 Cities 1940—January 23,157 8,587 4,331 320 651 496 1,184 49 1,556 14, 570 11,243 658 1,757 6,418 2,410 3,327 September _. 24, 233 8,653 4,551 295 400 462 1,221 45 1,679 15, 580 11,897 677 2,083 6,555 2,582 3,683 October 24, 429 8,852 4,709 300 424 458 1,221 39 1,701 15, 577 11,908 683 1,878 6,744 2,603 3,669 November 24, 862 9,083 4,885 301 456 456 1,226 37 1,722 15, 779 12,192 768 1,850 6,872 2,702 3,587 December 25, 388 9,309 4,993 303 534 463 1,229 40 1,747 16,079 12,438 734 2,019 6,951 2,734 3,641 1941—January 25, 661 9,295 5,051 310 471 460 1,229 36 1,738 16, 366 12, 689 705 2,188 7,048 2,748 3,677 1940—Dec. 4 25, 053 9,162 4,942 303 452 459 1,229 43 1, 734 15, 891 12, 307 786 1,871 6,927 2,723 3,584 Dec. 11 - 25, 224 9,299 4,992 304 529 458 1,230 42 1,744 15, 925 12,311 784 1,859 6,939 2,729 3,614 Dec. 18 •_25, 532 9,341 5,001 303 558 467 1,228 40 1,744 16,191 12, 542 769 2,094 6,955 2,734 3,649 Dec. 24 25, 604 9,354 5,011 303 545 466 1,230 40 1,759 16, 250 12, 568 732 2,138 6,958 2,740 3,682 Dec. 31.. 25, 527 9,390 5,018 301 584 465 1,230 37 1,755 16,137 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 38 1,740 16,311 12, 629 685 2,164 7,024 2,756 3,682 Jan. 15 25, 669 9,280 5,040 310 462 462 1,230 36 1,740 16, 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 35 1 735 16,397 12, 720 726 2,188 7,063 2,743 3.677 Jan.29 . - 25, 676 9,308 5,076 314 458 459 1,229 35 1,737 16, 368 12, 694 685 2,214 7,051 2,744 3,674 Feb. 5 26,184 9.337 5,124 313 440 461 1,230 35 1,734 16, 847 13,124 732 2,563 7,083 2,746 3,723 Feb 12 26, 248 9,377 5, 173 317 424 459 1,231 34 1 739 16, 871 13,147 720 2,568 7,094 2,765 3,724 Feb. 19 26, 381 9,423 5,217 320 418 458 1,230 36 1,744 16, 958 13,180 737 2,572 7,111 2,760 3,778 New York City 1940—January 8,752 2,980 1, 671 ' 110 503 171 112 41 372 5,772 4,593 274 710 2,381 1,228 1,179 September _ 9,641 2,813 1,734 75 290 163 124 36 391 6,828 5,381 312 1,038 2,655 1,376 1,447 October 9,644 2,874 1,798 79 301 159 119 30 388 6,770 5,356 319 971 2,638 1,428 1,414 November. 9,813 2,960 1,860 80 327 159 117 27 390 6,853 5,548 345 959 2,720 1,524 1,305 December.. _ 1.0,165 3,074 1,901 90 381 168 115 26 393 7,091 5,755 285 1,082 2,824 1, 564 1,336 1941—January 10, 350 3,049 1,926 93 331 169 113 24 393 7,301 5,913 170 1,239 2,923 1,581 1,388 1940—Dec. 4 . .. 9,905 2,986 1, 885 87 320 163 117 26 388 6,919 5,642 319 973 2,796 1,554 1,277 Dec. 11 10,036 3,069 1,903 89 380 163 116 26 392 6,967 5,660 322 967 2,813 1,558 1, 307 Dec. 18 . .- -. 10, 262 3,099 1,903 90 400 172 114 26 394 7,163 5,823 300 1,131 2,826 1,566 1,340 Dec 24 10, 323 3,093 1,906 91 387 172 114 26 397 7,230 5,850 281 1,168 2,834 1,567 1,380 Dec. 31 10, 298 3,121 1,907 93 419 171 113 24 394 7,177 5,798 203 1,170 2,851 1,574 1,379 1941-Jan. 8 10, 314 3,060 1,918 95 350 169 113 24 391 7,254 5,866 165 1,215 2,898 1,588 1,388 Jan. 15.- ._ _. _10, 328 3,038 1,919 94 323 170 113 23 396 7,290 5,907 172 1,232 2,921 1,582 1,383 Jan. 22 10.362 3,042 1, 925 92 328 169 113 23 392 7, 320 5,930 170 1, 245 2.939 1, 576 1.390 Jan. 29 10, 394 3,054 1,943 91 321 168 113 24 394 7,340 5,949 175 1,263 2,934 1,577 1,391 Feb. 5 10,664 3,042 1,963 90 297 167 112 23 390 7,622 6,183 149 1,487 2,964 1,583 1,439 Feb. 12 _ 10, 690 3,046 1, 980 91 287 166 112 22 388 7,644 6,204 147 1,492 2,972 1,593 1,440 Feb. 19 10,719 3,063 2,002 90 282 167 111 23 388 7,656 6,195 143 1,496 2,966 1,590 1,461 Outside New York City 1940—January _ 14, 405 5,607 2,660 210 148 325 1, 072 8 1,184 8,798 6,650 384 1,047 4,037 1,182 2,148 September 14, 592 5,840 2,817 220 110 299 1,097 9 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 9 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 10 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 14 1,354 8,988 6,683 449 937 4,127 1,170 2,305 1941—January 15,311 6,246 3,125 217 140 291 1,116 12 1,345 9,065 6,776 535 949 4,125 1,167 2,289 1940—Dec. 4 _ 15, 148 6,176 3,057 216 132 296 1,112 17 1,346 8,972 6,665 467 898 4,131 1,169 2,307 Dec. 11 15,188 6,230 3,089 215 149 295 1,114 16 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 14 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 14 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 13 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 14 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 13 1,344 9,099 6,808 553 954 4,133 1,168 2,291 Jan. 22 15,322 6, 245 3, 130 220 137 989 1,114 12 1,343 9.077 6,790 556 943 4,124 1,167 2. 287 Jan.29 15, 282 6,254 3,133 223 137 291 1,116 11 1,343 9,028 6,745 510 951 4,117 1,167 2,283 Feb.5 15,520 6,295 3,161 223 143 294 1,118 12 1,344 9,225 6,941 583 1,076 4,119 1,163 2,284 Feb 1° 15 558 6 331 3 193 226 137 293 1 119 12 1 351 9 227 6 943 573 1 076 4 122 1 172 2 284 Feb. 19 . 15, 662 6,360 3,215 230 136 291 1,119 13 1, 356 9, 302 6, 985 594 1,076 4,145 1,170 2,317 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 232 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 e n a t v d h - l k e - s v C a i a n u s l h t b m a w a n d e n i c o s t e k - h ti s s c j m p u o a d s a t d s e n e i - - t d d s i 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 o a n v l b a t n d i i e l - t s - - s c C h c a o f e e e e i f n t e c f r c r d i t k s 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 r d l p r r r d a s t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n t d i i - l e t s - - s P s o a s v t - al m D a e n - b d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a t u a c a p n - l - ts Date or month tions tions Total 101 Cities 10,065 484 3,087 18,946 18, 690 1,247 465 566 5,057 202 7,955 124 740 3,713 1940—January 11, 499 504 3,235 21, 01120, 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 8,666 111 681 3,797 October 11, 955 531 3,347 21, 890 21, 569 1,576 501 507 5,187 192 8,809 112 665 3,821 November 11, 824 556 3,361 22. 299 22, 098 1,505 560 433 5,189 210 8,809 113 674 3,824 December 12, 109 530 3,404 22, 757 22, 303 1,537 482 318 5,244 190 9,039 117 653 3,824 1941—January 11,967 529 3,259 22,131 21, 667 1,450 465 5,167 8,725 112 673 3,823 1940—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 3,826 Dec. 18 11,715 562 3,387 22, 382 22,150 1,522 478 452 5,193 224 8,807 112 663 3,827 Dec. 24 11, 797 535 3,462 22, 299 22, 324 1,595 5,234 196 8,952 113 692 3,822 Dec. 31 12,010 552 3,370 22, 494 21,930 1,521 475 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 9,069 117 640 3,826 Jan. 22 12,111 527 3,352 22, 932 22, 401 1,579 484 214 5, 240 185 8,959 117 650 3,823 Jan. 29 11,611 510 3, 31422, 798 22, 158 1,605 460 330 5,251 200 8,924 116 645 3,832 Feb. 5 11,640 522 3,351 22, 981 22, 456 1, 648 440 331 5,254 197 8,925 117 625 3,833 Feb. 12 11,804 518 3,388 23,157 22, 617 1,619 483 331 5,270 194 9,033 118 624 3,834 Feb. 19 New York City 5, 853 78 8,515 8,663 200 280 617 3,471 675 1,487 .940—January 6,421 84 9,673 9,740 249 222 683 3,702 625 1,493 September 6, 601 84 9,808 9,860 293 240 677 3,770 625 1,497 October 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, 809 87 10, 578 10, 602 330 287 3,929 594 1,502 .941—January 6,713 90 10,195 10, 227 272 252 663 3,771 617 .,506 .940—Dec. 4 6, 711 101 10, 356 10, 491 311 312 670 3,749 616 ,502 Dec. 11 6,599 104 10, 314 10, 483 328 435 3,877 610 ,512 Dec. 18 6, 645 96 10, 479 10, 553 369 278 3,807 605 ,514 Dec. 24 6, 749 91 80 10,410 10, 691 351 423 693 3,920 633 ,503 Dec. 31 6, 796 10,486 10, 448 317 282 3,942 605 .,502 .941—Jan. 8 6, 851 87 10, 542 10, 657 320 276 690 3,978 601 ,502 Jan. 15 6. 855 10, 652 10, 632 331 295 689 3. 926 581 ,502 Jan. 22 6, 734 10,632 10,671 350 294 693 3,871 589 ,502 Jan. 29 6, 395 10, 603 10, 581 318 272 700 3,820 587 1,507 Feb. 5 6, 395 10,691 10, 687 324 264 702 3,801 569 1,507 Feb. 12 6, 535 82 10, 780 10,835 300 283 713 3,830 569 1, 507 Feb. 19 Outside New York City 4,212 406 3,007 10, 431 10, 027 1,047 185 519 4,440 166 4,484 123 2,226 .940—January 5,078 420 3,154 11, 338 10,855 1,172 174 472 4,492 137 4,763 111 2,291 September 5, 255 421 3,227 11, 634 11,180 1,197 183 472 4,503 130 4,896 111 2,300 October 5, 261 440 3,264 11, 868 11,473 1,238 187 472 4,513 149 4,966 112 2,315 November 5,141 460 3,276 11,948 11, 609 1,179 220 404 4,512 167 4,984 113 2,317 December 5,300 443 3,319 12,179 11, 701 1,207 195 4,554 148 5,110 117 2,322 .941—January 5,254 439 3,177 11, 936 11, 440 1,178 213 394 4,504 156 4,954 112 2,317 1940—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, 33612. 24611, 783 1,219 200 245 4, 548 148 5,143 117 2.324 Jan. 22 5,377 440 3,264 12, 300 11, 730 1,229 190 200 4,547 143 5,088 117 2,321 Jan. 29 5,216 426 3, 23012,195 11,577 1,287 188 316 4, 551 149 5,104 116 2,325 Feb. 5 5,245 438 3,260 12, 290 11,769 1,324 176 317 4,552 145 5,124 117 2,326 Feb. 12 5,269 436 3,295 12, 37711, 782 1,319 200 317 4,557 141 5,203 118 2,327 Feb. 19 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. MARCH 1941 233 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 (1941) 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 O lo t a h n e s r Total Guar- O se t c h u e - r ments and paper bro- Total Bills Notes Bond an- rities agri- kers To teed cul- and others tural dealers Boston (6 cities) Jan. 29 1,235 636 319 64 13 17 80 4 139 599 473 34 39 343 57 126 Feb 5 1,246 644 324 65 13 17 81 4 140 602 476 34 51 334 57 126 Feb. 12 . 1,242 645 325 66 12 17 81 4 140 597 469 34 50 328 57 128 Feb. 19 1.247 653 331 67 12 17 81 4 141 594 466 31 50 328 57 128 New York (8 cities)* Jan. 29 11,288 3,420 2,070 100 326 215 192 24 493 7,868 6,317 178 1,315 3,166 1,658 1,551 Feb. 5 11,562 3,412 2,090 100 304 214 192 23 489 8,150 6,553 149 1,541 3,199 1,664 1,597 Feb. 12 11,595 3,419 2,108 101 294 213 192 22 489 8,176 6,580 147 1,548 3,212 1,673 1,596 Feb. 19 11,628 3, 438 2,131 101 290 213 191 23 489 8,190 6,574 143 1,553 3,208 1,670 1,616 Philadelphia (4 cities) Jan. 29 1,212 475 229 34 24 32 50 105 737 460 28 342 90 277 Feb. 5 _ . 1,221 475 232 34 24 31 50 1 103 746 467 31 347 89 279 Feb. 12 1,226 480 235 34 25 32 50 1 103 746 468 32 347 89 278 Feb. 19 ._ 1,233 481 238 34 24 32 50 103 752 473 31 353 89 279 Cleveland (10 cities) Jan. 29 1.967 768 334 9 16 20 182 1 206 1,199 925 12 146 631 136 274 Feb. 5 1,983 775 338 9 16 20 182 1 209 1,208 938 12 169 622 135 270 Feb. 12 1,986 780 345 9 15 20 182 1 208 1,206 936 11 170 619 136 270 Feb. 19 1,998 789 352 9 14 20 182 1 211 1,209 936 11 170 619 136 273 Richmond (12 cities) Jan. 29 741 293 136 10 3 14 48 82 448 381 148 179 54 67 Feb. 5 764 293 137 9 3 14 48 82 471 403 169 180 54 68 Feb. 12 765 294 137 10 3 14 48 82 471 404 167 183 54 67 Feb. 19 769 295 138 10 3 14 48 82 474 405 163 188 54 69 Atlanta (8 cities) Jan. 29 690 370 197 4 8 11 34 1 115 320 206 3 40 102 61 114 Feb. 5 698 369 196 4 11 34 1 116 329 216 3 50 104 59 113 Feb 12 700 372 197 4 11 35 1 117 328 215 3 50 103 59 113 Feb. 19 703 375 198 4 11 35 2 118 328 214 3 55 98 58 114 Chicago (12 cities)* Jan. 29 3.736 1,088 665 40 42 64 132 1 144 2,648 2,062 396 284 1,095 287 586 Feb. 5 3,818 1,099 673 40 41 68 132 1 144 2,719 2, 131 443 302 1,100 286 588 Feb. 12 3,832 1,107 680 42 39 63 132 1 145 2. 725 2,137 437 301 1,103 296 588 Feb. 19 3,879 1,110 682 42 41 68 132 2 143 2, 769 2,159 452 299 1,112 296 610 St. Louis (5 cities) Jan. 29 770 377 220 12 4 13 59 2 67 393 280 14 38 163 65 113 Feb. 5 782 380 221 12 5 13 59 2 68 402 289 13 43 168 65 113 Feb. 12 787 383 224 12 5 13 59 2 68 404 290 13 45 167 65 114 Feb. 19 789 383 224 13 5 12 59 2 68 406 293 13 46 169 65 113 Minneapolis (8 cities) Jan. 29 420 213 111 3 2 12 78 207 165 23 110 32 42 Feb. 5 450 212 111 3 1 6 12 79 238 197 29 26 110 32 41 Feb. 12 450 212 111 3 1 6 12 79 238 197 29 26 110 32 41 Feb. 19 452 213 111 3 1 6 12 80 239 197 29 26 110 32 42 Kansas City (12 cities) Jan. 29 . ._ 714 349 211 22 4 10 31 71 365 239 13 55 96 75 126 Feb. 5 717 350 212 22 4 10 31 71 367 242 13 60 93 76 125 Feb. 12 717 350 212 21 4 10 31 72 367 241 13 58 95 75 126 Feb 19 720 351 213 22 3 10 31 72 369 242 13 58 95 76 127 Dallas (9 cities) Jan. 29 580 319 219 4 13 23 58 261 201 28 37 97 39 60 Feb. 5 590 320 219 1 5 14 23 1 57 270 209 29 42 99 39 61 Feb. 12 590 322 223 1 5 12 23 1 57 268 206 26 42 99 39 62 Feb. 19 590 321 221 1 5 12 23 1 58 269 208 30 41 99 38 61 San Francisco (7 cities) Jan. 29 ._ _ . 2,323 1,000 365 14 12 43 386 1 179 1,323 985 7 61 727 190 338 Feb. 5 2,353 1,008 371 14 17 43 386 1 176 1, 345 1,003 7 79 727 190 342 Feb. 12 2,358 1,013 376 14 14 43 386 1 179 1,345 1,004 7 79 728 190 341 Feb. 19 2,373 1,014 378 14 13 43 386 1 179 1,359 1,013 12 80 732 189 346 City of Chicago* Jan. 29 2,492 695 488 22 36 55 20 74 1,797 1,419 396 148 760 115 378 Feb. 5 2,574 698 493 21 36 55 20 74 1,876 1,488 443 166 765 114 388 Feb 12 2,583 703 499 21 33 55 20 75 1,880 1,492 437 163 768 124 388 Feb. 19 2,621 703 497 21 34 55 20 1 75 1,918 1,512 452 160 775 125 406 * 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. 234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic B s w F e a R e e r i r n d e t a - - v k h l e s v C a i a n u s l h t b m a w n a d e i o n c t s - e h k t s i s c j p m u o d a s a d e t s - e n - it d d s i s p u p v h n a c a o i a o d e n i r r r p l - r - d s a t s - , - - , S p s d s a i t i u o c i o n a b v l a n t - i d i l t e - s - s c C h c f a o e e e e i t f n e c r r c f . d i d s t k - i ' s - m U G er . e S o n n . - v t - 2 s p p u v h n a c o a i o a n d e i r r r p l - r - d s a t s - , - - , S p s d s a t i i u o c i a o n b v l a t n - i d 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 - - co C i a u a t c p a n - - l ts d F i e s d tr e i r c ( a 1 t l 9 a 4 R n 1 e ) d s e d r a v t e e tions tions Boston (6 cities) 144 191 1,381 1,341 21 230 405 247 Jan. 29 653 144 198 1,381 1.339 18 231 395 247 Feb. 5 665 145 198 1,389 1,354 17 230 399 247 Feb. 12 662 145 198 1,393 1, 364 17 231 395 248 Feb. 19 New York (8 cities) * 6,922 107 11,392 11,245 556 315 1,056 3,949 1,626 Jan. 29 6,593 104 235 11,389 11,149 555 294 1,063 3,898 1,631 Feb. 5 6,590 105 236 11,485 11, 260 281 1,064 3,876 570 1,631 Feb. 12 6,746 103 237 11, 599 11,411 302 1,074 3,909 570 1,630 Feb. 19 Philadelphia (4 cities) 23 220 1,112 1,122 53 11 257 445 216 Jan. 29 521 22 214 1,090 1,096 60 10 258 446 217 Feb. 5 523 23 201 1,085 1,095 59 8 258 445 218 Feb. 12 524 23 211 1,096 1,109 51 14 258 454 217 Feb. 19 Cleveland (10 cities) 832 51 374 1,634 1,614 99 21 477 387 Jan. 29 808 50 371 1,603 1,572 105 19 727 482 387 Feb. 5 788 48 373 1, 585 1,581 98 20 728 482 386 Feb. 12 799 51 372 1,608 1,592 21 729 483 387 Feb. 19 Richmond (12 cities) 255 27 243 597 575 56 13 201 348 99 Jan. 29 260 26 229 600 581 57 13 202 351 99 Feb. 5 256 27 242 607 596 57 11 202 354 99 Feb. 12 258 25 237 600 587 58 13 203 360 99 Feb. 19 Atlanta (8 cities) 152 16 213 463 447 70 6 185 339 Jan. 29 156 15 215 457 434 77 6 185 347 96 Feb. 5 160 16 228 468 453 78 6 185 355 96 Feb. 12 166 15 232 470 452 77 185 364 96 Feb. 19 Chicago (12 cities)* 1,475 81 612 3, 085 2,920 313 993 1,362 412 Jan. 29 1,417 77 596 3,050 2,871 317 116 994 1, 352 414 Feb. 5 1, 437 80 597 3.080 2,917 327 116 994 1, 360 414 Feb. 12 1,444 79 599 3,109 2,905 347 116 995 1,385 414 Feb. 19 St. Louis (5 cities) 268 13 196 548 546 50 6 189 420 95 Jan. 29 258 12 200 542 541 49 10 189 426 96 Feb. 5 260 13 207 553 558 50 10 189 429 96 Feb. 12 257 12 551 550 52 10 189 431 96 Feb. 19 Minneapolis (8 cities) 123 135 333 299 53 1 116 178 60 Jan. 29 110 114 327 297 52 1 116 181 60 Feb. 5 113 112 330 304 50 1 115 179 60 Feb. 12 109 109 326 49 1 115 178 61 Feb.12 Kansas City (12 cities) 213 314 592 557 84 6 141 420 107 Jan. 29 210 316 585 554 82 8 141 426 107 Feb. 5 . 209 321 590 568 82 8 141 426 107 Feb. 12 209 334 594 571 83 8 141 438 107 Feb. 19 Dallas (9 cities) 155 281 536 510 55 14 128 280 89 Jan. 29 155 284 535 510 57 22 128 285 89 Feb. 5 160 291 543 520 60 23 129 288. 89 Feb. 12 151 309 545 56 23 129 296 89 Feb. 19 San Francisco (7 cities) 497 340 1,259 1,225 101 1,017 336 Jan. 29 470 342 1, 239 1,214 100 1,017 335 Feb. 5 479 345 1, 266 1,250 97 1,019 332 390 Feb. 12 479 342 1,266 1,253 96 1, 021 340 390 Feb. 19 City of Chicago* 1, 080 281 2,058 1,994 160 500 1,028 263 Jan. 29 1, 035 261 2,041 1, 957 168 500 1,021 265 Feb. 5 1.033 258 2,042 1,976 162 500 1,024 265 Feb. 12 1,032 263 2,059 1,975 172 500 1,049 265 Feb. 19 * See note on preceding page. • 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. MARCH 1941 235 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 Com- End of month p m c a i p e a r 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 s to b re e d t w i e n e n or out- out- Im- points in stand- stand- For ac- ports Exports Dollar ing i ing For count of Others into from ex- Total O bi w ll n s bo B u il g ls ht o c w o n u n a t c- f s c o p e o r o n e r n i r t g s e d n - - U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta it te ed s F c o t o r r i u e e i n s g - n 1939— 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 51 23 February . 226 233 188 123 65 45 95 44 15 51 27 March 233 230 184 121 63 46 90 47 14 49 30 April 239 223 178 118 61 45 86 45 13 46 33 May 234 214 171 113 58 43 78 47 12 41 34 June 224 206 166 112 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 ion 67 42 109 18 10 44 27 1941—January 232 213 168 103 65 45' 115 16 11 44 26 1 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 Debit Debit cre C d u it s t b o a m la e n r c s e ' s ! Other credit balances End of month C b u a ( d s n l t e a e o b n t m ) i c t e 1 e s rs' a i b n n p a a v d l a c a e c r n s t t o r n c t u a m e e d n s r e t i s s n n i ' n g t a i b n n a a v d l c a e f c n i s t o r r c t u m a m e d n s e t i s n n in g t C a b h a n a s a d n h n k d i o s n n r M o b w o o n e r d - e y 2 Free O (n th et e ) r m p i a e n r n v t I t n n e a s e t 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 ta n l 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 December 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 1941—January 661 11 73 207 399 275 54 22 6 238 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition,"' 1and 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). 236 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing rate1 on- Average rate on— [Per cent per annum] Aver- 7 other mo Y w n e e t a e h k r , , or m m p P 4 c a r o e o p i t r n m o m c e t i r - h e 6 a , s la a b P c d n e a c r a 9 c r n i e y s 0 e m k p ' s s - t e , - c l S h t d o i t e a a a 9 m o x n n 0 y c - e g s s k , e c S n h l c t o e r a e a o a e x l a w n l c s - - n l g k - e w i f N U s e u i o s r e t . f u r e h w - y e S d i b s n . 9 il T 1 l t s - D r a q d e e t u a e r a i y s a o o s ' l - n - - y e T i 3 n U x y e t u r a - o a e l e . t e g r d o t x m a y a e e S - - r s s 5 o p . - t f 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 4 6 8 7 5 a a a a a v v v v v e e e e e r r r r r a a a a a g g g g g e e e e e . . . . . _ . . . . . . . . . 1 T 9 o c 3 t i 2 2 2 2 t a . . . . . i 4 6 l 9 5 5 e 5 8 3 9 3 s Y N C o e i 2 1 1 1 1 t w r y . . k . . . 7 7 6 7 4 6 2 9 3 5 e E N r c a n o i s t r t i 3 3 3 2 2 a e e t . . . . . n h r s 3 0 7 8 7 n d - 9 4 5 8 1 1 W e 1 r c n e i S t s i a o t e e 3 4 3 3 3 n u s r . . . . . d t 2 7 2 3 4 n h 6 6 5 2 0 period 1939 average i. 2.78 2.07 2.87 3.51 1940 average K 2.63 2.04 2.56 3.38 1938 average... .81 .44 1.25 1.00 .053 .07 .83 Monthly figures 1939 average... .59 .44 1.25 1.00 .022 .05 .59 1938—January 2.60 1.70 2.92 3.28 1940 average... .56 .44 1.25 1.00 .014 .04 .50 February 2.49 1.70 2.65 3.21 March 2.48 1.65 2.64 3.28 1940—Jan .56 .44 1.25 1.00 r(2) .01 .47 April 2.48 1.70 2.60 3.25 Feb .56 .44 1.25 1.00 .004 .02 .46 May 2.48 1.70 2.64 3.20 Mar .56 .44 1.25 1.00 (2) .02 .42 June 2.56 1.70 2.78 3.31 April .56 .44 1.25 1.00 .003 .02 .45 July 2.57 1.70 2.78 3.35 May .56 .44 1.25 1.00 .042 .06 .65 August 2.52 1.67 2.71 3.28 June .56 .44 1.25 1.00 .071 .10 .76 September 2.53 1.70 2.74 3.26 July .56 .44 1.25 1.00 .009 .05 .57 October 2.57 1.70 2.90 3.21 Aug .56 .44 1.25 1.00 .019 .04 .58 November 1.70 2.68 3.20 Sept .06 .44 1.25 1.00 .021 .05 .48 December 2.6 1.70 2.95 3.23 Oct .56 .44 1.25 1 00 (2) 02 43 Nov .56 AA 1.25 1.00 .003 .02 .34 1939—January... 2.64 1.73 2.97 3.32 Dec . 56 AA 1.25 1 00 (2) .02 .35 February.. 2.52 1.70 2.69 3.26 1941—Jan. .56 .44 1.25 1.00 (2) .02 .43 Quarterly figures i Week ending: 1939—March 2.95 2.13 3.05 3.77 Jan. 18 . 7i ( 1/4 1.00 (2) .02 .41 June 2.15 3.05 3.62 J F F a e e n b b . . . 2 8 1 5 . . _ . . . . . } } l/ / A _ > ~ ~ ~ 5 % / % £ 7/i. I I H K K i 1 l 1 . . . O 0 0 0 0 u ( ( ( 2 3 ) ) ) . . . 0 0 0 2 2 2 . . . 4 5 4 7 4 3 1940— D S M e e p a c t r e e c m h m b b e e r r 2 2 2 . . . 6 6 5 8 5 9 2 2 1. . . 9 0 0 6 4 3 2 2 2 . . . 5 7 6 9 8 7 3 3 3 . . . 3 3 3 5 2 1 Feb. 15. Ar'A 7/i < 1.00 .007 .02 .63 June . 2.59 2.00 2.49 3.38 Feb. 22._ /i t IK 1.00 . 0-13 .03 .58 September 2.68 2.14 2.56 3.43 December 2.59 2.00 2.53 3.36 r Revised. 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 s Rate negligible. and monthly figures. Back figures—SQQ Annual Report for 1937 (tables 43 and 44). Figures Back figures—See November 1939 BULLETIN, pp. 963-969 for descripfor Treasury bills and Treasury notes available on request. tion and for back figures. BOND YIELDS1 [Per cent per annum] Corporate 4 U. S. Year, month, or week Treas- Munic- By ratings By groups ury 2 ipal 3 Total Aaa Aa A Baa In tr d ia u l 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 1940—January.. _ . .. . 2.30 2.54 3.63 2.88 3.08 3.69 4.86 3.14 4.39 3.35 February 2.32 2.60 3.60 2.86 3.05 3.68 4.83 3.12 4.37 3.33 March __ ... ... ... 2.25 2.58 3.58 2.84 3.04 3.65 4.80 3.09 4.37 3.29 April . 2.25 2.56 3.54 2.82 2.99 3.59 4.74 3.05 4.33 3.24 May 2.38 2.81 3.65 2.93 3.08 3.65 4.94 3.20 4.46 3.30 June ... _ _ . . . . . 2.39 2.85 3.72 2.96 3.10 3.70 5.11 3.25 4.57 3.33 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 1941—January 1.99 2.16 3.36 2.75 2.95 3.36 4.38 2.96 3.96 3.17 Week ending: Feb 1 2.04 2. 15 3.36 2.76 2.96 3.36 4.36 2.97 3.94 3.17 Feb. 8 2.09 2.21 3.38 2.76 2.98 3.38 4.40 2.99 3.97 3.18 Feb.15 . 2. 11 2.22 3.39 2.76 2.99 3.37 4.41 2.99 3.98 3.19 Feb. 22 2. 12 2.32 3.42 2.79 3.02 3.39 4.46 3.02 4.03 3.20 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. 3 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. MARCH 1941 237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES' STOCK MARKET Corporate 3 Stock prices i Vol- U.S. ume of Year, month, or date Treas- Munic- tradury a ipal 3 Indus- Rail- Public Year, month, or Common (index, 1926=100) ing^ Total trial road utility date Pre- (in ferred 2 thou- Indus- Rail- Public sands of Number of issues 2-6 15 60 20 20 20 Total trial road utility shares) 1938 average. 102.5 113.7 78.9 82.9 58.6 95.3 1939 average. 105.2 116.3 81.6 86.0 58.0 100.9 Number of issues.. 1940 average 107.2 121.2 82.0 87.5 57.9 100.6 1938 average 135.6 1,100 1940—January 106.0 120.2 82.4 87.3 58.2 101.8 1939 average 141.2 105 973 February.. 105.7 119.1 82.2 87.3 57.8 101.6 1940 average 140.1 97 766 March 106.7 119.7 82.1 87.3 57.2 101.8 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 1941—January 110.4 127.7 85.3 90.5 64.3 101.2 October 140.4 95 599 November.. _ 141.9 96 1,044 Jan. 29. . 109.7 127.9 85.4 90.5 64.6 101.1 December 143.9 94 814 Feb. 5 108.9 126. 6 85.0 90.1 63.8 101.1 1941—January 145.4 94 564 Feb. 11 .... 108.7 126. 5 84.8 90.2 63.2 101.0 Feb. 19 108.5 124.6 83.9 89.7 61.3 100. 7 Jan. 29 145.0 91 27 551 Feb. 5 143.8 90 421 Feb. 11 . . 143.6 610 1 Monthly data are averages of daily figures except for municipal bonds, Feb. 19 142. 3 379 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 prices of industrial high-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 2 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 2,239 931 924 383 287 97 50 3,553 3,465 195 1,537 1,733 1,596 137 88 1940 i 4,764 1,943 1,942 757 461 724 589 135 1 2,821 2,818 478 344 1,996 1,804 193 3 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..__ 242 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 0 227 111 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 227 83 83 71 2 10 8 2 0 144 144 14 29 101 101 (3) 0 July.... 691 397 397 62 289 46 44 2 0 294 294 20 48 226 223 3 0 Aug 282 130 129 61 0 68 53 15 1 153 153 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 1941—Jan 417 95 95 40 2 53 51 2 0 322 322 23 31 268 265 3 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Annual Report for 1937 (table 78) 238 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 Public issues Special issues End of month T g d r o e o t b s a t s l in T t o e t r a e l st Marketable issuesl Nonm is a s r u k e e s table Social Ad- t d M u e r b a e - d t Other bearing Total Treas- Treas- Treas- S P a o v s i t n a g l s U. S. ju A st d e - d Total cu se r - ity3s j e u r s v t i e c d e i oi A n l e l r ury ury ury and Savings bills notes bonds2 p b r o e n w d a s r bonds bonds 1932—June 19, 487 19,161 618, 852 616 1,261 13, 460 790 309 105 203 60 266 1933_june 22, 539 22,158 621, 835 954 4,548 13,417 806 323 92 231 66 315 1934—June 27,053 26, 480 626,084 1,404 6,653 15, 679 831 396 118 278 54 518 1935—June 28, 701 27 645 27 012 2 053 10 023 14 019 855 fi2 633 156 478 231 825 1936—June 33, 779 32, 989 32, 363 2,354 11,381 17,168 200 316 945 626 19 126 480 169 620 1937—June 36, 425 35, 800 34, 242 2,303 10,617 19,936 198 800 389 1,558 579 538 441 119 506 1938—June 37,165 36, 576 33, 900 1,154 9,147 21, 846 197 1, 238 319 2,676 1,601 549 526 141 448 1939—June 40, 440 39, 886 36,116 1,308 7,243 25, 218 196 1,868 283 3,770 2,511 556 703 142 411 1940—Jan 42,110 41, 601 37, 346 1,307 6,203 26, 896 196 2,473 271 4,256 3,049 517 689 114 395 Feb 42, 365 41, 839 37,484 1,308 6,203 26, 897 196 2,610 269 4,356 3,152 516 688 132 394 Mar 42, 540 41, 983 37, 513 1,309 6,125 26, 908 196 2,707 268 4,471 3,269 516 686 165 392 Apr.. _. 42, 658 42,117 37, 620 1,306 6,125 26, 908 196 2,818 267 4,496 3,282 515 699 150 391 May.... 42,808 42, 253 37, 668 1,304 6,125 26, 908 196 2.869 265 4, 585 3,363 515 707 166 389 June 42, 968 42, 376 37, 602 1,302 6,383 26, 555 196 2,905 261 4, 775 3,528 536 712 205 386 July 43, 771 43,186 38, 333 1,302 6,384 27. 226 196 2,966 258 4,853 3,536 515 803 198 388 Aug 43, 905 43, 317 38,383 1,303 6,384 27, 236 196 3,008 256 4,934 3,622 515 797 205 383 Sept 44,072 43, 480 38, 417 1,303 6,384 27, 235 196 3,044 254 5,063 3,751 517 796 212 381 Oct. 44,137 43, 560 38, 459 1,307 5,660 27, 960 196 3,084 252 5, 102 3,777 517 808 197 380 Nov 44, 273 43, 707 38, 498 1,308 5.660 27, 960 196 3,123 251 5,209 3,885 516 808 187 379 Dec 45, 025 44,458 39, 089 1,310 6,178 27, 960 196 3,195 249 5,370 4,047 516 806 189 377 1941—Jan 45, 877 45, 320 39, 895 1,307 6, 813 27, 960 196 3,371 248 5,426 4,066 517 842 181 376 NOTE: Beginning with this issue of the BULLETIN the classifications of the direct debt have been revised to show separately marketable and nonmarketable public issues, and special issues. 1 Including amounts held by Government agencies and trust funds which aggregated $2,005,000,000 on November 30, 1940. 2 Including Liberty bonds. 3 Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. 4 Including special issues of bonds and of notes to Government life insurance fund and of certificates to adjusted service fund. 5 Including special issues to Government employees' retirement funds, to Postal Savings System, to Federal Deposit Insurance Corporation, and to Federal Savings and Loan Insurance Corporation. e Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000. MATURITIES OF PUBLIC ISSUES OF DIRECT OBLIGATIONS FULLY GUARANTEED OBLIGATIONS, BY AGENCIES' January 31, 1941 [In millions of dollars] [In millions of dollars] Maturing Federal Home Recon- Com- U.S. Treas- Farm Owners' struction modity Hous- Date c m al a l t a u b r le ing or Total T u r r e y as- T u r r e y as- Trea B s o - nds b c o u a n r l y l d - s E m n o d n t o h f Total M Co o t r i r p o tg o n a ra g - e Co t L i r o o p n a o n 2 ra- C F o i t n r i p a o o n n r c a e - C C o t r r i p e o d o n i r t a- Au i i n t t h y g or' bills notes ury Other* able* 1934—June. 681 312 134 235 1941—Before Apr. 1 2,027 805 677 545 545 Dec... 3,063 980 1,834 249 Apr. 1-June 30 ... 1,006 502 504 1935—June 4,123 1,226 2,647 250 July 1-Sept. 30.— 835 834 (3) 834 Dec— 4,494 1,387 2,855 252 Oct. l-Dec. 31 __ 204 204 1936—June.. 4,718 1,422 3,044 252 1942—Jan. 1-Mar. 31 426 426 (3) Dec. 4,662 1,422 2,988 252 Apr. l-Dec. 31 575 575 1937—June.. 4,665 1,422 2,987 255 1943 1,330 1, 330 C3) 1 855 Dec... 4,645 1,410 2,937 297 1944 1,848 1,848 (3) 2,555 1938—June . 4,853 1,410 2,937 299 206 1945 3,611 1,249 1,941 421 1,755 Dec— 4,992 1,388 2,888 509 206 1946 1,850 1,519 331 2,344 1939—June.. 5,450 1,379 2,928 820 206 114 1947 ... 2,794 2,370 424 1 460 1948 1,983 1,487 496 2,246 1939—Oct... 5,448 1,279 2,823 820 409 114 1949 1,639 819 821 2,278 Nov. . 5,707 1,269 2,817 1,096 407 114 1950 1,514 571 943 1 186 Dec— 5,703 1,269 2,813 1,096 407 114 1951 1,451 1,223 227 3,500 1940—Jan... 5,699 1,269 2,809 1,096 407 114 1952 2,454 2,436 18 Feb... 5,673 1,269 2,783 1,096 407 114 1953 2,932 2,904 27 725 Mar. _ 5,663 1,269 2,770 1,096 407 114 1954 2,685 2,663 22 681 Apr— 5,656 1,269 2,763 1,096 407 114 1955 . __ 1,515 1,480 35 2 611 May.. 5,535 1,269 2,641 1,096 407 114 1956 1,170 1 170 ' 982 June.. 5,528 1,269 2,634 1,096 407 114 1958 919 July.. 5,526 1,269 2,631 1,096 407 114 1959 982 982 Aug... 5,812 1,269 2,627 1,096 696 114 1960 2,611 2,611 1,485 Sept.. 5,808 1,269 2,623 1,097 696 114 1961 50 50 Oct._. 5,810 1,269 2,621 1,097 696 114 1963 919 919 Nov. . 5,919 1,269 2,618 1,097 696 226 1965 __ 1,485 1,485 Dec. . 5.917 1,269 2,615 1,097 696 226 1941—Jan..... 5,915 1,269 2,614 1,097 696 226 Total 39, 895 1,307 6,813 27, 960 3,815 27,960 1 Treasury bonds in the amount of $2,527,000,000 not callable prior to i Principal amount of obligations guaranteed as to interest and princimaturity are shown as of date of maturity. Bonds that have been called pal. Excludes obligations held by U. S. Treasury and reflected in the are shown as maturing on date of call. public debt. The total includes guaranteed debentures of the Federal 2 Includes Postal Savings, pre-war, U. S. Savings bonds, and adjusted Housing Administrator, amounting to $12,300,000 on January 31, 1941. service bonds of 1945. U. S. Savings and adjusted service bonds are re- 2 Excludes obligations guaranteed as to interest only. For August 1038 deemable at option of their holders. and subsequent months includes matured bonds not presented for retire- 3 Less than $500,000. ment amounting to $14,000,000 on January 31, 1941. MARCH 1941 239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Trust Increase or deac- crease during Receipts Expenditures excl. debt retirements) counts period etc.,2 excess Period c M el i l s a - - A cu g l r - i- Un- Trans- E o x f c e e x s - s c o e f i p re ts c ta o I x n m - e e s in n t a e l r- s S t e a o i c x t c y u e ia r s - l o A th ll er c T e r o i e p t - a ts l ce N r i e p e - t ts1 I d n e o e t s e n b t r t - t f i N e o d n e n a s - - a e l m t j A u u e r s d n a t - - l t m p e l r m e o e- n y - t - f c t e o r a r u u c s s n - t t t o s o A th l e l r Totali p t e u n re d s i- p ( t + e u e n r x ) e d - o s i r - f G b e u a r e n a l n - d l - d G e r b os ts s reve- Pro- lief etc.* (-) ance2 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 7 months ending: Jan. 1939._. 1,187 1,372 375 302 3,235 2,993 455 677 356 1,576 164 1,727 4,955 -1,962 +212 +717 +2, 467 Jan. 1940... 846 1,443 422 348 3,059 2,791 493 821 604 1,108 174 1,991 5,192 -2,402 +175 -556 +1, 670 Jan. 1941.. _ 1,103 1,726 464 313 3,607 3,264 516 2,304 629 1,016 186 1,601 6,252 -2, 987 +212 +134 +2, 909 1939—Nov.. 34 191 130 52 407 364 12 118 117 147 10 243 648 -284 +267 +252 +269 Dec. 319 171 29 50 569 521 190 125 102 162 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 +175 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 1941—Jan.. _ 63 210 47 52 372 340 25 572 103 146 18 247 1,111 -771 +15 +97 +852 Details of trust accounts, etc. Details of general fund balance (end of period) tru O st ld f - u a n g d e a in n s d u r r a a i n lr c o e ad Unemployment Net expenditures in checking All other retirement account trust fund accounts of Government agencies Period c N e r i e e p - t ts m v I e e n s n - t t - s m B p e f e a i n n y t e t - s - ce R i e p - ts m v I e e n s n - t t - s p O tu e e t x n r h e - d e s i r - s C F t R r o i u n e r c p c 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 ng n t 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 c I o o r n e e n l n - - d t S io e r i a g g n e - W a b i n a n o c l g r - e ktion 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 2,838 142 536 2,160 June 1940... 703 573 129 959 443 514 *234 10 17 166 415 323 1,891 143 585 1,163 7 months ending: Jan. 1939.... 331 243 67 453 202 248 *184 134 17 *96 270 211 2,933 142 503 2,288 Jan. 1940.... 355 268 71 531 270 266 *239 *23 67 83 252 200 2,282 143 568 L, 571 Jan. 1941.... 429 274 101 650 264 379 94 *60 23 *159 280 231 2,025 143 599 L, 283 1939—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 1940—Jan 10 10 79 28 58 •20 *6 14 •25 24 17 2,282 143 568 1,571 Feb 10 10 155 103 45 •5 *3 •11 7 20 2 2,350 143 573 1,634 Mar 135 135 11 30 •18 47 2 *4 17 •29 29 22 2,514 143 577 1,794 Apr 20 *5 12 53 18 45 *3 •4 •34 9 32 10 2,210 143 581 ,486 May 4 12 145 81 58 *6 (4) •17 107 20 17 2,030 143 584 1,303 June 179 175 12 46 •11 54 17 45 •5 •11 62 72 1,891 143 585 1,163 July. 56 *5 13 59 13 57 25 10 25 •57 120 103 2,258 143 588 ,527 Aug 145 1 13 143 85 53 •144 •6 •32 18 15 2,454 143 590 ,720 Sept 11 148 14 67 •18 81 •13 •1 15 16 24 17 2,415 143 592 ,680 Oct 32 *5 15 107 31 84 *10 21 51 *13 29 17 1,920 143 595 ,183 Nov 143 *5 15 145 113 31 59 24 •103 *50 18 6 1,817 143 596 ,078 Dec. 1 151 15 51 11 33 15 17 8 21 35 25 1,928 143 597 ],188 1941—Jan 42 *10 15 78 29 41 16 12 32 *43 38 50 2,025 143 599 1,283 i Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts. 2 Details given in lower section of table. 3 For details, see preceding page. 4 Less than $500,000. * Excess of credits. NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052 240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31, 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 rt a g g a e g n e c i a e n s d Farm credit agencies Ten- Total struction nes- Finance see In- Corpo- United Other Val- surration Home Other States Farm Farm Com- ley ance Other and Owners' mort- Hous- mort- Credit modity Au- agen- Dec. Nov. Dec. Public Loan gage ing gage Adm. Credit Other thor- cies 31, 30, 31, Works Corpo- agen- Au- agen- banks Corpo- ity 1940 1940 1939 Admin- ration cies thority cies and cor- ration istration porations Assets Loans and preferred stock: Loans to financial institutions.. . 225 201 (l) 59 485 469 444 Preferred stock etc 452 194 27 61 1 736 739 816 486 30 516 515 500 Home and housing mortgage loans 1,956 248 186 2,390 2, 387 2, 365 Farm mortgage loans 2,500 2,500 2,508 2, 596 Other agricultural loans 287 280 184 4 757 772 1,130 All other loans _ 2 445 0) 3444 *409 1,298 1,291 1,100 Total loans and preferred stock „ 1,609 2,151 477 186 2,500 349 280 628 59 445 8,682 8,680 8, 951 Cash 5 189 47 50 100 61 2 14 8 41 17 533 549 460 U S Govt direct obligations 49 39 5 83 92 430 5 701 699 758 Obligations of Government credit agencies: Fully guaranteed by U S 13 10 105 128 128 130 Other 5 8 5 1 12 22 24 41 Accounts and other receivables 26 7 6 2 211 4 67 29 6 63 69 491 513 379 Business property. 1 3 0) 128 6 0) 6 351 1 97 593 601 549 Property held for sale 42 357 1 88 0) 570 (i) 39 43 1,141 1,113 661 Other assets 3 0) 0) 0) 9 26 5 0) 11 157 211 210 133 Total assets other than interagency 6 1,742 2,706 582 370 2,997 553 926 676 365 749 833 12, 50012, 51812,062 Liabilities Bonds, notes, and debentures: Guaranteed.by United States._. 1,097 2,615 226 1,270 696 13 5,917 5,919 5, 704 Other 5 176 5 995 201 8 4 12 1,395 1,422 1,348 Other liabilities (including reserves) 291 67 34 6 116 8 129 221 7 248 89 1,214 1,237 995 Total liabilities other than interagency6 _ 1,388 2,682 209 232 2,380 209 825 221 15 265 100 8,526 8,579 8,048 Excess of assets over liabilities, excluding interagency transactions._ 354 25 373 137 617 345 101 455 350 484 733 3,974 3,939 4,014 Privately owned interests '. 56 216 4 139 415 413 397 U. S. Government interests 354 25 317 137 401 341 101 455 350 345 733 3,559 3,526 3,617 1 Less than $500,000. 2 Includes $90,000,000 loans of Public Works Administration. 3 Includes $375,000,000 loans of Farm Security Administration. 4 Includes $249,000,000 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] Jan. 31, July 31, Aug. 31, Sept. 3C Oct. 31, Nov. 30, Dec. 31, Jan. 31, 1940 1940 1940 1940 1940 1940 1940 1941 Loans to financial institutions 166, 799 147,184 145,178 142, 396 141, 935 167,153 171,583 166,278 Loans on preferred stock of banks and insurance companies.. 32, 319 56, 924 56, 769 56, 627 56, 578 56,470 52,947 49, 991 Preferred stock, capital notes, and debentures 484,211 465, 909 458, 845 459, 941 460,218 454,941 452, 380 447, 374 Loans to railroads (including receivers) 454,194 506, 623 507, 627 470,039 469, 769 472, 596 473,881 481,961 Loans for self-liquidating projects 65,873 38, 754 42, 262 38, 476 47,096 35, 597 35, 797 36, 669 Loans to industrial and commercial businesses 1 130, 378 129, 955 129, 427 131,126 130,944 131,484 128, 561 127, 201 Loans to drainage, levee, and irrigation districts 83, 814 83, 299 83, 223 83, 360 83,409 83, 507 83,460 83, 231 Other loans 4,093 4,' 4,801 4,746 4,855 4,884 4,862 4,731 Securities purchased from Public Works Administration 117, 876 107,066 110,090 116, 216 115, f" 115, 224 115, 699 114,075 Total loans and investments, other than interagency.. 1, 539, 5571, 540, 502 1, 538,2221, 502, 9261, 510, 7351, 521, 8571, 519,1701,511,515 Preferred stock of, and loans to Export-Import bank 45, 000 74, 000 74,000 74,000 74,000 99,000 99,000 174,000 Loans to Rural Electrification Administration 146,498 146,'"" 146, 498 146,'""" 146,498 146,'""" 146,498 152,498 Capital stock of, and loans to R. F. C. Mortgage Co 58,045 58, 628 60, 212 61,160 62,806 64,115 67,110 68,042 Capital stock of, and loans to Fed. Natl. Mtge. Assn 63, 233 76,470 78, 976 81,039 84, 559 87,077 90, 380 93, 491 Loans to Tennessee Valley Authority 8,300 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 63,106 Loans to Farm Security Administration 10, 000 10,000 10,000 21,000 23,000 28, 000 17,671 Total loans and investments. 1, 860, 6321, 915, 3971, 918, 2061, 894, 3181, 932,1751, 983, 2342,002,961 2,088,622 1 Include national defense loans amounting to $8,524,000 on January 31, 1941. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. MARCH 1941 241 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 ed 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 s c p c o r n r c o r o e c d u e r d d i a l d a u i t b t i t u t i c i t a o o r c t n a a i n n o o s k l s s r - n s , - , f c i i e o n n O t t x i o i a s o v t c p t n h n i e e e t c e s p s u r i r , a t n - - g ti a o s t n s io o c n c r i s e a d - it tu i a r t r a g c a t r o i l i o c r c p n u r o l e s - d - - c d r g r l o o o e p a n u n c g a s y n h d t m F b c i e e n r a d e d t n e e d i k a r r i - a s t t e l B in C c a a c B o t e n l i o u a n v k p n d t e s e r k i s a r n f , o - l g r i M A i n r n e t g g a g u v r r o r f i k c A a u l e v u l n c t l - d - t 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. 1,904,655 690,880 165, 236 33, 354 154,496 8,005 168, 330 1,835 76, 252 20, 547 1940—January... 1, 900, 408 687,191 161, 753 33, 620 153, 949 7,904 167, 957 1,756 73, 238 20,427 February.. 1,896, 507 683, 694 165,106 34, 738 160,003 7,926 170,020 2,002 71, 772 20,038 March 1,890,432 677, 717 176,007 36, 326 173,840 7,888 176,045 1,754 69, 311 19, 763 April 1,886, 272 673, 696 185, 373 37,921 186, 276 7,904 179,801 1,603 67,454 18,537 May 1,882, 516 670,723 190, 961 38,377 194,662 7,845 180, 938 1,315 63, 564 18,137 June 1,880,408 668,850 196,408 40,033 200,415 7,768 181, 218 897 62,177 18,200 July 1,874, 608 665,073 199, 238 42,161 203, 693 7, 614 180,824 1,217 65,111 15,311 August 1,871, 487 662, 592 202, 503 42, 416 202, 796 7,416 179, 984 763 67, 473 14, 787 September 1,866, 697 659,017 197,451 40,901 194, 558 7,010 177, 906 352 73,132 15, 739 October... 1, 861, 739 655,403 190, 773 34, 882 180,219 6,202 172,993 431 79,156 16, 724 November. 1, 855, 945 651, 600 188, 463 33, 738 173, 331 5,991 170, 092 1,228 77, 325 17,022 December. 1, 851, 218 648, 296 186, 933 34,102 172, 312 5. 885 168,438 1,490 74, 741 16, 461 1941—January 1,844,465 644,885 186,127 34,762 174,034 5,836 167,463 1,242 75,166 16,036 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 End of month L p O o H o a w r n o a n m t e C io r e o s n r ' - F N c o e l i u f o a d m a a t e i n s r o b s a n o e a l s - r s s s a o v c i L i n a o g t a i s o n n a s n s i d m l i o t n b i e l a s o o a m n t n a n i s s b n t k u 2 t e o - r End of month a i n b t a c o l e - r s s * Total b i C p n t a o o a n s r d s y k i h e - s - Total t o r i D g o e b a i c n l - i - t s - G t o t i a g e b u o n a e l a n - d - i r s - - f s C e u e r t a n r c e s . v - d h * e s 1934—December. 2,379,491 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—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 ,078 146 75 May __ 2,017,395 1,421 1,376, 700 137, 509 September 1,295 1,339 1,224 ,078 146 74 June 2,012, 760 1,430 1,405,100 157,397 October 1,296 1,338 1,224 ,078 146 75 July 2,004, 737 1,431 1,432,100 162,222 November "1, 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 1941—January P1,314 October. __ 1,980,704 1,440 1, 515, 392 181, 526 November 1,968,816 1,443 1, 533,246 185, 547 December. 1, 956, 268 1,445 1, 546, 270 201, 492 p Preliminary. 1941—January... 1, 942, 427 1,446 1, 564,168 170, 849 1 Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and i Federal Home Loan Bank Board estimates for all Federal savingsmiscellaneous working funds with the Treasurer of the United States, and loan associations. accrued interest on bond investments, and accounts due from late post- * Excludes loans to other than member institutions which are negli- masters. gible in amount. Back figures—See BULLETIN for August 1935, p. 502. 242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted'' and ''unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction I ( n p d h u y s s t ic ri a a l l v p o r l o u d m u e c ) t i 2 o n * awar c d o e n d t r ( a v c a ts lue) 3 Employmcnt4 Y m ea o r n a th nd 1 ( I 9 m v n 2 p a c e 9 a l o = u n y m e 1 - ts ) 0 e 1 0 Total 1935 D -3 u f 9 M a r = - c 1 a tu 0 n N 0 r u d e - u o s r n - - M er i a n ls - Tot 1 a 9 l 23 R d - t 2 e i e a 5 n s l i = - - 10 o 0 A th ll er 1 t N 9 a u c 3 g u o r 5 r a l n i - - i - 3 - s 9 19 F 23 a - c 2 t 5 o = r 1 y 00 r 1 o — 9 p F t l o 2 a a l 1 3 s r c y 0 y - * - - 2 0 5 F 1 i l 9 r n o c e 2 g a a i 3 g d s r - * 2 - h 5 t- ( D 1 v m — s s 9 e a a t 2 l p e o 1 l u 3 a e n 0 r e - s e r 2 0 t ) t 5 - *ep m W r = c 1 s i o o 1 c h a 9 m d e 0 2 l o e 0 s i 6 l - t * e y - 1 — 9 C i l n 3 i o o 1 v 5 g f 0 s - - * t 3 0 9 able able =100 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justedjusted justed 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 6 197 7 1922 73 81 67 71 79 68 88 90.7 81 2 85 88 96 7 119 7 1923 88 104 72 98 84 81 86 103.8 102.9 100 98 100 6 121 9 1924 82 95 69 89 94 95 94 96.4 96.0 98 99 98 1 122 2 1925 91 108 76 92 122 124 120 99.8 101.1 103 103 103 5 125 4 1926 96 114 79 99 129 121 135 101.7 104.2 107 106 100 0 126 4 1927 95 107 83 100 129 117 139 99.5 102.4 104 107 95 4 124 0 1928 99 117 85 99 135 126 142 99.7 103.5 104 108 96 7 122 p 1929 100.0 110 133 93 107 117 87 142 107.9 106.0 110.4 107 111 95.3 122 5 1930 90.8 91 99 84 93 92 50 125 101.2 92.4 89.4 92 102 86 4 119 4 1931 77.3 75 68 79 80 63 37 84 92.5 78.1 67.8 74 92 73 0 108 7 1932 60.1 58 41 70 66 28 13 40 83.0 66.3 46 7 55 69 64 8 Q7 (] 1933 57.1 69 54 79 76 25 11 37 83.5 73.4 50.1 58 67 65 9 92 4 1934 65.8 75 66 81 80 32 12 48 90.7 85.7 64.5 62 75 74.9 95 7 1935 71.7 87 84 90 86 37 21 50 94.2 91.3 74.1 64 79 80 0 98 1 1936 82.7 103 108 100 99 55 37 70 100.3 99.0 85.8 75 88 80.8 99 1 1937 87.5 113 122 106 112 59 41 74 105. 3 108.6 102 5 78 92 86 3 102 7 1938 80.7 88 78 95 97 64 45 80 98.5 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 90 77 1 qq 4 1940 90.5 122 135 113 117 81 72 89 105.0 107.5 105.4 76 94 78 6 100 1 1937 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 90 80.9 February 81.5 84 82 73 90 98 51 32 66 97.8 92.4 91.6 77.7 62 88 79.8 March __ 81.2 84 84 72 90 97 46 33 56 97.9 91.0 91.2 77.8 60 86 79.7 100.9 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 78.3 100.9 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 76.9 February 83.7 101 99 98 104 102 73 58 85 98.5 96 8 96.1 87 1 67 88 75.9 March 84.6 101 100 96 104 103 69 55 80 99.3 96.7 97.0 88.8 66 88 76.7 99. 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 98.6 July 83.6 104 102 101 106 107 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 90 79. 1 100.6 October 88.0 121 126 129 115 119 76 68 82 105.2 104.8 107.3 103.2 80 92 79. 4 November 88.5 124 126 133 117 120 83 61 101 104.9 107.0 107.5 103.2 82 93 79.2 December 90.0 126 124 140 117 115 86 60 107 105.5 108.2 107.8 105.4 78 95 79.2 99.6 1940 January __ 90.3 122 117 135 113 118 75 53 93 102.1 107.6 105.0 99.8 78 92 79.4 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 99.8 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 rll7 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 77 104.1 103.9 103.1 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 '113 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 78.7 100.2 November r93.6 132 135 154 119 117 111 87 130 108.6 114.2 114. 7 '116.4 83 100 79.6 100. 1 December 95.6 138 135 164 123 118 115 90 136 110. 4 116.6 116.2 122.4 84 101 80.0 100 7 1941 January P96. 3 P139 P134 P170 P121 P119 P102 ?83 P117 P107. 6 P118.0P115.2 P119.8 86 101 80.8 100. 7 p Preliminary. * Average per working day. ' Revised. 1 Department of Commerce series on value of payments to individuals. 1 For indexes by groups or industries, see pp. 244-247; 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 252. * 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. 248-251 for employment and payrolls and p. 254 for prices. 6 Excludes military and naval forces. 6 For sales comparisons by cities see p. 213 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882; for factory employment and payrolls, October 1938, pp. 838-8fi«. October 1939, pp. 879-887, and February 1941, p. 166; for freight-car loadings, June 1937, pp. 524-529; for department store sales, October 1938, p. 918, and January 1941, p. 65. MARCH 1941 243 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 1941 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total 126 122 116 113 115 121 121 125 129 132 138 P139 Manufactures—Total 128 123 116 112 110 114 122 121 122 127 131 135 142 P143 Durable 140 135 124 118 113 119 131 132 135 146 150 154 164 Nondurable 117 113 110 106 107 110 114 112 112 112 116 119 123 Iron and Steel 167 147 118 106 118 154 156 158 164 165 166 181 4 Pig iron 163 161 136 118 117 127 14S 157 162 167 169 173 176 186 Steel ingots 167 146 117 105 97 118 154 156 157 164 165 165 181 P173 Machinery 125 127 123 145 146 Transportation Equipment 117 117 122 111 107 157 rl62 168 P187 Aircraft 266 288 283 299 306 323 364 394 455 517 544 624 Automobiles 121 129 129 120 103 101 106 87 76 109 130 133 134 149 Railroad cars 136 156 158 149 125 121 111 119 127 148 148 166 177 P192 Locomotives 95 102 101 101 103 102 102 113 123 140 160 168 174 Shipbuilding 144 149 150 156 156 164 170 189 213 220 227 226 261 Nonferrous Metals and Products 159 154 142 132- 124 130 146 153 164 169 177 P181 Nonferrous metal smelting i 135 136 130 131 129 131 128 138 134 130 134 133 137 P136 Copper smelting 144 131 137 131 130 131 140 135 126 130 132 138 134 Zinc smelting ~130" 133 135 130 133 135 130 141 140 148 147 146 147 150 Copper deliveries 162 145 125 in 113 115 119 134 154 170 179 203 212 T L Zi e i n n a c d d s e s h l h i i v i p p e m m ri e e e n s n t t s s 1 1 1 5 3 4 9 6 4 1 1 1 8 2 1 0 9 9 1 1 1 6 2 0 8 2 2 1 1 1 4 1 0 8 7 0 1 1 1 1 0 3 2 4 2 1 1 1 1 1 3 3 0 7 1 1 1 4 2 1 1 4 9 1 1 1 3 4 2 5 6 7 1 1 4 2 1 8 1 1 4 2 3 6 1 1 4 2 4 7 1 1 4 3 2 1 1 14 3 3 6 1 1 3 4 6 2 Lumber and Products 121 115 114 111 110 112 111 107 114 121 127 P! 35 Lumber 122 115 114 110 109 110 110 104 113 121 124 128 133 137 Furniture 118 117 113 112 111 115 113 115 115 121 122 125 128 PI 32 Stone, Clay and Glass Products 123 113 120 115 113 112 115 119 127 127 133 PI 51 Cement 131 125 106 117 115 115 113 110 115 125 133 140 155 181 Common and face brick 142 119 96 106 108 109 118 117 129 131 126 rl35 147 Common brick 141 111 103 106 107 111 120 117 130 124 126 136 147 Face brick 143 136 81 105 107 105 112 118 125 146 127 rl32 148 P G o la li s s s h e c d on p ta la in te e r g s lass 1 1 1 2 5 4 1 1 2 1 2 6 1 1 1 1 2 8 1 10 2 5 4 116 1 9 1 1 2 111 1 10 1 0 7 1 11 1 4 4 1 1 1 2 8 3 1 1 1 1 1 4 1 11 0 3 7 1 1 0 1 0 7 1 1 1 3 4 7 Textiles and Products 125 118 108 100 100 104 107 113 113 116 134 140 P134 Textile fabrics 120 113 105 97 97 100 103 108 111 113 121 131 136 P!30 Cotton consumption 127 120 115 108 107 109 114 121 124 120 126 135 145 138 Rayon deliveries 151 150 143 139 137 142 144 137 127 120 129 146 156 P156 Silk deliveries 78 69 64 64 61 58 56 57 61 65 71 77 74 69 Wool textiles 115 106 93 77 79 87 89 100 106 123 132 142 142 134 Carpet wool consumption 115 HI 108 87 97 95 79 69 95 109 125 128 141 125 Apparel wool consumption 104 107 92 80 68 82 88 113 108 137 152 160 158 152 Woolen yarn 105 89 78 78 86 92 102 104 120 124 131 135 124 Worsted yarn 112 93 75 76 90 93 112 118 136 150 154 '•146 146 Woolen and worsted cloth. 127 71 76 105 104 122 126 144 142 134 Leather and Products 105 101 85 95 107 108 Pi 06 Leather tanning 101 102 92 86 85 92 90 93 100 102 Cattle hide leathers 107 104 100 94 88 98 95 100 110 112 Calf and kip leathers 90 97 86 84 75 83 85 92 Goat and kid leathers 92 99 92 92 91 91 84 83 80 81 Shoes 108 101 94 85 100 99 100 112 109 Manufactured Food Products 112 111 113 112 111 111 110 114 109 117 116 120 piie Wheat flour 102 100 100 100 100 105 100 99 100 104 99 104 Cane sugar meltings 96 95 95 86 89 97 112 101 90 116 136 122 98 Manufactured dairy products 114 110 115 112 112 106 111 113 109 109 111 109 112 Ice cream 119 105 116 111 113 104 112 116 104 P116 Butter 105 110 109 107 108 102 105 105 104 105 108 106- 110 119 Cheese 103 102 104 115 116 117 110 114 114 115 114 117 118 123 Canned and dried milk 123 128 126 123 118 112 117 121 132 130 136 128 139 139 Meat packing 126 124 129 128 117 117 126 116 119 121 127 133 134 114 Pork and lard 149 144 154 156 131 135 152 132 141 147 152 159 165 121 Beef 104 104 106 102 106 101 101 101 99 95 101 106 107 110 Veal ..... 87 88 86 87 86 89 91 97 91 92 98 102 97 86 Lamb and mutton 109 108 99 97 98 93 99 98 96 95 106 110 109 112 Other manufactured foods 111 111 112 112 112 112 115 110 115 109 118 116 120 PUS Alcoholic Beverages 95 97 97 104 100 113 108 103 103 96 101 105 Malt liquor 105 103 96 99 102 99 99 103 91 93 100 94 104 105 Whiskey 57 60 61 67 78 84 84 72 44 71 80 77 85 78 Other distilled spirits 89 113 114 121 132 114 131 148 208 231 118 86 85 112 Rectified spirits 92 108 126 108 123 114 201 154 87 126 134 131 105 126 Tobacco Products 109 103 106 111 110 115 103 106 108 115 113 114 113 Cigars 104 107 103 100 102 104 98 101 105 102 105 103 108 111 Cigarettes. 115 106 109 107 119 117 127 106 110 113 120 119 121 118 Manufactured tobacco and snuff.. 100 93 97 95 99 100 99 99 100 112 106 101 101 r Revised. P Preliminary. 1 Includes also lead production shown under "Minerals." 244 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] 193 9 1940 1941 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Paper and Products 135 m 110 116 127 124. 120 122 130 Paper and pulp 134 123 110 117 128 132 130 123 118 121 124 131 Pulp 147 138 114 135 140 149 159 153 150 150 148 150 159 Groundwood pulp 116 114 133 110 118 118 118 117 119 117 118 123 119 Soda pulp 145 129 110 116 118 135 148 142 120 114 124 113 142 Sulphate pulp_ 176 160 117 151 164 175 18.6 179 179 185 184 186 200 Sulphite pulp . 138 134 153 136 136 145 157 151 148 145 140 143 148 Paper 132 121 130 106 113 125 128 126 118 113 117 120 126 Paperboard _ _ 140 127 111 109 114 131 128 130 121 118 123 132 143 138 Fine paper 122 111 112 95 99 110 118 121 114 107 110 114 114 Newsprint production 105 106 100 112 113 113 115 111 113 111 112 109 109 113 Printing paper 132 119 112 109 115 125 135 126 117 111 114 114 117 Tissue and absorbent paper 140 119 116 105 119 123 137 131 121 125 124 120 124 Wrapping paper 128 121 119 105 114 127 126 126 117 107 110 114 120 Paperboard containers 138 120 108 111 115 125 128 128 112 m Printing and Publishing i 119 109 108 106 108 115 120 110 108 rlO9 110 112 Newsprint consumption.. 107 100 103 101 106 106 102 104 104 104 106 107 103 m Petroleum and Coal Products.. 119 117 116 118 115 115 112 113 116 116 118 P!20 Petroleum refining 116 114 115 117 114 112 108 109 112 112 114 116 Gasoline 116 112 112 115 112 113 110 106 109 113 111 112 115 Fuel oil __. 111 119 119 121 117 111 113 111 116 113 115 116 120 Lubricating oil 129 126 124 124 120 113 122 113 98 102 109 115 107 Kerosene 109 97 120 123 120 118 116 116 111 121 123 123 130 Coke 139 137 123 118 119 126 132 139 139 142 144 146 147 148 Byproduct coke 137 137 124 119 120 123 131 137 136 139 141 143 142 143 Beehive coke 217 145 80 84 123 142 206 248 252 251 265 305 314 101 Chemicals _. 112 111 109 in 116 1U 116 P123 Rubber Products 123 119 119 116 115 117 115 106 109 119 120 138 138 Rubber consumption- 125 120 120 116 115 116 114 106 110 120 122 127 140 140 Tires and tubes 109 110 114 117 115 121 126 104 106 111 109 118 118 123 Pneumatic tires___ 111 112 116 118 115 122 128 106 106 112 110 120 118 124 Inner tubes 101 104 108 109 112 113 95 102 107 103 107 115 122 Minerals—Total.. 115 114 119 '117 118 120 '113 116 113 P119 m Fuels 113 117 112 m 116 4 116 117 112 109 113 113 PllS A B C i r n t u t u h d m e ra i p c n i e o t t e u r s o l c e o u a m l. . . . 1 1 1 06 8 1 1 1 1 1 1 9 1 6 '1 1 0 1 7 4 8 8 1 8 0 4 9 1 1 8 2 1 3 0 8 1 1 2 8 1 0 2 6 1 1 1 1 1 1 6 6 3 1 1 1 2 2 1 1 9 4 1 1 1 2 0 1 1 8 2 1 1 1 1 0 1 9 5 4 1 9 9 1 8 1 5 112 1 1 1 1 1 0 5 3 5 P pi P 1 n 9 1 S 3 120 Metals 127 130 133 135 135 139 127 135 4 P151 Iron ore shipments.. 132 142 151 149 152 155 159 159 155 157 183 178 182 Copper. 147 140 141 144 143 143 150 144 132 140 141 142 148 Lead 112 114 116 117 118 124 117 120 117 108 119 107 112 Zinc. 130 119 130 124 123 119 118 129 125 131 131 134 135 Gold 119 121 118 124 123 124 122 125 107 125 127 141 Silver.... 116 101 120 113 127 125 114 122 109 113 136 132 r Revised. P Preliminary. 1 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. MARCH 1941 245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 1001 Annual 1940 Industry 1939 1940 Jan. Feb. Mar. Apr. May June Industrial Production—Total 108 P122 117 113 112 112 116 121 Manufactures—Total 108 P123 118 114 112 112 116 122 Durable 108 128 121 121 120 125 134 Nondurable __ _ - 108 P113 109 108 105 105 109 112 Iron and Steel ... ... 114 148 144 121 113 106 123 151 Pig iron 114 151 153 134 124 123 133 150 Steel ingots _. ._ __ ... 113 143 143 120 112 104 122 151 Machinery _. . 104 135 123 123 126 126 126 129 Transportation Equipment ___. rlOO 136 137 139 144 141 132 131 Aircraft 415 282 283 299 306 329 371 Automobiles.. _ ... 93 116 130 130 134 130 118 114 Railroad cars 88 141 133 151 158 141 137 124 Locomotives.. . 82 124 102 103 99 98 102 106 Shipbuilding 127 190 144 145 162 162 172 176 Nonferrous Metals and Products 114 146 151 139 134 129 129 130 Nonferrous metal smelting1 110 132 136 130 133 135 131 127 Copper smelting 113 134 143 130 137 139 132 131 Zinc smelting _ _ 106 139 136 138 137 137 135 128 Copper deliveries 115 143 153 139 129 116 116 116 Lead shipments _ 108 119 121 101 100 106 109 113 Zinc shipments ___ _ . 113 130 135 125 120 114 113 118 Tin deliveries 96 169 163 151 141 146 148 Lumber and Products 106 116 98 101 107 109 114 116 Lumber 106 115 93 96 104 109 117 119 Furniture _ _ 107 117 109 113 113 108 108 110 Stone, Clay and Glass Products 114 P120 90 83 101 114 129 129 Cement 114 122 69 60 88 115 140 143 Common and face brick 128 P121 70 50 71 103 131 146 Common brick 126 P121 60 49 66 102 134 153 Face brick 130 P121 96 53 84 107 126 129 Gjlass containers.-.- _ . _ 110 115 104 109 117 116 119 117 Polished plate glass 92 98 129 106 111 96 91 79 Textiles and Products 112 114 120 115 101 97 100 101 Textile fabrics __. 110 111 115 111 100 95 97 98 Cotton consumption 110 120 125 123 115 110 109 108 Rayon deliveries 128 138 147 141 132 127 127 131 Silk deliveries. _ 91 65 72 65 66 60 55 51 Wool textiles . 108 106 107 102 77 73 85 88 Carpet wool consumption. 108 102 105 118 98 91 91 77 Apparel wool consumption 104 110 105 99 80 63 82 88 Woolen yarn 98 103 100 97 76 73 86 92 Worsted yarn 119 112 101 97 72 72 90 93 Woolen and worsted cloth . 112 105 118 102 71 68 80 88 Leather and Products.. ___ ._ 104 96 99 106 99 88 85 88 Leather tanning 102 93 102 104 91 86 86 Cattle hide leathers 102 97 105 111 95 86 85 Calf and kip leathers 106 86 95 91 79 79 86 Goat and kid leathers 94 88 99 96 91 94 87 Shoes . 105 98 97 107 104 89 85 Manufactured Food Products 108 P113 100 99 100 101 107 Wheat flour 104 101 101 99 07 94 95 Cane sugar meltings 98 P101 79 93 95 98 95 Manufactured dairy products 107 Pill 72 84 95 112 143 Ice cream 110 52 69 86 108 142 Butter 104 107 88 94 95 107 132 Cheese 103 113 73 82 94 113 154 Canned and dried milk 108 124 97 107 120 133 161 Meat packing 112 125 146 124 116 111 117 Pork and lard 124 148 187 154 140 124 135 Beef 99 103 104 95 93 99 101 Veal 91 82 85 76 82 85 93 Lamb and mutton. 100 114 113 99 94 95 95 Other manufactured foods 108 113 97 98 98 98 102 Alcoholic Beverages 98 101 81 84 94 106 107 Malt liquor __ 102 99 82 82 95 111 117 Whiskey. 57 72 80 79 83 86 84 Other distilled spirits 111 127 74 69 79 79 68 Rectified spirits . 126 79 109 103 110 100 Tobacco Products 106 109 98 98 97 105 112 Cigars _. 103 103 86 90 92 97 102 Cigarettes ._ 110 115 107 103 99 111 119 Manufactured tobacco and snuff __ 100 100 90 96 97 98 101 0000 1941 July Aug. Sept. Oct. Nov. Dec. Jan. 118 120 129 134 135 135 P134 118 120 130 136 137 139 P137 127 128 144 155 158 161 PJ61 110 114 119 121 121 121 PUS 147 153 161 164 166 172 P170 154 161 164 169 173 168 177 147 152 161 163 165 172 P170 129 135 142 149 152 I64 P169 96 68 120 167 I84 183 P186 394 455 501 544 ••590 624 P682 70 23 89 142 161 152 151 117 130 141 153 172 *>163 116 124 137 152 163 186 P204 185 202 213 229 219 264 P277 131 141 154 167 172 172 P176 126 127 131 138 138 138 P136 126 127 129 138 139 135 133 133 133 143 147 147 152 153 118 133 156 173 181 188 200 118 122 127 133 141 141 138 125 130 140 145 149 149 149 143 111 123 132 132 126 121 P115 112 126 134 132 i23 114 111 107 118 127 133 130 133 P123 127 133 142 142 13H 118 P107 136 141 150 154 145 124 100 147 150 161 154 147 125 149 153 162 160 149 120 140 142 161 140 141 133 121 124 126 118 108 93 102 66 93 118 127 129 141 144 105 111 118 126 '137 140 P137 101 108 115 124 134 136 P133 109 114 120 129 139 142 144 134 137 138 144 151 154 ?152 51 57 65 77 87 79 72 98 109 120 129 140 146 136 67 101 111 124 126 131 119 108 113 137 145 162 163 149 102 108 119 121 129 135 125 107 120 130 150 154 160 150 102 107 116 121 143 150 142 91 103 102 97 98 98 P104 82 89 89 93 101 104 82 93 94 101 114 114 90 83 87 81 81 88 88 91 83 81 84 79 79 91 88 96 113 no 101 96 94 105 116 120 131 132 r126 '116 115 Pl 04 92 99 100 115 113 103 100 99 116 116 95 102 113 112 98 168 164 144 111 88 75 73 *76 179 195 168 147 128 114 104 95 84 87 95 169 147 128 119 107 89 82 89 173 148 136 120 109 90 96 106 123 109 102 112 127 151 159 133 148 119 106 117 143 191 212 157 99 102 100 107 110 111 107 110 92 96 92 101 108 104 92 83 94 93 95 107 113 107 104 118 110 117 136 140 132 117 115 P104 120 112 89 108 108 104 98 87 126 127 106 94 82 77 81 84 67 40 24 56 76 96 98 104 77 70 100 317 314 181 105 73 161 130 68 134 174 207 140 92 124 112 110 118 120 115 98 108 104 105 108 117 127 123 83 90 140 119 116 121 118 114 108 119 101 101 97 108 115 105 89 98 r Revised. P Preliminary. 1 Includes also lead production shown under "Minerals.' 246 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] Annual 1940 1941 Industry 1939 1940 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Paper and Paper Products Hi P123 120 116 114 119 127 130 124 123 124 127 124 123 Paper and pulp 113 122 122 118 114 120 128 131 123 121 120 124 124 124 Pulp 116 147 139 137 138 144 150 157 147 148 147 150 ••151 154 Groundwood pulp 105 117 118 114 118 132 131 120 104 101 102 110 126 124 Soda pulp 108 127 129 121 119 122 135 147 133 120 115 124 113 138 Sulphate pulp 135 175 161 158 154 164 175 184 175 179 185 188 186 190 Sulphite pulp_ 107 143 134 134 139 138 145 154 144 148 145 143 144 144 Paper 113 119 ±19 115 110 116 124 127 120 117 116 120 120 119 Paperboard ___ 114 124 122 115 113 116 128 128 123 123 125 130 132 127 132 Fine paper 104 110 112 106 102 108 114 116 110 107 102 no 110 112 Paperbo W N P T a r r i e s d i r w n s a u p t c s i e p o p n i n a r g n i n t n a g p d t i a n p a p p e a b r e r p s o s r o e d r r u b c e t n io t n paper 1 1 1 1 1 1 1 0 1 1 9 2 3 8 1 1 1 1 1 2 1 1 1 3 2 8 6 1 1 1 1 1 1 1 1 0 2 6 9 4 6 1 1 1 1 1 1 2 1 1 1 1 4 9 2 0 1 1 1 1 1 1 1 0 1 0 1 4 6 2 8 3 1 1 1 1 1 1 1 1 2 1 9 3 5 1 5 1 1 1 1 1 1 2 2 2 2 4 4 2 7 3 1 1 1 1 1 1 3 2 3 2 6 2 7 5 3 1 1 1 1 1 2 2 1 0 2 2 4 8 8 5 1 1 1 1 2 1 1 1 1 0 6 3 1 1 1 11 0 3 1 0 8 1 1 '1 1 1 1 1 1 2 1 5 2 9 3 1 1 1 1 1 1 1 1 9 2 4 3 1 1 1 1 1 1 1 1 9 6 0 6 113 Printing and Publishing i_ 106 111 106 109 111 114 119 119 103 102 108 113 112 112 P107 Newsprint consumption 99 103 93 99 107 108 no 107 88 91 105 111 111 109 98 Petroleum and Coal Products 110 116 116 115 114 115 115 116 113 114 118 118 119 119 P118 Petroleum refining 111 113 112 113 113 114 113 113 109 110 114 114 115 115 Gasoline '112 112 108 109 109 111 111 112 109 112 116 114 113 112 Fuel oil 109 116 122 120 119 115 113 112 109 114 114 116 117 122 Lubricating oil no 115 122 122 123 125 123 122 111 97 102 109 115 106 Kerosene. _ no 119 102 121 125 123 126 113 110 107 119 123 126 131 Coke 105 134 138 125 120 118 122 131 135 138 141 144 147 149 150 Byproduct coke 106 133 137 125 120 120 123 131 134 136 139 141 143 142 143 Beehive coke 89 179 170 120 100 76 76 116 171 198 209 259 292 357 367 Chemicals 104 114 111 111 113 114 113 110 110 112 116 120 120 122 P!22 Rubber Products 113 118 122 117 116 114 117 115 106 109 122 120 129 131 142 Rubber consumption 113 119 123 117 116 114 116 114 106 110 123 122 131 133 144 Tires and tubes _ 111 114 110 114 117 115 121 126 104 106 111 109 118 118 123 Pneumatic tires 112 115 112 116 118 115 122 128 106 106 112 110 120 118 124 Inner tubes _ . 103 106 101 104 108 109 112 113 95 102 107 103 107 115 122 Minerals—Total 106 117 115 112 110 111 118 118 121 117 124 122 119 114 P114 Fuels 105 114 120 116 114 113 113 111 111 109 115 112 115 116 P116 Bituminous coal 99 114 133 121 104 ••100 102 100 106 ••111 124 110 128 127 P130 Anthracite ... 101 98 128 86 86 89 90 104 101 83 100 97 96 112 P114 Crude petroleum . 108 115 114 117 121 121 119 116 114 111 114 114 111 111 Pill Metals .__ ... . 113 135 88 89 87 95 148 161 179 164 171 184 147 102 P98 Iron ore shipments 112 158 14 213 288 315 308 301 294 162 Copper ___ 116 142 144 142 144 150 141 140 133 135 136 146 147 146 145 Lead 106 116 114 116 115 119 122 116 112 114 112 117 114 118 Zinc . . 106 127 121 132 130 127 119 116 121 118 127 131 135 139 137 Gold 116 121 '113 109 103 109 rll7 ••97 134 100 121 156 146 141 Silver 101 117 100 123 118 130 120 114 113 91 107 115 135 133 r Revised. P Preliminary. 1 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. MARCH 1941 247 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 toCensus of Manufactures through 1937 * 1923-25 average^lOO] 1939 1940 1941 Industry and group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total*.. _ 108. 2 107.6 105 8 104.0 102.8 102.8 rlO3. 9 105.1 107.4 108.9 111.4 114.2 116.6 118.0 Durable goods* 102.7 102.5 100.2 98.6 97 7 97.9 99.0 100.4 104 3 107. 4 111.2 114.6 117.5 120 8 Nondurable goods* 113.4 112.4 111.1 '109. 2 107.6 107.4 108.5 109.6 110.2 110. 3 ••111. 5 113.8 115.7 115.4 Iron, Steel, Products 112 1 110.5 107 0 102 7 100 8 101.2 103.7 107.3 111.1 112.9 116.1 118. 9 122.4 124.6 Blast furnaces, steel works 124 122 117 110 107 109 115 120 123 123 125 127 130 133 Bolts, nuts, washers, rivets ... 120 117 113 112 108 105 104 110 116 119 121 128 135 139 Cast-iron pipe 79 75 78 76 75 76 75 76 78 81 84 89 89 89 Cutlery, edge tools 109 107 103 101 102 101 102 104 104 107 109 110 no 112 H P Fo l a u r r g m d i w n b g e a s r r s e ' supplies __ 1 8 0 7 5 6 2 1 8 0 7 3 4 2 1 8 0 7 1 1 1 9 8 6 1 8 7 8 9 6 2 7 7 8 6 9 2 6 5 8 8 6 3 2 6 8 8 7 4 4 0 '7 8 9 4 7 8 1 8 0 7 9 2 7 1 9 8 0 0 1 5 1 9 8 0 4 3 9 19 8 17 8 3 1 9 9 1 8 0 2 Stamped, enameled ware 166 160 161 158 155 153 153 -157 169 179 188 190 196 192 Steam, hot-water heating 87 86 85 85 85 84 85 87 91 92 97 100 103 107 Stoves 93 93 91 91 89 88 91 95 96 95 98 99 107 110 Structural, ornamental . 76 75 75 72 71 71 73 75 78 81 84 86 91 96 Tin cans, tinware 100 101 100 99 98 97 100 100 98 96 99 103 104 108 Tools -. 96 96 96 93 93 92 92 95 98 101 105 110 115 122 Wirework _ 176 172 162 161 158 156 151 139 152 170 189 201 207 207 Machinery 112 9 113 4 113 6 113 3 113 4 113 4 114 9 116 6 120 0 122.5 126.6 130.9 135. 8 14L1 Agricultural implements 131 133 137 136 133 136 136 133 139 141 143 140 143 149 Cash registers, etc _ 129 127 128 128 128 128 130 130 129 132 132 134 136 136 Electrical machinery 103 103 102 102 102 101 103 104 107 111 116 120 126 131 Engines, turbines, etc 124 133 134 132 134 142 L52 165 175 181 195 210 218 237 Foundry, machine-shop products- 97 98 98 97 97 96 97 98 101 103 107 no 114 118 Machine tools. 191 197 204 209 215 220 228 237 247 247 257 275 285 Radios, phonographs 153 144 144 145 153 155 144 145 145 138 134 216452 149 154 Textile machinery 86 86 85 85 84 82 79 77 76 79 81 83 86 88 Typewriters 125 123 119 115 114 113 112 116 119 123 126 128 130 131 Transportation Equipment. .. . 113.7 114.3 112. 1 112.5 111.2 111.6 111.8 110.7 120.9 rlSO. 2 140.2 rl43. 7 145.0 150.0 Aircraft 2,121 2,298 2,326 2,356 2,426 2,598 2,829 3,115 3,479 3,881 4,243 4,447 4,734 i,995 Automobiles . 112 111 107 107 106 105 102 97 107 rllQ 125 126 123 124 Cars, electric-, steam-railroad 53 57 61 60 54 52 49 51 50 55 58 64 67 70 Locomotives 28 30 30 28 27 28 29 31 33 36 39 42 46 52 Shipbuilding 139 140 146 148 148 154 164 175 186 187 195 204 220 242 Nonferrous Metals, Products 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. 4 133.1 Aluminum _ 170 173 170 168 170 173 177 185 193 196 200 T-207 209 216 Brass, bronze, copper 138 137 128 127 125 124 128 132 140 147 153 162 168 174 Clocks, watches 89 92 91 91 90 92 94 95 98 100 101 101 102 107 Jewelry _ 96 95 93 95 96 96 99 100 99 94 96 98 101 102 Lighting equipment 95 95 88 84 85 84 86 81 92 100 103 105 106 110 Silverware, plated ware 74 74 71 70 70 70 68 71 70 72 74 76 75 Smelting, refining . _ . 86 87 87 87 86 86 87 89 92 92 94 94 96 98 Lumber, Products 72.5 72,0 70.0 68.1 67.2 67.9 67.4 67.5 69.0 70.6 71.3 73.6 75.2 76.0 Furniture 93 94 91 90 90 90 90 89 90 91 91 93 96 97 Lumber, millwork. 64 65 63 62 61 60 61 62 63 65 68 71 72 73 Lumber, sawmills 66 65 63 61 60 61 60 60 62 64 64 66 67 68 Stone, Clay, Glass Products _ _ 85.4 85.8 80.8 89 0 79.8 78.9 79.8 81.3 81.8 83.0 84.7 88. 4 90.6 93. 7 Brick, tile, terra cotta. . 65 66 61 59 59 58 58 60 60 61 61 65 69 74 Cement 71 68 66 65 68 66 67 66 69 70 72 74 76 74 Glass 109 111 103 105 104 103 103 105 107 109 112 117 117 12L Marble, granite, slate 50 46 48 45 45 47 47 45 45 46 46 45 46 45 Pottery 94 95 93 90 89 88 91 94 94 94 96 100 105 107 Te F xt a il b es r , i cs Products 10 9 5 6 . . 9 8 10 9 4 5 . . 4 0 10 9 2 3 . .1 7 9 8 9 8 . . 1 6 9 8 6 7 . . 6 8 9 8 6 7 . . 3 7 9 8 6 8 . . 8 0 10 9 0 1 . . 2 3 10 9 1 2 . . 1 6 10 9 1 3 . . 9 5 10 9 2 5 . .2 6 '10 9 5. 7 .7 3 1 9 07 8 . . 2 7 1 9 0 8 7. . 1 5 Carpets, rugs 84 85 83 78 79 76 70 71 72 75 79 82 82 85 Cotton goods 95 94 93 89 89 88 89 91 93 94 95 97 99 99 Cotton small wares 91 88 83 77 76 76 76 77 79 81 82 87 90 91 Dyeing, finishing textiles 131 127 124 123 121 123 119 125 128 129 129 129 132 131 Hats, fur-felt 92 91 90 84 65 68 74 85 83 84 '•SO 84 85 82 Hosiery 146 145 145 139 139 134 133 136 138 138 140 141 144 144 Knitted outerwear . 68 62 68 65 60 61 65 69 72 69 70 71 74 68 Knitted underwear 79 80 77 77 74 72 72 76 75 74 75 76 77 81 Knitted cloth 146 142 134 133 130 127 131 138 147 151 153 151 149 144 Silk, rayon goods 74 71 66 65 65 67 64 63 62 61 63 65 64 63 Woolen, worsted goods 89 85 81 71 70 73 77 85 86 90 93 99 98 98 Wearing apparel 121. 6 121.3 120.0 118.8 112.4 111. 6 112.5 116.1 116.1 116. 5 114.8 118. 1 122. 0 121.8 Clothing, men's _. ._ _ 112 110 107 107 100 98 102 105 104 104 102 108 115 114 Clothing, women's 171 167 169 167 156 158 158 166 164 165 164 168 170 165 Corsets, allied garments 117 117 114 113 111 113 113 106 112 112 112 114 114 114 Men's furnishings 122 120 120 120 115 114 111 120 125 126 122 119 117 118 Millinery 75 79 83 83 78 72 71 71 73 78 74 68 69 75 Shirts, collars 123 132 125 122 122 121 116 116 118 119 117 117 122 132 r Revised. NOTE.—Figures for January 1941 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month. * Indexes for total, durable goods, and nondurable goods adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 248 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=100J 1939 1940 1941 Industry and group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Leather, Manufactures 96.9 97.3 95.5 93.8 91.9 87.9 89.6 90.9 89.1 89.9 91.1 93.8 94.3 93.5 Boots, shoes 96 96 94 93 90 86 88 89 87 88 90 92 93 92 Leather 86 87 85 83 82 81 81 81 82 81 82 84 85 85 Food, Products 131 5 130 7 130 8 130 3 128 8 129 1 131 9 129 0 129 8 126 9 129 9 132 4 135 5 132 9 Baking 145 144 144 145 144 145 146 146 146 144 144 144 144 143 Beverages 285 280 278 275 274 273 278 268 272 265 271 281 284 281 Butter 97 95 96 96 97 98 97 96 96 96 96 102 99 97 Canning, preserving 154 149 155 152 150 147 161 137 146 130 152 152 157 150 Confectionery _. _. _ 86 85 86 83 82 84 83 86 88 86 86 90 91 90 Flour 79 80 80 80 79 81 80 79 79 79 78 78 78 78 Ice cream _ 79 79 79 80 79 76 77 75 76 75 79 81 81 80 Slaughtering, meat packing . 108 108 109 110 107 107 109 111 108 109 110 114 121 112 Sugar, beet. _ 118 162 102 102 98 99 102 99 106 110 100 102 146 220 Sugar refining, cane 98 94 93 97 94 95 96 97 93 91 95 95 97 91 Tobacco Manufactures _ 64.7 64.2 62.7 64.3 65.0 68. S 65.2 62.8 63.0 63.7 63.3 63.4 64.7 65.5 Tobacco, snuff 60 62 60 60 59 59 59 58 56 57 57 55 57 56 Cigars, cigarettes 65 65 63 65 66 64 66 64 64 65 64 65 66 67 Paper, Printing 116.4 115.5 114.7 114.8 114.3 115.3 115.7 116.5 116. 4 115.7 me. 1 r116.8 117.7 117.2 Boxes, paper 121 121 118 116 115 116 118 119 119 117 117 120 122 122 Paper, pulp 115 114 113 113 112 115 116 117 117 117 115 116 116 116 Book, job printing 101 102 100 100 101 100 100 101 100 100 102 101 102 102 Newspaper, periodical printing... 116 114 116 117 116 117 116 116 117 116 116 118 119 117 Chemicals, Petroleum, and Coal Products 121 9 121 5 120 6 120.0 121.1 122.0 122.4 121.7 122.2 121.7 122.9 123. 9 125.1 126.3 Petroleum refining _ _ 122 122 122 123 122 122 123 122 122 121 121 120 120 119 Other than petroleum 121.8 121.3 120.3 119.4 120.9 121.9 122.3 121.5 122.2 121.8 123.5 124.9 126.4 127.9 Chemicals .. 138 138 138 137 136 137 138 138 141 141 143 147 151 154 Cottonseed oil, cake, meal ._ 91 94 87 84 97 94 83 78 75 62 92 96 98 101 Druggists' preparations 116 119 118 117 119 122 120 119 117 116 114 113 113 117 Explosives . 106 104 108 109 116 120 127 133 139 145 141 144 145 149 Fertilizers . 111 105 99 102 109 119 120 114 113 107 107 107 103 103 Paints, varnishes 126 127 124 124 123 121 122 124 126 127 125 127 128 130 Rayon, allied products 311 310 309 304 312 311 315 308 306 309 310 311 314 310 Soap 87 86 84 81 81 82 82 83 85 86 86 82 87 87 Rubber Products ._ 92.4 90.2 87.9 86.7 83.9 83.5 84.2 84. 7 87. 0 89.7 91.6 93.6 96.8 99.0 Rubber boots, shoes 61 59 57 57 56 57 56 54 54 57 60 64 68 Rubber tires, inner tubes 75 74 73 72 70 69 69 69 71 73 74 75 77 78 Rubber goods, other 157 152 145 142 136 138 140 141 149 155 157 160 167 170 r Revised. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Employees in nonagricultural establishments Total Milinon- Trans- Finan- tary Year and month e m a m g t e u r p n i r c l t a o u l 1 y l- 2 - 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 p p o ti u o n l b r it t a l i a i n e c - s d Trade ci i l m a c a e l n i , , s e s c a o e e n u r l- v d s - m G e e r o n n v t - - 2 f n o a a r n v c d e a 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—aveiase 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, 472 29, 329 9,887 847 1,337 3,024 6,266 4,173 3,797 573 1939—Feb. 33, 265 27,122 9,026 819 950 2,811 5,877 3,996 3,643 341 Mar. 33, 537 27, 394 9,086 819 1,017 2,840 5,957 4,024 3,651 345 Apr 33, 600 27, 457 9,073 546 1,157 2,866 6,058 4,096 3,661 351 May 33, 886 27, 743 8,985 653 1,280 2,895 6,092 4,146 3,692 355 June . _ _ 34,356 28, 213 9,025 793 1,375 2,953 6,153 4,182 3,732 364 Julv 34, 350 28, 207 9,035 787 ,1,413 2, 963 6,073 4,186 3,750 376 Aug. 34,630 28, 487 9,263 807 1,440 2,977 6,065 4,183 3,752 373 Sept . . 35, 240 29,097 9,587 823 1,440 3,035 6,241 4,220 3,751 376 Oct. . 35, 546 29, 403 9,866 871 1,389 3,068 6,302 4,160 3,747 386 Nov. 35, 418 29, 275 9,886 881 1,310 3,023 6,329 4,121 3,725 402 Dec 35, 641 29, 498 9,908 866 1,178 2,976 6,687 4,125 3,758 422 1940—Jan. 34, 475 28, 332 9,698 853 1,012 2,935 6,062 4,078 3,694 435 Feb. 34,381 28, 238 9, 699 854 939 2,941 6,026 4,084 3,695 450 Mar 34, 578 28, 435 9,652 849 991 2,940 6,201 4,100 3,702 457 Apr. 34,607 28, 464 9, 557 835 1,118 2,956 6,122 4,160 3,716 461 Mav-. „ 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 r36, 680 30, 542 10, 434 853 1,709 3,065 6,433 4,167 3,881 822 Dec. 37, 299 31,156 10, 553 855 1,714 3,039 6,884 4,180 3,931 884 1941—Jan. _ . .. 36, 343 30, 200 10,479 845 1,618 3,010 6,187 4,140 3,921 958 r Revised. NOTE.—Compiled by Bureau of Labor Statistics. Figures for January 1941 are preliminary. 1 Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. 2 Excludes military and naval forces. MARCH 1941 249 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 tnrougn 1937.* 1923-25 average=100] Factory employment Factory payrolls Industry and group Annual 1940 1941 Annual 1940 1941 1939 1940 Jan. Oct. Nov. Dec. Jan. 1939 1940 Jan. Oct. Nov. Dec. Jan. Total* 99 9 107 5 105.0 113.8 114.7 116.2 115.2 92.2 105.4 99.8 116.2 116.4 122.4 119.8 Durable goods* 90.3 104.3 100.1 113 8 115.5 117.6 118 0 86.2 107.8 99.3 133.4 '135.1 131.6 130.6 Nondurable goods*. . 109.3 110.6 109.7 114.8 '113. 9 114.8 113.6 98.9 102.7 190.4 108.1 '106.6 112.1 107.7 Iron, Steel, Products 95.9 109.5 108.3 117.1 119.3 121.6 122.1 90.9 109.8 106.2 123.6 '126. 0 133.2 130. 8 Blast furnaces, steel works. _ 102.0 119.0 121 125 127 130 131 96.8 118.7 119 131 135 142 140 Bolts, nuts, washers, rivets. 1U1.2 115.6 117 121 128 135 139 108.0 131.7 124 150 162 178 173 Cast-iron pipe 74.0 79.2 74 84 86 87 88 65.3 74.4 65 85 89 97 94 Cutlery, edge tools _ .. 94.7 105.0 105 111 113 110 110 84.5 97.1 93 106 108 115 110 Forgings 58 8 73 5 72 80 83 88 91 63.5 87.8 86 102 106 119 124 Hardware 87 7 98 8 104 105 109 113 112 90.5 106.8 109 119 122 128 130 Plumbers' supplies _ _ 77.6 86.1 82 91 94 97 97 69.2 77.6 71 85 88 93 89 Stamped, enameled ware 152.0 168.2 158 189 190 196 189 153.6 181. 7 160 218 211 228 217 Steam, hot-water heating _ 78.3 90.0 83 99 102 103 103 67.0 85.1 74 103 '106 108 109 Stoves 86 8 94 4 78 106 105 103 93 76.4 86.6 65 106 99 99 85 Structural, ornamental 69 3 77 6 73 86 87 90 93 60.1 69.1 63 80 79 86 89 Tin cans, tinware ..- 97. 1 99 4 94 101 100 99 100 101.5 107.3 97 113 104 113 114 Tools 86 4 99 0 96 106 112 117 122 83.7 101.8 98 113 124 136 142 Wirework 149.4 168.2 172 191 204 207 207 155.3 187.2 189 226 235 242 239 Machinery 99 1 119 5 112 4 127 3 131 1 135 9 139. 7 99.6 131. 7 119.1 145.3 149.3 162.8 167.2 Agricultural implements 121.8 137.4 135 135 137 143 152 134.2 160.3 156 159 160 171 185 Cash registers, etc. 128 1 130 1 126 132 134 135 136 123.4 137.0 129 142 144 148 151 Electrical machinery 90 0 108 0 102 116 121 126 130 95.4 124.8 112 138 145 158 163 Engines, turbines, etc 99. 1 163 8 125 190 200 210 223 117.8 220.7 162 263 273 304 331 Foundry, machine-shop products . 85.4 10i.3 97 107 110 114 117 79.8 102. 3 95 112 115 127 128 Machine tools 150.9 233 3 197 258 266 276 285 175.6 311.3 259 352 355 394 412 Radios, phonographs . . 133.9 144 3 136 164 159 158 146 120.5 137.8 122 164 156 163 141 76 7 82 0 86 80 83 86 89 72.9 79.2 84 79 80 91 98 Typewriters 125.2 119.9 123 127 131 132 131 122.4 127.3 111 163 166 147 141 Transportation Equipment 95.9 122.1 116.7 139. 5 146.0 149.2 152- 2 95.7 132.0 119.8 163.3 166.1 168.9 170.4 Aircraft 1 416 43 217 92,275 4,116 4,402 4,686 4 945 1,402. 9 3, 390. 32,197 4,639 5,013 5,257 5,746 Automobiles 97.9 111 1 116 125 130 129 129 97.5 121.1 120 149 151 145 142 Cars, electric-, steam-railroad 37.5 56.4 53 56 62 66 65 31.8 51.1 47 50 54 62 59 Locomotives 23.5 33 2 28 39 42 46 49 21.6 33.0 27 40 44 50 55 Shipbuilding 122.7 172.3 138 197 204 221 238 130.3 200.7 148 244 239 290 305 Nonferrous Metals, Products 98.2 114.1 109.8 126.1 '129.9 131.1 131 0 93.1 117.3 108.7 136.3 141.6 149.6 145.8 Aluminum 150.5 185 0 170 203 '210 209 212 164.1 218.3 193 250 259 264 265 Brass, bronze, copper 113.2 139.2 136 155 162 168 172 117.8 160.6 150 190 202 219 221 Clocks, watches 85.1 95.5 91 105 107 106 106 85.3 101.8 93 119 122 120 112 Jewelry . _ 92.5 96.9 89 111 111 104 96 76.5 81.5 73 98 94 97 81 Lighting equipment 83.0 92.6 93 107 110 110 108 66.8 80.5 74 97 100 102 98 Silverware, plated ware 69.7 71.8 72 77 80 79 73 62.6 65.7 61 78 81 85 71 Smelting, refining 79.0 89.8 87 95 95 97 98 75.1 89.2 87 93 96 103 101 Lumber, Products 66.9 70 0 67.3 74.4 74.4 73.7 71 0 59.8 65.4 58.8 73.7 70.9 71.5 66.8 Furniture _ 86.9 91.2 90 97 97 97 94 73.6 81.0 75 91 90 93 85 Lumber, millwork 59.4 64.3 62 69 71 72 70 46.9 51.5 47 58 58 60 57 Lumber, sawmills _ _. 60.5 62.7 60 67 66 65 62 53.1 57.9 51 65 61 60 57 Stone, Clay, Glass Products 79.4 82.9 77.7 87.5 88.9 88.9 85.1 69.8 75.0 66.9 83.0 82.2 85.8 78.8 Brick, tile, terra cotta - 59.4 61.3 57 65 66 66 63 47.1 49.7 43 55 54 57 53 Cement 66.7 68.9 58 76 74 72 64 62.3 66.2 51 76 73 72 60 Glass 100.1 108.0 106 113 117 117 115 103.8 117.6 113 130 131 138 132 Marble, granite, slate 50.1 46.0 39 48 46 45 38 37.7 33.5 24 37 32 33 26 Pottery 87.6 94.1 92 98 102 106 104 78.5 85.4 81 93 96 101 94 Textiles, Products 103.0 101.2 103. 5 104.5 105.5 107.0 106.2 86.4 87.0 87.5 93.2 92.3 97.6 94.6 Fabrics 93.8 92.5 95.9 96.1 98.7 100.4 99.5 81.3 82.3 84.8 89.5 90.9 95.6 92.7 Carpets, rugs _ 78.1 77.6 82 80 82 82 82 65.4 66.1 72 73 73 76 75 Cotton goods ... 89.1 92.7 96 95 98 101 101 78.0 84.7 89 90 92 98 97 Cotton small wares 84.1 81.0 88 83 87 90 91 79.0 76.8 81 83 87 92 90 Dyeing, finishing textiles.._ 126.0 125.7 130- 129 132 134 134 107.6 106.1 110 111 114 121 120 Hats, fur-felt . 88.8 81.1 91 80 82 84 82 73.6 70.0 85 '67 73 82 82 Hosiery _. 152.0 139.4 144 143 145 146 142 160.2 145.6 146 158 160 160 147 Knitted outerwear 71.5 67.2 59 75 73 71 65 57.1 56.1 47 66 64 62 55 Knitted underwear 75.1 75.3 75 76 77 77 77 66.8 68.2 66 72 73 74 74 Knitted cloth . 138.9 140.4 137 157 150 148 140 113.9 118.3 112 136 130 130 125 Silk, rayon goods 73.9 64.7 73 65 65 65 65 56.5 51.3 57 52 52 54 52 Woolen, worsted goods 85.6 84.1 87 94 99 101 100 71.3 74.0 73 88 89 96 93 Wearing apparel 119.4 116.6 116. 1 118.9 116.3 117.3 116.6 91.2 91.0 87.5 94.8 89.6 95.6 92.5 Clothing, men's 105.6 105 0 106 104 105 108 109 78.7 78.6 80 77 76 86 87 Clothing, women's 170.1 164.4 162 172 166 165 161 121.3 121.1 114 131 120 126 118 Corsets, allied garments 112.9 112.6 115 113 113 113 112 117.1 116.2 112 124 121 123 116 Men's furnishings . 131. 5 119.0 112 128 128 124 109 118.1 113.0 95 134 140 134 104 Millinery 78.8 75 4 79 76 61 61 74 63.0 62.2 59 55 41 42 55 Shirts, collars 122.0 120.5 120 122 121 122 120 102.6 105.4 98 115 113 115 103 * Indexes for total, durable goods, and nondurable goods adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 250 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 Annual 1940 1941 Annual 1940 1939 1940 Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Leather, Manufactures 97.7 92.1 97.. 90.0 87.0 90.6 93.6 79.4 74.6 82.3 73.4 68.5 78.5 83.2 Boots, shoes 96.4 90.5 96 88 84 88 92 75.9 70.9 79 69 63 73 80 Leather 86.5 82.8 87 82 84 86 86 84.3 80.3 86 82 83 90 88 Food, Products _ 128.2 130.1 119.5 141.3 130. 4 121.1 122.7 126.8 117.0 134.2 rl28. 8 132.4 119.9 Baking 145.4 144.7 141 146 146 144 141 134.6 137.4 131 139 138 138 134 Beverages 272.9 274.7 255 271 263 260 256 313.1 320.0 279 314 302 299 290 Butter 95.4 96.9 89 96 99 95 91 80.8 83.3 75 82 82 84 80 Canning, preserving 151.6 146.2 91 -202 123 103 91 128.2 126.2 81 171 lOi 93 80 Confectionery 83.0 85.9 83 102 102 101 88 80.0 84.3 80 103 100 103 88 Flour 79.2 79.2 79 81 79 78 77 75.4 74.5 73 78 72 73 72 Ice cream 77.3 77.7 66 74 71 69 68 64.5 66.3 56 64 61 61 59 Slaughtering, meat packing 100.5 110.2 112 110 116 125 116 106.4 115.9 119 116 119 137 119 Sugar, beet... 113.4 110.0 70 267 -277 236 95 108.2 111.1 63 217 -288 265 82 Sugar refining, cane 94. 94.7 90 95 94 94 87 80.5 81.4 71 83 84 85 71 Tobacco Manufactures 64.6 63.9 59.0 66.5 66.8 65.6 60.2 59.0 61.8 52.9 66.5 67.4 58.9 T C o ig b a a r c s c , o c , i g sn a u re ff ttes 6 6 1 4 . . 4 9 5 6 8 4 . . 2 5 6 5 3 8 5 6 7 8 5 6 6 8 5 6 7 7 5 6 8 0 6 5 6 7 . . 4 9 6 6 7 1 . . 0 1 6 5 8 1 6 6 8 6 6 6 7 6 70 6 5 7 8 67 Paper, Printing... 112.6 115.8 115.1 r118.5 119.9 116.7 107.1 112.5 110.0 115.2 115. 4 115.0 Boxes, paper 114. 7 118.1 117 124 126 125 118 125.2 129. 122 142 144 145 131 Paper, pulp 108.5 115.0 114 115 116 116 116 110.3 122.2 118 124 124 129 127 Book, job printing.. 99.6 100.7 103 103 103 105 103 86.4 88.9 92 91 90 98 94 Newspaper, periodical printing 114.8 116.4 114 118 -119 121 116 107.1 110.2 106 112 112 116 108 Chemicals, Petroleum, and Coal Products __ 115.6 122.1 121.0 125.3 125.8 123.1 135.3 131.0 139.3 144.0 141.6 Petroleum refining 120.4 121. 7 122 121 121 12u 119 134.3 136.4 134 136 -133 139 131 Other than petroleum 114.4 122.2 120. 126. 3 126.4 126.' 127.5 119.7 135.0 130.3 140.3 141.5 145.5 144.9 Chemicals 122.7 140.5 136 146 148 150 152 139.8 168.2 160 176 182 188 189 Cottonseed, oil, cake, meal 93.4 87.3 105 131 127 124 113 79.2 81.9 100 128 122 122 105 Druggists' preparations 111.5 117.1 119 118 116 116 117 122. 129. 5 129 133 131 131 132 Explosives 93.1 127.9 104 145 147 147 148 107.2 156.9 121 181 187 196 196 Fertilizers... 106.1 108.2 105 97 92 95 103 84.3 89. 83 82 77 81 85 Paints, varnishes 122.0 124.9 124 125 126 126 127 126.2 133.5 129 136 136 139 138 Rayon, allied products 298.5 309.9 314 311 315 315 314 285.4 320.3 320 323 331 334 336 Soap 83.0 83.8 84 89 85 85 85 99.7 101 100 107 100 106 107 Rubber Products 88.4 90.0 r9L4 97.5 98.9 87.5 92.7 94.1 -9-9. 5 r102 0 111.1 111.6 Rubber boots, shoes 58.6 57.4 59 59 61 67 69 58.1 59.0 56 63 66 81 80 Rubber tires, inner tubes 68.9 72.0 74 74 75 78 78.5 82.6 86 87 -90 96 98 Rubber goods, other 139.7 148.5 150 161 163 133.9 145. 0 145 162 163 174 172 r Revised. NOTE.—Figures for January 1941 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 1940 Dec. Aug. Sept. Oct. Nov. Dec. Dec. Aug. Sept. Oct. Dec. Total 38.5 38.6 38.8 39.3 39.8 65.3 66.2 66.8 67.3 67.8 68.3 Durable goods.. 39.6 39.6 39.7 40.2 41.0 40.2 41.2 71.5 72.7 73.1 73.7 73.9 74.4 74.9 Iron, Steel, Products 39. 6 39.4 38.8 39.2 39.9 39.6 41.0 76.7 77.2 77.9 77.8 78.1 78.0 Machinery 40.9 41.3 41.2 41.8 42.4 42.0 43.6 72.3 73.2 74.5 74.6 74.9 75.2 76.1 Transportation Equipment 37.6 38.5 39.9 40.0 41.6 40.4 40.2 88.6 90.1 89.7 90.0 -89.8 90.2 90. 0 Nonferrous Metals, Products 41.0 40.9 40.1 41.5 42.0 41.4 42.7 69.0 70.3 70.3 71.0 71.2 72.7 73.8 Lumber, Products 39.7 38. 6 39.4 39.9* 40.7 38.9 39.5 51.4 51.3 52.6 52.5 52.4 52.6 52.8 Stone, Clay, Glass Products 37.9 37.5 37.0 37.4 38.1 37.1 38.2 65.7 66.0 66.8 67.2 67.1 67.1 68.0 Nondurable goods.. 37.6 37.2 37.5 37.6 37.1 38.4 59.9 60.5 61.3 61.1 60.9 61.3 61.7 Textiles, Products 36.1 35.9 34.9 35.7 35.9 35.5 36.7 49.3 49.7 51.2 51.4 50.9 50.4 50.7 Fabrics 37.4 37.2 35.7 36.4 37.3 36.8 37.9 47.7 47.9 48.6 48.7 48.7 48.7 48.8 Wearing apparel 33.7 33. 5 33.5 34.4 33.4 33.0 34.3 52.5 53.3 55.8 56. 3 55.2 53.9 54.4 Leather, Manufactures 33. 8 35.7 35. 8 34.8 34.8 33.5 37. 1 53.9 53.7 55.4 55.8 55.7 55.9 55.8 Food, Products 40. 1 40.5 40.4 40.3 40.0 39.3 40.6 62.5 63.3 61.5 60.3 61.0 63.2 64.1 Tobacco Manufactures 36. 6 35.8 36. 1 37.8 37.6 37.2 38.1 47.9 48.9 49.2 48.7 48.4 48.6 49.0 Paper, Printing 39.5 39. 4 38.2 38.4 38.7 38.4 39.3 77.4 78.3 78.9 79.2 79.2 79.3 79.9 Chemicals, Petroleum, and Coal Products _ 38.9 39.0 38.7 -38.9 39.3 38.8 39.6 75.1 75. 1 77.8 77.3 75.7 76.5 76.6 Petroleum refining 36. 1 36.4 35.8 36.1 36.4 35.7 37.3 97.2 97.2 97.7 98.3 97.2 97.6 96.8 Other than petroleum refining. 39.8 39.8 39.8 -39. 8 40.2 39.8 40.4 67.4 67.5 70.7 70.0 68.7 69.6 70. 1 Rubber Products 38.0 38.1 36.3 37. 5 38.0 37.9 39.7 76.8 77.6 77.9 78.0 77.4 78.1 78.4 MARCH 1941 251 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 Educational i Other i utilities i 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 January 251.7 196.2 80.2 77.4 7.1 12.9 17.3 15.9 31.7 6.1 28.9 17.7 86.5 66.3 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 i Private ownership i Month 1936 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 1941 January 215 243 192 252 196 305 149 112 118 148 93 111 66 130 75 104 104 194 February 140 188 119 220 201 79 69 51 111 82 62 119 68 109 119 March 199 231 227 301 272 96 66 95 128 95 103 165 132 173 177 April.. 235 270 222 330 301 105 74 99 160 103 130 195 123 170 197 May 216 244 283 308 329 94 93 144 135 112 122 151 139 174 217 June .. 233 318 251 288 325 116 137 108 128 147 116 180 143 161 177 July 295 322 240 300 399 153 131 98 137 205 141 191 142 163 194 August 275 281 313 312 415 153 104 171 158 195 122 178 142 154 220 September 234 207 301 323 348 116 80 160 144 144 119 127 141 179 204 October 226 202 358 262 383 101 78 203 92 175 125 124 154 170 209 November 208 198 302 300 380 89 93 179 144 195 119 106 123 156 186 December 200 209 389 354 456 82 115 279 225 258 117 94 110 129 198 Year 2,675 2,913 3,197 3,551 4,004 1,334 1,152 1,705 1,708 1,802 1,341 1,761 1,492 1,842 2,202 * Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the[Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1940 Number Liabilities Federal Reserve district Jan. Dec. Jan. Federal Reserve 1941 1940 1941 1940 district Boston 28, 555 39, 627 9,553 Jan. Dec. Jan. Jan. Dec. Jan. New York 45, 770 65, 915 35. 662 Philadelphia. 18, 440 17, 709 12; 138 Cleveland 29, 475 28,851 24,843 Boston. _ 90 89 78 890 863 1,008 Richmond 42, 567 101,104 22, 016 New York 442 409 492 4,379 5, 091 5,119 Atlanta 29,038 62. 880 29, 086 Philadelphia 81 86 81 539 642 1,219 Chicago 51, 459 47, 943 23, 892 Cleveland -. 53 43 65 1,333 1,425 830 St. Louis 21,367 30,952 14,438 Richmond _ 45 41 58 371 884 579 Minneapolis.. 6, 492 5,973 3,634 Atlanta.. _ _ 40 33 67 303 363 484 Kansas City. 11, 274 14,014 5, 585 Chicago.... 135 167 165 1,886 1,214 2,360 Dallas 20, 768 41, 221 15, 344 St. Louis 33 40 39 458 727 500 Minneapolis 17 17 15 282 147 243 Total (11 districts):. 305, 205 456,189 196,191 Kansas City 48 39 52 344 271 335 Dallas 41 26 23 272 380 286 San Francisco 99 96 102 831 1,302 2,316 Total 1,124 1,086 1,237 11,888 13, 309 15, 279 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. 252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports 2 Excess of exports Month 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 January, 223 289 213 370 P325 240 171 178 242 P229 -18 118 35 128 P97 February 233 262 219 347 278 163 158 200 —45 99 61 147 March 257 275 268 351 307 173 190 217 -51 102 77 134 April 269 274 231 323 287 160 186 212 -18 115 45 111 May 290 257 249 324 285 148 202 211 5 109 47 112 June. . 265 233 236 350 286 146 179 211 —21 87 57 139 July . 268 228 230 317 265 141 169 232 3 87 61 84 August 277 231 250 351 246 166 176 221 31 65 74 130 September. 297 246 289 295 233 168 182 195 63 79 107 101 October ._. _.. 333 278 332 344 224 178 215 207 108 100 117 137 November 315 252 292 223 176 235 224 92 76 57 104 December 323 269 368 322 209 171 247 253 115 98 121 69 Year 3,349 3,094 3,177 4,022 3,084 1,960 2,318 2,625 265 1,134 859 1,396 P Preliminary. »• Revised. i Including both domestic and foreign merchandise. 3 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 CUSSES 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 * Unadjusted * Total Coal Coke Grain L st 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. 1938 1939 1940 1941 1938 1939 1940 1941 ADJUSTED * SALES 1 1939—Dec 78 71 92 87 40 51 116 89 62 Jan.. 90 88 92 101 70 69 71 79 Feb. 88 88 90 70 69 71 1940—Jan. _ 78 83 90 73 39 47 114 86 62 Mar 86 88 89 77 82 86 Feb 73 68 65 75 40 44 107 83 61 Apr. 83 88 89 86 88 86 Mar...._ 69 66 70 75 39 43 105 77 60 May 80 87 89 80 87 89 Apr 70 75 73 79 37 43 102 74 59 June 82 86 91 79 83 87 May 72 78 73 74 38 45 96 77 60 July 83 87 92 58 60 64 June._. 75 81 91 74 38 45 100 82 60 Aug 83 88 98 65 69 77 July.... 75 83 105 80 35 46 96 80 61 Sept. . 85 90 97 91 97 105 Aug.._ 76 85 108 74 38 49 96 82 61 Oct 86 92 94 92 99 101 Sept. . 77 80 99 79 42 51 106 84 61 Nov. 87 93 100 99 106 114 Oct. „ 77 65 97 81 45 55 117 89 62 Dec 88 95 101 156 168 179 Nov 83 76 104 78 43 56 192 94 62 Dec 84 74 99 77 40 59 134 97 63 Year 85 90 94 1941—Jan 86 75 96 76 36 60 149 102 63 STOCKS UNADJUSTED * Jan. 71 67 68 71 63 60 61 64 Feb... 70 68 71 67 65 68 1939—Dec 73 79 101 75 39 44 29 81 60 Mar 70 68 70 71 69 71 Apr 69 67 69 71 69 71 1940—Jan 72 95 106 66 38 41 25 74 58 May 69 66 68 71 68 70 Feb 68 80 88 69 33 43 26 71 59 June 68 67 67 65 64 64 Mar 67 70 73 69 31 44 26 74 60 July 67 67 68 61 60 61 Apr 67 63 62 70 34 44 42 76 60 Aug 67 67 69 65 65 66 May 71 67 70 66 34 47 134 80 60 Sept 67 68 70 70 71 73 June 75 69 85 73 31 48 170 85 60 Oct. 67 69 71 74 77 79 July 77 70 89 110 31 46 182 82 60 Nov 67 71 72 78 82 S3 Aug 78 75 88 89 38 51 178 83 61 Dec 66 68 71 62 64 66 Sept 86 83 94 89 54 56 185 94 64 Oct 86 72 97 81 63 57 173 100 64 Year _ 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 1941—Jan 78 86 113 68 35 53 33 87 60 of monthly figures for seasonal variation. Back figures.—Department store sales, see BULLETIN for August 1936, p. 631, for October 1938, p. 918, and for January * The terms "adjusted" and "unadjusted" refer to adjustment of monthly 1941, p. 65; department store stocks, see BULLETIN for March figures for seasonal variation. 1938, p. 232. NOTE.—For description and back data see pp. 522-529 of BULLETIN for June 1 For sales comparisons by cities see p. 213 of this BULLETIN. 1937. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MARCH 1941 253 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 com- Farm Year, month, or week m t o ie 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 xt u i c le ts F m li u g a e h t l e t r i a n i n a g d ls a p n M r d o e d m t u a e c l t s t a s B m u a i t l e d r i i n a g ls p c C r a a o l h l s d l e i u m e a d c n i t d - s i f n H u g r o n g u o i s s o e h d - - s l M an is e c o e u l s - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73 0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932. . 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 1933 65 9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80 0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 . 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938.. 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 . 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 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—December 79.2 67.6 71.9 83.9 103.7 78.0 72.8 96.0 93.0 77.7 88.5 77.4 1940—January 79.4 69.1 71.7 83.9 103.6 77.9 72.7 95.8 93.4 77 7 87.9 77.7 February 78.7 68.7 71. 1 83.2 102.4 75.4 72.4 95.3 93.2 77.5 88.0 77.3 March 78.4 67.9 70.2 82.9 101.8 74.0 72.2 95.5 93.3 77.0 88.0 76.9 April 78.6 69.4 71.6 82.5 101.8 72.9 71.8 94.5 92.5 76.8 88.4 77.7 May. 78.4 67.9 71.4 82.5 101.3 72.9 71.7 94.5 92.5 76.7 88.5 77.7 June 77.5 66.2 70.3 82.2 99.2 72.6 71.4 94.7 92.4 76.1 88.5 77.3 July 77.7 66.5 70.3 82.3 99.0 72.4 71.1 95.1 192.5 77.0 88.5 77.7 August . 77.4 65.6 70.1 82.0 96.9 72.3 71.1 94.9 193.3 76.7 88.5 76.7 September 78.0 66.2 71.5 82.3 98.3 72.5 71.0 95.4 195.6 76.8 88 5 76.5 October . 78.7 66.4 71.1 83.5 100.4 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 1941—January 80.8 71.6 73.7 84.3 102.4 75.2 72.1 97.7 99.6 78.6 89.0 77. 1 Week ending— 1940— 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. S 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 February 1 80.6 71.7 73.7 84.5 102.6 75.2 72.6 97.8 99.5 78.8 90.4 76.8 February 8 80.5 70.7 73.2 84.6 102.2 75.4 72.9 97.8 99.4 78.6 90.6 76.8 February 15 . 80.5 70.5 73.3 84.6 101.9 75.6 72.7 97.9 99.4 78.7 90.2 76.7 February 22 80.4 70.2 73.2 84.5 101.9 75.6 72 7 97.9 99.3 78.5 90.2 76.7 Annual 1940 1941 Annual 1940 1941 Subgroups Subgroups 1939 1940 Jan. Dec. Jan. 1939 1940 Jan. Dec. Jan. Farm Products: Metals and Metal Products: Grains 58.6 68 0 73 5 67 0 67.6 Agricultural imnlements 93.4 92. 5 93 4 92 6 92.7 Livestock and poultryj 72.2 69.2 67.2 72.7 83.0 Farm machinery 94.6 93.7 94.6 93.9 94.0 Other farm products 62.6 66. 1 68 6 68.1 65.3 Iron and steel- 95.8 95.1 96.3 95.4 95.7 Foods: Motor vehicles 93.4 96.7 94.7 100.3 100.3 Dairy products 69.5 77.6 81.9 84.2 80.2 Nonferrous metals._ 78.0 81.3 82.6 83.4 83.6 Cereal products 74.8 78.3 80.4 74.3 74.8 Plumbing and heating 79.2 80.4 79.3 80.5 80.5 Fruits and vegetables 62.0 63. 1 60.3 61.2 59.6 Building Materials Meats 77.2 73.3 69.9 77.0 83.2 Brick and tile 91.4 90.5 91.6 91.1 91.3 Other foods 64 1 63.5 65 8 67.0 64.5 Cement 91.3 90.8 91.4 90 9 90.8 Hides and Leather Products: Luniber1 93.2 102.9 98.7 118.8 118.4 Shoes 102.6 107.6 107.8 07.2 107.4 Pairit and paint material 82.8 85.7 87.2 85.4 86.7 Hides and skins 83.6 91.9 102 6 99 3 99.1 PluiTibing and heatine 79 2 80 4 79 3 80 5 80.5 Leather 87.5 92.5 96.0 94.1 94.4 Structural stee1 107.3 107. 3 107.3 107. 3 107.3 Other leather products 97.1 99.9 100.0 99.7 99.7 Other buildingmaterials 90.3 93.3 93.2 94.5 94.9 Textile Products: ChemicaIs and Aliied Product,v Clothing 82.0 85. 2 84.5 85.5 86.6 Chemicals 84.7 85.1 85.3 85.4 85.6 Cotton good*' 67.2 71.4 75.4 74.9 75.8 Drugs and phsrmaceuticils 78.2 88.9 81.3 96.2 96.5 Hosiery and underwear 61.4 62.3 68.4 60.7 59.9 Fertilizer materials 67.9 69.4 71.3 70.0 70.7 Silk 46 1 46.8 61 8 42 5 42 5 Mixed fertilizers 73 0 73 8 73 9 74 3 75.2 Rayon 28.8 29.5 29.5 29.5 29.5 Oilsand fats 48.4 44.3 52.4 42.4 46.2 Woolen and worsted groods 79.8 85.7 90.4 89.0 89.2 Housefurnishing Goods: Other textile products 69.2 74.5 81.3 74.6 74.8 Furnishings 91.1 94.7 94.0 95.1 95.2 Fuel and Lighting MateriaI: Furniture __ . . _ 81.3 81.8 81.4 82.2 82.6 Anthracite .. 75.8 78.9 78.7 80.9 81. 1 Miscellaneous: Bituminous coal 97.5 97.6 98.0 00.4 100.4 Auto tires andtubes _ 59.5 57.8 55.6 58.3 58.2 Coke 105. 6 110.2 109.8 13.6 113.8 Cattie feed 83.3 87.8 93.0 90.1 89.1 Electricity 78.6 77.6 Paper and pulp 82.4 91.7 89.8 93.1 93.1 Gas 84 1 78.6 78.2 Rutber, crude 37.2 41.5 39.6 42.7 41.0 Petroleum products 52.2 50.0 51.7 49.5 50.6 Other miscellaneous 82.6 84.1 87.4 82.8 82.8 i Revised series. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). 254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES Revised Edition of Chart Book * 1940 1941 Chart Chart book book page Jan. Jan. Feb. Feb. Feb. page Nov. Dec. Jan. 22 29 5 11 19 WEEKLY FIGURES 1 In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total. 3 2.26 2.23 2.22 2.26 2.24 Reserve Bank credit, total 2, 7 2.34 2.31 2.27 U. S. Gov't. securities, U. S. Gov't. securities 7 2.26 2.19 2.18 by maturities, total. _ 5 2.18 2.18 2.18 2.18 2.18 Bills discounted 7 Within 5 yrs 5 1.05 1.05 1.05 1.05 1.05 Gold stock 2 21.66 21.89 22.06 After 5 yrs 5 1.14 1.14 1.14 1.14 1.14 Money in circulation 2 8.41 8.69 8.59 Gold stock 3 22.09 22.11 22.12 22.13 22. 14 Treasury cash 2 2.19 2.20 2.19 Treasury currency 3 3.10 3. 10 3. 10 3.10 3. 10 Treasury deposits 2 .35 .34 .26 Money in circulation 3,11 8.54 8.55 8.63 8.67 8.69 Reserve balances 2, 8 14.13 14.05 14.34 Treasury cash holdings 3 2.20 2.20 2.21 2.21 2.22 Required reserves 8 7.30 7.40 7.51 Treasury deposits 3 .26 .26 .69 .62 .48 Excess reserves 8 6.83 6.65 6.83 Nonmember deposits 3 1.75 1.80 1.78 1.84 1.79 Money in circulation, total-.- 10 8.52 8.73 8.59 Member bank reserves 3 14.41 14.35 13.84 13.87 14.02 Coins and bills under $50- _ 10 6. 10 6.25 6.09 E xcess reserves—totale 9 6.92 6.80 6.38 6.34 P6. 45 Bills of $50 and over 10 2.43 2.49 2.50 New York City 9 3.54 3.45 3.11 3.09 3.18 Chicago 9 .38 .38 .38 .34 .34 MONEY RATES, ETC. R C e o s u e n rv tr e y c b it a y n k b s a n e ks 9 9 2. . 0 9 6 3 2. . 0 9 5 1 1 . .9 9 7 2 1. . 9 9 9 3 P 1 . . 9 9 9 4 U. S D . i G re o c v t e o r b n l m ig e a n t t i on d s e , b t t: otal.. 19 43.71 44.46 45. 32 Bonds 19 31.53 31.60 31.78 MEMBER BANKS Notes 19 5.66 6.18 6.81 Total, 101 cities: Bills 19 1.31 1.31 1.31 L B o a a la n n s c a e n s d d i u n e v e to stments 16 25.68 25.68 26.18 26.25 26.38 Gua S ra p n e t c e ia e l d is o s b u l e i s g ations-.. 1 1 9 9 5 5 . .2 9 1 2 5 5 . . 9 3 2 7 5 5. . 9 4 1 3 domestic banks .... 16 9.19 9.08 9.04 9.04 9.15 Adjusted demand Per cent per annum deposits 16 22.90 22.93 22.80 22.98 23.16 Time deposits 16 5.43 5.43 5.45 5.45 F. R. Bank discount New York City: 5.47 rate, N. Y 23 1.00 1.00 1.00 Commercial loans 17 1.93 1.94 1.96 1.98 2.00 Treasury bills (new issues). 23 .003 (n (») Brokers' loans 17 .33 .32 .30 .29 .28 Treasury notes 2 23 .34 35 .43 U. S. Gov't. obligations 17 5.93 5.95 6.18 6.20 6.20 Treasury bonds 29 1.97 i89 1.99 100 cities outside New York: Commercial paper 25 56 56 .56 Commercial loans 17 3. 13 3.13 3.16 3.19 3.22 Corporate Aaa bonds 25, 29 2.75 271 2.75 U. S. Gov't. obligations 17 6.79 6.75 6.94 6.94 6.99 Corporate Baa bonds 29 4.48 445 4.38 MONEY RATES, ETC. Per cent per annum In unit indicated Stock prices (1926=100): Treasury bills (new issues). 21 (n) (n) (») .007 .04; Total 31 82 80 81 Treasury notes 2 _ 21 .43 .47 .54 .60 .58 Industrial 31 96 94 94 Treasury bonds 21,29 2.02 2.04 2.09 2.11 2. 12 Railroad 31 28 26 28 Corporate Aaa bonds 29 2.76 2.76 2.76 2.76 2.79 Public utility 31 79 78 78 Corporate Baa bonds 29 4.37 4.36 4.40 4.41 4.46 Volume of trading (mill. shares): 31 1.04 .81 .56 Brokers'balances(mill. dollars): Credit extended customers 33 666 677 661 In unit indicated Money borrowed 33 383 427 399 Stock prices (1926=100): Customers' free credit Total 31 80 79 78 77 73 balances 33 280 281 275 Industrial 31 93 91 90 89 85 Railroad 31 28 27 27 27 25 BUSINESS CONDITIONS Public utility 31 78 77 76 76 73 Wholesale prices: Volume of trading (mill, All commodities (1926=100): shares) 31 .48 .55 .42 .61 .38 Total 35, 65 79.6 80.0 80.8 Farm products 35 68.2 69.7 71.6 BUSINESS CONDITIONS Others 35 84.1 84.1 84.3 Industrial commodities Wholesale prices: *" (Aug. 1939=100): All commodities (1926= 100) • Total 37 104.7 104.8 105.1 Total 35 80.8 80.6 80.5 80.5 80.4 Finished 37 102.8 102.8 103.1 Farm products 35 72.6 71.7 70.7 70.5 70.2 Raw and semifinished 37 109.0 109.3 109.4 Others 35 84.4 84.5 84.6 84.6 84.5 Cost of living (1935-39=100): Basic commodities All items 39 100. 1 100.7 100.7 (Aug. 1939=100), total 36 120.8 119.8 119.9 120.8 122.2 Rent 39 104.7 104.9 105.0 12 foodstuffs 36 119.7 117.6 117.5 119.0 118.9 Clothing 39 101. 6 101.6 100. 2 16 industrial Food 39 95.9 97.3 97.8 materials 36 121.5 121.4 121.6 122.1 124.6 Steel production (per cent of capacity) __ 44 96.5 97.1 96.9 97.1 94.6 e Estimated, P Preliminary. n Negligible or negative. Automobile production 1 Figures for other than Wednesday dates are shown under the (thous. cars) 44 121.9 124.4 127.7 127.5 127.7 Wednesday included in the weekly period. Freight-car loadings (thous. cars)- Total 45 710.8 714. 3 710.2 721.2 678.5 2 Tax-exempt issues only. Miscellaneous 45 299.6 304.2 302.8 308.2 288.7 3 Other than farm products and foods. Electric power production 4 New series. Back figures will be published in the BULLETIN (mill. kw. hrs.) 46 2,830 2,830 2,824 2,810 2,820 for April. Department store sales (1935-39=100)4 46 89 94 96 98 5 Less than $5,000,000. F.H.A. home mortgages, * Current figures are for the revised edition of the Chart Book new constr. (thous.) 47 3.49 3.67 3.84 3.91 4.83 announced on page 212. Copies of this chart book can be obtained at a price of 50 cents each. MARCH 1941 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statistics for Federal Reserve Chart Book—Current Series—Continued Revised Edition of Chart Book * 1940 1941 Chart Chart book book Nov. Dec. Jan. page Nov. Dec. Jan MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) 1926=100 BUSINESS CONDITIONS (cont.) INTERNATIONAL TINANCE Industrial production :* 2 Wholesale prices: Total (1935-39=100) 41,42 132 138 139 Canada 65 84.0 84.2 Durable manufactures 41 58.4 62.2 64.6 Germany 65 82.4 82.5 P82.9 Iron and steel 42 18.2 19.9 19.1 Japan 65 131.0 131.8 132.2 Machinery, etc. 42 26.1 27.5 29.9 Sweden 65 125.5 P126. 3 Other durable 42 14.1 14.8 15.6 Switzerland 65 111.9 Nondurable manufactures 41 56.0 57.9 56.8 United Kingdom 65 118.5 119. € P T a e p xt e i r l e a s n a d n p d r l i e n a t t i h ng er 4 4 2 2 1 1 1 7 . . 0 5 1 1 8 1 . . 1 3 1 1 1 7. . 4 1 In cents per unit of Ne i w n N v M e o e i n r w n d t F e O D o e r o o r r t u a i s r h o e r l , d s d e s a e s r s b r h , ( s l n i J e , l p o a i , t q m n n o t u d o . t e o a u 1 t n l a r 9 r t s l a 3 s , , b 9 a a l = e n n 1 d d 0 0 to ): bacco._ . 41, 4 4 4 4 4 2 3 2 3 2 1 1 1 7 1 5 2 1 . . . 7 3 8 6 9 1 7 1 1 1 2 8 6 2 1 . . . 5 7 0 0 4 2 2 P P 1 1 1 1 2 6 8 2 8 6 . . . 0 0 2 3 5 Fore J A C U S i a g w r a n p n g n i i a e t t a e n e z n d x d e t a c ( r i y h n l K ( a a a e d i n n n n o d ( g ) l g p e l e d ( a f s r r o r o ) a a m ) t n e c s ( ) : p ound) 6 6 6 6 6 7 6 7 7 6 40 8 2 2 2 3 3 6 9 3 . . . . . f o 9 7 2 4 5 r 2 7 0 4 6 eign 4 0 2 8 2 2 3 6 9 3 3 . c . . . . u 5 7 2 4 5 6 r 7 0 4 0 renc 4 y 8 2 2 2 03 4 9 3 3 . . . . . 7 8 2 4 4 7 0 2 4 2 Iron and steel 43 214 216 P259 Machinery 43 225 267 P247 1940 Shipments, total __ 43 148 152 P148 Inve D n u to r r a i b e l s e , total ... __ 4 4 3 3 1 1 7 1 2 7 1 1 1 8 9 4 P P 1 1 7 2 6 1 Sept. Oct. Nov. Durable 43 124 128 P129 Nondurable 43 109 110 Pill In billions of dollars 1923-25=100 Incre T a o s t e a l i n U. S. gold stock:4 63 14.22 14.48 14.78 Net capital inflow: A F F a a v c c e t t r o o a r r g y y e e p h m a o y u p r r l o l o y ll y s m e a e r n n t i ngs 5 5 1 1 , , 5 5 3 3 1 1 1 1 4 6 . . 7 4 1 1 1 2 6 2 . . 2 4 P P1 1 1 1 9 5 . . 8 2 T I R n o e f t l t a o u l w r n o o f f f d or o e m ig e n s t c ic a p c i a ta p l i tal-. 62, 6 6 6 2 2 3 6 4 1 . . .9 2 2 1 2 0 4 6 1 . . . 2 2 9 0 1 1 4 6 1 . . . 2 2 9 7 6 1 Av ( e c r e a n g ts e p h e o r u h rs o u w r) o rked 51 67.8 68.3 M Ot e h r e c r h f a a n c d to is r e s export surplus 6 6 3 3 4 3 . . 0 9 5 5 4 4 . . 1 0 9 9 4 4 . . 3 2 0 1 (hours per week) 51 38.6 39.8 Short-term foreign assets and liabili- Freight-car loadings:i 2 ties of banks: T M C o o i t a s a l c l e llaneous 5 5 5 7 7 7 4 8 1 4 3 6 . . . 6 2 0 8 4 1 3 6 5 . . . 5 4 6 8 4 1 8 6 5 . . . 4 0 8 N L Fo i e a r t b e f i i o l g i r n t e i i e a g s s n s t e o l t i s a f o b r i e li i t g i n es e rs 6 6 6 4 4 4 3 3 . . . 7 3 3 2 9 3 3 3 . . . 7 3 3 4 9 5 3 3 . . . 8 4 4 2 0 3 All other 57 22.6 21.6 21.8 Department store sales 1 59 100 101 101 Department store stocks 1 59 72 71 Apr.- July- Oct.- June Sept. Dec. In millions of dollars Residential contracts awarded;i QUARTERLY FIGURES5 In billions of dollars Total 47 163 186 157 Public 47 49 71 12 Cash income and outgo of U.S.Treas.: Private, total 47 114 115 145 Cash income 18 1.73 1.93 1.90 1- and 2-family dwellings __. 47 101 99 117 Cash outgo 18 2.37 2.51 3.18 Other 47 13 16 28 Excess of cash outgo 18 .64 .58 1.29 Construction contracts awarded:3 Domestic corporation security issues, Total 49 454 473 '417 total 32 .58 1.04 Residential 49 160 166 '153 New 32 .18 .28 O ther 49 294 307 '264 Refunding 32 .40 .77 Nonagricultural employment (mill, persons): Total 50 36.69 3730 P36. 34 Per cent per annum Manufacturing and mining. _.. 50 11.29 11.41 Pll. 32 T G r o a v d e e r nment 5 5 0 0 6 3. . 8 4 8 3 6 3 . .9 8 3 8 P P 6 3 . .9 1 2 9 Bank T o r t a a t l e , s 1 o 9 n c c it u i s e t s o . m .. ers' loans: 25 2.59 2.68 2.59 Transportation and public utili- New York City 27 2.14 2.00 ties 50 3.07 3.04 P3.01 7 other Northern and Eastern Inco C m o e n p st a r y u m ct e io n n ts :* 50 1.71 1. 71 PI. 62 11 c S it o ie u s t hern and Western cities ._ 2 2 7 7 2 3. . 3 4 8 9 2 3 . . 5 4 6 3 2 3 . . 5 3 3 6 Total 54 6,401 6,538 P6, 586 Salaries and wages _ _. _. _ 54 4,092 4,210 P4,240 Other 54 2, 309 2,328 P2, 346 p Preliminary. Cash farm income: 1 Adjusted for seasonal variation. T C o ro ta p l s 5 5 5 5 9 4 4 0 2 7 8 3 4 4 2 7 P P 7 2 5 2 0 9 2 3 I T n h p re o e i n m ts o i n n t h to s ta m l o in v d in e g x . average, adjusted for seasonal variation. Livestock and products 55 456 425 P434 * Cumulated from January 31, 1934. Gov't payments 55 79 70 s Banking statistics for call report dates and figures on ownership of Exports and imports: U. S. Government obligations are shown in table on the following page. Exports 61 328 322 * Current figures are for the revised edition of the Chart Book an- Imports 61 224 253 nounced on page 212. Copies of this Chart book can be obtained at a Excess of exports 61 104 69 price of 50 cents each. 256 FEDERAL RESERVE BULLETIN 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] 1938 1939 1940 Chart Book Page Mar. June Sept. Dec. Mar. June Oct. Dec. Mar. June Dec. 30 28 31 29 30 2 30 26 29 31 ALL BANKS IN THE U. S. Total deposits and currency 12 56. 78 56. 74 57. 65 59.12 59.11 60. 95 62.87 64.10 64.88 66.96 *70. 88 Demand deposits adjusted . . ._ 12 24. 13 24.39 25. 10 26. 01 26.04 27.35 29.09 29.79 30.54 31.96 P35. 03 Time deposits 12 26 34 26 27 26 27 26 38 26 56 26 80 26 81 27 06 27.28 27.47 P27. 82 Currency outside banks 12 5. 50 5.47 5.50 5.83 5.63 6.01 6. 19 6.40 6.23 6.70 P7. 30 Loans and investments, total 13 48. 24 47. 30 48.24 48.87 48.93 49.62 49.95 50.88 51.14 51.34 Loans 13 21 71 21 05 21 04 21 30 21 15 21 32 21 63 22.17 22.19 22.34 Investments 13 26. 54 26.24 27. 21 27. 57 27.78 28.30 28.32 28.71 28.95 29.00 MEMBER BANKS Investments, total2 17 98 17 78 18 69 18 86 19 05 19 46 19 61 19. 98 20. 22 20. 48 21. 81 U. S. Government obligations: Direct 14 10.63 10.22 10. 71 10. 88 10.69 10. 95 10. 89 11. 18 11.31 11.60 12. 34 Guaranteed. __ . ___ .. 14 1. 83 2.13 2.30 2.34 2.66 2.83 2.92 3.14 3.11 3. 12 3.49 State and local government obligations 14 2. 19 2.14 2.30 2.45 2.56 2.55 2.76 2.69 2.91 2.89 3.01 Other domestic securities - 14 3. 15 3.13 3.19 3.01 2.96 2.94 2.77 2.70 2.81 Foreign securities _ 14 .18 .18 .18 .18 .18 .19 .19 . 17 .16 Loans, total2 ._ _. 13 55 12. 94 12 94 13 21 J3 05 13 14 13 47 13.96 13.94 13. 97 15.32 Commercial loans (incl. open-market paper)__ . 15 7.45 7.01 6.97 4 5. 89 5.96 5.99 6.57 6. 72 7.53 Street loans (Brokers' loans) 15 .68 .53 .53 i .79 .67 .56 .61 .32 . 47 0ther loans on securities 15 2.87 2. 79 2.77 4 .96 .90 .91 .88 .80 .83 A Re ll a o l t e h s e t r a t l e o a lo n a s n 2 s 5 15 2 56 2 61 2 66 2 2. 7 8 2 5 2 2 .7 7 7 5 2 2 .8 8 5 3 2 2 .9 9 4 6 (3) 3 3 . .0 0 6 7 3 3 . .2 2 7 3 HOLDINGS OF U. S. GOVERNMENT OBLIGATIONS DIRECT AND GUARANTEED 3 Total outstanding 2 6 41 43 43 89 45 34 47 07 47 87 50 38 U.S. Government agencies and trust funds: Public issues 20 2 12 2 20 2 14 2 34 2. 33 Special issues 20 2 68 3 16 3 77 4.23 4.78 5.37 Federal Reserve Banks 20 2 56 2 56 2. 55 2 48 2.47 2.18 Commercial banks 20 14 01 15 04 15 67 16 27 16. 52 Mutual savings banks 20 2 71 2. 91 3 07 3 13 3. 14 Insurance companies 20 5.20 7 5 50 5.80 7 6 10 6. 10 Other investors . _ 20 12. 10 712. 50 12.30 712. 50 12. 50 p Preliminary. 1 Includes also semi-annual figures on ownership of U. S. Government obligations. 2 Series not shown in Chart Book. 3 Figures available for June and December dates only. 4 Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimates on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332. 5 Includes loans to banks and other loans under new classification beginning December 31, 1938. 6 Total direct and guaranteed obligations outstanding, as shown for page 19 of chart book. 7 Partly estimated. MARCH 1941 257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1940 BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city m b e a A m n l b k l e s r m n b a e t a A m i n o ll k b n s e a r l A m l b e l a m n S b t k e a s r te New m e Y m o b r e k r ba C n h k i s c a 1 go m R ba e e c s m n i e t k y b rv s e 1 e r C m b o a e n u m k n b s t e r 1 y r Assets Loans (including overdrafts) 15, 320, 598 10,004,346 5, 316, 252 3, 383, 623 696,100 5, 931, 494 5, 309, 381 United States Government direct obligations 12,337, 408 7, 642,011 4,695,397 4, 429, 224 1,194,097 4,154,998 2, 559, 089 Obligations guaranteed by United States Governments. 3, 485, 638 2, 093, 305 1, 392, 333 1, 614, 718 112,410 1, 048, 840 709, 670 Obligations of States and political subdivisions 3,012, 693 2, 004, 686 1,008, 007 694, 700 188, 262 984,083 1,145, 648 Obligations of Government corporations and agencies not guaranteed by United States 499, 355 322,085 177, 270 166, 233 40,991 184, 509 107, 622 Other bonds, notes, and debentures 2, 053, 842 1, 368, 600 685, 242 476,153 117,710 555,901 904, 078 Corporate stocks (including Federal Reserve Bank stock). 416, 533 212, 881 203, 652 145, 682 27, 744 152, 689 90, 418 Total loans and investments 37,126, 067 23, 647, 914 13, 478,153 10, 910, 333 2, 377, 314 13, 012, 514 10, 825,906 Reserve with Federal Reserve Banks 13, 991, 733 7,986, 914 6, 004, 819 7, 056, 651 1, 050, 980 4, 026, 746 1, 857, 356 Cash in vault 991,146 712, 561 278, 585 101, 576 41, 829 396,124 451, 617 Demand balances with banks in United States (except private banks and American branches of foreign banks). - 6, 084, 424 4, 651,188 1, 433, 236 120, 485 315,615 2, 707, 770 2, 940, 554 Other balances with banks in United States 100, 881 76, 236 24, 645 1,641 3,667 33, 635 61, 938 Balances with banks in foreign countries 11,311 8,031 3,280 6,264 355 3,171 1,521 Due from own foreign branches 2,182 2,086 96 96 Cash items in process of collection 2, 783, 960 1, 663, 795 1,120,165 1,136, 669 165,349 1,110,078 371, 864 Bank premises owned and furniture and fixtures 914, 425 592, 759 321, 666 200, 215 19, 740 322, 055 372, 415 Other real estate owned 228, 243 108,191 120, 052 23, 922 3,057 84, 692 116, 572 Investments and other assets indirectly representing bank premises or other real estate 111, 146 62, 415 48, 731 10,071 803 79,896 20, 376 Customers' liability on acceptances 83, 052 47,148 35, 904 57, 432 2,988 19, 919 2,713 Income accrued but not yet collected 105, 026 60, 238 44, 788 37, 757 7,848 41, 048 18, 373 Other assets 124, 082 41, 088 82, 994 25, 024 5,651 33, 428 59, 979 Total assets- 62, 657, 678 39, 660, 564 22,997,114 19, 688,136 3, 995,196 21, 873,162 17,101,184 Liabilities Demand deposits—Total 44,110, 412 27,360, 631 16, 749, 781 16, 919, 623 3, 201, 042 14, 987, 013 9, 002, 734 Individuals, partnerships, and corporations 29, 576, 064 17, 913, 896 11,662,168 11, 357,143 1, 905,172 9,468, 202 6, 845, 547 United States Government 2 616,118 459, 225 156, 893 47, 856 89, 826 327, 333 151,103 States and political subdivisions 2, 723, 660 1, 993, 674 729, 986 370,195 174, 203 995, 339 1,183, 923 Banks in United States 9, 581,199 6,119, 964 3, 461, 235 4,031, 856 996, 958 3, 919,160 633, 225 Banks in foreign countries 700,073 355, 691 344, 382 641, 205 7,523 49, 373 1,972 Certified and officers' checks, cash letters of credit and travelers' checks, etc 913, 298 518,181 395,117 471, 368 27, 360 227, 606 186, 964 Time deposits—Total 12, 319,198 8, 426, 642 3, 892, 556 824, 032 508, 877 4, 857, 400 6,128, 889 Individuals, partnerships, and corporations: Savings deposits 10, 266,149 7,107, 266 3,158,883 403,053 435, 766 4, 072, 802 5, 354, 528 Certificates of deposit 654, 941 505, 293 149, 648 10, 948 29, 305 150,131 464, 557 Christmas savings and similar accounts 27, 853 18, 885 8,968 1,086 201 9,848 16, 718 Open accounts 737, 865 295, 315 442, 550 353,155 30, 805 272, 890 81,015 Postal savings 2 55, 987 42, 600 13, 387 4,500 18, 940 32, 547 States and political subdivisions 435, 075 359, 321 75, 754 51,108 8,300 225, 513 150,154 Banks in United States 135, 226 93,040 42,186 330 105, 526 29,370 Banks in foreign countries 6,102 4,922 1,180 4,352 1,750 Total deposits 56, 429, 610 35, 787,273 20, 642, 337 17, 743, 655 3, 709, 919 19, 844, 413 15,131, 623 Due to own foreign branches 182, 067 145, 970 36, 097 182, 067 Bills payable, rediscounts, and other liabilities for borrowed money 3,282 3,127 155 1 3,281 Acceptances outstanding 97, 461 54, 483 42, 978 67, 203 3,446 23, 950 2, 862 Dividends declared but not yet payable 38, 953 24, 561 14, 392 17, 997 980 11,920 8,056 Income collected but not yet earned 67, 666 46, 3S0 21, 286 9,591 1, 955 35, 367 20, 753 Expenses accrued and unpaid 77, 946 48, 030 29, 916 16, 743 8,300 35, 336 17, 567 Other liabilities 63,177 22, 494 40, 683 35, 803 850 18,163 8,361 Total liabilities. 56, 960,162 36,132, 318 20, 827, 844 18, 073, 059 3, 725, 450 19, 969,150 15,192, 503 Capital Accounts Capital 2, 356, 258 1, 523, 437 548,062 101, 700 787,150 919, 346 Surplus 2, 279, 621 1, 307, 038 827, 225 103,690 720, 657 628, 049 Undivided profits 721, 444 467, 711 191,070 29,160 251, 088 250,126 Reserves for contingencies- 295, 839 194, 729 45, 501 35,019 128, 478 86, 841 Other capital accounts 44, 354 35, 331 3,219 177 16, 639 24,319 Total capital accounts 5, 697, 516 3, 528, 246 2,169, 270 1, 615, 077 269, 746 1, 904, 012 1, 908, 681 Total liabilities and capital accounts. 62, 657, 678 39, 660, 564 22, 997,114 19, 688,136 3, 995,196 21, 873,162 17,101,184 Net demand deposits subject to reserve.. 35, 261, 636 21, 060, 469 14, 201,167 15, 662, 469 2, 721, 247 11,173, 420 5, 704, 500 Demand deposits—adjusted 3 30, 429, 062 18, 761, 956 11, 667,106 11, 062, 037 1, 941, 386 9, 581,069 7, 844, 570 Number of banks 6,486 5,144 1,342 36 13 348 6,089 1 Banks are classed according to the reserves which they are required to carry (see page 220). Some banks classed as "country banks" are in outlying sections of reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located. 2 United States Treasurer's time deposits, open accounts, are combined with postal savings (time) deposits. 3 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS-CLASSIFICATION OF LOANS, INVESTMENTS, REAL ESTATE, AND CAPITAL ON DECEMBER 31, 1940 BY CLASSES OF BANKS [In thousands of dollars] m b e a A m n l b k l e s r n m b a e t a A m i n o l k b l n s e a r l A m b l e l a m n S k b ta s e t r e Ce m nt e r m al b r e e r s e b r a v n e k c s i x ty m R ba e e c s n m i e t k y b r s v e ! e r C m b o a e u m n n k b t s e r l y r New York Chicago Loans—Total 15, 320, 598 10, 004, 346 5, 316, 252 3, 383, 623 696,100 5, 931, 494 5, 309, 381 Commercial and industrial loans 6, 203, 515 4, 016, 691 2,186, 824 2, 025, 344 475, 797 2, 435, 554 1, 266, 820 Agricultural loans 865, 091 728,640 136, 451 6,445 4,974 263, 270 590, 402 Commercial paper bought in open market 321, 473 221, 056 100, 417 4,596 14,384 120, 444 182, 049 Bills, acceptances, etc. payable in foreign countries. __ 4,291 3,038 1,253 195 547 2,769 780 Acceptances of other banks, payable in LTnited States. 55,875 30,134 25, 741 49,171 23 4,038 2,643 Reporting banks' own acceptances 74, 418 41, 369 33, 049 45, 686 1,708 25, 855 1,169 Loans to brokers and dealers in securities 642, 448 274, 021 368, 427 465, 031 41, 943 114, 952 20, 522 Other loans for purchasing or carrying securities 652,121 369, 377 282, 744 189, 680 54, 043 207, 121 201, 277 Real estate loans: On farm land 299,188 233, 753 65, 435 61 339 90,617 208,171 On residential property 2, 118, 475 1, 363, 227 755, 248 63, 402 9,967 964, 596 1, 080, 510 On other properties 810, 344 490, 276 320, 068 66, 081 8,305 380, 644 355, 314 Loans to banks 43,106 22, 683 20,423 25, 219 11 14, 690 3,186 All other loans 3, 222, 650 2, 205,139 1,017, 511 440, 395 83, 841 1, 304, 093 1, 394, 321 Overdrafts 7,603 4,942 2,661 2,317 218 2,851 2,217 United States Government Direct Obligations-Total 12, 337, 408 7, 642, 011 4, 695, 397 4, 429, 224 1,194, 097 4,154,998 2,559, 089 Treasury bills 651, 986 445, 062 206, 924 207, 218 296, 869 103, 044 44, 855 Treasury notes 2, 594, 269 1, 720,130 874,139 1, 245,135 145, 278 770, 805 433, 051 Bonds maturing in 5 years or less 1, 367, 488 727, 530 639, 958 596,130 51, 886 469,818 249, 654 Bonds maturing in 5 to 10 years 2, 885, 694 1, 524, 940 1, 360, 754 1, 232, 622 117,497 922, 063 613, 512 Bonds maturing in 10 to 20 years 4, 344, 955 2, 908, 212 1, 436, 743 1, 058,141 482, 847 1, 711, 562 1, 092, 405 Bonds maturing after 20 years 493, 016 316,137 176, 879 89, 978 99, 720 177, 706 125, 612 Obligations Guaranteed by United States Government- Total 3, 485, 638 2, 093, 305 1, 392,333 1, 614, 718 112, 410 1, 048, 840 709, 670 Total amount maturing in 5 years or less 2,329, 749 ;, 324, 833 1,014,916 1,244,657 104, 931 590, 030 390,131 Reconstruction Finance Corporation 840, 575 338,143 502, 432 513, 278 57, 316 162, 241 107,740 Home Owners' Corporation 1, 490, 350 1,069,118 421, 232 644, 407 19, 332 503, 849 322, 762 Federal Farm Mortgage Corporation 463,128 255, 761 207, 367 155, 876 3,804 163, 699 139,749 Other Government corporations and agencies 691, 585 430, 283 261, 302 301,157 31, 958 219, 051 139, 419 Obligations of Government corporations and agencies, not guaranteed by United States—Total 499, 355 322,085 177, 270 166, 233 40, 991 184, 509 107, 622 Total amount maturing in 5 years or less 377,790 239,142 138, 648 139.152 25,125 153, 224 60,289 Federal Land Banks 129,171 82, 943 46, 228 35, 350 15, 865 30, 339 47, 617 Federal Intermediate Credit Banks 164,414 98, 937 65, 477 77, 816 12, 419 62, 263 11,916 Other Government corporations and agencies 205, 770 140, 205 65, 565 53, 067 12, 707 91, 907 48, 089 Obligations of States and political subdivisions—Total_. 3, 013, 693 2, 004, 686 1, 008, 007 694, 700 188, 262 984, 083 1,145, 648 In default 6,735 6,032 703 477 3,917 2,341 Without specific maturity 220, 432 187, 625 32, 807 11,136 63, 952 76, 812 68, 532 Maturing in 5 years or less 1, 788, 648 1, 067, 938 720, 710 559, 454 97, 498 530, 662 601,034 Maturing after 5 years 996, 878 743, 091 253, 787 123, 633 26, 812 372, 692 473, 741 Other bonds, notes, and debentures—Total 2, 053, 842 1, 368, 600 685, 242 476.153 117, 710 555,901 904, 078 Total amount in default 55, 690 32, 454 16, 686 1,153 16,970 20, 881 Total amount maturing in 5 years or less 579, 907 318,597 218,332 59, 767 160,207 141,601 Railroads 701, 663 472, 120 229, 543 131, 582 32, 617 194,136 343, 328 Public utilities 499, 920 335, 280 164, 640 71,170 32, 931 134,013 261, 806 Industrials 539, 702 375,181 164, 521 156, 651 32, 369 148, 898 201, 784 Other domestic corporations 147, 774 73, 694 74,080 68, 096 8,238 35, 040 36, 400 Foreign—public and private 164, 783 112, 325 52, 458 48, 654 11, 555 43, 814 60, 760 Corporate stocks—Total 416, 533 212, 881 203, 652 145, 682 27, 744 152, 689 90, 418 Federal Reserve Banks 138, 539 84, 551 53, 988 40, 905 6, 153 45, 074 46, 407 Affiliates of reporting banks. _ 99, 659 47, 204 52, 455 41, 363 52, 500 5,519 Other domestic banks 18, 864 6,715 12,149 2,487 ^40 7,732 8,605 Other domestic corporations- 157, 977 73, 525 84, 452 60, 581 21, 260 46, 534 29, 602 Foreign corporations 1,494 346 14 285 Bank premises, furniture and fixtures, and other real estate—Total 1,142, 668 700, 950 441, 718 224,137 22, 797 406, 747 488,987 Bank premises 842, 618 537,373 305, 245 199, 542 19, 549 292, 405 331, 122 Furniture and fixtures 71, 807 55, 386 16, 421 673 191 29, 650 41, 293 Farm land (including improvements) 18, 446 13, 644 4,802 17 6,951 11, 261 Residential properties 86, 228 36, 738 49, 490 8,253 889 25, 543 51, 543 Other real properties 123, 569 57, 809 65, 760 15, 652 1,951 52,198 53, 768 Assets indirectly representing bank premises or other real estate—Total 111, 146 62, 415 48, 731 10,071 79, 896 20, 376 Investments 77, 831 51, 099 26, 732 8,835 702 53, 670 14, 624 Other assets 33, 315 11,316 21, 999 1, 236 101 26, 226 5, 752 Capital: Par or face value—Total 2, 359, 291 1, 525, 673 833, 618 548, 062 101, 700 787,150 922, 379 Capital notes and debentures.. 40, 758 40, 758 375 25, 450 14,933 First preferred stock 247, 726 181,899 65, 827 8,868 1,700 99, 543 137, 615 Second preferred stock 18, 243 13, 638 4,605 2, 150 16, 093 Common stock 2, 052, 564 1, 330,136 722, 428 538, 819 100, 000 660, 007 753, 738 Retirable value of: First preferred stock 343, 093 233, 160 109, 933 21, 992 1, 7O0> 135, 936 183, 465 Second preferred stock- 23, 894 15, 523 8, 371 2, 150 21, 744 For footnotes see preceding page. MARCH 1941 259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. 262 Gold production 263 Gold movements 263 International capital transactions of the United States. 264-268 Central banks 269-272 Money rates in foreign countries. 273 Commercial banks 274 Foreign exchange rates. 275 Price movements: Wholesale prices 276 Retail food prices and cost of living. 277 Security prices 277 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. MARCH 1941 261 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 e i r n n - - a Bel- Brazil I B n i r d s i i h t a - g B a u r l i - a C a a d n a - Chile lo C m o b - ia C v z s a e l k c o 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 26 1937—Dec. 12,760 469 597 274 184 2,564 24 1938—Dec. . 14, 512 431 581 274 192 2,430 27 1939— Dec... 17, 644 466 609 274 214 2,709 1940—Jan.... 17, 931 466 274 211 2,709 28 Feb.__ 18,177 472 274 213 2,709 28 Mar._. 18, 433 482 274 211 2,000 28 Apr... 18, 770 2 403 274 212 2,000 28 May_. 19, 209 403 274 3 5 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, 506 369 274 28 Nov... 21, 801 353 274 28 Dec... 21, 995 353 274 1941—Jan.... 22,116 353 End of month H a u r n y 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- Ruma- A So fr u ic th a Spain 1936—Dec.- 208 463 114 203 5 718 1937—Dec... 210 261 120 189 5 525 1938—Dec... 193 164 133 220 1939—Dec.-. 144 164 692 69 152 249 1940—Jan.... 164 90 692 152 253 Feb... 164 90 692 153 268 Mar... 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... 164 129 621 157 351 Dec— 164 140 617 367 1941—Jan... 164 Government gold reserves * 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 i o i n m t g ed - g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. t O c r t o i h u e n e s - r 7 E m n o d n t o h f U i S n n t a p i t t r e e e d s vio U u K d s n o i i n f m t i g e g d - ure F s rance g B iu el m - 1936—Dec... 240 657 2,584 183 1934—June_. _ 21 15 1937—Dec— 244 650 2,689 185 1935—June__. (2) 103 1938—Dec— 321 701 2,690 142 1936—June.— 59 103 1939—Dec— 549 8 1 149 1937—June .. 169 3 934 115 1937—Dec. 4 1, 395 81 1940—Jan.... 258 536 1 138 1938—Mar. .. 1,489 Feb.- 218 527 1 148 June.— 44 62 Mar... 173 520 1 150 Sept. 759 Apr... 179 515 1 68 155 Oct. 5 103 May. 189 501 1 156 Dec... 80 331 44 June.. 199 493 157 1939—Mar. 154 1,732 559 July.. 173 488 158 May 477 Aug.. 153 490 158 June 85 17 Sept... 152 490 158 Sept... 164 Oct.-. 150 500 158 Dec—_ 156 17 Nov... 157 501 158 1940—Mar. __ 145 Dec... 160 502 158 June ._ 86 17 1941—Jan—. P520 158 Sept... 105 p Preliminary. 1 Reported at infrequent intervals or on de- 1 Figure for June 15, 1939, last date reported. layed basis: U. S.—Exchange Stabilization Fund 2 Beginning April 1940, reports on certain Argentine gold reserves no longer available. 3 On May 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- (Special A/c No. 1); U. K.—Exchange Equalizatrol Board. Gold reported since that time is gold held by Minister of Finance. tion Account; France—Exchange Stabilization 4 Figure reported in special semi-annual statement of National Bank of Belgium; change Fund and Rentes Fund; Belgium—Treasury. from previous December due largely to inclusion of gold formerly not reported. 2 Reported as nil. « Figures shown for December 1936 and December 1937 are those officially reported on Aug. 1, 1936, and Apr. 30, 1938, respectively. 3 Figure for end of March 1937, first date re- 6 Figure for July 31, 1939, last date reported. ported. 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian 4 Figure for end of September 1937. Congo, Bolivia, China, Danzig through Aug. 31,1939, Ecuador, El Salvador, Estonia, Finland, 5 First date reported. For complete monthly Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward from last previous official report. series through May 1939, see BULLETIN for » Gold holdings of Bank of England reduced to nominal amount by gold transfers to Brit- February 1941, p. 170. ish Exchange Equalization Account during 1939. » Figure for end of March 1939, last date reported. NOTE.—For details regarding special gold i° Increase due to inclusion of additional foreign gold reserves not previously reported. transfers in 1939-40 between the British E. E. A. . NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. and the Bank of England, and between the 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. French E. S. F. and the Bank of France, see BULLETIN for September 1940, p. 926. 262 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 produc- North and South America Other Year or month tion U o . u S t . s S id .R e . Total A So fr u ic th a R de h s o ia - 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 1 Canada2 Mexicc 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 grains of gold 9/10 fine; i.e., an ounce of fine gold=$23.67 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 £,992 3,642 50,626 62, 933 12, 070 5.132 788 14,563 6,782 1933 469, 257 411,208 227, 673 13, 335 6,623 3,631 52, 842 60, 968 13, 169 6,165 3,009 16. 873 6,919 $1=15-5/& 1 grains of gold 9/10 fine; i e., an ounce of fine gold=$35 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 23, 858 11,515 9, 251 31, 240 11,468 1936 971,514 833, 088 396, 768 28, 053 16, 295 7,386 152, 509 131,181 26, 465 13, 632 9,018 40.118 11,663 1937 1,041, 576 892, 535 410, 710 28, 296 20, 784 8,018 168,159 143, 367 29, 591 15, 478 9,544 46, 982 11,607 1938 1,132, 856 957, 212 425, 649 28, 532 24, 670 8,470 178,143 165, 379 32, 306 18, 225 10, 290 54. 264 11J284 1939 1, 206,126 1, 019, 595 448, 753 28, 009 r28, 564 8, 759 196, 391 178,303 32, 300 19, 951 11,376 56,182 11,008 1940 '1, 285, 233 1, 093, 365 P491, 634 P29 254 P32, 182 P15, 779 206, 994 P186, 297 P30, 561 P22, 155 P12, 434 P56, 053 10,122 1940—January ___ 104. 619 r88, 776 39, 777 2,384 2,662 739 16, 955 14, 853 3,078 1,958 993 4,486 891 February. _ •'97, 588 '81, 345 38, 575 2,345 2, 663 728 13, 300 14,188 1,901 1,633 735 4,411 March 104,051 '88. 059 c40, 163 2,372 2, 740 732 16, 201 15, 045 1, 651 1,717 1,759 4,791 April 106, 852 ?90, 940 40, 879 2, 454 2,678 PI, 505 16, 391 14, 652 4. 233 1,941 766 4,581 860 May 106, 367 P90, 554 41, 742 2.442 2,747 PI, 540 16, 483 15, 488 1,356 1, 825 1,271 4,786 P875 June 104.316 P8S, 267 40, 437 P2', 422 2,643 PI, 505 14,845 15,795 2,562 1,715 780 4,688 *>875 July 110,090 poo C77 41,936 P2, 450 2,590 fl, 505 18,849 15,982 3,010 1,952 850 4,263 P490 August 109,656 P93,' 764 41, 989 P2, 485 2,725 fl, 505 16, 035 16,318 4,027 2,184 1,243 4.693 P560 September. 106, 969 ^90, 893 40, 958 P2, 450 2,652 /I, 505 17,065 15, 416 2,596 2,016 673 4,616 P945 October. __ 115,009 P98, 996 42, 362 S2, 450 2,709 n, 505 '21, 744 16, 360 2, 337 1,789 1,121 5,638 P980 November. 110,200 P94, 288 41, 620 /2, 450 2,687 /I, 505 19, 692 P16, 100 1,905 1,713 n, 121 P4, 550 ^945 December. P\09, 516 P93, 605 P41, 195 n, 450 /2, 687 fl, 505 19, 434 16,100 fl, 905 f\, 713 •1, 121 H, 550 '945 Gold production in U. S. S. E.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows—at $23.67 per fine ounce: 1929, $15,000,000; 1930, $31,000,000; 1931, $34,000,000; 1932, $40,000,000; 1933, $56,000,000; at 835 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. c Corrected. T Revised. Monthly figures for United States for 1940 represent estimates of American Bureau of Metal Statistics revised by deducting from each monthly figure $16,973 so that aggregate for 1940 is equal to preliminary annual estimate compiled by Bureau of Mint in cooperation with Bureau of Mines. p Preliminary—Monthly 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 precedingseries (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. 2 Figures for Canada beginning January 1940 are subject to official revision. NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939, p. 151; June 1938, pp. 539-540; and April J933, 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 I In thousands of dollars at approximately $35 a fine ounce] Total Net imports from or net exports (—) to: net Y m e o a n r t o h r i e m o x r ( p p - n o o ) e r rt t t s s U K d n i o n i 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 it - 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 e l e n l 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 1, 739,019 315, 727 934, 243 3 227,185 968 95,17113, 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, 48038,482 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 3,798165, 122 341, 618 28, 715 86, 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 3,360 6,155 20, 297 37, 680 9,743 31, 698 Feb 201, 422 21, 321 40 974 16,181 32, 448 13, 932 46, 866 2,006 3 1,896 4,241 18, 872 4,919 6,722 31, 001 Mar._. 459, 827 35, 268 35 282 65, 991 28, 907 249, 858 2,215 2,116 4,137 7,409 24, 503 5,797 11,813 21, 49a Apr 249, 851 43, 567 2 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 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 1941 Jan.. _._ 234,242 37 1 1,746 563 46, 876 1,147 3,168 3,185 11,136 149, 735 6,085 4,501 6,062 1 Differs from official customhouse figures in wThich 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. * 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. 228. MARCH 1941 263 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— Totalr Total C f b e u a n n n t d k r s al Other b a f a b u n r n k o d i a s n d g o R f f u e U t n u . d r s n S r . In f f o f u l r o n e w d ig s n of b b r a o l k a e n r c a e g s e 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)_ 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. 9 June 28 4, 659.2 2,111.8 425.3 1, 686. 5 607.5 664.5 1,201.4 c74.0 Sept. 27 5, 035. 3 2,479. 5 552. 1 1,927.3 618.4 676.9 1,177. 3 C83. 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 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 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— 5,177.8 2, 562. 1 511.2 2, 050. 9 643.4 771.1 1,112.8 88.3 May 8— 5, 186. 2 2, 566. 1 516.4 2,049. 7 647.0 773. 1 1,111.6 88.5 May 15- 5. 193. 2 2, 560. 6 556. 7 2.003. 9 657. 3 774.7 1,112.6 88.0 May 22.. 5, 254. 6 2,612.7 612. 1 2, 000. 6 664. 1 774.9 1,108 8 94.2 May 29- 5, 208. 2 2, 552. 5 599.8 1, 952. 7 684.0 775.5 1,101.0 95.1 June 5___ 5, 241. 8 2, 573. 0 623.2 1,949.8 679.1 1,113.6 97.2 June12— 5, 208. 4 2, 540. 0 623. 4 1,916.7 674.5 780.3 1,116.6 96.9 June 19- 5, 415. 8 2, 740. 0 834. 9 1,905.1 681.2 782. 1 1,114.0 98.5 June 26.. 5,401.7 2, 729. 7 838. 7 1,891.0 690.0 782.5 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 July 10- 5,511.0 2, 849. 5 931.4 1,918.1 692.3 786.5 1,083. 3 99.5 July 17- 5, 546. 7 2, 887. 5 967. 8 1,919.8 699.4 788.2 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. 8 2, 900. 0 993.8 1,906.1 714. 1 788.9 1.069. 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. 8 2, 984. 9 996. 3 1,988.6 769.2 790.3 1, 055. 3 99.1 Aug. 21- 5, 738. 9 3, 022. 5 1,018.5 2.004. 0 774.0 790.6 1, 052. 7 99. 1 Aug. 28.. 5, 751. 0 3, 034. 2 1, 047. 9 1,986.3 778.3 790.6 1,048.1 99.9 Sept. 4.. 5, 752. 0 3, 040. 7 1,054.7 1,986.0 773.1 790.5 1, 047.1 100.5 Sept. 11 5, 722. 7 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 1,979.5 773.2 791.3 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. 5 3, 092. 8 1,112.3 1,980.5 773.6 793.2 1, 044. 3 101.6 Oct. 9__ 5, 825. 6 3, 108. 5 1, 133.6 1,975.0 781.8 793.6 1,040.3 101. 3 Oct. 16. 5, 796. 4 3, 086. 3 1, 129.9 1,956.4 780.9 794.0 1, 034. 3 100.9 Oct. 23. 5, 805. J 3, 118. 7 1, 140. 1 1, 978. 6 765.6 794.0 1, 025. 6 101.2 Oct. 30. 5, 794. 0 3, 112.5 1, 158.9 1,953.6 765.7 794.6 1, 020. 6 100.7 Nov. 6 5,813.0 3, 137. 0 1. 190.7 1,946.3 762.3 795.5 1,018.2 100.0 Nov. 13 — 5, 806. 7 3, 141.9 1, 195. 5 1,946.4 751.5 796.0 1,017.8 99.4 Nov. 20.... 5, 863. 8 3, 199.3 1,248.7 1,950.6 752.3 798. 1 1,012.6 101.4 Nov. 27.... 5, 860. 0 3, 194.0 1,231.6 1,962.5 764.0 798.4 1,003. 6 100.0 r Revised: Beginning May 1, 1940, figures reduced by $62,000 due to a correction in the report of one bank. c Corrected. 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. 2 In the week ending August 7, a foreign central bank account amounting to $55,000,000 was changed to a foreign private account NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 264 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 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 ur th o e p r e E T u o ro ta p l e C ad a a n r - A L m i a c t a e in r- Asia* ot A he ll r * 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 1937—Dec. 29 3,410.3 993.7 281.7 311.9 607.5 123.9 22.1 312.2 2, 653. 0 106.3 410.6 224.6 15.9 1938—Dec. (Jan. 4, 1939) 3. 844. 5 1,183. 8 339.6 328. 6 557.5 140. 5 32, 2 472.0 3, 054. 2 155.3 384.6 214.2 36.2 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—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. 8 946.2 461.5 482.4 881.8 168. 1 85.5 866.0 3,891.6 226.5 539.2 448.7 71.7 May 29 5, 208. 2 975.7 494 8 471.9 851.3 171.5 78.3 874.1 3,917.7 215.8 558 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. 9 230.1 579.2 451.3 75.7 July 31 5,572 8 962 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. 8 369.4 597.9 484.7 77.2 Sept. (Oct. 2) 5, 805. 5 1,004. 2 683.0 457.9 884.4 176.3 84.6 934.0 4, 224. 4 387.3 603.8 506.5 83.6 Oct 30 5, 794. 0 994.4 679.9 456.9 896.7 173.9 75.9 930.0 4, 207. 6 384.4 601.0 515 4 C85 6 Nov 6 5,813.0 993.8 680.3 457.8 896.4 173.0 76.4 927.2 4, 204. 9 399.0 603.0 520.0 86.1 Nov. 13 5, 806. 7 992.9 678.8 455.9 893.4 173.6 74.9 929.7 4,199. 2 393.2 600.0 524.4 89 9 Nov 20 5, 863. 8 1,002. 7 677.3 455.4 891.8 173.6 75.4 927.8 4, 204. 0 412.8 597.7 561.8 87.9 Nov. 27 -- 5, 860. 0 1, 007. 2 675.9 450. 8 895.8 173.8 70.3 925.5 4, 199. 2 415.5 606.5 557. 9 80.5 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 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 r t o a p l e C a a d n a - A L i m a c t a e in r- Asiai ot A he ll r 1 1935—Dec. 31 128.6 129.6 55.7 72.4 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 76.3 168.3 126.2 8.0 1938—Dec. (Jan. 4, 1939). 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). 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—Feb. 28 304.4 256. 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) 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) 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 29 282.4 287.0 184.4 399.9 -19.7 46.2 572.4 1, 752. 6 135.8 281.5 335.9 46.6 June (July 3) 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 31 270.9 465.2 164.4 435.5 -16.0 7.0 587.8 1,914.7 253.8 299.9 376.8 54.8 Aug. (Sept. 4) 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) 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. 30 306.6 468.7 165.1 476.3 -20.6 .6 615.6 2,012.4 307.9 325.1 410.3 56.8 Nov. 6 307.1 469.2 166.1 477.9 -22.6 .5 612.3 2,010. 5 322.0 327.4 419.5 57.8 Nov. 13__ . 307.6 468.2 164.1 475. 1 -21.9 (3) 615.1 2,008.1 318.6 324.2 429.7 61.4 Nov. 20 317.8 466.6 162.6 474.7 -22.5 .5 611.7 2, 011. 5 338.7 322. 2 468.0 58.9 Nov. 27 325.0 465.5 158.9 479. 9 -21.6 . 1 609.4 2, 017.1 335. 0 332.7 456.0 53.2 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES 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 a a d n a - A L m i a c t a e in r- Asia l ot A he ll r ] 1935—Dec. 31 361.4 208.8 48.1 -.4 1.6 29.7 13.7 8.8 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 — 4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 -21.7 51.6 18.7 -8.7 1938—Dec. (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 -.8 1940—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 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 26.9 Oct. 30 765.7 272.5 75.0 17.6 6.1 187.2 24.0 46.5 628.9 63.9 42.9 27.7 Nov. 6 762.3 271.9 75.1 17.6 6.2 188.3 24.5 46.6 630.3 64.0 41.9 24.1 2.0 Nov. 13 751. 5 271.1 74.6 17.6 6.2 188.3 24.3 46.3 628.5 61.4 41.5 18.1 2.0 Nov. 20 752. 3 271.0 74.5 17.5 6. 1 188.9 24.4 47.7 630.1 60.0 41.8 18.3 2.1 Nov. 27 764.0 270.7 74.4 17.5 6.2 188.2 25.0 47.8 629.8 66.5 40.1 26.4 1.2 r Revised: Beginning May 1, 1940, figures reduced by $62,000 due to a correction in the report of one bank. 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. s Outflow 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. 265 MARCH 1941 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 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 ad a a n r - A L m i a c t a e in r- Asia i ot A he ll r * 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—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 10.2 189.4 45.6 12. 1 May 29 775.5 132.4 42.8 31.0 49.0 36.2 27.8 194.5 513.7 12.5 190.6 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 17.5 194.3 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) 790.5 131.0 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) 793.2 130.5 43.0 31.0 47.4 36.1 28.1 195.9 512.0 20.7 197.6 50.1 12.9 Oct. 30 794.6 130.2 42.9 31.0 46.3 36.5 28.1 196.0 511.0 21.3 198.6 50.5 13.1 Nov 6 795 5 130 1 42 9 31 0 46 2 36 5 28 1 196 1 510.9 21.6 199 3 50.6 13 2 Nov. 13 _ 796.0 130.0 42.9 31.0 46.1 36.5 28.1 196.1 510.8 21.5 199.6 50.9 13.3 Nov. 20 798.1 130.0 42.9 31.0 46. 1 36.5 28.1 196.1 510.8 23.3 199.6 51.1 13.3 Nov. 27 798.4 129.9 42.9 31.0 46.0 36.5 28.1 196.1 510.6 23.5 199.8 51.2 13.3 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 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 a a d n a - A L m i a c t a e in r- Asia* ot A he ll r! 1935—Dec. 31 316.7 149.8 23.4 50.5 55. 1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec. 29 1,162. 0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041. 6 37.6 18.2 54.7 9.8 1938—Dec. (Jan. 4, 1939) 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—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. 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 Nov. 6 1,018.2 267.5 74.1 230.6 348.6 -29.1 23.1 64.6 979.5 -18.8 25.4 19.6 12.5 Nov. 13 ... 1,017.8 267.1 73.9 230.6 348.7 -29.1 22.4 64.6 978.3 -18.6 26.1 19.6 12.5 Nov. 20 1,012.6 266.6 74.1 230.7 347.7 -29.1 22.3 64.6 976.9 -19.9 25.4 17.7 12.5 Nov. 27 1,003. 6 264.4 74.1 230.9 346.8 -29.1 17.0 64.6 968.7 -20. 3 25.1 17.5 12.6 TABLE 7.—BROKERAGE BALANCES,* 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 ad an a - A L i m a c t a e in r- Asia* ot A he ll r i 1935—Dec. 31 6.0 2.4 1.3 2.5 -.2 . 1 1.4 7.6 -4.5 1.0 2.9 -.9 1936—Dec 30 12 9 4 0 10 4 Q 9 1 7 3 4 22.6 —7 6 4 2 2 1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 .1 5.0 44.0 3.5 -.5 .5 (4) 1938—Dec. (Jan. 4, 1939) 47.6 13.4 12.9 6.8 9.6 -.2 .2 5.2 47.9 1.8 Q -1.5 .3 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 -.1 .1 5.0 71.6 8.7 l.*6 -3.4 2.1 1940—Feb. 28 87.0 18.9 19.0 9.2 19.1 -.2 .1 5.8 71.9 10.5 .8 2.0 1.9 Mar. (Apr. 3) 88.7 18.7 17.4 9.0 20.2 .1 5.4 70.8 11.1 1.2 3.3 2.2 Apr. (May 1) 88.3 18.3 17.6 10.1 21.3 .2 5.9 73.5 10.4 Q 3.0 1.8 May 29 95.1 17.6 18.4 10.5 18 5 .2 7.1 72.1 10.3 6^3 5.8 .6 June (July 3) . 98.9 16.6 18.5 11.4 18.0 .1 8.1 72.7 12.0 7.6 6.0 .7 July 31 99.9 16.7 18.5 11.5 18.0 -1 .1 8.3 72.9 11.1 8.8 6.3 .8 Aug. (Sept. 4) 100.5 16.3 18.6 11.9 18.8 .1 8.0 73.6 10.9 9.4 6.0 .6 Sept. (Oct. 2) 101.6 16.3 18.8 12.3 19.2 -.2 .1 8.1 74.7 11.2 9.1 5.8 .7 Oct. 30 100.7 17.1 19.1 12.5 18.3 -.2 .2 7.3 74.4 10.2 8.3 6.8 1.0 Nov. 6 100.0 17 2 19.0 12 5 17 4 — .2 . 1 7 5 73.7 10 3 9 0 6.2 .7 Nov. 13 99.4 17.1 19.1 12.6 17.3 -.2 .1 7.5 73.6 10.3 8.6 6.1 .8 Nov. 20 101.4 17.2 19.1 13.5 17.2 -.2 .1 7.7 74.7 10.5 8.7 6.7 .7 Nov. 27 100.0 17.2 18.9 12.5 16.9 -.2 .1 7.6 73.1 10.7 8.8 6.7 .7 *• Revised: Beginning May 1, 1940, figures reduced by $62,000 due to a correction in the report of one bank. 1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "Al] other". « For explanation see BULLETIN for May 1937, pp. 395-396. a Inflow less than $60,000. * Outflow less than $50,000. 266 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 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 r t o a p l e C a a d n a - A L m i a c t a e in r- Asia i ot A h l e l rl 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— Dec. 30 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Mar. 31 1, 682. 7 226.9 173.0 60.4 113. 1 53.9 36.6 140.8 804.7 210.0 441.0 204.6 22.5 June 30 2,173. 6 373.1 206.2 145.0 331.4 40.3 23.0 177.9 1, 296. 9 190.1 448.8 210.4 27.4 Sept. 29 2, 304. 8 385.8 197.3 167.6 425.5 48.7 27.5 223.4 1, 475. 9 219.3 353.8 229.9 25.8 Dec. 29 1, 729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Mar. 30 1,521.0 248.1 126.3 48.5 236.7 25.7 14.9 135.7 835.8 186.4 257.9 219.5 21.3 June 29 1,357.4 217.4 102.2 48.6 173.8 27.3 18.2 121.9 709.4 173.5 261.7 194.4 18.4 Sept. 28 1,751.4 308.5 165.6 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 1, 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 1, 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 1, 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 1,882. 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 1,912.6 266.9 352.2 494.8 70.9 Feb. 28 3,105. 5 376.6 288.5 200.1 411.0 8.4 44.5 593.5 1, 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. 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 Nov. 6 . _ 3, 763. 2 379.3 501.3 180.0 491.6 7.1 19.3 659.2 2, 237. 7 422.1 448.3 585.4 69.7 Nov. 13 3, 768.1 379.7 500.4 178.0 488. 7 7.7 18.7 662.0 2, 235. 3 418.8 445.1 595.7 73.3 Nov. 20 - . . 3, 825. 5 390.0 498.7 176.5 488.4 7.1 19.3 658.6 2, 238. 7 438.9 443.1 634.0 70.8 Nov. 27 3, 820. 3 397.2 497.6 172.8 493. 5 8.0 18.9 656.3 2, 244. 3 435.2 453.6 622.0 65.1 Additional Detail Available from January 3,1940 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. C May 29 443.3 172.0 21.1 29.5 64.1 156.7 311.8 83.3 34.8 24.8 49.6 68.6 50.6 446.2 178.8 79.4 151.8 36.2 June (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 July31_ . _ 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. 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 Nov. 6 469.3 145.4 16.1 24.3 51.2 232.4 344.4 110.4 40 6 24.3 46.3 64.3 58.5 436.3 192.7 91.5 106.9 45.2 Nov. 13— 467.7 145.0 16.0 24.4 50.3 232.0 340.6 111.2 37.8 24.3 45.6 64.3 57.4 444.4 193.2 92.0 114.1 45.0 Nov. 20 466.4 145.7 15.8 24.5 50.2 230.1 341.6 114.0 37.7 23.9 46.0 63.2 56.9 480.0 217. 9 92.6 125.4 44.1 Nov. 27 . 466.2 145.7 16.1 22.0 50.1 232.4 353.8 115.1 44.1 26.9 46.4 62.6 58.6 475.2 218.6 92.2 119.3 45.1 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). MARCH 1941 267 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- Asia! All dom lands land 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 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 3 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—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 15.4 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 48.5 174.7 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. 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 Nov. 6 396.8 20.2 3.7 1.0 1.9 42.8 2.7 33.2 105.5 32.3 124.1 128.5 6.5 Nov. 13 407.6 21.0 4. 1 1.0 1.8 42.9 2.9 33.4 107.2 34.8 124.5 134.5 6.5 Nov. 20 406.8 21.2 4.2 1.1 1.9 42.3 2.8 32.1 105.6 36.2 124.1 134.3 6.4 Nov. 27 395.1 21.4 4.3 1.1 1.9 43.0 2.2 32.0 106.0 29.7 125.9 126. 2 7.3 Additional Detail Available from January 3,1940 * 5 European countries 6 Latin American countries 4 Asiatic countries Total Bel- D m e a n r - k l F a i n n d - Nor- S d w en e- Total g t A i e n r n a - - zil Chile Cuba Mex- C P a a n .Z n d - . Total China H Ko o n n g g Japan I P s p h la i i n l n i e d p s - 1940—Jan. 3... 23.4 6.5 3.2 1.4 3. 6 76.1 16. 32.2 9. 10.5 5.9 1.0 152. 22.0 1. 102.1 26.4 Jan.31. 22. 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. 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 77.5 167 33.7 9.7 11.4 4.8 1.3 155.2 30.2 1.6 90. 32.7 July 31 9. 1 2.9 .4 1.6 1.3 2.8 75.6 16.4 32.8 10.3 9.9 4. 7 1.5 145.3 30.5 2.7 78.6 33.6 Aug. (Sept. 4) 7.7 1.6 .3 1.7 1.2 2.9 72. 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. 10.0 10.6 4.5 1.9 109.8 24.2 4.3 53.2 28.2 Oct. 30 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 Nov. 6... 7.5 .3 1.9 1. 1 2.2 82.3 14.1 39.5 10.8 11.1 4.9 1.9 1!4. 0 23.7 2.4 62.7 25.2 Nov. 13 7.4 2.1 .3 1.9 1. 1 2. 1 82.4 13.0 39.6 11.5 11.3 5 1 2.0 118. 9 | 24.2 2. 1 67.5 25.1 Nov. 20.. 2.1 .3 1.9 1.1 .9 82.2 13.9 38.4 11.5 11.4 5.0 2.0 119.4 24.1 1.7 68.7 25.0 Nov. 27_. 6.1 2. 1 .3 1.9 1.0 .8 82. 13.5 39.0 11. 7 11.5 5.3 1.9 113.9 24.0 1.5 62.8 25.6 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 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 fcr May 1937, p. 431, and April 1940, p. 363). 268 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 gu o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold > a O ss t e h t e s r 2 Cash reserves a c n o D d u i n s a - t d s - Securi- ci t r i c o u n la- Deposits l O ia t b h i e li r - Coin Notes Bankers' Public Other 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 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27._ 190.7 260.0 1.0 58.7 16.8 101.4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26.. 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25._ 200.1 260.0 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30.. 313.7 200.0 46.3 17.5 155.6 467.4 160.6 12.1 39.2 18.0 1937—Dec. 29 __ 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28.. 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—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 Apr. 24._ .2 580.0 1.0 43.1 4.9 153.5 537.1 103.4 40.7 40.6 17.7 May 29.. .2 580.0 1.4 23.4 2.9 171.6 556.9 94.9 36.1 50.5 17.8 June 26__. .2 630.0 1.5 28.1 4.7 174.6 602.2 82.7 58.0 50.3 17.9 July 31__. 2 630.0 .9 20.7 3.3 174.4 609.5 106.3 22.7 52.3 18.0 Aug. 28- .2 630.0 .7 20.2 3.9 172.6 610.0 118.7 8.8 51.8 18.1 Sept. 25.. .2 630.0 .8 25.5 3.5 169.7 604.8 116.0 13.5 51.9 18.1 Oct. 30__. .2 630.0 .5 38.7 3.0 153.3 591.6 108.0 18.3 51.5 17.7 Nov. 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 1941—Jan. 29?.. 630.0 1.0 31.0 3.8 175.4 599.2 107.9 32.4 53.0 18.0 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 t5 c S i p a e l - 6 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 ec th u 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 il r icurities 1929—Dec. 27. 41, 668 25,942 5,612 8,624 2,521 5,603 68, 571 11,737 7,850 1,812 1930—Dec. 26_ 53, 578 26,179 5,304 8,429 2,901 6,609 76,436 12,624 11,698 2,241 1931—Dec. 30_ 68, 863 21, 111 7,157 7,389 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30. 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29. 77,098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13,414 1,940 1934—Dec. 28. 82,124 963 5,837 3,971 3,211 83,412 3,718 15,359 1,907 1935—Dec. 27_ 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30. 60, 359 1,460 5,640 1,379 8,465 17, 698 715 3,583 8,344 89, 342 2,089 13, 655 2,557 1937—Dec. 30_ 911 5,580 652 10,066 31,909 675 3,781 7,277 93,837 3,461 19, 326 3,160 1938—Dec. 29_ 87, 265 821 7,422 1,797 7,880 20, 627 443 3,612 14, 442 110, 935 5,061 25, 595 2,718 1939—May 25. 92, 266 754 8,164 2,276 4,774 20, 577 78 3,401 14, 264 121, 391 4,573 17, 570 3,020 June 29. 92, 266 722 8,074 2,279 5,009 20, 577 374 3,471 14, 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 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_ 84, 616 108 44,173 1,518 11,885 36, 250 2,534 3,822 18,865 174, 469 1,049 25,405 2,848 p Preliminary. 1 Effective Mar. 1, 1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271). 2 Securities and silver coin held as cover for fiduciary issue, which has been fixed at £630,000,000 since June 12 ,1940; for information concerning previous status of fiduciary issue see BULLETIN for November 1939, p. 1024, and April 1939, p. 339. 3 On Jan. 6,1939, £200,000,000 of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,1939, about £5,500,000 (at current price) transferred from Exchange Account to Bank; on July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank; on Sept. 6, 1939, £279,000,000 transferred from Bank to Exchange Account. 4 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. 5 Negotiable bills of Caisse Autonome, bills bought under authority of decree of June 17, 1938 (see BULLETIN for August 1938, p. 650) and, from Mar. 28,1940, 30,000,000,000 francs of negotiable Treasury bills received in return for gold transferred to Exchange Stabilization Fund on Mar. 7, 1940. 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, 1938, as modified by Convention of Nov. 12, 1938: Convention of Sept. 29, 1938, approved by decree of Sept. 1, 1939; and Convention of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407). 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. MARCH 1941 269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu r r e e i s c h in s m m ar il k l s i ) ons of re f T s o e o re r t v i a g l e n s exc G ha o n ld g e i i T c n h r c b e e l i u a c ll k s d s u s in ) r , y g Se lo c a u n r s ity E a c s li o g n v i o e b r t l e e Other a O s t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - 1929—Dec. 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec. 31 _ 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 . 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 _. 84 79 4,066 146 445 319 827 3,901 984 1,001 1935— Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 . 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 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 51 427 2,223 13,198 1,706 1,433 Dec 31P 76 15, 419 38 32 14,033 2,561 1941—Jan 31P 77 14, 503 28 28 w <«> 13, 694 1,724 ( 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 1941 1940 Central Bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. 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 2 4, 218 Foreign assets 65,135 63, 849 Foreign exchange 70 Loans and discounts 10 315 5,609 Discounts 1,170 1,079 Other assets 7,829 7,170 Loans 511 152 Note circulation 28, 419 25, 881 Other assets i, 036 497 Other sight liabilities 46, 830 43, 226 Note circulation 6,690 5,658 Other liabilities 15, 598 15,088 Demand deposits—Treasury 14 2 Central Bank of the Argentine Other 273 163 Republic (millions of pesos): Other liabilities _ 139 124 Gold reported separately 1,071 1,224 National Bank of Bohemia and Mo- Other gold and foreign exchange. 253 172 ravia (millions of koruny): Negotiable Government bonds 282 273 Gold3 1, 447 1,602 Rediscounted paper 18 Foreign exchange. __ 762 803 Other assets 219 189 Discounts 40 333 Note circulation 1,173 1,165 Loans 825 Deposits—Member bank 460 438 Other assets . (4) 6,562 Government 131 181 Note circulation 5,970 5,912 Other 5 3 Demand deposits. _ 1, 598 1,676 Foreign exchange sold forward 7 16 Other liabilities (4) 2,538 Other liabilities.... ._ 66 55 Central Bank of Bolivia (thousands Commonwealth Bank of Australia of bolivianos): (Sept.)i (thousands of pounds): Gold at home and abroad 99, 445 93, 357 Issue department: Foreign exchange. .___ __ __ 72, 596 95,887 Gold and English sterling 17, 705 16, 705 16,082 Loans and discounts 229, 345 117, 985 Securities 55, 507 54, 051 44, 784 Recnritifts—Government 430,388 414, 682 Banking department: Other.. 13, 640 9,219 Coin, bullion, and cash 3,817 3,878 4,553 Other assets 20, 671 69, 738 London balances 69,111 55,124 28, 467 Note circulation 441, 316 359, 344 Loans and discounts 26, 676 29, 747 26, 041 Deposits _ _ _ 340,594 333,424 Securities 36, 983 38, 278 52, 476 Other liabilities 84,176 108,099 Deposits 127,821 118, 746 103, 613 National Bank of Bulgaria (mil- Note circulation _ _ 68,119 61,919 52,025 lions of leva): (Oct.)i Bank of Belgian Congo (millions of Gold 2,006 2,006 Belgian francs): Net foreign exchange in reserve 4 4 Gold 171 Foreign exchange 1,472 2,030 Foreign (gold) exchange 5 Loans and discounts 2,749 1,342 Loans and discounts 617 Government debt 3,373 3,393 Other assets 526 Other assets 2,756 1,480 Note circulation 421 Note circulation _ __ 6,262 3,988 Deposits.. 735 Deposits _ 3,119 4,026 Other liabilities 164 Other liabilities 2,980 2,241 1 Latest month for which report is available for this institution. »Includes foreign exchange. » Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny. * Figures not yet available. 270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1941 1940 Central Bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Bank of Canada (thousands of Ca- Bank of Estonia (thousands of nadian dollars): krooni): Gold i 25 772 Gold and net foreign ex- (July) 2 Sterling and United States ex- change _ __ 47, 846 45, 603 change 31 796 38 429 82, 967 61 205 Loans and discounts 57, 399 49 608 Canadian Gov't. securities: Other assets 47, 437 35, 220 2 years or less 39 501 48,440 44, 565 78 946 Note circulation 88,492 62 462 Over 2 years.. _ _ 32, 762 27, 323 41, 234 47, 265 Demand deposits 28, 285 35,114 Other assets _ 20 687 12, 386 10,456 6 133 Other Iiabiliti3s 35, 905 32 855 Note circulation. __ 43, 503 59, 949 35,487 13,070 Bank of Greece (millions of drach- Deposits—Chartered banks 25, 556 17, 738 31,210 20,304 mas): Dominion Gov't.. _ . 26, 821 10, 880 83, 791 57,154 Gold and foreign exchange (net) 7,977 3,828 Other 8 624 9,515 13, 766 15 445 Loans and discounts- 16 076 12 863 Other liabilities 20, 241 28, 496 14,968 13, 348 Government obligations _ 4,049 4,207 Central Bank of Chile (millions of Other assets... 3 461 2 040 pesos): Note circulation _ 14,174 8,914 Gold 147 146 146 Deposits 14 771 11 948 Discounts for member banks. _ 216 132 98 Other liabilities . 2,618 2,076 Loans to government 742 746 750 National Bank of Hungary (mil- Other loans and discounts 411 392 312 lions of pengo): Other assets. . 48 41 32 Gold 124 124 124 Note circulation 1,149 1,031 917 Foreign exchange reserve . 35 35 77 Deposits— Discounts 710 728 607 Bank 160 195 179 Loans—To Treasury _ 570 572 314 Other 61 51 88 Other 51 44 22 Other liabilities 194 180 154 Other assets ___ 353 346 340 Bank of the Republic of Colombia Note circulation 1 387 1 366 954 (thousands of pesos): Demand deposits.. _ _ 160 180 187 Gold. 30, 616 32, 562 40,175 Certificates of indebtedness 87 87 94 Foreign exchange. ._ 12, 946 8,908 7,963 Other liabilities 210 218 248 Loans and discounts... 27, 200 26, 427 18, 786 Reserve Bank of India (millions of Government loans and securities. 49, 270 47,122 37, 243 rupees): Other assets 30,668 31, 541 32 663 Issue department: Note circulation _ 62, 327 56, 591 53, 034 Gold at home and abroad 444 444 Deposits 51, 507 54,180 53, 697 Sterling securities 1,315 1,075 Other liabilities _ 36, 866 35, 789 30,100 Indian Gov't. securities. .. 496 383 National Bank of Denmark (mil- Rupee coin 308 608 lions of kroner): Note circulation 2 291 2,378 Gold -._ 117 117 Banking department: Foreign exchange.._ 10 8 Notes of issue department _._ 272 133 Clearing accounts (net) 383 Balances abroad 499 172 Discounts 11 31 Treasury bills discounted 72 Loans—To Government agencies 37 92 Loans to Government 10 Other 62 327 Investments _ 77 75 Securities 161 206 Other assets 12 8 Other assets 473 89 Deposits 735 364 Note circulation 718 586 Other liabilities 125 107 Deposits 343 126 Bank of Japan (millions of yen): Other liabilities 192 156 Gold 501 501 501 501 Central Bank of Ecuador (thou- Special foreign exchange fund 300 300 300 300 sands of sucres): (Sept.)2 Discounts.. _ _ 377 787 499 468 Gold 3 56, 960 38, 512 Loans—To Government 3 3 3 3 Foreign exchange (net) 14,840 875 Other.. 61 167 187 284 Loans and discounts 62, 781 61, 957 Government bonds 3 837 4 244 3 228 2 415 Other assets 26,185 19,103 Other assets 543 547 503 391 Note circulation 73, 328 65, 654 Note circulation 4 107 4 787 3 874 3 153 Demand deposits 46, 617 34,341 Deposits—Government . 1,010 1,130 843 775 Other liabilities _. 40,821 20,452 Other 118 173 147 115 National Bank of Egypt4 (thou- Other liabilities 386 458 357 319 sands of pounds): (Apr.)2 Bank of Java (millions of guilders): Gold 6 544 6 545 Gold5 263 244 133 Foreign exchange 2,729 2,156 Foreign bills 18 18 18 Loans and discounts 8,141 10, 504 Loans and discounts 116 149 74 British, Egyptian, and other Other assets _ 137 115 95 Government securities 30, 608 28, 983 Note circulation 205 207 198 Other assets 6,995 6,463 Deposits 292 284 93 Note circulation _ 25, 489 24,687 Other liabilities 36 36 28 Deposits—Government ... 2,392 2,677 Bank of Latvia (millions of lats): (July) 2 Other 18, 076 18,231 Gold 72 71 Other liabilities __ 9,060 9, 058 Foreign exchange reserve . 29 33 Central Reserve Bank of El Salva- Loans and discounts 234 210 dor (thousands of colones): Other assets 45 54 Gold 13, 214 13,214 Note circulation 123 105 Foreign exchange 1,503 4,033 Deposits 204 204 Loans and discounts 2,875 2,558 Other liabilities.. 52 58 Government debt and securities. 6,057 4,998 Other assets 1,535 1,010 Note circulation 13,153 15, 963 Deposits 4 840 6,172 Other liabilities 7,192 3,678 i 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). * Latest month for which report is available for this institution. 3 Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre. * Items for issue and banking departments consolidated. 51 Gold revalued Sept. 21, 1940, at 0.4715 gram fin« gold per guilder. MARCH 1941 271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1941 1940 Central bank (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. 1 Bank L N F D G O O o o o o e t t o h h r a p l t f e d e e e n o L i r r s g s c i i n l a t a i t i h r s s a n c e s u b d u e x a i t l l c d n s a i h . t i i t _ a i s i a e o _ c n s n ( o g m u e n i . l t . l s . ions of _ l itu) _ : _ - . (Aug 1 1 1 . 8 4 6 1 8 1 8 ) 3 6 7 1 2 1 7 i 1 1 8 5 6 3 6 6 8 0 3 1 6 0 6 S B o a k u n r t k N D O O F o G h n o e o t t o A h h o r p t l e e d e e o r o f i ) r r r f g s : c i i n c l a i t i a r s s a c a S n s b u e s w i s t l R l s a e e i e t t t d s i i s o e e e n ( n s r n . v e e t ) ( B m a i n ll k io — ns C on o _ t f . . . _ I 5 2 3 4 3 3 5 , , , , 6 9 6 7 3 7 0 3 8 3 5 5 4 7 1 2 0 3 3 4 2 4 9 3 4 , , , , 5 8 4 8 3 5 4 0 0 4 4 3 7 1 2 5 8 4 2 3 1 6 4 8 0 . , , , 0 4 1 5 4 3 4 0 6 1 6 0 1 6 9 4 5 5 Netherlands Bank (millions of guil- Domestic loans and investments. 739 674 600 de G S D L N F O rs i o o o i o t l ) s h r v a : l t e c d e e n e i o r r s g c 2 u n a ( i n r i s n c t b s s u c e il l t l l s u a s t d i i o n n g subsidiary coin) 1 1 , , 1 5 2 2 1 0 5 1 5 7 1 1 2 2 9 2 6 8 5 1 1 , , 2 1 4 1 1 0 1 3 7 4 1 1 5 9 7 7 6 5 8 1 1 , , 2 0 1 8 1 7 0 2 1 5 2 4 1 4 9 2 Sw fr i a s N D O O G F n s o o t e t c o h h r s m t l N e e e e ) d : i r r a a 6 g c n t n a l i i d i r o s a c s e n b u d e x a i t l e c l l s a i p h t t o i i a B e o n s s n a i g t n e s k (millions of 1 , ,4 1 8 4 7 9 8 7 0 3 2 9 2 3 0 6 3 9 2 1, , 8 4 8 3 9 1 4 5 1 9 4 6 9 5 5 9 3 8 2 1 , , 4 5 3 2 3 3 6 4 4 1 6 5 1 5 0 1 1 1 Deposits— O G t o h v e e r rnment 175 184 245 D Lo is a c n o s unts 2 4 1 5 8 2 3 4 7 2 1 6 6 2 8 Other liabilities 57 55 51 Other assets 274 271 651 Re ( s th e G S r o t o v u e e l r s d l a in n B g d a s e n x o k c f h p a o o n f u g n e N d r s e e ) s w : e rv Z e ealand 1 2 2, , 8 5 0 0 2 1 2 8, , 8 8 2 0 3 2 2 8, . 7 8 2 0 6 2 Cent N O O ra o t t h h l t e e e r r B c l s i a i r i a n g c b k u h i t l l a i l o t t i i i f a e o b s n t i h li e ti es Republic of 2 1 , ,1 2 2 7 7 5 8 3 8 2 1 , . 1 2 2 8 0 7 8 0 5 1, 8 9 6 4 6 4 5 1 7 Advances to State or State un- Turkey (thousands of pounds): dertakings 27, 020 26,618 24, 752 Gold J108, 672 36, 840 N I D O O n o e t t v h h m t e e e e s a r r t c n m a l i i d r s a c e s b u n d e i l t t e l a s s i p t t i i o e o s s n its 2 2 2 3 3 1 1 , , , , , 7 1 4 1 6 6 7 8 0 6 7 1 7 5 7 2 20 0 3 2 1 , , , , , 5 7 2 5 1 4 0 7 8 7 1 1 2 4 1 1 19 8 2 3 , , , , 3 4 2 4 3 1 9 5 1 4 7 4 0 4 6 L F S O e o o t c h r a e u e n I i r n r s g i t n a a c i s e l n E s s e d e a x t r d s c in h is g a c n o a g u c e c n — o ts u F n r t e s e 3 1 2 6 2 9 7 2 4 9 , , . , 1 9 9 3 5 8 2 3 2 9 8 8 2 20 2 1 0 9 0 • , , , , 8 5 0 7 7 1 1 7 8 1 7 9 9 4 Ba k n r k o ner o ) f : Norway (millions of (Mar.)1 N De o p te o s c i i t r s c — ul G at o io ld n 40 78 0 , , 0 5 0 7 2 2 297, 761 G F T o o o r t l e a d i l g . n d a o ss m et e s stic credits and 1 18 0 6 2 1 1 8 0 6 2 Other liabil O it t i h es er J - i | l l 13 , 2 7 , 6 5 7391 8 3 1 5 , , 3 0 3 1 3 5 securities 435 432 Ba ( n th k o u o s f a n th ds e o R f e p p e u so b s li ) c : of Uruguay Discounts 259 Issue department: Loans 73 Gold and silver 86, 235 86, 235 N O o th t e e S r e c c a ir u s c s r u e it t l i a s e t s ion ( 59 ) 9 5 1 6 6 0 7 4 1 Ban N k G i o o n t l g e d 7 c d i e r p cu ar la tm tio e n nt: 9 5 7 2 , , 7 7 0 4 9 5 9 2 3 1 , , 4 9 5 9 4 7 Demand deposits— O G t o h v e e r rnment. 11 9 2 3 7 2 9 N A o d t v e a s n a ce n s d t c o o i S n tate and gov- 43, 607 46, 021 Other liabilities 111 ernment bodies 40,' Ce ( n th t D G G O r o a i o t o u s h l l v s c d e e a o r r n a R u n a d n n e s m s d t s s s e e e o f t r n o f s v t r s e e o l i o g le a n B s n ) e s a : x n c k h an o g f e Peru 1 ( 5 2 2 1 O 9 4 0 3 c , , , , t 9 8 . 5 8 6 4 ) 8 3 5 2 i 3 9 1 2 0 5 0 5 4 0 , , , , 5 3 3 2 1 2 2 6 9 4 0 9 Na Y ti u o g n o a s l l D O O O av e t t t B h h h i p a a e e e o n r r r s ( k i m l l a t o i s s a i a o s l b n e l f i i t s l o s t i n t a h i s n e e s d o K f d d i i n s in g c a d o r o u s m n ): t s o .- f 2 1 9 9 1 0 7 0 6 9 , , , , 1 8 5 3 2 0 7 5 2 7 7 5 2 1 1 0 9 1 1 5 3 1 9 , , , , 9 7 9 2 7 3 5 2 2 7 5 9 s Note circulation 136, 723 127, 562 Gold 2,740 2,594 2,010 Deposits 55, 656 36, 849 Foreign exchange 726 611 772 Other liabilities 26, 850 16, 022 Loans and discounts 1,787 1,827 1, 955 Bank of Portugal (millions of Government debt 3,060 3,073 3,073 es N e O L G u o o o t d h a n l o d e n - s r r s ) e r : a s e e n s r d e v r e d v e i e s s x c c o ( h n u a e n n t t ) s ge 1, 4 6 5 2 5 4 6 3 4 1 5 2 4 4 9 2 8 2 3 4 3 1 3 8 N N O O O a o t t t h h h t t i e e e e o r r r c n l s a i a i r i s a l g c s b h u e d i t t l e l s a i f l t t e i i i a n e o b s s n e il i b ti i e ll s s 13 6 2 3 , , , , 9 5 7 8 8 4 3 5 6 3 1 1 6 7 4 1 6 2 3 3 , , , , 8 8 0 2 3 3 5 6 6 9 2 3 5 4 8 9 3 2 1 , , , , 7 9 1 3 7 1 2 2 1 9 0 2 0 6 8 N O O O G o t t t o h h h t v e e e e e r r r r c n l s a i i r i s m a g c s b u h e e i t l t n l s a i t l t t i i i a d e o b s e n i b l t ities 2 1 1 1 1 , , , , , 0 0 2 7 0 0 9 4 6 3 9 3 2 8 3 2 1 1 1 , , , , 8 4 0 2 0 9 0 2 1 3 8 9 8 8 3 Ba f m n ra e k G C n n a o c t s l s s d h 9 f ) o : i ( r o n t h n b o a u h I r n s a s a t n e n d r d n s a a n t o i d o f n o a S n l w i c ss u S r e r g t e t o n l l e t d - 34,008 29, 482 National Bank of Rumania (mil- account with banks 50,802 33,102 lio S G n p s o e l o c d f i 4 a l l e i e ) x : change accounts 32 6 , , 8 0 4 8 4 9 2 4 0, , 9 8 7 4 7 6 S R i e a g d n h i c t s e c f s u o n u (a d n t s t a c a b o t l s e t i ) n b t i e l r ls e s a t nd accept- 14 15 1 , , 2 5 1 5 8 9 15 1 9 0 , , 8 7 7 0 7 9 S N D L G O O p o o e t t o e h h a m t v c e e e n e i r r a s a r c n l n l a i a i d r s m l a n c o s b d u d e e a i l t e n n l d s a i p t s t i t o i s i 5 d e o c s s e n i o t b u s t nts 2 6 1 1 1 1 5 5 5 9 3 , , , , , , 7 9 1 4 3 7 2 6 2 8 4 8 2 2 6 6 2 5 5 1 7 4 2 1 1 1 1 7 1 0 0 1 4 4 , , , , , , , 2 4 6 7 7 8 0 2 6 6 4 0 7 6 3 5 8 9 9 2 6 T S D S O h u i e t c m h o n m u e r d e C r t r a r r - e f e y n t a u n e n d s n b r t c s m r d i d i e a l e s t e l l s s s p a ) o b : a t d s a n e i i n n d t p s k t o i e s n s ( r g i e v t f o s s e o l t s d r t ) m o (v e w a n n r t i s o a u c s - 22 2 2 6 1 5 2 , , , , 3 3 5 5 8 5 9 9 0 0 2 1 22 1 4 9 2 2 , , , , 1 1 9 5 6 1 0 9 7 4 8 1 South African Reserve Bank (thou- count 42, 223 34,233 san G F O d o o t s h r l e d e o i r g f n b p i o l b l u i s l n l a s d n s d ) : loans 44 1 , . 7 1 5 7 5 6 1 2 6 42, 8 6 1 1 3 7 5 I 30 7 , , 9 6 9 7 2 5 8 4 L O o t c h n o e g O u r - n t t l h t e i s e a rm r bi li d t e ie p s osits: Special ac- 2 1 2 9 9 2 2 , , , 9 0 5 2 0 6 3 1 8 2 1 2 9 9 0 2 , , , 6 6 7 2 4 3 8 4 8 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. 5 Agricultural and urban loans in process of liquidation. s 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. 272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Date effective U K d n i o i n m t g e - d France m G C a e n e r y - ntra g l B i b e u l- a m nk o N l f a — e e n r t d - h s - S d w en e- S l z a w e n i r d t - - Al b b C a a n e n k n i a t o r . f a — l R Fe 2 a b 8 t . e M e a f r D f . e 2 a c 1 t t i e , v 1 e 940 Ja b p C a a n e n k n t o r f a — l R F 3 e 2 . a b 2 8 t . 9 e A e p f r D f . e a ct t 7 i e v , e 1936 Argentina 334 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 3 234 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 Oct 20 234 Bolivia 634 Aug. 9,1938 Netherlands 3 Aug. 29,1939 Nov. 26 134 British India- 3 Nov. 28,1935 New Zea- Dec 3 2 Bulgaria Dec. 1, 1940 land . 2 May 27,1940 Jan. 28, 1937 4 Canada 5 Mar. 11,1935 Norway 3 May 13,1940 June 15 6 Chile 3-4H Dec. 16,1936 Peru 5 Aug. 1,1940 July 7 5 Colombia 4 July 18,1933 Portugal Feb. 20, 1941 Aug. 4 _ _ 4 Sept. 3 Nov. 13 3 May 10, 1938 4 Denmark __ 4 Oct. 16,1940 Rumania 3 Sept. 12, 1940 May 13 2iz Ecuador .. May 26,1938 South Africa May 15,1933 May 30 3 El Salvador.. 3 Mar. 30,1939 Spain i Mar. 29,1939 Sept. 28 3 Estonia 434 Oct. 1,1935 Sweden.. VA May 17,1940 Oct. 27 234 Finland ... Dec. 3,1934 Switzerland. Nov. 26, 1936 Nov 25 234 Jan. 4, 1939 2 Apr. 17 4 4 May 11 3 France 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 2 Oct. 22,1940 U. S. S. R... 4 July 1,1936 S O e c p t. t 2 2 6 8 9 3 Italy 3 6 34 May 18,1936 Yugoslavia. 5 Feb. 1,1935 Dec. 15 3 3 Jan 25, 1940 9 i Not officially confirmed. Apr. 9 334 Changes since Jan. 28: Portugal—Feb. 20, down from 4-434 to 4-4K Mav 17 ._ 334 per cent. In effect Feb. 28, 1941 2 2 2 3 334 IK OPEN MARKET RATES [Per cent per annum] 1 United Kingdom Germany Netherlands Sweden Switzerland Month ac B 3 c m a e n p o k t n a e n t r h s c s ' es T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n l l a o d n w e k p a e o n r s c s i e ' ts d P is r r i c 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 te a 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 te a u t n e t 1929—Dec 4.76 4.75 4.23 334-3 6.98 8.14 3.52 3.87 5-7 3.15 1930—Dec 2.30 2.34 1.60 1 4.82 5. 54 1.39 1.86 334-53/2 1.18 1931—Dec 5.85 5.60 4.27 4 7.33 8.45 1.57 1.59 6-734 1.75 1 1 9 9 3 3 2 3 — — D D e e c c 1 1 . . 0 0 2 6 1 1. . 0 1 4 5 . . 8 7 1 7 B 3 3 . . 8 8 7 7 4 4. . 9 9 7 1 . . 3 5 7 2 1 1 . . 0 0 0 0 3 2 3 ^ 4 - - 5 534 1 1 . . 5 5 0 0 1 1 9 9 3 3 4 5— — D D e e c c . . 7 5 1 7 . . 4 6 7 8 . . 7 7 0 5 34 3 3 . . 5 0 0 0 4 3. . 2 1 8 5 3 . .2 6 0 0 3 1 . .0 08 0 2 23 y24 - - ± 5 y2 2 1 . .5 5 0 0 1936—Dec .83 .84 .78 ¥L 3.00 3.05 .76 1.48 234-5 1.25 1937—Dec . 75 .75 .75 Vi 2.88 2.96 .13 .50 234-5 1.00 1938—Dec . 96 .93 .80 2.88 2.86 .13 .50 2J4-5 1.00 1939—Dec 1.23 1.24 1.03 l i y* 2.63 2.39 2.25 2.75 3-5 1.25 1940—Jan 1. 10 1.09 .02 2.50 2.03 1.85 2.64 3-5 1.25 Feb 1.04 1.02 L.00 2.50 2.08 1.58 2.50 3-5 1.25 Mar.... 1.03 1.02 .99 y2 2.50 2.16 1.35 2.49 3-5 1.25 Apr 1. 03 1.03 .00 34 2.38 1.90 1.68 2.75 3-5 1.25 Mav 1.03 1.02 .00 lA 2.38 1.98 i 2.20 i 3.21 334-5H 1.41 J J u u n ly e . 1 1 . . 0 0 3 3 1 1 . . 0 0 2 2 L LO O O O y* 2 2 . . 3 3 8 8 1 1. . 7 9 3 8 ( ( 2 2 ) ) 2 ( . 2 8 ) 3 334-534 1 1 . . 5 5 0 0 Aug. 1.03 1.02 LOO 34 2.31 1.77 (2) 3.00 VA-VA 1.50 Sept 1.03 1.03 LOO XA 2.25 2.03 2.25 2.68 1.50 Oct 1.03 1.02 L 00 34 2. 25 1.87 2.25 2.75 V/z-5A 1.31 N De o c v 1 1 . . 0 0 3 3 1 1 . . 0 0 2 1 L . 0 0 0 0 y 3 > 4 2.25 1.93 2.25 2.75 V/T-VA 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. MARCH 1941 273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom l Assets Liabilities Money at (Fig p u o r u e n s d i s n s m te il r l l i i o n n g s ) of re C se a r s v h es c n a s l o h l t o i a c r n t e d B co il u ls n d te is d - T re r c e e a i s p u ts ry 2 Se ti c e u s ri- L cu o s a e t n r o s s m to - O as t s h e e ts r Total D D e e m p a o n si d t s 3 Time3 lia O bi t l h i e ti r es 10 London clearing banks 1932—December 207 127 408 472 778 208 1,983 991 963 216 1933—D ecember 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 236 187 316 630 864 233 2,238 232 11 London clearing banks 5 1936—December 244 195 322 660 890 249 2,315 1.288 1,012 245 1937—December 244 163 300 635 984 256 2,330 1,284 1,026 252 1933—December . 243 160 250 635 971 263 2,254 1,256 997 269 1939—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 December 324 159 255 314 771 924 293 2, 830 250 Assets :Liabilities Deposits payable in Can- Entirely in Canada Security ada excluding interbank Canada loans deposits fi ( g 1 u 0 r e c s h a in r t m er i e l d li o b n a s n o k f s C . an E a n d d ia 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 a fo n f b d r r d r o e u o i m e n g a e d n t Se ti c e u s ri- O as t s h e e ts r ci • t r \r i c _ o u j n - l _ a- Total Demand Time l O ia t t i b h e i s o 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 t 155 485 111 2,180 694 1,486 745 1936—December _ 240 114 791 161 L, 384 507 103 2,303 755 1,548 790 1937—December. 255 76 862 102 L 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—December 292 53 1,088 132 L, 646 490 85 2,774 1,033 1,741 842 1940—January... . . . 290 48 1,073 134 1,654 466 82 2,755 1,005 1,751 827 February 273 57 1,104 140 L 638 476 86 2,772 1,113 1,659 829 March „ 265 52 1,115 166 1,599 451 88 2,724 1,063 1,661 836 April 281 54 1 072 180 L 592 488 84 2,743 1,071 1,672 840 May 300 44 1.063 194 1,617 475 91 2.785 1,142 1,643 818 June 272 39 1.067 184 1,583 469 93 2,706 1,098 1,609 814 July- 277 39 1,053 166 1,576 454 89 2,674 1,062 1,613 802 August 291 38 1 062 162 I 569 440 90 2,689 1,055 1,634 783 September 319 37 1,102 178 1,563 474 88 2,800 1,145 1,655 786 October 310 41 1 138 177 1 520 467 88 2,778 1,178 1,600 786 November 313 41 1,128 174 L, 513 457 88 2, 758 1,132 1,626 781 December __ . _.. 323 40 1,108 159 1,531 511 80 2,805 1,163 1,641 788 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 O as 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—D ecember 9,007 1,766 22,014 7,850 1,749 37,759 56,491 1,268 295 4,331 1933—December. 5,870 1,416 19,848 8,309 1,8?7 32,635 31, 773 862 273 4,362 1934—December 5,836 1,421 18,304 8,159 1,717 30,943 JO, 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 17 682 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 53,042 537 721 4,484 1939—December 4,599 3,76. 29,546 7,646 2,440 42\443 41,872 571 844 4,609 1940—January 4,066 4,08() 29,8C8 7,756 1,745 45.850 12,302 548 938 3,667 February 4,293 3,99:5 30,810 7,579 1,849 4:,737 43,195 542 1,034 3,753 March • 4,110 3.92() 34,123 7,499 1,961 4e.608 46.064 544 1, 105 3,901 1 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 V/% per cent, callable by the banks in emergency under discount at the bank rate, a 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. 5 District Bank included beginning in 1936. « 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. ( June 1935, pp. 388-390; and October 1933, pp. 641-646. 274 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 u ia 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 a le u r v i l a - ) C O a ff n ic a i d a a l (d F ol r l e a e r) O C ffi h c i ia le l ( E pe x s p o o ) rt S ( C y h h h u a a i a n i n ) n g a - C (p o b e l i o s a o m ) - ( s k C lo o z v r e u a c n k h a i o a ) - 72.801 337.07 17.900 7.9630 31.816 0039 91.959 7. 6787 28. 598 81.697 3.8232 1934 33. 579 400.95 23.287 8.4268 37.879 2852 101.006 10.1452 34.094 61.780 4.2424 1935 32. 659 18. 424 8. 2947 36.964 2951 99.493 5.0833 36. 571 56.011 4.1642 1936 33.137 395. 94 16.917 8. 5681 5.8788 37. 523 2958 99. 913 5.1240 29.751 57.083 4.0078 1937 32.959 393.94 16.876 8.6437 6.1983 37.326 100.004 5.1697 4.0000 29.606 56. 726 3.4930 32. 597 389. 55 16.894 5. 8438 36. 592 2424 99. 419 5.1716 4.0000 21.360 55.953 3. 4674 1939 30.850 353.38 16. 852 6.0027 5.1248 33. 279 2111 96. 018 5.1727 4.0000 11.879 57.061 3. 4252 1940 29.773 322. 80 305.16 16. 880 6. 0562 5.0214 30.155 90. c 85.141 5.1668 4.0000 6.000 57.085 1940—Feb 29.773 315. 79 16. 859 6.0569 5.0237 30.163 86. 654 5.1655 4.0000 7.012 57. 264 Mar 29.773 299. 50 16.980 6.0574 5.0269 30.179 90.909 82.883 5.1650 4.0000 6.409 57.130 April.... 29. 773 322.80 280.90 16. 891 6.0576 5.0291 30.198 90.909 84. 238 5.1649 4.0000 5.992 56. 990 May.... 29.773 322.80 260.80 16. 736 6.0488 5.0232 30.120 90.909 80.970 5.1670 4.0000 5.083 57.046 June 29.773 322.80 287.04 6.0527 5.0329 30.106 90.909 80.072 5.1678 4.0000 5.760 57.220 July 29. 773 322.80 303.11 6.0575 5. 0259 30.149 90.909 86. 924 5.1678 4.0000 6.048 57.096 Aug 29.773 322.80 317.02 6. 0575 5. 0219 30.132 90.909 86.865 5.1680 4.0000 5.476 56.985 Sept 29. 773 322.80 321.47 6.0574 5.0107 30.162 90.909 85.469 5.1680 4.0000 5.206 56.985 Oct 29. 773 322.80 321. 29 6. 0575 5. 0153 30.170 90. 909 86. 318 5.1680 4.0000 5.682 56.985 Nov 29. 773 322.80 321. 57 6. 0575 5. 0156 30.166 90. 909 86. 922 5.1663 4.0000 5.845 57. 000 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 1941—Jan 29. 773 322. 80 321. 50 6. 0575 5. 0560 30.148 90. 909 84. 801 5.1674 4.0000 5.391 57.146 Year or month ( m D kr e a o n r n k - e) (p E o g u y n p d t ) (m l F a i a n n r d - k- F (f r r a a n nc ce ) ( m m r G e a a e i r c n r k h - y ) s- G (d m r r e a a e ) c c h e - (d H K o o o l n l n a g g r) (p H g e a u n r n g y 6 - ) ( I l t i a r l a y ) J ( a y p en a ) n M (p e e x so ic ) o ( N g l u e a t i n l h d d e e s r r - ) Z (p e N a o e l u a w n n d d ) N (k o r r o w n a e y ) 1933.. 19.071 434.39 1.8708 5. 0313 30. 518 .7233 29.452 22. 360 6. 7094 25. 646 28.103 51. 721 340.00 21.429 1934.. 22. 500 516.85 2. 2277 6. 5688 39. 375 .9402 38. 716 29. 575 8. 5617 29. 715 27. 742 67.383 402.46 25.316 1935.. 21.883 502.60 2.1627 6. 6013 40.258 .9386 48. 217 29. 602 8. 2471 28.707 27. 778 67.715 391.26 24.627 1936.. 22.189 509.68 2.1903 6.1141 40. 297 .9289 31. 711 29. 558 7.2916 29.022 27. 760 64.481 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 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—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 63.101 300.72 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 1941—Jan.... !. 0104 39.979 23. 648 19. 770 5. 0432 23. 439 20. 504 322. 75 United Kingdom Uruguay Year or month P (z o l l o a t n y d ) ( P es o g c r a u t l u do - ) R ( u n le m i u a ) a- (p S A o o fr u u i n t c h d a ) (p S e p s a e i t n a) ( S S m d t e o r e t a l t n l l i a e t t s r s - ) (k S d r w o e n n e- a) S ( w f la r i a n t n z d e c r ) - ( T po u u rk n e d y ) Offic ( i p a o l und F ) ree tr C o o ll n e - d (pes N o tr ) o o n l - l c e o d n- ( Y s d la u i v n 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—Feb 3. 6228 398.00 9.950 46. 483 23. 807 22.418 396.34 65.830 37.466 2. 2560 Mar 3. 4985 398.00 9.814 46. 750 23. 816 22. 417 403. 50 375.91 65.830 38.839 2. 2485 April 3.4090 398.00 9.144 47.136 23.691 22. 418 403. 50 352. 59 65.830 39.090 2.2444 May 3. 2650 398.00 9.130 47.119 23. 791 22. 253 403. 50 327. 36 65.830 38. 603 2. 2473 June 3. 5969 398.00 9.130 47.114 23. 804 22. 461 403. 50 360.16 65.830 37. 714 2. 2441 July 3. 8021 398.00 9.130 47.113 23. 836 22. 684 403. 50 380.47 65.830 35.956 2. 2439 Aug 3.8311 398.00 9.130 47.116 23. 813 22. 755 403. 50 397. 88 65.830 34.939 2. 2436 Sept... 3. 9629 398. 00 9.130 47.102 23. 810 22. 784 403. 50 403. 42 65. 830 36. 366 2. 2436 Oct 3.9841 398.00 9.130 47.101 23. 814 23.148 403. 50 403.26 65.830 37.629 2. 2436 Nov 3. 9849 398. 00 9.131 47.100 23.818 23. 202 403. 50 403. 56 65. 830 38. 994 2. 2409 Dec 3. 9915 398. 00 9.132 47.100 23. 824 23. 201 403. 50 403. 50 65. 830 39.480 2. 2407 1941—Jan....... .„ 398.00 9.130 47. 089 23. 826 23. 220 403. 50 403. 42 65. 830 39. 491 2. 2397 NOTE.—Developments affecting averages during 1941: No rates certified as follows: Yugoslavia—since Jan. 28. Changes in nominal status during 1941 (noted only if affecting quotations for at least five days a month): none. For further information concerning the bases and nominal status of exchange quotations, and concerning temporary suspensions of quotations prior to 1941, see BULLETIN for February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. MARCH 1941 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United States Year or month (1926=100) 1926 100 1930 - _-- 86 1931 73 1932 65 1933 66 1934 75 1935 80 1936 81 1937 86 1938 79 1939 77 1940 79 1940—January,.... 79 February 79 March 78 April 79 May 78 June July August September... October November December.. 1Q41 January OOO3 Canada (1926=100) 100 87 72 67 67 72 72 75 85 79 75 83 83 83 83 83 82 82 S2 77 78 79 80 80 81 OOOO OO >X United Nether- Switzer- Kingdom France Germany Italy Japan lands Sweden land (October (1926-30 (July 1914 (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) U24 695 134 237 106 i 126 144 100 554 125 85 181 90 i 103 126 88 500 111 75 153 76 i 94 110 86 427 97 70 161 65 i 92 96 86 398 93 63 180 63 i 90 91 88 376 98 62 178 63 i 96 90 89 338 102 68 186 62 100 90 94 411 104 76 198 64 102 96 109 581 106 89 238 76 114 111 101 653 106 95 251 72 111 107 103 2 681 107 2 97 278 74 115 111 137 110 311 5 88 125 108 320 86 136 128 128 108 317 88 138 130 129 109 312 88 140 132 132 110 314 88 141 134 134 110 312 89 142 135 134 110 308 (6) 143 139 140 111 306 146 141 140 111 306 146 146 141 111 308 148 152 143 111 310 154 156 147 111 310 158 161 84 148 111 312 111 313 p Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months for France, 7 months 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 Average based on figures for 5 months, e 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 United States (1926=100) Year or month Other Farm Foods commod- products ities 1926 100 100 100 1930 -. 88 91 85 1931 65 75 75 1932 48 61 70 1933 51 61 71 1934 65 71 78 1935 - _ — 79 84 78 1936 81 82 80 1937 86 86 85 1938 69 74 82 1939 65 70 81 1940 _ 68 71 83 1940—January 69 72 84 February 69 71 83 March __ _ 68 70 83 April 69 72 83 May 68 71 83 June 66 70 82 July 67 70 82 August. _ 66 70 82 September 66 72 82 October 66 71 84 November 68 73 84 December 70 74 1941—January . 72 74 OO OO groups included in total index above] United Kingdom France Germany (1930=100) (1913=100) (1913=100) Indus- Foods p I r n o tr d d i u a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u l c l t - s P s r i o on v s i- a t f r n i i n d a i l s h s r e e a d m w i- tr I i i n a s d l h u e f d s i - nproducts products 581 793 129 132 130 150 100 100 526 579 113 113 120 150 89 87 542 464 104 96 103 136 88 85 482 380 91 86 89 118 83 87 420 380 87 75 88 113 85 90 393 361 96 76 91 116 87 90 327 348 102 84 92 119 92 96 426 397 105 86 94 121 102 112 562 598 105 96 96 125 97 104 641 663 106 91 94 126 106 i 653 i 707 108 193 95 126 133 138 111 99 129 122 127 108 98 127 126 129 108 98 127 124 131 110 99 128 126 135 111 98 128 128 136 112 98 128 130 136 112 98 129 134 142 112 98 130 136 142 112 99 131 140 142 111 99 131 143 142 110 99 131 143 149 111 99 131 143 150 111 100 131 111 100 132 r Revised. 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. 276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o a n r t o h r U S = n t 1 a i 0 t t e 0 e s d ) ! i U ^ n m U it g m e - ) d ( F J = u r 1 l a y 0 n l 0 9 c ) e 1 4 [ ! | ( = 1 m G 9 1 1 a 0 e 3 n 0 r - - y ) 14 N ( = 1 l e 9 a 1 t 1 n 0 h 1 d 0 e - s ) 1 r- 3 (J S e = u r w 1 n l e 0 a i l t 0 n 9 z ) d 1 - 4 Y m e o a n r t o h r ( U 1 = S 9 n 1 t 3 a i 0 5 t t 0 e e - ) 3 s d 9 (J U = K u d n 1 l i y o i n 0 t l m g 0 9 e - ) d 14 F = ( r 1 1 a 9 0 n 3 0 c 0 ) e (1 = m G 9 1 1 a e 0 3 n r 0 - - y 1 ) 4 i N ( = 1 l e 9 a 1 t 1 n 0 h 1 d 0 e - s ) 1 r- 3 (J e = S u r 1 w n l 0 e a 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 1 140 129 1935 100 125 423 i 120 118 114 1935 98 143 78 123 i 136 128 1936 101 130 470 122 120 120 1936 99 147 86 125 1 i 132 130 1937 105 139 601 I 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 2 742 123 130 132 1939 99 158 3 122 126 140 138 1940 97 ?164 4140 ^146 1940 100 184 130 \ 5148 1940-January-.. 95 157 124 138 139 1940-January 174 127 1 146 144 February.. 97 161 i 124 140 139 February. 177 127 | 148 145 March 96 161 126 141 140 March 100 179 129 149 145 April 96 158 127 142 April 178 129 149 147 May 97 159 129 143 May 180 130 149 148 June 98 158 129 145 June. 101 181 131 \ (?) 150 July 97 168 ' 131 145 July 187 132 i 151 August 96 ! 164 133 146 August 185 133 1... 151 September 97 166 : 130 149 September 100 187 132 153 October 96 169 127 152 October 100 189 130 157 November 96 172 126 157 November 100 192 130 159 December. 97 173 ?>158 December 101 195 131 P160 1941-January___ 98 1941—January.. 101 196 ! p Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). 2 Average based on figures for 8 months. No data available since August 1939, when figure was 749. 3 Average based on two quarterly quotations. No data available since May 1939, when figure was 123. 4 Average based on figures for 3 months. 5 Average based on figures for 5 months. 6 No data available since March 1940. 7 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 Year or month ( p U a S r v t n i e a c i r t e t a e e ) g s d * e ( 1 D K 9 U e i 2 n c n 1 g e = it m d 1 e o 0 d b m 0 e ) r (1 F 91 ra 3 n = c 1 e 00) G (a p e v r r e m ic r e a a ) g n e y N la e n th ds e r a - U St n a i t t e e s d K U in n g it d e ( o 1 d m 926=10 F 0 r ) ance Germany (1 N 9 l 3 e a 0 t n h = d e 1 s r 0 - 0) Number of issues.. 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1932 69.5 113.2 88.6 3 67.1 94.8 48.6 67.9 105.2 3 50.3 46 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 65 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.fi 112.3 4 84. 9 99.0 90.9 89.2 75.9 4 98.2 94.1 90 1940 82.0 118.3 5 76. 3 83 6 70 8 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 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 1941—January 85.3 80.5 i Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Oo. *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. s 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 Average based on figures for 4 months. 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 MARCH 1941 277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK CHESTER C. DAVIS JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEOERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman Boston District CHAS. E. SPENCER, JR. CHESTER C. DAVIS New York District GEORGE L. HARRISON ERNEST G. DRAPER Vice President Philadelphia District M. J. FLEMING WILLIAM F. KURTZ Cleveland District HUGH LEACH B. G. HUNTINGTON Richmond District JOHN K. MCKEE ROBERT M. HANES Atlanta District JOHN N. PEYTON RYBURN G. CLAY Chicago District RONALD RANSOM EDWARD E. BROWN ALLAN SPROUL President St. Louis District M. S. SZYMCZAK S. E. RAGLAND Minneapolis District LYMAN E. WAKEFIELD Kansas City District W. DALE CLARK Dallas District CHESTER MORRILL, Secretary R. E. HARDING San Francisco District PAUL S. DICK S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel WALTER LICHTENSTEIN, Secretary E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market Account 278 FEDERAL RESERVE BULLETIN 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 L. Werner Knok Walter S. Logan James M. Rice Robert G. Rouse John H. Williams Philadelphia... Thomas B. McCabe.. Alfred H. Williams.... John S. Sinclair Frank J. Drinnen W. John Davis Clarence A. Mcllhenny* Cleveland George C. Brainard... Reynold E. Klages Matthew J. Fleming Frank J. Zurlinden William H. Fletcher Reuben B. Hays William F. Taylor * George H. Wagner Richmond ... Robert Lassiter William G. Wysor.__. Hugh Leach John S. Walden, Jr John G. Fry George H. Keesee l Atlanta Frank H. Neely _. Joe Frank Porter Robert S. Parker William S. McLarin, Jr.._ Malcolm H. Bryan Harry F. Conniff Chicago ._. Frank J. Lewis _ Clifford V. Gregory . _ Clifford S. Young Howard P. Preston James H. Dillard William H. Snyder» St. Louis William T. Nardin.... Oscar G. Johnston F. Guy Hitt Olin M. Attebery Clarence M. Stewart ' Minneapolis.. Walter C. Coffey Roger B. Shepard John N. Peyton Oliver S. Powell ._ __ Ernest W. Swanson Harry I. Ziemer > Kansas City... Robert B. CaldwelL- John J. Thomas Harold G. Leedv James W. Helm » Dallas James H. Merritt Jay Taylor Robert R. Gilbert Ethan B. Stroud Robert B. Coleman Walter 0. Ford 1 San Francisco.. Raymond C. Force _.. St. George Holden.. William A. Day Ira Clerk Cecil E. Earhart» William M Halft 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 MARCH 1941 279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

redetal s<e5etv<2 PubLlcatlon* 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 DAILY National Summary of Business Conditions—released about the 18th of the month. Foreign Exchange Rates (for previous day). Business Indexes—released about the 18th of the WEEKLY month. Bank Debits—released between the 6th and 12th Monday: of the month. Condition of Reporting Member Banks in 101 Foreign Exchange Rates—released about the 1st Leading Cities. of the month. Bank Debits. Department Store Sales by Federal Reserve Dis- Tuesday: stricts and by cities. Released about the 22nd Money Rates—Open-Market Rates in New York of the month. City. (Also monthly). Thursday: QUARTERLY Condition of the Federal Reserve Banks. Member Bank Call Report—3 or 4 times a year Assets and Liabilities of Reporting Member depending upon number of calls for condition Banks in Central Reserve Cities. (Also inreports. Released about two months after call cluded in statement of Condition of Reporting date. Member Banks in 101 Leading Cities released on following Monday). SEMI-ANNUALLY Friday: Federal Reserve Inter-District Collection System Weekly Department Store Sales. (Par List)—including list of State bank members. Semi-annual issues, January and July; and MONTHLY monthly supplements—released about 7th of the Federal Reserve BULLETIN—released the first part month. of the month; subscription price $2.00 per annum, single copies 20 cents, in the United States, ANNUALLY its insular possessions, Canada, Mexico, the List of Stocks Registered on National Securities Central American countries, and most South Exchanges. Supplements issued each quarter. American countries; elsewhere, $2.60 per an- 25 cents for list and supplements. num, single copies 25 cents. Bank Debits—released ordinarily in February. Brokers' Balances—released about the 20th of the Annual Report. Issued early in year; covers premonth. ceding calendar year. BOOKS THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FEDERAL RESERVE CHART BOOK. About 50 charts FUNCTIONS. Obtainable in cloth binding at 50 cents on Bank Credit, Money Rates, and Business. Latest a copy and in paper cover without charge. 128 edition, completely revised, contains data available pages. as of February 11, 1941, with space for plotting DIGEST OF RULINGS—to October 1, 1937. Digests through 1942. Price 50 cents per copy. of Board rulings, opinions of the Attorney General and court decisions involving construction of the Federal Reserve Act, together with compilation show- FEDERAL RESERVE INDUSTRIAL PRODUCTION CHART ing textual changes in the Act. Price $1.25 per BOOK. 115 Charts. October, 1940. Space for plotcopy. 683 pages. ting through 1946. Price $1.00 per copy. 280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Publications REPRINTS (Partial List) CONSTITUTIONALITY OF LEGISLATION PROVIDING A THE BANKS AND IDLE MONEY, by Woodlief Thomas. UNIFIED COMMERCIAL BANKING SYSTEM FOR THE 9 pages, March 1940. UNITED STATES. Opinion of the Board's General Counsel. 21 pages. March 1933. THE CURRENCY FUNCTION OF THE FEDERAL RESERVE BANKS. 5 pages, March 1940. SUPPLY AND USE OF MEMBER BANK RESERVE FUNDS. Explanation of analysis of sources of mem- HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL ber bank reserve funds and uses to which such funds RESERVE POLICY. 11 pages, April 1940. are put. 31 pages. July 1935. CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, MEMBER BANK STATISTICS. A discussion of the by E. A. Goldenweiser. 5 pages, May 1940. statistics compiled and published by the Board covering the operations and condition of member banks. OWNERSHIP AND UTILIZATION OF THE MONETARY 28 pages. November 1935. GOLD STOCK. 3 pages, May and June 1940. SUMMARY OF PROVISIONS OF STATE LAWS RELATING GENERAL INDEXES OF BUSINESS ACTIVITY. 8 pages, TO BANK RESERVES. 33 pages. March 1937. June 1940. ANALYSES OF THE BANKING STRUCTURE—As of NEW FEDERAL RESERVE INDEX OF INDUSTRIAL PRO- December 31, 1935. Number, deposits, and loans and DUCTION. 77 pages, August 1940. investments of banks classified by size of bank and town and by other factors. 33 pages. August 1937. THE GOLD STOCK. 2 pages, September 1940. PROBLEMS OF BANKING AND BANK SUPERVISION. MEASUREMENT OF PRODUCTION. 16 pages, Septem- Excerpts from the 1938 Annual Report. 33 pages. ber 1940. THE HISTORY OF RESERVE REQUIREMENTS FOR GOLD RESERVES OF CENTRAL BANKS AND GOVERN- BANKS IN THE UNITED STATES. 20 pages. Novem- MENTS. 18 pages, September 1940. ber 1938. MONETARY MEASURES AND OBJECTIVES. Three state- DEVELOPMENT OF FEDERAL RESERVE BANKING, by ments by the Board on objectives of monetary policy, M. S. Szymczak. 8 pages, December 1940. on proposals to maintain prices at fixed levels through monetary action, and on legislative proposals relat- ECONOMIC PREPAREDNESS FOR DEFENSE AND POST ing to monetary measures and objectives. 8 pages. DEFENSE PROBLEMS, by Marriner S. Eccles. 8 pages, January 1941. July 1937, April 1939, and May 1939. REVISED INDEXES OF FACTORY EMPLOYMENT. Bu- SPECIAL REPORT TO THE CONGRESS, submitted Dereau of Labor Statistics indexes adjusted for sea- cember 31, 1940. 2 pages, January 1941. sonal variation by Board of Governors. 32 pages, October 1938; 10 pages, October 1939. ECONOMIC AND MONETARY ASPECTS OF THE DE- FENSE PROGRAM. 4 pages, February 1941. THE GOLD PROBLEM TODAY, by E. A. Goldenweiser. 4 pages, January 1940. FEDERAL RESERVE BANK LENDING POWER NOT DE- PENDENT ON MEMBER BANK RESERVE BALANCES. 2 THE PAR COLLECTION SYSTEM OF THE FEDERAL pages, February 1941. RESERVE BANKS, by George B. Vest. 8 pages, February 1940. MONEY IN CIRCULATION. 1 page, February 1941. MARCH 1941 281 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS 9 ^ MINN. ^MINNEAPOLIS ' S.DAK. , IOWA CHICAGO \LL. • M MM BOUNDARIES OF FEDERAL RESERVE DISTRICTS _ __ BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis