Federal Reserve Bulletin, 1941-05

FEDERAL RESERVE BULLETIN MAY 1941 Review of the Month—Gold, Capital Flow, and Foreign Trade in 1941 From the Board's Correspondence—Federal Reserve Bank Organization Lend-Lease Act Member Bank Earnings Statistics of All Banks in United States 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—Gold, Capital Flow, and Foreign Trade in 1941 383-395 From a Legal Standpoint: An Act Relating to Foreign Accounts in Federal Reserve Banks and Insured Banks 396 Lend-Lease Act and Appropriation Act Pursuant Thereto 397 Member Bank Director Serving Investment Trust Actively Engaged in Issuing Its Own Shares 399 Affiliate Relationships Where Stock is Pledged to Secure Loans 399 Financial Transactions Under Neutrality Act of 1939 400 Executive Order and Regulations on Transfers of Property of Greece. 400 General Licenses Issued by the Secretary of the Treasury 400 From the Board's Correspondence—Federal Reserve Bank Organization 402-404 Staff Purchases of Defense Savings Bonds 405-408 Current Events 409 British Mobilization of United States Dollar Securities. 410-411 Member Bank Earnings in 1940 (see pp. 467-472 for tables in detail) 412 National Summary of Business Conditions 413-414 Financial, Industrial, Commercial Statistics, United States (see p. 415 for list of tables) 415 International Financial Statistics (see p. 473 for list of tables) 473 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 490 Senior Officers of Federal Reserve Banks; Managing Directors of Branches 491 Federal Reserve Publications. . 492-493 Map of Federal Reserve Districts. 494 Subscription Price of Bulletin THE FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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FEDERAL RESERVE BULLETIN VOL. 27 MAY 1941 No. 5 (fold, Capital T/ow, and Toielyn ~Ttada in 1941 The year 1941 has brought further shifts United States. During the same period forin the international position of the United eign gold production amounted to less than States. The great movement of gold that had $3,500,000,000. The magnitude of the drain been in progress since the Munich crisis in upon foreign reserves is apparent from the 1938 has been cut down to substantially the gap between these two figures. While dislevel of new gold production; capital which hoarding by private holders appears to have had been flowing to this country in many played some part, most of the gap repreforms, some of which escaped the regular re- sented gold lost to the central reserves of Engports, is now tending outward mainly as land, France, Holland, Switzerland, Sweden, a consequence of official loans to foreign and other countries under pressure of capital countries and British liquidation of American outflow or war necessities. The intensity of assets; the Lend-Lease Act has completely the movement was greatest in the phase that altered the basis on which future war mate- began with the German campaign against rials will be supplied to England; and the the Low Countries and France in the spring shipping situation has become a major factor of 1940. in the flow of foreign trade. The shift in the American position is largely the counterpart FOREIGN GOLD ACQUIRED BY THE UNITED STATES OCTOBER 1937-APRIL 1941 of the developing problems of the British [Approximate figures in millions of dollars] Empire. Net The first Czechoslovak crisis in the sum- amount Weekly Period for average mer of 1938 started an unprecedented flow period of gold to the United States Business recession in United States: Sharply diminished _ hih continued October 1937-July 1938 33 1 a flow w c Pre-war crises abroad: gold inflow August 1938-August 1939 3,579 63 on an extraordinary scale War period: September 1939-April 1940 1,992 57 until January of this year. As the table May 1940-January 1941 3,191 81 February-April 1941 27 shows, this movement followed a period of 343 ten months of little activity in gold. NOTE.—Foreign gold acquired represents increase in combined Trea*-ury and Stabilization Fund holdings (using Fund data, as published by From the autumn of 1937, when the busi- the Treasury, for report dates nearest beginning and end of period) less domestic gold production. For 1941, however, for which no Stabilization ness recession and fears abroad of possible Fund figures have yet been published, net acquisitions represent net gold imports plus net release of gold from foreign earmark. dollar devaluation led to pressure on the dol- The broader effects of this last phase, howlar and some sale of gold by the Stabilizaever, were to block off or exhaust those fortion Fund to foreigners, through July 1938, eign reserves from which the flow had mainly when the Czechoslovak crisis was begincome. The spread of German control on the ning to loom, there was only a minor gold Continent was accompanied by extension of movement. Thereafter, however, the inflow the British blockade and the freezing in the mounted rapidly, and during the two and a United States of the funds of the invaded half years through January 1941 foreigncountries. These countries held the greater ers sold $8,800,000,000 of the metal to the 383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month part of the gold reserves of the Continent. in payment is less pressing. In fact one Far After the freezing orders their reserves could Eastern country, the Netherlands East be sold in this country only under Treasury Indies, has been adding to its gold reserves license; and in any case there was little occa- during the past year. American purchases sion for nations subject to the British block- of tin and rubber have contributed to the ade to use gold for the purchase of goods that favorable East Indian balance of payments. could not be shipped. Hence European coun- In Latin America the chief reserves are tries holding some $6,000,000,000 of gold re- held by Argentina, which has gold in addiserves largely dropped out as sellers of gold tion to the $350,000,000 shown separately by to the United States. its central bank. Its holdings are larger than Most of the gold that reached the United the combined reserves of the remaining Latin States after the French collapse came from American countries. For a period in 1940 the British Empire. It reflected the rapid Argentina drew actively upon its gold to draining of the gold reserves of the United meet an unfavorable balance of dollar pay- Kingdom, now that the scope of the war was ments; but the pressure was alleviated by increased and French resources were no measures taken last fall to curtail imports, longer available. At their peak in March by increased sales of wool and other Argen- 1938 United Kingdom gold reserves had been tine commodities to the United States in conmore than $4,000,000,000; at the outbreak of nection with our defense program, and by the war they were down to $2,000,000,000; some transfer of foreign capital from the today they are virtually exhausted. The United States to Argentina apparently to drain was mainly attributable before the war avoid an anticipated spread of freezing reguto capital outflow, and during the war to that lations here. Developments of this character and other factors which were discussed in the and the fact that assistance recently offered BULLETIN for January 1941 and presented in by the Stabilization Fund and the Exportdetail in the February BULLETIN, pages 100- Import Bank, amounting to $110,000,000, will 101. While some of the remaining British be available in the future, diminish considercountries hold gold reserves of their own, ably the likelihood of further sales of Argentheir balances of dollar payments, with the tine gold to this country. possible exception of the Canadian, are not Official credits are also being extended to such as to require them to use their holdings. other Latin American countries. In this con- There seems little reason to anticipate mate- nection the statement of the loans and comrial additions to the gold stock of the United mitments of the Export-Import Bank given States from the reserves of these other Brit- on page 386 is illuminating. None of these ish countries. other Latin American countries has in fact With Continental Europe blockaded and shipped substantial amounts from its gold the available gold reserves of the British Em- reserves during 1940 despite the difficulties pire close to exhaustion, the created for them by war conditions. They Prospective possibilities of further have met the difficulties in other ways; and gold movement £ the financial assistance now being extended transfers of existing gold by the United States strengthens their interreserves to the United States appear to lie national position. largely in Russia, the Far East, and Latin Considerations such as these suggest that America. But many of the commodities the extraordinary gold movement of recent which Japan and the U. S. S. R. have been years is at an end and that, until the dispoobtaining via the Pacific can no longer be sition of the great gold holdings of the Eurospared from the American defense program, pean Continent is finally determined, acquisiand consequently the need for shipping gold 384 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month tions of foreign gold by the United States direct investments have been liquidated. Ofwill be largely limited to current gold pro- ferings of United States Steel Corporation duction abroad. and Pennsylvania Railroad Company shares In 1940 the British Empire (and the Bel- during March in an aggregate amount of gian Congo, which now sells its gold to theabout $17,000,000 were the most noteworthy British) produced about $850,000,000 of gold; ransactions in market securities. They rep- Latin America produced nearly $100,000,000. resented, however, but a portion of the steady Perhaps most of this $950,000,000, which stream of sales. By April 1 the British had may be closer to $1,000,000,000 in 1941, will ompletely liquidated their holdings of 112 come to the United States in the course of a :ommon stocks, 31 preferred stocks, and 22 year. Some of the producing countries, how- bond issues. British holdings are largely ever, have made a practice of adding part of oncentrated in common stocks and 60 per their gold output to their own reserves, so ent of requisitioned common stock issues that it is not at all certain that the entire had been sold by that date. Later in the $1,000,000,000 will find its way here. It ismonth the British Treasury mobilized aneven less certain that Japanese and Russian other group of U. S. dollar securities, listed production, which is unreported but which in detail on pages 410-411 of the BULLETIN. may amount to $250,000,000, will be sold to A beginning was also made on direct inthis country. vestments. On March 16 it was announced Since January 1941, when liquidation of the that a syndicate of investment banking firms United Kingdom's reserves was virtually had purchased from the British Government completed, the United States has been acquir- the bulk of the outstanding shares of the ing foreign gold at the rate of about $1,400,- American Viscose Company, hitherto a sub- 000,000 a year, which is very little above thesidiary of the British rayon firm of Courtannual rate of foreign gold production. aulds Ltd., and perhaps the most valuable As the gold inflow has fallen away to thesingle holding among British direct investlevel of new gold production, the capital ments here. The British Government removement has shifted to- ceived from the syndicate a down payment Shift in capital flow ^ j of $40,000,000 less certain adjustments, and w aM outflow n part the new capital situation reflects the same the right to a further distribution from the factors as the new gold situation. proceeds in excess of that amount received The spread of German control on the Con- by the syndicate from the eventual resale of tinent of Europe has checked capital as well the shares to the public. In an announcement as gold exports from that area and the Amer- accompanying this transaction, the British ican freezing regulations have further dis- representative, Sir Edward Peacock, stated couraged transfers to the United States from that negotiations were proceeding for the sale the nations to which they apply. In fact fear of further British direct investments here, of a general dollar freezing regulation ap- especially those in industrial properties. pears to have led in 1941 to some withdrawal Liquidation has also been reported of a of foreign funds already here—notably those part of the British investment in plants of in Swiss names. American suppliers who have received capi- Similarly, the exhaustion of available Brit- tal assistance from the British Government ish reserves, which is the immediate occasion during the war period. The total amount of the diminished gold movement, has forced of such capital assistance was estimated at the British into heavy sales of their American $150,000,000 in the British figures for Govinvestments in order to continue making ernment expenditures on war orders in this dollar payments. Both market securities and country to the end of 1940, and at $171,000,- MAY 1941 385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month 000 as of March 14 in testimony before the loan, $15,000,000 was to be used to refund House Appropriations Committee. On March notes of the American company held by the 15 it was announced by the Federal Loan Guaranty Trust Company. The remaining Administrator that the Defense Plant Cor- $25,000,000 was to be transferred by the poration had arranged to acquire British- American company to the British parent owned properties in this category valued at organization to extinguish various inter- $46,000,000, and that further acquisitions company claims and to pay for certain propmight be undertaken. erties transferred by the British company A new procedure was followed on April 16 to its American subsidiary. The common when the Reconstruction Finance Corpora- stock of Brown and Williamson, now repretion announced that, with the participation senting the entire British interest in the of the Guaranty Trust Company, it had ex- enlarged American company, was to be tended a ten-year 4 per cent loan of $40,000,- pledged as security for the loan. The net 000 to the Brown and Williamson Tobacco result is that the British company has real- Corporation of Louisville, Kentucky, a wholly ized $25,000,000 from its American propowned subsidiary of the British-American erties by pledging its equity interest in Tobacco Company, second largest tobacco Brown and Williamson as collateral. It is company in the United Kingdom. Of the expected that the loan will be repaid out of EXPORT-IMPORT BANK LOANS,* DECEMBER 31, 1935-MARCH 31, 1941 [In thousands of dollars] March 31, 1941 Loans outstanding at end of— Country of borrower Commitments Loans to make outstanding 1940 1939 1938 1937 1936 1935 additional loans Latin America: Argentina 62, 420 105 105 Brazil 51, 392 13, 545 13, 621 16,395 925 1,320 508 Chile _ 14,637 3,926 2,890 485 630 Colombia 2,100 7,678 5,825 38 Costa Rica _ _ 5,539 61 4 28 Cuba 15, 300 1,493 1,064 4,062 Dominioati Republic 3,275 25 Ecuador 1,150 30 15 Haiti 1,610 3,890 3,435 1,905 165 Mexico ______ _ _ - 121 130 136 472 890 73 50 Nicaragua 2,875 1,625 1,080 50 Panama 3,300 1,140 965 Paraguay 2,405 1,485 1,206 125 Peru 10, 000 Uruguay 7,500 Venezuela 3,417 183 130 12 24 Total (16 countries) 186,922 33, 815 29, 406 19,134 3,697 2,234 1,673 4.112 Other countries: Canada 15 China 40, 500 80, 820 54, 697 24,991 11, 823 13, 700 15, 700 C zechoslo vakia 75 112 46 49 Denmark 10, 000 Finland 11,954 23,005 18, 219 Hungary 1,000 Iceland.. _ ______ 410 560 564 Iran 143 Italy 3,185 466 1,176 Norway 9,773 206 215 Poland 3,307 3,307 3,348 9 31 13 Portugal _ _ 331 744 862 246 Spain _______ 11, 200 12, 481 4,281 47 53 56 99 Total (13 countries) 73, 968 119,843 90, 345 36,194 12, 420 15,072 15, 830 148 Unclassified loans to U. S. exporters 5,067 12, 530 11,281 9,915 10, 085 65 70 11 GRAND TOTAL 265, 957 166,188 131,032 65, 243 26, 201 17,371 17, 573 4,271 * Defined as loans made by Export-Import Bank from its own resources plus loans made by cooperating banks under "take-out" commitment by Export-Import Bank. Of $166,188,000 outstanding on March 31, 1941, direct loans constituted $111,121,000 and other loans $55,066,000. 386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month the earnings of the American properties, United States. Some of the proceeds of these which will then return to full British control. operations, however, are still on deposit here The Export-Import Bank was also active and it is too early to determine whether the during the first quarter of 1941. Its loans, net capital movement in all its forms has which largely fall outside the regular weekly turned outward. There may still be some statistics of capital movements, rose by $35,- undisclosed capital flight to this country. 000,000, bringing the total outstanding on But there can be no question that the tend- March 31, 1941 to $166,000,000. The table on ency toward capital outflow has been greatly the preceding page shows that so far China strengthened by the nature of recent transhas been the chief beneficiary and Finland actions. As the funds that have accumulated next. But from the standpoint of commit- and that will accumulate from such transacments to make additional loans, Latin Amer- tions come to be spent in full, and as the ica bulks far larger than China and Europe Lend-Lease Act begins to cover exports on combined, and the commitments to lend to an expanding scale, a basic change should be Denmark, Norway, and Hungary are nominal discernible. This country which has for many now that the dollar funds of those countries years been receiving gold far in excess of its are frozen. The significance of the rapidly merchandise export surplus, because of the expanding lending activities of the Export- persistent capital inflow, may find the situa- Import Bank in the Latin American field has tion sharply reversed. The dominant factor been noted in an earlier section. in the months ahead will be the operation of Further official aid to China was announced the Lend-Lease Act approved on March 11, on April 25 in the form of a stabilization 1941. The texts of this Act and of the subagreement between the United States and sequent measure appropriating $7,000,000,- China providing for the purchase of Chinese 000 for carrying out its purposes are given yuan by the United States Stabilization Fund in full on pages 397-399. to an amount of $50,000,000 in United States A special type of capital export by the funds. This sum, together with $20,000,000 United States results from the obligations to be contributed by Chinese Government assumed by foreign banks, will constitute the dollar resources of Lend-Lease Act and countries under the British dollar resources a Chinese stabilization fund, the objective of Lend-Lease Act. This which will be to stabilize the relationship Act empowers the President to authorize the between the dollar and the yuan. At the same heads of Government departments or agentime, an Anglo-Chinese agreement was an- cies to "sell, transfer title to, exchange, lease, nounced whereby the British Treasury has lend, or otherwise dispose of" any defense undertaken to make £5,000,000 available to article to "the government of any country the Chinese Government for the purpose of whose defense the President deems vital to stabilizing the yuan in terms of pounds ster- the defense of the United States." These deling. The stabilization operations in both fense articles, defined in the Act in the broaddollars and pounds will be managed by a five-est terms, may be manufactured or otherwise man board which China is creating, on which procured by heads of Government departthe United States Treasury and the British ments or agencies so authorized by the Presi- Treasury will each have a representative. dent, after Congressional appropriations or Stabilization Fund operations, Export-Im- contract authorizations. To an amount of port Bank credits, the special transactions of $1,300,000,000, they may be taken from exthe Reconstruction Finance Corporation, and isting Government property or be procured British liquidation of American assets all with funds previously appropriated. point toward an outflow of capital from the The value of defense articles acquired by MAY 1941 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month foreign governments under the Act is to be tinue making large gold and dollar payments determined by the head of the department to countries other than the United States. or agency concerned or especially designated. In the BULLETIN for February 1941, page The terms and conditions under which a for- 101, there appeared a tabulation of the gold eign government receives such aid shall be and dollar receipts and expenditures antici- "those which the President deems satisfac- pated by the British authorities during 1941, tory/' Repayment of the obligations in- covering all categories except payments on curred may be effected inter alia in kind or British Government orders placed after the property, or by conferring on the United end of 1940. This statement indicated a net States any other direct or indirect benefit drain on the gold and dollar resources of the which the President deems satisfactory. Sterling Area during 1941 of $1,464 millions, While the President has indicated that of which $867 million consisted of anticipated other countries will also receive assistance net payments to countries other than the from the outset, the primary objective of the United States. Furthermore, the British Act is to finance the supply of war materials authorities estimated that the resources to the United Kingdom. The immediate occa- available at the end of 1940 to meet this sion for the introduction of the Lend-Lease drain amounted to only $1,811 millions, conbill was the threatened suspension of British sisting of $295 millions in gold and official Government orders in this country due to the dollar balances, $616 millions in market seapproaching exhaustion of unencumbered curities, and $900 millions in direct and mis- British gold and dollar resources. This posi- cellaneous investments. tion was revealed in the British statement The British Treasury's estimate of the of their resources and commitments at the drain on British resources during 1941 was end of 1940 which was. submitted to Congress necessarily tentative. As was pointed out by the Secretary of the Treasury. at the time, it made no allowance for such The passage of the Lend-Lease Act, how- payments as might be required on new Govever, has not removed the Sterling Area's ernment orders placed during the year. Acpressing need for United States dollars. Brit- cording to testimony before the House Apish official statements have made it clear propriations Committee, disbursements by that they are still seeking to acquire dol- the British Purchasing Commission during lars through increased merchandise exports the ten weeks of 1941 preceding the Lendto the United States and liquidation of Lease Act, amounted to $382 million. To British investments here. While the Act re- finance the heavy flow of disbursements the lieves the British of the necessity of paying British Treasury sought to expedite sales of cash for articles supplied to them under its securities and investments, in which its dolprovisions, the gold and dollar resources of lar resources were largely concentrated by the Sterling Area (broadly speaking the Brit- the end of 1940. Gold payments to Canada, ish Empire excluding Canada) will still be in partial settlement of war purchases, were called upon for payments to this country on stopped. British Government orders outstanding when These payments to Canada had amounted the Act was passed, on other orders to be in the first sixteen months of the war to $225 placed here by the Sterling Area for goods million, according to the not eventually covered by the administration Dollar resources British figures. For 1941, of Canada of the Act, and on various service items such they were estimated by the as shipping costs and the servicing of dollar British Treasury at $620 million, constitutbonds issued by Sterling Area countries. ing the bulk of the $867 million of net gold Furthermore, the Sterling Area must con- and dollar payments that it was estimated 388 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month would have to be made to countries other tion would be relieved. It envisages increased than the United States. But on March 25, purchases by the United States of Canadian 1941, the Prime Minister, Mr. Mackenzie munitions, strategic materials, aluminum, King, informed the Canadian House of Com- and ships, which will reduce Canada's deficit mons that no gold payments had been re- in merchandise trade with this country. Such ceived from the United Kingdom since early purchases are expected to amount to $200last December. $300 million. It also establishes the principle At the same time the Prime Minister esti- that component parts imported from this mated that the United Kingdom's purchases country by Canada for use in equipment and in Canada in the fiscal year beginning April munitions produced on British orders will be 1 would be 1,500 million Canadian dollars, furnished to the United Kingdom for delivery equivalent to $1,350 million in U. S. funds. in Canada under the administration of the This would be more than double the rate for Lend-Lease Act. the first sixteen months of the war when The Lend-Lease Act will not only bring British gold payments to Canada were suf- assistance to those who may be short of dollar ficient to cover the greater part of Canada's resources for needed war net purchases in the United States. In the LejdT"H?8e Act supplies, but the way in new fiscal year, with British gold payments and U. S. exports ^^ J interrupted and with the rapidly expanding which it is administered British orders necessitating increased Cana- will largely determine the development of dian purchases of supplies in the United American merchandise exports. The first States, Canada faced the possibility of heavy effects of the arrangement are discernible in drafts on its gold and U. S. dollar resources. the over-all figures for exports in March which rose sharply to the highest level since In the table on page 9 of the January issue January 1940 partly as a result of initial shipof the BULLETIN, Canadian gold and dollar ments of Lend-Lease defense materials. assets in the United States at the outbreak of war were estimated at $1,570 million. The FOREIGN TRADE OF THE UNITED STATES largest element in this figure, however, was MILLIONS OF DOLLARS securities and investments, which present a special marketing problem. Only $570 million was in the form of gold and short-term dollar balances—i.e., in immediately usable form. Such drafts upon its resources as Canada has made in the conduct of the war have come mainly out of these liquid assets. Nor is the entire amount of balances available for Government use. When last spring balances of private holders were requisitioned by the Government, it was deemed necessary to leave a portion in private hands for the conduct of essential business; and of the total liquid funds now remaining it is understood that a Source: Department of Commerce, general imports and exports, including re-exports. Latest month, March. substantial amount, although in Canadian names, is held for non-residents of Canada. In the months preceding passage of the The joint statement released on April 21 Act, as the chart shows, there was some tendby President Roosevelt and Prime Minister ency for American exports to decline. A Mackenzie King made it clear that this situa- shift was under way in the character of MAY 1941 389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month British buying. During the summer the all carbon steel products on which work was British had taken over a large amount of not in process. over-age defense weapons which the United On the other hand, there can be no ques- States Government could spare from existing tion that the British demand for finished war stocks. They also made heavy purchases of equipment is almost unlimited. But in the steel ingots and semi-finished steel and ma- absence of further transfers from existing chine tools. The tooling-up process has now Government stocks or increase in British alapparently been carried far enough in Eng- lotments, war equipment cannot be purchased land so that the need for machine tools and faster than American industry can produce it. As the accompanying chart indicates, the EXPORTS OF U. S. MERCHANDISE TO UNITED KINGDOM export of arms and munitions to the United MILLIONS OF DOLLARS MILLIONS OF DOLl Kingdom did in fact fall to lower levels after 20 AA the transfer of over-age material in the AA summer of 1940. The chart, however, shows TOTAL / VV 1 shipments of primary war materials only 00 \ through January 1941. Comparable statis- \\ \ tics for subsequent months have not been 80 published; but exports of aircraft from the 1 SUBSIDIARY / WAR MATERIALS A United States rose sharply in March, when 60 \ / / the Lend-Lease Act became effective. J /\ / \ 40 / / V \ / EXPORTS OF U. S. MERCHANDISE TO THE BRITISH EMPIRE / PRIMARY » / \ ,A / ^^\ WAR MATERIALS 20 '" "\ I*"/ .•-... OTHER INDUSTRIAL ••/,./ "••• ••-, 0 ^_ ——1 AGRICULTURAL 1939 1941 Source: Department of Commerce. Primary war materials consist of aircraft and parts, firearms and ammunition, and explosives. Subsidiary war materials consist of metals and manufactures, metal-working machinery (largely machine tools), automotive vehicles and equipment, merchant vessels, petroleum and products, and industrial chemicals. Latest month, February, except for primary war materials and other industrial. steel in the earlier stages of production has relaxed somewhat; or else other needs are more important from the standpoint of shipping space. This country's exports of machine tools to the United Kingdom, which had risen sharply from $5,000,000 in June 1940 to more than $19,000,000 each in October, November and December, fell after the turn of the year to half that level in February. Exports of raw and semi-finished steel have fallen persistently since August, and it was 1939 1940 1941 Source: Department of Commerce. Other Empire represents reported early in April that the British Iron British India, British Malaya, Australia, New Zealand, Hong Kong, Union of South Africa, and Gold Coast. Latest month and Steel Corporation, an affiliate of the Brit- February. ish Purchasing Commission, had asked Amer- Exports to Canada and other British counican mills to suspend for two months, or until tries, as is shown on the second chart on this further notice, production and shipments of page, have increased during the war by what 390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month are relatively substantial amounts. But the WARTIME EXPORTS OF U. S. MERCHANDISE chart shows that nevertheless the United [In millions of dollars] Kingdom has accounted for most of the increase of American exports to the British Monthly average Change from period July 1940- September 1939- Empire during this period. Febmary 1941 June 1940 Commodity or group Exports to countries other than the Brit- All British Other All British Other ish Empire have been seriously reduced by coun- Em- coun- coun- Em- countries pire* tries tries pire* tries the growing scope of the licensing system affecting exports of materials required for Total exports 317 193 123 -10 +68 -79 domestic defense production. The system Industrial materials. __290 180 110 +29 +82 -53 Iron and steel +16, +22 of export control in the United States has Aircraft and parts. +12; +22 -10 Metal - working grown steadily since it was put into effect machinery j + 9 +15 Firearms and amon July 2, 1940, until, according to a state- munition j + 5 Wood and paper __J + 3: + 3 ment of the Administrator of Export Control Explosives Machinery, except + II on March 27, about 50 per cent of the exports metal-working-. + 3 o of the United States were being shipped under C C h o e m m m ic e a rc ls ial ve- + 3 - 3 hicles + 3 - 3 l o i r c d e e n r s e o s f a J t u t l h y a 2 t , t i 1 m 94 e 0 . , T in h v e o k o e ri d g i t n h a e l l e ic x e e n c s u e t i r v e e - P N M a o e s n r s - c e f h n e g a rr n e o r t u v c s e a m s rs s e e t ls a . l . s . - - 3 2 + - 1 1 - - - 7 1 1 quirements for arms, ammunition and imple- T Pe e t x r t o il l e e s um and - 3 + 4 - 2 products -11 o - 9 ments of war, as defined in proclamations Allother + 2 + 6 - 4 under the Neutrality Act of 1937, along with Agricultural products. -26 a number of machine tools and chemicals, F C r o u t i t t o s n and vege- -27 - 9 -18 and certain strategic and critical materials To ta b b ac le c s o - - 4 2 - - 3 1 - - 2 2 and metals of limited significance in export Allother n 2 - 6 trade. Gradually as the vast material re- Source: Department of Commerce. quirements of the expanding defense pro- * United Kingdom, Canada, British India, Union of South Africa, gram became clearer, additions were made Gold Coast, Australia, New Zealand, and Hong Kong; February 1941 figures for aircraft and parts, firearms and ammunition, and explosives to the list. Petroleum products, iron and refer to the entire British Empire. steel scrap, a wide number of finished and for the reasons discussed above, that the semi-finished iron and steel products, non- Lend-Lease Act is mainly designed to meet. ferrous metals, hides and skins, industrial It comes at a time when an expanded Americhemicals, fats and oils, etc., have been can plant is beginning to attain production, brought under the control. The Administraand the decision as to what commodities shall tion of Export Control rejected applications be exported, and to whom, will affect a rapidly for licenses covering goods to the value of $150,000,000 in the eight months from the growing export potential. An appropriation establishment of the control to the end of of $7,000,000,000 has been made to carry out February 1941. the purposes of the Act for the period up to A somewhat broader perspective on the June 30, 1943. export movement during the war is given in Not all of this appropriation, however, the table on this page. It shows the extent to will be reflected in merchandise exports of which British purchases have grown since the United States, since conthe fall of France—largely replacing the loss Lend-Lease Act siderable sums have been alof Continental markets; and it shows the appropriations , , j , ,, > » commodities on which the British demand located to the procurement of has been concentrated. plant and equipment for the manufacture of It is this British demand, recently checked defense articles, the testing and repair of such articles for foreign countries, and ad- MAY 1941 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month ministrative costs. As indicated in the fol- $2,080,000,000. On April 1 the President anlowing table, in which the headings under nounced that contracts had been authorized the Appropriation Act have been rearranged for the manufacture of new material and and abbreviated, the portion of the $7,000,- equipment under all categories of defense ar- 000,000 to be reflected in merchandise ex- ticles covered by the law. These contracts ports is tentatively set at about $6,000,- called for an expenditure of $1,080,000,000. 000,000. On April 4 it was stated that $500,000,000 had been allocated from the funds available under FUNDS APPROPRIATED UNDER LEND-LEASE ACT a the appropriation for the construction of 212 (In millions of dollars) cargo vessels, 56 ship ways, and facilities 1) To be spent for goods for repairing damaged merchant vessels. Aircraft and equipment 2,054 Slightly more than half of the ships, it was Agricultural and industrial articles . . 1,350 disclosed, would be of the emergency, stand- Guns, ammunition and ardized low-cost type, while the remainder supplies 1,343 Ships and supplies 629 would consist of larger and faster vessels of Ta e n q k u s i pm a e n n d t auto . m .. o . tive 362 the C-types which have been constructed in Miscellaneous military this country under the long-range shipbuildequipment 260 ing program of the United States Maritime Total 5,998 Commission. Deliveries of the vessels, it is 2) To be spent for services expected, will begin on January 1, 1942. An Testing and repair of defense articles 200 additional $500,000,000 was allocated for the Administrative expenses 10 transfer to foreign countries of existing Other necessary services military supplies and foodstuffs, under the and expenses 40 provision of the Lend-Lease Act which limits Total 250 to $1,300,000,000 the value of defense articles 3) Capital expenditure Plant and equipment for covered by previous appropriations. the production of defense articles 752 Few details have so far been announced re- Grand total 7,000 garding the exact nature of the articles to be exported under the Lend-Lease program, ex- 1 For actual text of the Appropriation Act, including provisions for altering the distribution of the funds among the various cate- cept in connection with the ship-building progories, see pp. 398-399 in this BULLETIN. gram already mentioned. The Secretary of It was brought out in hearings before the Agriculture has stated that the first inquiries Subcommittee of the Committee on Appro- for farm products from England have been priations of the House of Representatives for cheese, evaporated milk, dried milk, eggs, that the full appropriation of $7,000,000,000 pork, lard and vegetable fats, and he further would probably be contracted for in the 15- indicated that the probable top limit of Britmonth period to the end of June 1942. By ish food requirements from this country in way of comparison it may be noted that total the fifteen months to the end of June 1942 is exports of the United States to the United $500,000,000. On April 17, the Maritime Kingdom and China in the 15 months ended Commission announced that it had acquired February 1941, including exports of types four cargo vessels of the latest type which which might not be expected to be cov- were to be transferred to British flags under ered under the terms of the Lend-Lease Act, the provisions of the program. Later in the amounted to $1,356,000,000 of which $1,254,- month, the Secretary of the Navy made 000,000 went to the United Kingdom. known that 20 torpedo boats recently com- Early in April allocations from the $7,000,- pleted in the United States were being turned 000,000 appropriation were announced for over to the United Kingdom. 392 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month These are the initial steps that have been The table on this page shows the change made public. It is apparent that as the en- in the character of imports by commodities tire Lend-Lease program comes into effect in the first three months of 1941 over similar with regard to countries which the United periods in 1940 and 1939. Crude rubber States desires to support and as export imports, which reached an all-time high in control is applied to other countries on a December 1940, have continued near the level growing list of commodities, American ex- of that month and far in excess of value port trade will be determined to an ever amounts in earlier years. In February 1941, greater degree by specific decisions of the imports of wool reached their highest volume Government. since 1923. Among other strategic and critical materials, imports of manganese, chrome PRINCIPAL IMPORTS INTO UNITED STATES and other ferro-alloys rose in the first quar- [In millions of dollars] ter of 1941 over the level of the previous 3 months ending March year, but shipments of sisal, manila, kapok Commodity or group* and other textile fibers receded. Raw silk 1941 1940 1939 purchases reacted somewhat in volume, and Total imports. 513 dropped sharply in value because of the weak- Crude materials 296 244 162 ness of silk prices in Japan. Rubber __ _. Wool Among the semi-manufactured goods, im- Silk Sisal, manila, kapok, and other tex- ports of tin and nickel and nickel alloys extile fibers Oilseeds panded in line with increased demands for Manganese, chrome, and other ferro-alloying ores 9 defense production and the stock-pile pro- Allother 104 Crude foodstuffs 74 78 gram for tin. Semi-manufactured goods Coffee All other previously purchased largely from Europe Manufactured foodstuffs and beverages. 70 69 62 Meat products declined in value—especially wood pulp, fer- Fish and shellfish (canned, etc.) Cane sugar tilizers and industrial chemicals. Allother Semi-manufactures 147 143 110 Shipments of cane sugar and coffee rose Nickel and nickel alloys Tin among the foodstuffs, partly in response to Copper Wood pulp higher prices and partly in anticipation of Inedible expressed oils Allother future stringency in shipping space. In cane Finished manufactures 87 100 102 Newsprint sugar, especially, the demand for shipping Burlap Allother space to carry strategic and critical materials from the Far East may divert to other uses Source: Department of Commerce. Imports for consumption; latest figures preliminary. tonnage normally assigned to bring back Government action has also been a factor sugar from the Philippines. in the import trade, although the defense The transportation of equipment and mateprogram as a whole has rials from the United States to the United Merchandise imports ^ Kingdom under the provisions of m me effect than direct Government buying for stock-piles. Shipping the Lend . Lease Actf and the neces _ Crude materials have risen sharply in im- sity to import larger amounts of important portance. On a value basis they were 43 per raw materials from abroad to meet the decent of all imports in the six months from mands of the expanded program of produc- October 1940 to March 1941, as against 36 tion for national defense in this country, per cent in the same period a year earlier, raise the problem of shipping capacity in an and 32 per cent during the corresponding acute form. At the outbreak of the war, months in 1936-37 when the value of imports shipping facilities and lines were rearranged reached its highest level of the last decade. because of the provisions of the Neutrality MAY 1941 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month Act of the United States forbidding vessels Far East and Oceania have been diverted to under the American flag to enter waters in military tasks or the shorter North Atlantic declared belligerent areas. In addition, a cer- run. As early as the autumn of 1940, bananas tain number of British vessels was requisi- bought by the British Ministry of Food in tioned by the armed forces of the Empire to Jamaica were destroyed because of lack of transport men and military supplies. After shipping space to transport them to the the original adjustment to the war, which United Kingdom. At the turn of the year, involved a considerable rise in freight and Lord Woolton, the Minister of Food, stated charter rates, the shipping position remained that he was forced to reduce food rations, relatively stable until the spring of 1940. especially of meat, because of the need for The spread of the war, the increased rate refrigerator ships in other occupations. of vessel losses through air and naval action, British shipping on the North Atlantic run the extension of trade routes because of the has been increased by diversions from other closing of the Mediterranean to the greater routes, by purchases of previously laid-up part of British and neutral shipping, and vessels from the United States Maritime the immobilization of large numbers of pre- Commission, and by the transfer of ships of viously neutral ships following the German American registry under the Lend-Lease prooccupation of a number of European coungram. In addition, the British Purchasing tries have reduced the world's carrying Commission in the United States has placed capacity since that time. New ship conorders for 60 low-cost merchant ships of a struction and the reconditioning of previstandardized emergency type and, as was ously laid-up American tonnage have been noted earlier, $500,000,000 has been allocated unable to keep pace with the loss of tonnage under the Lend-Lease Act to build 212 adfor commercial cargoes, especially since the ditional ships. large-scale diversion of British shipping in Available shipping space for the increased the fall and winter of 1940 to military and import requirements of the United States naval uses in the Middle East, and the initself has been reduced. The withdrawal of tensification of the German attacks on ships foreign shipping has not been offset by explying Atlantic routes in March 1941. In pansion of the American merchant fleet, alrecent months the problem of obtaining adequate shipping capacity has assumed major though various measures to expand the fleet proportions. Time charter rates which had have been taken. risen from $1.25-1.85 per ton per month in Almost 500,000 gross tons of freighters July 1939, prior to the outbreak of war, to and combination passenger and freight ships $3.75-5.00 in December 1940, increased exceeding 2,000 gross tons in size were comfurther to $9.00-11.00 in April 1941. During pleted in American shipyards between the the World War, similar charter rates rose to middle of 1939 and the end of March 1941. more than $13.50 a ton. Another 1,200,000 gross tons of such ships were reconditioned and put into service dur- Steps taken by the British to meet their ing the same period, and vessels aggregating supply problem have been far-reaching and 340,000 tons were transferred from coastvaried. Official allocations of shipping space, wise to foreign runs. These three sources add which were initiated early in the war and extended as British ships were requisitioned and to over 2,000,000 tons. But as a result of placed under the control of a Ministry of transfers to foreign registries and Army and Shipping, have been altered both as to routes Navy requisitions, the American merchant and as to cargoes. Many British ships plying fleet in ships of this type engaged in foreign the Latin American routes and those of the trade increased by only 512,000 tons—i.e., 394 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month from 1,734,000 on June 30, 1939, to 2,246,000 inconvenience but the loss of trade and sacrifices by on March 31, 1941. the consuming public. But vital war materials are piling up at the ports or delayed at the factories. Meanwhile there was an extensive decline We must supply those ships and at once. I am sure in foreign shipping engaged in United States the owners of our ships will gladly cooperate in trade as a consequence of diversions to other this essential enterprise. routes or of immobilization of such vessels. This program falls naturally into two parts. First, The total net registered tons of shipping of to arrange for the utilization in routes to the comall nationalities clearing United States ports bat zone of foreign ships or ships which are to be transferred to foreign registry, and, secondly, to redirect for foreign destinations other than allocate our own flag ships, including those which Canadian ports on the Great Lakes fell from will be completed in the next few months, in such a 5,477,000 tons in July 1939 to 3,424,000 tons way as to make every cargo directly or indirectly in February 1941, the latest month for which useful to our defense efforts and the winning by the figures are available. Fortunately this re- Democracies of the battle now being waged in the Atlantic. As I indicated to you, I believe that you duction in clearances does not necessarily should assign a special person who will give his full mean a proportional reduction of tons of time to the carrying out of this directive. merchandise exported, since up to a point I have been pleased to hear of the progress you economies can be achieved through loading have made with the ship building program but I canmore nearly to full capacity. not stress too strongly the urgent necessity of keeping all of the existing shipyards in continuous opera- In order to ensure the availability of necestion. Every possible means should be immediately sary imported industrial materials for deexplored to increase the number of employees at fense purposes, the Office of Production Man- work, to further develop the training program and agement has informed the Bureau of Emer- to speed up the building of the additional shipbuildgency Shipping of the Maritime Commission ing ways already authorized. of those materials which, in its estimation, I know from long experience of the great capacity of our shipbuilders and of the skill of the workers should be given preference in the allocation who build the ships, but our merchant fleet must be of shipping space. The Maritime Commisexpanded faster than we had planned so that ships sion has not instituted a formal system of and more ships will be available to carry the food priorities but is receiving full cooperation and the munitions of war to the Democracies of the from ship operators in making the maximum world. use of available cargo space. Very sincerely yours, On April 30 the President sent the fol- FRANKLIN D. ROOSEVELT. lowing letter to Admiral Land, chairman of This new measure is aimed directly at the the Maritime Commission: twofold problem of maintaining the flow of supplies to the United Kingdom and of ar- My dear Admiral: ranging for the shipment of raw materials As part of the defense effort to which this country vital to defense production in the United is committed I wish you at the earliest possible States. It contemplates diversion of shipmoment to secure the service of at least 2,000,000 tons of merchant shipping which now exists and plan ping from existing routes and the assignthe operation thereof in such a manner as will make ment of available cargo space with a view to their cargo space immediately effective in accom- expediting the program of aid to the democplishing our objective of all out aid to the Democraracies. As measures of this sort develop they cies. I realize fully that to get cargo and refrigerated will play an increasing role in the determiships and tankers diverted from their existing or proposed routes of travel will cause not only great nation of American foreign trade. MAY 1941 395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

rtont a J-eaaL Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material An Act Relating to Foreign Accounts in Federal Reserve tified to the Secretary of State the name of a person as having authority to receive, control, or dispose of Banks and Insured Banks such property; and (3) the authority of such per- There is published below the text of an son to act with respect to such property is accepted Act bearing the above title which was ap- and recognized by the Secretary of State and so proved by the President on April 7, 1941. certified by the Secretary of State to the Federal Reserve bank, the payment, transfer, delivery, or The first section amends section 14 (e) of the other disposal of such property by such Federal Re- Federal Reserve Act so as to make it clear serve bank to or upon the order of such person shall that Federal Reserve Banks may open and be conclusively presumed to be lawful and shall conmaintain banking accounts for foreign banks stitute a complete discharge and release of any liability of the Federal Reserve bank for or with respect or bankers or for foreign governments withto such property. out having to establish accounts with such "Whenever (1) any insured bank has received any foreign banks, bankers or governments or to property from or for the account of a foreign state appoint them as the correspondents or agents which is recognized by the Government of the United States, or from or for the account of a central bank of the Federal Reserve Banks. The second of any such foreign state, and holds such property section amends section 25 (b) of the Federal in the name of such foreign state or such central Reserve Act so as to provide a procedure bank; (2) a representative of such foreign state who whereby Federal Reserve Banks and insured is recognized by the Secretary of State as being the accredited representative of such foreign state to the banks may safely make payments of amounts Government of the United States has certified to the due to foreign governments or foreign cen- Secretary of State the name of a person as having tral banks in cases where there may be dif- authority to receive, control, or dispose of such propferences of opinion as to who is entitled to erty; and (3) the authority of such person to act with respect to such property is accepted and recognized receive such payments. by the Secretary of State, and so certified by the Secretary of State to such insured bank, the payment, [PUBLIC LAW 31—77TH CONGRESS] transfer, delivery, or other disposal of such property [CHAPTER 43—1ST SESSION] by such bank to or upon the order of such person shall [S. 390] be conclusively presumed to be lawful and shall con- AN ACT stitute a complete discharge and release of any liability of such bank for or with respect to such prop- Relating to foreign accounts in Federal Reserve erty. Any suit or other legal proceeding against any banks and insured banks. insured bank or any officer, director, or employee Be it enacted by the Senate and House of Represen- thereof, arising out of the receipt, possession, or distatives of the United States of America in Congress position of any such property shall be deemed to arise assembled, That subsection (e) of section 14 of the under the laws of the United States and the district Federal Reserve Act, as amended, is amended by in- courts of the United States shall have exclusive jurisserting before the period at the end of the first sen- diction thereof, regardless of the amount involved; tence thereof the following: ", or for foreign banks and any such bank or any officer, director, or emor bankers, or for fc*r<*Agn states as defined in sectiopnloyee thereof which is a defendant in any such suit 25 (b) of this Act". may, at any time before trial thereof, remove such SEC. 2. Section 25 (b) of the Federal Reserve Act, suit from a State court into the district court of the as amended, is amended by adding at the end thereof United States for the proper district by following the following new paragraphs: the procedure for the removal of causes otherwise "Whenever (1) any Federal Reserve bank has re- provided by law. ceived any property from or for the account of a "Nothing in this section shall be deemed to repeal foreign state which is recognized by the Government or to modify in any manner any of the provisions of of the United States, or from or for the account of a the Gold Reserve Act of 1934 (ch. 6, 48 Stat. 337), central bank of any such foreign state, and holds such as amended, the Silver Purchase Act of 1934 (ch. 674, property in the name of such foreign state or such 48 Stat. 1178), as amended, or subdivision (b) of seccentral bank; (2) a representative of such foreign tion 5 of the Act of October 6, 1917 (40 Stat. 411), state who is recognized by the Secretary of State as as amended, or any actions, regulations, rules, orders, being the accredited representative of such foreign or proclamations taken, promulgated, made, or issued state to the Government of the United States has cer- pursuant to any of such statutes. In any case in 396 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint which a license to act with respect to any property (4) Any agricultural, industrial or other comreferred to in this section is required under any of modity or article for defense. said statutes, regulations, rules, orders, or proclama- Such term "defense article" includes any article detions, notification to the Secretary of State by the scribed in this subsection: Manufactured or procured proper Government officer or agency of the issuance pursuant to section 3, or to which the United States of an appropriate license or that appropriate licenses or any foreign government has or hereafter acquires will be issued on application shall be a prerequisite title, possession, or control. to any action by the Secretary of State pursuant to (b) The term "defense information" means any this section, and the action of the Secretary of State plan, specification, design, prototype, or information shall relate only to such property as is included in pertaining to any defense article. such notification. Each such notification shall include SEC. 3. (a) Notwithstanding the provisions of any the terms and conditions of such license or licenses other law, the President may, from time to time, and a description of the property to which they relate. when he deems it in the interest of national defense, "For the purposes of this section, (1) the term authorize the Secretary of War, the Secretary of the 'property' includes gold, silver, currency, credits, de- Navy, or the head of any other department or agency posits, securities, choses in action, and any other of the Government— form of property, the proceeds thereof, and any right, (1) To manufacture in arsenals, factories, and title, or interest therein; (2) the term 'foreign state' shipyards under their jurisdiction, or otherwise includes any foreign government or any department, procure, to the extent to which funds are made district, province, county, possession, or other similar available therefor, or contracts are authorized governmental organization or subdivision of a foreign from time to time by the Congress, or both, any government, and any agency or instrumentality of defense article for the government of any country any such foreign government or of any such organizawhose defense the President deems vital to the tion or subdivision; (3) the term 'central bank' indefense of the United States. cludes any foreign bank or banker authorized to perform any one or more of the functions of a central (2) To sell, transfer title to, exchange, lease, bank; (4) the term 'person' includes any individual, lend, or otherwise dispose of, to any such governor any corporation, partnership, association, or other ment any defense article, but no defense article not similar organization; and (5) the term 'insured bank' manufactured or procured under paragraph (1) shall have the meaning given to it in section 12B of shall in any way be disposed of under this parathis Act." graph, except after consultation with the Chief of Staff of the Army or the Chief of Naval Operations Approved, April 7, 1941. of the Navy, or both. The value of defense articles disposed of in any way under authority of this Lend-Lease Act and Appropriation Act Pursuant Thereto paragraph, and procured from funds heretofore The President on March 11, 1941, ap- appropriated, shall not exceed $1,300,000,000. The proved an Act to further promote the de- value of such defense articles shall be determined fense of the United States, commonly re- by the head of the department or agency concerned or such other department, agency or officer as shall ferred to as the Lend-Lease Act, and on be designated in the manner provided in the rules March 27, 1941, approved an Act providing and regulations issued hereunder. Defense articles appropriations to carry out the provisions procured from funds hereafter appropriated to any department or agency of the Government, other of the Lend-Lease Act. The texts of these than from funds authorized to be appropriated Acts are printed below, and a discussion of under this Act, shall not be disposed of in any way this legislation will be found under the "Re- under authority of this paragraph except to the view of the Month" in this issue of the Fed- extent hereafter authorized by the Congress in the Acts appropriating such funds or otherwise. eral Reserve BULLETIN. (3) To test, inspect, prove, repair, outfit, recon- [PUBLIC LAW 11—77TH CONGRESS] dition, or otherwise to place in good working order, to the extent to which funds are made available [CHAPTER 11—1ST SESSION] therefor, or contracts are authorized from time to [H. R. 1776] time by the Congress, or both, any defense article AN ACT for any such government, or to procure any or all Further to promote the defense of the United States, such services by private contract. and for other purposes. (4) To communicate to any such government Be it enacted by the Senate and House of Represen- any defense information, pertaining to any defense tatives of the United States of America in Congress article furnished to such government under paraassembled, That this Act may be cited as "An Act to graph (2) of this subsection. Promote the Defense of the United States". (5) To release for export any defense article dis- SEC. 2. As used in this Act— posed of in any way under this subsection to any (a) The term "defense article" means— such government. (1) Any weapon, munition, aircraft, vessel, (b) The terms and conditions upon which any such or boat; foreign government receives any aid authorized under (2) Any machinery, facility, tool, material, subsection (a) shall be those which the President or supply necessary for the manufacture, pro- deems satisfactory, and the benefit to the United duction, processing, repair, servicing, or opera- States may be payment or repayment in kind or proption of any article described in this subsection; erty, or any other direct or indirect benefit which the (3) Any component material or part of or President deems satisfactory. equipment for any article described in this sub- (c) After June 30, 1943, or after the passage of a section ; concurrent resolution by the two Houses before June MAY 1941 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint 30, 1943, which declares that the powers conferred be disposed of and the payments collected for royalby or pursuant to subsection (a) are no longer neces- ties on such patents shall be paid to the owners and sary to promote the defense of the United States, holders of such patents. neither the President nor the head of any department SEC. 8. The Secretaries of War and of the Navy or agency shall exercise any of the powers conferred are hereby authorized to purchase or otherwise acby or pursuant to subsection (a) ; except that until quire arms, ammunition, and implements of war pro- July 1, 1946, any of such powers may be exercised to duced within the jurisdiction of any country to which the extent necessary to carry out a contract or agree- section 3 is applicable, whenever the President deems ment with such a foreign government made before such purchase or acquisition to be necessary in the July 1, 1943, or before the passage of such concurrent interests of the defense of the United States. resolution, whichever is the earlier. SEC. 9. The President may, from time to time, pro- (d) Nothing in this Act shall be construed to mulgate such rules and regulations as may be necesauthorize or to permit the authorization of convoying sary and proper to carry out any of the provisions of vessels by naval vessels of the United States. this Act; and he may exercise any power or authority (e) Nothing in this Act shall be construed to conferred on him by this Act through such departauthorize or to permit the authorization of the entry ment, agency, or officer as he shall direct. of any American vessel into a combat area in viola- SEC. 10. Nothing in this Act shall be construed to tion of section 3 of the Neutrality Act of 1939. change existing law relating to the use of the land SEC. 4. All contracts or agreements made for the and naval forces of the United States, except insofar disposition of any defense article or defense informa- as such use relates to the manufacture, procurement, tion pursuant to section 3 shall contain a clause by and repair of defense articles, the communication of which the foreign government undertakes that it will information and other noncombatant purposes enunot, without the consent of the President, transfer merated in this Act. title to or possession of such defense article or defense SEC. 11. If any provision of this Act or the appliinformation by gift, sale, or otherwise, or permit its cation of such provision to any circumstance shall be use by anyone not an officer, employee, or agent of held invalid, the validity of the remainder of the Act such foreign government. and the applicability of such provision to other cir- SEC. 5. (a) The Secretary of War, the Secretary cumstances shall not be affected thereby. of the Navy, or the head of any other department or Approved, March 11, 1941. agency of the Government involved shall, when any such defense article or defense information is ex- [PUBLIC LAW 23—77TH CONGRESS] ported, immediately inform the department or agency [CHAPTER 30—1ST SESSION] designated by the President to administer section 6 [H. R. 4050] of the Act of July 2, 1940 (54 Stat. 714), of the quantities, character, value, terms of disposition, and desti- AN ACT nation of the article and information so exported. Making supplemental appropriations for the national (b) The President from time to time, but not less defense to provide aid to the government of any frequently than once every ninety days, shall trans- country whose defense the President deems vital mit to the Congress a report of operations under this to the defense of the United States, and for other Act except such information as he deems incompati- purposes. ble with the public interest to disclose. Reports provided for under this subsection shall be transmitted Be it enacted by the Senate and House of Represento the Secretary of the Senate or the Clerk of the tatives of the United States of America in Congress House of Representatives, as the case may be, if the assembled, That to enable the President, through Senate or the House of Representatives, as the case such departments or agencies of the Government as may be, is not in session. he may designate, to carry out the provisions of An SEC. 6. (a) There is hereby authorized to be ap- Act to Promote the Defense of the United States, propriated from time to time, out of any money in the approved March 11, 1941, and for each and every Treasury not otherwise appropriated, such amounts purpose incident to or necessary therefor, there is as may be necessary to carry out the provisions and hereby appropriated, out of any money in the Treasaccomplish the purposes of this Act. ury not otherwise appropriated, the following sums (b) All money and all property which is converted for the following respective purposes, namely: into money received under section 3 from any govern- (a) For the procurement, by manufacture or ment shall, with the approval of the Director of the otherwise, of defense articles for the government of Budget, revert to the respective appropriation or ap- any country whose defense the President deems vital propriations out of which funds were expended with to the defense of the United States, including servrespect to the defense article or defense information ices and expenses in connection therewith, as follows: for which such consideration is received, and shall be (1) Ordnance and ordnance stores, supplies, spare available for expenditure for the purpose for which parts, and materials, including armor and ammunisuch expended funds were appropriated by law, dur- tion and components thereof, $1,343,000,000. ing the fiscal year in which such funds are received (2) Aircraft and aeronautical material, including and the ensuing fiscal year; but in no event shall any engines, spare parts, and accessories, $2,054,000,000. funds so received be available for expenditure after (3) Tanks, armored cars, automobiles, trucks, and June 30, 1946. other automotive vehicles, spare parts, and acces- SEC. 7. The Secretary of War, the Secretary of the sories, $362,000,000. Navy, and the head of the department or agency (4) Vessels, ships, boats, and other watercraft, shall in all contracts or agreements for the disposi- and equipage, supplies, materials, spare parts, and tion of any defense article or defense information accessories, $629,000,000. fully protect the rights of all citizens of the United (5) Miscellaneous military equipment, supplies, States who have patent rights in and to any such and materials, $260,000,000. article or information which is hereby authorized to (6) Facilities and equipment, for the manufacture 398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint or production of defense articles, by construction or Member Bank Director Serving Investment Trust acquisition, including the acquisition of land, and the Actively Engaged in Issuing Its Own Shares maintenance and operation of such facilities and Section 32 of the Banking Act of 1933 equipment, $752,000,000. makes it unlawful, among other things, for (7) Agricultural, industrial, and other commodities and articles, $1,350,000,000. a director of a member bank to be a director (b) For testing, inspecting, proving, repairing, of a corporation "primarily engaged" in the. outfitting, reconditioning, or otherwise placing in issue or distribution of stocks, bonds, or other good working order any defense articles for the govsimilar securities. ernment of any country whose defense the President deems vital to the defense of the United States, in- The Board was recently requested to decluding services and expenses in connection there- cide whether a director of a member bank with, $200,000,000. might serve as a director of an investment (c) Not to exceed 20 per centum of any of the foretrust, the specific question being whether the going eight appropriations may be transferred by the President to any other such appropriation, but no investment trust was so actively engaged in appropriation shall be increased by more than 30 issuing its own shares as to come within the per centum. terms of the statute. (d) For necessary services and expenses for carry- The information which was submitted in ing out the purposes of such Act not specified or included in the foregoing, $40,000,000. connection with the inquiry showed that the (e) For administrative expenses, $10,000,000. number of its shares issued by the invest- (f) In all, $7,000,000,000, to remain available until ment trust during each of the preceding few June 30, 1943. years was a substantial percentage of the SEC. 2. If any defense article procured from an appropriation made before March 11, 1941, is dis- shares outstanding, and in harmony with its posed of, under such Act of March 11, 1941, by any previous rulings in similar cases the Board department or agency to the government of any coun- concluded that, even though the shares were try whose defense the President deemed vital to the sold to the public through independent ordefense of the United States, the President may transfer, from the appropriations made by this Act ganizations with the result that the investto the appropriate appropriation of such department ment trust did not derive any direct profit or agency, an amount equivalent to the value (as from such sales, the investment trust was computed for the purposes of the $1,300,000,000 limiactively engaged in the issue and distribution tation contained in section 3 (a) (2) of such Act of March 11, 1941) of the defense article so disposed of, of its shares and consequently that the interbut not to exceed in the aggregate $1,300,000,000. locking directorate was prohibited by section SEC. 3. Any defense article procured from an ap- 32. propriation made by this Act shall be retained by or transferred to and for the use of such department or Affiliate Relationships Where Stock Is Pledged to Secure Loans agency of the United States as the President may The Board recently considered certain determine, in lieu of being disposed of to a foreign questions with respect to the existence of government, whenever in the judgment of the Presiaffiliate relationships under the provisions dent the defense of the United States will be best served thereby. of section 2(b) of the Banking Act of 1933 SEC. 4. No part of any appropriation contained in where corporate stock is pledged with memthis Act shall be used to pay the salary or wages of ber banks to secure loans made by such any person who advocates, or who is a member of an banks. organization that advocates, the overthrow of the Government of the United States by force or violence: The Board concluded that where more Provided, That for the purposes hereof an affidavit than 50 per cent of the stock of a corporashall be considered prima facie evidence that the per- tion is taken as security for a loan and the son making the affidavit does not advocate, and is not bank has the right under a collateral agreea member of an organization that advocates, the overthrow of the Government of the United States ment to have the stock transferred to its by force or violence: Provided further, That any per- name and vote it, an affiliate relationship son who advocates, or who is a member of an organi- exists, but if the right of the bank to vote zation that advocates, the overthrow of the Governthe stock cannot be exercised prior to default ment of the United States by force or violence and accepts employment the salary or wages for which by the borrower, an affiliate relationship are paid from any appropriation in this Act shall be would not exist under the collateral agreeguilty of a felony and, upon conviction, shall be finedment prior to such default. not more than $1,000 or imprisoned for not more The Board further concluded that where than one year, or both: Provided further, That the above penalty clause shall be in addition to, and not the Reconstruction Finance Corporation, in substitution for, any other provisions of existing through an agreement with the bank with law. respect to participation in the loan, has the SEC. 5. This Act may be cited as the "Defense Aid right to have the stock transferred to such Supplemental Appropriation Act, 1941." Corporation and vote it, an affiliate relation- Approved, March 27, 1941, 10:50 a. m., E. S. T. MAY 1941 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint ship does not exist under the collateral agree- EXECUTIVE ORDER NO. 8746 ment. With respect to this conclusion, the Amendment of Executive Order No. 8389 of April 10, Board stated that it would necessarily follow 191+0, as Amended that if in similar circumstances a Federal By virtue of the authority vested in me by section Reserve Bank, under an agreement with re- 5(b) of the Act of October 6, 1917 (40 Stat. 411), as spect to participation in the loan pursuant amended, and by virtue of all other authority vested to section 13b of the Federal Reserve Act, in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT of the has the right to have the stock transferred UNITED STATES OF AMERICA, do hereby amend Executive Order No. 8389 of April 10, 1940, as amended, to such Federal Reserve Bank and vote it, so as to extend all the provisions thereof to, and with an affiliate relationship also would not exist. respect to, property in which Greece or any national thereof has at any time on or since April 28, 1941, had any interest of any nature whatsoever, direct or Financial Transactions Under Neutrality Act of 1939 indirect; except that, in denning "Greece" and "national" of Greece, the date "April 28, 1941" shall be The President of the United States on substituted for the dates appearing in the definitions April 10, 1941, issued a proclamation under of countries and nationals thereof. authority of section 1 of the Neutrality Act of 1939 (Pub. Res. No. 54, 76th Cong.), ap- FRANKLIN D. ROOSEVELT proved November 4, 1939, proclaiming that THE WHITE HOUSE, April 28, 19Ul a state of war exists between Germany and Italy, on the one hand, and Yugoslavia, on Treasury Department, Office of the Secretary, the other hand; and on April 15, 1941, issued April 28, 1941 a proclamation proclaiming that a state of war exists between Hungary and Yugoslavia. Amendment to Regulations * Section 7 of the Neutrality Act of 1939, with The Regulations of April 10, 1940, as amended respect to financial transactions by persons (Sections 130.1 to 130.6), are further amended so as within the United States relating to countries to extend all the provisions thereof to, and with renamed in the Presidential proclamations, is spect to, property in which Greece or any national thereof has at any time on or since April 28, 1941, quoted in full on page 1054 of the Federal had any interest of any nature whatsoever, direct or Reserve BULLETIN for December 1939. indirect; except that reports on TFR-100 with respect to all property situated in the United States on April 28, 1941, in which Greece or any national thereof Executive Order and Regulations on Transfers of has at any time on or since April 28, 1941, had any interest of any nature whatsoever, direct or indirect, Property of Greece shall be filed by May 28, 1941. The Executive Order of April 10, 1940, as amended, and the Treasury Regulations is- H. MORGENTHAU, JR., Secretary of the Treasury. sued thereunder providing that transfers of credit, foreign exchange transactions, the ex- APPROVED: April 28,1941. port or earmarking of coin, bullion, or cur- FRANKLIN D. ROOSEVELT. rency, or other similar operations, by persons or institutions in the United States which General Licenses Issued by the Secretary of the Treasury involve property of Norway, Denmark, Bel- Since the publication of certain General gium, Luxembourg, the Netherlands, France, Licenses on page 296 of the April 1941 Fed- Latvia, Estonia, Lithuania, Rumania, Buleral Reserve BULLETIN, the following Gengaria, Hungary, or Yugoslavia, or any na-eral Licenses have been issued by the Office tional thereof, shall be subject to license by of the Secretary of the Treasury under authe Secretary of the Treasury, were amended thority of the Executive Order of April 10 r on April 28, 1941, so as to include property 1940, as amended, and Regulations issued of Greece, or any national thereof. pursuant thereto, relating to transactions in The texts of the Executive Orders and ac- foreign exchange, etc. companying Regulations and amendments thereto, are quoted in full in the May, June, •Sections 130.1 to 130.6:—Sec. 5(b), 40 Stat. 415 and 966; July, August, September, and November 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 1940, and in the April 1941 issues of the Fed- 10, 1940; Ex. Order 8405, May 10, 1940 ; Ex. Order 8446, June 17, eral Reserve BULLETIN. The texts of the 1 19 9 4 4 0 0 ; ; E E x x . . O O rd rd e e r r 85 8 6 4 5 8 , 4 , O c J t u o l b y e r 1 1 5 0 , , 1 1 9 9 4 4 0 0 ; ; E E x x . . O O r r d d e e r r 8 8 7 4 0 93 1 , , M Ju a l r y c h 2 5 4 , , April 28 amendments are as follows: 1941 ; Ex. Order 8711, March 13, 1941 ; Ex. Order 8721, March 24, 1941; Ex. Order 8746, April 28, 1941. 400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Treasury Department, Office of the Secretary, Treasury Department, Office of the Secretary, April 28, 1941 April 28, 1941 General License No. 40 Under Executive Order No. General License No. 41 Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* in Foreign Exchange, Etc.* (1) A general license is hereby granted licensing A general license is hereby granted authorizing the Bank of Athens Trust Company and the Hellenic banking institutions within the United States to Bank Trust Company as generally licensed nationals. make payments from accounts in which Greece or a (2) As used in this general license: national thereof has a property interest within the Any person licensed as a "generally licensed na- meaning of the Executive Order of April 10, 1940, tional" shall, while so licensed, be regarded as a per- as amended, and the Regulations issued thereunder son within the United States who is not a national of of checks and drafts drawn or issued prior to April any foreign country designated in the Order; Pro- 28, 1941, and to accept and pay and debit to such vided, however, that the foregoing shall not be deemedaccounts drafts drawn prior to April 28, 1941, under to suspend in any way the requirements of the Order letters of credit; provided, that each banking instiand Regulations relating to reports, and the produc- tution making any payment or debit authorized by tion of books, documents, records, etc. (see sections 10 this general license shall file promptly with the apand 14 of the Order and section 130.4 of the Regula- propriate Federal Reserve Bank weekly reports showtions) . ing the details of such transactions. This license D. W. BELL, shall expire at the close of business on May 28, 1941. Acting Secretary of the Treasury. D. W. BELL, Acting Secretary of the Treasury. * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public * 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, 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, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order 8484, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25, 1940 ; Ex. Order 8565, July 15, 1940 ; Ex. Order 8493, July 25, 1940; Ex. Order 8565, October 10, 1940; Ex. Order 8701, March 4, 1941 ; Ex. Order 8711, October 10, 1940; Ex. Order 8701, March 4, 1941 ; Ex. Order 8711, March 13, 1941 ; Ex. Order 8721, March 24, 1941 ; Ex. Order 8746, March 13, 1941 ; Ex. Order 8721, March 24, 1941 ; Ex. Order 8746, April 28, 1941 ; Regulations, April 10, 1940, as amended May 10, April 28, 1941 ; Regulations, April 10, 1940, as amended May 10, 1940, June 17, 1940, July 15, 1940, October 10, 1940, March 4, 1940, June 17, 1940, July 15, 1940, October 10, 1940, March 4, 1941, March 13, 1941, March 24, 1941, and April 28, 1941. 1941, March 13, 1941, March 24, 1941, and April 28, 1941. MAY 1941 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

7tom the Coltelpondence Questions of general interest, relating to money and banking, wre answered in this section of the BULLETIN. /2 Hank e3etue QUESTION ties, and the department handling the checks (sorting, listing, and forwarding them) is Can you give me some idea of the actual operations of a Federal Reserve Bank—how it is organized and called the check collection department. It is what it does? Are all the Federal Reserve Banks one of the largest and most important departalike? ments of work at every Reserve Bank. ANSWER Noncash Collection THE twelve Federal Reserve Banks vary The noncash collection department handles considerably in size—the largest having a promissory notes, bills, and bond coupons staff of about 2500 and the smallest about 400. which are due for payment. These items are There is also variation in the relative imporsent to the Reserve Banks by member banks tance and volume of certain types of work. for collection and credit. Noncash collection The Federal Reserve Bank of New York, for is an important department of work at every example, being situated in a world financial Reserve Bank. center, has a large volume of transactions Cash peculiar to it and not characteristic of inland centers in regions mainly agricultural. More- This is the department which handles curover, under the law and in accordance with a rency paid to member banks and received policy of decentralization, the several Federal from them. Its work corresponds to that Reserve Banks are responsible for their own done by paying and receiving tellers in comoperations. It follows that the internal organ- mercial banks, except that the Reserve Bank ization of no two Reserve Banks is identical. deals primarily with member banks and rela- Reserve Bank functions, however, are au-tively little with the public. The work of the thorized by law for all the Reserve Banks, cash department includes the counting and they are coordinated by the Board of Gover-verification of paper currency and coin, and nors in Washington, and they are uniform separation of that which is fit for circulation in essentials. Accordingly, it is possible to from that which is unfit. The department present a composite description of Reserve is a relatively large and important one at Bank organization. The departments of work every Reserve Bank. described in the ensuing paragraphs may be Securities differently organized and designated from Bank to Bank, but all, with the exceptions The securities department holds securities noted, are provided for. in safekeeping for out-of-town member banks and handles purchases and sales of securi- Check Collection ties for the account of member banks. To The check collection department handles some extent, this work is carried on at all checks and other cash items that are in tran- Reserve Banks. sit, usually from one member bank to another. Formerly each Federal Reserve Bank pur- For example, checks drawn on a New York chased its own portfolio of investment securibank and deposited in a San Francisco bank ties independently of other Reserve Banks may be collected through Reserve Bank facili- and handled its own sales. These transactions 402 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence are now wholly directed for all twelve Banks Foreign Property Control by the Federal Open Market Committee and Foreign property control has been occaare effected by the Federal Reserve Bank of sioned by the action of the Government in New York, which executes transactions for freezing property in the United States bethe System open market account. longing to certain governments and their "nationals" whose countries have been in- Discount and Credit vaded since the spring of 1940. The transfer, This department handles the lending opera- sale, or other use of this property, which intions of the Reserve Bank. Its operations cludes mainly earmarked gold, bank balances, include advances to and discounts for mem- and securities, are subject to license by the ber banks and also for the other classes of Treasury, and the Reserve Banks act as borrowers to whom the Reserve Banks are agents for the Treasury in their respective authorized to extend credit. Its work entails districts. The work of this department emthe analysis of credit applications, and the braces the receipt and review of applications maintenance of credit files and records. for licenses and the composition and issuance Every Reserve Bank has this department of of licenses in approved cases. Approximately work but in recent years the volume has been one-half of the applications are granted or relatively small, because there has been little otherwise finally disposed of by the Reserve demand for Reserve Bank credit. Banks pursuant to authority delegated to them by the Treasury, and the remainder are Accounting transmitted to the Treasury with recommen- The accounting department keeps the books dations as to action to be taken thereon. of the Reserve Bank. These include princi- Every Reserve Bank performs this work, but pally the general ledger of the Reserve Bank, the Federal Reserve Bank of New York has the reserve accounts of member banks, and had such a large volume as to require the the checking accounts of the United States organization of a special department. Treasury. This department also makes tele- Foreign graphic transfers of funds for member banks. Every Reserve Bank has such a department. Most of the Reserve Banks handle little foreign business and have no regularly or- Fiscal Agency ganized foreign department. The Federal As fiscal agent of the United States, each Reserve Bank of New York, however, has a Reserve Bank announces new issues of obli- large volume of work in this field. Its forgations by the United States Treasury, re- eign department handles a variety of transacceives subscriptions for such obligations, re- tions for foreign accounts, including the earceives payment on behalf of the Treasury, marking of gold. At the end of 1940, the total and delivers the obligations to their pur- foreign balances were $1,130,000,000, and chasers. It also handles the redemption and gold held under earmark for foreign accounts exchange of Government securities. At every amounted to $1,800,000,000. The foreign ac- Reserve Bank, the fiscal agency department counts are usually participated in by other is one of the largest and most important. Its Reserve Banks. Many of the activities of the duties also include considerable work for the foreign department of the New York Reserve Reconstruction Finance Corporation, the Bank are devoted to operations conducted as Commodity Credit Corporation, and other fiscal agent of the United States, such as, the Government departments and agencies. In purchase and sale of gold, the purchase of the year 1940, the twelve Reserve Banks silver, and execution of transactions for the handled for the Treasury and other Govern- Stabilization Fund. In addition, rates of exment departments and agencies over four mil- change for various foreign currencies are lion separate bonds and other Government ob- certified to the Secretary of the Treasury for ligations, worth altogether nearly $22 billion. customs purposes, and information is supplied With the increased financing made necessary to the Board of Governors and the Treasury for national defense purposes, particularly about conditions in the foreign exchange in connection with the sale of Defense Sav- market. Each Reserve Bank, whether it has ings Bonds, the volume of work handled by a regularly organized foreign department the Reserve Banks for the Treasury has been or not, reports the movement of foreign funds greatly increasing. indicated by information submitted by banks MAY 1941 403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence and bankers, securities dealers, and exporters of condition, and reports of earnings and and importers in its district. dividends, keeps informed of the general condition of all member banks. National Defense Bank Relations The Defense Contract Service, a unit of Besides the daily routine transactions with the Office of Production Management, is now their member banks, the Reserve Banks establishing offices at each Federal Reserve maintain contacts by personal visits for the Bank and branch. This service will have in purpose of seeing that Federal Reserve serveach Federal Reserve Bank and branch a Coices are known and availed of by member ordinator ; and under each Coordinator there banks, that Federal Reserve procedures are will be a Manager and a technical staff with understood, that the Reserve Bank is fully inengineering and industrial experience. The formed of conditions in the field, and that task of these officers and their staffs is to help problems arising in transactions between the bring together primary contractors and sub- Reserve Bank and its member banks are satiscontractors able and willing to assist in the factorily solved. Every Reserve Bank carries defense program. They inform individual on this type of work. firms of the sort of supplies for which the Government is requesting bids and furnish Research technical advice in submitting bids and clos- Each Reserve Bank has a research departing contracts; they also notify the Government and publishes a monthly review of busiment's purchasing agents of the various firms ness conditions. The research department that may be in a position to manufacture and acts in the capacity of economic advisor to provide supplies of specific sorts. the board of directors and officers of the Each Reserve Bank and branch also has a Bank and provides the Board of Governors Federal Reserve Defense Contract Officer, with regional information. It follows both whose duty is to advise banks and contractors banking and business developments, mainly on financial problems connected with their within the boundaries of the Reserve Bank's participation in the defense program. The district but also in the United States gener- Defense Contract Officers have at their disally. The research department of the Federal posal full use of the staffs of the discount and Reserve Bank of New York has a foreign dicredit departments of the Reserve Banks and vision which analyzes financial and economic branches and the cooperation of the comdevelopments in other countries and their mercial and savings banks on which the Fedbearing on conditions in the United States. eral Reserve System's contact with the small business of the country ultimately depends. Legal In order to assist defense producers in obtain- Every Federal Reserve Bank has legal ing the bank credit required, the Defense work, but not all have organized legal depart- Contract Officer is instrumental in establishments. Some have their legal work transing contacts between prospective borrowers acted by Counsel retained for the purpose. and such local banks or other lending agencies, including the Federal Reserve Banks Auditing and the Reconstruction Finance Corporation, Each Federal Reserve Bank has an auditas may be needed to supplement credit obing department responsible to the board of tainable from the borrowers' regular banking directors and to the President. This departconnections. ment has functions and responsibilities corresponding to those of the auditing depart- Bank Examination ment of a large commercial bank. Each Reserve Bank has a department Service which conducts bank examinations and performs other supervisory work, including All Reserve Banks have departments in the initial handling of applications of State charge of personnel matters, building mainbanks for membership in the Federal Re- tenance, telegraph, mail, the protection of serve System, and of national banks for trust money, securities, and other assets, and the powers. The department, through analysis numerous service functions incident to the and review of reports of examination, reports activity of a large office organization. 404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IN order to facilitate the purchase of De- however, from the Board's Fiscal Agent upon request. fense Savings Bonds by members of its This pamphlet, therefore, is largely limited to a destaff, the Board of Governors has approved scription of a Voluntary Pay Roll Deduction Plan a voluntary payroll deduction plan whereby which the Board is now offering to its employees for members of the staff who wish to do so may purchase of Defense Savings Bonds (United States pay for bonds by regular deduction from their Savings Bonds—Series E). salaries. The plan is sponsored by the Re- Effective May 1, 1941, any employee may authorize serve Board Club, an organization of the pay roll deductions under this Plan. When an amount Board's employees, and is based largely upon sufficient to purchase the bond desired has been a similar plan which the American Telephone accumulated to the credit of an employee, the Board and Telegraph Company has used for several will arrange for the purchase and delivery thereof to years to facilitate the purchase of United the employee. States Savings Bonds by its employees. Under Also effective May 1, 1941, any employee of the the Board's plan, the employee authorizes a Board may purchase defense savings stamps from deduction from his salary each pay day of an the Board's Fiscal Agent on a cash basis at any time amount in multiple of 25 cents, but not less during office hours. than 75 cents. The minimum deduction of 75 CHESTER MORRILL, cents provides for purchase of one $25 bond Secretary. in twelve and a half months. The employee may authorize as large deductions as his VOLUNTARY PAY ROLL DEDUCTION PLAN FOR PURCHASE OF DEFENSE SAVINGS BONDS salary and the regulations of the Treasury (United States Savings Bonds—Series E) permit. The plan, which becomes effective May 1, 1941 May 1, was announced in a letter of April 16 addressed to employees by Chester Morrill, I. General Secretary of the Board. The letter and the To provide a means by which employees may set description of the plan referred to therein aside regularly a part of their earnings for the purare as follows: chase of Defense Savings Bonds (United States Savings Bonds—Series E) the Board has established, April 16, 1941 and will administer under the terms and conditions To the Employees of the hereinafter set forth, a Pay Roll Deduction Plan. Board of Governors of the Defense Savings Bonds are issued by, and are Federal Reserve System: direct obligations of, the United States Government. The Secretary of the Treasury recently announced They are issued in denominations of $25, $50, $100, $500 and $1,000, which are their maturity values. that the Government desires to utilize, so far as pos- They mature in ten years from date of issue and sible, the savings of individuals, particularly those cost— of small savers, in financing the defense program. $ 18.75 for the $ 25 Bond The Secretary made it clear that, although the Treas- 37.50 for the 50 Bond ury desired to place an increasing amount of Treas- 75.00 for the 100 Bond ury obligations in the hands of small investors, the 375.00 for the 500 Bond purchase of such obligations should be on a strictly 750.00 for the 1,000 Bond voluntary basis. The Board has assured the Secretary of the Treas- These bonds can be registered only in: ury of the Federal Reserve System's desire to co- (1) the name of one individual, or operate to the fullest extent in furthering the Treas- (2) of two individuals as co-owners, or ury's program for the financing of national defense. (3) of one individual and one individual as bene- In canvassing all possible ways in which it might be ficiary. of assistance, it occurred to the Board that it could In the event an employee desires to purchase bonds render a service to its own employees and to the to be registered in his or her own name jointly with Treasury in this undertaking by making available the name of another individual as co-owner, both facilities within its own organization for the connames, separated by the word "or", shall be written venient purchase of savings bonds and stamps. on the "Name" line of the Pay Roll Deduction Au- Descriptive literature issued by the Treasury De- thorization, Form F. R. 549 (see specimen on page partment, with which most of you are familiar, ex- 408). plains the investment characteristics of United States Illustration: Mr. John L. Jones or Mrs. Mary C. Savings Bonds. Such literature may be obtained, Jones MAY 1941 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Staff Purchases of Defense Savings Bonds If an employee desires to name a beneficiary he or III. Schedule of Deductions from Salaries she should write his or her own name, followed by The minimum semimonthly deduction is seventythe words "payable on death to" and the beneficiary's five cents. Larger deductions should be in multiples name on the "Name" line, on Form F. R. 549 (see of twenty-five cents. page 408). Employees have the privilege of subscribing for Illustration: Mr. John L. Jones, payable on death bonds of any denomination offered. The deduction to Miss Helen R. Jones authorized and the denomination of the bond sub- It is permissible under the law authorizing these scribed for will determine the period for accumulatbonds that $5,000 (but not more than $5,000) maing the purchase price as well as the period during turity value, issued during any one calendar year which no interest is earned on the savings. Deduc- (January 1 to December 31) may be held by any one tions made at the minimum rate of seventy-five cents person. Descriptive literature in regard to these semimonthly will purchase a $25 bond (cost $18.75) bonds may be obtained from the Board's Fiscal Agent, in twelve and one-half months. the United States Treasury Department, or any United States Post Office. IV. Pay Roll Deductions and Interruptions Therein The difference between the cost price and the maturity value represents annual interest accruing at Pay roll deduction authorizations should be forthe rate of 2.9% compounded semiannually, when warded so as to reach the Accounting Section of the bond is held to maturity. These bonds may, however, Secretary's Office at least ten days prior to the close be redeemed at any time after 60 days from issue of the pay roll period in which the first deduction is date at the redemption value fixed by the Treasury to be made. Department. Their cash redemption values are Deductions will be made from salary in each pay greater than their cost after they have been held for roll period when the amount of pay is sufficient after more than one year. A table of redemption values making other deductions authorized or required. If and approximate investment yields to the beginning any pay. roll period deductions cannot be made in of each semiannual period appears on page 408. full because the pay due is insufficient, the deductions The principal features of the Plan are: under this Plan for that pay roll period will be sus- 1. Authorization to the Board by employees of pended. Deductions, in the amount authorized, will periodic deductions from their salaries for the pur- be resumed in the following pay roll periods. chase of bonds in specified denominations. The deductions will continue until the authorization is can- V. Changes in Pay Roll Deduction Authorizations celled or changed. An employee who desires to cancel his Pay Roll 2. Deductions will be set up in special accounts on Deduction authorization may do so by filling in the the Board's records. No interest will be paid upon lower portion of a Pay Roll Deduction Authorization such funds while in the Board's custody but they form, and unless otherwise directed by the employee, will be applied to the purchase of a Defense Savings any amount to the credit of the employee's account Bond as promptly as possible after sufficient funds will be refunded. have accumulated. Where an employee desires to increase or decrease 3. Upon accumulation of the required amount, the the amount to be deducted each pay roll period, he Board will arrange to purchase a bond and have it should fill in the upper portion of a Pay Roll Deregistered in the name (or names) as requested in duction Authorization form for the new amount and the Pay Roll Deduction Authorization. Bonds so cancel the old authorization by filling in the lower purchased will be delivered by the Treasury Department or its agencies direct to the employee. portion of the same form. Authority to cancel or change a prior authoriza- II. Pay Roll Deduction Authorization tion should be forwarded so as to reach the Account- Any employee may participate in the Plan by ing Section of the Secretary's Office at least ten days executing a Pay Roll Deduction Authorization, Form before the effective date. F. R. 549 (see specimen on page 408), specifying in When an employee leaves the service of the Board addition to information regarding name of employee, the Pay Roll Deduction Authorization will be autoposition, division, etc.— matically cancelled and any amount to the credit of 1. The denomination of the bonds to be purchased the employee's account will be refunded. and the amount to be deducted each pay roll period. In the case of death of an employee the Pay Roll 2. The name of the person (or persons) in which Deduction Authorization will be automatically canthe bonds should be registered and the address to celled and any amount to the credit of the employee's which the bonds should be delivered. account will be refunded. 406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Staff Purchases of Defense Savings Bonds VI. Handling of Deductions Prior to Purchase of bond (in person or by registered mail) to the Board's Bonds Fiscal Agent, together with a signed statement cov- The pay roll deductions will be set up on the ering the correction to be made. This will permit Board's books in an account to be designated as the bond to be returned for correction to the point where it was originated. In order to insure accuracy "Employees' subscriptions to Defense Savings in the issuance of bonds, it is essential that employees Bonds". Such funds will be used by the Board only advise the Accounting Section of the Secretary's for the purchase of Defense Savings Bonds on behalf Office promptly of any changes in the name (or of employees and for refunds, in accordance with names) in which bonds are to be registered and of the provisions of this Plan. As no interest is earned changes in address. This should be done by using on these funds, no interest will be paid thereon while a Pay Roll Deduction Authorization form, marked the purchase price of a bond is being accumulated. "Change in Registration Information". VII. Purchase and Delivery of Bonds All matters relating to the bonds after their re- Each month the Board will arrange to purchase ceipt in form acceptable to the employee should be bonds for those employees whose deductions permit handled directly by the owner with the Treasury of a purchase of a bond in the denomination author- Department or its agencies. ized and to have such bonds registered in the name (or names) requested in the Pay Roll Deduction VIII. Information Relating to Amount Accumulated Authorization. Bonds so purchased will be delivered Upon request the Accounting Section of the Secreby the Treasury Department or its agencies to the tary's Office will advise an employee of the amount employee by registered mail to the address shown on accumulated in his account for the purchase of Dethe authorization form. fense Savings Bonds, but periodic statements show- The Board's Fiscal Agent will notify the employee ing amounts deducted and placed to the credit of at the time the Board makes remittance to the Treas- employees will not be issued. ury or its agencies to purchase a bond. If the bond is not received within two weeks, the Fiscal Agent IX. Responsibility should be notified in order that proper follow-up may The Board assumes no responsibility in respect be made. of the bonds purchased under this Plan after they As soon as possible after a bond is delivered the have been purchased and delivered to employees. employee should verify that the denomination is correct, that the name (or names) and address are X. Termination of Plan duly and correctly inscribed on the face of the bond, The Plan is subject to discontinuance at the disand that the bond is duly dated as of the first day of cretion of the Board. the month in which the remittance from the Board CHESTER MORRILL, has been received by the Treasury or its agencies. Secretary. The date of remittance will be shown in the notification by the Board's Fiscal Agent to the employee, See following page for Form F. R. 549 mentioned in the preceding paragraph. referred to above and for Treasury Depart- In case of error, the employee should return the ment table of redemption values. MAY 1941 407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form F. R. 549 (Surname) (Given Name) (Middle Name or Initial) (Position) (Division) (EMPLOYEE WILL PLEASE PRINT ABOVE INFORMATION) PAY ROLL DEDUCTION AUTHORIZATION FOR PURCHASE OF DEFENSE SAVINGS BONDS BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM: I hereby request the Board to deduct from my salary each semimonthly pay roll period the amount of $ , effective with the pay roll period ending , and, each time the required amount has accumulated to my credit, to purchase and have delivered to me a Defense Savings Bond having a maturity value of $ It is understood that no interest is to be paid by the Board on any accumulated deductions. Please have bonds registered in the name (or names) of and mailed to: CO-OWNER OR BENEFICIARY The purchaser of a bond, if an individual, Name < Mrs. may designate one individual co-owner or • M.T. ) (Show Given name, Middle name or initial and beneficiary—but not both. If either is * Surname) named, the Given name, Middle name, or initial and Surname must be given and the Address : address noted. (See Section I of the "Plan" and descrip- (Number and Street) (City or Town) (State) tive literature issued by the United States Treasury Department regarding registra- Address of Co-owner tion for personal purchase, for ownership or Beneficiary if by two persons and for naming beneficiary.) different from above ^ ^ ^ . . ^ . . ^^ — —— __ CANCELLATION OF PREVIOUS AUTHORIZATION I hereby request the Board to cancel my authorization to deduct from my salary each semimonthly pay roll period the amount of $ , effective with the pay roll period ending Any amount to the credit of my account which is insufficient to purchase a bond of the denomination specified in the pay roll deduction authorization cancelled shall be (check one) : • Refunded, or • Applied to credit of the account established in accordance with the new pay roll deduction authorization, above. Dated 19 (Signature of Employee) This authorization is made in accordance with the terms and conditions of the Pay Roll Deduction Plan for purchase of Defense Savings Bonds, the receipt of a copy of which I hereby acknowledge, and is to remain in effect until cancelled by me in writing. TABLE OF REDEMPTION VALUES OF DEFENSE SAVINGS BONDS (UNITED STATES SAVINGS BONDS—SERIES E), AND APPROXIMATE INVESTMENT YIELD TO THE BEGINNING OF EACH SEMIANNUAL PERIOD SHOWN AS RATE PER CENT PER ANNUM COMPOUNDED SEMIANNUALLY Maturity Value. $25. 00 $50. 00 $100. 00 $500. 00 $1, 900. 00 Approximate Issue Price $18. 75 $37. 50 $75. 00 $375. 00 $750. 00 investment yield to beginning Period after issue date Redemption values during each period o y f e e a a r c p h e r h i a o l d f- First Year $18. 75 $37. 50 $75. 00 $375. 00 $750. 00 None 1 to V/i years._ 18.87 37.75 75.50 377. 50 755.00 V/i to 2 years,. 19.00 38.00 76.00 380.00 760.00 2 to V/i years.. 19.12 38.25 76.50 382. 50 765. 00 .99% iy<i to 3 years.. 19.25 38.50 77.00 385. 00 770. 00 1. 06% 3 to V/i years.. 19.50 39.00 78.00 390.00 780.00 1. 31% "3^2 to 4 years.. 19.75 39.50 79.00 395. 00 790.00 1.49% 4 to 4^ years.. 20.00 40.00 80.00 400. 00 800.00 1. 62% 4Yi to 5 years.. 20.25 40.50 81.00 405.00 810. 00 1. 72% 5 to bx/2 years.. 20. 50 41.00 82.00 410. 00 820.00 1. 79% Wi to 6 years.. 20.75 41.50 83.00 415. 00 830. 00 1. 85% 6 to 6H years.. 21.00 42.00 84.00 420. 00 840.00 1. 90% 6^ to 7 years.. 21.50 43.00 86.00 430.00 860.00 2.12% 7 to lYi years.. 22.00 44.00 88.00 440. 00 880.00 2. 30% IVi to 8 years.. 22.50 45.00 90.00 450. 00 900.00 2. 45% 8 to S}4 years._ 23.00 46.00 92.00 460.00 920.00 2. 57% Wi to 9 years.. 23.50 47.00 94.00 470. 00 940.00 2.67% 9 to 9}}44 yyears., 24.00 48.00 96.00 480. 00 960. 00 2. 76% §lA tto 1100 years, 24.50 49.00 98.00 490.00 980. 00 2. 84% At Maturity 25.00 50.00 100. 00 500. 00 1, 000. 00 2. 90% Source.—Treasury Department Circular No. 653, dated April 15, 1941. 408 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Appointment of Presidents and First Vice Presidents Appointment of Branch Director of The Federal Reserve Bank of Kansas City Federal Reserve Banks on April 3, 1941, appointed D. M. Tyler of The Board of Governors has approved the Dewey, Oklahoma, First Vice President of appointment by the respective boards of di- the Dewey Portland Cement Company, a directors of the Federal Reserve Banks of the rector of the Oklahoma City Branch of the following Presidents and First Vice Presi- Federal Reserve Bank of Kansas City for the dents of the Banks each for the term of five unexpired portion of the term ending December 31, 1943. years beginning March 1, 1941. These appointments were made by the boards of directors and approved by the Board of Gover- Admissions of State Banks to Membership in the Federal Reserve System nors pursuant to the provisions of paragraph The following State banks were admitted 4 of section 4 of the Federal Reserve Act as to membership in the Federal Reserve System amended: during the period March 16, 1941, to April Federal First Vice 15, 1941, inclusive. Reserve Bank President President Boston R. A. Young W. W. Paddock Indiana New York . . Allan Sproul L. R. Rounds Fowler—Fowler State Bank Philadelphia. John S. Sinclair Frank J. Drinnen Lafayette—Lafayette Savings Bank Cleveland M. J. Fleming F. J. Zurlinden Garrett— The Garrett State Bank Richmond Hugh Leach. J. S. Walden, Jr. Atlanta *Robert S. Parker W.S.McLarin,Jr. Missouri Chicago C. S. Young. H. P. Preston Fair Play—Citizens State Bank of Fair Play St. Louis **Chester C. Davis F. Guy Hitt Minneapolis. J. N. Peyton. O. S. Powell New Jersey Kansas City. H. G. Leedy Mount Holly—The Farmers' Trust Company Dallas R. R. Gilbert. E. B. Stroud Summit—Citizens Trust Company of Summit,. San Francisco Wm. A. Day Ira Clerk New Jersey * Died March 28, 1941. ** Assumed his duties April 16, 1941. New York Auburn—Auburn Trust Company Meeting of Chairmen of the Federal Reserve Banks A meeting of the Chairmen of the Federal Glen Cove—Glen Cove Trust Company Reserve Banks, which was attended by all of Huntington—Bank of Huntington and Trust the Chairmen and members of the Board of Company Governors, was held on April 26, 1941. Schenectady—The Citizens' Trust Company of Schenectady, N. Y. Death of Class A Director Ohio Ford Seale, President of The Citizens National Bank of Denison, Texas, who had Ashville—The Ashville Banking Company served as a Class A director of the Federal Pemberville—The Citizens Savings Bank Company Reserve Bank of Dallas since January 1, Polk—The Polk State Bank 1939, died on April 10, 1941. Death of Branch Director Texas Samuel W. Hayes, senior member of the Fredericksburg—Security State Bank law firm of Hayes, Richardson, Shartel, Gilliland and Jordan, Oklahoma City, Oklahoma, Wisconsin who had served as a director of the Oklahoma Beloit—Beloit Savings Bank City Branch of the Federal Reserve Bank of DeForest—DeForest-Morrisonville Bank Kansas City since his appointment by the Re- Milwaukee—The Commonwealth Mutual Savserve Bank for the term beginning January ings Bank 1, 1938, died on March 14, 1941. Milwaukee—Teutonia Avenue State Bank MAY 1941 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Utittih Mobilisation ofi United J?tate5 Voltat SecutitieA ON April 20 the British Treasury issued National Biscuit Company an order requisitioning a further list of National Malleable and Steel Castings Company National Power and Light Company American securities and foreign dollar bonds New York Air Brake Company held by United Kingdom residents. Four Ohio Oil Company previous lists of requisitioned securities have Pacific American Fisheries, Inc. appeared in the BULLETIN.1 The present Paraffine Companies, Inc. Pennroad Corporation order requires United Kingdom residents to Phelps Dodge Corporation transfer to the Bank of England as agent for Pittsburgh Plate Glass Company the British Treasury their holdings of the St. Regis Paper Company securities listed below, including 69 common Shell Union Oil Corporation Simmons Company stocks, 56 preferred stocks, 27 bonds of pri- Skelly Oil Company vate American corporations, and 5 dollar Southern Railway Company bond issues of the Belgian and Cuban Gov- Standard Brands, Inc. ernments. Payment for the requisitioned Standard Oil Company of Indiana Stone and Webster, Inc. securities will be made by the Bank of Eng- Sylvania Industrial Corporation land on June 3 in the sterling equivalent Union Bag and Paper Corporation (at the official buying rate for dollars of United Gas Improvement Company $4.03V2 to the pound) of the closing market United States Pipe and Foundry Company United States Playing Card Company prices for the securities in New York on Vanadium Corporation of America April 19. Vick Chemical Company Wolverine Tube Company Common Stocks Wrigley (Wm.), Jr. Company Youngstown Sheet and Tube Company Aluminum Company of America Amerada Corporation Preferred Stocks American Chain and Cable Company, Inc. American Light and Traction Company Allied Stores Corporation, 5% cumulative preferred American Locomotive Company stock American News Company, Inc. American Cities Power and Light Corporation, $2.75 American Power and Light Company cumulative Class A stock Armstrong Cork Company American and Foreign Power Company, Inc., $7 Babcock and Wileox Company cumulative preferred stock Baltimore and Ohio Railroad Company American Power and Light Company, $5 preferred Bank of the Manhattan Company stock Barnsdall Oil Company American Public Service Company, 7% cumulative Bendix Aviation Corporation preferred stock Briggs Manufacturing Company American Sugar Refining Company, 7% cumulative Cities Service Company preferred stock Cleveland Graphite Bronze Company American Water Works and Electric Company, Inc., Collins and Aikman Corporation $6 first preferred stock Columbia Gas and Electric Corporation Arkansas Power and Light Company, $7 cumulative Detroit Steel Products Company preferred stock Electric Bond and Share Company Arkansas Power and Light Company, $6 cumulative Electric Storage Battery Company preferred stock Firestone Tire and Rubber Company Central Illinois Public Service Company, $6 cumu- First Boston Corporation lative preferred stock Food Machinery Corporation Cities Service Company, $8 cumulative preferred General American Investors Company, Inc. stock Goodyear Tire and Rubber Company Commonwealth and Southern Corporation, $6 cumu- Grant (W. T.) Company lative preferred stock Great American Insurance Company Continental Baking Company of Delaware, 8% cumu- Gulf Oil Corporation lative preferred stock Homestake Mining Company Continental Baking Corporation of Maryland, 8% Illinois Central Railroad Company preferred stock International Paper and Power Company Crucible Steel Company of America, 5% convertible Lerner Stores Corporation preferred stock Libbey-Owens-Ford Glass Company Crucible Steel Company of America, 7% cumulative Lorillard (P.) Company preferred stock MeGraw Electric Company Eastman Kodak Company, 6% cumulative preferred Marlin-Rockwell Corporation of Delaware stock Marlin-Rockwell Corporation of New York Electric Power and Light Corporation, $6 cumulative Mead Johnson and Company preferred stock Melville Shoe Corporation Engineers Public Service Company, $6 cumulative Monsanto Chemical Company preferred stock 1 See BULLETIN for February 1941, pp. 101-102; January 1941, Federal Water Service Corporation, $6 cumulative preferred stock p. 25 ; May 1940, pp. 408-409 ; and March 1940, pp. 206-207. 410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

British Mobilisation of United States Dollar Securities Gamewell Company, $6 cumulative convertible pre- West Penn Electric Company, 7% cumulative preferred stock ferred stock General Realty and Utilities Corporation, $6 pre- West Texas Utilities Company, $6 cumulative preferred stock ferred stock General Shareholdings Corporation, $6 cumulative Wheeling Steel Corporation, $5 cumulative conconvertible preferred stock vertible prior preferred stock Gillette Safety Razor Company, $5 cumulative convertible preference stock Bonds Gimbel Brothers, Inc., $6 cumulative preferred stock Goodrich (B. F.) Company, $5 cumulative preferred Alleghany Corporation, 5% Collateral Convertible stock Gold Bonds due 1944 Jersey Central Power and Light Company, 7% Alleghany Corporation, 5% Collateral Convertible cumulative preferred stock Gold Bonds due 1949 Kentucky Utilities Company, 6% cumulative pre- American and Foreign Power Company, Inc., 5% ferred stock Gold Debentures due 2030 Liggett and Myers Tobacco Company, 7% cumulative Associated Electric Company, 41/£% Gold Bonds due preferred stock 1953 Maytag Company, $3 cumulative preference stock Associated Electric Company, 5% Gold Bonds due Minnesota Power and Light Company, 7% cumulative 1961 preferred stock Belgium, External 6% Bonds due 1955 Minnesota Power and Light Company, $6 cumulative Belgium, External 7% Bonds due 1955 preferred stock Cities Service Power and Light Company, 5M*% De- National City Lines, Inc., $3 cumulative convertible bentures due 1952 preferred stock Cuba, External 41 % Bonds due 1949 /2 New England Public Service Company, $7 cumulative Cuba, External 5% Bonds due 1944 preferred stock Cuba, External 5V % Bonds due 1953 2 North American Company, 5 % % cumulative pre- Erie Railroad Company, First Consolidated Prior ferred stock Lien Gold Bonds due 1996 (bearer and registered) Northern States Power Company (Delaware), 7% Erie Railroad Company, Consolidated General Lien cumulative preferred stock Gold Bonds due 1996 (bearer and registered) Oxford Paper Company, $5 cumulative preference International Telephone and Telegraph Corporation, stock, first series 4V % Gold Debentures due 1952. 2 Pere Marquette Railway Company, 5% cumulative International Telephone and Telegraph Corporation, prior preference stock 5% Gold Debentures due 1955 Philadelphia Company, $6 cumulative preference Interstate Power Company, First Mortgage 5% Gold stock Bonds due 1957 Pittsburgh, Fort Wayne, and Chicago Railway Com- Mississippi River Power Company, First Mortgage pany, 7% preferred stock 5% Bonds due 1951 Pure Oil Company, 6% cumulative preferred stock Missouri Pacific Railroad Company, First and Re- Remington Rand, Inc., $4.50 cumulative preferred funding Mortgage 5% Gold Bonds: Series A due stoek 1965, Series F due 1977, Series G due 1978, Series Republic Steel Corporation, 6% cumulative con- H due 1980, and Series I due 1981 (including cervertible preferred stock tificates of deposit) Revere Copper and Brass, Inc., 7% cumulative pre- Missouri Public Service Corporation, First Mortgage ferred stock 5% Bonds, Series A due 1960 (bearer and regis- Selected Industries, Inc., $5.50 cumulative prior stock tered) Southern California Edison Company, Ltd., 6% Southern Railway Company, First Mortgage Concumulative preferred stock solidated 5% Gold Bonds due 1994 (bearer and Southern California Edison Company, Ltd., registered) cumulative preferred stock Southern Railway Company, Development and Gen- Southern Railway Company, 5% non-cumulative eral Mortgage 4%, 6%, and 6%% Gold Bonds. preferred stock Series A due 1956 Southwestern Light and Power Company, $6 cumu Standard Gas and Electric Company, 6% Gold Notes lative preferred stock due 1948 Tide Water Associated Oil Company, $4.50 cumu Standard Gas and Electric Company, 6% Convertible lative convertible preferred stock Gold Notes due 1948 Tri-Continental Corporation, $6 cumulative pre Standard Gas and Electric Company, 6% Gold Deferred stock bentures due 1951 Utah Power and Light Company, $7 cumulative pre- Standard Oil Company of New Jersey, 3% Debenferred stock tures due 1961 Utility Equities Corporation, $5.50 cumulative con Standard Power and Light Corporation. 6°fc Gold vertible priority stock Debentures due 1957 MAY 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Aiemlret Sank £ in 1940 M I EMBER bank earnings and profits in taxes", which include income taxes, increased 1940 were about the same as in 1939. As appreciably; and unitemized expenses were shown in the table at the bottom of this page, also larger than in other recent years. larger gross earnings were almost entirely Owing t;o the similarity of movement in offset by larger expenses, and net current total earnings and total expenses, net current earnings were practically unchanged. Some- earnings continued stable at their $400,000,what smaller charge-offs and losses on loans 000 level. Net profits were also stable at about and securities were offset by smaller profits $350,000,000, and there were no very large on securities sold. The rate of net profits on changes in the items comprising recoveries, total capital accounts in 1940, at 6.2 per cent, security profits, charge-offs, etc. Dividends was only slightly lower than in the previous in 1940, as in 1939, totaled slightly more than half of net current earnings and about threeyear but appreciably higher than in 1938. fifths of net profits. They amounted to 8.9 Continuing the trend of the past few years, per cent of capital stock and 3.8 per cent of the proportion of total earnings accounted total capital accounts. for by interest on loans increased in 1940 and Revision in form of publication.—Detailed the proportion of earnings from securities figures of member bank earnings and related declined, but compared with pre-depression items, together with selected ratios, are preyears income from loans is still small and insented on pages 467-472 of this BULLETIN in come from securities large in relation to total a somewhat different form from that followed earnings. Except for the further growth in in previous years. Data for member banks, service charges, little change was shown in by reserve classification—both in total and the other items of income. by Federal Reserve districts—have been Salaries and wages paid to both officers and added, and additional information concernemployees rose further in 1940, reflecting ining asset holdings has been included. Halfpart an increase in the number of officers and year figures and detailed comparisons with employees, and were larger than in any other preceding-year figures have been omitted, year since 1931. Interest payments on de- since most of them are available elsewhere or posits continued their long-term decline and may be derived. A series of 27 selected ratios in 1940 were at a rate of less than 1*4 Per has been substituted for the other ratios cent on aggregate time deposits. Real estate formerly published, many of which had lost taxes were practically unchanged; "other much of their analytical value in recent years. MEMBER BANK EARNINGS, CALENDAR YEARS, 1927-1940 [Amounts in millions of dollars] Item 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 Earnings—total ____ __ _ _. 2,014 2,194 2,399 2,158 1,841 1,554 1,237 1,244 1,207 1,271 1,321 1,274 1,296 1,323 Interest and discount on loans 1,254 1,374 1,563 1,349 1,073 851 604 540 498 513 553 544 560 595 Interest and dividends on securities • _ _ - - __ 458 498 473 472 480 458 426 474 467 487 481 448 444 431 Service charges on deposit accounts 0) 0) 0) (l) 0) 21 28 36 39 45 51 54 59 All other earnings 301 321 363 336 288 245 186 202 205 231 243 232 237 238 Expenses—total 1,516 1,614 1,684 1,604 1,335 1,143 859 849 833 872 902 890 895 921 Salaries and wages 420 440 464 452 413 357 306 327 334 352 372 380 388 400 Interest on time deposits2 406 439 445 451 387 302 232 227 196 175 174 171 159 147 Interest on interbank deposits 82 75 68 73 53 35 13 3 3 2 2 (2) (2) (2) Int. on dem. deps. (excl. interbank) 226 235 246 225 141 98 43 12 9 7 5 (2) (2) (2) Taxes - - 110 114 112 113 86 67 58 62 64 81 86 82 85 100 All other expenses ___ _ . 273 310 348 290 256 285 207 216 226 255 263 257 262 273 Net current earnings . -_ __ 498 580 715 554 506 410 378 394 374 399 419 384 401 402 Recoveries, profits on securities, etc.__ 158 141 137 118 127 113 125 254 376 508 256 279 327 303 Losses and depreciation __ 209 217 295 365 620 873 442 338 380 356 778 858 538 398 Net profits _ - 447 504 557 307 12 -225 465 337 347 349 -255 -356 212 265 Cash dividends declared3 _. __ _ 299 318 387 367 335 173 199 201 207 210 245 150 187 198 Number of banks4 9,034 8,837 8,522 8,052 7,246 6,816 6,011 6,442 6,387 6,376 6,341 6,338 6,362 6,486 1 Included in "all other earnings." 3 includes interest on capital notes and debentures. 2 Beginning with 1938 "interest on time deposits" comprises all 4 At end of year, interest on deposits except interest (if any) on demand deposits. NOTE.—The amounts in this table are rounded to the nearest million and consequently do not balance exactly. For more detail, see page 467 of this BULLETIN (1940 figures) and page 465 of the May 1940 BULLETIN (1927-1939 figures). 412 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/atlonat ^ummatu o-k £u5ine&5 (Condition5 Compiled April 17 and released for publication April 19. Figures shown on charts may differ from preliminary figures used in text. INDUSTRIAL activity increased further in at the current rate of sales. Output of lum- March but declined somewhat in the first ber, which had been sustained at unusually half of April owing to temporary reductions high levels during the winter months, rose in output of bituminous coal and automobiles. less than seasonally; Wholesale prices of many commodities ad- Activity in the textile and shoe industries vanced considerably and the Government took increased further in March. Cotton consteps to limit price advances of some addi- sumption rose to a record level of 854,000 tional industrial materials. bales and there was also an increase in rayon deliveries. At wool textile mills activity was Production sustained at the peak rate reached in Feb- Volume of industrial output continued to ruary, not showing the usual large seasonal increase in March and the Board's seasonally decline, and in the chemical and rubber indusadjusted index rose from 141 to 143 per cent tries further advances were reported. of the 1935-39 average. Activity increased Bituminous coal production rose considerfurther in most durable goods industries, par- ably, while output of crude petroleum was ticularly in those producing machinery, air- maintained in March at about the rate that craft, ships, and armament. Steel produc- had prevailed in the four preceding months. tion increased to about 100 per cent of rated In the first half of April coal production decapacity. clined sharply, however, as most mines were Automobile production, which usually in- closed pending conclusion of contract negotiacreases considerably in March, showed little tions between mine operators and the miners' change from the high rate reached in Feb- union. Production of nonferrous metals conruary. In the first half of April output was tinued in large volume in March and delivreduced considerably owing to a shutdown eries of refined copper showed a sharp rise at plants of the Ford Motor Company during as domestic production was supplemented by an industrial dispute which was settled about supplies received from South America. the middle of the month. Retail sales of new Construction contract awards rose sharply and used cars advanced to new peak levels in in March and were larger than in any month March and dealer's stocks at the beginning since the middle of 1930, according to the of April amounted to about a month's supply F. W. Dodge Corporation data. The rise was INDUSTRIAL PRODUCTION ! WHOLESALE PRICES 1 160 i j 150 140 140 1 " 1 / 130 130 120 J 120 110 \ 110 100 100 j 90 1 90 j 50 50 1938 1941 1935 1936 1937 1938 1939 1940 1941 Federal Reserve index of physical volume of production, ad- Bureau of Labor Statistics' indexes, 1926 = 100. "Other" injusted for seasonal variation, 1935-39 average = 100. By months, cludes commodities other than farm products and foods. By January 1935 to March 1941. weeks, January 5, 1935, to week ending April 19, 1941. MAY 1941 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions chiefly in awards for publicly-financed work, Informal action was taken by the Governwhich had been reduced considerably in Jan- ment to discourage price increases of some uary and February, and in private nonresi- additional industrial materials and maximum dential projects, particularly factory con- price schedules were established for steel, struction. Awards for private residential bituminous coal, secondary and scrap alumibuilding, which had been unusually large dur- num and zinc, and iron and steel scrap. ing the winter months, showed less than the Sharp reductions in prices of some kinds of customary seasonal rise in March. nonferrous metal scrap resulted. Announcement of an expanded Federal purchase pro- Distribution gram for hog, dairy, and poultry products was followed by price increases for these and In March distribution of commodities to related products. consumers was sustained at the high level reached in February. Sales at mail-order Bank Credit houses and department stores increased seasonally and variety store sales showed more Total loans and investments at reporting than the usual seasonal rise. member banks in 101 cities increased during Freight-car loadings increased by about March and the first two weeks of April. the usual seasonal amount. Loadings of coal Commercial loans continued to rise substanand grain rose considerably, while shipments tially, and holdings of United States Governof miscellaneous freight, which in previous ment securities increased further, reflecting months had risen steadily, on a seasonally purchases of new Treasury offerings. adjusted basis, showed a smaller increase than is usual at this time of year. United States Government Security Prices Prices of United States Government secu- Commodity Prices rities declined irregularly from March 15 to Prices of basic commodities continued to April 9 but subsequently rose slightly. The advance sharply from the middle of March 1960-65 bonds showed a net loss of about to the middle of April. There were sub- % of 1 point on April 15, following a rise of stantial increases in prices of domestic food- about 3^4 points in the previous month. The stuffs and further advances in burlap, cotton, yield on this issue on April 15 was 2.14 per rubber, and lead. Increases were also re- cent, compared with 2.03 per cent at the allported in wholesale prices of a number of time peak in prices on December 10, and 2.30 manufactured products and the general index per cent at the recent low in prices on Februof the Bureau of Labor Statistics rose two ary 15. points to 83 per cent of the 1926 average. MEMBER BANKS IN 101 LEADING CITIES DEPARTMENT STORE SALES AND STOCKS IILLIONS OF DOLLARS 1935 1936 1937 1938 1939 1940 1941 1935 1936 1937 1938 1939 1940 1941 Wednesday figures, January 2, 1935, to April 16, 1941. Com- Federal Reserve indexes of value of sales and stocks, adjusted mercial loans, which include industrial and agricultural loans, for seasonal variation, 1923T25 average = 100. By months, Jan- represent prior to May 19, 1937, so-called "Other loans" as then uary 1935 to March 1941. reported. 414 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items. 417 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements. . . 418 Federal Reserve Bank statistics. . 419-423 Reserve position of member banks; deposits in larger and smaller centers. 424 Money in circulation. 425 Gold stock and gold movements; bank suspensions; bank debits. 426 All banks in the United States, number, deposits, loans and investments. 427 Condition of all member banks. 428-429 Weekly reporting member banks. 430-433 Commercial paper, bankers' acceptances, and brokers' balances. 434 Money rates and bond yields. . 435 Security markets. 436 Treasury finance 437-438 Governmental corporations and credit agencies; Postal Savings System 439-440 Business Indexes. . 441-451 Department store statistics. 452 Wholesale prices 453 Statistics for Federal Reserve chart book. 454-456 Changes in number of banks and branches in the United States 457 Condition of insured commercial banks in United States and Possessions, December 31, 1940 and June 29, 1940. 458 Group banking December 31, 1940. Number, branches, and deposits, by States 459-461 Statistics of all banks in the United States 462-466 Member bank earnings, 1940. 467-472 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. MAY 1941 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 24 24 22 20 18 16 14 12 MEMBER BANK 10 RESERVE BALANCES 10 2 0 1935 1936 1937 1938 1939 1940 1941 Latest figures for April 23. See page 417. 416 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] ]Reserve Bank credit outstanding Mem :>er Treas- bank reserve co B d u i i n l s l - t s ed T U o . t a S l . s e G c t w u o M u i r n v i r i t a i e t h 5 n i - r e - g n s m t e a M u f n r t 5 t a i e n - r g R c B o r e A e t a s h d e l n e l i r k t r v * e Total s G to o c ld k T s r t o e c u r i a u n e n u r n y a r g c t d - - s y - - M in c t u i o o c l n a n ir e - - y T h c i u r o n a e r l g s y a d h s s - - u B p s w r F e o R e y a e r i s r n e a t d v i d - h k l t - e e s s - m p N b o d e o e e s m n - i r t - s - c O s F e o R e a t e r u r c h e a d v - n - e l - e t r s To b t a a l l anc c e E e s s x s years years Monthly averages of daily figures: 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 February._ 7 2,477 1,213 1,264 62 2,546 18,061 2,976 7,426 2,361 600 732 248 12,215 5,626 March 3 2,476 1,209 1,267 59 2,539 18, 310 2,986 7,488 2,362 612 759 252 12, 362 5,734 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 February _. 2 2,184 1,048 1,136 67 2,254 22,143 3,100 8,679 2,205 548 1,787 282 13, 996 6,422 March 2 2,184 1,012 1,172 76 2,262 22, 319 3,105 8,835 2,202 618 1,767 285 13,979 6,304 End of month figures: 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 Feb. 29 7 2,477 1,209 1,268 62 2,547 18,177 2,981 7,455 2,372 562 740 247 12,328 5,692 Mar. 30 4 2,475 1,209 1,266 50 2,529 18,433 2,990 7,511 2,371 702 691 255 12,423 5,828 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 Feb. 28 3 2,184 1,048 1,136 78 2,265 22, 232 3,102 8,781 2,187 343 1,805 281 14, 203 6,534 Mar. 31 3 2,184 955 1,230 56 2,243 22, 367 3,109 8,924 2,236 1,180 1,721 288 13, 371 5,776 Wednesday figures: 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 20,003 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 14 _.__ 3 2,450 1,202 1,248 38 2,491 20, 367 3,020 7,854 2,229 643 1,327 261 13, 565 6,570 July 31 4 2,448 1,202 1,246 32 2,484 20, 463 3,024 7,883 2,250 694 1,382 262 13, 498 6,514 Aug. 7 3 2,446 1,202 1,244 22 2,471 20, 568 3,025 7,929 2,276 923 1,386 263 13, 296 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 1,569 272 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 3,034 8,628 2,203 220 1,740 284 14, 284 6,835 Jan.15 4 2,184 1,048 1,136 67 2,254 22, 066 3,092 8,542 2,195 237 1,742 283 14,414 6,896 Jan. 22 4 2,184 1,048 1,136 69 2,256 22, 089 3,095 8,541 2,196 261 1,750 283 14,410 6,864 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 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 Feb. 26 3 2,184 1,048 1,136 36 2,223 22, 179 3,101 8,725 2,204 368 1,752 281 14,175 6,542 Mar. 5 2 2,184 1,048 1,136 51 2,237 22, 237 3,103 8,805 2,192 391 1,772 280 14,136 6, 435 Mar. 12.... 1 2,184 1,048 1,136 59 2,244 22,318 3,106 8,811 2,196 421 1,748 280 14.211 6,483 Mar. 19 1 2,184 984 1,201 73 2,259 22,335 3,104 8,826 2,208 913 1,721 289 13,741 6,106 Mar. 26 1 2,184 984 1,201 35 2,221 23, 359 3,108 8,842 2,230 906 1,788 288 13, 633 6,011 Apr. 2 1 2,184 955 1.230 59 2,244 22, 384 3,110 8,944 2, 251 1,045 1,704 288 13, 506 5,941 Apr. 9 5 2,184 955 1,230 46 2,235 22, 413 3,113 8,993 2,272 813 1,740 288 13,656 6,027 Apr. 16 1 2,184 1,008 1,177 100 2,286 22, 421 3,116 8,989 2,269 534 1,763 289 13, 979 6,264 Apr. 23 2 2,184 1,008 1,177 53 2,239 22, 482 3,118 8,992 2,299 947 1,808 289 13, 506 5,760 1 Includes industrial advances and bills bought, shown separately in subsequent tables. 2 End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request. 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. MAY 1941 417 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. M R a a y te 1 beg e i f n I f n n ec in t g- M R a a y te 1 beg e i f n I f n n ec in t g- M R a a y te 1 beg e i f n I f n n ec in t g- M R a a y te 1 beg e i f n I f n n ec in t g- M Ra a t y e 1 beg e i f n I f n e n c i t ng- Boston 1 Sept. 1, 1939 Sept. 1, 1939 2, 1937 1 Sept. 1, 1939 Apr. 29, 1938 N Ph e i w la d Y e o l r p k hia,. ii A Se u p g t . . 27 4 , , 1 1 9 9 3 3 7 7 A Se u p g 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 o> k A Se u p g t . . 25 1 , , 1 1 9 9 3 3 9 9 F S e e b p . t . 8 1 , , 1 1 9 9 3 3 4 9 Cleveland May 11, 1935 May 11, 1935 Oct. 19, 1935 Sept. 1, 1939 May 11, 1935 Richmond Aug.27, 1937 Aug. 27, 1937 Sept.10, 1937 Sept. 1, 1939 Feb. 19, 1934 Atlanta Sept.16, 1939 Aug. 21, 1937 Aug. 21, 1937 W2 Sept. 16, 1939 Apr. 23, 1938 Chicago Sept. 1, 1939 Aug. 21, 1937 Aug. 21, 1937 1 Sept. 1, 1939 Oct. 16, 1933 St. Louis Sept.21, 1939 Sept.2, 1937 Sept. 2, 1937 1 Sept. 16, 1939 Feb. 23, 1935 Minneapolis.. Aug. 24, 1937 Aug. 24, 1937 Aug.24, 1937 Sept. 1, 1939 Oct. 8, 1938 Kansas City.. Sept.16, 1939 Sept.3, 1937 Sept. 3, 1937 Sept. 16, 1939 Apr. 16, 1938 Dallas 1 Sept.16, 1939 Aug. 31, 1937 Aug. 31, 1937 1 Sept. 16, 1939 Apr. 16, 1938 San Francisco Sept. 3, 1937 Sept.3, 1937 Sept.17, 1937 Sept. 1, 1939 Oct. 19, 1933 1 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 May 1 on advances and commitments under Section 13b of the Federal Reserve Act Maturity e R ff a ec te t i o n n In g 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 indicated by footnotes » and 7] May 1 Advances to or in participation with financ- 1-15 days 1... Oct. 20, 1933 1 Advances ing institutions 16-30 days... ...do 1 direct to Commit- 31-45 days... ...do 1 Federal Reserve industrial On por- ments 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. 1 1 1 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 u h o - r m O a n in r i e n - g a to d v m an a c k e e s 121-180 days. 1 ...do tion is portion * obligated i 1 This rate also applies to acceptances bought under repurchase agreem Ne e N w n O t s T Y , E w o . r — h k i c M h o i n n a i g p m r r e u im e m m e e b n b u t a s y n i k a n e r g e r s a ' r l a w a te c a s c y e s p a t f t a o n r t c h a e e s p e F p r e a io d y d e a r b a o l l f e 1 R i 5 n e s d d e a o r y v l s l e a r o s B r ; a le h n s i k s g . h o e f r B N o ew st o Y n ork 4-6 2-3 3 2-5 1-2 rates may be charged for other classes of bills. The same minimum Philadelphia rates apply to purchases, if any, made by other Federal Reserve Banks. Cleveland.. _. 33^5 Back figures—See Annual Report for 1937 (table 41). Richmond _ 4-6 1-2 Atlanta 4-6 4-6 1-2 Chicago 3-6 3-6 3-6 MEMBER BANK RESERVE REQUIREMENTS St. Louis [Per cent of deposits] M Ka in n n sa e s a p C o i l t is y.. _ 2 3 4 - -6 6 3^ 4 6 3-6 4 ( 1 7) - 2 2 Classes of deposits Ju 1 n 9 e 1 7 2 - 1, A 1 u 9 g 3 . 6 1 - 6, M 1 a 93 r. 7 - 1, M 19 a 3 y 7 - 1, A 1 p 9 r 3 . 8 1 - 6, D Sa a n l la F s rancisco 4 4 - - 6 6 3-4 4 4 4 - - 6 5 and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and 1936 1937 1937 1938 after 1 The Federal Reserve Banks of New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas On net demand may charge same rate as charged borrower by financing institution, if deposits:1 lower than rate shown. Central reserve city.. 2 Same as rate charged borrower by financing institution. Reserve city 173^ 3 One per cent less than rate charged borrower by financing institution. Country 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 0- All member banks... 5 One-half of one per cent less than rate charged borrower by financing institution with minimum of four per cent (see note *)• 1 See footnote to table on p. 424 for explanation of method of com- 6 7 M M i in n i i m m u u m m c c h h a a r r g g e e o o n n e e - - f h o a u l r f t h o f o f o o n n e e p p e e r r c c e e n n t. t. puting net demand deposits. 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 listed securities, under Regulation T 55 40 Postal savings deposits For short sales, under Regulation T (2) 50 Other time deposits pay- For loans by banks on stocks, under Regulation U 3 55 40 able in: 6 months or more _. 1 Regulations T and U limit the amount of credit that may be ex- 90 days to 6 months tended on a security by prescribing a maximum loan value, which is a Less than 90 days specified percentage of its market value at the time of the extension; the "margin requirements" shown 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 2 Requirement under Regulation T was the margin "customarily banks as established by the Federal Deposit Insurance Corporation, required" by the broker. effective February 1, 1936, are the same as those in effect for member 3 Regulation U became effective May 1, 1936. banks. In some States the maximum rates established by the Board NOTE.—Regulations T and U also provide special margin requirements and the Federal Deposit Insurance Corporation are superseded by on "omnibus" accounts and loans to brokers and dealers. lower maximum rates established by State authority. 418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1941 1940 Apr. 23 Apr. 16 Apr. ! Apr. 2 Mar. 26 Mar. 19 Mar. 12 Mar. Feb. Mar. Assets Gold certificates on hand and due from U. S. Treasury __. 20,159, 72920,124, 73120, 111, 28120,101,279 20,102,279 20,103,28120,103, 279 20,102, 282 20, 020, 282 16, 067, 621 Redemption fund—F. R. notes 10, 507 10, 507 10,488 10,488 10, 570 10, 914 10,914 9,829 10,244 8,239 Other cash 334,198 325,987 315, 517 323,880 341,056 332,163 327,660 324,109 335,765 375,025 Total reserves. 20, 504, 43420,461, 22520, 437,286 20,435, 647 20, 453, 905 20, 446, 358 20, 441,853 20, 436,220 20, 36166, ,429510,885 Bills discounted: For member banks 2,217 1,218 4,966 1,041 1,171 1,352 2,950 2,762 2,688 For nonmember banks, etc.. 1,010 Total bills discounted. 2,217 1,218 4,966 1, 041 1,171 1,352 2,950 2,762 3,698 Industrial advances 7,491 7,470 7,396 7,820 7,957 7,894 7,874 10, 350 U. S. Government securities: direct Bonds 1,359, 200 1, 359, 200 1, 359, 2C0 1, 359,200 1, 330, 200 1, 330, 200 1, 280,000 1, 359, 200 1, 280,000 1, 331, 295 Notes 820, 300 820, 300 820, 300 820, 300 849, 300 849, 300 899, 500 820, 300 899, 500 1,132,172 Guaranteed 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 11, 803 Total U. S. Government securities, direct and guaranteed 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,475, 270 Other Reserve Bank credit outstanding 45, 628 93, 359 38,983 50,961 27, 395 65, 423 50, 623 47,854 70,174 39,811 Total Reserve Bank credit outstanding.. 2, 239, 436 2, 286,147 2, 235, 445 2,243,922 2, 220, 750 2, 258, 588 2, 243,956 2, 242, 778 2, 264,864 2, 529,129 Liabilities F. R. notes in actual circulation. 6,217,967 6, 206, 272 6,196,923 6,159, 227 6,079, 444 6, 063, 061 6, 047, 336 6,143, 059 6, 022, 032 4,930,814 Deposits: U M . e S m . b T e r r e a b s a u n r k e — r— re g s e e n r e v r e a l a a c c c c o o u u n n t. t . . . . 13, 9 50 4 5 6 , , 7 7 9 2 8 313,9 5 7 33 9 , , 1 7 3 1 0 5 13, 8 6 1 5 2 5, , 6 5 6 3 6 5 1 1 3! , ,, 0 5 4 0 4 5 , , 8 8 7 2 1 413, 9 6 0 3 6 2 , , 2 7 7 6 6 9 13I,, 9 7 1 4 2 0 , , 8 6 1 3 4 9 1t4, 4 ,2 2 1 1 0 , , 4 8 2 4 3 2 1 1 3 , , 1 3 8 7 0 01 , , ,6 0 5 8 9 2 14,2 3 0 43 3 , , 0 3 7 8 4 3 12, 7 4 0 2 2 2 , , 2 5 1 2 9 2 Foreign 1, 272, 37 1, 243, 299 1, 265, 753 1,148, 403 1,168,152 1,174, 707 1,163,143 1,154, 636 1,164, 353 362, 383 Other deposits 535, 630 520,127 474, 776 555, 458 619, 609 546, 721 585, 202 566, 738 640,172 328,180 Total deposits. 16, 260,53016, 276, 27116, 208, 730 16, 254, 556 16, 326,806 16, 374,88116, 380, 610 16, 272,115 16, 350, 982 13,815, 304 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 91.2 91.0 91.2 91.2 91.3 91.1 91.1 91.2 91.0 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a t y o 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 o t y o n ea th r s 2 1 y t y o e e a a r r s 2 5 y y to e ea a r r s s 5 O y v e e a r rs Bills discounted: Mar. 26 1,298 71 53 106 15 Apr. 2 1,041 779 56 58 97 5 Apr. 9 4,966 4,700 58 71 61 72 4 Apr. 16 1,218 832 79 67 151 65 24 Apr. 23 2,217 1,766 30 82 151 146 42 Industrial advances: Mar. 26 7,957 1,198 273 143 123 836 1,279 1,827 2,278 Apr. 2 7,820 1,186 295 113 168 1,006 1,139 1,788 2,125 Apr. 9 7,396 860 200 117 139 1,018 1,143 1,806 2,113 Apr. 16 7,470 961 173 131 149 976 1,108 1,835 2,137 Apr. 23 7,491 961 161 139 137 970 1,155 1,834 2,134 U. S. Government securities, direct and guaranteed: Mar. 26 2,184,100 58, 300 57,000 127,800 107,000 633, 4001,200,600 Apr. 2 2,184,100 57, 000 127, 800 136, 300 633,400 1, 229, 600 Apr. 9 2,184,100 57, 000 127,800 136, 300 633,400 1, 229, 600 Apr. 16 2,184,100 57, 000 127, 800 136,300 686,400 1,176, 600 Apr. 23 2,184,100 57, 000 127, 800 136, 300 686, 40u1,176, 600 MAY 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 N Yo ew rk P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t i . s n M o e i l a n i p - s - K C s a i a n t s - y Dallas F c S r i a a s n c n o - Assets Gold certificates on hand and due from U.S. Treasury: Mar. 19 20,103,2811,259,166 1,134, 4751, 421, 543607, 491423, 288 2, 883, 77' 437, 762317, 434,131314,8711,200,397 Mar. 26 20,102, 2791, 242, 7419,646, 5151,154, 089 1,399, 422615, 443437,970 2, 884, 0'"59 446, 220323, 557442,180311, 3951,198,688 Apr. 2 20,101, 2791,250, 4909, 777, 5441,176, 3111, 418, 946611, 586432, 3062,724,017'433,916322, 903445,808308, 7711,198,681 Apr. 9 20, 111, 2811, 219, 6539, 563, 9901,178, 6271,418, ~~628, 304 437, 68:2,886, 013457,150320, 046 45,12,12717307, 6821, 242, 029 Apr. 16 20,124, 7311, 200, 2689, 480, 4501,152,0611,465, 400632, 097 435,,641 2,978, 258 465i,, 036310,101449,870302,9081, 252, 641 Apr. 23 20,159, 7291, 205, 94"9, 454, 1111,187, 6641, 439,122 652, 270 43,1090 3,022, 094461,156298, 473453, 546310, 7441, 243, 512 Redemption Fund:—Federal Reserve notes: Mar. 19 10, 914 840 1,519 491 678 1,389 1,250 1,635 526 233 279 933 1,141 Mar. 26 10, 570 781 1,270 403 606 1,718 1,214 1,54' 510 225 263 922 1,111 Apr. 2 10, 488 73' 1,064 1,323 532 1,339 1,112 1,473 491 205 236 1,078 Apr. 9 10, 488 737 1,064 1,323 532 1,339 1,112 1,473 491 205 236 1,078 Apr. 16 10, 507 672 780 1,226 1,000 1,559 1,06' 1,382 473 195 215 887 1,051 Apr. 23 10, 507 672 780 1,226 1,000 1,559 1,067 1,382 473 195 215 1,051 Other cash: Mar. 19 332,163 24, 47J 82, 040 27,437 22, 822 18, 434 23, 928 46, 576 15, 968 7,067 18, 280 13,590 31, 546 Mar. 26 341,056 25, 086 89,769 28, 588 22, 426 16, 003 22, 270 48, 456 16, 656 7,436 17, 216 14, 577 32, 573 Apr. 2 323, 880 24,146 81,129 28, 596 21, 279 17, 785 22, 220 44, 220 14, 66: 6,644 17, 928 13, 578 31,688 Apr. 9 315, 51" 24, 258 85, 295 26, 638 20, 422 15, 424 20, 211 43, 004 14, 974 5,876 15, 552 14, 766 29, 097 Apr. 16 325,98' 24, 332 79, 709 26, 584 23,373 18, 424 25,073 41, 398 16, 808 6,738 16, 793 14,846 31, 909 Apr. 23 334,198 25, 245 85, 673 26, 961 23, 203 17, 721 24, 297 41, 783 18,133 5,946 15, 736 15,151 34, 349 Total reserves: Mar. 19 20,446, 3581,284, 4819,751,9571,162,4031,445, 043627,314 448,4662,931,985454, 256325, 285452,690329, 3941, 233, 084 Mar. 26 20, 453, 9051, 268, 6089, 737, 5541,183,0801, 422, 454" "63"3 ,'1"6'4 4'6 1,4524, 934,062463, 386331, 218459, 659326, 8941, 232, 372 Apr. 2 20,435,64"1, 275, 3739, 859, 7371, 206, 2301, 440, 75'630, 710455, 6382, 769, 710449,074329, 752463, 972323, 2471, 231, 447 Apr. 9 20, 437, 2861,244, 6489, 650, 3491, 206, 5881, 439, 837' 6 4i5,; 064759, 0102, 930,490472, 615326,127 467,,005323, 3461, 272, 204 Apr. 16 20, 461, 2251, 225, 2729,560, 9~3~9 1,179,8711, 489, 773652,080461, 7813,021,038 482, 31317,034'4 6"6, 878318, 6411, 285, 601 Bills A d p i r s . c 2 o 3 unted: 20, 504, 4341, 231,8649, 540, 5641, 215,8511,463, 325671, 550456,454 13, ; 065, 259479, 762304, 614469, 497326, 7821,278,912 Secured by U.S. Government obligations, direct and guaranteed: Mar. 19 808 380 136 35 139 42 Mar. 26 882 605 22 33 139 32 Apr. 2 612 250 27 43 139 32 Apr. 9 4,587 4,225 18 35 47 119 32 Apr. 16 736 265 23 210 4: 124 32 Apr. 23 1,617 960 38 85 47 174 32 Other bills discounted: Mar. 19 363 21 49 11 40 141 Mar. 26 416 104 16 49 10 31 169 Apr. 2 429 140 14 49 10 20 137 Apr. 9 379 11' 12 46 10 135 Apr. 16 482 139 30 44 10 142 Apr. 23 600 155 34 41 10 161 Total bills discounted: Mar. 19 1,171 459 157 49 11 179 183 Mar. 26 1, 298 709 38 49 10 170 201 10 Apr. 2 1,041 85 390 41 49 43 10 159 169 33 Apr. 9 4,966 85 4,342 30 46 35 57 119 167 23 Apr. 16 1,218 30 404 53 44 210 57 53 124 174 69 Apr. 23 2,217 60 1,115 72 191 85 57 124 206 193 79 Industrial advances: Mar. 19 7,894 910 1,752 2,276 212 756 350 355 361 72 27 571 Mar. 26 7,95: 908 1,752 2,282 211 755 350 353 446 72 277 549 Apr. 2 7,820 905 1,743 2,280 199 755 249 345 446 72 27 549 Apr. 9 7,396 905 1,738 2,264 217 754 246 346 350 72 276 228 Apr. 16 7,470 805 1,738 2,314 264 848 241 337 348 71 276 228 Apr. 23 7,491 801 1,738 2,342 262 847 241 339 350 71 276 224 U.S. Government securities, direct and guaranteed: Bonds: Mar. 19 1, 334,: 96,855 386, 550 106, 854 131, 580 73, 323 55, 681 149, 675 63, 032 40, 857 67,i 53,069 110, 285 Mar. 26 1, 334, 800 96, 855 386, 550 106, 854 131, 580 73, 323 55, 681 149, 675 63,032 40,857 67, 039 53, 069 110, 285 A A A A p p p p r r r r . . . . 9 2 2 1 3 6 1 1 1 1 , , , , 3 3 3 3 6 6 6 6 3 3 3 3 , , , , 8 8 8 8 0 0 0 0 0 0 0 0 9 9 9 9 8 8 8 8 , , , , 5 5 5 5 4 4 4 4 4 4 4 4 3 3 3 3 8 8 8 8 9 9 9 9 , , , , 3 3 3 3 1 1 1 1 2 2 2 2 1 1 1 1 0 0 0 0 8 8 8 8 , , , , 1 1 1 1 1 1 1 1 0 0 0 0 1 1 1 1 3 3 3 3 6 6 6 6 , , , , 4 4 4 4 6 6 6 6 2 2 2 2 7 7 7 7 5 5 5 5 , , , , 8 8 8 8 5 5 5 5 9 9 9 9 5 5 5 5 9 9 9 9 . , , , 2 2 2 2 4 4 4 4 7 7 7 7 1 1 1 1 5 5 5 5 6 6 6 6 , , , , 5 5 5 5 0 0 0 0 6 6 6 6 6 6 6 6 3 3 3 3 , , , , 2 2 2 2 8 8 8 8 3 3 3 3 4 4 4 4 1 1 1 1 , , , , 1 1 1 1 7 7 7 7 8 8 8 8 6 6 6 6 6 6 6 6 , , , , 2 2 2 2 7 7 7 7 7 7 7 7 5 5 5 5 4 4 4 4 , , , , 9 9 9 9 7 7 7 7 9 9 9 9 1 1 1 1 1 1 1 1 4 4 4 4 , , , , 0 0 0 0 4 4 4 4 3 3 3 3 Notes: Mar. 19 849, 300 61, 626 245, 953 67, 988 83, 723 46, 653 35, 428 95, 235 40,106 25, 995 42, 656 33, 766 70,171 Mar. 26 849, 300 61,626 245,953 67,988 83, 723 46, 653 35, 428 95, 235 40,106 25, 995 42, 656 33, 766 70,171 Apr. 2 820, 300 59, 273 234,163 65, 027 82, 079 45, 627 35, 637 94,136 38, 062 24, 769 39,863 33,068 68, 596 Apr. 9 820, 300 59, 273 234,163 65, 027 82, 079 45, 627 35, 637 94,136 38, 062 24, 769 39,863 33, 068 Apr. 16 820, 300 59, 273 234,163 65,027 82,079 45, 627 35, 637 94,136 38,062 24, 769 39, 863 33,068 Apr. 23 820, 300 59, 273 234,163 65, 027 82,079 45, 627 35, 637 94,136 38,062 24, 769 39, 863 33, 068 68, 596 Total U. S. Government securities, direct and guaranteed: Mar. 19 2,184,100 158,481 632, 503 174, 842 215, 303 19,976 91,109 244, 910 03,138 66, 852 •,835 180, 456 Mar. 26 2,184,100 158,481 632, 503 174, 842 215, 303 19,976 91,109 244,910 03,138 66,852 .09,695 86,835 180,456 Apr. 2 2,184,100 157,817 623,475 173,137 218, 541.21, 48694,884 250, 642 01, 345 65, 947•06,140 88, 047 182, 639 Apr. 9 2,184,100 157, 817 623, 475 173,137 218, 541 21,486 94,884 250,642 .01, 34565,947 LO6, 140 88,047 182, 639 Apr. 16. 2,184,100 157, 817 623, 475 173,137 218, 541 21,486 94, 884 250, 642 01, 345 65, 947L06,140 88, 047 182, 639 Apr. 23 2,184,100 157, 817 623, 475 173,137 218, 541 21, 486 94, 884 250, 64201, 345 65, 947L06,140 88,047 182, 639 420 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 ew rk 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 - At- hicago L S ou t. is n M o e l a i i n p s - - K s M a a n s ty - Dallas F c S i r s a a c n n o - Assets—Continued Total bills and securities: Mar. 19 ,193,165 159, 391 634, 714 177, 275 215, 564 20, 767 91,470 245,363 03,140 »7,392 39, 950 ,112 181,027 Mar. 26 2,193, 355 159, 389 634, 964 177,162 215, 563 20,764 91,469 245, 341 03,140 67,468 39, 968 57,122 181, 005 Apr. 2 2,192, 961 158, 807 625,608 175,458 218,789 22, 284 95,143 251.049 01, 345 66, 552 36, 381 88,357 183,188 Apr. 9 2,196,462 158,807 629, 555 175,431 218,804 22, 275 95,187 251.050 01, 345 66,416 36, 379 38, 346 182, 867 Apr. 16 2.192, 788 158, 652 625, 617 175, 504 218,849 22, 544 95,182 251,032 01, 345 66,419 36,385 38, 392 182,867 Apr. 23 2.193, 808 158,678 626,328 175, 551 218,994 22, 418 95,182 251,105 01, 380 66, 503 36,404 58,402 182, 863 Due from foreign banks: Mar. 19 47 18 5 4 2 2 1 1 1 4 Mar. 26 47 18 5 4 2 2 1 1 1 4 Apr. 2 47 18 5 4 2 2 1 1 1 4 Apr. 9 47 18 5 4 2 2 1 1 1 4 Apr. 16 47 18 5 4 2 2 1 1 1 A Apr. 23 47 18 5 4 2 2 1 1 1 4 federal Reserve notes of other banks: Mar. 19 21, 513 454 1,737 1,047 1,468 3,657 3,104 3,101 2,330 482 1,515 519 2,099 Mar. 26 20, 089 502 1,820 1,024 1,248 3,151 3,162 2,482 1,400 557 1,778 572 2,393 Apr. 2 21, 956 408 1,701 1,030 1,488 3,406 4,122 2,694 2,235 155 2,001 641 2,075 Apr. 9 20, 594 455 1,812 1,093 1,225 3,633 3,162 3,393 1,457 463 1,716 788 1,397 Apr. 16 23,898 505 2,238 1,485 1,758 4,042 3,040 3,244 2,545 881 1, 598 2,076 Apr. 23 23,183 720 2,280 1,116 1,389 4,829 2,915 2,298 2,136 667 1,490 698 2,645 Uncollected items: Mar. 19 984,149 91, 328 228, 685 64,839 116,196 94, 632 47,656 142, 924 47, 581 19,935 37, 026 34,954 58, 393 Mar. 26 772, 538 71, 798 188, 848 59, 295 91, 286 61, 782 33, 384 106, 456 40, 577 18,094 31,838 27,011 42,169 Apr. 2 813, 701 76,994 195,124 58,113 96,449 62, 716 33,433 121,184 43, 370 18, 770 34, 968 27,387 45,193 Apr. 9 744, 711 72,168 175, 766 50, 073 83,401 67, 334 30, 791 106, 841 42,157 17, 654 34, 796 26, 527 37, 203 Apr. 16 1,104,388 98, 576 291, 717 76, 509 127, 360 .06, 48440,962 153, 027 54, 917 22,103 38, 444 36, 775 57, 514 Apr. 23 849,341 84,801 203, 664 62, 089 101,156 68,056 33, 289 110, 305 45, 267 18, 970 35, 555 39, 254 46, 935 Bank premises: Mar. 19 39,926 2,824 9,66' 4,556 4,562 2,578 3,029 2,311 1, 3,011 1,211 2,831 Mar. 26 39,902 2,824 9,667 4,556 4,550 2,578 1,980 3,031 2,310 1,362 3,011 1,211 2,822 Apr. 2 39, 828 2,819 9,649 4,545 4,550 2,572 1, """ 3,023 2,309 1,360 2,995 1,204 2,822 Apr. 9 39, 963 2,819 9,699 4,617 4,550 2,585 1,980 3,023 2,309 1,360 2, ' 1,204 2,822 Apr. 16 39, 966 2,819 9,699 4,618 4,550 2,586 1,981 3,023 2,309 1,360 2,995 1,204 2,822 Apr. 23 39, 977 2,819 9,726 4,61" 4,537 2,586 1,979 3,023 2,309 1,360 2,995 1,204 2,822 Other assets: Mar. 19 46, 20c 3,169 12, 704 4,085 4,946 2,819 1,960 4, 2,004 1,421 2,171 1,901 4,133 Mar. 26 46, 791 3,187 12,994 4,094 5,010 2,895 1,910 4,933 2,028 1,436 2,203 1,929 4,172 Apr. 2 47, 285 3,23 12,846 4,06: 5,142 2,892 2,046 5,136 2,029 1,436 2,195 1,991 4,280 Apr. 9 48, 326 3,26: 13, 088 4,606 5,224 2,951 2,005 5,12r 2,056 1,463 2,213 1,"" 4,354 Apr. 16 46,77 3,228 12, 71 4,00: 5,08' 2,87: 1,977 5,05C 2,015 1,432 2,160 1,977 4,259 Apr. 23 47, 53 3,23: 13, 01c 4,03: 5,168 2,91' 2,010 5,140 2,034 1,455 2,192 2,009 4,331 Total assets: Mar. 19 23, 731, 36: 541, 65C .0, 639,48: 414, 211 ,787,782 151, 769>94,642 331, 298ill, 623=15,877306, 364 :55,092 481,571 Mar. 26 23, 526,62^ 506,31: .0, 585,86, 429, 211 ,740, 124, 336 3, 361 ,296, 311312, 842:20,135308,458444, 740 464, 937 Apr. 2 23, 551,42i 517, 63, 10, 704,68: 449,44: , 767,17S 124, 582>92, 364 , 152,802300, 363tl8, 025312, 513442, 828 469, 009 Apr. 9 23, 487,38i 482,16: 0,480, 28' 442, 41, , 753, Oil 343,847 92,13" , 299, 928321, 94CL13, 483il5,105442,192 500, 851 Apr. 16 23, 869,08^ 489, 055 .0, 502,94i 441,994 , 847,38: 390,609304, 92S , 436, 420345,449 ,09,229 .18, 349447, 588 535,143 Apr. 23 23, 658,32i 482,122 .0, 395, 59; , 794, 572 572, 35f591,83 , 437,136332,88S 3,569 .18,134 158, 350 518, 512 Liabilities Federal Reserve notes in actual circulation: Mar. 19 6,063, 06 492,16; 1,603, 27: 421, 44: 558, 75£ 292, 73' 201, 29: , 301,021 228,19C 60, 21 211, 892 98,62: 493, 468 Mar. 26 6, 079, 44< 493, 87J 1, 608 • • 423, 39J 562, 581292,8 200, 50! , 304, 84i 229, 32£ 60,69 210, 829 97,945 494,246 Apr. 2 6,159, 22: 501,48: 1, 631,181 427,12: 565, Oil 296, 55! 205, 39; ,317,63: 232,81' 62,422 214, 602 .01, 774 503,188 Apr. 9 6,196,92! 504, 701 1, 633,28f 431, 481 573, 22C 296, 494 206, 64: , 326, 54' 233,41 .64,01 214,434 .00, 290 512, 400 Apr. 16 6, 206, 27: 505, 76: 1, 640, 33£ 430, 66! 571, Q3t 298, 321205, 23C1, 330, 49' 234, 85C 215,025 99, 58! 510, 653 Apr. 23 6, 217,96' 507, Ml 1,639, 722 430, 86 574, 68i 295,11 204, 45£ 1, 342, 92; 234, 762 164, 51! 214, 766 99, 50: 509, 300 Deposits: Member bank—reserve account: Mar. 19 13, 740,631 815, 832 7, 300,19; 721,801 928, 553 386, 76: 268,8 53,09 257, 74; 169, 23* 286, 45£237, 37! 784,686 Mar. 26 13, 632, 76' 797,104 7, 215, OK 738, 33: 906,00C 381, 571 277, 30* 1, 585, 58; 260, 46: 289, 46£237, 048 776,171 Apr. 2 13, 505, 779, 79c 7, 247, 44£ 754, 45 919,18( 380,17; 275, 33/ 1, 447, 09; 244, 56! 163,11 286, 75: 238,80S 769,100 Apr. 9 13, 655, 53 773, 65! 7, 099,98C 778, 9' 936,07i 396, 28! 277, 07' 1, 610, 00< 277, 56: 165,90C296, "" 241,81 801, 533 Apr. 16 13, 979,131 779, 20( 7,172, 852 771, 90. 983, 22! 410, 83. 288, 70! 1, 738, 79! 288, 34' 164, 571294,922 250,59 835,164 Apr. 23 13, 505, 72: 762,08! 6, 787, 4r 781, 44, 947, 423,10 278,87, 1, 755, 01<279, 83: 145, 65! 294,448 240, 99J 808,965 U. S. Treasurer—general account: Mar. 19 912, 8L 55, 07' 329, 20! 71,42! 69, 74- 27,92 29, 044 158, 56; 31, 05. 34, 582 27, 48f 45, 826 32,885 Mar. 26 906, 27( 54, 30: 314, 971 71, 84; 57, 95: 34,93 36, 979 139, 54: 36, 00J 40, 5U 33,81 44,831 40, 573 Apr. 2 1, 044, 87: 76,18! 455, 76! 74,08! 74, 29: 29,10 32, 66! 116, 80- 34, 771 42, 70< 34, 67! 36,60! 37,192 Apr. 9 812, 661 42, 93. 46, 50( 46,22' 26,62 30, 68 99, 26i 22, 55: 34,63c 28, 73J 35, 338 32, 869 Apr. 16 533, 7: 16, 90' 211,19- 32,64 39, 56: 15,97 26,92- 66, 44- 22, 57 27, 21' 27, 24! 24, 494 22, 519 Apr. 23 946, 7S 40, 7 53, 49i 61,16: 28,56 28,50 72, 48i 29,92 33,38 28, 78! 39,170 41, 415 Foreign: Mar. 19.. 1,174, 7i 57, 89! 668,01 75,971 72, 05 33,6' 27,41: 93, 23, 49i 17, 23 22,71: 22, 71: 59, 552 Mar. 26 1,168, U 58, 31' 656, 6(X 76, 72: 72, 76< 34, 01 27, 68! 94, 91 23, 72J 17, 40 22, 93 22,93' 60,140 Apr. 2 1,148, 4C 56,00 634,44: 77, 521 73, 52- 34, 36 27,97: 95,90 23, 97i 17, 58: 23,17 23,1 60, 769 Apr. 9 1,265, 71 58, 95 745,1" 78,1 74,11: 34, 63 28,19J 96, 66 24,16' 17, 72: 23,36 23, 36 61, 276 Apr. 16 1,243,29! 58, 77 728, 8 77,121 73,15 34,191 27, 82! 95, 41 23,85' 17,49; 23,05i 23,05! 60, 458 Apr. 23 1, 272, 37! 57,48 754, 58' 77,91! 73,90 34, 54 28, Hi 96, 39 24,09! 17, 23,29i 23, 29, 61,075 Other deposits: Mar. 19 546, 72 5,68: 420, 711 23, 75 12,13' 5,20! 5,45: 14, 32! 10, 7,00] 8,38- 3,89: 29,473 Mar. 26 619, 60! 9,14: 484, 72! 20,98 14, 82: 6,94- 6,051 17, 351 10, 79C 7,1: 8,80: 4,2& 28, 582 Apr. 2 555, it 4,26( 435, 76! 21, 76 7,545 8,422 5,80: 12, 61: 9,383 5,71' 8,44< 4,451 31, 269 Apr. 9. ... . . 474, " 6,15 352, 83 21,59 9,60 7,922 5,9- 12,88' 9,33- 6,28c 8,32! 3,9H 29,952 Apr. 16 520, 12 8,04! 367, 96. 24, 91i 26, 69' 9,49S 5,72! 17,15. 10, 57' 7,222 8,74< 3,861 29, 715 Apr. 23 535, 62 7,7' 413,13 24,23 7,55J 7,89: 6,3r 12,50 8,42: 6,484 8,39; 3,86i 29,025 * Less than $500. MAY 1941 421 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 i e i l l a a - - C la le n v d e- m R o ic n h d - la A n t- ta Chicago Lo S u t. is n M e o i l a n i p - s - K C s a i a n t s - y Dallas F c S i r s a a c n n o - Total deposits: Mar. 19 ... 16,374,881 934,484 8, 718,121 892,964 , 082, 485 453, 5693 30,,800 1, 849,965 322,993 228,057345,037309,810 906, 596 Mar. 26 16, 326,806 8, 671, 326 907,889 , 051, 550 457, 462 334488, 002200 I, 837, "3"9'4 330,990 233,725 35"5i,; 021309,099 905, 466 Apr. 2 16,254,556 916,246 8,773, 427 927,830 , 074, 544 452,069341, 7801,672,411312, 703229,124353, 055 3031;,037 898,330 Apr. 9 16,208,730 881,704 8, 564, 266 925,220 ,066,016 r~ 472 341,9261,818,827333, 615 224, 538357, 089304, 427 925, 630 Apr. 16 16,276,271 862,941 8,480,901 906,586 ,122,643 498 349,1911,917,810 345,355216, 508 353,973302,009 947,856 Apr. 23 16,260,530 868,009 8,444,403 937,085 1, 090,458 494^ 105341,8"6"6 1,,936,401 342' , ^276203,194 354,927307,326 940,480 Deferred availability items: Mar. 19 918,773 88,979 188,972 65,033 111,877 89, 223 48,817 132,497 48, 621 17, 844 38,080 35,120 53, 710 Mar. 26 745,190 67,493 176,965 63,101 91, 292 57, 708 31,085 106,186 40,690 15,907 31, 220 26,131 37, 412 Apr. 2 762,787 73, 866 170,849 59,693 92,909 59,711 31, 528 114,927 43,019 16,670 33, 495 26, 468 39, 652 Apr. 9 705,775 69, 701 153, 303 50,402 79, 061 65,605 29, 875 106, 647 43,056 15,104 32, 205 25, 906 34,910 Apr. 16 1,011,076 94, 217 252, 273 69,921 118, 327105, 510 36,827 140,186 53, 412 19, 217 38,002 34,429 48, 755 Apr. 23 803,760 181, 842 60,433 94,620 66, 826 31, 804 109, 787 43, 979 16,024 37,058 39, 931 40, 790 Other liabilities, including accrued dividends: Mar. 19 3,688 412 315 406 332 157 420 133 120 120 133 180 Mar. 26 4,087 452 1,030 363 434 368 172 493 139 140 144 156 196 Apr. 2 3,775 441 983 321 411 340 96 432 121 135 138 140 217 Apr. 9 4,752 452 1,161 479 366 125 505 149 153 133 159 244 Apr. 16 4,116 525 1,119 336 421 352 106 488 128 137 139 150 215 Apr. 23 4,571 478 1,285 383 457 375 129 567 151 157 144 174 271 Total liabilities: Mar. 19 23,360,403 1, 516,038 10, 511,324 1, 379, 7531,753, 526 835, 858 581,066 3,283, 902 599, 937 406, 232 595,129 443, 16,8 4453, 954 Mar. 26 23,155, 527 ' ,4'8"0 ,682 10,457,648 1,394,748 1, 705,857 808,4255 7T9, 782 3, 248,913 601,144 410, 463 597, 214 433, 3311, 437, 320 Apr. 2 23,180,345 , 492, 04010, 576, .4..4 01>4149651., 732, 909 808, 657798, 797 3,105, 407 588, 660 408, 352 601, 290 431, 4119, 441, 387 Apr. 9 23,116,180 , 456, 559 lO"ii, 352,015 :1, ,407, 931 11,, 7 1781,8 ,7 7767 6827, 937 578; 5673, 252, 523 610, 235 403,810 603, 864130, 782 1, 473,184 Apr. 16 23,497,73? , 463,445 10i,, 374,6311, 407, 512 1,813,026 874, 689 591, 3543, 388, 9816 3633,3 745 399, 557 607,139 436; 1771, 507,479 Apr. 23 23,286,828 ,456,49810, 267,2521,428, 762 1, 760, 221 856,425 ;578, 258 3, 389,680 62,1169:383,894 606,895 446, 9331,490, 841 Capital Accounts Capital paid in: Mar. 19 139,717 9,350 51, 538 11,886 14, 381 5,425 4,795 14,678 4,255 2,977 4,504 4,263 11, 665 Mar. 26 139,795 9,350 51, 573 11,891 14, 381 5,428 4,796 14, 680 4,259 3,005 4,504 4,263 11, 665 Apr. 2 139,809 9,350 51, 570 11,891 14, 384 5,428 4,796 14, 682 4,266 3,005 4,504 4,263 11,670 Apr. 9 139,875 9,350 51, 573 11, 891 14, 387 5,428 4,796 14, 695 4,266 3,005 4,506 4,263 11,715 Apr. 16 140,010 9,350 51,591 11,891 14.477 5,428 4,796 14, 724 4,267 3,005 4,506 4,264 11,711 Apr. 23 140,05: 9,352 51, 592 11,901 14.478 5,428 4,798 14, 731 4,277 3,006 4,508 V" 11, 717 Surplus (section 7): Mar. 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 Mar. 26 157,065 10,906 56, 447 15,144 14, 323 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10, 785 Apr. 2 157,065 10, 906 56,447 15,144 14, 323 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10, 785 Apr. 9 157,065 10, 906 56, 447 15,144 14, 323 5,247 5,725 22,824 4,925 3,152 3,613 3,974 10, 785 Apr. 16 157,065 10, 906 56, 447 15,144 14, 323 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10,785 Apr. 23 157,065 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): Mar. 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 Mar. 26 26,785 2,874 7,070 4, .— 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Apr. 2 26,785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Apr. 9 26,785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Apr. 16 26,785 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Apr. 23 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: Mar. 19 47,391 2,482 13,103 3,034 4,546 1,995 2,343 8,465 1,973 2,516 1,' 3,046 Mar. 26 47,455 2,499 13,127 3,040 4,547 1,992 2,345 8,465 1,981 2,515 I,1 ,909 3,046 Apr. 2 47,421 2,465 13,156 3,049 4,556 1,984 2,333 8,460 1,979 2,516 1, ,909 3,046 Apr. 9 47,484 2,472 13,182 3,054 4,552 1,991 2,336 8,457 1,981 2,516 1,987 ,910 3,046 Apr. 16 47,492 2,480 13, 206 3,054 4,548 2,001 2,337 8,462 1,979 2,515 1,953 ,910 3,047 Apr. 23 47,590 2,492 13, 232 3,061 4,544 2,011 2,337 8,472 1,985 2,517 lr~~ ,911 3,048 Total liabilities and capital accounts: Mar. 19 23,731,361 1, 541, 65010,639, 4821, 414, 2101, 787, 783851, 769 594,642 3, 331, 298 611, 623 415,877 606,364 455,0921,481, 571 Mar. 26 23,526,627 1, 506, 31110, 585, 8651, 429, 2161, 740,115824,336 593,3613,296,311 842 420; 135 608; 458 444, 7401, 464, 937 Apr. 2 23,551,425 1, 517,63510, 704, 6831,449, 4421, 767,179824, 582 592, 364 3,152, 802 " •" •" 612, 513 442, 8218, 469, 009 Apr. 9 23,487,389 1,482,16110, 480, 2871, 442, 4131, 753,045843,847 592,137 3, 299, 928 62lj 940 413; 483 615; 105 442; 19:2, 1 500, 851 Apr. 16 23,869, "'" 1,489,05510, 502, 9451, 441, 994 i; 847, 388190, 609 604, 925 3,436,420 645,449 409, 229 618, 349 447, 588, 15.35,143 Apr. 23 23,658,325 1, 482,12210, 395, 5931,463,261 ^ i4," 5"73S72, 355 591, 831 3, 437,136 632,889 393, 569 618,134 458, 3510, 518,512 Commitments to make industrial advances: Mar. 19 7,288 178 1,582 398 1,738 701 177 2,429 Mar. 26 7,315 178 1,582 362 1,683 801 176 2,444 Apr. 2 _• 7,260 176 1,560 34' 1,673 801 176 2,438 Apr. 9 8,446 176 1,500 353 1,662 803 176 3,671 Apr. 16 8,508 175 1,426 323 1,65£ 890 27 3,659 Apr. 23 8,461 174 1,411 300 1,654 889 275 3,653 422 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 t e h s ) day of Ap r p ec li e c i a v t e i d ons Ap c p o li n c s a i t d i e o r n a s t i u on nder A a p p p p li r c o a v ti e o d ns A ( s a t d a m o v n u o a d t n u i - n c n e g t) s 1 C ( s a t m o a m o m n e u o d n m t u i - t n s n it g t - ) A ( p b a p l u m c p e o t r t o m e o n u d v - o n e 3 t t d ) d c e o a r x a r a n p p w w t p i , r n i l e e t i h t - d b c - , y . ( s P p a ta m a a o n t r u i o t d o i t u i - c n n n i s - g t) 3 Number Amount Number Amount Number Amount (amount) 1934—Dec. 26.. 4,386 146,972 2,955 49, 634 13, 589 8,225 20,966 5,558 1,296 1935—June 26. 6,325 237, 581 11, 349 1,646 88, 778 27, 518 20,579 11,248 24,900 4,533 Dec. 31 f 7,437 293,084 2,823 1,993 124,493 32,493 27,649 11, 548 44,025 8,778 1936—June 24.. 8,006 314, 471 1,880 2,183 133, 343 30,484 24,454 9,381 61,425 7,599 Dec. 30.. 8,247 328,998 1,245 2,280 139,829 25, 526 20,959 8,226 77,910 7,208 1937—Mar. 31. 8,344 333, 300 1,322 2,323 141, 545 23, 059 18, 611 7,898 85,210 6,767 June 30.. 8,430 339, 509 1,263 2,361 145, 758 23,019 16,331 1,470 97, 663 7,275 Sept. 29. 8,474 341,842 800 2,381 146, 724 21,415 14,880 537 102, 588 7,304 Dec. 29.. 8,534 350, 551 550 2,406 150,987 20, 216 12, 780 3,369 107, 384 7,238 1938—Mar. 30. 8,708 358, 936 1,299 2,464 154,918 19, 371 13,110 3,419 111,193 7,825 June 29.. 8,976 369,853 476 2,566 161,158 18,444 13, 649 3,084 117, 555 8,426 Sept. 28. 9,102 378,974 146 2,617 168, 380 17, 567 13, 597 5,737 122,447 9,032 Dec. 28.. 9,188 387,490 247 2,653 175, 013 17, 345 14,161 1,946 128,839 12, 722 1939— Jan. 25... 9,203 389,176 999 2,660 175, 651 16, 811 13,004 1,293 132,009 12, 534 Feb. 214 9,221 389, 554 964 2,671 175, 902 16, 474 12,907 1,105 133,001 12, 415 Mar. 29. 9,249 392, 230 344 2,683 177,895 15, 798 12, 647 1,975 135,004 12,471 Apr. 26.. 9,270 394,055 495 2,697 178,639 15,817 11, 749 2,134 136,696 12, 243 May 31.. 9,296 394,970 400 2,713 179,332 15,305 11, 530 2,496 137,922 12, 079 June 28.. 9,308 395,499 255 2,721 179,778 15, 255 11,175 2,067 139, 281 12,000 July 26.. 9,330 399,780 760 2,730 183,354 15,384 11,476 733 142,943 12, 818 Aug. 30_. 9,355 401, 228 532 2,743 184,152 14,667 11,009 1,220 144,812 12, 444 Sept. 27. 9,366 402, 305 370 2,752 185, 234 14,454 10,517 1,938 146,156 12,169 Oct. 25.. 9,388 402,944 70 2,763 186,034 14,545 10,156 1,764 148,037 11,532 Nov. 29. 9,401 404,226 92 2,772 187,257 14, 051 9,643 2,548 149,911 11,104 Dec. 27.. 9,418 405, 225 41 2,781 188,222 13,683 9,220 2,659 151,679 10, 981 1940—Jan. 31. _ 9,433 406,097 76 2,793 188,879 12,860 8,376 2,504 154,629 10, 510 Feb. 28.. 9,456 407,392 32 2,805 190,055 12,997 1,454 155,574 11,064 Mar. 27. 9,476 410,192 199 2,814 192, 665 12,723 8,224 2,471 158,110 11,137 Apr. 24_. 9,487 411,628 118 2,825 194,096 12,001 8,725 2,264 159,950 11,156 May 29.. 9,504 413,178 45 2,832 195,404 11, 242 8,852 2,474 161,491 11, 345 June 26.. 9,512 413, 646 33 2,838 195,739 10,988 8,762 2,195 162, 612 11,182 July 31.. 9,536 415, 599 76 2,853 197,439 10,907 8,582 1,991 164,949 11,010 Aug. 28.. 9,546 416,454 444 2,856 197,906 10,779 8,238 2,095 165,865 10,929 Sept. 25. 9,556 417, 260 10 2,865 198, 966 10, 778 8,078 2,315 167,046 10, 749 Oct. 3O._ 9,573 420,837 740 2,875 201, 750 10,484 7,351 4,260 169, 746 9,909 Nov. 27.. 9,581 421,139 650 2,883 202,041 9,893 7,106 4,056 171, 394 9,592 Dec. 314. 9,609 431, 236 222 2,908 212, 510 9,152 5,226 13,954 177, 792 6,386 1941—Jan. 29. 9,633 435,474 1,929 2,923 214,800 9,483 5,207 12, 325 179,021 8,764 Feb. 26.. 9,659 442,712 600 2,945 223, 226 9,451 5,066 20,424 179, 569 8,716 Mar. 26. 9,682 448, 506 823 2,959 228, 732 9,526 7,315 19,986 180,989 10,916 Apr. 235. 9,705 443, 598 35 2,978 224,496 9,096 8,461 12,474 182,913 11.552 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks. 2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $1,134, 769, April 23, 1941. 4 Tuesday. s Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i l i - l a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n s p - - K C s a a i n s ty - Dallas F c S i r s a a c n n o - Federal Reserve Notes: Issued to F. R. Bank by F. R. agent Mar. 26. 6, 387, 733513, 6351,684,122 442, 508 585, 586305,207 224, 314 1, 338,118 241, 899 16i,54,01219,923 110, 361556, 659 Apr. 2 6,444,451 524,9111, 701, 563 4446,0 640 548 45,8443,94 33910,081 1, 347,947 245, 513166, 736 221,518109, Apr. 9 6,486,643 523, 51 1,711,480 447,868 592, 516311, 225 1,357,603 247, 785168,186 223;,, 008866110,859 567',, 137 Apr. 16 i, 513, 752528, 2581, 723, 684 450, 846 593, 283163,799 224,419 1, 357, 709 248, 581468,741223, 247110, ,145 Apr. 23 6, 538, 248526,4681, 724,021 451,183598, 297 314,61'226; 809 1, 374, 772249,892 169, 487 223,430 109,166570,106 Held by Federal Reserve Bank: Mar. 26 308, 289 19, 762 75,795 19,113 23, 005 12, 320 23,809 33, 278 12, 574 4,710 9,094 12,416 62, 413 Apr. 2 285, 224 23, 424 70,382 17, 483 19, 394 13, 522 17,462 30, 310 12, 696 4,313 6,916 7,664 61,658 Apr. 9 289, 720 18, 815 78,195 16, 385 19, 296 14, 731 18, 740 31, 059 14, 370 4,171 8,652 10, 569 54,737 Apr. 16 307, 480 22,496 83, 346 20,177 21, 651 15,470 19,189 27, 212 13, 734 5,046 8,222 10, 445 60,492 Apr. 23 320,281 19,123 84, 299 20, 322 23, 611 19, 49822,350 31,847 15,129 4,'"" 9,664 60, 806 In actual circulation:1 Mar. 26 _ . 6, 079, 444493,8731, 608, 327423,395562, 581 292,88'200, 505 304,840 229,325 160, 691210,829 97, 945 494, 246 Apr. 2 6,159, 227501,4871, 631,181427,121565,04!296', 559 205, 393317,637 232,817 16'2,423 2"1 4,660022 110 1., 7,7 4.503,188 Apr. 9 . .... 6,196, 923504, 7021,633, 285431,483573,220 296, 494 206,641 326, 544 233,415 164,015214,434 100, 290 512, 400 Apr. 16 .6, 206, 272505, 7621, 640, 338430, 669 571, 63. 329 205,230 330, 497 234,"85"0 116633,,6 96595" 2 1I5,, C 99, 589 510,, 653 Apr. 23 6, 217, 96:507, 3451, 639, 722 "413,08,61574,686 295,119 204,459 342,925 234, 763164,519 214, 766 99, 502 509, 300 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Mar. 26 6, 504, 000530,0001, 700,000 450,000 588,, 000 325,,000 230,000 1, 350, 0C0 249, 000 167,000 225, 000 116, 000 574, 000 Apr. 2 . 6, 534,000530,0001,720,000 450,000,588,000 325, 000 230,000 1, 360,000 249,000 167,000 225,000 116, 000 574, 000 Apr. 9 , 6, 581, 000530, 0001, 730,000 450,000593, 000 325,000 230,000 1, 380, 000 249, 000 169, 000 225,000 116, 000 584,000 Apr. 16.. . 6, 636, 000550, 0001, 740,000 460,000596, 000 325,000 230,000 1, 3800,00 259, 000 171,000 225,000 116, 000 584,000 Apr. 23 6, 659,000550,0001, 740,000 460,000599,000 325, 000 230,000 1, 4000,00 259, 000 171,000 225, 000 116, 000 584, 000 Eligible paper: Mar. 26 1,138 709 33 170 188 Apr. 2 _ 884 85 390 43 159 166 Apr. 9 4,775 85 4,342 35 119 164 Apr. 16 991 30 404 210 124 170 Apr. 23 1,742 60 1,095 85 35 206 189 Total collateral: Mar. 26 6, 505,138530,000 700, 709 450, 038 588, 000 325, 033 230, 000 1,350, 0001 2,04090,167,170 225,188116, 000574, 000 Apr. 2 ">, 534,884530,085 720, 390 450, 041 588,000 325,043 230, 000 1, 360, 020409 r,000 167,159225,166 116, 000574, 000 Apr. 9 i, 585, 775530, 085 734, 342 450, 030 593, 000 325, 035 230, 000 1, 380,2 04090,000 169,119 22^164116,000584, 000 Apr. 16 i, 636, 991.50, 030 740,404 460, 053 596,000 325, 210 230,000 1, 380,002059,000 171,124225,170 116,000 584,000 Apr. 23 i, 660, 742550,060 741,095 460,072 599, 000 325, 085 230, 000 1, 400, 020509,035 •1"7 1,• "2'06 225,189116, 000 584,000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. Digitized forM FARYA S1E9R41 423 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, MARCH, 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 G d a r e o n - s d s m N d a e e n - t d T d i e m - e F R ed e e se r B a rv l a n e R s k e s w se it r h ve b m a b A n e e m l k r l s - 1 C N e c e n i w t t r y a l b r a e n C s k e h s i r - ve b s c R a e i n r e t v - y k e s b C a t o n r u k y n s - * po de s - its po d s e i - ts i posits qu R i e r - ed Held c E e x s - s York cago Total reserves held: 1940—March 12,362 6,428 899 3,368 All member banks.. 44, 364 36, 418 12, 396 7,675 13,979 6,304 April 12, 703 6,548 972 3,476 , 706 Central reserve city banks: May 13,086 6,660 1,097 3,615 , 714 New York. 16 948 16,172 837 3,721 6,924 3,203 June 13, 596 6,941 1,182 3,716 , 757 Chicago 3,247 2,874 505 679 931 252 July. 13, 735 6,979 1,168 3,837 ,751 August 13,408 6,709 1,154 3,804 ,740 Reserve city banks: September 13, 643 6,705 1,234 3,905 , 800' Beston district 1,439 1,302 82 232 571 339 October 14,043 6,889 1,279 4,024 ,851 New York district 253 199 144 42 59 17 November 14,131 6,975 1,218 1, 858* Philadelphia district.. 1,546 1,298 229 239 532 293 December 14,049 6,997 1,142 4,096 1,815 Cleveland district 2,142 1,696 740 334 766 432 1941—January 14,339 7,135 1,051 4,240 1,913 Richmond district 975 743 231 142 271 129 February 13, 996 6,807 1,033 4,258 1,898. Atlanta district 943 646 180 122 166 44 March 13, 979 6,924 931 4,197 1, 928 Chicago district._ 1,697 1,206 658 244 461 217 Week endine (Friday) St. Louis district 1,031 770 176 144 196 53 1941—Feb. 28 '.. 14,152 6,961 1,020 4,255 1,916 Minneapolis district... 460 340 86 64 101 38 Mar. 7 14, 210 7,044 982 4,237 1,947" Kansas City district- 1,147 748 159 139 215 76 Mar. 14 14, 264 7,096 948 4,282 1,938 Dallas district 880 543 136 102 151 49 Mar. 21 13, 946 6,886 920 4,194 1,945- San Francisco district. 2,639 2,108 2,055 472 707 235 Mar. 28 13, 661 6,750 887 4,123 1,901 Apr. 4 13, 556 6,740 845 4,080 1,891 Total 15,152 11, 600 4,875 2,274 4,197 1,923 Apr. 11 13, 643 6,666 879 4,185 1, 913 Apr. 18 13,738 6,604 974 4,240 1,919* Country banks: Excess reserves: Boston district 1 076 765 566 120 252 132 1940—March 5,734 3,248 310 1,405 771 New York district.... 1,584 1,148 1,442 210 451 241 April 6,003 3,312 388 1,494 809 Philadelphia district.. 755 492 885 103 193 89 May.. 3,389 477 1,607 815 Cleveland district 736 457 721 91 181 90 June 3,594 547 1,703 851 Richmond district 716 400 386 67 120 53 July 6,752 3,588 522 1,803 839 Atlanta district 681 391 248 59 110 51 August... 6,407 3,344 499 1,748 816 Chicago district 1,091 663 822 121 244 123 September 6,582 3,324 570 1,821 866 St. Louis district 449 275 252 46 77 31 October 6,864 3,465 610 1,888 902 Minneapolis district... 368 228 286 42 70 29 November 6,830 3,493 546 1,895 Kansas City district- 505 312 162 45 72 27 December 6, 646 3,443 476 1,887 Dallas district 649 392 108 52 93 41 1941—January 6,832 3,505 381 2,016 930 San Francisco district- 407 248 303 45 66 21 February 6,422 3,166 347 2,004 906 March 6,304 3,203 252 1,923 927' Total 9,017 5,772 6,180 1,002 1,928 927 Week ending (Friday) 1941—Feb. 28 6,522 3,282 331 1,989 921 Mar. 7 6,528 3,313 295 1,974 947 1 Gross demand deposits minus demand balances with domestic banks Mar. 14 6,541 3,346 258 1,999 938. (except private banks and American branches of foreign banks) and Mar. 21 .... 6,269 3,179 233 1,914 943cash items in process of collection. Mar. 28 6,014 3,051 214 1,852 898- NOTE.—See table on p. 418 for percentages of deposits required to be Apr. 4 5,944 3,030 225 1,809 881 held as reserves. Apr. 11 5.965 2,961 220 1,886 898- Apr. 18 *6, 004 2,889 291 1,920 P904p 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 i111 member bank3 (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Mar. Feb. Boston. _ 2,516 2,462 648 647 2,382 2,326 528 526 133 135 120 120 New York 18, 784 18,440 2,423 2,426 i 1, 521 i 1, 563 i 1, 092 i 1, 091 316 315 494 494 Philadelphia 2,301 2,253 1,114 1,113 2,036 1,989 653 653 265 264 461 460' Cleveland _. _ 2,878 2,846 1,461 1,466 2,594 2,566 1,125 1,129 284 280 336 336 Richmond 1,692 1,661 616 611 1,481 1,453 418 415 210 208 198 196 Atlanta _.. 1,623 1,576 427 427 1,460 1,416 344 344 163 160 83 82 Chicago 6 035 6,018 1,984 1,980 i 2, 386 i 2, 347 i 1,149 i 1,142 402 394 330 330 St. Louis 1,479 1,493 428 427 1,218 1,233 308 307 261 260 120 120 Minneapolis 828 831 371 373 654 655 201 202 174 176 170 171 Kansas City . 1, 652 1,641 321 321 1,307 1,296 210 209 345 346 111 112 Dallas 1, 529 1,534 244 241 1,172 1,169 197 195 357 364 47 47 San Francisco 3,046 3,072 2,358 2,347 2,922 2,949 2,257 2,248 125 123 101 99* Total 44, 364 43, 827 12, 396 12, 378 121,134 120, 963 i 8, 483 i 8, 462 3,034 3,026 2,572 2,567 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 424 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 S c c e i a l r v t t i e e f s r i- o T n f u r o e r 1 t y a 8 e s 9 s - 0 S s u c i i a b l o v r s i y n e id r - M co in in or U S n n t o a i t t t e e e s s d R F n e e o d se t e e r r s v a e l R F B n e e o d s a e t e n e r r k s v a e l t n b i N o o a n n t a e a - k s l 1940—February. 7,455 68 45 1,500 1 373 163 271 4,839 23 171 March 7,511 68 45 1,508 1 375 164 260 4,896 23 170 April 7 559 68 45 1 557 1 377 166 248 4,906 23 168 May 7,710 67 46 1,590 1 382 168 241 5,025 23 167 June 7 848 67 46 1 582 1 384 169 248 5,163 22 165 July 7,883 66 46 1,565 1 386 172 249 5,212 22 164 August 8,059 66 47 1,605 1 389 174 258 5,334 22 162 September 8,151 66 48 1,615 1 394 177 259 5,409 22 161 October 8,300 65 48 1,620 1 400 180 264 5,541 22 160 November 8,522 65 49 1,658 1 407 183 275 5,705 21 159 December 8,732 65 50 1,667 1 412 185 290 5,883 21 157 1941—January 8,593 64 50 1,595 1 403 183 278 5,842 21 156 February 8 781 64 50 1 635 1 406 184 278 5,985 21 155 March .. . 8,924 64 51 1,651 1 413 186 277 6,106 21 154 Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] i T n o c t i a r l - Coin and small denomination currency 2 Large denomination currency Un- End of month cula- assorttion ed « totali Total Coin $13 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1940—February 7,455 5,397 581 530 34 986 1,723 1,543 2,061 459 930 191 427 20 34 4 March 7,511 5,414 584 531 33 989 1,731 1,546 2,101 460 941 194 432 24 49 4 April 7,559 5,437 588 534 34 992 1,739 1,551 2,126 463 951 195 439 30 48 4 May 7,710 5,519 595 546 35 1,009 1,766 1,568 2,193 471 979 202 464 26 50 1 June 7,848 5,584 599 546 35 1,015 1,791 1,599 2,264 485 1,013 210 481 26 50 2 July 7,883 5,599 604 544 35 1,013 1,798 1,605 2,286 489 1,025 211 486 26 49 2 August 8,059 5,748 611 556 36 1,044 1,858 1,644 2,313 495 1,035 213 493 26 51 2 September 8,151 5,814 618 566 36 1,055 1,876 1,663 2,340 503 1,048 216 496 25 52 3 October 8,300 5,911 627 575 36 1,068 1,908 1,696 2,392 512 1,071 223 508 25 52 3 November 8,522 6,098 639 591 38 1,107 1,977 1,748 2,426 523 1,089 225 512 26 51 3 December 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941—January. 8,593 6,094 635 577 37 1,091 1,973 1,781 2,502 540 1,126 230 530 24 52 4 February 8,781 6,243 641 582 38 1,116 2,041 1,826 2,541 551 1,144 232 535 24 55 4 March 8,924 6,342 650 590 38 1,132 2,074 1,858 2,583 560 1,163 238 543 24 56 1 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 SH1PMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY f Held by Treasury and Federal Reserve Banks and in (jirculation. In [By selected banks and financial institutions in New York City. millions of dollars] In millions of dollars] End of month Total d S s l b i a o i i o l l l n u v v n l d a l e e - r r r i s s S c i i s a l o u i v d r i b e n y - - r M c i o n i o n r U S n n t o a i t t t e e e s d s B n s F e R e o a e r r e t a n d v e - l k - e s t n b i N o o a n t n a e - a k s l 1937 Year or month m E S e u n h r t i o 2 s p 1 p - t e o 5 R E e f u r c o r e o 4 m i 7 p p . e t 6 s m s N h e i e n p t t - s re N ce e ip t 26 ts 1 1938 _ _ 33.1 34.4 1.3 1939. „ 110.2 9.8 100.4 1940—February. _. 2,981 1,866 401 170 347 24 173 1940 17.7 .7 17.0 March 2,990 1,876 401 171 347 23 172 April 2,999 1,886 400 172 347 23 171 1940—March . . 1.4 (i) 1.4 May... 3,008 1,894 402 173 347 23 169 April _. 3.5 3.5 June 3,014 ,900 402 174 347 23 167 May 1.1 0) 1.1 July.. 3,024 L,909 404 175 347 23 167 June .5 .1 .4 August 3,036 L, 915 409 178 347 23 164 July .6 . 1 .5 September- 3,044 L, 920 411 181 347 22 163 August .3 0) .3 October 3,059 1,931 415 183 347 22 162 September .1 (1) .1 November _ 3,072 ,937 419 187 347 22 160 October .1 . 1 December.. 3,087 .945 425 189 347 22 159 November... .1 .2 .1 December .1 .1 1941—January 3,097 1,953 427 191 347 22 158 February... 3,102 1,959 428 192 347 21 156 1941—January _ .2 .1 .1 March . 3,109 1,965 429 193 347 21 155 February . 1 .1 March 0) 0) C1) i Includes silver held against silver certificates amounting to $1,890,- i Less than $50,000. €00,000 on Mar. 31 , 1941 and $1,772,000,000 on Mar. 31, 1940. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. MAY 1941 425 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES MOVEMENT OF GOLD TO AND FROM UNITED STATES1 [In millions of dollars] [In thousands of dollars] Net gain or Gold Increase loss (—) Domes- Period a s t t o e c n k d in g o to ld tal g N o e ld t thr e o a u r- gh p ti r c o d go u l c d - From or to— March February Jan.-Mar. of period stock import marking tion a t c r t a io n n s- s Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports 19341 8,238 4, 202. 5 1,133. 9 82.6 92.9 1935. 10,125 1,887. 2 1,739.0 .2 110.7 France 1 1936. 2 11, 258 1,132. 5 1,116. 6 -85.9 131.6 Portugal 30 65 1937. 2 12, 760 1, 502. 5 1, 585. 5 -200. 4 143.9 Sweden 1,746 1938. 14, 512 1, 751. 5 1, 973. 6 -333. 5 148.6 Switzerland 337 899 1939. 17, 644 3,132.0 3, 574. 2 -534.4 161.7 United Kingdom 817 1,218 2,072 1940. 21, 995 4, 351. 2 4, 744. 5 —644. 7 168.1 U. S. S. R 11,236 11, 236 Canada 95, 621 81, 534 224,034 10 Mexico 866 814 2, 1939—October.... 17,091 159.9 69.7 79.5 18.7 Central America 852 789 2,857 November. 17, 358 267.1 168.0 90.9 14.9 West Indies and December _ 17, 644 285.1 451.2 -200.8 13.4 Bermuda 65 73 202 2 Argentina 16 5 21 1940—January... 17,931 287.5 236.4 40.0 13.6 Bolivia 1 44 February. _ 18,177 246.0 201.4 37.0 11.4 Brazil 3 7 March 18, 433 256.0 459.8 -213. 4 12.0 Chile 257 1,148 1,873 April 18, 770 336.9 249.9 67.2 13.0 Colombia 2,232 11 5,411 May 19,209 439.0 435.1 -36.7 14.1 Ecuador 196 233 697 June 19, 963 754.2 1,163. 0 -437. 2 10.9 Peru 219 557 1.948 July 20, 463 499.4 520.0 -55.1 16.0 Venezuela.., 413 313 1,044 August 20, 913 450.2 351.6 67.0 12.3 British Guiana 104 74 325 September. 21, 244 331.6 334.1 36.6 13.3 Australia 6,262 6,738 24,136 October 21, 506 261.1 326.0 -117.9 19.0 New Zealand 127 187 752 November. 21,801 295.2 330.1 -39.5 16.4 British Oceania 243 310 1,030 December _ 21, 995 194.0 137.2 7.4 16.1 British India 4,501 Netherlands Indies... 103 322 1941—January 22,116 121.7 234.2 -52.8 13.5 China and Hong February.. 22, 232 115.4 108.6 -46.2 12.6 Kong March 22, 367 135.4 118.6 3.2 Japan 3,046 9,131 Apr. 1-23? _ 22.482 115.2 161.6 3 1.1 Philippine Islands 3,985 2,772 9,943 South Africa 2,788 96 152, 620 All other countries... 335 135 851 p Preliminary. 1 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 Total 118, 569 108, 615 461, 430 13 a fine ounce thereafter. 2 Includes gold in the Inactive Account amounting to $27,000,000 on 1 Figures represent customs valuations which, with some exceptions, De 3 c G em ol b d er h e 3 l 1 d , u 19 n 3 d 6 e , r an e d a r $ m 1 a ,2 r 2 k 8 , a 0 t 0 0 F ,0 e 0 d 0 e r o a n l D R e e c se e r m v b e er B a 3 n 1, k 1 s 93 fo 7 r . foreign ac- are at rate of $35 a fine ounce. count, in millions of dollars: March 31-1,906.4; April 23- 1905. 3. Back figures.—See table, p. 475, and Annual Report for 1937 (tables 31 and 32). NOTE.—Figures for domestic production of gold are those published in table, p. 475 adjusted to exclude Philippine Islands production received in United States. Adjustment based on annual figures reported by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures see Annual Report for 1937 (table 29). BANK DEBITS BANK SUSPENSIONS1 Debits to deposit accounts, except interbank accounts. [In millions of dollars] Total, M b e a m nk b s er Non b m an e k m s ber Year and month r T e o p a o t l a l r l t , - Y N o e r w k o le t 1 h a 4 d e 0 - r r o ep t 1 h 3 o e 3 r r tall ing City ing ing banks Na- In- Not centers centersJ centers2 tional State sured '' insured 1929 982, 531 603,089 331,938 47, 504 1936 461,889 208,936 219,670 33, 283 Number of banks suspended: 1937 469,463 197,836 235, 206 36,421 1934.__ 8 48 1938 405,929 168, 778 204, 745 32,406 1935 22 8 1939 423,932 171,382 218, 298 34,252 1936 40 3 1940 445,864 171, 582 236, 952 37, 330 1937 ._ 47 6 1938 47 6 1940—February.. 32,197 12,138 17,344 2,715 1939 25 10 March 37, 769 15, 201 19, 537 3,031 1940 18 3 April 37, 780 15, 519 19, 250 3,010 1941—Jan.-Mar 3 May 37,257 14, 536 19, 659 3,063 June 35,005 13,110 18, 850 3,045 Deposits of suspended banks July 35,959 13,612 19, 244 3,103 (in thousands of dollars): 3 August 32,844 11,604 18, 314 2,926 1934 36,937 40 1,912 34, 985 September 33,812 12, 594 18, 267 2,951 1935 10,015 5,313 3,763 939 October 39, 695 14,952 21,365 3,378 1936 11,306 507 10,207 592 November 39,088 14,952 20,819 3,317 1937 ... 19, 723 7,379 1,708 10,156 480 December. 46, 673 18, 626 24, 327 3,721 1938 _ 13,012 36 211 11, 721 1,044 1941—January... 41,133 15,147 22,498 3,488 1939_ 34, 998 1,341 24, 629 6,589 2,439 February.. 35, 783 13, 268 19, 457 3, 057 1940 5,943 256 5,341 346 March 44, 558 17, 402 23, 586 3,570 1941—Jan.-Mar ___ 1,235 732 503 1 Comprises centers for which bank debit figures are available begini Represents banks which, during the periods shown, closed tem- ning with 1919, except that one substitution was made in 1920 and one porarily or permanently on account of financial difficulties; does not in 1928. include banks whose deposit liabilities were assumed by other banks at 2 Centers (other than the 141 centers) for which bank debits are currentthe time of closing (in some instances with the aid of Federal Deposit ly reported. The number has changed very little since 1934 and has Insurance Corporation loans). numbered 133 since 1936. * 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 1919-3939, are available and will be furnished upon request. 426 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 Nonmember [In millions of dollars] Member banks banks Member banks Nonmeniber banks Call date Total Other Total ti N on a a - l State M s b a a u v n t in u k g s a s l 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 b n e o O r n t b m h a e e n r m ks - 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, 667 310, 544 3 7,895 June 29 14,953 6,398 5,164 1,234 551 8,004 June 29. _. 60, 582 42,039 26,931 15,108 10,631 7,912 Dec. 31 14,895 6,486 5,144 1,342 551 7,858 Dec. 31- 65,021 46,007 29, 214 16, 793 10, 658 8,356 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Call date Mutual savings banks Other nonmember banks Invest- Invest- Total Loans ments Total Loans ments Invest- Invest- Total Loans ments Total Loans ments 1929—June 29 58,474 41,531 16,943 35,711 25,658 10,052 9,556 5,892 3,664 13,207 9,981 3,227 Dec. 31 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30 . 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30 40,319 21,977 18,342 25, 220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1935—June 29 44,416 20,272 24,145 28,785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Dec. 31 45,717 20,329 25, 388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—June 30 48,458 20,679 27,778 32,259 12, 542 19, 717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31 49, 524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30 ... _ 49, 696 22, 514 27,182 32, 739 14,285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31 48, 566 22,198 26,368 31,752 13,958 17, 794 10,187 4,996 5,191 6,627 3,244 3,383 1938—June 30 47,381 21,130 26,252 30, 721 12,938 17, 783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 312 48,929 21, 354 27, 575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30 49,616 21, 318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Dec. 30 _ .. 50,885 22,169 28, 716 33,941 13,962 19,979 10,314 4,961 5,353 6,630 3,246 3,384 1940—Mar. 26 51,135 22,190 28, 945 34,163 13,939 20,224 3 10, 226 4,922 5,304 3 6,746 3,329 3,417 June 29 _ 51, 335 22,341 28, 995 34,451 13,969 20,482 10,188 4,926 5,262 6,696 3,445 3,251 Dec. 31 - 54,188 23, 741 30,448 37,126 15, 321 21,805 10, 248 4,959 5,289 6,815 3,461 3,353 1 Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June 1940 the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank abstracts, 2 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now classified in condition reports among "Other assets." The amounts of such loans and investments in December 1938 were approximately $50,000,000 and $100,- 000,000, respectively. 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on December 30, 1939) which, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. Back figures.—See Annual Report for 1937 (tables 48-49). MAY 1941 427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans i Investments i Loans for TJ. S. Government obligations Obli- Call date m T l v o a i o e e n a n s n t n d - a t t - s l s Total i C t m d a c r i u o n i i n e s a a m d - r - l l - ' - A c t a u u g l l r * r - - i- p O m k a p p e a e r e t n - r b o a p r T e s n o r u r o e d s k r c c c - u a h r r a r o it s y t i i h i T e n n s e o g g rs3 e l K 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 re e c s t Bonds G t a e u n e a d - r- g S p a d s a i o t t u c i o n a i v l a b o f t i d i e l t - n - - s s O r s i e t t c h ie u e s - r deal- sions Total—All Member Banks 1929—Dec. 31 35,934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 249 520 3,094 1,393 4,528 1933—June 30. 24,786 12,858 595 953 3,752 2,372 330 4,857 11,928 6,887 1,113 2,049 3,725 1,744 3,297 1938—June 30. . 30.721 12.938 492 701 2,614 2,613 120 6,397 17,783 12,343 316 3,653 6,246 2,128 2,143 3,296 Dec. 31_ 32,070 13, 208 4,737 442 973 775 2,716 125 2,728 18.863 13,222 286 7,208 2,340 2,448 3,192 1939—June 30.- 32,603 13,141 4,783 420 731 736 2,828 2,796 19,462 13,777 441 2,720 7,786 2,831 2,554 3,131 Oct. 2«_. 33,075 13, 470 19,605 13,811 2,920 2,764 3,030 Dec. 30__ 33, 941 13, 962 5,386 730 455 790 700 2,957 2,888 19,979 14,328 2,223 8,398 3,144 2,959 1940—Mar. 26 •34,163 13.939 20,224 14.421 3,107 2,905 2,898 June 29. 34,451 13.969 5,538 450 447 668 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 1941—Apr. 4 P..38, 975 15,871 23,104 16, 988 3,201 2,915 New York City7 1929—Dec. 31_. 8,774 6,683 195 1,257 2,145 169 322 2,595 2,091 1,112 58 166 889 222 758 1933—June 30__ 7,133 3,424 364 759 1,044 157 162 937 3,709 2,551 638 987 926 478 680 1938—June 30. _ 8,013 3,172 141 556 717 132 85 1,541 4,840 3,740 222 1,358 1,451 709 394 707 Dec. 31__ 8,335 3,262 1,456 138 787 220 121 436 5,072 3,857 158 1,142 1,663 894 517 698 1939— Tune 30.. 8,688 2,988 1,474 128 555 215 130 440 5,700 4,483 2,284 1,123 480 736 Oct. 2« . 9,044 3,116 5,928 4,558 1,157 662 708 Dec. 30 . 9,339 3,296 1,768 120 611 188 133 44 425 6,043 4,772 315 797 2,385 1,275 579 693 1940—Mar. 26 • 9,594 3,211 6,383 4,972 1,286 728 686 June 29. _ 9.829 3.014 1.801 103 320 188 137 426 6.815 5,486 421 1,092 2,650 1,324 634 695 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 1941—Apr. 4 P..11, 696 3,500 8,195 6,627 769 799 City of Chicago' 1929—Dec. 31 1,757 1,448 251 535 309 116 94 96 96 1933—June 30.. 1,287 677 61 251 237 610 384 206 97 87 138 1938—June 30.. 1,806 525 29 109 361 1,281 981 12 313 535 122 140 159 Dec. 31__ 1.969 539 319 43 70 62 1,430 1,114 59 291 655 109 141 176 1939—Tune 30 _ 2,052 544 71 59 1,507 1,175 185 234 621 135 154 179 Oct. 2«__ 2,050 563 1,487 1,172 155 147 168 Dec. 30.. 2,105 569 365 1,536 1,203 153 176 701 172 162 170 1940—Mar 26« 2,222 564 1,658 1,319 139 175 164 June 29. 2.205 603 417 1,602 1,258 254 161 710 134 177 167 Deo. 31 2. 377 696 476 1.681 1,307 297 145 752 112 188 186 1941—Apr. 4 P._ 2,649 780 1,869 1,466 226 177 Reserve City Banks 1929—Dec. 31 12,029 9,084 168 664 2,775 1,538 258 3,679 2,944 91 165 1,112 448 1,128 1933—June 30. _ 8,492 4,482 126 108 1,340 1,131 1,678 4,011 2,483 205 681 1,597 598 930 1938—June 30. 11,150 4,853 163 95 998 1,201 2,369 6,298 4,658 1,268 2,603 718 732 908 Dec 31.. 11,654 4,963 1,914 149 119 242 1,230 1,081 6,691 5,018 1,224 2,997 740 808 866 1939—June 30.. 11, 756 5,004 1,884 138 115 221 1,284 1,116 6,751 4,991 781,014 3,010 889 895 866 Oct. 2 • 11,880 5,127 6,752 4,998 909 897 856 Dec. 30 12, 272 5,329 2,100 221 155 119 222 1,335 1,168 6,943 5,194 63 819 3,339 972 890 860 1940—Mar. 26 •12,153 5,305 6,848 5,070 928 850 June 29. 12,160 5,365 2.134 156 87 210 1,372 1,224 6.795 4,947 87 839 3,052 981 868 Dec. 31 13.013 5,931 2,436 153 115 207 1,436 1,307 7,081 5, 204 103 771 3,281 1,049 984 893 1941—Apr. 4 P.. 13, 497 6,165 7,332 5,441 1,036 855 Country Banks 1929— Dec. 31__ 13,375 201 291 2,231 1,462 4,705 4,4 1,267 171 999 627 2,546 1933—June 3O._ 7,873 4,275 35 25 1,117 1,055 2,005 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—June 30 10,109 4,605 1,095 140 22 229 1,402 1,180 5,504 3,127 563 1,870 1,025 1,351 Oct. 2 •__ 10,102 4,665 5,437 3,082 1,058 1,297 Dec. 30__ 10, 224 4,768 1,151 495 163 20 224 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 1941—Apr. 4 P.. 11,133 5,426 5,707 3,454 1,171 1,083 total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937. 3 Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. 4 This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. 5 Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Finck figures.—See Annual Report for 1937 (tables 52-58). p Preliminary. 428 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic w Fe it d h - Cash a w n i c t e h s m d a e n - d u v a id ls - , State Certi u v a id ls - , States banks Bor- C it a a p l - Call date e R r e a - l va in ult m d e o s - ti po ad si - ts p n a e r r t - - p a o n li d t- a ti n e d d U G . o v S - . p n a e r r t - - p a o n l d it- Posta For- r i o n w gs - co a u c n - ts B s a e n rv k e s banks justed s p h a c o o n i r p r d a - s - s d s i i u c i o b v a n - i l s - ch c e o e e t f c f c r i . s k - 3 ' s m e e r n n t - s p h a c o o n i r p r d a - s - s d s i u i o v b n i - s - in sa g v s - 4 m D a e n - d Time b e a i n g k n s tions tions Total—All Member Banks 2,374 558 2,168 16,647 17, 526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1929—Dec. 31 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1933—June 30 8,004 712 4,084 20,893 19, 816 2,314 662 543 10,874 454 83 6,096 135 331 11 5,368 1938—June 30 8,694 746 4,240 22, 293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 Dec. 31 9,112 777 4,403 22, 364 20,845 2,467 533 775 10, 940 461 68 6,816 133 629 7 5,467 1939—Mar. 29 10, Oil 712 4,674 23, 587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 June 30 11,617 774 6 5,304 25,118 23,983 2,390 666 675 11,104 418 51 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 65,634 26,461 24,965 2,499 558 725 11, 368 411 52 68,717 6 145 8737 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 29, 576 2,724 913 616 11,687 435 56 9,581 135 706 3 5,698 Dec. 31 New York City & 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,105 1929—Dec. 31 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,582 1933—June 30 3,617 65 119 6,698 6,900 273 367 123 694 32 2,514 291 1,587 1938—June 30 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,593 Dec. 31 4,582 63 156 7,605 7,677 260 272 135 655 53 2,731 553 1,592 1939—Mar. 29 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 June 30 5,929 85 8 109 8,676 8,812 321 349 72 683 52 6 3, 573 6 670 1 1,587 Oct. 2 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 Dec. 30 6,386 84 8 163 9,562 9,652 219 260 68 742 35 6 3, 629 8 1 6 672 1,601 1940—Mar. 26 7.072 88 119 10, 235 10, 283 258 147 67 732 29 3,840 650 1,599 June 29 7,057 102 122 11,062 11,357 370 471 48 768 51 4,032 646 1,615 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 1,688 1,597 181 29 83 452 9 658 9 257 Dec. 31 705 22 178 1,250 1,182 141 26 83 452 12 834 10 261 1939—Mar. 29 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 June 30 1,080 37 8 237 1,747 1,632 195 27 60 469 21 3 6853 6 14 270 Oct. 2 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 Dec. 30 909 25 6 195 1,544 1,503 133 18 80 482 11 5 6 997 e 7 253 1940—Mar. 26 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 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 2,485 8,017 7,803 801 158 410 4,319 198 14 3,307 8116 6 71 1,821 Oct. 2 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 Dec. 30 3,336 364 2,632 8,400 7,978 942 150 431 4,386 214 12 3,525 8 115 8 56 1,833 1940—Mar. 26 3, 759 334 2,679 8,774 8,372 956 147 422 4,422 219 18 3,526 105 44 1. 873 June 29 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 L, 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 2,473 6,677 5,736 1,073 131 133 5,632 148 35 6 509 6 27 82 4 1,852 Oct. 2 ,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 Dec. 30 ,648 389 2,645 6,954 5,832 1,205 131 147 5,757 151 35 6566 829 62 2 1,875 1940—Mar. 26 ,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1,876 June 29 1,857 452 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, 1936, 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 Deo. 31,1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. 6 Partly estimated. Back figures.—See Annual Report for 1937 (tables 52-58). MAY 1941 429 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of "Wednesday figures. In millions of dollars.] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Date or month m v a i e e n n s n d - t t - s Total t d a r i u i n n a s d - l - , p O m k a p p a e e r t e n - r b T ro o k- e l R o st a e a n a t l s e b L a 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- s r O i e t t c i h u e e s - r agri- ers To teed cul- and others tural dealers Total—101 Cities 1940—March 23, 380 8,604 4,371 335 634 476 1,186 51 1,551 14,776 11, 288 627 1,776 6,501 2,384 3,488 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 February. __ 26,316 9,408 5,186 317 440 458 1,231 35 1,741 16, 908 13,138 729 2,565 7,085 2,759 3,770 March _ 26, 793 9,698 5,374 335 503 455 1,227 38 1,766 17,095 13, 299 896 2,452 7,190 2,761 3,796 1941—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 5,220 320 418 458 1,230 36 1,741 16,958 13,180 737 2,572 7,111 2,760 3,778 Feb. 26 26,450 9,495 5,227 319 478 455 1,232 36 1,748 16, 955 13,100 727 2,555 7,052 2,766 3,855 Mar. 5 26, 668 9, 592 5,287 323 502 455 1,229 39 1,757 17,076 13, 232 840 2,554 7,064 2,774 3,844 Mar. 12 _. 26, 744 9,689 5,374 332 498 458 1,229 39 1,759 17,055 13, 285 909 2,545 7,065 2,766 3,770 Mar. 19 26, 843 9,714 5,414 340 471 455 1,226 37 1,771 17,129 13,343 970 2,347 7,271 2,755 3,786 Mar. 26 26, 918 9,798 5,420 343 542 453 1,226 37 1,777 17,120 13, 334 864 2,360 7,359 2,751 3,786 Apr. 2 26, 952 9,828 5,465 347 504 454 1,228 52 1,778 17,124 13,331 742 2,183 7,653 2,753 3,793 Apr. 9 27,138 9,846 5,494 347 497 455 1,228 39 1,786 17, 292 13, 477 868 2,181 7,677 2,751 3,815 Apr. 16 27,163 9,871 5,530 350 485 449 1,229 39 1,789 17, 292 13, 494 878 2,179 7,682 2,755 3,798 Apr. 23 27, 546 9,831 5,509 355 461 445 1,231 37 1,793 17,715 13,911 878 2,191 7,741 3,101 3,804 New York City 1940—March 9,000 2,964 1,676 115 485 160 114 45 369 6,036 4,715 182 789 2,495 1,249 1,321 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 February 10,712 3,063 1,983 90 300 166 112 23 389 7,649 6,183 149 1,498 2,947 1,589 1,466 March 10,916 3,209 96 357 165 111 29 393 6,237 227 1,471 2,961 1,578 1,470 2,058 7,707 1941-Jan. 29. . 10, 394 3,054 91 321 168 113 24 394 5,949 175 1,263 2,934 1,577 1,391 1,943 7,340 Feb. 5 . 10, 664 3,042 90 297 167 112 23 390 6,183 149 1.487 2,964 1,583 1,439 Feb 12 10, 690 3,046 11,, 998603 91 287 166 112 22 388 77,,664242 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 Feb. 26 . 10, 776 3,100 1,989 89 332 166 111 23 390 7,676 6,151 158 1,516 2,888 1,589 1,525 Mar. 5 10, 843 3,159 2,022 91 348 165 111 29 393 7,684 6,168 147 ,523 2,901 1,597 1,516 Mar. 12 10, 892 3,223 2,075 96 354 166 111 29 392 7,669 6,219 211 1,522 2,903 1,583 1,450 Mar. 19 10, 908 3,204 2,070 101 336 165 111 28 393 7,704 6,253 270 1,429 2,991 1,563 1,451 Mar. 26 11, 022 3,250 2,064 97 391 165 112 28 393 7,772 6,309 278 I. 411 3,050 1,570 1,463 Apr. 2 11,053 3,252 2,073 97 370 165 111 42 394 7,801 6,334 250 1,340 3,168 1,576 1,467 Apr. 9 ._ 11,132 3,225 2,084 96 344 165 112 30 394 7,907 6,430 318 1,359 3,173 1,580 1,477 Apr. 16 11,155 3,226 2,095 93 337 164 111 30 396 7,929 6,471 345 1,366 3,174 1,586 1,458 Apr. 23 . „ 11, 456 3,202 2,088 94 323 162 112 28 395 8,254 6,799 409 1,390 3,207 1,793 1,455 Outside New York City 1940—March 14, 380 5,640 2,695 220 149 316 1,072 6 1,182 8,740 6,573 445 987 4,006 1,135 2,167 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 February 15,604 6, 345 3,203 227 140 292 1,119 12 1,352 9, 259 6,955 580 1,067 4,138 1,170 2, 304 March 15, 877 6,489 3,316 239 146 290 1,116 9 1,373 9,388 7,062 669 981 4,229 1,183 2,326 1941-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. 12 ... 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 3.218 230 136 291 1,119 13 1,353 9,302 6,985 594 1,076 4,145 1,170 2,317 Feb. 26. .. 15,674 6,395 3,238 230 146 289 1,121 13 1,358 9,279 6,949 569 1,039 4,164 1,177 2,330 Mar. 5 .. 15,825 6,433 3, 265 232 154 290 1,118 10 1,364 9,392 7,064 693 1,031 4,163 1,177 2,328 Mar. 12 15,852 6,466 3, 299 236 144 292 1,118 10 1,367 9,386 7,066 698 1,023 4,162 1,183 2,320 Mar. 19 15, 935 6,510 3,344 239 135 290 1,115 9 1,378 9,425 7,090 700 918 4,280 1,192 2,335 Mar. 26 15, 896 6,548 3,356 246 151 288 1,114 9 1,384 9,348 7,025 586 949 4,309 1,181 2,323 Apr. 2 15,899 6, 576 3,392 250 134 289 1,117 10 1,384 9,323 6,997 492 843 4,485 1,177 2,326 Apr. 9 _ 16, 006 6,621 3,410 251 153 290 1,116 9 1,392 9,385 7,047 550 822 4,504 1,171 2,338 Apr. 16 16, 008 6,645 3,435 257 148 285 1,118 9 1,393 9,363 7,023 533 813 4,508 1,169 2,340 Apr. 23 16, 090 6,629 3,421 261 138 283 1,119 9 1,398 9,461 7,112 469 801 4,534 1,308 2,349 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. 430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars.] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal De- Indi- Indi- Domestic B s w F e R e a e r r i n e a t d v h - k l - e : v C a i a n u s l h t m b 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 e n i - - t d d s s p p u v n h a c o a a o i n e i r d p r l r r d s a t - - s - - , - , S p s d s a i t i o u c i o a n v l a b t n i d i e t l - - s - s c C h c o f a e e e e i f n t c e f r r c i d t k s d . - i ' - s m U G e e . r o n n v S - t - 1 s p p u v n h a c o a a o i n e i r d l r p r r d a s t - - - s - , - , S p s d s a i i t o u i c o n a v l b a n t i d i l - e t - s - s P i s n o a g v s s t - a: m D a e n - b d ank T s ime b e F a i n o g k r 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 - t; Date or month tions tions Total 101 Cities 10, 394 468 3,184 19, 344 18,945 1,371 440 560 5,133 193 8,144 124 736 3,721 1940—March 11,955 531 3,347 21,890 21, 569 1,576 501 507 5,187 192 112 665 3,821 November 11, 824 556 3,361 22, 299 22,098 1,505 560 433 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, 765 520 3,381 23,092 22, 511 1,673 484 331 5,262 193 9,005 117 630 3,834 February 11,714 515 3,468 23, 324 22, 826 1,657 489 328 5,282 173 9,180 115 645 3,833 March 12, 111 527 3,352 22, 932 22, 401 1,579 484 214 5,240 185 8,959 117 650 3,823 1941—Jan. 29 11,611 510 3,314 22, 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, 38823,157 22, 617 1,619 483 331 5,270 194 9,033 118 624 3,834 Feb. 19 12, 003 530 3,473 23, 431 22,812 1,820 554 332 5,273 179 9,137 116 626 3,836 Feb. 26 11,910 509 3,427 23, 362 22,811 1,692 435 333 5,295 174 9,208 114 644 3,842 Mar. 5 11, 976 527 3,472 23, 487 23,155 1, 585 465 328 5,285 175 9,236 115 649 3,832 Mar. 12 11, 533 505 3,490 23,186 22, 690 1,624 554 330 5,275 172 9,161 117 649 3,827 Mar. 19 11, 438 517 3,480 23, 259 22, 647 1,725 503 322 5,271 171 9,115 116 636 3,831 Mar. 26 11,315 491 3,588 23, 093 22, 518 1,747 527 5,269 171 9,228 115 633 3,839 Apr. 2 11, 428 521 3,439 23,430 22, 716 1,709 442 390 5,286 171 9,054 114 644 3,844 Apr. 9 ll.i 501 3,548 23, 577 23, 245 1,688 475 389 5,280 168 9,265 113 653 3,847 Apr. 16 11, 235 522 3,400 23, 762 23, 085 1,797 497 5,274 168 8,910 113 653 3,850 Apr. 23 New York City 6,153 96 8,979 210 276 658 3,529 672 1,490 L940—March 6,694 83 10,022 10,096 338 314 674 3,843 609 1,506 November 6,683 85 10, 351 10,489 326 340 677 3,825 616 1,507 December 6,809 85 10, 578 10, 602 330 287 690 3,929 594 1,502 941—January 6,514 93 10,765 10,758 345 290 707 3,839 574 1,507 February 6,622 120 10, 982 11,054 313 294 717 3,928 589 1,507 March 6,734 10, 632 10, 671 350 294 3,871 589 1,502 .941—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 10,780 10,835 300 283 713 3,830 569 1,507 Feb. 19 6,729 10, 985 10, 931 440 340 711 3,907 571 1,506 Feb. 26 6,756 11,007 11,095 330 251 719 3,947 587 1,510 Mar. 5 6, 755 101 11,038 11,111 308 283 720 3,963 592 1,506 Mar. 12 6,532 124 10,880 10, 968 300 340 715 3,919 594 1,505 Mar. 19 6,446 157 11,001 11, 042 316 303 714 3,885 581 1,506 Mar. 26 6,472 157 11,026 11,100 304 713 3,934 577 1,510 Apr. 2 6,315 120 10, 994 10, 995 276 251 727 3,836 583 1,510 Apr. 9 6, 354 116 10, 941 11,092 272 265 721 3,947 593 1,510 Apr. 16 5,981 97 11, 026 11,056 311 287 716 3,772 592 1,511 Apr. 23 Outside New York City 4,241 3,088 10, 365 9,833 1,161 164 516 4,475 163 4,615 123 2,231 .940—March 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 1,207 195 299 4,554 148 5,110 117 2,322 941—January 5,251 436 3,288 12, 32711, 753 1,328 194 317 4,555 144 5,166 117 2,327 February 5,092 432 3,348 .2, 342 11, 772 1,344 195 314 4,565 141 5,252 115 2,326 March 5,377 440 3,264 .2, 300 11, 730 1,229 190 200 4,547 143 5,088 2,321 941—Jan. 29 5,216 426 3, 230 2,195 11, 577 1,287 188 316 4,551 149 5,104 116 2,325 Feb. 5 5,245 438 3,260 2, 290 11, 769 1,324 176 317 4,552 145 5,124 117 2,326 Feb. 12 5,269 436 3,295 2, 377 1,782 1,319 200 317 4,557 141 5,203 118 2,327 Feb. 19 5,274 443 3,371 .2, 446 .1, 881 1,380 214 316 4,562 141 5,230 116 2,330 Feb. 26 5,154 427 3,328 12, 355 11,716 1,362 184 319 4,576 142 5,261 114 2,332 Mar. 5 5,221 442 3,371 2, 449 2,044 1,277 182 314 4,565 142 5,273 115 2,326 Mar. 12 5,001 424 3,366 2, 306 .1,722 1,324 214 316 4,560 141 5,242 117 2,322 Mar. 19 4,992 433 3,323 2, 258 1, 605 1,409 200 309 4,557 140 5,230 116 2,325 Mar. 26 4,843 412 3,431 .2, 067 1,418 1,458 223 377 4,556 140 5,294 115 2,329 Apr. 2 5,113 437 3,319 2, 436 1, 721 1,433 191 372 4,559 140 5,218 114 2,334 Apr. 9 5,314 420 3,432 2, 636 .2,153 1,416 210 371 4,559 143 5,318 113 2,337 Apr. 16 5,254 3,303 .2, 736 .2, 029 1,486 210 371 4,558 143 5,138 113 2,339 Apr. 23 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. MAY 1941 431 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 distric (1 t 9 a 4 n 1 d ) date v a i e n n s d - t- Total t d r i u i n a s - l - , O m k p a e e r t n - To e l E o st e a a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total Guar- O se t c h u e - r ments and paper bro- Total Bills Notes Bonds an- rities agri- kers To teed cul- and others tural dealers Boston (6 cities) Mar. 26 1,293 683 348 72 16 17 81 145 610 477 42 43 337 55 133 Apr. 2 1,297 350 73 14 16 81 143 615 481 40 40 347 54 134 Apr. 9 1,310 691 357 74 13 18 81 144 619 482 42 40 345 55 137 Apr. 16 1,315 697 361 76 15 16 81 144 618 482 42 39 347 54 136 Apr. 23 1,328 78 12 16 81 145 632 496 41 39 345 71 136 New York (8 cities)* Mar. 26 11, 930 3,627 2,196 109 397 212 191 494 8,303 278 1,469 3,286 1,658 1,612 Apr. 2 11, 980 3,632 2,207 109 376 212 191 495 8,348 6,731 250 1,381 3,436 1,664 1,617 Apr. 9 12, 063 3,608 2,220 109 350 212 192 495 8,455 6,829 318 1,400 3,441 1,670 1,626 Apr. 16 12,080 3,608 2,230 106 342 211 191 8,472 6,865 345 1,407 3,439 1,674 1,607 Apr. 23 12, 393 3,585 2,224 107 328 209 192 7,204 409 1,432 3,472 1,891 1,604 Philadelphia (4 cities) Mar. 26 1,244 492 252 35 25 29 50 101 752 477 28 363 275 Apr. 2 1,262 495 255 35 25 30 50 100 767 494 28 381 273 Apr. 9 1,270 499 258 35 25 30 50 101 771 498 28 389 273 Apr. 16 1,275 504 263 37 25 28 50 101 771 497 387 274 Apr. 23 1,281 505 262 37 25 28 50 103 776 500 384 276 Cleveland (10 cities) Mar. 26 2,050 824 371 11 16 20 180 225 1,226 953 159 649 134 273 Apr. 2 2,062 829 375 11 15 20 180 227 1,233 961 147 134 272 Apr. 9 2,072 835 380 11 15 20 180 228 1,237 964 153 135 273 Apr. 16 2,088 843 384 12 19 20 180 227 1,245 971 153 671 139 274 Apr. 23 2,102 840 12 16 20 227 1,262 153 675 153 273 Richmond (12 cities) Mar. 26 771 307 146 11 5 14 83 464 394 115 225 54 70 Apr. 2 764 306 146 11 3 14 84 458 389 93 241 55 69 Apr. 9 733 305 146 11 3 14 83 428 358 66 237 55 70 Apr. 16 724 308 148 11 14 48 84 416 346 1 62 228 55 70 Apr. 23 722 307 146 11 14 85 415 345 1 52 230 62 70 Atlanta (8 cities) Mar. 26 704 378 198 5 12 35 119 326 210 4 56 54 116 Apr. 2 702 376 5 11 36 118 326 210 4 50 102 54 116 Apr. 9 706 376 5 11 36 118 330 214 6 51 104 53 116 Apr. 16 703 376 199 5 11 36 117 327 211 5 105 53 116 Apr. 23 710 373 197 5 11 36 117 337 220 5 107 117 Chicago (12 cities)* Mar. 26 3,957 1,178 738 45 131 147 2,779 2,159 418 281 1,160 300 620 Apr. 2 3,889 1,186 755 46 131 148 2,703 2,087 332 252 1,203 300 616 Apr. 9 3,957 1,209 756 46 132 148 2,748 2,131 365 255 1,211 300 617 Apr. 16 3,954 1,212 768 47 132 149 2,742 2,124 352 255 1,217 300 618 Apr. 23 3,915 1,206 764 132 149 2,709 2,090 284 253 1,219 334 619 St. Louis (5 cities) Mar. 26 841 389 227 70 452 337 59 41 171 66 115 Apr. 2 836 389 227 70 447 331 52 37 177 65 116 Apr. 9 851 391 227 60 72 460 344 58 37 184 65 116 Apr. 16 848 390 226 60 71 458 341 58 37 184 62 117 Apr. 23 856 389 224 60 71 467 350 58 37 184 71 117 Minneapolis (8 cities) Mar. 26 430 218 116 12 80 212 170 2 21 115 32 42 Apr. 2 434 220 118 12 79 214 172 2 20 118 32 42 Apr. 9 447 221 118 12 80 226 180 12 20 116 .32 46 Apr. 16 440 220 117 12 80 220 175 8 19 116 32 45 Apr. 23 456 222 117 13 82 234 185 14 19 116 36 49 Kansas City (12 cities) Mar. 26 735 353 213 32 72 382 252 20 52 83 130 Apr. 2 738 355 214 32 72 383 253 20 47 103 83 130 Apr. 9 743 353 213 31 72 390 259 27 48 103 81 131 Apr. 16 744 354 213 32 73 390 259 27 47 104 81 131 Apr. 23 754 352 212 32 72 402 269 25 46 103 95 133 Dallas (9 cities) Mar. 26 591 319 219 24 59 272 210 29 37 104 40 62 Apr. 2 598 321 219 24 59 277 214 30 36 109 39 63 Apr. 9 594 321 219 24 60 273 211 31 33 110 37 62 Apr. 16 591 318 217 24 59 273 211 31 34 110 36 62 Apr. 23 597 316 214 24 60 281 220 31 34 112 43 61 San Francisco (7 cities) Mar. 26 2,372 1,030 396 382 1,342 1,004 1 58 756 338 Apr. 2 2,390 1,037 401 383 183 I 1,353 1,008 1 52 767 188 345 Apr. 9 2,392 1,037 402 382 185 1,355 1,007 1 50 769 187 348 Apr. 16 2,401 1,041 404 383 186 1,360 1,012 1 50 774 187 348 Apr. 23 2,432 1,040 405 383 185 1, 392 1,043 2 51 794 196 349 City of Chicago* Mar. 26 2,656 754 537 20 1,902 1,492 417 160 789 126 410 Apr. 2 2,570 756 549 20 1,814 1,409 331 133 820 125 405 Apr. 9 2,636 777 548 20 1,859 1,453 364 136 827 126 406 Apr. 16 2,629 773 554 20 1,856 1,446 351 136 833 126 410 Apr. 23 2,574 768 551 21 1,806 1,395 283 136 833 143 411 * 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. 432 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 n r e a t d v - k h l - e s v C a i a n u s l h t m b a w n a d e o i n c s t - e k h t s i s c j p u m s o d a a t e d s e - n i - d t d s i s p p u v n h a c o a a o i n e i d r r l p r r d s a t - - - s - , - , S p s d s a i i t o u i c n o a b v l d a n t i - i l e t - s - s c C h c a o f e e e e i n t f e c c f r r d d i . t s k - i ' s - m U G e e . r o S n n v . - t - 2 s p p u v n h a c o a a o i n e i r d r l p r r d s a t - - - s - , - , S p s d s a i t i o u i c a o n b v l a t n d i - i e l t - s - s P 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 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) d es e d r a v t e e tions tions Boston (6 cities) 670 148 199 1,442 1,395 99 22 232 398 20 248 Mar. 26 651 147 196 1,434 1,391 101 22 231 20 248 Apr. 2 645 149 190 1,434 1,385 97 21 230 389 22 248 Apr. 9 648 148 199 1,437 1,411 98 24 230 402 22 249 Apr. 16 635 149 190 1,445 1,398 104 22 230 22 249 Apr. 23 New York (8 cities)* 6,619 105 308 11, 739 11,626 495 325 1,075 3,961 582 1,630 Mar. 26 6,640 99 302 11, 767 11,686 488 323 1,074 4,013 578 1,634 Apr. 2 6,492 107 262 11, 758 11, 590 467 269 1,088 3,913 584 1,635 Apr. 9 6, 536 102 268 11,714 11,708 459 283 1,082 4,026 595 1,635 Apr. 16 6,164 105 235 11,814 11,666 514 311 1,076 3,848 593 1,635 Apr. 23 Philadelphia (4 cities) 562 24 205 1,142 1,117 103 12 10 257 452 5 216 Mar. 26 581 23 216 1,188 1,128 136 13 13 257 452 5 217 Apr. 2 602 24 199 1,203 1,117 148 11 13 257 449 6 217 Apr. 9 589 23 209 1,190 1,131 145 11 13 258 462 5 217 Apr. 16 603 23 214 1,222 1,136 158 13 13 258 454 6 217 Apr. 23 Cleveland (10 cities) 743 50 375 1,611 1,604 108 20 24 725 477 1 387 Mar. 26 757 49 379 1, 633 1,614 114 21 29 724 484 1 389 Apr. 2 772 51 375 1,648 1,607 115 21 33 725 484 1 389 Apr. 9 804 49 382 1,686 1.681 113 26 34 724 497 1 390 Apr. 16 768 50 367 1,678 i;657 109 24 34 723 472 1 390 Apr. 23 Richmond (12 cities) 259 28 247 606 583 65 12 21 203 362 100 Mar. 26 257 25 258 598 579 66 11 26 204 364 101 Apr. 2 2 2 2 9 8 7 6 2 1 2 2 5 7 2 2 29 8 9 1 1 6 6 60 0 5 4 6 6 5 0 0 9 1 5 0 6 6 7 5 6 3 1 1 1 8 1 1 2 2 2 7 6 6 2 2 2 0 0 0 5 5 4 3 3 3 8 6 6 0 8 4 1 1 1 0 0 0 3 0 2 A A A p p p r r r . . . 9 2 1 3 6 Atlanta (8 cities) 171 250 483 453 87 5 27 185 373 97 Mar. 26 170 256, 476 453 83 6 34 186 376 96 Apr. 2 168 262 480 458 81 5 35 187 380 97 Apr. 9 172 268 484 476 81 5 34 187 383 96 Apr. 16 166 263 490 465 85 35 187 371 Apr. 23 Chicago (12 cities)* 1,295 607 2,975 2, 768 382 108 993 1,450 416 Mar. 26 1,160 2,749 2,549 376 136 992 1,501 417 Apr. 2 1,318 3,014 2,813 363 126 993 1,400 417 Apr. 9 1,438 607 3,132 2,967 359 123 994 1,410 417 Apr. 16 1,460 598 3,185 2,981 377 123 1,339 418 Apr. 23 5*. Louis (5 cities) 180 204 543 538 52 10 189 410 Mar. 26 163 222 537 541 51 12 189 410 Apr. 2 195 190 549 550 51 12 189 413 Apr. 9 205 196 555 570 50 12 189 419 Apr. 16 200 188 558 563 50 13 189 411 Apr. 23 Minneapolis (8 cities) 111 126 327 286 65 1 114 176 61 Mar. 26 105 126 324 286 64 1 114 175 61 Apr. 2 108 112 328 290 62 1 114 174 61 Apr. 9 106 108 318 286 60 1 114 171 61 Apr. 16 87 297 264 59 1 113 168 61 Apr. 23 Kansas City (12 cities) 315 591 558 141 438 107 Mar. 26 313 582 556 85 141 441 107 Apr. 2 216 315 591 564 81 142 449 108 Apr. 9 214 334 597 586 81 142 459 108 Apr. 16 210 320 596 579 83 142 455 108 Apr. 23 Dallas (9 cities) 145 302 546 517 59 128 281 Mar. 26 149 294 542 513 65 127 284 Apr. 2 149 306 546 517 64 127 289 90 Apr. 9 159 322 556 542 59 128 299 90 Apr. 16 152 315 549 531 58 128 299 90 Apr. 23 San Francisco (7 cities) 472 342 1,254 1,202 121 1,029 337 384 Mar. 26 474 358 1,263 1,222 118 1,030 340 384 Apr. 2 492 352 1,275 1,235 115 1,029 346 385 Apr. 9 515 359 1,303 1,282 117 1,028 357 385 Apr. 16 494 333 1,300 1,244 127 65 1,029 343 385 Apr. 23 City of Chicago* 897 255 1,875 1,804 180 83 493 1,123 265 Mar. 26 782 25 312 1,660 1,595 178 108 492 1,169 266 Apr. 2 936 262 1,937 1,862 172 492 1,071 266 Apr. 9 1,037 267 2,034 1,990 174 492 1,077 266 Apr. 16 1,082 264 2,088 2,011 180 1,016 266 Apr. 23 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. MAY 1941 433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commer- End of month p c a i p a e l r Total Accepting banks Feder B al a n R ks eserve G sh o i o p d p s e d s to b r e e t d w i e n e n or out- out- Im- points in stand- stand- For ac- ports Exports Dollar ing i ing Total O bi w ll n s bo B u il g l h s t o c w o F n u o n r a t c- c f s o c o p e o u r o n e r n n i r t t g s e d o n - - f Others U S i n t n a i t t t o e e s d U S f n r t o a i m t t e e d s ch e a x n - ge U St n a i t t e e s d F c o t o r r i u e e i n s g - n 1939—December 210 233 175 105 70 57 103 39 16 54 22 1940—January 219 229 179 111 68 50 101 38 If 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 218 209 167 100 67 42 109 18 10 44 27 1941—Januarv 232 213 168 103 65 45 115 16 11 44 26 February _ 241 212 164 99 65 48 119 18 7 42 26 March 263 217 170 107 63 47 120 24 8 41 25 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—Bee Annual Eeport for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Other credit balances Debit Debit credit balances i End of month C b u a ( d s n l t e a e o b n t m ) i c t e i e s rs' a i b n n p a a v d l c a a e c r n t s t o r n c t u a m e e n d s r e t i s s n i n ' n g t a i b n n a a v d l c a e f c n i t s o r r c t m u a m e n d s e t i s n i n n g t C a b h a n a s a d n h n k d i o n s n r M o b w o o n e r d e - y 2 Free O (n th et e ) r m p i a e n r n v t I t n n e a e s n t r - s d ' m i e n f n v i I t r n e m a s n t- d a c c a c p I o n i u t n al ts trading trading (net) accounts accounts 1935—D ecember 1,258 75 135 179 930 286 79 24 10 410 1936—June 1,267 67 164 219 985 276 86 24 14 420 "DficflTnhpr 1,395 64 164 249 1,048 342 103 30 12 424 1937—June.— 1,489 65 161 214 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 6 305 1939—June 834 25 73 178 570 230 70 21 6 280 December 906 16 78 207 637 266 69 23 7 277 1940—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 February 634 11 78 199 375 267 53 22 6 237 March 633 9 81 199 387 268 56 21 6 231 * 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 money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Eeport for 1937 (table 69) 434 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] Avermo Y w n e e t a e h r k , , 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 b a P c d n e a c r a 9 c r n i e y 0 s m e k p ' s s - t e , - c l S h t d o i t e a 9 a a o m x n y n 0 c - e g s s k , e c S n h l c t e o r a e a o a e x l a w n l s c - - 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 b i s n . i 9 l T l 1 s t - r D a q d 2 e e t u a e a r i y s a o o s ' - l - n - y e T i 3 n U x y e t u a - r o a l e e t e g . r d o x t a m S a y e e - r - s 5 . s o p - f t 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 4 6 7 8 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 t 3 2 2 2 2 i a t . . . . . i l 4 6 5 9 5 e 5 8 9 3 3 s Y N C o e i 2 1 1 1 1 t r w y . . . . . k 7 7 7 6 4 6 2 3 9 5 e E 7 N r c a n o o i s t t r i t 3 3 2 3 2 a h e t e . . . . . h n e 0 3 7 s 7 r 8 r - n d 4 9 1 5 8 1 W e 1 r c n e i S t s i o a t e 4 3 e 3 3 3 u n s . r . . . . t 2 2 4 d 7 3 n h 5 6 0 6 2 period 1939 average i 2.78 2.07 2.87 3.51 1940 average J 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 .023 .05 .59 1938—January 2.60 1.70 2.92 3.28 1940 aver age. __ .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—Mar .56 .44 1.25 1.00 (3) .02 .42 April 2.48 1.70 2.60 3.25 April .56 .44 1.25 1.00 .003 .02 .45 May 2.48 1.70 2.64 3.20 May .56 .44 1.25 1.00 .042 .06 .65 June 2.56 1.70 2.78 3.31 June .56 .44 1.25 1.00 .071 .10 .76 July 2.57 1.70 2.78 3.35 July .56 .44 .25 i.00 .009 .05 .57 August 2.52 1.67 2.71 3.28 Aug. .56 .44 L.25 1.00 .019 .04 58 September 2.53 1.70 2.74 3.26 Sept .56 .44 L.25 1.00 .021 .05 .48 October 2.57 1.70 2.90 3.21 Oct .56 .44 L.25 1.00 (3) .02 .43 November 2.49 1.70 2.68 3.20 Nov .56 .44 L.25 1.00 .003 .02 .34 December. 2.60 1.70 2.95 3.23 Dec .56 .44 L.25 1.00 (3) .02 .35 1941—Jan .56 .44 L.25 1.00 (3) .02 .43 1939—January 2.64 1.73 2.97 3.32 Feb. . .56 .44 L. 25 1 00 034 .04 . 55 February 2.52 1.70 2.69 3.26 Mar .56 .44 .25 1.00 .089 .11 .50 Quarterly figures i Week ending: 1939—March 2.95 2.13 3.05 3.77 Mar. 22_. Vie \Vi 1.00 .065 .11 .49 June 2.91 2.15 3.05 3.62 Mar.29_. Vie 1M 1.00 .055 .08 .50 September 2.68 2.04 2.78 3.31 Apr.5.__ Vie IM 1.00 .079 .08 .52 December 2.59 1.96 2.59 3.32 A A p p r r . . 1 1 9 2 . . . . V V i i e e 1 m 34 1 1 . . 0 0 0 0 . . 0 0 9 9 3 7 . . 1 1 0 1 . . 5 5 4 5 1940— J M un a e rch. 2 2 . . 5 6 9 5 2 2 . . 0 0 0 3 2 2 . . 4 6 9 7 3 3. . 3 3 8 5 Apr. 26.. Vr-% Vie 1.00 .097 .12 .51 September 2.68 2.14 2.56 3.43 December 2.59 2.00 2.53 3.36 1 Monthly figures are averages of weekly prevailing rates. 1941—March... _. 2.58 2.06 2.53 3.25 2 Tax-exempt bills prior to March 1941; taxable bills thereafter. 3 Rate negative. i Averages for 1939 and 1940 and quarterly figures are on revised basis Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures and are therefore not strictly comparable with the earlier series of annual for Treasury bills and Treasury notes available on request and monthly figures. Back figures—See November 1939 BULLETIN, pp. 963-969 for description and for back figures. BOND YIELDS * [Per cent per annum] Corporate 4 U.S. Year, month, or week Treas- Munic- By rating By groups ury 2 ipal 3 Total Indus- Rail- Public Aaa Aa trial road utility Number of issues. 120 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—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 2.95 336 4.38 3.96 3.96 3.17 February.. 2.10 2.27 3.40 2.78 3.00 3.38 4.42 3.00 4.00 3.19 March 2.01 2.28 3.39 2.80 3.01 3.37 4.38 3.02 3.98 3.17 Week ending: Mar. 29___. 2.00 2.22 3.40 2.83 3.04 3.38 4.35 3.05 3.97 3.18 Apr. 5 2.00 2.23 3.39 2.82 3.05 3.38 4.33 3.06 3.95 3.17 Apr. 12 2.01 2.22 3.40 2.82 3.04 3.38 4.34 3.06 3.96 3.17 Apr. 19 1.97 2.21 3.41 2.83 3.05 3.39 4.35 3.07 3.97 3.17 Apr. 26 1.91 2.18 3.39 2.82 3.02 3.37 4.34 3.05 3.97 3.15 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 partially tax-exempt Government bonds due or callable in more than 12 years. 3 Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have each been reduced from 10 to 3 issues, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively. Back figures.—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request. MAY 1941 435 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 * ipal 3 Indus- Rail- Public Year, month, or Common (index, 1926=100) ings Total trial road utility date Pre- (in ferred * thou- Indus- Rail- Public sands of Number of issues. 2-6 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. _ 20 420 348 32 40 1940 average 107.2 121.2 82.0 87.5 57.9 100.6 1938 average 135.6 99 1,104 1940—March 106.7 119.7 82.1 87.3 57.2 101.8 1939 average 141.2 105 977 April 106.7 119.8 82.5 87.5 58.2 101.7 1940 average 140.1 97 767 May 104.9 115.3 79.4 85.3 53.5 99.3 June 104.8 114.6 78.5 84.7 52.0 98.7 1940—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 February... 108.8 125. 6 84.5 89.9 62.7 100.9 November... 141.9 96 1,044 March 110.1 125.4 85.3 90.2 64.3 101.3 December... 143.9 94 814 1941—January 145.4 94 564 Mar. 26.... 110.2 126.5 85.8 90.3 65.5 101.5 February 143.0 88 444 Apr. 2 110.2 126.3 86.2 90.5 66.5 101.5 March 142.1 88 440 Apr. 9 110. 1 126.5 85.4 90.2 64.8 101.1 Apr. 16.... 110.7 126.6 85.4 90.2 65.0 101.0 Mar. 26 142.2 88 473 Apr. 23 111.5 127.2 85.8 90.0 66.3 101.0 Apr. 2 142.7 89 590 Apr. 9 142.0 86 530 Apr. 16 141.6 85 457 i Monthly data are averages of daily figures except for municipal bonds, Apr. 23 141.4 84 446 which are averages of Wednesday figures. * Prices derived from average of yields of all outstanding partially tax-exempt Government bonds due or callable in more than 12 years 1 Standard Statistics Co. Monthly data are averages of Wednesday on basis of a lyi per cent, 16 year bond. For description see November figures. 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. Weekly 2 Average prices of industrial high-grade preferred stocks, adjusted to a data are averages of daily figures for week ending on Saturday following $7 annual dividend basis. date shown. 3 Average daily volume of trading in stocks on the New York Stock 3 Prices derived from average yields, as computed by Standard Sta- Exchange. Weekly figures are averages for the week ending Saturday tistics-Co.. Back figures.—For stock prices, see Annual Report for 1937 (table 79). Back figures.—See Annual Report for 1937 (table 79). For U. S. Treasury bonds see November 1940 BULLETIN. 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 8 and Total mu- agen- eign 2 eign) nici- cies i Bonds for- nici- cies i Bonds pal Total and Stocks eign) pal Total and Stocks notes notes 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. 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—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 0 227 227 18 17 192 154 38 0 May.... 251 122 122 30 3 89 80 10 0 129 129 20 25 84 84 0 0 June 227 83 83 71 2 10 8 2 0 144 144 14 29 101 101 (8V 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 0 Feb ••337 77 77 37 8 32 25 6 0 '260 '260 '26 17 '217 '200 17 0 Mar.___ 407 182 182 86 9 86 55 31 0 225 221 93 11 117 85 32 4 r Revised. ' Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. * Includes issues of noncontiguous U. S. Territories and Possessions. * 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). 436 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 gr o o t s a s l Total Marketable issues ' Nonm is a s r u k e e s table Madebt i b n e t a e r r i e n s g t 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 c S u o s r c e i i - t a y l 3 s j e u r A s v t d i e c - d e4 ot A he ll r5 t d u e r b ed t Other ury ury ury and Savings bills notes bonds2 prewar bonds 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 62 633 156 478 231 825 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—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 1,30^ 6,384 27, 226 196 2,966 258 4,853 3,536 515 803 198 386 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 44,073 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 38C 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 Feb 46, 090 45, 535 40,002 1,306 6,813 27, 960 196 3,480 247 5,534 4,174 518 841 180 374 Mar 47,173 46, 581 40, 898 1,604 5,722 29, 532 196 3,599 245 5,683 4,324 518 840 220 372 1 Including amounts held by Government agencies and trust funds which aggregated $2,044,000,000 on March 31, 1941. 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, certificates to adjusted service fund, and notes to National Service life insurance 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. 6 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' March 31, 1941 [In millions of dollars] [In millions of dollars] Maturing Federal Home Recon- Com- U.S. Date c m al a la tu b r le ing or Total Treas- Treas- Bonds T bo u re n ry a d s s - E m n o d n t o h f Total M Co F o r a r p t r g o m a ra g - e C O o L w r o p n a o e n r r a s - ' s C F tr o i u n rp c a t o n i r o c a e n - C m C o o r r p e d o d it r i y t a- A H u i o t n h u g o s r - ury ury Treas- call- tion tion 2 tion tion ity bills notes ury Other* able^ 1934—June. 681 312 134 235 1941—Before July 1 1,629 1,604 25 '*• Dec 3,063 980 1,834 249 July 1-Sept. 30____ 835 834 (3) 834 1935—June 4,123 1,226 2,647 250 Oct. 1-Dec. 31 204 204 Dec... 4,494 1,387 2,855 252 1942—Jan. 1-Mar. 31 426 426 (3) 1936—June- 4,718 1,422 3,044 252 Apr. 1-June 30 _. Dec.- 4,662 1,422 2,988 252 July 1-Dec. 31 575 575 (3) 1937—June. . 4,665 1,422 2,987 255 1943 1,395 1,395 (3) 1,855 Dec. 4,645 1,410 2,937 297 1944 1,849 1,849 (3) 2,555 1938—June.. 4,853 1,410 2,937 299 206 1945 - 3,608 1,249 1,941 418 1,755 Dec. 4,992 1,388 2,888 509 206 1946 1,849 1,519 330 2,344 1939—June- 5,450 1,379 2,928 820 206 114 1947 _._ 2,792 2,370 423 1,460 Dec... 5,703 1,269 2,813 1,096 407 114 1948 1,981 1,487 494 3,361 1949 1,636 819 817 2,278 1940—Jan... 5,699 1,269 2,809 1,096 407 114 1950 2,707 1,686 1,020 1,186 Feb... 5,673 1,269 2,783 1,096 407 114 1951 1,609 1,223 386 3,500 Mar. _ 5,663 1,269 2,770 1,096 407 114 1952 2,454 2,436 18 1,002 Apr... 5,656 1,269 2,763 1,096 407 114 1953.. 2,932 2,904 27 725 May - 5,535 1,269 2,641 1,096 407 114 1954 3,687 3,665 22 681 June.. 5,528 1,269 2,634 1,096 407 114 1955 1,515 1,480 35 2,611 July.. 5,526 1,269 2,631 1,096 407 114 1956 1,170 1,170 982 Aug... 5,812 1,269 2,627 1,096 696 114 1958 919 Sept.. 5,808 1,269 2,623 1,007 696 114 1959 982 982 Oct... 5,810 1,269 2,621 1,097 696 114 1960 2,611 2 611 1,485 Nov. _ 5,919 1,269 2,618 1,097 696 226 1961. 50 50 Dec... 5,916 1,269 2,615 1,097 696 226 1963 919 919 1941 Jan... 5,915 1, 269 2,614 1,097 696 226 1965 1,485 1,485 Feb... 5,914 1,269 2,613 1,097 696 226 Mar. _ 5,916 1,269 2,611 1,097 696 226 Total 40,898 1,604 5, 722 29, 532 4,040 29, 532 i Principal amount of obligations guaranteed as to interest and princii Treasury bonds in the amount of $2,527,000,000 not callable prior to pal. Excludes obligations held by U. S. Treasury and reflected in the maturity are shown as of date of maturity. public debt. The total includes guaranteed debentures of the Federal J Includes Postal Savings, pre-war, U.S. Savings bonds, and adjusted Housing Administrator, amounting to $16,000,000 on March 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 1939 deemable at option of their holders. and subsequent months includes matured bonds not presented for retire- 3 Less than $500,000. ment amounting to $11,000,000 on March 31, 1941. MAY 1941 437 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 Mis A c g u r l- i- Un- Trans- E o x f c e e x s - s c o e f i p re ts c ta o Ti_ x n m e - e s n i c n e e n t o l a e l u l a r- s - s S t e a o i c x t c y u e ia r s - l o A th l e l r c T i e r o o i e p t i - a a ts l i ce T IN r S i e p J - e o t i t s1 I d n e o e t s n e b t r t - t f i N e o d n e n a s - a - e l m t j A u u e r s d n a t - - l t m p e r l m e o e- n y - t - c f t e o r a r u u s c n s - t t t o s o A th ll er Total* 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 r a e n a l n d - l - d G e r b os ts s reve- Pro- lief etc.* ance * 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 9 months ending: Mar. 1939 __ 1,749 1,697 561 383 4,390 4,048 592 860 510 1,990 182 2,253 6, 387 -2, 339 +692 +1,174 +2, 820 Mar. 1940 __ 1,574 1,790 630 444 4.437 4,034 657 1,093 837 1,426 184 2,484 6,682 -2, 648 +223 -325 +2,100 Mar. 1941. _ 2,415 2,204 692 537 5,848 5,372 686 3,642 827 1,312 216 2,042 8,726 -3, 354 -27 +824 +4, 205 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 25? 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 Feb.. 104 204 193 172 674 541 21 592 96 138 20 209 1,075 -534 -3 -324 +213 Mar.. 1,208 273 34 52 1, 567 1,566 150 745 102 159 10 233 1,399 +167 -236 +1,014 +1, 083 Details of trust accounts, etc. Details of general fund balance (end of period) Old-age insurance Unemployment Net expenditures in checking trust fund and railroad trust fund accounts of Government agencies All other Period retirement account In- Workc N e r i e e p - t ts m v I e e n s n - t t - s m B p e e f a n n i y e t t - s - ce R i e p - ts m v I e e n s n - t t - s p O tu e e t n r x h e - d e s r i- s C F t R r o i u n e r c c p a o t o n i n r c o a - e n - C m C o C o r r o p e d m d o it i r - y t a- U i S H n n t g o a i u t t A e e s s u d - - o A th l e l r ce R i e p - ts p tu E en r x e d - s i- Total m g c o o r e n e l n d - t S io e r i a g g n e - a b i n n a c g l- e tion tion thority Fiscal year ending: June 1938... 550 461 85 763 560 191 *9 •184 1 *12 414 327 2,216 142 446 1,628 June 1939... 639 516 120 838 395 442 •658 136 *60 *186 440 324 2,838 142 536 2,160 June 1940... 703 573 129 959 443 514 •234 10 17 166 415 323 1,891 143 585 1,163 9 months ending: Mar. 1939 449 343 88 635 313 328 *516 136 *88 *139 323 252 3,389 142 515 2,732 Mar. 1940 500 403 93 715 355 357 *242 •30 73 61 301 224 2,514 143 577 1,794 Mar. 1941 593 429 133 827 367 459 317 •17 40 *245 359 322 2,715 143 602 1,970 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 1,486 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 1,720 Sept 11 148 14 67 •18 81 •13 •1 15 16 24 17 2,415 143 592 1,680 Oct 32 *5 15 107 31 84 •10 21 51 *13 29 17 1,920 143 595 1,183 Nov 143 *5 15 145 113 31 59 24 •103 *50 18 6 1,817 143 596 1,078 Dec. 1 151 15 51 11 33 15 17 8 21 35 25 1,928 143 597 1,188 1941—Jan 42 •10 15 78 29 41 16 12 32 *43 38 50 2.025 143 599 1, 283 Feb 152 *5 16 149 113 43 160 7 *8 *30 33 42 1,701 143 601 957 Mar 11 160 17 28 •10 37 64 37 25 •56 46 49 2,715 143 602 1,970 1 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. « Less than $500,000. * Excess of credits. NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052. 438 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEBRUARY 28, 1941 [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 ie a s nd Farm credit agencies Ten- Total struction nes- Finance Na- see In- Corpo- tional United Other Val- sur- February 28 ration De- Home Other States Farm • Farm Com- ley ance Other and fense Owners' mort- Hous- mort- Credit modity Au- agen- Public Cor- Loan gage ing gage Adm. Credit Other thor- cies Works pora- Corpo- agen- Au- agen- banks Corpo- ity Admin- tions ration cies thority cies and cor- ration 1941 1940 istration porations Assets Loans and preferred stock: Loans to financial institutions 211 157 0) 57 425 405 Preferred stock, etc 442 183 24 62 1 711 791 Loans to railroads 493 25 518 509 Home and housing mortgage loans 1,929 255 211 2,395 2,365 Farm mortgage loans. 2,485 2,485 2,580 Other agricultural loans 296 241 185 4 727 1,120 All other loans 2444 0) 3 463 M44 1,352 1,118 Total loans and preferred stock.. 1, 591 2,112 436 211 2,485 358 241 648 57 475 8,614 8,888 Cash 4 222 92 24 106 56 3 27 7 37 16 595 494 U. S. Govt. direct obligations 50 41 5 83 92 461 4 736 765 Obligations of Government credit agencies: Fully guaranteed by U. S 12 10 105 127 130 Other 5 8 5 2 12 22 43 Accounts and other receivables 20 12 7 7 2 214 4 46 29 6 67 111 524 415 B Pr u o s p in e e r s ty s p h r e o ld p e f r o t r y sale _ . 0) 43 82 34 3 5 0) 1 128 8 6 6 0 0 ) ) 60 7 8 i 361 38 1 95 1 1,2 6 0 0 6 0 6 5 4 5 4 2 Other assets 4 1 0) 0) 0) 9 25 4 0) 11 197 251 148 Total assets other than interagency 6 1,720 95 2,690 589 369 2,991 557 905 709 375 777 899 12,67612, 078 Liabilities Bonds, notes, and debentures: Guaranteed by United States . 1,097 2,613 226 1,270 696 13 5,914 5,675 Other5. (l) 176 5 982 204 8 4 11 1,386 1 321 Other liabilities (including reserves) 335 1 64 35 6 121 7 112 220 7 273 111 1,292 1,057 Total liabilities other than interagency 6__ 1,432 1 2,677 211 232 2,373 212 808 220 15 290 122 8,592 8,053 Excess of assets over liabilities, excluding interagency transactions. 289 93 13 378 137 619 346 97 489 359 487 776 4,084 4,025 Privately owned interests 57 217 4 139 418 400 U. S. Government interests 289 93 13 321 137 401 341 97 489 359 348 776 3,666 3,625 1 Less than $500,000. 2 includes $92,000,000 loans of Public Works Administration. 3 Includes $395,000,000 loans of Farm Security Administration. * Includes $261,000,000 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] Mar. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, 1940 1940 1940 1940 1940 1941 1941 1941 Loans to financial institutions._ 159, 353 142, 396 141, 935 167,153 171, 583 166, 278 162,197 157,920 Loans on preferred stock of banks and insurance companies.. 29,840 56, 627 56, 578 56, 470 52, 947 49, 991 48, 797 48, 512 Preferred stock, capital notes, and debentures 472, 345 459,941 460, 218 454, 941 452, 380 447, 374 442, 226 436, 756 Loans to railroads (including receivers) 467, 887 470,039 469, 769 472, 596 473,881 481,961 481, 977 486, 877 Loans for self-liquidating projects... 66,753 38, 476 47,096 35, 597 35, 797 34, 742 35, 208 Loans to industrial and commercial businesses 1 130,704 131,126 130,944 131, 484 128, 561 127, 204 127, 984 131, 794 Loans to drainage, levee, and irrigation districts 83, 966 83, 360 83, 409 83, 507 83, 460 83, 231 82,897 83,161 Other loans 4,260 4,746 4,855 4,862 4,731 5,128 5,138 Securities purchased from Public Works Administration 114, ( 116, 216 115, 930 115, 224 115, 699 114,075 113, 338 113,153 Total loans and investments, other than interagency.-. 1, 529,174 1, 502, 926 1, 510, 735 1, 521,857 1, 519,170 1, 511, 515 1, 499, 287 1,498, 518- Preferred stock of, and loans to Export-Import bank 74,000 74,000 74,000 99,000 99,000 174,000 174,000 174,000 Loans to Rural Electrification Administration.. 146,498 146, 498 146, 498 146,498 146, 498 152,498 157, 498 164,498- Capital stock of, and loans to R. F. C. Mortgage Co 59,198 61,160 62,806 64,115 67,110 68,042 67,992 69,412 Capital stock of, and loans to Fed. Natl. Mtge. Assn 81, 039 84, 559 87,077 90, 380 93,491 95, 641 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. 10, 395 24, 277 33, 387 44, 503 63,106 83, 392 121,205 Loans to Farm Security Administration 10,000 21,000 23,000 28,000 17, 671 32, 671 59, 771 Capital stock of Federal Home Loan banks 124, 741 124, 741 Total loans and investments.. 1,885, 786 1,894,318 1, 932,175 1,983,234 2,002,961 2,088,622 2,243,522 2, 319,120 1 Include national defense loans amounting to $16,755,000 on March 31, 1941. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. MAY 1941 439 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 cultural Other tion credit agricul- gency Banks for Agriculcredit cor- financing associa- tural cred- crop and Federal cooper- tural Land porations, institu- tions it corpo- drought inter- atives, Market- Federal Bank production tions, rations loans mediate including ing Act land banks Commis- credit as- except credit Central revolvsioner sociations, coopera- banks Bank ing fund and banks tives for cooperatives i 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 1,904 355 690, 880 165, 236 33, 354 154,496 8,005 168, 330 1,835 76,252 20, 547 1940—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 3.882.516 670, 723 190, 961 38,377 194,662 7,845 180,938 1,315 63, 564 18,137 June L, 880,408 668,850 196,408 40,033 200,415 7,768 181,218 897 62,177 18,200 July I, 874, 608 665,073 199, 238 42,161 203, 693 7,614 180,824 1,217 65, 111 15,311 August L,871, 487 662, 592 202, 503 42,416 202, 796 7,416 179,984 763 67,473 14,787 September L, 866, 697 659,017 197,451 40,901 194,558 7,010 177, 906 352 73,132 15, 739 October L, 861, 739 650,403 190, 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 _ __ L, 844,465 644,885 186,127 34, 762 174,034 5,836 167,463 1,242 75,166 16,036 February I, 842,003 643, 269 191, 782 35, 804 181,985 5,675 169, 439 1,267 73,944 16,165 March L, 835, 504 639,683 203,113 37,120 195, 296 5,691 174, 838 1,332 70, 231 15, 967 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— U. S. Government Federal securities home Depos- Cash Federal savings and loan End of month itors Cash reloan associations bank bal- in de- Di- Guar- serve End of month Home loans to ances1 Total posi- rect an- funds Owners' member tory Total obli- teed etc.* Loan Cor- Number institu- banks ga- obliporation of asso- Loansi tions 2 tions gaciations tions 1934—December.. 2, 379,491 639 81,300 86, 651 1935—June.. 1,205 1,236 385 777 630 147 74 1935— December. _ 2, 897,162 1,023 348,000 102, 791 1936—June.. 1,232 1,265 203 967 800 167 95 1 1 1 9 9 9 3 3 3 6 7 8 — — — D D D e e e c c c e e e m m m b b b e e e r r — r . „ . 2 2 2, , , 1 3 7 6 9 6 8 7 5 , , , 9 0 6 2 9 4 0 8 7 1 1 1, , , 3 3 2 6 2 1 8 8 2 1, 8 5 0 5 8 3 3 6 4 , , , 1 5 7 6 0 0 2 0 0 2 1 1 0 4 9 5 0 8 , , , 0 8 3 4 9 9 0 2 4 1 1 1 9 9 9 3 3 3 9 7 8 — — — J J J u u u n n n e e e . . . . . . 1 1 1 , , , 2 2 2 6 5 6 2 2 8 1 1 1 , , , 3 2 3 0 9 0 4 0 7 1 1 1 3 5 6 1 1 1 , , , 1 1 1 0 5 0 3 7 0 1, 9 9 0 3 3 1 6 3 1 1 1 1 4 6 6 6 7 7 7 7 7 8 3 1 1939—No vember.. 2,043, 288 1,401 1, 252, 559 168,822 1940—March 1,301 1,343 1,200 1,054 146 97 December. . 2, 038,186 1,410 1,271,161 181,313 April. 1,303 1,345 1,214 1,068 146 87 1940—January 2,031, 341 1,403 1, 280, 200 156, 788 May 1,299 1,342 1,224 1,078 146 74 February.. _ 2,026, 614 1,407 1, 296,464 144, 515 June 1,293 1,337 1,224 1,078 146 69 March 2,021, 951 1,413 ,317,975 137, 642 July 1,297 1,339 1,224 1,078 146 73 April 2, 020, 572 1,420 , 348,072 133, 811 August 1,297 1,340 1,224 1,078 146 75 May 2,017,395 1,421 , 376, 700 137, 509 September 1,295 1,339 1,224 1,078 146 74 June 2, 012, 760 1,430 , 405,100 157, 397 October 1,296 1, 338 1,224 1,078 146 75 July 2,004, 737 1,431 ,432,100 162, 222 November 1,298 1,341 1,224 1,078 146 80 August 1, 996,443 1,431 , 461, 867 168,402 December 1,304 1,348 1,224 1,078 146 September.. 1, 987, 611 1,434 ,487,974 176,047 1941—January P1,314 October 1, 980, 704 1,440 , 515, 392 181, 526 February Pl,316 November.. 1, 968, 816 1,443 1,533,246 185, 547 March 320 December^ . 1,956,268 1,445 ,546,270 201, 492 1941—January 1, 942,427 1,446 ,564,168 170, 849 February... 1, 929, 346 1,447 ,578,543 156, 899 v Preliminary. March 1, 913, 862 1,450 1, 600, 482 145, 959 1 Outstanding principal, represented by certificates of deposit. Does not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and 1 Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States, and loan associations. accrued interest on bond investments, and accounts due from late post- 2 Excludes loans to other than member institutions which are negli- masters. gible in amount. Back figures.—See BULLETIN for August 1935, p. 503. 440 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] Industrial production Construction Income (phys 1 i 9 c 3 a 5 l - v 3 o 9= lu 1 m 00 e) 2 * awa 1 r 9 c d 2 o e 3 n d - t 2 r 5 ( a v = c a 1 ts l 0 u 0 e) 3 Employment * F to a r c y - Freight- D m ep e a n r t t- W s h al o e le- C o o f st Y m ea o r n a th nd ( 9 m v 2 p a 9 e a l = n u y 1 e - ts 0 )1 0 Total D ab f u M a l r e c - a tu n N r u d a e b u o - s l r n e - - M era in ls - Total R d t e e ia s n l i - - o A th ll er 1 t N = a 9 u c g 3 1 o u r 5 r a l 0 n - i - 0 l - - 3 5 9 19 F 23 a - c 2 t 5 o = ry 100 r 1 o — 9 p l 2 a l 1 3 s y 0 - - * 2 0 5 1 i l — 9 n o 2 g a 1 3 d s 0 - * - 2 0 5 ( 1 v — 9 s a a 2 lu 1 l 3 e 0 e - s 2 0 ) 5 *"p m r = c 1 i o o 1 9 c d m 0 2 e i 0 6 s - t 4 y 1 = 9 i l n 3 1 iv 5 g 0 - - * 0 39 Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Ad- Unad- Unad- Ad- Ad- Unad* Unadjusted usted justed justed usted ustedjusted justed usted justed usted justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98.0 84 78 138 6 124 *) 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 11Q 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 19^ d. 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 4 194 fi 1928 99 117 85 99 135 126 142 99.7 103.5 104 108 96 7 199 R 1929 100.0 110 133 93 107 117 87 142 107.6 106.0 110.4 107 111 95 3 122 5 1930 90.8 91 99 84 93 92 50 125 100.9 92.4 89.4 92 102 86 4 119 4 1931 77.3 75 68 79 80 63 37 84 92.3 78.1 67.8 74 92 73 0 108 7 1932 60.1 58 41 70 66 28 13 40 82.8 66.3 46.7 55 69 64 8 97 6 1933 57.1 69 54 79 76 25 11 37 83.3 73.4 50.1 58 67 65 9 92 4 1934 65.8 75 66 81 80 32 12 48 90.5 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 70 100.0 99.0 85.8 75 88 80 8 99 1 1937 87.5 113 122 106 112 59 41 74 105.0 108.6 102.5 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 81 102.3 99.9 92.2 70 90 77 1 99 4 1940 90.5 122 135 113 117 81 72 89 105.6 107.5 105.4 76 94 78 6 100 1 1938 February.- 81.5 84 82 73 90 98 51 32 66 97.7 92.4 91.6 77.7 62 88 79 8 March 81.2 84 84 72 90 97 46 33 56 97.8 91.0 91.2 77.8 60 86 79 7 100 9 April. 80.1 82 82 69 88 95 52 37 65 98.1 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 98.2 89.3 90.2 77.9 62 83 78.1 September 80.4 92 95 81 100 98 78 56 96 99.9 91.0 93.6 82.3 64 85 78 3 100 7 October 81.7 95 99 88 100 98 82 57 102 100.1 92.0 94.2 85.0 68 86 77.6 November 82.1 100 102 96 103 102 96 56 128 100.0 94.8 95.3 85.3 69 87 77 5 December. 83.1 101 100 97 104 102 96 67 128 100.9 96.7 96.2 88.1 69 88 77.0 166 2 1939 January 83.4 102 98 98 104 103 86 55 111 98.4 96.8 94.5 84.7 69 88 76 9 February__ 83.7 101 99 98 104 102 73 68 85 98.8 96.8 96.1 87.1 67 88 76.9 March 84.6 101 100 96 104 103 69 55 80 99.7 96.7 97.0 88.8 66 88 76 7 99 1 April _. 83.1 97 98 93 103 92 67 58 74 99.9 96.6 96.9 86.8 60 88 76 2 May 83.8 97 99 90 104 96 63 55 68 100.7 96.3 95.9 86.3 62 87 76 2 June 84.1 102 102 97 106 105 63 58 67 102.1 97.3 96.4 87.9 67 86 75 6 98 6 July 83.6 104 102 101 106 107 67 62 71 102.2 98.4 96.6 85.8 69 87 75.4 August. _- 85.2 104 103 106 108 92 73 67 78 103.0 99.0 99.5 91.2 70 88 75 0 September 86.1 113 116 115 111 114 73 68 76 104.9 100.8 103.7 95.4 77 90 79.1 100 ft October __ 88.0 121 126 129 115 119 76 68 82 105.8 104.8 107.3 103.2 80 92 79.4 November 88.5 124 126 133 117 120 83 61 101 105.4 107.0 107.5 103.2 82 93 79.2 December 90.0 126 124 140 117 115 86 60 107 106.1 108.2 107.8 105.4 78 95 79.2 99.6 1940 January 90.3 122 117 135 113 118 75 53 93 102.6 107.6 105.0 99.8 78 92 79.4 February 89.7 116 113 124 110 114 63 56 68 102.3 105.8 105.0 99.3 73 90 78.7 March 88.4 113 112 118 106 117 62 57 66 102.9 104.0 104.4 99.8 69 89 78 4 99 8 April 88.2 111 112 113 107 119 64 62 66 103.0 102.8 103.2 97.9 70 89 78.6 May. 88.6 115 116 119 110 117 64 64 65 103.8 102.8 102.5 97.8 72 89 78 4 June 88.7 121 121 131 114 118 74 69 77 104.6 103.9 103.1 99.5 75 91 77 5 100 5 July 89.3 121 118 132 112 120 85 77 91 104.7 105.1 103.2 98.2 75 92 77.7 August- 90 5 121 120 135 112 113 90 82 98 106.0 107.4 107.4 105. 5 76 98 77 4 September 91.7 125 129 146 112 116 93 82 101 107.9 108.9 111.4 111. 6 77 97 78.0 100.4 October 92.5 129 134 150 116 113 95 85 103 108 9 111.4 113.8 116.2 77 94 78.7 100 2 November _ . 93.6 132 135 154 rl20 118 111 87 130 109.2 114. 2 114.7 116.4 83 100 79. fl 100.1 December _ _ 95.8 138 135 ••165 '124 119 115 90 136 111.1 116.6 116.2 122.4 84 101 80.0 100 7 1941 January '96.8 139 133 170 121 118 103 84 117 108.1 118.2 115.4 120.7 86 101 80.8 100.7 February . 97.3 141 138 172 123 118 99 76 118 109.1 118.5 117.8 126.9 86 103 80.6 100.8 March___ P97. 8 P143 P143 P170 P126 PI 24 94 74 109 P109. 9 P119.3 P119.9 P131.0 87 103 81.5 101.2 Aprile •138 •139 "166 •128 • 99 e 103 e83.0 p Preliminary. * Average per working day. r Revised. • Estimated 1 Department of Commerce series on value of payments to individuals. » For indexes by groups or industries, see pp. 442-445; 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 p. 450 * 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. 446-449 for employment and payrolls and p. 453 for prices. 5 Excludes military and naval forces. Revised from January 1937 to date. 6 For sales comparisons by cities and by departments see p. 452 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882; for factory employment and payrolls, October 1938, pp. 838-865, 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. MAY 1941 441 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] 1940 1941 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total... 116 113 Ill 115 121 121 121 125 129 132 138 139 141 P143 fifanufactures—Total 116 112 110 114 122 121 122 127 131 135 142 143 145 P146 Durable 124 118 113 119 131 132 135 146 150 154 170 172 Nondurable 110 106 107 110 114 112 112 112 116 '120 -124 121 123 ^126 Iron and Steel 118 106 99 118 154 156 158 164 165 166 181 174 168 P168 Pig iron . 136 118 117 127 148 157 162 167 169 173 182 186 178 170 Steel ingots 117 105 97 118 154 156 157 164 165 165 181 173 167 ^169 Machinery 123 123 123 124 128 133 138 145 146 rl53 163 173 177 P182 Transportation Equipment 138 132 117 117 122 111 107 138 157 162 168 188 199 P187 Aircraft 283 299 306 323 364 394 455 517 544 584 624 686 728 P751 Automobiles 129 120 103 101 106 87 76 109 130 133 134 149 159 144 Railroad cars . ._ 158 149 125 121 111 119 127 148 148 166 177 207 187 P166 Locomotives 101 101 103 102 102 113 123 140 160 168 174 204 218 P241 Shipbuilding 150 156 156 164 170 189 213 220 227 226 261 289 316 P319 Nonferrous Metals and Products 142 132 124 127 130 138 146 153 164 169 177 181 185 186 Nonferrous metal smelting 1 130 131 129 131 128 138 134 130 134 133 137 136 142 139 Copper smelting 131 137 131 130 131 140 135 126 130 132 138 134 141 136 Zinc smelting._ _ ._ 135 130 133 135 130 141 140 148 147 146 147 150 155 155 Copper deliveries 145 125 111 113 115 119 134 154 170 179 203 212 218 211 Lead shipments.. 102 100 104 110 119 127 128 126 127 131 136 136 140 139 Zinc shipments 122 117 112 113 124 135 141 143 144 142 143 142 146 142 Tin deliveries 168 148 132 137 141 146 Lumber and Products _. 114 111 110 112 111 107 114 121 123 127 132 137 135 P128 Lumber 114 110 109 110 110 104 113 121 124 128 133 139 139 125 Furniture 113 112 111 115 113 115 115 121 122 125 128 132 129 P134 Stone, Clay and Glass Products 113 120 115 113 112 115 119 124 126 130 140 154 158 PI SO Cement 106 117 115 115 113 110 115 125 133 140 155 181 183 156 Common and facp briok 96 106 108 1C9 118 117 129 131 126 135 147 Common brick 103 106 107 111 120 117 130 124 126 136 147 Face brick 81 105 107 105 112 118 125 146 127 132 148 Glass containers. _ _._ 118 124 116 112 111 117 114 116 115 114 119 123 131 139 Polished plate glass 112 105 96 91 80 100 114 118 111 113 117 137 138 135 Textiles and Products 108 100 100 104 107 113 113 116 123 134 r140 134 135 144 Textile fabrics 105 97 97 100 103 108 111 113 121 131 136 130 131 140 Cotton consumption 115 108 107 109 114 121 124 120 126 135 145 138 142 147 Rayon deliveries 143 139 137 142 144 137 127 120 129 146 156 157 150 158 Silk deliveries 64 64 61 58 56 57 61 65 71 77 74 69 67 71 Wool textiles 93 77 79 87 89 100 106 123 132 142 142 134 136 151 Carpet wool consumption- 108 87 97 95 79 69 95 109 125 128 141 125 131 131 Apparel wool consumption 92 80 68 82 88 113 108 137 152 160 158 152 152 174 Woolen yarn 89 78 78 86 92 102 104 120 124 131 135 124 122 139 Worsted yarn 93 75 76 90 93 112 118 136 150 154 146 146 157 170 Woolen and worsted cloth. 89 71 76 83 89 105 104 122 126 144 142 134 134 154 Leather and Products 99 94 87 88 96 94 97 95 97 107 108 107 108 PIIO Leather tanning 96 92 86 88 90 85 92 90 93 100 102 102 103 Cattle hide leathers 100 94 86 87 90 88 98 95 100 110 113 115 112 Calf and kip leathers 86 84 80 91 88 75 83 82 85 92 86 88 92 Goat and kid leathers 93 92 91 89 91 84 83 83 81 82 86 79 87 Shoes 101 95 87 88 101 101 101 99 100 112 113 110 112 115 Manufactured Food Products __ 113 112 111 111 115 110 114 109 117 116 120 115 118 P120 Wheat flour.. 100 100 100 105 98 100 99 100 104 99 104 98 105 105 Cane sugar meltings _. 95 86 89 97 112 101 90 86 116 136 122 124 107 122 Manufactured dairy products 115 112 112 106 111 113 109 109 111 109 112 116 114 113 Ice cream 116 111 113 104 112 116 104 Butter 109 107 108 102 105 105 104 105 108 106 110 119 118 118 Cheese 104 115 116 117 110 114 114 115 114 117 118 123 124 131 Canned and dried milk 126 123 118 112 117 121 132 130 136 128 139 139 131 126 Meat packing... 129 128 117 117 126 116 119 121 127 133 134 114 126 134 Pork and lard 154 156 131 135 152 132 141 147 152 159 165 121 145 159 Beef 106 102 106 101 101 101 99 95 101 106 107 110 109 110 Veal .. 86 87 86 89 91 97 91 92 98 102 97 86 94 91 Lamb and mutton 99 97 98 93 99 98 96 95 106 110 109 112 112 111 Other manufactured foods 112 112 112 112 115 110 115 109 118 116 120 116 118 P120 Alcoholic Beverages _ 97 97 104 100 113 108 91 103 103 96 101 105 108 104 Malt liquor._ 96 99 102 99 99 103 91 93 100 94 104 105 106 100 Whiskey 61 67 78 84 84 72 44 71 80 77 85 78 81 80 Other distilled spirits 114 121 132 114 131 148 208 231 118 86 85 112 132 132 Rectified spirits 126 108 123 114 201 154 87 126 134 131 105 126 131 130 Tobacco Products 106 103 111 110 115 103 106 108 115 113 114 113 116 117 Cigars . ._ 103 100 102 104 98 101 105 102 105 103 108 111 110 109 Cigarettes ... .. .. 109 107 119 117 127 106 110 113 120 119 121 118 125 127 Manufactured tobacco and snuff.. 97 95 99 100 99 99 96 100 112 106 101 101 96 97 r Revised. P Preliminary. 1 Includes also lead production shown under "Minerals." 442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1940 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Paper and Paper Products m 110 116 127 132 125 ISO 128 Paper and pulp 110 117 128 132 130 123 118 121 124 131 129 128 Pulp 114 135 140 149 159 153 150 150 148 150 159 152 153 Groundwood pulp 133 110 118 118 118 117 119 117 118 123 119 116 119 Soda pulp 110 116 118 135 148 142 120 114 124 113 142 128 129 Sulphate pulp 117 151 164 175 186 179 179 185 184 186 200 190 191 Sulphite pulp 153 136 136 145 157 151 148 145 140 143 148 144 144 Paper 130 106 113 125 128 126 118 113 117 120 127 125 124 Paperboard 111 109 114 131 128 130 121 118 123 132 143 138 134 138 Fine paper 112 95 99 110 118 121 114 107 110 114 114 110 110 Newsprint production 100 112 113 113 115 111 113 111 112 109 109 113 115 115 Printing paper 112 109 115 125 135 126 117 111 114 114 117 119 123 Tissue and absorbent paper 116 105 119 123 137 131 121 125 124 120 131 127 125 Wrapping paper.. _. 119 105 114 127 126 126 117 107 110 114 120 120 119 Paperboard containers 108 111 115 125 128 128 112 Printing and Publishing l 108 106 108 115 in 110 108 109 110 112 111 in Newsprint consumption 100 103 101 106 102 104 104 104 106 107 103 105 106 Petroleum and Coal Products 116 118 115 in 115 112 113 116 116 118 120 121 121 P122 Petroleum refining 115 117 114 113 112 108 109 112 112 114 116 117 117 Gasoline 112 115 112 111 110 106 109 113 111 112 115 117 118 Fuel oil 119 121 117 113 113 111 116 113 115 116 120 120 122 Lubricating oil 124 124 120 118 122 113 98 102 109 115 107 112 104 Kerosene 120 123 120 126 116 116 111 121 123 123 130 120 123 Coke 123 118 119 123 132 139 139 142 144 146 147 148 148 150 Byproduct coke 124 119 120 123 131 137 136 139 141 143 142 143 144 144 Beehive coke 89 80 101 142 206 248 252 251 265 305 314 295 347 Chemicals 111 109 111 in 116 117 115 in 116 118 121 Rubber Products 119 116 115 117 115 106 109 119 120 126 138 150 151 Rubber consumption 120 116 115 116 114 106 110 120 122 127 140 140 152 153 Tires and tubes 114 117 115 121 126 104 106 111 109 118 118 123 128 135 Pneumatic tires 116 118 115 122 128 106 106 112 110 120 118 124 128 135 Inner tubes 104 108 109 112 113 95 102 107 103 107 115 122 130 133 Minerals—Total 114 119 117 118 120 113 116 113 rll9 118 118 P124 Fuels 112 in 116 m 116 117 112 in 109 113 113 in 113 Bituminous coal 104 109 120 116 121 121 119 98 112 115 117 114 A Cr n u th de ra p c e it t e roleum 1 7 1 8 8 1 8 2 4 0 1 8 1 3 8 1 8 2 2 0 1 1 1 1 6 3 1 1 2 1 9 4 1 1 1 0 2 8 1 1 1 0 4 5 1 9 1 1 5 1 9 1 4 5 1 1 0 1 5 3 1 9 1 8 4 1 1 0 1 2 3 P P1 1 0 1 2 0 Meta I L Z S C G l r s i i e o o o l n a v l n p c d d e p " o r . e r . r e . s . hipments I 1 1 1 1 1 1 4 1 3 4 2 1 S 2 6 0 0 0 8 O 1 1 1 1 1 1 5 1 4 2 2 1 1 3 1 4 4 7 1 1 1 1 1 1 1 4 2 4 2 1 2 3 9 3 4 3 8 7 5 1 1 1 1 1 1 1 1 1 1 4 2 5 2 2 3 6 9 3 5 2 4 4 5 1 1 1 1 1 1 1 5 1 1 4 1 2 3 5 8 7 3 4 2 4 1 1 1 1 1 1 1 5 2 5 2 2 2 3 9 9 0 0 5 2 9 1 1 1 1 1 9 5 2 4 1 U 3 9 5 4 7 1 1 1 1 1 1 1 5 2 3 0 3 0 0 5 7 2 7 1 8 9 n 1 1 1 1 1 1 6 s 4 1 2 3 1 7 3 0 9 5 1 3 1 1 1 1 1 1 9 4 3 0 2 3 2 1 4 7 7 6 n 1 1 1 1 1 1 s 8 4 4 3 1 3 6 i 1 2 5 2 2 1 1 1 1 1 1 8 3 U 4 1 2 1 8 7 8 6 0 9 1 1 • 1 1 1 1 8 4 1 5 1 3 3 9 2 5 1 8 3 3 1 P1 1 1 1 1 5 4 9 4 1 1 8 1 0 8 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. MAY 1941 443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) llndex numbers of the Board of Governors. 1935-39 average = 1001 1940 1941 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total _ _ 113 112 112 116 121 118 120 129 134 135 135 133 138 P143 Manufactures—Total 114 112 112 116 122 118 120 130 136 137 139 137 142 P148 Durable -- - -- 121 121 120 125 134 127 128 144 155 158 162 161 167 P175 Nondurable 108 105 105 109 112 110 114 119 121 121 121 -118 122 Iron and Steel 121 113 106 123 151 147 153 161 I64 166 172 170 172 P181 Pig iron __ 134 124 123 133 150 154 161 164 169 173 168 177 176 178 Steel ingots - - 120 112 104 122 151 147 152 161 163 165 172 170 172 P181 Machinery - 123 126 126 126 129 129 135 142 149 153 164 168 177 P186 Transportation Equipment 139 144 141 132 131 96 63 120 167 184 183 186 199 P202 Aircraft _ __ 283 299 306 329 371 394 455 501 544 590 624 672 728 P751 Automobiles 130 134 130 118 114 70 23 89 142 161 152 151 161 160 Railroad cars 151 158 141 137 124 117 130 135 141 153 172 176 180 »176 Locomotives - 103 99 98 102 106 116 124 137 152 163 186 204 222 P237 Shipbuilding 145 162 162 172 176 185 202 213 229 219 263 280 307 P332 Nonferrous Metals and Products 139 134 129 129 130 131 141 154 167 172 172 176 181 190 Nonferrous metal smelting1 . _ _ 130 133 135 131 127 126 127 131 138 137 138 137 142 142 Copper smelting _ 130 137 139 132 131 126 127 129 138 139 135 133 140 136 Zinc smelting 138 137 137 135 128 133 133 143 147 147 152 153 158 163 Copper deliveries _ 139 129 116 116 116 118 133 156 173 181 188 200 209 219 Lead shipments 101 100 106 109 113 118 122 127 133 141 141 138 138 140 Zinc shipments _ - - 125 120 114 113 118 125 130 140 145 149 149 149 149 145 Tin deliveries 163 151 141 146 148 143 Lumber and Products 101 107 109 114 116 111 123 132 132 126 121 116 119 P124 Lumber 96 104 109 117 119 112 126 134 132 i23 114 113 115 118 Furniture 113 113 108 108 110 107 118 127 133 130 133 123 129 P135 Stone, Clay and Glass Products _ _ 83 101 114 129 129 127 133 139 142 136 125 110 112 P125 Cement 60 88 115 140 143 136 141 150 154 145 124 100 102 117 Common and face brick 50 71 103 131 146 147 150 161 154 147 125 Common brick 49 66 102 134 153 149 153 162 160 149 120 Face brick 53 84 107 126 129 140 142 161 140 141 133 Glass containers _ 109 117 116 119 117 121 124 118 119 115 111 110 120 130 Polished plate glass 106 111 96 91 79 66 93 118 127 129 141 144 131 141 Textiles and Products 115 101 97 100 101 105 111 118 126 137 140 143 147 Textile fabrics . _ _ _ 111 100 95 97 98 101 108 115 124 134 136 133 -140 143 Cotton consumption 123 115 110 109 108 109 114 120 129 139 142 144 152 156 Rayon deliveries 141 132 127 127 131 134 137 138 144 151 -154 148 150 Silk deliveries 65 66 60 55 51 51 57 65 77 87 79 72 68 74 Wool textiles 102 77 73 85 88 98 109 120 129 140 146 136 149 152 Carpet wool consumption. _ _ 118 98 91 91 77 67 101 111 124 126 131 119 143 146 Apparel wool consumption _ 99 80 63 82 88 108 113 137 145 162 163 149 165 176 Woolen yarn _ 97 76 73 86 92 102 108 119 121 129 135 125 134 135 Worsted yarn 97 72 72 90 93 107 120 130 150 154 160 150 163 163 Woolen and worsted cloth 102 71 68 80 88 102 107 116 121 143 150 142 153 154 Leather and Products rW8 100 89 86 88 91 104 102 98 98 99 104 117 P117 Leather tanning -105 -92 -87 86 -88 -83 89 89 93 101 104 103 112 Cattle hide leathers -112 95 86 85 -86 82 93 94 101 114 115 116 125 Calf and kip leathers 92 79 79 86 90 83 87 81 82 87 88 87 98 Goat and kid leathers 96 91 94 88 91 83 81 84 80 79 87 79 90 Shoes 109 106 91 86 89 98 114 111 102 96 95 106 121 127 Manufactured Food Products _____ _ 99 100 101 107 116 120 131 132 126 116 115 103 103 PW6 Wheat flour 99 97 94 95 92 99 100 115 113 103 100 99 104 102 Cane sugar meltings 93 95 98 95 116 116 95 102 113 112 98 103 105 135 Manufactured dairy products 84 95 112 143 168 164 144 111 88 75 73 76 84 96 Ice cream 69 86 108 142 179 195 168 Butter. 94 95 107 132 147 128 114 104 95 84 87 95 101 105 Cheese 82 94 113 154 169 147 128 119 107 89 82 89 96 107 Canned and dried milk _ 107 120 133 161 173 148 136 120 109 90 96 106 112 124 Meat packing 124 116 HI 117 123 109 102 112 127 151 159 133 122 120 Pork and lard - . 154 140 124 135 148 119 106 117 143 191 212 157 145 143 Beef 95 93 99 101 99 102 100 107 110 111 107 110 98 100 Veal 76 82 85 93 92 96 92 101 108 104 92 83 83 86 Lamb and mutton _ _ __ 99 94 95 95 94 93 95 107 113 107 104 118 112 107 Other manufactured foods 98 98 98 102 110 117 136 140 132 117 115 103 103 P106 Alcoholic Beverages _ 84 94 106 107 120 112 89 108 108 104 93 87 94 100 Malt liquor 82 95 111 117 126 127 106 94 82 77 81 84 90 96 Whiskey . 79 83 86 84 67 40 24 56 76 96 98 104 106 98 Other distilled spirits 69 79 79 68 77 70 100 317 314 181 105 73 79 86 Rectified spirits 109 103 110 100 161 130 68 134 174 207 140 92 113 124 Tobacco Products 98 97 105 112 124 112 110 118 120 115 98 108 108 110 Cigars __ _____ 90 92 97 102 104 105 108 H7 127 123 83 90 96 100 Cigarettes 103 99 111 119 140 119 116 121 118 114 108 119 118 119 Manufactured tobacco and snuff 96 97 98 101 101 101 97 108 115 105 89 98 95 99 r Revised. P Preliminary. 1 Includes also lead production shown under "Minerals." 444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued rindexnumbers of tha Board of Governors. 1935-39 average = ]00] 1940 1941 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Paper and Paper Products 116 m 119 127 130 124 123 124 127 124 123 128 133 Paper and pulp 118 120 128 131 123 121 120 124 124 124 127 132 Pulp 137 111348 144 150 157 147 148 147 150 151 154 153 158 Groundwood pulp 114 118 132 131 120 104 101 102 110 126 124 121 124 Soda pulp 121 119 122 135 147 133 120 115 124 113 138 128 133 Sulphate pulp 158 154 164 175 184 175 179 185 188 186 190 191 197 Sulphite pulp 134 139 138 145 154 144 148 145 143 144 144 144 148 Paper 115 110 116 124 127 120 117 116 120 120 120 123 129 Paperboard 115 113 116 128 128 123 123 125 130 132 127 132 138 144 Fine paper 106 102 108 114 116 110 107 102 110 110 112 111 118 Newsprint production 111 112 113 114 116 108 110 111 112 112 110 113 113 115 Printing paper 119 114 119 127 132 118 113 110 115 113 116 119 126 Tissue and absorbent paper 124 106 121 122 135 124 121 131 129 119 126 123 130 Wrapping paper 112 108 115 124 123 122 116 108 113 114 116 120 124 Paperboard containers 110 113 115 123 127 125 Printing and Publishing 1 109 111 114 119 119 103 102 108 113 112 112 109 115 Newsprint consumption 99 107 108 110 107 88 91 105 111 111 109 98 104 110 m Petroleum and Coal Products 116 116 115 116 113 114 118 118 119 119 120 120 P118 Petro G l a e s u o m lin r e efining 1 10 1 9 3 1 1 0 1 9 3 1 11 1 4 1 1 1 1 1 3 1 1 1 1 1 2 3 1 10 0 9 9 1 1 1 1 0 2 1 1 1 1 6 4 1 1 1 1 4 4 1 1 1 1 5 3 1 11 1 2 5 1 11 1 3 5 1 11 1 4 5 Fuel oil 120 119 115 113 112 109 114 114 116 117 122 123 124 Lubricating oil 122 123 125 123 122 111 97 102 109 115 106 108 103 Kerosene 121 125 123 126 113 110 107 119 123 126 131 126 124 Coke _ 125 120 118 122 131 135 138 141 144 147 149 150 152 154 Byproduct coke _- _. 125 120 120 123 131 134 136 139 141 143 142 143 145 145 Beehive coke 120 100 76 76 116 171 198 209 259 292 357 367 398 434 Chemicals 111 113 114 113 110 110 112 116 120 120 122 121 123 P127 Rubber Products 117 116 114 117 115 106 109 122 120 129 131 142 147 151 Rubber consumption 117 116 114 116 114 106 110 123 122 131 133 144 149 153 Tires and tubes 114 117 115 121 126 104 106 111 109 118 118 123 128 135 Pneumatic tires 116 118 115 122 128 106 106 112 110 120 118 124 128 135 Inner tubes 104 108 109 112 113 95 102 107 103 107 115 122 130 133 Minerals—Total _. .. 112 110 111 118 118 121 117 124 122 119 114 113 115 P116 Fuels. _. 116 114 113 113 111 111 109 115 112 115 116 117 118 P119 Bituminous coal 121 104 100 102 100 106 111 124 110 128 127 130 134 P143 Anthracite. _ _ __ 86 86 89 90 104 101 83 100 97 96 112 114 112 P105 Crude petroleum 117 121 121 119 116 114 111 114 114 111 111 111 112 Pill Metals 89 87 95 148 161 179 164 171 184 147 102 91 98 v93 Iron ore shipments 14 213 288 315 308 301 294 162 Copper ._ _ 142 144 150 141 140 133 135 136 146 147 146 145 '155 151 Lead 116 115 119 122 116 112 114 112 117 114 118 116 116 116 Zinc 132 130 127 119 116 121 118 127 131 135 139 r140 '145 147 Gold 109 103 109 117 97 134 100 121 156 146 141 112 122 Silver 123 118 130 120 114 113 91 107 115 135 133 118 137 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. MAY 1941 445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937* 1923-25 average=100] 1940 1941 Industry and group Feb. Mar: Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total* 105.8 104.0 102.8 102.8 103.9 105.1 107.4 108.9 111.4 114.2 116.6 nu. 2 118.5 119.3 Durable goods* 100.2 98.6 97.7 97.9 99.0 100.4 104.3 107.4 111.2 114.6 117.6 121.1 122.1 122.8 Nondurable goods* 111.1 109.2 107.6 107.4 108.5 109.6 110.2 110.3 111.5 113.8 115.7 115.6 115.2 116.0 Iron, Steel, Products 107.0 102.7 100.8 101.2 103.7 107.3 111.1 112.9 116.1 118.9 122.4 '124. 7 125.5 126.2 Blast furnaces, steel works. 117 110 107 109 115 120 123 123 125 127 130 133 133 133 Bolts, nuts, washers, rivets 113 112 108 105 104 110 116 119 121 128 135 139 145 151 Cast-iron pipe . 78 76 75 76 75 76 78 81 84 89 89 88 92 92 Cutlery, edge tools 103 101 102 101 102 104 104 107 109 110 110 110 108 110 Forgings 71 67 67 66 66 70 74 77 81 83 88 90 94 96 Hardware 101 98 97 95 82 84 98 102 105 109 113 113 114 116 Plumbers' supplies 81 81 82 82 83 84 87 89 90 94 97 99 98 100 Stamped, enameled ware... ._ - 161 158 155 153 153 157 169 179 188 190 196 192 200 202 Steam, hot-water heating 85 85 85 84 85 87 91 92 97 100 103 106 106 107 Stoves _ __ _ 91 91 89 88 91 95 96 95 98 100 108 113 106 107 Structural, ornamental 75 72 71 71 73 75 78 81 84 86 91 96 100 100 Tin cans, tinware 100 99 98 97 100 100 98 96 99 103 104 110 112 113 Tools . 96 93 93 92 92 95 98 101 105 110 115 121 126 128 Wirework 162 161 158 156 151 139 152 170 189 201 207 206 208 208 Machinery 113.6 113.3 113.4 113.4 114.9 116.6 120.0 122.5 126.6 130.9 '136. 0 '141.2 144.2 147.8 Agricultural implements _ . . 137 136 133 136 136 133 139 141 143 140 143 147 140 121 Cash registers, etc 128 128 128 128 130 130 129 132 132 134 137 137 140 146 102 102 102 101 103 104 107 111 116 120 126 131 137 141 Engines, turbines, etc 134 132 134 142 152 165 175 181 195 212 219 237 238 240 Foundry, machine-shop products. 98 97 97 96 97 98 101 103 107 110 114 118 120 124 Machine tools 204 209 215 220 228 237 247 247 257 265 275 286 298 307 Radios, phonographs 144 145 153 155 144 145 145 138 134 142 150 155 164 176 Textile machinery 85 85 84 82 79 77 76 79 81 83 86 89 92 95 Typewriters __ __ _ 119 115 114 113 112 116 119 123 126 128 130 131 110 134 Transportation Equipment _. 112.1 112.5 111.2 111.6 111.8 110.7 120.9 130.2 140.2 143.7 144-9 150.4 152.7 154.1 Aircraft 2,326 2,356 2,426 2,598 2,829 3,115 3,479 3,881 4,243 4,447 4,731 5,089 5,399 5,505 Automobiles 107 107 106 105 102 97 107 116 125 126 123 123 123 123 Cars, electric-, steam-railroad 61 60 54 52 49 51 50 55 58 64 67 75 71 70 Locomotives _ _ 30 28 27 28 29 31 33 36 39 42 46 52 55 56 Shipbuilding 146 148 148 154 164 175 186 187 195 204 220 244 262 269 Nonferrous Metals, Products 107.5 106.6 105.9 106.0 108.2 110.7 115.7 118.6 122.3 126.3 129.4 rl33.3 135.1 135.7 Aluminum 170 168 170 173 177 185 193 196 200 207 209 216 211 204 Brass, bronze, copper . 128 127 125 124 128 132 140 147 153 162 168 173 176 179 Clocks, watches 91 91 90 92 94 95 98 100 101 101 102 107 109 111 Jewelry 93 95 96 96 99 100 99 94 96 98 101 102 105 107 Lighting equipment 88 84 85 84 86 81 92 100 103 105 106 110 112 110 Silverware, plated ware _ 71 70 70 70 68 71 70 72 74 75 76 77 79 79 Smelting, refining 87 87 86 86 87 89 92 92 94 94 96 98 100 100 Lumber, Products 70 0 68 1 67 2 67 9 67 4 67.5 69.0 70.6 71 3 73.6 75 2 76.3 75.5 73.7 Furniture 91 90 90 90 90 89 90 91 91 93 96 97 98 98 Lumber, mill work _ 63 62 61 60 61 62 63 65 68 71 72 74 72 71 Lumber, sawmills 63 61 60 61 60 60 62 64 64 66 67 68 67 65 Stone, Clay, Glass Products __ 80.8 80.0 79.8 78.9 79.8 81.3 81.8 83.0 84.7 88.4 90.4 '94- 6 93.0 92.3 Brick, tile, terra cotta _. 61 59 59 58 58 60 60 61 61 65 68 75 74 71 Cement 66 65 68 66 67 66 69 70 72 74 76 75 76 75 Glass 103 105 104 103 103 105 107 109 112 117 117 120 116 118 Marble, granite, slate _ ._ 48 45 45 47 47 45 45 46 46 45 46 46 47 45 Pottery 93 90 89 88 91 94 94 94 96 100 105 108 108 108 Textiles, Products _ 102.7 99.1 96.6 96.3 96.8 100.2 101.1 101.9 102.6 105.3 107.2 107.3 107.1 107.7 Fabrics 93 1 88.6 87.8 87.7 88.0 91.3 92.6 93.5 95.2 97.7 98.7 98.8 99.1 100.4 Carpets, rugs __ _ 83 78 79 76 70 71 72 75 79 82 82 85 84 83 Cotton goods 93 89 89 88 89 91 93 94 95 97 99 99 100 100 Cotton small wares . 83 77 76 76 76 77 79 81 82 87 90 92 93 94 Dyeing, finishing textiles 124 123 121 123 119 125 128 129 129 129 132 132 134 136 Hats, fur-felt _ . 90 84 65 68 74 85 83 84 80 84 85 82 82 83 Hosiery 145 139 139 134 133 136 138 138 140 141 144 144 142 143 Knitted outerwear 68 65 60 61 65 69 72 69 70 71 74 69 69 68 Knitted underwear 77 77 74 72 72 76 75 74 75 76 77 81 78 79 Knitted cloth 134 133 130 127 131 138 147 151 153 151 149 144 141 144 Silk, rayon goods 66 65 65 67 64 63 62 61 63 65 64 63 64 66 Woolen, worsted goods ._ . 81 71 70 73 77 85 86 90 93 99 98 98 98 102 Wearing apparel 120.0 118.8 112.4 111.6 112.5 116.1 116.1 116.5 114.8 118.0 121.9 122.1 120.6 119.4 Clothing, men's 107 107 100 98 102 105 104 104 102 109 115 114 111 110 Clothing, women's __ 169 167 156 158 158 166 164 165 164 168 170 166 166 164 Corsets, allied garments 114 113 111 113 113 106 112 112 112 114 114 114 113 114 Men's furnishings _ _ 120 120 115 114 111 120 125 126 122 118 116 116 118 118 Millinery 83 83 78 72 71 71 73 78 74 68 69 76 82 79 Shirts, collars 125 122 122 121 116 116 118 119 117 117 122 131 125 124 r Revised. NOTE.—Figures for March 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 or February 1941, p. 166. 446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment (Adjusted)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1940 1941 Industry and group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Leather, Manufactures 95.5 93.8 91.9 87.9 89.6 90.9 89.1 89.9 91.1 93.8 94.3 93.3 93.2 94.3 Boots, shoes 94 93 90 86 88 89 87 88 90 92 93 91 91 92 Leather 85 83 82 81 81 81 82 81 82 84 85 85 86 88 Food, Products 130.8 130.3 128.8 129.1 131.9 129.0 129.8 126.9 129.9 132.4 135.6 rlSS. 0 130.7 131.5 Baking 144 145 144 145 146 146 146 144 144 144 144 143 145 146 Beverages 278 275 274 273 278 268 272 265 271 281 284 281 279 277 Butter 96 96 97 98 97 96 96 96 96 102 101 98 99 102 Canning, preserving 155 152 150 147 161 137 146 130 152 152 157 149 144 139 Confectionery 86 83 82 84 83 86 88 86 86 90 91 89 88 90 Flour 80 80 79 81 80 79 79 79 78 78 78 78 77 78 Ice cream 79 80 79 76 77 75 76 75 79 81 81 80 81 80 Slaughtering, meat packing 109 110 107 107 109 111 108 109 110 114 121 112 11 114 Sugar, beet 102 102 98 99 102 99 106 110 100 102 145 r231 133 108 Sugar refining, cane 93 97 94 95 96 97 93 91 95 95 97 92 90 97 Tobacco Manufactures 62.7 613 65.0 63 V 65.2 62.8 63.0 63.7 63.3 63.4 64.7 66.3 64 9 63 9 Tobacco, snuff 60 60 59 59 59 58 56 57 57 55 57 57 54 54 Cigars, cigarettes 63 65 66 64 66 64 64 65 64 65 66 68 66 65 Paper, Printing.-- 114.7 114.8 114.3 115.3 115.7 116.5 116.4 115.7 116.1 116.8 r117.S '117.1 117.3 118.6 Boxes, paper 118 116 115 116 118 119 119 117 117 120 122 123 122 125 Paper, pulp 113 113 112 115 116 117 117 117 115 116 116 116 117 119 Book, job printing 100 100 101 100 100 101 100 100 102 101 102 103 101 103 Newspaper, periodical printing 116 117 116 117 116 116 117 116 116 118 117 116 117 117 Chemicals, Petroleum, and Coal Products 120.6 120.0 121.1 122.0 122.4 121.7 122.2 121.7 122.9 124.1 nu. 3 '126.5 127.4 128.2 Petroleum refining 122 123 122 122 123 122 122 121 121 120 120 120 120 121 Other than petroleum 120.3 119.4 120.9 121.9 122.3 121. 5 122.2 121.8 123.5 124.9 126.4 128.1 129.1 130.0 Chemicals 138 137 136 137 138 138 141 141 143 147 151 154 157 161 Cottonseed oil, cake, meal 87 84 97 94 83 78 75 62 92 101 102 102 100 93 Druggists' preparations 118 117 119 122 120 119 117 116 114 113 113 116 117 119 Explosives 108 109 116 120 127 133 139 145 141 144 147 151 162 163 Fertilizers 99 102 109 119 120 114 113 107 107 107 103 104 103 95 Paints, varnishes 124 124 123 121 122 124 126 127 125 127 128 130 130 134 Rayon, allied products 309 304 312 311 315 308 306 309 310 311 314 310 306 307 Soap 84 81 81 82 82 83 85 86 86 82 87 88 90 89 Rubber Products 87.9 86.7 83.9 83.5 84.2 84.7 87.0 89.7 91.6 93.6 96.8 99.0 100.6 102.2 Rubber boots, shoes.._ 57 56 57 56 57 56 54 54 57 60 64 67 69 69 Rubber tires, inner tubes 73 72 70 69 69 69 71 73 74 75 77 78 79 80 Rubber goods, other 145 142 136 138 140 141 149 155 157 160 167 171 174 176 'Revised. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Year and month a T g n r o o i t c n a u - l l- Manu- Con- T po ra r n ta s - - ci F al i , n s a e n r - v- Gov- M t a a n i r l d y iemploy- Total *2 factur- Mining struc- tion and Trade ice, and ern- naval ment * 12 ing* tion public miscel- ment 2 forces utilities laneous 1929—average. 36,448 30, 589 10,203 1,064 1,806 3,878 6,404 4,147 3,087 262 1930—average. 34,177 28, 346 9,087 982 1,422 3,647 6,065 4,028 3,117 263 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. ••31,898 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, 561 29, 442 10, 273 949 1,148 3,102 6,233 4,144 3,593 322 1938—average. 33, 362 27, 229 8,827 834 1,001 2,835 6,012 4,059 3,662 335 1939—average. 34, 624 28, 480 9,544 791 1,241 2,934 6,144 4,119 3,708 369 1940—average. 35, 756 29,613 10,170 847 1,337 3,024 6,266 4,173 3,797 573 1939—Apr 33,817 27, 674 9, 290 546 1,157 2,866 6,058 4,096 3,661 351 May 34,113 27,970 9,212 653 1,280 2,895 6,092 4,146 3,692 355 June 34, 590 28, 447 9,259 793 1,375 2,953 6,153 4,182 3,732 364 July.... 34, 594 28, 451 9,279 787 1,413 2,963 6,073 4,186 3,750 376 Aug 34,882 28,739 9,515 807 1,440 2,977 6,065 4,183 3,752 373 Sept.... 35, 510 29,367 9,857 823 1,440 3,035 6,241 4,220 3,751 376 Oct 35, 832 29,689 10,152 871 1,389 3,068 6,302 4,160 3,747 386 Nov 35, 701 29, 558 10,169 881 1,310 3,023 6,329 4,121 3,725 402 Dec 35,928 29, 785 10,195 866 1,178 2,976 6,687 4,125 3,758 422 1940—Jan 34, 751 28, 608 9,974 853 1,012 2,935 6,062 4,078 3,694 435 Feb..... 34,656 28, 513 9,974 854 939 2,941 6,026 4,084 3,695 450 Mar 34,852 28, 709 9,926 849 991 2,940 6,201 4,100 3,702 457 Apr 34,882 28, 739 9,832 835 1,118 2,956 6,122 4,160 3,716 461 May.... 35,163 29,020 9,776 845 1,249 3,000 6,197 4,202 3,751 464 June 35, 425 29, 282 9,824 838 1,321 3,032 6,254 4,214 3,799 474 July.... 35, 454 29, 311 9,832 837 1,378 3,059 6,159 4,218 3,828 516 Aug 35, 902 29, 759 10,163 839 1,443 3,081 6,168 4,226 3,839 549 Sept.._. 36, 528 30, 385 10, 479 846 1,511 3,120 6,321 4,255 3,853 634 Oct 36,867 30, 724 10,668 856 1,654 3,121 6,362 4,187 3,876 733 Nov 36,986 30,843 10, 735 853 1,709 3,065 6,433 4,167 3,881 822 Dec 37, 608 31,465 10,856 855 1,720 3,039 6,884 4,180 3,931 884 1941—Jan 36, 621 30, 478 10, 797 852 1,623 3,012 6,165 4,142 3,887 958 Feb 36, 928 30, 785 10, 982 854 1,678 3,028 6,173 4,164 3,906 1,145 Mar..... 37, 218 31, 075 11,147 862 1,650 3,054 6,242 4,184 3,936 1,343 r Revised. NOTE.—Compiled by Bureau of Labor Statistics. Figures for March 1941 are preliminary. * Revised from January 1937 to date owing to adjustment of manufacturing employment to census of manufactures through 1939. 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. MAY 1941 447 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; adjusteIc to Census of Manufactures through 1937.* 1923-25 average=100] Factory employment Factory payrolls Industry and group 1940 1941 1940 1941 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. Total* 105.0 104.4 114 7 116 2 '115 4 117 8 119.9 99.3 99.8 116.4 122.4 120.7 126.9 131.0 Durable goods* 99.2 99.1 115.5 117.6 118.3 121.0 123.5 97.8 98.7 125.1 131.6 131.9 139.4 144.2 Nondurable goods* 110.5 109.5 113.9 '114. 8 112.7 114.7 116.4 101.0 101.0 106.6 112.1 108.0 112.9 116.3 Iron Steel, Products 106.7 103.5 119.3 '121. 6 '122.2 125.0 127.1 100.9 96.5 125.8 '132.9 130.7 136.9 141.1 Blast furnaces, steel works . . 117 112 127 130 131 133 135 110 102 135 142 140 145 149 Bolts, nuts, washers, rivets 114 112 128 135 139 146 151 126 117 162 178 171 193 200 Cast-iron pipe 76 75 86 87 88 89 90 68 60 89 97 93 97 100 Cutlery, edge tools ___ 104 103 112 110 108 109 112 91 91 108 114 107 111 117 Forgings 72 68 83 '89 91 95 97 84 77 106 120 124 130 137 Hardware _. 101 99 109 113 113 115 117 101 105 122 128 130 135 138 Plumbers' supplies 82 82 94 97 98 99 101 71 71 88 93 91 96 99 Stamped, enameled ware . 161 161 190 196 189 201 206 162 164 209 '225 213 233 241 Steam, hot-water heating 84 85 102 103 103 106 107 76 75 106 105 105 110 112 Stoves 86 90 106 104 95 99 105 75 80 101 100 87 94 104 Structural, ornamental . _ 72 70 87 90 '94 96 97 60 60 79 86 89 94 97 Tin cans, tinware 93 '94 100 99 102 104 107 93 100 104 113 117 118 124 Tools . ... 96 95 112 117 121 126 130 96 93 124 136 140 152 160 Wirework 162 163 204 207 206 208 210 175 180 235 242 238 253 256 Machinery 113.1 113.1 131.2 '136 1 '139. 8 143.5 147.4 119.3 121.5 149.3 '163. 0 167.5 176.9 185.8 Agricultural implements 141 144 137 143 150 144 128 164 168 160 171 181 174 155 Cash registers, etc. 128 128 134 135 136 140 146 131 134 144 148 152 166 179 Electrical machinery 102 102 121 126 129 136 141 112 114 145 158 163 176 186 Engines, turbines, etc 133 135 201 212 223 236 245 172 176 275 306 331 345 375 Foundry, machine-shop products. 98 97 110 114 117 120 124 94 96 115 127 129 136 144 Machine tools 205 211 266 276 286 300 310 271 282 355 394 414 450 465 Radios, phonographs 126 122 159 159 148 144 148 113 110 156 164 145 146 156 Textile machinery 86 86 83 86 89 93 96 81 82 80 91 98 105 110 Typewriters . 118 115 131 132 131 109 134 110 111 166 147 141 122 159 Transportation Equipment _ ._ 116.1 118.5 146.0 149.2 '152.6 157.0 161.2 120.1 125.9 166.1 169.2 '176.1 190.6 195.6 Aircraft 2,303 2,379 4,402 4,684 5,038 5,345 2,184 2,344 5,013 ,356 ,920 ,452 6,661 Automobiles 113 114 130 129 128 130 131 119 123 151 145 148 159 161 Cars, electric-, steam-railroad 59 61 62 66 69 69 72 54 58 54 62 64 66 64 Locomotives 29 28 42 46 49 53 56 27 26 44 50 55 61 64 Shipbuilding.. _ 143 151 204 221 240 256 273 150 169 239 288 308 338 365 Nonferrous Metals, Products 107.2 107.1 129.9 131.2 '131.1 134.7 136.5 103.4 IO4.8 141.7 '149. 6 '146. 0 151.8 155.2 Aluminum 171 171 210 209 213 212 209 195 196 259 264 266 271 239 Brass, bronze, copper 128 129 162 168 172 176 180 136 137 202 219 '220 226 239 Clocks, watches 91 91 107 106 106 109 111 95 95 122 120 115 125 129 Jewelry 91 92 111 104 '96 102 104 69 75 94 97 82 89 94 Lighting equipment 88 86 110 '110 108 111 112 71 74 100 102 99 105 105 Silverware, plated ware 71 70 80 79 75 78 80 59 60 83 87 71 77 82 Smelting, refining 87 87 95 97 98 100 100 86 85 96 103 102 104 105 Lumber, Products. _. 66.7 66.8 74-4 73.7 71.3 72.0 72.4 60.0 61.0 70.9 71.5 68.1 71.2 73.1 Furniture 89 89 97 97 94 96 97 77 78 90 93 84 90 94 Lumber, millwork 61 61 71 72 70 70 70 47 47 58 60 58 58 58 Lumber, sawmills. 59 60 66 65 63 63 63 52 53 61 60 59 62 63 Stone, Clay, Glass Products 75.5 77.7 88.9 88.7 '85.9 87.0 89.8 65.3 68.3 82.2 '85.7 '79.6 82.1 85.2 Brick, tile, terra cotta 53 54 66 65 65 64 65 40 42 54 57 55 55 56 Cement 55 59 74 72 65 66 69 48 54 73 72 61 62 66 Glass 103 106 117 117 114 116 120 108 113 131 138 131 136 141 Marble, granite, slate 43 43 46 45 39 42 43 29 30 32 33 27 30 31 Pottery 93 93 102 106 105 108 111 84 85 96 102 '96 100 104 Textiles, Products 105 5 102 9 105.5 107.0 106. 4 110.1 111.6 91.3 89.5 92.3 97.6 95.1 103.9 107.0 Fabrics 95.5 90 7 98 7 100 4 99 7 101 7 102 7 84 2 78 5 90 9 95 6 93 1 98.6 101.2 Carpets, rugs.. . 82 80 82 82 82 84 86 71 67 73 76 75 79 83 Cotton goods 96 92 98 101 101 103 104 87 83 92 98 97 102 105 Cotton small wares 85 81 87 90 92 95 98 75 76 87 92 93 101 104 Dyeing, finishing textiles _ 130 128 132 134 135 140 142 109 109 114 121 120 129 133 Hats, fur-felt 92 87 82 84 82 84 85 84 69 73 82 80 89 87 Hosiery _ _ 145 140 145 146 143 143 144 151 146 160 160 149 157 161 Knitted outerwear.. . .. 68 65 73 71 66 68 68 57 53 64 62 56 60 61 Knitted underwear 77 79 77 77 77 78 81 69 72 73 74 73 77 82 Knitted cloth 135 135 150 148 140 142 146 108 107 130 130 125 129 134 Silk, rayon goods 69 66 65 65 65 67 67 54 52 52 54 53 56 58 Woolen, worsted goods 85 71 99 101 100 103 103 72 57 89 96 94 100 100 Wearing apparel . . . 123.7 126.6 116.? 117.2 116.8 124.2 127.0 99.8 105.7 89.5 95.6 93.2 108.0 112.0 Clothing, men's 110 112 105 108 110 114 116 86 88 76 86 87 97 99 Clothing, women's.. . . 176 181 165 164 162 173 178 134 142 120 126 120 143 148 Corsets, allied garments _ 116 116 113 113 112 115 118 118 120 121 123 116 127 134 Men's furnishings 121 124 128 123 108 119 123 113 117 140 133 103 124 129 Millinerv . . 90 97 61 61 75 89 91 77 103 41 42 55 76 84 Shirts, collars 125 126 121 122 119 125 128 108 113 113 115 104 117 121 ' Revised. * 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. 448 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 1940 1941 1940 1941 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec, Jan. Feb. Mar. Leather, Manufactures 99.3 98. 2 87.0 90.6 93.4 78.5 Boots, shoes 98 91 78 63 73 94 Leather 87 86 80 83 90 87 92 94 Food, Products 118., 118., 132.5 121.2 118.9 120.5 115.5 117.1 128., 120.0 119.4 122.6 Baking 142 143 146 144 141 143 145 132 134 138 138 135 138 140 Beverages 254 262 263 260 256 255 264 284 300 302 299 294 313 Butter 89 90 99 96 92 92 76 78 82 84 81 85 Canning, preserving 92 r88 123 103 91 85 78 76 101 93 79 76 76 Confectionery 84 82 102 101 87 86 81 77 100 103 '86 89 93 Flour 79 79 79 78 77 77 77 74 73 72 73 72 73 73 Ice cream 67 70 71 69 68 68 71 57 60 61 61 59 60 63 Slaughtering, meat packing 109 107 116 125 116 111 112 111 112 119 137 120 114 115 Sugar, beet 38 40 277 '235 100 49 42 44 45 288 '263 '89 50 42 Sugar refining, cane 92 94 94 89 77 79 84 85 70 73 95 Tobacco Manufactures 61.7 63.6 65.6 63.7 54.0 58.1 67.4 59. 61.7 62.6 Tobacco, snuff 62 61 56 57 58 57 54 69 67 67 70 67 64 64 j Cigars, cigarettes 64 68 67 61 65 64 52 57 67 58 61 62 Paper, Printing 111 114-4 118.5 r119. 5 117.2 118.2 108. i 110.0 115.4 '115. 117.1 120.4 Boxes, paper 115 114 126 125 118 119 123 119 122 144 145 132 136 146 Paper, pulp 113 113 116 116 116 117 119 117 115 124 129 128 133 136 Book, job printing 101 100 103 105 104 103 102 87 90 95 93 95 Newspaper, periodical printing 115 117 119 120 115 116 117 108 112 108 110 112 Chemicals, Petroleum, and Coal Products 121.0 122.8 125.6 125.8 me. o 127. < 130.7 131.4 132.5 139.7 44 4 144.1 148.1 P O e t D E F P R S C C h tr o e a x h o a e r o r a i u p r y e t t l n p t g l m i e o o t o t l g u h n s i n s i z , m i c , a i s s e v a n e v a t r e l e s a s r l s s p ' l e d r i f e n p e , i t d i r n o r s e i o i h n p p l l e , g r a e s o c r u a d a m t k u i e c o , t n s m s eal 3 1 1 1 1 1 1 1 9 1 3 0 2 1 2 0 2 8 3 1 6 9 1 9 3 6 .1 3 1 1 1 1 1 1 1 r9 8 0 1 2 5 2 3 0 2 0 3 3 9 9 1 2 6 8 4 .1 3 1 1 1 1 1 1 1 9 8 1 4 3 1 2 4 2 2 2 5 5 6 7 3 6 6 8 1 .7 3 1 1 1 1 1 1 1 9 8 1 4 1 2 2 2 5 2 5 5 5 9 7 6 9 6 0 0 .2 1 1 1 3 1 1 1 1 1 2 5 1 1 1 1 0 5 2 7 0 4 9 4 6 4 2 6 . 7 1 1 1 1 3 1 1 1 1 2 1 5 9 5 1 1 1 2 1 9 1 9 0 5 3 9 9 9 2 .! 3 1 1 1 1 1 1 1 9 9 6 5 1 2 2 3 4 3 9 3 1 1 9 2 1 0 2 3 .3 1 1 3 1 1 1 1 1 8 8 2 6 2 3 3 2 3 0 9 4 0 1 0 8 0 8 4 0 .4 1 3 1 1 1 1 1 1 1 5 8 1 2 3 1 3 3 3 0 1 9 1 6 9 3 1 1 6 0 .5 3 1 1 1 1 1 1 1 1 3 7 3 8 3 3 2 4 8 0 1 1 7 3 7 1 6 9 2 0 .7 1 1 3 1 1 1 1 1 1 4 2 8 9 3 3 3 3 8 0 5 9 1 9 4 9 1 9 8 6 .8 1 ' 3 1 1 1 1 1 1 2 1 8 3 3 4 8 3 3 0 0 1 6 6 5 1 8 2 7 8 3 .2 2 3 1 1 1 1 1 1 1 9 0 2 9 3 3 1 4 0 4 3 9 8 7 4 2 3 3 5 2 .8 2 2 3 1 1 1 1 1 1 9 3 0 0 1 3 3 1 5 4 3 3 2 2 7 8 3 5 5 8 .6 Rubber Products 88.0 87.2 97.5 100., 103.0 88.4 88.3 102.0 111.1 111.0 114.9 119.3 Rubber boots, shoes 57 56 61 67 68 69 53 56 66 81 79 79 81 Rubber tires, inner tubes 73 72 75 77 78 79 80 81 79 90 96 97 99 102 Rubber goods, other 145 144 163 167 169 175 179 135 138 163 174 174 185 194 r Revised. NOTE.—Figures for March 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 1940 1941 Jan. Feb. Oct. Nov. Dec. Jan. Feb Jan. Feb. Oct. Nov. Dec. Jan. Feb Total 37.4 37.3 39.3 38.6 39.8 39.0 40 0 66.3 66.3 67.3 67.8 68.3 68.9 69.2 Durable goods 38.1 37.9 41.0 40.2 41.2 40.6 41.6 72.7 72.6 73.9 74.4 74.9 75.8 76.2 Iron, Steel, Products 37.6 36.5 39.9 39.6 41.0 39.8 40.7 76.6 76.4 77.8 78.1 78.0 78.6 79.1 Machinery 40.4 40.1 42.4 42.0 43.6 43.2 44.2 73.5 73.7 74.9 75.2 76.1 76.8 77.1 Transportation Equipment 37.4 37.6 41.6 40.4 40.2 40.4 42.1 89.4 89.8 90.2 90.0 91.1 91.6 Nonferrous Metals, Products 39.2 38.4 42.0 41.4 42.7 41.4 42.1 70.1 71.2 72.7 73.8 74.1 73.9 Lumber, Products 36.9 38.0 40.7 38.9 39.5 38.9 39.7 51.2 52.4 52.6 52.8 52.9 53.6 Stone, Clay, Glass Products 35.1 35.3 38.1 37.1 38.2 36.5 37.2 66.4 67.1 67.1 68.0 68.4 Nondurable goods 36.9 36.8 37.1 38.4 37.3 38.3 60.9 61.3 61.7 62.0 62.1 Textiles, Products 34.8 35.1 35.9 35.5 36.7 36.7 36.7 49.9 50.5 50.9 50.4 50.7 51.2 50.7 Fabrics 36.0 35.7 37.3 36.8 37.9 37.9 38.3 48.1 48.4 48.7 48.7 48.8 49.2 49.2 Wearing apparel 32.5 34.0 33.4 33.0 34.3 34.4 35.7 53.4 54.4 55.2 53.9 54.4 55.2 55.5 Leather, Manufactures 1 37.2 36.7 34.3 33.0 36.5 37.3 39.1 53.4 53.7 55.3 55.5 55.2 55.5 56.4 Food, Products 39.6 39.4 40.0 39.3 40.6 39.0 39.5 64.1 63.9 61.0 63.2 64.1 64.9 65.1 Tobacco M anufactures 33.3 32.8 37.6 37.2 38.1 35.7 35.4 49.6 49.1 48.4 48.6 49.0 49.8 49.5 Paper, Printing 38.1 37.8 38.7 38.4 39.3 38.6 39.1 78.3 78.3 79.2 79.3 79.9 79.6 80.3 Chemicals, Petroleum, and Coal Products 38.4 38.4 39.3 38.8 39.6 38.9 38.8 75.6 75.6 75.7 76.5 76.6 76.9 77.0 Petrol eum refining 35.5 35.9 36.4 35.7 37.3 35.7 35.7 97.4 97.5 97.2 97.6 96.8 97.0 97.0 Other than petroleum refining 39.4 39.2 40.2 39.8 40.4 39.9 39.8 68.0 68.1 68.7 69.6 70.1 70.4 70.7 Rubber Products 36.6 35.3 38.0 37.9 39.7 39.2 39.5 77.6 77.7 77.4 78.1 78.4 78.0 78.5 1 Beginning with October 1940 figures are not comparable because of expansion in reporting sample. MAY 1941 449 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 Residential Public works Total building and public Month Factories Commercial Educational * Other i utilities * 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 1940 1941 January 196.2 305.2 77.4 111.3 12.9 55.9 15.9 26.9 6.1 11.6 17.7 24.2 66.3 75.1 February. 200.6 270.4 74.9 116.5 15.4 37.8 20.2 20.9 8.1 7.9 26.9 23.5 55.2 63.9 M^arch 272 2 121 7 21 8 23.1 9.3 19,6 76 7 April 300 5 135 4 23 5 24 0 17 4 24 0 76 3 M!ay 328 9 145 9 23 2 26.1 15.3 25.6 92 8 June 324 7 135 3 15 2 33.1 14.3 29.4 97.5 July 398 7 140 4 49 5 38 9 16 5 34.1 119 3 August 414 9 153.0 39 6 28.6 14.4 36.6 142 8 SeDternber 347 7 152 4 38 0 27 1 9 8 26 4 94 0 October 383 1 148.5 47 1 29 4 18.6 41.2 98.2 November 380 3 152 8 79.0 24.9 8.5 35.9 79.1 December 456 2 159 3 77 3 27 1 8.9 69.3 114 3 Year 4,004.0 1, 596. 9 442.4 318.3 147.2 386.7 1,112.4 1 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 January. __ __ 215 243 192 252 196 305 149 112 118 148 93 111 66 February 140 188 119 220 201 270 79 69 51 111 82 96 March _ 199 231 227 301 272 480 96 66 95 128 95 226 April 235 270 222 330 301 105 74 99 160 103 May 216 244 283 308 329 94 93 144 135 112 June 233 318 251 288 325 116 137 108 128 147 July 295 322 240 300 399 153 131 98 137 205 August 275 281 313 312 415 153 104 171 158 195 September 234 207 301 323 348 116 80 160 144 144 October 226 202 358 262 383 101 78 203 92 175 November 208 198 302 300 380 89 93 179 144 195 December _. 200 209 389 354 456 82 115 279 225 258 Year 2,675 2,913 3,197 3,551 4,004 1,334 1,152 1,705 1,708 1,802 CO O CM CO 1937 1938 1939 1940 1941 130 75 104 104 194 119 68 109 119 174 165 132 173 177 254 130 195 123 170 197 122 151 139 174 217 116 180 143 161 177 141 191 142 163 194 122 178 142 154 220 119 127 141 179 204 125 124 154 170 209 119 106 123 156 186 117 94 110 129 198 1,341 1,761 1,492 1,842 2,202 i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1941 1940 Number Liabilities Federal Reserve district Mar. Feb. Mar. Federal Reserve 1941 1940 1941 1940 district Boston 26, 525 20, 227 22, 296 Mar. Feb. Mar. Mar. Feb. Mar. New York 45, 352 39, 474 55,104 Philadelphia. 29, 593 10, 871 16,170 Boston 108 96 97 1,246 939 895 Cleveland- 34, 754 27, 994 28,004 New York. 456 399 399 4,466 4,006 3,383 Richmond . 57,017 33, 323 31, 542 Philadelphia 78 89 76 1,164 1,567 734 Atlanta 27,026 34,815 24, 225 Cleveland _ _ _ 81 67 78 1,003 1,168 1,432 Richmond.-- 35 47 44 547 901 500 Chicago 131,178 43, 283 43, 462 Atlanta.- _ 44 40 55 439 331 680 St. Louis 82,616 21,894 20,095 Chicago 146 120 180 1,410 1,789 1,535 Minneapolis.. 8,053 5,038 5,473 St Louis 48 42 27 800 497 130 Minneapolis 15 12 22 206 96 504 Kansas City. 15,628 9,873 11, 862 Kansas City 49 43 58 455 487 466 Dallas 22,161 23, 581 13, 945 Dallas 30 33 22 366 415 167 San Francisco 121 141 139 1,342 1,287 1,255 Total (11 districts). 479,903 270,373 272,178 Total- _- 1,211 1,129 1,197 13, 444 13,483 11, 681 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. 450 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 * Month 1937 1938 1939 January ._ 223 289 213 February . . 233 262 219 March 257 275 268 April 269 274 231 May .. 290 257 249 June 265 233 236 July 268 228 230 August _ _ _._ 277 231 September 297 246 October 333 278 November _ 315 252 323 269 Year 3,349 3,094 Jan.-Mar. 712 826 ot ot w OOC O Merchandise imports 2 Excess of exports 1940 1941 1937 1938 1939 1940 1941 1937 370 325 240 171 178 242 229 -18 347 303 278 163 158 200 234 -45 351 P358 307 173 190 217 P268 -51 323 287 160 186 212 -18 324 285 148 202 211 5 350 286 146 179 211 —21 317 265 141 169 232 a 351 246 166 176 221 295 233 168 182 195 344 224 178 215 207 292 328 223 176 235 224 368 322 209 171 247 253 3,177 ri, 021 3,084 1,960 2,318 2,625 699 1,068 P986 826 507 527 659 P730 CO CO C 1938 1939 1940 1941 118 35 128 97 99 61 147 70 102 77 134 115 45 111 109 47 112 87 57 r138 87 61 84 65 74 130 79 107 101 100 117 137 92 76 57 104 115 98 121 69 265 1,134 859 1,396 -113 319 173 409 P256 p Preliminary. r Revised. 1 Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Bureau of Foreign and Domestic Commerce. Back figures—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES REVENUE, EXPENSES AND INCOME OF CLASS I RAILROADS l [Index numbers; 1923-25 average=100] [Millions of dollars] For- Mis- Mer- Total Coal Coke Grain L st i o v c e k - p u e r c o s t t d s - Ore la o ce n u l e s - - c I d . h C i a s . e I n . - o r r e p a T v e i e o r lw a n t t a u a i l n e y s g e r x a T p il o e w t n a a s l e y s o r p i a n e i N c l r w o a e m t t a in y e g in N co e m t e SEASONALLY ADJUSTED SEASONALLY 1940—Feb 73 68 65 75 40 44 107 83 61 ADJUSTED* Mar 69 66 70 75 39 43 105 77 60 Apr 70 75 73 79 37 43 102 74 59 1940—Jan. _.. 358 301 57 17 May 72 78 73 74 38 45 96 77 60 Feb.... 339 290 49 9 June 75 81 91 74 38 45 100 82 60 Mar 329 290 39 -1 July 75 83 105 80 35 46 96 80 61 Apr 328 289 39 -1 Aug 76 85 108 74 38 49 96 82 61 May___ 342 290 51 11 Sept 77 80 99 79 42 51 106 84 61 June 360 300 60 19 Oct _ 77 65 97 81 45 55 117 89 62 July..._ 356 303 54 13 Nov 83 76 104 78 43 56 192 94 62 Aug 365 308 57 16 Dec 84 74 99 77 40 59 134 97 63 Sept..._ 377 309 67 25 1941—Jan 86 75 96 76 36 60 149 102 63 N O o ct v 3 3 7 6 9 3 3 31 1 2 1 5 6 2 7 25 8 M Fe a b r 8 8 7 6 8 7 6 5 1 8 0 9 9 8 7 0 1 3 3 8 8 5 5 3 6 1 1 4 3 6 8 1 9 0 9 4 6 6 4 5 Dec 401 316 85 43 1941—Jan 389 316 73 32 UNADJUSTED Feb 402 319 84 43 1940—Feb 68 80 88 69 33 43 26 71 59 UNADJUSTED Mar 67 70 73 69 31 44 26 74 60 Apr 67 63 62 70 34 44 42 76 60 1940—Jan. _._ 346 300 46 4 J M un ay e 7 7 1 5 6 6 7 9 7 8 0 5 6 7 6 3 3 3 4 1 4 4 7 8 1 1 3 7 4 0 8 8 0 5 6 6 0 0 M Fe a b r .__. 3 3 1 2 4 7 2 29 8 0 1 3 3 3 7 - - 1 5 1 J A u u ly g 7 7 8 7 7 7 0 5 8 8 9 8 1 8 1 9 0 3 3 1 8 4 5 6 1 1 17 8 8 2 8 8 2 3 6 6 0 1 A M p a r y___ 3 3 4 2 3 1 2 29 8 6 8 3 4 4 7 -9 4 S O D N e c e o p t c v t 8 8 8 7 6 6 4 7 8 8 8 7 3 3 3 2 1 1 9 9 0 0 4 7 4 8 8 8 6 7 9 1 6 3 3 6 5 5 9 3 4 2 5 5 5 5 0 6 7 5 1 1 1 3 7 8 0 3 3 5 5 1 9 9 8 0 4 5 8 0 6 6 6 6 4 4 3 1 J J A S u u e u n p l g e y t. — . — ... 3 3 3 3 4 6 8 8 5 6 1 3 2 3 3 3 0 9 1 0 9 7 5 8 6 4 5 7 6 7 7 4 1 2 3 7 6 2 1 1941— M F Ja e a n b r 8 7 7 3 8 9 8 8 9 6 9 1 1 1 1 1 1 1 4 3 9 6 6 7 8 5 4 3 3 3 5 1 1 5 5 5 3 4 4 3 3 3 3 3 6 8 9 8 7 5 9 6 6 6 0 4 2 N D O o e c c t v 4 3 3 1 8 7 4 2 5 3 3 3 0 2 0 4 7 3 8 7 7 7 1 9 4 3 5 3 1 1 1941—Jan 377 315 62 20 NOTE.—For description and back data see pp. 522-529 of BULLETIN for June Feb._._ 358 300 58 15 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. * 1 D E e x r c i l v u e d d e s f r s o w m i tc I h n i t n e g rs t a a n t d e t C e o rm m i m na e l r c c e o m Co p m an m ie i s s . sion data. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. MAY 1941 451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS MONTHLY INDEXES OF SALES AND STOCKS SALES BY DEPARTMENTS Index numbers based on value figures; 1923-25 average=100 Percentage change from corresponding periods of preceding year Seasonally adjusted Unadjusted March Three Department 1941 months 1938 1939 1940 1941 1938 1939 1940 1941 1941 NET SALES—entire store + V + 8* J F a e n b. SALES 9 8 0 8 8 8 8 8 9 9 2 0 1 10 0 3 1 7 7 0 0 6 6 9 9 7 7 1 1 '8 7 1 9 B M a a s i e n m S en to t re S tore - + + 8 4 + + 6 8 Mar. 86 88 89 103 77 82 86 93 Women's, girls', and infants' apparel and ac- Apr 83 88 89 86 88 86 cessories + 2 + 5 J M u a n y e 8 8 2 0 8 8 6 7 8 9 9 1 8 7 0 9 8 8 7 3 8 8 9 7 Main W s o t m or e e n i 's and misses' coats and suits. _. +17 +12 + 5 July 83 87 92 58 60 64 Women's and misses' dresses + 3 + 4 Aug 83 88 98 65 69 77 Blouses, skirts, sportswear, sweaters, Sept 85 90 97 91 97 105 knit apparel +13 Oct 86 92 94 92 99 101 Juniors' and girls' wear - 1 + 3 Nov 87 93 100 99 106 114 Aprons, housedresses, uniforms +15 +11 Dec 88 95 101 156 168 179 Women's underwear, slips, negligees,. + 6 + 4 Infants' wear + 3 + 7 Year 85 90 94 Women's and children's shoes - 5 + 1 Furs +32 +21 STOCKS Basement2 + 4 J M F a e n a b r . . 7 7 7 1 0 0 6 6 6 7 8 8 6 7 7 8 1 0 7 7 7 1 3 4 6 6 7 7 1 3 6 6 6 9 5 0 6 6 7 8 1 1 6 7 7 4 0 5 Men M 's a i a n M n d e s t n b o ' o r s e y c s i l ' o w th e i a n r g + 8 - 3 + 9 + + 2 2 Apr 69 67 69 71 69 71 Men's furnishings, hats, caps - 4 0 May __ . _ 69 66 68 71 68 70 Boys' clothing and furnishings -16 - 7 J J u u n ly e 6 6 8 7 6 6 7 7 6 6 7 8 6 6 5 1 6 64 0 6 6 4 1 Basement2 z 0 A Se u p g t . 6 67 7 6 68 7 6 70 9 6 70 5 6 71 5 6 73 6 Hom M e a fu in r n s is to h r i e n g i s + + 2 2 9 8 + + 1 1 9 9 Oct 67 69 71 74 77 79 Furniture, beds, mattresses, springs... +25 +18 Nov 67 71 72 78 82 83 Domestic floor coverings +42 +29 Dec 66 68 71 62 64 66 Draperies, curtains, upholstery +18 +15 Major appliances (refrigerators, wash- Year 68 68 69 ers, stoves, etc.) +41 +21 Domestics, blankets, comforters, linr Revised. ens, towels +30 +19 Back figures.—Department store sales, see BULLETIN for August 1936, Basement (including domestics, blankets, p. 631, for October 1938, p. 918, and for January 1941, p. 65; department linens, towels)2 +35 store stocks, see BULLETIN for March 1938, p. 232. Piece goods (dress and coat yard goods, all WEEKLY NDEX OF SALES ma M te a r in ia ls s ) tore + + 7 7 0 i Weeks ending on dates shown. 1935-1939 average=100 Basement +10 + 5 1938 1939 1940 1941 Shoes (basement only) -12 - 3 Mar. 5 85 Mar. 4 90 Mar. 2 95 Mar. 1 101 * Based on reports from 250 stores. Reports of total sales from a larger 12 88 11 89 9 98 8 97 number of stores, including many stores not reporting sales by depart- 19 90 18 93 16 99 15 105 ments, showed an increase of 9 per cent for March and 10 per cent for 26 99 25 102 23 113 22 111 the first three months of 1941, as indicated in the table below. Apr. 2 103 Apr. 1 110 30 88 29 117 1 Group totals for main store include sales in departments not shown 9 — 97 8 118 Apr. 6 112 Apr. 5 131 separately. 16 115 15 92 13 97 12 136 23 93 22 93 20 99 19 117 2 Group totals for basement are not strictly comparable with those 30 92 29 98 27 98 26 114 shown for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES Percentage change from corresponding periods of preceding year ! i Three:; IThree;! Threes I Three Mar.! Feb. mos. li iMar.l Feb. j mos. !| JMar., Feb. j mos. Mar.i Feb. i mos. !1941' 1941 ! 1941 | 19411 1941 1941 !| i 1941 ! 1941 j 1941 119411 1941 1941 ! '' I United States... + 9^+10 +10 Cleveland (cont'd) I I Chicago ; +lf + 9 +10 \Kansas City j Boston j + 71 +18 \ + 9 Cleveland +18! +14 ; +14 !j Chicago , + 4: + 4 +4 1 (cont'd.) I New Haven ! + 8! +11 i + 9 Columbus + 1; +14 I + 4 >\ Peoria ! + 2r+ 9 ; + 8 j Okla. City i +11! +11 i +14 Portland { + 6: +15 j + 7 Toledo +14| + 7 I +10 !! Fort Wayne..—' +18: +15 j +18I Tulsa I + 6i + 7 | +13 Boston + 3: +17 : + 5 Youngstown... +28i +19 ! +18 i! Indianapolis._-i +10; +12 i +12 Springfield ! + 7! +19 +10 Erie +15j +13 , +14 !| Des Moines____i + 81 + 4 +5 [Dallas ! + 4\ +10 I + 8 Providence | +19j +21 +15 Pittsburgh +11; +10 i + 9 II Sioux City ! + 5: + 4 | + 4I Shreveport | — 21 +15 ! + 7 \ Wheeling + 9; +12 i + 9 II Detroit ! +20; +19 ! +19! Dallas + 4! + 6 ! + 6 New York j + 5\ +10 + 7 I ! || Flint 1 +37; +27 ! +28i Fort Worth.-..' + li + 2 , + 8 Bridgeport ! +17, +19 +15 Richmond +10\ +14 , +14 \\ Grand Rapids..' +12; + 9 +9 ! Houston I - 2i +16 i + 6 Newark ! + 4i +13 + 6 Washington +12 +15 ! +15 !: Lansing +29 +23 j +19 j San Antonio...; +17i +12 ! +16 Albany I +11! +12 + 8 Baltimore +11! +16 ! +13 I1 Milwaukee +17 +10 +13 Binghamton..-! +2l! +20 +16 Winston-Salem - 4j +12 ! + 5 [I : \San Francisco ! + 8\ + 7 \ + 9 Buffalo j +26i +15 +19 Charleston^. C. +16' +28 +23 :St. Louis + 9\ +10 +12 I Phoenix 1 + 2- +13 j + 9 Elmira ! +45i +42 +37 Lynchburg - 2 +6 + 3 li Fort Smith - 5 + 7 +4 ! Bakersfield - 6! + 2 ! - 3 Niagara Falls..! - 4i + 4 - 1 Norfolk +40| +44 ! +45 ;j Little Rock..__ + 9 +18 ! +19j Fresno j - 4: + 3 i + 1 New York and j Richmond | + 5| + 9 j + 9 !i Quincy - 1 +10 ! + 6j Long Beach 1 + 7i +10 ! +12 Brooklyn j + 21 + 7 +5 Charleston ! + 9! +16 +12 !i Evansville + 1 +2 +4 I Los Angeles j + 7| + 3 ; + 7 Poughkeepsie-.l + 21 +22 • + 7 ; Huntingdon !+ 6| +15 ! +10 |i Louisville +30 +30 +31 Oakland and j : i Rouchester j +12 +10 + 9 ! . i! St. Louis + 7 +3 +7 Berkeley \ + 2; + 2 ! + 3 Syracuse I +17| +18 ' +16 Atlanta j+ 5-r+ 8 \ + 8 ;i Springfield , +39 +63 ; +48 Sacramento | - 2; + 4 ! + 3 Birmingham.__ I + 6>+ 7 ; +10 !| Memphis : + 2 +13 +11 San Diego j +25J +33 i +28 Philadelphia j + 7r+18 + 9 Montgomery___j - 3] + 5 , + 2 : I • I San Francisco..i + 6; + 4 ' + 8 Trenton j + 2!»-+13 + 7 ! Jacksonville !+17| +22 +21 Minneapolis + 6 + 4 ' + 5 San Jose \ - t 0 -3 Lancaster j + 3 r— 1 +3 Tampa +lo\r+U +18 !i ! . ! Boise and Philadelphia.._! + 7 +14 + 9 Atlanta ! + 3! + 4 . + 8 Kansas City +6 + 8 i + 9 Nampa i - 9j - 2 , — 3 Reading ! +11./+19 \ +13 Macon - li +17 ! + 8 ii Denver + 8 +10 + 8 Portland ! +111 + 9 ! +11 Wilkes-Barre.-J + 9<r+ 7 +6 Baton Rouge.._! - 9! +10 ' + 7 ;l Hutchinson- —• + 5 +13 + 6 Salt Lake CityJ + 5? +12 I +11 York i + 9>+16 +11 New Orleans _._| + 2; +11 + 4 Topeka + 1 +16 + 8 Everett | +41! : +20 Jackson + 5i +11 + 8 Wichita + 2 + 7 , + 6 Seattle { +24; +18 +20 Cleveland +14\ +13 +12 Chattanooga ___ 1+ 6 +13 +11 Kansas City..-' + 7 + 7 +9 Spokane i +13! +13 I +12 Akron ! +22| +18 +19 Knoxville \ + 7+11 +12 St. Joseph -4 Tacoma ! +45! +31 ! +39 Cincinnati +6! +11 +10 Nashville ; + 8: +14 i +15 Omaha +13 - 2 +6 Yakima j —12! + 8—1 r Revised 452 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All Farm Year, month, or week com- prod- Foods Chemimodi- ucts Hides and Textile Fuel and Metals Building cals and House- Miscelties Total leather products lighting and metal materials allied furnish- laneous products materials products products ing goods 1929 95.3 104.9 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 64.8 66.3 79.8 77.0 72. 1 75.8 62.5 1934 74.9 65.3 70.5 78.4 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 77.0 88.5 77.3 1940—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 7fi fi AQ A 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 92.5 77.0 88.5 77.7 August 77.4 65.6 70.1 82.0 96.9 72.3 71.1 94.9 93.3 76.7 88.5 76.7 September.. 78.0 66.2 71.5 82.3 98.3 72.5 71.0 95.4 95.6 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 78.6 89.0 77.1 February 80.6 70.3 73.5 84.4 101.6 76.4 72.1 97.6 99.3 78.5 89.1 76.9 March 81.5 71.6 75.2 84.9 102.6 78.4 72.0 97.7 99.5 79.8 89.5 77.6 Week ending— 1941—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 March 1 80.5 70.4 73.1 84.7 102.1 76.3 72.6 98.0 99.5 78.6 90.7 76.7 March 8 80.6 70.5 73.4 84.8 102.5 76.6 72.6 97.9 99.5 78.7 90.8 76.8 March 15 80.9 70.9 74.3 84.9 102.8 77.2 72.6 97.8 99.4 79.2 90.8 77.0 March 22-._ 81.6 72.3 75.6 85.1 103.3 78.2 72.5 97.8 99.5 80.0 90.9 77.5 March 29.... 82.0 73.2 76.4 85.4 103.5 79.2 72.6 97.9 99.7 80.6 91.2 77.8 April 5 82.2 72.7 76.7 85.8 103.9 80.1 73.2 97.8 99.8 80.9 91.5 78.0 April 12 82.9 74.9 77.5 85. 9 103.9 80.4 73.4 97.8 99.9 81.7 91.5 78 J April 19 83.0 75.0 77.8 86.0 104.3 80.5 73.3 97.8 100.0 82.2 91.6 78.4 April 26 83.0 74.3 78.1 86.1 104.7 80.7 73.5 97.9 100.1 82.6 91.6 78.4 1941 1940 1941 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar, Mar. Dec Jan. Feb. Mar. Farm Products: Metals and Metal Products: Grains 73.4 67.0 67.6 64.5 67.8 Agricultural implements 93.4 92.6 92.7 92.8 92.7 Livestock and poultry 67.1 72.7 83.0 82.4 82.5 Farm machinery 94.7 93.9 94.0 94.0 93.9 Other farm products 66.3 68.1 65.3 64.2 65.6 Iron and steel__ 96.4 95.4 95.7 95.5 95.7 Foods: Motor vehicles 94.8 100.3 100.3 99.8 99.8 Dairy products 78.6 84.2 80.2 79.7 80.3 Nonferrous metals 79.7 83.4 83.6 84.0 84.3 Cereal products 82.4 74.3 74.8 73.8 75.2 Plumbing and heating 81.0 80.5 80.5 82.2 82.8 Fruits and vegetables 58.7 61.2 59.6 59.4 60.7 Building Materials: Meats 69.2 77.0 83.2 83.6 83.7 Brick and tile 90.4 91.1 91.3 91.4 91.5 Other foods 63.0 67.0 64.5 64.2 Cement 91.2 90.9 90.8 90.8 90.8 Hides and Leather Products: Lumber J 97.4 118. 8 118.4 117.2 116.7 Shoes.. 108.4 107.2 107.4 107.4 107.4 Paint and paint materials 87.2 85.4 i. 7 86.6 87.4 Hides and skins.. 94.3 99.3 99.1 94.8 99.1 Plumbing and heating 81.0 80.5 1.5 82.2 82.8 Leather 93.5 94.1 94.4 94.5 94.8 Structural steel 107.3 107.3 107.3 107.3 107. 3 Other leather products 100.0 99.7 99.7 99.7 100.5 Other building materials... 92.7 94.5 94.9 94.9 95.2 Textile Products: Chemicals and Allied Products: Clothing 85.1 85.5 86.6 87.2 87.7 Chemicals 85.1 85.4 85.6 85.7 85.9 Cotton goods 71.8 74.9 75.8 77.5 81.1 Drugs and Pharmaceuticals 81.4 96.2 96.5 96.9 97.2 Hosiery and underwear 62.2 60.7 59.9 60.3 60.4 Fertilizer materials 70.6 70.0 70.7 70.4 70.4 Silk 49.9 42.5 42.5 43.3 47.7 Mixed fertilizers 73.9 74.3 75.2 73.8 73.7 Rayon 29.5 29.5 29.5 29.5 29.5 Oils and fats 47.8 42.4 46.2 46.8 55.7 Woolen and worsted goods 84.5 89.0 89.2 91.2 93.2 Housefurnishing Goods: Other textile products 74.9 74 6 74.8 76.8 80.1 Furnishings 94.2 95.1 95.2 95.3 95.8 Fuel and Lighting Materials: Furniture 81.5 82.2 82.6 82.6 82.9 Anthracite 79.2 80.9 81.1 81.1 81.0 Miscellaneous: Bituminous coal 97.3 100.4 100.4 100.3 100.3 Auto tires and tubes 55.6 58.3 58.2 58.2 58.4 Coke 109.6 113. 6 113.8 113.8 113.8 Cattle feed 95.2 90.1 89.1 81.2 82.7 Electricity 77.1 Paper and pulp 89.0 93.1 93.1 93.3 93.5 Gas 80.4 78.2 Rubber, crude 38.3 42.7 41.0 42.2 45.6 Petroleum products 50.4 49.5 50.0 50.0 49.9 Other miscellaneous 85.8 82.8 82.8 82.9 83.4 1 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). MAY 1941 453 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 * Chart 1941 Chart 1941 book book page Mar. Apr. Apr. Apr. Apr. page Jan. Feb. Mar 26 2 9 16 23 WEEKLY FIGURES i In billions of dollars MONTHLY FIGURES In billions of dollars RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, total. 3 2.22 2.24 2.24 2.29 2.24 U. S. Gov't. securities, Reserve Bank credit, total 2, 7 2.27 2.25 2.26 by maturities, total. _ 5 2.18 2.18 2.18 2.18 2.18 U. S. Gov't. securities 7 2.18 2.18 2.18 Within 5 yrs 5 .98 .95 .95 1.01 1.01 Bills discounted 7 (6) After5yrs 5 1.20 1.23 1.23 1.18 1.18 Gold stock 2 22.06 22.14 22.32 Gold stock 3 22.36 22.38 22.41 22.42 22.48 Money in circulation.. 2 8.59 8.68 8.84 Treasury currency 3 3.11 3.11 3.11 3.12 3.12 Treasury cash 2 2.19 2.21 2.20 Money in circulation 3,11 8.84 8.94 8.99 8.99 8.99 Treasury deposits 2 .26 .55 .62 Treasury cash holdings 3 2.23 2.25 2.27 2.27 2.30 Reserve balances 2, 8 14.34 14.00 13.98 Treasury deposits 3 .91 1.05 .81 .53 .95 Required reserves 8 7.51 7.57 7.68 Nonmember deposits 3 1.79 1.70 1.74 1.76 1.81 Excess reserves 8 6.83 6.42 6.30 Member bank reserves 3 13.63 13.51 13.66 13.98 13.51 Money in circulation, total _._ 10 8.59 8.78 8.92 Excess reserves—totale 9 6.01 5.94 5.96 *>6.00 *>5. 77 Coins and bills under $50__ 10 6.09 6.24 6.34 New York City 9 3.05 3.03 2.96 2.89 2.64 Bills of $50 and over 10 2.50 2.54 2.58 Chicago .._- 9 .21 .22 .22 .29 .35 Reserve city banks 9 1.85 1.81 1.89 1.92 1.89 TREASURY FINANCE C M ou EM nt B ry E R b a B n A k N s« K _ S _ 9 .90 .88 .90 P. 90 P. 89 U. S D . i G re o B c v t o e n o r d b n s l m i g e a n t t i on d s e , b t t o : tal _ _ 1 1 9 9 4 3 5 1 . . 3 7 2 8 4 3 5 1 . . 5 8 4 8 4 33 6 . . 5 5 8 7 Tota L B l, o a d a l 1 o a n 0 m n s 1 c e a c e s n i s t t d i i c d e i s u n b : e v a t n e o s k t s m ents 1 1 6 6 2 9 6 . . 2 9 3 2 2 9 6 . . 3 9 4 5 2 9 7 . . 1 1 7 4 2 9 7 . . 3 1 8 6 2 9 7 . . 0 5 2 5 Gua N B S ra p i o n l e l t t s c e e i s a e l d is o s b u li e g s a .. t _ io ns __. 1 1 1 1 9 9 9 9 6 1 5 5 . . . . 8 4 9 3 1 3 1 1 6 5 5 1 . . . . 8 5 9 3 1 3 1 1 5 5 5 1 . . . . 6 9 6 7 8 2 0 2 Adjusted demand deposits 16 23. 26 23. 09 23.43 23.58 23.76 MONEY RATES, ETC. Per cent per annum Time deposits 16 5.44 5.44 5.46 5.45 5.44 New York City: F. R. Bank discount 100 c U B C it r . i o e o S m s k . o e m G r u e s t o ' r s v c i l d i ' o t a e . a l o n N l b s o e . l a . w i n g s a Y ti o o r n _ k s _ : 1 1 1 7 7 7 2 6 . . . 3 0 3 9 6 1 2 6 . . . 3 0 3 7 7 3 2 6 . . . 3 4 0 4 3 8 2 6 . . . 3 4 1 4 7 0 2 . . 3 0 2 9 T T T r r r r e e e a a a a te s s s , u u u r r r N y y y . b b n Y i o o l t n l e s d s s ( 3 n 4 e w issues) 2.. 2 2 2 2 9 3 3 3 1 1 ( . « . . 9 4 0 ) 3 9 0 c0 2 1 . . . .0 5 1 0 5 0 0 34 0 2 1 . . . . 0 5 0 0 8 0 1 0 9 U C . o m S. m G e o rc v i ' a t. l o l b o l a i n g s a tions 1 1 7 7 7 3 . .3 0 6 3 3 7 . . 3 0 9 0 3 7 . . 4 0 1 5 3 7 . . 4 0 4 2 3 7 . . 4 1 2 1 C C C o o o m r r p p m o o r r e a a r t t c e e i a A B l a a p a a a b p b e o o r n n d d s s 25, 2 2 2 9 5 9 2 4 . . . 5 3 7 6 8 5 2 4 . . . 5 7 4 6 8 2 4 2 . . . 5 8 3 6 0 8 MONEY RATES, ETC. Per cent per annum In unit indicated Stock prices (1926=100): Treasury bills (new issues) 2 21 .055 .079 .093 .097 .097 Total 31 80.5 75.9 76.0 Treasury notes 3 21 .50 .52 .54 .55 .51 Industrial. 31 93.7 87.9 88.2 Treasury bonds4 21, 29 2.00 2.00 2.01 1.97 1.91 Railroad 31 27.7 26.4 26.6 Corporate Aaa bonds 29 2.83 2.82 2.82 2.83 2.82 Public utility 31 78.0 74.6 74.5 Corporate Baa bonds 29 4.35 4.33 4.34 4.35 4.34 Volume of trading (mill. shares): 31 .56 .44 .44 Brokers'balances (mill, dollars): Credit extended customers 33 661 634 In unit indicated Money borrowed 33 399 375 387 Customers' free credit Stock prices (1926=100): balances 33 275 267 I T n o d t u al s trial.... ._ 3 3 1 1 8 7 8 6. . 0 1 8 7 8 6. . 4 8 8 7 6 4. . 5 3 8 7 5 3 . . 4 6 7 8 2 4 . . 4 0 BUSINESS CONDITIONS Railroad 31 27.1 27.5 26.8 26.6 26.7 Wholesale prices: Public utility 31 74.1 73.8 72.7 71.3 All commodities (1926=100): Volume of trading (mill, Total 35, 65 80.6 81.5 shares) 31 .47 .59 .53 .46 Farm products 35 71. e 70.3 71.6 Others 35 84.4 84.9 BUSINESS CONDITIONS Industrial commodities Wholesale prices: (Aug. 1939=100): All commodities (1926= 100) : Total** 37 105.1 105.2 105.9 Total 35 82.0 82.2 82.9 83.0 83.0 Finished 37 103.1 103.3 103.5 F arm pro ducts 35 73.2 72.7 74.9 75.0 74.3 Raw and semifinished 37 109.4 109.4 110, 9 Others ._ 35 85.4 85.8 85.9 86.0 86.1 Cost of living (1935-39=100): Basic commodities All items 39 100.7 100.8 101.2 (Aug. 1939=100), total 36 133.7 135.4 137.4 138.5 137.4 Rent. 39 105.0 105.1 105.1 12 foodstuffs. 36 132.7 135.6 139.9 141.3 140.4 Clothing.... 39 100.2 99.9 102.1 16 industrial Food 39 97.8 97.9 98.4 materials 36 134.4 135.0 135.4 136.2 135.0 Ste ( e p l e r p c r e o n d t u o ct f i o c n apacity) ... 44 99.8 99.2 99.3 98.3 96.0 e Estimated, P Preliminary. » Negative. c Corrected. Automobile production 1 Figures for other than Wednesday dates are shown under the (thous. cars) 44 124.2 116.3 99.3 99.9 108.2 Wednesday included in the weekly period. Freight-car loadings (thous. cars): 2 Tax-exempt bills prior to March 1941; taxable bills thereafter. Total 45 792.1 683.4 679.8 708.7 721.7 3 Tax-exempt issues only. Miscellaneous 45 344.5 348.3 347.4 344.8 349.1 4 Partially tax-exempt issues only. Electric power production 5 Other than farm products and foods. (mill. kw. hrs.) 46 2,802 2,779 2,721 2,702 2,750 6 Less than $5,000,000. Department store sales * Current figures are for the revised edition of the Chart Book (1935-39=100). 46 117 131 136 117 114 announced on page 212 of the March 1941 BULLETIN. Copies F.H.A. home mortgages, of this chart book can be obtained at a price of 50 cents each. new constr. (thous.) 47 5.89 5.91 5.56 5.76 6.21 ** Figures for the following months in 1940 were incorrectly plotted in chart book: October, 104.0; November, 104.6; December, 104.9. NOTE.—Estimates for April for the following items are shown on p. 441; all commodities, industrial production, durable manufactures, nondurable manufactures, minerals, freight-car loadings, department store sales. 454 FEDERAL RESERVE BULLETIN 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 * 1941 Chart Chart book book page Jan. Feb. Mar. page Jan. Feb. Mar. MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) BUSINESS CONDITIONS (cont.) INTERNATIONAL nNANCE Industrial production:i 2 Wholesale prices: Total (1935-39^100) 41, 42 139 141 Canada . 65 84.6 85.2 85.9 Durable manufactures 41 64.6 65.2 Germany... _ 65 82.9 83.0 83.1 Iron and steel 42 19.1 18.4 P18.5 Japan... 65 132.2 133.9 136. 0 Machinery, etc. 42 29.8 30.8 *»30. 8 Sweden 65 128.7 130.3 Other durable 42 15.7 15.9 P15.3 Switzerland 65 1156 Nondurable manufactures 41 56.8 57.6 P59.1 United Kingdom 65 120.6 121.6 Textiles and leather 42 17.5 17.6 P18.7 Paper and printing 42 11.2 11.3 Pll.6 In cents per unit of New M o i r n d F e O e r o r t a s h o l , e d s s r s h , n i l o p iq n m u d e o u n r r s t a s , b , a l a e n n d d tobacco.. 41, 4 4 4 2 2 2 1 1 1 7 5 2 . . . 9 9 2 1 1 1 6 8 2 . . . 3 0 4 * P P 1 1 1 6 2 8 . . . 5 4 9 Fore A C ig r a n g n e a e n d x t a c i n h ( a a d n o ( g p l e l e a s r r o ) a ) t es: 6 6 7 7 8 2 4 9 . . f 7 8 o 7 0 reign 8 2 3 9 c . . u 6 7 r 9 7 renc 2 8 y 9 4 . . 7 9 7 8 inventories (Jan. 1939—100): Japan (yen) 66 23.44 23.44 23.44 New D o u r r d a e b r l s e , , to to ta ta l l 4 4 3 3 2 1 4 7 6 6 2 18 7 9 7 P P 2 3 0 0 1 5 U Sw ni i t t e z d e rl K an in d g d (f o ra m n c ( ) p ound) 6 6 7 6 40 2 3 3 . .2 4 2 2 40 2 2 3 . . 2 9 2 7 4 2 0 3 3 . . 2 1 1 9 Iron and steel 43 256 295 P295 Machinery.. 43 244 286 P290 1940 1941 Shipments, total 43 148 159 P16S Durable 43 175 189 P198 Inventories, total 43 121 121 P122 Nov. Dec. Jan. Durable.... 43 130 131 P131 Nondurable 43 111 111 P112 In billions of dollars \•00 ~&®Qr'——ii( \Uf)U Increase in U. S. gold stock:4 Total 63 14. 78 14. 97 15. 09 Net capital inflow: Factory employment 51, 53 115.4 117.8 P119.9 Total 62, 63 6.27 6.24 6.26 Factory payrolls 51, 53 120.7 126.9 P131.0 Inflow of foreign capital 62 4.26 4.21 4.25 Average hourly earnings Return of domestic capital.. 62 1.91 1.92 1.91 (cents per hour) 51 68.9 69.2 Merchandise export surplus 63 4.30 4.36 4.46 Average hours worked Other factors 63 4.21 4.37 4.38 (hours per week) 51 39.0 40.0 Short-term foreign assets and liabili- Freight-car loadings :i 2 ties of banks; Total . 57 86.0 86.4 86.7 Liabilities to foreigners 64 3.82 3.78 3.84 Coal 57 15.8 15.8 18.0 Foreign assets 64 .40 .38 .40 Miscellaneous. __ 57 48.4 49.6 47.0 Net foreign liabilities 64 3.43 3.39 3.44 All other __ 57 21.8 21.0 21.7 Department store sales ! 59 101 103 103 Department store stocks i 59 71 73 74 1940 1941 In millions of dollars July- Oct.- Jan.- Sept. Dec. Mar. Residential contracts awarded:1 Total 47 157 154 137 P P u ri b v l a ic te , total _ 4 4 7 7 14 1 5 2 13 2 2 3 11 2 1 6 QUARTERLY FIGURES5 In billions of dollars 1- and 2-family dwellings 47 117 107 92 Other 47 28 24 19 Cash income and outgo of U.S.Treas.: Construction contracts awarded:3 Cash income 18 1.93 1.90 2.84 Total 49 421 407 384 Cash outgo 18 2.51 '317 3.89 Residential _ 49 155 141 137 Excess of cash outgo 18 .58 rl.27 1.04 Other 49 265 267 247 Domestic corporation security issues, Nonagricultural employment • total 32 .58 1.04 .77 (mill, persons): New 32 .18 28 .17 TotaP 50 36. 62 36.93 *>37. 22 Refunding 32 .40 77 .60 Manufacturing and mining6 50 11.65 11.84 P12.01 Trade 50 6. 17 6.17 P6. 24 Government 50 3.89 3.91 P3. 94 Per cent per annum Transportation and public utilities 50 3.01 3.03 PS.05 Bank rates on customers' loans: Construction 50 1.62 1.68 PI.65 Total, 19 cities _ 25 2.68 2.59 2.58 Income payments:1 New York City 27 2.14 2.00 2.06 Total . 54 6,620 6,654 P6, 689 7 other Northern and Eastern Salaries and wages 54 4,275 4,327 P4,345 cities 27 2.56 2.53 2.53 Other 54 2,345 2,327 P2, 344 11 Southern and Western cities _. 27 3.43 3.36 3.25 Cash farm income: Total 55 754 632 Crops 55 231 173 P209 p Preliminary. ^Revised. Livestock and products 55 436 377 P408 1 Adjusted for seasonal variation. Gov't payments __ 55 87 82 P71 2 In points in total index. Exports and imports: » Three months moving average, adjusted for seasonal variation. Exports _ 61 325 303 P358 4 Cumulated from January 31, 1934. Imports 61 229 234 5 Banking statistics for call report dates and figures on ownership of Excess of exports 61 97 70 U. S. Government obligations are shown in table on the following page. Series revised from January 1937 to date. See table on p. 447 of this BULLETIN. * Current figures are for the revised edition of the Chart Book announced on page 212 of the March 1941 BULLETIN. Copies of this Chart Book can be obtained at a price of 50 cents each. MAY 1941 455 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. 7 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 r70. 78 Demand deposits adjusted 12 24.13 24.39 25.10 26.01 26.04 27.35 29.09 29.79 30.54 31.96 '34.96 Time deposits . .. _- 12 26.34 26.27 26.27 26.38 26.56 26.80 26.81 27.06 27.28 27.47 '27. 75 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. 32 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 54.19 Loans . . 13 21.71 21.05 21.04 21.30 21.15 21.32 21.63 22.17 22.19 22.34 23.74 Investments 13 26.54 26.24 27.21 27.57 27.78 28.30 28.32 28.71 28.95 29.00 30.45 MEMBER BANKS Investments, totftl 2 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 2.80 Foreign securities _ _ 14 .18 .18 .18 .18 .18 .19 .19 .17 .17 Loans, total2 13.55 12.94 12.94 13.21 13.05 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 7.52 Street loans (Brokers' loans) 15 .68 .53 .53 4 .79 .67 .56 .61 .32 .47 Other loans on securities6. _. 15 2.87 2.79 2.77 4.96 .90 .91 .88 i .80 .83 Real estate loans __ 15 2.56 2.61 2.66 2.72 2.75 2.83 2.96 3.07 3.23 All other loans 2 6 2.85 2.77 2.85 2.94 3.06 3.27 HOLDINGS OF U. S. GOVERNMENT OBLIGATIONS DIRECT AND GUARANTEED 3 Total outstanding 2 7 41 43 43 89 45 34 47 07 47.87 50.36 U. S. Government agencies and trust funds: Public issues 20 2 12 2 20 2.14 2 34 2.33 2.27 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 00 15.04 15.67 16.27 16.52 17.73 Mutual savings banks 20 2.71 2.91 3.07 3.13 3.14 3.25 Insurance companies 20 5 20 8 5. 50 5 80 8 6 10 6.10 86.50 Other investors 20 12.10 812. 50 12.30 812. 50 12.50 813.00 P Preliminary. r Revised. i Includes also semi-annual figures on ownership of U. S. Government obligations, s Series not shown in Chart Book. 3 Figures available for June and December dates only. * 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. 6 Includes since December 31, 1938, only loans made for the purpose of purchasing or carrying securities; loans on securities made for other purposes are included in commercial loans and in all other loans. 8 Includes loans to banks and other loans under new classification beginning December 31, 1938. 7 Total direct and guaranteed obligations outstanding, as shown for page 19 of chart book. 8 Partly estimated. 456 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES [Figures for 1941 are preliminary] Member banks Nonmember banks Other than mutual Total savings and private banks National State Mutual Private» savings Insured Not insured Number of Banks (Head Offices) December 31, 1933 15,029 5,154 857 2 8, 541 579 98 December 31,1934. . . 16,063 5,462 980 7,693 1,108 579 241 December 31, 1935. _ 15,869 5,386 1,001 7,728 1,046 570 138 December 31, 1936 _. . 15,667 5,325 1,051 7,588 1,004 565 134 December 31, 1937 15, 387 5,260 1,081 7,449 960 563 74 December 31, 1938— _ 15,194 5,224 1,114 7,316 917 555 68 December 31, 1939 15,034 5,187 1,175 7,171 887 551 63 December 31, 1940 »14, 895 5,144 1,342 '6,951 ••851 551 56 March 31, 1941___ 14,871 5,137 1,388 6,902 839 3550 455 Number of Branches December 31, 1933 2,911 1,121 960 27c)0 125 5 December 31, 1934. 3,133 1,243 981 5 778 126 fi December 31, 1935 3,284 1,329 952 828 42 128 5 December 31, 1936 _ 3,399 1,398 981 848 39 128 5 December 31, 1937 3,540 1,485 994 891 37 128 5 December 31, 1938 3,580 1,499 992 908 41 135 5 December 31, 1939 3,629 1,518 1,002 927 44 132 6 December 31, 1940 3,666 1,539 1,002 940 44 135 6 March 31, 1941, total 3,674 1,564 985 941 44 3134 46 In head-office cities. _____ _ ._ 1,719 686 756 158 6 112 1 Outside head-office cities 1,955 878 229 783 38 22 5 Analysis of Bank Changes, Jan. 1 - Mar. 31, 1941 Number of banks on December 31, 1940 . .. . '14,895 5,144 1,342 '6,951 ••851 551 Increases in number of banks: Primary organizations (new banks) 6 __. + 11 + 2 + 6 + 3 Decreases in number of banks: Suspensions A - 1 - 3 Voluntary liquidations 7 - 12 - 2 - 5 - 5 Consolidations, absorptions, etc - 19 - 6 - 8 - 3 - 1 - 1 Inter-class bank changes: Conversions— State into national + 3 Q National into State - 3 + 3 Federal Reserve membership—8 Admissions of State banks + 50 - 50 Withdrawals of State banks - 1 + 1 Federal deposit insurance—9 Admissions of State banks + 7 — 7 Withdrawals of State banks _ . Net increase or decrease in number of banks __ - 24 - 7 + 46 - 49 - 12 - 1 - 1 Number of banks on March 31, 1941 ___ .. _. 14,871 5,137 1,388 6,902 839 550 55 Analysis of Branch Changes, Jan. 1 - Mar. 31, 1941 Number of branches on December 31, 1940 _ _ 3,666 1,539 1,002 940 44 135 - Increases in number of branches: De novo branches + 12 + 7 + 1 + 4 Banks converted into branches _ . + 3 + 1 + 2 Decreases in number of branches: Branches discontinued 7 1 1 4 1 Inter-class branch changes: From State to national + 19 - 19 From nonmember to State member. _ _ __ - 1 + 1 Net increase or decrease in number of branches. + 8 + 25 - 17 + 1 - 1 Number of branches on March 31, 1941 3,674 1,564 985 941 44 134 6 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Number of banks comprises 53 insured and 497 uninsured; number of branches comprises 31 insured and 103 uninsured. The figures beginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." 4 Number of banks comprises 1 insured and 54 uninsured; all branches were uninsured. 5 Separate figures not available for branches of insured and not insured banks. • Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to the succession, conversion and absorption of banks. • Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. • Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. Back figures—See Annual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110. r Revised, MAY 1941 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, DECEMBER 31, 1940 AND JUNE 29, 1940 [Amounts in thousands of dollars] December 31, 1940 June 29, 1940 National State Banks National State Banks banks banks not banks banks not All banks m F e e m de b r e a r l s m F e e m de b r e a r l s m F e e m de b r e a r l s All banks m F e e m de b r e a r l s m F e e m de b r e a r l s m F e e m de b r e a r l s Reserve Reserve Reserve Reserve Reserve Reserve System System System System System System Number of banks 13, 438 5,144 1,342 6.952 13, 480 .5,164 1,234 7,082 Assets Loans, discounts, and overdrafts (including rediscounts) 18, 397, 775 10, 004, 346 5, 316, 252 3, 077,177 17,014,372 9,156, 258 4, 812, 512 3, 045, 602 United States Government obligations, direct and fully guaranteed 17, 063, 906 9, 735, 316 6, 087, 730 1, 240, 860 15, 900, 885 9, 094, 306 5, 627, 299 1,179, 280 Other bonds, stocks and securities 7, 099, 422 3, 908, 252 2, 074,171 1,116,999 6, 920, 404 3, 787, 485 1, 973,147 1,159, 772 Total loans and securities 42, 561,103 23, 647, 914 13, 478,153 5, 435, 036 39, 835, 661 22, 038, 049 12, 412, S 5, 384, 654 Customers' liability on account of acceptances 83, 640 47,148 35, 904 81,104 42, 337 36, 854 1,913 Total bank premises, furniture and fixtures, and other real estate 1, 534,155 763, 365 490, 449 280, 341 1, 588, 028 780, 533 507, 717 299, 778 Reserve with Federal Reserve Banks 13, 991, 733 7, 6, 004, 819 13, 750, 656 7, 837, 068 5, 913, 588 Coin and currency 1, 235, 272 712, 561 278, 585 244,126 983, 888 575, 329 213, 362 195,197 Balances with other banks 8, 216,151 4, 735, 455 1, 461,161 2, 019, 535 7, 556, 291 4, 464, 736 1, 302, 243 1, 789, 312 Cash items in process of collection 2, 847, 322 1, 663, 795 1,120,165 63, 362 1, 573, 048 979, 872 543,198 49, 978 Income accrued but not yet collected 111, 579 60, 238 44, 788 6,553 109, 398 58, 511 43, 930 6,957 Prepaid expenses 11, 021 5,252 4,330 1,439 11, 289 5,432 3,948 1,909 Other assets 128, 049 37, 922 78, 760 11, 367 99, 817 34, 440 52, 241 13,136 Total assets 70, 720, 025 39, 660, 564 22,997,114 8,062, 347 65, 589,180 36, 816, 307 21, 030, C 7, 742, 834 Liabilities Demand deposits of individuals, partnerships, or corporations 32, 400,651 17,913,896 11, 662,168 2, 824, 587 28, 899, 054 15, 957, 445 10, 439,155 2, 502, 454 Time deposits of individuals, partnerships, or corporations 15, 002, 262 7, 926, 759 3, 760, 049 3, 315,454 14, 779, 568 7, 848, 881 3, 610,100 3, 320, 587 Public funds of states and political subdivisions 3, 820, 675 2, 352, 995 805, 740 661, 940 3, 601, 093 2, 264, 461 674, 381 662, 251 U. S. Govt. and postal savings deposits___ 735, 467 501,825 170, 280 63, 362 829, 606 559,529 209, 927 60,150 Deposits of other banks; cash letters of credit; certified officers', and travelers' checks outstanding 11, 510, 548 7, 091, 798 4, 244,100 174, 650 10, 316, 070 6, 383, 398 3, 781, 843 150, 829 Bills payable, rediscounts, and other liabilities for borrowing money 11, 481 3,127 155 8,199 13, 844 2,910 513 10, 421 Acceptances executed by or for account of reporting banks and outstanding 98, 056 54, 483 42,978 595 96,114 50, 639 43, 556 1,919 Dividends declared but not yet payable 41, 863 24, 561 14, 392 2,910 38, 019 22, 633 13, 645 1,741 Income collected but not yet earned 84,133 46, 380 21, 286 16, 467 76,194 41, 362 19, 741 15, 091 Expenses accrued and unpaid 86, 863 48, 030 29, 916 8,917 91, 075 49, 675 32, 462 8,938 Other liabilities 254, 573 168, 464 76, 780 9,329 242, 044 166, 918 65, 420 9,706 Total liabilities, excluding capital account 64, 046, 572 36,132, 318 20, 827, 844 7, 086, 410 58, 982,681 33, 347,851 18,890, 743 6, 744, C Capital stock, notes, and debentures 2,872, 070 1, 523, 437 832, 821 515, 812 2, 892, 233 1, 530, 849 826, 444 534, 940 Surplus 2, 563,293 1, 307, 038 972, 583 283, 672 2,483,865 1, 247, 556 959, 752 276, 557 Undivided profits 838,132 467, 711 253, 733 116, 688 836, 841 467, 955 243, 330 125, 556 Reserves for contingencies 336, 776 194, 729 101,110 40,937 332,995 187, 958 101, 642 43,395 All other capital accounts 63,182 35, 331 9,023 60, 565 34,138 8,128 18, 299 Total liabilities, including capital account 70, 720, 025 39, 660, 564 22, 997,114 8, 062, 347 65, 589,180 36, 816, 307 21, 030, 039 7, 742, 834 458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROUP BANKS1—NUMBER AND DEPOSITS OF BANKS IN 38 GROUPS, AND NUMBER OF BRANCHES OF GROUP BANKS, DECEMBER 31, 1940 Number of banks in groups Number of branches of group banks Deposits of group State a d n iv d i s g io e n o g 2 raphic o b f a g n r k o s up Outside head-office city ba ( n in ks Total N b a a ti n o k n s al m b S e a m t n a k b te s er m b N e a m o n n b k - s er br a o a t p n i e c n r h g - es Total In o c f h f i i t e c y a e d- H of e f a ic d e - ti C gu o o n u - s N ti o g n u c o o u n s - s d a o t n h ll d o a s r u s - o ) f 3 county counties counties New England 31 16 8 7 14 82 56 20 3 3 1, 309,231 Maine __ 3 3 3 4 3 1 11, 501 New Hampshire 4 4 10, 377 Massachusetts _ _ 21 11 3 10 64 52 12 1,154, 343 Rhode Island 3 1 1 1 1 14 4 5 2 3 133, 010 Middle Atlantic 68 35 18 15 19 92 68 17 6 1 1, 893,132 New York 27 6 11 10 12 78 58 13 6 1 585, 793 Pennsylvania . 41 29 7 5 14 10 4 1, 307, 339 East North Central __ 32 27 3 2 5 30 25 4 1 468, 004 Ohio 17 13 3 1 1 13 11 2 131, 283 Michigan 1 1 1 3 2 1 5, 312 Wisconsin 14 13 1 3 14 14 331, 409 West North Central _ 145 85 4 56 6 26 6 2 7 11 860, 522 Minnesota 90 49 2 39 2 6 6 646, 944 Iowa 5 4 1 64, 274 Missouri .._ _ 7 2 2 3 29, 679 North Dakota 27 17 10 37, 254 South Dakota 11 9 2 4 20 2 7 11 40, 394 Nebraska 5 4 1 41, 977 South Atlantic _ 39 25 2 12 2 12 3 9 416, 639 West Virginia 4 2 1 1 7,086 South Carolina 1 1 1 3 1 2 28, 429 Georgia- 18 9 1 8 1 9 2 7 202, 751 Florida 16 13 3 178, 373 East South Central 17 13 3 1 2 12 12 159, 945 Kentucky 6 3 3 1 8 8 65, 559 Tennessee 11 10 1 1 4 4 94, 386 West South Central 7 3 1 3 165, 412 Texas 7 3 1 3 165,412 Mountain 36 19 5 12 5 33 3 11 17 260,266 Montana 23 13 3 7 85,290 Idaho 1 1 1 13 3 10 30, 077 Wyoming 1 1 1,877 Arizona 2 1 1 1 3 1 1 1 23, 720 Utah 6 3 1 2 2 8 1 3 4 81,151 Nevada 3 2 1 1 9 1 1 4 3 38,151 Pacific 31 17 14 7 572 65 7 78 422 2,072, 993 Washington, 13 6 7 2 10 1 7 2 51, 091 Oregon 6 3 3 1 40 7 1 4 28 133, 028 California 12 8 4 4 522 58 5 67 392 1, 888, 874 Total United States. 406 240 44 122 60 859 238 52 105 464 7, 606,144 1 The statistics include all groups of three or more banks controlled by (1) a "holding company affiliate" as defined in section 2(c) of the Banking Act of 1933 as amended; (2) a holding company which would be a "holding company affiliate" if the Reconstruction Finance Corporation did not own preferred stock in the subsidiary banks; and (3) what is regarded generally as a bank group even though there is technically no "holding company affiliate" as denned in section 2(c) of the Banking Act of 1933. For further discussion of group banking and for back figures, see Federal Reserve BULLETIN for February 1938, pp. 92-101, June 1938, p. 450, June 1939, p. 480, and May 1940, p. 457. 2 OOnnllyy tthhoossee SSttaatteess aarree lliisstteedd iinn wwhhiicchh oonnee oorr mmoorree ggrroouupp bbaannkkss wweerree rreeppoorrtteedd.. IInn ssoommee ggrroouuppss aallll ooff tthhee bbaannkkss wweerree nnoott iinn tthhee ssaamme State. 33 IInlcldudd edi int hth e group ffiig ures are af few comparattiilv elyl largeb kb anksh wihh idch idto mitnha te the grotuhp ratthh er tbhia n beinbgi dsuib sidibakry bankIsf. th- If the figures of these banks were eliminated, the aggregate amount of deposits involved would be decreased by approximately $2,200,000,000. MAY 1941 459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES—NUMBER OF BANKS IN OPERATION AND NUMBER OPERATING BRANCHES OR ADDITIONAL OFFICES, DECEMBER 31, 1939 AND 1940 Number of banks maintaining branches or Number of banks, December 31,1940 additional offices * Nonmember December 31, 1940 Total banks, other num- than mutual ber of savings and Nonmember banks, State private Mu- Dec. banks, other Dec. Na- mem- tual Pri- 31, than mutual 31, Total tional ber sav- vate 1939, Na- State savings and Mu- 1939 banks banks ings banks total Total tional mem- private tual Pri- Non- banks banks ber sav- vate In- in- banks ings banks sured sured Non- banks In- insured sured New England 922 916 319 43 134 61 356 3 120 121 30 21 28 11 31 Maine. 101 100 37 5 17 9 32 22 23 3 4 10 4 2 New Hampshire. _ 107 107 52 1 3 8 43 3 3 1 1 1 Vermont 84 82 41 32 1 8 9 9 2 6 1 Massachusetts 390 390 125 29 38 6 192 67 67 18 14 10 25 Rhode Island- 35 35 12 2 2 10 9 12 12 3 2 1 5 1 Connecticut..- . 205 202 52 6 42 27 72 3 7 7 3 1 1 1 1 Middle Atlantic - ._ 2,377 2,342 1,341 269 513 31 165 23 228 236 67 77 41 47 4 New York __ _ _. 885 870 428 129 162 10 134 127 134 31 43 19 40 1 New Jersey 390 385 225 55 72 8 24 1 52 53 17 22 11 3 Pennsylvania 1,102 1,087 688 85 279 13 7 15 49 49 19 12 11 4 3 East North Central.... 3,093 3,057 882 441 1,625 70 11 28 207 207 27 34 142 3 1 Ohio . 704 696 242 121 311 6 3 13 39 39 8 16 15 Indiana 511 506 124 60 290 13 4 15 40 42 6 3 32 1 Illinois - 848 840 337 82 405 16 Michigan 452 443 76 144 201 22 47 44 10 11 21 2 Wisconsin 578 572 103 34 418 13 4 81 82 3 4 74 1 West North Central 3,391 3,354 775 193 1,965 419 1 1 149 155 8 141 6 Minnesota 681 677 188 21 435 32 1 2 2 2 Iowa 647 647 103 45 438 61 117 117 111 6 Missouri 633 625 85 65 431 44 North Dakota.. 167 160 45 105 10 14 14 14 South Dakota 165 164 40 23 100 1 14 20 4 16 Nebraska 423 417 133 14 213 57 2 2 2 Kansas 675 664 181 25 243 214 1 South Atlantic 1,588 1,583 462 125 897 84 14 1 146 148 22 23 97 3 3 Delaware 46 45 15 4 23 1 2 7 8 3 4 1 Maryland .. 189 187 63 10 99 3 12 27 27 3 6 16 2 Dist. of Columbia 22 22 9 6 7 11 11 5 4 2 Virginia 315 314 130 46 136 2 40 39 6 4 29 West Virginia 181 181 77 21 75 8 1 1 1 North Carolina. _. 228 228 44 10 166 8 43 44 3 2 38 1 South Carolina 151 150 21 5 87 36 1 6 6 2 1 3 Georgia 285 283 51 18 197 17 10 10 3 3 3 1 Florida 171 173 52 5 107 9 1 2 1 1 East South Central 1 134 1,129 255 42 767 65 59 61 10 4 47 Kentucky _. 412 408 95 17 259 37 13 13 3 2 8 Tennessee 300 297 71 6 211 9 19 20 4 1 15 Alabama 217 217 65 17 127 8 3 3 2 1 Mississippi 205 207 24 2 170 11 24 25 1 24 West South Central.._ 1,595 1,587 733 105 674 75 42 42 8 1 33 Arkansas 217 216 50 7 150 9 14 14 1 13 Louisiana 145 145 29 8 107 1 28 28 7 1 20 Oklahoma 393 390 208 11 161 10 Texas 840 836 446 79 256 55 ^Mountain 488 489 210 87 183 9 21 23 11 1 11 M^ontana 111 111 42 25 44 Idaho 51 50 18 9 22 1 6 7 5 1 1 Wyoming 58 58 26 9 23 Colorado 145 146 78 15 46 7 New Mexico 41 41 22 5 13 1 4 5 5 Arizona 12 12 5 2 5 4 4 2 2 Utah 59 60 13 20 27 5 5 2 3 Nevada 11 11 6 2 3 2 2 2 Pacific 446 438 167 37 193 37 4 47 47 17 9 20 1 Washington 143 139 43 14 73 6 3 9 9 6 1 2 Oregon 75 73 26 6 37 3 1 4 5 2 3 California 228 226 98 17 83 28 34 33 9 8 15 1 Total United States...15,034 14, 895 5,144 1,342 6,951 851 551 56 1,019 1,040 200 170 560 24 81 5 i See following page for footnotes. 460 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES—NUMBER OF BRANCHES OR ADDITIONAL OFFICES, DECEMBER 31, 1939 AND 1940 Number of branches or additional offices * Location of branches or ad December 31, 1940 offices, December 31, IS40i Nonmember Dec. 31, banks, other than Outside head-office city 1939, Na- State mutual savings Mutual In total Total tional mem- and private savings Private headbanks ber banks banks office In In In banks city head- con- noncon- In- Non- office tiguous tiguous sured insured county counties counties New England 287 289 81 83 53 24 48 143 94 49 3 Maine 59 60 4 26 23 5 2 5 30 25 New Hampshire 3 3 1 1 1 3 Vermont 21 21 2 10 9 13 8 M assachusetts 149 148 61 37 17 33 113 32 3 Rhode Island __ 40 40 8 19 1 10 2 19 14 4 3 Connecticut 15 17 5 1 2 8 1 6 5 6 Middle Atlantic 924 929 258 491 105 70 5 826 78 21 4 New York 692 698 184 400 60 52 2 644 34 17 3 New Jersey __ 119 122 34 57 27 4 89 31 1 1 Pennsylvania 113 109 40 34 18 14 3 93 13 3 East North Central 522 531 115 195 215 5 1 286 201 33 11 Ohio 169 173 37 113 23 123 46 4 Indiana 65 67 8 15 43 1 25 42 Illinois Michigan 162 162 56 61 41 4 120 25 6 11 Wisconsin 126 129 14 6 108 1 18 88 23 West North Central 219 223 28 186 9 8 144 59 12 Minnesota 6 6 6 6 Iowa 159 156 147 9 120 36 Missouri North Dakota 20 21 21 10 10 1 South Dakota 32 38 20 18 14 13 11 Nebraska 2 2 2 2 Kansas South Atlantic 385 390 83 79 206 5 17 130 95 101 64 Delaware 13 14 3 10 1 4 4 6 Maryland 94 96 10 43 27 16 53 19 18 6 District of Columbia 30 30 17 11 2 30 Virginia _ _ 72 72 15 8 49 21 32 13 6 W^est Virginia 1 1 1 1 North Carolina 126 127 8 110 2 8 34 56 29 South Carolina - _ 22 22 18 1 3 3 1 3 15 Georgia 25 25 16 5 3 1 11 3 4 i I Florida 2 3 1 2 1 1 East South Central 139 143 57 13 73 41 54 24 24 Kentucky 28 29 19 2 8 21 6 2 Tennessee 49 51 18 10 23 17 19 6 9 Alabama __ _ 20 20 19 1 3 5 4 8 Mississippi 42 43 1 42 24 12 7 West South Central 68 69 29 1 39 23 38 6 2 Arkansas 15 15 1 14 10 4 1 Louisiana 53 54 28 1 25 23 28 2 1 Oklahoma Texas Mountain 86 92 61 13 18 3 18 35 36 Montana Idaho 32 37 22 13 2 3 12 22 Wyoming Colorado New Mexico 6 7 7 4 2 1 Arizona 26 26 21 5 1 7 12 6 Utah _ 12 12 8 4 1 2 5 4 Nevada 10 10 10 1 2 4 3 Pacific 999 1,000 827 127 45 1 256 88 146 510 Washington. _ 82 85 82 1 2 15 5 27 38 Oregon 66 67 64 3 11 4 6 46 California __ _ 851 848 681 126 40 1 230 79 113 426 Total United States 3,629 3,666 1,539 1,002 940 44 135 6 1,716 810 474 666 i Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U.S.R.S. which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent." The table does not include "seasonal agencies" which are only in operation at certain periods of the year. Back figures—See BULLETIN for May 1940, pp. 458 and 459. MAY 1941 461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES ALL BANKS '—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS [Figures of nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars] Loans and investments Deposits, exclusive of Number of interbank deposits banks Total Loans Investments Federal Reserve district Dec. June Dec. Dec. June Dec. Dec. June Dec. Dec. June Dec. Dec. June Dec. 31, 29, 30, 31, 29, 30, 31, 29, 30, 31, 29, 30, 31, 29, 30, 1940 1940 1939 1940 1940 1939 1940 1940 1939 1940 1940 1939 1940 19402 19392 All banks:i Boston 5,652 5,602 5,604 2,693 2,678 2,654 2,959 2,924 2,951 6,466 6, 253 6,122 869 869 875 New York 20, 964 19, 631 19, 297 8,238 7,777 8,038 12, 726 11,854 11,259 24, 378 22, 424 20, 957 1,196 1,201 1,214 Philadelphia 3,467 3,406 3,439 1,341 1,302 1,261 2,125 2,103 2,178 4,170 3,973 3,994 909 912 922 Cleveland 3,756 3,620 3,642 1,609 1,527 1, 471 2,146 2,094 2,171 4,682 4,347 4,264 1,225 L,230 1,239 Richmond - 2,133 2,021 2,019 1,080 1,012 959 1,054 1,009 1,060 2,726 2,529 2,473 1,055 ,059 1,059 Atlanta 1,580 1,430 1,436 896 777 777 683 653 659 1,974 1,826 1,772 1,047 050 1,049 Chicago 6,211 5,861 5,645 2,403 2,264 2,060 3,808 3,597 3,585 8,009 7,504 7,166 1,506 2,460 2,468 St. Louis 1,694 1,575 1, 606 892 815 817 802 760 789 2,026 1,857 1,874 2,450 ,512 1,518 Minneapolis 1,175 1,112 1,117 609 544 526 566 568 591 1,422 1,341 1,336 1,285 L, 288 1,301 Kansas City 1,499 1,413 1,411 814 731 718 685 681 693 1,833 1,745 1,736 1,837 851 1,861 Dallas 1,167 1,051 1,059 666 577 576 501 474 483 1,602 1,464 1,454 949 952 953 San Francisco.-- __. 4,891 4,615 4,610 2,499 2,337 2,313 2,392 2,278 2,296 5,733 5,319 5,197 567 571 575 Total 54,188 51, 335 50,885 23,741 22, 341 22,169 30, 448 28, 995 28, 716 65. 021 60, 582 58, 344 14,895 14, 955 15,034 Member banks: Boston _ 1,972 1,924 1,923 1,032 999 979 940 925 944 2,647 2,459 2,362 350 350 353 New York 13, 467 12, 261 11,847 4,477 4,058 4,333 8,990 8,203 7,514 16, 389 14, 603 13, 329 765 759 768 Philadelphia 2,399 2,342 2,342 1,020 985 945 1,379 1,357 1,396 2,951 2,791 2,775 651 651 652 Cleveland- 2,989 2,859 2,868 1,237 1,162 1,106 1,752 1,697 1,762 3,814 3,497 3,403 658 650 639 Richmond 1,431 1,328 1,321 722 657 622 708 671 699 1,833 1,676 1,592 431 419 410 Atlanta 1 261 1 122 1 138 687 578 589 574 544 549 1 521 1 416 1,368 316 316 315 Chicago 5,120 4,735 4,558 1,768 1,604 1,469 3,352 3,131 3,089 6,522 6,047 5,724 856 817 804 St. Louis 1 227 1 123 1 159 622 545 556 604 578 603 1 427 1 299 1 302 415 401 392 Minneapolis 831 778 787 417 365 357 413 412 430 1,014 952 949 460 462 467 Kansas City. _„ 1,205 1,131 1,136 629 548 543 576 583 593 1,455 1,389 1,373 739 735 736 Dallas 1 026 908 922 580 490 496 446 419 425 1 405 1 275 1 244 568 557 544 San Francisco. 4,200 3,941 3,941 2,130 1,978 1,967 2,071 1,963 1,975 5,030 4,635 4,509 277 281 282 Total 37,126 34, 451 33, 941 15, 321 13, 969 13, 962 21, 805 20, 482 19, 979 46, 007 42, 039 39,930 6,486 6,398 6,362 Nonmember banks: Boston 3,680 3,678 3,682 1,661 1,679 1,675 2,019 1,999 2,007 3,818 3,794 3,760 519 519 522 New York 7,497 7,370 7,450 3,761 3,720 3, 705 3,736 3,650 3,745 7,989 7,821 7,627 431 442 446 Philadelphia 1,068 1,064 1, 097 321 317 315 746 746 782 1,220 1,182 1,219 258 261 270 Cleveland 767 761 774 372 365 365 395 396 409 868 850 861 567 580 600 Richmond 703 693 698 357 354 337 345 339 361 893 853 881 624 640 649 Atlanta 319 308 298 209 199 188 109 110 110 453 409 404 731 734 734 Chicago 1,091 1,126 1,087 636 660 590 456 466 497 1,487 1,457 1,443 1,594 1,643 1,664 St. Louis 468 452 447 270 270 261 198 182 186 599 559 572 1,091 1,111 1,126 Minneapolis 344 334 331 192 178 169 153 156 161 409 389 386 825 826 834 Kansas City 294 282 276 185 184 175 109 98 101 378 357 363 1,098 1,116 1,125 Dallas 142 143 137 87 87 80 55 55 58 197 189 210 381 395 409 San Francisco. _ ___ . 691 674 668 369 359 346 322 315 322 704 685 688 290 290 293 Total 17, 062 16, 884 16, 944 8,420 8,372 8,207 8,642 8,512 8,738 19,014 18, 543 18, 414 8,409 8,557 8,672 1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 465. 2 See footnote 2 on page 465. 462 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued ALL BANKS -PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Loans Investments Deposit b s a , n e k x c d l e u p si o v s e i t o s f inter- Nu b m an b k er s of State Dec. June Dec. Dec. June Dec. Dec. June Dec. Dec. June Dec. 31, 29, 30, 31, 29, 30, 31, 29, 30, 31, 29, 30, 1940 1940 1939 1940 1940 1939 1940 1940 1939 1940 19402 19392 New England: Maine 111,386 112,311 109, 557 183, 780 181, 829 188, 913 337, 271 335, 239 324, 254 100 100 101 New Hampshire 110, 224 108, 904 103, 958 154, 308 152,968 166,450 285,008 279,599 277, 575 107 107 107 Vermont 95, 046 93,765 86,803 62, 215 63,618 173, 484 169,986 167,873 82 82 84 M assachusetts ., 759, 3291, 749,4431, 746,8411,819, 309 1, 804, 2991,801,151 4, 056, 3843, 944, 9003,843,396 390 390 390 Rhode Island 186, 625 182, 473 175, 359 259,350 254,420 276,025 514, 894 489, 246 490, 673 35 35 35 C onnecticut 581,109 578, 393 575, 563 612, 403 587, 775 576,805 1, 448, 4511, 356,0011, 339,468 202 202 205 Middle Atlantic: New York ', 491, 5567, 059, 5097, 341, 21011, 760,16510, 933,186 10i,, 270, 69212,168, 482 20, 353, 088 18,888,835 870 874 885 New Jersey 717,100 689,135 664,486 983,177 942, 234 1, 006, 6262,254,074 2,108,339 2,106,185 385 386 390 Pennsylvania ., 629, 6371, 580, 5531, 533,1872,962, 510 2, 922, 7503,026,413 5,288,365 5,049,462 5,013,460 1,087 1,091 1,102 East North Central: Ohio.... ., 001,161 937, 748 895, 306 971,866 950, 892 997, 857 2,661,175 2,448, 585 2,413,627 696 704 Indiana 335, 796 318, 696 296, 220 380, 330 377, 739 389,087 957, 523 902, 852 884, 681 506 507 511 Illinois ., 158,9731, 053, 636 970, 573 2,233,968 2,119, 650 2, 083, 5694, 238, 4004,028, 917 3,836, 772 840 842 848 Michigan 500,037 457, 071 420, 829 795, 922 717, 851 713,144 1, 780,0771, 587, 6551,495,029 443 449 452 Wisconsin 310, 331 292,023 278,913 431,333 417,176 439,676 944,800 903, 563 572 575 578 West North Central: Minnesota. 399, 722 374, 324 355, 294 390, 627 392,112 404, 912 917,180 875, 304 865, 844 677 677 681 Iowa 333, 836 359, 366 299,421 189, 327 183, 878 190,858 666, 744 639,765 613, 090 647 649 647 Missouri 530, 392 489, 506 480,056 594, 837 561, 516 594, 787 1, 224, 4201,144, 774 1,146, 826 625 627 633 North Dakota 47.165 28, 504 35, 069 24, 219 24, 919 26, 637 82, 617 70,145 73, 662 160 160 167 South Dakota 52, 037 47,128 43, 372 30, 254 30, 546 30, 997 102, 241 93, 643 94, 756 164 165 165 Nebraska 144,360 125, 399 126, 919 107, 460 107,991 109, 569 288,366 265, 778 270, 226 417 421 423 Kansas 190, 468 164, 232 159,167 124,974 124, 781 128, 207 396,855 370,174 373, 511 664 671 675 South Atlantic: Delaware 81,464 79, 516 78,157 119, 209 113,142 108,642 274.858 238,663 242,270 45 46 46 Maryland 233,123 222, 907 211,917 491,403 458,443 492, 945 908, 567 862, 511 839,420 187 189 189 District of Columbia 128, 221 121, 397 112,470 136, 389 134, 951 134,137 380, 560 349, 675 329,114 22 22 22 Virginia 333, 723 315,619 302, 614 170,124 169,850 176, 081 603,155 548, 560 314 314 315 West Virginia 140, 223 137, 010 132, 966 81,453 79, 551 80, 641 302,117 296,826 281,826 181 182 181 North Carolina 205, 318 187, 257 172,864 157, 715 149, 620 156,825 418, 436 376, 582 382,876 228 228 228 South Carolina 70.166 57, 619 55, 768 38, 391 37,405 39,688 177, 986 144, 545 153, 537 150 151 151 Georgia 266,011 231, 524 221,056 122, 473 115, 277 119,023 445,895 406,116 403, 524 283 285 285 Florida. 139, 305 105, 322 109,466 156, 364 157,915 152,005 408, 480 376, 761 348, 769 173 173 171 East South Central: Kentucky 237 962 219,933 224,416 147,181 145, 200 140, 992 450, 493 413, 854 422,904 409 412 Tennessee 271* 192 243, 513 256,921 160, 667 136,182 141,976 501,335 460, 617 450,645 297 297 300 Alabama 136,883 127,114 124, 572 103, 877 99,817 99, 201 327, 466 289,951 287, 357 217 218 217 Mississippi 74, 59" 69, 235 67,081 69,953 70, 416 69, 341 204,966 188,138 196, 615 207 206 205 West South Central: Arkansas 70, 797 67, 534 64,142 56, 591 55, 025 55,076 189.859 165, 458 171,020 216 219 217 Louisiana 186, 450 154, 678 167,298 182, 525 184,169 453, 209 434, 041 433, 252 145 145 145 Oklahoma 166, 291 156, 593 151,059 143, 533 132, 384 139, 655 391, 649 389,413 382, 221 390 391 393 Texas 603, 373 518, 211 520, 238 457, 525 429, 19 438, 393 1, 439, 5371, 317, 3991, 294, 921 836 839 840 Mountain: Montana 48, i 36, 344 39,138 53,709 53, 575 55, 089 149, 056 135,156 138,109 111 112 111 Idaho.. 40, 373 34, 815 33,839 37, 627 39,915 40,035 106, 268 97, 441 99, 318 50 50 51 Wyoming 27,027 28, 282 25, 696 18,007 17, 080 17, 418 70,813 62, 209 64,236 58 58 58 Colorado 104,437 91, 320 91,928 90,075 98, 956 105, 359 315,710 294, 484 293,108 146 146 145 New Mexico 23,103 24, 584 21, 587 19, 329 19, 514 19, 714 66,118 60,148 63, 203 41 41 41 Arizona 39, 752 34, 294 36, 733 27, 502 27,123 97, 464 90, 901 89, 511 12 12 12 Utah 69, 834 64, 357 61, 860 48,302 48,189 50, 518 154, 083 140, 845 142,187 59 Nevada 15, 573 14, 487 13,006 16, 843 14,612 15, 314 46, 239 42, 232 39, 992 11 Pacific: Washington 247, 712 211,706 228, 246 219, 380 217, 622 547, 240 525,473 142 143 Oregon. 107,917 106, 751 100, 407 142, 591 130, 259 141, 043 334,913 311,480 297, 319 73 74 75 California , 984, 7941,862,112 1, 861, 5501, 897,8981, 806, 3031,811,511 4, 407,2404,110, f " 4, 022, 903 226 227 228 Total 23, 740, 607 22, 340, 746 22,168, 55380,447, 836 28, 994, 677 28, 716, 237 65, 021, 466 60, 582, 397 58, 343,1 746,8795 14,95515,034 1 Comprises all national banks in the Continental United States and all nonnational banks described in footnote 1 on p. 465 2 See footnote 2 on page 465. MAY 1941 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State De 1 c. 9 40 31, Ju 1 n 9 e 4 0 29, De 1 c. 9 39 30, De 1 c. 9 40 31, Ju 1 n 9 e 4 2 0 9, De 1 c. 9 3 3 9 0, De 1 c. 9 40 31, Ju 1 n 9 e 4 0 29, De 1 c. 9 3 3 9 0, D 1 3 e 9 1 c 4 , . 0 J 1 u 2 9 9 n 4 , e 0 D 1 3 e 9 0 c 3 , . 9 New England: Maine 40,991 41,187 39,985 57,' 55, 814 55, 240 116, 564 116, 650 112,079 3' 38 New Hampshire 34,179 32, 859 32,056 29, 234 27,894 30,046 73,886 68, 477 68, 058 52 52 Vermont 29, 519 28, 788 26,462 19, 934 19, 906 22, 219 59, 745 57, 515 56,910 41 41 42 M assachusetts 553, 062 524, 388 519, 798 418, 973 421,116 445, 818 1, 336, 9871, 253,1121,176, 633 125 125 125 Rhode Island 46, 310 46,062 43, 722 33,179 32, 660 37,879 116,1""" 98, 475 99, 535 12 12 12 Connecticut 103,530 100,627 98.189 136, 355 128, 506 117, 313 340, 974 302, 417 298, 511 52 52 53 Middle Atlantic: New York 1, 643, 3671, 493, 6071, 559, 4833, 685, 5813, 348, 5233, 068,2016,367,036 5, 617,8165,014,978 428 429 437 New Jersey 272, 248 259, 960 244, 811 400, 335 379, 841 405, 630 924, 478 846, 456 853,386 225 225 226 Pennsylvania 850, 742 832, 308 800, 294.1, 449, 2541, 438,9771,494,116 2, 652, 5042, 545, 5802, 459, 258 688 690 693 East North Central: Ohio 392, 881 365, 412 339, 340 425,119 414,95' 439,916 1,106,173 1,021,010 1,008, 762 242 244 244 Indiana 146, 966 138,824 128, 728 232,181 223,125 231, 232 495,054 466, 766 448, 584 124 125 125 Illinois 842, 588 745, 220 679, 623 1, 650, 7401, 573, 22"1, 536, 3763, 021, 4582, 864, 3762, 690, 372 33' 329 327 Michigan 207,426 186,093 172,067 420, 678 409,145 936, 281 827, 482 765, 703 76 82 82 Wisconsin 118,182 109,260 107,325 267, 544 256, 213 264,659 499, 260 484, 430 466, 422 103 103 105 West North Central: Minnesota 265, 942 241,935 234, 895 272,114 271, 610 281,170 623, 863 591,635 589,574 188 188 191 Iowa 95, 316 108,317 85, 287 84, 783 78, 971 81,:""" 211, 739 208, 061 200, 040 103 106 108 Missouri 219,801 198, 725 193,996 255,177 243,245 245, 390 511, 365 480,173 473, 208 85 85 86 North Dakota 26, 897 17,809 21, 459 16,676 17,959 18, 873 51,179 46, 252 48,448 45 47 50 South Dakota 30, 502 27, 690 25, 542 18, 517 19,143 20,123 59,846 55, 762 57, 317 40 41 41 Nebraska 104, 87, 856 90, 614 90, 203 90,822 92, 514 211,992 197, 649 201, 767 133 135 135 Kansas 96, 419 77, 703 76, 207 76, 613 77, 085 79, 953 223, 620 206, 376 210,180 181 182 182 South Atlantic: Delaware 8,599 8,399 7,728 7,296 8,754 19,204 18,994 18, 758 15 15 15 Maryland 71, 518 68,994 66, 638 215, 758 181,717 207, 565 335, 260 311,802 295, f 63 63 63 District of Columbia. 60,059 56, 584 51, 608 81, 589 82, 049 81, 270 212, 764 192, 712 180,686 9 9 Virginia 178, 821 168, 439 163, 583 108,971 108,824 114, 693 357,105 333,875 326, 883 130 130 West Virginia 70,426 69,022 67.190 48, 892 47, 576 164, 761 160, 612 154,134 77 77 North Carolina 52, 323 47,005 41,060 26,071 26, 760 28, 214 115,108 100, 223 100,825 44 43 42 South Carolina 49, 806 38, 845 31, 001 19,980 19,179 18,108 114,646 92,187 79, 258 21 21 20 Georgia 168, 271 137, 549 136, 354 89, 627 85, 357 89, 542 274, 497 258, 713 256, 037 51 52 52 Florida 98, 770 71, 306 74,914 125, 741 126, 442 122,135 296, 609 273,980 253, 715 52 52 52 East South Central: Kentucky 112, 708 100, 958 104,886 90,170 87,808 80,952 226,895 202, 579 212,742 95 95 95 Tennessee 192, 949 167, 770 185, 734 128, 616 105,957 112,007 352,123 324,907 318,318 71 71 71 Alabama 95, 219 86,183 88, 616 74,882 69,845 68, 967 203, 247 199,711 6; 66 Mississippi 22, 652 20, 890 20, 324 23,153 23, 341 23, 609 68, 264 64,163 65, 270 24 24 West South Central: Arkansas 37, 769 35, 013 34, 853 33, 383 32, 649 33,495 103,848 91,953 93,311 50 50 49 Louisiana 127, 017 99, 056 113, 463 134, 511 132, 053 129, 038 289,183 280, 296 271,077 29 29 29 Oklahoma 141, 322 132, 277 129,172 125, 447 116, 270 122,869 333, 269 335, 269 328, 706 208 209 211 Texas 506, 935 429,607 442,032 399, 731 376, 632 383, 705 1, 223, 6161,128, 25"1,100, 045 446 446 445 Mountain: Montana 22, 613 16, 18, 348 30, 751 31, 233 32,018 84,196 76, 502 42 43 43 Idaho 19, 872 17,129 16, 348 19,147 20, 474 18,898 56, 299 51, 249 49, 341 18 18 18 Wyoming 17, 792 18, 547 17,030 14, 647 13, 976 14, 039 49, 391 43, 796 45,014 26 26 26 Colorado 80, 289 69,393 70, f 73,797 82, 412 87, 590 252,168 235, 513 234,444 78 78 78 New Mexico 17, 619 18, 687 16, 350 16,104 16,221 16, 253 51,098 47, 33r 49, 390 22 22 22 Arizona 29,022 24, 307 27, 424 18, 220 16, 980 17,122 62,930 62,439 5 Utah 26, 24, 858 23, 665 22, 633 23, 248 23, 799 67, 283 60,190 60, 111 13 13 13 Nevada 14,158 13,132 11, 782 15, 640 13, 407 14,052 42, 679 38, 962 36, 767 6 6 Pacific- Washington 187,129 168, 307 156, 664 162, 594 153, 088 153, 627 462, 715 406,486 387,156 43 44 45 Oregon 94, 355 93, 514 83, 901 129, 548 117,-'"" 124,154 300, 460 279, 792 255,485 26 27 27 California l,377,r~~ 1,288, 550 1, 299,6271,299,092 1, 224, 2451, 237,4353,122, 7772,898,145 2,846, 738 98 99 100 Total 10, 004, 3469,156, 2589,021, 74813, 643, 56812, 881, 79112, 788, 587 29,213,656 26,931,139 25,660, 7225,144 5,164 5,187 464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Deposits, exclusive of inter- Number of Loans Investments bank deposits banks State De 1 c 9 . 4 0 31, Ju 1 n 9 e 4 0 29, De 1 c 9 . 3 9 30, De 1 c 9 . 4 0 31, Ju 1 n 9 e 4 0 29, De 1 c 9 . 3 9 30, De 1 c 9 . 4 0 31, Ju 1 n 9 e 4 2 0 9, De 1 c 9 . 3 9 30, D 1 e 3 9 c 4 1 . 0 J 19 u 2 4 n 9 0 e 2 D 1 e 3 9 c 3 0 . 92 New England: Maine 70, 395 71,124 69, 572 126,113 126,015 133, 673 220, 707 218, 589 212,175 63 63 63 New Hampshire 3 76, 045 76, 045 i 71,902 3 125, 074 125, 074 4 136, 404 3 211,122 211,122 4 209, 517 3 55 55 4 55 Vermont 65, 527 64,977 60, 341 42, 281 43, 712 45, 878 113, 739 112, 471 110, 963 41 41 42 Massachusetts , 206,267 1, 225,055 1, 227, 043 1, 400,336 1,383,183 1, 355, 3332, 719, 397 2, 691, 7882, 666, 763 265 265 265 Rhode Island 140, 315 136, 411 131, 637 226,171 221, 760 238,146 398, 826 390, 771 391,138 23 23 23 Connecticut 477, 579 477, 766 477, 374 476, 048 459, 269 459, 492 1,107, 477 1, 053, 5841, 040, 957 150 150 152 Middle Atlantic: New York , 848,189 5, 565, 902 5, 781, 727 8, 074, 584 7, 584, 6637, 202, 490 15, 801, 446 14, 735, 272 13,873, 85'442 445 448 New Jersey 444,852 429,175 419, 675 582, 842 562,393 600,996 1,329,596 1,261,883 1,252,799 160 161 164 Pennsylvania 778,895 748, 245 732, 893 1, 513, 256 1,483, 7731,532,297 2,635,861 2,503,882 2,554,202 399 401 409 East North Central: Ohio 608, 280 572, 336 555, 966 546, 747 535, 935 557, 941 1, 555, 002 1, 427, 5751, 404, 865 454 455 460 Indiana 188, 830 179, 872 167, 492 148,149 154, 614 157, 855 462, 469 436, 086 436, 097 382 382 386 Illinois 316, 385 308, 416 290, 950 583, 228 546, 423 547,193 1, 216, 942 1,164, 5411,146,400 503 513 521 Michigan 292, 611 270, 978 248, 762 308, 956 297,173 303, 999 843, 796 760,173 729, 326 367 367 370 Wisconsin 192,149 182, 763 171, 588 163, 7"" 160, 963 175, 017 445, 540 419,133 413 412 472 473 West North Central: Minnesota 133,7 132, 389 120, 399 118, 513 120, 502 123, 742 293, 317 283,669 276, 270 489 490 Iowa 238, 520 251, 049 214,134 104, 544 104, 907 109, 570 455, 005 431, 704 413, 050 544 543 539 Missouri s 310, 591 290, 781 286, 060 s 339, 660 318, 271 349, 397 s 713, 055 664, 601 673, 618 5 540 542 547 North Dakota 20, 268 10, 695 13, 610 7,543 6,960 7,764 31, 438 23, 893 25, 214 115 113 117 South Dakota 21, 535 19, 438 17, 830 11, 737 11,''"" 10,874 42, 395 37,881 37, 439 124 124 124 Nebraska 39, 482 37, 543 36, 305 17, 257 17,169 17, 055 76, 374 68,129 68,459 284 286 288 Kansas 94, 049 86, 529 82, 960 48, 361 47, 696 48, 254 173, 235 163, 798 163, 331 483 493 South Atlantic: Delaware 72, 865 70, 709 69, 758 111,481 105,846 99, 888 255, 654 219, 669 223, 512 30 31 31 Maryland 161, 605 153, 913 145, 279 275, 645 276,726 285,380 573, 307 550, 709 543, 773 124 126 126 District of Columbia-. 68,162 64, 813 60, 86f 54,800 52, 902 52, 867 167, 796 156, 963 148,428 13 13 13 Virginia 154, 902 147,180 139, 031 61,153 61, 026 61, 388 246, 050 228, 733 221, 677 184 184 185 West Virginia 69, 797 67,! 65, 776 32, 561 32, 982 33, 065 137, 356 136, 214 127,692 104 104 104 North Carolina 152, 995 140, 252 131, 804 131, 644 122,860 128, 611 303, 328 276, 359 282, 051 184 185 186 South Carolina 20, 360 18,774 24, 767 18, 411 18, 226 21, 580 63, 340 52,358 74, 279 129 130 131 Georgia 97, 740 93, 975 84, 702 32, 846 29,920 29,481 171, 398 147,403 147, 487 232 233 233 Florida 40, 535 34, 016 34, 55! 30, 623 31, 473 29,870 111,871 102, 781 95, 054 121 121 119 East South Central: Kentucky 125, 254 118, 975 119, 530 57, 011 57, 392 60, 040 223, 598 211, 275 210,162 313 314 317 Tennessee 78, 243 75, 743 71,187 32, 051 30, 225 29, 969 149, 212 135, 710 132, 327 226 226 229 W A M es l t i a s b S s o a is m u s t i a h p p C i entral: 4 5 1 1 , , 6 9 6 4 4 5 4 4 8 0 , , 9 34 3 5 1 3 46 5 , , 9 7 5 5 6 7 4 28 6 , , 8 9 0 9 0 5 2 4 9 7, , 0 9 7 7 5 2 3 4 0 5 , , 2 7 3 3 4 2 1 9 3 8 6 , , 7 7 7 0 9 2 1 8 2 6 3 , , 9 7 7 0 5 4 13 8 1 7, , 6 3 4 4 6 5 1 1 8 5 3 2 1 1 8 5 2 2 1 1 8 5 1 1 Arkansas 33, 028 32, 521 29, 289 23, 208 22, 376 21, 581 86, 011 73, 505 77, 709 166 169 168 Louisiana 59, 433 55, 622 53, 835 48,014 52,116 51, 361 164, 026 153, 745 162,175 116 116 116 Oklahoma 24, 969 24, 316 21,"" 18,086 16,114 16, 786 58, 380 54,144 53, 515 182 182 182 Texas 96, 438 88, 604 78, 206 57, 794 52, 387 54, 688 215, 921 189,142 194, 876 390 393 395 Mountain: Montana 26, 083 19, 445 20, 790 22,958 22, 342 23, 071 64, 860 58, 654 59,120 Idaho 20, 501 17, 686 17, 491 18.480 19,441 21,137 49, 969 46,192 49,977 33 Wyoming 9,235 9,735 8,666 3,360 3,104 3,379 21, 422 18,413 19, 222 32 Colorado 24,148 21, 927 21, 029 16, 278 16, 544 17, 769 63, 542 58, 971 58, 664 67 New Mexico 5,484 5,897 5,237 3,225 3,293 3,461 15, 020 12,813 13,813 19 Arizona 10, 730 9,987 9,309 9,282 9,418 10, 001 28, 785 27,971 27, 072 Utah 43, 056 39, 499 38,195 25, 24,941 26, 719 86, 800 80,655 82, 076 46 Nevada 1,415 1,355 1,224 1,203 1, 205 1,262 3,560 3,270 3,225 5 Pacific: Washington 60, 583 57, 992 55, 04: 65, 652 66, 292 63, 995 145, 468 140, 754 138,317 Oregon 13, 562 13, 237 16, 506 13, 043 12, 772 16, i 34, 453 31, 688 41, 834 47 47 48 California 606, 985 573, 562 561, 923 598, 806 582, 058 574, 076 1, 284,4631, 211,9431,176,165 128 128 128 Total 13,736,261 13,184,488 13,146,810 16, 804, 268 16,112, 886 15,927, 650 35,807, 810 33, 651,258 32, 683, 045 9,751 9,847 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private banks and industrial banks as are included in abstracts issued by State banking departments. 3 Minor revisions have been made in the number of State banks in a few States, principally to exclude banks which had ceased active banking operations or newly organized banks which had not commenced active operations. 3 June 29, 1940. * June 30, 1939. 5 November 12, 1940. MAY 1941 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

All Banks in the United States—Continued PRIVATE BANKS —PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 465 covering "State Banks." Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Number of bank deposits banks State Dec. 31 June 29 Dec. 30 Dec. 31 June 29 Dec. 30 Dec. 31 June 29 Dec. 30 Dec31Jun29 Dec30 1940 1940 1939 1940 1940 1939 1940 1940 1939 1940 1940 1939 Connecticut: District No. 1 251 287 293 158 162 197 424 398 400 2 2 3 District No. 2 96 112 108 72 69 69 388 330 331 1 1 1 Indiana: District No. 7 1,782 1,791 1,575 986 999 1,063 4,371 4,170 4,055 14 14 14 District No. 8 95 85 92 55 54 55 154 154 162 1 1 1 Iowa 171 38 356 1 Kansas _ _, 2 3 2 1 2 2 1 1 1 New Jersey (Dist. No. 2) 10 15 15 12 12 11 8 6 5 1 1 1 New York 38,667 37,833 55,859 77, 751 66,349 498,617 93,802 83,145 498,968 7 8 9 Ohio _ - 2,183 2,158 2,108 586 584 590 3,113 3,042 3,012 13 13 13 Pennsylvania: District No. 3 3,621 4,059 5,308 8,383 7,066 46,858 12,702 11,632 68,291 11 11 14 District No. 4 1,291 1,419 1,302 1,152 1,128 1,049 2,939 2,789 2,716 4 4 4 South Carolina 764 674 564 60 54 65 777 580 606 1 1 1 Total 48, 762 48,433 67, 398 89,215 76, 479 548, 612 118, 679 106, 248 578,904 56 57 63 MUTUAL SAVINGS BANKS — PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in table on page 465 covering "State Banks." Amounts in thousands of dollars] Loans Investments Deposits, exclusive of inter- Numberof bank deposits banks State Dec. 31 June 29 Dec. 30 Dec. 31 June 29 Dec. 30 Dec. 31 June 29 Dec. 30 Dec31Jun29 Dec30 19401 1940 19391 19401 1940 19391 19401 1940 19391 1940' 1940 19391 California (2) 36, 411 (2) 59,210 (2) 89, 683 (*) 1 Connecticut: District No. 1 255,894 257, 709 259,183 284,172 278, 759 275, 528 576,048 569,214 563, 812 58 58 58 District No. 2 84, 758 83, 287 82,805 73, 598 74,756 77, 606 173,034 171, 356 168, 363 14 14 14 Delaware 12, 858 12, 863 12, 939 33, 768 32,411 30,945 42, 779 41, 526 40,020 2 2 2 Indiana: District No 7 5,945 6,172 6,583 4,328 3,642 3,783 11, 852 11, 790 11, 545 3 3 3 District No. 8 _ _ 4,809 4,642 4,484 2,389 2,182 2,727 8,298 8,390 8,207 1 1 1 Maine 28,020 28, 735 29, 466 94,603 94,201 99, 284 129, 673 129, 453 128,104 32 32 32 Maryland 38, 320 38,011 34, 322 168,149 166,140 168, 786 227, 787 228,013 225,814 12 12 12 M assachusetts 986,279 990,012 1,003,696 1,152,159 1,151,319 1,122,093 2,151, 554 2,161, 553 2,146,862 192 192 192 Minnesota 17, 709 16,010 14,663 48,417 48, 615 50, 567 68,000 66,941 67, 247 1 1 1 New Hampshire 66, 925 66,925 63, 239 117, 427 117, 427 128, 049 194,186 194,186 193, 389 43 43 43 New Jersey: District No. 2__ _ _ 120, 220 120, 407 122,176 161,894 161,453 171,496 309, 307 313, 527 319, 024 22 22 22 District No. 3 4,634 4,483 4,466 7,622 7,823 7,408 13, 777 13, 743 13,819 2 2 2 New York 3, 066,856 3,042,676 3,035, 583 2, 423,180 2, 404,197 2, 433, 874 5, 687, 786 5, 670,370 5, 599,150 134 134 134 Ohio 56, 516 50, 778 53, 645 61,097 63, 236 61, 710 125,495 124,072 122, 215 3 3 3 Oregon 2,142 1,824 1,358 587 969 1,099 2,753 2,774 2,483 1 1 1 Pennsylvania: District No. 3 75, 786 75, 508 75,324 431,927 434,302 426, 348 563, 077 553, 098 547,193 6 6 6 District No. 4 11,894 11,189 11, 571 41, 748 41, 670 42, 996 57,118 56,923 55,660 1 1 1 Rhode Island 57, 527 54, 298 51, 390 112, 450 108, 425 120,647 178, 634 178,988 177, 506 9 9 9 Vermont 30,945 31,113 28, 715 21, 523 22, 544 24,296 57,339 57, 411 57,150 8 8 8 Washington 28, 263 27, 602 26, 764 45, 777 45,155 42, 387 74, 665 73, 075 70,880 3 3 3 Wisconsin: District No. 7 2,107 2,128 2,179 2,296 2,259 2,174 4,789 4,678 4,559 3 3 3 District No. 9 112 103 100 39 42 39 146 138 133 1 1 1 Total . _ 4, 958, 519 4, 926, 475 4,961,062 5, 289,150 5, 261, 527 5, 353,05210, 658,09710, 631, 21910, 612,818 551 551 552 1 Figures in the December columns for New Hampshire are as of the end of June 1939 and 1940, respectively. 2 Beginning with the March 1940 call this bank is no longer classified as a mutual savings bank. It is howeve r included in the figures covering "All State banks" and "all banks" as in the past. 466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1940 All Member Banks, by Classes [Amounts in thousands of dollars] All member banks nat A io ll nal S A ta l t l e cit C y e m nt e r m al b r e e r s e b r a v n e ks Re c s i e ty rve C m o e u m n b tr e y r Item m b e a m nk b s er m b e a m nk b s er New York Chicago m b e a m nk b s er banks 1937 1938 1939 1940 Year 1940 Earnings—total 1,321, 265 1,274,354 1,295,856 1,323,049 862, 353 460, 696 259, 536 62, 480 486,294 514, 739 Interest and discount on loans 552, 563 543, 705 560, 460 595,411 410, 354 185, 057 81,921 17, 005 226, 525 269, 960 Interest and dividends on securities. 480,810 448,136 444,145 431, 233 283, 394 147, 839 99, 555 29, 539 155, 000 147,139 Collection charges, comm's, fees, etc. 32, 451 30, 441 31,999 33, 292 23, 059 10, 23r 5,328 lr~" 12, 824 13,151 Foreign department 11,829 10,076 11, 784 11,347 7,055 4,292 8,108 2,584 357 Trust department 96, 302 89,631 91,009 92, 320 32,678 59,642 35, 386 8,726 31,473 16, 735 Service charges on deposit accounts _. 45,023 50, 553 54,441 59, 262 40, 708 18, 554 7,672 819 22, 045 28, 726 Rent received 83, 274 83, 976 82,998 81, 318 51, 730 29, 588 13, 712 3,900 29,903 33,803 Other current earnings. 19,013 17,836 19,020 18,866 13, 375 5,491 7,854 204 5,940 4,868 Expenses—total. 902, 415 890,036 894, 755 921,021 597,918 323,103 170, 440 41, 908 340,646 368,027 Salaries—officers 142,818 146,491 150,144 155, 466 103, 799 51,667 26,087 5,921 49,145 74, 313 Salaries and wages—others 229, 327 233,415 237, 788 244, 834 150,824 94, 010 59, 207 13,173 99, 210 73, 244 Directors' and comm. members' fees 6,925 7,234 7,538 7,690 5,349 2,341 883 75 1,612 5,120 Interest on time deposits 176,186 171,046 159,094 147, 470 105,120 42, 350 3,917 4,946 54,832 83, 775 Interest on borrowed money 576 287 165 124 76 48 9 0) 19 96 R O O e t t h h a e e l r r e s t c a t u a x r t e r e s e t n a t x e e x s penses 2 3 6 52 0 4 , , , 1 0 3 6 3 9 2 1 0 24 3 4 9 4 7 , , , 6 6 2 0 9 7 1 1 1 25 3 5 4 0 4 , , , 8 5 5 7 9 5 5 6 5 2 3 6 6 4 5 5 , , , 9 0 4 2 3 7 7 5 5 16 2 4 1 6 4 , , , 1 7 7 9 7 7 5 6 9 9 1 2 8 1 2 , , , 7 2 6 3 5 9 2 6 9 6 1 2 6 0 , , , 9 6 8 0 2 1 4 3 0 13 3 , ,6 9 2 1 7 0 2 8 3 9 2 1 5 1 8 , , ,0 8 9 1 5 5 3 8 7 9 2 1 3 3 4 , , , 0 6 7 6 7 3 4 9 6 Net current earnings 418,850 384,318 401,101 402,028 264,435 137,593 89, 096 20,572 145, 648 146, 712 Recoveries, profits on securities, etc 256,168 279,211 302,750 198,030 104, 720 74,177 24,490 107, 929 96,154 Recoveries on loans 75, 503 44, 928 54, 617 55, 294 36, 729 18, 565 14, 466 5,210 15, 506 20,112 Recoveries on securities 50, 326 53,926 56,103 63,819 40,982 22,837 14, ^" 4,429 25, 735 18,857 Profits on securities sold 98,950 152, 577 189, 741 159,141 105,005 54,136 41, 246 12, 560 57,880 47, 455 All other 31, 389 27, 780 26, 094 24,496 15, 314 9,182 3,667 2,291 9,730 Losses and depreciation—total 338, 458 398,065 380,179 355,669 221,776 133, 893 80, 438 13,134 118, 511 143,586 On loans. 104, 788 121,903 108,137 90,408 58,165 32, 243 18, 440 2,834 31, 266 37,868 On securities.. 147, 958 181, 982 179, 566 163,958 107,904 56,054 44, 259 6,661 52, 896 60,142 On banking house and equipment. _. 42,097 37,983 45,473 28, 282 17,191 10,865 828 15, 367 18,413 Allother 48, 844 52, 083 54,493 55,830 27, 425 28, 405 6,874 2,811 18, 982 27,163 Net profits 336,560 265,464 347,477 349,109 240,689 108, 420 82, 835 31,928 135,066 99,280 Cash dividends declared—total 201,001 198,285 207,026 210,480 132,996 77, 484 69,974 12,582 73,299 54,625 On preferred stock2 17,937 14,460 13,679 12, 728 8,117 4,611 895 22 5,349 6,462 On common stock 183, 064 183,825 193, 347 197, 752 124,879 72,873 69,079 12, 560 67, 950 48,163 L Se o c a u n r s ities 1 18 3 , ,8 6 2 78 5 , , 0 0 0 0 0 0 1 1 3 8\ , ; 3 22 1 1 7 , ,0 0 0 0 0 0 1 1 3 9I ,, ,, 33 3 66 91 66 , , , 0 0 0 0 0 0 14 20 : I ., ^, 2 6 9 23 8 , , 0 0 0 0 0 013, I , 0 3 2 0 0 5 , , 0 0 0 0 0 0 4 7 , , 9 6 9 0 2 3 , , 0 0 0 0 0 0 6 3, ,6 2 9 2 2 6, , 0 0 0 0 0 0 1, 6 61 0 9 8 , , 0 0 0 0 0 0 5 6, , 9 4 1 8 7 2 , , 0 0 0 0 0 0 4 5, , 3 98 9 1 4 , , 0 0 0 0 0 0 Real estate assets 1, 337, 000 1, 330, 000 1, 384, 000 1, 303, 000 783, 000 520,000 242, 000 25,000, 504, 000 532, 000 Cash assets 13, 249, 000 14:;, 197,00017,674, 000 2:l,! 484,00013, 592, 000 7, 892,000 7, 521,000 1, 458,000 7, 387, 000 5,118,000 Total assets 47,490,000 47,407,00052,129,000 58, 025, 00036, 852, 000 21,173,000 17, 798,000 3, 728,000 20,390,000 16,108, 000 Time deposits 11, 256,000 11, 529,000 11,685, 000 12,055, 000 8,296,000 3,759,000 779,000 503, 000 4, 772, 000 6, 002, 000 Total deposits 41, 582, 000 41, 505, 000 46,135, 000 51,919, 00033, 075, 000 18, 844, 000 15, 884, 000 3, 454,00018,407, 000000 14,174,000 Total capital accounts 5,327,000 5,385,000 5,488,000 5,597,000 3,456,000 2,141,000 1,602,000 258, 000 1,860, 000 1,878,000 Number of officers 32, 728 33,176 34,172 35, 369 26,109 9,260 2,350 542 8,010 24,467 Number of employees 155,139 154, 039 158,137 163, 783 103,676 60,107 33, 780 7,651 64,428 57, 924 Number of banks 6,341 6,338 6,362 5,144 1,342 36 13 6,089 1 None, or less than $500. 2 Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for each call date in the current year and the final call date in the preceding year. The number of officers and employees and number of banks are as of the end of the current year. Real estate assets are comprised of banking house and equipment, other real estate owned, and (beginning with December 1938) items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. MAY 1941 467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1940—Continued All Member Banks, by Federal Reserve Districts [Amounts in thousands of dollars] Federal Reserve district Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n n- Earnings—total 81,666 368,536 105,835 121,904 59,734 55,858 163,255 48,039 36,324 53,933 48,376 179,589 Interest and discount on loans 38,365 133,193 43,038 52,722 32,023 29,542 62,785 23,765 17,293 29,545 29,142 103,998 Interest and dividends on securities 22,997 134,084 41,291 45,138 16,519 14,196 63,058 15,676 10,667 12,987 10,077 44,543 Collection charges, comm's, fees, etc. 869 6,878 997 1,784 1,481 2,640 5,726 1,938 3,210 1,359 1,258 5,152 Foreign department 738 8,236 338 236 36 139 549 36 35 10 18 976 Trust department 7,223 39,714 9,905 7,700 2,973 2,070 11,276 1,375 1,078 1,562 672 6,772 Service charges on deposit accounts 4,196 14,335 2,710 4,906 2,882 2,785 8,771 1,929 1,590 3,868 2,836 8,454 Rent received 5,613 23,121 6,853 8,124 3,343 4,138 9,762 2,312 1,741 4,039 4,004 8,268 Other current earnings 1,665 8,975 703 1,294 477 348 1,328 1,008 710 563 369 1,426 Expenses—total 56,581 251,765 69,763 85,441 42,253 38,876 116,146 33,237 26,439 37,550 33,700 129,270 Salaries—officers 10,201 39,729 10,940 12,375 7,726 6,966 19,146 6,539 5,692 9,133 8,147 18,872 Salaries and wages—others 14,815 77,641 16,708 20,555 9,598 9,019 31,694 7,736 5,715 8,443 7,335 35,575 Directors' and comm. members' tees 721 1,875 1,152 663 469 357 701 337 306 346 316 447 Interest on time deposits 8,694 21,444 14,325 18,742 9,174 6,034 20,450 5,633 4,685 4,043 2,816 31,430 Interest on borrowed money 7 17 11 3 3 10 20 18 3 20 9 3 Real estate taxes 2,556 11,547 2,709 2,635 1,136 1,817 2,950 1,266 780 1,163 2,494 3,422 Other taxes 3,481 13,538 5,368 8,927 3,449 3,076 8,026 2,629 1,865 2,968 2,802 9,798 Other current expenses 16,106 85,974 18,550 21,541 10,698 11,597 33,159 9,079 7,393 11,434 9,781 29,723 Net current earnings 25,085 116,771 36,072 36,463 17,481 16,982 47,109 14,802 9,885 16,383 14,676 50,319 Recoveries, profits on securities, etc. 16,186 103,102 20,647 26,732 14,241 9,854 50,231 9,290 8,081 11,441 7,123 25,822 Recoveries on loans 3,845 19,097 1,945 3.910 2,127 1,444 8,819 1,385 2,664 3,133 2,541 4,384 Recoveries on securities 3,203 19,640 4,036 6,891 6,391 2,327 10,545 2,101 2,085 3,443 906 2,251 Profits on securities sold 7,587 58,076 13,108 13,741 5,036 5,427 25,491 4,736 2,207 3,745 2,850 17,137 All other 1,551 6,289 1,558 2,190 687 656 5,376 1,068 1,125 1,120 826 2,050 Losses and depreciation—total 23,394 131,419 40,139 29,511 14,114 11,609 34,273 12,525 7,672 10,709 7,649 32,655 On loans 6,518 32,349 11,927 5,369 2,492 2,855 6,353 1,935 1,642 3,150 2,936 12,882 On securities 9,826 63,742 17,871 15,845 8,526 4,200 18,820 6,394 4,094 4,333 2,054 8,253 On banking house and equipment 3,065 15,026 3,448 4,395 1,842 2,152 3,797 1,309 1,321 2,121 1,776 5,221 All other 3,985 20,302 6,893 3,902 1,254 2,402 5,303 2,887 615 1,105 883 Net profits 17,877 88,454 16,580 33,684 17,608 15,227 63,067 11,567 10,294 17,115 14,150 43,486 Cash dividends declared—total 12,658 79,711 17,314 13,882 8,128 6,907 22,326 6,457 4,247 7,314 7,381 24,155 On preferred stock2 592 3,412 894 1,489 483 660 1,555 376 467 270 353 2,177 On common stock 12,066 76,299 16,420 12,393 7,645 6,247 20,771 6,081 3,780 7,044 7,028 21,978 Loans 1,000,000 4,280,000 975,0001,162,000 660,000 606,0001,592,000 567,000 376,000 565,000 512,0002,003,000 Securities 934,000 8,113,0001,373,0001,741,000 692,000 561,0003,195,000 599,000 420,000 586,000 430,0001,979,000 Real estate assets.. 87,000 397,000 160,000 135,000 65,000 60,000 97,000 38,000 25,000 33,000 46,000 159,000 Cash assets 1,256,000 8,518,0001,254,0001,549,000 857,000 780,0003,008,000 726,000 448,000 877,000 800,0001,411,000 Total assets,. 3,298,000 21,479,0003,786,0004,600,0002,281,0002,019,0007,921,0001,935,0001,274,0002,065,0001,791,0005,576,000 Time deposits 645,000 2,341,000 1,107,0001,439,000 583,000 418,0001,881,000 423,000 369,000 318,000 236,0002,296,000 Total deposits 2,877,000 19,145,0003,279,0004,011,0002,051,0001,821,0007,287,000 1,755,0001,146,0001,869,0001,613,0005,064,000 Total capital accounts. 393,000 2,007,000 485,000 569,000 221,000 190,000 607,000 172,000 118,000 190,000 172,000 473,000 Number of officers 2,046 5,805 2,768 3,002 2,048 1,746 4,305 1,923 1,831 2,974 2,542 4,379 Number of employees- 10,253 47,023 11,424 13,487 7,228 7,201 21,359 6,141 4,501 6,611 5,673 22,882 Number of banks-. 350 765 651 658 431 316 856 415 46( 739 568 277 For footnotes see page 467. 468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 191+0—Continued Reserve City Member Banks,* by Federal Reserve Districts [Amounts in thousands of dollars] Federal Reserve district San Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M ap in o n li e s - K C an it s y as Dallas Fran- Earnings—total 29,684 12,975 42,657 24,473 27,205 43,590 24,374 12,372 26,436 21,957 151,945 Interest and discount on loans 13,002 5,434 13,262 25,102 10,073 13,987 17,423 10,557 5,562 12,808 12,295 87,020 Interest and dividends on securities 7,927 4,080 18,786 28,038 9,131 6,756 16,267 9,069 3,787 7,372 4,938 38,849 Collection charges,comm's, fees,etc. 365 181 356 1,072 510 1,274 1,861 1,014 1,131 324 384 4,352 Foreign department 642 50 319 194 32 50 242 36 32 9 14 964 Trust department 3,762 504 6,796 6,301 1,805 1,392 998 1,100 884 1,323 542 6,066 Service charges on deposit accounts 1,110 730 941 2,419 1,093 1,171 3,844 68.r 367 1,616 995 7,077 Rent received 1,653 1,834 1,964 4,597 1,655 2,444 2,379 1,14' 548 2,575 2,648 6,459 Other current earnings 1,223 162 233 903 174 131 576 769 61 409 141 1,158 Expenses—total 18,202 9,706 26,842 47,292 17,401 18,567 32,927 16,786 9,059 18,840 15,549 109,475 Salaries—officers 3,361 1,153 3,842 5,612 2,935 2,728 4,459 2,826 1,378 3,255 2,775 14,821 Salaries and wages—others 6,079 2,684 8,901 13,549 4,772 4,797 10,136 4,860 2,845 5,270 3,941 31,376 Directors' and comm. members' fees 118 48 209 176 151 139 168 102 33 105 80 283 Interest on time deposits 820 1,722 1,773 7,707 2,607 2,172 5,862 2,000 819 1,370 1,309 26,671 Interest on borrowed money 0) C1) 0) 1 10 8 R O O e t t h h a e l e r r e s c ta t u a x r t e r e s e n ta t x e e x s penses 5 1, , 1 9 7 3 2 5 7 8 9 3,1 2 7 2 3 3 3 7 9 2 8 , , 4 8 8 3 8 0 1 5 1 1 5 1 3 , , , 5 6 1 2 1 0 9 8 1 4 1 , , 5 6 7 1 2 9 9 1 6 1, 9 7 0 3 4 1 9 1, , 8 6 8 6 2 1 2 2 7 5 1 , , 7 2 0 2 5 0 5 5 8 2,9 8 5 2 3 3 6 1 , ,5 6 6 5 7 0 5 7 0 4 1 1 , , , 7 3 3 7 6 1 1 1 2 2 8 2 4 , , , 9 9 3 4 9 8 8 4 2 Net current earnings 11,482 3,269 15,815 21,334 7,072 8,638 10,663 7,588 7,596 6,408 42,470 Recoveries, profits on securities, etc. 4,689 2,736 9,144 18,311 4,754 14,396 5,695 3,921 7,828 3,930 22,902 Recoveries on loans 1,071 292 1,166 2,187 538 85: 1,282 659 1,237 1,452 1,114 3,651 Recoveries on securities 709 143 1,175 4,970 5,744 1,189 4,067 1,360 1,002 2,982 566 1,828 Profits on securities sold 2,479 2,195 6,113 9,687 3,078 2,411 7,404 3,136 875 2,763 1,962 15,777 All other 430 106 690 1,467 263 297 1,643 540 807 631 288 1,646 Losses and depreciation—total 7,803 7,997 13,576 16,599 8,413 6,015 9,115 2,444 6,348 3,619 28,494 On loans 2,140 3,203 4,872 2,822 526 1,537 1,071 946 475 1,124 1,117 11,433 On securities 3,223 3,565 5,460 9,054 6,834 1,496 5,984 4,446 1,307 3,472 1,166 6,889 On banking house and equipment. 792 602 1,088 2,402 709 1,208 1,042 481 568 1,086 971 4,418 All other 1,648 627 2,156 2,321 344 1,774 1,018 2,215 94 666 365 5,754 Net profits 8,368 -1,992 11,383 23,046 7,377 15,944 5,195 4,790 9,076 6,719 36,878 Cash dividends declared—total 6,857 1,265 9,597 9,255 3,987 3,607 4,744 3,857 1,881 3,174 3,546 21,529 On preferred stock2 36 167 111 910 180 43" 881 119 257 145 192 1,914 On common stock 6,821 1,098 9,486 8,345 3,807 3,170 3,863 3,738 1,624 3,029 3,354 19,615 Loans 447,000 126,000 386,000 669,000 252,000 338,000 443,000 327,000 166,000 328,000 279,000 1,721,000 Securities 340,000 162,000 667,0001,171,000 426,000 300,000 894,000 373,000 172,000 391,000 246,000 1,777,000 Real estate assets,. 31,000 25,000 61,000 79,000 32,000 32,000 29,000 20,000 10,000 19,000 29,000 138,000 Cash assets 724,000 119,000 746,0001,082,000 462,000 420,000 898,000 474,000 224,000 598,000 459,000 1,180,000 Total assets.. 1,556,000 434,0001,878,0003,012,0001,175,0001,099,000 2,272,0001,198,000 574,000 1,340,000 1,015,000 4,838,000 Time deposits 85,000 154,000 230,000 '34,000 217,000 179,000 612,000 176,000 88,000 159,000 130,000 2,009,000 Total deposits 1,364,000 388,0001,675,0002,631,0001,074,000 999,000 2,100,000 1,099,000 519,000 1,229,000 925,000 4,401,000 Total capital accounts.. 174,000 45,000 187,000 366,000 96,000 93,000 165,000 93,000 48,000 107,000 85,000 400,000 Number of officers 434 175 431 679 434 440 717 437 187 535 427 Number of employees. 4,017 1,837 5,556 7,971 3,344 3,679 6,587 3,552 1.922 3,694 2,573 Number of banks.. 23 63 24j 36 * Not including central reserve city banks. For other footnotes see page 467. MAY 1941 469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 19UO—Continued Country Member Banks, by Federal Reserve Districts [Amounts in thousands of dollars] Federal Reserve district Item San B.oston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Earnings—total 51,982 96,025 63,178 53,278 35,261 28,653 57,185 23,665 23,952 27,497 26,419 27,644 Interest and discount on loans 25,363 45,838 29,776 27,620 21,950 15,555 28,357 13,208 11,731 16,737 16,847 16,978 Interest and dividends on securities 15,070 30,449 22,505 17,100 7,388 7,440 17,252 6,607 6,880 5,615 5,139 5,694 Collection charges, comm's,fees,etc. 504 1,369 641 712 971 1,366 1,876 924 2,079 1,035 874 800 Foreign department 96 78 19 42 4 89 9 3 1 4 12 Trust department 3,461 3,824 3,109 1,399 1,168 678 1,552 275 194 239 130 706 Service charges on deposit accounts 3,086 5,933 1,769 2,487 1,789 1,614 4,108 1,247 1,223 2,252 1,841 1,377 Rent received 3,960 7,575 4,889 3,527 1,688 1,694 3,483 1,165 1,193 1,464 1,356 1,809 Other current earnings 442 959 470 391 303 217 548 154 228 268 Expenses—total 38,379 71,619 42,921 38,149 24,852 20,309 41,311 16,451 17,380 18,710 18,151 19,795 Salaries—officers 6,840 12,489 7,098 6,763 4,791 4,238 8,766 3,713 4,314 5,878 5,372 4,051 Salaries and wages—others 8,736 15,750 7,807 7,006 4,826 4,222 8,385 2,876 2,870 3,173 3,394 4,199 Directors' and comm.members' fees 603 944 943 48" 318 218 458 235 273 241 236 164 Interest on time deposits 7,874 15,805 12,552 11,035 6,567 3,862 9,642 3,633 3,866 2,673 1,507 4,759 Interest on borrowed money 7 8 11 3 3 10 19 8 3 12 9 3 Real estate taxes 1,797 3,904 1,908 1,106 617 913 1,155 541 572 563 1,182 478 Other taxes 2,344 2,678 2,937 3,309 1,828 1,345 2,552 1,374 1,042 1,413 1,441 1,416 0 ther current expenses 10,178 20,041 9,665 8,440 5,902 5,501 10,334 4,071 4,440 4,757 5,010 4,725 Net current earnings 13,603 24,406 20,257 15,129 10,409 8,344 15,874 7,214 6,572 8,787 8,268 7,849 Recoveries, profits on securities, etc. 11,497 26,189 11,503 8,421 4,618 5,100 11,345 3,595 4,160 3,613 3,193 2,920 Recoveries on loans 2,774 4,339 779 1,723 1,589 587 2,327 726 1,427 1,681 1,427 733 Recoveries on securities 2,494 4,699 2,861 1,921 64' 1,138 2,049 741 1,083 461 340 423 Profits on securities sold 5,108 14,635 6,995 4,054 1,958 3,016 5,527 1,600 1,332 982 888 1,360 Allother 1,121 2,516 723 424 359 1,442 528 318 538 404 Losses and depreciation—total 15,591 42,984 26,563 12,912 5,701 5,594 12,024 4,437 5,228 4,361 4,030 4,161 On loans 4,378 10,706 7,05i 2,547 1,966 1,318 2,448 989 1,167 2,026 1,819 1,449 On securities 6,603 15,918 12,411 6,791 1,692 2,704 6,175 1,948 2,78' 861 888 1,364 On banking house and equipment 2,273 3,559 2,360 1,993 1,133 944 1,927 828 753 1,035 805 803 Allother 2,33' 12,801 4,737 1,581 910 628 1,474 672 521 439 518 545 Net profits 9,509 7,611 5,197 10,638 9,326 7,850 15,195 6,372 5,504 8,039 7,431 6,608 Cash dividends declared—total 5,801 8,472 7,717 4,627 4,141 3,300 5,000 2,600 2,366 4,140 3,835 2,626 On preferred stock2 556 2,350 783 579 303 223 652 257 210 125 161 263 On common stock 5,245 6,122 6,934 4,048 3,838 3,077 4,348 2,343 2,156 4,015 3,674 2,363 Loans 554,000 927,000 589,000 493,000 408,000 268,000 541,000 240,000 210,000 237,000 233,000 283,000 Securities 594,000 1,259,000 706,000 570,000 267,000 261,000 682,000 226,000 248,000 195,000 184,000 202,000 Real estate assets 57,000 130,000 100,000 56,000 34,000 28,000 43,000 18,000 15,000 14,000 17,000 21,000 Cash assets 532,000 878,000 508,000 466,000 395,000 360,000 653,000 252,000 224,000 278,000 341,000 231,000 Total assets.. 1,742,000 3,247,0001,907,0001,588,0001,106,000 920,000 1,922,000 737,000 699,000 725,000 776,000 739,000 Time deposits 560,000 1,409,000 877,000 705,000 366,000 239,000 767,000 246,000 281,000 160,000 106,000 287,000 Total deposits 1,513,000 2,873,0001,604,0001,380,000 977,000 821,000 1,733,000 656,000 627,000 640,000 688,000 662,000 Total capital accounts 218,000 361,000 297,000 204,000 125,000 96,000 184,000 79,000 70,000 83,000 86,000 73,000 Number of officers 1,612 3,280 2,337 2,323 1,614 1,306 3,046 1, 1,644 2,439 2,115 1,265 Number of employees 6,236 11,406 5,868 5,516 3,884 3,522 7,121 2,589 2,579 2,917 3,100 3,186 Number of banks 339 718 624 397 295 780 391 688 532 246 For footnotes see page 467. 470 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 19UO—Continued Selected Ratios, All Member Banks, by Classes and Federal Reserve Districts [Ratios computed from aggregates, expressed as percentages] All member banks nat A io ll nal S A ta l t l e Ce m nt e r m al b r e e r s e b r a v n e k c s ity Re c s i e ty rve Country member member member member Item banks banks New Chi- banks banks York cago 1937 1938 1939 1940 Year 1940 Ratios to total earnings: Interest and discount on loans 41.8 42.7 43.3 45.0 47.6 40.2 31.6 27.2 46.6 52.4 Interest and dividends on securities 36.4 35.2 34.3 32.6 32.9 32.1 38.4 47.3 31.9 28.6 All other current earnings 21.8 22.1 22.4 22.4 19.5 27.7 30.0 25.5 21.5 19.0 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.2 29.8 29.9 30. 3 29.5 31.6 32.9 30.6 30.5 28.7 Interest on time deposits 13.3 13.4 12.3 11.1 12.2 9.2 1.5 7.9 11.3 16.3 All other current expenses. _. 26.8 26.6 26.8 28.2 27.6 29.3 31.3 28.6 28.2 26.5 Total current expenses 68.3 69.0 69.3 70.1 65.7 67.1 70.0 71.5 Ratios to total capital accounts: Net current earnings 7.9 7.1 7.3 7.2 7.7 6.4 5.6 8.0 7.8 7.8 Net profits 6.3 4.9 6.3 6.2 7.0 5.1 5.2 12.4 7.3 5.3 Cash dividends declared 3.8 3.7 3.8 3.8 3.8 3.6 4.4 4.9 3.9 2.9 Ratios to total assets: Total current earnings 2.8 2.7 2.5 2.3 2.3 2.2 1.5 1.7 2.4 3.2 Total current expenses 1.9 1.9 1.7 1.6 1.6 1.5 1.0 1.1 1.7 2.3 Net current earnings .9 .8 .7 .7 .7 .5 .6 .7 .9 Net profits .7 .7 .7 .5 .5 .9 .7 Ratios to loans: Interest and discount on loans 4.0 4.1 4.2 4.2 4.4 3.7 2.5 2.8 4.1 5.4 Recoveries on loans .5 .3 .4 .4 .4 .4 .4 .9 .3 .4 Losses on loans .6 .6 .6 .6 .5 .6 Ratios to securities: Interest and dividends on securities 2.6 2.5 2.3 2.1 2.2 1.9 1.5 1.8 2.2 2.7 Recoveries on securities .3 .3 .3 .3 .3 .3 .2 .3 .4 .3 Profits on securities sold .5 1.0 .8 .7 .6 .8 .8 .9 Losses on securities 1.0 .8 .7 .7 .4 .8 1.1 Other ratios: Interest on time deposits to time deposits 1.6 1.5 1.4 1.2 1.3 1.1 .5 1.0 1.1 1.4 Time deposits to total deposits 27.1 27.8 25.3 23.2 25.1 19.9 4.9 14.6 25.9 42.3 Total capital accounts to loans, securities, and real estate assets.__ 15.7 16.4 16.1 15.5 15.0 16.3 15.8 11.5 14.4 17.2 Loans to total assets 29.1 28.1 25.6 24.6 25.2 23.6 18.1 16.3 26.9 30.9 Securities to total assets 39.3 38.4 37.2 35.5 35.3 35.9 37.6 43.4 33.9 33.5 All member banks, by Federal Reserve districts Item B to o n s- Y N o ew rk P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Ratios to total earnings: Interest and discount on loans 47.0 36.1 40.7 43.2 53.6 52.9 38.5 49.5 47.6 54.8 60.2 57.9 Interest and dividends on securities 28.2 36.4 39.0 37.0 27.7 25.4 38.6 32.6 29.4 24.1 20.8 24.8 All other current earnings 24.8 27.5 20.3 19.8 18.7 21.7 22.9 17.9 23.0 21.1 19.0 17.3 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.6 31.8 26.1 27.0 29.0 28.6 31.1 29.7 31.4 32.6 32.0 30.3 Interest on time deposits 10.6 5.8 13.5 15.4 15.4 10.8 12.5 11.7 12.9 7.5 5.8 17.5 All other current expenses 28.1 30.7 26.3 27.7 26.3 30.2 27.5 27.8 28.5 29.5 31.9 24.2 Ratios T to o t t a o l t a c l u c r a re p n it t a l e x a p cc e o n u se n s ts: 69.3 68.3 65.9 70.1 70.7 69.6 71.1 69.2 72.8 69.6 69.7 72.0 Net current earnings 6.4 5.8 7.4 6.4 7.8 8.3 8.6 8.5 10.6 Net profits 4.5 4.4 3.4 5.9 8.0 8.0 10.4 6.7 8.7 9.0 8.2 9.2 Cash dividends declared 3.2 4.0 3.6 2.4 3.7 3.6 3.7 3.8 3.6 3.8 4.3 5.1 Ratios to total assets: Total current earnings 2.5 1.7 2.8 2.7 2.6 2.8 2.1 2.5 2.9 2.6 2.7 3.2 Total current expenses 1.7 1.2 1.8 1.9 1.9 1.9 1.5 1.7 2.1 1.8 1.9 2.3 Net current earnings .8 .5 1.0 .8 .7 .9 .8 .9 Net profits .5 .4 .4 .7 .8 Ratios to loans: Interest and discount on loans 3.1 4.4 4.5 4.9 4.9 4.2 4.6 5.2 5.7 5.2 Recoveries on loans .4 .2 .3 .3 .2 .2 .7 .6 .5 .2 Losses on loans 1.2 .5 .4 .5 .3 .4 .6 Ratios to securities: Interest and dividends on securities 2.5 1.7 3.0 2.6 2.4 2.5 2.0 2.6 2.5 2.2 2.3 2.3 Recoveries on securities .3 .2 .3 .4 .9 .4 .3 .4 .5 .6 .2 .1 Profits on securities sold .7 1.0 .8 .7 1.0 .8 .5 .6 .7 .9 Losses on securities 1.1 1.3 .9 1.2 .7 1.1 1.0 .7 .5 .4 Other ratios: Interest on time deposits to time deposits 1.3 .9 1.3 1.3 1.6 1.4 1.1 1.3 1.3 1.3 1.2 1.4 Time deposits to total deposits 22.4 12.2 33.7 35.9 28.4 22.9 25.8 24.1 32.2 17.0 14.6 45.3 Total capital accounts to loans, securities, and real estate assets. _ 19.4 15.7 19.3 18.7 15.6 15.5 12.4 14.3 14.4 16.0 17.4 11.4 Loans to total assets 30.3 19.9 25.8 25.3 28.9 30.0 20.1 29.3 29.5 27.4 28.6 35.9 Securities to total assets 28.3 37.8 36.3 37.8 30.3 27.8 40.3 31.0 33.0 28.4 24.0 35.5 NOTE.—The ratios in these tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the averages of individual bank ratios such as those published in the June 1940 BULLETIN, pages 588-601, in which each bank's figures— regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates, presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering nearly 6,400.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1941 471 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 191+0—Continued Selected Ratios, Reserve City Member Banks* and Country Member Banks, by Federal Reserve Districts [Ratios computed from aggregates, expressed as percentages] Reserve city member banks, * by Federal Reserve districts Item I B to o n s- Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Ratios to total earnings: Interest and discount on loans 43.8 41.9 31.1 36.6 41.2 51.4 40.0 43.3 45.0 48.4 56.0 57.3 Interest and dividends on securities 26.7 31.4 44.0 40.8 37.3 24.8 37.3 37.2 30.6 27.9 22.5 25.6 All other current earnings 29.5 26.7 24.9 22.6 21.5 23.8 22.7 19.5 24.4 23.7 21.5 17.1 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.8 29.5 29.8 27.9 31.5 27.7 33.5 31.5 34.1 32.2 30.6 30.4 Interest on time deposits 2.7 13.3 4.2 11.2 10.7 7.9 13.4 8.2 6.6 5.2 6.0 17.5 All other current expenses 26.8 32.0 28.9 29.8 28.9 32.6 28.6 29.2 32.5 33.9 34.2 24.1 Total current expenses 61.3 74.8 62.9 68.9 71.1 68.2 75.5 73.2 71.3 70.8 72.0 Ratios to total capital accounts: Net current earnings 6.4 7.3 5.8 7.4 9.3 6.5 8.2 6.9 7.1 7.5 10.6 Net profits 4.8 -4.4 6.1 6.3 7.9 9.7 5.6 10.0 8.5 7.9 9.2 Cash dividends declared 3.9 2.8 5.1 2.5 3.9 2. 9 4.1 3.0 4.2 5.4 Ratios to total assets: Total current earnings 1.9 3.0 2.3 2.3 2.1 2.5 1.9 2.0 2.2 2.0 2.2 3.1 Total current expenses 1.2 2.2 1.4 1.6 1.5 1.7 1.4 1.4 1.6 1.4 1.5 2.2 Net current earnings .9 . 7 .5 .6 .6 .6 Net profits .6 .8 .7 .4 Ratios to loans: Interest and discount on loans 2.9 4.3 3.4 3.8 4.0 4.1 3.2 3.4 3.9 4.4 5.1 Recoveries on loans .2 .2 .3 .3 .2 .3 .2 .4 .4 .2 Losses on loans .5 2.5 1.3 .4 .2 .5 .3 .3 .3 .4 Ratios to securities: Interest and dividends on securities 2.3 2.5 2.8 2.4 2.1 2.3 1.8 2.4 2.2 1.9 2.0 2.2 Recoveries on securities .1 .2 .4 1.3 .4 .5 .4 .6 .8 .2 .1 Profits on securities sold 1.4 .7 .8 .8 .5 .7 .8 Losses on securities 2.2 1.6 .5 1.2 .8 .5 .4 Other ratios: Interest on time deposits to time deposits 1.0 1.1 1.2 1.2 1.0 1.1 .9 1.0 1.3 Time deposits to total deposits 6.2 39.7 13.7 20.2 17.9 29.1 16.0 17.0 12.9 14.1 45.6 Total capital accounts to loans, securities, and real estate assets-_ 21.3 14.4 16.8 19.1 13.5 13.9 12.1 12.9 13.8 14.5 15.3 11.0 Loans to total assets 28.7 29.0 20.6 22.2 21.4 30.8 19.5 27.3 28.9 24.5 27.5 35.6 Securities to total assets 21.9 37.3 35.5 38.9 36.3 27.3 39.3 31.1 30.0 29.2 24.2 36.7 Country member banks, by Federal Reserve districts Item B to o n s- Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Ratios to total earnings: Interest and discount on loans 48.8 47.7 47.1 51.8 62.2 54.3 49.6 55.8 49.0 60.9 63.8 61.4 Interest and dividends on securities 29.0 31.7 35.7 32.1 21.0 26.0 30.2 27.9 28.7 20.4 19.5 20.6 All other current earnings 22.2 20.6 17.2 16.1 16.8 19.7 20.2 16.3 22.3 18.7 16.7 18.0 Total current earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.0 29.4 23.6 25.8 27.3 29.5 30.0 27.8 30.0 32.9 33.2 29.8 Interest on time deposits 15.1 16.5 19.9 20.7 18.6 13.5 16.9 15.4 16.2 9.7 5.7 17.2 All other current expenses 28.7 28.7 24.5 25.1 24.6 27.9 25.4 26.3 26.4 25.4 29.8 24.6 Total current expenses 73.8 74.6 68.0 71.6 70.5 70.9 72.3 69.5 72.6 68.0 68.7 71.6 Ratios to total capital accounts: Net current earnings 6.2 6.8 6.8 7.4 8.3 8.7 8.6 9.1 9.4 10.6 9.6 10.8 Net profits 4.4 2.1 1.7 5.2 7.5 8.2 8.0 8.1 7.9 9.7 8.6 9.1 Cash dividends declared 2.7 2.3 2.6 2.3 3.3 3.4 2.7 3.3 3.4 5.0 4.5 3.6 Ratios to total assets: Total current earnings 3.0 3.0 3.3 3.4 3.2 3.1 3.0 3.2 3.4 3.8 3.4 3.8 Total current expenses 2.2 2.2 2.2 2.4 2.3 2.2 2.2 2.2 2.5 2.6 2.3 2.7 Net current earnings .8 .8 1.1 1.0 .9 .9 .8 1.0 .9 1.2 1.1 1.1 Net profits .5 .2 .3 . 7 .8 .9 .8 .9 .8 1.1 1.0 Ratios to loans: Interest and discount on loans 4.9 5.1 5.6 5.4 5.8 5.2 5.5 5.6 7.1 7.2 6.0 Beeoveries on loans .5 .5 .1 .3 .4 .2 .4 .3 .7 .7 .6 .3 Losses on loans 1.2 1.2 .5 .5 .5 .5 .4 .6 .9 .8 .5 {Ratios to securities: Interest and dividends on securities 2.5 2.4 3.2 3.0 2.8 2.9 2.5 2.9 2.8 2.9 2.8 2.8 Recoveries on securities .4 .4 .4 .3 .2 .4 .3 .3 .4 .2 .2 .2 3?r©ftts on securities sold 1.2 1.0 .7 .7 1.2 .8 .7 .5 .5 .5 .7 Losses on securities 1.1 1.3 1.8 1.2 .6 1.0 .9 .9 1.1 .4 .5 .7 Other ratios: Interest on time deposits to time deposits 1.4 1.1 1.4 1.6 1.8 1.6 1.3 1.5 1.4 1.7 1.4 1.7 Time deposits to total deposits 37.0 49.0 54.7 51.1 37.5 29.1 44.3 37.5 44.3 25.0 15.4 43.4 Total capital accounts to loans, securities, and real estate assets, _ 18.1 15.6 21.3 18.2 17.6 17.2 14.5 16.3 14.8 18.6 19.9 14.4 Loans to total assets 31.8 28.6 30.9 31.0 36.9 29.1 28.1 32.6 30.0 32.7 30.0 38.3 Securities to total assets 34.1 38.8 37.0 35.9 24.1 28.4 35.5 30.7 35.5 26.9 23.7 27.3 * Not including central reserve city banks. 472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. 474 Gold production 475 Gold movements 475 International capital transactions of the United States. 476-480 Central banks 481-484 Money rates in foreign countries. 485 Commercial banks 486 Foreign exchange rates. 487 Price movements: Wholesale prices 488 Retail food prices and cost of living. 489 Security prices 489 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. MAY 1941 473 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 t i at t e e s d g t A i e r n n - a - g B i e u l m - Brazil I B n i r d s i h i 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 o c i - h a o- m D a e r n k - Egypt France m G a e n r- y Greece 1936—Dec— 11,258 501 632 275 188 2,995 27 26 1937—Dec... 12, 760 469 597 274 184 2,564 24 1938—Dec. 14, 512 431 581 274 192 2, 430 27 1939—Dec.- 17, 644 466 274 214 2,709 28 1940—Mar... 18, 433 482 274 211 2,000 28 Apr... 18, 770 2 403 274 212 2,000 28 May.. 19, 209 403 274 35 2,000 28 June _. 19,963 403 4 734 274 July... 20,463 403 274 Aug. _. 20, 913 402 274 Sept... 21, 244 385 274 28 Oct.... 21,506 369 274 28 Nov... 21, 801 353 274 28 Dec... 21,995 353 4 734 274 28 1941—Jan.... 22,116 353 28 Feb... 22, 232 353 Mar... 22, 367 353 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 - s Ze N a e la w nd N w o ay r- Peru Poland Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain 1936—Dec... 208 463 60 491 114 203 5 718 1937—Dec... 210 261 79 933 120 189 5 525 1938—Dec... 193 164 80 998 133 220 1939—Dec... 144 164 90 692 69 152 249 1940—Mar... 137 164 90 692 153 272 Apr... 164 100 650 154 279 May.. 164 100 625 155 298 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 P91 157 328 Nov... 164 129 621 P92 157 351 Dec... 164 140 617 158 367 1941—Jan.... 164 152 616 158 376 Feb... 164 171 Mar... Government gold reserves J not included End of month S d w en e- 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 o i t e u h s n e 7 r - 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 s d vio U u K d s n i o i n f m t i g e g - d ure F s rance g B i e u l m - 1936—Dec 240 657 2,584 183 1935—June. .. (2) 103 1937—Dec— 244 650 2, 185 1936—June— 59 103 1938—Dec... 321 701 142 1937—June— 169 3 934 115 1939—Dec... 549 81 149 1937—Dec. 4 1,395 81 1938—Mar... 1,489 1940—Mar... 173 520 1 136 June. . 44 62 A M p a r y . . . . . 1 1 7 8 9 9 5 50 1 1 5 1 1 1 1 4 4 2 3 SOecpt.t. 759 5 103 June _. 199 493 1 144 Dec— 80 331 44 July... 173 488 1 144 1939—Mar... 154 1,732 559 Aug... 153 490 1 145 May 477 Sept... 152 490 1 145 June... 85 17 Oct.... 150 500 1 86 145 Sept.__ 164 Nov... 157 501 1 145 Dec... 156 17 Dec... 160 502 1 145 1940—Mar.. . 145 1941—Jan.... 165 520 1 145 June... 86 17 Feb... 171 524 1 145 Sept._. 105 Mar... 145 Dec— 48 17 p Preliminary. r Revised. 1 Reported at infrequent intervals or on de- * Figure for June 15, 1939, last date reported. layed basis: U. S.—Exchange Stabilization Fund * 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. B Figures shown for December 1936 and December 1937 are those officially reported on Aug. 2 Reported as nil. 1, 1936, and Apr. 30, 1938, respectively. 3 Figure for end of March 1937, first date re- 8 Figure for July 31,1939, last date reported. ported. * These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian * Figure for end of September 1937. C G o u n a g te o m , B al o a l , i v I i c a e , l C an h d in , a L , a D tv a i n a z , ig L t i h th ro u u an gh ia A , M ug o . r 3 o 1 c , c 1 o 9 , 3 9 a , n E d c T ua h d a o il r a , n E d l S (S a i l a v m ad ) o . r, F E ig s u to re n s i a f , o F r i c n e l r a t n ai d n , 5 First date reported. For complete monthly of these countries have been carried forward from last previous official report. series through May 1939, see BULLETIN for s 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 w 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 French E. S. F. and the Bank of France, see figures through April 1940 appear on p. 926 in that issue. BULLETIN for September 1940, p. 926. 474 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- Africa North and South America Other Year or month tion outside Total South Rho- West Belgian United Colom- Austra- British U.S.S.R.i Africa desia Africa Congo States 2 Canada' Mexico bia Chile lia India $1=25-8/10 grains of gold 9/10 fine; i.e., an ounce of fine gold=$20.6T 1929.. 382, 532 352, 237 215, 242 11, 607 4,297 2,390 45, 651 39,862 13,463 2,823 683 8,712 7,508 1930.. 401,088 365, 258 221, 526 11,476 4,995 2,699 47, 248 43,454 13,813 3, 281 428 9,553 6,785 1931. 426,424 386,293 224,863 11,193 5,524 3,224 49, 527 55,687 12,866 4,016 442 12,134 6,815 1932. 458,102 413,459 238,931 12,000 5,992 3,642 50,626 62,933 12,070 5,132 788 14,563 6,782 1933. 469,257 411, 208 227, 673 13,335 6,623 3,631 52,842 60,968 13,169 6,165 3,009 16,873 6,919 $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of finegold=$35 1933.. 794,498 696, 218 385,474 22,578 11,214 6,148 89,467 103,224 22,297 10,438 5,094 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.. 1,136, 360 957, 212 425,649 28,532 24,670 8,470 178,143 165,379 32,306 18, 225 10, 290 54,264 11, 284 1939.. I, 212, 796 1,019, 665 448,753 28,009 28,564 8,759 196,391 178,303 32,300 19, 951 11, 376 56,182 11,078 1940.. 1, 285, 060 I, 092, 349 491,628 29.155 32.163 *>15,779 206,994 185,602 30,878 22,117 11,999 55,878 •10,157 1940—February... 97, 580 81, 345 38, 575 2,345 2,663 728 13, 300 14,188 1,901 1,633 735 4,411 868 March. 103,950 88,059 40,163 2,372 2,740 732 16, 201 15,045 1,651 1,717 1,759 4,791 April 106, 890 P90, 940 40,879 2,454 2,678 Pl, 505 16, 391 14,652 4,233 1,941 766 4,581 May 106,400 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, 335 40,437 2,437 2,643 Pl,505 14, 845 15, 795 2,562 1,715 780 4,688 P875 July. 110, 285 P93, 41,936 2,459 2,590 p\, 505 18, 849 15,982 3,010 1,952 850 4,263 P490 August 109, 795 P93, 777 41, 989 2,498 2,725 Pl, 505 16,035 16, 318 4,027 2,184 1,243 4,693 P560 September.. 106,960 P90,893 40,958 2,450 2,652 p\, 505 17,065 15,416 2,596 2,016 673 4,616 P945 October 115, 045 P99, 023 42,362 2,477 2,709 p 1,505 21, 744 16, 360 2,337 1,789 1,121 5,638 P980 November.. 109,725 P93,742 41, 620 2,404 2,687 v\ 505 19, 692 15, 750 1,905 1,713 929 4,592 P945 December.. 109, 445 P93, 072 41,188 2,433 2,668 pl, 505 19,434 15, 755 2,221 1,675 879 4,333 1941—January... P91,915 42, 335 /2, 433 /2, 668 fpl, 505 16,646 15,199 P2, 940 2,137 /879 /4,333 P840 February.. P87, 950 39, 608 /2,433 /2, 668 fl, 505 15,408 /15,199 p2,940 /2,137 /879 /4, 333 /P840 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 $20.67 per fine ounce: 1929, $15,000,000; 1930, $31,000,000; 1931, $34,000,000; 1932, $40,000,000; 1933, $56,000,000; at $85 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. r Revised. 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 preceding series (for description of sources of direct reports, see references cited in note below). / Figure carried forward from last previous figure without footnote f. 1 Annual figures through 1939 are estimates of U. S. Mint. Annual figure for 1940 and monthly figures are based on reports of American Bureau of Metal Statistics. Since these reports are given in thousands of fine ounces, the dollar figures are accurate only within a margin of error of $17,500. 2 Includes Philippine Islands production received in United States. 3 Figures for Canada beginning January 1940 are subject to official revision. NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939, p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1940, p. 101, and 1936, pp. 108-109. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Total Net imports from or net exports (—) to: net Y m e o a n r t o h r i e m o x r ( p p - o o n ) r r e t t s s t U K d n i o i n m t g e - d France g B iu e m l- N la e e n r t - d h s - S d w en e- S l w a er n i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a A So fr u ic th a Japan B I r n it d i i s a h c o t o A r th i u l e e l n s r - 1934 1 1,131,994 499,870 260, 223 8,902 94,348 12,402 86,82930, 270 16,944 12,038 1,029 12 4 76,820 32,304 1935 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, 5691, 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 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, 493 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 330,107 936 262, 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 1,746 563 46,876 1,147 3,168 3,185 11,136 149, 735 6,085 4,501 6,062 Feb 108, 609 1,218 337 81, 529 814 11 2,772 6,738 96 15,093 Mar 118, 567 817 95, 619 866 2,232 3,984 6,262 2,788 3,046 2,951 Jan.-Mar. 461, 418 2,072 1,746 899 224, 024 2,828 5,411 9,942 24,136 152, 620 9,131 4,501 524,106 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. * 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. 5 Includes $11,236,000 from U. S. S. R. NOTE.—For gross import and export figures and for additional countries see table on p. 426. MAY 1941 475 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 i Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through— Total Central banking Return Inflow of brokerage bank funds of U. S. foreign balances Total funds Other abroad funds funds in N.Y.i 1935—Dec. (Jan. 1, 1936)..__ 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 74.0 Sept 27 5, 035. 3 2,479. 5 552.1 1,927. 3 618.4 676.9 1,177. 3 83.1 Dec. (Jan. 3, 1940) _ _ 5,021. 2 2, 430. 8 542.5 1,888. 3 650.4 725.7 1,133. 7 80.6 1940—Feb. 7 5,036. 6 2,463. 0 627.4 1.935. 6 623.3 741.0 1,122.1 87.3 Feb. 14 5,047.1 2,473. 0 544.3 L, 928. 7 621.5 743.3 1,122. 6 86.7 Feb 21 5,041. 5 2,457.1 523.9 L, 933.3 627.0 745.5 1,123. 8 88.1 Feb. 28 5,067. 8 2, 479. 3 646.8 L, 932. 5 627.7 748.7 1,125.1 87.0 Mar. 6 5,040.8 2,437.6 609.2 L, 928.4 638.5 752.4 1,123.8 88.4 Mar 13 5,060. 6 2,461. 6 617.8 L, 943.8 633.5 755.2 1,120. 4 89.9 Mar. 20 _ 5,105. 2 2, 500. 2 537.4 L, 962. 8 638.7 757.2 1,118. 9 90.2 Mar 27 5,121.1 2, 522 8 544.4 L, 978. 4 636.9 758.1 1,116. 0 87.3 Apr. 3 5,133. 5 2, 539.0 539.1 L 999.9 631.6 761.6 1,112. 5 88.7 Apr. 10 . . 5,118.1 2, 521. 7 528.5 1,993. 3 634.1 762.4 1,111.3 88.6 Apr. 17 5,152.1 2, 538. 9 633.1 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, 562.1 611.2 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. 5 699.8 1, 952. 7 684.0 775.5 1,101.0 95.1 June 5 _ 5, 241. 8 2, 573.0 623.2 1,949. 8 679.1 778.9 1,113. 6 97.2 June 12 5, 208. 4 2, 640. 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 98.9 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 99.9 Aug. 7 5, 665. 2 2, 941. 2 2 945. 0 « 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, 805.1 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 Dec. 4 5, 838. 7 3,177.1 1, 209.1 1,967. 9 763.0 800.4 998.6 99.6 Dec. 11 _ 5, 797. 2 3,141. 0 1,186. 3 1, 954.8 757.6 801.6 997.7 99.3 Dec. 18 5, 847. 9 3,177.1 1, 209. 7 1, 967. 3 771.1 803.1 996.4 100.2 Dec. 25 5, 824.0 3,154. 8 1,182. 4 1, 972. 4 771.6 803.1 993.2 101.3 1941—Jan. 1 . _ _ 5, 825. 4 3,152. 5 1, 200. 8 1, 951. 7 775.1 804.1 992.8 100.9 Jan. 8 5,813. 7 3,146.1 1,198. 8 1,947. 3 775.8 804.9 985.6 101.3 Jan. 15 5,912.1 3, 251.8 1, 301. 3 1,950. 6 772.2 806.8 979.6 101.7 Jan 22 5, 888. 8 3, 249. 9 1, 303. 3 1, 946. 6 757.1 808.0 974.0 99.8 Jan. 29 5,847. 4 3, 210. 6 1, 288. 2 1, 922. 4 759.9 808.5 969.7 98.8 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. 476 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th 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 ur th 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- Asia1 ot A he ll r i 1935—Dec. (Jan. 1, 1936) 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—Mar. (Apr. 3) 5,133. 5 982.4 469.5 857.8 167.5 865.7 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 85.6 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 80.9 Dec. (Jan. 1, 1941) 5, 825. 4 969.6 670.3 455.6 911.5 175.9 55.4 922.7 4,161.0 411.7 606.8 555.7 90.2 1941—Jan. 8 5,813. 7 959.1 671.3 452.8 914.6 176.1 55.1 920.1 4,149. 2 405.4 611. 6 557.3 90.3 Jan.15 5, 912.1 1, 069. 8 672.8 452.1 916.1 176.0 53.1 914.8 4, 254. 7 404.2 611.3 552.6 89.3 Jan. 22 5, 888. 8 1, 052.1 669.7 451. 6 914.5 175.6 51.9 4, 224. 3 408.2 602.6 557.8 95. 9 Jan. 29 5, 847. 4 1, 024. 6 667.4 451.5 890.5 175.3 49.3 4,165. 5 416.5 611.2 558.1 96.1 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 ro ta p l e C ad an a - A L i m a c t a e in r- Asia i ot A he ll r « 1935—Dec. (Jan. 1, 1936). 603.3 128.6 129.6 55.7 72.4 7.3 60.7 453.5 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 23.0 79.7 588.9 149.3 90.4 15.2 1937—Dec. 29 1,168. 5 189.3 111.8 76.3 288.4 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Dec. (Jan. 4, 1939) 1,425.4 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010. 7 101.6 127.6 163.3 22.2 1939—Dec. (Jan. 3, 1940) 2,430. 8 376.1 256.1 190.9 362.7 -20.1 19.7 470.0 1, 655.4 174.5 215.1 325.4 60.5 1940—Mar. (Apr. 3) 2, 539.0 289.1 258.6 185.7 418.5 -21.2 50.5 571.8 1, 753.1 150.0 244.5 349.3 42.2 Apr. (May 1) 2, 562.1 254.4 254: 6 199.1 433.9 -21.2 52.5 569.2 1,742. 7 155.2 269.0 351.6 43.6 May 29 2, 552. 5 282.4 287.0 184.4 399.9 -19.7 46.2 572.4 1, 752. 6 135.8 281.5 335.9 46.6 June (July 3) 2, 830.1 325.8 472.7 170.8 427.4 -19.9 11.0 578.8 1,966. 6 159.0 300.5 355.7 48.3 July 31 2,900.0 270.9 465.2 164.4 435.5 -16.0 7.0 587.8 1,914. 7 253.8 299.9 376.8 54.8 Aug. (Sept. 4) 3.040.7 313.6 483.1 168.8 462.7 -19.1 7.3 604.8 2,021. 2 295.8 311.4 361.7 50.7 Sept. (Oct. 2) 3,092. 8 314.3 471.4 166.3 445.9 -16. 5 5.8 620.6 2,007.8 310.6 317.5 401.8 55.1 Oct. 30. 3,112. 5 306.6 468.7 165.1 476.3 -20.6 .6 615.6 2,012.4 307.9 325.1 410.3 56.8 Nov. 27 3.194.0 325.0 465.5 158.9 479.9 -21.6 .1 609.4 2,017.1 335.0 332.7 456.0 53.2 Dec. (Jan. 1, 1941) 3,152. 5 293.3 458.0 160.3 494.7 -22.9 603.7 1,986. 3 334.1 326.4 444.4 61.3 1941—Jan. 8 3.146.1 280.4 458.8 157.0 498.6 -23. 2 —.5 601. 4 1,972. 6 332.3 332.0 448.0 61.3 Jan.15 3.251.8 390.3 459.9 156.1 502.1 -23.2 -1.6 597.1 2, 080. 6 335.6 331.4 443.8 60.3 Jan. 22 3, 249.9 374.9 457.1 156.2 501.6 -23.7 -1.6 590.4 2, 054. 9 337.2 327.7 463.0 67.0 Jan. 29 3, 210. 6 349.7 455.1 156.1 482.3 -24.2 -2.8 587.5 2, 003. 7 343.4 336.1 459.7 67.7 TABLE 4.—UNITED STATES BANKINGFUNDS 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 i m a c t a e in r- Asia 1 oth A e ll r l 1935—Dec. (Jan. 1, 1936) 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—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 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 I May 29 684.0 262.0 70.8 15.4 3.1 183.8 8.9 35.2 579.3 69.5 52.6 -16.9 -.5 June (July 3) 684.1 260.1 72.6 16.0 4.3 183.9 13.0 38.8 588.6 61.0 49.0 -15.3 .8 July 31 714.1 263.9 74.2 16.8 5.6 184.6 17.6 43.2 605.8 64.9 49.7 -7.2 1.0 Aug. (Sept. 4) 773.1 269.5 74.6 17.4 6.1 185.2 23.1 44.9 620.8 65.1 53.6 34.0 A 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 2.1 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 2.2 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 Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6.5 191.6 25.3 49.8 634.7 60.3 43.2 34.8 2.1 1941—Jan. 8 775.8 272.1 74.7 17.8 6.5 192.1 25.0 48.9 637.2 61.4 42.3 32.6 2.3 Jan 15 772 2 272 9 75.2 17 8 6 0 192 1 25 3 48.0 637.3 58.6 42.3 31.8 2.2 Jan. 22 757.1 271.0 75.5 17.8 5.7 192.2 25.1 48.4 635.8 61.7 40.1 17.5 2.0 Jan. 29 759.9 269.2 75.4 17.8 5.9 192.4 25.5 48.7 634.8 62.6 40.1 20.2 2.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. MAY 1941 477 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 2,1335—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th J ro a u n g . h 2 — , 1935, Total U K d n o i i n t m g ed - France N la e e n r t d - h s - S l w a e n r it d - z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m i a c t a e in r- Asia1 ot A he ll r i 1935—Dec (Jan 1, 1936) 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 l 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—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. 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 Dec. (Jan. 1, 1941) 804.1 128.9 43.4 31.0 46.0 36.5 28.1 196.4 510.3 25.0 202.3 53.0 13.5 1941—Jan. 8 804.9 129.0 43.5 31.0 46.0 36.5 28.1 196.8 510.9 24.7 202.6 53.3 13.4 Jan.15 806.8 129.0 43.5 31.0 46.2 36.5 28.1 196.9 511.2 25.5 203.1 53.5 13.4 Jan. 22 808.0 129.2 43.5 31.0 46.3 36.5 28.1 197.0 511.6 25.9 203.3 53.8 13.5 Jan. 29 808.5 129.1 43.5 31.0 46.1 36.5 28.1 197.2 511.6 25.8 203.5 54.2 13.5 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th J r a o n u . g h 2 — ,1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O ur th o e p r e E T u o ro ta p l e C ad an a - A L i m a c t a e in r- Asia* ot A he l r l i 1935—Dec. (Jan. 1, 1936) 316.7 149.8 23.4 50.5 55.1 -5.4 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3^3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec 29 1,162. 0 448.7 70.3 213.8 275.3 -17.4 -4.9 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—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. 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 Dec. (Jan. 1, 1941) 992.8 261.2 74.4 233.2 348.1 -29.1 2.7 64.9 955.4 -18.4 25.6 17.6 12.6 1941—Jan. 8 _ _ 985.6 260.7 74.3 233.2 347.3 -29.1 2.2 64.8 953.4 -23.4 25.5 17.3 12.6 Jan. 15 979.6 260.5 74.3 233.2 345.3 -29.1 1.1 64.8 950.2 -25.9 25.3 17.5 12.5 Jan 22 974.0 260.0 74 3 233 3 344 3 —29.2 .1 64.7 947.4 -27.1 23.8 17.6 12.4 Jan.29 969.7 259.5 74.2 233.3 340.2 -29.2 -1.6 64.6 941.0 -25.7 24.7 17.7 12.0 TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES From th J r a o n u . g 2 h , - 1935, Total U K d n o i i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia1 ot A he l r l i 1935—Dec. (Jan. 1, 1936) 6.0 () 2.4 2.5 -.2 1.4 7.6 -4.5 1.0 2.9 1 1 1 1 9 9 9 9 3 3 3 3 9 7 6 8 — — — — D D D D e e e e c c c c . . . . 2 3 ( ( J J 9 0 a a n n . . 3 4 , , 1 1 9 9 4 3 0 9 ) ) 4 4 1 7 7 2 . . . 6 5 9 1 1 1 4 9 3 1 . . . . 0 4 4 5 2 1 1 1 0 0 1 2 . . . . 4 1 9 5 5 6 9 . . . 0 8 3 1 1 9 9 0 7 . . . . 6 1 8 8 - ( . ) 2 n 5 5 5 . . . . 4 0 0 2 4 2 4 7 4 2 7 1 . . . . 0 6 6 9 -7 8 3 1 . . . 6 . 7 5 8 - - 4 1 . . 5 . 2 6 Q - -3 1 2 . . . 4 . 5 5 1 ( 2 . . 3 1 1940—Mar. (Apr. 3) 88.7 18.7 17.4 9.0 20.2 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 5.9 73.5 10.4 -.3 3.0 1.8 May 29 95.1 17.6 18.4 10.5 18.5 () 7.1 72.1 10.3 6.3 5.8 .6 June (July 3) 16.6 18.5 11.4 18.0 8.1 72.7 12.0 7.6 6.0 .7 July 31 16.7 18.5 11.5 18.0 0) 8.3 72.9 11. 1 8.8 6.3 .8 Aug. (Sept. 4) 100.5 16.3 18.6 11.9 18.8 -!i 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 8.1 74.7 11.2 9.1 5.8 .7 Oct. 30 100.7 17.1 19.1 12.5 18.3 -.2 7.3 74.4 10.2 8.3 6.8 1.0 Nov. 27 100.0 17.2 18.9 12.5 16.9 -.2 7.6 73.1 10.7 8.8 6.7 .7 Dec. (Jan. 1, 1941) 100.9 17.0 19.9 13.4 16.2 o 7.9 74.3 10.7 9.2 6.0 .7 1941—Jan. 8 101.3 16.9 20.0 13.8 16.3 -.2 8.1 75.1 10.4 9.0 6.1 Jan. 15 101.7 17.1 19.9 14.0 16.5 -.2 7.9 75.3 10.4 9.2 5.9 Jan. 22 99.8 17.1 19.3 13.3 16.6 -.2 8.5 74.7 10.6 7.7 5.9 1.0 Jan. 29 17.1 19.2 13.3 15.9 2 74.4 10.4 6.3 .9 i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". a For explanation see BULLETIN for May 1937, pp. 395-396. »Inflow less than $60,000. * Outflow less than $50,000. 478 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - 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 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. 5 3 584.8 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. (Jan. 1, 1936) 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—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 A 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. 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 Dec. (Jan. 1, 1941) 3, 778. 7 365.5 490.1 174.3 508.4 6.7 17.9 650.6 2, 213. 5 434.3 447.3 610.3 73.3 1941—Jan. 8... 3, 772. 3 352.5 490.9 171.0 512.3 6.4 18.3 648.3 2,199. 7 432.4 453.0 614.0 73.2 Jan. 15.. 3,878. 0 462.4 492.0 170.1 515.8 6.4 17.2 644.0 2, 307. 8 435.8 452.3 609.8 72.3 Jan. 22.. 3, 876.1 447.1 489.2 170.1 515.3 6.0 17.1 637.3 2, 282.1 437.3 448.6 629.0 79.0 Jan. 29.. 3, 836. 8 421.9 487.2 170.0 496.0 5.5 16.0 634.4 2, 230. 9 443.6 457.0 625.7 79.6 Additional Detail Available from January 3,19404 5 European countries 6 Latin American countries 4 Asiatic countries Date Pan- Total g B iu el m - D m e a n rk - l F a i n n d - N w o a r y - S d w e e n - Total g t A i e n r n a - - B z r il a-Chile Cuba M ic e o x- C a a m n .Z d a . Total China H K o o n n g g Japan I P s p h la i i n l n i e d p s - 1940—Jan. 3 407.1 159.2 28.1 21.4 56.3 142.2 250.7 57.7 36.4 26.8 37.0 58.8 34.0 432.9 167.0 71.4 165.4 29.1 Jan. 31. 448.1 166.2 28.7 23.8 67.0 162.4 259.3 66.5 31.8 24.4 38.3 62.1 36.2 434.7 173.8 72.2 158.7 30.0 Feb. 28 - 458.8 176.6 27.2 23.7 69.4 161.9 263.7 68.7 30.0 24.7 38.3 65.2 36.7 439.2 178.9 68.5 162.1 29.7 Mar. (Apr. 3) 475.1 184.3 28.7 25.0 68.4 168.6 275.4 63.5 35.3 24.7 43.2 68.4 40.2 455.1 178.5 75.2 169.4 32.0 Apr. (May 1) 460.2 183.7 23.0 27.2 67.5 158.9 297.1 80.6 35.0 23.4 46.4 67.2 44.5 461.3 184.1 81.1 164.1 32.0 May 29 443.3 172.0 21.1 29.5 64.1 156.7 311.8 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 July 31 457.7 154.9 18.4 29.1 57.8 197.5 321.3 93.1 38.0 29.2 48.1 60.3 52.7 446.6 181.6 84.3 142.6 38.2 Aug. (Sept. 4) 466.7 150.9 17.2 26.3 54.3 218.0 332.2 103.9 31.4 27.8 51.1 58.5 59.6 408.3 184.7 87.6 97.4 38.7 Sept. (Oct. 2) 470.3 147.9 16.8 29.1 51.2 225.3 338.8110.1 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. 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 Dec. (Jan. 1, 1941). 462.7 144.8 17.3 16.5 48.7 235.4 341.7 115.4 36.2 28.5 47.9 55.0 58.7 454.5 207.5 91.1 110.3 45.6 1941—Jan. 8 454.5 143.9 17.0 15.8 48.4 229 3 344.9 116.3 37.7 29.2 47.9 54.0 59.8 458.3 208.1 92.6 113.3 44.4 Jan.15 . . . 452.2 143.8 16.7 15.1 48.1 228.5 343.5116.2 38.9 29.4 48.3 52.4 58.3 455.7 209.0 92.3 111.8 42.7 Jan. 22 447.0 141.6 17.2 14.2 47.8 226.2 338.8 115.9 41.4 27.3 50.4 51.8 52.1 470.4 209.2 92.9 124.8 43.5 Jan. 29 450.5 143.2 17.1 14.1 48.3 227.7 342.5118.2 45.4 26.1 48.6 49.3 54.8 464.3 210.5 93.4 114.1 46.3 1 Prior to Jan. 3, 1940, the figures under Asia represent 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). MAY 1941 479 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- Asia1 All dom lands land many Europe Europe ada ica other i Reported by Banks in New York City 1931—Dec. 30 1,103. 3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 136.5 41.8 2.6 1932—Dec. (Jan. 4, 1933) 949.4 89.4 67.6 14.2 6.4 433.7 11.5 96.1 719.0 43.9 158.2 24.8 3.5 1933-Dec. (Jan. 3, 1934) 907.1 197.9 65.0 18.1 12.5 258.1 16.8 83.9 652.3 34.7 159.2 54.6 6.3 1934—Nov. 282 827.1 201.3 94.1 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 K 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. (Jan. 1,1936) 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—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 Ian. 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 Apr. (May 1) ..._ 515.7 36.8 8.4 8.0 6.4 49.4 17.2 48.6 174.7 37.1 114.3 181.0 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 6.3 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 Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 39.6 2.0 29.9 101.0 36.0 122.7 117.8 6.4 1941—Jan. 8 383.3 20.0 4.0 .8 1.6 39.1 2.2 30.9 98.6 34.9 123.6 120.0 6.2 Jan. 15 386.9 19.2 3.5 .8 2.1 39.1 1.9 31.8 98.4 37.7 123.7 120.8 6.3 Jan. 22 402.0 21.1 3.3 .8 2.3 39.0 2.1 31.4 99.9 34.6 125.8 135.1 6.5 Jan. 29 399.2 23.0 3.4 .8 2.1 38.8 1.7 31.1 100.9 33.6 125.8 132.4 6.5 Additional Detail Available from January 3,1940 * 5 European countries 6 Latin American countries 4 Asiatic countries Date Total g B iu e m l- D m e a n rk - l F a i n n d - Nor- S d w e e n - Total g t A i e n r n a - - B z r il a- Chile Cuba M ic e o x- C P a a m a n .Z n d a . - Total China H K o o n n g g Japan I P s p h la i i n l n i e d p- s 1940—Jan. 3 23.4 6.5 3.2 1.4 3.6 8.7 76.1 16.8 32.2 9.7 10.5 5.9 1.0 152.5 22.0 1 102.1 26.4 Jan. 31 22.2 7.2 3.7 1.2 3.7 6.5 71.5 12.9 31.2 9.6 10.4 6.5 161.9 22.5 1.6 111.2 26.6 Feb. 28 20.4 7.4 2.9 4.0 5.4 69.9 12.0 31.8 9.7 11.1 4.4 168.0 25.4 3.2 111.2 28.2 Mar. (Apr. 3) 19.4 7.9 2.2 4.0 4.5 71.4 12.5 33.0 9.4 10.7 4.7 .1 182.6 26.1 1.7 125.9 28.9 Apr. (May 1) 17.6 8.1 1.4 1.0 3.4 3.7 73.9 12.4 34.4 9.7 11.2 5.0 .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 .1 160.1 24.5 1.9 103.2 30.5 June (July 3) 10.6 3.4 .7 1.5 1.5 3.4 77.5 16.7 33.7 9.7 11.4 4.8 .3 155.2 30.2 1.6 90.6 32.7 July 31 9.1 2.9 .4 1.6 1.3 2.8 75.6 16.4 32.8 10.3 9.9 4.7 .5 145.3 30.5 2.7 78.6 33.6 Aug. (Sept. 4) 7.7 1.6 .3 1.7 1.2 2.9 72.1 15.1 31.3 9.6 9.9 4.5 ..7 102.3 24.0 3.8 45.0 29.5 Sept. (Oct. 2) 7.5 1.7 .3 1.7 1.2 2. 72.5 14.8 30.8 10.0 10.6 4.5 1.9 109.8 24.2 4.3 53.2 28.2 Oct. 30 7.6 2.2 .3 1.9 1.1 2.1 81.4 13.2 40.2 10. 10.9 4.6 1.7 110.7 24.2 3.0 58.0 25.4 Nov. 27 6.1 2.1 .3 1.9 1.0 .8 82.9 13.5 39.0 11.7 11.5 5.3 1.9 113.9 24.0 1.5 62.8 25.6 Dec. (Jan. 1, 1941) 5.5 1.5 .3 1.8 1.0 78.4 33.1 13.4 11.7 6.1 2.1 103.8 23.7 1.7 55.8 22.6 1941—Jan. 8 5.6 1.5 .3 1.8 1.1 78.6 33.6 13.5 11.6 6.2 2.0 106.1 23.3 1.2 60.1 21.6 Jan.15 5.5 1.5 .3 1.8 1.1 78.7 11.5 33.4 14.4 11.5 6.0 2.0 106.0 24.1 1.2 59.7 21.0 Jan. 22 5.7 1.5 .3 1.8 1.2 79.7 11.4 34.3 14.4 11.8 5.9 2.0 120.2 24.1 1.1 74.6 20.5 Jan. 29__. 5.6 1.4 .3 1.9 1.2 80.0 11.1 34.0 14.9 11.8 6.1 2.1 117.9 24.2 1.1 71.8 20.7 i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". a Last report date on old basis. % First report date on new basis. * The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363). 480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS is A su ss e e t d s e o p f t. Assets of banking department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d i s n s m te i r l l l i i n o g n ) s of Goldi 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 - S t e i c e u s ri- cir ti c o u n la- Deposits l O ia t b h i e li r - Coin Notes vances Bankers' Public Other 1929—Dec. 25... 145.8 260.0 26.3 22.3 84.9 379.6 71.0 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 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29.. 326.4 220.0 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28__ 326.4 230.0 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27_. 3.2 580.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—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._ 580.0 1.4 23.4 2.9 171.6 556. 9 94.9 36.1 50.5 17.8 June 26.. 630.0 1.5 28.1 4.7 174.6 602.2 82.7 58.0 50.3 17.9 July 31.,. 630.0 20.7 3.3 174.4 609.5 106.3 22.7 52.3 18.0 Aug. 28.. 630.0 20.2 3.9 172.6 610.0 118.7 8.8 51.8 18.1 Sept. 25.. 630.0 25.5 3.5 169.7 604.8 116.0 13.5 51.9 18.1 Oct. 30.. 630.0 .5 38.7 3.0 153.3 591.6 108.0 18.3 51.5 17.7 Nov. 27.. 630.0 1.0 36.9 6.9 161.2 593.3 110.8 27.1 50.3 17.8 Dec. 25.. 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 Feb. 26_. 630.0 1.4 27.0 3.7 175.4 603.2 121.7 14.6 53.0 18.1 Mar. 2QP. 630. 0 1.1 18.8 45.3 145.8 611.5 118.6 22.0 52.3 18.1 Assets Liabilities Domestic bills Loans on- Deposits Bank of France Ad- For- vances (Figures in millions of francs) eign to Short- Other Note Other Gold * ch e a x n - ge m O ar p k e e n tf cial« Other G er o n v - - G t o e v r e m rn- s O ec th u e ri r - assets ci t r i c o u n la- G m ov e e n r t n- Other li t a i b es iliment 7 ment se- ties curities 1929—Dec. 27.. 41,668 25, 942 5,612 8,624 2,521 5,603 68, 571 11, 737 7,850 1,812 1930—Dec. 26__ 53, 578 26,179 5,304 8,429 2,901 6,609 76, 436 12, 624 11,698 2,241 1931—Dec. 30_. 68, 863 21,111 7,157 7,389 2,730 8,545 85, 725 5,898 22,183 1,989 1932—Dec. 30.. 83, 017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933—Dec. 29.. 77, 098 1,158 6,122 4,739 2,921 8,251 82, 613 2,322 13, 414 1,940 1934—Dec. 28_. 82,124 963 5,837 3,971 3,211 83,412 3,718 15, 359 1,907 1935—Dec. 27. . 66,296 1, 328 5,800 ,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 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_. 8 97, 266 218 9,396 1,708 15,009 20, 577 2,412 3,805 16,016 142,359 3,304 18,038 2,708 Sept. 28.. 97, 266 212 9, 734 1,958 14,830 22, 777 930 3,661 16,482 144, 562 2,342 18,022 2,926 Oct. 26... 97, 266 85 10,038 2,007 8,298 25,473 336 3,576 17,100 144,379 2,004 14, 790 3,006 Nov. 30.. 97, 266 120 10,565 1,626 5,206 30,473 454 3,581 17, 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.. 8 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 I 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 Mar. 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. 6 Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). 7 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, 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; andiCqnvention of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407). In the period since June 10, 1940, 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 and Dec. 12,1940, and of Jan. 20 and Mar. 22, 1941, increased the authorized advances for meeting occupation costs to 65,000,000,000, 73,000,000,000, 85,000,000,000, and 100,000,000,000 francs, respectively. Total authorizations now outstanding, including those issued prior to June 10, amount to 170,000,000,000 francs. 8 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending 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. MAY 1941 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Reichsbank Reserves of gold andBills (and Securities (Figu r r e e i s c h in m m ar i k ll s i ) ons of re f T s o e o r r e t v a ig e l n s exc G ha o n l g d e i i T c n h r c b e e l i u c a ll k d s s u s in ) r , y g Se lo c a u n ri s ty E a c s li o g n v i o e b t r l e e Other a O s t s h e e ts r c N i t r i o c o u t n e la- Deposits l O i t a i t e b h s i e li r - 1929—Dec. 31 --- 2,687 2,283 2,848 251 92 656 5,044 755 736 1030—T)ec 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 193g—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 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 31 78 15, 419 38 32 357 2,066 14,033 2,561 1,396 1941—jan 3i 77 14, 503 28 28 349 1,834 13, 694 1,726 1,399 Feb 28P 77 15, 284 36 24 (2) (2) 13, 976 1,935 (2) Mar 31P - 78 15, 367 23 32 14,188 2,127 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. ?(Dec. National Bank of Albania (thou- National Bank of Belgium—Cont. 1940) i sands of francs): Loans _ 41 62 Gold 7,567 Other assets 506 Foreign assets 65,135 Note circulation 6,896 5,770 Loans and discounts 10, 315 Demand deposits—Treasury 4 1 Other assets 7,829 Other 187 Note circulation 28,419 Other liabilities 124 Other sight liabilities 46, 830 National Bank of Bohemia and Mo- (Dec. Other liabilities 15, 598 ravia (millions of koruny): 1940)i Central Bank of the Argentine Gold4 1,447 1,602 Republic (millions of pesos): Foreign exchange. _ 785 736 Gold reported separately 1,071 1,224 Discounts 24 358 Other gold and foreign exchange. 271 179 Loans. . 584 Negotiable Government bonds 332 244 Other assets 7,274 Rediscounted paper 15 Note circulation 6,453 5,568 Other assets. _ 237 194 Demand deposits 1,560 1,359 Note circulation 1,213 1,180 Other liabilities 3,627 Deposits—Member bank 496 477 Central Bank of Bolivia (thousands (Sept. Government.. _ _ _ 147 110 of bolivianos): 1940)i Other 2 3 Gold at home and abroad 99, 445 95, 434 Foreign exchange sold forward 16 Foreign exchange 72, 596 91, 925 Other liabilities 55 56 Loans and discounts 229, 345 142, 956 Commonwealth Bank of Australia Securities—Government 430, 388 429, 407 (thousands of pounds): Other 13,640 10, 292 Issue department: Other assets 20, 671 59, 851 Gold and English sterling 17, 705 17, 705 16, 082 Note circulation 441, 316 385, 436 Securities . 49, 809 49, 810 46, 795 Deposits 340 594 352, 469 Banking department: Other liabilities . 84,176 91, 961 Coin, bullion, and cash 4,932 3,911 2,704 National Bank of Bulgaria (mil- (Oct. London balances 64, 903 59, 217 39, 612 lions of leva): 1940)i Loans and discounts 24, 288 27,130 35, 560 Gold 2,006 2,006 Securities 40, 256 42, 076 37, 558 Net foreign exchange in reserve 4 4 Deposits 126, 032 122, 592 107, 623 Foreign exchange 1,472 2,245 Note circulation 62,369 62,369 54, 025 Loans and discounts 2,749 888 National Bank of Belgium (millions Government debt 3,373 3,393 of belgas): 1940) i Other assets. . 2,756 1,555 Gold 4,331 2 4, 472 Note circulation 6,262 3,917 Foreign exchange - ... 236 Deposits 3,119 3,871 Discounts *. 682 1,041 Other liabilities 2,980 2,303 p Preliminary. 1 Latest month for which report is available for this institution. 2 Includes foreign exchange. 3 Figures not yet available. 4 Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny. 482 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1941 Central Bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan Mar. date of month) Mar. Feb. Jan, Mar. Bank of Canada (thousands of Ca- Bank of Estonia (thousands of nadian dollars) : krooni): (July Goldi 225, 772 Gold and net foreign ex- 1940) 2 Sterling and United States ex- change 47, 846 45, 257 change 49,532 31,796 60,719 Loans and discounts 57, 399 50, 383 Canadian Gov't. securities: Other assets 47, 437 32, 313 2 years or less 11,142 :57, 368 :39, 501 93, 361 Note circulation 88, 492 64,703 Over 2 years 14,489 22, 426 32, 762 04, 664 Demand deposits 28, 285 33, 771 Other assets 16, 974 24, 783 20, 686 9,512 Other liabilities 35, 905 29,480 Note circulation 365, 323 152,946 543, 503221,163 Bank of Finland (millions of (Dec. Deposits—Chartered banks 207,994 !13, 073 225, 556202, 324 markkaa): 1940) 2 Dominion Gov't 17,052 57,649 26,821 48,025 Gold 604 604 Other 8,311 7,058 8,624 10, 580 Foreign Exchange 1,177 1,089 Other liabilities 13,417 23, 384 20, 241 11,935 Loans and Discounts 5,275 5,748 Central Bank of Chile (millions of Note Circulation 5,551 4,743 pesos) : Bank of Greece (millions of drach- Gold 147 147 146 mas): Discounts for member banks 182 192 83 Gold and foreign exchange (net)_. 10, 291 3,830 Loans to government 742 742 750 Loans and discounts 18,413 13,111 Other loans and discounts 471 415 358 Government obligations 4,049 4,159 Other assets 78 56 43 Other assets 3,275 2,083 Note circulation 1,145 1,128 Note circulation 16,175 9,010 De B p a o n s k its- 213 181 165 D O e th p e o r s i l t i s abilities 17 2 , , 6 2 2 2 7 6 12,194 Other 58 45 68 National Bank of Hungary (mil- 1,980 Other liabilities 202 199 159 lions of pengo): Bank of the Republic of Colombia Gold 124 124 124 (thousands of pesos): Foreign exchange reserve 32 36 67 Gold 31,451 32,070 34, 322 40,192 Discounts 691 692 565 Foreign exchange 15, 852 16,603 16, 325 4,569 Loans—To Treasury 611 573 313 Loans and discounts 18,774 21,420 22, 404 18,615 Other 52 50 16 Government loans and securities. 58, 704 57, 320 53, 779 37,908 Other assets 316 373 308 Other assets 35,988 34,036 32, 816 32,928 Note circulation 1,344 1,345 961 Note circulation 61,416 59, 900 58, 708 52, 576 Demand deposits 165 187 113 Deposits 59,831 61, 740 56, 487 50,945 Consolidated foreign credits of 1931 51 (5) (5) Nati O on t a h l e r B li a a n b k il it o ie f s Denmark (mil- 39, 521 44,450 30, 691 Rese O rv th e e r B l a i n ab k i l o it f i e I s ndia (millions of 265 315 319 lions of kroner): rupees): (Dec. Gold 113 117 Issue department: 1940)2 Foreign exchange 12 7 Gold at home and abroad 444 444 Clearing accounts (net) 437 Sterling securities 1,315 1,135 Discounts 10 30 Indian Gov't. securities.__ 496 384 Loans—To Government agencies 17 98 Rupee coin 297 559 Other 55 324 Note circulation 2,412 2,386 Securities 154 191 Banking department: Other assets 552 98 Notes of issue department _ 139 137 Note circulation _. 703 609 Balances abroad 572 285 Deposfts 457 121 Treasury bills discounted— 12 Other liabilities 190 135 Loans to Government 1 Central Bank of Ecuador (thou- (Nov. Investments 67 78 sands of sucres): 1940) 2 Other assets 13 13 Golds 60,400 35,642 Deposits 658 408 Foreign exchange (net) 19,718 Other liabilities 134 116 Loans and discounts 63,463 59, 557 Bank of Japan (millions of yen): Other assets 27, 256 19, 907 Gold 501 501 501 Note circulation 76, 339 62, 828 Special foreign exchange fund- 300 300 300 Demand deposits 50,954 30, 941 Discounts 448 377 544 Other liabilities 43, 544 21, 337 Loans—To Government 3 3 3 National Bank of Egypt* (thou- (Apr. Other 60 61 220 sands of pounds): 1940)2 Government bonds 3,793 3,837 2,482 Gold 6,544 6,544 Other assets 536 543 442 Foreign exchange 2,729 2,643 Note circulation 3,900 4,107 3,311 Loans and discounts 8,141 9,024 Deposits—Government 1,179 1,010 711 British, Egyptian, and other Other 102 118 149 Government securities 30,608 29, 342 Other liabilities 459 386 320 Other assets 6,995 6,962 Bank of Java (millions of guilders): Note circulation 25, 489 24,981 Gold e 322 133 D eposits—Government 2,392 2,341 Foreign bills 17 18 22 Other 18, 076 18,008 Loans and discounts 88 126 65 Other liabilities 9,060 9,186 Other assets 123 117 117 Central Reserve Bank of El Salva- Note circulation 213 210 199 dor (thousands of colones): Deposits 300 301 109 Gold 13, 239 13, 228 Other liabilities 37 37 29 Foreign exchange 1,269 5,r~- (July) 2 Loans and discounts 2,480 Bank of Latvia (millions of lats): (1940) Government debt and securities 6,766 1,546 Gold 72 Other assets 1,370 1,171 Foreign exchange reserve 29 Note circulation 14, 466 16, 268 Loans and discounts 234 211 Deposits 4,338 6,463 Other assets 45 45 Other liabilities 6,320 3,876 Note circulation 123 110 Deposits 204 186 Other liabilities 52 60 1 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940, pp. 677-678). 2 Latest month for which report is available for this institution. 3 Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre. 4 Items for issue and banking departments consolidated. 5 Included in "Other liabilities." 6 Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder. MAY 1941 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central bank 1940 Central bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan Mar. (Aug. i Bank L N G F O D O o o o e t t o o h h r a p f t l e e e e n o d L i r r s g s c . i . i n l a t i a t i h r s s a n c e s u b d u e x a i l t c l n d s a i h t i i t a a i s i e o n c s n ( o g m e un il t l s io _ _ ns of litu): 194 1 1 1 0 8 6 4 8 8 1 1 ) 3 7 6 2 7 1 1 1 1 6 8 3 5 6 6 1 3 8 6 3 8 3 2 S B o a k u n r t k N D O F O o G h n o e o t t o A h h r o p l t e d e e o e 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 S a n s b u s w e i s R l l t e a e i s t e t t d . i s i s . e e o e s ( n n r n v . e e t ) ( B . m a i n ll k io — n _ s C o _ n o _ _ t _ f _ . . . . . 3 2 5 4 3 9 8 , , , , 3 8 3 7 7 2 5 6 7 4 8 8 9 1 6 7 4 7 3 2 55 3 5 5 , , , , 4 3 7 0 6 5 9 6 6 7 7 8 1 4 9 6 4 1 2 2 38 4 2 0 , , , , 9 3 3 5 8 5 1 9 8 0 9 1 9 8 2 5 6 1 Netherlands Bank (millions of guil- Domestic loans and investments. 824 850 738 Re d ( s t e h e S D L N D G S O G F O r r o s i t o o o i o v e o t t ) l e u s h h r v a e p l l : t r e s c d d e e e n e l o a i o i r r r s g s n n c 2 u B n i l a ( g i d n t i i r s a s s a n c t b s e — n s b u c e i x o k i l l t l c f l O l s u G a s i h t d t p t o i a i h o i o o e v n n f e n u s g e g r . n e r s n N d r u m s e e b ) s e w : s e n _ i r d t v i e Z ar e y a l c a o n i d n _ ) 1 2 6, , 8 6 0 4 2 7 1 2 3 1 1 , , , , 8 0 5 2 2 1 1 3 9 3 0 0 6 2 2 1 9 5 2 3 9 6 6 0 3 5 4 9 1 2 3 1 1 , , , , 0 8 1 2 2 0 1 0 0 8 2 7 5 1 3 2 4 0 9 8 1 0 5 1 2 0 4 S C w e f n r i a t s N N D D L O O O F O G O r n s o a o o o i t e t o t t c t h s h h h h l r a s m t l t N e c e e d e e e e e ) n i : o r r r r r « a a s B g c c u n t n l l s a a i i a i d i i n r i o r s s a a n g c c e s t s n b b k u s h d e e x u a i i . t t l t e c l l l _ l s s a i i a p h l o t t t i t o i i a i f B a i e e o n s o b s s n a i g t n i t n h e s l . i k . _ e t i es R ( m _ ep il u li b o l n ic s o o f _ f . 2 2 1 1 1 , , , , , 1 4 2 4 1 7 7 2 5 2 1 2 2 6 2 3 4 2 5 5 4 3 1 9 7 5 3 1 4 0 5 2 5 3 8 2 1 2 1 1 , , , , , 1 4 2 0 4 6 7 7 2 2 1 3 1 5 7 0 0 0 4 3 4 5 6 0 1 7 6 0 4 2 9 1 0 6 5 2 2 1 , , , 1 0 3 2 6 6 6 6 3 5 1 4 1 4 9 2 7 6 4 3 1 5 7 5 3 2 7 3 9 2 2 7 0 6 7 N A D I O O n d o t t e d v h h v m t e e e e e a r s r r a n t c t n a m a l c i d i r k s e a c e s s i b u d e n n i l t e t t g l s a s o i p s t t o i i . S e o . s . s n i t t a s te or State un- 2 2 26 3 2 1 6 1 , , , , , , 7 5 1 4 3 8 7 8 4 8 3 3 8 8 2 9 2 5 2 2 2 3 6 1 3 2 1 , , , , , , 7 5 1 8 6 9 7 5 6 2 5 3 1 1 3 5 0 1 2 2 1 0 3 2 8 2 , , , , , 1 3 1 4 7 3 4 7 0 5 7 8 6 5 8 5 9 5 Tu L S F O G r e o o o t k c h r a l e e d u e n I y i r n r s g i ( n a t a c t i s h l n e s E e o d s e a x . u t r . d s c i s n i h a s g a n c n d o a g s u c e n c o — o t f s u F p n r o t e s u e nds): _ 3 1 1 2 2 9 8 0 8 2 9 2 9 , , , , , 0 1 1 4 4 7 7 2 2 3 0 0 5 8 1 2 1 1 2 2 5 9 1 9 9 2 0 9 , , , , , 4 0 9 4 6 5 3 1 8 6 0 8 2 2 3 5 0 Bank of Norway (millions of Note circulation 418, 599 312, 542 kroner): Deposits—Gold 79, 357 78,124 Gold Other 113,063 87, 302 Foreign assets 102 Other liabilities. _ _ 130, 204 143, 582 Total domestic credits and Bank of the Republic of Uruguay securities 435 (thousands of pesos): (Nov. Discounts Issue department: 1940)i Loans Gold and silver. 86, 235 86, 235 Securities Note circulation. 97,709 96,360 Other assets._ _ __ Banking department: Note circulation Gold7 52, 745 21,454 Demand deposits—Government- Notes and coin 43, 607 45, 753 Other _. 112 Advances to State and to C B e a e ( n n t s h t N D N L c O G O D O G G O G k r o u o a o o e o t o t i t t o o u d h h h h s l a p l n l t v v s d o c d e e e e e n o o - e e a o r r s r r s r f s r r c n a ) R e u i n n r l l : a i a d n s t i i n e r e s s m m a a e s n d c s t P s s b b r d s e u e e e e o v o f i i . r l t r n n o — l l e f r s v d a i i v t t r t t t t e s i e u e e i i i s o s l d e i e o g x c o g l s s e n a c o e ( a n b l B n h s u n t ) a e e s n a : n t x n t ) s g ( c k m e h a il n o l g i f o e ns P er o u f 1 1 4 4 2 2 1 4 3 1 ( 1 ( 6 5 9 2 2 2 1 1 D D 0 9 9 , , , , , , , , , 4 4 2 0 1 e e 6 4 7 5 9 8 7 3 7 0 0 3 c 3 4 c 4 3 8 6 1 2 6 1 4 ) ) . 9 . 8 3 2 3 5 i i 5 0 3 0 0 0 1 1 4 2 5 1 2 0 0 0 4 5 1 1 7 6 , , , , , , , , 0 0 1 1 1 9 4 5 2 7 0 4 6 3 3 1 1 3 7 6 2 5 5 9 2 6 3 7 3 5 4 6 1 7 3 8 Na Y ti u N N F L G O O O G o g n o o o a o t t t o o a h h h r a t l t v s e d e l i e e e n l D O O O e o i a r r r s g r c n e v t t t B g n n l s a h i h h a p a i i r o i a a s m e a l e e n o g c e s v n r r r b d u h s e x e d ( e k i i t m l t l l a c n e l r t d s a i o i s s h f t n a l t i t i a o e s i a l i b i s m n e d a n f l e o n c i i t s s b s e n l e o o g s e t i b i n n e t a u h l t i t s i b n n e e t s i d t i o b l s e l K f o s s d d d . i i . n i i s e n g c s d a o r o u s m n ): t s o ._ f . 2 1 4 9 9 1 0 1 2 4 0 3 7 0 6 1 3 3 7 9 , , , , , , , , , , , , 7 0 0 0 7 0 7 8 1 8 8 7 3 5 6 9 4 7 1 0 5 0 2 0 1 3 7 5 1 1 7 4 0 7 2 9 4 9 2 8 7 5 2 1 '1 9 0 2 1 0 7 9 2 1 3 9 1 3 1 0 9 , , , , , , , , , , , 8 0 0 8 0 4 9 4 8 8 9 7 7 1 0 6 7 7 4 1 7 2 7 2 3 6 0 1 3 5 4 6 3 6 4 3 2 7 7 Other assets 1,156 1,276 Bank for International Settle- N O O o t t h h te e e r r c l s i i r i a g c b u h i t l l a i l t t i i i a o e b s n ilities 2 1 1 , , , 9 0 3 0 6 1 3 8 8 2 1 1 , , , 3 0 1 5 2 2 8 6 1 f m ra e G n n o c ts l s d 9) : i ( n th b o a u r s s ands of Swiss gold 40, 072 41,087 30, 564 Na li t o i N L D G S S G O O o n n p p o s o o t e o t e e h a h a l m t v o d c c e l e n e e f i i r r a s a a r c ^ l n l l B n e l a i a d i r s i m e l a a n c ) o s x b n d : u e d e a c i k t l n e n l d h s a i p t s a i t t o i s i o n 5 d e o c s f g s e n i o e t b u s R t a n u c ts c m o a u n n i t a s (mil- 3 2 6 1 1 1 2 9 8 6 4 5 7 1 , , , , , , , , 9 7 1 6 6 7 8 2 4 2 8 7 3 4 3 0 0 6 7 5 7 1 3 0 4 6 3 2 2 1 4 1 1 0 2 6 9 1 9 0 5 7 , , , , , , , , , 6 0 0 5 1 0 9 8 5 4 5 2 0 3 1 6 4 5 1 6 7 1 8 5 4 8 3 S T C R S D S O i h u i a e e t a a g c m h o s n d m c n u h h e r d i e c C c t r s r t a r o r e - c f e f y n e o s t u a u u o n e d n n s n n n u b ( t r c s t r m a d d i n d e i a h l t s e s w t t e l l s a s a s c p a i a ) n b o o t : b a t t d h d l s s n a e t i i e i ) n n d n b t p a b s t k t a o n e i i e s n l n ( s r d r l g k e i s e v t f o s s s s e o a o t t l s d r n n t ) d m o ( c v a e w u c n a n r c r t r s i e e o a p n u c t t - s - 2 1 4 2 3 3 1 4 8 2 2 5 6 5 2 , , , , , , , 3 1 0 5 3 5 8 1 0 0 7 7 8 2 0 7 2 7 3 0 5 2 1 2 3 4 1 3 4 3 5 5 2 3 2 5 , , , , , , , 3 1 8 3 8 2 7 1 8 4 7 0 1 0 9 8 4 5 3 3 6 2 1 3 0 1 1 1 6 4 2 6 2 7 6 1 , , , , , , , 3 9 9 8 6 3 2 5 2 4 3 2 7 5 7 3 7 0 9 8 1 South African Reserve Bank (thou- count 45, 510 :6, 570 31,995 san G d o s l d of pounds) : 47,110 45, 582 32,980 Long O - t t h e e rm r deposits: Special ac- 2,868 2,949 2, 785 Foreign bills 603 475 8,205 counts 229, 001 229,001 229, 575 Other bills and loans 3 2,603 347 Other liabilities 194, 327 193, 266 192, 630 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 available. * Gold revalued May 19,1940, at 0.0043 gram fine gold per leu. 5 Agricultural and urban loans in process of liquidation. • 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 to government bodies. 9 See BULLETIN for December 1936, p. 1025. 484 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 t m g ed - France m G C a e n e r y - ntra g l B i b u e a m l- nk N l o a f e e — n r t d - h s - S d w en e- S l w a e n r i - t d z- b C an e k n tr o a f— l A R 3 a p 0 t r e . eff D ec a t t i e ve b C an e k n tr o a f— l A R 3 a p 0 t r e . eff D ec a t t i e ve Albania Mar. 21,1940 Japan 3.29 Apr. 7,1936 In effect Sept. 15, m Argentina 3K Mar. 1,1936 Java. _- 3 Jan. 14,1937 1936.. ._.. 2 3 4 2 3 2 Belgium 2 Jan. 25,1940 Latvia. 5 Feb. 17,1940 Sept. 25 5 Bohemia and Lithuania.. 6 July 15,1939 Oct. 2 3 Moravia 3K Oct. 1, 1940 Mexico 4 Jan. 2,1941 Oct. 9 Oct. 16 2 2 Oct. 20 2K Nov 26 IK Bolivia Nov. 8,1940 Netherlands 3 Aug. 29,1939 Dec. 3 2 British India 3 Nov. 28,1935 New Zea- Jan. 28, 1937 . . 4 Bulgaria 5 Dec. 1, 1940 land 2 May 27,1940 June 15 6 Canada 2K Mar. 11,1935 Norway 3 May 13,1940 July 7 5 Chile . 3-4^ Dec. 16, 1936 Peru 5 Aug. 1,1940 Aug. 4 4 Colombia July 18,1933 Portugal 4 Mar. 31, 1941 Sept. 3 Nov. 13 3 May 10, 1938 4 May 13 2K Denmark 4 Oct. 16,1940 Rumania. __ 3 Sept. 12, 1940 May 30 3 Ecuador 7 May 26,1938 South Africa 3K May 15,1933 Sept 28 3 El Salvador.. 3 Mar. 30,1939 Spain 4 i Mar. 29,1939 Oct. 27 2K Estonia. 4K Oct. 1,1935 Sweden 3K May 17,1940 Nov 25 Finland Dec. 3,1934 Switzerland _ Nov. 26,1936 Jan. 4, 1939 2 2 Apr. 17 4 May 11 3 July 6 France.. 1H Mar. 17, 1941 Turkey 4 July 1,1938 Aug. 24 4 Germany 3K Apr. 9,1940 United King- Aug 29 3 Greece.. 6 Jan. 4,1937 dom 2 Oct. 26,1939 Sept. 28 3 Hungary 3 Oct. 22,1940 U. S. S. R... 4 July 1,1936 Oct. 26. 2 Italy 4K May 18,1936 Yugoslavia. 5 Feb. 1,1935 Dec. 15 3 J A a p n r . 2 9 5, 1940 z 3K 2 c Corrected. May 17 3K 1 Not officially confirmed. Mar. 17, 1941 . . NOTE.—Changes since Mar. 31: None. In effect Apr. 30, 1941 2 2 3 3K IK OPEN MARKET RATES [Per cent per annum] Switzer- United Kingdom Germany Netherlands Sweden land Month ac B 3 c a m e n p o k ta n e n t r h c s s ' es 3 T r m e b a i o l s n l u s t r h y s 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 t a e u t n e t 1 M m o fo n o r e n y 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—Feb 5.05 4.96 4.33 2K-3K 5. 80 6.33 4.39 4.78 4K-6K J. 31 1930—Feb 3.82 3.72 3.76 3-2K 5.53 6.01 2.80 2.94 4K-6 2.71 1931—Feb 2.56 2.37 2.29 1 4.88 5.49 1.12 1.05 3-5 LOO 1 19 9 3 3 3 2 — — F F e e b b.. _ „ 4 . . 8 6 3 3 4 . .0 7 8 8 3. . 8 7 4 3 4 I -3 6 3 . . 6 8 7 7 4 7 . . 8 8 6 1 1 . .8 3 7 7 1 1 . . 6 0 9 0 3 5 K K - - 5 7 K K L L . 5 5 2 0 1 19 9 3 3 5 4 — — F F e eb b. .._ . . . 3 9 8 5 . . 2 8 8 6 . . 8 6 8 3 3 3 . . 8 4 7 1 4 3 . . 7 8 8 3 . . 7 5 8 8 1 1 . . 0 0 0 0 2H-5 1 L . . 5 5 0 0 1 1 1 9 9 9 3 3 3 8 7 6 — — — F F F e e e b b b . . . 5 5 5 5 3 5 . . . 5 5 5 3 0 3 . . . 7 7 7 5 5 5 K K 2 3 3 . . . 0 0 8 0 0 8 2 2 2 . . . 7 4 7 7 7 3 1 . . .1 1 2 9 3 8 1 1 . . . 0 5 6 0 0 3 2 2 2 K K K - - - 5 5 4K 2 L L . . O 3 1 O 7 8 1939— Feb .53 .51 .75 K 2.88 2.53 .13 .50 2K-5 LOO 1940—Feb 1.04 1.02 1.00 K 2.50 2.08 1.58 2.50 2K-5 L25 K 3-5 1940-Mar 1.03 1.02 .99 li 2.50 2.16 1.35 2.49 3-5 L25 Apr _ _ 1.03 1.03 1.00 2.38 1.90 1.68 2.75 3-5 1.25 May 1.03 1.02 1.00 % 2.38 1.98 12.20 13.21 3K-5K 1.41 June _ 1.03 1.02 1.00 2.38 1.98 (2) (2) 3K-5K L. 50 J A u u l g y. 1 1 . . 0 0 3 3 1 1 . . 0 0 2 2 1 1 . . 0 0 0 0 K 2 2 . .3 3 8 1 1 1 . .7 7 7 3 ( ( 2 2 ) ) 3 2 . . 0 8 0 3 V 3K A- - V 5K A 1 1 . . 5 5 0 0 Sept 1.03 1.03 1.00 2.25 2.03 2.25 2.68 3K-5K 1.50 Oct 1.03 1.02 1.00 K 2.25 1.87 2.25 2.75 3K-5K 1.31 Nov 1.03 1.02 1.00 K 2.25 1.93 2.25 2.75 3K-5K 1.25 Dec 1.03 1.01 1.00 K 2.25 ' 1.95 2.25 2.75 SH-^A 1.25 1941—Jan 1.03 1.01 1.00 K 2.25 2.75 1.25 Feb 1.03 1.02 1.00 K 2.25 2.75 1.25 1 Figures are for period May 1-9, inclusive. a No figures available. M NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018. MAY 1941 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom * Assets Liabilities (Fi p g o u u re n s d s in s m te i r l l l i i n o g n ) s of re C se a r s v h es M c n a o s o l h n l t o e i a c y r n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i r s t y 2 Se t c ie u s ri- Loa e n rs s to a O s t s h e e ts r Total 1 D D e e p m os a i n ts d3 Times lia O b t i h li e ti r es 10 London clearing banks 1Q^2 "December 207 127 408 472 778 208 1,983 991 963 216 1933—December 213 119 311 565 740 237 1,941 1,015 900 244 1934—December 216 151 255 594 759 247 1,971 1,044 910 251 i QQ/; December 221 159 322 605 784 231 2,091 1,140 924 231 1936—December. 236 187 316 630 864 238 2,238 (4) (4) 232 11 London clearing banks s 1Q^?6 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 i QQS 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 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 ?,95 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 _ _ 324 159 265 314 771 924 293 2,800 1,770 1,030 250 1941—January 279 131 269 341 789 926 269 2,757 1,729 1,027 247 February 284 128 210 330 814 915 272 2,709 1,696 1,013 243 Assets Liabilities Security Deposits payable in Can- Canada Entirely in Canada a l b o r a o n a s d ada exclu d d e in p g o s i it n s terbank fig (1 u 0 re c s h i a n r t m er i e ll d i o b n a s n o k f s . C a E na n d d ism of d m o o ll n ar t s h ) re C se a r s v h es S l e o c a u n r s ity a O n lo d t a h n d e s i r s- a f n o f d r r d o e u i m n e g e n t Se ti c e u s ri- O as t s h e e ts r ci N t r i c o o u t n l e a- Total Demand Time - l O ia ti t b e h i s e li r counts banks 1932—December 211 103 1,104 155 778 439 15 1,916 538 1,378 760 1933—December _ . _. 197 106 1,036 134 861 432 21 1,920 563 1,357 725 1934—December 228 103 977 155 967 449 24 2,035 628 1,407 718 1935 December 228 83 945 141 1,155 485 •11 2,180 694 1,486 745 1936—December 240 114 791 161 1,384 507 -03 2,303 755 1,548 790 1937 December 255 76 862 102 1,411 510 96 2,335 752 1,583 785 193g—December 263 65 940 166 1,463 474 88 2,500 840 1,660 782 1939—December 292 53 1,088 132 1,646 490 85 2,774 1,033 1,741 842 1940—April 281 54 1,072 180 1,592 488 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 1,569 440 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 1,513 457 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 1941—January 312 36 1,092 164 1,677 465 79 2,873 1,205 1,668 794 February 293 34 1,104 170 1,788 478 80 2,989 1,302 1,687 798 March 296 35 1,115 178 1,766 463 80 2,972 1,270 1,703 800 Assets Liabilities Deposits (4 large b i a n n m ks i . l lio E n n s d o o f f f r m an o c n s t ) h figures re C se a r s v h es D b u a e n f k ro s m B co il u ls n t d e i d s- Loans a O s t s h e e ts r Total Demand rrime a a O c n c w c e e p n s t- lia O b t i h li e ti r es 1932—D ecember 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December 5,870 1,416 19, 848 8,309 1,827 32,635 31,773 862 273 4,362 1934—December __ _ 5,836 1,421 18, 304 8,159 1,717 3(1,943 30,039 904 193 4,301 1935—D ecember 3,739 2,484 16,141 8,025 1,900 27, 553 26, 859 694 337 4,399 1936—D ecember 3,100 2,975 17, 582 7,631 1,957 28, 484 27,955 529 473 4,289 1937—D ecember 3,403 4,116 18, 249 7,624 2,134 30.348 29, 748 600 661 4,517 193g—D ecember 3,756 4,060 21, 435 7,592 1,940 33.578 33,042 537 721 4,484 1939—December 4,599 3,765 29, 546 7,546 2,440 42, 443 41, 872 571 844 4,609 1940—January 4,066 4,080 29, 808 7,756 1,745 42, 850 42, 302 548 938 3,667 February ___ 4,293 3,993 30, 810 7,579 1,849 43, 737 43,195 542 1,034 3,753 March • __ 4,110 3,920 34,123 7,499 1,961 46,608 46,064 544 1,105 3,901 1 Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month. 2 Represents six-month loans to the Treasury at V/% per cent, callable by the banks in emergency under discount at the bank rate, s 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. e No figures available since March 1940. NOTE —For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 486 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] Ar ( g p e e n so ti ) na A (p u o st u r n a d li ) a Bel- Brazil (milreis) British Bul- Canada (dollar) Chile (peso) China Year or month gium India garia S ( h y a u n a g n - Official S E p x e p c o ia rt l Official Free (belga) Official Free (rupee) (lev) Official Free Official Export hai) 1933 72.801 337. 07 17.900 7.9630 31.816 1. 0039 91. 959 7.6787 28. 598 1934 33 579 400 95 23 287 8 4268 37 879 1 2852 101 00610 1452 34 094 1935 32 659 388. 86 18. 424 8. 2947 36. 964 1. 2951 99. 493 5 0833 36. 571 1936 ... 33 137 395 94 16.917 8 5681 5 8788 37 523 1 2958 99. 913 5.1240 29. 751 1937 32. 959 393. 94 16. 876 8.6437 6.1983 37. 326 1. 2846 100.004 5.1697 4.0000 29. 606 1938 .. 32 597 389 55 16 894 5 8438 36 592 1 2424 99. 419 5 1716 4.0000 21. 360 1939 30. 850 353. 38 16. 852 6. 0027 5.1248 33. 279 1 2111 96. 018 5.1727 4.0000 11.879 1940 29 773 322. 80 305.16 16. 880 6. 0562 5.0214 30.155 90. 909 85.141 5.1668 4. 0000 6.000 1940—Apr 29 773 322. 80 280. 90 16. 891 6. 0576 5. 0291 30.198 90.909 84. 238 5.1649 4.0000 5.992 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 June... 29. 773 322. 80 287. 04 6. 0527 5. 0329 30.106 90. 909 80. 072 5.1678 4.0000 5.760 July 29. 773 322. 80 303.11 6. 0575 5. 0259 30.149 90. 909 86. 924 5.1678 4.0000 6.048 Aug. 29 773 322.80 317. 02 6.0575 5. 0219 30.132 90. 909 86.865 5.1680 4. 0000 5.476 Sept.... 29. 773 322. 80 321. 47 6. 0574 5. 0107 30.162 90. 909 85. 469 5.1680 4.0000 5.206 Oct _ 29.773 322. 80 321. 29 6.0575 5. 0153 30.170 90. 909 86.318 5.1680 4.0000 5.682 Nov. 29, 773 322 80 321. 57 6. 0575 5 0156 30 166 90 909 86. 922 5.1663 4.0000 5.845 Dec... 29.773 322. 80 321. 50 6. 0575 5. 0169 30.178 90. 909 86. 563 5.1665 4.0000 5.690 1941—Jan.... 29. 773 322.80 321. 50 6. 0575 5. 0560 30.148 90. 909 84.801 5.1674 4.0000 5. 391 Feb 29. 773 322. 80 321.11 6. 0575 5. 0604 30.140 90.909 83.687 5.1663 4.0000 5.424 Mar 29. 773 23. 704 322.80 321. 30 6. 0575 5. 0599 30.139 90. 909 84. 981 5.1660 4.0000 5.358 Year or month C (p o b e l i s o a o m ) - ( C s k l z o o e v r c u a h n k o a i - a ) ( D m k e r a n o - r n k e) (m l F k a in a a n - ) r d k- F (f r r a an n c c ) e ( m m r G e a i a e c r n r k h - y ) s- G (d m r r e a a e c ) c h e - ( H K do o o l n n la g g r) ( H p g e a u n r n g y - o) ( I l t i a r l a y ) J ( a y p e a n n ) M (p e e x so ic ) o ( N g l e u a t i n h ld d e e s r r - ) Z (p N e o a e u l w a n n d d ) 1933 81. 697 3.8232 19. 071 1.8708 5.0313 30. 518 .7233 29.452 22. 360 6.7094 25.646 28.103 51.721 340.00 1934 61. 780 4. 2424 22. 500 2. 2277 6. 5688 39.375 .9402 38.716 29. 575 8. 5617 29.715 27.742 67.383 402.46 1935 56.011 4.1642 21. 883 2.1627 6.6013 40. 258 .9386 48. 217 29. 602 8. 2471 28. 707 27. 778 67. 715 391. 26 1936 57. 083 4. 0078 22.189 2.1903 6.1141 40. 297 .9289 31.711 29. 558 7. 2916 29.022 27. 760 64. 481 398.92 1937 56. 726 3. 4930 22.069 2.1811 4. 0460 40. 204 .9055 30. 694 19. 779 5. 2607 28. 791 27. 750 55. 045 396. 91 1938 55. 953 3. 4674 21. 825 2.1567 2.8781 40.164 .8958 30. 457 19. 727 5. 2605 28. 451 22.122 55.009 392. 35 1939 57. 061 3. 4252 20. 346 1. 9948 2. 5103 40. 061 .8153 27. 454 19. 238 5.1959 25. 963 19. 303 53. 335 354. 82 1940 57 085 19. 308 1. 8710 2. 0827 40.021 .6715 22. 958 18.475 5. 0407 23. 436 18.546 53.128 306. 38 1940—Apr 56. 990 19. 307 1. 7743 1. 9980 40.115 .6546 21. 834 17. 586 5.0452 23.438 16. 656 53.082 282. 05 May _ 57. 046 1 8961 1 8516 40 025 .6270 20 288 17 582 5 0426 23. 438 16. 654 53.079 261.87 June 57. 220 1. 9776 2. 0052 39. 965 .6529 22. 388 17.591 5. 0361 23.432 18. 365 288.19 July 57 096 1 9643 39. 978 .6654 23. 582 18.481 5. 0323 23. 432 19. 913 304. 32 Aug. 56 985 1 9691 39. 951 .6628 22 510 19. 370 5 0334 23. 431 19. 988 318. 25 Sept 56. 985 1. 9619 39. 926 .6602 22. 623 19. 367 5.0357 23.435 19. 941 322. 74 Oct.. 56 985 1 9652 39. 975 .6602 23 077 19. 364 5 0389 23. 439 20. 331 322. 55 Nov. _ __ 57. 000 1.9482 39. 983 23. 396 19. 505 5. 0396 23.439 20. 400 322. 82 Dec 57.132 1. 9472 39. 982 23. 585 19. 770 5. 0439 23.439 20. 448 322. 75 1941—Jan.... 57.146 2. 0104 39. 979 23. 648 19. 770 5. 0432 23. 439 20.504 322. 75 Feb. 56 987 2 0101 39. 969 24.142 19. 770 5. 0422 23. 439 20. 524 322. 36 Mar. . 56. 985 2.0100 39. 960 24. 421 19.770 5. 0452 23. 439 20. 529 322. 55 United Kingdom Uruguay Year or month N (k o r r o w n a e y ) P (z o l l o a t n y d ) P c o u ( g e r d a s t o l - u ) - R ( n l u e i m 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 e t o r e t l a t n l l i a t e t s r s - ) ( S k d r w e o n e n - a) z ( e S f r r w a la n it n c - ) d Offic ( i p a o l und F ) ree tr C o o ll n e - d (pe N so t o r ) o n l - l c e o d n- ( Y s d l i a u n v g a i o a r - ) 1933 21 429 14 414 3 9165 .7795 414.98 10 719 49 232 22 032 24.836 423. 68 60 336 1. 7607 1934 . 25. 316 18. 846 4. 6089 1. 0006 498. 29 13. 615 59. 005 25. 982 32. 366 503. 93 79. 956 2. 2719 1935 . 24 627 18 882 4. 4575 .9277 484.66 13 678 57 173 25 271 32. 497 490.18 80 251 2. 2837 1936 24. 974 18. 875 4. 5130 .7382 491. 65 12. 314 58. 258 25. 626 30.189 497 09 79 874 2. 2965 1937 . 24 840 18 923 4. 4792 .7294 489. 62 6 053 57. 973 25. 487 22. 938 494. 40 79. 072 2. 3060 1938 24. 566 18.860 4. 4267 .7325 484.16 5.600 56. 917 25.197 22. 871 488 94 64 370 2.3115 1939 . 23 226 18 835 4. 0375 .7111 440.17 10 630 51. 736 23. 991 22. 525 443. 54 62. 011 36. 789 2. 2716 1940 22 709 3. 7110 .6896 397. 99 9.322 46. 979 23. 802 22. 676 403. 50 383. 00 65.830 37. 601 2. 2463 1940—Apr 22. 707 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. 3. 9986 398. 00 9.130 47. 089 23. 826 23. 220 403 50 403. 42 65.830 39. 491 2. 2397 Feb. 4. 0069 398. 00 9.130 47. 094 23. 829 23. 217 403. 50 402.97 65.830 39. 649 Mar 4 0039 398. 00 9.130 47.106 23. 824 23. 210 403. 50 403.19 65. 830 39. 566 NOTE.—Developments affecting averages during 1941: Special export rate for Argentina first reported in addition to official rate on Mar. 27; nominal. No rates certified: Hungary—since Mar. 12; Yugoslavia—since Jan. 28. Changes in nominal status (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 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. MAY 1941 487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United United Nether- Switzer- States Canada Kingdom France Germany Italy Japan lands Sweden land Year or month (October (1926-30 (July 1914 (1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100) 1900=100) =100) (1935=100) =100) 1926. 100 100 i 124 695 134 237 106 i 126 144 1930 86 87 100 554 125 85 181 90 i 103 126 1931 73 72 88 500 111 75 153 76 194 110 1932 65 67 86 427 97 70 161 65 i 92 96 1933. 66 67 86 398 93 63 180 63 190 91 1934 75 72 88 376 98 62 178 63 i 96 90 1935 80 72 89 338 102 68 186 62 100 90 1936. _ _. 81 75 94 411 104 76 198 64 102 96 1937 86 85 109 581 106 89 238 76 114 111 1938. 79 79 101 653 106 95 251 72 111 107 1939 77 75 103 2 681 107 3 97 278 74 115 111 1940 79 83 137 110 311 4 88 146 143 1940—March 78 83 129 109 312 88 140 132 April 79 83 132 no 314 88 141 134 May 78 82 134 110 312 89 142 135 June 78 82 134 110 308 143 139 July 78 82 140 in 306 146 141 August 77 83 140 in 306 146 146 September _ 78 83 141 in 308 148 152 October 79 83 143 in 310 154 156 November 80 84 147 in 310 158 161 December. __ 80 84 149 in 312 159 164 1941—January 81 85 150 in 313 162 167 February. _ 81 85 150 112 317 164 March 82 86 151 322 112 1 Approximate figure, derived from old index (1913=100). 2 Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 7 months; no data available since July 1939, when figure was 96. 4 Average based on figures for 5 months. 5 No data available since May 1940. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States United Kingdom France Germany (1926=100) (1930=100) (1913=100) (1913=100) Year or month pr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods p I r n o tr d d i u a u l c s- ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u l c l t - s P s r i o on v s i- a p t f r n I i r i n n o d a i d l d s s h u u r e e s a c m d - w ts i- p tr I r i i n o s a d d h l u e u f d s c in - ts - 1926 100 100 100 581 793 129 132 130 150 1930 . _ 88 91 85 100 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 _ 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1937 . 86 86 85 102 112 562 598 105 96 96 125 1938 69 74 82 97 104 641 663 106 91 94 126 1939 65 70 81 97 106 i 653 1707 108 193 95 126 1940 68 71 83 133 138 (2) (2) 111 (2) 99 129 1940—March 68 70 83 124 131 110 99 128 April 69 72 83 126 135 111 98 128 May 68 71 83 128 136 112 98 128 June 66 70 82 130 136 112 98 129 July 67 70 82 134 142 112 98 130 August 66 70 82 136 142 112 99 131 September 66 72 82 140 142 111 99 131 October 66 71 84 143 142 110 99 131 November 68 73 84 143 149 111 99 December 70 74 84 145 150 111 100 1941—January 72 74 84 145 152 111 100 February 70 74 84 144 153 111 100 March 72 75 85 144 111 100 ococ w »-> *-> ot 133 133 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. 488 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 = n 1 i 0 t 0 ed ) I j P ^n g it g ed g" France ^J" N (1 l e a 9 t n 1 h 1 d e - s 1 r 3 - (J S e u r w n l e a it l n 9 z d - 14 Y m e o a n r t o h r ( U S 19 n ta 3 i 5 t t e e -3 d s 9 (J U K u d n l i o y i n m t l g 9 e - d 1 4 = F (1 r 1 a 9 0 n 3 0 0 c ) e (1 m G 9 a 1 e 3 n r - y - 14 N (1 l e a 9 t n 1 h 1 d e - s 1 r 3 - (J e S u r w n la e it l n z 9 d - 14 =100) =100) =100) = 100) =100) =100) =100) 1932 87 126 536 116 119 125 1932 98 144 91 121 141 138 1933 84 ! 120 491 113 120 117 1933 92 140 87 118 139 131 1934 .. 94 122 481 118 124 115 1934 96 141 83 121 140 129 1935 100 125 423 120 118 114 1935 98 143 i 78 123 136 128 1936 .. 101 130 470 122 120 120 1936 99 147 86 125 U32 130 1937 105 I 139 601 122 127 130 1937 103 154 102 125 137 137 1938. 98 141 702 122 130 130 1938 101 156 117 126 139 137 1939 95 141 2 742 123 130 132 1939 99 158 3 122 126 140 138 1940 97 ' 164 128 ^ 140 146 1940 100 184 130 5148 151 1940-March 96 161 ; 126 141 140 1940-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 i 168 131 145 July 187 132 151 August 96 I 164 133 146 August 185 133 151 September 97 i 166 130 149 September 100 187 132 153 October 96 169 1 127 152 October 100 189 130 157 November 96 172 126 157 November 100 192 130 159 December 97 173 127 158 December 101 195 131 160 1941-January. __ 98 172 127 160 1941-January . 101 196 132 163 February _ 98 i 171 February 101 197 163 March 98 169 1 : March 101 197 p. 373). August 1939, when figure was 749. 3 Average based on two quarterly quotat ince 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 S o N u o rc d e d s ata aa S vv e a e a inl B aa U bul L iee L s E sii T nn I c N cee f M iviaayy O 1i9y t 4 b 40U.. -See BULLETIN for October 1939, p. 943, and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it t e e d s K U in n g it d e o d m France Germany Nether- (1926=100) Nether- ( p a r v i e c r e a ) g i e ( 1 D 92 e 1 c = e 1 m 0 b 0 e ) r (1913=100) (a p v r e ic ra e g )2 e lands 3 U S n ta it t e e d s K U in n g it d e o d m France Germany (19 l 3 a 0 n = d 1 s 00) NT umber of issues.. 60 87 36 2 139 8 420 278 300 100 1926 97.6 110.0 57.4 100 0 100 0 100.0 100.0 1932 69.5 113.2 88.6 4 67.1 94.8 48.6 67.9 105.2 4 50.3 46 1933 __ 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55 1935 88.6 129.9 83.5 5 95.1 107.8 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 3 101. 8 111.8 96.3 97.4 102.6 104 1938 78.9 121.3 77.3 99.9 105.9 83.3 80.8 89.7 100.1 96 1939 81.6 112.3 6 84. 9 99.0 90.9 89.2 75.9 6 98. 2 94.1 90 1940 82.0 118.3 100.7 83.6 70.8 114.6 1940—March 82.1 119.8 99 9 76 4 91 5 77 9 106.6 85 7 April 82.5 119.4 100.2 74.2 92.9 77.4 109.3 83.9 May 79.4 116.8 100.7 83.0 73.1 112.2 June 78.5 113.4 100 8 73 3 64 9 112 6 July.. 81.2 116.4 100 8 76.1 63.5 112.8 August 81.5 117.8 100 9 77 5 65 6 115 9 September. _ 82.7 117.9 101.0 80.9 66.2 120.8 94.3 October 83.6 119.2 101.7 80.7 81.4 68.1 125.1 104.1 November... 83.9 119.9 101.9 80.0 82.1 70.2 127.7 112 7 December.. 84.0 121.0 101 4 79 8 80 4 70.2 128.0 116 1 85.3 122.2 102 2 80 5 71 8 131 5 February 84.5 121.9 102 8 75 9 70.5 133.0 March 85.3 122.5 76.0 69.9 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 43^ per cent. The series prior to that date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. 3 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning Jan. 1937, Jan.-Mar. 1937=100; average yield in base period was 3.39 per cent. 4 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 5 Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9. 6 Average based on figures for 8 months; no data available since August 1939, when figures were 82.9 and 94.0 for bonds and common stocks, respectively. 7 No data available May-September. 8 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. MAY 1941 489 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 JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORY COUNCIL MARRINER S. ECCLES, Chairman Boston District CHAS. E. SPENCER, JR. ALLAN SPROUL, Vice Chairman New York District GEORGE L. HARRISON CHESTER C. DAVIS Vice President ERNEST G. DRAPER Philadelphia District WILLIAM F. KURTZ M. J. FLEMING Cleveland District B. G. HUNTINGTON HUGH LEACH Richmond District ROBERT M. HANES JOHN K. MCKEE Atlanta District RYBURN G. CLAY JOHN N. PEYTON Chicago District EDWARD E. BROWN RONALD RANSOM President M. S. SZYMCZAK St. Louis District S. E. RAGLAND Minneapolis District LYMAN E. WAKEFIELD CHESTER MORRILL, Secretary Kansas City District W. DALE CLARK S. R. CARPENTER, Assistant Secretary Dallas District R. E. HARDING WALTER WYATT, General Counsel San Francisco District PAUL S. DICK J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary 490 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.. R. A. Young_ W. W. Paddock.. William Willetti New York_ Beardsley Ruml Edmund E. Day Allan SprouL. L. R. Rounds R. M. Gidney L. W. Knoke Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams Philadelphia Thomas B. McCabe... Alfred H. Williams John S. Sinclair. Frank J. Drinnen W. J. Davis E. C. Hill C. A. Mcllhenny 2 C. A. Sienkiewicz Cleveland- Geo. C. Brainard R. E. Klages M. J. Fleming F. J. Zurlinden Wm. H. Fletcher R. B. Hays W. F. Taylor 2 G. H. Wagner Richmond Robt. Lassiter W. G. Wysor. Hugh Leach. J. S. Walden, Jr.... J. G. Fry Geo. H. Keesee * Atlanta Frank H. Neely J. F. Porter. W. S. McLarin, Jr.. Malcolm H. Bryan H. F. Conniff Chicago F. J. Lewis Clifford V. Gregory. C. S. Young H. P. Preston J. H. Dillard St. Louis Wm. T. Nardin Oscar Johnston Chester C. Davis. F. Guy Hitt O. M. Attebery CM. Stewart i Minneapolis. __ W. C. Coney Roger B. Shepard... J. N. Peyton 0. S. Powell.. E. W. Swanson Harry I. Ziemer 2 Kansas City... R. B. Caldwell J. J. Thomas.. H. G. Leedy. J. W. Helm 2 Dallas.. J. H. Merritt__._ Jay Taylor R. R. Gilbert.. E. B. Stroud. R. B. Coleman W. J. Evans W. O. Ford i San Francisco.. R. C. Force. St. George Holden Wm. A. Day.. Ira Clerk.. C. E. Earhart * W. M. Hale R. B. West i Cashier. 2 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing Director Federal Reserve Bank of — Managing Director New York: Minneapolis: Buffalo Branch R. M. O'Hara Helena Branch... _ __ _ R. E. Towle Cleveland: Cincinnati Branch __ _ B. J. Lazar Kansas City: Pittsburgh Branch P. A. Brown Denver Branch _ Jos. E. Olson Richmond: Oklahoma City Branch G. H. Pipkin Baltimore Branch _ _ _ _ W. R. Milford Omaha Branch L. H. Earhart Charlotte Branch . . . _ W. T. Clements Atlanta: Birmingham Branch P. L. T. Beavers Dallas: Jacksonville Branch _ Geo. S. Vardeman, Jr. El Paso Branch J. L. Hermann Nashville Branch _ Joel B. Fort, Jr. Houston Branch W. D. Gentry New Orleans Branch... L. M. Clark San Antonio Branch M. Crump Chicago: Detroit Branch . _. . H. J. Chalfont San Francisco: St. Louis: Los Angeles Branch W. N. Ambrose Little Rock Branch A. F. Bailey Portland Branch D. L. Davis Louisville Branch _ C.A. Schacht Salt Lake City Branch W. L. Partner Memphis Branch... W. H. Glasgow Seattle Branch C. R. Shaw MAY 1941 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

*Tedetal Publication* Copies of the publications and releases listed below may be obtained from the Board of Governors of the Federal Reserve System, Washington, D. C. CURRENT RELEASES DAILY Brokers' Balances. Released about the 20th of the month. Foreign Exchange Rates (for previous day). National Summary of Business Conditions. Re- WEEKLY leased about the 18th of the month. Monday: Business Indexes. Released about the 18th of the Condition of Reporting Member Banks in Lead- month. ing Cities. Bank Debits—Debits to Deposit Accounts, except Bank Debits—Debits to Deposit Accounts, except Inter-Bank Accounts. Released between the 6th Inter-Bank Accounts. and 12th of the month. Tuesday: Foreign Exchange Rates. Released about the 1st Money Rates—Open-Market Rates in New York of the month. City. (Also monthly). Department Store Sales—Percentage Changes by Thursday: Federal Reserve Districts and by Cities. Re- Condition of the Federal Reserve Banks. leased about the 22nd of the month. Condition of Reporting Member Banks in Central Department Store Sales—Percentage Changes by Reserve Cities. (Also included in statement Departments. Released about the end of the of Condition of Reporting Member Banks in month. Leading Cities, released on following Monday). Department Store Sales—Index for United States QUARTERLY and Percentage Changes by Federal Reserve Member Bank Call Report. Released about two Districts. months after call date. SEMI-ANNUALLY MONTHLY Federal Reserve "Par List" (Banks upon which Federal Reserve Bulletin. Released about the 10th checks will be received by Federal Reserve Banks of the month. The subscription price is $2.00 per for collection and credit). Released in January annum, or 20 cents per single copy, in the United and July, with monthly supplements about the States (including insular possessions), Canada, 7th of the month. Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic ANNUALLY of Honduras, Mexico, Newfoundland (includ- List of Stocks Registered on National Securities ing Labrador), Nicaragua, Panama, Paraguay, Exchanges. Supplements issued quarterly. 25 Peru, El Salvador, Uruguay, and Venezuela. cents for list and supplements. In all other countries the subscription price is Bank Debits—Debits to Deposit Accounts, except $2.60 yearly, or 25 cents per single copy. Group Inter-Bank Accounts. Released ordinarily in subscriptions for 10 or more copies, in the United February. States, 15 cents per copy per month, or $1.50 for Annual Report, covering operations for the pre- 12 months. ceding calendar year. BOOKS The Federal Reserve System—Its Purposes and Chart Book I, Federal Reserve Charts on Bank Functions. Obtainable in cloth binding at 50 cents Credit, Money Rates, and Business. New edition, per copy and in paper cover without charge. 128 completely revised, February 1941. 72 pages of pages. charts with space for plotting through 1942. 50 cents per copy; in quantities of 10 or more, 45 cents Digest of Rulings—to October 1, 1937. Digests per copy. of Board rulings, opinions of the Attorney General Chart Book II, Federal Reserve Charts on Inand court decisions involving construction of the dustrial Production. October 1940. 224 pages of Federal Reserve Act, together with compilation charts, with space for plotting through 1946. $1 showing textual changes in the Act. $1.25 per copy. per copy; in quantities of 10 or more, 85 cents per 683 pages. copy. 492 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Publications REPRINTS (From Federal Reserve BULLETIN except as stated otherwise. Partial list.) Constitutionality of Legislation Providing a Unified Historical Review of Objectives of Federal Reserve Commercial Banking System for the United States. Policy, by A. B. Hersey. 11 pages. April 1940. Opinion of the Board's General Counsel. 21 pages. Cheap Money and The Federal Reserve System, by March 1933. E. A. Goldenweiser. 5 pages. May 1940. Supply and Use of Member Bank Reserve Funds. Explanation of analysis of sources of member bank Ownership and Utilization of the Monetary Gold reserve funds and uses to which such funds are put. Stock. 3 pages. May and June 1940. 31 pages. July 1935. General Indexes of Business Activity, by Frank Member Bank Statistics. A discussion of the sta- Garfield. 8 pages. June 1940. tistics compiled and published by the Board covering the operations and condition of member banks. 28 New Federal Reserve Index of Industrial Producpages. November 1935. tion. 77 pages. August 1940. Summary of Provisions of State Laws Relating to The Gold Stock. 2 pages, September 1940. Bank Reserves. 33 pages. March 1937. Measurement of Production, by Woodlief Thomas Analyses of the Banking Structure—As of Decem- and Maxwell R. Conklin. 16 pages. September ber 31, 1935. Number, deposits, and loans and in- 1940. vestments of banks classified by size of bank and Gold Reserves of Central Banks and Governments. town and by other factors. 33 pages. August 1937. 18 pages. September 1940. Problems of Banking and Bank Supervision. Excerpts from the 1938 Annual Report. 33 pages. Development of Federal Reserve Banking, by M. S. Szymczak. 8 pages. December 1940. The History of Reserve Requirements for Banks in the United States. 20 pages. November 1938. Economic Preparedness for Defense and Post Defense Problems, by Marriner S. Eccles. 8 pages. Monetary Measures and Objectives. Three state- January 1941. ments by the Board on objectives of monetary policy, on proposals to maintain prices at fixed levels through Special Report to the Congress, submitted Demonetary action, and on legislative proposals relat- cember 31, 1940. 2 pages. January 1941. ing to monetary measures and objectives. 8 pages. Economic and Monetary Aspects of the Defense July 1937, April 1939, and May 1939. Program, by John H. Williams. 4 pages. February Revised Indexes of Factory Employment. Bureau 1941. of Labor Statistics indexes adjusted for seasonal variation by Board of Governors. 32 pages, October Federal Reserve Bank Lending Power not Depend- 1938; 10 pages, October 1939. ent on Member Bank Reserve Balances. 2 pages. February 1941. The Gold Problem Today, by E. A. Goldenweiser. 4 pages.. January 1940. Money in Circulation. 1 page. February 1941. The Par Collection System of the Federal Reserve Commodity Prices, by Frank Garfield and Clayton Banks, by George B. Vest. 8 pages. February 1940. Gehman. 16 pages. March 1941. The Banks and Idle Money, by Woodlief Thomas. Inflation, by E. A. Goldenweiser. 3 pages. April 9 pages. March 1940. 1941. MAY 1941 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS N. DAK. ) S I MINN. I MINNEAPOLIS ( S.DAK. ! KANSAS KANS. OKLA. OklahomaCity \) ARK- Little Rock/ L.. DALLAS® n H TEXAS '> HMMM BOUNDARIES OF FEDERAL RESERVE DISTRICTS - —- BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) <g 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