Federal Reserve Bulletin, 1941-06

FEDERAL RESERVE BULLETIN JUNE 1941 Review of the Month—Increasing Industrial and Trade Activity Adjustment for Seasonal Variation From the Board's Correspondence—Commercial Banks Not Permitted to Buy Defense Savings Bonds Revised Index of Freight-Car Loadings Financial Problems of Defense 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—Increasing Industrial and Trade Activity 495-505 Defense Loans and Commitments of Weekly Reporting Member Banks. 505 Financial Problems of Defense, by Marriner S. Eccles 506-510 From a Legal Standpoint: Financial Transactions Under Neutrality Act of 1939 511 Act Authorizing Waiver of Performance and Payment Bonds on Supply Contracts Under National Defense Program 511-513 General Ruling Issued by Secretary of the Treasury. 513-514 From the Board's Correspondence—Commercial Banks Not Permitted to Buy Defense Savings Bonds. 515-516 Current Events 517 Adjustment for Seasonal Variation, by H. C. Barton, Jr. 518-528 Revised Index of Freight-Car Loadings 529-533 Seasonally Adjusted Estimates of Nonagricultural Employment. 534-535 National Summary of Business Conditions 536-537 Financial, Industrial, Commercial Statistics, United States (see p. 539 for list of tables) 539-582 International Financial Statistics (see p. 583 for list of tables) 583-599 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 600 Senior Officers of Federal Reserve Banks; Managing Directors of Branches 601 Federal Reserve Publications. 602-603 Map of Federal Reserve Districts 604 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 JUNE 1941 No. 6 SJndu5ttial and Itade -Qctlvitu Economic activity increased sharply in high levels, owing mainly to the rise in in- May, following a brief decline in April. Ex- comes but also to uncertainty as to future penditures by the Federal Govern- availability and prices. Impact of ment and its agencies in connec- Diversion of a considerable tonnage of defense tion with the defense effort con- ships from regular routes focused attention program tinued to increase and the total again on difficulties in obtaining imports and of these expenditures and British government on the additional demand that will be placed payments for military purposes in this coun- on domestic transportation facilities. By the try is now running at a rate of over $1,000,- latter part of May loadings of railroad freight 000,000 a month. As more materials were were more than 860,000 cars weekly and not required for military purposes and as civilian far below the capacity of the railroads on the demand continued to grow, pressure on plant basis of the facilities now available and the capacity increased further. Prices of many most efficient operations heretofore achieved. commodities, particularly farm products and Additional orders were placed for railroad goods manufactured from them, rose rapidly. equipment to be delivered before the autumn Increases in prices of a number of com- traffic peak this year, and plans were being modities, chiefly metals, have been restricted formulated for extensive purchases to inby governmental action. Supplies of various crease carrying capacity in 1942 and 1943, important metals are limited and priorities but there were reports of difficulties in obhave been put into effect for some of them. taining steel needed for this purpose. Widespread expansion in activity and ad- In the corporate security markets the invances in wage rates in many industries, such activity which has prevailed for many months as those producing steel, coal, and cotton tex- continued during May. Common stock prices tiles, have resulted in a rise in income pay- were somewhat lower than during earlier ments during recent months. Dividend dis- months this year and not far above the bursements have also increased as profits, lowest level reached in June 1940. United after allowance for higher taxes, have been States Government and high-grade corporate above a year ago. Cash farm income in the bonds have fluctuated around a level slightly first three months of the year was 4 per cent below the all time peak reached in December higher than a year ago and in April was 13 last year. per cent larger. During May the Treasury, through au- Trade in wholesale and retail markets was thorized agencies, sold about $440,000,000 of in large volume during May. There was new Defense Savings Bonds to the general heavy buying of cotton textiles, due in part public, other than commercial banks, and alto increases in cotton prices, and demands for lotted about $660,000,000 on cash subscripother textile products, shoes, and paper were tions to a public offering of 2% per cent 15large. Consumer purchases of automobiles 17 year bonds for delivery June 2. An addiand household equipment were at unusually tional $790,000,000 of these bonds were ex- 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month changed for a maturing bond issue. About 000 in May, compared with $150,000,000 a $200,000,000 of Government guaranteed ob- year ago and less than $500,000,000 last Deligations of the Home Owners' Loan Corpora- cember. It appears that defense expendition were retired out of accumulated cash tures for the fiscal year ending June 30 will balances of the Corporation. Corporate fi- be close to $6,200,000,000; currently they are nancing increased during the latter part of running at a rate of well over $10,000,000,- May but the total volume for the month, in- 000 a year. cluding issues for refunding and for new These outlays as reported by the Treasury capital, was about the same as the average include military expenditures by the Army monthly volume during 1940. and Navy, expenditures from special funds The magnitude of the economic problems appropriated to the President, and outlays arising from the adjustment of the economy for Selective Service, emergency ship conto a large-scale defense program has become struction, defense housing, and the lend-lease increasingly evident in recent months. Ac- program. They do not include outlays for tual expenditures on the defense program defense purposes by various civil departhave been larger than generally expected and ments and agencies, which are not shown have had a powerful effect on civilian demand. separately in current reports, and defense Various shortages that were discussed last disbursements by the Reconstruction Finance autumn as possibilities are becoming realities Corporation, the Export-Import Bank and now. Measures for curtailing civilian pur- other agencies outside the regular Budget. chases are being considered and increasing Nor do they include British government exattention is being given to programs for ex- penditures in this country for military purpanding output of defense materials. Meas- poses. ures for curtailing consumption include di- Total appropriations and contract authorrect limitation of production, as in the case izations made under the defense effort as a of automobiles, and other less direct methods whole now aggregate more than $40,000,000,such as the proposed limitation of consumer 000, including British government orders demand by further increases in taxes. Some placed in this country and defense expendiof the taxes proposed would be selective in tures of other governmental agencies as well character, designed to restrict consumer puras the items reported in Treasury statements. chases of automobiles and various other dur- This figure includes about $5,000,000,000 for able goods using materials required for depay, travel, subsistence, and nonindustrial fense purposes. Regulation of consumer items and over $35,000,000,000 for construccredit is another step under discussion as tion and the purchase of armament and mua method of limiting such purchases. The nitions. Of this latter amount, about $20,- Treasury's program for sale of Defense Sav- 000,000,000 had been placed under contract ings Bonds to the general public is designed to or letter of intent by the end of April. Acencourage savings and channel the funds into tual cash expenditures for all these programs, defense expenditures rather than have them including pay, subsistence, and the like to the augment demand for goods during the emerend of April 1941 amounted to about $7,000,gency. 000,000 and in recent weeks have been run- Expenditures by the Federal Government ning at a rate of more than $12,000,000,000 under the defense program have increased a year. rapidly since last June. Such The following summary shows by major Progress of the f expenditures as are items the distribution of appropriations and o these defense program authorizations and of contract obligations reported on the daily Treas- made up to April 30, 1941. Some of these ury statements amounted to about $850,000,- 496 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month figures are provisional and are subject to rose to 85 per cent of the 1926 average at the revision. Over half of the amount authorized end of May. This was 4 points higher than for purchase of miscellaneous equipment and in February and 8 points, or 10 per cent, supplies and a third of the funds for con- above the level last summer when defense struction of posts, depots and housing had activities were at an early stage of developbeen spent by April 30, while expenditures ment. Price increases since February have for airplanes and engines, industrial facilibeen sharp for most leading commodities ties, ordnance supplies, and ships ranged other than metals, for which maximum limits from 16 down to 8 per cent of authorizations. have been established by the Federal Gov- Expenditures for many of these items will ernment. Except for the metals, domestic be spread over a period of several years. In basic commodities have shown advances as other cases provision has been made only for large on the average as increases in prices of actual and estimated needs during this and imported commodities. the next fiscal year and additional appropriations for subsequent years will be necessary. While Federal action has contributed to In fact consideration is being given to addi- stability in prices of some materials, prices tional needs within the next year. Thus to of industrial raw materials and semifinished complete the defense program and maintain goods as a group have shown a sharp rise the Army and Navy will in the course of time since February, as indicated in the accomrequire larger expenditures than are indi- panying chart. With increases continuing cated in the table. NATIONAL DEFENSE PROGRAM X As OF APRIL 30, 1941 WHOLESALE PRICES OF INDUSTRIAL COMMODITIES [In millions of dollars] PER CENT AUGUST 1939 = 100 PEP 130 Appropriations and Contract Items authoriza- obligations 120 tions A. \ RAW AND j Airplanes, engines and accessories.. 8,132 4,172 MIFINISHED N O a rd v n a a l n v c e e s s s u e p ls p . l . i . e . s and equipment. 6 7 , , 3 75 4 4 8 4 3 , , 5 7 2 2 7 5 110 1 •"»• I i J Industrial facilities 3,964 2 2,058 Posts, depots, housing 3,123 1,711 IT Merchant vessels 1,939 968 100 /" Other supplies and equipment3 3,523 2,465 FINISHED Total 34, 783 19, 626 Pay, travel, subsistence, nonindustrial items.. 4,988 Grand total 39, 771 1 Figures compiled by Bureau of Research and Statistics, Office of 80 Production Management. They include British government orders and programs financed by United States Government agencies outside of the Budget. Data on contracts awarded for airplanes and accessories for the Navy are considerably too low, but data are not yet available to indicate Federal Reserve classification of Bureau of Labor Statistics datathe amount of deficiency. All foodstuffs excluded. May 1941 estimated. 2 Includes letters of intent. In addition there were $930 millions of privately financed facilities to be built under certificates of necessity approved or pending. 3 Includes automotive equipment (except for combat purposes), stock pile program, and other equipment and supplies. 4. Contracts are not recorded against this authorization. during the month prices for this group of materials at the end of May were about 8 Wholesale commodity prices advanced conper cent higher than in February. In recent siderably from February to the end of May. There were important in- weeks price increases have become more widecreases in both agricultural spread, including textile materials, hides and commodity prices and industrial commodities, leather, chemicals, fuels, and building maand the general index of wholesale prices terials. Prices of finished industrial prod- 497 JUNE 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month ucts have also advanced considerably since Through Federal action, maximum prices the early part of April. have been established for most nonferrous metals, steel scrap, and semi- Retail prices, which earlier had shown rela- Federal action finished and finished iron and tively little change since the beginning of the on prices . war, have recently increased. The sharpest steel mill products, except pig advances have been in foods and textile iron. Shortly after the action setting maxiproducts. Most other groups of retail prices mum prices on steel products at first-quarter have also shown increases and the most pro- levels, agricultural implement manufacturers nounced recent advances in wholesale prices, and some other steel users were urged, in which may subsequently be reflected in retail view of the action on steel, not to increase prices, have been in raw materials used in prices of their products. Prices of steel scrap production of nondurable consumers' goods, are below the peak reached at the beginning which make up a considerable part of the of this year and prices of nonferrous metal scrap, which had risen sharply after prices cost of living. of new metals had been stabilized, have been An important factor contributing to the sharply reduced since the end of March. Tin recent rise in prices of agricultural commodprices have also been influenced by Federal ities has been actual and prospective Federal action in connection with the accumulation action relating to large-scale purchases of of a stockpile in this country. As a result livestock products and higher loan rates for of this program the United States has bemajor crops during the coming season. Com- come by far the leading world buyer of tin modity prices generally have been affected by and the purchase ranges established in an the continued sharp growth of demand, re- WHOLESALE PRICES OF BASIC COMMODITIES flecting the high level of industrial activity PER CE^ 00 .PE and increased consumer incomes. Buying of 60 goods has continued to be in excess of the 50 r volume of output in many lines and in some 40 / instances above the rate of ultimate con- 30 JI I 130 sumption. v TOTAL 20 120 VAS r' Changes in supplies of commodities have ^\\ / 110 been mixed. Imports of many crude mate- 100 rials have continued to rise sharply and , domestic stocks of these commodities are 90 -,-L 1 1 , I ! , I i .... ^ 90 160 160 mostly larger than at the beginning of the 150 150 year. However, with domestic consumption at a high rate, increased shipping charges in 140 i f1 140 | effect, and prospects of a further reduction 130 130 v METALS in shipping facilities, prices of many of 120 120 these imported commodities have increased \ " /^/ /I 110 110 sharply. Visible stocks of domestic commodities have been generally reduced further 100 this year, but the reductions have been offset 90 in a limited degree by increases in supplies 1939 1940 1941 Bureau of Labor Statistics index of 28 basic commodities. held by industrial consumers. Federal Reserve classification of 6 metals and 22 other basic commodities. Latest figures shown are for Tuesday, May 27. 498 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month agreement with British authorities have ucts have risen sharply and in May were largely determined the domestic price level about 25 per cent above the prewar level. for this commodity. An important factor contributing to the The effect of Federal action in limiting heavy demand for textiles in recent months advances in basic metal prices is shown in has been the rise in the price of raw cotton the accompanying chart. The chart also which advanced one cent in March to 11 cents shows in contrast the steady, sharp rise in per pound and two cents more in May to prices of 22 other basic commodities since around 13 cents. This rise reflected prospects last August. This group includes both do- for a smaller crop and higher loan rates next mestic and imported commodities—food- season, and also further increases in the alstuffs, textiles, and miscellaneous industrial ready high rate of domestic consumption. materials. During May legislation was enacted provid- Further increases in prices of several im- ing for loans on cotton as well as other basic portant foodstuffs during May reflected the crops at 85 per cent of parity, which indicates operations of Federal programs as well as rates next season equivalent to about 14.4 sharply rising domestic demand. Purchases cents per pound in the 10 spot markets—or of hog, dairy, and poultry products by themore if prices paid by farmers should in- Surplus Marketing Administration were crease—compared with 9.3 cents this season. greatly expanded beginning in the middle of With further increases in raw cotton prices March. Early in April the Department of in prospect, buying of cotton yarns and gray Agriculture announced that prices of these goods was large and prices advanced so products would be supported until June 1943 sharply that market conditions became disin order to encourage more production to orderly. On May 26 a Government schedule meet export demands under the lend-lease went into effect establishing maximum prices program and also to supply growing domestic for combed yarns made for sale, at a level demands. Prices will be supported at levels below peak quotations but above average substantially above those of most recent prices received on current shipments. years. Industrial activity generally was at a high In May Federal action to limit price ad- rate in May and, with further advances in vances was extended more generally beyond many lines, the Board's seathe metals. Trading on organized markets, Sharp increase in u adjusted index rose sona y particularly in imported commodities, wasindustrial activity in to about 148 per cent of the surveyed with a view to discouraging exces- 1935-1939 average as compared with 140 in sive speculative activity and in several in- April and 143 in March. Output increased to stances the commodity exchanges, in coopernew record levels in the machinery, aircraft, ation with Federal agencies, raised margin shipbuilding, chemical, and nonferrous metal requirements. In the textile industry a Fedindustries. In most other lines, such as coteral maximum price schedule was issued ton and wool textiles, rubber, paper, lumber, for combed cotton yarn made for sale. and cement, activity was sustained near the Consumer and industrial demands for texhigh rates reached earlier this year. tiles have been supplemented since last sum- The temporary decline in the Board's index mer by large-scale Federal purchases and in April reflected the closing of most bitumirecently textile markets have been influenced nous coal mines and some automobile plants by Federal action, chiefly on loan rates. Outduring negotiations concerning wage rates, put has advanced to new record levels and working conditions, and, in the case of the order backlogs have continued to rise. Whole- Ford Motor Company, the question of union sale prices of textile materials and prodrecognition. In general, the curtailment in JUNE 1941 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month coal output did not seriously affect other in- INDUSTRIAL PRODUCTION dustries because most of them had large May 1941 compared with May 1940 supplies of coal on hand when the mines were closed. Steel production, however, was re- Index Change May 1941 from May duced in the latter part of April, owing to (1935-39 1940 =100) (per cent) shortages of coal and coke, and output dropped from 100 per cent of capacity to 94 Industrial production per cent at the month end. Total 148 + 29 Durable manufactures 176 + 47 When the bituminous coal mines were re- Nondurable manufactures.. 133 + 21 Minerals 125 + 6 opened at the beginning of May production Manufactures rose sharply, reaching a weekly rate of about Aircraft 833 +158 11,000,000 tons toward the end of the month. W Sh o ip o b l u te il x d t i i n le g s 3 1 6 5 2 3 + + 1 2 7 0 6 This was somewhat below the peak level of M No a n c f h e i r n ro e u ry s metals and products.. 2 1 0 9 0 2 + + 5 6 1 2 output at the end of March before the mines Cotton consumption.. 160 + 47 were shut down. Steel output also increased A Iro u n to m an o d b i s l t e e s el 1 1 4 6 3 6 + + 4 4 1 1 in the first half of May and in the latter half Shoes 122 + 39 Rayon deliveries 189 + 33 of the month was again at about capacity Rubber products 158 + 29 operations. C Si h lk em d i e c l a iv ls eries 1 7 3 0 8 + + 2 2 1 0 Changes in activity over the past year are S L t u o m ne b , e c r la a y nd , a p n r d o d g u la c s t s s products.. 1 13 3 1 4 + + 1 1 7 9 shown for selected industries in the accom- Manufactured food products.. 122 + io panying table. The most pronounced increases P P a e p tr e o r l e a u n m d p an ro d d c u o c a ts l products.. 1 1 3 2 8 3 + + 9 8 have been in lines most directly stimulated by A To lc b o a h c o c l o ic p b r e o v d e u r c a t g s es 1 1 0 1 8 8 + + 8 7 the defense program and further marked ad- Printing and publishing 120 + 4 vances are expected in the aircraft, shipbuild- Minerals Bituminous coal _ 149 + 24 ing, machinery, and chemical industries as Metals 154 + 14 additional plants now under construction are A Pe n t t r h o r le a u ci m te 1 8 1 0 2 - - 3 3 placed in operation and as overtime and extra shift work are used to a greater extent than NOTE.—Figures for May 1941 are estimates made June 5. Indexes are adjusted for seasonal variation. now. In some other lines, notably steel, output currently is at about capacity and addi- who supply a sworn statement that the steel tions to capacity now under way are not to be delivered is for current use and not for extensive. Automobile production will be purposes of unnecessary inventory accumucurtailed considerably in the model year be- lation. Toward the end of May another order ginning August 1, 1941, and over the next was issued directing iron and steel producers year there will probably also be reductions in to give preference to defense orders and output of other products for civilian use. allowing customers unable to obtain satis- Steel—New orders for steel declined some- factory placement or delivery of orders to what during May, according to trade reports, apply for priority ratings. but continued in excess of shipments, and un- In the early part of June announcement filled orders increased further from the ex- was made that the Office of Production Manceptionally high level of the previous month. agement had informed the Executive Sub- The decline in new orders in May was at- committee of the Iron and Steel Industry tributed by many trade observers to the Defense Committee that the government desystem of inventory control recently insti- sired to consider a plan to enlarge the annual tuted by the Office of Production Manage- capacity of the steel industry by approximent. Under the order issued steel suppliers mately ten million tons of ingots in the shortmay make delivery of steel only to customers est possible time. The subcommittee was 500 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month asked to canvass members of the iron and after output increased rapidly. In May dosteel industry to determine which companies mestic output amounted to about 525,000 cars could enlarge their plants, and to report back and trucks, as compared with 462,000 in to the Office of Production Management at April. The Office of Production Management the earliest convenient date. has announced that output in the year ending The announcement followed closely the July 31 will approximate 5,290,000 units; in issuance of the second report on the ade- the ten months through May about 4,290,000 quacy of the steel industry for national de- units were produced, leaving 1,000,000 fense, submitted to the President in the lat- for the last two months of the season if this ter part of May by Gano Dunn, special con- total is to be attained. sultant to the Office of Production Manage- Demand for automobiles continued at exment. This report stated that prospective ceptionally high levels through May. In demand for steel for military and civilian April sales of new cars and trucks totaled uses and for export would probably exceed 557,000 and in May there was probably a available capacity by more than a million further increase to new record levels. A part tons in 1941 and by more than 6 million tons of this large volume of buying has no doubt in 1942. been in anticipation of delayed deliveries and Estimates of probable demand for steel higher prices later, but increased buying were considerably larger than those given in power arising from expanding activity has the first report issued three months ago. In- probably been the dominant factor. A recent creases were made to allow for further report by the Chrysler Corporation on its new expansion in civilian consumption as well as car sales in February this year compared with larger military requirements resulting from February 1939 showed that sales to industrial the lend-lease program and other develop- workers increased 165 per cent over this twoments of national policy. The estimates of year period and those to construction workers steel requirements for civilian uses did not rose by 128 per cent, while sales to other buyprovide for all the increase in demand for ers as a group increased by less than 100 per steel products that might arise from expand- cent. Included in this latter group were agriing national income, as some allowance was cultural workers who purchased 44 per cent made for restrictions already announced or more cars than two years ago and merchants likely to be imposed on output and consump- and salesmen who bought 29 per cent more. tion of such products. Sales of used cars have been at record levels The anticipated shortages were based on for several months and stocks of both new steel output at an average rate of 1021/2 per and used cars at present probably amount to cent of the rated capacity available at the less than a month's supply at the current high beginning of each year. In the first five rate of sales. months of this year, however, output aver- In the year beginning August 1 automobile aged somewhat under 100 per cent; conse- manufacturers have agreed to curtail output quently, unless demand is smaller than an- to 4,224,000 units, a reduction of about oneticipated, the shortage in 1941 may amount fifth from the previous year. Also, the Gento several million tons. eral Motors Corporation has announced the Automobile production and sales.—Auto- abandonment of plans for any model changes mobile production declined sharply in the first in the following year. That the reduction in half of April, owing to the shutdown of Ford automobile output will be limited to 20 per Motor Company plants, but an agreement cent is by no means certain, however, owing between the company and the workers was to many factors that may restrict supply and reached about the middle of April and there- also demand. JUNE 1941 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month Construction activity is at the highest rate 11,000 dwelling units were completed and since 1930, reflecting work on a wide variety 51,000 more were under construction. This of defense projects and a con- represents the bulk of the total of about 73,tinued high level of private resi- 000 units to be built with the $240,000,000 of at high level dential building in the face of Federal funds already made available for increased costs. Employment in the con- direct construction. An additional 35,000— struction industry was maintained through- 38,000 units would be provided by the $150,out the winter, as the usual seasonal decline, 000,000 recently authorized but not yet apnotably in residential building and highway propriated by Congress. In certain communiwork, was offset by the sharp increase in em- ties, housing construction has not kept pace ployment on cantonment construction, which with the rapid influx of new workers and reached a peak in February. The subsequent rents have increased considerably. rapid decline in activity on this troop housing Private residential building has not yet program released a considerable number of been curtailed by shortages of materials or workers at the time when the spring rise in labor, other than of a local or temporary private building was being accompanied by nature, and the value of such construction in increased activity on Federally financed con- 1941 has been at a level about a fourth higher struction of shipways, munition and aircraft than a year ago. The increase in the number factories, and defense housing. of dwelling units is nearly the same; while Factory construction is near an all-time building material costs and wage rates high, owing principally to the large volume have increased, the average house is smaller. of new plant construction for military pur- Unless there is a drastic curtailment of poses. Commitments as of May 1 under the private residential building from current program for Government financed expansion levels, the number of nonfarm dwelling units of plant and equipment amounted to $2,058 to be built this year will be somewhat million and, in addition, certificates of neces- above the 1940 total of 466,000 units. sity had been approved or were pending for Commercial, educational, and other types $930 million of privately financed expansion of construction financed by private funds for production of military equipment. Of or by state and local governments, and not the total of nearly $3,000 million committed primarily related to defense activity, have for such facilities, approximately $800 mil- shown little or no change from a year ago. lion is for plant construction, as distin- With shortages of structural steel being reguished from equipment. This volume of ported already on some defense projects, work, the bulk of which is scheduled for com- priorities that would curtail construction of pletion by the end of this year, is larger than nondefense projects using structural steel the total of all factory construction in this may be established. country last year. The program is con- If the proposed additional troop housing tinually being expanded, moreover, and it program, with the accompanying large deappears that the $2,058 million represents mand for carpenters, is carried out this only about two-fifths of the total Govern- summer and autumn when private building ment financed construction of manufacturing activity ordinarily is at a maximum, there facilities that may be completed before the may be shortages of carpenters. Also, the summer of 1942. number of structural steel workers available Government financed construction of hous- for private work may be reduced, not only ing for families of enlisted personnel and by the large volume of defense plant conworkers in defense industries has increased struction, but also by rising employment in in recent months and as of May 17 some shipyards. 502 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month The impact of the defense program on ian Conservation Corps, and the National construction has varied by locality as well Youth Administration has declined by about as by type of construction. The unusual size 400,000. of many of the military projects, such as Most of the sharp rise in construction emcantonments, air training stations, and muni- ployment occurred on Federal projects. In tion and aircraft factories, and the pressure the last quarter of 1940 men were employed for their speedy construction have resulted in large numbers to build army cantonments, in boom conditions in some areas. In many and recently, after this work had fallen off, others there has been little stimulation to there has been a rapid increase in employconstruction, while building costs have in- ment in other public construction, notably creased in response to national conditions. factories and defense housing. In private residential building the sharpest In manufacturing there have been rapid increases over a year ago have been reported and fairly regular increases in employment in the Richmond, Chicago, and Kansas City in industries whose facilities are now being Federal Reserve districts, resulting in large used largely for defense purposes. Twenty part from the effects of the defense program industries of this sort, which a year ago emon areas around Washington and Norfolk, ployed 11 per cent of all factory wage earners, and on cities like Akron, Indianapolis, South have increased the number on their payrolls Bend, and Wichita. There have been less about 60 per cent, compared with an increase than average increases in the New York, of 13 per cent in all other industries. In a Atlanta, Dallas, and San Francisco districts, number of these other industries, like steel where residential building had been at rela- and automobiles, there have been large gains tively high levels for a year or more. New in employment, but the rate of gain has been York City has experienced little direct much less rapid. Increases in the number stimulus from defense activities and resi- of hours worked per week have also been dential building there is somewhat lower greatest in lines most directly affected by the than a year ago. Declines of a sixth to a defense program. third from last year in private residential The concentration of increases in a relabuilding have been reported for a number tively narrow sector of the general field of of areas, including Harrisburg, Pa., Wheel- employment has created shortages of a numing, W. Va., Atlanta, Ga., Miami, Fla., Des ber of types of skilled workers, particularly Moines, Iowa, and Lincoln, Nebr. those specialized in aircraft, shipbuilding, Total nonagricultural employment has and machine shop work. These shortages risen by about 3*4 million persons since May have existed for some time, however, and the 1940, one of the largest twelve- continued rise in employment in these lines Employment i eases on record, while indicates that men are being rapidly trained month ncr agricultural employment has changed only to meet the demand. seasonally. Increases have been more rapid Wage rates remained fairly stable from in manufacturing and construction than the beginning of the defense program in other lines, which as a group have through February 1941, but average hourly been less directly affected by the defense earnings rose somewhat, reflecting mainly program. In addition to the 3*4 million in- increased overtime payments in industries crease in nonagricultural employment, there engaged in defense production. Beginning has been an increase of about 1*4 million per- in March substantial increases in wage rates sons in the military and naval forces during occurred in the coal, steel, automobile, and the past year, while the number on the rolls of electrical equipment industries, and there the Works Projects Administration, the Civil- were smaller increases in aircraft, textiles, JUNE 1941 503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month shipbuilding, and a number of other lines. The largest increases in distribution to As a consequence principally of higher consumers have occurred in durable goods incomes, sales in practically all lines of retail such as automobiles and various types of trade have advanced consid- household appliances and equipment, includ- Expansion in erably during the past year, ing furniture, electric refrigerators, and the retail sales and it appears that currently like. Sales of foods and drugs have generally they are larger than at any previous time. increased by smaller than average amounts Recently the rise in dollar volume has to some while increases for items such as apparel extent reflected price advances, but there have been greater than for perishables but has also been a continued increase in the less than for durable commodities. This physical volume of goods distributed. is indicated in the following table which Practically all sections of the country have shows sales or shipments in the first four reported an expansion in retail trade since months of 1941 as compared with the corthe inauguration of the defense program, responding period in 1940. Similar comwith particularly marked increases in ship- parisons for the month of May would probbuilding centers, in other industrial regions, ably show generally larger increases. and in areas where military or naval bases have been established or enlarged. For ex- RETAIL TRADE ample, department store sales this year have January-April 1941 compared with January-April 1940 been 49 per cent greater than last year in Norfolk and 41 per cent greater in Tacoma. Per- Commodity or line of trade centage The table shows comparisons for cities re- increase porting sales increases of 20 per cent or more; Automobiles (number) 35 the increase for the country as a whole was Furniture (value) 20 Household refrigerators (number shipped) 1 42 14 per cent. Corresponding data for other Other electrical appliances * 22 Vacuum cleaners (number shipped) 22 cities are given on page 576. Electric ranges (number shipped) 51 Department stores (value) 14 Mail order sales (value) 15 Chain stores DEPARTMENT STORE SALES BY CITIES Shoe (value) 19 Apparel (value) 14 Variety (value) 9 January-April 1941 compared with January-April 1940 Drug (value) 9 Grocery chains and independents (value). 7 Percentage i January-March comparison. increase Sales by general merchandise establish- Norfolk, Va 49 Tacoma, Wash 41 ments have expanded most in the durable Springfield, Mo 40 goods lines, as is indicated in the following Elmira, N. Y 37 Louisville, Ky 34 table compiled from data for about 250 large San Diego, Calif.... 31 Charleston, S. C... 30 department stores. In the first four months Flint, Mich 29 of 1941 each of the items included under Phoenix, Ariz 28 Jacksonville, Fla.._ 27 homefurnishings increased over the corre- Akron, Ohio 25 Lansing, Mich 25 sponding period in the previous year more Seattle, Wash._____ 25 than did sales of any other major group of Everett, Wash 24 Fort Wayne, Ind._. 24 merchandise handled by these stores. Bridgeport, Conn. 22 Buffalo, N. Y 22 The sharp rise in sales of durable con- Little Rock, Ark._. 22 Youngstown, Ohio 22 sumers' goods has been accompanied and Washington, D. C. 21 Baltimore, Md 20 facilitated by a considerable expansion in con- Cleveland, Ohio... 20 Macon, Ga 20 sumer credit. According to Department of Syracuse, N. Y 20 Commerce estimates, installment sales in 1940 504 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month amounted to approximately $5,000,000,000, result of the rise in current income, but also an increase of 20 per cent over 1939, andthrough larger extensions of credit, which at the end of 1940 actual indebtedness of con- are reflected in increased consumer debt. sumers arising out of installment purchases was estimated to be approximately $3,000,- DEPARTMENT STORE SALES BY DEPARTMENTS 000,000. About half of this amount was due January-April 1941 compared with January-April 1940 on automobile contracts. Since the end of 1940 there has been a continued expansion in Per- Department centage the amount of consumer credit outstanding, increase reflecting further increases in installment Total sales 12* purchases of durable commodities. Consumer Homef urnishings: Furniture, beds, mattresses, springs . 17 indebtedness on cash loans has been main- Domestic floor coverings , 24 Draperies, curtains, upholstery 12 tained in recent months at the record level Major appliances (refrigerators, washers, stoves, etc.) 23 Women's, girls', and infants' apparel and accessories 10 reached at the end of last year. Thus the Men's and boys' wear 11 Other 10 amount available for consumer expenditures on commodities has expanded not only as a * Reports of total sales from a larger number of stores showed an increase of 14 per cent. Jloanl and Commitments ofo Weekly JQepoiting Memltet MEMBER banks in leading cities had Information regarding these loans and Ifl $460,000,000 of defense loans outstand- commitments by Federal Reserve districts ing as of April 30, 1941, and $630,000,000 is given in tables on page 538. of commitments for future loans, according Of the $460,000,000 of defense loans outto a survey conducted by the Board of Gov-standing, about 63 per cent was for the purenors of the Federal Reserve System. This pose of financing the production of defense survey was for the purpose of supplying supplies and materials, and 30 per cent for information to the Defense Contract Serv- providing plant facilities. The remainder ice of the Office of Production Managementrepresents loans which serve both purposes. and to the Board as to participation of About 63 per cent of the loans were made banks in the defense effort. Some prelimi- to establishments which had contracted dinary figures from this survey have just be- rectly to supply the Government with decome available and are summarized in the fense supplies and materials; about 21 per following table: cent were to establishments which were subcontractors to those having direct Govern- Loans Commitments for ment contracts; and the remainder reprefuture loans sented mostly loans to establishments work- Amount, Amount, Number i s n a n t d h s o u o - f Number s in a n t d h s o u o - f ing in both capacities. The loans made to subdollars dollars contractors indicate that the spreading of de- Total 3,627 460,000 2,253 633,000 fense production to sub-contractors has made For plant facilities .. _ 1,233 138, 000 857 264,000 substantial progress. These figures do not For defense supplies 2,282 287, 000 1,315 310, 000 For both 112 35, 000 81 59, 000 indicate adequately this progress since some To prime contractors 1,925 291,000 1,429 495, 000 sub-contractors do not need financing. To sub-contractors_ __ _ _ 1,372 97,000 591 67,000 To both 330 72, 000 233 71, 000 About three-fourths of the loans in dollar To borrowers with assets of: amounts were made to borrowers with assets Under $100,000 1,135 16, 000 464 17,500 $100,000-1,000,000 1,459 104,000 938 147, 000 of $1,000,000 or more, but a large number of $1,000,000 and over 963 337,000 830 464,000 Unspecified 70 3,000 21 4,500 loans have been made to smaller borrowers. JUNE 1941 505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

rllnancla MARRINER S. ECCLES * THE problem of financing defense is not We have no problem insofar as an ample solely the responsibility of Government. supply of money is concerned. The volume The business interests of the country have a of demand deposits and currency now in very important role to play. For this rea- existence approximates $45 billions, or 50 son I appreciate the opportunity, as a public per cent in excess of the peak amount of the official having some responsibility for the twenties. The present volume could be inconduct of public affairs, to speak on this creased almost indefinitely by further expansubject at this meeting of leading business sion of bank credit in loans to corporations, executives from all parts of the country. to individuals and to the Government. The financial problems of defense arise Merely to increase the supply of money would from the unprecedented size of public ex- not in itself bring about needed production, penditures, concentrated mainly in the field but might result in inflationary developof heavy industry, and the necessity for call- ments. ing forth in the shortest possible time the Rather, a primary concern of defense fimaximum amount of defense production nancing is to avoid an increase of the means both for ourselves and for those we wish to of payment, that is, of money in the hands aid. The financial problem is not how to proof those who would spend it faster than our vide an adequate supply of money but how economy could produce goods. This would to direct the use to which money and credit result in a rapid bidding up of prices. The are put in such a way as to further the sucproblem in general terms is simple, but in cess of the enterprise and to avoid inflationdetailed application it becomes difficult and ary consequences. The avoidance of inflacomplex. In general terms, it means that we tion is as essential for the preservation of should aim to finance defense entirely out of our political and economic system as the detaxation and savings, preferably taxation as fense effort itself. I am using the word inflafull employment and production are attained. tion in the popular sense of disruptive price It means priorities in certain fields where rises, whether confined to some segments of both civilian and defense requirements canthe economy and due to non-monetary causes not be immediately supplied out of available or of a general nature and due to excessive raw materials, existing capacity, or available monetary and credit expansion. skilled labor supply. It means price controls We can meet defense needs and supply our in cases where demand for essential basic civilian population only to the extent that we materials exceeds present supply. It means utilize our man power, materials and proa program of taxation that will transfer back ductive facilities. Defense must come first. to the Government in the aggregate a sub- What is left over will determine the extent stantial portion of the funds spent by Govto which we can meet civilian requirements. ernment, thus reducing the funds available * An address by Marriner S. Eccles, Chairman of the Board of to the public for private expenditure. It Governors of the Federal Reserve System, delivered at the 29th Annual Meeting of the Chamber of Commerce of the United means encouraging a maximum amount of States at Washington, D. C, May 1, 1941. Note.—Views expressed in signed articles published in the BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System. 506 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Problems of Defense savings by all groups and classes of the popu- ing demands for certain products, such as lation. It means avoidance of unneeded ex- automobiles, mechanical refrigerators and pansion of bank credit which adds to the other articles that use resources greatly supply of money and thus of purchasing needed for defense, are justifiable and necespower. sary at this time. Sales taxes on foodstuffs, It is evident that the general problems of clothing and other necessaries are wholly undefense financing, which I have enumerated, warranted, particularly when surpluses exist. are interrelated and must be dealt with by Taxes on such items would tend to diminish a coordinated series of measures. For in- consumption, thus reducing effective destance, inflation cannot be dealt with solely mand. This, in turn, may create localized by monetary and credit measures. As a mat- unemployment as well as idle capacity that ter of fact, at this stage of our defense effort could not be used for defense. such measures are of secondary importance. The first source of defense revenue should Fiscal policy, involving both the type of Gov- be the corporation tax and the excess profits ernment financing and taxation, and direct tax because, in general, corporations are the controls are far more important at present. greatest beneficiaries, directly and indirectly, Let us consider briefly some of the more from defense expenditures. In other words, important aspects of this general summary. the surplus accruing from the expanding na- In order to limit the need for price con- tional income tends to become concentrated trols and priorities every means possible in the first instance in the possession of busishould be used to increase the output. This ness corporations. The most certain way to can be done by expanding the facilities of insure against inflation is for the Governproduction, by increasing the available labor ment to levy on these earnings and divert the supply where there is a shortage of certain proceeds directly into the defense program skills, by the working of longer hours, by before they are distributed into the general preventing strikes and unjustified wage and income stream through higher wages and salary increases, and by utilizing to the full- higher dividend payments. est possible extent existing plant and facil- Thus, the most direct way to attack the ities wherever they may be. To be sure, this inflation problem is through heavy corporate is a difficult and a complicated task, requir- income and excess profits taxation. If these ing full information and full cooperation on surplus funds are not thus collected in the the part of Government, industry and labor. first instance at the source, but are later dis- In my opinion, taxation is the most impor- tributed through large wage increases and tant single means of maintaining stability in large dividend payments to the community, the economy and of preventing either gen- it becomes necessary subsequently for the eral inflationary or deflationary develop- Government to abstract excess incomes ments. We must abandon the idea that tax- through the personal income tax, excise ation is merely a means of securing revenue. taxes, and other forms of mass taxation. The effects of taxation on the economy should The problem is not avoided but only delayed be the primary consideration. For a tax and made more difficult by failure to tap the system to be equitable, ability to pay should profits at the source. be the guiding principle. For this reason, a High taxation of personal incomes and general sales tax, which has been strongly excise taxation will be necessary in any advocated by some business groups, would event, but the amount needed from these be a great mistake because it would fall heav- sources will be reduced by a prior collection iest on those least able to pay. Selective sales at the points where the profits originate, taxes which would have the effect of reduc- namely, in the business units. If excess JUNE 1941 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Problems of Defense profits are not tapped, they will lead to de- diminished. Under these circumstances, it mands for higher wages. Apart from the is only fair that this loss of revenue be made question of equity and the problem of allay- up by taxing directly the beneficiaries of the ing industrial unrest, is the question of going increased wages. directly to the source of the increased flow The tax system should be so designed as to of income and diverting it into the defense prevent any group from profiting out of this program before it spreads out into the com- great national emergency at the expense of munity and adds private mass purchasing others. Neither industry nor labor should be power on top of the Government's demands permitted to take advantage of the emerspringing from the defense program. gency. Men drawn into the Army and Navy With greatly increased surtax rates, espe- are called upon to make great personal sacricially in the middle income brackets, and in fices. Neither unity nor morale can be built the absence of an undistributed profits tax, upon inequality of treatment of our citizens. there will be a tendency on the part of some It is perhaps a natural but none the less corporations to hold back disbursements of false notion that either capital or labor can dividends. This is a further reason for make up now for lean years. If they were heavy normal and excess profits taxes on cor- to reap great profits and higher wages, they porations. would be inviting inflated prices and in the In addition, the tax program, to be effec- end the added profits and wages would buy tive and equitable, should close important fewer goods. I think it is of great imporloopholes in the gift and inheritance tax tance that we grasp fully the fact that we as laws. Similarly, the setting up by corpora- a nation cannot profit out of world calamity. tions of annuity and pension plans which are We cannot turn our industrial machine charged to expense and provide large ben- largely to making the things of war rather efits to individuals in lieu of increasing sal- than the things of peace and have a higher aries and paying bonuses, should not be per- standard of living. mitted to become an avenue of tax avoidance. We have to start from the first principle— With reference to the individual income and I believe that most of us accept it—that tax, the normal tax and surtaxes on individ- the burdens to be borne and the sacrifices to ual incomes have been moderate, compared be made should be equalized so far as poswith other countries, except in the very high- sible. And that principle applies particularly est income groups. They can and must be to taxation. Therefore, those corporations substantially increased. With expanding em- and individuals who profit most should be the ployment and payrolls resulting from defense first to be taxed. They must be the primary expenditures, it is equitable and necessary ones from whom the Government recaptures that some of the benefits be recovered by the the proceeds of its expenditures. Treasury. Exemptions should be reduced, I am wholeheartedly in accord with the thereby spreading the base and increasing objectives of taxation policy recently anthe number of income taxpayers. This is a nounced by the Secretary of the Treasury more direct and equitable way of raising rev- when he appeared before the Ways and enue from the lower income groups than by Means Committee in advocacy of measures imposition of certain indirect excise and sales to raise an additional $3^ billions of revtaxes. enue. As he stated then, the purpose is to To the extent that wages are increased and design our tax program, first, so that we may prices are controlled, corporation profits are pay as we go for a reasonable proportion of less than they would be otherwise, and Fed- our expenditures; secondly, so that all seceral revenue from this source is accordingly tions of the people shall bear their fair share 508 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Problems of Defense of the burden; third, so that our resources them would be invested in registered shortmay be mobilized for defense while reducing term issues (not available to banks) of two the amount of money that the public can years' maturity, if such issues were made spend for comparatively less important available at interest payable semiannually, things; and finally, so that a general rise in of from one-half to one per cent, depending prices may be avoided by keeping the total upon the length of time they are held, and volume of monetary purchasing power from were redeemable on any interest payment outrunning production. date on 30 days notice. So far as long-term The Secretary of the Treasury has pro- rates are concerned, I think they are fair and posed that we raise at least two-thirds of the that the Government would not be justified sums necessary for defense out of taxation, in paying more than two and one-half per and with that purpose I am likewise heartily cent for long-term money on fully taxable sein accord. The rest should, so far as pos- curities. sible, be raised by the sale of Government To the extent that we pay for defense out securities to the public, thus utilizing exist- of taxes and through borrowing from savers ing funds, instead of by the sale of securities rather than from the commercial banks, thus to the commercial banks since the latter using existing funds and not creating new method creates additional bank deposits. As funds, we help protect the country against I have indicated, we need to use existing the hazards of monetary and credit inflation. funds, which are abundant. Expansion of To the extent that people pay taxes or invest bank credit which creates new funds would in Government bonds, such as the new savonly tend towards inflation. ings bonds, these funds will not be available The Treasury's three new types of savings for the public to bid up prices in the market bonds, together with savings stamps, are be- place and they will aid in financing defense, ing offered to the public beginning today. thus avoiding inflationary effects. They are excellently designed to give all of This is the time for the public to build up our people an opportunity to participate in a backlog of future requirements, especially the financing of the defense program. They of consumers' durable goods, such as automoare designed to attract the smallest savings biles, housing, etc., that now are using some of the people as well as those up to $50,000 of the materials needed in defense. Instead a year. Apart from that patriotic purpose, of spending existing funds and mortgaging however, they are important in helping to future income for these goods, it would be protect the country against inflation and they far better to defer these expenditures until are a store of buying power for the future the time when the Government's defense outwhen supply can again be matched to de- lays can be reduced. At such a time the backmand. log of buying power coming into the market Another very large store of savings which will be an offset to the reduced Government should also be tapped consists of idle bal- expenditures and help to sustain employment ances in banks held by corporations, by and national income. wealthy individuals, and by trustees as well We should consider the advisability of proas by various public and private bodies. viding a method of controlling the volume of These funds are frequently not of the type forward buying on installment credit. Furthat can or will go into long-term Govern- ther expansion of installment credit at this ment securities, nor can they be attracted time would be an inflationary factor. Ininto short-term Government securities now stallment credit has tended to expand as emavailable because practically no return can ployment and payrolls expanded and to conbe obtained upon them. I believe many of tract when both were declining. It has thus JUNE 1941 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Problems of Defense tended to be an unstabilizing influence on the We are hardly justified in spending billions economy when it might have been made a to aid other countries and billions more in our stabilizing influence. own defense effort if at the same time we I have said that monetary and credit fac- shut our eyes to urgent social needs at home tors are at this time less important than other that must depend upon Government assistfactors in the situation. Nevertheless, with ance. However, reductions should be made the existing large volume of deposits and the wherever this can be brought about through vast reservoir of excess reserves which could increased efficiency as well as in those fields serve as a basis for doubling the existing vol- of Government activity which utilize men or ume of deposits, it will probably become nec- materials needed in private enterprise or in essary at some future time to absorb into defense. required reserves a portion of the idle funds I have attempted to outline briefly the genheld by the banks. This would diminish the eral public policies which I feel should be pressure on the banks to find outlets for their pursued to facilitate the financing of defense funds in Government securities and would effectively with a minimum of economic disfacilitate the placing of a larger part of the location now and after the defense effort has new issues with nonbanking investors. It been completed. The successful carrying out would also make the banks more careful about of such a program as I have discussed—and avoiding unsound or speculative extensions it is a program designed to preserve all of the of credit and would restrain further growth essentials of our democratic system—depends in the already abundant volume of bank de- primarily upon the understanding of and acposits. Consequently, it would diminish in- ceptance by the people of this country, parflationary dangers. ticularly the leaders in business and industry. There is one additional matter of impor- We have every reason to succeed. We are tance in connection with defense financing in a much stronger position than any nation that should be given consideration. It is the in the world today. We have a vast endowsubject of public expenditures for purposes ment of natural resources. We have abunother than defense. I do not believe that dant and high-calibre man power. We have agricultural benefits should be curtailed, par- existing and potentially great productive faticularly in those fields where agriculture cilities. We can provide, without inflation, does not profit as other groups do from de- all of the monetary and credit resources we fense expenditures or is adversely affected require. as the result of the present international sit- We will fail only if we are ignorant of the uation ; nor do I believe that we should aban- social and economic problems confronting us don social efforts on the part of the Govern- or if through blind self-interest we imagine ment in those cases where the problem is not that we can make others bear the sacrifices adequately met by the improved employment and burdens which all must share in the situation resulting directly or indirectly from greatest undertaking upon which our nation defense expenditures. has ever embarked. 510 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttont a /legalStandpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material. Financial Transactions Under Neutrality Act of 1939 [PUBLIC LAW 43—77TH CONGRESS] The President of the United States on [CHAPTER 81—1ST SESSION] April 24, 1941, issued a proclamation under authority of section 1 of the Neutrality Act [S. 1059] of 1939 (Pub. Res. No. 54, 76th Cong.), ap- AN ACT proved November 4, 1939, proclaiming that To expedite the national defense by clarifying the a state of war exists between Bulgaria, on application of the Act of August 24, 1935 (49 Stat. the one hand, and Yugoslavia and Greece, on 793), as to the requirement of mandatory performthe other hand. Section 7 of the Neutrality ance and payment bonds in connection with supply contracts. Act of 1939, with respect to financial transactions by persons within the United States Be it enacted by the Senate and House of Reprerelating to countries named in the Presiden- sentatives of the United States of America in Contial proclamation, is quoted in full on page gress assembled, That the Act of August 24, 1935 (49 Stat. 793), may, in the discretion of the Secre- 1054 of the Federal Reserve BULLETIN for tary of War or the Secretary of the Navy, be waived December 1939. with respect to contracts for the manufacturing, producing, furnishing, construction, alteration, re- Act Authorizing Waiver of Performance and Payment Bonds pair, processing, or assembling of vessels, aircraft, munitions, materiel, or supplies of any kind or naon Supply Contracts Under National Defense Program ture for the Army or the Navy, regardless of the The President of the United States on terms of such contracts as to payment or title: Pro- April 29, 1941, approved an Act to expedite vided, That as to contracts of a nature which, at the national defense by authorizing the Sec- the date of the passage of this Act, would have been subject to the provisions of the Act of August 24, retary of War or the Secretary of the Navy, 1935 (49 Stat. 793), the Secretary of War or the in their discretion, to waive the requirement Secretary of the Navy may require performance and contained in the Act of August 24, 1935, forpayment bonds as provided by said Act. performance and payment bonds in connec- Approved, April 29, 1941. tion with supply contracts for the manufacturing, producing, furnishing, construction, CONGRESSIONAL RECORD—SENATE alteration, repair, processing or assembling April 4, 1941, Page 3106 of vessels, aircraft, munitions, materiel or STATEMENT WITH RESPECT TO S. 1059 supplies of any kind or nature for the Army or the Navy. The Act of August 24, 1935, Section la of the act of August 24, 1935 (49 Stat. known as the Miller Act, requires in certain 793), commonly known as the Miller Act, provides that "before any contract, exceeding $2,000 in circumstances performance and payment amount, for the construction, alteration, or repair of bonds in the case of contracts exceeding any public building or public work" is awarded, the $2,000. contractors shall furnish a performance bond for the protection of the United States, in an amount satis- The text of the Act is published below tofactory to the contracting officer, and a payment gether with a statement, inserted by Senator bond, for the protection of persons supplying labor Thomas of Utah in the Congressional Record, and material in the prosecution of the work, with explaining the purpose of this legislation. sureties satisfactory to the contracting officer and in This statement does not refer to the Secre- an amount specified in the statute. It is customary to require performance bonds in an amount at least tary of the Navy but subsequent to its publiequal to 10 per cent of the contract price. Payment cation the bill was amended so as also to bonds must by statute be in penal amount equal to authorize the Secretary of the Navy to waive 50 per cent of the cost of the work in contracts below the requirement of performance and payment $1,000,000; 40 per cent for contracts from $1,000,000 to $5,000,000, and in penal amount of at least $2,500,bonds. 000 in larger contracts. From the phraseology, JUNE 1941 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint "public building or public work" of the act, it would NECESSITY FOR SUCH LEGISLATION appear that the requirement for these bonds was The national-defense program, calling for almost intended to relate only to contracts for buildings, unheard-of quantities of material and equipment for river and harbor improvements, camps, cantonments, the men entering the military service by voluntary and such other real estate projects, or the alteration enlistment and by induction under the Selective Servor repair thereof. ice Act, the manufacture and construction of air- In construing the act of August 1, 1892, known as craft, munitions, tanks, guns, and supplies of every the Heard Act, the predecessor of the Miller Act, the sort, has taxed the industrial resources of the United Supreme Court of the United States, in 1910, held States to such an extent that private capital is unthat a boat was a public work and that whether a able to finance to completion thousands of supply work is "public" or not does not depend upon its be- contracts, many of them running into forty or fifty ing attached to the soil, but, if it belongs to the rep- millions of dollars each. Increased facilities must resentatives of the public, it is a "public work." first be constructed, new machinery purchased, and Following that reasoning, the Attorney General of countless new employees engaged. The contractor the United States, in 1932, expressed the opinion that then finds his resources expended and must seek adwork on a vessel owned by the United States was a ditional financing of his Government supply contracts public work within the meaning of the act. Again on a scale never before encountered. To meet this in 1936, the Attorney General ruled that contracts situation the Government has provided for advance exceeding $2,000 in amount, for the alteration or re- payments, when necessary, at the beginning of the pair of United States Coast Guard vessels, boats, and contract, and partial payments as the work proaircraft, since the property belongs to the United gresses, to simplify private financing. States, were contracts for public work. He further As a result, however, of the interpretation given stated that contracts for the construction of such the Miller Act, an inconsistent situation has grown craft which provide for the passing of title to the up. If by the terms of a contract, 100 airplanes are United States during the progress of the work as paid for on completion of the contract, no Miller Act partial payments are made are within the meaning bond is required. If 100 airplanes are paid for as of the term "any public work." Extending the each airplane is delivered, no Miller Act bond is reanalogy, he held the same year that a contract for quired. If the contract is let on a cost-plus-a-fixedmaking cotton mattresses from materials owned by fee basis, no Miller Act bond is required. If, howthe Government was public work. ever, partial payments are made on a lump-sum contract to help the contractor finance the work in It was but a step further for the Comptroller Genprogress prior to its delivery, Miller Act bonds must eral to find that any Army contracts for supplies be supplied. This mandatory requirement for perwhich provide for partial payments as the work proformance and payment bonds where partial payments gresses are contracts for public work, since title are made to help finance the work in progress has passes to the Government when the first partial payresulted in serious difficulties and delays in the financment is made, requiring performance and payment ing and progress of the defense program. bonds under the Miller Act. By this reasoning, all The final execution and approval of a number of sorts of contracts involving partial payments for large aircraft contracts has been delayed from 2 to 5 supplying aircraft, machine guns, tanks, clothing, months because of the inability of certain companies neckties, shoe laces, and other articles, must be classito obtain Miller Act bonds. fied as contracts for public works, making it in- In some cases as many as 13 or more bonding comcumbent upon the contractor, no matter what his panies have had to be called upon to provide a single financial strength may be, or whether the bonds are bond, necessitating sending it from place to place deemed to be necessary for the protection of the for signature. In other cases the Government waited United States, or of laborers and materialmen, to while the surety company made a long financial infurnish the performance and payment bonds specified vestigation and extracted the last ounce of security by the Miller Act. The decisions of the Supreme from the contractor's free assets. In some cases the Court, the Attorney General, and the Comptroller contract had to be rewritten on a cost-plus-a-fixed-f ee General are binding upon the War Department, and basis or with partial payments eliminated so that compliance therewith is mandatory. The same bonds could be waived. In one case a contract for reasoning did not apply to Navy contracts since they $13,115,138.13 for furnishing 341 airplanes was exeonly take a legal lien (under a statute passed in cuted September 14, 1940. It was not possible for 1911) instead of title when partial payments are the contractor, a reliable but tremendously expanded made. corporation, to furnish the necessary bonds. The Believing that Congress originally intended that bond requirement was finally removed in February the Heard Act and later the Miller Act should apply 1941 by eliminating the partial payments provided by only to construction contracts, the War Department the contract, resulting in a delay of 5 months before has submitted to the Congress a draft of legislation a complete contract could be obtained. With the designed to clarify the meaning and application of elimination of partial payments, financing to a total the Miller Act to make it inapplicable to supply of $6,000,000 was needed to finance this contract to contracts for the Army. The proposed legislation the delivery stage. was embodied in S. 1059, the present bill, as originally In another instance, involving an original contract introduced. It was the view of the committee, how- and a change order for 3,000 airplanes, at a total ever, that to center responsibility it would be better cost of $34,717,082.50, a delay of 6 months occurred to permit the Secretary of War, in his discretion, to before a legal contract could be finally approved, and waive the requirements of the Miller Act as to bonds, it was necessary to eliminate partial payments by so that the bill was amended and reported in its appropriate change order because no bonds could be present form. The proposed act does not affect con- furnished. Such examples might be multiplied many struction contracts. times. 512 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint The other side of the picture involves difficulties ing and delaying procurement under the nationalthat have occurred when bonds have been furnished. defense program. How many other instances of In many instances surety companies, claiming to this kind actually exist is not known, but they are be financing institutions within the meaning of the constantly being mentioned orally to contracting offi- Assignment of Claims Act of 1940 (Public, No. cers. Written complaints are stated by an Air Corps 811, 76th Cong.), are requiring contractors to give report to be relatively few for fear of black list. them assignments of all rights under supply con- The original purpose of the Miller Act was to tracts on which bonds are given. If a bank loan protect laborers and materialmen with respect to is necessary to enable the contractor to finance Government construction projects, since no mehis work and an assignment to the bank is con- chanics' or materialmen's liens attach because of templated, the fact that the bonding company claims Government ownership. Ordinarily lien protection a priority hampers bank financing. Although the does not exist and is not needed with respect to Judge Advocate General of the Army has ruled contracts for supplies, as distinguished from conthat bonding companies are not financing institu- struction, between private individuals in the business tions within the meaning of the Assignment of world. Necessarily, the producer or manufacturer Claims Act of 1940, nevertheless many banks are must pay his laborers weekly or at least twice reluctant to make defense loans in the face of pro- monthly. It is the last claim he fails to pay. The spective litigation with a surety company. In this individual labor claim, therefore, if any, is small situation, the Government supply contractor meets in event of bankruptcy and has a priority there. practically insurmountable obstacles in getting pri- There seems to be little logic in requiring payment vate financing. bonds for laborers employed by contractors with the Other surety companies are demanding from con- Government, when such laborers are protected by tractors indemnity for the bonds written by them the Fair Labor Standards Act, the Walsh-Healey and are requiring the deposit of collateral security Act, and the Bacon-Davis Act as to wages, hours of or the giving of mortgages or other liens on the labor, and methods and times of payment. contractor's plant and equipment. This practically Likewise, materials usually are sold on a 30- to strips the contractor of available bankable security 60-day basis, cash on delivery, or only after satiswhen a loan is necessary to finance operations under factory assurance of sound credit standing on the the contract. part of the purchaser. Materialmen can protect The use of partial payments, because of the necessity for giving performance and payment bonds themselves and are better protected by adequate under the Miller Act, has been practically dis- financing of the contractor insuring performance continued by the War Department as a means of of the contract than by bonds. With respect to financing Ordnance contracts and some Air Corps performance bonds for the protection of the United contracts. Frequently, if partial payments are not States, it may be said that the Government is its used, the contractor must have financing up to 50 own insurer in other matters, and there is little or 60 per cent of the amount of his contract prior likelihood of substantial loss in connection with the to receiving payments from the Government for furnishing of supplies payable on the installment articles completed. Banks hesitate to make loans plan, since the payments do not exceed work sucin such amounts. Advance payments under exist- cessfully nearing completion. ing law are authorized only up to 30 per cent of The need for legislation such as S. 1059 is conthe amount of the contract. If the Government sidered by the War Department to be urgently needed makes an advance of 30 per cent, the banks neces- at this time in order properly to expedite the nasarily feel that they are not required to make loans tional-defense program under the new appropriation to take up 50 or 60 per cent, because their claims are acts. The bill as reported would permit the Secsubordinate to the advance payment. These are retary of War to require performance and payment practical difficulties experienced in financing con- bonds in any case of supply contracts where he tracts for carrying out the defense program. deems them to be necessary. The War Department In endeavoring to solve the difficulties in obtaining requires performance bonds in many cases where bonds for large Air Corps contracts, reduction in that requirement is not mandatory by law, and S. the penalties of performance bonds to 5 per cent 1059 as reported would permit the same practice of the total contract price was attempted by the War with respect to the bonds that would be authorized Department. This resulted in refusal by the surety to be waived thereunder when the interests of the companies to give performance bonds to small con- Goverment so require. tractors because the business was not considered sufficiently profitable or attractive. This situation compelled the Air Corps contracting officers to the General Ruling Issued by Secretary of the Treasury penal amount of the performance bonds at the The Office of the Secretary of the Treasury dictation of the surety companies. Surety companies have, in some instances, re- on May 24, 1941, amended General Ruling quired agreements from contractors to the effect No. 4 issued under authority of the Executive that no more contracts will be undertaken until Order of April 10, 1940, as amended, and the ones on which bonds already have been written Regulations issued pursuant thereto relatare completed. In one case a surety company refused to write additional bonds until an existing con- ing to transactions in foreign exchange, etc. tract was completed, with the result that the con- This Ruling was printed in the Federal Retractor was too late to bid on pending invitations and lost the opportunity to undertake additional serve BULLETIN for July 1940, at page 650, defense work. Necessarily,* this resulted in retard- and the amended Ruling reads as follows: JUNE 1941 513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint Treasury Department, Office of the Secretary, (9) The term "banking institution" shall have May 24, 1941 the meaning prescribed in Section 11D of the Order. General Ruling No. U, As Amended, Under Executive (10) The term "domestic bank" shall mean Order No. 8389, As Amended, and Regulations any branch or office within the United States of Issued Pursuant Thereto, Relating to Transactions any of the following which is not a national of in Foreign Exchange, Etc. any blocked country: any bank or trust company Except as specifically provided herein or otherwise, incorporated under the banking laws of the all definitions appearing in Executive Order No. United States or of any state, territory, or dis- 6560 of January 15, 1934, as amended by Executive trict of the United States, or any private bank Order No. 8389 of April 10, 1940, as amended, and or banker subject to supervision and examinathe Regulations issued thereunder, shall apply to tion under the banking laws of the United States the terms employed in all rulings, licenses, instruc- or of any state, territory or district of the United tions, etc., and, in addition, the following definitions States. The Treasury Department may also and rules of interpretation are prescribed: authorize any other banking institution to be (1) The term "Order" shall mean Executive treated as a "domestic bank" for the purpose of Order No. 8389, as amended. this definition or for the purpose of any license, ruling, or instruction. (2) The term "license" shall mean a license issued under the Order. (11) The term "national securities exchange" shall mean an exchange registered as a national (3) The term "interest" when used with securities exchange under section 6 of the respect to property shall mean an interest of Securities Exchange Act of 1934 (48 Stat. 885, any nature whatsoever, direct or indirect. U.S. C, title 15, sec. 78f). (4) The term "blocked, country" shall mean (12) Reference to any general license or genany foreign country designated in the Order. eral ruling which has been amended shall be (5) The term "Netherlands East Indies" shall deemed to refer to such license or ruling as mean the following: Java and Madura, Su- amended. matra, Riouw-Lingga archipelago, Banka, Billi- (13) Any person who by virtue of any definiton, Celebes, Borneo (West, South and East tion in the Order is a national of more than one Divisions), Timor archipelago, Bali and Lomblocked country shall be deemed to be a national bok, Lesser Sunda Islands and Dutch New of each of such blocked countries. Guinea. (14) In any case in which a person is a na- (6) The term "Netherlands West Indies" shall tional of two or more blocked countries, a license mean the following: Dutch Guiana, Dutch St. with respect to nationals of one of such blocked Martin, Curacao, Bonaire, Aruba, St. Eustatius countries shall not be deemed to include such and Saba. person unless a license of equal or greater scope (7) Any person licensed as a "generally li- is outstanding with respect to nationals of each censed national" shall, while so licensed, be other blocked country of which such person is a regarded as a person within the United States national. who is not a national of any blocked country; provided, however, that the licensing of any (15) The Secretary of the Treasury reserves person as a "generally licensed national" shall the right to exclude from the operation of any not be deemed to suspend in any way the re- license or from the privileges therein conferred quirements of the Order and Regulations re- or to restrict the applicability thereof with lating to reports, and the production of books, respect to, particular persons, transactions or documents, records, etc. (see sections 10 and property or classes thereof. Such action shall be 14 of the Order and section 130.4 of the Regu- binding upon all persons receiving actual notice lations). thereof, or constructive notice if in any case notice is filed pursuant to the provisions of (8) The term "blocked account" shall mean the Federal Register Act (49 Stat. 500, as an account in which any blocked country or na- amended by 50 Stat. 304; U. S. C, Sup. V, tional thereof has an interest, with respect to title 44, sec. 301 et seq). which account payments, transfers or with- (16) No license shall be deemed to authorize drawals or other dealings may not be made or any transaction prohibited by reason of the effected except pursuant to a license authorizing provisions of any law, proclamation, order or such action. The term "blocked account" shall not be deemed to include free dollar accounts regulation, other than the Order and Regulaof the type referred to in General License No. tions. 32, as amended, or the accounts of generally li- D. W. BELL, censed nationals. Acting Secretary of the Treasury. 514 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

*Ttoin the Eoa%d*5 Cottelpondence Questions of general interest, relating to money and banking, core answered in this section of the BULLETIN. (ZommeiciaL Hank* A/ot J^Qtmltted to fluy Savinc5 £ond* QUESTION draw on their existing deposit accounts with the consequence that the deposits of the Why are commercial banks not permitted to purrecipients of the funds are increased by chase the new issues of Defense Savings Bonds? exactly the same amount that the deposits of the purchasers of the securities are dimin- ANSWER ished ; there is no change in the total volume LIMITATION of the sale of Defense Sav- of deposits. When they buy bonds from ings Bonds to investors other than com- banks, the total volume of deposits is reduced. mercial banks is one of several steps being To the extent that commercial banks add taken by the Government to reduce the stimu- to their holdings of Government securities, lative effect of large defense expenditures on the Government's expenditures are financed private spending and investment. The Gov- without drawing upon the public's current ernment's object is to prevent an excessive income or its accumulated savings. In these growth in private spending for consumption circumstances the amount of money that the and investment that would lead to a rise in public (individuals and corporations) reprices and interfere with the defense pro- ceives from the Government in wages, paygram. ment for goods, and so on, is larger than the When banks purchase bonds from the amount that the public furnishes the Govern- Treasury there is an increase in the volume ment by payment of taxes and the purchase of bank deposits, i.e., in the supply of money of Government obligations. available for spending. When, on the other Since the existing supply of bank deposits hand, individuals purchase bonds, there is is already much larger than ever before and no change in the total supply of funds but is sufficient to finance a considerably inonly a shift of existing deposits from one creased volume of business, it is better for holder to another. This difference may be the Treasury to borrow funds out of current made more apparent by describing the flow income or accumulated savings than to sell of funds in each case. When banks buy bonds securities to commercial banks, thereby furdirectly from the Government, the proceeds ther increasing the supply of money. To be are added to the Treasury's deposit balances, sure, when individuals purchase Government and, as the Treasury draws upon these bal- bonds by drawing upon deposits that would ances in payment for goods or services, Treas- otherwise be idle, the immediate economic efury checks are deposited by the recipients fect is no different than if banks purchased and are added to their deposit accounts. Pur- the bonds. In both cases the effect is to inchases of securities by banks from non-bank crease the volume of active deposits. Howholders also result in a growth of the public's ever, when individuals purchase the bonds, the volume of idle deposits is correspondingly bank deposits. The increase in deposits does reduced, whereas when banks increase their not necessarily occur in the same banks that holdings of Government securities, new buy the bonds, but may be distributed among deposits are created and the same volume of a large number of banks. On the other hand, idle deposits remains available for spending when individuals or corporations buy bonds or investing. from the Treasury or from one another, they 515 JUNE 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From the Board's Correspondence On this point, Daniel W. Bell, Under-Secre- factories. To the extent that these needs tary of the Treasury, in a recent speech com- can be supplied by the economic system withmented as follows: out strain there is comparatively little danger of widespread price increases. But when "It is clearly more desirable for the Treasury to obtain existing idle balances than to finance money is spent for military purposes, inits defense expenditure by a further expansion comes are increased without a corresponding of bank deposits, or, in other words, by the expansion in the output of consumers' goods. creation of new balances. Both, it is true, increase the flow of funds at present, but the ulti- In many crucial lines, output is already at mate result is quite different. A further expan- capacity levels, both in terms of machines sion of deposits leaves us with as many if not and available skilled workers. Even in nonmore idle balances to cope with in the future. defense industries, output has been increas- A reduction of idle balances, on the other hand, causes balances to be used at the present time; ing rapidly with a corresponding decrease in this in turn prevents them from coming into use idle capacity. In the existing situation, therein the future, when an expansion of the flow of fore, there is much danger that a continued funds may be much less desirable than at presrapid growth in total spending may lead to ent. Idle balances are a source of inflationary expansion which cannot easily be checked by the substantial price rises in many lines where usual methods of credit control; hence a pro- additional output is difficult to obtain and may gram designed to reduce idle balances serves to interfere with the progress of the defense strengthen our controls over credit expansion program. against the day when such controls may have to be used." Everything possible should be done to prevent a general rise in prices. Measures can The defense program is likely to provide be taken to increase available supplies of more inducements for spending and investing goods by reallocation of resources and by idle funds than there have been in recent supplying new facilities. Direct controls years. In the past few years there has been need for stimulating consumption and in- can be exercised over the prices of particular vestment, and the Government, by borrowing commodities and services and supplies may from banks, augmented private funds, but be rationed. Taxes can be raised in order to under the defense program it may be desir- absorb a greater portion of income. Restricable to curtail some kinds of private consump- tions can be imposed on the extension of tion and investment. credit to private borrowers. Finally, savings At a time when there is an enormous in- can be increased, thereby diminishing the crease in the demand for many goods and amount of income that is spent, and it is to services, caused by greatly increased Gov- this end that the Treasury is seeking to enernment expenditures and contracts for fu- courage the purchase of Defense Savings ture delivery, and when profits are rising, Bonds by individuals. Sales of these bonds there are likely to be more inducements for to banks would not accomplish this purpose people to spend their increased income and because such sales would not decrease, but to borrow money from the banks to build on the contrary would increase, the amount houses, buy new farm machinery, and enlarge of funds available for private spending. 516 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(zuttent Appointment of President of the Federal Reserve Bank the Federal Reserve Bank of Atlanta for the of Philadelphia unexpired portion of the three-year term ending December 31, 1943. On the same date On May 17, 1941, announcement was made the Board announced the appointment of of the resignation of John S. Sinclair as Lloyd Noble, President Noble Oil Company, President of the Federal Reserve Bank of Ardmore, Oklahoma, as a director of the Philadelphia, effective as of the close of June Oklahoma City Branch of the Federal Re- 30, 1941, and of the appointment of Alfred serve Bank of Kansas City for the unexpired H. Williams as President to succeed Mr. Sinportion of the three-year term ending Declair, effective July 1, 1941. Mr. Williams cember 31, 1942. has served as a class C director of the Philadelphia Bank since March 3, 1939, and Deputy Chairman since December 14, 1939. Admissions of State Banks to Membership in the Federal Reserve System Appointment of President and First Vice President of the The following State banks were admitted Federal Reserve Bank of Atlanta to membership in the Federal Reserve Sys- Effective May 15, 1941, W. S. McLarin, tem during the period April 16, 1941, to May Jr., was appointed President and Malcolm 15, 1941, inclusive. H. Bryan was appointed First Vice President of the Federal Reserve Bank of Atlanta, each Arkansas for the unexpired portion of the term of five Arkadelphia—Elk Horn Bank and Trust Comyears ending February 28, 1946. The appany pointment of Mr. McLarin was to fill the Camden—The Merchants and Planters Bank vacancy caused by the death of Robert S. Parker on March 28, 1941, and Mr. Bryan Indiana succeeded Mr. McLarin as First Vice Presi- Andrews—The State Bank of Andrews dent. Mr. McLarin first joined the staff of Hope—The Hope State Bank the Atlanta Bank in July 1916 and was appointed First Vice President on October Kansas 13, 1939. Mr. Bryan was a member of the Burns—Burns State Bank faculty of the University of Georgia for more Michigan than ten years prior to his joining the staff of the Board of Governors, in December Detroit—Commonwealth Bank 1936. He went to the Atlanta Bank as Vice Missouri President in April 1938. St. Charles—The Saint Charles Savings Bank Meeting of Federal Advisory Council New Jersey The Federal Advisory Council held its sec- Fair Lawn—Fair Lawn-Radburn Trust Company ond meeting of the year on May 18, 19, and Wildwood—The Union Bank of Wildwood, N. J. 20. Appointment of Class C and Branch Directors New York On June 4, 1941, announcement was made Waterford—Bank of Waterford by the Board of Governors of the appoint- Pennsylvania ment of Walter H. Lloyd, Jr., editor of The Kane—Kane Bank and Trust Company Ohio Farmer, Cleveland, Ohio, as a Class C Mont Alto—The Mont Alto State Bank director of the Federal Reserve Bank of Cleveland for the unexpired portion of the Virginia three-year term ending December 31, 1941. Chatham—Planters Bank and Trust Company The Board, on May 29,1941, announced the McKenney—The Bank of Dinwiddie, Incorpoappointment of Frank D. Jackson, President, rated Jackson Grain Company, Tampa, Florida, Wisconsin as a director of the Jacksonville Branch of Denmark—Denmark State Bank JUNE 1941 517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

-fldjultment fiat Sea5onal I/ablation by H. C. BARTON, JR. Division of Research and Statistics CHANGES in economic activity reflect the The present method is distinguished from composite influence of a great many nat- others commonly followed chiefly by its ural, business, and social forces, and an im- greater flexibility. All methods of seasonal portant phase of economic analysis consists adjustment are based on averaging proof identifying these forces and determining cedures, since the object of the computations their effects on the economy. One group of is to measure usual or average seasonal moveforces is related to the season of the year and ments. In most methods averaging is acconsequently brings changes in economic ac- complished by mathematical formulae, and tivity at fairly regular annual intervals. this involves an implicit assumption that all These regularly recurring seasonal changes, values used in the formula should receive which are reflected in many series of eco- full weight in determining usual seasonal nomic data, can be measured quite accurately movements. Averaging procedures used and this measurement is useful not only in in the method to be described in this appraising the seasonal movements them- article, on the other hand, consist largely selves and in making plans for peak loads and of freehand curves which are designed to periods of inactivity, but also in adjusting afford opportunity for the exercise of judgthe data for seasonal variation so as to reveal ment on the part of the analyst regarding more clearly cyclical and other nonseasonal qualitative aspects of the data being adchanges. justed. This permits analysis of forces Measures of seasonal variation and sea- causing the movements, as well as of the size sonally adjusted data have been used for over of the resulting fluctuations. twenty years at the Board of Governors of Owing to the wide variety of factors that the Federal Reserve System in the analysis influence economic data, it is often difficult of business and financial developments. At to determine the extent to which seasonal the present time approximately 250 season- influences underlie changes in a series, and it ally adjusted series are published regularly seems desirable to make numerous judgments in the Federal Reserve BULLETIN and nearly that cannot be derived mechanically from as many more have been compiled for inter- changes in the series itself. Other informanal use. As this work has been carried on, tion, concerning movements of related series, continued improvement has been made in the unusual weather conditions, strikes, actions technique of seasonal adjustment and con- of regulatory bodies, and the like, can be used siderable change has taken place since publi- to advantage. In order to bring information cation of the last comprehensive article on of this sort to bear on the problem of measthe subject by members of the Board's staff.1 uring seasonal variation it has been found desirable to use charts extensively and to base 1 "The Use of Moving Averages in the Measurement of Seasonal Variations" by Aryness Joy and Woodlief Thomas, Journal of the method of adjustment on freehand curves the American Statistical Association, September 1928. Note.—Views expressed in signed articles published in the BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System. 518 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Adjustment for Seasonal Variation which can be adapted to special situations the net seasonal movements shown by the more readily than mechanically computed combined series. Also shifts in consumer averages. buying habits or trade practices alter the This method involves a succession of judg- seasonal characteristics of the individual ments at various steps in the process rather parts that comprise the total series. Somethan a single judgment at the outset as to times these seasonal influences change the formula to be used and consequently it abruptly, with consequent sharp changes in requires more time of trained research per- the seasonal pattern of the data affected. sons. It is believed, however, that the use Recognition of the fact that changes of this of freehand curves and also of charts, by sort are common occurrences led to developpermitting the analyst to take into account ment of the method of measuring changing unusual movements in the series, makes pos- seasonal variation described in the Journal of sible a more accurate measurement of sea- the American Statistical Association for sonal variation. The additional research re- September 1928. Changes in technique since quired for the process, moreover, provides then have been gradual, but continued rethe analyst with other useful information finements have resulted in a method which is about the series and about related economic now different from the one used in earlier activities. years. Definition of Seasonal Variation Summary of Steps in Present Method For most purposes, seasonal variation may Individual steps in the process of seasonal be regarded as changes that recur with some adjustment are summarized below. Of these degree of regularity at annual intervals be- steps the first five are designed to detercause of weather conditions, trade practices, mine the main nonseasonal movements of and consumer habits that are linked to cal- the series,1 the next five to discover and endar dates. eliminate the typical differences for each These same influences, it may be noted, are of the twelve months between the original also responsible for movements that are not data and their main nonseasonal movements,2 "seasonal" in the sense of the above defini- and the last five to check and improve the tion. Warm weather, for example, permitted accuracy of the preceding ten. an unusually early opening of Great Lakes ports in 1937 and ore carloadings increased A. Determining main nonseasonal movement sharply in April instead of in May. This 1. Plot the unadjusted series on an absolarge April increase, though clearly related lute scale. (See Chart 1.) 2. Compute a twelve-month moving average to weather conditions, was an "erratic" for the series. (See Table 1.) rather than a "seasonal" movement because 3. Plot the moving average or a former it was an isolated rather than a regularly seasonally adjusted series on Chart 1. recurring event.1 4. Draw a freehand curve through the un- On the other hand, movements need not be adjusted series wherever the moving avabsolutely regular to be regarded as seasonal erage appears to depart significantly from the main nonseasonal movements of the in character. In fact, the seasonal characterseries. istics of practically all series change over a 5. Transcribe the values read from the freeperiod of years. Most series are composites hand curve. (See Table 1.) covering a number of lines, and when these lines have different seasonal characteristics, 1 "Main nonseasonal" movements are similar to those described in the usual terminology of time series analysis as "trend-cycle." changes in their relative importance affect The term "main nonseasonal" is more accurate for present purposes because the freehand curve reflects not only major trendcycle movements but also shorter fluctuations. The curve still remains fairly smooth, however, and does not reflect brief erratic 1 For a discussion of techniques that have been developed for movements which are also nonseasonal in character. the study of all seasonal movements regardless of regularity see 2 For an adaptation of this method to weekly data see Federal Horst Mendershausen in Econometrica for July 1937. Reserve BULLETIN for August 1939, pp. 641-44. JUNE 1941 519 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Adjustment for Seasonal Variation B. Determining typical differences TABLE I.—COMPUTATION OF MOVING AVERAGE AND RATIOS 6. Compute ratios of the unadjusted series (Miscellaneous freight-car loadings; 1935-39=100) to the corresponding values of the free- 12 Ratio hand curve. (See Table 1.) 12 month unad- 7. Plot the above ratios by years for all Date U ju n st a e d d - m m o o n v t - h m in o g v- h F a re n e d - j s u e s r t i e e d s January's, then for all February's, and Series to in t g al aver- curve to h a f n re d eso on. (See Chart 2.) curve 8. Average the ratios for each month by 1929—January 122.5 151.8 80.7 February... 130.0 152.0 85.5 means of a freehand line drawn through March 147.1 152.3 96.6 the points on Chart 2. A M p a r y il ... 1 1 5 5 6 6 . . 0 5 1 1 5 5 3 2 . . 0 8 1 10 0 2 2 . . 3 1 9. Adjust the points on the freehand lines June 162.0 153.3 105.7 July 161.7 1, 818. 7 151.6 153.7 105.2 so that the sum of their values for all August 168.7 1, 809. 8 150.8 153.7 109.8 months of each calendar year will be 1200 S O e c p to te b m er ber. 1 1 8 7 1 6 . . 4 0 1 1 , , 8 79 0 0 4 . . 4 7 1 1 5 4 0 9 . . 4 2 1 1 5 4 2 8 . . 6 0 1 1 1 1 8 8 . . 9 9 or will depart from this total by no more November. 142.6 1, 777. 0 148.1 142.0 100. 4 December.. 114.2 1, 759. 6 146.6 139.5 81.9 than an amount that can be accounted 1930—January 113.6 1, 736. 4 144.7 138.1 82.3 for by some special circumstance affect- February... 124.6 1, 710. 3 142.5 137.0 90.9 March 133.4 1, 679. 3 139.9 135.7 98.3 ing the series. April 142.3 1, 644. 6 137.1 134.7 105.6 10. Compute a preliminary series adjusted J M un a e y .. ._ 1 13 3 8 9 . . 8 1 1 1 , , 6 5 0 8 9 4 . . 6 4 1 1 3 3 2 4 . . 0 1 1 1 3 3 3 2 . . 9 1 1 1 0 0 3 5 . . 9 1 for seasonal variation by using the values July 135.6 1, 563. 5 130.3 *104.1 August 137.7 1, 540. 9 128.4 *107. 2 obtained in step 9 as divisors of the un- September. 146.7 1, 512.1 126.0 H16.4 adjusted series. (See Table 2.) N O o ct v o e b m er ber. 1 1 1 4 7 1 . . 4 0 1 1 , , 4 4 5 82 5 . . 2 9 1 1 2 23 1 . . 6 3 118.8 *1 9 1 8 4 . . 8 1 December.. 93.3 1,430. 2 119.2 114.2 81.7 C. C 1 12 1 h . . e c w o P C R k f l h h e i o n p e a t t h g r e r e t e a t h t 1 f e t r s h e a t e p e e s p h r e o a s a l n r n i 4 i m d g i t i i n n h c n d u a r a i o r l r c v y u a e f g t r o h a e d r d e r 1 j h a o u 0 w a f s n t n f e d t o h d i r e n c a s u a s e l c r t l r e v c i p p e e u s o r 4 a i d n o . c e t n y - s 1931— J M J A A M F S O J u u e e u p a c a a n l p b n t g r y y r e o i t u r c u l . e b u a h . s m e : r t a y r r b y e . r . . . 1 1 1 1 1 1 1 1 9 9 1 1 0 0 0 0 0 1 1 5 4 2 6 4 8 6 6 4 . . . . . . . . . . 0 8 7 6 4 2 6 9 3 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 1 3 3 2 2 2 4 3 2 8 4 4 4 0 0 7 0 7 2 1 6 8 5 5 7 1 4 7 8 . . . . . . . . . . 1 5 1 1 1 9 7 4 3 3 1 1 1 1 1 1 1 1 9 9 1 1 0 0 0 1 0 0 5 8 7 3 2 8 0 4 5 2 . . . . . . . . . . 7 0 5 9 6 8 1 9 8 3 1 1 1 1 1 1 1 8 9 9 1 0 0 0 0 0 0 9 9 2 0 8 8 6 7 8 3 . . . . . . . . . . 7 8 2 6 9 0 2 7 3 7 1 1 1 1 1 1 1 8 9 8 0 1 0 0 0 0 1 6 2 8 5 8 6 4 6 6 5 . . . . . . . . . . 2 9 0 3 6 7 5 1 9 1 parts from the general movements of the N D o ec v e e m m b b e er r . _ . 9 7 2 5 . . 5 0 1 1, , 1 0 0 6 9 8 . . 2 2 9 8 2 9 . . 4 0 8 8 6 8. . 0 5 1 8 0 6 5 . . 7 1 t f 1 o r D e a T t i e h n g h t e d h e e r t F i - m f 1 1 1 n c i e 4 3 5 r i a . . . d s n T r p e c f l m t t a a P E M i a o h a a n s r r n f l x r e r e b a l o a o l i d g l t e a n o l v t d t y l l o i n m e t e a i m r e s f M d a a R e r r d t y i e c p c e a h I s i n o i e n m h h . r c a p t e e n f 1 t e s a e u i e h o o g e n r p c m r a t v e r t r y s r h k r r s h e T e o v i N t e v e n c i n w h a e i t a d e i u g o o t n a d s e r i i h r r c e d v n j i t v e d u h n a d b c t j e t s e i h u f l s w h e r d v e r e s i t t g s e o a l e h e e a n a t e e s l r m o r d e e d s x d u e n p l t g d b o . v j a a c s e r u c t o s r n s e e o a ( n t t a s s e o S h r s a - i c f t c l e r n n a e m e c e e e l i e r f e d a m n t h e e o s i s e d e o l s M d g a u s i C s . i d n a r n e n i s . s i t n r o h n a d t n c e h t e a v i s r e c h f i i n c r r s e o l h n e e a t h l a t m m r s a a e l 3 f p a s C r p n i . o r m t e t p g ) r e o a . e h n v e u l p o 9 c n o i g a t i r v t e n s u e 1 u e s r e d s a o 4 t r g - s - 1 1 1 9 9 9 3 3 3 4 2 3 — — — J J N D A J J A S M A A N D M A O F M M S M F F O J J u u J u u e e e e e p e u c p p o u a e a o c a a a a l a l n n a p p b b b t n c n n y t r y c g r r g v v y r r r e e o o y i t i i t e u u u r e r r c u c u c e l e l l e e b . b u u u m a a a h m h h s s m m m m e e r r r a t a a t y y r y b r b b b r r r b b e e y y y e e e e r r r . . . r r r . . . . . . . . _ . _ . . . 9 8 8 8 8 9 7 8 7 7 6 6 8 8 8 7 7 7 7 5 6 5 7 7 7 7 7 5 0 9 1 0 4 9 6 3 2 6 0 6 0 7 3 9 1 7 8 0 0 1 8 3 3 5 3 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 7 4 0 0 4 4 6 8 4 0 6 8 8 2 9 4 1 0 2 3 5 3 0 7 1 2 5 1 1 1 1 1 1 , , , , , , 0 0 9 9 9 9 8 8 8 8 9 9 9 9 9 8 8 8 8 8 8 8 9 8 0 0 0 0 1 1 7 8 5 7 5 9 7 3 9 9 1 0 2 5 0 3 4 2 8 0 3 3 2 8 6 1 1 1 5 6 2 0 8 0 8 2 0 3 5 6 4 9 6 0 0 8 5 7 5 2 7 6 0 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1 1 1 . 6 0 7 8 8 0 3 6 7 2 6 8 4 8 8 8 3 5 5 3 1 7 4 5 8 8 8 8 8 8 8 7 8 8 8 6 7 7 7 7 7 6 6 7 7 7 7 7 7 7 7 7 7 4 4 4 2 4 4 4 9 1 6 7 5 9 2 2 4 4 0 1 5 9 9 9 5 3 3 0 2 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 6 4 8 5 5 2 3 7 7 3 7 6 6 9 7 8 7 3 5 4 8 8 2 9 5 7 5 1 8 8 8 8 8 8 8 8 8 8 8 8 6 8 7 7 7 6 6 6 6 6 6 7 7 6 7 7 7 6 8 2 9 7 5 0 4 0 2 0 3 9 3 5 4 5 7 9 0 7 6 8 7 3 8 3 4 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 9 3 8 4 8 2 3 1 1 0 2 6 8 5 9 7 4 4 0 8 7 1 1 3 3 3 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 9 9 9 8 8 9 9 0 8 8 9 0 9 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 7 4 1 2 8 8 7 0 6 0 2 4 3 0 1 7 3 4 1 5 3 1 1 7 1 8 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 3 0 6 6 8 2 7 6 6 6 1 1 8 8 4 2 5 1 7 4 4 6 6 1 6 1 0 . a l u s a e v n r a e s l s y r a o a t n i g a s a e f t l , a i c s m t h t s o o o r w c v y y e n c m l i i i n e c n a n d C l t i s c h p a a t e o o r a f t r k 1 s th o , i a i f s s n c t d s h l e e e v r a i a r e l l m s y le a y a i p s n a . r r a n t D t i o h c n e e u r - - - J J N D M A S O u u e u e o c a l n p t c y g v y e o t e u e e b m s m m e t r b b b e e e r r r . . . . 8 8 9 9 9 9 8 7 2 1 4 3 1 1 2 6 . . . . . . . . 0 6 4 9 6 8 7 0 1 1 1 1 1 1 1 1 , , , , , , , , 0 0 0 0 0 0 0 0 1 2 2 1 2 2 1 2 9 9 6 7 5 4 4 0 . . . . . . . . 1 7 9 4 9 6 2 5 8 8 8 8 8 8 8 8 5 5 5 5 4 5 4 5 . . . . . . . . 0 4 8 7 0 8 5 8 8 8 8 8 8 8 9 8 2 4 1 2 4 1 0 7 . . . . . . . . 6 8 2 0 0 3 3 1 1 1 1 1 1 1 9 8 1 0 0 0 0 1 8 8 0 2 1 3 0 3 . . . . . . . . 9 3 7 0 8 3 1 1 1935—January 76.1 1, 019. 5 85.1 85.9 90.3 parture from the series at these points is due February. _. 82.1 1, 021. 2 85.5 87.1 95.6 March 87.5 1, 026. 4 86.4. 87.6 100.5 to the fact that the twelve-month moving April 90.2 1, 036. 3 87.7 87.7 103.0 May 86.3 1, 052. 7 89.1 87.9 98.4 June 87.9 1,069. 5 90.4 88.2 100.0 1 Charts shown in this article are about half the size of the July 87.7 1, 084. 8 91.0 89.3 99.4 working charts actually used in making seasonal adjustments August 90.1 1, 092. 2 91.1 90.3 100.9 and charts 1 and 3 do not have the smaller grid lines actually September _ 101.3 1, 093. 4 91.9 91.5 112.2 used in plotting the points. As in the charts and tables shown October 108.2 1,102. 2 93.0 92.5 118.3 here, basic data are ordinarily expressed as index numbers to November . 99.4 1,116.0 94.7 107.5 facilitate plotting and computing. December.. 88.0 1,136. 6 93.8 520 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Adjustment for Seasonal Variation TABLE I.—COMPUTATION OF MOVING AVERAGE AND average gives equal weight to all values in RATIOS—Continued each twelve-month period and can, therefore, (Miscellaneous freight-car loadings; 1935-39=100) give a good fit only where nonseasonal movements of the data follow a straight line or 12 Ratio Date j U S u e n s r t a i e e d d s - m m to i o 1 n o t n 2 g v a t l - h m m a i o v n o e n g v r t - - h c h F u a r r e n v e d e - t j u s o h u e n a s r a t f n i r e e d d e d s - e- t c l h o h a e a d n i m g n e g o s v g i r s n a e g d r u ie a a s v l l e y a r . r a e g T e n h o e m t m e s o o a v n s e in h m g a e l r e n p s t s s a , s o f a t n o th d e m t c a h a k i r s e curve average was a helpful guide in the drawing 1936—January 83.5 1,158.1 96.5 95.0 87.9 of the freehand curve. In some series, how- February. _. 83.3 1,180. 4 98.4 96.6 86.2 March 96.3 1, 202.0 100.2 99.1 97.2 ever, cyclical movements are so sharp that April 104.0 1, 225. 4 102.1 102.5 101.5 May 106.9 1, 244. 3 103.7 104.9 101.9 computation of the moving average is not June 109.4 1, 266.1 105.5 107.5 101.8 July 110.0 1, 288. 0 107.3 109.7 100.3 worth while. In series of this sort, for ex- August 111.7 1, 305. 5 108.8 111.6 100.1 September. 124.7 1, 328. 7 110.7 113.2 110.2 ample, many of those relating to construction October 127.1 1, 349. 3 112.4 115.0 110.5 November _ 121.2 1, 367. 0 113.9 116.7 103.9 and durable goods manufacturing industries, December. _ 109.9 1, 381. 5 115.1 117.7 93.4 1937—January 101.0 1, 389. 6 115.8 118.6 85.2 the freehand curve can be drawn more satis- M Fe a b r r c u h ary. _. 1 1 1 0 6 6 . . 9 5 1 1 , , 3 40 9 0 6 . . 9 3 1 11 1 6 6 . . 7 4 1 1 1 1 9 9 . . 2 8 9 8 7 9 . . 6 3 factorily by inspection of the unadjusted data A M p a r y il 1 1 2 2 1 1 . . 4 7 1 1, , 4 3 0 9 1 4. . 7 2 1 11 1 6 6 . . 2 8 1 1 1 1 9 9 . . 9 7 1 10 0 1 1 . . 4 5 and better still by using as a guide a former J J u u l n y e 1 1 1 1 6 7 . . 7 5 1 1, , 3 3 4 7 5 3. . 2 9 1 1 1 1 2 4 . . 1 5 1 1 1 1 6 8 . . 7 2 1 9 0 9 0 . . 4 0 adjusted series even though that series is in A Se u p g t u e s m t ber. 1 12 1 5 6 . . 5 3 1 1 , , 3 2 2 9 1 3. . 8 3 1 10 1 7 0 . . 8 2 1 1 1 1 4 0 . . 6 5 1 1 0 1 1 3 . . 6 5 need of revision. October 119.6 1, 261. 2 105.1 103.8 115.2 November. 100.9 1, 221. 7 101.8 97.0 104.0 It has been said that determination of the December... 81.2 1,183. 8 98.7 92.6 87.7 cyclical movements of a series in this way 1938—January 77.6 1,150. 7 95.9 89.0 87.2 February... 78.0 1,120. 5 93.4 86.6 90.1 is a little like the faith of a mystic—conclu- March 84.8 1, 093. 4 91.1 84.6 100.2 April 82.2 1, 069. 7 89.1 82.2 100.0 sive evidence to the recipient of the vision May 83.5 1,057. 4 88.1 82.0 101.8 June 84.4 1, 056.1 88.0 83.3 101.3 alone. At any rate it is clear that, since the July 86.5 1, 062. 8 88.6 86.5 100.0 August 89.2 f, 071.1 89.3 89.3 99.9 accuracy of a freehand curve as first drawn September. 101.8 1, 077. 5 89.8 91.2 111.6 October 107.3 1, 085.1 90.4 93.7 114.5 depends so largely on personal judgment, November.. 99.6 1, 097. 6 91.5 95.8 104.0 December... 87.9 1,109. 8 92.5 96.3 91.3 such guides as are available should be used 1939—January 85.9 1,122. 2 93.5 96.0 89.5 February... 84.4 1,132. 2 94.4 94.9 88.9 and later adequate impersonal checks should March 92.4 1,141.9 95.2 94.0 98.3 April 94.7 1,160. 6 96.7 93.6 101.2 be made. A previously adjusted series or May... 95.7 1,180. 7 98.4 94.0 101.8 June.- _. 96.8 1, 200. 8 100.1 95.4 101.5 a twelve-month moving average is usually July 96.5 1, 219. 2 101. 6 97.2 99.3 August 98.9 1, 230. 4 102.5 100.0 98.9 the best readily available guide and their September.. 120.5 1, 240. 0 103.3 108.0 111.6 October 127.4 , 244. 5 103.7 112.6 113.1 use will be treated separately in the discus- November.. 119.7 1/250.1 104.2 114.0 105.0 December—. 106.3 1, 259. 5 105.0 114.1 93.2 sion which follows. 1940— F J e a b n r u u a a ry ry 9 94 7 . . 0 1 1 1 , , 2 2 8 7 5 4 . . 4 5 1 1 0 0 6 7 . . 2 1 1 1 1 0 1 6 . . 5 1 8 88 7 . . 6 1 Where the series has already been adjusted A M p a r r i c l h 1 9 0 6 0 . . 9 3 1 1, , 2 2 9 9 6 9. . 2 8 1 10 0 8 8 . . 0 3 1 9 0 9 0 . . 7 8 1 9 0 6 0 . . 1 6 for seasonal variation the initial drawing of J M u a n y e 1 11 0 1 5 . . 8 1 1 1 , , 3 3 0 0 9 4 . . 1 7 1 1 0 0 8 9 . . 7 1 1 1 0 0 2 4 . . 0 8 1 1 0 0 3 6 . . 0 7 the curve is relatively easy. Even if the pre- July 107.4 ,319.3 109.9 107.6 August 109.7 1, 337. 0 111.4 111.0 vious adjustment is rather poor, a consider- September 124.1 1, 360. 6 113. 4 113.4 109.4 October 131.7 1, 388.1 115.7 116.6 113.0 able part of the seasonal fluctuations will November 125.3 1,419.3 118.3 119.9 104.5 December 115. 9 122.7 94.5 have been eliminated and the process consists 1941—January 114.8 125.9 91.2 mainly in tracing a line through data whose February 117. 6 128.0 91.9 March 124. 129.6 96.0 scatter about the principal nonseasonal move- April 131.5 131.0 100.4 May ments of the series is largely erratic. If these June July adjusted data are so erratic as to make fitting August September by inspection difficult they can ba smoothed October November with a short-term moving average. In either December case, extreme points that indicate the pres- * For periods in which moving average is satisfactory no freehand ence of special nonrecurring events are excurve values appear and the ratics are to the moving averege. JUNE 1941 521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Adjustment for Seasonal Variation eluded as not being a part of the general move- five months later, when the strike month ments of the series. The line is made to fol- drops out. Correction consists in breaking low the rest of the adjusted data fairly closely the freehand curve during the period in so that for most series there are seldom more which the erratic movement occurs, and in than two or three successive points above or drawing it in adjacent months at the levels below. If, however, the curve has repetitive their figures indicate. movements during the same months of suc- Another weakness of the moving average cessive years, there is reason to suspect that is its system of equal weights for each month the "adjusted" data followed have consider- which causes it to be too low at the maximum able seasonality and this should be taken and too high at the minimum points of major into account in drawing the curve. But if in- cyclical moves and which also makes it investigation shows these recurrent fluctuations sensitive to nonseasonal swings that occur to be due to nonrepetitive influences, such as within a shorter period. During the period a price change in one year, a union agreement of high carloadings in 1936 and 1937 the movin another, and so on, the freehand curve is ing average generally runs below the unadmade to follow them. justed series. Freehand correction in such If the series has not previously been ad- a period should raise the curve sufficiently justed for seasonal variation, a twelve-month so that it will follow the unadjusted series moving average usually is used as the pre- with approximate allowances for seasonal liminary guide for drawing the freehand movements. Similarly, instead of following curve. The merit of a twelve-month moving the minor inventory cycle that affected loadaverage as a base from which to measure ings during the latter part of 1939 and the seasonal variation directly, or as a guide for first part of 1940, the moving average cuts a freehand curve that is to be similarly used, through it with the result that differences lies in the fact that it is itself practically between the series and its moving average free from seasonal variation. It also elimi- reflect inventory accumulation and decumunates, however, some nonseasonal movements lation as well as the usual seasonal swing. that should be included in such a base and Freehand correction is here again largely a the drawing of a freehand curve is designed matter of judgment based on an appraisal of to correct this undesirable smoothing. seasonal movements in other years and the One defect of the moving average charac- effects of nonseasonal influences in the period teristic of all mathematical smoothing for- under consideration. mulae is that the effect of a large erratic A minor difficulty with the moving average movement in the underlying series is dis- arises from centering it, as is done in Table 1, persed over a longer period than that in at the seventh month instead of between the which it actually occurs. The miscellaneous sixth and the seventh. The consequent halffreight-car loadings series has no large er- month lead in the average makes no differratic fluctuations so that the moving average ence when the underlying series is moving shown in Chart 1 requires no correction for horizontally but causes the average to be this particular characteristic. In many other slightly low when the series is rising and series, however, corrections of this sort are slightly high when it is declining. The exnecessary. When a strike, for example, tent of this bias can be readily determined causes a sharp drop in a series the twelve- and eliminated by correctly centering the month moving average (if centered say on average graphically between the sixth and the seventh month) is pulled down six seventh months at a few sample points and months earlier, when the value for the strike- drawing the freehand curve at the revised affected month is first included, and released, level. This graphic procedure is less time 522 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHART I - DETERMINING NONSEASONAL MOVEMENTS 180 180 160 —/Hi 140 120 100 60 40 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 UNADJUSTED SERIES. TWELVE "MONTH MOVING AVERAGE. BASED ON MISCELLANEOUS FREIGHT-CAR LOADINGS FREEHAND CURVE. INDEX, 1935-1939 = 100- .... PRELIMINARY ADJUSTED SERIES. REVISED FREEHAND CURVE. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHART 2 - DETERMINING SEASONAL MOVEMENTS NT JANUARY JULY 95 -- q - i IO — 90 < I05 < Seal {i — —i— •— 85 / i •—i IOO 1— i y — 80 95 FEBRUARY AUGUST 100 I IO 95 (1 I05 90 ( IOO •i — 85 95 MARCH SEPTEMBER 105 120 —i i— 100 I 15 < ssr•ssa V 4 t <\ < 95 MO < 90 ( i I05 APRIL OCTOBER II 0 120 4 i 1 105 I 15 it i < < bU 100 I IO 95 I05 MAY NOVEMBER I 10 I IO 105 I05 i 100 < IOO i( 95 E 95 JUME DECEMBER 1 10 i 95 <• < ( r < 105 90 ^^ S H i 4 L-J 100 < 85 r X 95 80 1930 1932 1934 1936 1938 1940 1930 1932 1934 1936 1938 1940 • RATIOS OF UNADJUSTED SERIES TO FREEHAND CURVE. — PRELIMINARY FACTORS (ADJUSTED TO 1200). BASED ON MISCELLANEOUS FREIGHT-CAR LOADINGS X RATIOS TO REVISED FREEHAND CURVE (BY INSPECTION). INDEX, 1935-1939 = 100. «-~— REVISED FACTORS. FINAL REVISION OF FACTORS (ON BASIS OF CHART 3). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Adjustment for Seasonal Variation consuming than centering the moving aver- Determining Typical Differences of Unadage correctly by means of an additional aver- justed Series from Its Main Nonseasonal aging computation. Movements Although it is ordinarily better to use a In determining the typical differences for moving average as a guide in spite of the each of the twelve months between the unmany corrections needed, a freehand curve adjusted series and its main nonseasonal is sometimes drawn entirely from inspection movements, the first steps are mechanical. of the unadjusted data. The moving average Ratios of the unadjusted series to correspondis of little assistance in series that are very ing freehand curve values are computed (see short or in series, like steel production, which Table 1) and, as a matter of convenience, have short-time nonseasonal movements expressed as percentages.12 If seasonal varmuch larger than their seasonal fluctuations. iation were constant for the entire period covered by the series it would be unnecessary In such cases a fairly smooth freehand to plot the ratios and to inspect them for curve is drawn following the main nonchanges from year to year. An arithmetic seasonal movements of the series as well as mean or an average of middle items would possible. This curve serves as the basis for serve to describe their central tendency for a preliminary adjusted series which is then all periods. But since practically no series used as guide for a new freehand curve. do, in fact, show constant seasonal variation, A question naturally arises at this point the ratios are always plotted, as in Chart as to why one of the mathematical formulae 2, with the values for the same month shown that yield smoother and closer fitting curves together for successive years. than the twelve-month moving average 1 has The problem comes in measuring the regunot been substituted either as the sole indilarly recurring element in the specific fluctucator of nonseasonal movements or as a betations shown by the ratios. The first step in ter guide for freehand curves. The reason the process (not shown in Chart 2) is to fit is that formulae giving significantly better freehand averages as closely and smoothly results are laborious to compute and also as possible to the ratios. Ordinarily not more require some freehand correction. Macauthan two or three successive ratios will be lay's 43-term formula, for example, takes above or below the average line, but the direcabout twice as long to compute as a twelvetion of the line is not usually changed unless month moving average and provides no data three or four points would otherwise lie outfor a period of nearly two years at the beside it.3 In fitting the averages account is ginning and at the end of the series. It has taken of the fact that the significance of inalready been pointed out, moreover, that dividual ratios varies considerably from a application of any mathematical formula seasonal standpoint. In some periods, partends to smooth the larger erratic fluctuaticularly during sharp cyclical moves when tions, such as those caused by strikes and floods, making the resulting curve unsatis- 1 Occasionally, series are encountered (e.g., money in circulation and some employment series) in which the absolute amount factory as a base from which to measure sea- of seasonal variation appears to be entirely independent of the nonseasonal level of the series rather than roughly proportionate sonal variation. It is of course possible to to it as in most series. If this is the case, somewhat more accurate results are obtained by taking absolute differences of the edit out such erratic fluctuations from the series from the freehand curve. Results are noticeably better, however, only if the series shows both a large and fairly regular series and then fit a curve mathematically, seasonal and substantial changes in level. 2 For graphic methods of obtaining ratios to freehand curves but the process is lengthy and the resulting and moving averages see William A. Spurr in Journal of the American Statistical Association, June 1937 and December 1940. curve also requires revision similar to that 3 Closeness of fit should depend partly on the nature of the in steps 11 and 12. underlying data. For a series like miscellaneous carloadings, which is a composite of many different commodities, the fit should be close, since changes in the seasonal pattern of the total may be caused by shifts in the relative importance of components, even though the pattern of each component remains 1 See The Smoothing of Time Series by Frederick R. Macaulay. fairly stable. JUNE 1941 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Adjustment for Seasonal Variation seasonal changes are likely to be submerged, differences are smaller or if they fluctuate there is considerable margin of error in the above and below 1200, the next step is to adfreehand curve base. Even where the free- just the freehand lines through the ratios so hand curve is entirely accurate, however, that the sum of their values is 1200 in each each ratio to it includes an element of erratic calendar year or a different total in certain as well as of seasonal change. Individual years because of a special circumstance afratios which for either reason are far out fecting the series. Freehand lines balanced of line are given very little weight in theto 1200 (see Chart 2) are the preliminary averaging process. seasonal adjustment factors. Although changes in these freehand aver- The purpose of balancing seasonal factors ages are usually smooth, any abrupt change to 1200 (i.e., to an average of 100) is to make in the level of the ratios for a given month the proportionate adjustments upward equal must be investigated and, if it is found to be to those downward so that their application attributable to a sudden change in some sea- will not materially affect the general level of sonal influence rather than to the accidental the series. Annual averages of the adjusted fluctuations of a few points, the freehand series will differ slightly from the correline is drawn to reflect it. Sudden large sponding averages of the unadjusted, howchanges in seasonal pattern are less likely to ever, even with constant factors averaging occur in series which cover a wide range of exactly 100. Furthermore, for changing products, no one of which comprises a large seasonal factors some twelve-month periods part of the total, than in series which refer must be different from 1200 even when calto a single product or to a few distinct classes endar year totals are forced. On theoof products. The miscellaneous freight-car retical grounds, therefore, changing seasonal loadings series covers hundreds of different factors need only approximate 1200. Howitems and changesi in seasonal pattern of the ever, except in a few cases where the total have been rather gradual. Most of the accuracy of the factors would have been changes in seasonal patterns for individual seriously impaired,1 calendar year totals items have been offsetting or too small forof changing seasonal factors published by measurement. There was, however, a fairly the Board have been forced to 1200 mainly sharp change in the total between 1932 and to facilitate checking the numerous tran- 1933 when summer and fall months declined scriptions that are made of these data. Also, and winter months rose, reflecting mainly the on theoretical grounds, factors for the year decline of agricultural products as a part of that is current at the time a series is adjusted total loadings. should balance because they are in effect con- After freehand averages have been drawn stant factors applying to all succeeding years through the ratios, values on the lines are until the adjustment is revised. transcribed and the twelve figures for each After tentative seasonal factors have been calendar year are added. These totals will selected on the basis of the ratio charts and be in the neighborhood of 1200 if theproperly balanced, they are used as divisors ratios have been properly averaged and if of the unadjusted data to obtain a prelimithe level of the freehand curve (step 4) isnary adjusted series as shown in Table 2. accurate. If the sum of these values is quite far from 1200 in the same direction over a 1 A case in point is the automobile employment series during 1935. The introduction of new model cars is a clearly discernible period of several years, it is usually the level seasonal stimulus to automobile employment which occurred once in the spring of 1935 as in earlier years and again in the fall as of the freehand trend-cycle curve that is in- n later years. Since neither model change was an isolated random occurrence but rather in one case the last and in the accurate, in which case it is revised with cor- other the first of a series of regularly recurring events, it seems proper to regard both of them as seasonal. Consequently the responding corrections in the ratios. If the year as a whole required a downward seasonal adjustment; that is, factors adding to more than 1200. 524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Adjustment for Seasonal Variation TABLE 2.—COMPUTATION OF PRELIMINARY ADJUSTED SERIES (Miscellaneous freight-car loadings; 1935-39=100) Jan- Feb- Octo- No- De- Annual uary ruary March April May June July August tember ber vember cember Total Average Unadjusted Series 1929 122.5 130.0 147.1 156.0 156.5 162.0 161.7 168.7 181.4 176.0 142 6 114.2 1 818 7 151 6 1930 113.6 124.6 133.4 142.3 139.1 138.8 135.6 137.7 146.7 141.0 117.4 93.3 1, 563. 5 130.3 1931 91.0 95.8 104.2 114.6 114.1 112.7 108.6 106.3 106.9 106.4 92.5 75.0 1, 228.1 102.3 1932 70.2 70.0 70.8 75.7 73.1 73.0 67.9 69.3 81.5 86.8 73.2 58.6 870.1 72.5 1933 60.4 58.3 59.5 71.2 77.0 86.4 89.4 83.8 90.0 91.4 80.0 73.1 920.5 76.7 1934 72.6 76 4 84.0 89 7 91.6 93.0 86 0 84.9 91.4 91.8 82 6 72 7 1 016 7 84 7 1935 76.1 82.1 87.5 90.2 86.3 87.9 87.7 90.1 101.3 108.2 99.4 88.0 1, 084.8 90.4 1936 83.5 83.3 96.3 104.0 106.9 109.4 110.0 111.7 124.7 127.1 121.2 109.9 1, 288. 0 107.3 1937 101.0 106.5 116.9 121.7 121.4 117.5 116.7 116.3 125.5 119.6 100.9 81.2 1, 345. 2 112 1 1938 77.6 78.0 84.8 82.2 83.5 84.4 86.5 89.2 101.8 107.3 99.6 87.9 1,062. 8 88.6 1939 85.9 84.4 92.4 94.7 95.7 96.8 96.5 98.9 120.5 127.4 119.7 106.3 1, 219. 2 101.6 1940 97.1 94 0 96.9 100.3 105.1 111.8 107.4 109.7 124.1 131.7 125.3 115.9 1, 319. 3 109.9 1941 114.8 117.6 124.4 131.5 Seasonal Adjustment Factors 1929. 81.5 87.0 95.5 103.0 103.0 105.0 104.0 106.5 116.0 116.5 100.0 82.0 1, 200. 0 1930. 81.5 87.0 95.5 103.0 103.0 105.0 104.0 106.5 116.0 116.5 100.0 82.0 1, 200.0 1931. 81.5 87.0 95.5 103.0 103.0 105.0 103.5 105.0 114.5 116.5 101.0 84.5 1, 200. 0 1932. 83.5 87.5 95.5 103.0 103.0 105.0 102.5 102.5 112.0 116.5 102.0 87.0 1,200. 0 1933. 88.5 88.5 95.5 103.0 102.5 104.0 101.0 100.0 111.0 115.0 102.0 89.0 1, 200. 0 1934. 88.5 89.5 97.5 102.5 102.0 103.0 99.5 100.0 111.0 113.5 102.5 90.5 1, 200.0 1935. 88.5 89.5 98.0 102.0 101.5 101.0 99.5 100.0 111.0 113.5 103.5 92.0 1, 200. 0 1936. 88.5 89.5 98.0 101.0 101.5 101.0 99.5 100.0 111.0 113.5 104.0 92.5 1, 200. 0 1937. 88.5 89.5 98.0 101.0 101.5 101.0 99.5 100.0 111.0 113.5 104.0 92.5 1, 200.0 1938. 88.5 89.5 98.0 101.0 101.5 101.0 99.5 100.0 111.0 113.5 104.0 92.5 1, 200. 0 1939. 88.5 89.5 98.0 101.0 101.5 101.0 99.5 100.0 111.0 113.5 104.0 92.5 1, 200.0 1940. 88.5 89.5 98.0 101.0 101.5 101.0 99.5 100.0 111.0 113.5 104.0 92.5 1, 200. 0 1941. 88.5 89.5 98.0 101.0 Seasonally Adjusted Series 1929. 150.3 149.4 154.0 151.5 151.9 154.3 155.5 158.4 156.4 151.1 142.6 139.3 1,8i4. 7 151.2 1930. 139.4 143.2 139.7 138.2 135.0 132.2 130.4 129.3 126.5 121.0 117.4 113.8 1, 566.1 130.5 1931. 111.7 110.1 109.1 111.3 110.8 107.3 104.9 101.2 93.4 91.3 91.6 88.8 1, 231. 5 102.6 1932. 84.1 80.0 74.1 73.5 71.0 69.5 66.2 67.6 72.8 74.5 71.8 67.4 872.5 72.7 1933. 68.2 65.9 62.3 69.1 75.1 83.1 88.5 83.8 81.1 79.5 78.4 82.1 917.1 76.4 1934. 82.0 85.4 86.2 87.5 89.8 90.3 86.4 84.9 82.3 80.9 80.6 80.3 1,016. 6 84.7 1935. 86.0 91.7 89.3 88.4 85.0 87.0 88.1 90.1 91.3 95.3 96.0 95.7 1,083.9 90.3 1936. 94.4 93.1 98.3 103.0 105.3 108.3 110.6 111.7 112.3 112. 0 116.5 118.8 1, 284. 3 107.0 1937. 114.1 119.0 119.3 120.5 119.6 116.3 117.3 116.3 113.1 105.4 97.0 87.8 1, 345.7 112.1 1938. 87.7 87.2 86.5 81.4 82.3 83.6 86.9 89.2 91.7 94.5 95.8 95.0 1, 061.8 88.5 1939. 97.1 94.3 94.3 93.8 94.3 95.8 97.0 98.9 108.6 112.2 115.1 114.9 1, 216. 3 101.4 1940. 109.7 105.0 98.9 99.3 103.5 110.7 107.9 109.7 111.8 116.0 120.5 125.3 1, 318. 3 109.9 1941. 129.7 131.4 126.9 130.2 Checking the Preliminary Seasonal Adjust- carefully examined to see that it contains no ment repetitive movements that are seasonal in The first step in checking the accuracy of character. Two sets of movements in the rethe preliminary adjustment is to plot the vised freehand curve shown in Chart 2 are preliminary adjusted series along with the open to suspicion on this account; interrupunadjusted series and the freehand curve tions of the general downward movement in on Chart 1. Comparison of the adjusted the first part of both 1930 and 1931 and yearseries with the freehand curve ordinarily end bulges in each of the last three years. If will indicate a number of periods in which the green dots on Chart 1 are examined carethe latter can be made to fit more closely fully, however, it is apparent that the timing without undue sacrifice of smoothness. of these moves is in neither case exactly the Revision of the freehand curve on this same and that their magnitudes are subbasis is similar to the original drawing of a stantially different. Thus, the regularly refreehand curve using a former adjusted series curring element in them is smaller than would as a guide, and the revised curve should be appear at first glance. Furthermore, sim- JUNE 1941 525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Adjustment for Seasonal Variation ilar movements appear in seasonally adjusted to see whether there are months which show data for the production of manufactured recurring movements that are seasonal in goods (which comprise about two-thirds of character.1 It usually is helpful to make a miscellaneous freight-car loadings) and in mechanical preliminary examination in which these data seasonal adjustments are computed a check mark is placed over each month that separately for a large number of individual is for three or more successive years either lines. For this reason it would appear that all above or all below an imaginary line the repetitive movements in the carloadings between the two adjacent months. Not all series do not reflect changes in the com- these points will be recurring interruptions position of loadings. Another reason for of the general movement of the series and thinking that these movements are non- even fewer will be seasonal in character, but seasonal is that each can be accounted for this mechanical checking facilitates concenon other grounds. The moves in 1938-39 tration on the points that may need revision. and 1939-40 both reflected the beginning of In Chart 3 many of the check marks that periods of inventory liquidation following would be made in this mechanical way do periods of rapid rises in manufacturing pro- not appear. For example, June would be duction, with the move in 1939-40 being of checked as being low and July as being high much the greater magnitude, and the slacken- during the first three years shown. These ing in early 1941 appeared to reflect the fact check marks, and a number of others, were that a number of manufacturing lines were taken out because (in one or more of the nearing capacity operations. three years) the points, though high or low Revisions made in the freehand curve are in relation to immediately adjacent months, next carried through to obtain a revised pre- still fitted smoothly into the general moveliminary adjusted series. Ordinarily this ment of the series over a somewhat longer process can be accomplished without actually period. The series from April to August transcribing the new freehand curve values 1929 is smoother with June and July at their or computing the new ratios as was done in present values, for example, than if June the first instance under steps 5 and 6. The were raised and July lowered as would be effects on the original ratios of revisions in indicated by the first mechanical checking. the freehand curve can be determined, after There are usually a number of instances in a little practice, by inspection of differences which such changes are a matter of indifferbetween the original and the revised free- ence, and in such borderline cases (for exhand curve, and the revised ratios can then ample, June of 1932, 1933, and 1934) the be plotted directly on Chart 2. check marks are left in. Revised seasonal factors, represented by Check marks remaining on the calendar the green lines on Chart 2, are selected and chart after this elimination process refer to balanced to 1200 in the same manner as be- monthly figures which on their face would fore, but the process is easier because the appear to include some seasonal movement. original factors already balanced to 1200 Even though these movements are recurring, serve as a guide. In many cases changes however, there remains the possibility that will not be numerous and the preliminary some of them may have been caused by nonadjusted index will be revised for only a few seasonal influences. Freight rate increases, months. for example, which became effective at the The final stage of checking is begun by 1 The calendar chart can also be examined to see if there plotting the revised preliminary adjusted are groups of months, as well as individual months, which show similar movements in successive years. If the freehand curve series on a calendar or tier chart (Chart 3). has been carefully reviewed, however, there should be none and in any case these broader repetitive movements can ordinarily be This chart is examined, reading vertically, identified more readily from the continuous series plotted in Chart 1 tha:a from Chart 3. 526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Adjustment for Seasonal Variation CHART 3 - CHECKING THE PRELIMINARY ADJUSTMENT DEC. JAN. FEB. MAR. APR. MAY JUN. JUL. AUG. SEP. OCT. NOV. DEC. JAN. / / REPETITIVE MOVEMENTS. ••• FINAL REVISIONS IN ADJUSTED SERIES. BASED ON MISCELLANEOUS FREIGHT-CAR LOADINGS INDEX, 1935-1939 = 100. SCALES NOT REQUIRED IN READING THIS CHART AND ARE NOT SHOWN BECAUSE OF OVERLAPPING. JUNE 1941 527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Adjustment for Seasonal Variation end of March 1938 were responsible for the sive revision of the Board's index of factory sharp drop in loadings during April of that employment 90 individual series averaging year and for this reason the figure cannot be 14 years in length were adjusted for seasonal regarded as seasonally low, and this group variation. For each of them about a halfof check marks should be disregarded. day's work of a professional nature was re- The final step in the process is to eliminate quired in steps 4, 8, 9, 12, 14 and 15 and as far as possible all recurring movements about two days of clerical work in the rethat remain in Chart 3 by a final revision of maining steps. Other kinds of data, such as the seasonal factors shown in Chart 2. Since construction contracts and many industrial the factors must ordinarily continue to bal- production series are more erratic and their ance to 1200 and since changes in them must adjustments somewhat more time-consuming. continue to be smooth, it is not always pos- Department stores sales and money in cirsible to make revisions that will eliminate culation require, in addition to the process successive movements at one point without described in this article, special adjustments introducing them at others. Back and forth for the changing dates of Easter. checking of the effects of changes on both Time spent this way, however, yields charts serves as the basis for decision and more accurate seasonal adjustments than it was found that lowering the factors for can be obtained by applying an inflexible March 1931-33 and raising the correspond- mathematical process, and in addition yields ing factors for April eliminated most of the a knowledge of other characteristics of recurring movements in Chart 3 and left the underlying series that is valuable on changes in the factors smooth enough to be its own account. The effect on the series of consistent with the concept of average sea- nonrecurring "seasonal" forces, of strikes sonal variation. These changes are indicated and floods, of price changes and economic by the red lines on Chart 2 and by dotted legislation, are all examined in the process. lines on Chart 3. Since seasonal adjustment is only a part of the general problem of series analysis, addi- Evaluation of Present Method tional knowledge gained in the process itself The seasonal adjustment process described serves the broader purpose for which the in this article requires a higher grade of work is done, and greater accuracy obtained work and somewhat more time than most at the beginning facilitates analysis of the mechanical methods. In the last comprehen- adjusted figures. 528 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

d SJndax off *Ttei(jht-&at A REVISED Federal Reserve index of shipments in the summer have become a freight-car loadings is shown in the ac-smaller part. companying table. This index, while broadly The usual procedure for computing seasonsimilar to that previously published by the ally adjusted indexes has been modified in the Board, differs from the earlier index in sev-case of ore loadings for April and May and eral respects: seasonal adjustments for each for October and November. Loadings of iron class of freight have been revised for recent ore in these months are very erratic, owing years; weights for combining individual to differences from year to year in the dates classes of freight to obtain the total index of opening and closing the navigation season have been changed for the period since 1931; on the Great Lakes, and, as a result, seasonal and the base has been shifted from 1923-1925 adjustment by the usual method has been unto 1935-1939. The methods of computing satisfactory. For example, in April, 1937, daily average carloadings for each month the combination of an early opening of navifrom the weekly data of the Association of gation and a large demand for iron ore raised American Railroads and of combining them the old seasonally adjusted index for ore to into the total index remain as described in a peak twice as high as the level of adjacent the Federal Reserve BULLETIN for June, months. Distortion of this kind is lessened 1937. The procedure followed in adjusting by treating April and May as a single period individual series for seasonal variation is for seasonal adjustment purposes and treatdescribed in detail in the article beginning ing October and November similarly. A on page 511 of this BULLETIN. single index for each of these periods has Changes in seasonal movements of individ- been computed and assigned to each of the ual classes of freight, for which revised 1940 two months in the period. In maintaining factors are shown in the accompanying table, the index currently, preliminary indexes will had a considerable effect oil the general sea- be computed for April and for October and sonal pattern of total loadings. The largest these will be revised when the succeeding changes were for livestock carloadings, the months' figures become available. peak movement of which in September and For the period beginning in 1931, weights October has become more pronounced as a derived from 1935-1939 revenues have been consequence of a decline in the proportion of used in combining the indexes for eight hog shipments in total livestock shipments. classes of freight into the total index, while For miscellaneous carloadings, seasonal vari- prior to 1931 weights based on 1928 revenues ations in recent years have been less marked were used. For the earlier period the total than they were during the early 1930's and index was lowered 1 percent to make it conbefore; shipments in the winter months have tinuous with the index for succeeding years, become a larger part of the annual total while based on 1935-1939 revenue weights. The two sets of weights are shown in the following table: FREIGHT-CAR LOADINGS : SEASONAL ADJUSTMENT FACTORS FOR 1940 Total i Coal Coke Grain L st i o v c e k - F P u o r c o r t e d s s - t Ore c M n el i e l s - a - - M c d h i e a s r e n - - IMPORTANCE O T F O T V A A L R I I O N U D S E X, C L 1 A 9 S 3 S 5 E - S 1 93 O 9 F FREIGHT IN ous l.c.l. Per cent of total Jan. 93.4 114.0 120.0 88.0 96.0 90.0 25.0 88.5 95.5 Feb.._. 93.1 114.0 123.0 84.0 80.0 96.0 25.0 89.5 96.5 Class of Freight Derived from Derived from Mar. __ 95.6 103.0 104.0 86.0 79.0 100.0 26.0 97.5 100.5 1928 1935-1939 Apr 94.0 84.0 88.0 85.0 89.0 100.0 2 45.0 101.0 101.0 revenues revenues May- 97.7 85.0 92.0 86.0 90.0 104.0 2 135.0 101.5 100.0 June— 98.7 84.0 90.0 98.0 78.5 104.0 174.0 101.0 99.5 July... 100.6 85.0 86.0 145.0 84.0 100.5 181.0 99.5 99.5 Grain 7.1 5.6 S A O N D e c o u e p t v g t c . . — - _ .- - 1 1 1 1 9 0 1 0 1 4 3 0 4 1 . . . . . 4 4 5 3 3 1 1 1 1 8 1 1 0 1 8 1 3 5 4 . . . . . 0 0 0 0 0 1 1 1 8 9 0 0 0 4 8 6 0 9 . . . . . 0 0 0 0 0 1 1 1 9 9 1 2 0 1 8 0 2 7 . . . . . 0 0 0 0 0 1 1 1 9 9 3 5 2 5 6 2 4 6 . . . . . 0 5 0 0 0 1 1 1 9 8 0 0 0 8 9 5 8 5 . . . . . 0 0 0 0 5 2 2 1 1 1 2 7 7 4 6 8 5 5 5 6 . . . . 0 . 0 0 0 0 1 1 1 1 9 0 1 1 0 2 0 1 3 4 . . . . . 5 0 0 5 5 1 1 1 1 9 0 0 0 0 6 5 4 2 0 . . . . . 0 0 0 0 5 C L C Fo i o o v r a k e e l e s s t t o p c r k o . d . ucts.. __ 2 0 5 1 1 . . . . 8 3 4 5 2 0 5 1 1 . . . . 7 8 3 8 Ore_ — . _ Merchandise 1 c 1 9.7 7.6 1 Obtained by dividing the unadjusted total index by the adjusted Miscellaneous 52.0 54.8 index. 2 Seasonal factors for April and May "and for October and November Total - 100.0 100.0 are combined in computing adjusted indexes—see text. 529 JUNE 1941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEXES OF FREIGHT-CAR LOADINGS BY CLASSES [Index numbers; 1935-39 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation.] Grain Total Coal Coke a p n r d o d g u r c ai t n s Livestock p F ro o d r u es c t ts Ore l M an is e c o e u l s - d M ise e , r c 1 h . a c n . - 1. Year and month ju A st d e - d iu U a s d n te - - d ju A s d te - dju U a s d t n e - - d ju A st d e - d ju U a s d t n e - - dju A st d e - dju U a s d t n e - - d ju A st d e - dju U a s d t n e - - d ju A st d e - dju U a s d t n e - - dju A st d e - d ju U a s d t n e - - dju A st d e - dju U a s d t n e - - dju A s d te - d ju U a s d n te - - d 1919 120 112 239 188 139 1920 129 159 161 102 218 194 173 1921 110 125 78 126 208 157 65 95 136 1922 121 115 121 135 226 184 114 110 146 1923 142 149 178 125 246 237 167 128 151 1924 139 135 130 142 245 233 120 128 156 1925.. 146 139 155 127 227 236 144 139 164 1926 152 156 170 130 222 231 156 143 165 1927 147 144 136 131 215 216 135 143 164 1928 148 138 132 139 212 211 137 147 163 1929 152 143 157 132 206 163 152 164 1930 131 124 121 125 179 150 119 130 151 1931 105 102 81 112 162 93 102 136 1932 78 84 56 91 132 57 15 73 113 1933 74 91 123 70 53 77 104 1934 83 91 150 73 57 85 102 1935 92 97 85 87 71 90 100 1936 107 109 120 100 106 107 111 103 1937 111 109 126 101 116 151 112 105 1938- 89 87 68 108 90 58 89 95 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 114 147 110 96 1919—January 115 108 107 112 251 276 170 162 203 53 February... 113 103 96 91 251 242 180 188 236 61 March 108 102 114 100 234 207 176 180 177 55 April 113 104 138 106 235 207 176 174 147 75 May 115 112 114 97 231 213 176 183 147 165 June 114 116 101 87 217 196 189 198 142 239 July—- 131 134 152 149 123 111 111 123 240 206 201 193 146 268 August 126 131 144 146 146 128 117 140 232 212 205 205 96 163 September . 132 144 160 166 139 136 115 139 235 259 208 212 148 261 October 126 141 155 177 125 127 111 120 236 288 192 194 130 179 November. 117 122 92 99 130 141 112 118 253 301 190 192 130 108 December— 127 118 131 134 125 133 110 110 249 265 196 176 143 47 1920—January 130 123 144 161 120 130 106 110 238 261 199 189 154 40 February- 127 117 150 147 117 128 107 102 220 212 190 198 172 45 March 132 125 160 147 134 148 106 93 232 205 204 209 186 58 April 119 109 151 127 139 132 100 77 212 187 200 198 168 69 May 126 124 151 136 143 134 103 87 235 216 197 205 168 206 June 128 131 157 152 162 146 111 96 223 202 189 198 162 272 July 134 139 164 161 171 154 91 101 218 187 196 188 156 285 124 129 113 113 August 135 142 165 166 213 187 96 115 211 193 208 208 169 288 120 125 129 128 September, 132 146 159 165 208 204 105 127 209 230 203 207 173 307 116 129 128 135 October 130 147 157 179 197 201 105 113 197 241 193 195 201 274 112 130 128 133 November. 129 134 165 178 175 190 103 216 258 179 181 201 172 111 114 125 129 December.. 128 118 173 177 156 165 210 167 150 173 57 107 93 127 123 1921—January 109 103 125 140 119 128 116 120 216 238 160 152 124 32 92 79 123 113 February... 109 101 124 122 104 114 113 107 214 207 165 173 115 30 92 81 129 123 March 104 98 110 102 71 78 117 103 210 186 157 161 78 24 90 87 130 133 April 108 100 127 107 69 66 122 94 223 196 154 154 67 21 90 88 133 136 May 111 108 140 126 71 67 128 109 207 191 155 161 67 89 90 91 136 137 June 109 110 129 125 66 60 133 115 215 194 155 163 65 109 90 94 137 137 July 110 112 123 120 57 51 145 160 203 174 148 142 63 116 93 96 136 136 August 112 117 122 123 64 57 141 169 209 191 146 146 70 118 98 102 139 139 September _ 115 127 130 135 67 65 134 163 199 219 154 156 62 109 101 113 141 148 October 121 136 140 159 81 83 131 141 211 257 168 170 49 79 105 122 144 150 November. 108 113 120 130 78 85 106 111 193 230 162 164 49 31 95 98 141 145 December— 107 105 107 84 121 121 210 164 148 65 21 94 82 143 138 1922—January 110 104 119 134 135 141 210 229 165 157 62 16 92 79 144 132 February— 120 112 156 154 92 102 155 147 217 209 157 164 60 16 94 83 146 139 March 124 118 168 157 99 109 130 115 217 192 165 170 63 20 99 95 147 150 April 106 100 69 58 105 102 120 92 217 191 175 181 60 35 105 103 150 153 May 112 110 73 66 119 112 142 119 226 208 189 196 60 110 111 152 153 June 116 118 78 75 133 120 133 112 232 208 192 201 117 114 118 155 155 July 115 119 64 62 139 125 135 146 228 196 192 184 134 245 116 120 152 152 August 116 122 77 78 120 105 131 157 228 210 185 185 144 245 115 120 146 146 September. 126 139 135 141 115 113 123 149 233 259 190 190 117 202 114 127 142 149 October 127 143 137 153 131 132 133 145 234 286 192 191 128 172 113 132 139 145 November . 135 141 146 157 151 161 141 153 238 283 204 204 128 111 121 126 141 146 December— 139 129 152 157 162 172 147 150 235 249 215 194 124 124 108 146 141 1923—January 139 130 143 160 167 181 133 138 234 250 236 224 155 40 126 108 147 135 February... 138 127 150 152 175 194 123 117 236 228 210 219 139 36 125 110 144 137 March 142 135 155 148 176 194 131 115 245 217 231 242 158 49 128 122 144 146 April 149 138 168 141 200 200 138 108 251 221 238 249 165 74 132 130 148 151 May 145 142 162 145 205 192 116 96 241 220 238 248 165 229 130 131 152 154 June 144 144 158 149 210 189 120 98 240 212 243 253 172 293 128 130 154 154 July 144 147 158 153 208 187 122 127 255 222 247 237 173 316 126 130 154 154 August 143 150 153 154 193 170 122 147 257 239 247 247 174 295 127 133 153 152 September. 141 156 143 148 179 175 122 148 256 289 245 245 168 281 128 145 152 160 October 140 157 139 153 151 151 125 139 248 302 242 239 166 218 127 148 154 160 November _ 140 147 135 145 139 146 129 141 244 290 244 242 166 136 129 136 154 159 December— 136 126 130 136 140 148 128 133 251 266 224 200 140 40 127 110 155 149 530 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Indexes of Freight-car Loadings, by Classes—Continued Total Coal Coke an G d r a gr i a n in Livestock pr F o o d r u es ct t s Ore l M an is e c o e u l s - d M ise e , r c 1 h . a c n . - 1. products Year and month u A s d t - ed u U a s n d t - e - d l A i d st - e ! d u U a s n d t - e - d u A s d t - ed u U a s n d t - e - d u A s d t - ed u U a s n d t - e - d u A s d t - ed u U a s n d t - e - d u A s d t - ed u U a s n d t - e - d u A s d t - ed u U a s n d t - e - d u A st d e - d u U a s n d t - e - d ju A s d te - d u U a s d n t - - ed 1924—January 139 130 145 162 145 156 127 131 263 224 123 32 126 107 155 142 February- 146 136 152 155 149 166 148 141 239 265 137 36 131 116 157 151 March 139 133 136 130 154 169 132 115 217 264 138 43 127 122 156 159 April 134 126 118 99 140 140 136 106 211 247 136 76 126 124 155 159 May - 132 129 119 107 121 114 134 111 222 240 136 195 121 121 154 156 June 130 129 123 113 105 94 131 107 213 221 128 218 120 121 154 153 July 131 133 120 115 101 91 129 133 214 205 119 210 124 127 152 151 August 135 142 124 124 103 91 144 173 221 222 109 185 128 134 155 154 September _ 142 160 144 149 115 112 161 198 272 226 109 180 130 151 155 163 October 144 162 139 153 123 123 170 190 294 230 110 156 134 155 157 163 November. 143 151 140 152 128 133 147 161 294 233 110 71 133 141 157 162 December - 143 132 143 150 147 156 132 138 276 210 134 38 132 115 158 152 1925—January 146 135 147 165 160 173 139 143 244 261 232 142 37 134 112 161 149 February. — 145 135 135 139 149 169 128 121 232 223 264 163 42 137 121 164 158 March 141 134 122 118 145 157 122 105 222 194 262 146 44 136 131 161 165 April 144 136 134 113 139 139 120 94 229 202 252 166 107 137 136 162 164 May 144 141 139 125 129 122 127 105 213 193 247 166 234 135 135 162 163 June 145 143 140 126 131 118 125 104 219 190 237 137 233 138 139 165 164 July 146 147 146 137 132 119 122 126 224 195 220 136 239 139 142 163 162 August 150 158 157 157 142 125 129 155 231 215 231 135 230 140 148 166 165 September _ 145 164 137 143 154 151 124 152 220 250 234 131 216 140 164 165 174 October 144 162 136 149 172 172 116 130 235 301 228 147 181 139 161 165 172 November. 148 156 140 153 196 204 131 144 222 260 224 147 122 143 150 166 171 Decernber— 153 139 137 145 204 216 141 147 232 243 210 159 43 149 128 166 159 1926—January 147 134 134 150 211 228 130 132 222 238 228 215 145 36 143 118 166 154 February— 147 137 137 142 202 232 128 123 214 205 233 247 147 38 142 125 166 160 March 147 141 146 143 169 179 130 111 224 196 234 248 141 39 138 133 165 168 April 149 140 157 132 159 157 134 106 222 195 235 246 123 56 138 137 165 167 May 152 150 149 134 159 150 135 112 218 198 236 248 123 199 146 147 167 168 June 153 151 157 140 160 148 137 116 224 194 237 243 150 256 144 146 165 164 July 155 157 161 146 163 147 152 161 228 198 233 225 159 278 144 149 165 164 August 151 160 154 153 163 145 131 157 226 210 229 229 166 285 142 152 165 165 September. 152 173 162 168 163 160 115 142 240 276 232 238 173 286 143 169 164 172 October 155 176 163 181 165 165 131 148 220 286 230 234 177 247 146 171 165 172 November. 157 163 177 196 162 168 123 129 218 255 227 220 177 116 145 149 165 170 December.. 154 140 170 182 151 159 126 128 214 219 222 187 144 37 145 121 165 158 1927—January 151 138 159 178 142 154 125 126 213 228 223 209 146 35 144 118 165 153 February... 153 143 165 174 137 159 128 124 210 201 216 228 160 40 144 126 166 160 March 154 147 168 164 149 155 128 110 221 193 217 228 149 40 145 139 164 167 April 150 142 148 124 146 145 131 105 220 196 214 222 149 90 145 144 163 166 May 149 148 143 129 142 135 135 112 226 206 219 230 149 221 144 148 164 166 June 148 147 142 123 143 133 132 115 224 193 217 223 138 242 144 148 163 163 July 146 148 136 120 140 127 123 136 219 189 221 214 138 242 144 149 164 164 August 147 156 143 140 136 123 131 157 217 201 220 223 134 228 143 153 165 165 September _ 147 158 142 151 130 128 140 172 203 235 219 227 128 212 142 168 164 172 October 144 164 134 152 119 119 136 154 213 279 213 217 118 175 141 164 163 171 November _ 141 144 126 140 117 119 133 135 212 249 211 205 118 67 139 141 162 167 December.. 140 124 127 137 122 126 128 127 205 209 205 171 126 31 137 112 162 153 1928—January 146 132 132 148 130 140 139 139 222 215 199 136 31 144 117 165 154 February... 145 135 130 138 128 148 138 135 243 232 214 225 128 31 141 124 164 158 March 147 140 133 129 131 136 153 132 231 202 212 221 121 31 143 137 163 165 April 145 138 138 116 129 128 139 112 207 187 200 208 39 143 143 162 165 May 147 146 139 125 134 129 136 113 208 189 209 219 168 146 150 163 165 June 144 144 136 117 132 122 110 98 210 181 209 215 138 245 143 148 163 163 July 148 150 137 119 127 116 129 153 198 168 209 202 136 239 148 154 164 163 August 149 157 138 132 131 118 136 163 201 181 210 215 138 237 148 159 163 163 September. 150 172 141 150 136 133 143 175 215 251 208 215 146 241 149 176 163 171 October 151 173 143 164 135 135 140 154 204 271 209 214 165 217 149 175 164 171 November. 154 157 145 161 138 139 159 154 201 235 220 213 165 121 151 151 163 168 December.. 152 135 136 148 135 140 145 139 206 209 218 182 164 39 152 125 164 155 1929—January 153 138 151 169 147 158 137 134 201 215 205 185 153 34 150 122 163 152 February... 153 143 158 170 152 176 137 134 198 189 194 202 150 36 149 130 164 158 March 150 142 127 120 153 159 138 118 197 170 209 218 163 42 153 147 164 166 April 152 147 140 117 154 152 124 102 205 191 216 225 183 113 152 156 166 168 May 153 152 141 126 167 160 129 108 202 185 212 226 183 268 153 157 164 166 June 154 156 144 124 168 156 138 125 197 168 218 228 158 282 154 162 164 165 July 155 159 141 123 172 156 138 185 201 169 215 208 162 291 156 162 165 165 August 156 165 141 135 169 150 145 174 194 175 216 223 161 279 158 169 165 166 September. 154 175 146 157 160 156 126 146 197 230 205 212 159 262 156 181 165 173 October 150 171 139 161 154 154 121 127 197 261 199 204 157 212 152 176 165 172 November. 144 146 138 154 151 151 120 113 196 229 189 183 157 102 143 143 162 166 December.. 143 128 144 158 145 154 129 119 187 189 184 154 134 32 139 114 159 150 JUNE 1941 531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Indexes of Freight-car Loadings, by Classes—Continued Total Coal Coke a p n r G d o r d g a u r i c n a t i s n Livestock pr F o o d r u es c t ts Ore l M an is e c o e u l s - d M ise e , r c 1 h . a c n . - 1. Year and month ju A st d ed ju U a s d t n e - - d ju A st d e - d ju U a s d t n e - - d ju A st d e - d ju U a s d t n e - - dju A st d e - d ju U a s d t n e - - d ju A st d e - d ju U a s d t n e - - dju A st d e - d ju U a s d t n ( < - ju A s d te - dju U a s d t n e - - dju A st d e - dju U a s d t n e - - d ju A st d e - c ju U a s d t n e - - d 1930—January 142 128 144 162 135 147 121 115 189 201 173 154 141 31 139 114 159 148 February... 141 131 129 138 126 148 129 126 192 183 182 189 135 32 142 125 159 154 March 136 129 115 109 121 126 127 111 192 164 180 188 129 34 140 133 157 158 April 138 134 128 107 130 127 128 110 184 173 179 186 128 55 137 142 157 159 May 135 135 127 112 128 122 125 108 182 168 162 173 128 199 135 139 154 155 June 133 134 127 108 129 120 128 119 181 153 153 160 130 231 132 139 152 153 July 131 134 125 109 123 111 125 172 173 145 139 134 123 231 131 136 149 148 August 129 137 122 117 118 104 142 170 170 153 130 134 117 209 129 138 149 149 September. 126 142 118 127 113 108 122 137 171 201 130 136 110 184 127 147 148 156 October 122 139 119 140 112 112 114 116 173 230 124 127 101 138 122 141 146 153 November. 119 121 119 133 106 106 115 108 171 200 119 115 101 58 117 117 144 148 December.. 117 105 115 127 105 114 120 105 172 174 121 101 90 22 114 142 134 1931—January 116 104 113 127 102 115 124 114 172 182 119 106 19 112 91 141 131 February. .. 112 104 104 112 92 113 121 118 169 160 112 114 21 109 96 141 136 March 112 106 107 104 95 99 122 108 168 141 107 110 21 110 104 140 140 April 112 109 110 92 92 87 118 106 165 155 102 106 29 110 115 140 142 May 111 110 107 88 84 117 103 163 150 102 109 63 111 114 139 141 June 108 108 105 75 69 110 103 157 132 96 101 111 107 113 138 139 July 107 109 104 90 71 62 116 159 159 133 91 89 133 105 109 137 137 August 103 107 101 95 69 58 104 125 165 154 87 89 129 101 106 135 136 September. 97 109 105 67 64 97 109 154 181 82 87 114 93 107 132 139 October 96 110 116 70 70 109 109 156 207 77 79 72 92 106 131 137 November. 95 97 101 70 70 112 106 164 192 75 73 24 92 92 130 133 December.. 92 83 98 70 77 95. 81 158 158 70 59 14 75 127 121 1932-- January 87 79 92 63 97 87 150 157 67 59 11 70 125 118 February. _. 84 80 93 62 100 98 147 137 64 64 10 70 123 118 March 82 79 94 71 91 81 144 117 63 64 10 71 118 118 April 80 78 73 54 97 87 144 136 62 64 13 76 116 118 May 74 72 59 42 93 82 132 121 57 60 9 73 114 115 June 70 70 54 40 79 75 127 106 52 55 14 73 109 110 July 70 70 61 38 80 111 128 107 49 49 24 68 107 107 August 72 •73 69 42 91 109 126 121 49 50 26 69 107 107 September. 77 86 90 50 97 109 128 155 55 59 23 82 108 113 October 81 92 108 62 95 95 125 167 59 61 24 87 108 113 November. 78 81 102 63 82 121 141 55 54 10 73 106 109 December.. 76 72 104 67 76 120 120 51 43 7 59 106 101 1933—January 74 70 90 59 87 78 122 127 53 47 7 60 107 101 February... 73 71 101 60 80 74 122 111 47 46 7 58 104 100 March 68 65 74 53 55 77 120 95 48 49 8 59 99 99 April 74 72 63 51 42 101 127 119 54 56 12 71 100 102 May 79 77 65 54 50 105 128 118 65 30 77 104 105 June 88 87 79 74 69- 110 134 111 81 50 106 107 July 95 95 94 100 86 130 132 111 91 96 110 109 August 92 92 102 102 86 85 123 121 86 137 107 108 September. 87 9? 103 93 91 91 121 152 78 147 106 111 October 84 95 101 86 85 84 121 163 77 106 105 109 November. 85 87 102 83 83 87 122 143 26 104 106 December.. 85 99 84 92 77 116 114 11 105 100 1934—January 87 109 87 103 126 127 12 107 102 February... 91 121 100 133 86 126 109 12 105 101 March 93 116 106 111 84 120 95 14 104 105 April 90 81 87 73 75 123 116 27 104 105 May 93 86 95 88 80 126 116 84 103 104 June 93 81 92 86 102 134 110 124 102 102 July 90 79 68 58 125 199 167 120 102 101 August 89 81 65 54 111 225 229 105 101 101 September. 87 96 97 70 69 100 196 249 91 100 105 October 83 94 97 70 69 87 145 200 60 99 103 November. 84 86 99 66 67 78 132 154 20 100 101 December.. 85 81 108 75 81 75 125 122 12 100 96 1935—January 89 84 116 102 71 107 106 12 101 95 February. .. 93 89 115 105 75 106 88 13 102 99 March 92 90 108 77 76 103 81 15 101 101 April 85 75 70 75 92 37 100 102 May 86 83 74 72 90 98 99 100 June.. 91 101 74 73 71 115 July 85 67 61 91 73 122 August 91 79 66 119 94 122 100 September . 102 93 84 119 129 127 105 October 108 108 95 100 152 112 105 November. 99 104 96 91 121 50 103 December.. 92 111 112 95 23 96 532 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Indexes of Freight-car Loadings, by Classes—Continued Total Coal Coke an G d r g a r in ain Livestock pr F o o d r u es c t ts Ore l M an is e c o e u l s - d M is e e r , c h I. a n c - . 1. products Year and month ju A st d e - d ju U a s d t n e - - d ju A st d e - d ju U a s d t n e - - d ju A st d e - d ju U a s d t n e - - dju A s d te - dju U a s d t n e - - d ju A s d t - ed ju U a s d t n e - - d ju A s d ted ju U a s d t n e - - dju A st d e - d ju U a s d t n e - - d ju A s d t - ed ju U a s d t n e - - d ju A s d t - ed ju U a s d t n e - - d 1936—January 92 109 124 103 124 100 95 101 85 20 94 83 99 February... 101 97 128 149 108 138 98 94 75 91 87 85 20 93 97 94 March 94 92 79 84 83 86 103 93 107 85 97 84 21 99 98 98 April 103 98 108 91 107 90 101 87 100 92 99 101 37 102 104 101 102 May 104 102 106 90 115 106 102 89 93 86 103 107 101 145 105 107 102 102 June 106 105 103 86 116 107 104 102 108 85 107 113 102 178 108 109 104 103 July 109 110 108 91 128 112 108 156 118 99 110 110 103 191 111 110 104 103 August 110 110 110 96 130 109 95 117 108 110 111 117 107 193 112 112 105 105 September . 109 121 107 113 131 128 84 93 105 137 108 117 118 206 112 125 104 110 October 111 125 114 126 135 133 91 91 109 156 111 116 138 183 112 127 104 108 November. 116 120 118 130 143 148 103 97 113 142 117 115 138 101 117 121 106 108 December.. 116 111 114 129 138 149 103 94 111 108 123 109 121 31 119 110 108 104 1937—January.... 112 104 110 125 125 150 96 85 104 100 112 152 37 114 101 106 100 February... 116 108 112 128 127 156 96 82 102 82 120 115 158 38 119 107 107 104 March 119 115 122 129 142 147 94 81 102 80 120 122 157 39 120 117 108 108 April 119 113 114 96 150 132 95 81 103 94 118 118 220 140 120 122 107 109 May 117 115 110 94 140 129 87 75 102 94 124 129 220 256 120 121 108 108 June 114 113 108 91 137 125 96 94 102 80 124 129 152 264 116 117 107 106 July 115 116 107 90 152 134 100 145 92 77 133 134 151 279 117 117 106 105 August 114 115 108 95 145 122 99 120 102 102 123 130 146 261 116 116 106 106 September. 112 125 113 119 137 134 94 103 102 132 117 127 142 249 113 126 105 110 October 106 120 111 125 113 113 101 106 101 150 107 112 104 160 105 120 103 108 November . 99 103 101 111 87 91 114 112 96 121 96 94 104 55 97 101 101 103 December.. 92 110 72 78 107 100 90 80 110 30 81 96 1938—January.... 87 99 70 83 119 105 107 103 103 25 78 96 90 February... 82 78 89 59 72 108 91 102 82 87 102 26 78 97 93 March 82 70 73 58 60 108 93 98 78 86 100 85 96 96 April 82 78 78 65 58 51 106 90 94 83 80 44 94 95 May 83 81 81 69 57 52 106 91 98 90 85 44 94 94 June 85 83 83 69 58 52 107 105 98 77 86 49 84 93 92 July 88 88 87 74 64 55 112 162 97 81 88 45 93 93 August 90 90 89 78 69 58 108 132 94 89 97 49 95 95 September. 92 102 95 99 77 75 99 109 91 119 102 56 102 95 99 October 95 108 94 107 76 76 117 125 96 149 102 73 107 97 101 November. 95 100 96 107 84 102 100 100 127 92 73 56 100 96 98 December.. 96 92 96 109 82 103 94 96 87 113 32 96 92 1939—January.... 98 90 94 107 106 101 97 87 123 31 86 97 February... 95 88 94 108 78 96 100 84 94 75 85 81 123 31 84 97 94 March 94 90 90 93 85 88 103 96 76 86 86 113 29 92 97 97 April 87 83 60 50 83 73 105 100 89 91 91 85 42 95 97 May 90 88 72 61 67 61 111 96 96 86 94 97 85 110 96 96 June 97 95 97 82 81 73 119 117 91 71 96 100 85 149 97 97 96 July 99 99 105 89 93 80 100 146 98 82 100 100 85 153 97 97 August 101 101 110 97 104 87 97 119 92 88 98 103 98 171 99 97 September . 111 123 119 125 122 120 118 130 104 137 107 116 116 204 109 121 98 103 October 114 129 118 134 146 146 108 115 97 149 116 123 173 220 112 127 97 101 November. 114 119 110 122 144 152 111 109 94 119 121 119 173 144 115 120 99 101 December.. 110 104 111 143 156 108 93 115 103 142 40 115 106 94 1940—January.... 111 104 121 138 136 163 87 91 108 97 138 35 110 97 92 February... 105 97 103 117 110 135 107 90 79 105 101 142 35 105 94 93 March 100 96 100 103 108 112 106 91 75 103 103 140 36 97 94 April 103 96 110 92 108 95 109 93 81 104 104 134 57 100 94 May 106 103 114 97 117 108 101 87 82 106 110 134 184 104 105 94 June 111 109 119 100 145 131 96 75 108 112 134 233 111 112 94 July 110 110 120 102 158 136 145 74 108 108 138 250 108 107 94 August 112 113 124 109 162 136 117 91 115 121 139 244 110 110 96 September. 112 125 114 120 147 144 106 117 129 122 132 145 254 112 124 100 October 110 125 91 104 149 149 100 107 152 128 135 181 238 116 132 100 November . 116 122 109 121 150 159 96 124 131 129 181 145 120 125 98 December.. 119 112 107 121 153 167 87 92 133 119 164 125 116 95 1941—January.. _ 122 113 109 124 145 174 102 90 84 138 124 180 45 130 115 94 February... 124 115 113 129 149 183 102 85 75 133 128 181 45 131 118 101 98 March 126 120 128 132 168 175 113 97 74 127 127 192 50 128 124 100 101 April 111 108 45 38 137 120 113 96 82 130 130 203 130 131 102 103 May June July August September. October November. December. . JUNE 1941 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

I>ea5onallu xidjtilted Ultimate* A/onagiicuLtutal £mployment Seasonally adjusted estimates of nonagri- rollees in CCC camps, and the military and cultural employment are shown below by naval forces. months from 1929 to date and comparable Each of the 63 separate employment series current figures will be published regularly which comprise the Bureau's unadjusted in the Federal Reserve BULLETIN. These total was examined for seasonal variation data, which were derived from estimates of and all those found to have such variation total nonagricultural employment compiled were adjusted. The adjusted series were without seasonal adjustment by the Bureauthen combined into groups and totals comof Labor Statistics, do not include persons parable with those published by the Bureau employed on WPA and NYA projects, en- on an unadjusted basis. TOTAL NONAGRICULTURAL EMPLOYMENT ADJUSTED FOR SEASONAL VARIATION [Thousands of persons] Employees in nonagricultural establishments Total nonagri- Trans- Financial Military Year and month e c m ul p tu lo r y al - Total M fac a t n u u r- - Mining s C tr o u n c - - ti p o o n r t a a n - d Trade se a rv n i d ce, G er o n v - - n a a n v d al ment i ing tion public miscel- ment forces utilities laneous 1929—Jan 36,173 30,329 10,030 1,046 1,877 3,791 6,386 4,125 3,074 261 Feb. 36,169 30, 320 10,098 1,051 1,813 3,804 6,355 4,130 3,069 261 Mar 36, 346 30, 495 10,128 1,063 1,916 3,815 6, 361 4,138 3,074 262 Apr. 36, 443 30,588 10,226 1,066 1,899 3,836 6,344 4,139 3,078 262 May _ 36, 519 30, 662 10,243 1,071 1,880 3,863 6,379 4,144 3,082 263 June 36, 614 30, 754 10,286 1,082 1,854 3,899 6,399 4,150 3,084 263 July 36, 733 30, 873 10,381 1,071 1,829 3,927 6,422 4,161 3,082 263 Aug 36,886 31,024 10,415 1,092 1,826 3,945 6,488 4,165 3,093 263 Sept. 36, 684 30, 819 10,322 1,075 1,773 3,941 6,440 4,161 3,107 263 Oct 36, 538 30, 671 10,260 1,060 1,723 3,944 6,424 4,158 3,102 263 Nov. 36, 310 30, 442 10,082 1,053 1,699 3,900 6,452 4,156 3,100 263 Dec 35, 912 30, 043 9,881 1,042 1,641 3,850 6,400 4,136 3,093 263 1930—jan- 35, 551 29,689 9,783 1,029 1,536 3,806 6,307 4,122 3,106 263 Feb 35, 341 29,484 9,657 1,031 1,532 3,767 6,281 4,110 3,106 263 Mar. 35, 089 29, 233 9,556 999 1,494 3,749 6,229 4,094 3,112 263 Apr 34, 951 29, 099 9,490 996 1,504 3,739 6,172 4,082 3,116 263 May 34, 748 28, 905 9,379 1,000 1,471 3,729 6,140 4,070 3,116 263 June 34,448 28, 613 9,227 1,001 1,449 3,689 6,067 4,058 3,122 263 July 34,139 28, 310 8,998 1,008 1,434 3,646 6,080 4,029 3,115 263 Aug. _ . . 33,740 27, 918 8,818 973 1,403 3,615 5,986 3,999 3,124 263 Sept. 33, 465 27, 649 8,678 958 1,374 3,574 5,959 3,978 3,128 263 Oct 33,177 27, 369 8,590 942 1,341 3,524 5,898 3,954 3,120 262 Nov. 32, 898 27, 099 8,462 929 1,317 3,470 5,871 3,932 3,118 262 Dec. 32, 637 26, 847 8,323 921 1,304 3,447 5,822 3,914 3,116 262 1931—Jan. 32,417 26,642 8,173 915 1,333 3,405 5,777 3,897 3,142 262 Feb... 32, 235 26, 470 8,094 894 1,352 3,367 5,738 3,881 3,144 261 Mar. 32, 046 26, 291 8,058 889 1,311 3,348 5,669 3,866 3,150 261 Apr. 31, 999 26, 252 8,031 898 1,346 3,316 5,654 3,848 3,159 261 May 31,797 26,059 7,993 877 1,302 3,275 5,625 3,827 3,160 260 June 31, 542 25,813 7,860 854 1,280 3,246 5,605 3,804 3,164 260 July 31, 302 25, 582 7,798 827 1,244 3,228 5,541 3,778 3,166 260 Aug. 30, 980 25, 270 7,687 810 1,218 3,180 5,450 3,751 3,174 259 Sept 30, 668 24,966 7,543 812 1,174 3,143 5,389 3,724 3,181 259 Oct. 30, 322 24,629 7,357 809 1,139 3,090 5,358 3,696 3,180 258 Nov. 30, 012 24, 328 7,228 796 1,105 3,047 5,299 3,671 3,182 257 Dec... . 29,898 24, 228 7,199 786 1,105 3,025 5,280 3,652 3,181 257 1932—Jan. 29, 502 23,853 7,117 772 972 2,991 5,193 3,619 3,189 256 Feb. 29, 278 23, 642 7,072 749 925 2,946 5,169 3,588 3,193 255 Mar._ _._. 28,938 23, 315 6,935 749 842 2,915 5,119 3,560 3,195 256 Apr. 28,483 22,874 6,722 722 810 2,870 5,027 3,526 3,197 255 May.__ . 28, 075 22,477 6,517 706 793 2,828 4,947 3,493 3,193 254 June 27, 693 22,109 6,348 679 781 2,772 4,882 3,453 3,194 253 July 27, 333 21, 760 6,181 666 786 2,723 4,817 3,412 3,175 253 Aug. 27, 276 21,713 6,209 666 787 2,678 4,789 3,400 3,184 253 Sept 27,444 21, 891 6,360 671 811 2,690 4,787 3,408 3,164 253 Oct. 27, 611 22, 063 6,467 692 833 2,702 4,795 3,415 3,159 253 Nov. 27, 571 22, 033 6,490 696 840 2,694 4,742 3,412 3,159 252 Dec 27,432 21,903 6,423 696 813 2,691 4,729 3,397 3,154 252 1933—Jan 27, 231 21, 718 6,347 680 797 2,666 4,687 3,384 3,157 252 Feb 27,116 21, 615 6,351 682 776 2,642 4,653 3,358 3,153 252 Mar.. 26, 713 21,219 6,117 671 782 2,601 4,574 3,320 3,154 252 Apr. 26, 932 21,433 6,236 674 746 2,592 4,703 3,325 3,157 252 May 27,187 21, 671 6,512 658 728 2,583 4,683 3,346 3,161 251 June 27, 761 22, 232 6,924 666 725 2,599 4,771 3,390 3,157 251 July _ 28,366 22,819 7,356 696 709 2,635 4,857 3,424 3,142 251 Aug .. 29, 010 23,446 7,661 733 690 2,658 5,089 3,465 3,150 252 Sept. 29, 429 23, 842 7,816 765 695 2,693 5,238 3,495 3,140 252 Oct 29, 652 24, 049 7,831 758 775 2,703 5,310 3,514 3,158 252 Nov. 29, 704 24,082 7,694 789 877 2,697 5,336 3,521 3,168 253 Dec 29, 634 24,008 7,610 782 877 2,694 5,342 3,530 3,173 253 1934—Jan. 29, 778 24,122 7,649 803 845 2,705 5,375 3,551 3,194 254 Feb. 30, 094 24,420 7,915 806 828 2,703 5,399 3,576 3,193 253 Mar 30, 503 24, 811 8,166 824 827 2,733 5,448 3,608 3,205 255 Apr. 30, 703 24, 993 8,293 822 853 2,742 5,439 3,621 3,223 257 May 30,913 25,184 8,372 857 846 2,743 5,492 3,634 3,240 259 1 Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments but excludes military and naval forces. 534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Nonagricultural Employment Adjusted for Seasonal Variation—Continued [Thousands of persons] Employees in nonagricultural establishments Total Year and month e n c m m u o l n e p t a n u l g o t r r a y l i l - - Total M fa i c a n t n u g u r- - Mining s C t t i r o o u n n c - - ti T p p o u o r n a b r n t a l a i s n c - - d Trade F s m i e n a r i a v s n n c i d c c e e i l a - , l m G er e o n n v - t - M n fo i a a l r n i v c t d e a a s l ry utilities laneous 1934—June 30, 903 25,153 8,335 859 838 2,746 5,495 3,633 3,247 259 July 30,840 25,076 8,257 872 835 2,743 5,479 3,637 3,253 259 Aug 30, 776 24,993 8,187 870 830 2,733 5,465 3,639 3,269 259 Sept. 30,431 24, 632 7,790 859 823 2,729 5,500 3,638 3,293 259 Oct _______ 30, 731 24, 915 8,045 857 845 2,716 5,504 3,652 3,296 260 Nov. 30, 842 25,007 8,068 854 857 2,713 5,561 3,657 3,297 261 Dec. 30, 977 25.126 8,216 848 835 2,711 5,546 3,670 3,300 261 1935—jan 31, 288 25, 421 8,421 851 863 2,739 5,576 3,689 3,282 262 Feb. 31,458 25, 580 8,518 860 867 2,733 5,610 3,702 3,290 260 Mar _ _______ 31, 543 25, 650 8,567 850 883 2,745 5,587 3,719 3,299 259 Apr. 31,655 25, 752 8,584 855 908 2,734 5,633 3,727 3,311 258 May _ 31,637 25,721 8,527 859 918 2,735 5,627 3,740 3,315 258 June - _ __ __ _ 31,653 25, 726 8,468 880 905 2,752 5,635 3,759 3,327 262 July 31, 797 25,858 8,543 852 911 2,768 5,663 3,779 3,342 266 Aug. _- 31,969 26,017 8,638 847 906 2,761 5,689 3,792 3,384 273 Sept 32,145 26,183 8,718 857 915 2,770 5,690 3,812 3,421 278 Oct. 32, 356 26, 380 8,804 853 934 2,785 5,747 3,825 3,432 284 Nov 32, 509 26, 524 8,900 837 909 2,806 5,787 3,843 3,442 287 Dec. 32,642 26,644 8,944 860 943 2,816 5,772 3,853 3,456 287 1936—Jan 32, 768 26, 766 8,941 867 985 2,836 5,802 3,875 3,460 287 Feb. 32, 791 26, 782 8,844 875 1,041 2,884 5,799 3,879 3,460 290 Mar 32,962 26,945 8,873 868 1,119 2,875 5,833 3,907 3,470 296 Apr 33, 291 27, 265 9,009 885 1,174 2,909 5,882 3,929 3,477 299 May- 33, 560 27, 527 9,137 894 1,232 2,920 5,893 3,960 3,491 301 June _____ 33, 730 27,689 9,246 890 1,239 2,938 5,904 3,975 3,497 301 July 34,047 27,999 9,425 907 1,247 2,957 5,960 4,003 3,500 302 Aug. _ 34,199 28,144 9,511 899 1,253 2,979 5,984 4,008 3,510 303 Sept. 34, 392 28,327 9,601 900 1,268 2,999 6,007 4,022 3,530 306 Oct. 34, 537 28,466 9,679 913 1,269 3,010 6,027 4,032 3,536 309 Nov 34,811 28, 735 9,849 916 1,287 2,995 6,081 4,057 3,550 308 Dec. 35, 079 28, 993 10,052 929 1,264 3,017 6,100 4,073 3,558 311 1937—Jan. _ 35,197 29,105 10,100 942 1,214 3,036 6,140 4,092 3,581 313 Feb. 35, 383 29,285 10,206 944 1,205 3,076 6,183 4,101 3,570 314 Mar. . 35, 609 29, 506 10, 332 953 1,180 3,092 6,248 4,127 3,574 318 Apr 35,658 29, 549 10, 449 916 1,163 3,124 6,183 4,140 3,574 321 May 35,857 29, 743 10, 525 942 1,158 3,146 6,241 4,150 3,581 323 June _ _ _ 35, 860 29, 742 10,493 952 1,148 3,161 6,240 4,162 3,586 324 July 36,009 29, 883 10, 579 959 1,167 3,166 6,271 4,151 3,590 325 Aug... 36,000 29,870 10, 544 970 1,165 3,157 6,271 4,160 3,603 323 Sept. 35,870 29,736 10, 433 973 1,154 3,117 6,282 4,165 3,612 323 Oct 35, 613 29, 480 10, 247 964 1,129 3,087 6,282 4,160 3,611 325 Nov 35,144 29,012 9,924 946 1,096 3,043 6,244 4,149 3,610 323 Dec. 34, 514 28, 381 9,476 926 1,022 2,997 6,210 4,125 3,625 327 193g__jan 33,908 27, 775 9,075 899 1,011 2,944 6,125 4,102 3,619 329 Feb. 33, 698 27, 566 8,993 885 1,009 2,887 6,078 4,088 3,626 332 Mar 33,457 27, 327 8,871 874 997 2,860 6,019 4,071 3,635 332 Apr. 33,306 27,176 8,696 859 976 2,822 6,103 4,068 3,652 332 May 32, 919 26, 788 8,548 827 955 2,792 5,962 4,042 3,662 332 June _ ._ . _ 32, 785 26, 653 8,444 822 951 2,784 5,943 4,037 3,672 332 July 32, 852 26, 719 8,512 800 957 2,788 5,959 4,031 3,672 337 Aug 33,058 26, 924 8,677 789 971 2,801 5,961 4,043 3,682 339 Sept. 33,266 27,131 8,809 803 993 2,821 5,976 4,047 3,682 339 Oct._ 33, 427 27, 292 8,885 811 1,042 2,836 5,982 4,053 3,683 339 Nov. _ _ _ _ 33, 713 27, 576 9,112 819 1,058 2,842 6,001 4,063 3,681 340 Dec.___ 33, 977 27, 839 9,257 817 1,133 2,859 6,035 4,069 3,669 341 1939—jan 34, 032 27, 893 9,264 818 1,164 2,861 6,025 4,083 3,678 340 Feb. 34,089 27, 949 9,273 813 1,201 2,865 6,029 4,084 3,684 339 Mar. . 34,133 27, 992 9,272 810 1,207 2,881 6,045 4,090 3,687 345 Apr. 33, 797 27, 655 9,267 552 1,215 2,880 5,968 4,081 3,692 353 May . - 34, 074 27, 931 9,239 656 1,221 2,900 6,119 4,095 3,701 359 June 34, 455 28, 311 9,329 805 1,247 2,936 6,158 4,118 3,718 368 July 34, 557 28,413 9,421 807 1,245 2,940 6,168 4,120 3,712 369 Aug. 34, 678 28, 534 9,478 826 1,251 2,955 6,176 4,124 3,724 371 Sept. 34, 893 28, 750 9,631 825 1,254 2,975 6,205 4,134 3,726 376 Oct. 35, 297 29,154 9,951 848 1,252 3,001 6,229 4,147 3,726 388 Nov. 35, 538 29, 395 10,129 860 1,271 3,012 6,238 4,157 3,728 402 Dec ___ 35, 703 29, 560 10. 226 849 1,343 3,000 6,255 4,171 3,716 422 1940—Jan 35, 507 29, 364 10,178 848 1, 243 2,999 6,193 4,163 3,740 435 Feb 35,288 29,145 10, 035 845 1,186 2,999 6,181 4,164 3,735 448 Mar. 35, 233 29, 090 9,897 839 1,177 2,983 6,293 4,163 3,738 457 Apr _ _ _ __ __ 34, 972 28, 829 9,797 851 1,178 2,972 6,132 4,152 3,747 463 May 35,139 28,996 9,798 854 1,196 3,006 6,224 4,157 3,761 469 June 35,300 29,157 9,883 851 1,203 3,015 6,260 4,160 3,785 479 July... ._ . 35,448 29,305 9,981 861 1,219 3,036 6,256 4,161 3,791 506 Aug. — . _. 35, 747 29, 604 10,160 862 1,256 3,058 6,282 4,175 3,811 546 Sept. 35,936 29, 793 10, 280 849 1,318 3,059 6,285 4,174 3,828 634 Oct 36, 324 30,181 10, 477 835 1 490 3 053 6,289 4,181 3,856 737 Nov . 36,827 30, 684 10, 698 833 1,669 3,053 6,341 4,204 3,886 822 Dec. 37, 460 31,317 10, 899 837 1,974 3,064 6,437 4,226 3,880 884 1941--Jan 37, 571 31, 428 11,021 849 2,014 3,077 6,298 4,233 3,936 958 Feb. 37, 786 31, 643 11,044 846 2,132 3,087 6,333 4,250 3,951 1,139 Mar. 37, 725 31, 582 11,109 855 1,933 3,105 6,351 4,254 3,975 1,343 Apr. 37, 716 31, 573 11, 293 553 1,844 3,142 6,468 4,255 4,018 1,540 1 Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishment but excludes military and naval forces. NOTE: Figures for April 1941 are preliminary. JUNE 1941 535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/atlonat Summatu oj% Jsulinell (?ondition5 Compiled May 17 and released for publication May 19. Figures shown on charts may differ from preliminary figures used in text. Later developments are discussed on pages 495-505 of this BULLETIN. WHOLESALE commodity prices advanced be maintained through July, although there sharply in April and the first half of is usually a considerable decline in this pe- May, with the exception principally of metals riod. for which maximum prices had been estab- Steel production was curtailed somewhat lished. Industrial production declined in in the latter half of April by shortages of April, owing to reduced output of coal and coal and coke and output declined from a automobiles, but increased rapidly in the first level of 100 per cent of capacity to 94 per half of May as operations in these industriescent at the month end. Subsequently outwere resumed. put increased, reaching 99 per cent by the middle of May. Production In most other lines activity continued to In April the Board's seasonally adjusted increase during April and the first half of index of industrial production declined to 139 May. Machinery production rose further per cent of the 1935-1939 average, a drop of and activity in the aircraft and shipbuilding 4 points from March. The decline reflected industries continued to expand rapidly. Conchiefly a sharp reduction in output of bitusumption of nonf errous metals also advanced, minous coal, as most mines were closed durand, as in March, domestic sources of copper ing the entire month. The mines were rewere supplemented by large supplies from opened on April 30 and in the first half of Latin America. Textile production rose fur- May coal output increased rapidly. ther from the high rate prevailing in March. Automobile production also declined in Consumption of raw cotton in April amounted April, owing to stoppage of work at plants to 920,000 bales, a new record level, and of the Ford Motor Company during an indus- rayon deliveries also rose to a new peak. At trial dispute. This was settled about the mid- wool textile mills activity was maintained dle of the month and domestic output has near the high March rate. Continued adsince advanced to a high monthly rate of over vances were reported in the chemical, paper, 500,000 cars and trucks. Announcement by and food industries. the Office of Production Management that Anthracite production declined consideroutput in the twelve months ending July 31 ably in April, owing to a delay by dealers in would approximate 5,290,000 units indicates placing usual spring orders, but increased that a rate close to that now prevailing should in the first half of May. Output of crude INDUSTRIAL PRODUCTION WHOLESALE PRICES OF BASIC COMMODITIES 60 160 40 140 140 X\l T">TAI 140 20 J 120 / 120 v 120 00 y \ 100 100 V 180 180 80 160 ODSTUFFS 160 60 • NONDURABLE MANUFACFURES yj. 140 , \ 140 40 s~ y ~ / / PO "^MANUFACTURES \ M1NERALS 120 TV v 120 —. 100 ^i *._*/ i 0 1935 1936 1937 1938 1939 1940 1941 80 IN M D AT U E S R T I R AL IA S L \. V [ \ Federal Reserve index of physical volume of production, adjusted 1935 1937 1938 1939 1940 1941 for seasonal variation, 1935-39 average = 100. Subgroups shown Bureau of Labor Statistics' indexes based on 12 foodstuffs and are expressed in terms of points in the total index. By months, 16 industrial materials, August 1939 = 100. Thursday figures, January 1935 to April 1941. January 3, 1935, to May 22, 1941. 536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions petroleum showed little change from the Bank Credit March rate, following some increase from the Bank loans and investments have shown a reduced level of the winter months. Iron ore marked rise since last summer, the increase shipments in April amounted to about 7,000,at reporting banks in 101 leading cities 00p tons, an exceptionally large amount for amounting to $4,000,000,000. In April and this time of year, and mine output of nonferearly May holdings of investments by these rous metals continued at near capacity rates. banks increased considerably, mostly at New Value of construction contract awards in York City banks, reflecting substantial pur- April declined somewhat from the high chases of newly-issued Reconstruction Fi- March total, owing principally to a smaller nance Corporation notes. Increases in comvolume of defense plant contracts, according mercial loans in this period were somewhat to F. W. Dodge Corporation reports. There smaller than during the preceding two was an increase in contracts for publicly- months. financed defense housing, and awards for Excess reserves of member banks were private residential building rose by about the $5,700,000,000 on May 14. Since January usual seasonal amount. they have declined by about $1,100,000,000, owing largely to increases in Treasury de- Distribution posits with the Reserve Banks and in cur- Sales of general merchandise at depart- rency in circulation. The decrease has ocment and variety stores showed about the curred entirely at New York City banks. usual seasonal rise from March to April, making allowance for the changing date of Easter. Retail sales of new automobiles, MEMBER BANKS IN 101 LEADING CITIES which had amounted to 526,000 cars and trucks in March, rose further in April and sales of used cars were at peak levels. Freight-car loadings declined sharply in April, reflecting a reduction in shipments of coal and coke, but increased in the first half of May when coal mines were reopened. By the middle of the month total loadings had risen to a weekly rate one-fourth higher than in the corresponding period last year and about the same as the seasonal peak reached in the autumn of 1940. Commodity Prices 1935 1936 1937 1938 1939 1940 1941 Prices of most basic commodities, both Wednesday figures, January 2, 1935, to May 21, 1941. Comdomestic and imported, advanced sharply mercial loans, which include industrial and agricultural loans, represent prior to May 19, 1937, so-called "Other loans" as then further in the first half of May following a reported. short period of little change during the latter United States Government Security Prices part of April. Price increases were most pronounced for agricultural commodities re- Prices of United States Government securiflecting in part the prospect of legislation ties, which had risen sharply from April 9 raising Federal loan rates for basic farm to April 21, subsequently declined irregularly crops. Prices of a number of semimanu- through May 15. On that date the 1960-65 factured industrial products, including petro- bonds were % of a point lower than on April leum products, coke, leather, textile yarns 21 and about l1/^ points below the all-time and fabrics, and building materials, also ad- peak reached on December 10, 1940. The vanced. Metal prices, now for the most part yield on this issue is currently about 2.09 per subject to Federal control, remained at the cent, compared with 2.03 per cent on Demaximum levels established earlier. cember 10. JUNE 1941 537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

00 DEFENSE LOANS AND COMMITMENTS OF WEEKLY REPORTING MEMBER BANKS AS OF APRIL 30, 1941, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars; preliminary figures] Al d R l i e s F s tr e e i d r c v e t e s ral Boston New York Ph p il h a i d a el- Cleveland Richmond Atlanta Chicago St. Louis Min o n li e s ap- K C an it s y as Dallas Fra S n a c n isco No. Amt. No. No. No. Amt. No. No. No. Amt. No. Amt. No. Amt. No. Amt. No. Amt. No. Amt. No. Amt. Loans For plant facilities 1,233 138, 454 64 5,6 49, 128 7,707 8711,248 16611,122 9,560 83 10,460 7,064 1,6 84 3,115 121 7,997 21713,699 For defense supplies 2,"282 286, 739 278 48, 608 526 89, 922 10, 681 212 25,438 151 7,939 2,425 338 63, 566 7,151 3,673 104 3,037 97 5,913 270 18,386 For both. 112 34, 917 294 16, 786 5,319 11 951 285 290 18 8,194 545 82 153 33 22 1,985 To prime contractors 1,925 291, 221 172 28, 095 110, 649 116 15, 529 107 17,160 186 15, 067 9,705 231 43,013 8,936 4,481 3,885 13510, 479 250 24, 222 To subcontractors 1,372 96, 149 24,100 205 26,466 2,527 136 9,729 114 2, 739 2,204 151 12, 360 4,580 358 1,425 3,464 233 6,788 To both 330 72,1491 2, 395 66 18, 721 5,651 6710, 748 20 1,540 366 57 26, 847 1,244 582 995 26 3,060 To borrowers with assets of: Under $100,000 1,135 15, 553 85 1,613 3,025 539 1,051 110 1,462 1,189 93 97, 70 822 113 1,871 2182,038 $100,000-1,000,000 1,459104,169 15014, 499 22815,711 4,032 143 143 8,053 746,220 180 13, 983 6,614 2,002 3,853 91 8,044 214 12, 447 $1,000,000 and over 963 337, 412 111 137,100 58 19,136 82 26, 079 64 9,671 4,£~" 166 67, 260 7,036 3,339 1, 518 18 4,028 72 18,946 Unspecified 70 2,976 1 121,796 3 160 214 10 112 639 Total loans 3,627 460,110 34754, 590 712 155,836 187 23, 707 310 37, 637 320 19, 346 15712, 275 43982, 220 175 14,760 565,421 1936,305 22213, 943 509 34,070 Commitments For plant facilities 857 264, 111 3010, 685 94, 521 40 12, 233 42 14, 721 86 11, 433 100 25, 766 79 23, 557 6411, 709 184,527 10, 285 96 22, 361 102 22, 313 For defense supplies 1, 3 8 1 1 5 5 3 9 0 , 9 2 , 3 8 9 70 9,3 3 5 16 3 37 1 1 6 1 2 2 5 5 , , 1 2 4 1 7 3 7 1 3 1 6 2 , , 3 9 4 7 8 3 121 2 2 0 , , 6 1 7 1 8 6 552,381 251, 730 25 2 4 0 8 2 1 1 , , 8 8 1 3 2 2 92 " " 23 ,7 1 7 , 0 107 35 11, 9 2 1 7 8 2 3,410 34 3, 3 2 1 1 5 2 12 11 8 2 3 1 , , 8 2 9 9 9 9 For both To prime contractors 1, 429 495, 288 14, 067 199, 560 16, 796 55 13,870 12,187 21, 306 206100,109 88 28, 256 42 15,168 9,210 105 24,239 156 40, 520 To subcontractors 591 66,63: 6,028 104 20,648 292,071 746,945 1,131 231,370 110 15,072 6,873 384 1,538 25 1,322 66 3,250 To both 233 71, 3f 259 61 24,673 2,687 40 16, 700 496 4,820 37 12,020 1,457 1,165 2,955 327 19 3,741 To borrowers with assets of: Under $100,000 464 17,581 597 3,618 531 1,616 1,450 242,182 702 40 1,365 134 33 442,502 1,895 $100,000-1,000,000 938 147, 314 7,173 150 22,832 3,722 7,: 7,878 82 19,114 13118, 665 68 12,045 274,457 52 10,164 72 18, 861 109 15, 295 $ U 1 n ,0 s 0 p 0 e , c 0 i 0 f 0 ie a d nd over 83 2 0 1 463 4 , , 5 8 2 0 3 2 300 218, 431 17, 301 25 3, , 5 2 8 0 3 8 253,9 5 3 5 6 0 196,200 107, 834 52 22, 2 9 2 5 0 6 20 11, 1 9 5 7 0 6 " 2,550 174,525 72 30, 3 2 0 0 1 Total commitments 2, 253 633, 220 114 20, 354 244,881 124 21, 554 169 37, 515 13,814 125 27, 496 353 127, 201 163 36, 586 16,717 13, 703 133 25, 888 24147, 511 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. 541 Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements. 542 Federal Reserve Bank statistics. 543-547 Reserve position of member banks; deposits in larger and smaller centers 548 Money in circulation 549 Gold stock and gold movements; bank suspensions; bank debits. 550 All banks in the United States, number, deposits, loans and investments. 551 Condition of all member banks 552-553 Weekly reporting member banks. 554-557 Commercial paper, bankers' acceptances, and brokers' balances. 558 Money rates and bond yields 559 Security markets. 560 Treasury finance 561-562 Governmental corporations and credit agencies; Postal Savings System 563-564 Business Indexes 565-575 Department store statistics 576 Wholesale prices 577 Statistics for Federal Reserve chart book. 578-580 All member banks—Condition on April 4, 1941 581-582 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. JUNE 1941 539 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 TREASURY CASH AND DEPOSITS 0 0 1935 1936 1937 1938 1939 1940 1941 10 10 - - - REQlJIRED RESERVES — - - - 2 1 EXCESS RF«;FR\/FQ - 0 1935 1936 1937 1938 1939 1940 1941 Latest figures for May 21. See page 541. 540 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 Meml3er Treas- bank reserve U. S. Government Treas- ury de- Other balances o B d u i i n l s l t - s ed Total sec t w u M u i r n i r i t i a t h n i 5 - e - g s t a M u f r t 5 a i e n - r g R c B o r e A e t s a h d e l n e l i r k t r v * e Total s G to o c ld k s r t e c o u i a u n n u r n y r g c t - d - y - M i c n t u i o c o l n a i n r e - - y T h c i u r o n a e r l g s y a d h s s - - B p s w F e o R e a e r i s r n e a t d v i - h k l t - e s s m p N b d o e o e e s m n - r it - - s c s F o e R e a e r u r c e a d v n - - l - e ts Total c E es x s years years Monthly averages of daily figures: 1940—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 April 2 2,467 1,205 1,262 58 2,527 18, 608 2, 994 7,532 2,327 554 757 256 12, 703 6,003 1941—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 April 2 2,184 983 1,201 85 2,272 22, 441 3,115 8,995 2,277 892 1, 774 288 13, 600 5, 883 End'of month figures: 1940—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 Apr. 30 3 2,467 1,205 1,262 48 2,518 18,770 2,999 7,559 2,320 446 787 256 12,919 6,149 1941— 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 Apr. 30 2 2,184 1,008 1,177 48 2,234 22, 506 3,122 9,071 2,283 865 1,830 288 13, 524 5,771 Wednesday figures: July 3 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 Apr. 30.... 2 2,184 1,008 1,177 48 2,234 22, 506 3,122 9,071 2,283 865 1,830 288 13, 524 5,771 May 7 1 2,184 1,008 1,177 43 2,229 22, 525 3,125 9,151 2,292 804 1,905 288 13,440 5,711 May 14... _ 2 2,184 1,008 1,177 53 2,239 22, 538 3,129 9,155 2, 283 762 1,961 287 13, 458 5,689 May 21.... 2 2,184 1,008 1,177 50 2,237 22, 565 3,131 9,186 2,280 477 1,972 286 13,732 5, 855 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. JUNE 1941 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections Advances secured by direct obligations 13 and 13a of the Federal Reserve Act of the United States (last paragraph of except last paragraph of Section 13 Advances under Sec- Section 13 of the Federal Reserve Act) tion lO(b) of the Federal Reserve Act Secured by direct and Federal Reserve Bank eligible guaranteed ob- All other To banks To others ligations of the U. S. M R a a y t e 31 sg e in f I f n n e i c n t g— M R a a y t e 31 beg e i f n I f n n ec in t g- M R a a y t e 31 beg e i f n I f n n ec in t g- M R a a y t e 31 beg e i f n I f n n ec in t g- M R a a y te 31 sg e i f n I f n n e i c n t g— Boston Sept. 1, 1939 1 Sept.1, 1939 Sept. 2, 1937 Sept. 1, 1939 Apr. 29, 1938 New York Aug. 27, 1937 1 Aug. 27, 1937 Oct. 10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia- Sept. 4, 1937 Sept.4, 1937 Sept. 4, 1937 Sept. 1, 1939 V/2 Sept. 1, 1939 Cleveland May 11, 1935 W2 May 11, 1935 Oct. 19, 1935 0) Sept. 1, 1939 V/2 May 11, 1935 Richmond Aug.27, 1937 Aug.27, 1937 Sept.10, 1937 Sept. 1, 1939 4 Feb. 19, 1934 A Ch tl i a c n ag ta o S S e e p p t t . . 16 1 , , 1 1 9 9 3 3 9 9 A A u u g g . . 2 2 1 1 , , 1 1 9 9 3 3 7 7 A A u u g g . . 2 2 1 1 , , 1 1 9 9 3 3 7 7 1 S S e e p p t t . . 1 1 6 , , 1 1 9 9 3 3 9 9 2K A O p ct r . . 2 1 3 6 , , 1 1 9 9 3 3 8 3 St. Louis Sept.21, 1939 Sept. 2, 1937 Sept. 2, 1937 1 Sept. 16, 1939 4 Feb. 23, 1935 Minneapolis.. Aug. 24, 1937 Aug.24, 1937 Aug.24, 1937 Sept. 1, 1939 4 Oct. 8, 1938 Kansas City.. Sept.16, 1939 Sept. 3, 1937 Sept. 3, 1937 Sept. 16, 1939 3 Apr. 16, 1938 Dallas Sept.16, 1939 Aug.31, 1937 Aug. 31, 1937 1 Sept. 16, 1939 Apr. 16, 1938 San Francisco Sept. 3, 1937 Sept. 3, 1937 Sept.17, 1937 W2 Sept. 1, 1939 Oct. 19, 1933 i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect May 31 on advances and commitments under Section 13b of the Federal Reserve Act Maturity e M R ff a e a c t y e t i 3 o n 1 n In g e in ff n e i c n t g — be- Pre ra v t i e ous [Per cent per annum except as A in d d v i a c n a c te e d s t b o y o f r o o in tn o p t a e r s - 6 and 7] ticipation with financ- 1-15 days i___. Oct. 20, 1933 1 Advances ing institutions 16-30 days .do. 1 direct to Commit- 31-45 days.... .do., 1 Federal Reserve industrial On por- ments 6 4 9 1 1 1 6 2 - - - 1 9 1 6 - 2 1 0 0 8 0 d d 0 d a a d y a y a s y s y s . s . . . . . . . . . . _ . d d d d o o o o_ . . . , , . . 1 1 1 Bank m ga o e n r r i c z c i a a o l t m io o - n r- s t i i t w n o io s h n t n i i c t f u h i o s - r p m O o a r n i t n i o r i n e n - g i a to d v m an a c k e e s obligated i i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. NOTE.—Minimum buying rates at the Federal Reserve Bank of Boston. 3 New York on prime bankers' acceptances payable in dollars; higher New York... 4-6 2-3 2-5 1-2 rates may be charged for other classes of bills. The same minimum Philadelphia. 3^-6 rates apply to purchases, if any, made by other Federal Reserve Banks. Cleveland 3^-5 Back figures—See Annual Report for 1937 (table 41). Richmond 4-6 & Atlanta 4-6 4-6 1-2 Chicago 3-6 3-6 3-6 MEMBER BANK RESERVE REQUIREMENTS St. Louis [Per cent of deposits] Minneapolis. 2 3-6 3^6 3-6 1-2 Kansas City 4-6 4 4 (7)2 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Dallas 4-6 4 4-6 Classes of deposits 1917- 1936- 1937- 1937- 1938- San Francisco 4-6 3-4 4-5 and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and 1936 1937 1937 1938 after 1 The Federal Reserve Banks of New York, Philadelphia, Cleveland, On net demand Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas may charge same rate as charged borrower by financing institution, if deposits :i lower than rate shown. On A C R C e l e o t l i s n u m e m t n r r e t v a e r l e m d y r e b c e p i e s _ t o r e y s r i v b t e s a : n c k it s y .. . . . 1 1 3 7 3 0 1 1 & 0 5 M A 2 1 12 2 5 7 M M M H 2 2 1 6 0 6 4 2 1 1 2 5 2 7 % ^ tio 5 2 3 4 n O O S O a w n n n m e e e i - t e h p h p a e a e l r m s f r c r i o e n a c f n t i e e m t o n n l t c u e e h s m l s a e p r s t e g s o h r e f a d t c n h t e h b a n r r n a o t e t r e l e r r e o a s c p t w s h e e a e t r h c r r g h c a b e e a n y d n r g r t b a e fi d t o ( n e s r e a r b c e n o o h c w r n a i r n e r o o g g r t w e e b d i e y n l r ) b s . f b t o i i y n r t r a u o n f t w i i c n o i e a n n r n g . c b i i y n n g s f t i i i n t n u a s n t t i c i o t i u n n - g . institution with minimum of four per cent (see note i)« * See footnote to table on p. 548 for explanation of method of com- 6 Minimum charge one-fourth of one per cent. puting net demand deposits. * Minimum charge one-half of one per cent. MARGIN REQUIREMENTS1 MAXIMUM RATES ON TIME DEPOSITS Prescribed by Board of Governors of the Federal Reserve System in Maximum rates that may be paid by member banks as established by accordance with Securities Exchange Act of 1934 the Board of Governors under provisions of Regulation Q [Per cent of market value] [Per cent per annum] Apr. 1, Nov. ] 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 F F o o l r r i s l t s o e h d a o n r s s t e b s c y a u l r e b i s t a i , n e u s k n , s d u o e n n r d s e R t r o e c g R k u e s l g , a u t u i l n o a d n ti e o T r n R T egulation U 3 5 ( 5 2 5 ) 5 4 4 5 0 0 0 P S O o a t a v h s b t i e l a n r e l g s i s t n a i d m : v e i e p n o g d s s i e t d p s e o p s o it s s i ts payi Regulations T and U limit the amount of credit that may be ex- 6 months or more tended on a security by prescribing a maximum loan value, which is a 90 days to 6 months specified percentage of its market value at the time of the extension; Less than 90 days 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 3 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. 542 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 May 21 May 14 May 7 Apr. 30 Apr. 23 Apr. 16 Apr. 9 Apr. Mar. Apr. Assets Gold certificates on hand and due from U. S. Treasury 20, 256, 73120, 222, 732 20,202,772 20,192, 732 20,159, 729 20,124, 73120, 111, 28120,192, 732 201,,102,282 16, 417,976 Redemption fund—F. R. notes 9,549 10,144 10,104 11,139 10, 507 10, 507 10, 488 11,139 9,829 9,639 Other cash 321, 025 328, 073 315, 002 329, 444 334,198 325,' 315,517 329, 444 324,109 381,193 Total reserves. 20, 587, 305 20, 560, 949 20, 527, 878 20, 533, 315 20, 504, 434 20, 461, 225 20, 437, 286 20, 533, 315 20, 436, 220 Bills discounted: For member banks 2,197 1,504 1,491 1,918 1,218 4,966 1,918 2,950 1,694 For nonmember banks, etc.. 1,010 Total bills discounted. 1,504 1,491 1,918 2,217 1,218 4,966 1,918 2,950 2,704 Industrial advances. _ 8,154 8,092 8,059 7,549 7,491 7,470 7,396 7,549 7,874 9, 357 U. S. Government securities: Direct Bonds 1, 359, 200 1, 359, 200 1, 359, 200 1, 359, 200 1, 359, 200 1, 359, 200 1, 359. 200 1, 359, 200 1, 359, 200 1, 328, 295 Notes 820, 300 820, 300 820, 300 820, 300 820, 300 820, 300 820; 300 820, 300 820, 300 1,128,172 Guaranteed 4,600 4,600 4,600 4,600 4,600 4,600 4, < 4,600 4,600 10, 253 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, 466, 720 Other Reserve Bank credit outstanding 42, 492 45, 208 35, 256 40, 378 45, 628 93, 359 38, 983 40, 378 47, 854 39,125 Total Reserve Bank credit outstanding... 2, 236, 943 2, 238, 904 2,228,906 2, 233,945 2, 239, 436 2, 286,147 2, 235, 445! 2, 233, 945 2, 242, 778 2, 517,906 Liabilities F. R. notes in actual circulation.. 6, 384, 387 6, 359, 671 6, 343, 877 6, 282, 368 6, 217, 967 6, 206, 272 6,196, 923 6, 282, 368 6,143, 059 4, 941,165 Deposits: U M Fo . e r m S ei . g b T n 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 1 , , 4 7 2 7 3 4 1 7 1 , , , 1 8 2 4 3 0 4 5 1 1 1 3i , ,. 7 2 4 6 3 5 1 5 7 , , , 6 0 8 2 4 6 4 8 613 1 , , 8 4 2 0 3 2 3 9 6 , , , 9 6 5 4 9 5 1 8 5 13 1 , , 8 5 2 6 2 5 5 3 1 , , , 1 4 8 3 3 5 0 6 : 13 1 , , 9 5 2 4 0 7 6 5 2 , , , 7 7 3 9 2 7 8 3 ! 13 1 , , 9 5 2 7 3 4 9 3 3 , , , 1 7 2 3 1 9 0 5 9 1 1 3 , , 8 6 2 1 5 6 2 5 5 , , , 6 5 7 6 3 5 6 , 3 13 1 , , 8 5 2 6 2 5 5 3 1 , , , 1 4 8 3 3 5 0 6 713 1 1 , , , 1 1 3 5 8 7 4 0 0 , , , 0 6 < 8 3 2 6 2, 4 3 9 4 6 1 6 7 8 , , , 4 2 5 0 3 8 8 9 6 Other deposits 730, 450 725, 782 678,940 579, 092 535, 630 520,127 474, 776 579, 092 566, 738 420, 200 Total deposits.. 16,180, 63016,180, 320 16,149,13416, 219, 51516, 260, 530 16, 276, 27116, 208, 73016, 219, 51516, 272,11514,152,433 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 91.2 91.2 91.3 91.3 91.0 91.2 91.3 91.2 88.0 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o d n a t 6 h ys s 6 1 m t y o o e n a t r hs 2 1 y t y o e e a a r r s 2 5 y y to e e a a r r s s 5 O y v e e a r rs Bills discounted: Apr. 30 1,918 1,425 23 95 162 177 36 May 7.___ 1,491 962 47 94 181 190 17 May 14 1,504 928 81 96 162 223 14 May 21 2,197 1,676 56 90 150 199 26 Industrial advances: Apr. 30 7,549 981 147 157 139 992 1,172 1,833 2,128 May 7 8,059 1,426 251 169 536 617 1,170 1,794 2,096 May 14 8,092 1,439 266 146 549 623 1,189 1,787 2,093 May 21 8,154 1,522 208 165 550 699 1,163 1,764 2,083 U. S. Government securities, direct and guaranteed: Apr. 30 2,184,100 57, 000 127, 800 136, 300 686, 400 1,176,600 May 7 2,184,100 57, 000 127, 800 136, 300 686, 400 1,176, 600 May 14 ._ __ 2, 184,100 57. 000 127, 800 136, 300 686, 400 1,176, 600 May 21 2,184,100 57 000 127, 800 136, 300 686, 400 1,176,600 JUNE 1941 543 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 e r w k P p d h h e i l i l - a a - C l l a e n v d e- Rich- la A n t t - a Chicago Lo S u t. is n M o e i l a i n p s - - K C s a i a n t s - y Dallas F c S r i a s a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Apr. 16 20,124, 731 200, 268 9, 480, 4501,152, 0611, 465, 400 632,097 435, 641 2,978, 258 465, 036310,101449, 870302, 9081, 252, 641 Apr. 23 20,159, 729 205, 947 9, 454, 1111,187, 6641, 439,122 652, 270 431,090 3,022,094 461,156298,473453,546310, 7441, 243, 512 Apr. 30 20,192, 732 214, 645 9, 397, 5611,188,; "1,439,099 651,881 418, 094 3,104,184 466, 810323, 798 467'., 631301, 68£1, 219, 037 May 7 20, 202, 772 229, 073 9, 307, 2961,187, 9971, 452, 240 667,053 432,017 3,109, 369 466, 998311, 567470, 260312, 6491, 256, 253 May 14 20, 222, 732 216, 879 9, 283, 3"" % 459, 513 656, 439 430, 329 3,126, 736 463, 742326, 940466, 991316, 3751, 290, 870 May 21 20, 256, 731 193, 049 9, 292, 5841,' 214, 5031, 467,889 659, 916 422, 478 3,164,850 476, 321320,197 457,178 308,1641, 279, 602 Redemption Fund—Federal Reserve notes: Apr. 16 10, 507 672 780 1,226 1,000 1,559 1,067 1,382 473 195 21 1,051 Apr. 23 10,507 672 780 1,226 1,000 1,559 1,06: 1,382 473 195 215 1,051 Apr. 30 11,139 608 1,530 1,132 923 l,,"" 1,025 1,296 453 185 201 877 1, 023 May 7 10,104 556 1,315 1,059 861 1,438 1, 235 400 178 191 1,004 May 14 10,144 556 1,315 1,059 861 1,438 1, 235 440 178 191 1,004 May 21 9,549 470 997 947 111 1,133 419 167 171 972 Other cash: Apr. 16 325, 987 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 Apr. 30 329, 444 24,081 77, 500 26, 738 23, 026 22, 355 26, 242 39, 497 17, 665 6,579 17, 791 14, 521 33, 449 May 7 315,002 22, 525 80, 554 26, 699 21,311 18,341 23, 433 38, 940 16, 684 5,360 14, 986 14, 849 31, 320 May 14 328, 073 22,810 77, 577 25, 944 21, 599 22, 397 27, 607 39, 623 17,012 6,000 17, 991 15,183 34, 330 May 21 _.. 321,025 22, 314 76, 407 24, 538 20, 568 19, 507 25, 665 41, 858 18, 077 5,776 16, 387 15, 704 34, 224 Total reserves: Apr. 16 .... 20,461, 225 225, 272 9, 560,939 1, 179,871 489, 773652,080461, 7813,021,038482, 317317,034 466,878318,6411, 235, 601 Apr. 23 20, 504, 434 231, 864 9, 540, 5641, 215, 851 463, 325671, 550456, 4543, 065, 259479, 762 3"014',,6 I14'4"6"9 , '4"9•7326, 782 1, 278, 912 Apr.'3O 20, 533, 315 239,334 9,476, 5911, 216,177 463,048676,122 445»;, 3613,144, 977484, 928330,562 485, 623317, 0831, 253, 509 May 7 20, 527,878 252,154 9,389,1651, 215, 755 474, 412 6"816,,832456, 4493,149, 544484', 082 317,1"0"5 485,437328, 366 1,288,577 May 14 20, 560, 949 240, 245 9, 362, 2681,211,545 481, 973680, 274458, 9353,167, 594481,194333,118 485i,, 173332, 426 1, 326. 204 May 21 20, 587, 305 215,833 9, 369, 9881, 239,988 489, 234681,113449, 0913, 207, 841494, 817 326,140 473, 736 324,726 1, 314, 798 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Apr. 16 736 30 265 23 210 124 32 Apr. 23.. 1,617 60 960 38 150 85 35 174 32 Apr. 30 175 480 62 150 85 35 189 32 May 7... '850 25 542 15 50 85 20 60 32 May 14 854 25 332 87 200 85 35 32 37 May 21 1,539 25 413 32 200 85 705 27 32 Other bills discounted: Apr. 16 482 139 30 44 10 142 Apr. 23 600 155 34 41 10 32 161 Apr. 30 632 137 52 39 10 108 161 May 7 641 156 49 3' 10 108 150 May 14 650 108 56 35 10 169 147 May 21 658 150 48 35 10 164 125 Total bills discounted: Apr. 16 1,218 30 404 53 44 210 57 124 174 Apr. 23 2,217 60 1,115 72 191 85 57 124 35 206 193 Apr. 30 1,918 175 617 114 189 85 57 108 35 297 193 May 7 1,491 25 698 64 87 85 10 107 20 168 182 45 May 14 1,504 25 440 143 235 85 10 103 35 201 184 43 May 21 2,197 25 563 80 235 85 10 705 191 157 63 Industrial advances: Apr. 16 7,470 1,738 2,314 241 337 348 71 276 228 Apr. 23 7,491 801 1,738 2,342 262 847 241 339 350 71 276 224 Apr. 30 7,549 801 1,729 2,385 271 847 250 344 351 71 276 224 May 7 8,059 800 1,729 2,875 260 846 249 340 391 71 276 222 May 14.. _. 8,092 799 1,729 2,872 291 844 248 351 389 71 276 222 May 21 8,154 802 1,729 2,940 285 843 246 347 393 71 276 222 U. S. Government securities, direct and guaranteed: Bonds: Apr. 16 1, 363,800 98, 544 389,312 108,110 136, 462 75, 859 59, 247 156, 506 63, 283 41,178 66, 277 54, 979 114,043 Apr. 23 1, 363,800 98, 544 389,312 108,110 136, 46275, 859 59, 247 156,506 63, 283 41,178 66, 277 54,979 114,043 Apr. 30 1, 363, 800 98, 544 389, 312 108,110 136,462 75,859 59, 247 156, 506 63, 283 41,178 66, 277 54,979 114, 043 May 7 1,363,800 98, 544 389, 312 108,110 136, 46275,859 59, 247 156, 506 63, r" 41,178 66, 277 54,979 114, 043 May 14 1,363,800 98, 544 389, 312 108,110 136,462 75,859 59, 24' 156,506 63, 283 41,178 66, 277 54,979 114, 043 May 21 1, 363, 800 98, 544 389, 312 108,110 136, 462 75,859 59, 247 156, 506 63, 283 41,178 66, 277 54,979 114,043 Notes: 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 68, 596 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 Apr. 30... 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 May 7. _. 820, 300 59,273 234,163 65, 027 82,079 45, 627 35,637 94,136 38, 062 24, 769 33,068 May 14 _ 820, 300 59, 273 234,163 65, 027 82, 079 45, 627 35,637 94,136 38,062 24, 769 33, 068 May 21 820, 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: Apr. 16 2,184,100 157,817 623, 475 173,137 218, 541121, 486 94, 884 250,642 101,345 65,947106,140 88,047 182,639 Apr. 23. 2,184,100 157, 817 623,475 173,137 218,541121,486 94,884 250, 642 101.,345 65,947106,140 88,047 182, 639 Apr. 30 2,184,100 157,817 623, 475 173,137 218, 541121, 486 94,884 250, 642 101,345 65, 947 1"06 ;"i, 14088, 047 182,639 May 7— 2,184,100 157, 817 623,475 173,137 218, 541121, 486 94, 884 250, 642101, 345 65,947106,140 88, 047 182, 639 May 14 ... 2,184,100 157,817 623, 475 173,137 218, 541121, 486 94,884 250, 642101,345 65, 947106,140 88,047 182,639 May 21 2,184,100 157, 817 623,475 173,137 218, 541121, 486 94,884 250,642101,345 65,947106,140 88, 047 182, 639 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - lanta Chicago L S o t u . 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 r is a a c n n o - Assets— Continued Total bills and securities: Apr. 16 2.192, 788 158, 652 625, 617 175, 504 218,849122, 544 95,182 251, 032101, 345 66, 419106, 385 88, 392 182, 867 Apr. 23 2.193, 808 158, f- 626, 328 175, 551 218, 994122, 418 95,182 251,105101, 380 66,503106,404 88, 402 182,863 Apr. 30 2,193, 567 158,793 625, 821 175, 636 219,001122, 418 95,191 251,094101, 380 66, 595106, 404 88, 371 182,863 May 7 2,193, 650 158, 642 625, 902 176, 076 218, 888122,417 95,143 251, 089101,365 66, 506106,393 88, 368 182, 861 May 14 2.193, 696 158,641 625, 64- 176,152 219,06' 122, 415 95,142 251,096101, 380 66, 53"106, 395 88, 366 182, 861 May 21 2.194, 451 158,644 625, 767 176,157 219,061122, 414 95,140 251, 072102, 050 66, 531106, 36888, 386 182, 861 Due from foreign banks: Apr. 16 47 3 18 6 1 1 1 4 Apr. 23_. 47 3 18 6 1 1 4 Apr. 30 47 18 6 1 1 4 May 7 4' 18 6 1 1 4 May 14 47 1 6 1 1 4 May 21 47 18 1 1 4 Federal Reserve notes of other banks: Apr. 16.. 23, 898 505 2,238 1, 1,758 4,042 3,040 3,24' 2,545 881 1,486 2,076 Apr. 23 23,183 720 2,280 1,116 1,389 4,829 2,915 2,298 2,136 667 1,490 2,645 Apr. 30 22, 339 631 2,153 1,100 1,558 5,647 2,827 2,478 1,536 208 1,134 717 2,350 May 7 24, 01 697 1,968 1,015 1,518 5,786 2,661 2,712 2,571 491 1,659 543 2,390 May 14 27, 083 533 2, 364 1,415 1,732 7,060 3,011 3,503 1,462 960 1,526 541 2,976 May 21 27,122 537 2,473 1,233 1,836 2,970 3,360 2,546 917 1,590 658 2,333 Uncollected items: Apr. 16 1,104, 38£ 98, 576 291, 71 76, 509 127, 360106, 48440, 962 153, 027 54, 917 22,103 38, 444 36, 775 57,514 Apr. 23 849, 34: 84, 801 203, 66 62, 089 101,156 68, 056 33, 289 110,305 45, 267 18, 970 35, 555 39, 254 46,935 Bank A M M M p p a a a r y y y r . e 3 m 2 1 7 1 4 0 ises: 1,0 8 7 4 1 7 7 7 5 , , , 1 1 5 5 9 6 0 8 : 9 8 8 7 9 4 2 0 , , , , 7 6 9 9 1 5 7 9 6 9 1 4 2 2 3 1 3 0 0 7 9 9 4 5 , , , , 8 1 6 5 3 9 5 7 i 1 i 6 6 5 6 4 8 0 8 , , , , 0 6 5 8 4 0 2 2 3 8 5 3 1 1 1 8 0 0 3 3 8 1 9 , , , , 8 1 7 3 9 1 8 3 5 2 0 2 6 7 6 7 1 9 0 9 , , , , 1 0 5 4 8 5 1 6 5 0 7 5 3 3 3 3 7 4 3 5 , , , , 3 3 0 7 1 1 3 6 9 9 7 9 1 1 1 1 2 5 3 1 5 7 1 3 , , , , 9 8 3 3 5 2 0 3 9 4 5 5 4 3 6 6 0 , , , , 1 6 0 8 7 1 7 3 2 6 5 8 2 1 1 1 1 8 6 8 , , , , 9 2 6 5 3 9 9 1 9 9 3 9 3 3 3 3 7 3 6 6 , , , , 8 0 7 7 1 0 4 9 2 2 3 3 3 7 6 2 , , , , 0 0 3 7 1 3 3 9 1 9 6 9 4 4 4 5 1 3 4 9 , , , , 0 1 9 2 5 2 5 6 0 2 7 6 Apr. 16 39,96€ 2,819 9,699 4,618 4, 55C 2,586 1,981 3,023 2,309 1,360 2,995 1,204 2,822 Apr. 23 39, 97' 2,819 9,726 4,617 4,53' 2,586 1,979 3,023 2,309 1,360 2,995 1,204 2,822 Apr. 30 39,9H 2,815 9,707 4,607 4,53' 2,580 1,977 3,018 2,305 1,357 2, 1,196 2,816 May 7 39, 903 2, 815 9,707 4,607 4,53' 2, P" 1,977 3,018 2,305 1,357 2,980 1,196 2,816 May 14 40,067 2,81" 9,798 4, " 4,53' 2,604 1,977 3,018 2,305 1,357 2,980 1,196 2,816 May 21 40, 055 2,815 9,798 4,664 4,525 2,604 1, " 3,018 2,305 1,35' 2,980 1,196 2,816 Other assets: Apr. 16 46, 771 3,228 12,71 4,002 5, 2,871 1,977 5,050 2,015 1,432 2,160 1,977 4,259 Apr. 23 47, 3,237 13, 013 4,032 5,168 2,914 2,010 5,140 2,034 1,455 2,192 2,009 4,331 Apr. 30 49, 22£ 3, 31 13,172 4,910 5,258 2,948 2,039 5,248 2,083 1,504 2,274 2,082 4,395 May 7 48,85' 3,346 13, 30: 4,119 5,323 2,990 2,066 5,258 2,113 1,510 2,299 2,099 4,433 May 14 50,17: 3,400 13, 723 4, 407 5,387 3, 085 2,104 5,388 2,151 1, 526 2,35' 2,131 4,512 May 21 50, 512 3,456 13, 696 4,262 5,456 3,088 2,158 5,497 2,201 1,551 2,354 2,227 4, 566 Total assets: Apr. 16 23,869, 0871,489,05510, 502, 94£1, 441,, 994 ,1 847, 381890, 609 604, 92;3,436,420645, 449 409, 229 618, 349 447, 5818, 535,143 Apr. 23 23, 658, 3251, 482,12210, 395, 5931, 463, 2611, 794, 573872, 355591,831 3,437,136632,889393, 569 618,134 458, 3501, 518, 512 Apr. 30 23, 685,9671,485,60710, 332, 2981, 461,0431, 794, 601878, 767582,734 3,538,102635,849 416^ 74;\ 634, 448 43i5,, "7"8"61,489, 987 May 7 23,609, 5441, 490, 65110, 215, 2201,462, 4001, 793,494881, 080592, "3^13,525,557639, 27.r 40•"5-, 66"2632, 478 448, 3721, 523, 038 May 14 23, 889,1631, 505, 60810, 253, 3851, 466, 2311, 852, 480 L, 625 3, 586, 458" 6 4:4,, 564824, 79'636, 326I 457, 7001, 568, 495 May 21 23, 885, 57*1, 465, 94710, 331, 4331, 490, 834 ,1823,448887, 407585,107 3, 598,123654,092415,435623,903 449, 2051, 560, 644 Liabilities Federal Reserve notes in actual circulation: Apr. 16 6, 206, 272 505, 762 1, 640, 338 430, 669 571, 635298, 329 205, 2301, 330, 497234, 850163, 215,025 99, 589 510, 653 Apr. 23 6, 217, 967 507, 345 1, 639, 722 430, 861 574, 686295,119204, 4591, 342, 925234, 763164, 519214, 766 99, 502 509, 300 Apr. 30 6, 282, 368 512,330 1,655, 902 434,168 580,120296, 958 "2"018,,7341, 357, 291237, 966165, 446 217, 226101, 546 514, 681 May 7. .. 6, 343, 877 517, 745 1, 665, 808 437, 716 588, 233297, 952210, 9261, 373,112238, 722167, 8201218,783102, 678 524, 382 May 14 6, 359, 67 520, 077 1, 670, 915 439,843 589, 477 30\0, 240209, 8631, 379, 231239, 090167, 698 218,186101, 292 523, 759 May21 6, 384, 387 524. 331 1, 679,022 441,121 592, 705299,176209, 6021, 385, 599~ ")2,3 99,13168, 006 218, 574101, 445 524, 893 Deposits: Member bank—reserve account: Apr. 16 13, 979,130 779, 206 7,172, 852 771, 904 983, 228 410,83-288, 7091, 738, 798 1,347164, 575294,922250, 591 835,164 Apr. 23 13, 505, 723 762, 083 6, 787, 475 781, 445 947,830423,103278,87 r1, 755, 019 2719,,832145, 653294, 4••4-8 240,995 808,965 Apr. 30 13, 523,857 775, 371 6, 713, 452 787, 493 959, 802418,465261, 8201, 845, 419 27i9,,587153,171292,403240, 539 796, 335 May7 13, 439, 698 6, 632,844 777, 907 949, 627 439, 424" 2 74:,, 9511, 810, 519 28,1366160, 203295, 002299 246, 677 808, 783 May 14 . 13, 457, 749, 485 6, 567, 209 767, 946 973, 41 433, 864 281, 368:, 836, 512878,194178,014 294, 702254, 729 842, 423 May 21. 13, 731, 835 740,113 6, 837, 675 784,180 973, 769 430, 532276,8481, 849, 443291, 007171,3761289,449944 244,151 843, 247 U. S. Treasurer—general account: Apr. 16 533, 715 16, 909 211,194 32, 646 39, 567 15, 975 26, 924 66, 444 22, 577 27, 21 27, 249 24, 494 22, 519 Apr. 23 946, 798 40, 700 489, 210 53, 490 61,168 28, 568 28, 500 72, 480 29, 923 33, 385 28, 789 39,170 41, 415 Apr. 30 865, 436 28, 704 439,934 43, 851 41, 507 39, 24' 31, 266 60,860 29,714 47, 449 49, 409 30, 318 23,177 May 7 803, 941 41, 800 380, 639 42, 503 53,375 23, 411 26, 460 75, 640 27, 735 26, 663 41, 702 34, 337 29, 676 May 14 761, 624 41,167 361,934 50, 77: 47, 409 23, 318 22, 204 55,132 26, 031 23, 638 43, 586 30, 070 36, 363 May 21 477,144 22, 686 115, 744 43, 08: 31,188 26, 900 18,003 75, 621 26, 990 24,102 35, 760 33, 241 23,827 Foreign: Apr. 16 1, 243, 299 58, 778 728,890 77,126 73,151 34,190 27,829 95, 414 23, 854 17, 493 23,058 23,058 60, 458 Apr. 23 1, 272, 379 57, 486 754, 586 77, 919 73, 902 34, 541 28,115 96, 394 24, 099 17, 672 23, 295 23, 295 61,075 Apr. 30 1, 251,130 56, 469 749,188 75, 403 71, 516 33,426 27, 207 93, 282 23, 320 17,102 22, 543 22, 543 59,131 May 7 1, 226, 555 54, 775 714, 230 77, 452 73, 460 34, 33, 27,94r 95, 817 23, 954 17, 567 23,156 23,156 60, 706 May 14 1, 235, 048 55, 065 715, 284 78, 74, 608 34, 871 28,383 97, 314 24, 329 17,841 23, 518 23, 518 61,654 May 21 1,241,201 57, 703,104 81, 327 77,135 36, 052 29, 345 100, 611 25,153 18, 445 24, 314 24,314 63, 753 Other deposits: Apr. 16 520,12' 8,048 367, 24, 910 26, 697 9,499 5,729 17,154 10, 577 7,223 8,744 3,8 29,715 Apr. 23 535, 630 7,740 413,132 24, 231 7,558 7,893 6,376 12, 508 8,422 6,484 8,395 29, 025 Apr. 30 579, 092 7,782 460,152 24, 948 8,008 7,848 6,218 4,929 10, 448 6,725 8,747 3,533 29, 754 May 7 678, 940 16, 974 541,i 29, 308 7,281 9,288 5,613 6,373 9,556 7,005 3,474 33,816 May 14 725, 782 17,381 594, 463 23, 654 6,372 8,354 6,401 4,926 9,788 9,009 8,997 3,541 32,896 May 21 730,450 14, 726 582,119 35, 970 15, 734 8,721 5,824 4,690 9,626 7,300 8,782 3,495 33, 463 * Less than $500. JUNE 1941 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p h d h e i l i l - a a- C la le n v d e- m R o ic n h d - la A n t t - a Chicago Lo S u t i . s n M o e l a i i n p s - - K C sa a it s n y - Dallas F c S i r s a a c n n o - Liabilities—Continued Total deposits: Apr. 16 6, 276, 271 862, 941 8, 480, 901 906, 586 , 122, 644370, 498349,191 , 917, 810145, 355216, 508353, 973302, 009 947, 856 Apr. 23 6, 260, 530 868, 009 8, 444, 403 937, 085 , 090, 458494,105341, 866 , 936, 401142, 276203,194354, 927307, 326 940, 480 Apr. 30 6, 219, 515 868,326 8,362,726 931,695 ,080,833 326, 511 ,004,490 143,069224,447373,102296,933 908, 397 May 7 6,149,134 875, 917 8, 269, 369 927,170 , 083, 743506, 458 334, 971 , 988, 349142, 611211, 438368, 483307, 644 932, 981 May 14 6,180, 320 863, 098 8, 238, 89.0 921, 035 ,101,803500, 407 338, 356 , 993, 890138, 342228, 502370, 803311,858 973,336 May 21 6,180, 630 835,173 8, 238, 642 944, 559 , 097, 826102,205330,020 ,030, 365152, 776221, 223358, 350305, 201 964, 290 Deferred availability items: Apr. 16 1,011,076 94, 217 252, 273 69, 921 118, 327L05, 51036,827 140,186 53, 412 19,217 38, 002 34, 429 48, 755 Apr. 23 803, 760 80, 666 181, 842 60, 433 94, 620 66, 826 31,804 109, 787 43, 979 16, 024 37, 058 39, 931 40, 790 Apr. 30 807, 230 78, 822 184,129 59, 502 98, 859 66, 570 33, 788 128,175 42, 942 17, 017 32, 718 25, 719 38, 989 May 7 739, 989 70,866 150, 344 62, 618 86, 674 60, 388 32, 652 115, 890 46, 050 16, 550 33, 799 26, 448 37,710 May 14 _ 971, 989 96, 292 213, 682 70, 255 126, 289 77, 653 36, 537 165, 064 55, 214 18, 731 35, 896 32, 930 43, 446 May 21 943, 641 80, 280 283, 879 70,192 98,051 69, 702 31, 748 133, 969 49, 486 16, 355 35, 563 30, 944 43, 472 Other liabilities, including accrued dividends: Apr. 16 4,116 525 1,119 336 421 352 106 128 13' 139 150 215 Apr. 23 4,571 478 1, 285 383 457 375 129 567 151 157 144 174 271 Apr. 30 5,156 509 1, 20^ 1,184 419 357 122 509 142 150 152 162 243 May 7 .__ 4,893 510 1,380 401 490 383 189 580 164 168 162 179 287 May 14 5,504 526 1, 563 609 559 413 150 649 185 184 196 195 275 May 21 ___ 5,117 541 1,521 453 505 391 144 559 174 166 173 185 301 Total liabilities: Apr. 16 23, 497, 735 463, 44510, 374, 6311. 407, 5121, 813, 02674, 689591,354 I1, 388, 986133, 745 399, 557 607,139 436i,,1771, 507, 479 Apr. 23 23, 286, 828 456, 49810, 267, 2521, 428, 7621, 760, 221856, 425578, 2583, 389, 680621,169 383, 894606, 895 4461,,9331, 490, 841 Apr. 30 23, 314, 459, 98710, 203, 9641, 426, 5491, 760, 231862, 871569,1553, 490, 465624,119 407,060623,198 424,,3601, 462, 310 May 7 23, 237, 893 465, 03810, 086, 9011,427,9051, 759,140865,181578, 7738 31!, 477,931 547 395, 976621,, 227 43.6,,9491,495, 360 May 14 __ 23, 517, 484 479, 99310,125, 0501, 431, 7421, 818,128 8' 13584, 9063, 538, 834632, 831 415,115625, 081446, 275 ,L 540, 816 May 21 23, 513, 775 440, 32510, 203, 0681, 456, 3251, 789, 087871, 474571, 5143, 550, 492 :2, 349 405, 750612, 660437, 775 1~, 532, 956 Capital Accounts Capital paid in: 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, 057 9,352 51, 592 11, 901 14, 478 5,428 4,798 14, 731 4,277 3,006 4,508 4,269 11,717 Apr. 30 140, 240 9,351 51, 594 11,901 14,478 5,428 4,798 14, 908 4,281 3,006 4,508 4,270 11,717 May 7 140, 254 9,354 51, 593 11, 906 14, 478 5,428 4,800 14, 910 4,281 3,006 4,511 4,270 11,717 May 14_ ..__ 140, 272 9,354 51, 593 11, 905 14, 478 5,433 4,802 14,917 4,288 3,002 4,513 4,270 11,717 May 21 140, 279 9, 353 51, 586 11, 905 14,477 5,439 4,802 14, 924 4,290 3,002 4,513 4,270 11,718 Surplus (section 7): Apr. 16 157, 065 10, 906 56, 44' 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 Apr. 30.. _ 157, 065 10, 906 56, 44' 15,144 14, 323 5,24' 5,725 22, 824 4, 925 3,152 3,613 3,974 10, 785 May 7 157, 065 10, 906 56, 44' 15, 144 14, 323 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10, 785 May 14. .. 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 May 21 157, 065 10, 906 56, 44^ 15, 144 14, 323 5,247 5,725 22, 824 4,925 3,152 3,613 3,974 10, 785 Surplus (section 13b): Apr. 16.. - 26, 78, 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, 78; 2,874 7,070 4,393 1,007 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Apr. 30 26, 78i 2,874 7,07f 4,393 i,oo: 3,244 713 1,429 533 1,000 1,138 1,263 2,121 Othe M M M r a a a c y y y a p 7 2 1 i . 1 t 4 al accounts: 2 2 2 6 6 6 , , , 7 7 7 8 8 8 ; , , 2 2 2 , , , 8 8 8 7 7 7 4 4 4 7 7 7 , , , 0 0 0 7 7 7 0 0 0 4 4 4 , , , 3 3 3 9 9 9 3 3 3 1 1 1 , , , 0 0 0 0 0 0 7 7 7 3 3 3 , , , 2 2 2 4 4 4 4 4 4 7 7 7 1 1 1 3 3 3 1 1 1 , , , 4 4 4 2 2 2 9 9 9 5 5 5 3 3 3 3 3 3 1 1 1 , , , 0 0 0 0 0 0 0 0 0 1 1 1 , , , 1 1 1 3 3 3 8 8 8 1 1 1 , , , 2 2 2 6 6 6 3 3 3 2 2 2 , , , 1 1 1 2 2 2 1 1 1 Apr. 16 47, 492 2,480 13, 206 3, 054 4,548 2,001 2,337 8,462 1,979 2,515 1,953 1, 910 3,047 Apr. 23 47, 590 2,492 13, 232 3, 061 4,544 2,011 2,33' 8,472 1,985 2,517 I,1" 1,911 3,048 Apr. 30 47, 608 2,489 13, 223 3, 056 4,562 1,977 2,343 8,476 1,991 2,527 1,991 1,919 3,054 May 7 47, 547 2, 479 13, 209 3, 052 4,546 1,980 2,341 8,463 1,989 2,528 1,916 3,055 May 14 47, 557 2,481 13, 225 3,04' 4, 544 1,!"" 2,344 8,454 1,991 2,528 l'981 1,918 3,056 May 21 47, 674 2,489 13, 262 3, 06: 4,554 2,003 2,353 8,454 1, 995 2.531 1,979 1,923 3,064 Total liabilities and capital accounts: Apr. 16 23, 869, 08:1, 489, 05;10, 502, 9451, 441, 9941, 847, 381890, 609 604,9253, 436, 420645, 449409, 229618, 349 447,,588 535,143 Apr. 23 23, 658, 3251, 482,12210, 395, 5931, 463, 2611, 794, 573872, 355 591,8313, 437,136 632, 889393, 569618,134458, 350 518, 512 Apr. 30 23, 685, 96:1. 485, 60710, 332, 2981, 461, 0431, 794, 601878, 767582, 7343,538,102 1135, 849 416, 745 634, 448 435, 489, 987 May 7 23,609, 5441,490, 65110, 215, 2201, 462, 4001,793,494881,080 592, 3173, 525, 557639, 275 405,662 632, 478 448, 372 523,038 May 14 _ . _ 23, 889,1631, 505, 60810, 253, 3851, 466, 2311, 852, 480S94, 625 598, 490 :,3 5,86, 458644, 568 424, 797 636, 326 457, 700568, 495 May 21 33, 885, 578I, 465, 947L0, 331, 4331, 490, 834", 823, 44S887, 407585,1073, 598,123554, 092 415, 435 623, 903 449, 205560, 644 Commitments to make industrial advances: Apr. 16 8, 508 ni 1,426 323 1, 655 275 3,659 Apr. 23-_ . 8,461 174 1,411 300 1,654 889 275 3,653 Apr. 30 8,464 174 1,411 285 1,656 889 308 3,641 May 7 10, 822 173 1,636 2,281 1,668 983 322 3,663 May 14 10, 945 172 1,636 2,284 1,671 1,053 322 3,700 May 21 11,080 17 1,634 2,281 1,695 1,101 346 26 3,740 546 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] 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 a o d t n u i - n c n g e t) s i C ( s a t m o a m o m n e u o d n m t u i - t n s n i g t t - ) A ( b p a p l u m c p e t o r t o m o e n u d v o - n e t 2 t d ) ( s P p a ta a a m o n t r u i o t d o i t u i - c n n n i s g - t) * Number Amount Number Amount Number Amount 1934—Dec. 26.. 4,386 146,972 2,955 49, 634 13, 589 8,225 20, 966 1,296 1935—June 26_. 6,325 237, 581 11,349 1,646 88,778 27, 518 20, 579 11,248 4,533 Dec. 31 *. 7,437 293,084 2,823 1,993 124,493 32,493 27, 649 11,548 8,778 1936—June 24_. 8,006 314,471 1,880 2,183 133,343 30,484 24,454 9,381 7,599 Dec. 30.. 8,247 328, 998 1,245 2,280 139,829 25, 526 20, 959 8,226 7,208 1937—Mar. 31_. 8,344 333,300 1,322 2,323 141, 545 23,059 18,611 7,898 6,767 June 30- 8,430 339,509 1,263 2,361 145, 758 23, 019 16,331 1,470 7,275 Sept. 29. 8,474 341, 842 800 2,381 146, 724 21,415 14,880 537 7,304 Dec. 29__ 8,534 350,551 550 2,406 150, 987 20, 216 12,780 3,369 7,238 1938—Mar. 30. 8,708 358, 936 1,299 2,464 154,918 19, 371 13,110 3,419 7,825 June 29.. 8,976 369, 853 476 2,566 161,158 18,444 13, 649 3,084 8,426 Sept. 28. 9,102 378,974 146 2,617 168, 380 17, 567 13, 597 5,737 9,032 Dec. 28_. 9,188 387,490 247 2,653 175,013 17, 345 14,161 1,946 12, 722 1939—Mar. 29. 9,249 392, 230 344 2,683 177, 895 15, 798 12,647 1,975 12,471 June 28. _ 9,308 395,499 255 2,721 179,778 15, 255 11,175 2,067 12,000 Sept. 27. 9,366 402, 305 370 2,752 185, 234 14, 454 10,517 1,938 12,169 Dec. 27.. 9,418 405, 225 41 2,781 188, 222 13, 683 9,220 2, 659 10, 981 1940—Jan. 31.. 9,433 406,097 76 2,793 188,879 12,860 8,376 2, 504 10,510 Feb. 28.. 9,456 407, 392 32 2,805 190,055 12, 997 8,966 1,454 11,064 Mar. 27. 9,476 410,192 199 2,814 192, 665 12, 723 8,224 2,471 11,137 Apr. 24.. 9,487 411, 628 118 2,825 194,096 12,001 8,725 2,264 11,156 May 29. 9, 504 413,178 45 2,832 195, 404 11. 242 8,852 2,474 11, 345 June 26.. 9,512 413,646 33 2,838 195, 739 10,988 8,762 2,195 11,182 July 31.. 9,536 415, 599 76 2,853 197, 439 10,907 8,582 1,991 11,010 Aug. 28.. 9,546 416, 454 444 2,856 197, 906 10,779 8,238 2,095 10, 929 Sept. 25. 9,556 417, 260 10 2,865 198, 966 10, 778 8,078 2,315 10, 749 Oct. 30.. 9,573 420,837 740 2,875 201, 750 10, 484 7,351 4,260 9,909 Nov. 27. 9,581 421,139 650 2,883 202,041 9,893 7,106 4,056 9,592 Dec. 314 9,609 431, 236 222 2,908 212, 510 9,152 5, 226 13,954 6,386 1941—Jan. 29 9,633 435, 474 1,929 2,923 214,800 9,483 5,207 12, 325 8,764 Feb. 26.. 9,659 442, 712 600 2,945 223, 226 9,451 5,066 20, 424 8,716 Mar. 26. 9,682 448, 506 823 2,959 228, 732 9,526 7,315 19, 986 10, 916 Apr. 30.. 9,719 444, 985 35 2 987 225, 849 9,157 8,464 13, 035 11, 547 May 215_ 9,780 449, 293 105 3^037 229, 864 9,667 11,080 11, 573 11,852 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. 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 $1,260,- 828, May 21, 1941. 4 Tuesday. 5 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B 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 s p - - K C s a a i n t s y - Dallas F c S r is a a c n n o - Federal Reserve Notes: Issued to F. R. Bank by F. R. agent Apr. 30 6, 574, 463531, 1301, 728,132 454,183 602, 715 312, 014 2267,151, 387, 89'251, 233170,187225, 940112,216572,101 May 7 6, 643, 710535, 7451, 751, 319 456, 065608, 843 313, 302 229, 7641, 406, 89! !, 095172, 535226. 668111,973578, 508 May 14 6, 682, 910541, 7'22f9 1, 754, 410 459, 779 614, 395 317, 908 2361061, 414, 29'253, 830173, 391226, 826112,075582, 664 May 21 6, 701, 917546, 9111, 758, 941461,186 615, 485 317,156 231, 6631, 417, 599 25:4,!275173, 329226, 573112,513586, 286 Held by Federal Reserve Bank: Apr. 30 292, 095 18, 800 72, 230 20, 015 22, 595 15, 056 17, 981 30, 606 13, 267 4, 741 8,714 10, 670 57, 420 May 7 299,833 18, 000 85, 511 18, 349 20,610 15, 350 18, 838 33, 781 13, 373 4,715 7, 885 9,295 54,126 May 14 323, 239 21,652 83, 495 19, 936 24, 918 17, 668 21, 743 35, 066 14,740 5,693 8, 640 10, 783 58, 905 May 21 317,530 22, 580 79, 919 20, 065 22, 780 17, 980 22, 061 32,000 14, 362 5,323 7,999 11, 068 61, 393 In actual circulation ;i Apr. 30 6, 282, 368512, 3301, 655, 902 434,168580,120 296, 958 208, 7341, 357, 291 237, 966 165, 446 217, 221601, ,681 May 7 6, 343, 877517, 7451, 665, 808 437, 716 588, 233 297, 952210, 9261, 373,112 238, 722 167, 820 218, 781302,678 524, 382 May 14 6, 359, 671520, 0771,670,915 439,843 5"8"9", 477 300, 240 209, 1, 379, 231 239, 090 167, 698 218,181601, 292523, 759 May 21 6, 384, 387524, 3311, 679, 022 441,121592, 705 299,176 209, 6021, 385, 599 239, 913 168, 006 218, 571401,445 524, 893 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Apr. 30 6, 675, 000550, 0001, 740, 000 460, 000 604,000 3250,00 235, 000 1, 400. 000 259, 000171, 000 230, 000117, 000 584, 000 May 7 _ 6, 741, 000550, 0001, 765, 000 460,000 611, 000 325, 000 235, 000, 412,0 ,420, 000 259, 000 174, 0001 ,020300,118, 000 594, 000 May 14 _. __ 6, 810, 000550, 0001, 765, 000 470, 000 615, 000 350, 000 235, ""1", 4'40, 000 269, 000 174, 000 230, 001018, 000 594, 000 May 21 6, 823, 500550,0001, 775, 000 470, 000 618, 500 350, 000 235, 1, 440, 000 269, 000 174, 000 230, 001018,000 594,000 Eligible paper: Apr. 30 1,512 175 617 114 35 297 May 7 1,238 25 698 64 20 168 178 May 14 1,098 25 440 144 35 188 181 May 21 1,784 25 563 81 705 183 142 Total collateral: Apr. 30 6, 676, 512550,1751, 740, 617460,114 604,000 325,085 235, 0001, 400, 000 1,035171, 297230,189117,000 584, 000 May 7 6, 742, 238550, 0251, 765, 698460,064 611,000 325,085235, 0001, 420, 000259, 020174,168 230,178118,000 594, 000 May 14 6,811,1"""550, 0251, 765,440 470; 144 61i5,, 000 085 235, 0001, 440, 000269, 03517744,,188 230,181 118, 000594, 000 May 21 6, 825, 284550, 0251, 775, 563470, 081618, 500 085 235, 0001, 440, 000269, 705174,183230,142 118, 000594, 000 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. JUNE 1941 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, APRIL, 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 t r b ic a t n s ks p m O o d d r a s e e o n i - - s t d s s p m o N d d s a e e i e n t - - t s d i p T o d i s e m - it e s qu R i F r e R e - e d d e e se r B a r H a v l n e e R s l k d e s w se it r h c v E e e x s - s b m a b A n e e m l k r l s - i C Y N e c o e n i r w t t k r y a l b a re n c C s k a e h s g r i o v - e b s c a R e i n r e t v - y k e s b C a t o n r u k y n s - » Total reserves held: 1940—April. 12. 703 6,548 972 3,476 1,706 All member banks _. 44, 739 36, 720 12, 453 7,718 13, 600 5,883 May 13,086 6,660 1,097 3,615 1,714 Central reserve city banks: June 13, 596 6,941 1, 182 3,716 1,757 New York 16, 861 16,108 835 3,706 6,518 2, 812 July 13, 735 6,979 1,168 3,837 1,751 Chicago 3,222 2,840 500 671 966 295 August 13,408 6,709 1,154 3,804 1,740 September 13, 643 6,705 1,234 3,905 1,800 Reserve city banks: October 14,043 6,889 1,279 4,024 1,851 Boston district _ 1,402 1,283 82 229 525 296 November 14,131 6,975 1,218 4,080 1,858 New York district 258 207 145 43 59 16 December 14.049 6,997 1,142 4,096 1, 815 Philadelphia district.. 1,628 1,373 229 252 577 325 1941—January 14, 339 7,135 1,051 4,240 1,913 Cleveland district 2,191 1,737 737 341 761 420 February 13, 996 6,807 1,033 4,258 1,898 Richmond district 990 717 232 137 280 143 March 13, 979 6,924 931 4,197 1,928 Atlanta district.. 948 644 181 122 166 45 April 13, 600 6, 518 966 4,204 1,912 Chicago district 1,722 1,234 670 249 449 199 Week endin? (Friday). St. Louis district 1, 072 809 182 151 197 46 1941—Mar. 28 13, 661 6,750 887 4,123 1,901 Minneapolis district... 443 331 85 62 87 25 Apr. 4 13, 556 6,740 845 4,080 1,891 Kansas City district... 1,168 766 160 142 217 75 Apr. 11 13, 643 6,666 879 4,185 1,913 Dallas district ... 892 547 136 102 149 47 Apr. 18 13,738 6,604 974 4,240 1,919 San Francisco district. 2,749 2,204 2,058 489 737 248 Apr. 25 13. 503 6,342 1,036 4,220 1,904 May 2 13,556 6, 245 1,118 4, 252 1,941 Total 15, 463 11,852 4,898 2,319 4,204 1,885 May 9 13, 483 6,133 1,131 4,246 1,973 May 16.... 13,539 6,128 1,135 4, 300 1,976 Country banks: Excess reserves: Boston district 1, 097 790 567 123 244 121 1940—April 3,312 1,494 New York district 1,614 1,177 1,453 214 435 221 May 3,389 477 1,607 815 Philadelphia district.. 767 511 887 106 196 90 June 3,594 547 1,703 851 Cleveland district 766 483 732 95 182 88 July.... 6,752 3,588 522 1,803 839 Richmond district 729 409 387 68 122 54 August 6,407 3,344 499 1,748 816 Atlanta district 704 405 249 61 114 53 September 6,582 3,324 570 1,821 866 Chicago district __. 1,110 679 831 123 238 115 October 6,864 3,465 610 1,888 902 St. Louis district 461 284 254 47 78 31 November 6,830 3,493 546 1,895 897 Minneapolis district... 366 233 286 42 70 28 December 6,646 3, 443 476 1,887 840 Kansas City district... 512 308 162 45 75 30 1941—January 6, 832 3,505 381 2,016 930 Dallas district 650 387 108 52 93 41 February 6, 422 3,166 347 2,004 906 San Francisco district. 418 253 304 45 66 20 March 6. 304 3,203 2^2 1.923 927 April 5, 883 2,812 295 1,885 891 Total 9,193 5,920 6,220 1,021 1,912 891 Week ending (Friday): 1941—Mar. 28. 6,014 3,051 214 1,852 Apr. 4 5,944 3, 030 225 1,809 881 1 Gross demand deposits minus demand balances with domestic banks Apr. 11 5.965 2,961 220 1,886 898 (except private banks and American branches of foreign banks) and Apr. 18 5,999 2.889 291 1,920 899 cash items in process of collection. Apr. 25 5, 754 2,637 347 1, 893 877 NOTE.—See table on p. 542 for percentages of deposits required to be May 2 5,797 2, 548 423 1,914 912 held as reserves. May 9... 5,733 2. 450 432 1,910 942 May 16 P5, 757 2, 439 425 1,948 P945 p Preliminary. i Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Apr. Mar. Apr. Mar. Apr. Mar. Apr. Mar. Apr. Mar. Apr. Mar. Boston. _ 2,499 2, 516 649 648 2,364 2,382 528 528 135 133 121 120 New York 18, 733 18, 784 2,433 2,423 U, 553 il, 521 il, 099 il, 092 319 316 499 494 Philadelphia 2 395 2,301 1,117 1,114 2,125 2,036 655 653 270 265 462 461 Cleveland 2,957 2,878 1,469 1,461 2,670 2,594 1,132 1,125 287 284 338 336 Richmond .. 1,719 1,692 619 616 1,504 1,481 421 418 214 210 197 198 Atlanta 1 652 1,623 430 427 1,487 1,460 347 344 165 163 83 83 Chicago 6,054 6,035 2,001 1,984 12, 423 12, 386 il, 169 U, 149 409 402 331 330 St. Louis 1 533 1 479 436 428 1, 265 1,218 314 308 269 261 122 120 Minneapolis 809 828 371 371 635 654 200 201 174 174 170 170 Kansas City 1,679 1,652 322 321 1,332 1,307 211 210 347 345 111 111 Dallas 1 542 1,529 244 244 1,187 1,172 197 197 355 357 47 47 San Francisco 3,167 3,046 2,361 2,358 3,040 2,922 2,260 2,257 127 125 101 101 Total 44,739 44, 364 12, 453 12, 396 121,584 121,134 i 8, 534 i 8, 483 3,072 3,034 2,584 2,572 i Excluding central reserve city banks, for which figures for latest month are shown in table above. 548 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 il a r v t t i e e f r s 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 d s 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 b n i N o o a n n t a e - a k s l 1940—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 Mav 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 \pril 9 071 63 51 1,654 1 418 189 274 6,247 21 153 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] Total Coin andsmall denomination currency2 Large denomination currency Un- End of month in cir- assorttion i Total Coin $1 3 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed 2 1940—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 M ay 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 9 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 M arch . _ 8,924 6,342 650 590 38 1,132 2,074 1.858 2,583 560 1,163 238 543 24 56 1 April 9,071 6,430 658 595 39 1,135 2,112 1,892 2,642 573 1,197 241 550 25 56 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY Held by Treasury and Federal Reserve Banks and in circulation. In [By selected banks and financial institutions in New York City. millions of dollars] In millions of dollars] End of month Total d S s b o a i i l l u l n v v l d l a e e - r r r s s S c i i s a l o u i v d r i b y e n - - r M c i o n i o n r U S n n t o a i t t t e e e s s d B s F e R e a e r r e a n d v - l k - e t b n i N o o a n n t a e a - k s l Year or month m E S e u n h r t o i s p p - t e o R E e f u r c o r e o m i p p e ts m s N h e i e n p t t - s re N ce e ip t ts lion * notes 1937 21 5 47 6 26 1 1938 33.1 34.4 1.3 1939 110.2 9 8 100 4 1940—March 2,990 1,876 401 171 347 23 172 1940... 17.7 .7 17 0 April 2,999 1,886 400 172 347 23 171 May.__ 3,008 1,894 402 173 347 23 169 1940—April.— 3.5 3 5 June 3,014 1,900 402 174 347 23 167 May „ _ 1.1 0-) 1 i Julv. 3,024 1,909 404 175 347 23 167 June .5 .1 4 August 3,036 1,915 409 178 347 23 164 July .6 .1 .5 September. 3,044 1,920 411 181 347 22 163 August .3 3 October 3,059 1,931 415 183 347 22 162 September .1 (l) .1 November. 3,072 1,937 419 187 347 22 160 October .1 .1 December.. 3,087 1,945 425 189 347 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 April _ ... 3,122 1,971 434 194 347 21 154 March (i) (j) April _. .1 0) .1 i Includes silver held against silver certificates amounting to $1,895,- 000,000 on Apr. 30, 1941 and $1,818,000,000 on Apr 30, 1940. i Less than $50,000. Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. JUNE 1941 549 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 1941 gain or Period a s G t t o o e c l n d k d I i n n g c o r to e ld a ta s l e g N o e ld t l t o h s r e s o a u r ( - — gh ) p D ti r c o o m d go u e l c s d - - From or to— April March Jan.-Apr. of period stock import marking tion trans- Im- Ex- Im- Ex- Im- Exactions ports ports ports ports ports ports 19341 8,238 4, 202. 5 1,133. 9 82.6 92.9 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. 21 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 899 1939 17,644 3,132. 0 3, 574. 2 -534.4 161.7 United Kingdom.. _ 21 817 2,094 1940 21,995 4,351.2 4 744. 5 —644 7 168.1 U. S. S. R. .. 11, 236 20, 218 2 95, 621 2 244, 252 13 Mexico 1 147 866 3,975 1939—November 17,358 267.1 168.0 90.9 14.9 Central America 902 852 3,759 December __ 17, 644 285.1 451.2 -200.8 13.4 West Indies and Bermuda 67 65 269 2 1940—January _. 17,931 287.5 236.4 40.0 13.6 Argentina. . ... ... 39 16 60 February 18,177 246 0 201.4 37 0 11.4 Bolivia 2 47 March 18, 433 256.0 459.8 -213. 4 12.0 Brazil 7 April 18, 770 336.9 249.9 67.2 13.0 Chile 683 257 2,555 Mav 19, 209 439.0 435.1 —36.7 14.1 Colombia 2,934 2,232 8, 345 June 19,963 754.2 1,163. 0 -437. 2 10.9 Ecuador 347 196 1 044 July 20,463 499.4 520.0 —55.1 16.0 Peru 1,280 219 3, 227 August 20, 913 450.2 351.6 67.0 12.3 Venezuela 320 413 1,364 September 21, 244 331.6 334.1 36.6 13.3 British Guiana 79 104 404 October 21, 506 261.1 326.0 -117.9 19.0 Australia 4,720 6,262 28, 855 November 21,801 295.2 330.1 —39 5 16.4 New Zealand 379 127 1.132 December 21, 995 194.0 137.2 7.4 16.1 British Oceania 288 243 1,318 British India 4 501 1941—Januarv .. 22,116 121.7 234.2 —52.8 13.5 Netherlands Indies 103 103 425 February ___ 22, 232 115.4 108.6 -46.2 12.6 China and Hong March 22, 367 135.4 118.6 .2 12.0 Kong . ... 2,146 2,981 April 22, 506 138 5 172 0 3—10 5 P12 4 Japan 313 3 046 9 444 May 1-28?_. 22, 573 66.8 34.1 3 -3.8 Philippine Islands 3,587 3, 985 1 13, 529 1 South Africa.. . . 132, 255 2,788 284, 875 All other countries _.- 163 335 1,014 P 1 F P i r g e u l r im es i n b a a r s y e . d on rate of $20.67 a fineounce in January 1934 and $35 Total 171, 994 2 118, 569 3 633, 424 15 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 e r h e 3 l 1 d , u 19 n 3 d 6 e , r a n e d a rm $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 s e e m rv b e er B a 31 n , k 1 s 9 3 fo 7 r . foreign ac- are at rate of $35 a fine ounce. count, in millions of dollars: April 30—1,916.9; May 28—1, 920. 8. Back figures.—See table, p. 585 and Annual Report for 1937 (tables 31 and 32). NOTE.—Figures for domestic production of gold are those published in table, p. 585 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] Member Nonmember Total, 140 133 Total, banks banks Year and month rep a o ll rt- Y N o e r w k o le t a h d e - r r o ep th o e r r tall ing City ing ing banks Na- In- Not centers centers i centers 2 tional State sured 2 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—March 37, 769 15, 201 19, 537 3,031 1939 25 10 April 37, 780 15, 519 19, 250 3,010 1940 18 3 May 37,257 14,536 19, 659 3,063 1941—Jan.-April 3 June 35,005 13,110 18,850 3,045 July 35, 959 13, 612 19, 244 3,103 Deposits of suspended banks August 32, 844 11, 604 18, 314 2,926 (in thousands of dollars):3 September 33, 812 12, 594 18, 267 2,951 1934 36, 937 40 1,912 34, 985 October... 39, 695 14,952 21, 365 3,378 1935 10,015 5,313 3,763 939 November 39, 088 14,952 20, 819 3,317 1936 11, 306 507 10,207 592 December. 46, 673 18, 626 24, 327 3,721 1937 19, 723 7,379 1,708 10,156 480 1941—January... 41,133 15,147 22, 498 3, 488 1938 13,012 36 211 11,721 1,044 February.. 35, 783 13, 268 19,457 3,057 1939 . 34,998 1,341 24, 629 6,589 2,439 March 44, 558 17, 402 23, 586 3, 570 1940 5,943 256 5,341 346 April 42, 237 15,657 23,074 3,505 1941—Jan.-April 2,436 1,933 503 1 Comprises centers for which bank debit figures are available begin- 1 Represents banks which, during the periods shown, closed tem- ning with 1919, except that one substitution was made in 1920 and one porarily or permanently on account of financial difficulties; does not in 1928. include banks whose deposit liabilities were assumed by other banks at 2 Centers (other than the 141 centers) for which bank debits are currentthe time of closing (in some instances with the aid of Federal Deposit ly reported. The number has changed very little since 1934 and has Insurance Corporation loans). been 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 indi* were reported. vidual reporting centers with totals by Federal Reserve districts for the Back figures.—See Annual Report for 1937 (table 76). years 1919-1939, are available and will be furnished upon request. 550 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 DEPOSITS [In millions of dollars] Nonmember Member baiaks banks Member banks Nonmeniber banks Call date Total Other Mutual non- All Total ti N on a- al State s b a a v n in k g s s b m a b e n e m k r s - Call date banks Total ti N on a- al State M s b a a v u n i t n u k g s a s l b n e o r O n t b m h a e e n r m k - s 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29... 53,852 32,284 19,411 12,873 8,983 12,584 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31... 55,289 33, 865 20, 290 13, 575 8,916 12, 508 1933—June 30 14,519 5, 606 4,897 709 576 8,337 1933—June 30... 37,998 23,338 14, 772 8,566 9,713 4,946 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30... 38, 505 23, 771 15, 386 8,385 9,708 5,026 1936—June 30 15, 752 6,400 5,368 1,032 566 8,786 1936—June 30... 51, 335 34,098 21, 986 12,112 10,060 7,178 Dec. 31 15, 628 6,376 5,325 1,051 565 8,687 Dec. 31... 53, 701 35,893 23,107 12, 786 10,143 7,666 1937—June 30 15, 527 6,357 5,293 1,064 564 8,606 1937—June 30... 53, 287 35,440 22, 926 12, 514 10, 213 7,635 Dec. 31 15,393 6,341 5,260 1,081 563 8,489 Dec. 31— 52,440 34,810 22, 655 12,155 10,257 7,373 1938—June 30 15, 287 6,338 5,242 1,096 563 8,386 1938—June 30... 52,195 34, 745 22, 553 12,193 10, 296 7,153 Dec. 31 15, 206 6,338 5,224 1,114 556 8,312 Dec. 31... 54,054 36,211 23, 497 12, 714 10, 365 7,478 1939—June 30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30... 55,992 38,027 24, 534 13,493 10, 521 7,444 Dec. 30 15,037 6,362 5,187 1,175 552 8,123 Dec. 30... 58, 344 39,930 25, 661 14, 269 10,613 7,801 1940—Mar. 26 15,006 6,377 5,178 1,199 551 8,078 1940—Mar. 26.. 59, 017 40,579 25, 911 14, 667 3 10,544 3 7,895 June 29 14,953 6,398 5,164 1,234 551 8,004 June 29... 60, 582 42,039 26,931 15,108 10,631 7,912 Dec. 31 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 1941—Apr. 44 6,528 5,138 1,390 1941—Apr. 44_._ 46,179 29, 467 16, 712 For footnotes seetable 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 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 1941—Apr. 44_ 38, 983 15, 878 23,104 1 Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June 1940 the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank abstracts, 2 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now classified in condition reports among ''Other assets." The amounts of such loans and investments in December 1938 were approximately $50,000,000 and $100, - 000,000, respectively. 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on December 30, 1939) which, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. 4 Figures for "All banks" not available. Back figures—See Annual Report for 1937 (tables 48-49). JUNE 1941 551 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! Investments i Loans for TJ. S. Government obligations 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 C t m d a r c i o i u n i n e a a m s d - r l l - * - - A t c u u g r l r - - i- p O m k a p p a e e r t e n - r b o a p r T e s n r o u r o e d s k r c c c - u a h r r a r i o t s y t i i h i e T n n s e o g g rs3 e l R o st e a 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 es ct Bonds G t a e u n e a - d r- g S p O a d s a i t o t u c i o b n a i v l b a o f l t d i i - l i e t n - - - s s O r s i e t t c h ie u e s - r deal- sions ers Total—All Member Banks 1929—Dec. 3L. 35,934 26,150 583 2,463 7,685 3,191 11,515 9,784 3,863 249 520 3,094 1,393 4,528 1933—June 3O._24,786 12,858 595 953 3,752 2,372 330 4,857 11,928 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 3,389 7,208 2,340 2,448 3,192 1939—June 30. _32,603 13,141 4,783 420 731 736 2,828 58 2,796 19, 462 13,777 441 2,720 7,786 2,831 2,554 3,131 Oct. 2 8__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 56 2,888 19, 979 14,328 5632,223 3,144 2,692 2,959 1940—Mar. 266 34,163 13,939 20, 224 14.421 3.107 2,905 2,898 June 29. 34.451 13, 969 5, 538 450 447 668 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. 46.._ 38, 983 15, 878 23,104 16, 988 3,487 3,206 2,911 New York City1' 1929—Dec. 31_. 8,774 195 1,257 2,145 169 322 2,595 2,091 1,112 58 166 222 758 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 1, 358 1,451 709 394 707 Dec. 31__ 3,262 1,456 138 787 220 121 99 436 5,072 3,857 158 1,142 1,663 894 517 698 1939—June 30. 2,988 1,474 128 555 215 130 41 440 5,700 4,483 168 908 2,284 1,123 480 736 Oct. 2 e . 9,044 3,116 5,928 4,558 1,157 662 708 Dec. 30 . 9,339 3,296 120 611 188 133 44 425 6,043 4,772 315 797 2,385 1,275 579 693 1940—Mar. 266 9,594 3,211 6,383 4,972 1,286 726 686 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 1941— D A e p c r . . 4 3 6 1 ... 1 10 1 . , 6 9 9 1 6 0 3 3 , , 5 3 0 8 2 4 2,025 100 465 190 130 443 8 7 , , 1 5 9 2 4 7 6 6 , ,0 6 4 2 4 5 207 1,245 2,977 1 1 , , 6 6 2 1 0 5 6 7 9 7 5 1 788 City of Chicago' 1929—Dec. 31__ 1,757 1,448 251 533 535 309 116 3 19 94 96 96 1933-June 30.. 1,287 677 61 251 237 610 384 206 82 97 87 138 1938-June 30__ 1,806 525 29 109 361 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—June 30 _ 2,052 544 329 39 71 59 1,507 1,175 185 234 621 135 154 179 Oct. 2«__ 2,050 563 1,487 1,172 155 147 168 Dec. 30^ 2,105 569 365 17 66 13 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 Dec. 31 2,377 696 476 1.681 1,307 297 145 752 112 188 186 1941—Apr. 46.._ 2, 649 780 1,869 1,466 125 226 177 Reserve City Banks 1929 De3 31 12,029 168 664 2,775 1,538 258 3,679 2,944 1,368 91 165 1,112 448 1,128 1933 -J une 30 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 598 930 1938—June 30.. 11,150 4,853 163 95 998 1,201 26 2,369 6,298 4,658 1,268 2,603 718 732 Dec. 31.. 11, 654 4,963 1,914 149 119 242 1,230 20 1,081 6,691 5,018 1,224 2,997 740 808 1939—June 30,_ 11,756 5,004 1,884 138 115 221 1,284 12 1,116 6,751 4,991 1,014 3,010 889 895 Oct. 2« 11, 880 5,127 6,752 4,998 909 897 856 Dec. 30 . 12, 272 5,329 2,100 221 155 119 1,335 1,168 6,943 5,194 63 819 3,339 972 890 860 1940-Mar. 26» 12,153 5,305 6,848 5,070 963 928 850 June 29., 12.160 5, 365 2,134 156 87 210 1.372 1,224 6,795 4,947 87 839 3,052 969 981 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 1941—Apr. 46... 13, 494 6,165 7,328 5,440 1,047 1,034 855 Country Banks 1929—Dec. 31. _ 13, 375 8,936 201 291 2,231 1,462 45 4,705 4,439 1,267 171 627 2,546 1933—June 30.. 7,873 4,275 35 25 1,117 1,055 2,005 3,598 1,469 299 1,106 581 1,549 1938—June 30.. 9,752 4, 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 1,870 683 1,025 1,351 Oct. 2«._ 10,102 4,665 5,437 3,082 699 1,058 1,297 Dec. 30.. 10, 224 4,768 1,151 495 163 20 224 1,477 1,234 5,456 3,159 31 431 1,972 725 1,061 1,236 1940-Mar. 26« 10,194 4,860 5,334 3,060 719 1,076 1,197 June 29.. 10, 257 4,987 1,187 174 208 1, 544 1,308 5,270 3,030 451 695 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. 46... 11,144 5,431 5,713 3,456 694 1,176 1,081 1 Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April 1939, pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only. 2 Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported separately on some dates, and the total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937. 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. Back figures.—Bee Annual Report for 1937 (tables 52-58). 552 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 deposiis, Time deposits, Interbank except interbank except interbank ieposits Reserves Bal- De- Indi- Indi- Domestic B s w F e a e R e r r i n e a t d v - k h l - e s v C a i a n u s l h t b m a w a n d e n o i c s t - k e h t s s ic 1 ju p m s o d a a t e d s e - n i - d t d s -9 s u p v h n a c a a i o e i n d l p r r r d s t - - - s - , , S p d s a i t o u i c a n v l b a t d i i e l - t - - s c C h c o f a e e i e f n e f r c r d i d t s k - i ' - s m U G e e r . o n n v S t - - 4 . s p u v n h a c a a o i e n i d r l p r r d s t - - - s - , , S p d s a i t o u i c a n v l b a t d i i e l - t - - s P i s n o a g s v s t - a 4 l m D a e- n b d ank T s ime b F e a i o n g r n k - s r B i o n o w g r s - - c C o i a a t u c p a - n - l ts Call date pora- sions etc.3 pora- sions tions tions Total—All Member Banks 2,374 558 2,168 16, 647 17,526 1, 335 1,681 143 12,267 595 122 3,517 95 698 879 6,709 1929—Dec. 31 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1933—June 30 8,004 712 4,084 20, 893 19,816 2,314 662 543 10,874 454 83 6,096 135 331 11 5,368 1938—June 30 8,694 746 4,240 22, 293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 Dec. 31 10,011 712 4,674 23, 587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 1939—June 30 11,617 774 «5,304 25,118 23, 983 2,390 666 675 11,104 418 51 s 8, 243 6 142 8 757 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 «5,634 26,461 24, 965 2,499 558 725 11, 368 411 52 3 8, 717 6 145 6 737 2 5,562 1940—Mar. 26 13, 751 789 5,751 27, 877 26, 397 2,529 475 711 11,459 410 59 8,852 134 703 3 5,608 June 29 13, 992 991 6,185 30, 429 29, 576 2,724 913 616 11,687 435 56 9, 581 135 706 3 5,698 Dec. 31 13, 531 837 6 6, 340 31, 576 29, 752 2,957 662 523 11, 837 392 54 6 9, 873 6 137 6 635 3 5,754 1941—Apr. 4 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 3,517 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 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,58b 1939—June 30 5,929 85 6 109 8,676 8,812 321 349 72 683 52 6 3, 573 6670 1 1,587 Oct. 2 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 Dec. 30 6,386 84 6163 9,562 9,652 219 260 68 742 35 «3, 629 6 1 6 672 1,601 1940—Mar. 26 7.072 88 119 10,235 10, 283 258 147 67 732 29 3,840 650 1, 599 June 29 7, 057 102 122 11,062 11,357 370 471 48 768 51 4 032 646 1,615 Dec. 31 6,715 85 6 154 11,645 11, 629 302 302 29 806 38 6 4, 021 6 577 1,623 1941—Apr. 4 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. 31 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 1939—June 30 1,080 37 6237 1,747 1,632 195 27 60 469 21 3 6 853 e 14 270 Oct. 2 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 Dec. 30 909 25 6 195 1,544 1,503 133 18 80 482 11 5 6997 67 253 1940—Mar. 26 1,187 39 242 1,898 1,782 199 17 79 489 15 5 949 7 260 June 29 1,051 42 319 1,941 1,905 174 27 90 496 8 * 5 997 8 270 Dec. 31 815 20 6 283 1,755 1,685 181 26 108 486 10 4 61,151 270 1941—Apr. 4 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 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 1939—June 30 3,053 323 "2,485 8,017 7,803 801 158 410 4,319 198 14 6 3, 307 6 116 6 71 1,821 Oct. 2 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 Dec. 30 3,336 364 6 2, 632 8,400 7,978 942 150 431 4,386 214 12 6 3, 525 6 115 6 56 1,833 1940—Mar. 26 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 39fi 2,741 9, 581 9,468 995 228 327 4, 506 226 19 3,919 106 51 1,904 Dec. 31 4,107 361 6 2, 859 10,137 9,552 1,206 171 273 4,540 202 19 6 4, 023 6 108 M9 1,917 1941—Apr. 4 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 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 1939—June 30 1,555 329 8 2, 473 6,677 5,736 1,073 131 133 5,632 148 35 6 509 6 27 62 4 1,852 Oct. 2 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 Dec. 30 1,648 389 6 2, 645 6,954 5,832 1,205 131 147 5,757 151 35 6 566 6 29 62 2 1,875 1940—Mar. 26 1,733 328 2,711 6,969 5,960 1,115 164 143 5,816 147 37 538 29 2 3 1, 876 June 29 1,857 452 3,002 7, 845 6,846 1,184 187 151 5,917 150 33 633 29 2 3 1,909 Dec. 31 1,894 372 6 3, 044 8,039 6, 886 1,269 163 114 6,006 142 31 6 677 6 29 6 2 3 1,943 1941—Apr. 4 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less cash items reported on hand but not in process of collection. 3 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31,1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 5 Central reserve city banks. 6 Partly estimated. Back figures—See Annual Report for 1937 (tables 52-58). JUNE 1941 553 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 e t n - r br T o o k- e l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total Total Bills Notes Bonds G a u n a - r- O r s i e t t c i h e u e s - r agri- ers To teed cul- and others tural dealers Total—101 Cities 1940—April 23,489 8,646 4,414 335 624 1,182 1,569 14, 843 11,339 575 1,839 6,527 2,398 3,504 December 25, 388 9,309 4,993 303 534 1,229 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 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 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 1,766 17,095 13,299 896 2,452 7,190 2.761 3,796 April 27, 270 9,849 5,506 351 482 450 1,230 1,789 17, 421 13, 628 847 2,185 7,701 2,895 3,793 1941—Feb. 26 26,450 9,495 5,227 319 478 455 1,232 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 1,757 17,076 13, 232 2,554 7,064 2,774 3,844 Mar. 12 26, 744 9,689 5,374 332 498 458 1,229 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 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 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 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 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 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 1,793 17,715 13,911 878 2,191 7,741 3,101 3,804 Apr. 30 27, 550 9,870 5,532 354 465 445 1,235 1,799 17, 680 13, 927 2,190 7,753 3,115 3,753 May 7 27, 601 9,892 5,568 356 444 442 1,234 1,812 17, 709 14, 021 931 2,208 7,771 3,111 3,688 May 14 27, 742 9,953 5,604 359 445 443 1,237 1, 825 17, 789 14, 089 961 2,220 7,771 3,137 3,700 May 21 27, 798 10, 046 5,639 360 455 447 1,237 1,868 17, 752 13, 991 975 2,217 7,780 3,019 3,761 New York City 1940—April 9,108 2,965 1,686 111 482 160 119 366 6,143 4,838 170 2,527 1,253 1,305 December 1.0,165 3,074 1,901 90 381 168 115 393 7,091 5,755 285 1,082 2,824 1, 564 1,336 1941—January 10, 350 3,049 1,926 331 169 113 393 7,301 5,913 170 1,239 2,923 1,581 1,388 February 10,712 3,063 1,983 300 166 112 389 7,649 6,183 149 1,498 2,947 1,589 1,466 March 10,916 3,209 2,058 357 165 111 393 7,707 6,237 227 1,471 2,961 1, 578 1,470 April 11, 263 3,229 2,090 341 163 112 395 8,034 6,578 351 1,374 3,185 1,668 1,456 1941—Feb. 26 10, 776 3,100 1,989 332 166 111 390 7,676 6,151 158 1,516 2,888 1,589 1,525 Mar. 5 10,843 3,159 2,022 348 165 111 393 7,684 6,168 147 1,523 2,901 1,597 1, 516 Mar. 12 10,892 3,223 2,075 354 166 111 392 7,669 6,219 211 1,522 2,903 1, 583 "., 450 Mar. 19 10,908 3,204 2,070 101 336 165 111 393 7,704 6,253 270 1,429 2,991 1,563 ,451 Mar. 26 11, 022 3,250 2,064 97 391 165 112 393 7,772 6,309 278 1,411 3,050 1,570 ,463 Apr. 2 11,053 3, 252 2,073 97 370 165 111 394 7,801 6,334 250 1,340 3,168 1,576 ,467 Apr. 9 11,132 3,225 2,084 344 165 112 394 7,907 6,430 318 1,359 3,173 1,580 ,477 Apr. 16 11,155 3,226 2,095 337 164 111 396 7,929 6,471 345 1, 366 3,174 1,586 ,458 Apr. 23 11, 456 3,202 2,088 323 162 112 395 8,254 6,799 409 1,390 3,207 1,793 ,455 Apr. 30 11, 517 3,238 2,109 330 160 113 396 8,279 6,858 437 1,414 3,203 1,804 1,421 May 7 11, 530 3,244 2,123 317 160 114 406 8,286 6,911 459 1,434 3,211 1,807 1,375 May 14___. 11,616 3,251 2,127 318 160 114 409 8,365 6,983 500 1,451 3,212 1,820 1,382 May 21 11,635 3,321 2,149 332 163 113 443 8,314 6,879 486 1,454 3,206 1, 733 1, 435 Outside New York City 1940—April 14, 381 5,681 2,728 224 142 314 1,063 1,203 8,700 6,501 405 951 4,000 1,145 2,199 December 15,223 6,235 3,092 213 153 295 1,114 1,354 6, 683 449 937 4,127 1,170 2,305 1941—January 15,311 6,246 3,125 217 140 291 1,116 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 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 1,373 9,388 7,062 981 4,229 1,183 2,326 April 16, 007 6,620 3,416 255 141 287 1,118 1,394 9,387 7,050 811 4,516 1, 227 2,337 1941—Feb. 26 15, 674 3,238 230 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 1,364 9,392 7,064 1,031 4,163 1,177 2,328 Mar. 12 15,852 6, 466 3,299 236 144 292 1,118 1,367 9,386 7,066 1,023 4,162 1,183 2,320 Mar. 19 15, 935 6,510 3,344 239 135 290 1,115 1,378 9,425 7,090 700 918 4,280 1,192 2,335 Mar. 26 15, 896 6,548 3,356 246 151 1,114 1,384 7,025 586 949 4,309 1,181 2, 323 Apr. 2 15, 899 6,576 3,392 250 134 289 1,117 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 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 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 1,398 9,461 7,112 469 801 4, 534 1, 308 2,349 Apr. 30 16, 033 6,632 3,423 256 135 285 1,122 1,403 9,401 432 776 4,550 1,311 2,332 May 7 16, 071 6,648 3,445 261 127 282 1,120 1,406 9,423 7,110 472 774 4,560 1,304 2,313 May 14 16,126 6,702 3,477 268 127 283 1,123 1,416 9,424 7,106 461 769 4,559 1,317 2,318 May 21 16,163 6,725 3,490 271 123 284 1,124 1,425 9,438 7,112 489 763 4,574 1,286 2,326 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. 554 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 e R a e r i r e n a t d v - h k l - e ? v C a i a n u sh lt m b a w n d a e o i c r t s - e k h t s i s c j m p u o d a s a e t d s n e - i - t d d s J s p u p v n h a c a o a i e o n i d r l r p r r d s t a - - - s - , - , S p s d s a t i i o u c i a o n b v l a t n i d - e i t l - s - * c C h c a o f e e e e i f n t e c f r r c d i t d s k - i ' s - m u G e e . r o n n v s - t - . 2 s p u p v n h a c o a a o i n e i d r l r p r r d s a t - - - s - , - , S p s d s a i t i o u i c o a n b v l a t n - d i i l e t - s - s P i s n o a g s v s t - a » J m D a e n - b d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a a t u c p a - n - l ts Date or month tions tions Total 101 Cities 10, 661 465 3,229 19,515 19, 058 1,403 461 561 5,147 186 8,295 117 725 3,735 1940—April 11, 824 556 3.361 22, 299 22,098 1, 505 560 433 5,189 210 113 674 3,824 December 12,109 530 3,404 22, 757 22, 303 1,537 482 318 5,244 190 1,039 117 653 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 11,371 510 3,472 23,515 1,769 491 390 5, 275 172 9, 077 114 645 3,847 April 12, 003 530 3,473 23,431 22,812 1,820 554 332 5, 273 179 9,137 116 626 3,836 1941— 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 5,286 171 9, 054 114 644 3,844 Apr. 9 11,668 501 3,548 23, 577 23, 245 1,688 475 5,280 168 9,265 113 653 3,847 Apr. 16 11,235 522 3,400 23, 762 23,085 1,797 497 388 5, 274 168 8,910 113 653 3, 850 Apr. 23 11,208 516 3,386 23,712 23,173 1,903 514 386 5,269 181 8,929 114 643 3, 855 Apr. 30 11,124 532 3,437 23,616 22, 804 1,845 397 5,255 183 9, 047 114 661 3, 862 May 7 11,125 554 3,484 23, 846 23. 378 1,847 412 395 5,247 186 9, 067 115 661 3,861 May 14 11,433 535 3,530 24, 265 23, 642 1,839 520 397 5,242 182 9, 053 116 658 3,862 May 21 New York City 6,259 9,087 9,154 246 282 3, 640 663 1,496 1940—April 6,683 10,351 10,489 326 340 677 3,825 616 1, 507 December 6,809 87 85 10,578 10,602 330 287 690 3,929 594 1, 502 1941—January 6, 514 93 10,765 '0,758 345 290 707 3, 839 574 1,507 February 6,622 120 10, 982 11.054 313 294 717 3,928 589 1,507 March 6,202 116 10, 987 11, 064 307 282 719 3, 862 585 1,511 April 6,729 102 10, 985 10,931 440 340 711 3, 907 1,506 1941—Feb. 26 6,756 99 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 11,100 289 304 713 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 5,888 88 10, 946 11,079 386 301 716 3, 819 579 1,515 Apr. 30 5,800 10, 843 10. 821 333 206 705 3, 831 597 1,518 May 7 5, 745 10, 905 11,016 342 213 701 3,815 596 1,517 May 14 6, 001 11,181 11, 281 370 226 3,833 596 1, 519 May 21 Outside New York City 4, 402 387 3,134 10, 428 9,904 1,157 179 516 4,486 159 4,655 117 2,239 1940—April 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 1941—January 5,251 436 3, 288 12,327 11,753 1,328 194 317 4,555 144 5,166 117 2,327 February 5. 092 432 3,348 12,342 11,772 1,344 195 314 4,565 141 5,252 115 2,326 March .5, 169 428 3,356 12, 528 11,883 1,462 209 372 4,556 145 5,215 114 2,336 April 5, 274 3,371 12,446 11,881 1,380 316 4,562 141 5,230 2,330 1941—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 12, 449 12, 044 1,277 182 314 4,565 142 5,273 115 2,326 Mar. 12 5,001 424 3,366 12, 306 11,722 1,324 214 316 4,560 141 5,242 117 2,322 Mar. 19 4, 992 433 3,323 12, 258 11,605 1,409 200 309 4,557 140 5,230 116 2,325 Mar. 26 4,843 412 3,431 12, 067 11,418 1,458 223 377 4, 556 140 5, 294 115 2,329 Apr. 2 5,113 437 3,319 12, 436 11,721 1,433 191 372 4,559 140 5,218 114 2,334 Apr. 9 5, 314 420 3,432 12, 636 12,153 1,416 210 371 4,559 143 5, 318 113 2,337 Apr. 16 5.254 439 3, 303 12, 736 12, 029 1,486 210 371 4,558 143 5,138 113 2,339 Apr. 23 5,320 432 3,298 12, 766 12,094 1,517 213 368 4,553 156 5,110 114 2,340 Apr. 30 5,324 446 3,351 12,773 11,983 1, 512 191 375 4,550 157 5,216 114 2,344 May 7 5, 380 465 3, 395 12, 941 12, 362 1, 505 377 4,546 160 5,252 115 2,344 May 14 5, 432 450 3,425 13, 084 12, 361 1,469 378 4,544 156 5,220 116 2,343 May 21 i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. JU. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. JUNE 1941 555 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 dollarsl Loans Investments Loans for U. k3. 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 s a - - l, O m k p a e e r t n - To e l R o st a e a n a t l s e 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) Apr. 30 1,331 701 366 78 11 16 81 4 145 630 495 41 38 345 71 135 May 7 ... . _ 1,331 706 366 79 13 16 81 4 147 625 493 40 37 345 71 132 May 14 1,342 717 375 81 12 16 81 4 148 625 493 40 37 346 70 132 May 21 1,342 722 380 81 12 16 81 4 148 620 488 34 38 346 70 132 New York (8 cities) * Apr. 30 - 12,454 3, 623 2,245 111 335 207 194 32 499 8,831 7,262 437 1, 455 3,469 1,901 1,569 Mav 7 12, 465 3,633 2.263 108 322 207 195 29 509 8,832 7,311 459 1,475 3,476 1,901 1,521 May 14 12, 549 3, 644 2,269 105 323 207 195 32 513 8,905 7,379 500 1,492 3,468 1,919 1,526 May 21 12, 581 3,714 2,292 103 336 210 194 32 547 8,867 7,282 486 1,497 3,467 1,832 1,585 Philadelphia (4 cities) Apr. 30 .- 1,283 507 267 36 22 30 50 102 776 499 27 383 89 277 May 7 1 288 512 271 37 24 29 49 102 776 501 28 385 88 275 May 14 1,296 522 275 39 25 30 50 103 774 500 25 387 88 274 May 21 1,294 524 276 40 25 29 50 104 770 498 25 388 85 272 Cleveland (10 cities) Apr. 30 2,098 835 382 10 16 20 181 1 225 1,263 994 8 152 681 153 269 May 7 2,111 841 387 11 16 19 181 1 226 1,270 1,002 8 153 688 153 268 May 14 2,119 848 390 12 17 19 182 1 227 1,271 1,003 8 153 689 153 268 May 21 2,117 849 392 12 16 20 182 1 226 1,268 1, 000 7 153 687 153 268 Richmond (12 cities) Apr. 30 . 716 309 148 11 3 14 48 85 407 337 1 51 223 62 70 May 7 718 310 149 11 3 14 48 85 408 339 1 51 225 62 69 Mav 14 719 310 149 11 3 13 48 86 409 340 1 52 225 62 69 May 21 717 309 148 12 3 13 48 85 408 339 1 51 225 62 69 Atlanta (8 cities) Apr 30 710 373 196 5 6 11 36 1 118 337 221 4 47 108 62 116 May 7 711 373 196 5 6 11 36 1 118 338 222 5 47 108 62 116 May 14 710 373 192 5 6 11 36 1 122 337 221 5 46 108 62 116 May 21 704 371 193 4 6 11 36 2 119 333 217 5 45 106 61 116 Chicago (12 cities)* Apr. 30 3. 881 1,209 770 46 44 68 132 149 2,672 2,055 258 231 1, 231 335 617 May 7 3 915 1 210 779 46 36 67 132 150 2 705 2 095 301 227 1 233 334 610 May 14 3,937 1,227 797 45 36 67 132 150 2,710 2,094 288 226 1,234 346 616 May 21 3,957 1,243 803 46 35 67 133 159 2,714 2,097 315 220 1,242 320 617 St. Louis (5 cities) Apr. 30 854 389 224 17 11 60 1 71 465 350 58 37 184 71 115 May 7 _ 855 389 224 18 5 11 60 71 466 351 58 37 185 71 115 May 14 861 391 224 18 5 11 60 1 72 470 355 62 37 185 71 115 May 21 868 391 222 19 4 13 60 73 477 361 68 37 185 71 116 Minneapolis (8 cities) Apr. 30 426 210 103 3 1 6 13 84 216 174 2 19 117 36 42 May 7 .. 419 206 100 3 1 6 13 83 213 171 1 19 115 36 42 May 14 417 205 99 3 1 7 13 82 212 171 19 116 36 41 May 21 421 207 101 3 1 6 14 82 214 173 1 19 117 36 41 Kansas City (12 cities) Apr. 30 754 351 211 22 4 10 32 72 403 271 25 46 102 98 132 May 7 752 350 209 22 4 10 32 73 402 271 24 47 101 99 131 May 14 755 353 210 23 4 10 32 74 402 271 24 47 100 100 131 May 21 756 353 209 23 4 10 32 75 403 270 23 46 102 99 133 Dallas (9 cities) Apr. 30 602 316 214 2 3 12 24 61 286 224 33 34 114 43 62 May 7 600 315 214 2 3 12 24 60 285 223 32 34 114 43 62 Mayl4_. 599 315 213 2 3 12 24 61 284 222 31 34 114 43 62 May 21 599 313 211 2 3 12 23 62 286 225 34 34 114 43 61 San Francisco (7 cities) Apr. 30 2,441 1,047 406 13 15 40 384 1 188 1 394 1 045 2 53 796 194 349 May 7 2,436 1,047 410 14 11 40 383 1 188 1,389 1,042 2 53 796 191 347 May 14 2,438 1,048 411 15 10 40 384 1 187 1,390 1,040 2 52 799 187 350 May 21 2,442 1,050 412 15 10 40 384 1 188 1,392 1,041 1 52 801 187 351 City of Chicago* Apr. 30 2,542 771 556 25 39 54 21 76 1 771 1 361 257 125 836 143 410 May 7 2, 577 767 560 25 31 54 21 76 1,810 1,402 300 122 838 142 408 May 14 2,595 780 573 24 31 54 21 77 1,815 1,402 287 124 837 154 413 May 21 2,615 795 580 25 30 54 21 85 1,820 1,406 314 125 838 129 414 * 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. 556 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- Domestic B s w F e a R e e r i r n e a t d v - k h l - e s C va i a n u s l h t b m a w n a d e i o n c s t - e k h t s i s c j p m u o d a s a e s t d e - n i - t d d s i S p s d s a i i t u o c i o n a b v l a n t i d - i e l t - s - s C i c h o f a e e e e i t f n e c f r r c . d i d t s k - i ' - s, m U G e . e r o S n n v . - t - 2 S p s d s a t i i o u i c a n o b v l a t d n i - e i l t - s - s P in s o a g s v s 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 - - 3 C o i a a t u c a p - n - l ts d F i e s d t e ri r c ( a t 1 l 9 a 4 R n 1 e d ) s e d r a v t e e Boston (6 cities) 643 147 196 1,456 1,411 111 23 12 229 388 249 April 30 631 149 195 1,441 1,392 102 20 12 229 390 249 May 7 616 149 195 1,433 1,400 99 23 12 229 393 250 May 14 611 150 189 1,425 1,391 96 22 12 229 393 246 May 21 New York (8 cities)* 6, 066 104 228 11,733 1,681 610 320 30 1,075 3, 895 1,640 April 30 5,997 109 224 11,655 11,411 582 224 32 1,064 3,919 1,642 May 7 5,934 112 230 11, 739 1,628 595 232 31 1,060 3,895 597 1,642 May 14 6, 205 108 238 12, 040 11, 895 558 345 33 1,056 3,911 597 1,644 May 21 Philadelphia (4 cities) 600 23 207 1,210 1,158 132 13 13 260 458 6 218 April 30 593 24 208 1,211 1,133 140 9 13 261 454 6 219 May 7 580 24 209 1,200 1,148 136 9 13 261 460 6 219 May 14 597 24 i 1,222 1,155 140 12 13 259 455 6 219 May 21 Cleveland (10 cities) 785 52 1,693 1,677 128 23 34 724 483 2 390 April 30 772 52 361 1,679 1,639 116 24 34 723 480 1 390 May 7 794 56 378 1,708 1,707 120 22 34 722 500 1 391 May 14 805 52 402 1,745 1,730 119 20 39 722 1 391 May 21 Richmond (12 cities) 292 25 290 617 598 12 26 205 361 101 April 30 308 25 289 627 603 9 27 205 367 102 May 7 303 27 290 629 619 68 12 27 205 366 99 May 14 304 25 287 630 610 12 27 205 362 102 May 21 Atlanta (8 cities) 158 15 262 485 463 83 6 34 187 366 97 April 30 169 15 259 487 463 81 5 35 187 372 97 May 7 177 16 261 501 483 83 36 186 368 May 14 178 16 274 510 478 90 35 187 367 May 21 Chicago (12 cities)* 1,535 75 602 3, 243 3, 053 371 123 993 1,330 420 April 30 1,496 80 624 3, 206 3,005 356 123 992 1, 387 421 May 7 1,520 86 624 3,258 3,105 357 123 991 1,391 421 May 14 1, 529 82 628 3,314 3,112 378 118 1.364 421 May 21 St. Louis (5 cities) 200 13 187 556 560 12 190 410 97 April 30 200 14 185 546 553 13 190 417 97 May 7 198 15 185 553 570 14 189 415 96 May 14 211 14 191 554 560 14 189 440 96 May 21 Minneapolis (8 cities) 87 79 253 219 1 113 170 61 April 30 100 148 324 283 1 112 180 61 May 7 115 139 330 296 1 113 179 61 May 14 113 136 331 303 1 112 176 61 May 21 Kansas City (12 cities) 209 315 591 566 9 141 451 108 April 30 213 313 588 562 10 141 454 109 May 7 212 329 604 587 9 141 458 109 May 14 208 325 595 580 141 459 108 May 21 Dallas (9 cities) 146 301 546 522 62 128 286 90 April 30 153 305 549 523 61 128 292 90 May 7 162 310 561 549 59 127 294 90 May 14 154 31 562 542 57 127 291 91 May 21 San Francisco (7 cities) 487 340 1,329 1,265 140 1,024 331 384 April 30 492 326 1,303 1,237 141 1,023 335 385 May 7 514 334 1,330 1,286 137 1,023 348 386 May 14 518 335 1,337 1,286 142 1,023 347 386 May 21 City of Chicago* 1,136 26: 2,135 2,073 181 491 999 268 April 30 1,122 285 2,124 2,044 177 490 1, 052 269 May 7 1,144 276 2,158 2,107 183 1,053 268 May 14 1,146 283 2,207 2,116 198 1,035 268 May 21 * 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. JUNE 1941 557 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 e in e n or out- out- Im- points in stand- stand- For ac- ports Exports Dollar ing i ing Total O bi w lls n bo B u il g ls ht o c w o F n u o n r a t c- c f s o c o p o u r o e r n n i r g t e d n o - - 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 t m t e e s d ch e a x n - ge U St n a i t t e e s d F c o o r u ei n g - n ents tries 1940—January „ _ _ 219 229 179 111 68 50 101 38 16 51 23 February 226 233 188 123 65 45 95 44 15 51 27 March 233 230 184 121 63 46 90 47 14 49 30 April 239 223 178 118 61 45 86 45 13 46 33 May. 234 214 171 113 58 43 78 47 12 41 34 June 224 206 166 112 54 40 79 43 13 36 34 July 232 188 152 103 49 36 75 32 13 35 32 August 245 182 148 103 44 34 80 24 11 38 29 September 251 177 142 100 42 35 80 22 11 35 28 October 252 187 149 96 53 38 91 20 11 37 28 November 232 197 159 99 60 38 98 20 9 41 29 December 218 209 167 100 67 42 109 18 10 44 27 1941 January __ _ _ 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 April _ 275 220 170 105 66 49 126 25 7 38 23 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—SeeA nnual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances 1 Other credit balances End of month C b u a ( d s n l t e a e o b n t) m i c t e i e s rs' a i b n n p a a v d c l a a e c r n s t t o r n t c u a m e e n d s r e t i s s n n i ' n g t a i b n n a a v d l c a e c f n i s t o r r t c u m a m e n d s e t i s n n in g t C a b h a n a s a d n h n k d i o s n n r M o b w o o n e r d e - y 2 Free O (n th et e ) r m p i a e n r n v t I t n n e a e st n r - s d ' m i e n f n v i I t r n e m a st n - d a c c a c p I o n i u t n al ts trading trading (net) accounts accounts 1935—December 1,258 75 135 179 930 286 79 24 10 410 1936 —June 1,267 67 164 219 985 276 86 24 14 420 December 1,395 64 164 249 1,048 342 103 30 12 424 1937—june 1,489 55 161 214 1,217 266 92 25 13 397 December 985 34 108 232 688 278 85 26 10 355 1938—June 774 27 88 215 495 258 89 22 11 298 December 991 32 106 190 754 247 60 22 5 305 1939—June 834 25 73 178 570 230 70 21 6 280 December __ _ 906 16 78 207 637 266 69 23 7 277 1940—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 ApriL_ 606 10 86 199 368 265 60 20 8 227 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2; of firms' own partners. 2 Includes 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 Report for 1937 (table 69). 558 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 rat31 on— Average rate on— [Per cent per annum] Aver- 7 other mo Y w n e e t a e h r k , , or m m p P 4 c a r o e o t p i r o n m m c e t i 6 r - h e a , s la a b P c d n e a c r a 9 r c n i e s y m 0 e ' k p s s t - e , - c l S h t d o i t e a a 9 a o m x n y n 0 - c e g s s k , e c S n h l c t o e r a e a o a e x l a w n - - l s c n l g k - e w i f N U s e u i s o r . e t u r f 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 a u e r a i s y 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 d r o S x t m a a y e e - . r - s 5 s p o - f t 1 1 1 1 1 9 9 9 9 9 3 3 3 3 3 4 5 6 8 7 a a a a a v v v v v e e e e e r r r r r a a a a a g g g g g e e e e e 1 1 1 1 1 - - . _ - 1 T 9 o c t 3 2 2 2 2 i a t ^ . . . i l 4 5 5 6 9 e 5 9 3 s 8 3 Y N C o e i 2 1 1 1 1 t r w y . . . . . k 7 7 6 7 4 6 2 9 3 5 E e N r c a n o i s t r t i 3 3 3 2 2 a e e t . . . . . h n r s 3 7 0 7 8 n - d 9 1 4 5 8 1 W e 1 r c n e i S t s i o a t e e 4 3 3 3 3 u n s r . . . . . t d 2 7 3 4 2 n h 6 6 2 0 5 period 1939 average.. 2.78 2.07 2.87 3.51 1940 average.- 2.63 2.04 2.56 3.38 1938 average... .81 .44 1.25 1.00 .053 .07 .83 Monthly figures1 1939 average ___ .59 .44 1.25 1.00 .023 .05 .59 1938—June 2.56 1.70 2.78 3.31 1940 average..- .56 .44 1.25 1.00 .014 .04 .50 July 2.57 1.70 2.78 3.35 August 2.52 1.67 2.71 3.28 1940—April .56 .44 1.25 1.00 .003 .02 .45 September 2.53 1.70 2.74 3.26 May .56 .44 1.25 1.00 .042 .06 .65 October 2.57 1.70 2.90 3.21 June .56 .44 1.25 1.00 .071 .10 .76 November 2.49 1.70 2.68 3.20 July .56 .44 1.25 1.00 .009 .05 .57 December . 2.60 1.70 2.95 3.23 Aug .56 .44 1.25 1.00 .019 .04 .58 Sept .56 .44 1.25 1.00 .021 .05 .48 1939—January. _. 2.64 1.73 2.97 3.32 Oct. 56 .44 1.25 1 00 (3) . 02 . 43 February.. 2.52 1.70 2.69 3.26 Nov .56 .44 1.25 1.00 .003 .02 Dec. .56 .44 1.25 1.00 ($) .02 . 35 Quarterly figures 1941—Jan. .56 .44 1.25 1.00 (3) .02 1939—March 2.95 2.13 3.05 3.77 Feb. .56 .44 1.25 1.00 .034 .04 ' 55 June.. _-. 2.91 2.15 3.05 3.62 Mar .56 .44 1.25 1.00 .089 .11 .50 September 2.68 2.04 2.78 3.31 April .56 .44 1.25 1.00 .092 .10 .52 December 2.59 1.96 2.59 3.32 Week ending: 1940—March 2.65 2.03 2.67 3.35 A Ap p r r . . 2 1 6 9 _ _ _ _ 7 V /l8 ie I I X X 1 1 . . 0 0 0 0 . . 0 0 9 9 7 7 . . 1 1 1 2 . . . 5 5 5 1 J S u e n p e tember.. 2 2 . . 5 6 9 8 2 2 . . 0 1 0 4 2 2. . 5 4 6 9 3 3 . . 3 4 8 3 May 3— 7/l6 IX 1.00 .096 .12 .49 December.. 2.59 2.00 2.53 3.36 May 10- Via IX 1.00 .069 .12 .47 May 17_ _ 7A« IX 1.00 .070 .10 .44 1941—March 2.58 2.06 2.53 3.25 May 24_. 7/i« IX 1.00 .069 .10 .41 1 Prior to March 1939 figures were reported monthly on a basis not 1 Monthly figures are averages of weekly prevailing rates. strictly comparable with the current quarterly series. 8 2 R T a a t x e - e n x e e g m at p iv t e b . ills prior to March 1941; taxable bills thereafter. tio B n a a c n k d fi g fo u r r e b s ac — k S f e i e g N ur o e v s e . mber 1939 BULLETIN, pp. 963-969 for descrip- Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures for Treasury bills and Treasury notes available on request BOND YIELDS' [Per cent per annum] Corporate 4 U. S. Year, month, or week Treas- Munic- By ratings By groups ury 2 ipal 3 Total Indus- Rail- Public Aaa Aa Baa trial road utility Number of issues.. 2-6 30 30 30 30 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—April 2.25 2.56 3.54 2.82 2.99 3.59 4.74 3.05 4.33 3.24 May 2.38 2.81 3.65 2.93 3.08 3.65 4.94 3.20 4.46 3.30 June 2.39 2.85 3.72 2.96 3.10 3.70 5.11 3.25 4.57 3.33 July 2.28 2.54 3.57 2.88 3.01 3.57 4.80 3.15 4.32 3.23 August 2.25 2.49 3.55 2.85 3.03 3.55 4.76 3.12 4.30 3.23 September.. 2.18 2.44 3.50 2.82 3.01 3.52 4.66 3.10 4.23 3.19 October 2.10 2.32 3.46 2.79 3.01 3.48 4.56 3.06 4.15 3.18 November.. 1.97 2.18 3.40 2.75 2.96 3.40 4.48 2.98 4.07 3.14 December.. 1.89 2.07 3.36 2.71 2.92 3.36 4.45 2.93 4.03 3.13 1941—January... 1.99 2.16 3.36 2.75 2.95 3.36 4.38 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 April 1.96 2.20 3.39 2.82 3.04 3.38 4.33 3.06 3.96 3.16 Week ending: May 3___ 1.91 2.18 3.38 2.81 3.01 3.36 4.32 3.04 3.95 3.14 May 10_- 1.92 2.17 3.37 2.81 3.00 3.34 4.31 3.02 3.94 3.14 May 17- 1.93 2.14 3.36 2.82 2.99 3.34 4.31 3.02 3.94 3.13 May 24_. 1.94 2.12 3.37 2.82 2.99 3.34 4.32 3.02 3.95 3.13 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 XJ. S. Treasury bonds available on request. JUNE 1941 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate 3 Stock pricesl Vol- U. S. ume of Year, month, or date Treas- Munic- tradury 2 ipal3 Indus- Rail- Public Year, month, or Common (index, 1926=100) ing3 Total trial road utility date Pre- (in ferred 2 thou- Indus- Rail- Public sands of Number of issues __ 2-6 15 60 20 20 20 Total trial road utility shares) 1938 average 102.5 113.7 78.9 82.9 58.6 95.3 1939 average - 105.2 116.3 81.6 86.0 58.0 100.9 Number of issues.. 20 420 348 32 40 107.2 121.2 82.0 87.5 57.9 100.6 1938 average _ _ 135.6 83 99 26 73 1,104 1940—April _ 106.7 119.8 82.5 87.5 58.2 101.7 1939 average 141. 2 89 105 28 85 977 May... 104.9 115.3 79.4 85.3 53.5 99.3 1940 average 140.1 84 97 27 82 767 June 104.8 114.6 78.5 84.7 52.0 98.7 July 106.3 120.4 81.2 86.3 57.1 100.2 1940—April 142 3 93 109 29 88 1,131 August. 106.7 121.2 81.5 86.8 57.5 100.2 May 138.2 83 97 25 81 1,651 September 107.7 122.3 82.7 87.8 59.7 100.6 June 133 2 73 85 23 75 708 October 108.8 124.6 83.6 89.2 61.0 100.6 July 136.9 76 87 24 80 310 November 110.7 127.3 83.9 90.3 60.9 100.5 August 137 3 78 89 25 80 317 December 111.8 129.3 84.0 90.2 61.1 100.7 September... 139.1 81 94 27 81 553 1941—January 110.4 127.7 85.3 90.5 64.3 101.2 October 140 4 81 95 27 80 599 February . 108.8 125.6 84.5 89.9 62.7 100.9 November 141.9 82 96 28 79 1,044 March 110.1 125. 4 85.3 90.2 64.3 101.3 December ... 143.9 80 94 26 78 814 April 110.8 126.8 85.8 90.2 65.9 101.1 1941—January 145.4 81 94 28 78 564 February 143.0 76 88 26 75 444 Apr. 30 111.5 127 2 86.0 90.2 66 7 101 0 March 142 1 76 88 27 75 440 May 7__ 111.4 127.4 86.4 90.3 67.6 101.3 April 141 8 74 86 27 71 495 Mav 14 111.2 128.0 86.1 90.0 67.0 101.3 May 21 _ 111.1 128.4 86.0 90.0 66.7 101.3 Apr 30 141.2 72 84 27 68 396 May 7 141.1 73 85 27 68 574 May 14 141.2 73 86 27 68 391 1 Monthly data are averages of daily figures except for municipal bonds, May 21 140.7 74 86 26 68 382 which are averages of Wrednesday figures. 8 Prices derived from average of yields of all outstanding partially tax-exempt Government bonds due or callable in more than 12 years i Standard Statistics Co. Monthly data are averages of Wednesday on basis of a 2^ 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 2 and Total mu- agen- eign 2 eign) nici- cies i Bonds for- nici- cies i Bonds pal Total and Stocks eign) pal Total and Stocks notes notes 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. ..,___ r4, 762 n, 944 1,942 757 461 724 589 135 r2 r2, 818 2,818 478 344 1,996 1,804 193 r0 1940— A.pr 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 (3) 0 July.... 691 397 397 62 289 46 44 2 0 294 294 20 48 226 223 3 0 Aug 282 130 129 61 0 68 53 15 1 153 153 14 28 111 107 4 0 Sept.___ r226 114 114 46 0 68 64 4 0 ••113 113 24 26 62 61 1 r(J 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 2^0 26 17 217 200 17 0 Mar 407 182 182 86 9 86 55 31 0 225 221 93 11 117 85 32 4 Apr 921 745 745 60 645 39 29 10 176 176 40 28 108 108 0 0 (3) r Revised. 1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. • Less than $500,000. Sovrce.—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). 560 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS [On.basis of daily statements of United States Treasury. In millions of dollars] Interest-bearing No b n e i a n r t i e n r g est- Public issues Special issues End of month T gr o o t s a s l Total Marketable issues 1 Nonm is a s r u k e e s table Madebt interest tured Other bearing Total Treas- | Treas- Treas- S P a o v s i t n a g l s U. S. ju A st d e - d Total c S u o s r c e i i - t a y l 3 s j e u r A v s d t i e c - d e 4 ot A h l e l r5 debt ury ury ury and Savings bills notes bonds2 p b r o e n w d a s r bonds bonds 1932—June 19,487 19,161 618, 852 616 1,261 13,460 790 309 105 203 60 266 1933—June 22, 539 22,158 621, 835 954 4,548 13,417 806 323 92 231 66 315 1934—June 27, 053 26,480 626,084 1,404 6, 653 15, 679 831 396 118 278 54 518 1935—June 28 701 27 645 27 012 2 053 10 023 14 019 855 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, 510 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 38S 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 1,30,5 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 Apr 47, 231 46, 673 40, 967 1,603 5,721 29, 554 196 3,647 244 5,707 4, 354 529 824 186 372 1 Including amounts held by Government agencies and trust funds which aggregated $2,074,000,000 on April 30, 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 > April 30, 1941 [In millions of dollars] [In millions of dollars] Maturing Federal Home Recon- Com- U. S. Date c m al a l t a u b r l i e ng 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 c o a e n - C m C o o r r p e d d o it i r y t a- A H u i o t n h u g o s r - b u i r l y ls n u o r t y es T u r r e y as- Others a c b a l l e l- 1 tion tion 2 tion tion ity 1934—June.. 681 312 134 235 1941—Before July 1 1,126 1,102 24 Dec... 3,063 980 1,834 249 July 1-Sept. 30. ... 1,336 501 834 (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 1937 June.. 4,665 1,422 2,987 255 1943__ 1,395 1,395 1,855 Dec. 4,645 1,410 2,937 297 1944 1.849 1,849 2,555 1938—June- 4,853 1,410 2,937 299 206 1945 3.607 1,249 1,941 417 1,755 Dec.__ 4,992 1,388 2,888 509 206 1946 1,848 1,519 330 2,344 1939—June. _ 5,450 1,379 2,928 820 206 114 1947 2,791 2,370 422 1,460 Dec... 5,703 1,269 2,813 1,096 407 114 1948... _. 1,980 1,487 493 3,361 1949. 1, 634 819 815 2,278 1940—Feb.__ 5,673 1,269 2,783 1,096 407 114 1950 2,704 1,687 1,017 1,186 Mar. _ 5,663 1,269 2,770 1,096 407 114 1951 _ 1,666 1,223 442 3, 500 Apr... 5,656 1,269 2,763 1,096 407 114 1952 . „ 2,454 2,436 18 1,024 May_. 5,535 1,269 2,641 1,096 407 114 1953 2,932 2,904 27 725 June— 5,528 1,269 2,634 1,096 407 114 1954 3,709 3,687 22 681 July.. 5,526 1,269 2,631 1,096 407 114 1955. . 1,515 1,480 35 2,611 Aug... 5,812 1,269 2,627 1,096 696 114 1956... . 1,170 1,170 982 Sept.- 5,808 1,269 2, 623 1,007 696 114 1958 919 Oct.._ 5,810 1,269 2,621 1,097 696 114 1959 982 982 Nov. 5,919 1,269 2,618 1,097 696 226 1960 2,611 2,611 1, 485 Dec... 5,916 1,269 2,615 1,097 696 226 1961. . 50 50 1941—Jan.. . 5,915 1,269 2, 614 1,097 696 226 1963 919 919 Feb. . 5, 914 1, 269 2,613 1,097 696 226 1965 1, 485 1,485 Mar. . 5,916 1,269 2,611 1,097 696 226 Apr... 6, 560 1,269 2,609 1,741 696 226 Total 40, 967 1,603 5,721 29, 554 4,087 29, 554 1 Principal amount of obligations guaranteed as to interest and princi- 1 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 2 Includes Postal Savings, pre-war, U. S. Savings bonds, and adjusted Housing Administrator, amounting to $17,000,000 on April 30, 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 $10,000,000 on April 30, 1941. JUNE 1941 561 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 dollarsj 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 ip re ts c ta o I x n m e - e s n i c n e n e t o l a e l u a l 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 e r o i e p t - a ts l ce N r i e p e - t ts1 I d n e o e t s e n b t r t - t f i N e o d n e n a s - a - e l m t j A u u e r s d n a t - - l t m p e l r m e o e- n y - t - c f t e o r a r u u c s s n - t t t o s o A th l e l r Total* p t e u n re d s i- p ( t + e u e n r x ) 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 etc1 ance 2 nue gram Fiscal year ending: June 1938— 2,640 2,279 755 567 6,242 5,855 926 1,028 362 1,914 220 2,789 7,239 -1,384 +306 -338 +740 June 1939___ 2,189 2,232 740 507 5,668 5,165 941 1,163 787 2,595 182 3,040 8,707 -3, 542 +890 +622 +3,275 June 1940... 2,125 2,345 838 617 5,925 5,387 1,041 1,559 1,020 1,919 208 3,251 8,998 -3,611 +136 -947 +2, 528 10 months ending: Apr. 1939— 1,789 1,853 591 426 4,659 4,262 658 956 608 2,191 182 2,522 7,117 -2, 856 +785 +828 +2, 898 Apr. 1940— 1,621 1,965 669 486 4,741 4,338 726 1,252 916 1,599 204 2,768 7,465 -3,127 +280 -628 +2, 218 Apr. 1941— 2,490 2,448 735 111 6,450 5,938 760 4,404 897 1, 460 235 2,286 10, 041 -4,104 +375 +535 +4, 263 1940—Mar.. 665 192 30 46 934 799 146 143 105 173 255 822 -22 +11 +164 +175 Apr.. 48 175 39 42 304 304 69 159 78 173 20 284 783 -479 +58 -303 +118 May- 40 179 137 43 400 400 10 154 62 169 4 248 647 -247 -83 -181 + 150 June 464 201 32 88 784 649 305 153 43 151 235 887 —237 —62 — 139 +160 July. 50 237 39 41 367 331 20 177 54 151 114 302 818 -487 +51 +367 +803 Aug.. 38 346 139 43 566 447 20 200 76 142 25 243 706 -259 +320 +196 +135 Sept. 432 213 29 37 711 711 148 219 75 139 10 168 759 -48 -158 -39 +168 Oct... 44 237 38 47 365 333 73 287 103 145 261 869 — 536 —24 —495 +64 Nov.. 49 252 138 46 485 362 11 376 108 138 20 164 817 -455 +216 -103 +136 Dec. _ 429 231 34 46 741 740 219 473 110 155 215 1,172 —432 —209 +111 +752 1941—Jan.. 63 210 47 52 372 340 25 572 103 146 18 247 1,111 -771 +15 +97 +852 Feb.. 104 204 193 172 674 541 21 593 96 138 20 209 1,075 -534 -3 -324 +213 Mar.. 1,208 273 34 52 1,567 1,566 150 746 102 159 10 232 1,399 +167 -236 +1,014 +1, 083 Apr.. 75 244 43 240 602 565 73 761 71 148 18 244 1,315 -750 +403 -290 +58 Details of trust accounts, etc. Details of general fund balance (end of period; Old-age insurance Unemployment Net expenditures in checking tr r u e s t t i f r u e n m d e n a t n d a c r c a o il u ro n a t d trust fund accounts of Government agencies All other Period 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 i n n y t e - ts - ce R i e p - ts m v I e e n s n - t t - s O pe e t n x h - d e i r - s C F t R r o i u n e r c c p a o t n o i n o c ra - 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 g t o a i u t t A e e s u - s 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 o o e n l n d t S io e r i a g g n e - a b i n n a c g l- e tures 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 10 months ending: Apr. 1939 504 393 98 669 300 369 *575 141 *82 *174 350 267 3,044 142 522 2,380 Apr. 1940 520 398 104 768 373 402 *245 *35 39 70 332 234 2,210 143 581 1,486 Apr. 1941 638 419 151 896 407 494 *89 17 63 *257 416 370 2,425 143 603 1,679 1940—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 (*) •17 107 20 17 2,030 143 584 1,303 June 179 ""175" 12 46 •11 54 17 45 •5 •11 62 72 1,891 143 585 1,163 July 56 •5 13 59 13 57 25 10 25 •57 120 103 2,258 143 588 1,527 Aug 145 1 13 143 85 53 (*) •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 Apr 46 •10 17 69 40 35 *406 33 24 •12 57 48 2,425 143 603 1,679 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. 4 Less than $500,000. * Excess of credits. NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052. 562 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MARCH 31, 1941 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Recon- Home mortgage and Farm credit agencies Total struction housing agencies Ten- F C r i a n o t a r i p o n o n c - e t f i N D e o n n e a s - - a e l Home Other United Farm O Fa th rm er Com- V ne s a e s l - - e a s I n u n c r - - e Other March 31 i A W P st d u r o m a b r t l i k i i n o c s - n p t C i o o o r n r a s - - O C r L a w o t o r i n a p o e n o n r - s' m a g c g a o i e e g r n s t e - - t H h A i o o n r u u g i - s t - y m a g c g a o i e e g r n s e t - - p a C o n b A d r a r d a e n t m d c k io o i s . t r n - s m C C ra o r o t e r i d p d o i o n i t t y - Other t A h l i e t o u y y r - - a c g ie e s n- 1941 1940 Assets Loans and preferred stock: Loans to financial institutions.. 206 146 0) 57 409 394 Preferred stock, etc 437 183 24 62 1 706 786 Loans to railroads 498 25 523 517 Home and housing mortgage loans 1 914 259 233 2,406 2,377 Farm mortgage loans. _ _ 2,475 2, 475 2,568 Other agricultural loans 0) 306 275 190 4 776 1,131 All other loans M49 0) 3 483 M53 1,386 1,140 Total loans and preferred stock 1,591 2 097 428 233 2 475 367 275 673 57 484 8,681 8,914 <3ash . . .. _ 4 246 104 10 119 58 2 17 8 34 17 620 504 U. S. Govt. direct obligations .._ . 50 42 6 87 97 470 4 756 765 Obligations of Government credit agencies: Fully guaranteed by U. S... 12 10 103 124 130 Other 5 8 5 3 9 20 45 Accounts and other receivables 23 16 6 7 2 212 4 70 30 6 66 109 551 417 Business property.. Q) 0) 3 0) 127 6 0) 6 366 1 92 602 555 Property held for sale _ 43 116 340 84 620 1 38 1 1, 245 629 Other assets __ .__ __. . 4 0) 0) 0) 0) 8 (1)21 4 0) 11 261 310 157 Total assets other than interagency 6 _ ._ ^ 1,724 132 2,691 594 380 2, 994 567 974 726 380 780 968 12,90912,116 Liabilities Bonds, notes, and debentures: Guaranteed by United States 1,097 2,611 226 1, 270 696 16 5,916 5,664 Other 5 176 5 979 214 8 1 11 1 390 1 323 Other liabilities (including reserves) .. 360 1 69 36 6 123 7 114 221 8 274 171 1, 391 1,065 Total liabilities other than interagency 6 1,457 1 2,680 212 232 2,372 221 810 221 16 292 182 8, 696 8,052 ^Excess of assets over liabilities, excluding interagency transactions. 267 130 11 382 147 623 347 163 504 364 488 786 4,213 4, 064 Privately owned interests 58 220 4 139 421 401 U. S. Government interests 267 130 11 324 147 403 342 163 504 364 349 786 3,792 3,663 i Less than $500,000. 2 Includes $92,000,000 loans of Public Works Administration. 3 Includes $415,000,000 loans of Farm Security Administration. 4 Includes $268,000,000 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] Apr. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, Apr. 30, 1940 1940 1940 1940 1941 1941 1941 1941 Loans to financial institutions 155, 651 141, 935 167,153 171, 583 166, 278 162,197 157,920 154,107 Loans on preferred stock of banks and insurance companies- _ 29,749 56, 578 56, 470 52, 947 49, 991 48, 797 48, 512 48, 501 Preferred stock, capital notes, and debentures 474, 475 460, 218 454, 941 452, 380 447, 374 442, 226 436,756 433, 832 Loans to railroads (including receivers) 471,747 469, 769 472, 596 473, 881 481, 961 481, 97r 486,877 486,938 Loans for self-liquidating projects 58, 571 47, 096 35, 597 35, 797 36, 669 34, 742 35, 208 36, 281 Loans to industrial and commercial businesses 1 130,466 130, 944 131, 128, 561 127, 204 127, 984 131,794 134, 684 Loans to drainage, levee, and irrigation districts 83, 723 83, 409 83, 507 83, 460 83, 231 83,161 75, 859 Other loans 4, 235 4,855 4,862 4, 731 5,128 5,138 5,281 Securities purchased from Public Works Administration 112, 743 115, 930 115', 224 115, 699 114,075 113,338 113,153 112,862 Total loans and investments, other than interagency___ 1, 521, 365 1, 510, 735 1, 521, 8571, 519,1701, 511, 515 1,498, 5181, 488, 346 Preferred stock of, and loans to Export-Import bank 74, 000 74,000 99, 000 99, 000 174, 000 174, 000 174,000 174, 000 Loans to Rural Electrification Administration 146, 498 146, 498 146, 498 146, 498 152,' 157, < 164,- •'" 168,498 Capital stock of, and loans to R. F. C. Mortgage Co 59,355 62, 806 64,115 67,110 68,042 67, 992 69,412 70, 517 Capital stock of, and loans to Fed. Natl. Mtge. Assn 70, 385 84, 559 87, 077 90, 380 93, 491 95, 641 98,676 99, 036 Loans to Tennessee Valley Authority 8,300 8,300 8,300 8,300 8, 300 8,300 8,300 Capital stock of, and loans to National Defense Companies. _ 24, 277 33, 387 44, 503 63,106 83, 392 121, 205 168,038 Loans to Farm Security Administration... 21,000 23,000 28,000 17,671 32, 671 59, 771 81,194 Capital stock of Federal Home Loan banks 124, 741 124, 741 124, 741 Total loans and investments.. 1,879,903 1, 932,1751, 983, 2342,002, 9612,088, 622:2,243,522 2,319,120 2, 382,669 i Include national defense loans amounting to $21,160,000 on April 30, 1941. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. JUNE 1941 563 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 1 1934—December 1,915,792 616,825 99, 675 55, 672 60,852 87,102 111, 238 33,969 27,851 54,863 1935—December 2, 071, 925 794, 726 104,706 47,162 94, 096 43,400 172, 863 2,731 50,013 44, 433 1936—December 2,064,158 836, 779 129, 872 41,017 105, 212 25, 288 165, 369 1,641 69, 647 53, 754 1937—December 2,035, 307 812, 749 165,194 40,464 138,169 15, 592 172, 701 1,813 87, 633 30,982 1938—December 1, 982, 224 752,851 168, 392 33, 545 148,037 11,081 171, 489 920 87,496 23, 723 1939—December 1, 904, 855 690,880 165, 236 33, 354 154,496 8,005 168,330 1,835 76,252 20, 547 1940—April 1,886, 272 673, 696 185, 373 37, 921 186, 276 7,904 179, 801 1,603 67,454 18,537 May 1, 882, 516 670, 723 190, 961 38,377 194,662 7,845 180,938 1,315 63, 564 18,137 June _ . _ 1, 880, 408 668, 850 196, 408 40, 033 200,415 7,768 181, 218 897 62,177 18,200 July 1, 874, 608 665,073 199, 238 42,161 203, 693 7,614 180,824 1,217 65, 111 15,311 August _ 1,871,487 662, 592 202, 503 42, 416 202, 796 7,416 179, 984 763 67,473 14,787 September 1, 866, 697 659,017 197,451 40, 901 194, 558 7,010 177, 906 352 73,132 15, 739 October ... 1, 861, 739 655,403 190, 773 34,882 180, 219 6.202 172, 993 431 79,156 16, 724 November 1, 855, 945 651, 600 188,463 33, 738 173,331 5,991 170, 092 1,228 77, 325 17, 022 December 1,851,218 648, 296 186, 933 34,102 172,312 5,885 168,438 1,490 74,741 16, 461 1941—January 1, 844,465 644,885 186,127 34, 762 174, 034 5,836 167, 463 1,242 75,166 16, 036 February 1, 842,003 643, 269 191, 782 35, 804 181, 985 5,675 169,439 1,267 73,944 16,165 March 1, 835, 504 639, 683 203,113 37,120 195, 296 5,691 174, 838 1,332 70, 231 15, 967 April 1, 829, 993 636, 791 211, 572 39, 070 207, 086 5,983 178, 519 1,156 68, 057 15, 769 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 SYSTEIV1 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.2 Loan Cor- Number institu- banks ga- obliporation of asso- Loans l 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 i QQR December 2, 765,098 1,212 586,700 145, 394 1937—June 1,268 1,307 136 1,100 933 167 71 1937 December 2, 397, 647 1,328 853, 500 200,092 1938—June . 1,252 1,290 115 1,103 936 167 73 1Q38 December 2,168, 920 1,368 1, 034,162 198,840 1939—June 1,262 1,304 68 1,157 1,011 146 78 1939—December . _- .-_ 2, 038,186 1,410 1, 271,161 181, 313 1940—April 1,303 1,345 44 1,214 1,068 146 87 1940—January 2,031, 341 1,403 1, 280, 200 156, 788 May _ 1,299 1,342 43 1,224 1,078 146 74 Februarv 2,026, 614 1,407 1,296,464 144,515 June 1,293 1,337 43 1,224 1,078 146 69 March 2, 021, 951 1,413 1, 317, 975 137, 642 July _ 1,297 1,339 42 1 224 1 078 146 73 April 2,020, 572 1,420 1, 348,072 133, 811 August. 1,297 1,340 41 1,224 1,078 146 75 May . 2, 017, 395 1,421 1, 376, 700 137, 509 September 1,295 1,339 40 1,224 1,078 146 74 June 2,012,760 1,430 1,405,100 157,397 October 1,296 1,338 38 1,224 1,078 146 75 July 2, 004, 737 1,431 1, 432,100 162,222 November 1,298 1,341 37 1,078 146 80 August 1,996,443 1,431 1, 461, 867 168,402 December. 1,304 1,348 36 1 224 1 078 146 88 September 1, 987, 611 1,434 1,487, 974 176,047 1941—January 1,314 October 1, 980, 704 1,440 1, 515, 392 181, 526 February P1,316 November 1, 968, 816 1,443 1, 533, 246 185, 547 March ._ n,320 December 1,956, 268 1,445 1, 546, 270 201,492 April. P1,317 1941—January 1, 942, 427 1,446 1, 564,168 170,849 February 1, 913, 862 1,450 1, 600, 482 145, 959 p Preliminary. MApiarriclh 1, 899, 856 1,452 1, 628, 421 141,828 i Outstanding principal, represented by certificates of deposit Does not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and i Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States, and loan associations. accrued interest on bond investments, and accounts due from late 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. 564 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES r'he terms "adjusted'' and ''unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction industrial production contracts (physical volume) 2 * awarded (value) 3 Employment * Y m ea o r n a th nd 1 ( I 9 m v n p 2 a c e 9 a l o n = u y m - e 1 ts ) 0 e i 0 Total 1935 D - a 3 b u f 9 M a l r = e - c 1 a t 0 u n N 0 r u d e - u o s r n - - M er i a n ls - Tot 1 a 9 l 23 R d - t 2 e e ia 5 n s l i = - - 10 o 0 A th ll er 1 t N = 9 a u c 3 g 1 u o r 5 r a 0 l n - i - l 0 - - 3 s 9 19 F 23 a - c 2 t 5 o = ry 100 r 1 o = 9 F p t l o 2 1 a a l 3 s r c y 0 y - - - 0 4 25 F 1 i = l n 9 r o c e 3 g 1 a a i 5 s 0 g d r - 0 * 3 - h 7 9 t- ( D v 1 m = s 9 s a e t a 2 1 l p e o u l 3 0 a e n r e - 0 e s r t 2 ) t 5 - *6 p m W r = c s 1 i o o 1 c h a 9 d m e 2 0 o le s i 6 0 l - t e * y - 1 = 9 C i l n 3 1 i o o v 5 g 0 f s - - * 0 t 39 able Ad- Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 106.7 98 0 120 78 138 6 124 5 1920 75 93 60 83 63 30 90 107.1 117.2 129 94 154 4 143 2 1921 58 53 57 66 56 44 65 82.0 75 6 110 87 97 6 127 7 1922 73 81 67 71 79 68 88 90.7 81 2 121 88 96 7 119 7 1923 88 104 72 98 84 81 86 103.8 102.9 142 98 100 6 121 9 1924 82 95 69 89 94 95 94 96.4 96.0 139 99 98.1 122.2 1925 91 108 76 92 122 124 120 99.8 101.1 146 103 103 5 125 4 1926 96 114 79 99 129 121 135 101.7 104.2 152 106 100 0 126 4 1927 95 107 83 100 129 117 139 99 5 102 4 147 107 95 4 124 0 1928 99 117 85 99 135 126 142 99.7 103.5 148 108 96 7 122 6 1929 100.0 110 133 93 107 117 87 142 107.6 106.0 110.4 152 111 95.3 122. 5 1930 90.8 91 99 84 93 92 50 125 100.9 92.4 89 4 131 102 86 4 119 4 1931 77.3 75 68 79 80 63 37 84 92.3 78.1 67.8 105 92 73.0 108.7 1932 60.1 58 41 70 66 28 13 40 82.8 66 3 46 7 78 69 64 8 97 6 1933 57.1 69 54 79 76 25 11 37 83.3 73.4 50 1 82 67 65 9 92 4 1934 65.8 75 66 81 80 32 12 48 90.5 85.7 64.5 89 75 74.9 95.7 1935 71.7 87 84 90 86 37 21 50 94.2 91 3 74 1 92 79 80 0 98 1 1936 82.7 103 108 100 99 55 37 70 100.0 99.0 85 8 107 88 80 8 99 1 1937 87.5 113 122 106 112 59 41 74 105.0 108.6 102.5 111 92 86.3 102.7 1938 80.7 88 78 95 97 64 45 80 98.5 90 9 78 5 89 85 78 6 100 8 1939 85.4 108 108 108 106 72 60 81 102.3 99 9 92 2 101 90 77 1 99 4 1940 90.5 122 135 113 117 81 72 89 105.6 107 5 105 4 109 94 78 6 100 1 1938 March 81.2 84 84 72 90 97 46 33 56 98.8 91.0 91.2 77.8 86 86 79.7 100.9 April 80 1 82 82 69 88 95 52 37 65 98.4 89 0 89 3 75 2 82 83 78 7 May 79.1 80 81 67 88 90 51 37 62 97.2 87 3 87 0 73 6 83 80 78 1 June _ ._ _ 78.7 81 81 65 90 92 54 42 64 96.8 86.3 85.4 71.6 85 82 78.3 100.9 July 78.7 86 85 71 95 94 59 49 68 97.0 87 2 85 9 71 7 88 83 78 8 August 79.8 90 90 77 99 97 66 53 77 97.6 89.3 90.2 77.9 90 83 78.1 September 80.4 92 95 81 100 98 78 56 96 98.2 91.0 93.6 82 ^ 92 85 78.3 100.7 October 81.7 95 99 88 100 98 82 57 102 98.7 92 0 94 2 85 0 95 86 77.6 November 82.1 100 102 96 103 102 96 56 128 99.6 94.8 95.3 85.3 95 87 77.5 December 83.1 101 100 97 104 102 96 57 128 100. 3 96.7 96.2 88.1 96 88 77.0 100.2 1939 January 83.4 102 98 98 104 103 86 55 111 100. 5 96.8 94.5 84.7 98 88 76.9 February 83.7 10,1 99 98 104 102 73 58 85 100. 7 96.8 96.1 87.1 95 88 76.9 March _ 84.6 101 100 96 104 103 69 55 80 100. 8 96.7 97.0 88.8 94 88 76.7 99.1 April 83 1 97 98 93 103 92 67 58 74 99 8 96 6 96 9 86 8 87 88 76 2 May 83.8 97 99 90 104 96 63 65 68 100. 6 96.3 95.9 86.3 90 87 76.2 June 84.1 102 102 97 106 105 63 58 67 101.7 97.3 96.4 87.9 97 86 75.6 98.6 July 83.6 104 102 101 106 107 67 62 71 102.0 98.4 96.6 85.8 99 87 75.4 August 85.2 104 103 106 108 92 73 67 78 102.4 99.0 99.5 91.2 101 88 75.0 September 86.1 113 116 115 111 114 73 68 76 103. 0 100.8 103.7 95.4 111 90 79.1 100.6 October 88.0 121 126 129 115 119 76 68 82 104.2 104.8 107.3 103.2 114 92 79.4 November 88 5 124 126 133 117 120 83 61 101 104 9 107 0 107 5 103 2 114 93 79 2 December 90.0 126 124 140 117 115 86 60 107 105. 4 108.2 107.8 105.4 110 95 79.2 99.6 1940 January 90 3 122 117 135 113 118 75 53 93 104 9 107 6 105 0 99 8 111 92 79 4 February 89.7 116 114 124 110 114 63 56 68 104.2 105.8 105.0 99.3 105 90 78.7 March 88.4 113 112 118 107 117 62 57 66 104.0 104.0 104.4 99.8 100 89 78.4 99.8 April 88.2 111 112 113 107 119 64 62 66 103.3 102.8 103.2 97.9 103 89 78.6 May,. _ 88.6 115 116 119 110 117 64 64 65 103.8 102.8 102.5 97.8 106 89 78.4 June 88.7 121 121 131 114 118 74 69 77 104.2 103.9 103.1 99.5 111 91 77.5 100.5 July 89.3 121 118 132 112 120 85 77 91 104.7 105.1 103.2 98.2 110 92 77.7 August 90 5 121 120 135 112 113 90 82 98 105 6 107 4 107 4 105 5 112 98 77.4 September 91.7 125 129 146 112 116 93 82 101 106.1 108.9 111.4 111.6 112 97 78.0 100.4 October 92.5 129 134 150 116 113 95 85 103 107 3 111 4 113 8 116 2 110 94 78.7 100.2 November 93.6 133 135 154 120 118 111 87 130 108.8 114.2 114.7 116.4 116 100 79.6 100.1 December _ _ 95.8 139 135 165 124 119 115 90 136 110.6 116.6 116.2 122.4 119 101 80.0 100. 7 1941 January- 96.8 140 134 170 122 118 103 84 117 111.0 118.3 115. 5 120.7 122 101 80.8 100. 8 February 97.3 141 138 172 123 118 99 76 118 111.6 118. 6 117.8 126.9 124 103 80.6 100.8 March 98.0 143 143 170 127 125 94 74 109 111.4 119.4 119.9 131.2 126 103 81.5 101.2 April . . P97.9 P140 P167 P131 PIOI P117 Pill.4 P121.7P122 3 P134. 4 111 104 83.2 102.2 e148 e 150 e176 e 133 •125 135 P106 e 85. 0 fi LAO p Preliminary. * Average per working day. r Revised. « Estimated. 1 Department of Commerce series on value of payments to individuals. 2 For indexes by groups or industries, see pp. 566-569; for description, see pp. 753-771 of BULLETIN for August 1940. 3 Based on F. W. podge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 574. 4 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. 570-573 for employment and payrolls and p. 577 for prices. 5 Excludes military and naval forces. 6 For sales comparisons by cities and by departments see p. 576 of this BULLETIN. 7 Revised series. For descriptive material and back figures see pages 529-533 of this BULLETIN. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882; for factory employment and payrolls, October 1938, pp. 838-866, October 1939, pp. 879-887, and February 1941, p. 166; for department store sales, October 1938, p. 918, and January 1941, p. 65. JUNE 1941 565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjtisted for Seasonal Variation) [Index numbers of the Board of Governors. L935-39 average= 100] 1940 1941 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total.. 113 Ill 115 121 121 121 125 129 r133 r140 141 143 Ufanufactures—Total 112 110 114 122 121 122 127 r132 135 142 143 145 146 P147 Durable 118 113 119 131 132 135 146 150 154 165 170 172 170 Nondurable 107 107 110 114 112 112 116 120 124 122 123 127 P131 Iron and Steel 106 99 118 154 156 158 164 165 166 181 174 168 168 P160 Pig iron- 118 117 127 148 157 162 167 169 173 -182 186 178 170 162 Steel ingots .. 105 97 118 154 156 157 164 165 165 181 173 167 169 PIQO Machinery.. _ _ 123 123 124 128 133 138 145 146 153 163 173 rl76 181 P!92 Transportation Equipment 132 117 117 122 111 107 138 157 162 168 188 199 188 P165 Aircraft 299 306 323 364 394 455 517 544 584 624 686 -727 751 #815 Automobiles . 120 103 101 106 87 76 109 130 133 134 149 159 144 110 Railroad cars __ ._ ._ 149 125 121 111 119 127 148 148 166 177 207 188 168 P!72 Locomotives 101 103 102 102 113 123 140 160 168 174 204 218 239 P276 Shipbuilding 156 156 164 170 189 213 220 227 226 261 289 316 323 #343 Nonferrous Metals and Products ... 132 124 127 130 138 146 153 164 169 177 181 185 186 P186 Nonferrous metal smelting ] 131 129 131 128 138 134 130 134 133 137 136 142 139 P\41 Copper smelting 137 131 130 131 140 135 126 130 132 138 134 141 136 137 Zinc smelting 130 133 135 130 141 140 148 147 146 147 150 155 155 160 Copper deliveries 125 111 113 115 119 134 154 170 179 203 212 218 211 211 Lead shipments _. 100 104 110 119 127 128 126 127 131 136 136 140 139 140' Zinc shipments 117 112 113 124 135 141 143 144 142 143 142 146 142 143 Tin deliveries 148 132 137 141 146 Lumber and Products 111 110 112 111 107 114 121 123 127 132 137 135 128 P129' Lumber 110 109 110 110 104 113 121 124 128 133 139 139 125 P124 Furniture 112 111 115 113 115 115 121 122 125 128 132 129 132 #139" no Stone, Clay and Glass Products 120 115 113 112 115 119 124 126 130 154 158 150 P142 Cement _. _ 117 115 115 113 110 115 125 133 140 155 181 183 156 139' Common and face brick 106 108 1C9 118 117 129 131 126 135 147 Common brick 106 107 111 120 117 130 124 126 136 147 Face brick 105 107 105 112 118 125 146 127 132 148 Glass containers . 124 116 112 111 117 114 116 115 114 119 123 131 139 135 Polished plate glass 105 96 91 80 100 114 118 111 113 117 137 138 135 142 Textiles and Products . 100 100 104 107 113 113 116 123 134 140 134 135 144 PISS Textile fabrics 97 97 100 103 108 111 113 121 131 136 130 131 140 P149 Cotton consumption 108 107 109 114 121 124 120 126 135 145 138 142 147 lffr Rayon deliveries 139 137 142 144 137 127 120 129 146 156 157 150 158 P171 Silk deliveries. 64 61 58 56 57 61 65 71 77 74 69 67 71 J?73 Wool textiles 77 79 87 89 100 106 123 132 142 142 134 136 152 165 Carpet wool consumption 87 97 95 79 69 95 109 125 128 141 125 131 131 148 Apparel wool consumption 80 68 82 88 113 108 137 152 160 158 152 U2 177 182' Woolen yarn 78 78 86 92 102 104 120 124 131 135 124 122 139 149 Worsted yarn _ . 75 76 90 93 112 118 136 150 154 146 146 157 170 177 Woolen and worsted cloth. 71 76 83 89 105 104 122 126 144 142 134 134 154 173 Leather and Products 94 87 88 96 94 97 95 97 107 108 107 1C8 114 P115 Leather tanning 92 86 88 90 85 92 90 93 100 102 102 103 113 Cattle hide leathers 94 86 87 90 88 98 95 100 110 113 115 112 119 Calf and kip leathers 84 80 91 88 75 83 82 85 92 86 88 92 112 Goat and kid leathers 92 91 89 91 84 83 83 81 82 86 79 87 97 Shoes . 95 87 88 101 101 101 99 100 112 113 110 112 115 117 Manufactured Food Products . 112 111 111 115 110 114 rllO r118 rl!7 rl21 ni7 rll9 121 P122 Wheat flour _ 100 100 105 98 100 99 100 104 69 104 98 105 105 110 Cane sugar meltings 86 89 97 112 101 90 86 116 136 122 124 107 122 ^128 Manufactured dairy products 112 112 106 111 113 109 114 122 117 125 128 126 126 P129 Ice cream 111 113 104 112 116 104 114 127 121 131 Butter 107 108 102 105 105 104 105 108 106 110 119 118 118 119 Cheese 115 116 117 110 114 114 115 114 117 118 123 124 131 138 Canned and dried milk 123 118 112 117 121 132 130 136 128 139 139 131 126 136 Meat packing 128 117 117 126 116 119 121 127 133 134 114 126 134 126 Pork and lard 156 131 135 152 132 141 147 152 159 165 121 145 159 143 Beef 102 106 101 101 101 99 95 101 106 107 110 109 110 110 Veal . 87 86 89 91 97 91 92 98 102 97 86 94 91 96 Lamb and mutton 97 98 93 99 98 96 95 106 110 109 112 112 HI 108 Other manufactured foods 112 112 112 115 110 115 109 118 116 120 117 119 120 P\22 Alcoholic Beverages.. 97 104 100 113 108 91 103 103 96 101 105 108 104 107 Malt liquor. 99 102 99 99 103 91 93 100 94 104 105 106 100 102 Whiskey . 67 78 84 84 72 44 71 80 77 85 78 81 80 82 Other distilled spirits 121 132 114 131 148 208 231 118 86 85 112 132 132 140 Rectified spirits 108 123 114 201 154 87 126 134 131 105 126 131 130 137 Tobacco Products . 103 111 110 115 103 106 108 115 113 114 113 116 117 120 Cigars 100 102 104 98 101 105 102 105 103 108 111 110 109 117 Cigarettes 107 119 117 127 106 110 113 120 119 121 118 125 127 127 Manufactured tobacco and snuff.. 95 99 100 99 99 96 100 112 106 101 101 96 97 101 r Revised. P Preliminary. 1 Includes also lead production shown under "Minerals." 566 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 1941 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. Paper and Paper Products 110 116 127 132 130 124 120 122 125 130 129 131 Paper and pulp 110 117 128 132 130 123 118 121 124 131 129 128 132 Pulp 135 140 149 159 153 150 150 148 150 159 153 153 160 Groundwood pulp 110 118 118 118 117 119 117 118 123 119 119 122 119 Soda pulp 116 118 135 148 142 120 114 124 113 142 128 129 137 Sulphate pulp 151 164 175 186 179 179 185 184 186 200 190 193 199 Sulphite pulp ._ 136 136 145 157 151 148 145 140 143 148 144 144 153 Paper 106 113 125 128 126 118 113 117 120 127 126 124 128 Paperboard 109 114 131 128 130 121 118 123 132 143 138 134 138 143 Fine paper 95 99 110 118 121 114 107 110 114 114 110 110 114 Newsprint production 112 113 113 115 111 113 111 112 109 109 113 115 115 114 Printing paper 109 115 125 135 126 117 111 114 114 117 119 123 126 Tissue and absorbent paper 105 119 123 137 131 121 125 124 120 131 132 125 130 Wrapping paper 105 114 127 126 126 117 107 110 114 120 120 119 124 Paperboard containers 111 115 125 128 128 Printing and Publishing i 106 108 115 120 114 110 108 109 110 112 111 114 116 P116 Newsprint consumption 103 101 106 106 102 104 104 104 106 107 103 105 106 106 m Petroleum and Coal Products 118 115 115 112 118 lie 116 118 121 121 123 C Pe o t k r e K B F L B G o u l u e y e a e e e r b s p u l o h o r r m s i i l o o c i v e i d n e l a n r e u e e t c i c f n o i t n g k i c e n o o g i k l e 1 1 1 1 1 1 1 2 2 1 1 2 1 1 1 3 9 8 4 7 5 1 1 1 1 1 1 1 2 1 2 1 2 1 1 0 4 0 9 0 2 7 1 1 1 1 1 1 1 1 1 1 2 1 0 2 2 1 3 3 6 1 1 3 3 8 1 1 1 1 1 1 1 1 3 1 1 1 1 3 2 4 1 6 3 0 2 2 2 2 2 1 1 1 1 1 1 1 0 1 1 0 3 3 0 1 6 1 6 6 9 7 8 3 2 1 1 1 1 1 1 9 1 4 1 3 0 0 3 8 1 8 6 6 9 9 9 2 1 1 1 1 1 1 1 5 2 3 1 4 1 1 0 2 1 9 3 2 3 2 2 2 1 1 1 1 1 1 1 5 4 1 1 2 0 4 1 1 1 1 5 3 9 4 2 2 1 1 1 1 1 1 1 6 1 2 4 1 1 1 4 5 6 3 3 4 2 5 6 3 1 1 1 1 1 1 1 1 0 2 3 1 0 4 4 6 5 0 0 5 7 7 2 3 1 1 1 1 1 1 1 1 4 2 1 1 2 4 1 4 3 0 7 2 0 8 7 1 2 1 1 1 1 1 1 9 2 2 1 0 4 1 4 5 3 2 8 4 8 7 4 3 1 1 1 1 1 1 1 2 1 4 2 0 5 1 4 1 3 7 0 5 0 8 4 1 1 7 3 3 2 3 4 Chemicals 109 111 in 116 117 115 114 116 118 123 Rubb T R er i u re b p I P s b r n o n e a n d r e n u e u c c d r t m o s t t * n u u a b s t b i u e e c m s s 2 t 2 i p re ti s on • ' * 1 1 • - 1 0 1 1 2 1 9 8 1 9 ' 1 1 1 1 1 2 1 1 0 1 0 4 9 9 5 1 r1 1 1 1 2 2 1 2 2 2 2 2 2 1 1 •• 1 1 1 1 2 1 2 6 6 3 7 1 r 1 1 1 0 0 0 0 9 8 9 6 9 5 r 1 1 1 1 l 1 0 0 0 l 6 5 6 2 5 1 1 1 1 2 1 0 0 5 0 9 4 7 r 1 1 1 1 l 2 0 0 1 2 8 3 9 0 6 1 1 1 1 1 1 3 0 8 6 3 7 r 1 1 1 1 H 1 4 1 1 4 7 7 5 8 1 1 1 1 2 4 2 2 1 3 4 3 1 1 r 1 1 l 5 2 2 2 6 5 7 8 8 8 r 1 1 1 1 1 5 3 3 3 5 8 4 2 5 5 1 1 1 1 1 6 3 3 3 5 1 1 0 1 8 Minerals—Total 117 119 117 120 113 116 113 118 119 118 118 125 PIOI Fuels A B C i r n t u u th d m r e a i n c p i o e t t u e ro s l c e o u a m l m 1 1 8 0 2 4 9 0 1 1 1 8 1 2 1 3 6 0 8 m 1 1 8 2 1 2 0 6 1 1 1 1 1 1 1 1 6 6 3 6 1 1 1 1 1 2 2 1 7 1 9 4 1 1 1 1 1 2 0 1 2 1 8 2 1 1 1 1 1 1 1 0 4 9 4 5 1 1 9 9 1 0 8 1 5 9 1 1 1 1 9 1 1 3 4 2 5 1 1 1 1 1 0 1 1 5 5 3 3 1 1 1 9 1 1 1 8 7 4 4 1 1 1 1 1 1 0 1 3 4 2 3 1 1 1 1 4 0 1 2 9 2 2 1 P P v P 1 7 2 1 8 1 2 2 5 Metals 135 135 184. 139 124 127 137 151 144 151 148 Iron ore shipments 151 149 152 155 159 159 155 163 192 186 188 189 191 355 Copper 141 144 143 143 150 144 132 140 141 142 148 152 148 151 Lead 117 118 124 117 120 117 108 119 107 112 116 116 118 Zinc. _ 124 123 119 118 129 125 131 131 134 135 137 142 140 Gold 124 123 124 122 125 93 107 125 127 141 120 133 124 Silver .. 113 127 125 114 122 109 113 136 132 119 133 127 r Revised. P Preliminary. 1 Includes also printing paper production shown under "Paper." 2 Revised figures 1940, rubber products Jan. 124; Feb. 124; rubber consumption Jan. 126; Feb. 125; tires and tubes Feb. 115; inner tubes Jan. 99. NOTE:—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882. JUNE 1941 567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) llndex numbers of the Board of Governors. 1935-39 average = 100) 1940 1941 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total _ 112 112 116 121 118 120 129 134 135 135 rl34 138 143 Pi 42 Manufactures—Total 112 112 116 122 118 120 130 136 '138 139 137 142 148 P150 Durable _ _ 121 120 125 134 127 128 144 155 158 162 161 167 175 pin Nondurable 105 r106 109 112 '111 114 119 121 121 121 118 122 126 *>129 Iron and Steel 113 106 123 151 147 153 161 I64 166 172 170 172 181 •pill Pig iron . _ , _ . 124 123 133 150 154 161 164 169 173 *173 177 176 178 170 Steel ingots 112 104 122 151 147 152 161 163 165 172 170 172 181 P171 Machinery 126 126 126 129 129 135 142 149 153 164 168 rl76 185 P196 m m Transportation Equipment 132 131 96 63 120 167 184 183 186 199 202 P191 A A u ir t c o r m af o t biles _ . 219394 310360 3 1 2 18 9 3 1 7 14 1 39 7 4 0 45 23 5 5 8 0 9 1 5 1 4 42 4 5 1 9 6 0 1 6 1 2 5 4 2 6 1 7 5 2 1 r7 1 2 6 7 1 7 1 5 60 1 P8 1 1 3 5 9 Railroad cars 158 141 137 124 117 130 135 141 153 172 176 rl81 178 P194 Locomotives _ 99 98 102 106 116 124 137 152 163 186 204 222 234 P262 Shipbuilding 162 162 172 176 185 202 213 229 219 263 280 307 336 P357 Nonferrous Metals and Products 184 129 129 ISO 131 141 154 167 172 172 176 181 190 P194 Nonferrous metal smelting1 _ . 133 135 131 127 126 127 131 138 137 138 137 142 142 P147 Copper smelting 137 139 132 131 126 127 129 138 139 135 133 140 136 145 Zinc smelting 137 137 135 128 133 133 143 147 147 152 153 158 163 164 Copper deliveries _ . _ __ __ 129 116 116 116 118 133 156 173 181 188 200 209 219 221 Lead shipments 100 106 109 113 118 122 127 133 141 141 138 138 140 143 Zinc shipments . __ _ . _ 120 114 113 118 125 130 140 145 149 149 149 149 145 145 Tin deliveries 151 141 146 148 143 Lumber and Products 107 109 in 116 111 128 182 182 126 121 116 119 123 P128 Lumber 104 109 117 119 112 126 134 132 i23 114 113 115 118 ?125 Furniture . ._ 113 108 108 110 107 118 127 133 130 133 123 129 133 P135 Stone, Clay and Glass Products _ . 101 m 129 129 127 133 139 142 186 125 110 112 125 P142 C Co em mm en o t n and face brick 8 7 8 1 110135 1 1 4 31 0 1 14 4 6 3 1 1 3 47 6 1 15 4 0 1 1 1 5 61 0 1 1 5 54 4 1 1 4 4 7 5 1 1 2 2 5 4 100 102 117 139 Common brick 66 102 134 153 149 153 162 160 149 120 Face brick 84 107 126 129 140 142 161 140 141 133 Glass containers 117 116 119 117 121 124 118 119 115 111 110 120 130 135 Polished plate glass 111 96 91 79 66 93 118 127 129 141 144 131 141 142 Textiles and Products 101 97 100 101 105 111 118 126 137 140 138 143 147 P150 Textile fabrics.. 100 95 97 98 101 108 115 124 134 136 133 140 143 P146 Cotton consumption 115 110 109 108 109 114 120 129 139 142 144 152 156 160 Rayon deliveries 132 127 127 131 134 137 138 144 151 154 154 148 150 P158 Silk deliveries 66 60 55 51 51 57 65 77 87 79 72 68 74 P73 Wool textiles. __ 77 73 85 88 98 109 120 129 140 146 136 149 152 152 Carpet wool consumption 98 91 91 77 67 101 111 124 126 131 119 143 146 139 Apparel wool consumption 80 63 82 88 108 113 137 145 162 163 149 165 '179 171 Woolen yarn _ 76 73 86 92 102 108 119 121 129 135 125 134 135 140 Worsted yarn 72 72 90 93 107 120 130 150 154 160 150 163 163 166 Woolen and worsted cloth 71 68 80 88 102 107 116 121 143 150 142 153 154 1.56 Leather and Products 100 89 86 88 91 104 102 98 98 99 104 117 121 P\19 Leather tanning 92 87 86 88 83 89 89 93 101 104 103 112 112 Cattle hide leathers 95 86 85 86 82 93 94 101 114 115 116 rl24 120 Calf and kip leathers 79 79 86 90 83 87 81 82 87 88 87 '97 105 Goat and kid leathers 91 94 88 91 83 81 84 80 79 87 79 r91 96 Shoes 106 91 86 89 98 114 111 102 96 95 106 121 r128 123 Manufactured Food Products 100 101 107 116 120 181 ns3 126 116 115 r104 rl04 107 pill Wheat flour 97 94 95 92 99 100 115 113 103 100 99 104 102 103 Cane sugar meltings 95 98 95 116 116 95 102 113 112 98 103 105 135 p\\\ Manufactured dairy products 95 112 143 168 164 144 '116 r96 '80 r79 '83 ••91 106 P128 Ice cream 86 108 142 179 195 168 123 91 73 68 Butter . 95 107 132 147 128 114 104 95 84 87 95 101 105 118 Cheese .. _ 94 113 154 169 147 128 119 107 89 82 89 96 107 133 Canned and dried milk 120 133 161 173 148 136 120 109 90 96 106 112 124 1£3 Meat packing ._ _ _ _ 116 111 117 123 109 102 112 127 151 159 133 122 122 119 Pork and lard _ 140 124 135 148 119 106 117 143 191 212 157 145 143 135 Beef 93 99 101 99 102 100 107 110 111 107 110 98 100 102 Veal... 82 85 93 92 96 92 101 108 104 92 83 83 86 95 Lamb and mutton... 94 95 95 94 93 95 107 113 107 104 118 112 107 105 Other manufactured foods 98 98 102 110 117 136 140 132 117 115 103 103 105 P107 Alcoholic Beverages H 106 107 120 112 89 108 108 104 93 87 94 100 108 Malt liquor. __ __ 95 111 117 126 127 106 94 82 77 81 84 90 96 111 Whiskey 83 86 84 67 40 24 56 76 96 98 104 106 98 91 Other distilled spirits 79 79 68 77 70 100 317 314 181 105 73 79 86 84 Rectified spirits... . 103 110 100 161 130 68 134 174 207 140 92 113 124 121 Tobacco Products 97 105 112 124 112 110 118 120 115 98 108 108 110 113 Cigars 92 97 102 104 105 108 117 127 123 83 90 96 100 111 Cigarettes _ . 99 111 119 140 119 116 121 118 114 108 119 118 119 118 Manufactured tobacco and snuff 97 98 101 101 101 97 108 115 105 89 98 95 99 100 • Revised. v Preliminary. 1 Includes also lead production shown under "Minerals." 568 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued flndex numbers of the Board of Governors . 1935-39 average = 100' 1940 1941 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Paper and Paper Products in 119 127 130 124 123 124 127 124 123 128 133 137 Pape P r u a lp nd pulp 1 1 1 3 4 8 1 1 2 4 0 4 1 15 2 0 8 1 15 3 7 1 1 1 4 2 7 3 1 14 2 8 1 1 1 2 4 0 7 1 1 5 2 0 4 1 1 5 2 1 4 1 1 2 5 4 4 1 1 2 5 8 4 1 1 5 3 9 3 1 16 3 4 7 Groundwood pulp 118 132 131 120 104 101 102 110 126 124 124 127 127 Soda pulp 119 122 135 147 133 120 115 124 113 138 128 133 141 Sulphate pulp 154 164 175 184 175 179 185 188 186 190 192 199 203 Sulphite pulp 139 138 145 154 144 148 145 143 144 144 144 148 156 Paper... ... 110 116 124 127 120 117 116 120 120 120 124 129 133 Paperboard 113 116 128 128 123 123 125 130 132 127 132 138 144 146 Fine paper _ ... 102 108 114 116 110 107 102 110 110 112 111 118 122 Newsprint production 112 113 114 116 108 110 111 112 112 110 113 113 115 114 Printing paper. . _ _ _ 114 119 127 132 118 113 110 115 113 116 119 126 131 Tissue and absorbent paper 106 121 122 135 124 121 131 129 119 126 128 130 131 Wrapping paper 108 115 124 123 122 116 108 113 114 116 120 124 126 Paperboard containers 113 115 123 127 125 Printing and Publishing 1 111 114 119 119 103 102 108 US 112 112 109 115 121 P122 Newsprint consumption 107 108 110 107 88 91 105 111 111 109 98 104 110 113 Petroleum and Coal Products 114 115 115 116 US in 118 118 119 119 120 120 119 vl 20 Petroleum refining ... ._ 113 114 113 113 109 110 114 114 115 115 115 115 114 Gasoline .. 109 111 111 112 109 112 116 114 113 112 113 114 114 Fuel oil 119 115 113 112 109 114 114 116 117 122 123 124 118 Lubricating oil - 123 125 123 122 111 97 102 109 115 106 108 103 104 Kerosene 125 123 126 113 110 107 119. 123 126 131 126 124 115 Coke - 120 118 122 131 135 138 141 144 147 149 150 152 154 132 Byproduct coke _ 120 120 123 131 134 136 139 141 143 142 143 145 145 134 Beehive coke 100 76 76 116 171 198 209 259 292 357 367 398 434 65 Chemicals US in 113 110 110 112 116 120 120 122 121 123 128 vlSS Rubber Products2 _ . rll8 rll7 n26 '185 r145 r151 r155 157 Rubber consumption ._ 121 119 122 109 116 128 128 137 140 148 153 158 160 Tires and tubes2. ._ _ 118 114 121 126 106 105 109 1C9 116 117 123 128 134 131 Pneumatic tires 119 115 122 127 108 1C6 110 110 118 118 124 128 135 131 Inner tubes2 109 109 112 113 95 102 107 103 107 115 121 127 132 130 Minerals—Total _. 110 111 118 118 121 117 124 122 119 114 113 115 116 v96 Fuels 114 US US 111 111 109 115 112 115 116 117 118 121 P86 Bituminous coal _ ._ 104 100 102 100 106 111 124 110 128 127 130 134 143 Anthracite 86 89 90 104 101 83 100 97 96 112 114 112 105 P76 Crude petroleum . . _ 121 121 119 116 114 111 114 114 111 111 111 112 114 P114 Metals 87 95 148 161 179 164 171 18 4 147 102 91 98 90 P151 Iron ore shipments 14 213 288 315 308 301 294 162 211 Copper 144 150 141 140 133 135 136 146 147 146 145 155 151 157 Lead.__ 115 119 122 116 112 114 112 117 114 118 116 116 116 Zinc 130 127 119 116 121 118 127 131 135 139 140 145 147 152 Gold 103 109 117 97 134 100 121 156 146 141 112 122 103 Silver 118 130 120 114 113 91 107 115 135 133 118 137 132 r Revised. v Preliminary. 1 Includes also printing paper production shown under "Paper." 2 Revised figures 1940, rubber products Jan. 128; Feb. 122; year 123; rubber consumption Jan. 130; Feb. 122; year 124; tires and tubes Feb. 115; inner tubes Jan. 99. NOTE:—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882 REVISED INDEXES Employment and Payrolls at Aluminum Factories Adjusted to Census of Manufactures through 1939 [1923-1925 average=100] Employment Adjusted for seasonal variation 1935 Jan. 115 Feb. 120 Mar. _ 122 Apr. 124 May 126 June._ . 125 July 126 Aug. 127 Sept.. . 130 Oct. Nov. Dec Avg OC O1 ot ot Without 1936 1937 1938 1939 1940 1935 133 155 133 136 179 113 131 156 128 141 178 121 134 155 125 145 176 125 133 157 121 149 177 126 134 159 121 149 180 126 139 160 116 149 183 124 145 164 118 153 190 123 145 165 123 157 199 125 143 163 128 154 202 129 147 128 130 165 207 149 153 131 172 214 133 151 145 134 177 218 OC ij• Payrolls seasonal adjustment 1 Without seasonal adjustmen 1936 1937 1938 1939 1940 1935 1936 1937 1938 1939 131 152 131 134 177 87 112 147 124 132 157 128 141 178 98 115 157 125 136 158 127 148 180 102 119 166 130 134 158 123 151 178 103 117 166 120 134 159 121 149 180 102 117 173 118 139 159 116 148 182 98 120 168 108 142 160 115 150 187 92 122 165 109 142 162 121 154 195 101 127 174 124 142 162 127 153 201 106 125 168 136 149 130 132 168 210 114 139 144 144 151 156 133 175 218 115 145 162 144 133 151 145 134 177 218 115 147 143 144 126 140 155 126 154 192 103 125 161 127 oc oi 1 1940 201 204 160 206 163 208 1E9 210 161 212 149 201 165 233 171 248 192 260 198 270 206 277 168 227 1 Compiled by Bureau of Labor Statistics. JUNE 1941 569 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total* 104.0 102.8 102.8 103. 9 105.1 107.4 108.9 111.4 114.2 116.6 '118. 3 118.6 119.4 121.7 Durable goods* 98.6 97.7 97.9 99.0 100.4 104.3 107.4 111.2 114.6 117.6 121.1 122.1 123 0 125.8 Nondurable goods* 109.2 107.6 107.4 108.5 109.6 110.2 110.3 111.5 113.8 115.7 115.6 115.2 116.0 117.8 Iron, Steel, Products 102 7 100.8 101.2 103.7 107.3 111.1 112.9 116.1 118.9 122.4 r124. 8 125.5 126.2 128.3 Blast furnaces, steel works . 110 107 109 115 120 123 123 125 127 130 133 133 133 136 Bolts, nuts, washers, rivets 112 108 105 104 110 116 119 121 128 135 139 145 151 152 Cast-iron pipe 76 75 76 75 76 78 81 84 89 89 88 92 92 93 Cutlery, edge tools 101 102 101 102 104 104 107 109 110 110 110 108 110 112 Forgings 67 67 66 66 70 74 77 81 83 88 90 94 96 100 Hardware 98 97 95 82 84 98 102 105 109 113 113 114 116 116 Plumbers' supplies _ 81 82 82 83 84 87 89 90 94 97 99 98 100 101 Stamped, enameled ware 158 155 153 153 157 169 179 188 190 196 193 200 202 203 Steam, hot-water heating. 85 85 84 85 87 91 92 97 100 103 106 106 107 110 Stoves 91 89 88 91 95 96 95 98 100 108 113 106 106 107 Structural, ornamental 72 71 71 73 75 78 81 84 86 91 96 100 100 101 Tin cans, tinware _ 99 98 97 100 100 98 96 99 103 104 <109 112 113 109 Tools 93 93 92 92 95 98 101 -106 -111 -116 121 126 128 133 Wirework.. 161 158 156 151 139 152 170 189 201 207 206 208 208 203 Machinery _. _. 113.3 113.4 113.4 114-9 116.6 120.0 122.5 126.6 130.9 136.0 141.2 144-2 148.1 154.9 Agricultural implements 136 133 136 136 133 139 141 143 140 143 147 140 126 169 Cash registers, etc 128 128 128 130 130 129 132 132 134 137 137 140 146 150 Electrical machinery 102 102 101 103 104 107 111 116 120 126 131 137 142 147 Engines, turbines, etc.. 132 134 142 152 165 175 181 195 212 219 ••238 -239 242 244 Foundry, machine-shop products. 97 97 96 97 98 101 103 107 110 114 118 120 124 127 Machine tools . . _ . 209 215 220 228 237 247 247 257 265 275 286 -296 304 315 Radios, phonographs 145 153 155 144 145 145 138 134 142 150 155 -165 178 189 Textile machinery. _ 85 84 82 79 77 76 79 81 83 86 89 92 95 98 Typewriters. 115 114 113 112 116 119 123 126 128 130 131 110 134 138 Transportation Equipment.. 112.5 111.2 111.6 111.8 110.7 120.9 130.2 140.2 143.7 144-9 150.4 152.7 153. 9 157.2 Aircraft _. 2, 356 2,426 2,598 2.829 3,115 3,479 3,881 4,243 4,447 4, 731 5,089 P5, 398 5,509 5,815 Automobiles 107 106 105 102 97 107 116 125 126 123 123 123 123 124 Cars, electric-, steam-railroad 60 54 52 49 51 50 55 58 64 67 75 71 70 68 Locomotives 28 27 28 29 31 33 36 39 42 46 52 55 56 59 Shipbuilding 148 148 154 164 175 186 187 195 204 220 244 262 268 280 Nonferrous Metals, Products 106.6 105.9 106.0 108.2 110.7 115.7 118.6 122.3 126.3 129.4 133.3 135.1 136.1 138.1 Aluminum1* 176 177 180 183 190 199 202 207 214 218 229 224 219 222 Brass, bronze, copper.. 127 125 124 128 132 140 147 153 162 168 173 176 179 180 Clocks, watches 91 90 92 94 95 98 100 101 101 102 107 109 112 116 Jewelry 95 96 96 99 100 99 94 96 98 101 102 105 107 111 Lighting equipment . 84 85 84 86 81 92 100 103 105 106 110 112 110 112 Silverware, plated ware... _ .. 70 70 70 68 71 70 72 74 75 76 77 79 79 81 Smelting, refining . 87 86 86 87 89 92 92 94 94 96 98 100 101 102 Lumber, Products 68 1 67.2 67.9 67.4 67.5 69.0 70.6 71.3 73.6 75.2 76.3 75.5 74 0 74-2 Furniture 90 90 90 90 89 90 91 91 93 96 97 98 98 101 Lumber, millwork . . . .. 62 61 60 61 62 63 65 68 71 72 74 72 71 69 Lumber, sawmills . . 61 60 61 60 60 62 64 64 66 67 68 67 65 65 Stone, Clay, Glass Products 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 93.0 Brick, tile, terra cotta 59 59 58 58 60 60 61 61 65 68 75 74 71 72 Cement.. 65 68 66 67 66 69 70 72 74 76 75 76 75 75 Glass 105 104 103 103 105 107 109 112 117 117 120 116 118 120 Marble, granite, slate- 45 45 47 47 45 45 46 46 45 46 46 47 46 45 Pottery . 90 89 88 91 94 94 94 96 100 105 108 108 108 109 Textiles, Products 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 6 109.7 Fabrics . 88 6 87.8 87.7 88.0 91.3 92.6 93.5 95.2 97.7 98.7 98.8 99.1 100.4 103.2 Carpets, rugs 78 79 76 70 71 72 75 79 82 82 85 84 83 86 Cotton goods.. ... _ _ 89 89 88 89 91 93 94 95 97 99 99 100 101 103 Cotton small wares 77 76 76 76 77 79 81 82 87 90 92 93 94 97 Dyeing, finishing textiles 123 121 123 119 125 128 129 129 129 132 132 134 136 139 Hats, fur-felt 84 65 68 74 85 83 84 80 84 85 82 82 83 80 Hosiery. _ 139 139 134 133 136 138 138 140 141 144 144 142 142 141 Knitted outerwear 65 60 61 65 69 72 69 70 71 74 69 69 68 72 Knitted underwear 77 74 72 72 76 75 74 75 76 77 81 78 78 79 Knitted cloth 133 130 127 131 138 147 151 153 151 149 144 141 143 140 Silk, rayon goods. _ 65 65 67 64 63 62 61 63 65 64 63 64 66 69 Woolen, worsted goods 71 70 73 77 85 86 90 93 99 98 98 98 102 109 Wearing apparel _ _ 118 8 112.4 111.6 112.5 116.1 116.1 116.5 114.8 118.0 121.9 122.1 120.6 119.4 119.6 Clothing, men's 107 100 98 102 105 104 104 102 109 115 114 111 111 114 Clothing, women's 167 156 158 158 166 164 165 164 168 170 166 166 164 160 Corsets, allied garments 113 111 113 113 106 112 112 112 114 114 114 113 114 114 Men's furnishings __ 120 115 114 111 120 125 126 122 118 116 116 118 119 119 Millinery 83 78 72 71 71 73 78 74 68 69 76 82 78 78 Shirts, collars 122 122 121 116 116 118 119 117 117 122 131 125 124 125 r Revised. NOTE.—Figures for April 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 adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 1 Index revised January 1935 to date. For back figures see p. 569 of this BULLETIN. •570 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr Leather, Manufactures 91.9 87.9 89.6 90.9 91.1 93. 93.3 95.7 Boots, shoes 90 86 88 89 87 90 92 93 91 92 93 Leather 83 82 81 81 81 82 81 82 84 85 85 90 Food, Products 130.3 129.1 131.9 129.0 129.8 126. i 129.9 135.6 '138.3 '130. 9 181.6 Baking 145 144 145 146 146 146 144 144 144 144 143 145 146 148 Beverages 275 274 273 278 268 272 265 271 281 281 279 278 277 Butter 96 97 98 97 96 96 96 102 101 98 99 102 105 Canning, preserving 152 150 147 161 137 146 130 152 157 149 144 139 140 Confectionery 83 82 84 83 86 88 86 90 91 89 88 91 91 Flour 80 79 81 80 79 79 79 78 78 78 78 77 78 79 Ice cream 80 79 76 77 75 76 75 79 81 81 80 81 80 83 Slaughtering, meat packing 110 107 107 109 111 108 109 110 114 121 112 111 113 115 Sugar, beet 102 98 99 102 99 106 110 100 102 145 r240 '143 118 102 Sugar refining, cane 97 94 95 97 93 91 95 95 97 92 97 Tobacco Manufactures 64.3 65.0 63.2 63.0 63.7 4 64 0 64.7 Tobacco, snuff 59 59 59 58 56 57 55 57 57 54 54 54 Cigars, cigarettes 66 64 64 64 65 65 66 68 66 65 Paper, Printing 111 Ilk- 8 115.3 115.7 116.5 116.4 115.7 116.1 116. 8 117.3 117.1 117.3 118.6 119.8 Boxes, paper 116 115 116 118 119 119 117 117 120 122 123 122 125 129 Paper, pulp 113 112 115 116 117 117 117 115 116 116 116 117 119 120 Book, job printing 100 101 100 100 101 100 100 102 101 102 103 101 103 104 Newspaper, periodical printing 117 116 117 116 116 117 116 116 118 117 116 117 117 117 Chemicals, Petroleum, and Coal Products 120.0 121.1 122.0 122.4 121.7 122.2 121.7 122. 124.1 125.8 126.5 127.4 128.1 181. £ Petroleum refining 123 122 122 123 122 122 121 121 120 120 120 120 121 121 Other than petroleum 119.4 120.9 121.9 122.3 121.5 122.2 121.8 123. 5 124.9 126.4 128.1 129.1 129.9 133.9 Chemicals 137 136 137 138 138 141 141 143 147 151 154 157 161 162 Cottonseed oil, cake, meal 84 97 94 83 78 75 62 92 101 102 102 100 94 111 D Ex ru p g lo g s i i s v t e s s ' preparations 1 1 0 1 9 7 1 1 1 1 6 9 1 12 2 0 2 1 1 2 2 7 0 1 13 1 3 9 1 1 3 1 9 7 1 1 1 4 6 5 1 1 4 1 1 4 1 1 4 1 4 3 1 1 4 1 7 3 1 1 5 1 1 6 1 1 1 6 8 2 1 1 1 6 9 3 1 * 22 Fertilizers 102 109 119 120 114 113 107 107 107 103 104 103 95 111 Paints, varnishes 124 123 121 122 124 126 127 125 127 128 130 130 134 135 Rayon, allied products 304 312 311 315 308 306 309 310 311 314 310 306 325 Soap 81 81 82 82 83 85 82 87 90 91 Rubber Products 86.7 83.9 83.5 84.2 817 87.0 91.6 93.6 96.8 99.0 100.4 102.1 104.0 Rubber boots, shoes 56 57 56 57 54 54 57 60 64 67 69 69 72 Rubber tires, inner tubes 72 70 69 69 71 73 74 75 77 78 I 79 80 83 Rubber goods, other 142 136 138 140 149 155 157 160 167 171 I 174 177 176 r Revised. * Data not available. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Total Employees in nonagricultural establishments Year and month m e a m e g t n u n r o p i t r c n l a o u * - l y l 1 - - 2 Total *2 M fa i c n a t g n u * u r- - Mining s C t t i r o o u n n c - - t u i T p p o ti u o r n l a b r i n t t l a i a i s e c n - - s d Trade :i i l m F a c a l e n i , i , n s e s c a a o e e n n u r l v - d - s - m G e e r o n n v t - - 2 f n M o t a a a r n i v c r l d y e a i- s l 1929—average.. 36,448 30, 589 10,203 1,064 1,806 3,878 6,404 4,147 3,087 262 1930—average.. 34,177 28, 346 9,087 982 1,422 3,647 6,065 4,028 3, 117 263 1931—average.. 31, 256 25, 531 7,751 847 1,236 3,221 5,530 3,782 3, 166 260 1932—average.. 28, 035 22, 452 6,571 706 821 2,789 4,914 3,471 3,180 25» 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—avei age.. 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 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 4,180 3,931 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, 227 31, 084 11,152 864 1,631 3,056 6,259 4,187 3,935 1,343 Apr 37, 617 31, 474 11, 342 547 1,760 3,122 6,457 4,262 3,984 1,532 r Revised. * 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. NOTE.—Compiled by Bureau of Labor Statistics. Figures for April 1941 are preliminary. For seasonally adjusted data and back figures see-pp. 534-535 of this BULLETIN. JUNE 1941 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics;adjusted to Census of Manufactures through 1937.* 1923-25 a\erage=100] Factory employment Factory payrolls Industry and group 1940 1941 1940 1941 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Mar. Apr. Dec. Jan. Feb. Mar. Apr. Total* 104.4 103.2 116.2 115.5 117.8 119.9 122.3 99.8 97.9 122.4 120.7 126.9 131.2 134.4 Durable goods* 99.1 98.7 117.6 118.3 121.0 123 7 1273 98.7 98.4 131.6 132. 0 139.3 144.5 149.7 Nondurable goods* " 109.5 107.5 114.8 112.7 114.7 116.3 117.6 101.0 97.3 112.1 108.1 112.9 116.3 117.4 Iron, Steel, Products _ _ 103.5 101.7 121.6 122.2 125. 0 127.2 129.5 96.5 94.9 132.9 130.8 136. 9 141.1 151.2 Blast furnaces, steel works ._ .__ 112 108 130 131 133 135 138 102 99 142 140 145 149 165 Bolts, nuts, washers, rivets 112 109 135 139 146 151 153 117 114 178 171 193 199 205 Cast-iron pipe 75 75 87 88 89 91 93 60 62 97 93 97 99 103 Cutlery, edge tools 103 104 110 108 109 113 114 91 94 114 107 111 118 119 Forgings . - _ 68 67 '89 91 95 97 100 77 75 120 124 130 138 140 Hardware 99 98 113 113 115 117 118 105 104 128 130 135 138 139 Plumbers' supplies _. _ . 82 82 97 98 99 101 101 71 72 93 91 96 100 98 Stamped, enameled ware 161 160 196 190 201 206 209 164 164 225 214 233 240 241 Steam, hot-water heating. 85 85 103 103 106 107 110 75 76 105 105 110 112 118 Stoves 90 91 104 95 99 104 110 80 82 100 87 94 103 110 Structural, ornamental 70 70 90 94 96 97 99 60 61 86 89 94 97 103 Tin cans, tinware . 94 95 99 102 104 107 105 100 101 113 116 117 124 120 Tools. 95 94 117 121 126 130 134 93 91 137 141 153 161 166 Wirework _. .. . 163 162 207 206 208 210 207 180 175 242 238 253 256 241 Machinery 113.1 US. 6 136.1 139.8 143.5 147.7 155.3 121.5 121.6 163.0 167.5 176.9 186.2 196.6 Agricultural implements 144 141 143 150 144 133 180 168 166 171 181 174 162 250 Cash registers, etc 128 129 135 136 140 146 151 134 134 148 152 166 179 191 Electrical machinery 102 102 126 129 136 142 147 114 113 158 163 176 186 192 Engines, turbines, etc 135 140 212 224 237 247 256 176 183 306 332 345 376 367 Foundry, machine-shop products. 97 97 114 117 120 124 127 96 95 127 129 136 144 149 Machine tools.. 211 216 276 286 297 307 317 282 287 394 '415 450 463 471 Radios, phonographs 122 128 159 148 145 149 159 110 116 164 145 146 157 165 Textile machinery 86 85 86 89 93 96 99 82 80 91 98 105 110 113 Typewriters ... 115 114 132 131 109 134 138 111 112 147 141 122 159 175 Transportation Equipment 118.5 116.9 149.2 rl52. 6 157. 0 161.0 164.7 125.9 124.3 169. 2 r176. 2 rl90. 7 197.0 190. 9 Aircraft 2,379 r% 474 4,684 5,038 5,344 5,564 5,931 2,344 '2, 415 '5, 370 5,920 % 441 >,678 ~, 243 Automobiles ._. .. 114 112 129 128 130 131 131 123 121 145 148 159 163 147 Cars, electric-, steam-railroad 61 57 66 69 69 71 72 58 52 62 64 ^67 66 71 Locomotives .. _ 28 28 46 49 53 56 60 26 26 50 55 61 64 72 Shipbuilding 151 153 221 240 256 272 290 169 169 288 308 338 365 387 Nonferrous Metals, Products 107.1 105.6 131.2 131.1 134-7 136.9 138. 0 104.8 103.1 149.6 146.0 r 151.2 155. 0 156. 0 Aluminum1* . 180 178 218 225 225 223 224 206 208 277 281 285 257 262 Brass, bronze, copper 129 126 168 172 176 181 182 137 133 219 220 -224 237 235 Clocks, watches.. _ _ 91 89 106 106 109 112 115 95 92 120 115 125 129 138 Jewelry 92 90 104 96 102 104 104 75 72 97 82 89 94 93 Lighting equipment 86 86 110 108 111 112 113 74 74 102 99 105 105 105 Silverware, plated ware. _. _ . 70 71 79 75 78 80 82 60 63 87 71 77 82 85 Smelting, refining 87 86 97 98 100 101 101 85 84 103 102 105 106 107 Lumber, Products . . _. 66.8 66.9 73.7 71.3 72.0 72. 7 73.8 61.0 61.4 71.5 68.1 71.2 72.8 75.8 Furniture . _ 89 86 97 94 96 97 97 78 74 93 84 90 94 95 Lumber, millwork 61 61 70 70 70 69 47 48 60 58 58 58 60 Lumber, sawmills 60 60 65 63 63 64 65 53 55 60 59 62 63 67 Stone, Clay, Glass Products 77.7 80.5 88.7 85.9 87.0 89.8 93.7 68.3 72.2 85.7 79.6 82.1 85.3 91.5 Brick, tile, terra cotta 54 58 65 65 64 65 71 42 45 57 55 55 56 64 Cement . 59 68 72 65 66 69 75 54 64 72 61 62 66 76 Glass „ 106 105 117 114 116 120 122 113 114 138 131 136 141 143 Marble, granite, slate .. 43 46 45 39 42 43 45 30 34 33 27 30 31 35 Pottery... 93 93 106 105 108 111 113 85 85 102 96 100 104 111 Textiles, Products _. . 102.9 98.8 107. C 106. 4 110.1 111.6 111.9 89.5 81.4 97.6 95.1 103.9 107.0 106.5 Fabrics... ... 90.7 88.3 100.4 99.7 101.7 102.7 103. 6 78.5 75.2 95.6 93.1 '98. 5 101.1 103.8 Carpets, rugs 80 80 82 82 84 86 87 67 68 76 75 79 83 81 Cotton goods. _ 92 91 101 101 103 104 105 83 81 98 97 102 105 113 Cotton small wares 81 79 90 92 95 98 101 76 73 92 93 101 105 107 Dyeing, finishing textiles 128 125 134 135 140 142 144 109 105 121 120 129 133 135 Hats, fur-felt . 87 65 84 82 84 85 81 69 39 82 80 89 88 66 Hosiery 140 140 146 143 143 144 142 146 144 160 149 156 161 155 Knitted outerwear 65 60 71 66 68 68 72 53 47 62 56 60 61 65 Knitted underwear 79 77 77 78 80 82 72 69 74 73 77 82 84 Knitted cloth 135 131 148 140 142 146 141 107 101 130 125 129 133 131 Silk, rayon goods __ _ _. 66 64 65 65 67 67 68 52 50 54 53 56 58 60 Woolen, worsted goods 71 67 101 100 103 103 104 57 53 96 94 100 100 101 Wearing apparel 126.6 118.6 117.2 116.8 124.2 127.0 126.0 105.7 88.7 95.6 93.2 108.0 112.2 105. 2 Clothing, men's 112 104 108 110 114 116 118 88 72 86 87 97 100 98 Clothing, women's 181 168 164 162 173 178 172 142 119 126 120 143 148 131 Corsets, allied garments 116 115 113 112 115 118 118 120 120 123 116 127 133 131 Men's furnishings 124 118 123 108 119 123 122 117 101 133 103 124 129 124 Millinery . _ 97 87 61 75 89 91 88 103 74 42 55 76 85 75 Shirts, collars 126 125 122 119 125 128 128 113 111 115 104 117 121 124 i r Revised. * Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 1 Index revised January 1935 to date. For back figures see p. 569 of this BULLETIN. 572 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 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Mar. Apr. Dec. Jan. Feb. Mar. Apr. Leather, Manufactures 90.6 93.4 80.3 70.7 78.5 83.3 91.5 96.1 Boots, shoes 91 95 97 67 73 80 89 94 91 Leather 84 90 78 90 87 92 94 95 Food, Products 118. 119.7 130.5 '181. 4'119.1 120.4 123. 7 117.1 117.7 132.4 rl80.2 119.6 122.5 125.2 Baking 143 143 144 141 143 145 146 134 134 138 135 138 140 141 Beverages 262 268 '261 256 255 264 271 300 312 '300 289 295 313 330 Butter 90 94 96 92 '91 96 102 78 81 84 80 81 85 90 Canning, preserving 88 103 103 91 85 80 96 76 83 93 79 76 76 87 Confectionery 82 77 101 87 86 89 86 77 74 '104 '87 89 94 85 Flour 79 78 78 77 77 77 78 73 72 73 72 73 73 75 Icecream 70 75 '70 68 68 71 79 60 63 61 59 60 63 70 Slaughtering, meat packing 107 104 125 116 111 111 111 112 110 137 120 114 114 116 Sugar, beet 40 44 235 103 '53 46 46 45 48 263 '96 57 48 50 Sugar refining, cane 96 94 94 96 97 77 85 70 73 92 97 Tobacco Manufactures 65.6 63.2 58.1 58.7 67.4 59.3 61.7 62.7 58.1 Tobacco, snuff 61 59 57 58 57 54 54 67 64 70 67 64 64 62 Cigars, cigarettes 64 64 61 65 64 64 57 58 67 58 61 62 58 Paper, Printing 1114 113.8 119.5 116.7 117. i 118.1 119.4 110.0 109.7 120.8 115.4 117.1 120.4 121.3 Boxes, paper 114 113 125 118 119 123 127 122 121 145 132 136 145 150 Paper, pulp 113 112 116 116 117 119 120 115 115 129 128 133 136 139 Book, job printing 100 100 105 104 103 102 103 87 98 95 93 95 94 Newspaper, periodical printing 117 117 120 115 116 117 117 111 116 108 110 112 113 Chemicals, Petroleum, and Coal Products 122.8 123.4 125.8 186. 0 127.8 ISO. 7 133.7 132. 5 133. 4 1U.8 142.1 rl44- % 148.2 154.8 Petroleum refining 121 121 120 119 119 120 121 136 137 139 132 132 133 142 Other than petroleum 123.1 123.9 127.2 127. 7! 129. 133.4 136. 8 131.5 132.3 145. 8 145.2 '148.0 152.7 158.8 Chemicals 136 135 150 152 155 159 161 159 160 188 188 194 202 205 Cottonseed, oil, cake, meal '90 79 129 114 112 99 91 81 69 129 111 105 94 85 Druggists' preparations 119 119 116 116 119 121 122 131 131 131 131 '136 138 138 Explosives 108 114 149 150 159 161 * 129 133 199 203 209 207 Fertilizers 152 175 95 104 113 141 177 113 136 81 86 93 117 173 Paints, varnishes 124 124 126 126 129 133 137 131 132 139 137 142 147 158 Rayon, allied products 309 • 306 315 314 311 312 318 316 311 334 336 328 333 338 Soap 83 81 85 90 91 91 100 98 106 108 113 115 116 Rubber Products 87.2 84.7 97.5 noo. 7 108.9 105.1 86.5 111.1 mi.6 nu. 3 119.5 121.5 Rubber boots, shoes 56 56 67 68 68 69 71 56 55 81 79 79 81 81 Rubber tires, inner tubes 72 70 77 78 79 80 83 79 78 96 98 '100 103 106 Rubber goods, other 144 140 167 169 175 179 I 181 138 133 174 174 185 195 193 ' Revised. * Data not available. NOTE.— Figures for April 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 esirnings (cents per hour) Industry group 1940 1941 1940 1941 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. Totul 37.3 37.5 38.6 39.8 39.0 40.0 40.4 66.8 66.5 67.8 68.3 68.9 69.2 69.7 Durable goods _ 37.9 38.3 40.2 41.2 40.6 41.6 42.0 72.6 72.8 74-4 74.9 75.8 76.2 76.8 Iron, Steel, Products _ 36.5 36.1 39.6 41.0 39.8 40.7 41.0 76.4 76.3 78.1 78.0 78.6 79.1 79.5 Machinery 40.1 40.7 42.0 43.6 43.2 44.2 44.9 73.7 73.9 75.2 76.1 76.8 77.1 77.8 Transportation Equipment. _ _ 37.6 38.4 40.4 40.2 40.4 42.1 42.3 89.6 90.0 90.2 90.0 91.1 '91.8 92.1 Nonferrous Metals, Products 38.4 38.9 41.4 42.7 41.4 41.8 42.1 69.6 69.7 72.7 73.8 '74.0 74.0 74.8 Lumber, Products __ _ _ _ 38.0 38.4 38.9 39.5 38.9 39.7 39.6 51.3 51.5 52.6 52.8 52.9 53.6 54.1 Stone, Clay, Glass Products 35.3 35.7 37.1 38.2 36.5 37.2 37.2 66.2 66.4 67.1 68.0 68.4 68.3 68.9 Nondurable goods 36.8 36.9 37.1 38.4 37.3 38.3 38.8 60.8 61.0 61.3 61.7 62.0 62.1 62.4 Textiles, Products 35 1 35 1 35.5 36 7 35 7 37 4 37 8 50 5 50.5 50.4 50.7 51.2 '51.4 51.6 Fabrics _ 35.7 35.1 36.8 37.9 '36.9 38.3 38.6 48.4 48.2 48.7 48.8 49.2 49.2 49.4 Wearing apparel _ 34.0 35.2 33.0 34.3 33.3 35.7 36.3 54.4 54.3 53.9 54.4 55.2 55.5 55.6 Leather, ManufacturesJ 36.7 35.6 33. 0 36.5 37.3 39.1 39.7 53.7 54.1 55.5 55.2 55.5 56.4 57.2 Food, Products 39.4 39.8 39.3 40.6 39.0 39.5 40.0 63.9 64.1 63.2 64.1 64.9 65.1 65.5 Tobacco Manufactures 32.8 34.5 37.2 38.1 35.7 35.4 36.1 49.1 49.0 48.6 49.0 49.8 49.5 49.7 Paper, Printing 37.8 38.0 38.4 39.3 '38.8 39.1 39.7 78.3 78.9 79.3 79.9 79.6 80.3 80.5 Chemicals, Petroleum, and Coal Products 38.4 38 4 38.8 39 6 38 9 38 8 39 1 75 6 74.6 76.5 76.6 '77.0 77.0 76.6 Petroleum refining 35.9 36.2 35.7 37.3 35.7 '35.6 36.0 97. 5 97.1 97.6 96.8 97.0 97.0 96.7 Other than petroleum refining. 39.2 39.2 39.8 40.4 39.9 39.8 40.1 68.1 67.0 69.6 70.1 '70.6 70.7 70.5 Rubber Products _ __ 35.3 '35. 8 37.9 39.7 '39.0 39.3 39.7 77.8 77.9 78.1 78.4 '78.8 79.2 79.9 r Revised. 1 Beginning with October 1940 figures are not comparable because of expansion in reporting sample. JUNE 1941 573 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 Month Total R b e u si i d ld e i n n t g ial Factories Commercial Educational i Other i P a u n u b d t l i i l c i p t u i w e b s o l r i l c ks 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 March 272.2 479.9 121.7 147.9 21.8 121.8 23.1 33.1 9.3 10.4 19.6 36.1 76.7 130.6 April 300.5 406.7 135.4 166.5 23.5 66.2 24.0 36.2 17.4 11.2 24.0 29.7 76.3 96.9 May 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 September 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 1937 1938 1939 1940 1941 January 215 243 192 252 196 305 149 112 118 148 93 111 66 130 75 104 104 104 February 140 188 119 220 201 270 79 69 51 111 82 66 62 119 68 109 119 174 March ._ __ 199 231 227 301 272 480 96 66 95 128 95 226 103 165 132 173 177 254 April 235 270 222 330 301 105 74 89 160 103 130 195 123 170 197 May 216 244 283 308 329 94 93 144 135 112 122 151 139 174 217 June 233 318 251 288 325 116 137 108 128 147 116 180 143 161 177 July 295 322 240 300 399 153 131 98 137 205 141 191 142 163 194 August 275 281 313 312 415 153 104 171 158 195 122 178 142 154 220 September 234 207 301 323 348 116 80 160 144 144 119 127 141 179 204 October 226 202 358 262 383 101 78 203 92 175 125 124 154 170 209 November 208 198 302 300 380 89 93 179 144 195 119 106 123 156 186 December 200 209 389 354 456 82 115 279 225 258 117 94 110 129 198 Year 2,675 2,913 3,197 3,551 4,004 1,334 1,152 1,705 1,708 1,802 1,341 1,761 1,492 1,842 2,202 1 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.] Number Liabilities Federal Reserve district April March April Federal Reserve 1941 1940 1941 1940 district Boston 30,383 27, 015 19,155 Apr. Mar. Apr. Apr. Mar. Apr. New York 51, 203 44,862 48, 962 Philadelphia 22,048 29, 593 17, 575 Boston... 103 108 106 1,213 1,246 1,391 Cleveland 38, 682 35, 049 31, 241 New York. 407 456 440 5,795 4,466 6,320 Richmond 47, 873 57,017 31, 625 Philadelphia 56 78 99 667 1,164 1,466 Atlanta 42,203 27,371 30,608 Cleveland 61 81 46 881 1,003 497 Richmond 42 35 48 281 547 348 Chicago, 71, 266 132, 391 61, 094 Atlanta 45 44 70 958 439 829 St. Louis 34,380 81,108 16,169 Chicago..- 150 146 201 1,971 1,410 2,215 Minneapolis 11,813 8,053 9,416 St. Louis _ 36 48 38 185 800 438 Minneapolis 24 15 19 302 206 272 Kansas City 10, 312 15, 670 14, 505 Kansas City 44 49 55 194 455 422 Dallas. 46, 512 21, 774 20,154 D Sa a n ll a F s rancisco 15 2 9 2 12 3 1 0 14 2 6 3 1,1 1 8 96 4 1,3 3 4 66 2 1,8 2 3 15 4 Total (11 districts) 406,675 479, 903 300, 504 Total- 1,149 1,211 1,291 13,827 13, 444 16, 247 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. 574 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 1 Merchandise imports» Excess of exports Month 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 1937 1938 1939 1940 1941 January 223 289 213 370 325 240 171 178 242 229 -18 118 35 128 97 February _ 233 262 219 347 303 278 163 158 200 234 -45 99 61 147 70 March ._ 257 275 268 351 357 307 173 190 217 268 -51 102 77 134 89 April 269 274 231 323 287 160 186 212 — 18 115 45 111 May 290 257 249 324 285 148 202 211 5 109 47 112 June 265 233 236 350 286 146 179 211 — 21 87 57 138 July 268 228 230 317 265 141 169 232 3 87 61 84 August.. 277 231 250 351 246 166 176 221 31 65 74 130 September.__ 297 246 289 295 233 168 182 195 63 79 107 101 October. __ . . 333 278 332 344 224 178 215 207 108 100 117 137 November _ _ 315 252 292 328 223 176 235 224 92 76 57 104 December 323 269 368 322 209 171 247 253 115 98 121 60 Year _. 3,349 3,094 3,177 4,021 3,084 1,960 2,318 2,625 265 1,134 859 1,396 Jan.-Mar. _ ._ . ___ 712 826 699 1,068 986 826 507 527 659 730 -113 319 173 409 256 p Preliminary. i Including both domestic and foreign merchandise. J 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 RAILROADS1 [Index numbers; 1923-25 average=100] [Millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L t i o v c e k - p e r s o t d- Ore la c n el e - - c d h i a se n- ra T i o lw ta a l y Total rai N lw et ay Net ucts ous l.c.l. operating railway operating income revenues expenses income SEASONALLY ADJUSTED 1940— A M p a r r 6 7 9 0 6 7 6 5 7 7 0 3 7 7 5 9 3 3 7 9 4 4 3 3 1 10 0 2 5 7 7 4 7 6 5 0 9 S A EA D S JU O S N T A E L D L * Y May 72 78 73 74 38 45 96 77 60 1940—Feb 339 290 49 9 June 75 81 91 74 38 45 100 82 60 Mar.... 329 290 39 i 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 O N D c o e t c v 8 8 7 3 4 7 6 7 7 5 4 6 1 9 9 0 7 9 4 8 7 7 1 7 8 4 4 4 5 0 3 5 5 5 5 9 6 1 1 1 3 1 9 4 7 2 8 9 9 9 4 7 6 6 6 2 3 2 J A S u e u l p g y t. . — ... 3 3 3 5 7 6 6 7 5 3 3 3 0 0 0 9 3 8 6 5 5 7 4 7 2 1 1 5 3 6 1941—Jan 86 75 96 76 36 60 149 102 63 N O o ct v 3 3 7 6 9 3 3 3 1 1 1 2 6 5 7 2 2 8 5 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 Apr 79 31 93 82 37 54 361 97 65 1941—Jan 389 316 73 32 Feb._._ 402 319 84 43 UNADJUSTED Mar 417 334 83 1940—Mar.____ 67 70 73 69 31 44 26 74 60 Apr 67 63 62 70 34 44 42 76 60 UNADJUSTED J J A S M u u e u n l a p g y y e t.... 8 7 7 7 7 6 7 8 1 5 6 6 7 8 7 7 9 0 3 5 8 8 8 9 7 9 5 8 4 0 1 6 8 8 1 7 6 9 9 0 3 3 3 3 3 5 4 1 1 8 4 4 4 4 5 5 8 7 6 1 6 1 1 1 1 1 3 7 8 7 8 4 0 2 8 5 8 8 8 8 9 0 5 2 3 4 6 6 6 6 6 0 0 0 4 1 1940— A M M F p e a a b r r y ..__ 3 3 3 3 1 2 4 2 4 7 3 1 2 2 2 2 9 8 9 8 6 8 0 1 4 3 3 3 3 7 7 4 - - - 1 9 5 1 4 O N c o t v... 8 8 6 4 8 7 3 2 1 9 0 7 4 8 7 1 3 6 5 3 2 5 5 7 5 1 1 7 0 3 5 1 9 0 5 0 6 6 4 3 J J u u n l e y _ . _ .. _ . 3 36 4 6 5 2 30 9 9 7 4 5 7 7 1 7 6 Dec 77 83 108 66 39 50 33 88 61 Aug.._. 381 315 66 22 Sept.... 383 308 74 31 1941— F Ja e n b 7 7 8 9 8 8 6 9 1 11 1 9 3 6 6 8 5 3 3 5 1 5 5 3 4 3 3 3 3 8 8 7 9 6 6 0 2 N O o ct v 4 3 1 7 4 5 3 3 2 0 7 4 8 7 7 1 4 3 3 1 Mar 83 91 114 74 31 54 36 95 64 Dec 382 303 79 51 Apr 74 26 78 73 34 55 148 100 65 1941—Jan 377 315 62 20 Feb.... 358 300 58 15 NOTE.—For description and back data for revised indexes on a 1935-1939 aver- Mar 416 336 81 age base, see pp. 529-533 of this BULLETIN. 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 •Derived from Interstate Commerce Commission data. of the Interstate Commerce Commission. 1 Excludes switching and terminal companies. NOTE.—Descriptive material and back figures may be obtained from the Division rf Research and Statistics. JUNE 1941 575 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 April Four Department 1941 months 1938 1939 1940 1941 1938 1939 1940 1941 1941 SALES NET SALES—entire store +12* J F a e n b . . 9 88 0 8 88 8 9 9 0 2 1 1 0 0 3 1 7 7 0 0 6 69 9 7 71 1 7 81 9 B M a a s i e n m S en to t r e Store + +2 2 3 1 + + 1 1 2 1 Mar 86 88 89 103 77 82 86 93 Women's, girls', and infants' apparel and ac- Apr. 83 88 89 104 86 88 86 106 cessories +26 +10 J M u a n y e _. ._ 8 8 0 2 8 8 7 6 8 9 9 1 8 7 0 9 8 8 7 3 8 8 9 7 Alain W o st m or e e n l 's and misses' coats and suits- __ +21 +25 +15 +10 July 83 87 92 58 60 64 Women's and misses' dresses + 8 Aug. _ 83 88 98 65 69 77 Blouses, skirts, sportswear, sweaters, +15 Sept. 85 90 97 91 97 105 knit apparel +32 +15 Oct. . 86 92 94 92 99 101 Juniors' and girls' wear +56 +17 Nov 87 93 100 99 106 114 Aprons, housedresses, uniforms +22 +14 Dec 88 95 101 156 168 179 Women's underwear, slips, negligees. _ +13 + 7 Infants' wear I +36 +15 Year 85 90 94 Women's and children's shoes +37 +12 Furs +11 +20 STOCKS Basement2 +28 +12 J F a e n b. . _._ _ 7 7 1 0 6 6 8 7 6 7 8 1 7 7 1 3 6 6 3 7 6 6 0 5 6 6 8 1 6 7 4 0 Men M 's a i a n n d s t b or o e y s i ' wear +36 +11 Mar. 70 68 70 74 71 69 71 75 Men's clothing +26 +88 +14 +12 A M p a r y 6 69 9 6 66 7 6 68 9 74 7 71 1 6 6 8 9 7 70 1 76 M Bo e y n s ' ' s c f l u o r t n h i i s n h g i n a g n s d , h fu a r t n s, i s c h a i p n s gs + + 2 8 5 7 + + 1 7 7 J Ju u l n y e _- 6 6 8 7 6 6 7 7 6 6 7 8 6 6 1 5 6 6 0 4 6 6 1 4 Basement2 +28 + 8 Aug. 67 67 69 65 65 66 Homefurnishings +12 +17 Sept 67 68 70 70 71 73 Main store * +17 Oct. 67 69 71 74 77 79 Furniture, beds, mattresses, springs.._ +16 +n +17 Nov. __ 67 71 72 78 82 83 Domestic floor coverings +13 +24 Dec 66 68 71 62 64 66 M Dr a a j p o e r r a ie p s p , li c a u n r c t e a s i n ( s r , e u fr p ig h e o r l a s t t o e r r s y , wash- + 6 +12 Year 68 68 69 ers, stoves, etc.) +25 +23 Domestics, blankets, comforters, lin- Back figures.—Department store sales, see BULLETIN for August 1936, ens, towels + 8 +17 p. 631, for October 1938, p. 918, and for January 1941, p. 65; department Basement {including domestics, blankets, store stocks, see BULLETIN for March 1938, p. 232. linens, towels)2 +1 +16 Piece goods (dress and coat yard goods, all WEEKLY INDEX OF SALES materials) - 1 Weeks ending on dates shown. 1935-1939 average=100 M Ba a s i e n m e s n to t re + - 2 / 1938 1939 1940 1941 Shoes (basement only) +36 + 9 Apr. 9 97 Apr. 8 118 Apr. 6 112 Apr. 5 131 * Based on reports from 254 stores. Reports of total sales from a larger 16 115 15 92 13 97 12 136 number of stores, including many stores not reporting sales by depart- 23 93 22 93 20 99 19 117 ments, showed an increase of 24 per cent for April and 14 per cent for 30 92 29 98 27 98 26 114 the first four months of 1941, as indicated in the table below. May 7 107 May 6 104 May 4 108 May 3 124 1 Group totals for main store include sales in departments not shown 14 87 13 106 11 114 10 128 separately. 21 89 20 94 18 99 17 110 2 Group totals for basement are not strictly comparable with those 28 91 27 97 25___ ; 97 24 117 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 A 19 p 4 r 1 . M 19 a 4 r 1 . F m 1 o 9 o 4 u s 1 . r A 19 p 4 r 1 . M 19 a 4 r 1 . F m 1 o 9 o 4 u s. 1 r A 19 p 4 r 1 . M 19 a 4 r 1 . F m 1 o 9 o 4 u s 1 . r A 19 p 4 r 1 . Mar. m F 1 o 9 o 4 s u . 1 r B U o n N P s i t o t e o e r w n d tl a H S n t a d a v t e e n s.__. + + + + 1 2 2 2 8 4 3 6 + + + + 7 6 9 8 + + + + 1 1 U 1 2 1 8 Cl T C C ev o l o e e l l l e v u a d e n m o l d a b n u ( d c s ont'd) + + +2 3 3 0 2 3 + + + 1 1 4 8 1 + + + 1 2 1 3 0 2 Ch P C F ic e o h a o r i t g c r i o a a W go ayne. _. + + + +4 1 1 2 0 8 4 0 + + + + 1 1 8 4 2 1 + + + + 2 1 1 4 1 7 3 Ka T O n u k s ( l a c l s a o s a . n C C t' i i d t t y . y ) + + 1 1 0 2 + + 1 6 1 + +1 1 4 3 Boston +21 + 3 +10 Youngstown.__ +32 +28 +22 Indianapolis.. +29 +10 +17 Dallas +21 +/* Springfield +32 + 7 +16 Erie +31 +15 +18 Des Moines... +10 + 8 + 5 Shreveport +15 + 4 + 9 Ne P w r o Y vi o d r e k nce + + 1 2 8 1 + + 19 5 + +1 1 6 1 W Pi h tt e s e b l u in r g gh + + 4 2 4 5 +11 + +1 1 8 3 D F Si l e o i t n u r t x o i C t ity + + + 3 2 1 1 0 3 + + + 3 2 7 0 5 + + + 2 1 9 9 7 H D Fo o a r l u t l s a t s W on orth.... + + + 2 2 1 1 7 7 + + - 4 1 2 + + + 1 1 0 3 9 P C h l N A A N B T B B E N P S W C Y L P R R e il v y o h r l u a a r i k i i e l o e e o B e m i e n a b i n r u n d f i a w w r c r l l d a f l n g c r a a o e k k g g c d h a a i g c o a l a i t n n n r a h e i h l e d p Y n o u e o r a n o r d y s s k s h a k e a n p n s k g t o - t e i e l m e o a e B a l r p e F r y r t k r p h a t i t n a o r s i a l a r n i n l e e . s . _ d . . . _ . + + + + + + + + + + + + + + + + + + + + + 3 2 3 4 4 2 2 1 2 1 2 3 2 2 3 3 3 3 1 3 8 1 4 0 3 0 5 8 8 9 9 5 5 9 7 7 3 8 7 8 3 0 , ' r - _ - + + + + + + + + + + + + + + + + + + l + _ 1 1 1 2 2 1 2 4 1 H 6 7 1 4 7 1 6 2 2 5 2 9 6 2 2 9 7 0 3 + + + + + + + + + + + + + + + + + + + + + 1 2 1 2 1 1 2 1 1 3 1 1 1 2 1 1 1 1 1 9 2 2 0 6 2 2 7 3 7 4 8 8 2 5 3 1 4 8 6 7 A Ri t W C N H J W L J c B C B M T A N N R M B l K C a a a h y a i o h h a a i h u e t a n n c c m o a i a r c l w l m n t r s a n a a o n k k t c m a n s t h o f o a h r c t r s i x s t h o o s n t n p n m l t m l v i t i h o o g v n O e l i a t a o e d n n k n i a n n b i o s o n R o s n l g g r l g t v u l m n o r t l l - o o e t h e t o e i r e S d o o u o n l a e g n a l n g a g n m r e ^ n a l y e e . s . _ _ m _ . C _ . _ . _ . „ _ . . . + + + + + + + + + + + + + + + + + + + + + + + 2 3 6 4 4 2 3 3 3 4 3 3 2 2 2 2 5 2 3 3 3 3 2 6 5 0 0 6 8 9 7 3 3 8 0 1 6 8 2 5 7 0 1 1 5 7 • + + + + + + + + + + + + + - - + + + - - + 4 1 1 1 1 1 1 1 0 5 3 6 2 7 1 5 5 6 2 7 8 5 0 6 3 0 4 2 9 i + + + + + + + + + + + + + + + + + + + + + + + 4 1 2 1 1 3 2 1 1 1 1 2 1 2 1 1 1 1 1 1 1 2 9 4 0 0 9 0 1 6 2 9 7 8 7 2 0 0 7 7 9 5 3 8 0 M S K t a . i L L L M Q E S H G M F S D T W K S O n n p t o L a o t n i v o s u e r u a m . . e i t i r n e a u o a r a p l n n i t c t i m t L J a w s n l u s a n i n n c e h v s e o s p i i d h c o s g h a k p i a e S v n s s o y a y t s u C f a r i h u g e R i a l m i R n i i l i i p k e i s l s l o t C s s e i l l a h y e e d c t o p e i h k n t i . y d . . . _ . s . . . . . . + + + + + + + + + + + + + + + + + + + + + 3 2 2 3 4 2 2 2 2 2 2 1 1 2 2 2 1 U 2 U 9 1 8 1 1 0 1 8 3 1 1 0 6 8 2 3 3 5 + + + + + + + + + + - + + + - + + - 3 3 2 1 1 1 9 0 9 9 7 9 7 2 2 7 1 2 3 5 5 1 1 4 + + + + + + + + + + + + + + + + + + + 3 2 1 1 4 1 2 1 1 1 1 1 1 1 1 4 8 2 0 6 0 6 5 1 9 2 9 2 1 3 1 6 9 0 Sa B L P L S B S O S S S S F P E T W S S S Y n a h a a a a a r o o a p e o a a o v a a B N e a n F n n n c n l a o k s n c o r i k e k t s s l r e t t r o t e e g a k r l l i n A t e l a J D a F A a r L r a a n e m m m l a a o m o k s n e B a n r n t i i n a n R n s f e t x e c a a a p W d n g i e k e e d e i g t l n e o a e s n d e a e o o l a c c s l a y c t d n e o a n i o C h l s s i l d c o i a t o . . y . . . . . + + + + + + + + + + + + + + + + + + + + + + 3 1 3 1 2 3 2 1 3 2 2 3 4 2 0 9 7 2 1 9 6 3 4 3 6 5 2 1 4 5 7 7 4 8 1 | . + + + + + + + + - - - + + + + - + + - 1 2 1 1 4 1 2 4 2 2 7 7 8 5 7 1 1 6 3 4 5 5 2 4 6 7 2 o + + + + + + + + + + + - + + - + + + + + - 1 1 3 2 1 1 1 1 2 1 2 4 1 1 6 2 1 8 7 1 8 0 6 2 3 4 3 2 5 1 5 1 3 1 3 i r Revised 576 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 99.9 91.6 109.1 90.4 83 0 100 5 95 4 94.0 94 3 82.6 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.9 54.9 70 3 80 2 71 4 73 9 75 1 64 4 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 1938 _ 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 1939 _ 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 1940—March 78.4 67.9 70.2 82.9 101.8 74.0 72 2 95.5 93.3 77.0 88.0 76.9 April__- 78.6 69.4 71.6 82.5 101.8 72.9 71.8 94.5 92.5 76.8 88.4 77.7 May 78 4 67.9 71.4 82.5 101.3 72 9 71 7 94 5 92 5 76.7 88.5 77.7 June 77.5 66.2 70.3 82.2 99.2 72.6 71.4 94.7 92.4 76.1 88.5 77.3 July 77.7 66.5 70.3 82.3 99.0 72.4 71.1 95.1 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 99.6 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 April 83.2 74.4 77.9 85.9 103.9 81.0 72.9 97.9 100.1 81.8 90.4 78.6 Week ending— 1941—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 78.1 April 19 83.0 75.0 77.8 86.0 104.3 80.5 73.3 97.8 100.0 8? ?, 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 May 3 83.2 74.4 78.0 86.4 105.0 80.9 74.2 97.9 100.3 82.8 91.9 78.5 May 10 84.0 75.1 79.0 86.9 105.3 81.4 74.9 97.9 100.3 S3 1 92.3 79.0 May 17- 84.6 76.3 79.7 87.3 106.1 82.4 75.6 98.1 100.3 83.7 92.3 79.4 May 24 85.0 77.3 79.5 87.7 106. 9 82.9 76.2 98.2 100.5 84.2 92.5 79.7 1940 1941 1940 1941 Subgroups Subgroups Api Jan. Feb. Mar. Apr. Apr. Jan. Feb. Mar. Apr. Farm Products: Metals and Metal Products: Grains.. . .. __ 77.?, 67.6 64.5 67.8 70.9 Agricultural implements 93.5 99, 7 92.8 92.7 92.3 Livestock and poultry 68.4 83.0 82.4 82.5 86.2 Farm machinerv 94.7 94.0 94.0 93.9 93.5 Other farm products. 67.I 65.3 64.2 65.6 67.8 Iron and steel 94.3 95.7 95.5 95.7 95.9 Foods: Motor vehicles -_ . 94.8 100,3 99.8 99.8 100.1 Dairy products . 77 X 80.2 79.7 80.3 81.0 Nonferrous metals 79.2 83.6 84.0 , 84.3 84.3 Cereal products __ _ _ 83. I 74.8 73.8 75.2 76.8 Plumbing and heating 80.9 80.5 82.2 82.8 83.0 Fruits and vegetables 65. 1 59.6 59.4 60.7 63.8 Building Materiali Meats 71 DO O 83.6 83.7 85.6 Brick and tile 90.2 91.3 91.4 91.5 91.7 Other foods _ 63 ?, 64.5 64.2 68.9 73.9 Cement 90.3 90.8 90.8 90.8 91.0 Hides and Leather Products: Lumber 1 96.7 118.4 117.2 116.7 116.7 Shoes 108 ?, 107.4 107.4 107.4 107.8 Paint and paint materials 86 7 86.7 86.6 87.4 88.7 Hides and skins. _ . _ _ 94 1 99.1 94.8 99.1 104. 7 Plumbing and heating 80.9 80.5 82.2 82.8 83.0 Leather . 93.?, 94.4 94.5 94.8 95.6 Structural steel 07 3 107.3 107.3 107.3 107.3 Other leather products . 100.0 99.7 99.7 100.5 100.5 Other building materials 92.3 94.9 94.9 95.2 95.9 Textile Products: Chemicals and Allied Products: Clothing . 84.7 86.6 87.2 87.7 88.7 Chemicals 85 0 85.6 85.7 85.9 86.4 Cotton goods 70..2 75.8 77.5 81.1 86.8 Drugs and Pharmaceuticals 81.8 96.5 96.9 97.2 97.5 Hosiery and underwear 61. 7 59.9 60.3 60.4 61.1 Fertilizer materials 70.7 70.7 70.4 70.4 71.0 Silk . 45.4 42.5 43.3 47.7 48.3 Mixed fertilizers 73 8 75 2 73 8 73 7 73 2 Rayon 29.5 29.5 29.5 29.5 Oils and fats 46.8 46.2 46.8 55.7 69.3 Woolen and worsted £roods 83.1 89.2 91.2 93.2 93.3 Housefurnishing Goods: Other textile products 74.1 74.8 76.8 80.1 89.3 Furnishins-s 94.5 95.2 95.3 95.8 97.1 Fuel and Lighting Materials: Furniture 81 9 82 6 82.6 82.9 83.4 Anthracite 77.4 81.1 81.1 81.0 80.9 Miscellc.neons: Bituminous coal 96.4 100.4 100.3 100.3 100.0 Auto tires and tubes 58.0 58.2 58.2 58.4 58.8 Coke _ 109.6 113.8 113.8 113.8 113.8 Cattle feed 00.1 89.1 81.2 82.7 85.2 Electricity 76.0 Paper and puln 89.5 93.1 93.3 93.5 94.5 Gas _ . . 82.0 77.5 77.6 77.0 Rubber, crude 39.4 41.0 42.2 45.6 47.6 Petroleum products 50.4 50.0 50.0 49.9 51.9 Other miscellaneous 85.1 82.8 82.9 83.4 84.3 i Revised series. Back figures.—F'or monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). JUNE 1941 577 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 Chart 1941 book book page A 2 p 3 r. A 3 p 0 r. M 7 ay M 1 a 4 y M 2 a 1 y page Feb. Mar. Apr WEEKLY FIGURES1 In billions of dollars MONTHLY FIGURES In billions of dollar* RESERVES AND CURRENCY RESERVES AND CURRENCY Reserve Bank credit, totaL 3 2.24 2.23 2.23 2.24 2.24 U. S. Gov't. securities, Reserve Bank credit, total 2, 7 2.25 2.26 2.27 by maturities, totaL. 5 2.18 2.18 2.18 2.18 2.18 IT. S. Gov't. securities 7 2.18 2.18 2.18 Within 5 yrs 5 1.01 1.01 1.01 1.01 1.01 Bills discounted 7 (6) After5yrs 5 1.18 1.18 1.18 1.18 1.18 old stock 2 22.14 22.32 22.44 Gold stock 3 22.48 22.51 22.53 22.54 22.57 Money in circulation 2 8.68 8.84 9.00 Treasury currency 3 3.12 3.12 3.13 3.13 3.13 Treasury cash 2 2.21 2.20 2.28 Money in circulation 3,11 8.99 9.07 9.15 9.16 9.19 Treasury deposits 2 .55 .62 .89 Treasury cash holdings 3 2.30 2.28 2.29 2.28 2.28 Reserve balances 2, 8 14.00 13.98 13.60 Treasury deposits 3 .95 .87 .80 .76 .48 Required reserves 7.57 7.68 7.72 Nonmember deposits _ 3 1.81 1.83 1.91 1.96 1.97 Excess reserves 6.42 6.30 5.88 Member bank reserves 3 13.51 13.52 13.44 13.46 13.73 Money in circulation, total.-. 10 8.78 8.92 9.07 Excess reserves—total • 9 5.75 5.80 5.73 ^5.76 P5.92 Coins and bills under $50_. 10 6.24 6.34 6.43 New York City 9 2.64 2.55 2.45 2.44 2.58 Bills of $50 and over 10 2.54 2.58 2.64 Chicago.... 9 .35 .42 .43 .43 .44 Reserve city banks 9 1.89 1.91 1.91 1.95 1.97 TREASURY FINANCE C M ou E n M t B ry E R b a B n A k N s K • S 9 .88 .91 .94 P. 95 P. 93 U. S D . i G re o B c v t o e o n r b d n l m s i . g . e a n ti t on d s e , b t t : otal _ .. . 1 1 9 9 4 3 5 1 . . 5 8 4 8 4 33 6 . .5 5 8 7 4 3 6 3 . .6 6 4 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 i n s t t i d i c d e i s u b n : e a v t n e o k st s m ents 1 1 6 6 27 9 . .0 5 2 5 2 9 7 . . 0 5 4 5 2 9 7 . . 1 6 6 0 2 9 7 . . 1 7 8 4 2 9 7 . . 1 8 7 0 Gua N B S ra p i o n l e t l t c s e e i s a e l d is o s b u l e i s gations... 1 1 1 1 9 9 9 9 6 1 5 5 . . . . 8 5 9 3 1 3 1 1 5 1 5 5 . . . . 7 9 6 6 2 2 8 0 5 1 5 6 . . . . 6 7 5 7 0 2 6 1 Adjusted demand deposits 16 23.76 23.71 23.62 23.85 24.27 MONEY RATES, ETC. Per cent per annum Time deposits 16 5.44 5.45 5.44 5.44 5.43 New York City: F. R. Bank discount Commercial loans 17 2.09 2.11 2.12 2.13 2.15 rate, N. Y 23 1.00 1.00 1.00 100 c B U it r . i e o S s k . o e G r u s t o ' s v i l d o 't e a . n o N s b e l w ig a Y ti o o r n k s : 1 1 7 7 6 . . 3 8 2 0 6 . . 3 8 3 6 6 . . 3 9 2 1 6 . . 3 9 2 8 6 . . 3 8 3 8 T T T r r r e e e a a a s s s u u u r r r y y y b n b i o o l t n l e s d s s ( 3 n 4 ew issues) 2 _ 2 2 2 3 3 9 0 2 . . . 5 0 1 5 3 0 4 0 2 . . . 5 0 0 0 8 1 9 0 1 . . .9 0 5 6 9 2 2 Commercial loans 17 3.42 3.42 3.45 3.48 3.49 Commercial paper 25 .56 .56 .56 U. S. Gov't. obligations 17 7.11 7.07 7.11 7.11 7.11 Corporate Aaa bonds 25,29 2.78 2.80 2.82 Corporate Baa bonds 29 4.42 4 38 4.33 MONEY RATES, ETC. Per cent per annum In unit indicated Stock prices (1926=100): Treasury bills (new issues)2 21 097 .096 .069 .070 Total 31 75.9 76.0 73.8 Treasury notes 3 21 .51 .49 .47 .44 .41 Industrial 31 87.9 88.2 85.6 Treasury bonds * 21, 29 1.91 1.91 1.92 1.93 1.94 Railroad 31 26.4 26.6 26 9 Corporate Aaa bonds 29 2.82 2.81 2.81 2.82 2.82 Public utility 31 74.6 74.5 71.2 Corporate Baa bonds. 29 4.34 4.32 4.31 4.31 4.32 Volume of trading (mill. shares): 31 .44 .44 .50 Brokers'balances(mill. dollars): Credit extended customers 33 634 633 606 In unit indicated Money borrowed 33 375 387 368 Customers' free credit Stock prices (1926=100): balances 33 267 268 I T n o d t u al s trial 3 3 1 1 8 7 4 2 . . 0 4 7 8 1 3 . . 9 6 7 85 3 . . 4 0 8 7 5 3 . . 6 1 7 8 3 6 . . 5 3 BUSINESS CONDITIONS Railroad 31 26.7 26.7 27.4 26.6 26.4 Wholesale prices: Public utility 31 69.8 68.2 67.6 67.7 All commodities (1926=100): Volume of trading (mill, Total 35,65 0.6 81.5 83. 2 shares) 31 .45 .40 .57 .39 .38 Farm products.. .0.3 71.6 74.4 Others _. 14. 4 84.9 85.9 BUSINESS CONDITIONS Industrial commodities Wholesale prices: (Aug. 1939=100): All commodities (1926= 100): Total 105.2 105.9 107.3 Total 35 83.0 83.2 84.0 84.6 85.0 Finished 103.3 103.6 104.7 Farm products 35 74.3 74.4 75.1 76.3 77.3 Raw and semifinished 109.4 110.9 112.6 Others 35 86.1 86.4 86.9 87.3 87.7 Cost of living (1935-39=100): Basic commodities All items 100.8 101.2 102.2 (Aug. 1939=100), total 36 136.8 137.7 141.7 143.6 143.6 Rent 105.1 105.1 105.4 12 foodstuffs 36 140.4 141.0 147.2 149.5 149.8 Clothing 100.4 102.1 102.3 16 industrial Food 97.9 98.4 100.6 materials 36 134.0 135.2 137.6 139.2 138.9 Ste ( e p l e r p c r e o n d t u o ct f i o c n apacity) ... 44 96.0 94.3 96.8 99.2 99.9 e Estimated, P Preliminary. ^Revised. Automobile production 1 Figures for other than Wednesday dates are shown under the (thous. cars)__ 44 108.2 130.6 132.4 127.3 133.6 Wednesday included in the weekly period. Freight-car loadings (thous. cars): 2 Tax-exempt bills prior to March 1941; taxable bills thereafter. Total 45 721.7 794. 3 837.1 861.3 866.0 3 Tax-exempt issues only. Miscellaneous 45 349.1 358.9 356.1 368.4 369.3 4 Partially tax-exempt issues only. Electric power production 5 Other than farm products and foods. (mill. kw. hrs.) 46 2,750 2,734 2,792 2,800 2,838 « Less than $5,000,000. Department store sales * Current figures are for the revised edition of the Chart Book (1935-39=100) 46 114 124 128 110 11 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 6.21 5.93 5.91 5.94 6.2 NOTE.—Estimates for May for the following items are shown on p. 565; all commodities, industrial production, durable manufactures, non durable manufactures, minerals, freight-car loadings, department store sales. 578 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 * Chart Chart book book Feb. Mar. Apr Feb. Mar. Apr MONTHLY FIGURES (cont.) In unit indicated MONTHLY FIGURES (cont.) 1926=100 BUSINESS CONDITIONS (cont.) INTERNATIONAL FINANCE Industrial production:1 2 Wholesale prices: Total (1935-39=100) 41,42 141 143 P140 Canada 65 85.2 85.9 86.6 Durable manufactures 41 65.2 645 P63. 2 Germany... 65 83.0 83.1 Iron and steel.. __ 42 18.4 185 P17.6 Japan 65 133.9 136.0 Machinery, etc. 42 30.9 307 P30. 5 Sweden 65 130.3 133.5 Other durable 42 15.9 153 P15. 1 Switzerland 65 116.6 118.2 Nondurable manufactures 41 57.8 59.4 P61.3 United Kingdom 65 121.0 121.8 121.8 Textiles and leather 42 17.6 188 P20.0 Paper and printing 42 11.3 116 Pll.6 In cents per unit of Foods, liquors, and tobacco.. 42 16.5 166 P16.8 foreign currency Other nondurable— 42 12.4 124 P12. 9 Foreign exchange rates: Minerals 41, 42 18.0 19.0 P15. 3 Argentina (peso) 67 29.77 29.77 29.77 New orders, shipments, and Canada (dollar).. 67 83.69 84.98 87.65 inventories (Jan. 1939=100): Japan (yen) 66 23.44 23.44 23.44 New orders, total 43 189 194 P187 Switzerland (franc) 66 23.22 23.21 23.20 Durable, total 43 277 285 P260 United Kingdom (pound). 67 402. 97 403.19 402. 48 Iron and steel 43 295 304 P302 Machinery _ 43 286 277 P269 1940 1941 Shipments, total _ 43 159 165 P172 Durable... 43 189 198 P204 Inventories, total _ 43 121 122 P124 Dec. Jan. Feb Durable.. 43 131 132 P134 Nondurable 43 111 112 P112 In billions of dollars 1923-25=100 Increase in U. S. gold stock:4 Total 63 14.97 15.09 15.21 Net capital inflow: F F A a a v c c e t t r o o a r r g y y e e p h m a o y u p r r l o l o y l y l s m e . a e r n n t i ngs 5 5 1 1 , , 5 5 3 3 1 12 1 6 7 . . 8 9 1 1 1 3 9 1 . . 9 2 P P 1 1 3 2 4 2 . . 4 3 To I R n ta e fl l t . o u w rn o o f f f d or o e m ig e n s t c ic a p c i a ta p l i tal . . _ . 62, 6 6 6 2 2 3 6 4 1 . . . 2 2 9 4 1 2 6 4 1 . . . 2 2 9 6 5 1 6 4 1 . . . 1 1 9 5 2 3 (cents per hour) 51 69.2 69.7 Merchandise export surplus 63 4.36 4.46 4.53 Average hours worked Other factors 63 4.37 4.38 4.52 (hours per week) 51 40.0 40.4 Short-term foreign assets and liabili- Freight-car loadings;i J ties of banks: Total.... .. 57 86 87 79 Liabilities to foreigners 64 3.78 3.84 3.72 Coal 57 15.8 18.0 6.5 Foreign assets 64 .38 .40 .38 Miscellaneous 57 49.6 47.0 46.1 Net foreign liabilities 64 3.39 3.44 3.34 All other 57 21.0 21.7 26.4 Department store sales * 59 103 103 104 Department store stocks l 59 73 74 74 1941 In millions of dollars July- Oct.- Jan.- Sept. Dec Mar. Residential contracts awarded :i Total 47 154 137 143 Public 47 23 26 29 In billions of dollars Private, total 47 132 111 115 QUARTERLY FIGURESs 1- and 2-family dwellings 47 107 92 101 Other 47 24 19 14 C ash income and outgo of U. S.Treas.: Construction contracts awarded:3 Cash income __ 18 1.93 1.90 2.84 T R o e t s a i l d ential.... ._ _ 4 4 9 9 4 1 0 4 7 1 3 1 8 3 4 7 P P1 4 3 0 9 2 E C x a c sh e ss o u o t f g o ca sh outgo 1 1 8 8 2. . 5 5 1 8 3 1 . . 1 2 7 7 3 1 . . 8 0 9 4 Non O ag t r h i e c r u ltural employment 49 267 247 P263 Do to m ta e l s tic corporation security issues, 32 .58 1.04 .77 (mill, persons): New 32 .18 .28 .17 Total* 50 36.93 37.23 P37. 62 Refunding 32 .40 .77 .60 Manufacturing and mining6 50 11.84 12.02 PII. 89 Trade 50 6.17 6.26 P6. 46 Government 50 3.91 3.94 *3. 98 Per cent per annum Transportation and public utili- Inco C m o e ti n e p s s t a . r y . u . m ct e i n o t n s ;i 5 5 0 0 3 1 . . 0 6 3 8 3 1 . . 0 6 6 3 P P I 3 . . 7 1 6 2 Bank T N o e r t w a a t l e , Y s 1 o o 9 r n k c c i C t u ie i s s t t y o mers' loans: 2 2 7 5 2 2 . . 6 1 8 4 2 2 . . 5 0 9 0 2 2 . . 5 0 8 6 Total 54 6,654 6,702 P6, 695 7 other Northern and Eastern Salaries and wages 54 4,327 4,358 P4, 371 cities 27 2.56 2.53 2.53 Other 54 2,327 2,344 P2, 324 11 Southern and Western cities _. 27 3.43 3.36 3.25 Cash farm income: Total 55 632 681 P709 Crops _. 55 173 197 P182 p Preliminary. Expo L G r i o t v s v e ' a s t t n o p d c a k y i m m a p n e o d n r t p t s s r : oducts __ _ 5 5 5 5 377 41 7 3 1 P4 P3 8 9 8 1 3 i T A In h d r j p e u o e s i t n e m t d s o i f n n o t r h to s s e ta m a l s o o i v n n i a d n l e g x v . a a r v i e a r t a io g n e . , adjusted for seasonal variation. I E m x p po o r r t t s s 6 6 1 1 3 2 0 3 3 4 3 26 5 8 7 5 * B C a u n m k u in la g t e s d t a f t r i o st m ic s J a f n or u a c r a y l l 3 r 1 e , p 1 o 9 r 3 t 4 . dates and figures on ownership of Excess of exports 61 70 89 U. 6 S S . e r G ie o s v r e e r v n i m se e d n f t ro o m bl i J g a a n ti u o a n r s y a r 1 e 9 3 s 7 h o to w d n a i t n e . t ab S l e e e o t n a b t l h e e o f n o l p lo . w 57 in 1 g o p f a t g h e i . s 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. JUNE 1941 579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS FOR FEiERAL RESERVE CHART BOOK—BANK CALL REPORT SERIES [In billions of dollars] 1938 1939 1940 1941 Chart Book Page June Sept. Dec. Mar. June Oct. Dec. Mar. June Dec. Apr. 30 28 31 29 30 2 30 26 29 31 4 ALL BANKS IN THE U. S. Total deposits and currency 12 56.74 57.65 59.12 59.11 60.95 62.87 64.10 64.88 66.96 »70. 75 P72. 57 Demand deposits adjusted 12 24.39 25.10 26.01 26.04 27.35 29.09 29.79 30.54 31.96 »-34.94 P36.20 Time deposits . 12 26 27 26.27 26.38 26.56 26.80 26.81 27.06 27.28 27.47 '27. 74 P27. 94 Currency outside banks... . ._ _ 12 5.47 5.50 5.83 5.63 6.01 6.19 6.40 6.23 6.70 P 7.78 Loans and investments, total 13 47 30 48.24 48.87 48.93 49.62 49.95 50.88 51.14 51.34 5419 Loans 13 21.05 21.04 21.30 21.15 21.32 21.63 22.17 22.19 22.34 23.74 Investments 13 26 24 27 21 27 57 27.78 28 30 28.32 28.71 28.95 29.00 30.45 MEMBER BANKS Investments, total 2 17.78 18.69 18.86 19.05 19.46 19.61 19.98 20.22 20.48 21.81 23.10 XJ. S. Government obligations: Direct _ 14 10.22 10.71 10.88 10.69 10.95 10.89 11.18 11.31 11.60 12.34 13. 50 Guaranteed 14 2 13 2 30 2.34 2.66 2.83 2.92 3.14 3.11 3.12 3.49 3.49 State and local government obligations 14 2.14 2.30 2.45 2.56 2.55 2.76 2.69 2.91 2.89 3.01 2.96 Other domestic securities 14 3 13 3 19 3 01 2.96 2.94 (3) 2.77 2.70 2.80 (3) Foreign securities 14 18 18 .18 .18 .19 .19 (3) .17 .17 (3) Loans, total* . . 12.94 12.94 13.21 13.05 13.14 13.47 13.96 13.94 13.97 15.32 15.88 Commercial loans (incl. open-market paper) 15 7.01 6.97 4 5.89 5.96 5.99 6.57 6.72 7.52 Street loans (Brokers' loans) 15 .53 .53 4 .79 .67 .56 .61 .32 .47 Other loans on securities5 __ 15 2.79 2.77 4.96 .90 .91 .88 $ .80 .83 (3) Real estate loans 15 2 61 2 66 2.72 2.75 2.83 (3) 2.96 (3) 3.07 3.23 (3) All other loans 2 8 2.85 2.77 2.85 2.94 3.06 3.27 (3) HOLDINGS OF U. S. GOVERNMENT OBLIGATIONS DIRECT AND GUARANTEED 3 Total outstanding s 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 8 6.50 Other investors 20 12.10 812. 50 12.30 812. 50 12.50 8 13.00 p Preliminary. r Revised. i Includes also semi-annual figures on ownership of U. S. Government obligations. « Series not shown in Chart Book. 3 Figures available for June and December dates only. 4 Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimates on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332. 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. 6 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. 580 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON APRIL 4, 1941 BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city m b e a A m n l b k l e s r n m b a e t a A m i n o l k b l n s e a r l A m b l e l a m n S k b ta s e t r e New m e Y m o b rk e r ba C n h k i s c a 1 go m R ba e e c n s m i e t k y b r s v e J e r C m b o a e n u m k n b s t e ry r Assets Loans (including overdrafts) 15,878, 348 10,402,899 5,475,449 3, 502,095 779,914 6,165,150 5, 431,189 United States Government direct obligations 13, 501,298 8, 465, 549 5,035, 749 5,004, 946 1,341, 539 4, 393, 264 2, 761, 549 Obligations guaranteed by United States Government... 3,486, 598 2,113,125 1,373,473 1,620, 413 124,946 1,046, 765 694,474 Obligations of States and political subdivisions 3, 205, 694 2,143, 641 1,062,053 770,675 225, 594 1,033,902 1,175, 523 Other bonds, notes, and debentures, including obligations of Government corporations and agencies not guaranteed by United States2 2,499, 059 1, 631, 560 867,499 651, 850 150, 949 705, 237 991,023 Corporate stocks (including Federal Reserve Bank stock). 411, 599 209,432 202,167 145, 783 26, 229 149, 299 90, 288 Total loans and investments 38, 982, 596 24, 966,206 14, 016, 390 11, 695, 762 2, 649,171 13, 493, 617 11,144,046 Reserve with Federal Reserve Banks 13, 531, 403 7,620,089 5, 911, 314 6, 715, 464 814,925 4,106, 816 1,894,198 Cash in vault 837,055 604, 713 232,342 84,976 19, 729 360,844 371, 506 Demand balances with banks in United States (except private banks and American branches of foreign banks) _. 6, 235, 245 4, 771, 574 1, 463, 671 152,419 278, 782 2,823,016 2,981,028 Other balances with banks in United States and foreign countries . 111, 876 84, 690 27,186 6,072 3,737 37,234 64,833 Due from own foreign branches 51 51 51 Cash items in process of collection 1, 796,066 1,140, 833 655, 233 587,988 136,873 792, 392 278, 813 Bank premises owned and furniture and fixtures 918,872 597,036 321, 836 203,291 19,561 321, 328 374, 692 Other real estate owned 219, 227 103,062 116,165 22,896 3,372 80, 910 112,049 Investments and other assets indirectly representing bank premises or other real estate 111, 982 62, 439 49, 543 10,771 741 79, 217 21,253 Customers' liability on acceptances 81,011 45, 705 35, 306 54, 222 1,892 21,483 3,414 Income accrued but not yet collected 116, 274 68,039 48, 235 44,676 10,157 43, 243 18,198 Other assets 146, 328 49,018 97,310 46,623 6,464 35, 226 58,015 Total assets.. 63, 087, 986 40,113, 404 22, 974, 582 19, 625, 211 3, 945, 404 22,195, 326 17,322,045 Liabilities Demand deposits—Total 44,393,324 27,733,201 16, 660,123 16, 856, 065 3,157, 620 15,271, 058 9,108,581 Individuals, partnerships, and corporations 29, 752,260 18,045,405 11, 706,855 11, 629,036 1,685, 373 9, 552, 336 6,885, 515 United States Government3 523,133 429,495 93,638 28,646 107, 724 272, 786 113,977 States and political subdivisions 2,957, 252 2, 206, 517 750, 735 302, 006 180, 677 1, 206, 041 1,268, 528 Banks in United States and foreign countries2 10, 498, 201 6, 645,996 3,852, 205 4, 594, 401 1,157, 578 4,069,159 677,063 Certified and officers' checks, cash letters of credit and travelers' checks, etc 662,478 405, 788 256, 690 301, 976 26, 268 170,736 163,498 Time deposits—Total 12, 430, 507 8, 483,209 3,947,298 848, 499 500,414 4, 871, 562 6,210,032 Individuals, partnerships, and corporations2 11, 837, 267 8,021,376 3,815,891 806, 277 485,614 4, 539, 563 6,005, 813 Postal savings3 54,422 40,800 13,622 4,500 18, 639 31,283 States and political subdivisions 392,143 317,839 74, 304 38,131 10, 300 202, 021 141, 691 Banks in United States and foreign countries2 146, 675 103,194 43,481 4,091 111,339 31, 245 Total deposits 56, 823, 831 36, 216, 410 20, 607, 421 17, 704,564 3, 658, 034 20,142, 620 15,318, 613 Due to own foreign branches 175, 211 138,465 36, 746 172, 376 2,835 Bills payable, rediscounts, and other liabilities for borrowed money 2,586 2,430 156 1 2,585 Acceptances outstanding 93, 457 52,340 41,117 62, 399 2, 074 25, 570 3,414 Dividends declared but not yet payable 7,838 7,026 812 227 825 5,528 1,258 Income collected but not yet earned 73,116 51, 285 21, 831 10,061 2,170 38, 398 22,487 Expenses accrued and unpaid 94, 800 59, 683 35,117 18,398 10, 873 43, 778 21, 751 Other liabilities 63,493 21, 715 41,778 34, 515 1,004 19,229 8,745 Total liabilities. 57,334,332 0,549,354 20, 784, 978 18, 002, 540 3, 674, 980 20, 277, 959 15,378, 853 Capital Accounts Capital 2, 357,134 1, 523,139 833, 995 548,023 101, 700 785, 664 921, 747 Surplus 2, 294, 271 1,316, 796 977,475 827, 250 103, 840 726,452 636, 729 Undivided profits 757, 605 490, 901 266,704 196, 768 28, 269 257, 671 274,897 Reserves for contingencies and other capital accounts2.. 344, 644 233, 214 111, 430 50,630 36, 615 147, 580 109,819 Total capital accounts 5, 753, 654 3, 564, 050 2,189, 604 1, 622, 671 270, 424 1, 917, 367 1, 943,192 Total liabilities and capital accounts 63,087, 986 40,113, 404 22,974,582 19, 625,211 3, 945, 404 22,195, 326 17,322, ©45 Net demand deposits subject to reserve 36, 380,607 21,835, 795 14, 544,812 16,115, 658 2, 743. 096 11, 658,959 5, 862,894 Demand deposits—adjusted4 31, 575, 924 19, 516,877 12,059, 047 11,645,030 1, 755, 445 10,136, 721 8, 038, 728 Number of banks 6,528 5,138 1,390 13 346 6,133 1 Excluding member banks in outlying sections of some cities authorized to carry lower reserves. 2 This is a combination of two or more items shown separately on June and December call dates. * United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 4 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. JUNE 1941 581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, MARCH 4, 1936, TO APRIL 4, 1941 [Amounts in thousands of dollars] 1936 1937 1938 1939 1940 1940 1941 March 4 March 31 March 7 March 29 March 26 Dec. 31 April 4 Assets Loans (including overdrafts) ! 12,098, 516 13, 699, 294 13, 546, 245 13,047, 275 13, 939, 408 15, 320, 598 15, 878, 348 United States Government direct obligations 10, 564, 400 10, 856, 351 10, 625, 221 10, %0, 610 11,313,710 12,337, 408 13, 501, 298 Obligations guaranteed by United States Government._. 1, 879, 722 1, 861, 336 1, 826, 966 2, 060,145 3,107, 056 3, 485, 638 3, 486, 598 Obligations of States and political subdivisions 2, 270,099 2, 350,032 2, 208, 781 2, 554,651 2,904, 862 3,012 693 3, 205, 694 Other bonds, notes, and debentures, including obligations of Government corporations and agencies not guaranteed by United States i 2 2, 971, 585 3, 215, 554 2, 768,800 2, 687, 973 2,464,916 2, 553,197 2,499,059 Corporate stocks (including Federal Reserve Bank stock) 503, 666 542, 436 545,156 454, 331 433,105 416, 533 411, 599 Total loans and investments 1 30,287, 988 32,525,003 31, 521,169 32, 094,985 34,163, 057 37,126, 067 38, 982, 596 Reserve with Federal Reserve Banks 5, 784, 077 6, 613, 340 7, 248, 811 9,112, 434 12, 279,162 13, 991, 733 13, 531, 403 Cash in vault 623, 518 662, 310 603, 541 776, 978 862,162 991,146 837, 055 Demand balances with banks in United States (except private banks and American branches of foreign banks) _ 3, 813, 065 3, 312, 519 3, 461, 582 4, 280, 654 5, 499, 427 6, 084, 424 6, 235, 245 Other balances with banks in United States and foreign countries 2 213, 532 185, 494 181, 263 168,179 157, 902 112,192 111,876 Due from own foreign branches 3,000 3,787 2,326 3,551 3,400 2,182 51 Cash items in process of collection 1, 718, 306 1,973, 621 1,406, 710 1,481,467 1, 561, 722 2, 783,960 1, 796, 066 Bank premises owned and furniture and fixtures 998, 653 981, 712 971,875 941, 876 922, 049 914, 425 918, 872 Other real estate owned 371,344 368, 868 341, 875 314, 835 271, 712 228, 243 219, 227 Investments and other assets indirectly representing bank premises or other real estate x 146, 451 132,005 111,146 111,982 Customers' liability on acceptances 167, 534 202,067 134,473 106,764 97, 936 83, 052 81, 011 I O n t c h o e m r e a s a s c e c ts rued but not yet collected 252, 460 226, 756 252, 212 < 1 11 0 1 5 , , 0 3 9 9 7 7 1 1 0 77 5 , , 0 4 6 4 1 2 1 12 0 4 5 , , 0 02 8 6 2 1 1 1 4 6 6 , , 2 32 7 8 4 Total assets.. 44, 233, 477 47, 055, 477 46,125, 837 49, 644, 668 56, 233, 037 62, 657, 678 63, 087, 986 Liabilities Demand deposits—Total 28, 021, 554 29, 950,160 28, 652, 321 32, 051, 080 38,197, 036 44,110, 412 44, 393,324 Individuals, partnerships, and corporations 17, 927, 045 20, 084, 779 19,116, 334 20, 845, 004 24, 965,017 29, 576, 064 29, 752, 260 United States Government3 599,587 414, 722 752,141 774, 701 725, 496 616,118 523,133 States and political subdivisions 2,173, 455 2, 564, 303 2, 236, 537 2, 466, 695 2, 498, 759 2, 723, 660 2, 957, 252 Banks in United States and foreign countries 2 6, 542,170 6, 209, 707 5, 980, 911 7, 431,195 9, 449, 292 10, 281, 272 10, 498, 201 Certified and officers' checks, cash letters of credit and travelers' checks, etc 779, 297 676, 649 566, 398 533,485 558, 472 913, 298 662, 478 Time deposits—Total 10, 451, 894 11,164, 318 11, 594,357 11, 615, 416 11,980, 466 12, 319,198 12, 430, 507 Individuals, partnerships, and corporations 2 9, 783, 716 10, 639,144 10, 845,173 10, 939, 547 11, 367, 680 11,686,808 11,837,267 Postal savings 3 167,114 97, 371 89, 588 68, 276 51, 924 55, 987 54, 422 States and political subdivisions 343, 873 268, 739 512,129 461,156 411, 210 435,075 392,143 Banks in United States and foreign countries 3 157,191 159, 064 147, 467 146, 437 149, 652 141, 328 146, 675 Total deposits 38, 473, 448 41,114, 478 40,246, 678 43, 666, 496 50,177, 502 56, 429, 610 56, 823, 831 Due to own foreign branches 70, 831 84,142 129, 332 151,175 142, 555 182,067 175, 211 Bills payable, rediscounts, and other liabilities for borrowed money 24, 269 23,613 32,866 7,455 2,247 3,282 2,586 Acceptances outstanding 183, 582 226, 089 145, 231 120, 768 108, 670 97, 461 93, 457 Dividends declared but not yet payable 4 16, 830 33, 216 17, 762 30, 951 30, 500 38, 953 7,838 Income collected but not yet earned 48,168 60,492 67,666 73,116 Expenses accrued and unpaid 282, 292 249, 264 202,121 92, 205 88, 916 77, 946 94,800 Other liabilities 60, 381 60, 479 63,177 63, 493 Total liabilities 39, 051, 252 41, 730, 802 40, 773, 990 44,177, 599 56, 671, 361 56, 960,162 57, 334, 332 Capital Accounts Capital 2, 621, 711 2, 454, 266 2, 427,058 2, 394,184 2, 348, 205 2, 356, 258 2, 357,134 Surplus 1, 721, 348 1, 952, 805 2, 020, 279 2, 096,664 2,179, 505 2, 279, 621 2, 294, 271 Undivided profits 4 493,141 580, 907 611, 508 670,798 714, 549 721,444 757,605 Reserves for contingencies and other capital accounts »__. 346, 025 336, 697 293, 002 305, 423 319, 417 340,193 344, 644 Total capital accounts 5,182, 225 5, 324, 675 5, 351, 847 5, 467, 069 5,561, 676 5, 697, 516 5, 753, 654 Total liabilities and capital accounts 44, 233, 477 47, 055, 477 46,125, 837 49, 644, 668 56,233, 037 62, 657, 678 63, 087,986 Net demand deposits subject to reserve 22, 498, 578 24,668, 338 23, 789,968 26, 301,964 31,159, 647 35, 261, 636 36, 380, 607 Demand deposits—adjusted 5 19,161 6 , , 3 4 7 9 7 1 21, 35 6 2 , , 3 1 6 1 7 0 20, 51 6 2 , , 3 5 3 5 5 9 22, 36 6 3 , , 3 3 7 1 17 26, 46 6 0 , , 3 5 7 2 7 6 30, 42 6 9 , , 4 0 8 6 6 2 31, 57 6 5 , , 5 9 2 2 8 4 Number of banks 1 Figures of loans and investments beginning December 31, 1938 are not entirely comparable with prior call dates because investments and other assets (principally loans) indirectly representing bank premises and other real estate are now reported separately. Such investments and other assets amounted to $94,569,000 and $49,939,000, respectively, on December 31, 1938. 1 This is a combination of two or more items shown separately on June and December call dates. 3 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. * Reserves for dividends payable in common stock, $5,544,000 on December 31,1938, were formerly published as part of undivided profits. Reserves for undeclared cash dividends on capital stock and for accrued interest on capital notes and debentures, $10,691,000 on December 31, 1938, were formerly reported in combination with dividends declared but not yet payable. Beginning December 31,1938 these two reserves are included in "Other capital accounts." 5 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 582 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 584 Gold production 585 Gold movements 585 International capital transactions of the United States 586-590 Central banks 591-594 Money rates in foreign countries 595 Commercial banks 596 Foreign exchange rates. 597 Price movements: Wholesale prices 598 Retail food prices and cost of living 599 Security prices 599 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. JUNE 1941 583 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 St n a i t t e e s d g t A e i r n n - - a g B i e u l- m Brazil I B n i r d s it i h - 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 26 1937— Dec.._ 12,760 469 597 274 184 2,564 24 19138—Dec... 14, 512 431 581 274 192 2,430 27 1939—Dec— 17, 644 466 609 274 214 2,709 1940—Apr- 18, 770 2 403 274 212 2,000 May _ 19, 209 403 274 35 2,000 28 Jane.. 19, 963 403 274 28 July... 20, 463 403 274 28 Aug... 20, 913 402 274 28 Sept... 21,244 385 274 28 Oct.-. 21, 506 359 274 28 Nov... 21,801 353 274 28 Dec... 21, 995 353 734 274 28 1941—Jan.... 22,116 353 734 274 28 Feb... 22, 232 353 274 28 Mar... 22, 367 353 Apr... 22, 506 End of month H ga u r n y - (P I e r r a s n ia) Italy Japan Java Mexico e N rl e a t n h d - sZe N a e la w nd N w o a r y - Peru Poland Portu- Ruma- A So fr u ic th a Spain 1936—Dec... 60 491 75 68 114 5 718 1927—Dec— 210 261 79 933 83 120 189 5 525 1938— Dec—. 193 164 80 998 85 133 220 1939—Dec— 144 164 90 692 184 152 249 1940—Apr... i 137 164 100 650 154 279 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.... 164 109 629 157 328 Nov... 164 129 621 157 351 Dec... 164 140 617 158 367 1941—Jan.... 164 152 616 158 376 Feb... 164 171 614 158 388 Mar... 178 401 Apr... Government gold reserves * 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 o i i n m t g ed - g U u r a u y - V zu e e n l e a - Y sla u v 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 s n i f i n t i g g ed u - re F s rance g B iu el m dom 1936—Dec— 240 657 2,584 183 1935—June- _ (2) 103 1937—Dec— 244 650 2,689 185 1936—June... 59 103 1938—Dec— 321 701 2,690 142 1937—June— 169 3 934 115 1939—Dec... 308 549 « 1 149 1937—Dec 4 1,395 81 1938—Mar. 1,489 1940—Apr- 179 515 1 142 June. _ 44 62 May.. 189 501 1 68 143 Sept. 759 June.. 199 493 1 68 144 Oct.- 5103 July.. 173 488 1 »90 144 Dec... 80 331 44 Aug.. 153 490 1 88 145 1939—Mar.. _ 154 1,732 559 Sept... 152 490 1 87 145 May__ 477 Oct.... 150 500 1 145 June— 85 17 Nov... 157 501 1 145 Sept. 164 Dec... 160 502 1 145 Dec—. 156 17 1§41—Jan.... 165 520 1 145 1040—Mar. .. 145 Feb... 171 524 1 145 June. . 86 17 Mar... 172 527 1 145 Sept. . 105 Apr... 1 145 Dec- 48 17 1 Figures relate to last official report dates for the respective countries, as follows: Germany 1 Reported at infrequent intervals or on de- —June 15,1939; Italy—late in Mar. 1940; Norway—Mar. 30,1940; Poland—July 31, 1939; Vene- layed basis: U. S.—Exchange Stabilization Fund zuela—end of Mar. 1939. 2 Beginning April 1940, reports on certain Argentine gold reserves no longer available. (Special A/c No. 1); U. K— Exchange Equaliza- 8 On May 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- tion Account; France—Exchange Stabilization trol 4 B C o h a a rd n . g e G fr o o l m d r p e r p e o v r i t o e u d s s D in e c c e e m th b a e t r t i d m u e e i l s a r g g o e l l d y h t e o l d in b c y lu s M io i n n i o st f e g r o o ld f F fo in rm an e c rl e y . not reported. Fund and Rentes Fund; Belgium—Treasury. 6 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. 8 Figure for end of March 1937, first date re- 6 Beginning Mar. 29, 1941, gold reserves no longer reported separately. ported. 7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian * Figure for end of September 1937. Congo, Bolivia, China, Danzig through Aug. 31,1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain 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 8 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. 8 Increase due to inclusion of additional foreign gold reserves not previously reported. NOTE.—For details regarding special gold NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. transfers in 1939-40 between the British E. E. A. 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported and the Bank of England, and between the figures through April 1940 appear on p. 926 in that issue. French E. S. F. and the Bank of France, see BULLETIN for September 1940, p. 926. 584 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated Production reported monthly world Year or month pr t o io d n uc- Africa North and South America Other U o . u S t . s S i . d R e .i Total A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o l n g g ia o n 2 S U t n at i e te s d 3 Canada4 Mexico Co b l i o a m- Chile Au li s a t ra- B In r d it i i a s 5 h $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$35 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.. 1, 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, 235, 060pl, 085, 432 491, 628 29. 155 32,163 •28, 862 206, 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 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 90,190 40,879 2,454 2,678 755 16,391 14,652 4, 233 1,941 766 4,581 860 May.. 106,400 89, 014 41,742 2,442 2,747 16, 483 15,488 1,356 1,825 1,271 4,786 5 875 June 104, 335 86, 776 40,437 2,437 2,643 14,845 15, 795 2,562 1,715 780 4,688 875 July 110,285 92, 381 41, 936 2,459 2, 590 18, 849 15, 982 3,010 1,952 850 4, 263 490 August 109,795 92, 272 41,989 2,498 2,725 16,035 16,318 4,027 2,184 1,243 4,693 560 September.. 106, 960 89, 388 40, 958 2,450 2, 652 17,065 15,416 2,596 2,016 673 4,616 945 October 115,045 97, 518 42, 362 2,477 2,709 21, 744 16, 360 2, 337 1,789 1,121 5,638 980 November.. 109, 725 92, 237 41, 620 2,404 2,687 19, 692 15, 750 1,905 1,713 929 4,592 945 December.. 109, 445 91, 567 41,188 2, 433 2;668 19,434 15, 755 2,221 1,675 879 4,333 980 1941—January- 107, 975 *>90, 364 42, 335 /2, 433 2,618 16,646 15,199 2,945 2,137 /879 H, 333 840 February.. P85, 266 39, 608 /2. 433 2, 566 15, 408 14, 446 /2, 945 1,844 /879 /4, 333 805 March ^88,451 42, 075 /2, 433 P2, 669 16, 023 /14, 446 /2, 945 fl, 844 /879 /4, 333 /805 Gold production in U. S. S. JR.: 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: 1934, $135,000,000; 1935, $158,000,000; 1936, $187,000,000; 1937, $185,000,000; 1938, $180,000,000. r Revised. p Preliminary. / Figure carried forward from last previous figure without footnote /. 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 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year. 3 Includes Philippine Islands production received in United States. 4 Figures for Canada beginning January 1940 are subject to official revision. 5 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. 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.), 9ee Annual Report of Director of Mint for 1940. p. 101, and 1936. pp. 108-109. GOLD MOVEMENTS UNITED STATES llri thousands of dollars at approximately $35 a fine ounce] Total Net imports from or net exports (—) to: net Y m e o a n r t o h r i e m o x r p p n o o e r rt t t s s U K d n i o i n t m g e - d France g B i e u l m - N la e e n r t - d h s - S d w e e n - S l w a e n r i - t d z- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s t A ra u l s i - a A So fr u ic th a Japan B I r n i d ti i s a h c o t o A r th i u e l e n l s r - 1934 i 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, 89<J 15, 335 3,46« 65 75,268 46,089 1936 1,116, 584 174,093 573, 671 3,351 71, 006 7, 511 72, 64839, 966 11,911 21,513 23, 28C 8 77, 802 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, 4(54 50,762 29,998 1938 1,973, 569 1, 208, 728 81,135 15,488 163, 049 60,146 1,363 76, 31536, 472 10, 557 27,880 39,162 401 168,740 16,159 * 67,975 1939 3, 574,151 1, 826, 403 3,798165,122 341, 618 28, 71ft 86, 987 612, 94933, 610 23, 239 35, 636 74, 250 22, 862 165, 605 50,056* 102,404 1940 4, 744, 472 633. 083 241, 778 977 63,260 161, 489 90, 3202, 622, 33029, $m 23, 999 38, 627103, 777 184, 756 111,739 49,980* 388,488 1940 Apr.. 249, 851 43, 567 3 3,273 39, 654 32, 617 54,967 2,396 2,111 3,376 3,374 28,798 4,710 3,139 27,866 May 435,132 62,042 40 9,431 11, 452 281,182 2,331 2,113 2,405 5, 177 31, 477 4,743 4,317 18, 423 June 1,162, 975 128, 003 241, 603 3,671 2,138 716, 685 4,182 2,130 3,895 6, 603 23.091 3,399 2,377 25,197 July 519, 974 301, 734 3,158 32 172, 268 1,891 5,856 2,830 5,262 3,482 23, 463 Aug.__ ... 351, 553 10, 819 3,637 6 264, 32810, 335 4,516 3,738 6,746 11, 687 954 34, 789 Sept 334,100 3,650 27 217, 627 545 2,330 3,764 14, 605 7,854 13,228 523 69,946 Oct.... _ 325, 964 1,738 222, 726 538 2,673 14, 770 6,704 11, 81f 784 64, 208 Nov 330,107 936 7 262, 718 545 3,283 14, 441 6,240 12,186 2,170 27,580 Dec 137,176 99 80,389 347 2,814 3,268 14, 994 1,751 13, 262 7,446 12,805 1941 Jan _ 234, 242 37 1 1,746 563 46, 876 1,147 3,168 3,185 11,136 149, 735 6,085 4,501 6 062 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 Apr 171,992 21 20, 216 1,147 2,934 3,587 4,720 132, 255 313 6,800 Jan.-Apr. 633,409 2,094 1 1,746 899 244, 240 3,975 8,345 13, 528 28, 855 2S4,875 9,444 4,501 5 30, 906 i Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. * Includes $31,830,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $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. B,., $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., and $12,781,000 from other Latin America. NOTE.—For gross import and export figures and for additional countries see table on p. 550 JUNE 1941 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2,1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2, 1935, through- Total Central banking Return Inflow of brokerage bank funds of U. S. foreign balances Total funds Other abroad funds funds in N. Y. i 1935—Dec. (Jan. 1, 1936). 1,412.5 603.3 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2, 608. 4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,410. 3 1,168. 5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—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—Mar. 6— 5,040. 8 2,437. 6 509.2 1, 928. 4 638.5 752.4 1,123.8 88.4 Mar. 13_. 5,060. 6 2,461. 6 517.8 1,943.8 633.5 755.2 1,120. 4 89.9 Mar. 20.. 5,105. 2 2, 500. 2 537.4 1,962. 8 638.7 757.2 1,118.9 90.2 Mar. 27.. 5,121.1 2, 522. 8 544.4 1, 978. 4 636.9 758.1 1,116.0 87.3 Apr. 3... 5,133. 5 2, 539.0 539.1 1,999. 9 631.6 761.6 1,112. 5 88.7 Apr. 10.. 5,118.1 2, 521. 7 528.5 1, 993. 3 634.1 762.4 1,111.3 88.6 Apr. 17.. 5,152.1 2, 538. 9 533.1 2,005. 8 644.9 764.7 1,114. 2 89.4 Apr. 24_. 5,194.1 2, 566. 9 522.4 2,044. 5 659.0 767.2 1,112.7 88.2 May 1— 5,177. 8 2, 562.1 511.2 2,050. 9 643.4 771.1 1,112.8 88.3 May 8— 5,186. 2 2, 566.1 516.4 2,049. 7 647.0 773.1 1, 111. 6 88.5 May 15.. 5,193. 2 2, 560. 6 556.7 2.003. 9 657.3 774.7 1,112.6 88.0 May 22.. 5, 254. 6 2,612. 7 612.1 2.000. 6 664.1 774.9 1,108. 8 94.2 May 29.. 5, 208. 2 2, 552. 5 599.8 1,952. 7 684.0 775.5 1,101. 0 95.1 J J u u n n e e 1 5 2 — _. 5 5 , , 2 24 0 1 8 . .4 8 2 2 , , 5 5 7 4 3. 0 .0 0 6 6 2 2 3 3 . . 4 2 1 1 , . 9 9 1 4 6 9 . . 7 8 6 6 7 7 4 9 . . 5 1 7 7 8 78 0 . . 9 3 1 lf , 1 1 1 13 6 . . 6 6 9 96 7 . . 9 2 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 2 1,996. 2 764.8 789.7 1,070.0 99.6 Aug. 14.. 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 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 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. 3 775.8 804.9 101.3 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 Feb. 5... 5, 806.1 3,170. 9 1, 269. 0 1,901.9 763.1 809.4 965.7 97.0 Feb. 12_. 5, 777. 3 3,152. 4 1, 255. 0 1, 897. 4 754.6 810. 9 963.5 95.9 Feb. 19.. 5, 737. 7 3,103. 6 1, 228. 8 1, 874. 9 764.6 811.9 961.1 96.5 Feb. 26- 5, 743.1 3, 098. 2 1, 243. 4 1, 854. 7 776.1 813.2 958.4 97.2 i 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. 3 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. 586 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From t h J r a o n u . g 2 h— , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad a a n- A L m i a c t a e in r- Asia i ot A he ll r * 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 21€ .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—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 t, 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 1,161.0 411.7 606.8 555.7 90.2 1941—Jan 29 - - 5, 847. 4 1, 024. 6 667.4 451.5 890.5 175.3 49.3 906.9 1,165. 5 416.5 611.2 558 1 96 1 Feb 5 5, 806.1 1,001.9 667.7 450.5 893.2 176.0 47.7 903.6 1,140. 6 413.4 617.3 542 9 92 0 Feb. 12 - __ 5, 777. 3 974.8 668.0 452.8 889.5 176.3 47.6 898.4 i, 107. 3 413.7 599.5 560.8 96 1 Feb. 19 5, 737. 7 947.5 668.0 451.7 885.2 177.7 47.3 898.0 i. 075. 4 411.5 600.3 552.5 98.0 Feb 26 5, 743.1 954.8 667.7 451. 0 879.2 176.4 47.5 905.0 4, 081. 6 410.5 597.5 554.2 99.3 TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From t h J r a o n u . g 2 h , — 1935, Total U K d n i o i n 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 Can- A L i m a c t a e in r- Asiai ot A he ll r J 1935—Dec. (Jan. 1, 1936). 603.3 128.6 129.6 55.7 72.4 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1,168. 5 189.3 111.8 76.3 288.4 9.6 6.9 109.4 791.7 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—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 May29__ 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 Q 603.7 1,986. 3 334.1 326.4 444.4 61.3 1941—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 Feb. 5 3,170. 9 323.8 455.2 155.1 487.0 -23.8 -3.0 584.1 1, 978. 4 338.1 341.9 448.6 63.9 Feb. 12 3,152. 4 300.0 455. 2 157.3 484.1 -23.6 -3.1 578.7 1, 948. 7 340.2 323.2 472.6 67.8 Feb. 19 3,103. 6 271.8 455.2 156.2 481.8 -22.4 -3.3 577.5 1, 916. 8 335.6 319.2 462.4 69.6 Feb. 26 3, 098. 2 279.2 455.0 155.4 475.8 -22.7 -3.3 584.6 1, 924.1 334.6 314.2 453.9 71.3 TABLE 4.—UNITED STATES BANKINGFUNDS ABROAD, S1Y 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 m i a c t a e in r- Asia 1 oth A e l r l J 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—Apr. (May 1) 643.4 255.4 70.3 10.7 1.7 181.8 10.0 31.2 561.0 59.2 51.6 -28.4 -.1 May 29 684.0 262.0 70.8 15.4 3.1 183.8 8.9 35.2 579.3 69.5 52.6 — 16.9 —.5 June (July 3) 684.1 260.1 72.6 16.0 4.3 183.9 13.0 38.8 588.6 61.0 49.0 -15.3 .8 July 31 714.1 263.9 74.2 16.8 5.6 184.6 17.6 43.2 605.8 64.9 49.7 -7.2 1.0 Aug. (Sept. 4) 773.1 269.5 74.6 17.4 6.1 185.2 23.1 44.9 620.8 65.1 53.6 34.0 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. 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 Feb. 5 „ 763.1 273.0 75.5 17.8 5.9 192.7 25.4 48.6 638.9 64.6 41.4 16.2 2.0 Feb. 12 754.6 269.9 75.7 17.8 5.6 192.8 25.4 48.4 635.7 62.9 43.2 10.6 2.1 Feb. 19 764.6 271.0 75.6 17.7 5.5 193.1 25.4 49.0 637.4 64.2 48.6 12.3 2.2 Feb. 26 - -. _ 776.1 271.4 75.6 17.8 4.2 193.0 25.5 48.8 636.3 65.4 50.9 21.6 1.9 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". *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. JUNE 1941 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From t h J r a o n u . g 2 h— , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r 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 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 1.1 1936—Dec. 30 - - 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29 _ 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Dec. (Jan. 4, 1939) 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 1939—Dec. (Jan. 3, 1940) 725.7 125.5 42.1 29.4 45.0 36.6 27.6 189.0 495.2 -7.6 184.0 42.8 11.3 1940—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. 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 Feb. 5 809.4 129.1 43.6 31.0 46.0 36.5 28.1 197.6 511.9 25.6 203.9 54.5 13.5 Feb. 12 810.9 129.1 43.6 31.0 46.1 36.5 28.1 197.9 512.3 26.2 204.0 54.7 13.6 Feb. 19 811.9 129.3 43.6 31.0 45.9 36.5 28.1 197.9 512. 5 26.4 204.2 55.0 13.8 Feb 26 813 2 129.5 43.6 31.0 45.8 36.5 28.1 198.1 512.6 26.4 204.5 55.9 13.8 TABLE «.—DOMESTIC SECURITIES. BY COUNTRIES Net Purchases by Foreigners From t h J r a o n u . g 2 h— , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L i m a c t a e in r- Asia* ot A he ll rl 1935—Dec. (Jan. 1, 1936) __ 316.7 149.8 23.4 50.5 55.1 -5.4 -.1 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30 917.4 367.7 64.7 157.6 200.2 -7.5 -3.3 38.5 818.0 32.6 15.5 44.1 7.1 1937—Dec 29 1,162.0 448.7 70.3 213 8 275 3 -17.4 —4.9 55.7 1,041. 6 37.6 18.2 54.7 9.8 1938— Dec. (Jan. 4, 1939) 1,219.7 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 65.2 11.1 1939—Dec. (Jan. 3, 1940) 1,133. 7 328.1 76.6 227.7 344.7 -28.2 -4.9 60.4 1,004. 4 -2.6 30.1 87.6 14.3 1940—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 9P8. 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 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 Feb. 5 965.7 259.0 74.1 233.0 339.5 -29.2 3.0 64.4 937.9 -25.4 24.4 17.1 11.6 Feb. 12.. 963.5 258.8 74.2 233.1 339.2 -29.2 -3.0 64.5 937.5 -25.8 23.2 17.0 11.6 Feb. 19 961.1 258.5 74.2 233.2 337.8 -29.2 -3.0 64.6 936.0 -25.9 22.6 16.9 11.5 Feb 26 958.4 257.7 74.2 233.2 338.9 -30.2 -3.0 64.5 935.3 -26.9 21.8 16.8 11.4 TABLE 7.—BROKERAGE BALANCES,3 BY COUNTRIES From t h J r a ou n g . 2 h— , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia* ot A he ll r i 1935—Dec. (Jan. 1, 1936). 6.0 () 2.4 1.3 2.5 1.4 7.6 1.0 2.9 -.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 .4 22.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 5.0 44.0 3.5 -.5 .5 1938—Dec. (Jan. 4, 1939). 47.6 13.4 12.9 6.8 9.6 5.2 47.9 1.8 -.9 -1.5 1939—Dec. (Jan. 3, 1940). 80.6 19.4 20.1 9.3 17.8 -.1 5.0 71.6 8.7 1.6 -3.4 2.1 1940—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 8.3 72.9 11.1 8.8 6.3 Aug. (Sept. 4) 100.5 16.3 18.6 11.9 18.8 | 8.0 73.6 10.9 9.4 6.0 Sept. (Oct. 2) 101.6 16.3 18.8 12.3 19.2 -.2 8.1 74.7 11.2 S.I 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 -.2 7.9 74.3 10.7 9.2 6.0 .7 1941—Jan. 29 98.8 17.1 19.2 13.3 15.9 -.2 8.9 74.4 10.4 6.8 6.3 Feb. 5 97.0 17.0 19.3 13.5 14.8 8.9 73.5 10.5 5.6 6.5 Feb.12 95.9 17.0 19.3 13.5 14.5 73.1 10.2 5.7 6.0 1.0 Feb. 19 96.5 16.9 19.4 13.5 14.1 72.8 11.1 5.7 6.0 .9 Feb. 26 97.2 17.0 19.3 13.5 14.4 73. 3 10.9 6.1 6.1 .9 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". * For explanation see BULLETIN for May 1937, pp. 395-396. «Inflow less than $50,000. « Outflow less than $50,000. 588 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 i - t d z- m G a e n r y - - Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m i a c t a e in r- Asia* ot A he ll r i Reported by Banks in New York City 1929—Dec. 31 2, 672. 7 301.5 923.7 1 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 3_ 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. § 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 1,357.4 217.4 102.2 48.6 173.8 27.3 18.2 121.9 709.4 173.5 261.7 194.4 18.4 Sept. 28 1,751. 4 308.5 165.6 82.2 191.0 17.6 17.2 232.8 1,015.0 190.8 285.0 226.9 33.7 Dec. (Jan. 4, 1939) 1,996. 6 436.1 187.4 101.8 218.8 17.8 20.4 255.5 1, 237. 8 201.8 248.5 274.3 34.1 1939—Mar. 29 2, 318.8 473.9 219.5 143.9 247.1 18.7 14.8 314.7 1,432. 7 236.6 300.7 305.5 43.3 June 28 2,683.0 607.4 284.4 146.0 240.8 15.1 12.2 366.9 L, 672. 7 291.7 363.0 306.0 49.7 Sept. 27 3,050. 7 656.7 295.9 186.0 299.9 7.8 17.1 446.4 L, 909. 7 325.3 383.0 366.5 66.2 Dec. (Jan. 3, 1940) 3,057.0 448.2 288.2 204.9 376.3 9.5 38.5 516.9 L, 882.6 274.6 336.0 491.4 72.5 1940—Jan. 31 3,097.4 404.5 290.6 200.3 395.5 9.1 43.7 569.0 L, 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 L, 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 L, 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. 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 Feb. 5... 3, 797.1 395.9 487.3 169.1 500.6 5.9 15.8 631.0 2, 205.6 438.2 462.9 614.6 75.9 Feb. 12.. 3, 778. 6 372.1 487.3 171.3 497.8 6.0 15.7 625.6 2,175.9 440.3 444.2 638.5 79.8 Feb. 19.. 3, 729. 8 343.9 487.3 170.1 495.5 7.2 15.4 624.4 2,144.0 435.7 440.1 628.4 81.6 Feb. 26_. 3, 724. 4 351.4 487.1 169.4 489.5 7.0 15.5 631.5 2,151.3 434.8 435.1 619.9 83.3 Additional Detail Available from January 3,19404 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 - N w o a r y - S d w e e n - Total g t A i e n r n a - - B z r i a l -Chile Cuba M ic e o x- C P a a m a n .Z n d a - . Total China H K o o n n g g Japan P Is 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. C May 29 443.3 172.0 21.1 29.5 64.1 156.7 311.8 83.3 34.8 24.8 49.6 68.6 50.6 446.2 178.8 79.4 151.8 36.2 June (July 3) 457.0 161.3 19.5 29.6 59.0 187.6 326.5 88.7 39.0 30.2 49.7 65.3 53.5 448.4 181.8 78.4 152.6 35.6 July 31 457.7 154.9 18.4 29.1 57.8 197.5 321.3 93.1 38.0 29.2 48.1 60.3 52.7 446.6 181.6 84.3 142.6 38.2 Aug. (Sept. 4) 466.7 150.9 17.2 26.3 54.3 218.0 332.2 103.9 31.4 27.8 51.1 58.5 59.6 408.3 184.7 87.6 97.4 38.7 Sept. (Oct. 2) 470.3 147.9 16.8 29.1 51.2 225. 3 338.8 110.1 33.4 26.1 48.7 63.2 57.3 431.6 192.7 87.0 106.8 45.2 Oct. 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. fJan. 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. 29 450.5 143.2 17.1 14.1 48.3 227.7 342.5 118. 2 45.4 26.1 48.6 49.3 54.8 464.3 210.5 93.4 114.1 46.3 Feb. 5 444.4 143.1 16.8 13.2 47.0 224.4 351.3 121.6 47.2 26.4 48.6 51.0 56.5 459.9 209.3 93.8 109.4 47,5 Feb. 12 441.2 141.6 17.5 13.1 46.6 222.5 326.9 102.3 44.8 25.9 48.5 51.5 54.0 481.8 224.6 94.7 116.1 46.4 Feb. 19 438.5 138.9 17.8 13.0 46.7 222.1 322.5 101.8 38.6 26.7 46.8 53.3 55.3 474.2 221.7 95.3 109.8 47.3 Feb. 26 437.9 140.7 17.0 12.3 46.2 221.6 319.6 103.3 35.1 25.3 47.3 52.6 55.9 464.4 217.5 97.5 103.4 46.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 3 First report date on new basis. « The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on 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). JUNE 1941 589 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m i a c t a e in r- Asia' ot A he ll ri Reported by Banks in New York City 1931—Dec. 30 1,103. 3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 136.5 41.8 2.6 1932—Dec. (Jan. 4, 1933) 949.4 89.4 67.6 14.2 6.4 433.7 11.5 96.1 719.0 43.9 158.2 24.8 3.5 1933—Dec. (Jan. 3, 1934) 907.1 197.9 65.0 18.1 12.5 258.1 16.8 83.9 652.3 34.7 159.2 54.6 6. 3 1934—Nov. 282 827.1 201.3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 3 1,137. 8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749.5 91.2 170.7 118.1 8.3 Dec. (Jan. 2, 1935) 1,139. 9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 1935—Dec. (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, 19iO) 508.7 39.9 4.9 5.7 5.2 53.4 11.8 51.4 172.2 39.7 113.3 174.1 9.3 1940—Jan. 31 533.0 56.2 5.3 7.2 5.1 52.3 13.7 49.5 189.1 40.1 110.2 184.6 9.1 Feb. 28 531.4 44.7 5.4 5.7 5.5 51.8 15.5 49.3 177.9 44.2 109.8 190.3 9.2 Mar. (Apr. 3) 527.5 39.7 4.9 6.7 6.2 50.1 16.9 48.6 173.2 42.2 110.7 192.6 8.9 Apr. (May 1) 515.7 36.8 8.4 8.0 6.4 49.4 17.2 48.6 174.7 37.1 114.3 181.0 8.6 May 29 475.0 30.1 7.9 3.2 5.0 47.3 18.3 44.6 156.5 26.7 113.3 169.5 9.0 June (July 3) 475.0 32.0 6.2 2.6 3.8 47.3 14.2 41.0 147.2 35.3 117.0 167.9 7.7 July 31 444.9 28.2 4.5 1.9 2.5 46.6 9.6 36.6 130.0 31.3 116.3 159.8 7.5 Aug. (Sept. 4) 386.0 22.6 4.2 1.2 1.9 46.0 4.1 34.9 115.0 31.2 112. 3 118.6 8.9 Sept. (Oct. 2) 385.5 20.2 3.5 1.1 1.5 45.6 2.8 34.8 109.4 30.8 113.1 125.7 6.4 Oct. 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. 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 Feb. 5 396.0 19.1 3.2 .8 2.2 38.4 1.8 31.2 96.9 31.7 124.5 136.4 6.5 Feb. 12 404.5 22.2 3.0 .8 2.5 38.4 1.8 31.3 100.1 33.3 122.7 142.0 6.3 Feb. 19 394.5 21.2 3.1 .9 2.5 38.1 1.8 30.8 98.4 32.0 117.4 140.4 6.3 Feb. 26 383.0 20.7 3.1 .8 3.8 38.2 1.7 31.0 99.4 30.8 115.1 131.0 Additienal 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 - N w o a r y - S d w e e n - Total g t A i e n r n a - - B z r il a- Chile Cuba M ic e o x- C P a a m a n .Z n d a - . Total China H Ko o n n g g Japan I P s p h la i i n l n i e d p- s 1940—Jan. 3 23.4 6.5 3.2 1.4 3.6 8.7 76.1 16.8 32.2 9.7 10.5 5.9 1.0 152.5 22.0 1.9 102.1 26.4 Jan.31. . 22.2 7.2 3.7 1.2 3.7 6.5 71.5 12.9 31.2 9.6 10.4 6.5 .9 161.9 22.5 1.6 111.2 26.6 Feb. 28 20.4 7.4 2.9 .8 4.0 5.4 69.9 12.0 31.8 9.7 11.1 4.4 .9 168.0 25.4 3.2 111.2 28.2 Mar. (Apr. 3) 19.4 7.9 2.2 .8 4.0 4.5 71.4 12.5 33.0 9.4 10.7 4.7 1.1 182.6 26. 1 1.7 125.9 28.9 Apr. (May 1) 17.6 8.1 1.4 1.0 3.4 3.7 73.9 12.4 34.4 9.7 11.2 5.0 1.2 169.8 23.9 1.8 115.6 28.5 May 29 14.1 5.1 1.1 1.5 2.4 4.2 73.9 16.4 3? 1 9.5 9.8 5.0 1.1 160.1 24.5 1.9 103.2 30.5 June (July 3) 10.6 3.4 .7 1.5 1.5 3.4 77.5 16.7 33.7 9.7 11.4 4.8 1.3 155.2 30.2 1.6 90.6 32.7 July 31 9.1 2.9 .4 1.6 1.3 2.8 75.6 16.4 32.8 10.3 9.9 4.7 1.5 145.3 30.5 2.7 78.6 33 6 Aug. (Sept. 4) 7.7 1.6 .3 1.7 1.2 2.9 72.1 15.1 31.3 9.6 9.9 4.5 1.7 102.3 24.0 3.8 45.0 29.5 Sept. (Oct. 2) 7.5 1.7 .3 1.7 1.2 2.7 72.5 14.8 30.8 10.0 10.6 4.5 1.9 109.8 24.2 4.3 53.2 28.2 Oct. 30 7.6 2.2 .3 1.9 1.1 2.1 81.4 13.2 40.2 10.8 10.9 4.6 1.7 110.7 24.2 3.0 58.0 25.4 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 .9 1.0 78.4 11.9 33.1 13.4 11.7 6.1 2.1 103.8 23.7 1.7 55.8 22.6 1941—Jan. 29 5.6 1.4 .3 1.9 .8 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 Feb. 5 5.5 1.3 .3 1.9 .8 1.2 78.7 10.1 33.6 15.4 11.2 6.1 2.3 120.3 23.8 .8 74.0 21.7 Feb. 12 5.7 1.4 .3 1.9 .8 1.3 76.4 10.7 30.8 14.7 11.4 6.5 2.3 126.7 23.4 .9 80.2 22.2 Feb. 19 5.6 1.4 .3 1.9 .8 1.3 70.5 10.0 25.9 14.9 11.0 6.4 2.3 123.6 23.8 .9 77.5 21.3 Feb. 26 5.6 1.5 .3 1.9 .8 1.2 68.3 10.0 24.4 14.3 11.3 5.9 2.4 114.2 23.5 .9 68.3 21.5 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 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). 590 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of issue dept. Assets of banking department Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 Cash reserves a c n o D d u i n s a - t d s - S t e i c e u s ri- ci t r i c o u n l a 3 - Deposits l O ia t b h i e li r - Coin Notes vances Bankers' Public Other ties 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 49.0 104.7 132.4 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 .6 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. _ 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Apr. 24.. 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. 26.. 630.0 1.1 18.8 45.3 145.8 611.5 118.6 22.0 52.3 18.1 Apr. 30P_. 5 680. 0 1.4 56.9 28.3 133.7 623.4 131.8 13.6 57.2 17.7 Assets Liabilities Domestic bills Loans on— Deposits Bank of France Ad- For- vances (Figures in millions of francs) eign to Short- Other Note Other Gold6 ex- Open Spe- Gov- term Other assets circula- Govern- liabilichange market; cial 7 Other ern- Govern- securi- tion ment Other ment 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 76,436 12,624 11,698 2,241 1931—Dec. 30. 68,863 21,111 7,157 7, 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- 58,933 911 5,580 652 10,066 31,909 675 3,781 7,277 3,461 19, 326 3,160 1938—Dec. 29- 87, 265 821 7,422 1,797 7,880 20, 627 443 3,612 14, 442 110,935 5,061 25, 595 2,718 1939—May 25. 92,266 754 8,164 2,276 4,774 20, 577 78 3,401 14,264 121, 391 4,573 17, 570 3,020 June 29_ 92, 266 722 8,074 2,279 5,009 20, 577 374 3,471 14,753 122, 611 5,188 16,909 2,816 July 27. 92, 266 722 8,316 2,275 5,000 20, 577 472 3,461 14,458 123, 239 5,468 16,058 2,781 Aug. 31_ > 97, 266 218 9, 396 1,708 15,009 20, 577 2,412 3,805 16,016 142, 359 3,304 18, 038 2,708 Sept. 28. 97, 266 212 9,734 1,958 14,830 22, 777 930 3,661 16, 482 144, 562 2,342 18, 022 2,926 Oct. 26. 97, 266 85 10,038 2,007 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. '84,614 111 42, 645 1,870 5,005 20, 550 320 3,376 15, 970 156, 032 1,154 14,262 3,014 Apr. 25- 84, 615 112 42, 694 1,781 5,769 20,900 228 3,411 15, 666 156, 285 1,171 14, 681 3,038 May 30_ 84,616 102 44, 083 1,889 14,473 32,600 2,320 3,716 16, 694 170,853 1,046 25, 782 2,811 June 10. 84,616 108 44,173 1,518 11,885 36,250 2,534 3,822 18,865 174, 469 1,049 25, 405 2,848 p Preliminary. 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. < 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. 6 Fiduciary issue increased by £50,000,000 on April 30, 1941. 6 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. 7 For explanation of these items through June 10, 1940, see BULLETIN for July 1940, p. 732. In the period since June 10, the Bank has made further advances to the Government under the following Conventions with the Treasury: 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. s 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 tables see BULLETIN for February 1931, pp. 81-83. JUNE 1941 591 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 s m m a i r l k li s o ) ns of re f T s o e o r r e t v a ig l e n s exc G ha o n ld g * e i T c n h r c b e e l i u a c ll k s d s u s in ) r , y g Se lo c a u n r s ity E a c s li o g n v i o e b r t l e e Other a O s t s h e e ts r c N i t r i o c o u t n e la- Deposits l O i t a i t b e h s i e li r - 1929—Dec. 31_. 2,687 2,283 2,848 251 92 656 5,044 755 1930—Dec. 31. 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec. 31. 1,156 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 _. 920 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30_. 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31.. 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31. 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 _ 72 66 5,510 74 221 303 765 4,980 1,012 953 1937—Dec. 31. 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31. 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Dec. 30. 78 11, 392 30 804 393 2,498 11, 798 2,018 1,378 1940—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. 31- 77 14,503 28 28 349 1,834 13, 694 1,726 1,399 Feb. 28.. 77 15, 284 34 24 351 1,445 13, 976 1,935 1,305 Mar. 31. 78 15, 367 23 32 352 1,672 14,188 2,127 1,210 Apr. 30? 78 15, 644 32 22 () 14, 689 2,006 (2) » 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. 81-8: Central Bank 1941 1940 Central Bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. National Bank of Albania (thou- National Bank of Belgium—Cont. (Jan.)i sands of francs): (Mar.)i Credits to private economy 237 3 1,060 Gold 7,567 Due from Bank of Issue, Brussels 392 Foreign assets 65,135 Other assets 499 373 Loans and discounts 10, 315 Note circulation 7,222 5,880 Other assets. 7,829 Demand deposits 280 183 Note circulation 28,419 Other liabilities 153 124 Other sight liabilities 46, 830 National Bank of Bohemia and Mo- (Dec. Other liabilities 15, 598 ravia (millions of koruny): 1940)1 Central Bank of the Argentine Gold4 1,447 1,596 Republic (millions of pesos): Foreign exchange 785 739 Gold reported separately 1,071 1,071 1,224 Discounts __ _ 24 362 Other gold and foreign exchange. 291 277 178 Loans 535 N Re e d g i o s t c ia o b u l n e t e G d o p v a e p rn er ment bonds 4f 29 4 6 6 31 3 0 6 198 N O o th te e r c a ir s c s u e l ts ation 6,4 (5 5 ) 3 7 5 , , 4 5 8 2 0 2 Other assets __ 205 239 195 Demand deposits . 1,560 1,335 Note circulation 1,223 1, 235 1,176 Other liabilities (6) 3,856 Deposits—Member bank 486 446 434 Central Bank of Bolivia (thousands (Sept. Government 131 184 107 of bolivianos): 1940)i Other 3 2 7 Gold at home and abroad 99,445 95, 265 Foreign exchange sold forward 6 7 18 Foreign exchange 72, 596 112, 860 Other liabilities 60 61 53 Loans and discounts 229, 345 145,138 Commonwealth Bank of Australia Securities—Government- 430,388 430, 628 (thousands of pounds) : Other 13,640 13, 316 Issue department: Other assets 20,671 127,997 Gold and English sterling 17,705 17, 705 16,082 Note circulation 441, 316 401, 306 Securities 46, 645 49, 809 45, 300 Deposits 340, 594 354, 741 Banking department: Other liabilities 84,176 169,159 Coin, bullion, and cash.. 3,090 4,932 3,151 National Bank of Bulgaria (mil- (Oct. London balances 55, 573 64,903 44, 886 lions of leva): 1940)i Loans and discounts 22, 360 24, 288 34,835 Gold 2,006 2,006 Securities 45, 947 40, 256 38, 203 Net foreign exchange in reserve 4 4 Deposits 119,062 126, 032 114, 294 Foreign exchange 1,472 1,800 Note circulation 63,119 62, 369 52, 525 Loans and discounts 2,749 1,110 National Bank of Belgium (millions Government debt 3,373 3,393 of belgas): (Jan.)i Other assets . 2,756 2,030 Gold 4,331 2 4, 614 Note circulation 6,262 4,526 Foreign exchange 354 Deposits 3,119 3,421 Credits to State and public bodies 1,842 3139 Other liabilities 2,980 2,396 1 Latest month for which report is available for this institution. 2 Includes foreign exchange. a In figures for Apr. 1940, credits to public bodies other than the State itself are included in "Credits to private economy" • Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny. * Figures not yet available. 592 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Central Bank 1941 1940 Central Bank 1941 1940 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Bank of Canada (thousands of Ca- Bank of Estonia (thousands of nadian dollars): krooni): (July Gold* 225, 773 Gold and net foreign ex- 1940)2 Sterling and United States ex- change 47,846 45,179 change — _ 133, 994 69, 493 49, 532 42, 695 Loans and discounts 57, 399 48, 252 Canadian Gov't. securities: Other assets 47,437 30,818 2 years or less 372, 484 411,142 457, 368 101, 507 Note circulation 88, 492 64, 690 Over 2 years 118,151 114, 489 122, 426 107, 574 Demand deposits 28, 285 29, 204 Other assets _ _ _ 12, 813 16, 974 24, 783 12,054 Other liabilities 35,905 30, 356 Note circulation 372, 597 365, 323 352,946 221,192 Bank of Finland (millions of Deposits—Chartered banks 228, 857 207, 994 213, 073 213, 912 markkaa): (Dec.)2 Dominion Gov't 18, 248 17, 052 57, 649 32,165 Gold 604 Other 3,770 8,311 7,058 8,295 Foreign exchange 1,177 Other liabilities 13, 971 13, 417 23, 384 14,037 Loans and discounts 5,275 Central Bank of Chile (millions of Note circulation 5,551 pesos): Bank of Greece (millions of drach- Gold 147 147 146 mas): Discounts for member banks 204 182 101 Gold and foreign exchange (net).. 16,873 4,225 Loans to Government _ _. 742 742 750 Loans and discounts 15, 307 13, 366 Other loans and discounts 486 471 363 Government obligations 4,049 4,105 Other assets - _ _ 74 78 52 Other assets 3,404 2,465 Note circulation 1,172 1,145 1,009 Note circulation 17,039 9,861 Deposits- Deposits 20,182 12, 480 Bank .__ 173 213 148 Other liabilities 2,412 1,820 Other 86 58 90 National Bank of Hungary (mil- Other liabilities _ 221 202 164 lions of pengo): Bank of the Republic of Colombia Gold 124 124 (thousands of pesos): Foreign exchange reserve 32 63 Gold 31, 451 32,070 40,186 Discounts 691 539 Foreign exchange 15, 852 16, 603 3,306 Loans To Trpasurv 611 343 Loans and discounts 18,774 21, 420 21,128 Other 52 18 Government loans and securities. 58, 704 57, 320 38. 538 Other assets 316 327 Other assets 35, 988 34, 036 29, 869 Note circulation 1,344 976 Note circulation 61, 416 59, 900 53,485 Demand deposits 165 120 Deposits 59, 831 61, 740 52, 973 Consolidated foreign credits of 1931 51 Other liabilities 39, 521 39,809 26, 570 Other liabilities 265 318 National Bank of Denmark (mil- Reserve Bank of India (millions of lions of kroner): rupees): Gold 105 109 117 Issue department: Foreign exchange 28 20 9 Gold at home and abroad 444 444 Clearing accounts (net) 485 474 Sterling securities 1,405 1,165 Discounts 9 10 38 Indian Gov't securities 496 384 Loans—To Government agencies 20 17 107 Rupee coin _ 324 534 Other 41 48 422 Note circulation 2,495 2,396 Securities. 160 165 188 Banking department: Other assets. __ 610 585 118 Notes of issue department 175 130 Note circulation 707 703 707 Balances abroad 672 244 Deposfts 557 526 154 Treasury bills discounted 3 Other liabilities 196 198 138 Loans to Government 1 Central Bank of Ecuador (thou- (Dec. Investments 71 84 sands of eucres): 1940)2 Other assets 15 16 Golds 60, 935 30, 726 Deposits 786 361 Foreign exchange (net).._ 18,146 Other liabilities 146 116 Loans and discounts 59,132 65,151 Bank of Japan (millions'of yen): Other assets 20, 966 24, 664 Cash, bullion, andforeignaccounts 593 (7) Note circulation _ 77, 895 61, 977 Special foreign exchange funds 300 300 300 Demand deposits.. 53, 042 30, 704 Advances—To Government 3 3 3 Other liabilities 28, 241 27,859 Other 652 8 508 8 645 National Bank of Egypt4 (thou- Government bonds 3, 572 3,793 2,726 sands of pounds): Other assets _. _ _ 489 Gold 6,544 Note circulation 4,197 3,900 3,405 Foreign exchange. ___ 2,729 Deposits—Government __ 938 1,179 699 Loans and discounts 8,141 Other 121 102 115 British, Egyptian, and other Other liabilities 352 459 392 Government securities 30,608 Bank of Java (millions of guilders): Other assets _ _ 6,995 Gold9 336 322 147 Note circulation. 25, 489 Foreign bills. _ . IS 17 20 Deposits—Government.-. 2, 392 Loans and discounts 89 88 70 Other 18, 076 Other assets 119 123 119 Other liabilities 9,060 Note circulation 216 213 206 Central Reserve Bank of El Salva- Deposits ._ __ 310 300 123 dor (thousands of colones): Other liabilities .. _ 37 37 27 Gold 13, 242 13, 244 13, 222 (July Foreign exchange _ 3, 637 2,430 5,556 Bank of Latvia (millions of lats): 1940)2 Loans and discounts 1,400 2,071 1,232 Gold 72 71 Government debt and securities. 6,536 6,699 4,810 Foreign exchange reserve. 29 27 Other assets _ 1,420 1,446 1,221 Loans and discounts 234 220 Note circulation 15,404 15, 000 15, 560 Other assets 45 46 Deposits ._ _ 4 576 4,669 6,661 Note circulation 123 107 Other liabilities 6, 255 6,221 3,821 Deposits 204 194 Other liabilities 52 64 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. * 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." • Less than 500,000 rupees. 7 No comparable figures available. Gold alone was reported at 501 million yen in Apr. 1940 and Feb. 1941. 1 Includes bills discounted, no longer shown separately beginning Mar. 29, 1941. » Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder. JUNE 1941 593 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb Apr. (Aug. South African Reserve Bank—Cont. Bank G L N F D O O o o o o o e t t h h r a l p f t e d e e n e o 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 x e a i t l c l n d s a i h i t i t a a i i s e o n c s n ( o g m e un il t l s ions _ o ,. f litu) . : _ 1940 1 1 1 ) 6 8 4 8 1 8 1 i 7 3 6 2 1 7 1 1 1 6 9 3 6 5 7 1 2 3 7 8 7 1 5 Ba k n r k N D o O O F G n o e o t t o o h h r p l t e r d e e e o o ) i r r f g s c : i n l a i t i r s s a c S a s b u e s w i s t l l s a e i e t t t d i i s e o e s n ( n n et) (m _ illions of 3 2 5 8 3 9 4 , , , , 3 7 5 4 5 5 5 8 7 9 3 7 3 0 5 5 7 2 3 5 2 9 8 3 4 , , , , 3 7 3 8 2 7 7 5 4 6 8 8 6 7 9 1 7 4 4 2 1 1 2 8 4 , , , , 4 0 3 8 5 9 1 5 9 7 7 2 3 5 5 4 5 2 Netherlands Bank (millions of guil- Domestic loans and investments. 816 824 881 de S G F D rs i o o i l ) s r v : l e c d e i o r g 2 u n ( n i n t b s c il l l u s ding subsidiary coin) 1,09 2 6 1 3 7 7 9 1,16 1 1 1 0 2 0 Swis N D O O s o t e t h h m t N e e e r r a a c n t a l i i d i r o s a c s n b d e u a i t e l l l s a i p t t o i B i e s o s a i n t n s . k . (millions of 1,4 6 6 7 2 0 9 6 2 1 0 2 1, 7 5 7 4 4 4 2 2 5 0 4 5 1, 8 3 6 5 2 7 3 3 1 5 8 7 Loans 249 226 francs) : Re ( s th e N D O O S G r o t v o e t o t e u h h e p l t r s d e e e l o a i r r s n n c B i l a g i d t i r s s a a s c s e — b n u e x o k i t l c O l f s G a i h t t p t o i i a h o e o o v n e f s n u e g r n r e n N d r m s e e ) s e w : e n r t ve Zealand 20 2 , , 8 5 0 1 2 6 17 2, , 8 5 0 3 2 7 1 2 6 1, , , 2 5 1 8 6 3 0 6 2 0 4 6 0 8 3 2 7 13 2 1 , , , 2 1 8 8 6 2 2 7 5 0 4 5 8 6 1 9 2 8 Cen D L t F N G O O O r o o a i o o t t t s h h l r h a l t e c d e n e e e i o r r r s B g 7 c u n l a s i a n i r i s a n g c t e s s b k u h x e i t l c l t a i h o s l t t i a i i . f a e o . n . b s n g t i h e li e ti e R s epublic _ o _ _ f _ , . 2 1 2 1 , , , , 1 1 2 2 5 2 2 9 5 4 3 1 3 4 8 1 9 6 0 5 3 5 2 2 1 2 1 , , , , 1 2 2 1 4 1 2 3 3 6 5 2 1 2 5 1 3 5 8 7 3 2 9 2 2 , , 2 2 6 1 7 6 0 8 5 7 3 5 2 2 4 2 9 0 7 1 0 2 4 Advances to State or State un- Turkey (thousands of pounds): I N D O O n o t e t d v h h m t e e e e e r s r r a t c t a n m a l i k d i r s a c i e s n b u d e n i g t l e t l s a s s i p t t o i i e o s s n its 1 2 2 3 8 1 2 1 2 , , , , , 7 6 6 7 8 8 7 8 7 1 5 7 0 3 7 4 7 6 1 2 2 8 0 3 1 2 1 , , , , , , 6 4 7 6 4 0 2 4 8 7 2 4 9 0 1 2 6 5 2 2 2 1 6 3 1 2 6 , , , , , , 1 4 8 5 7 3 4 3 3 8 7 8 8 5 2 9 8 2 2 2 1 2 2 2 2 7 , , , , , 3 3 9 4 9 7 5 7 5 6 4 7 1 7 8 5 7 8 F G L S O o e o o t c r h a l e u d e n I i r n r s g i t n a a c i e s l n e s e s d x e a t c r s d i h n i a s g n c g o a e u c — c n o ts F u r n e t e s 3 1 1 8 3 9 0 1 7 2 2 9 8 , , , , , 1 1 8 4 3 2 7 4 6 5 1 0 6 9 7 2 1 1 2 4 5 0 9 8 9 9 1 6 , , , , , 9 1 4 4 3 1 3 5 9 9 9 9 6 3 9 7 9 Ba k n r k G F o n o o e r l e d r o i ) f g : n a N s o se rw ts ay (millions of (Mar 1 1 . 8 0 ) 6 2 i N D O e o th p te e o r s c i l i t i r s a c — b u i l G l O a i t t o t i i h o l e d e n s r . __ _ 4 1 1 2 3 0 7 5 3 9 1 , , , , 4 3 5 5 9 1 5 9 9 4 7 3 3 1 1 1 0 4 7 6 0 0 8 , , , , 1 8 2 2 2 6 8 2 4 9 1 8 Total domestic credits and Bank of the Republic of Uruguay Ot s h e e D L S c r u e o i a c s r a c s u i n t s o r s i e i u e t t i n s s e . t s . s . ( 43 ) 5 (th I B s o a s u u n s e N k G a i n o o d n d l t g e d e s p d c a a o i e r n f r t p d c p m a u e s r e l s i t a n l o m v t s t i : e ) e o r : n n. t: 8 9 ( 1 7 6 9 N , , 4 o 0 2 7 v ) 3 0 . 1 5 9 8 94 6 , , 2 4 3 1 5 7 N D o em te a c n i d rc u d l e a p ti o o s n its—G O o th v e e r rnment, 5 1 9 1 9 9 2 N G A o d o t v l e d a s 8 n a c n es d c t o o i n State and to 4 5 3 2, , 6 7 0 4 7 5 2 48 1 , , 4 5 5 0 4 3 Other liabilities government bodies 40,738 Central Reserve Bank of Peru Other loans and discounts.. 97, 8079109,060 (th D G o i o u s l s c d a o n a u d n n s d t s o fo f r s e o ig le n s ) e : xchange ( 4 2 8 7 , , 4 5 9 5 8 7 4 2 7 2 , , 4 2 1 0 9 9 D O O e t t h h p e e o r r s i l a t i s s a s b e i t l s ities 2 1 9 0 1 0 6 9 , , , 1 5 3 2 7 5 2 7 5 1 1 19 0 1 7 0 9 , , , 4 6 8 8 8 1 8 9 6 Government loans 129, 959107, 427 National Bank of the Kingdom of Other assets 10, 355 5,119 Yugoslavia (millions of dinars): N D O o e th p te e o r s c i l i t i r s a c b u i l l a it t i i e o s n 1 2 4 5 2 3 0 , , , 1 4 7 4 3 8 4 7 7 1 4 2 1 3 2 6 , , , 0 2 9 1 4 2 2 2 0 G L Fo o o r a l e d n i s g n a n e d x c d h i a s n c g o e unts 2 1 , , 9 6 7 8 0 9 9 6 0 2 1 , , 8 0 8 6 7 0 0 9 2 Ba e n sc N G N k O L O O G O u o o o o t t t t o d h h h h a l n t v o d e o e e e e n - e s r r r r r f s 4 r c ) e n : r l s a i a . s i e r i . s m e a n g c P s s r b d e u h e e o v i r l t t n r l e d v s a i t t l t t e i u e i i i s s a d g e o x c b e s a n c o ( i b l h n u l t i a e n t n i t t e ) ( s g m s e illions of (J 2 1 1 1 1 a , , , , , n 4 8 0 7 0 6 . 7 3 2 0 9 2 3 7 ) 5 5 8 1 1 7 3 2 i 4 2 2 1 1 1 1 , , , , , 9 2 4 5 0 3 2 0 2 2 3 3 8 6 0 0 9 2 1 9 7 3 3 9 3 0 0 Ba f m r n a e N N k O O O G C G n n a a o t t t o o c t h h h s t s s l t v i d e h e e e 1 f o e 0 o r r r ) r c n i ( r : o n n s l a t i a i h r i n s m a l g c b s o b u h e d e a u I h i t l t n r e n l s a s a s i f t l a t t t n e i e i i n a d n d o e r d b s s e n n s e i b a a l t i t n b t i o i o i d e f l n l s s a o S l n w i c s S s u e rr t g t e o l n e ld t - 4 1 0 3 3 3 3 7 1 , , , , , , , 0 4 5 5 1 0 9 6 6 5 2 1 7 7 1 5 5 8 0 2 3 2 1 8 0 3 3 2 1 , , , , , , 9 0 2 7 4 2 7 6 7 7 3 0 1 6 5 1 3 7 2 5 4 National Bank of Rumania (mil- account with banks 48, 573 33, 465 lio G L S S n p p o s o e e a l o c c d n f i i s s a a l l l e a i l e n ) o x : d a c n h d s a i s n « c g . o e . u . a n c ts counts 3 2 2 9 7 , , , 6 0 2 7 7 2 6 1 1 8 2 5 2 22 1 6 1 , , , , 0 9 0 5 2 0 2 2 9 4 3 0 T S R S i u i e a g m n d n h d i e c t s r e c f f y s u u o n n u b (a d d n il t s s t l a s c a a b o a t t l s n e t i i ) n d n b t t i e i e l n r r ls e e v s s e a t t s n t d m a e c n c ts ept- 2 1 3 2 4 1 6 2 2 5 , , , , 3 1 0 8 8 0 0 2 7 2 7 5 1 1 6 2 9 1 1 2 5 6 , , , , 9 8 4 0 6 5 1 7 3 2 5 5 Government debt 9,783 10, 036 Other assets 2,310 2,434 Other assets 15, 906 15, 785 Demand deposits (gold) 35, 570 12, 588 Note circulation 66, 976 49, 844 Short-term deposits (various Demand deposits 18,247 10,004 currencies): Other liabilities 10,142 17,445 Central banks for own ac- South African Reserve Bank (thou- count 45, 510 21, 863 sands of pounds): Other.... 2,868 2,925 Gold 48, 701 47,110 33, 822 Long-term deposits: Special ac- Foreign bills 485 603 8,200 counts 229,001 229, 644 Other bills and loans 3 3 214 Other liabilities 194, 327193, 398 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. s Figures not available * On October 16, 1940, gold revalued on basis of average cost. 5 Gold revalued May 19,1940, at 0.0043 gram fine gold per leu. • Agricultural and urban loans in process of liquidation. 7 Gold revalued May 31, 1940, at 0.2053 gram fine gold per franc. 8 Additional foreign gold reserves first reported in July 1940. 9 Includes advances to State and to government bodies. 10 See BULLETIN for December 1936, p. 1025. 594 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] Central bank of— Date effective U K d n i o i n m t g ed - France m G a e n r y - g B i e u l- m N la e e n r t d - h s - S d w e e n - S l w a er n i - t d z- b C an e k n tr o a f— l M R 3 a a 1 t y e eff D ec a t t i e ve b C an e k n tr o a f— l M R 3 a a 1 t y e ef D fec a t t i e ve Albania Mar. 21,1940 Japan 3.29 Apr. 7,1936 In effect Sept. 15, Argentina Mar. 1,1936 Java 3 Jan. 14,1937 1936_._. 2 3 4 2 3 2 Belgium 2 2 Jan. 25,1940 Latvia 5 Feb. 17,1940 Sept. 25 5 Bohemia and Lithuania.. 6 July 15,1939 Oct. 2 3 Moravia 33^ Oct. 1, 1940 Mexico 4 Jan. 2,1941 Oct. 9 Oct. 16 2 Oct. 20 2XA Nov. 26 VA Bolivia 6 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 Mar. 11,1935 Norway 3 May 13,1940 July 7 5 Chile. 3-4H Dec. 16, 1936 Peru 5 Aug. 1,1940 Aug. 4 4 Colombia 4 July 18,1933 Portugal 4 Mar. 31, 1941 Sept. 3 Nov. 13 3 May 10, 1938_. . 4 May 13 Denmark 4 Oct. 16,1940 Rumania 3 Sept. 12,1940 May 30 . 3 Ecuador 7 May 26,1938 South Africa May 15,1933 Sept. 28 3 El Salvador-. 3 Mar. 30,1939 Spain. _. 4 i Mar. 29,1939 Oct. 27 VA Estonia Oct. 1,1935 Sweden 3 May 29,1941 Nov. 25 Finland 4 Dec. 3,1934 Switzerland Nov. 26,1936 Jan. 4, 1939 2 2 Apr. 17 4 May 11 3 July 6 France Mar. 17, 1941 Turkey 4 July 1,1938 Aug. 24 4 Germany Apr. 9,1940 United King- Aug. 29 3 Greece... ... 6 2 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 May 18,1936 Yugoslavia. 5 Feb. 1,1935 Dec. 15.... - 3 Jan. 25, 1940 2 Apr. 9 3K i Not officially confirmed. May 17 3K NOTE.—Changes since Apr. 30: Sweden—May 29, down from 3^ to Mar. 17, 1941 3 per cent. May 29 3 In effect May 31, 1941 2 2 3 3 OPEN MARKET RATES [Per cent per annum] United Kingdom Germany Netherlands Sweden Sw la it n z d er- Month ac 3 B c a m e n p o k ta n e n t r h c s s e ' s 3 T r m e b a o il s n l u s t r h y s Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e ' ts d P is r r c i a v o t a e u t n e t Da m y o -t n o e - y day d P is r r i c a v o t a e u t n e t 1 M m f o o o n r n ey th m u L p o o n a to t n h s 3 s d P is r r i c a v o t a e u t n e t 1929—Mar 5.33 5.30 4.51 3H 6.31 6.97 4.64 5.05 iH-VA 3.39 1930—Mar. 2.78 2.55 3.20 VA-llA 5.12 5.57 2.50 2.61 4-6 2.60 1931—Mar 2.60 2.56 2.20 4.76 5.00 1.09 1.04 3-5 .99 1932—Mar 2.59 2.28 2.40 3-1H 6.10 7.76 1.22 1.06 5-7 1.50 1933—Mar. .62 .46 .64 3.87 4.97 .64 1.11 3H-5H 1.50 1934—Mar .95 .84 .88 v% 3.87 4.89 1.24 1.07 2^-5 1.50 1 1 1 1 1 1 9 9 9 9 9 9 3 3 3 3 3 4 5 6 9 8 7 0 — — — — — -M M M M M M a a a a a a r r r r r r. . 1 . . . . . . 5 5 5 6 5 0 6 7 5 3 3 3 1 . . . . . . 5 7 5 5 5 0 0 0 1 0 2 2 . . . . . . 7 7 7 7 7 9 2 5 5 5 5 9 V X X X V V A A A i i i 3 3 2 2 2 3 . . . . . . 5 0 3 0 8 8 0 0 8 0 8 8 3 3 2 2 2 2. . . . . . 9 1 9 7 8 1 4 0 9 0 6 6 1 1 . . . . . . 6 1 1 1 2 3 0 3 9 9 1 5 2 1 1 1 . . . . . . 0 0 4 5 5 6 9 0 0 0 0 8 2 2 2 2 2 3 y 3 K ^ 3 4 2 ^ - - - - - - 5 ± 5 5 5 5 y2 1 2 1 1 1 1 . . . . . . 5 0 2 0 2 0 0 0 6 5 0 0 1940—Apr 1.03 1.03 1.00 A 2.38 1.90 1.68 2.75 3-5 1.25 J M u a n y e _ - . 1 1 . . 0 0 3 3 1 1 . . 0 0 2 2 1 1 . . 0 0 0 0 XA 2 2 . . 3 3 8 8 1 1 . . 9 9 8 8 i 2 ( . 2 2 ) 0 3 ( .2 2) 1 3 3 ^ H -5 - ^ 5H 1 1 . . 5 4 0 1 July 1.03 1.02 1.00 2.38 1.73 (2) 2.83 3^-53^ 1.50 A Se u p g t 1 1 . . 0 0 3 3 1 1 . . 0 0 2 3 1 1 . . 0 0 0 0 l % A 2 2 . . 3 2 1 5 2 1 . . 0 7 3 7 2 ( .2 2) 5 3 2 . . 0 6 0 8 V ZX A A - ~ 5 5 V X2 A 1 1 . . 5 5 0 0 Oct 1.03 1.02 1.00 Vi 2.25 1.87 2.25 2.75 1.31 Nov.., 1.03 1.02 1.00 li 2.25 1.93 2.25 2.75 33^-53^ 1.25 Dec 1.03 1.01 1.00 2.25 1.95 2.25 2.75 3^-5^ 1.25 1941—Jan 1.03 1.01 1.00 lA 2.25 1.73 2.25 2.75 3^-5^ 1.25 Feb 1.03 1.02 1.00 XA 2.25 1.68 2.25 2.75 3>^-5^ 1.25 Mar. 1.03 1.01 1.00 XA 2.07 2.75 1.25 XA 1 Figures are for period May 1-9, inclusive. a No figures available. NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018. JUNE 1941 595 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom l Assets Liabilities (Figures in millions of Cash M ca o l n l e a y n d at Bills dis- Treasury Securi- Loans to Other Deposits Other pounds sterling) reserves n s o h t o ic rt e counted receipts2 ties ers assets Total 1 (Demand 3 Time3 liabilities 10^ London clearing banks 1932—December _ _ .. . 207 127 408 472 778 208 1,983 991 963 216 1933—December 213 119 311 565 740 237 1,941 1,015 900 244 1934—December . _. _ 216 151 255 594 759 247 1,971 1,044 910 251 1935—December 221 159 322 605 784 231 2,091 1,140 924 231 1936—December 236 187 316 630 864 238 2,238 232 11 London clearing banks 5 1936 December 244 195 322 660 890 249 2,315 1,288 1,012 245 1937— D ecember 244 163 300 635 984 256 2,330 1,284 1,026 252 1933—December 243 160 250 635 971 263 2,254 1,256 997 269 1939—December 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—April 254 153 338 618 991 260 2,354 1,351 1,003 261 May 257 144 409 633 972 2, 413 1,382 1,031 261 June 270 166 384 636 983 295 2,469 1,443 1,026 264 July 262 146 415 26 658 940 271 2,454 1,465 989 264 August -_---_ 273 148 430 26 682 927 255 2,481 1,486 995 260 September 288 144 401 92 697 948 287 2,597 1,570 1,027 260 October 270 137 373 180 723 948 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 March. 288 132 194 374 821 922 276 2,764 1,728 1,036 242 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 si i t n s terbank fig (1 u 0 r e 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 ai o n f d m o o ll n ar th s) Cash Security O lo t a h n e s r an f d r d o u m e net Se t c ie u s ri- a O s t s h e e t r sr ci N t r i c o o u t n l e a- l O ia ti t b e h i s e l ' i r - reserves loans and dis- foreign Total Demand Time counts banks 1932—December 211 103 1,104 155 778 500 15 1,916 538 1,378 821 1933—December 197 106 1,036 134 861 482 1,920 563 1,357 775 1934—December _ . 228 103 977 155 967 491 24 2,035 628 1,407 761 1935—December 228 83 945 141 1,155 529 11 2,180 694 1,486 789 1936—December 240 114 791 161 1,384 554 03 2,303 755 1,548 837 1937—December 255 76 862 102 1,411 575 96 2,335 752 1,583 850 1938—December _ ._ 263 65 940 166 1,463 535 88 2,500 840 1,660 843 1939—December 292 53 1,088 132 1,646 85 2,774 1,033 1,741 963 1940—May 300 44 1,063 194 1,617 528 91 2,785 1,142 1,643 870 June 272 39 1,067 184 1,583 521 93 2,706 1,098 1,609 866 July 277 39 1,053 166 1,576 506 89 2,674 1,062 1,613 854 August 291 38 1,062 162 1,569 489 90 2,689 1,055 1,634 831 September 319 37 1,102 178 1,563 ftW 88 2,800 1,145 1,655 841 October 310 41 1,138 177 1,520 526 88 2,778 1,178 1,600 845 November 313 41 1,128 174 1,513 514 88 2,758 1,132 1,626 837 December 323 40 1,108 159 1,531 570 80 2,805 1,163 1,641 846 1941—January _ _ ._ 312 36 1,092 164 1,677 522 79 2,873 1,205 1,668 851 February 293 34 1,104 170 1,788 531 80 2,989 1,302 1,687 850 March __ 296 35 1,115 178 1,766 80 2,972 1,270 1,703 858 April 325 31 1,109 189 1,820 544 79 3,064 1,356 1,708 877 Assets Liabilities Deposits Own (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 r s om 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 c n c c e e p s t- lia O b t i h li e ti r es 1932—December _ 9,007 1,766 22,014 7,850 1,749 37, 759 36,491 1,268 295 4,331 1933—D ecember 5,870 1,416 19, 848 8,309 32, 635 31, 773 862 273 4,362 1934—December 5,836 1,421 18,304 8,159 1J17 30,943 30,039 904 193 4,301 1935—December __ _ 3,739 2,484 16,141 8,025 1,900 27, 553 26,859 694 337 4,399 1936—December 3,100 2,975 17, 582 7,631 1,957 28, 484 27, 955 529 473 4,289 1937—December 3,403 4,116 18, 249 7,624 2,134 30,348 29, 748 600 661 4,517 1938—December... 3,756 4,060 21,435 7,592 1,940 33. 578 33,042 537 721 4,484 1939—D ecember 4,599 3,765 29, 546 7,546 2,440 42,443 41,872 571 844 4,609 1940—January 4,066 4,080 29, 808 7,756 1, 745 42.850 42, 302 548 938 3,667 February 4,293 3,993 30,810 7,579 1,849 43, 737 43,195 542 1,034 3,753 March 6 _ . 4,110 3,920 34,123 7,499 1,961 46, 608 46,064 544 1,105 3,901 r Revised to include inter-bank note holdings and amounts due to foreign banks, two items omitted from both sides of balance sheet in figures previously published (see explanation of previous procedure in BULLETIN for October 1933, pp. 645-646). 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 \y% per cent, callable by the banks in emergency under discount at the bank rate. 3 Through December 1937, excludes deposits in offices outside England and Wales which are included in total. < Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5. * District Bank included beginning in 1936. 6 No figures available since March 1940. NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 596 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Ar ( g p e e n so ti ) na A (p u o st u r n a d li ) a g B iu e m l- Brazil (milreis) B I r n i d ti i s a h g B a u r l i - a Canada (dollar) Chile (peso) S C ( h y h a u i n a n g n a - 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—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 Apr 29. 773 23. 704 322. 80 320. 70 6. 0575 5.0600 30.129 90.909 87. 651 5.1660 4. 0000 5.190 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 kr e a o n r n k - e) (m l F k a in a a n - ) r d k- F (f r r a an n c ce ) ( m m r G e a a i 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) (p H g e u a n n r - 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 I934__ 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—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 Apr 57.011 2. 0100 39.962 24. 393 5.0475 23.439 20. 538 321. 96 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 l o - 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 t e 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) e S (f r w r l a a i n t n c z 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 u i a 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. 676 383. 00 65.830 37. 601 2. 2463 1940— 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 Apr. . 4. 0009 398.00 9.130 47.107 23. 825 23. 201 403. 50 402. 48 65.830 40.065 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. JUNE 1941 597 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 i 94 110 1932 65 67 86 427 97 70 161 65 i 92 96 1933. 66 67 86 398 93 63 180 63 i 90 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 85 109 581 106 89 238 76 114 111 1938.. 79 101 653 106 95 251 72 111 107 1939. 77 75 103 2 681 107 3 97 278 74 115 111 1940 79 83 137 110 311 146 143 1940— April 79 83 132 110 314 88 141 134 May 78 82 134 no 312 89 142 135 June 78 82 134 no 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 85 150 112 317 164 168 March 82 151 112 322 168 170 April 83 87 151 324 i Approximate figure, derived from old index (1913=100). * Average based on figures for 8 months; no data available since August 1939, when figure was 674. 8 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 Stab United Kingdom (1926=100) (1930=100) Year or month Other pr F o a d r u m cts Foods co i m ti m es od- Foods 1926 _ 100 100 100 1930 88 91 85 100 1931 65 75 75 89 1932 . 48 61 70 88 1933 51 61 71 83 1934 65 71 78 85 1935 79 84 78 87 1936 _ _ 81 82 80 92 1937 86 86 85 102 1938 69 74 82 97 1939 65 70 81 97 1940_. 68 71 83 133 1940—April 69 72 83 126 May 68 71 83 128 June 66 70 82 130 July 67 70 82 134 August 66 70 82 September 66 72 82 October 66 71 84 November 68 73 84 December 70 74 84 1941—January 72 74 84 February. __ 70 74 84 March 72 75 85 April _ _ 74 78 86 COO CC France Germany (1913=100) (1913=100) p I r n o tr d d i u u al c s- ts p an r F o d a d r u f m o c o ts d p I r n o tr d d i u u al c s- ts p A r g t o u r d i r u c a u c l l t - s P s r i o on v s i- a p t f r n i I r i n d n o a i l d d s h s u u e r e c s a d m - t w s i- p tr I r i i n o a s d d l h u u ed f c s i - t n s - 581 793 129 132 130 150 100 526 579 113 113 120 150 87 542 464 104 96 103 136 85 482 380 91 86 89 118 87 420 380 87 75 88 113 90 393 361 96 76 91 116 90 327 348 102 84 92 119 96 426 397 105 86 94 121 112 562 598 105 96 96 125 104 641 663 106 91 94 126 106 i 653 » 707 108 i 93 95 126 138 111 99 129 135 111 98 128 136 112 98 128 136 112 98 129 142 112 98 130 142 112 99 142 111 99 142 110 99 143 149 111 99 145 150 111 100 145 152 111 100 144 153 111 100 144 154 111 100 112 100 cococroc o: 132 OC OC OC OC OC OC 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. 598 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Y m e o a n r t o h r ( U = S 1 n t 1 9 a i 3 0 t t 5 0) e - e s d 39 (J U = K u d n 1 i l i o 0 n y m t l 0 g ) - e 9 d 14 (J F = u r 1 l a 0 y n l 0) c 9 e 14 ( = m 1 G 1 9 a e 1 0 n 3 r y - 0) -14 N ( = l 1 e a 1 9 t 1 n 0 h 1 d 0 e ) s - r 1 - 3 (J S e = u r w 1 n l i 0 e a t 0 l ) n z- 9 d 14 Y m e o a n r t o h r ( U = S 1 n t 1 9 a i 3 0 t t 5 0) e - e s d 39 (J U K = u d n i l i o y n m t l g 1 - e 0 9 d 0 1 ) 4 F = ( r 1 1 a 0 9 n 3 0 0 ) ce ( = m 1 G 1 9 a e 1 0 n 3 r y - 0) -14 N ( = l 1 e a 9 1 t 1 n 0 h 1 d 0 e s ) - r 1 - 3 (J e S = u r w 1 n l i 0 e a t 0 l n ) z d - 914 1932 87 126 536 116 119 125 1932 98 144 91 121 141 138 1933 84 120 491 113 120 117 1933 92 140 87 118 139 131 1934 . 94 122 481 118 124 115 1934 96 141 83 121 140 129 1935 100 125 423 120 118 114 1935 98 143 78 123 136 128 1936 . 101 130 470 122 120 120 1936 99 147 86 125 U32 130 1937 105 139 601 122 127 130 1937 103 154 102 125 137 137 1938 98 141 702 122 130 130 1938 101 156 117 126 139 137 1939 95 141 2742 123 130 132 1939 99 158 3 122 126 140 138 1940 97 164 128 4 140 146 1940 100 184 130 5 148 151 1940-April 96 158 127 142 1940-April 178 129 149 147 May.__ 97 159 129 143 May 180 130 149 148 June 98 158 129 145 June 101 181 131 (6) 150 July___ 97 168 131 145 July 187 132 151 August 96 164 133 146 August 185 133 151 September 97 166 130 149 September 166 187 132 153 October __ 96 169 127 152 October 100 189 130 157 November 96 172 126 157 November 100 192 130 159 December 97 173 127 158 December 101 195 131 160 1941-January___ 98 172 127 160 1941-January 101 196 132 163 February . 98 171 127 160 February . 101 197 132 163 March 98 169 161 March 101 197 132 164 April _ 101 April 102 198 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). s Average based on figures for 8 months; no data available since August 1939, when figure was 749. 3 Average based on two quarterly quotations; no data available since May 1939, when figure was 123. 4 Average based on figures for 3 months; no data available since March 1940, when figure was 141. 4 Average based on figures for 5 months. 6 No data available since May 1940. Sources.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it te e s d K U i n n i g t d ed om France Germany Nether- (1926=100) Nether- ( p a ri v ce e ) rag i e ( 1 D 92 e 1 c = e 1 m 0 b 0 e ) r (1913=100) (a pr v ic e e) r age 2 lands 3 U S n ta it te e s d K U in ni g t d ed om France Germany (19 l 3 a 0 n = ds 100) Number 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 97.4 102.6 104.2 1938 78.9 121.3 77.3 99.9 105.9 83.3 80.8 89.7 100.1 95.8 1939 81.6 112.3 6 84.9 99.0 90.9 89.2 75.9 6 98.2 94.1 89.7 1940 . 82.0 118.3 100.7 7 77. 9 83.6 70.8 114.6 8 95.0 1940— April 82.5 119.4 100.2 74.2 92.9 77.4 109.3 83.9 May _. _ 79.4 116.8 100 7 (7) 83 0 73 1 112 2 (8) 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 87.7 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 1941—January.. 85.3 122.2 102.2 80.1 80.5 71.8 131.5 120.0 February 84.5 121.9 102 8 75 9 70 5 133.0 March 85.3 122.5 102.8 76.0 69.9 131.1 April 85.8 73.8 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 Ay2 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 Average based on figures for 7 months; no data available May-September. 8 Average based on figures for 9 months; no data available May-July. 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. JUNE 1941 599 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 LlSTON 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 FEBERAL 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 600 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. Cnrtiss 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 * 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 J Minneapolis _ W. C. Coffey.. Roger B. Shepard... J. N. Peyton 0. S. Powell.. E. W. Swanson Harry I. Ziemer * 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 JUNE 1941 601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

redetal 1^uUlcation5 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. 602 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 New Federal Reserve Index of Industrial Produc- Commercial Banking System for the United States. tion. 77 pages. August 1940. Opinion of the Board's General Counsel. 21 pages. The Gold Stock. 2 pages, September 1940. March 1933. Measurement of Production, by Woodlief Thomas Supply and Use of Member Bank Reserve Funds. and Maxwell R. Conklin. 16 pages. September Explanation of analysis of sources of member bank 1940. reserve funds and uses to which such funds are put. 31 pages. July 1935. Gold Reserves of Central Banks and Governments. 18 pages. September 1940. Member Bank Statistics. A discussion of the statistics compiled and published by the Board covering Development of Federal Reserve Banking, by the operations and condition of member banks. 28 M. S. Szymczak. 8 pages. December 1940. pages. November 1935. Economic Preparedness for Defense and Post De- Summary of Provisions of State Laws Relating to fense Problems, by Marriner S. Eccles. 8 pages. Bank Reserves. 33 pages. March 1937. January 1941. Analyses of the Banking Structure—As of Decem- Special Report to the Congress, submitted Deber 31, 1935. Number, deposits, and loans and in- cember 31, 1940. 2 pages. January 1941. vestments of banks classified by size of bank and Economic and Monetary Aspects of the Defense town and by other factors. 33 pages. August 1937. Program, by John H. Williams. 4 pages. February Problems of Banking and Bank Supervision. Ex- 1941. cerpts from the 1938 Annual Report. 33 pages. Federal Reserve Bank Lending Power not Depend- The History of Reserve Requirements for Banks in ent on Member Bank Reserve Balances. 2 pages. the United States. 20 pages. November 1938. February 1941. Monetary Measures and Objectives. Three state- Money in Circulation. 1 page. February 1941. ments by the Board on objectives of monetary policy, Commodity Prices, by Frank Garfield and Clayton on proposals to maintain prices at fixed levels through Gehman. 16 pages. March 1941. monetary action, and on legislative proposals relating to monetary measures and objectives. 8 pages. Inflation, by E. A. Goldenweiser. 3 pages. April July 1937, April 1939, and May 1939. 1941. Revised Indexes of Factory Employment. Bureau Financial Problems of Defense, by Marriner S. of Labor Statistics indexes adjusted for seasonal Eccles. 11 pages. Mimeographed release, May 1, variation by Board of Governors. 32 pages, October 1941. 1938; 10 pages, October 1939. Gold, Capital Flow and Foreign Trade. A review The Gold Problem Today, by E. A. Goldenweiser. of international trade and financial developments 4 pages. January 1940. from the outbreak of war in Europe to May 1941, statements of the gold and dollar resources and ex- The Par Collection System of the Federal Reserve penditures of the United Kingdom, and the text of Banks, by George B. Vest. 8 pages. February 1940. the Lend-Lease Act and Appropriation Act pur- The Banks and Idle Money, by Woodlief Thomas. suant thereto. 28 pages. January, February, and 9 pages. March 1940. May 1941. Historical Review of Objectives of Federal Reserve Revised Indexes of Freight-Car Loadings. 5 pages, Policy, by A. B. Hersey. 11 pages. April 1940. June 1941. Cheap Money and The Federal Reserve System, by Seasonally Adjusted Estimates of Nonagricultural E. A. Goldenweiser. 5 pages. May 1940. Employment. 2 pages. June 1941. Ownership and Utilization of the Monetary Gold Adjustment for Seasonal Variation, by H. C. Barton, Stock. 3 pages. May and June 1940. Jr. Description of method used at the Board in General Indexes of Business Activity, by Frank adjusting economic data for seasonal variation. 12 Garfield. 8 pages. June 1940. pages. June 1941. JUNE 1941 603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS mmmm BOUNDARIES OF FEDERAL RESERVE DISTRICTS ._ — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE IN THE ST. LOUIS DISTRICT) ® FEDERAL RESERVE BANK CJTIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis